# EDGAR Filing Document

**Accession Number:** 0000710826
**File Stem:** 0001193125-26-095939
**Filing Date:** 2026-3
**Character Count:** 3302674
**Document Hash:** e62d9df8a82c8711a3a41fa2b96c618b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-095939.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-095939

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 161

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03618
- **FILM NUMBER:** 26729853

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METROPOLITAN SERIES FUND
- **DATE OF NAME CHANGE:** 20120430

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-03618

## BRIGHTHOUSE FUNDS TRUST II

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

#### 11225 North Community House Rd.

#### Charlotte, NC 28277

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

#### Kristi Slavin

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

#### 11225 North Community House Rd.

#### Charlotte, NC 28277

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

#### Copy to:

#### Brian D. McCabe, Esq.

#### Ropes and Gray LLP

#### Prudential Tower

#### 800 Boylston Street

#### Boston, MA 02199

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

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

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

------

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

# Brighthouse Funds Trust II

# Baillie Gifford International Stock Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $81 | 0.74% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World ex-U.S. Index over the 12-month period ended December 31, 2025 despite delivering double-digit absolute returns. International equities delivered an astonishing return in 2025, largely driven by a decisive rotation into value stocks. Trade policy volatility, monetary easing across multiple regions, and enthusiasm around artificial intelligence ("AI") drove sharp reversals in market leadership throughout the year. The Portfolio fundamentals remained superior to the Index at period-end.

**Top Contributors:**

* The Portfolio's overweight in Communication Services and stock selection in this area provided positive contributions.

* Overweight positions in Samsung Electronics (South Korea) and DSV (Denmark).

**Top Detractors:**

* Stock selection within Europe and Developed Asia was the largest detractor from performance and could not be offset by strength in Emerging Markets.

* At the sector level, underweights in Financials and Industrials (including Defense) were the largest detractors. In Information Technology, broad sector strength driven by AI meant selectivity did not add value.

* Overweight positions in MercadoLibre (Brazil) and Tencent Music Entertainment (China).

## Portfolio Performance
![Growth of 10K Chart](g31699g31d76.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $20,842** | **MSCI All Country World ex-U.S. Index $22,432** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10538 | $10450 |
| **12/2017** | $14242 | $13291 |
| **12/2018** | $11819 | $11404 |
| **12/2019** | $15698 | $13857 |
| **12/2020** | $19870 | $15334 |
| **12/2021** | $19720 | $16533 |
| **12/2022** | $14080 | $13887 |
| **12/2023** | $16697 | $16056 |
| **12/2024** | $17468 | $16945 |
| **12/2025** | $20842 | $22432 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Baillie Gifford International Stock Portfolio - Class A | 19.31% | 0.96% | 7.62% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1352673720 |
| # of Portfolio Investments | 96 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $9456655 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.0 |
| Tencent Holdings Ltd. | 4.1 |
| Samsung Electronics Co. Ltd. | 4.0 |
| MercadoLibre, Inc. | 3.0 |
| Ryanair Holdings PLC | 2.6 |
| DSV AS | 2.5 |
| Danone SA | 2.1 |
| Deutsche Boerse AG | 2.0 |
| Roche Holding AG | 2.0 |
| Rio Tinto PLC | 2.0 |

---

### Top Sectors
![Group By Sector Chart](g31699g86d17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 6.0 |
| Health Care | 6.9 |
| Materials | 7.6 |
| Communication Services | 8.6 |
| Consumer Discretionary | 13.2 |
| Industrials | 16.6 |
| Financials | 18.4 |
| Information Technology | 22.0 |

---

### Top 10 Countries
![Group By Country Chart](g31699g23b81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 4.8 |
| Italy | 5.4 |
| Netherlands | 5.4 |
| France | 5.4 |
| Denmark | 5.6 |
| Germany | 6.3 |
| Taiwan | 6.7 |
| United States | 6.9 |
| China | 10.0 |
| Japan | 12.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Baillie Gifford International Stock Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $108 | 0.99% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World ex-U.S. Index over the 12-month period ended December 31, 2025 despite delivering double-digit absolute returns. International equities delivered an astonishing return in 2025, largely driven by a decisive rotation into value stocks. Trade policy volatility, monetary easing across multiple regions, and enthusiasm around artificial intelligence ("AI") drove sharp reversals in market leadership throughout the year. The Portfolio fundamentals remained superior to the Index at period-end.

**Top Contributors:**

* The Portfolio's overweight in Communication Services and stock selection in this area provided positive contributions.

* Overweight positions in Samsung Electronics (South Korea) and DSV (Denmark).

**Top Detractors:**

* Stock selection within Europe and Developed Asia was the largest detractor from performance and could not be offset by strength in Emerging Markets.

* At the sector level, underweights in Financials and Industrials (including Defense) were the largest detractors. In Information Technology, broad sector strength driven by AI meant selectivity did not add value.

* Overweight positions in MercadoLibre (Brazil) and Tencent Music Entertainment (China).

## Portfolio Performance
![Growth of 10K Chart](g31699g85z72.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $20,315** | **MSCI All Country World ex-U.S. Index $22,432** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10505 | $10450 |
| **12/2017** | $14170 | $13291 |
| **12/2018** | $11734 | $11404 |
| **12/2019** | $15537 | $13857 |
| **12/2020** | $19617 | $15334 |
| **12/2021** | $19421 | $16533 |
| **12/2022** | $13825 | $13887 |
| **12/2023** | $16364 | $16056 |
| **12/2024** | $17077 | $16945 |
| **12/2025** | $20315 | $22432 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Baillie Gifford International Stock Portfolio - Class B | 18.96% | 0.70% | 7.34% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1352673720 |
| # of Portfolio Investments | 96 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $9456655 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.0 |
| Tencent Holdings Ltd. | 4.1 |
| Samsung Electronics Co. Ltd. | 4.0 |
| MercadoLibre, Inc. | 3.0 |
| Ryanair Holdings PLC | 2.6 |
| DSV AS | 2.5 |
| Danone SA | 2.1 |
| Deutsche Boerse AG | 2.0 |
| Roche Holding AG | 2.0 |
| Rio Tinto PLC | 2.0 |

---

### Top Sectors
![Group By Sector Chart](g31699g86d17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 6.0 |
| Health Care | 6.9 |
| Materials | 7.6 |
| Communication Services | 8.6 |
| Consumer Discretionary | 13.2 |
| Industrials | 16.6 |
| Financials | 18.4 |
| Information Technology | 22.0 |

---

### Top 10 Countries
![Group By Country Chart](g31699g23b81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 4.8 |
| Italy | 5.4 |
| Netherlands | 5.4 |
| France | 5.4 |
| Denmark | 5.6 |
| Germany | 6.3 |
| Taiwan | 6.7 |
| United States | 6.9 |
| China | 10.0 |
| Japan | 12.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Baillie Gifford International Stock Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $98 | 0.89% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI All Country World ex-U.S. Index over the 12-month period ended December 31, 2025 despite delivering double-digit absolute returns. International equities delivered an astonishing return in 2025, largely driven by a decisive rotation into value stocks. Trade policy volatility, monetary easing across multiple regions, and enthusiasm around artificial intelligence ("AI") drove sharp reversals in market leadership throughout the year. The Portfolio fundamentals remained superior to the Index at period-end.

**Top Contributors:**

* The Portfolio's overweight in Communication Services and stock selection in this area provided positive contributions.

* Overweight positions in Samsung Electronics (South Korea) and DSV (Denmark).

**Top Detractors:**

* Stock selection within Europe and Developed Asia was the largest detractor from performance and could not be offset by strength in Emerging Markets.

* At the sector level, underweights in Financials and Industrials (including Defense) were the largest detractors. In Information Technology, broad sector strength driven by AI meant selectivity did not add value.

* Overweight positions in MercadoLibre (Brazil) and Tencent Music Entertainment (China).

## Portfolio Performance
![Growth of 10K Chart](g31699g13d26.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $20,521** | **MSCI All Country World ex-U.S. Index $22,432** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10524 | $10450 |
| **12/2017** | $14199 | $13291 |
| **12/2018** | $11772 | $11404 |
| **12/2019** | $15605 | $13857 |
| **12/2020** | $19719 | $15334 |
| **12/2021** | $19541 | $16533 |
| **12/2022** | $13925 | $13887 |
| **12/2023** | $16496 | $16056 |
| **12/2024** | $17225 | $16945 |
| **12/2025** | $20521 | $22432 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Baillie Gifford International Stock Portfolio - Class E | 19.13% | 0.80% | 7.45% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1352673720 |
| # of Portfolio Investments | 96 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $9456655 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.0 |
| Tencent Holdings Ltd. | 4.1 |
| Samsung Electronics Co. Ltd. | 4.0 |
| MercadoLibre, Inc. | 3.0 |
| Ryanair Holdings PLC | 2.6 |
| DSV AS | 2.5 |
| Danone SA | 2.1 |
| Deutsche Boerse AG | 2.0 |
| Roche Holding AG | 2.0 |
| Rio Tinto PLC | 2.0 |

---

### Top Sectors
![Group By Sector Chart](g31699g86d17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 6.0 |
| Health Care | 6.9 |
| Materials | 7.6 |
| Communication Services | 8.6 |
| Consumer Discretionary | 13.2 |
| Industrials | 16.6 |
| Financials | 18.4 |
| Information Technology | 22.0 |

---

### Top 10 Countries
![Group By Country Chart](g31699g23b81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 4.8 |
| Italy | 5.4 |
| Netherlands | 5.4 |
| France | 5.4 |
| Denmark | 5.6 |
| Germany | 6.3 |
| Taiwan | 6.7 |
| United States | 6.9 |
| China | 10.0 |
| Japan | 12.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# BlackRock Bond Income Portfolio: Class A
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.38% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index during the 12-month period ending December 31, 2025. The approach throughout the year was to focus on taking advantage of attractive, high quality yields, while tactically adding into weakness in spread sectors. Economic growth generally surprised to the upside, providing a positive environment for spread sectors across fixed income to perform well, despite spread levels in certain sectors being extremely tight. From a positioning perspective over the period, we traded long-spread risk structurally and were dynamic in our duration positioning.

**Top Contributors:**

* The most notable contributor to performance was the allocation to Securitized Assets as spreads continued to move tighter. 

* The Portfolio's tactical allocation to U.S. High Yield credit and security selection in U.S. Investment Grade credit also contributed to performance. While the Portfolio generally traded from the underweight side in U.S. Investment Grade credit given tight spread levels, security selection was a strong contributor to performance, primarily driven by a preference for banks, utilities and energy. 

* The Portfolio's overweight to Agency Mortgage-Backed Securities contributed to performance over the period. Mortgages had a strong year, given compelling valuations, lower rate volatility and strong technicals.

**Top Detractors:**

* The largest detractor from performance was the Portfolio's U.S. Duration positioning. The Portfolio generally traded overweight duration but was early to the steepening trade over the first half of the year, which detracted from returns. Over the second half of the year, the Portfolio saw negative performance as volatility driven by hawkish communication by the U.S. Federal Reserve and macro data releases pushed rates lower at a time when the Portfolio was underweight the 10-year segment of the yield curve. 

* The Portfolio's non-U.S. interest rate positioning was also a detractor over the year. Over the fourth quarter, we held a long position in the belly of the Australian rate curve, which detracted as rates in Australia sold off driven by fears of inflation reaccelerating in the region.

## Portfolio Performance
![Growth of 10K Chart](g31699g23v27.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $12,647** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10312 | $10265 |
| **12/2017** | $10735 | $10628 |
| **12/2018** | $10697 | $10630 |
| **12/2019** | $11748 | $11556 |
| **12/2020** | $12758 | $12424 |
| **12/2021** | $12702 | $12232 |
| **12/2022** | $10906 | $10641 |
| **12/2023** | $11542 | $11229 |
| **12/2024** | $11716 | $11369 |
| **12/2025** | $12647 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Bond Income Portfolio - Class A | 7.95% | (0.17%) | 2.38% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2555302108 |
| # of Portfolio Investments | 3232 |
| Portfolio Turnover Rate | 438% |
| Total Advisory Fees Paid | $8740570 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA | 14.6 |
| U.S. Treasury Notes | 12.5 |
| Federal National Mortgage Association | 10.0 |
| Federal Home Loan Mortgage Corp. | 7.5 |
| U.S. Treasury Bonds | 6.5 |
| Government National Mortgage Association | 3.2 |
| Government National Mortgage Association, TBA | 2.6 |
| EQT Corp. | 2.2 |
| JPMorgan Chase & Co. | 1.5 |
| Federal Home Loan Mortgage Corp. REMICS | 1.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g41q03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.1 |
| Common Stocks | 0.2 |
| Preferred Stocks | 0.3 |
| Municipals | 0.7 |
| Floating Rate Loans | 0.7 |
| Short-Term Investments | 1.1 |
| Foreign Government | 2.5 |
| Non-Agency Mortgage-Backed Securities | 10.5 |
| Asset-Backed Securities | 12.0 |
| U.S. Treasury & Government Agencies | 20.1 |
| Corporate Bonds & Notes | 28.0 |
| Agency Sponsored Mortgage-Backed Securities | 40.0 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# BlackRock Bond Income Portfolio: Class B
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $65 | 0.63% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index during the 12-month period ending December 31, 2025. The approach throughout the year was to focus on taking advantage of attractive, high quality yields, while tactically adding into weakness in spread sectors. Economic growth generally surprised to the upside, providing a positive environment for spread sectors across fixed income to perform well, despite spread levels in certain sectors being extremely tight. From a positioning perspective over the period, we traded long-spread risk structurally and were dynamic in our duration positioning.

**Top Contributors:**

* The most notable contributor to performance was the allocation to Securitized Assets as spreads continued to move tighter. 

* The Portfolio's tactical allocation to U.S. High Yield credit and security selection in U.S. Investment Grade credit also contributed to performance. While the Portfolio generally traded from the underweight side in U.S. Investment Grade credit given tight spread levels, security selection was a strong contributor to performance, primarily driven by a preference for banks, utilities and energy. 

* The Portfolio's overweight to Agency Mortgage-Backed Securities contributed to performance over the period. Mortgages had a strong year, given compelling valuations, lower rate volatility and strong technicals.

**Top Detractors:**

* The largest detractor from performance was the Portfolio's U.S. Duration positioning. The Portfolio generally traded overweight duration but was early to the steepening trade over the first half of the year, which detracted from returns. Over the second half of the year, the Portfolio saw negative performance as volatility driven by hawkish communication by the U.S. Federal Reserve and macro data releases pushed rates lower at a time when the Portfolio was underweight the 10-year segment of the yield curve. 

* The Portfolio's non-U.S. interest rate positioning was also a detractor over the year. Over the fourth quarter, we held a long position in the belly of the Australian rate curve, which detracted as rates in Australia sold off driven by fears of inflation reaccelerating in the region.

## Portfolio Performance
![Growth of 10K Chart](g31699g36z61.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $12,335** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10286 | $10265 |
| **12/2017** | $10682 | $10628 |
| **12/2018** | $10617 | $10630 |
| **12/2019** | $11631 | $11556 |
| **12/2020** | $12600 | $12424 |
| **12/2021** | $12513 | $12232 |
| **12/2022** | $10716 | $10641 |
| **12/2023** | $11315 | $11229 |
| **12/2024** | $11455 | $11369 |
| **12/2025** | $12335 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Bond Income Portfolio - Class B | 7.68% | (0.42%) | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2555302108 |
| # of Portfolio Investments | 3232 |
| Portfolio Turnover Rate | 438% |
| Total Advisory Fees Paid | $8740570 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA | 14.6 |
| U.S. Treasury Notes | 12.5 |
| Federal National Mortgage Association | 10.0 |
| Federal Home Loan Mortgage Corp. | 7.5 |
| U.S. Treasury Bonds | 6.5 |
| Government National Mortgage Association | 3.2 |
| Government National Mortgage Association, TBA | 2.6 |
| EQT Corp. | 2.2 |
| JPMorgan Chase & Co. | 1.5 |
| Federal Home Loan Mortgage Corp. REMICS | 1.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g41q03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.1 |
| Common Stocks | 0.2 |
| Preferred Stocks | 0.3 |
| Municipals | 0.7 |
| Floating Rate Loans | 0.7 |
| Short-Term Investments | 1.1 |
| Foreign Government | 2.5 |
| Non-Agency Mortgage-Backed Securities | 10.5 |
| Asset-Backed Securities | 12.0 |
| U.S. Treasury & Government Agencies | 20.1 |
| Corporate Bonds & Notes | 28.0 |
| Agency Sponsored Mortgage-Backed Securities | 40.0 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# BlackRock Bond Income Portfolio: Class E
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $55 | 0.53% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index during the 12-month period ending December 31, 2025. The approach throughout the year was to focus on taking advantage of attractive, high quality yields, while tactically adding into weakness in spread sectors. Economic growth generally surprised to the upside, providing a positive environment for spread sectors across fixed income to perform well, despite spread levels in certain sectors being extremely tight. From a positioning perspective over the period, we traded long-spread risk structurally and were dynamic in our duration positioning.

**Top Contributors:**

* The most notable contributor to performance was the allocation to Securitized Assets as spreads continued to move tighter. 

* The Portfolio's tactical allocation to U.S. High Yield credit and security selection in U.S. Investment Grade credit also contributed to performance. While the Portfolio generally traded from the underweight side in U.S. Investment Grade credit given tight spread levels, security selection was a strong contributor to performance, primarily driven by a preference for banks, utilities and energy. 

* The Portfolio's overweight to Agency Mortgage-Backed Securities contributed to performance over the period. Mortgages had a strong year, given compelling valuations, lower rate volatility and strong technicals.

**Top Detractors:**

* The largest detractor from performance was the Portfolio's U.S. Duration positioning. The Portfolio generally traded overweight duration but was early to the steepening trade over the first half of the year, which detracted from returns. Over the second half of the year, the Portfolio saw negative performance as volatility driven by hawkish communication by the U.S. Federal Reserve and macro data releases pushed rates lower at a time when the Portfolio was underweight the 10-year segment of the yield curve. 

* The Portfolio's non-U.S. interest rate positioning was also a detractor over the year. Over the fourth quarter, we held a long position in the belly of the Australian rate curve, which detracted as rates in Australia sold off driven by fears of inflation reaccelerating in the region.

## Portfolio Performance
![Growth of 10K Chart](g31699g10p85.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $12,459** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10298 | $10265 |
| **12/2017** | $10704 | $10628 |
| **12/2018** | $10648 | $10630 |
| **12/2019** | $11677 | $11556 |
| **12/2020** | $12663 | $12424 |
| **12/2021** | $12588 | $12232 |
| **12/2022** | $10792 | $10641 |
| **12/2023** | $11405 | $11229 |
| **12/2024** | $11559 | $11369 |
| **12/2025** | $12459 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Bond Income Portfolio - Class E | 7.79% | (0.32%) | 2.22% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2555302108 |
| # of Portfolio Investments | 3232 |
| Portfolio Turnover Rate | 438% |
| Total Advisory Fees Paid | $8740570 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA | 14.6 |
| U.S. Treasury Notes | 12.5 |
| Federal National Mortgage Association | 10.0 |
| Federal Home Loan Mortgage Corp. | 7.5 |
| U.S. Treasury Bonds | 6.5 |
| Government National Mortgage Association | 3.2 |
| Government National Mortgage Association, TBA | 2.6 |
| EQT Corp. | 2.2 |
| JPMorgan Chase & Co. | 1.5 |
| Federal Home Loan Mortgage Corp. REMICS | 1.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g41q03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.1 |
| Common Stocks | 0.2 |
| Preferred Stocks | 0.3 |
| Municipals | 0.7 |
| Floating Rate Loans | 0.7 |
| Short-Term Investments | 1.1 |
| Foreign Government | 2.5 |
| Non-Agency Mortgage-Backed Securities | 10.5 |
| Asset-Backed Securities | 12.0 |
| U.S. Treasury & Government Agencies | 20.1 |
| Corporate Bonds & Notes | 28.0 |
| Agency Sponsored Mortgage-Backed Securities | 40.0 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# BlackRock Capital Appreciation Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $60 | 0.56% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index over the 12-month period ending December 31, 2025. The primary detractors to relative performance were stock selection in Communication Services, Industrials, and Health Care. Conversely, stock selection in Information Technology, along with positioning in Consumer Staples and Industrials, contributed to returns.

**Top Contributors:**

* The largest contributor to relative performance was selection in the Software industry. Notably, an off-benchmark position in Databricks and an overweight position in AppLovin.

* Within the Semiconductors & Semiconductor Equipment industries, an active overweight to Broadcom and an off-benchmark position in Taiwan Semiconductor Manufacturing Company also contributed to performance. Both companies rallied during 2025 as surging artificial intelligence ("AI")-driven demand drove robust revenue growth and margin expansion.

* The Portfolio's underweight to the Consumer Staples sector contributed to performance. Defensive sectors, like Consumer Staples, underperformed during the year as market sentiment and investors favored risk-on, growth-oriented stocks amid strong economic momentum, easing inflation expectations, and AI-related growth.

* The Portfolio's underweight exposure to the Industrials sector was also additive to performance. 

**Top Detractors:**

* The largest detractor to relative performance was stock selection in the Communication Services sector, driven by an active underweight position in Alphabet and an off-benchmark position in Charter Communications.

* Stock selection in the Industrials sector detracted from relative returns. Most notably, an overweight position in Axon Enterprise hurt performance. 

* Stock selection in Financials also hurt performance, driven by an active overweight position in KKR & Co. Alternative asset managers, in general, lagged in 2025 due to slower monetization and pressured valuations amid a challenging macroeconomic and interest rate environment. 

* Within Information Technology, the Portfolio's active underweight exposure to Oracle and active overweight exposure to Intuit each hurt relative performance for the year.

## Portfolio Performance
![Growth of 10K Chart](g31699g80u58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $43,366** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10009 | $11274 | $10708 |
| **12/2017** | $13404 | $13656 | $13943 |
| **12/2018** | $13729 | $12940 | $13732 |
| **12/2019** | $18240 | $16954 | $18729 |
| **12/2020** | $25657 | $20495 | $25938 |
| **12/2021** | $31096 | $25754 | $33096 |
| **12/2022** | $19401 | $20808 | $23453 |
| **12/2023** | $29026 | $26209 | $33462 |
| **12/2024** | $38312 | $32448 | $44623 |
| **12/2025** | $43366 | $38012 | $52906 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Capital Appreciation Portfolio - Class A | 13.19% | 11.07% | 15.80% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1804390794 |
| # of Portfolio Investments | 41 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $9426440 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.8 |
| Microsoft Corp. | 8.8 |
| Amazon.com, Inc. | 8.1 |
| Apple, Inc. | 5.9 |
| Meta Platforms, Inc. | 5.1 |
| Alphabet, Inc. | 5.0 |
| Broadcom, Inc. | 4.8 |
| Eli Lilly & Co. | 4.6 |
| Databricks, Inc. | 3.3 |
| Tesla, Inc. | 3.2 |

---

### Top Sectors
![Group By Sector Chart](g31699g22d93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.5 |
| Materials | 0.5 |
| Consumer Staples | 0.9 |
| Financials | 3.9 |
| Industrials | 6.2 |
| Health Care | 7.8 |
| Consumer Discretionary | 11.3 |
| Communication Services | 12.1 |
| Information Technology | 55.9 |

---

### Top Countries
![Group By Country Chart](g31699g67r64.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.7 |
| Canada | 1.1 |
| United States | 97.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# BlackRock Capital Appreciation Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $86 | 0.81% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index over the 12-month period ending December 31, 2025. The primary detractors to relative performance were stock selection in Communication Services, Industrials, and Health Care. Conversely, stock selection in Information Technology, along with positioning in Consumer Staples and Industrials, contributed to returns.

**Top Contributors:**

* The largest contributor to relative performance was selection in the Software industry. Notably, an off-benchmark position in Databricks and an overweight position in AppLovin.

* Within the Semiconductors & Semiconductor Equipment industries, an active overweight to Broadcom and an off-benchmark position in Taiwan Semiconductor Manufacturing Company also contributed to performance. Both companies rallied during 2025 as surging artificial intelligence ("AI")-driven demand drove robust revenue growth and margin expansion.

* The Portfolio's underweight to the Consumer Staples sector contributed to performance. Defensive sectors, like Consumer Staples, underperformed during the year as market sentiment and investors favored risk-on, growth-oriented stocks amid strong economic momentum, easing inflation expectations, and AI-related growth.

* The Portfolio's underweight exposure to the Industrials sector was also additive to performance. 

**Top Detractors:**

* The largest detractor to relative performance was stock selection in the Communication Services sector, driven by an active underweight position in Alphabet and an off-benchmark position in Charter Communications.

* Stock selection in the Industrials sector detracted from relative returns. Most notably, an overweight position in Axon Enterprise hurt performance. 

* Stock selection in Financials also hurt performance, driven by an active overweight position in KKR & Co. Alternative asset managers, in general, lagged in 2025 due to slower monetization and pressured valuations amid a challenging macroeconomic and interest rate environment. 

* Within Information Technology, the Portfolio's active underweight exposure to Oracle and active overweight exposure to Intuit each hurt relative performance for the year.

## Portfolio Performance
![Growth of 10K Chart](g31699g70c55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $42,292** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9985 | $11274 | $10708 |
| **12/2017** | $13337 | $13656 | $13943 |
| **12/2018** | $13627 | $12940 | $13732 |
| **12/2019** | $18058 | $16954 | $18729 |
| **12/2020** | $25338 | $20495 | $25938 |
| **12/2021** | $30629 | $25754 | $33096 |
| **12/2022** | $19065 | $20808 | $23453 |
| **12/2023** | $28450 | $26209 | $33462 |
| **12/2024** | $37456 | $32448 | $44623 |
| **12/2025** | $42292 | $38012 | $52906 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Capital Appreciation Portfolio - Class B | 12.91% | 10.79% | 15.51% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1804390794 |
| # of Portfolio Investments | 41 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $9426440 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.8 |
| Microsoft Corp. | 8.8 |
| Amazon.com, Inc. | 8.1 |
| Apple, Inc. | 5.9 |
| Meta Platforms, Inc. | 5.1 |
| Alphabet, Inc. | 5.0 |
| Broadcom, Inc. | 4.8 |
| Eli Lilly & Co. | 4.6 |
| Databricks, Inc. | 3.3 |
| Tesla, Inc. | 3.2 |

---

### Top Sectors
![Group By Sector Chart](g31699g22d93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.5 |
| Materials | 0.5 |
| Consumer Staples | 0.9 |
| Financials | 3.9 |
| Industrials | 6.2 |
| Health Care | 7.8 |
| Consumer Discretionary | 11.3 |
| Communication Services | 12.1 |
| Information Technology | 55.9 |

---

### Top Countries
![Group By Country Chart](g31699g67r64.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.7 |
| Canada | 1.1 |
| United States | 97.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# BlackRock Capital Appreciation Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $76 | 0.71% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index over the 12-month period ending December 31, 2025. The primary detractors to relative performance were stock selection in Communication Services, Industrials, and Health Care. Conversely, stock selection in Information Technology, along with positioning in Consumer Staples and Industrials, contributed to returns.

**Top Contributors:**

* The largest contributor to relative performance was selection in the Software industry. Notably, an off-benchmark position in Databricks and an overweight position in AppLovin.

* Within the Semiconductors & Semiconductor Equipment industries, an active overweight to Broadcom and an off-benchmark position in Taiwan Semiconductor Manufacturing Company also contributed to performance. Both companies rallied during 2025 as surging artificial intelligence ("AI")-driven demand drove robust revenue growth and margin expansion.

* The Portfolio's underweight to the Consumer Staples sector contributed to performance. Defensive sectors, like Consumer Staples, underperformed during the year as market sentiment and investors favored risk-on, growth-oriented stocks amid strong economic momentum, easing inflation expectations, and AI-related growth.

* The Portfolio's underweight exposure to the Industrials sector was also additive to performance. 

**Top Detractors:**

* The largest detractor to relative performance was stock selection in the Communication Services sector, driven by an active underweight position in Alphabet and an off-benchmark position in Charter Communications.

* Stock selection in the Industrials sector detracted from relative returns. Most notably, an overweight position in Axon Enterprise hurt performance. 

* Stock selection in Financials also hurt performance, driven by an active overweight position in KKR & Co. Alternative asset managers, in general, lagged in 2025 due to slower monetization and pressured valuations amid a challenging macroeconomic and interest rate environment. 

* Within Information Technology, the Portfolio's active underweight exposure to Oracle and active overweight exposure to Intuit each hurt relative performance for the year.

## Portfolio Performance
![Growth of 10K Chart](g31699g98f49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $42,722** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9994 | $11274 | $10708 |
| **12/2017** | $13365 | $13656 | $13943 |
| **12/2018** | $13668 | $12940 | $13732 |
| **12/2019** | $18132 | $16954 | $18729 |
| **12/2020** | $25463 | $20495 | $25938 |
| **12/2021** | $30815 | $25754 | $33096 |
| **12/2022** | $19205 | $20808 | $23453 |
| **12/2023** | $28679 | $26209 | $33462 |
| **12/2024** | $37801 | $32448 | $44623 |
| **12/2025** | $42722 | $38012 | $52906 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Capital Appreciation Portfolio - Class E | 13.02% | 10.90% | 15.63% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1804390794 |
| # of Portfolio Investments | 41 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $9426440 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.8 |
| Microsoft Corp. | 8.8 |
| Amazon.com, Inc. | 8.1 |
| Apple, Inc. | 5.9 |
| Meta Platforms, Inc. | 5.1 |
| Alphabet, Inc. | 5.0 |
| Broadcom, Inc. | 4.8 |
| Eli Lilly & Co. | 4.6 |
| Databricks, Inc. | 3.3 |
| Tesla, Inc. | 3.2 |

---

### Top Sectors
![Group By Sector Chart](g31699g22d93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.5 |
| Materials | 0.5 |
| Consumer Staples | 0.9 |
| Financials | 3.9 |
| Industrials | 6.2 |
| Health Care | 7.8 |
| Consumer Discretionary | 11.3 |
| Communication Services | 12.1 |
| Information Technology | 55.9 |

---

### Top Countries
![Group By Country Chart](g31699g67r64.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.7 |
| Canada | 1.1 |
| United States | 97.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# BlackRock Ultra-Short Term Bond Portfolio: Class A
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.37% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the ICE/BofA 3-Month U.S. T-Bill Index during the twelve-month period ending December 31, 2025. Fixed rate investments with final maturities of 3 months to 1 year were added to the Portfolio at yields of 3.62% to 4.54%. Floating rate investments with maturities of 3 months to 1 year were purchased at spreads of 0.17% to 0.37% over Secured Overnight Financing Rate ("SOFR"). During the fourth quarter, fixed rate investments with final maturities of 3 months to 1 year were added to the Portfolio at yields of 3.62% to 4.29%. Floating rate investments with maturities of 3 months to 1 year were purchased at spreads of 0.17% to 0.40% over SOFR.

**Top Contributors:**

* Allocations to floating rate securities over the course of early to mid-2025 allowed the Portfolio to capture a higher current yield than what would be realized by buying into an inverted interest rate curve, as we believed that market pricing reflected an overly aggressive rate cut path.

* The allocation to floating rate instruments increased to 18.9% and was comprised of securities indexed to SOFR. These contributed 0.77% to gross yield.

* The Portfolio's allocation to repurchase agreements benefitted from elevated SOFR levels relative to other overnight investments.

**Top Detractors:**

* Excess liquidity held in the Portfolio proved to be a marginal drag on performance.

* Fixed rate investments added to the Portfolio immediately following "Liberation Day", the Trump administration's announcement of sweeping trade restrictions in April 2025, underperformed as the deeply inverted interest rate curve at the time was relatively short-lived. As tariff concerns ebbed, the curve flattened.

## Portfolio Performance
![Growth of 10K Chart](g31699g20w10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $12,308** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **ICE/BofA 3-Month U.S. T-Bill Index $12,405** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10035 | $10265 | $10033 |
| **12/2017** | $10124 | $10628 | $10119 |
| **12/2018** | $10307 | $10630 | $10308 |
| **12/2019** | $10526 | $11556 | $10543 |
| **12/2020** | $10572 | $12424 | $10614 |
| **12/2021** | $10551 | $12232 | $10619 |
| **12/2022** | $10703 | $10641 | $10773 |
| **12/2023** | $11244 | $11229 | $11314 |
| **12/2024** | $11818 | $11369 | $11908 |
| **12/2025** | $12308 | $12199 | $12405 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Ultra-Short Term Bond Portfolio - Class A | 4.15% | 3.09% | 2.10% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| ICE/BofA 3-Month U.S. T-Bill Index | 4.18% | 3.17% | 2.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $756305102 |
| # of Portfolio Investments | 159 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $2503923 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| JPMorgan Securities LLC | 13.2 |
| TD Securities (USA) LLC | 12.3 |
| Landesbank Baden-Wuerttemberg | 4.4 |
| BofA Securities, Inc. | 4.0 |
| Macquarie Bank Ltd. | 3.1 |
| Royal Bank of Canada | 3.1 |
| Nordea Bank Abp | 3.0 |
| Canadian Imperial Bank of Commerce | 2.8 |
| Westpac Banking Corp. | 2.4 |
| Svenska Handelsbanken AB | 2.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g67r42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Time Deposits | 0.9 |
| Certificate of Deposit | 22.1 |
| Repurchase Agreements | 28.8 |
| Commercial Paper | 47.9 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# BlackRock Ultra-Short Term Bond Portfolio: Class B
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $63 | 0.62% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the ICE/BofA 3-Month U.S. T-Bill Index during the twelve-month period ending December 31, 2025. Fixed rate investments with final maturities of 3 months to 1 year were added to the Portfolio at yields of 3.62% to 4.54%. Floating rate investments with maturities of 3 months to 1 year were purchased at spreads of 0.17% to 0.37% over Secured Overnight Financing Rate ("SOFR"). During the fourth quarter, fixed rate investments with final maturities of 3 months to 1 year were added to the Portfolio at yields of 3.62% to 4.29%. Floating rate investments with maturities of 3 months to 1 year were purchased at spreads of 0.17% to 0.40% over SOFR.

**Top Contributors:**

* Allocations to floating rate securities over the course of early to mid-2025 allowed the Portfolio to capture a higher current yield than what would be realized by buying into an inverted interest rate curve, as we believed that market pricing reflected an overly aggressive rate cut path.

* The allocation to floating rate instruments increased to 18.9% and was comprised of securities indexed to SOFR. These contributed 0.77% to gross yield.

* The Portfolio's allocation to repurchase agreements benefitted from elevated SOFR levels relative to other overnight investments.

**Top Detractors:**

* Excess liquidity held in the Portfolio proved to be a marginal drag on performance.

* Fixed rate investments added to the Portfolio immediately following "Liberation Day", the Trump administration's announcement of sweeping trade restrictions in April 2025, underperformed as the deeply inverted interest rate curve at the time was relatively short-lived. As tariff concerns ebbed, the curve flattened.

## Portfolio Performance
![Growth of 10K Chart](g31699g60s80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $12,007** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **ICE/BofA 3-Month U.S. T-Bill Index $12,405** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10011 | $10265 | $10033 |
| **12/2017** | $10075 | $10628 | $10119 |
| **12/2018** | $10231 | $10630 | $10308 |
| **12/2019** | $10423 | $11556 | $10543 |
| **12/2020** | $10443 | $12424 | $10614 |
| **12/2021** | $10396 | $12232 | $10619 |
| **12/2022** | $10519 | $10641 | $10773 |
| **12/2023** | $11024 | $11229 | $11314 |
| **12/2024** | $11557 | $11369 | $11908 |
| **12/2025** | $12007 | $12199 | $12405 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Ultra-Short Term Bond Portfolio - Class B | 3.89% | 2.83% | 1.85% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| ICE/BofA 3-Month U.S. T-Bill Index | 4.18% | 3.17% | 2.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $756305102 |
| # of Portfolio Investments | 159 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $2503923 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| JPMorgan Securities LLC | 13.2 |
| TD Securities (USA) LLC | 12.3 |
| Landesbank Baden-Wuerttemberg | 4.4 |
| BofA Securities, Inc. | 4.0 |
| Macquarie Bank Ltd. | 3.1 |
| Royal Bank of Canada | 3.1 |
| Nordea Bank Abp | 3.0 |
| Canadian Imperial Bank of Commerce | 2.8 |
| Westpac Banking Corp. | 2.4 |
| Svenska Handelsbanken AB | 2.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g67r42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Time Deposits | 0.9 |
| Certificate of Deposit | 22.1 |
| Repurchase Agreements | 28.8 |
| Commercial Paper | 47.9 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# BlackRock Ultra-Short Term Bond Portfolio: Class E
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $53 | 0.52% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the ICE/BofA 3-Month U.S. T-Bill Index during the twelve-month period ending December 31, 2025. Fixed rate investments with final maturities of 3 months to 1 year were added to the Portfolio at yields of 3.62% to 4.54%. Floating rate investments with maturities of 3 months to 1 year were purchased at spreads of 0.17% to 0.37% over Secured Overnight Financing Rate ("SOFR"). During the fourth quarter, fixed rate investments with final maturities of 3 months to 1 year were added to the Portfolio at yields of 3.62% to 4.29%. Floating rate investments with maturities of 3 months to 1 year were purchased at spreads of 0.17% to 0.40% over SOFR.

**Top Contributors:**

* Allocations to floating rate securities over the course of early to mid-2025 allowed the Portfolio to capture a higher current yield than what would be realized by buying into an inverted interest rate curve, as we believed that market pricing reflected an overly aggressive rate cut path.

* The allocation to floating rate instruments increased to 18.9% and was comprised of securities indexed to SOFR. These contributed 0.77% to gross yield.

* The Portfolio's allocation to repurchase agreements benefitted from elevated SOFR levels relative to other overnight investments.

**Top Detractors:**

* Excess liquidity held in the Portfolio proved to be a marginal drag on performance.

* Fixed rate investments added to the Portfolio immediately following "Liberation Day", the Trump administration's announcement of sweeping trade restrictions in April 2025, underperformed as the deeply inverted interest rate curve at the time was relatively short-lived. As tariff concerns ebbed, the curve flattened.

## Portfolio Performance
![Growth of 10K Chart](g31699g83p59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $12,125** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **ICE/BofA 3-Month U.S. T-Bill Index $12,405** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10020 | $10265 | $10033 |
| **12/2017** | $10093 | $10628 | $10119 |
| **12/2018** | $10261 | $10630 | $10308 |
| **12/2019** | $10464 | $11556 | $10543 |
| **12/2020** | $10493 | $12424 | $10614 |
| **12/2021** | $10457 | $12232 | $10619 |
| **12/2022** | $10591 | $10641 | $10773 |
| **12/2023** | $11110 | $11229 | $11314 |
| **12/2024** | $11660 | $11369 | $11908 |
| **12/2025** | $12125 | $12199 | $12405 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BlackRock Ultra-Short Term Bond Portfolio - Class E | 3.99% | 2.93% | 1.95% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| ICE/BofA 3-Month U.S. T-Bill Index | 4.18% | 3.17% | 2.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $756305102 |
| # of Portfolio Investments | 159 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $2503923 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| JPMorgan Securities LLC | 13.2 |
| TD Securities (USA) LLC | 12.3 |
| Landesbank Baden-Wuerttemberg | 4.4 |
| BofA Securities, Inc. | 4.0 |
| Macquarie Bank Ltd. | 3.1 |
| Royal Bank of Canada | 3.1 |
| Nordea Bank Abp | 3.0 |
| Canadian Imperial Bank of Commerce | 2.8 |
| Westpac Banking Corp. | 2.4 |
| Svenska Handelsbanken AB | 2.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g67r42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Time Deposits | 0.9 |
| Certificate of Deposit | 22.1 |
| Repurchase Agreements | 28.8 |
| Commercial Paper | 47.9 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse Asset Allocation 20 Portfolio: Class A
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 20 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $10 | 0.10% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 20 Portfolio outperformed the Dow Jones Conservative Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying international equity, large cap equity, and fixed income portfolios and offset the negative impacts by the underlying small cap and mid cap equity portfolios.

**Top Contributors:**

* The VanEck Global Natural Resources Portfolio contributed to results from positions in Gold and Precious Metals, Base and Industrial Metals, and Oil and Gas. 

* The Invesco Comstock Portfolio further contributed to results over the period from positions in the Financials, Health Care, and Industrials sectors.

* The PIMCO Total Return Portfolio aided results over the period.

**Top Detractors:**

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

* The JPMorgan Small Cap Value Portfolio had a negative impact on results. Positions in the Information Technology sector detracted.

* The Brighthouse/Artisan Mid Cap Value Portfolio further detracted from results and was negatively impacted from positions in the Communication Services, Health Care, and Real Estate sectors.

## Portfolio Performance
![Growth of 10K Chart](g31699g50d61.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A $15,114** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Conservative Portfolio Index $13,264** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10476 | $10786 | $10209 | $10301 |
| **12/2017** | $11226 | $13372 | $10964 | $10891 |
| **12/2018** | $10955 | $12113 | $10832 | $10824 |
| **12/2019** | $12286 | $15335 | $11573 | $11704 |
| **12/2020** | $13477 | $17828 | $12637 | $12646 |
| **12/2021** | $14017 | $21133 | $12042 | $12625 |
| **12/2022** | $12259 | $17252 | $10086 | $10941 |
| **12/2023** | $13249 | $21082 | $10662 | $11700 |
| **12/2024** | $13807 | $24769 | $10482 | $12385 |
| **12/2025** | $15114 | $30302 | $11338 | $13264 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 20 Portfolio - Class A | 9.47% | 2.32% | 4.22% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Conservative Portfolio Index | 7.10% | 0.96% | 2.87% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $303110279 |
| # of Portfolio Investments | 34 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $112189 |

---

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

### Top 10 Holdings

---

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

---

### Asset Allocation
![Group By Asset Type Chart](g31699g10q54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 0.2 |
| U.S. Mid Cap Equities | 0.5 |
| Real Estate Equities | 0.5 |
| Global Equities | 1.5 |
| International Fixed Income | 2.0 |
| U.S. Small Cap Equities | 2.7 |
| International Developed Market Equities | 3.8 |
| High Yield Fixed Income | 7.5 |
| U.S. Large Cap Equities | 11.2 |
| Investment Grade Fixed Income | 70.2 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse Asset Allocation 20 Portfolio: Class B
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 20 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $37 | 0.35% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 20 Portfolio outperformed the Dow Jones Conservative Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying international equity, large cap equity, and fixed income portfolios and offset the negative impacts by the underlying small cap and mid cap equity portfolios.

**Top Contributors:**

* The VanEck Global Natural Resources Portfolio contributed to results from positions in Gold and Precious Metals, Base and Industrial Metals, and Oil and Gas. 

* The Invesco Comstock Portfolio further contributed to results over the period from positions in the Financials, Health Care, and Industrials sectors.

* The PIMCO Total Return Portfolio aided results over the period.

**Top Detractors:**

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

* The JPMorgan Small Cap Value Portfolio had a negative impact on results. Positions in the Information Technology sector detracted.

* The Brighthouse/Artisan Mid Cap Value Portfolio further detracted from results and was negatively impacted from positions in the Communication Services, Health Care, and Real Estate sectors.

## Portfolio Performance
![Growth of 10K Chart](g31699g26o18.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $14,753** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Conservative Portfolio Index $13,264** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10453 | $10786 | $10209 | $10301 |
| **12/2017** | $11178 | $13372 | $10964 | $10891 |
| **12/2018** | $10886 | $12113 | $10832 | $10824 |
| **12/2019** | $12163 | $15335 | $11573 | $11704 |
| **12/2020** | $13321 | $17828 | $12637 | $12646 |
| **12/2021** | $13812 | $21133 | $12042 | $12625 |
| **12/2022** | $12059 | $17252 | $10086 | $10941 |
| **12/2023** | $13003 | $21082 | $10662 | $11700 |
| **12/2024** | $13504 | $24769 | $10482 | $12385 |
| **12/2025** | $14753 | $30302 | $11338 | $13264 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 20 Portfolio - Class B | 9.25% | 2.06% | 3.97% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Conservative Portfolio Index | 7.10% | 0.96% | 2.87% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $303110279 |
| # of Portfolio Investments | 34 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $112189 |

---

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

### Top 10 Holdings

---

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

---

### Asset Allocation
![Group By Asset Type Chart](g31699g10q54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 0.2 |
| U.S. Mid Cap Equities | 0.5 |
| Real Estate Equities | 0.5 |
| Global Equities | 1.5 |
| International Fixed Income | 2.0 |
| U.S. Small Cap Equities | 2.7 |
| International Developed Market Equities | 3.8 |
| High Yield Fixed Income | 7.5 |
| U.S. Large Cap Equities | 11.2 |
| Investment Grade Fixed Income | 70.2 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse Asset Allocation 40 Portfolio: Class A
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 40 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $7 | 0.07% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 40 Portfolio outperformed the Dow Jones Moderately Conservative Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying international equity and large cap equity portfolios, and offset the negative impacts by the underlying fixed income portfolios.

**Top Contributors:**

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

* The VanEck Global Natural Resources Portfolio contributed to results from positions in Gold and Precious Metals, Base and Industrial Metals, and Oil and Gas. 

* The Invesco Comstock Portfolio further contributed to results over the period from positions in the Financials, Health Care, and Industrials sectors.

**Top Detractors:**

* The Western Asset Management U.S. Government Portfolio was a detractor to results.

* The BlackRock Bond Income Portfolio detracted from results.

* The TCW Core Fixed Income Portfolio had a negative impact on results.

## Portfolio Performance
![Growth of 10K Chart](g31699g41b65.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A $17,830** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderately Conservative Portfolio Index $16,491** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10633 | $10786 | $10209 | $10565 |
| **12/2017** | $11804 | $13372 | $10964 | $11718 |
| **12/2018** | $11302 | $12113 | $10832 | $11349 |
| **12/2019** | $13104 | $15335 | $11573 | $12954 |
| **12/2020** | $14587 | $17828 | $12637 | $14259 |
| **12/2021** | $15708 | $21133 | $12042 | $14938 |
| **12/2022** | $13566 | $17252 | $10086 | $12784 |
| **12/2023** | $15033 | $21082 | $10662 | $14038 |
| **12/2024** | $15955 | $24769 | $10482 | $14942 |
| **12/2025** | $17830 | $30302 | $11338 | $16491 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 40 Portfolio - Class A | 11.75% | 4.10% | 5.95% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderately Conservative Portfolio Index | 10.37% | 2.95% | 5.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3096305326 |
| # of Portfolio Investments | 38 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $1969560 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 10.3 |
| PIMCO Total Return Portfolio, Class A | 10.0 |
| Western Asset Management U.S. Government Portfolio, Class A | 8.3 |
| TCW Core Fixed Income Portfolio, Class A | 7.8 |
| PIMCO Inflation Protected Bond Portfolio, Class A | 5.3 |
| JPMorgan Core Bond Portfolio, Class A | 4.3 |
| MFS Value Portfolio, Class A | 3.7 |
| Western Asset Management Strategic Bond Opportunities Portfolio, Class A | 3.5 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 3.5 |
| Invesco Comstock Portfolio, Class A | 3.2 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g83v08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 0.7 |
| U.S. Mid Cap Equities | 1 |
| Emerging Market Equities | 1.5 |
| Global Equities | 3 |
| International Fixed Income | 4 |
| U.S. Small Cap Equities | 4.4 |
| High Yield Fixed Income | 6.3 |
| International Developed Market Equities | 8.8 |
| U.S. Large Cap Equities | 21.4 |
| Investment Grade Fixed Income | 48.9 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse Asset Allocation 40 Portfolio: Class B
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 40 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $34 | 0.32% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 40 Portfolio outperformed the Dow Jones Moderately Conservative Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying international equity and large cap equity portfolios, and offset the negative impacts by the underlying fixed income portfolios.

**Top Contributors:**

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

* The VanEck Global Natural Resources Portfolio contributed to results from positions in Gold and Precious Metals, Base and Industrial Metals, and Oil and Gas. 

* The Invesco Comstock Portfolio further contributed to results over the period from positions in the Financials, Health Care, and Industrials sectors.

**Top Detractors:**

* The Western Asset Management U.S. Government Portfolio was a detractor to results.

* The BlackRock Bond Income Portfolio detracted from results.

* The TCW Core Fixed Income Portfolio had a negative impact on results.

## Portfolio Performance
![Growth of 10K Chart](g31699g80n99.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $17,385** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderately Conservative Portfolio Index $16,491** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10609 | $10786 | $10209 | $10565 |
| **12/2017** | $11738 | $13372 | $10964 | $11718 |
| **12/2018** | $11221 | $12113 | $10832 | $11349 |
| **12/2019** | $12971 | $15335 | $11573 | $12954 |
| **12/2020** | $14403 | $17828 | $12637 | $14259 |
| **12/2021** | $15472 | $21133 | $12042 | $14938 |
| **12/2022** | $13331 | $17252 | $10086 | $12784 |
| **12/2023** | $14733 | $21082 | $10662 | $14038 |
| **12/2024** | $15592 | $24769 | $10482 | $14942 |
| **12/2025** | $17385 | $30302 | $11338 | $16491 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 40 Portfolio - Class B | 11.50% | 3.84% | 5.69% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderately Conservative Portfolio Index | 10.37% | 2.95% | 5.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3096305326 |
| # of Portfolio Investments | 38 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $1969560 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 10.3 |
| PIMCO Total Return Portfolio, Class A | 10.0 |
| Western Asset Management U.S. Government Portfolio, Class A | 8.3 |
| TCW Core Fixed Income Portfolio, Class A | 7.8 |
| PIMCO Inflation Protected Bond Portfolio, Class A | 5.3 |
| JPMorgan Core Bond Portfolio, Class A | 4.3 |
| MFS Value Portfolio, Class A | 3.7 |
| Western Asset Management Strategic Bond Opportunities Portfolio, Class A | 3.5 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 3.5 |
| Invesco Comstock Portfolio, Class A | 3.2 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g83v08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 0.7 |
| U.S. Mid Cap Equities | 1 |
| Emerging Market Equities | 1.5 |
| Global Equities | 3 |
| International Fixed Income | 4 |
| U.S. Small Cap Equities | 4.4 |
| High Yield Fixed Income | 6.3 |
| International Developed Market Equities | 8.8 |
| U.S. Large Cap Equities | 21.4 |
| Investment Grade Fixed Income | 48.9 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse Asset Allocation 60 Portfolio: Class A
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 60 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $6 | 0.06% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 60 Portfolio outperformed the Dow Jones Moderate Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying international equity portfolios and offset the negative impacts by the underlying fixed income and small cap equity portfolios.

**Top Contributors:**

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

* The Brighthouse/Artisan International Portfolio had a positive impact on results from positions in the Industrials and Financials sectors. 

* The VanEck Global Natural Resources Portfolio contributed to results from positions in Gold and Precious Metals, Base and Industrial Metals, and Oil and Gas.

**Top Detractors:**

* In fixed income, the BlackRock Bond Income Portfolio was a detractor to results.

* The TCW Core Fixed Income Portfolio had a negative impact on results.

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

## Portfolio Performance
![Growth of 10K Chart](g31699g29v36.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A $21,065** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10747 | $10786 | $10209 | $10767 |
| **12/2017** | $12351 | $13372 | $10964 | $12397 |
| **12/2018** | $11619 | $12113 | $10832 | $11752 |
| **12/2019** | $13925 | $15335 | $11573 | $13938 |
| **12/2020** | $15887 | $17828 | $12637 | $15643 |
| **12/2021** | $17662 | $21133 | $12042 | $17114 |
| **12/2022** | $14982 | $17252 | $10086 | $14553 |
| **12/2023** | $17069 | $21082 | $10662 | $16401 |
| **12/2024** | $18484 | $24769 | $10482 | $17803 |
| **12/2025** | $21065 | $30302 | $11338 | $20263 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 60 Portfolio - Class A | 13.96% | 5.80% | 7.73% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8692423363 |
| # of Portfolio Investments | 39 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $4768792 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 8.0 |
| PIMCO Total Return Portfolio, Class A | 6.3 |
| TCW Core Fixed Income Portfolio, Class A | 5.6 |
| MFS Value Portfolio, Class A | 5.0 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 4.5 |
| Invesco Comstock Portfolio, Class A | 4.3 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 4.3 |
| Western Asset Management U.S. Government Portfolio, Class A | 4.3 |
| Harris Oakmark International Portfolio, Class A | 4.0 |
| Baillie Gifford International Stock Portfolio, Class A | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g08f12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Mid Cap Equities | 1 |
| Real Estate Equities | 1.5 |
| Emerging Market Equities | 2.5 |
| International Fixed Income | 3.7 |
| Global Equities | 4 |
| High Yield Fixed Income | 4.4 |
| U.S. Small Cap Equities | 6.4 |
| International Developed Market Equities | 14.1 |
| Investment Grade Fixed Income | 30.9 |
| U.S. Large Cap Equities | 31.5 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse Asset Allocation 60 Portfolio: Class B
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 60 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $33 | 0.31% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 60 Portfolio outperformed the Dow Jones Moderate Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were positively impacted by the underlying international equity portfolios and offset the negative impacts by the underlying fixed income and small cap equity portfolios.

**Top Contributors:**

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

* The Brighthouse/Artisan International Portfolio had a positive impact on results from positions in the Industrials and Financials sectors. 

* The VanEck Global Natural Resources Portfolio contributed to results from positions in Gold and Precious Metals, Base and Industrial Metals, and Oil and Gas.

**Top Detractors:**

* In fixed income, the BlackRock Bond Income Portfolio was a detractor to results.

* The TCW Core Fixed Income Portfolio had a negative impact on results.

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

## Portfolio Performance
![Growth of 10K Chart](g31699g14c21.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $20,548** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderate Portfolio Index $20,263** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10711 | $10786 | $10209 | $10767 |
| **12/2017** | $12288 | $13372 | $10964 | $12397 |
| **12/2018** | $11536 | $12113 | $10832 | $11752 |
| **12/2019** | $13776 | $15335 | $11573 | $13938 |
| **12/2020** | $15684 | $17828 | $12637 | $15643 |
| **12/2021** | $17395 | $21133 | $12042 | $17114 |
| **12/2022** | $14728 | $17252 | $10086 | $14553 |
| **12/2023** | $16730 | $21082 | $10662 | $16401 |
| **12/2024** | $18062 | $24769 | $10482 | $17803 |
| **12/2025** | $20548 | $30302 | $11338 | $20263 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 60 Portfolio - Class B | 13.77% | 5.55% | 7.47% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderate Portfolio Index | 13.82% | 5.31% | 7.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8692423363 |
| # of Portfolio Investments | 39 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $4768792 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 8.0 |
| PIMCO Total Return Portfolio, Class A | 6.3 |
| TCW Core Fixed Income Portfolio, Class A | 5.6 |
| MFS Value Portfolio, Class A | 5.0 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 4.5 |
| Invesco Comstock Portfolio, Class A | 4.3 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 4.3 |
| Western Asset Management U.S. Government Portfolio, Class A | 4.3 |
| Harris Oakmark International Portfolio, Class A | 4.0 |
| Baillie Gifford International Stock Portfolio, Class A | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g08f12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Mid Cap Equities | 1 |
| Real Estate Equities | 1.5 |
| Emerging Market Equities | 2.5 |
| International Fixed Income | 3.7 |
| Global Equities | 4 |
| High Yield Fixed Income | 4.4 |
| U.S. Small Cap Equities | 6.4 |
| International Developed Market Equities | 14.1 |
| Investment Grade Fixed Income | 30.9 |
| U.S. Large Cap Equities | 31.5 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse Asset Allocation 80 Portfolio: Class A
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 80 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $6 | 0.06% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 80 Portfolio underperformed the Dow Jones Moderately Aggressive Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were negatively impacted by the underlying fixed income, large cap equity, and small cap equity portfolios and offset the positive impacts by the underlying international equity portfolios.

**Top Contributors:**

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

* The Brighthouse/Artisan International Portfolio had a positive impact on results from positions in the Industrials and Financials sectors. 

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

**Top Detractors:**

* In fixed income, the BlackRock Bond Income Portfolio was a detractor to results.

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

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

## Portfolio Performance
![Growth of 10K Chart](g31699g22z43.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A $24,759** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderately Aggressive Portfolio Index $24,436** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10843 | $10786 | $10209 | $10931 |
| **12/2017** | $12951 | $13372 | $10964 | $13016 |
| **12/2018** | $11927 | $12113 | $10832 | $12062 |
| **12/2019** | $14794 | $15335 | $11573 | $14817 |
| **12/2020** | $17310 | $17828 | $12637 | $16912 |
| **12/2021** | $19884 | $21133 | $12042 | $19288 |
| **12/2022** | $16363 | $17252 | $10086 | $16282 |
| **12/2023** | $19227 | $21082 | $10662 | $18820 |
| **12/2024** | $21360 | $24769 | $10482 | $20935 |
| **12/2025** | $24759 | $30302 | $11338 | $24436 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 80 Portfolio - Class A | 15.91% | 7.42% | 9.49% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderately Aggressive Portfolio Index | 16.72% | 7.64% | 9.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8114265459 |
| # of Portfolio Investments | 40 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $4419736 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| MFS Value Portfolio, Class A | 5.8 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 5.3 |
| Invesco Comstock Portfolio, Class A | 5.3 |
| Harris Oakmark International Portfolio, Class A | 4.8 |
| Jennison Growth Portfolio, Class A | 4.7 |
| Baillie Gifford International Stock Portfolio, Class A | 4.5 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 4.5 |
| Loomis Sayles Growth Portfolio, Class A | 4.5 |
| BlackRock Bond Income Portfolio, Class A | 4.5 |
| Brighthouse/Wellington Large Cap Research Portfolio, Class A | 4.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g02f96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Fixed Income | 1.7 |
| U.S. Mid Cap Equities | 2.5 |
| Real Estate Equities | 2.5 |
| High Yield Fixed Income | 3.0 |
| Emerging Market Equities | 3.5 |
| Global Equities | 4.5 |
| U.S. Small Cap Equities | 8.4 |
| Investment Grade Fixed Income | 13.7 |
| International Developed Market Equities | 18.9 |
| U.S. Large Cap Equities | 41.3 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse Asset Allocation 80 Portfolio: Class B
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Brighthouse Asset Allocation 80 Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $33 | 0.31% |

---

## Management Discussion of Portfolio Performance
The Brighthouse Asset Allocation 80 Portfolio underperformed the Dow Jones Moderately Aggressive Portfolio Index over the twelve-month period ended December 31, 2025. Relative results were negatively impacted by the underlying fixed income, large cap equity, and small cap equity portfolios and offset the positive impacts by the underlying international equity portfolios.

**Top Contributors:**

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

* The Brighthouse/Artisan International Portfolio had a positive impact on results from positions in the Industrials and Financials sectors. 

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

**Top Detractors:**

* In fixed income, the BlackRock Bond Income Portfolio was a detractor to results.

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

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

## Portfolio Performance
![Growth of 10K Chart](g31699g09x20.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $24,156** | **MSCI All Country World Index $30,302** | **Bloomberg Global Aggregate Index $11,338** | **Dow Jones Moderately Aggressive Portfolio Index $24,436** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $10814 | $10786 | $10209 | $10931 |
| **12/2017** | $12886 | $13372 | $10964 | $13016 |
| **12/2018** | $11841 | $12113 | $10832 | $12062 |
| **12/2019** | $14650 | $15335 | $11573 | $14817 |
| **12/2020** | $17082 | $17828 | $12637 | $16912 |
| **12/2021** | $19594 | $21133 | $12042 | $19288 |
| **12/2022** | $16073 | $17252 | $10086 | $16282 |
| **12/2023** | $18854 | $21082 | $10662 | $18820 |
| **12/2024** | $20890 | $24769 | $10482 | $20935 |
| **12/2025** | $24156 | $30302 | $11338 | $24436 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse Asset Allocation 80 Portfolio - Class B | 15.63% | 7.18% | 9.22% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| Bloomberg Global Aggregate Index | 8.17% | (2.15%) | 1.26% |
| Dow Jones Moderately Aggressive Portfolio Index | 16.72% | 7.64% | 9.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8114265459 |
| # of Portfolio Investments | 40 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $4419736 |

---

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

### Top 10 Holdings

---

| | |
|:---|:---|
| MFS Value Portfolio, Class A | 5.8 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 5.3 |
| Invesco Comstock Portfolio, Class A | 5.3 |
| Harris Oakmark International Portfolio, Class A | 4.8 |
| Jennison Growth Portfolio, Class A | 4.7 |
| Baillie Gifford International Stock Portfolio, Class A | 4.5 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 4.5 |
| Loomis Sayles Growth Portfolio, Class A | 4.5 |
| BlackRock Bond Income Portfolio, Class A | 4.5 |
| Brighthouse/Wellington Large Cap Research Portfolio, Class A | 4.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g02f96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Fixed Income | 1.7 |
| U.S. Mid Cap Equities | 2.5 |
| Real Estate Equities | 2.5 |
| High Yield Fixed Income | 3.0 |
| Emerging Market Equities | 3.5 |
| Global Equities | 4.5 |
| U.S. Small Cap Equities | 8.4 |
| Investment Grade Fixed Income | 13.7 |
| International Developed Market Equities | 18.9 |
| U.S. Large Cap Equities | 41.3 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Artisan Mid Cap Value Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $79 | 0.78% |

---

## Management Discussion of Portfolio Performance
The Portfolio trailed the Russell Midcap Value Index over the one-year period ending December 31, 2025. Our investment style has been out-of-step with the equity markets for the better part of the last two years as growth and momentum factors led, with readings on certain measures that track these factors nearing historical extremes. Stock selection was negative for a second consecutive year after contributing positively for calendar years 2021, 2022 and 2023. Besides our investment style being out of favor, we also made missteps. These included Cable One, a broadband provider in rural markets, which we sold in September, and Centene, a managed care organization, which we sold in August. Our investment case in Cable One had been predicated on the cable provider's ability to grow subscribers given its premium offering and low penetration; however, subscriber trends meaningfully weakened during our holding period. Tepid household formation in a sluggish housing market, fixed wireless and fiber competition taking market share and execution issues rolling out a new billing system were among the key factors. Centene shares plunged after the company withdrew its 2025 guidance, driven by higher-than-expected market acuity (i.e., risk adjustments) on the Affordable Care Act ("ACA") marketplaces and elevated Medicaid cost trends. These pressures were in addition to the declining trend in Medicaid enrollment that had already been weighing on the business.

**Top Contributors:**

* The Portfolio's Consumer Staples and Utilities holdings outperformed.

* Sector allocation was favorable, driven by an above-benchmark weighting in Communication Services and a below-benchmark weighting in Materials. 

* Top contributors to return were Expedia Group, nVent Electric, Analog Devices, Ferguson Enterprises and Dollar General.

**Top Detractors:**

* Stock selection was broadly negative, with key sources of underperformance in the Health Care, Communication Services and Information Technology sectors. 

* Bottom contributors to return were Cable One, Centene, U-Haul, Baxter International and Vail Resorts.

## Portfolio Performance
![Growth of 10K Chart](g31699g54w80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $22,242** | **Russell 3000 Index $38,012** | **Russell Midcap Value Index $25,421** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12296 | $11274 | $12000 |
| **12/2017** | $13873 | $13656 | $13601 |
| **12/2018** | $12041 | $12940 | $11930 |
| **12/2019** | $14901 | $16954 | $15158 |
| **12/2020** | $15832 | $20495 | $15910 |
| **12/2021** | $20092 | $25754 | $20419 |
| **12/2022** | $17556 | $20808 | $17962 |
| **12/2023** | $20809 | $26209 | $20246 |
| **12/2024** | $21844 | $32448 | $22892 |
| **12/2025** | $22242 | $38012 | $25421 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Artisan Mid Cap Value Portfolio - Class A | 1.82% | 7.04% | 8.32% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Value Index | 11.05% | 9.83% | 9.78% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $640085419 |
| # of Portfolio Investments | 80 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $4751174 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Expedia Group, Inc. | 3.3 |
| Lamar Advertising Co. | 3.1 |
| First Citizens BancShares, Inc. | 3.1 |
| Genpact Ltd. | 3.0 |
| Vontier Corp. | 2.7 |
| Analog Devices, Inc. | 2.6 |
| ICON PLC | 2.5 |
| OGE Energy Corp. | 2.5 |
| nVent Electric PLC | 2.5 |
| Humana, Inc. | 2.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g17a21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.9 |
| Consumer Staples | 5.3 |
| Utilities | 6.8 |
| Communication Services | 6.9 |
| Real Estate | 6.9 |
| Information Technology | 11.6 |
| Industrials | 12.2 |
| Consumer Discretionary | 12.5 |
| Health Care | 13.1 |
| Financials | 14.1 |

---

### Top Countries
![Group By Country Chart](g31699g23f23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 1.4 |
| United States | 95.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Artisan Mid Cap Value Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $104 | 1.03% |

---

## Management Discussion of Portfolio Performance
The Portfolio trailed the Russell Midcap Value Index over the one-year period ending December 31, 2025. Our investment style has been out-of-step with the equity markets for the better part of the last two years as growth and momentum factors led, with readings on certain measures that track these factors nearing historical extremes. Stock selection was negative for a second consecutive year after contributing positively for calendar years 2021, 2022 and 2023. Besides our investment style being out of favor, we also made missteps. These included Cable One, a broadband provider in rural markets, which we sold in September, and Centene, a managed care organization, which we sold in August. Our investment case in Cable One had been predicated on the cable provider's ability to grow subscribers given its premium offering and low penetration; however, subscriber trends meaningfully weakened during our holding period. Tepid household formation in a sluggish housing market, fixed wireless and fiber competition taking market share and execution issues rolling out a new billing system were among the key factors. Centene shares plunged after the company withdrew its 2025 guidance, driven by higher-than-expected market acuity (i.e., risk adjustments) on the Affordable Care Act ("ACA") marketplaces and elevated Medicaid cost trends. These pressures were in addition to the declining trend in Medicaid enrollment that had already been weighing on the business.

**Top Contributors:**

* The Portfolio's Consumer Staples and Utilities holdings outperformed.

* Sector allocation was favorable, driven by an above-benchmark weighting in Communication Services and a below-benchmark weighting in Materials. 

* Top contributors to return were Expedia Group, nVent Electric, Analog Devices, Ferguson Enterprises and Dollar General.

**Top Detractors:**

* Stock selection was broadly negative, with key sources of underperformance in the Health Care, Communication Services and Information Technology sectors. 

* Bottom contributors to return were Cable One, Centene, U-Haul, Baxter International and Vail Resorts.

## Portfolio Performance
![Growth of 10K Chart](g31699g52m74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $21,693** | **Russell 3000 Index $38,012** | **Russell Midcap Value Index $25,421** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12265 | $11274 | $12000 |
| **12/2017** | $13803 | $13656 | $13601 |
| **12/2018** | $11951 | $12940 | $11930 |
| **12/2019** | $14752 | $16954 | $15158 |
| **12/2020** | $15635 | $20495 | $15910 |
| **12/2021** | $19791 | $25754 | $20419 |
| **12/2022** | $17251 | $20808 | $17962 |
| **12/2023** | $20397 | $26209 | $20246 |
| **12/2024** | $21358 | $32448 | $22892 |
| **12/2025** | $21693 | $38012 | $25421 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Artisan Mid Cap Value Portfolio - Class B | 1.57% | 6.77% | 8.05% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Value Index | 11.05% | 9.83% | 9.78% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $640085419 |
| # of Portfolio Investments | 80 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $4751174 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Expedia Group, Inc. | 3.3 |
| Lamar Advertising Co. | 3.1 |
| First Citizens BancShares, Inc. | 3.1 |
| Genpact Ltd. | 3.0 |
| Vontier Corp. | 2.7 |
| Analog Devices, Inc. | 2.6 |
| ICON PLC | 2.5 |
| OGE Energy Corp. | 2.5 |
| nVent Electric PLC | 2.5 |
| Humana, Inc. | 2.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g17a21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.9 |
| Consumer Staples | 5.3 |
| Utilities | 6.8 |
| Communication Services | 6.9 |
| Real Estate | 6.9 |
| Information Technology | 11.6 |
| Industrials | 12.2 |
| Consumer Discretionary | 12.5 |
| Health Care | 13.1 |
| Financials | 14.1 |

---

### Top Countries
![Group By Country Chart](g31699g23f23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 1.4 |
| United States | 95.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Artisan Mid Cap Value Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $94 | 0.93% |

---

## Management Discussion of Portfolio Performance
The Portfolio trailed the Russell Midcap Value Index over the one-year period ending December 31, 2025. Our investment style has been out-of-step with the equity markets for the better part of the last two years as growth and momentum factors led, with readings on certain measures that track these factors nearing historical extremes. Stock selection was negative for a second consecutive year after contributing positively for calendar years 2021, 2022 and 2023. Besides our investment style being out of favor, we also made missteps. These included Cable One, a broadband provider in rural markets, which we sold in September, and Centene, a managed care organization, which we sold in August. Our investment case in Cable One had been predicated on the cable provider's ability to grow subscribers given its premium offering and low penetration; however, subscriber trends meaningfully weakened during our holding period. Tepid household formation in a sluggish housing market, fixed wireless and fiber competition taking market share and execution issues rolling out a new billing system were among the key factors. Centene shares plunged after the company withdrew its 2025 guidance, driven by higher-than-expected market acuity (i.e., risk adjustments) on the Affordable Care Act ("ACA") marketplaces and elevated Medicaid cost trends. These pressures were in addition to the declining trend in Medicaid enrollment that had already been weighing on the business.

**Top Contributors:**

* The Portfolio's Consumer Staples and Utilities holdings outperformed.

* Sector allocation was favorable, driven by an above-benchmark weighting in Communication Services and a below-benchmark weighting in Materials. 

* Top contributors to return were Expedia Group, nVent Electric, Analog Devices, Ferguson Enterprises and Dollar General.

**Top Detractors:**

* Stock selection was broadly negative, with key sources of underperformance in the Health Care, Communication Services and Information Technology sectors. 

* Bottom contributors to return were Cable One, Centene, U-Haul, Baxter International and Vail Resorts.

## Portfolio Performance
![Growth of 10K Chart](g31699g34b83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $21,911** | **Russell 3000 Index $38,012** | **Russell Midcap Value Index $25,421** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12278 | $11274 | $12000 |
| **12/2017** | $13831 | $13656 | $13601 |
| **12/2018** | $11987 | $12940 | $11930 |
| **12/2019** | $14812 | $16954 | $15158 |
| **12/2020** | $15714 | $20495 | $15910 |
| **12/2021** | $19911 | $25754 | $20419 |
| **12/2022** | $17372 | $20808 | $17962 |
| **12/2023** | $20561 | $26209 | $20246 |
| **12/2024** | $21551 | $32448 | $22892 |
| **12/2025** | $21911 | $38012 | $25421 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Artisan Mid Cap Value Portfolio - Class E | 1.67% | 6.88% | 8.16% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Value Index | 11.05% | 9.83% | 9.78% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $640085419 |
| # of Portfolio Investments | 80 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $4751174 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Expedia Group, Inc. | 3.3 |
| Lamar Advertising Co. | 3.1 |
| First Citizens BancShares, Inc. | 3.1 |
| Genpact Ltd. | 3.0 |
| Vontier Corp. | 2.7 |
| Analog Devices, Inc. | 2.6 |
| ICON PLC | 2.5 |
| OGE Energy Corp. | 2.5 |
| nVent Electric PLC | 2.5 |
| Humana, Inc. | 2.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g17a21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.9 |
| Consumer Staples | 5.3 |
| Utilities | 6.8 |
| Communication Services | 6.9 |
| Real Estate | 6.9 |
| Information Technology | 11.6 |
| Industrials | 12.2 |
| Consumer Discretionary | 12.5 |
| Health Care | 13.1 |
| Financials | 14.1 |

---

### Top Countries
![Group By Country Chart](g31699g23f23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 1.4 |
| United States | 95.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Dimensional International Small Company Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $92 | 0.78% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the MSCI World ex-U.S. Small Cap Index over the 12-month period ending December 31, 2025. The Portfolio returned 36.29%, net of fees, for the year ending December 31, 2025, outperforming the MSCI World ex-U.S. Small Cap Index by 2.22%. Stocks outside the U.S. delivered strong returns with developed markets up 32.18%, as measured by the MSCI World ex-USA Investable Market Index in 2025 and emerging markets, as measured by the MSCI Emerging Markets IMI Index, up 31.38%. Markets reacted favorably to interest rate cuts from central banks, and enthusiasm over artificial intelligence buoyed many stocks globally. While returns were largely positive across most sectors and regions, within developed markets several Eurozone countries as well as Canada outperformed, while Korea delivered notably strong returns within emerging markets.

**Top Contributors:**

* The Portfolio's exclusion of stocks with the lowest profitability and highest relative prices contributed positively to relative performance, as these stocks underperformed over the period. 

* The Portfolio's focus on small cap stocks contributed positively to relative performance.

* Additionally, the Portfolio's exclusion of Real Estate Investment Trusts contributed positively to relative performance.

**Top Detractors:**

* The Portfolio's lesser allocation to Israel detracted from relative performance.

* The Portfolio's allocation to Consumer Discretionary detracted from relative performance.

## Portfolio Performance
![Growth of 10K Chart](g31699g98e78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $22,407** | **MSCI All Country World ex-U.S. Index $22,432** | **MSCI World ex-U.S. Small Cap Index $21,693** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10600 | $10450 | $10432 |
| **12/2017** | $13867 | $13291 | $13669 |
| **12/2018** | $11043 | $11404 | $11199 |
| **12/2019** | $13616 | $13857 | $14044 |
| **12/2020** | $14857 | $15334 | $15839 |
| **12/2021** | $16961 | $16533 | $17604 |
| **12/2022** | $13997 | $13887 | $13980 |
| **12/2023** | $15914 | $16056 | $15745 |
| **12/2024** | $16441 | $16945 | $16180 |
| **12/2025** | $22407 | $22432 | $21693 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Dimensional International Small Company Portfolio - Class A | 36.29% | 8.56% | 8.40% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |
| MSCI World ex-U.S. Small Cap Index | 34.07% | 6.49% | 8.05% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $471338570 |
| # of Portfolio Investments | 3249 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $3064601 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| BAWAG Group AG | 0.5 |
| Swiss Prime Site AG | 0.5 |
| IAMGOLD Corp. | 0.4 |
| Swissquote Group Holding SA | 0.4 |
| Eldorado Gold Corp. | 0.4 |
| SPIE SA | 0.4 |
| Finning International, Inc. | 0.4 |
| Rexel SA | 0.4 |
| Hudbay Minerals, Inc. | 0.4 |
| Aritzia, Inc. | 0.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g72q23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.4 |
| Real Estate | 4.4 |
| Health Care | 4.7 |
| Energy | 4.8 |
| Consumer Staples | 5.4 |
| Information Technology | 7.1 |
| Consumer Discretionary | 12.1 |
| Financials | 13.9 |
| Materials | 14.6 |
| Industrials | 25.8 |

---

### Top 10 Countries
![Group By Country Chart](g31699g00o99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 2.8 |
| Denmark | 2.9 |
| Italy | 3.7 |
| France | 5.4 |
| Germany | 6.3 |
| Australia | 6.3 |
| Switzerland | 7.7 |
| United Kingdom | 10.5 |
| Canada | 11.9 |
| Japan | 22.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Dimensional International Small Company Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $121 | 1.03% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the MSCI World ex-U.S. Small Cap Index over the 12-month period ending December 31, 2025. The Portfolio returned 36.29%, net of fees, for the year ending December 31, 2025, outperforming the MSCI World ex-U.S. Small Cap Index by 2.22%. Stocks outside the U.S. delivered strong returns with developed markets up 32.18%, as measured by the MSCI World ex-USA Investable Market Index in 2025 and emerging markets, as measured by the MSCI Emerging Markets IMI Index, up 31.38%. Markets reacted favorably to interest rate cuts from central banks, and enthusiasm over artificial intelligence buoyed many stocks globally. While returns were largely positive across most sectors and regions, within developed markets several Eurozone countries as well as Canada outperformed, while Korea delivered notably strong returns within emerging markets.

**Top Contributors:**

* The Portfolio's exclusion of stocks with the lowest profitability and highest relative prices contributed positively to relative performance, as these stocks underperformed over the period. 

* The Portfolio's focus on small cap stocks contributed positively to relative performance.

* Additionally, the Portfolio's exclusion of Real Estate Investment Trusts contributed positively to relative performance.

**Top Detractors:**

* The Portfolio's lesser allocation to Israel detracted from relative performance.

* The Portfolio's allocation to Consumer Discretionary detracted from relative performance.

## Portfolio Performance
![Growth of 10K Chart](g31699g48k24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $21,864** | **MSCI All Country World ex-U.S. Index $22,432** | **MSCI World ex-U.S. Small Cap Index $21,693** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10583 | $10450 | $10432 |
| **12/2017** | $13805 | $13291 | $13669 |
| **12/2018** | $10966 | $11404 | $11199 |
| **12/2019** | $13492 | $13857 | $14044 |
| **12/2020** | $14678 | $15334 | $15839 |
| **12/2021** | $16712 | $16533 | $17604 |
| **12/2022** | $13754 | $13887 | $13980 |
| **12/2023** | $15613 | $16056 | $15745 |
| **12/2024** | $16095 | $16945 | $16180 |
| **12/2025** | $21864 | $22432 | $21693 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Dimensional International Small Company Portfolio - Class B | 35.85% | 8.30% | 8.14% |
| MSCI All Country World ex-U.S. Index | 32.39% | 7.91% | 8.41% |
| MSCI World ex-U.S. Small Cap Index | 34.07% | 6.49% | 8.05% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $471338570 |
| # of Portfolio Investments | 3249 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $3064601 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| BAWAG Group AG | 0.5 |
| Swiss Prime Site AG | 0.5 |
| IAMGOLD Corp. | 0.4 |
| Swissquote Group Holding SA | 0.4 |
| Eldorado Gold Corp. | 0.4 |
| SPIE SA | 0.4 |
| Finning International, Inc. | 0.4 |
| Rexel SA | 0.4 |
| Hudbay Minerals, Inc. | 0.4 |
| Aritzia, Inc. | 0.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g72q23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.4 |
| Real Estate | 4.4 |
| Health Care | 4.7 |
| Energy | 4.8 |
| Consumer Staples | 5.4 |
| Information Technology | 7.1 |
| Consumer Discretionary | 12.1 |
| Financials | 13.9 |
| Materials | 14.6 |
| Industrials | 25.8 |

---

### Top 10 Countries
![Group By Country Chart](g31699g00o99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 2.8 |
| Denmark | 2.9 |
| Italy | 3.7 |
| France | 5.4 |
| Germany | 6.3 |
| Australia | 6.3 |
| Switzerland | 7.7 |
| United Kingdom | 10.5 |
| Canada | 11.9 |
| Japan | 22.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Wellington Balanced Portfolio: Class A
![Image](g31699g88e78.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 0.49% |

---

## Management Discussion of Portfolio Performance
The equity portion of the Portfolio (the "Equity Portfolio") underperformed its benchmark, the S&P 500 Index. U.S. equities had a strong 2025, supported by robust corporate earnings, easing interest rates, resilient consumer spending, and surging artificial intellegence enthusiasm despite turbulent geopolitics and lingering inflation concerns. The fixed income portion of the Portfolio (the"Fixed Income Portfolio") outperformed the Bloomberg U.S. Aggregate Bond Index. Most fixed income sectors generated positive returns, as coupon income and spread tightening helped offset the impact of volatile global sovereign yields. Higher yield and emerging market sectors led outperformance over duration-equivalent government bonds.

**Top Contributors:**

* Security selection in Communication Services, Health Care, and Industrials contributed to relative performance of the Equity Portfolio. Top contributors included overweights to Uber Technologies and Alphabet and an out-of-benchmark position in Coherent. 

* An underweight to Real Estate and Industrials and an overweight to Financials also contributed to relative results. 

* The Fixed Income Portfolio's positioning within securitized sectors was a top contributor, including Non-Agency Residential Mortgage-Backed Securities, Agency Mortgage-Backed Securities, Commercial Mortgage-Backed Securities, Asset-Backed Securities and Collateralized Loan Obligations.

* An out-of-benchmark allocation to High Yield, led by Industrials, benefited results in the Fixed Income Portfolio. Allocation to Emerging Markets Sovereign Debt also benefited performance.

**Top Detractors:**

* Stock selection in Financials, Consumer Discretionary, and Materials detracted the most from Equity Portfolio performance. 

* The Equity Portfolio's top detractors included an overweight to KKR, lack of exposure to Micron Technology, and an out-of-benchmark position in BellRing Brands. 

* An Underweight to Communication Services and overweights to Energy and Materials also detracted from performance in the Equity Portfolio. 

* Allocation to U.S. Treasury Inflation Protected Securities hurt results in the Fixed Income Portfolio. Underweights to Investment Grade Industrials and Financials negatively impacted relative performance here as well.

## Portfolio Performance
![Growth of 10K Chart](g31699g88s44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $24,590** | **S&P 500 Index $39,827** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10699 | $11196 | $10265 |
| **12/2017** | $12319 | $13640 | $10628 |
| **12/2018** | $11856 | $13042 | $10630 |
| **12/2019** | $14582 | $17149 | $11556 |
| **12/2020** | $17166 | $20304 | $12424 |
| **12/2021** | $19573 | $26132 | $12232 |
| **12/2022** | $16231 | $21399 | $10641 |
| **12/2023** | $19169 | $27025 | $11229 |
| **12/2024** | $21826 | $33786 | $11369 |
| **12/2025** | $24590 | $39827 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Wellington Balanced Portfolio - Class A | 12.67% | 7.45% | 9.41% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1204757912 |
| # of Portfolio Investments | 1531 |
| Portfolio Turnover Rate | 194% |
| Total Advisory Fees Paid | $5140787 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.4 |
| Microsoft Corp. | 3.9 |
| Alphabet, Inc. | 3.8 |
| Apple, Inc. | 3.7 |
| Amazon.com, Inc. | 3.3 |
| Broadcom, Inc. | 1.9 |
| Wells Fargo & Co. | 1.6 |
| Mastercard, Inc. | 1.6 |
| Tesla, Inc. | 1.2 |
| Goldman Sachs Group, Inc. | 1.2 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 4.7 |
| Federal National Mortgage Association | 4.4 |
| U.S. Treasury Notes | 4.1 |
| Uniform Mortgage-Backed Security, TBA | 2.9 |
| Federal Home Loan Mortgage Corp. | 2.3 |
| Government National Mortgage Association, TBA | 2.0 |
| Government National Mortgage Association | 1.9 |
| U.S. Treasury Inflation-Indexed Bonds | 0.9 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 0.6 |
| U.S. Treasury Inflation-Indexed Notes | 0.5 |

---

### Top 10 Countries
![Group By Country Chart](g31699g90l47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 0.2 |
| Romania | 0.2 |
| Bermuda | 0.2 |
| Canada | 0.3 |
| Mexico | 0.3 |
| France | 0.4 |
| Netherlands | 0.4 |
| Cayman Islands | 0.4 |
| United Kingdom | 0.7 |
| United States | 99.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g54v88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.2 |
| Foreign Government | 0.6 |
| Short-Term Investments | 1.3 |
| Asset-Backed Securities | 2.7 |
| Non-Agency Mortgage-Backed Securities | 3.7 |
| Corporate Bonds & Notes | 10.1 |
| U.S. Treasury & Government Agencies | 10.3 |
| Agency Sponsored Mortgage-Backed Securities | 15.2 |
| Common Stocks | 60.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Wellington Balanced Portfolio: Class B
![Image](g31699g88e78.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $79 | 0.74% |

---

## Management Discussion of Portfolio Performance
The equity portion of the Portfolio (the "Equity Portfolio") underperformed its benchmark, the S&P 500 Index. U.S. equities had a strong 2025, supported by robust corporate earnings, easing interest rates, resilient consumer spending, and surging artificial intellegence enthusiasm despite turbulent geopolitics and lingering inflation concerns. The fixed income portion of the Portfolio (the"Fixed Income Portfolio") outperformed the Bloomberg U.S. Aggregate Bond Index. Most fixed income sectors generated positive returns, as coupon income and spread tightening helped offset the impact of volatile global sovereign yields. Higher yield and emerging market sectors led outperformance over duration-equivalent government bonds.

**Top Contributors:**

* Security selection in Communication Services, Health Care, and Industrials contributed to relative performance of the Equity Portfolio. Top contributors included overweights to Uber Technologies and Alphabet and an out-of-benchmark position in Coherent. 

* An underweight to Real Estate and Industrials and an overweight to Financials also contributed to relative results. 

* The Fixed Income Portfolio's positioning within securitized sectors was a top contributor, including Non-Agency Residential Mortgage-Backed Securities, Agency Mortgage-Backed Securities, Commercial Mortgage-Backed Securities, Asset-Backed Securities and Collateralized Loan Obligations.

* An out-of-benchmark allocation to High Yield, led by Industrials, benefited results in the Fixed Income Portfolio. Allocation to Emerging Markets Sovereign Debt also benefited performance.

**Top Detractors:**

* Stock selection in Financials, Consumer Discretionary, and Materials detracted the most from Equity Portfolio performance. 

* The Equity Portfolio's top detractors included an overweight to KKR, lack of exposure to Micron Technology, and an out-of-benchmark position in BellRing Brands. 

* An Underweight to Communication Services and overweights to Energy and Materials also detracted from performance in the Equity Portfolio. 

* Allocation to U.S. Treasury Inflation Protected Securities hurt results in the Fixed Income Portfolio. Underweights to Investment Grade Industrials and Financials negatively impacted relative performance here as well.

## Portfolio Performance
![Growth of 10K Chart](g31699g48v33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $23,990** | **S&P 500 Index $39,827** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10674 | $11196 | $10265 |
| **12/2017** | $12259 | $13640 | $10628 |
| **12/2018** | $11768 | $13042 | $10630 |
| **12/2019** | $14441 | $17149 | $11556 |
| **12/2020** | $16961 | $20304 | $12424 |
| **12/2021** | $19289 | $26132 | $12232 |
| **12/2022** | $15951 | $21399 | $10641 |
| **12/2023** | $18802 | $27025 | $11229 |
| **12/2024** | $21348 | $33786 | $11369 |
| **12/2025** | $23990 | $39827 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Wellington Balanced Portfolio - Class B | 12.38% | 7.18% | 9.14% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1204757912 |
| # of Portfolio Investments | 1531 |
| Portfolio Turnover Rate | 194% |
| Total Advisory Fees Paid | $5140787 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.4 |
| Microsoft Corp. | 3.9 |
| Alphabet, Inc. | 3.8 |
| Apple, Inc. | 3.7 |
| Amazon.com, Inc. | 3.3 |
| Broadcom, Inc. | 1.9 |
| Wells Fargo & Co. | 1.6 |
| Mastercard, Inc. | 1.6 |
| Tesla, Inc. | 1.2 |
| Goldman Sachs Group, Inc. | 1.2 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 4.7 |
| Federal National Mortgage Association | 4.4 |
| U.S. Treasury Notes | 4.1 |
| Uniform Mortgage-Backed Security, TBA | 2.9 |
| Federal Home Loan Mortgage Corp. | 2.3 |
| Government National Mortgage Association, TBA | 2.0 |
| Government National Mortgage Association | 1.9 |
| U.S. Treasury Inflation-Indexed Bonds | 0.9 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 0.6 |
| U.S. Treasury Inflation-Indexed Notes | 0.5 |

---

### Top 10 Countries
![Group By Country Chart](g31699g90l47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 0.2 |
| Romania | 0.2 |
| Bermuda | 0.2 |
| Canada | 0.3 |
| Mexico | 0.3 |
| France | 0.4 |
| Netherlands | 0.4 |
| Cayman Islands | 0.4 |
| United Kingdom | 0.7 |
| United States | 99.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g54v88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.2 |
| Foreign Government | 0.6 |
| Short-Term Investments | 1.3 |
| Asset-Backed Securities | 2.7 |
| Non-Agency Mortgage-Backed Securities | 3.7 |
| Corporate Bonds & Notes | 10.1 |
| U.S. Treasury & Government Agencies | 10.3 |
| Agency Sponsored Mortgage-Backed Securities | 15.2 |
| Common Stocks | 60.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Wellington Balanced Portfolio: Class E
![Image](g31699g88e78.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $68 | 0.64% |

---

## Management Discussion of Portfolio Performance
The equity portion of the Portfolio (the "Equity Portfolio") underperformed its benchmark, the S&P 500 Index. U.S. equities had a strong 2025, supported by robust corporate earnings, easing interest rates, resilient consumer spending, and surging artificial intellegence enthusiasm despite turbulent geopolitics and lingering inflation concerns. The fixed income portion of the Portfolio (the"Fixed Income Portfolio") outperformed the Bloomberg U.S. Aggregate Bond Index. Most fixed income sectors generated positive returns, as coupon income and spread tightening helped offset the impact of volatile global sovereign yields. Higher yield and emerging market sectors led outperformance over duration-equivalent government bonds.

**Top Contributors:**

* Security selection in Communication Services, Health Care, and Industrials contributed to relative performance of the Equity Portfolio. Top contributors included overweights to Uber Technologies and Alphabet and an out-of-benchmark position in Coherent. 

* An underweight to Real Estate and Industrials and an overweight to Financials also contributed to relative results. 

* The Fixed Income Portfolio's positioning within securitized sectors was a top contributor, including Non-Agency Residential Mortgage-Backed Securities, Agency Mortgage-Backed Securities, Commercial Mortgage-Backed Securities, Asset-Backed Securities and Collateralized Loan Obligations.

* An out-of-benchmark allocation to High Yield, led by Industrials, benefited results in the Fixed Income Portfolio. Allocation to Emerging Markets Sovereign Debt also benefited performance.

**Top Detractors:**

* Stock selection in Financials, Consumer Discretionary, and Materials detracted the most from Equity Portfolio performance. 

* The Equity Portfolio's top detractors included an overweight to KKR, lack of exposure to Micron Technology, and an out-of-benchmark position in BellRing Brands. 

* An Underweight to Communication Services and overweights to Energy and Materials also detracted from performance in the Equity Portfolio. 

* Allocation to U.S. Treasury Inflation Protected Securities hurt results in the Fixed Income Portfolio. Underweights to Investment Grade Industrials and Financials negatively impacted relative performance here as well.

## Portfolio Performance
![Growth of 10K Chart](g31699g74e05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $24,226** | **S&P 500 Index $39,827** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10683 | $11196 | $10265 |
| **12/2017** | $12280 | $13640 | $10628 |
| **12/2018** | $11804 | $13042 | $10630 |
| **12/2019** | $14501 | $17149 | $11556 |
| **12/2020** | $17043 | $20304 | $12424 |
| **12/2021** | $19405 | $26132 | $12232 |
| **12/2022** | $16055 | $21399 | $10641 |
| **12/2023** | $18941 | $27025 | $11229 |
| **12/2024** | $21531 | $33786 | $11369 |
| **12/2025** | $24226 | $39827 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Wellington Balanced Portfolio - Class E | 12.51% | 7.29% | 9.25% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1204757912 |
| # of Portfolio Investments | 1531 |
| Portfolio Turnover Rate | 194% |
| Total Advisory Fees Paid | $5140787 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.4 |
| Microsoft Corp. | 3.9 |
| Alphabet, Inc. | 3.8 |
| Apple, Inc. | 3.7 |
| Amazon.com, Inc. | 3.3 |
| Broadcom, Inc. | 1.9 |
| Wells Fargo & Co. | 1.6 |
| Mastercard, Inc. | 1.6 |
| Tesla, Inc. | 1.2 |
| Goldman Sachs Group, Inc. | 1.2 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 4.7 |
| Federal National Mortgage Association | 4.4 |
| U.S. Treasury Notes | 4.1 |
| Uniform Mortgage-Backed Security, TBA | 2.9 |
| Federal Home Loan Mortgage Corp. | 2.3 |
| Government National Mortgage Association, TBA | 2.0 |
| Government National Mortgage Association | 1.9 |
| U.S. Treasury Inflation-Indexed Bonds | 0.9 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 0.6 |
| U.S. Treasury Inflation-Indexed Notes | 0.5 |

---

### Top 10 Countries
![Group By Country Chart](g31699g90l47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 0.2 |
| Romania | 0.2 |
| Bermuda | 0.2 |
| Canada | 0.3 |
| Mexico | 0.3 |
| France | 0.4 |
| Netherlands | 0.4 |
| Cayman Islands | 0.4 |
| United Kingdom | 0.7 |
| United States | 99.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g54v88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.2 |
| Foreign Government | 0.6 |
| Short-Term Investments | 1.3 |
| Asset-Backed Securities | 2.7 |
| Non-Agency Mortgage-Backed Securities | 3.7 |
| Corporate Bonds & Notes | 10.1 |
| U.S. Treasury & Government Agencies | 10.3 |
| Agency Sponsored Mortgage-Backed Securities | 15.2 |
| Common Stocks | 60.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Wellington Core Equity Opportunities Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $61 | 0.59% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Index over the 12-month period ending December 31, 2025. U.S. equities registered a sizable return for 2025, supported by robust corporate earnings, easing interest rates, resilient consumer spending, and surging enthusiasm for artificial intelligence despite a turbulent geopolitical backdrop and lingering inflation concerns.

**Top Contributors:**

* Security selection within the Communication Services sector contributed positively to relative performance. 

* The Portfolio's overweight allocation to Health Care and lack of exposure to Energy also contributed to relative performance. 

* Top individual contributors over the period were average overweight positions in Broadcom (Information Technology) and Eli Lilly (Health Care) and not holding Amazon.com (Consumer Discretionary).

**Top Detractors:**

* Security selection was the primary relative detractor during the period, driven by weak selection within the Information Technology, Industrials, and Health Care sectors.

* Sector allocation, a result of our bottom-up stock selection process, was also a relative detractor during the period due to the Portfolio's underweight allocation to Communication Services and overweight allocation to Consumer Staples. 

* The largest individual detractors over the period were an average overweight position in UnitedHealth Group (Health Care), not owning Nvidia (Information Technology), and an overweight position in Accenture (Information Technology).

## Portfolio Performance
![Growth of 10K Chart](g31699g76n54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $27,708** | **Russell 3000 Index $38,012** | **Russell 1000 Index $39,030** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10734 | $11274 | $11205 |
| **12/2017** | $12781 | $13656 | $13636 |
| **12/2018** | $12770 | $12940 | $12983 |
| **12/2019** | $16721 | $16954 | $17063 |
| **12/2020** | $18605 | $20495 | $20640 |
| **12/2021** | $23150 | $25754 | $26101 |
| **12/2022** | $21974 | $20808 | $21108 |
| **12/2023** | $23657 | $26209 | $26708 |
| **12/2024** | $25695 | $32448 | $33255 |
| **12/2025** | $27708 | $38012 | $39030 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Wellington Core Equity Opportunities Portfolio - Class A | 7.83% | 8.29% | 10.73% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2817431606 |
| # of Portfolio Investments | 49 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $16104560 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Broadcom, Inc. | 5.3 |
| Microsoft Corp. | 4.5 |
| Eli Lilly & Co. | 4.5 |
| Alphabet, Inc. | 3.9 |
| Apple, Inc. | 3.7 |
| Mastercard, Inc. | 3.6 |
| American Express Co. | 3.4 |
| Visa, Inc. | 3.1 |
| TJX Cos., Inc. | 2.8 |
| Texas Instruments, Inc. | 2.7 |

---

### Top Sectors
![Group By Sector Chart](g31699g65l07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.2 |
| Communication Services | 3.9 |
| Consumer Staples | 7.8 |
| Consumer Discretionary | 11.4 |
| Industrials | 14.0 |
| Health Care | 17.1 |
| Financials | 19.0 |
| Information Technology | 23.2 |

---

### Top Countries
![Group By Country Chart](g31699g29p89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 0.4 |
| Canada | 1.6 |
| United States | 96.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Wellington Core Equity Opportunities Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $87 | 0.84% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Index over the 12-month period ending December 31, 2025. U.S. equities registered a sizable return for 2025, supported by robust corporate earnings, easing interest rates, resilient consumer spending, and surging enthusiasm for artificial intelligence despite a turbulent geopolitical backdrop and lingering inflation concerns.

**Top Contributors:**

* Security selection within the Communication Services sector contributed positively to relative performance. 

* The Portfolio's overweight allocation to Health Care and lack of exposure to Energy also contributed to relative performance. 

* Top individual contributors over the period were average overweight positions in Broadcom (Information Technology) and Eli Lilly (Health Care) and not holding Amazon.com (Consumer Discretionary).

**Top Detractors:**

* Security selection was the primary relative detractor during the period, driven by weak selection within the Information Technology, Industrials, and Health Care sectors.

* Sector allocation, a result of our bottom-up stock selection process, was also a relative detractor during the period due to the Portfolio's underweight allocation to Communication Services and overweight allocation to Consumer Staples. 

* The largest individual detractors over the period were an average overweight position in UnitedHealth Group (Health Care), not owning Nvidia (Information Technology), and an overweight position in Accenture (Information Technology).

## Portfolio Performance
![Growth of 10K Chart](g31699g18s57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $27,023** | **Russell 3000 Index $38,012** | **Russell 1000 Index $39,030** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10706 | $11274 | $11205 |
| **12/2017** | $12719 | $13656 | $13636 |
| **12/2018** | $12674 | $12940 | $12983 |
| **12/2019** | $16558 | $16954 | $17063 |
| **12/2020** | $18375 | $20495 | $20640 |
| **12/2021** | $22804 | $25754 | $26101 |
| **12/2022** | $21594 | $20808 | $21108 |
| **12/2023** | $23188 | $26209 | $26708 |
| **12/2024** | $25128 | $32448 | $33255 |
| **12/2025** | $27023 | $38012 | $39030 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Wellington Core Equity Opportunities Portfolio - Class B | 7.54% | 8.02% | 10.45% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2817431606 |
| # of Portfolio Investments | 49 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $16104560 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Broadcom, Inc. | 5.3 |
| Microsoft Corp. | 4.5 |
| Eli Lilly & Co. | 4.5 |
| Alphabet, Inc. | 3.9 |
| Apple, Inc. | 3.7 |
| Mastercard, Inc. | 3.6 |
| American Express Co. | 3.4 |
| Visa, Inc. | 3.1 |
| TJX Cos., Inc. | 2.8 |
| Texas Instruments, Inc. | 2.7 |

---

### Top Sectors
![Group By Sector Chart](g31699g65l07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.2 |
| Communication Services | 3.9 |
| Consumer Staples | 7.8 |
| Consumer Discretionary | 11.4 |
| Industrials | 14.0 |
| Health Care | 17.1 |
| Financials | 19.0 |
| Information Technology | 23.2 |

---

### Top Countries
![Group By Country Chart](g31699g29p89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 0.4 |
| Canada | 1.6 |
| United States | 96.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Brighthouse/Wellington Core Equity Opportunities Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $77 | 0.74% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Index over the 12-month period ending December 31, 2025. U.S. equities registered a sizable return for 2025, supported by robust corporate earnings, easing interest rates, resilient consumer spending, and surging enthusiasm for artificial intelligence despite a turbulent geopolitical backdrop and lingering inflation concerns.

**Top Contributors:**

* Security selection within the Communication Services sector contributed positively to relative performance. 

* The Portfolio's overweight allocation to Health Care and lack of exposure to Energy also contributed to relative performance. 

* Top individual contributors over the period were average overweight positions in Broadcom (Information Technology) and Eli Lilly (Health Care) and not holding Amazon.com (Consumer Discretionary).

**Top Detractors:**

* Security selection was the primary relative detractor during the period, driven by weak selection within the Information Technology, Industrials, and Health Care sectors.

* Sector allocation, a result of our bottom-up stock selection process, was also a relative detractor during the period due to the Portfolio's underweight allocation to Communication Services and overweight allocation to Consumer Staples. 

* The largest individual detractors over the period were an average overweight position in UnitedHealth Group (Health Care), not owning Nvidia (Information Technology), and an overweight position in Accenture (Information Technology).

## Portfolio Performance
![Growth of 10K Chart](g31699g36a66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $27,289** | **Russell 3000 Index $38,012** | **Russell 1000 Index $39,030** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10715 | $11274 | $11205 |
| **12/2017** | $12742 | $13656 | $13636 |
| **12/2018** | $12711 | $12940 | $12983 |
| **12/2019** | $16622 | $16954 | $17063 |
| **12/2020** | $18464 | $20495 | $20640 |
| **12/2021** | $22938 | $25754 | $26101 |
| **12/2022** | $21742 | $20808 | $21108 |
| **12/2023** | $23371 | $26209 | $26708 |
| **12/2024** | $25349 | $32448 | $33255 |
| **12/2025** | $27289 | $38012 | $39030 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Brighthouse/Wellington Core Equity Opportunities Portfolio - Class E | 7.65% | 8.13% | 10.56% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2817431606 |
| # of Portfolio Investments | 49 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $16104560 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Broadcom, Inc. | 5.3 |
| Microsoft Corp. | 4.5 |
| Eli Lilly & Co. | 4.5 |
| Alphabet, Inc. | 3.9 |
| Apple, Inc. | 3.7 |
| Mastercard, Inc. | 3.6 |
| American Express Co. | 3.4 |
| Visa, Inc. | 3.1 |
| TJX Cos., Inc. | 2.8 |
| Texas Instruments, Inc. | 2.7 |

---

### Top Sectors
![Group By Sector Chart](g31699g65l07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.2 |
| Communication Services | 3.9 |
| Consumer Staples | 7.8 |
| Consumer Discretionary | 11.4 |
| Industrials | 14.0 |
| Health Care | 17.1 |
| Financials | 19.0 |
| Information Technology | 23.2 |

---

### Top Countries
![Group By Country Chart](g31699g29p89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 0.4 |
| Canada | 1.6 |
| United States | 96.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Frontier Mid Cap Growth Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $71 | 0.69% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap<sup>®</sup> Growth Index over the 12-month period ending December 31, 2025, in an unusually narrow market. Just eight stocks generated essentially all of the Index's return, with Palantir Technologies alone contributing nearly half. The Portfolio's underweight position in Palantir explains most of the relative shortfall as our valuation process led us to trim the Portfolio's position during its sharp rise. Relative performance improved in the second half of the year as market leadership broadened.

**Top Contributors:**

* Teradyne rallied as its core semiconductor test business rebounded, alongside growing evidence of market share gains in robotics and GPU testing.

* AppLovin delivered stronger advertising performance across mobile gaming apps while expanding into e-commerce advertising, effectively doubling its addressable market.

* ATI posted accelerating earnings growth on strong pricing and operational progress, while increased production forecast at Boeing improved forward projections.

**Top Detractors:**

* As noted, Palantir was the largest detractor. We began buying shares below $16 but trimmed as the stock surged, limiting full participation. Shares peaked near $145 with a market cap above $300 billion, representing 9% index weighting upon its exit from the benchmark.

* Consumer Discretionary and Health Care detracted because of continued weakness in restaurant traffic and product transition challenges, respectively.

* Chipotle declined after missing same-store sales targets and lowering guidance amid affordability pressures and rising protein costs.

* Inspire Medical Systems underperformed amid a difficult launch of its next-generation sleep-apnea device, slowed by uneven insurance coverage and concerns that broader GLP-1 adoption could reduce its long-term market.

## Portfolio Performance
![Growth of 10K Chart](g31699g06b31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $26,302** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10540 | $11274 | $10733 |
| **12/2017** | $13203 | $13656 | $13445 |
| **12/2018** | $12458 | $12940 | $12806 |
| **12/2019** | $16585 | $16954 | $17348 |
| **12/2020** | $21841 | $20495 | $23522 |
| **12/2021** | $25048 | $25754 | $26516 |
| **12/2022** | $17998 | $20808 | $19431 |
| **12/2023** | $21238 | $26209 | $24457 |
| **12/2024** | $25012 | $32448 | $29863 |
| **12/2025** | $26302 | $38012 | $32448 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Frontier Mid Cap Growth Portfolio - Class A | 5.16% | 3.79% | 10.15% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $989047847 |
| # of Portfolio Investments | 111 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $6496055 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Teradyne, Inc. | 4.7 |
| XPO, Inc. | 3.2 |
| FTAI Aviation Ltd. | 3.1 |
| Royal Caribbean Cruises Ltd. | 3.1 |
| Monolithic Power Systems, Inc. | 2.5 |
| Marvell Technology, Inc. | 2.3 |
| Vistra Corp. | 2.3 |
| MongoDB, Inc. | 2.1 |
| Natera, Inc. | 2.0 |
| Cheniere Energy, Inc. | 1.9 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g15b98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.2 |
| Communication Services | 2.2 |
| Utilities | 2.3 |
| Energy | 2.5 |
| Consumer Staples | 3.0 |
| Financials | 4.3 |
| Consumer Discretionary | 12.4 |
| Health Care | 16.5 |
| Industrials | 24.1 |
| Information Technology | 29.9 |

---

### Top Countries
![Group By Country Chart](g31699g88i85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.7 |
| Switzerland | 0.9 |
| Netherlands | 1.1 |
| United States | 96.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Frontier Mid Cap Growth Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $96 | 0.94% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap<sup>®</sup> Growth Index over the 12-month period ending December 31, 2025, in an unusually narrow market. Just eight stocks generated essentially all of the Index's return, with Palantir Technologies alone contributing nearly half. The Portfolio's underweight position in Palantir explains most of the relative shortfall as our valuation process led us to trim the Portfolio's position during its sharp rise. Relative performance improved in the second half of the year as market leadership broadened.

**Top Contributors:**

* Teradyne rallied as its core semiconductor test business rebounded, alongside growing evidence of market share gains in robotics and GPU testing.

* AppLovin delivered stronger advertising performance across mobile gaming apps while expanding into e-commerce advertising, effectively doubling its addressable market.

* ATI posted accelerating earnings growth on strong pricing and operational progress, while increased production forecast at Boeing improved forward projections.

**Top Detractors:**

* As noted, Palantir was the largest detractor. We began buying shares below $16 but trimmed as the stock surged, limiting full participation. Shares peaked near $145 with a market cap above $300 billion, representing 9% index weighting upon its exit from the benchmark.

* Consumer Discretionary and Health Care detracted because of continued weakness in restaurant traffic and product transition challenges, respectively.

* Chipotle declined after missing same-store sales targets and lowering guidance amid affordability pressures and rising protein costs.

* Inspire Medical Systems underperformed amid a difficult launch of its next-generation sleep-apnea device, slowed by uneven insurance coverage and concerns that broader GLP-1 adoption could reduce its long-term market.

## Portfolio Performance
![Growth of 10K Chart](g31699g96m94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $25,655** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10516 | $11274 | $10733 |
| **12/2017** | $13138 | $13656 | $13445 |
| **12/2018** | $12363 | $12940 | $12806 |
| **12/2019** | $16422 | $16954 | $17348 |
| **12/2020** | $21576 | $20495 | $23522 |
| **12/2021** | $24680 | $25754 | $26516 |
| **12/2022** | $17687 | $20808 | $19431 |
| **12/2023** | $20823 | $26209 | $24457 |
| **12/2024** | $24457 | $32448 | $29863 |
| **12/2025** | $25655 | $38012 | $32448 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Frontier Mid Cap Growth Portfolio - Class B | 4.90% | 3.52% | 9.88% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $989047847 |
| # of Portfolio Investments | 111 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $6496055 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Teradyne, Inc. | 4.7 |
| XPO, Inc. | 3.2 |
| FTAI Aviation Ltd. | 3.1 |
| Royal Caribbean Cruises Ltd. | 3.1 |
| Monolithic Power Systems, Inc. | 2.5 |
| Marvell Technology, Inc. | 2.3 |
| Vistra Corp. | 2.3 |
| MongoDB, Inc. | 2.1 |
| Natera, Inc. | 2.0 |
| Cheniere Energy, Inc. | 1.9 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g15b98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.2 |
| Communication Services | 2.2 |
| Utilities | 2.3 |
| Energy | 2.5 |
| Consumer Staples | 3.0 |
| Financials | 4.3 |
| Consumer Discretionary | 12.4 |
| Health Care | 16.5 |
| Industrials | 24.1 |
| Information Technology | 29.9 |

---

### Top Countries
![Group By Country Chart](g31699g88i85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.7 |
| Switzerland | 0.9 |
| Netherlands | 1.1 |
| United States | 96.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Frontier Mid Cap Growth Portfolio: Class D
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class D | $81 | 0.79% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap<sup>®</sup> Growth Index over the 12-month period ending December 31, 2025, in an unusually narrow market. Just eight stocks generated essentially all of the Index's return, with Palantir Technologies alone contributing nearly half. The Portfolio's underweight position in Palantir explains most of the relative shortfall as our valuation process led us to trim the Portfolio's position during its sharp rise. Relative performance improved in the second half of the year as market leadership broadened.

**Top Contributors:**

* Teradyne rallied as its core semiconductor test business rebounded, alongside growing evidence of market share gains in robotics and GPU testing.

* AppLovin delivered stronger advertising performance across mobile gaming apps while expanding into e-commerce advertising, effectively doubling its addressable market.

* ATI posted accelerating earnings growth on strong pricing and operational progress, while increased production forecast at Boeing improved forward projections.

**Top Detractors:**

* As noted, Palantir was the largest detractor. We began buying shares below $16 but trimmed as the stock surged, limiting full participation. Shares peaked near $145 with a market cap above $300 billion, representing 9% index weighting upon its exit from the benchmark.

* Consumer Discretionary and Health Care detracted because of continued weakness in restaurant traffic and product transition challenges, respectively.

* Chipotle declined after missing same-store sales targets and lowering guidance amid affordability pressures and rising protein costs.

* Inspire Medical Systems underperformed amid a difficult launch of its next-generation sleep-apnea device, slowed by uneven insurance coverage and concerns that broader GLP-1 adoption could reduce its long-term market.

## Portfolio Performance
![Growth of 10K Chart](g31699g81m73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class D $26,041** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10529 | $11274 | $10733 |
| **12/2017** | $13176 | $13656 | $13445 |
| **12/2018** | $12417 | $12940 | $12806 |
| **12/2019** | $16516 | $16954 | $17348 |
| **12/2020** | $21734 | $20495 | $23522 |
| **12/2021** | $24894 | $25754 | $26516 |
| **12/2022** | $17871 | $20808 | $19431 |
| **12/2023** | $21066 | $26209 | $24457 |
| **12/2024** | $24783 | $32448 | $29863 |
| **12/2025** | $26041 | $38012 | $32448 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Frontier Mid Cap Growth Portfolio - Class D | 5.08% | 3.68% | 10.04% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $989047847 |
| # of Portfolio Investments | 111 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $6496055 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Teradyne, Inc. | 4.7 |
| XPO, Inc. | 3.2 |
| FTAI Aviation Ltd. | 3.1 |
| Royal Caribbean Cruises Ltd. | 3.1 |
| Monolithic Power Systems, Inc. | 2.5 |
| Marvell Technology, Inc. | 2.3 |
| Vistra Corp. | 2.3 |
| MongoDB, Inc. | 2.1 |
| Natera, Inc. | 2.0 |
| Cheniere Energy, Inc. | 1.9 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g15b98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.2 |
| Communication Services | 2.2 |
| Utilities | 2.3 |
| Energy | 2.5 |
| Consumer Staples | 3.0 |
| Financials | 4.3 |
| Consumer Discretionary | 12.4 |
| Health Care | 16.5 |
| Industrials | 24.1 |
| Information Technology | 29.9 |

---

### Top Countries
![Group By Country Chart](g31699g88i85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.7 |
| Switzerland | 0.9 |
| Netherlands | 1.1 |
| United States | 96.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Frontier Mid Cap Growth Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $86 | 0.84% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell Midcap<sup>®</sup> Growth Index over the 12-month period ending December 31, 2025, in an unusually narrow market. Just eight stocks generated essentially all of the Index's return, with Palantir Technologies alone contributing nearly half. The Portfolio's underweight position in Palantir explains most of the relative shortfall as our valuation process led us to trim the Portfolio's position during its sharp rise. Relative performance improved in the second half of the year as market leadership broadened.

**Top Contributors:**

* Teradyne rallied as its core semiconductor test business rebounded, alongside growing evidence of market share gains in robotics and GPU testing.

* AppLovin delivered stronger advertising performance across mobile gaming apps while expanding into e-commerce advertising, effectively doubling its addressable market.

* ATI posted accelerating earnings growth on strong pricing and operational progress, while increased production forecast at Boeing improved forward projections.

**Top Detractors:**

* As noted, Palantir was the largest detractor. We began buying shares below $16 but trimmed as the stock surged, limiting full participation. Shares peaked near $145 with a market cap above $300 billion, representing 9% index weighting upon its exit from the benchmark.

* Consumer Discretionary and Health Care detracted because of continued weakness in restaurant traffic and product transition challenges, respectively.

* Chipotle declined after missing same-store sales targets and lowering guidance amid affordability pressures and rising protein costs.

* Inspire Medical Systems underperformed amid a difficult launch of its next-generation sleep-apnea device, slowed by uneven insurance coverage and concerns that broader GLP-1 adoption could reduce its long-term market.

## Portfolio Performance
![Growth of 10K Chart](g31699g20e21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $25,920** | **Russell 3000 Index $38,012** | **Russell Midcap Growth Index $32,448** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10525 | $11274 | $10733 |
| **12/2017** | $13165 | $13656 | $13445 |
| **12/2018** | $12403 | $12940 | $12806 |
| **12/2019** | $16486 | $16954 | $17348 |
| **12/2020** | $21683 | $20495 | $23522 |
| **12/2021** | $24822 | $25754 | $26516 |
| **12/2022** | $17810 | $20808 | $19431 |
| **12/2023** | $20987 | $26209 | $24457 |
| **12/2024** | $24672 | $32448 | $29863 |
| **12/2025** | $25920 | $38012 | $32448 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Frontier Mid Cap Growth Portfolio - Class E | 5.06% | 3.63% | 9.99% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $989047847 |
| # of Portfolio Investments | 111 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $6496055 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Teradyne, Inc. | 4.7 |
| XPO, Inc. | 3.2 |
| FTAI Aviation Ltd. | 3.1 |
| Royal Caribbean Cruises Ltd. | 3.1 |
| Monolithic Power Systems, Inc. | 2.5 |
| Marvell Technology, Inc. | 2.3 |
| Vistra Corp. | 2.3 |
| MongoDB, Inc. | 2.1 |
| Natera, Inc. | 2.0 |
| Cheniere Energy, Inc. | 1.9 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g15b98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.2 |
| Communication Services | 2.2 |
| Utilities | 2.3 |
| Energy | 2.5 |
| Consumer Staples | 3.0 |
| Financials | 4.3 |
| Consumer Discretionary | 12.4 |
| Health Care | 16.5 |
| Industrials | 24.1 |
| Information Technology | 29.9 |

---

### Top Countries
![Group By Country Chart](g31699g88i85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.7 |
| Switzerland | 0.9 |
| Netherlands | 1.1 |
| United States | 96.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Jennison Growth Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $58 | 0.54% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index over the 12-month period ending December 31, 2025. U.S. equity markets delivered strong overall gains in 2025 despite intermittent volatility stemming from artificial intelligence ("AI")-driven valuation concerns and shifting investor sentiment. Market leadership broadened beyond a narrow group of mega-cap technology names, even as large-cap equities continued to outperform small caps and growth outpaced value. Within this environment of Federal Reserve cutting interest rates, solid economic growth, and accelerating AI and healthcare innovation, large-cap growth remained a key beneficiary. While the Portfolio participated in these gains, full-year results lagged the benchmark as the broadening of leadership beyond its core large-cap growth exposure and increased valuation sensitivity weighed on several high-growth holdings.

**Top Contributors:**

* Security selection in the Industrials, Consumer Staples and Utilities sectors were the top contributors to investment results.

* Shares in General Electric Company, Apple and Taiwan Semiconductor (Taiwan) were the top drivers of relative performance.

* While sector weights are residual to Jennison's bottom-up stock selection process, the overweight allocation to the Communication Services sector and slight overweight to Industrials were additive to relative investment results. 

**Top Detractors:**

* Security selection in the Communication Services, Information Technology and Health Care sectors were the top detractors to investment results. 

* Shares in Novo Nordisk (Denmark), Oracle Corporation, and The Trade Desk were the top detractors to relative performance.

* While sector weights are residual to Jennison's bottom-up stock selection process, the underweight to the Information Technology sector coupled with the overweight to Health Care were detractors to relative investment results. 

## Portfolio Performance
![Growth of 10K Chart](g31699g63h48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $46,887** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10017 | $11274 | $10708 |
| **12/2017** | $13756 | $13656 | $13943 |
| **12/2018** | $13804 | $12940 | $13732 |
| **12/2019** | $18336 | $16954 | $18729 |
| **12/2020** | $28750 | $20495 | $25938 |
| **12/2021** | $33686 | $25754 | $33096 |
| **12/2022** | $20592 | $20808 | $23453 |
| **12/2023** | $31560 | $26209 | $33462 |
| **12/2024** | $41116 | $32448 | $44623 |
| **12/2025** | $46887 | $38012 | $52906 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Jennison Growth Portfolio - Class A | 14.04% | 10.28% | 16.71% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2878757713 |
| # of Portfolio Investments | 49 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $14852429 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.2 |
| Amazon.com, Inc. | 7.2 |
| Alphabet, Inc. | 6.9 |
| Microsoft Corp. | 6.9 |
| Apple, Inc. | 6.5 |
| Broadcom, Inc. | 6.3 |
| Meta Platforms, Inc. | 4.2 |
| Eli Lilly & Co. | 4.1 |
| Tesla, Inc. | 3.8 |
| Netflix, Inc. | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g31699g31c11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.8 |
| Consumer Staples | 2.8 |
| Industrials | 4.6 |
| Financials | 5.9 |
| Health Care | 9.1 |
| Consumer Discretionary | 14.7 |
| Communication Services | 15.6 |
| Information Technology | 44.7 |

---

### Top Countries
![Group By Country Chart](g31699g51e01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Germany | 0.4 |
| Brazil | 0.5 |
| Spain | 0.6 |
| Canada | 1.5 |
| Taiwan | 1.6 |
| United States | 94.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Jennison Growth Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $84 | 0.79% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index over the 12-month period ending December 31, 2025. U.S. equity markets delivered strong overall gains in 2025 despite intermittent volatility stemming from artificial intelligence ("AI")-driven valuation concerns and shifting investor sentiment. Market leadership broadened beyond a narrow group of mega-cap technology names, even as large-cap equities continued to outperform small caps and growth outpaced value. Within this environment of Federal Reserve cutting interest rates, solid economic growth, and accelerating AI and healthcare innovation, large-cap growth remained a key beneficiary. While the Portfolio participated in these gains, full-year results lagged the benchmark as the broadening of leadership beyond its core large-cap growth exposure and increased valuation sensitivity weighed on several high-growth holdings.

**Top Contributors:**

* Security selection in the Industrials, Consumer Staples and Utilities sectors were the top contributors to investment results.

* Shares in General Electric Company, Apple and Taiwan Semiconductor (Taiwan) were the top drivers of relative performance.

* While sector weights are residual to Jennison's bottom-up stock selection process, the overweight allocation to the Communication Services sector and slight overweight to Industrials were additive to relative investment results. 

**Top Detractors:**

* Security selection in the Communication Services, Information Technology and Health Care sectors were the top detractors to investment results. 

* Shares in Novo Nordisk (Denmark), Oracle Corporation, and The Trade Desk were the top detractors to relative performance.

* While sector weights are residual to Jennison's bottom-up stock selection process, the underweight to the Information Technology sector coupled with the overweight to Health Care were detractors to relative investment results. 

## Portfolio Performance
![Growth of 10K Chart](g31699g78m08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $45,716** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9987 | $11274 | $10708 |
| **12/2017** | $13681 | $13656 | $13943 |
| **12/2018** | $13697 | $12940 | $13732 |
| **12/2019** | $18147 | $16954 | $18729 |
| **12/2020** | $28378 | $20495 | $25938 |
| **12/2021** | $33177 | $25754 | $33096 |
| **12/2022** | $20230 | $20808 | $23453 |
| **12/2023** | $30925 | $26209 | $33462 |
| **12/2024** | $40201 | $32448 | $44623 |
| **12/2025** | $45716 | $38012 | $52906 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Jennison Growth Portfolio - Class B | 13.72% | 10.01% | 16.41% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2878757713 |
| # of Portfolio Investments | 49 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $14852429 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.2 |
| Amazon.com, Inc. | 7.2 |
| Alphabet, Inc. | 6.9 |
| Microsoft Corp. | 6.9 |
| Apple, Inc. | 6.5 |
| Broadcom, Inc. | 6.3 |
| Meta Platforms, Inc. | 4.2 |
| Eli Lilly & Co. | 4.1 |
| Tesla, Inc. | 3.8 |
| Netflix, Inc. | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g31699g31c11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.8 |
| Consumer Staples | 2.8 |
| Industrials | 4.6 |
| Financials | 5.9 |
| Health Care | 9.1 |
| Consumer Discretionary | 14.7 |
| Communication Services | 15.6 |
| Information Technology | 44.7 |

---

### Top Countries
![Group By Country Chart](g31699g51e01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Germany | 0.4 |
| Brazil | 0.5 |
| Spain | 0.6 |
| Canada | 1.5 |
| Taiwan | 1.6 |
| United States | 94.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Jennison Growth Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $74 | 0.69% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index over the 12-month period ending December 31, 2025. U.S. equity markets delivered strong overall gains in 2025 despite intermittent volatility stemming from artificial intelligence ("AI")-driven valuation concerns and shifting investor sentiment. Market leadership broadened beyond a narrow group of mega-cap technology names, even as large-cap equities continued to outperform small caps and growth outpaced value. Within this environment of Federal Reserve cutting interest rates, solid economic growth, and accelerating AI and healthcare innovation, large-cap growth remained a key beneficiary. While the Portfolio participated in these gains, full-year results lagged the benchmark as the broadening of leadership beyond its core large-cap growth exposure and increased valuation sensitivity weighed on several high-growth holdings.

**Top Contributors:**

* Security selection in the Industrials, Consumer Staples and Utilities sectors were the top contributors to investment results.

* Shares in General Electric Company, Apple and Taiwan Semiconductor (Taiwan) were the top drivers of relative performance.

* While sector weights are residual to Jennison's bottom-up stock selection process, the overweight allocation to the Communication Services sector and slight overweight to Industrials were additive to relative investment results. 

**Top Detractors:**

* Security selection in the Communication Services, Information Technology and Health Care sectors were the top detractors to investment results. 

* Shares in Novo Nordisk (Denmark), Oracle Corporation, and The Trade Desk were the top detractors to relative performance.

* While sector weights are residual to Jennison's bottom-up stock selection process, the underweight to the Information Technology sector coupled with the overweight to Health Care were detractors to relative investment results. 

## Portfolio Performance
![Growth of 10K Chart](g31699g16n32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $46,186** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $9999 | $11274 | $10708 |
| **12/2017** | $13710 | $13656 | $13943 |
| **12/2018** | $13741 | $12940 | $13732 |
| **12/2019** | $18215 | $16954 | $18729 |
| **12/2020** | $28525 | $20495 | $25938 |
| **12/2021** | $33374 | $25754 | $33096 |
| **12/2022** | $20364 | $20808 | $23453 |
| **12/2023** | $31180 | $26209 | $33462 |
| **12/2024** | $40565 | $32448 | $44623 |
| **12/2025** | $46186 | $38012 | $52906 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Jennison Growth Portfolio - Class E | 13.86% | 10.12% | 16.53% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2878757713 |
| # of Portfolio Investments | 49 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $14852429 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.2 |
| Amazon.com, Inc. | 7.2 |
| Alphabet, Inc. | 6.9 |
| Microsoft Corp. | 6.9 |
| Apple, Inc. | 6.5 |
| Broadcom, Inc. | 6.3 |
| Meta Platforms, Inc. | 4.2 |
| Eli Lilly & Co. | 4.1 |
| Tesla, Inc. | 3.8 |
| Netflix, Inc. | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g31699g31c11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.8 |
| Consumer Staples | 2.8 |
| Industrials | 4.6 |
| Financials | 5.9 |
| Health Care | 9.1 |
| Consumer Discretionary | 14.7 |
| Communication Services | 15.6 |
| Information Technology | 44.7 |

---

### Top Countries
![Group By Country Chart](g31699g51e01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Germany | 0.4 |
| Brazil | 0.5 |
| Spain | 0.6 |
| Canada | 1.5 |
| Taiwan | 1.6 |
| United States | 94.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Loomis Sayles Small Cap Core Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $92 | 0.90% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. After a market selloff during the first quarter of the year due to investor concern over tariffs, the market pivoted to a rally for the remainder of the year with market leadership decidedly in favor of low-quality companies versus high quality. Within the Russell 2000 Index, stock returns for companies losing money far exceeded the Index overall as well as those for profitable companies. The result was a clear mismatch between higher performing stocks in the Index and the Portfolio's focus on long-term fundamentals and higher quality businesses. In such an environment, stock selection versus the benchmark was responsible for the performance lag versus the benchmark.

**Top Contributors:**

* The Utilities sector provided positive relative return versus the Index due to strong stock selection in both regulated and independent power producers (Talen Energy).

* An underweight position versus the benchmark in the Real Estate sector provided the second largest relative return. 

* Other notable stock contributors in the Portfolio were TTM Technologies, Bel Fuse and Garrett Motion. 

**Top Detractors:**

* The Health Care sector detracted the most from relative performance due to an underweight to the outperforming Biotechnology industry and weak stock selection across the sector, but particularly within the Health Care Equipment industry.

* The Materials sector was the second largest detractor from relative return due primarily to an underweight to the outperforming Metals & Mining industry. 

* Given the low-quality driven market, stock selection metrics were negative across a majority of the economic sectors. Individual holdings that detracted the most from performance were Alight, BellRing Brands, Bath & Body Works and Knife River Corp.

## Portfolio Performance
![Growth of 10K Chart](g31699g93x91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $24,617** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11927 | $11274 | $12131 |
| **12/2017** | $13745 | $13656 | $13908 |
| **12/2018** | $12223 | $12940 | $12376 |
| **12/2019** | $15345 | $16954 | $15535 |
| **12/2020** | $17197 | $20495 | $18636 |
| **12/2021** | $20971 | $25754 | $21397 |
| **12/2022** | $17812 | $20808 | $17024 |
| **12/2023** | $20923 | $26209 | $19906 |
| **12/2024** | $23380 | $32448 | $22203 |
| **12/2025** | $24617 | $38012 | $25047 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Small Cap Core Portfolio - Class A | 5.29% | 7.44% | 9.43% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $351156201 |
| # of Portfolio Investments | 198 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $2881391 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Moog, Inc. | 1.7 |
| Bel Fuse, Inc. | 1.7 |
| Array Digital Infrastructure, Inc. | 1.4 |
| TTM Technologies, Inc. | 1.4 |
| Arcosa, Inc. | 1.3 |
| Popular, Inc. | 1.3 |
| Ameris Bancorp | 1.2 |
| Garrett Motion, Inc. | 1.2 |
| Supernus Pharmaceuticals, Inc. | 1.2 |
| VSE Corp. | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g08m35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.7 |
| Utilities | 2.8 |
| Real Estate | 3.2 |
| Materials | 3.5 |
| Energy | 5.4 |
| Consumer Discretionary | 9.8 |
| Health Care | 12.5 |
| Information Technology | 13.2 |
| Financials | 18.6 |
| Industrials | 24.8 |

---

### Top Countries
![Group By Country Chart](g31699g60e00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.2 |
| Bahamas | 0.3 |
| Costa Rica | 0.5 |
| Puerto Rico | 1.5 |
| Switzerland | 1.8 |
| United Kingdom | 2.2 |
| Canada | 2.4 |
| United States | 89.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Loomis Sayles Small Cap Core Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $118 | 1.15% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. After a market selloff during the first quarter of the year due to investor concern over tariffs, the market pivoted to a rally for the remainder of the year with market leadership decidedly in favor of low-quality companies versus high quality. Within the Russell 2000 Index, stock returns for companies losing money far exceeded the Index overall as well as those for profitable companies. The result was a clear mismatch between higher performing stocks in the Index and the Portfolio's focus on long-term fundamentals and higher quality businesses. In such an environment, stock selection versus the benchmark was responsible for the performance lag versus the benchmark.

**Top Contributors:**

* The Utilities sector provided positive relative return versus the Index due to strong stock selection in both regulated and independent power producers (Talen Energy).

* An underweight position versus the benchmark in the Real Estate sector provided the second largest relative return. 

* Other notable stock contributors in the Portfolio were TTM Technologies, Bel Fuse and Garrett Motion. 

**Top Detractors:**

* The Health Care sector detracted the most from relative performance due to an underweight to the outperforming Biotechnology industry and weak stock selection across the sector, but particularly within the Health Care Equipment industry.

* The Materials sector was the second largest detractor from relative return due primarily to an underweight to the outperforming Metals & Mining industry. 

* Given the low-quality driven market, stock selection metrics were negative across a majority of the economic sectors. Individual holdings that detracted the most from performance were Alight, BellRing Brands, Bath & Body Works and Knife River Corp.

## Portfolio Performance
![Growth of 10K Chart](g31699g06c77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $24,007** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11897 | $11274 | $12131 |
| **12/2017** | $13677 | $13656 | $13908 |
| **12/2018** | $12132 | $12940 | $12376 |
| **12/2019** | $15192 | $16954 | $15535 |
| **12/2020** | $16983 | $20495 | $18636 |
| **12/2021** | $20658 | $25754 | $21397 |
| **12/2022** | $17502 | $20808 | $17024 |
| **12/2023** | $20509 | $26209 | $19906 |
| **12/2024** | $22859 | $32448 | $22203 |
| **12/2025** | $24007 | $38012 | $25047 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Small Cap Core Portfolio - Class B | 5.02% | 7.17% | 9.15% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $351156201 |
| # of Portfolio Investments | 198 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $2881391 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Moog, Inc. | 1.7 |
| Bel Fuse, Inc. | 1.7 |
| Array Digital Infrastructure, Inc. | 1.4 |
| TTM Technologies, Inc. | 1.4 |
| Arcosa, Inc. | 1.3 |
| Popular, Inc. | 1.3 |
| Ameris Bancorp | 1.2 |
| Garrett Motion, Inc. | 1.2 |
| Supernus Pharmaceuticals, Inc. | 1.2 |
| VSE Corp. | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g08m35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.7 |
| Utilities | 2.8 |
| Real Estate | 3.2 |
| Materials | 3.5 |
| Energy | 5.4 |
| Consumer Discretionary | 9.8 |
| Health Care | 12.5 |
| Information Technology | 13.2 |
| Financials | 18.6 |
| Industrials | 24.8 |

---

### Top Countries
![Group By Country Chart](g31699g60e00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.2 |
| Bahamas | 0.3 |
| Costa Rica | 0.5 |
| Puerto Rico | 1.5 |
| Switzerland | 1.8 |
| United Kingdom | 2.2 |
| Canada | 2.4 |
| United States | 89.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Loomis Sayles Small Cap Core Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $108 | 1.05% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. After a market selloff during the first quarter of the year due to investor concern over tariffs, the market pivoted to a rally for the remainder of the year with market leadership decidedly in favor of low-quality companies versus high quality. Within the Russell 2000 Index, stock returns for companies losing money far exceeded the Index overall as well as those for profitable companies. The result was a clear mismatch between higher performing stocks in the Index and the Portfolio's focus on long-term fundamentals and higher quality businesses. In such an environment, stock selection versus the benchmark was responsible for the performance lag versus the benchmark.

**Top Contributors:**

* The Utilities sector provided positive relative return versus the Index due to strong stock selection in both regulated and independent power producers (Talen Energy).

* An underweight position versus the benchmark in the Real Estate sector provided the second largest relative return. 

* Other notable stock contributors in the Portfolio were TTM Technologies, Bel Fuse and Garrett Motion. 

**Top Detractors:**

* The Health Care sector detracted the most from relative performance due to an underweight to the outperforming Biotechnology industry and weak stock selection across the sector, but particularly within the Health Care Equipment industry.

* The Materials sector was the second largest detractor from relative return due primarily to an underweight to the outperforming Metals & Mining industry. 

* Given the low-quality driven market, stock selection metrics were negative across a majority of the economic sectors. Individual holdings that detracted the most from performance were Alight, BellRing Brands, Bath & Body Works and Knife River Corp.

## Portfolio Performance
![Growth of 10K Chart](g31699g12z22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $24,249** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11909 | $11274 | $12131 |
| **12/2017** | $13704 | $13656 | $13908 |
| **12/2018** | $12169 | $12940 | $12376 |
| **12/2019** | $15253 | $16954 | $15535 |
| **12/2020** | $17068 | $20495 | $18636 |
| **12/2021** | $20783 | $25754 | $21397 |
| **12/2022** | $17626 | $20808 | $17024 |
| **12/2023** | $20673 | $26209 | $19906 |
| **12/2024** | $23066 | $32448 | $22203 |
| **12/2025** | $24249 | $38012 | $25047 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Small Cap Core Portfolio - Class E | 5.13% | 7.28% | 9.26% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $351156201 |
| # of Portfolio Investments | 198 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $2881391 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Moog, Inc. | 1.7 |
| Bel Fuse, Inc. | 1.7 |
| Array Digital Infrastructure, Inc. | 1.4 |
| TTM Technologies, Inc. | 1.4 |
| Arcosa, Inc. | 1.3 |
| Popular, Inc. | 1.3 |
| Ameris Bancorp | 1.2 |
| Garrett Motion, Inc. | 1.2 |
| Supernus Pharmaceuticals, Inc. | 1.2 |
| VSE Corp. | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g08m35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.7 |
| Utilities | 2.8 |
| Real Estate | 3.2 |
| Materials | 3.5 |
| Energy | 5.4 |
| Consumer Discretionary | 9.8 |
| Health Care | 12.5 |
| Information Technology | 13.2 |
| Financials | 18.6 |
| Industrials | 24.8 |

---

### Top Countries
![Group By Country Chart](g31699g60e00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.2 |
| Bahamas | 0.3 |
| Costa Rica | 0.5 |
| Puerto Rico | 1.5 |
| Switzerland | 1.8 |
| United Kingdom | 2.2 |
| Canada | 2.4 |
| United States | 89.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Loomis Sayles Small Cap Growth Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $91 | 0.89% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Growth Index during the 12-month period ended December, 31 2025. A powerful low quality, high beta rally occurred following the market bottom on April 8 (post Liberation Day) through October of this year, leading to the most challenging environment on record for active managers.

**Top Contributors:**

* The Industrials sector produced the largest relative return due to an underweight to the sector versus the Index along with strong security selection. From an industry standpoint, security selection was particularly strong within aerospace & defense, professional services and machinery. 

* Being underweight to the Communication Services sector provided the second largest relative return as this was the bottom performing sector within the Index on an absolute basis.

* Strong security selection in the Consumer Discretionary sector also contributed positively to relative performance.

* Kratos Defense & Security Solutions, Sterling Infrastructure, Verona Pharma, ATI and Insmed were the top individual contributors within the Portfolio overall.

**Top Detractors:**

* The Information Technology sector detracted the most from relative return, led by software and semiconductors names.

* The Health Care sector detracted the second most from relative return due primarily to healthcare providers & services and biotechnology names. 

* Grid Dynamics Holdings, PROCEPT BioRobotics, Vertex, ACV Auctions and Intapp were the bottom individual detractors within the Portfolio overall.

* A handful of names with outsized returns, which the Portfolio did not own because they do not fit our process, also disproportionately impacted performance during the year. These included Bloom Energy, Credo Technology Group, Guardant Health and Fabrinet, accounting for approximately a third of the Portfolio's total underperformance during the year.

## Portfolio Performance
![Growth of 10K Chart](g31699g39z31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $26,213** | **Russell 3000 Index $38,012** | **Russell 2000 Growth Index $24,949** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10621 | $11274 | $11132 |
| **12/2017** | $13493 | $13656 | $13599 |
| **12/2018** | $13568 | $12940 | $12334 |
| **12/2019** | $17215 | $16954 | $15847 |
| **12/2020** | $23127 | $20495 | $21335 |
| **12/2021** | $25440 | $25754 | $21939 |
| **12/2022** | $19599 | $20808 | $16157 |
| **12/2023** | $21933 | $26209 | $19171 |
| **12/2024** | $25197 | $32448 | $22077 |
| **12/2025** | $26213 | $38012 | $24949 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Small Cap Growth Portfolio - Class A | 4.03% | 2.54% | 10.12% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325663650 |
| # of Portfolio Investments | 102 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $2642107 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| MACOM Technology Solutions Holdings, Inc. | 2.2 |
| ATI, Inc. | 1.9 |
| Ligand Pharmaceuticals, Inc. | 1.9 |
| Establishment Labs Holdings, Inc. | 1.9 |
| Advanced Energy Industries, Inc. | 1.9 |
| RBC Bearings, Inc. | 1.8 |
| Construction Partners, Inc. | 1.7 |
| ESCO Technologies, Inc. | 1.7 |
| Vita Coco Co., Inc. | 1.6 |
| Axsome Therapeutics, Inc. | 1.5 |

---

### Top Sectors
![Group By Sector Chart](g31699g99x93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8 |
| Consumer Staples | 1.6 |
| Energy | 3.0 |
| Financials | 10.2 |
| Consumer Discretionary | 11.2 |
| Information Technology | 17.5 |
| Industrials | 26.0 |
| Health Care | 26.8 |

---

### Top Countries
![Group By Country Chart](g31699g56t14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.6 |
| Canada | 0.7 |
| Puerto Rico | 0.9 |
| United Kingdom | 1.1 |
| Bahamas | 1.2 |
| Costa Rica | 1.9 |
| United States | 90.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Loomis Sayles Small Cap Growth Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $116 | 1.14% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Growth Index during the 12-month period ended December, 31 2025. A powerful low quality, high beta rally occurred following the market bottom on April 8 (post Liberation Day) through October of this year, leading to the most challenging environment on record for active managers.

**Top Contributors:**

* The Industrials sector produced the largest relative return due to an underweight to the sector versus the Index along with strong security selection. From an industry standpoint, security selection was particularly strong within aerospace & defense, professional services and machinery. 

* Being underweight to the Communication Services sector provided the second largest relative return as this was the bottom performing sector within the Index on an absolute basis.

* Strong security selection in the Consumer Discretionary sector also contributed positively to relative performance.

* Kratos Defense & Security Solutions, Sterling Infrastructure, Verona Pharma, ATI and Insmed were the top individual contributors within the Portfolio overall.

**Top Detractors:**

* The Information Technology sector detracted the most from relative return, led by software and semiconductors names.

* The Health Care sector detracted the second most from relative return due primarily to healthcare providers & services and biotechnology names. 

* Grid Dynamics Holdings, PROCEPT BioRobotics, Vertex, ACV Auctions and Intapp were the bottom individual detractors within the Portfolio overall.

* A handful of names with outsized returns, which the Portfolio did not own because they do not fit our process, also disproportionately impacted performance during the year. These included Bloom Energy, Credo Technology Group, Guardant Health and Fabrinet, accounting for approximately a third of the Portfolio's total underperformance during the year.

## Portfolio Performance
![Growth of 10K Chart](g31699g72q59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $25,570** | **Russell 3000 Index $38,012** | **Russell 2000 Growth Index $24,949** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10605 | $11274 | $11132 |
| **12/2017** | $13434 | $13656 | $13599 |
| **12/2018** | $13472 | $12940 | $12334 |
| **12/2019** | $17043 | $16954 | $15847 |
| **12/2020** | $22845 | $20495 | $21335 |
| **12/2021** | $25071 | $25754 | $21939 |
| **12/2022** | $19279 | $20808 | $16157 |
| **12/2023** | $21505 | $26209 | $19171 |
| **12/2024** | $24650 | $32448 | $22077 |
| **12/2025** | $25570 | $38012 | $24949 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Small Cap Growth Portfolio - Class B | 3.73% | 2.28% | 9.84% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325663650 |
| # of Portfolio Investments | 102 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $2642107 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| MACOM Technology Solutions Holdings, Inc. | 2.2 |
| ATI, Inc. | 1.9 |
| Ligand Pharmaceuticals, Inc. | 1.9 |
| Establishment Labs Holdings, Inc. | 1.9 |
| Advanced Energy Industries, Inc. | 1.9 |
| RBC Bearings, Inc. | 1.8 |
| Construction Partners, Inc. | 1.7 |
| ESCO Technologies, Inc. | 1.7 |
| Vita Coco Co., Inc. | 1.6 |
| Axsome Therapeutics, Inc. | 1.5 |

---

### Top Sectors
![Group By Sector Chart](g31699g99x93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8 |
| Consumer Staples | 1.6 |
| Energy | 3.0 |
| Financials | 10.2 |
| Consumer Discretionary | 11.2 |
| Information Technology | 17.5 |
| Industrials | 26.0 |
| Health Care | 26.8 |

---

### Top Countries
![Group By Country Chart](g31699g56t14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.6 |
| Canada | 0.7 |
| Puerto Rico | 0.9 |
| United Kingdom | 1.1 |
| Bahamas | 1.2 |
| Costa Rica | 1.9 |
| United States | 90.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Loomis Sayles Small Cap Growth Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $106 | 1.04% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Growth Index during the 12-month period ended December, 31 2025. A powerful low quality, high beta rally occurred following the market bottom on April 8 (post Liberation Day) through October of this year, leading to the most challenging environment on record for active managers.

**Top Contributors:**

* The Industrials sector produced the largest relative return due to an underweight to the sector versus the Index along with strong security selection. From an industry standpoint, security selection was particularly strong within aerospace & defense, professional services and machinery. 

* Being underweight to the Communication Services sector provided the second largest relative return as this was the bottom performing sector within the Index on an absolute basis.

* Strong security selection in the Consumer Discretionary sector also contributed positively to relative performance.

* Kratos Defense & Security Solutions, Sterling Infrastructure, Verona Pharma, ATI and Insmed were the top individual contributors within the Portfolio overall.

**Top Detractors:**

* The Information Technology sector detracted the most from relative return, led by software and semiconductors names.

* The Health Care sector detracted the second most from relative return due primarily to healthcare providers & services and biotechnology names. 

* Grid Dynamics Holdings, PROCEPT BioRobotics, Vertex, ACV Auctions and Intapp were the bottom individual detractors within the Portfolio overall.

* A handful of names with outsized returns, which the Portfolio did not own because they do not fit our process, also disproportionately impacted performance during the year. These included Bloom Energy, Credo Technology Group, Guardant Health and Fabrinet, accounting for approximately a third of the Portfolio's total underperformance during the year.

## Portfolio Performance
![Growth of 10K Chart](g31699g95n99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $25,825** | **Russell 3000 Index $38,012** | **Russell 2000 Growth Index $24,949** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10616 | $11274 | $11132 |
| **12/2017** | $13454 | $13656 | $13599 |
| **12/2018** | $13511 | $12940 | $12334 |
| **12/2019** | $17116 | $16954 | $15847 |
| **12/2020** | $22960 | $20495 | $21335 |
| **12/2021** | $25225 | $25754 | $21939 |
| **12/2022** | $19407 | $20808 | $16157 |
| **12/2023** | $21681 | $26209 | $19171 |
| **12/2024** | $24878 | $32448 | $22077 |
| **12/2025** | $25825 | $38012 | $24949 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Loomis Sayles Small Cap Growth Portfolio - Class E | 3.80% | 2.38% | 9.95% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325663650 |
| # of Portfolio Investments | 102 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $2642107 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| MACOM Technology Solutions Holdings, Inc. | 2.2 |
| ATI, Inc. | 1.9 |
| Ligand Pharmaceuticals, Inc. | 1.9 |
| Establishment Labs Holdings, Inc. | 1.9 |
| Advanced Energy Industries, Inc. | 1.9 |
| RBC Bearings, Inc. | 1.8 |
| Construction Partners, Inc. | 1.7 |
| ESCO Technologies, Inc. | 1.7 |
| Vita Coco Co., Inc. | 1.6 |
| Axsome Therapeutics, Inc. | 1.5 |

---

### Top Sectors
![Group By Sector Chart](g31699g99x93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8 |
| Consumer Staples | 1.6 |
| Energy | 3.0 |
| Financials | 10.2 |
| Consumer Discretionary | 11.2 |
| Information Technology | 17.5 |
| Industrials | 26.0 |
| Health Care | 26.8 |

---

### Top Countries
![Group By Country Chart](g31699g56t14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.6 |
| Canada | 0.7 |
| Puerto Rico | 0.9 |
| United Kingdom | 1.1 |
| Bahamas | 1.2 |
| Costa Rica | 1.9 |
| United States | 90.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Aggregate Bond Index Portfolio: Class A
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $27 | 0.26% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. U.S. Treasury rates decreased as the U.S. Federal Reserve continued to lower the federal funds rate throughout the year. The Treasury curve steepened as a bull-steepener lowered shorter-term rates relative to longer-term rates. 2-year rates decreased 78 basis points to 3.47% and 10-year rates decreased 43 basis points to 4.15%. The 30-year rate rose slightly by 5 basis points to end the year at 4.83%. The difference between 2-year and 10-year rates increased from 33 basis points to 68 basis points at year-end. Similarly, the difference between 10-year and 30-year rates increased from 21 basis points to 68 basis points.

**Top Contributors:**

* The strongest performing sector was Agency Mortgage-Backed Securities, which benefited from a tightening in option-adjusted spreads.

* Government-Related securities and Corporates performed well, aided by spread tightening.

**Top Detractors:**

* The weakest performing sector for the year was Asset-Backed Securities, as spreads widened.

* U.S. Treasuries underperformed on a relative basis, as spread sectors tended to outperform. 

## Portfolio Performance
![Growth of 10K Chart](g31699g65o64.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $11,897** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10235 | $10265 |
| **12/2017** | $10569 | $10628 |
| **12/2018** | $10550 | $10630 |
| **12/2019** | $11461 | $11556 |
| **12/2020** | $12288 | $12424 |
| **12/2021** | $12051 | $12232 |
| **12/2022** | $10473 | $10641 |
| **12/2023** | $11017 | $11229 |
| **12/2024** | $11115 | $11369 |
| **12/2025** | $11897 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Aggregate Bond Index Portfolio - Class A | 7.04% | (0.64%) | 1.75% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3306825350 |
| # of Portfolio Investments | 1666 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $8262240 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 36.0 |
| Federal National Mortgage Association | 10.7 |
| U.S. Treasury Bonds | 9.5 |
| Federal Home Loan Mortgage Corp. | 7.7 |
| Government National Mortgage Association | 5.8 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 0.7 |
| JPMorgan Chase & Co. | 0.6 |
| Bank of America Corp. | 0.5 |
| Citigroup, Inc. | 0.4 |
| Wells Fargo & Co. | 0.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g41j65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.4 |
| Municipals | 0.4 |
| Short-Term Investments | 0.5 |
| Non-Agency Mortgage-Backed Securities | 0.7 |
| Foreign Government | 1.6 |
| Agency Sponsored Mortgage-Backed Securities | 24.7 |
| Corporate Bonds & Notes | 25.1 |
| U.S. Treasury & Government Agencies | 46.0 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Aggregate Bond Index Portfolio: Class B
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $53 | 0.51% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. U.S. Treasury rates decreased as the U.S. Federal Reserve continued to lower the federal funds rate throughout the year. The Treasury curve steepened as a bull-steepener lowered shorter-term rates relative to longer-term rates. 2-year rates decreased 78 basis points to 3.47% and 10-year rates decreased 43 basis points to 4.15%. The 30-year rate rose slightly by 5 basis points to end the year at 4.83%. The difference between 2-year and 10-year rates increased from 33 basis points to 68 basis points at year-end. Similarly, the difference between 10-year and 30-year rates increased from 21 basis points to 68 basis points.

**Top Contributors:**

* The strongest performing sector was Agency Mortgage-Backed Securities, which benefited from a tightening in option-adjusted spreads.

* Government-Related securities and Corporates performed well, aided by spread tightening.

**Top Detractors:**

* The weakest performing sector for the year was Asset-Backed Securities, as spreads widened.

* U.S. Treasuries underperformed on a relative basis, as spread sectors tended to outperform. 

## Portfolio Performance
![Growth of 10K Chart](g31699g57d50.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $11,615** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10214 | $10265 |
| **12/2017** | $10517 | $10628 |
| **12/2018** | $10469 | $10630 |
| **12/2019** | $11342 | $11556 |
| **12/2020** | $12138 | $12424 |
| **12/2021** | $11868 | $12232 |
| **12/2022** | $10288 | $10641 |
| **12/2023** | $10805 | $11229 |
| **12/2024** | $10875 | $11369 |
| **12/2025** | $11615 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Aggregate Bond Index Portfolio - Class B | 6.80% | (0.88%) | 1.51% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3306825350 |
| # of Portfolio Investments | 1666 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $8262240 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 36.0 |
| Federal National Mortgage Association | 10.7 |
| U.S. Treasury Bonds | 9.5 |
| Federal Home Loan Mortgage Corp. | 7.7 |
| Government National Mortgage Association | 5.8 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 0.7 |
| JPMorgan Chase & Co. | 0.6 |
| Bank of America Corp. | 0.5 |
| Citigroup, Inc. | 0.4 |
| Wells Fargo & Co. | 0.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g41j65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.4 |
| Municipals | 0.4 |
| Short-Term Investments | 0.5 |
| Non-Agency Mortgage-Backed Securities | 0.7 |
| Foreign Government | 1.6 |
| Agency Sponsored Mortgage-Backed Securities | 24.7 |
| Corporate Bonds & Notes | 25.1 |
| U.S. Treasury & Government Agencies | 46.0 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Aggregate Bond Index Portfolio: Class E
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $42 | 0.41% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. U.S. Treasury rates decreased as the U.S. Federal Reserve continued to lower the federal funds rate throughout the year. The Treasury curve steepened as a bull-steepener lowered shorter-term rates relative to longer-term rates. 2-year rates decreased 78 basis points to 3.47% and 10-year rates decreased 43 basis points to 4.15%. The 30-year rate rose slightly by 5 basis points to end the year at 4.83%. The difference between 2-year and 10-year rates increased from 33 basis points to 68 basis points at year-end. Similarly, the difference between 10-year and 30-year rates increased from 21 basis points to 68 basis points.

**Top Contributors:**

* The strongest performing sector was Agency Mortgage-Backed Securities, which benefited from a tightening in option-adjusted spreads.

* Government-Related securities and Corporates performed well, aided by spread tightening.

**Top Detractors:**

* The weakest performing sector for the year was Asset-Backed Securities, as spreads widened.

* U.S. Treasuries underperformed on a relative basis, as spread sectors tended to outperform. 

## Portfolio Performance
![Growth of 10K Chart](g31699g61o57.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $11,730** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10219 | $10265 |
| **12/2017** | $10537 | $10628 |
| **12/2018** | $10502 | $10630 |
| **12/2019** | $11385 | $11556 |
| **12/2020** | $12193 | $12424 |
| **12/2021** | $11940 | $12232 |
| **12/2022** | $10358 | $10641 |
| **12/2023** | $10881 | $11229 |
| **12/2024** | $10961 | $11369 |
| **12/2025** | $11730 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Aggregate Bond Index Portfolio - Class E | 7.01% | (0.77%) | 1.61% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3306825350 |
| # of Portfolio Investments | 1666 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $8262240 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 36.0 |
| Federal National Mortgage Association | 10.7 |
| U.S. Treasury Bonds | 9.5 |
| Federal Home Loan Mortgage Corp. | 7.7 |
| Government National Mortgage Association | 5.8 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 0.7 |
| JPMorgan Chase & Co. | 0.6 |
| Bank of America Corp. | 0.5 |
| Citigroup, Inc. | 0.4 |
| Wells Fargo & Co. | 0.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g41j65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.4 |
| Municipals | 0.4 |
| Short-Term Investments | 0.5 |
| Non-Agency Mortgage-Backed Securities | 0.7 |
| Foreign Government | 1.6 |
| Agency Sponsored Mortgage-Backed Securities | 24.7 |
| Corporate Bonds & Notes | 25.1 |
| U.S. Treasury & Government Agencies | 46.0 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Aggregate Bond Index Portfolio: Class G
![Image](g31699g83s70.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $58 | 0.56% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. U.S. Treasury rates decreased as the U.S. Federal Reserve continued to lower the federal funds rate throughout the year. The Treasury curve steepened as a bull-steepener lowered shorter-term rates relative to longer-term rates. 2-year rates decreased 78 basis points to 3.47% and 10-year rates decreased 43 basis points to 4.15%. The 30-year rate rose slightly by 5 basis points to end the year at 4.83%. The difference between 2-year and 10-year rates increased from 33 basis points to 68 basis points at year-end. Similarly, the difference between 10-year and 30-year rates increased from 21 basis points to 68 basis points.

**Top Contributors:**

* The strongest performing sector was Agency Mortgage-Backed Securities, which benefited from a tightening in option-adjusted spreads.

* Government-Related securities and Corporates performed well, aided by spread tightening.

**Top Detractors:**

* The weakest performing sector for the year was Asset-Backed Securities, as spreads widened.

* U.S. Treasuries underperformed on a relative basis, as spread sectors tended to outperform. 

## Portfolio Performance
![Growth of 10K Chart](g31699g66s68.jpg)

---

| | | |
|:---|:---|:---|
| | **Class G $11,562** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10209 | $10265 |
| **12/2017** | $10508 | $10628 |
| **12/2018** | $10457 | $10630 |
| **12/2019** | $11329 | $11556 |
| **12/2020** | $12110 | $12424 |
| **12/2021** | $11836 | $12232 |
| **12/2022** | $10258 | $10641 |
| **12/2023** | $10761 | $11229 |
| **12/2024** | $10827 | $11369 |
| **12/2025** | $11562 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Aggregate Bond Index Portfolio - Class G | 6.79% | (0.92%) | 1.46% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3306825350 |
| # of Portfolio Investments | 1666 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $8262240 |

---

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 36.0 |
| Federal National Mortgage Association | 10.7 |
| U.S. Treasury Bonds | 9.5 |
| Federal Home Loan Mortgage Corp. | 7.7 |
| Government National Mortgage Association | 5.8 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 0.7 |
| JPMorgan Chase & Co. | 0.6 |
| Bank of America Corp. | 0.5 |
| Citigroup, Inc. | 0.4 |
| Wells Fargo & Co. | 0.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g41j65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.4 |
| Municipals | 0.4 |
| Short-Term Investments | 0.5 |
| Non-Agency Mortgage-Backed Securities | 0.7 |
| Foreign Government | 1.6 |
| Agency Sponsored Mortgage-Backed Securities | 24.7 |
| Corporate Bonds & Notes | 25.1 |
| U.S. Treasury & Government Agencies | 46.0 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Mid Cap Stock Index Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $31 | 0.30% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the S&P MidCap 400 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. The rally was primarily driven by mega-cap technology stocks, especially within the "Magnificent 7" stocks, which contributed around 42.5% of the S&P 500's gains despite comprising only approximately 33% of its weight. Additionally, international stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the S&P MidCap 400 Index were Communication Services and Utilities, which returned +44.1% and +19.9%, respectively.

* The stocks with the largest positive impact on the S&P MidCap 400 Index return for the year were Lumentum (+339.1%), Ciena (+175.8%), and Comfort Systems USA (+122.6%). 

**Top Detractors:**

* The worst-performing sectors in the S&P MidCap 400 Index were Consumer Discretionary and Consumer Staples, which returned -5.7% and -5.4%, respectively.

* The stocks with the largest negative impact to the S&P MidCap 400 Index return for the year were Flagstar Financial (-69.1%), Cleveland-Cliffs (-54.0%), and Five Below (-50.8%).

## Portfolio Performance
![Growth of 10K Chart](g31699g35t19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $26,979** | **Russell 3000 Index $38,012** | **S&P MidCap 400 Index $27,688** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12043 | $11274 | $12074 |
| **12/2017** | $13964 | $13656 | $14035 |
| **12/2018** | $12386 | $12940 | $12480 |
| **12/2019** | $15599 | $16954 | $15749 |
| **12/2020** | $17689 | $20495 | $17900 |
| **12/2021** | $22004 | $25754 | $22332 |
| **12/2022** | $19087 | $20808 | $19416 |
| **12/2023** | $22157 | $26209 | $22607 |
| **12/2024** | $25169 | $32448 | $25756 |
| **12/2025** | $26979 | $38012 | $27688 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Mid Cap Stock Index Portfolio - Class A | 7.19% | 8.81% | 10.43% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400 Index | 7.50% | 9.12% | 10.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1154724927 |
| # of Portfolio Investments | 429 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $2894145 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 2.1 |
| Ciena Corp. | 1 |
| Coherent Corp. | 0.9 |
| Lumentum Holdings, Inc. | 0.8 |
| Flex Ltd. | 0.7 |
| Twilio, Inc. | 0.6 |
| United Therapeutics Corp. | 0.6 |
| Pure Storage, Inc. | 0.6 |
| Casey's General Stores, Inc. | 0.6 |
| Curtiss-Wright Corp. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g38b21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.2 |
| Energy | 3.8 |
| Consumer Staples | 4.1 |
| Materials | 5.2 |
| Real Estate | 6.1 |
| Health Care | 8.5 |
| Consumer Discretionary | 11.1 |
| Information Technology | 13.5 |
| Financials | 16.1 |
| Industrials | 22.6 |

---

### Top Countries
![Group By Country Chart](g31699g91k28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.1 |
| Sweden | 0.2 |
| Bermuda | 0.4 |
| Thailand | 0.5 |
| United Kingdom | 0.5 |
| Canada | 0.6 |
| United States | 95.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Mid Cap Stock Index Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $57 | 0.55% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the S&P MidCap 400 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. The rally was primarily driven by mega-cap technology stocks, especially within the "Magnificent 7" stocks, which contributed around 42.5% of the S&P 500's gains despite comprising only approximately 33% of its weight. Additionally, international stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the S&P MidCap 400 Index were Communication Services and Utilities, which returned +44.1% and +19.9%, respectively.

* The stocks with the largest positive impact on the S&P MidCap 400 Index return for the year were Lumentum (+339.1%), Ciena (+175.8%), and Comfort Systems USA (+122.6%). 

**Top Detractors:**

* The worst-performing sectors in the S&P MidCap 400 Index were Consumer Discretionary and Consumer Staples, which returned -5.7% and -5.4%, respectively.

* The stocks with the largest negative impact to the S&P MidCap 400 Index return for the year were Flagstar Financial (-69.1%), Cleveland-Cliffs (-54.0%), and Five Below (-50.8%).

## Portfolio Performance
![Growth of 10K Chart](g31699g66n38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $26,306** | **Russell 3000 Index $38,012** | **S&P MidCap 400 Index $27,688** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12014 | $11274 | $12074 |
| **12/2017** | $13891 | $13656 | $14035 |
| **12/2018** | $12293 | $12940 | $12480 |
| **12/2019** | $15435 | $16954 | $15749 |
| **12/2020** | $17466 | $20495 | $17900 |
| **12/2021** | $21669 | $25754 | $22332 |
| **12/2022** | $18758 | $20808 | $19416 |
| **12/2023** | $21715 | $26209 | $22607 |
| **12/2024** | $24617 | $32448 | $25756 |
| **12/2025** | $26306 | $38012 | $27688 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Mid Cap Stock Index Portfolio - Class B | 6.86% | 8.54% | 10.16% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400 Index | 7.50% | 9.12% | 10.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1154724927 |
| # of Portfolio Investments | 429 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $2894145 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 2.1 |
| Ciena Corp. | 1 |
| Coherent Corp. | 0.9 |
| Lumentum Holdings, Inc. | 0.8 |
| Flex Ltd. | 0.7 |
| Twilio, Inc. | 0.6 |
| United Therapeutics Corp. | 0.6 |
| Pure Storage, Inc. | 0.6 |
| Casey's General Stores, Inc. | 0.6 |
| Curtiss-Wright Corp. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g38b21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.2 |
| Energy | 3.8 |
| Consumer Staples | 4.1 |
| Materials | 5.2 |
| Real Estate | 6.1 |
| Health Care | 8.5 |
| Consumer Discretionary | 11.1 |
| Information Technology | 13.5 |
| Financials | 16.1 |
| Industrials | 22.6 |

---

### Top Countries
![Group By Country Chart](g31699g91k28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.1 |
| Sweden | 0.2 |
| Bermuda | 0.4 |
| Thailand | 0.5 |
| United Kingdom | 0.5 |
| Canada | 0.6 |
| United States | 95.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Mid Cap Stock Index Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $47 | 0.45% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the S&P MidCap 400 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. The rally was primarily driven by mega-cap technology stocks, especially within the "Magnificent 7" stocks, which contributed around 42.5% of the S&P 500's gains despite comprising only approximately 33% of its weight. Additionally, international stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the S&P MidCap 400 Index were Communication Services and Utilities, which returned +44.1% and +19.9%, respectively.

* The stocks with the largest positive impact on the S&P MidCap 400 Index return for the year were Lumentum (+339.1%), Ciena (+175.8%), and Comfort Systems USA (+122.6%). 

**Top Detractors:**

* The worst-performing sectors in the S&P MidCap 400 Index were Consumer Discretionary and Consumer Staples, which returned -5.7% and -5.4%, respectively.

* The stocks with the largest negative impact to the S&P MidCap 400 Index return for the year were Flagstar Financial (-69.1%), Cleveland-Cliffs (-54.0%), and Five Below (-50.8%).

## Portfolio Performance
![Growth of 10K Chart](g31699g06l28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $26,577** | **Russell 3000 Index $38,012** | **S&P MidCap 400 Index $27,688** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12026 | $11274 | $12074 |
| **12/2017** | $13926 | $13656 | $14035 |
| **12/2018** | $12332 | $12940 | $12480 |
| **12/2019** | $15511 | $16954 | $15749 |
| **12/2020** | $17561 | $20495 | $17900 |
| **12/2021** | $21816 | $25754 | $22332 |
| **12/2022** | $18892 | $20808 | $19416 |
| **12/2023** | $21898 | $26209 | $22607 |
| **12/2024** | $24839 | $32448 | $25756 |
| **12/2025** | $26577 | $38012 | $27688 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Mid Cap Stock Index Portfolio - Class E | 7.00% | 8.64% | 10.27% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400 Index | 7.50% | 9.12% | 10.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1154724927 |
| # of Portfolio Investments | 429 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $2894145 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 2.1 |
| Ciena Corp. | 1 |
| Coherent Corp. | 0.9 |
| Lumentum Holdings, Inc. | 0.8 |
| Flex Ltd. | 0.7 |
| Twilio, Inc. | 0.6 |
| United Therapeutics Corp. | 0.6 |
| Pure Storage, Inc. | 0.6 |
| Casey's General Stores, Inc. | 0.6 |
| Curtiss-Wright Corp. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g38b21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.2 |
| Energy | 3.8 |
| Consumer Staples | 4.1 |
| Materials | 5.2 |
| Real Estate | 6.1 |
| Health Care | 8.5 |
| Consumer Discretionary | 11.1 |
| Information Technology | 13.5 |
| Financials | 16.1 |
| Industrials | 22.6 |

---

### Top Countries
![Group By Country Chart](g31699g91k28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.1 |
| Sweden | 0.2 |
| Bermuda | 0.4 |
| Thailand | 0.5 |
| United Kingdom | 0.5 |
| Canada | 0.6 |
| United States | 95.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Mid Cap Stock Index Portfolio: Class G
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $62 | 0.60% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the S&P MidCap 400 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. The rally was primarily driven by mega-cap technology stocks, especially within the "Magnificent 7" stocks, which contributed around 42.5% of the S&P 500's gains despite comprising only approximately 33% of its weight. Additionally, international stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the S&P MidCap 400 Index were Communication Services and Utilities, which returned +44.1% and +19.9%, respectively.

* The stocks with the largest positive impact on the S&P MidCap 400 Index return for the year were Lumentum (+339.1%), Ciena (+175.8%), and Comfort Systems USA (+122.6%). 

**Top Detractors:**

* The worst-performing sectors in the S&P MidCap 400 Index were Consumer Discretionary and Consumer Staples, which returned -5.7% and -5.4%, respectively.

* The stocks with the largest negative impact to the S&P MidCap 400 Index return for the year were Flagstar Financial (-69.1%), Cleveland-Cliffs (-54.0%), and Five Below (-50.8%).

## Portfolio Performance
![Growth of 10K Chart](g31699g96f73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class G $26,180** | **Russell 3000 Index $38,012** | **S&P MidCap 400 Index $27,688** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12008 | $11274 | $12074 |
| **12/2017** | $13882 | $13656 | $14035 |
| **12/2018** | $12276 | $12940 | $12480 |
| **12/2019** | $15412 | $16954 | $15749 |
| **12/2020** | $17426 | $20495 | $17900 |
| **12/2021** | $21609 | $25754 | $22332 |
| **12/2022** | $18691 | $20808 | $19416 |
| **12/2023** | $21636 | $26209 | $22607 |
| **12/2024** | $24509 | $32448 | $25756 |
| **12/2025** | $26180 | $38012 | $27688 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Mid Cap Stock Index Portfolio - Class G | 6.82% | 8.48% | 10.10% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400 Index | 7.50% | 9.12% | 10.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1154724927 |
| # of Portfolio Investments | 429 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $2894145 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 2.1 |
| Ciena Corp. | 1 |
| Coherent Corp. | 0.9 |
| Lumentum Holdings, Inc. | 0.8 |
| Flex Ltd. | 0.7 |
| Twilio, Inc. | 0.6 |
| United Therapeutics Corp. | 0.6 |
| Pure Storage, Inc. | 0.6 |
| Casey's General Stores, Inc. | 0.6 |
| Curtiss-Wright Corp. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g38b21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.2 |
| Energy | 3.8 |
| Consumer Staples | 4.1 |
| Materials | 5.2 |
| Real Estate | 6.1 |
| Health Care | 8.5 |
| Consumer Discretionary | 11.1 |
| Information Technology | 13.5 |
| Financials | 16.1 |
| Industrials | 22.6 |

---

### Top Countries
![Group By Country Chart](g31699g91k28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.1 |
| Sweden | 0.2 |
| Bermuda | 0.4 |
| Thailand | 0.5 |
| United Kingdom | 0.5 |
| Canada | 0.6 |
| United States | 95.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife MSCI EAFE<sup>®</sup> Index Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $42 | 0.36% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI EAFE Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. International stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, equity markets experienced volatility and headwinds in 2025. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year.

**Top Contributors:**

* The best-performing countries in the Index were Spain and Austria, which returned +83.6% and +80.2%, respectively.

* The stocks with the largest positive impact were Banco Santander (Spain), +163.6%, HSBC (United Kingdom), +69.4%, and ASML (Netherlands), +55.5%. 

**Top Detractors:**

* The worst-performing countires in the Index were Denmark and New Zealand, which returned -12.9% and -0.2%, respectively.

* The stocks with the largest negative impact were Novo Nordisk (Denmark), -39.3%, CSL (Australia), -32.6%, and Diageo (United Kingdom), -29.3%.

## Portfolio Performance
![Growth of 10K Chart](g31699g77f55.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $21,663** | **MSCI EAFE Index $21,959** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10134 | $10100 |
| **12/2017** | $12657 | $12628 |
| **12/2018** | $10897 | $10887 |
| **12/2019** | $13287 | $13284 |
| **12/2020** | $14329 | $14322 |
| **12/2021** | $15866 | $15935 |
| **12/2022** | $13569 | $13632 |
| **12/2023** | $16002 | $16118 |
| **12/2024** | $16533 | $16735 |
| **12/2025** | $21663 | $21959 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife MSCI EAFE<sup>®</sup> Index Portfolio - Class A | 31.02% | 8.62% | 8.04% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1451495803 |
| # of Portfolio Investments | 707 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $4286359 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 2 |
| Roche Holding AG | 1.4 |
| AstraZeneca PLC | 1.4 |
| HSBC Holdings PLC | 1.3 |
| Novartis AG | 1.3 |
| Nestle SA | 1.2 |
| SAP SE | 1.2 |
| Siemens AG | 1 |
| Shell PLC | 1 |
| Toyota Motor Corp. | 1 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g08a03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.1 |
| Utilities | 3.5 |
| Communication Services | 4.2 |
| Materials | 5.4 |
| Consumer Staples | 7.2 |
| Information Technology | 8.2 |
| Consumer Discretionary | 9.5 |
| Health Care | 11.0 |
| Industrials | 18.8 |
| Financials | 24.6 |

---

### Top 10 Countries
![Group By Country Chart](g31699g82w31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 3.2 |
| Spain | 3.6 |
| Netherlands | 4.4 |
| Switzerland | 4.8 |
| Australia | 6.8 |
| France | 8.9 |
| United States | 9.2 |
| Germany | 9.4 |
| United Kingdom | 11.0 |
| Japan | 21.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife MSCI EAFE<sup>®</sup> Index Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $70 | 0.61% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI EAFE Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. International stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, equity markets experienced volatility and headwinds in 2025. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year.

**Top Contributors:**

* The best-performing countries in the Index were Spain and Austria, which returned +83.6% and +80.2%, respectively.

* The stocks with the largest positive impact were Banco Santander (Spain), +163.6%, HSBC (United Kingdom), +69.4%, and ASML (Netherlands), +55.5%. 

**Top Detractors:**

* The worst-performing countires in the Index were Denmark and New Zealand, which returned -12.9% and -0.2%, respectively.

* The stocks with the largest negative impact were Novo Nordisk (Denmark), -39.3%, CSL (Australia), -32.6%, and Diageo (United Kingdom), -29.3%.

## Portfolio Performance
![Growth of 10K Chart](g31699g80k80.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $21,116** | **MSCI EAFE Index $21,959** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10100 | $10100 |
| **12/2017** | $12585 | $12628 |
| **12/2018** | $10813 | $10887 |
| **12/2019** | $13144 | $13284 |
| **12/2020** | $14139 | $14322 |
| **12/2021** | $15621 | $15935 |
| **12/2022** | $13334 | $13632 |
| **12/2023** | $15685 | $16118 |
| **12/2024** | $16156 | $16735 |
| **12/2025** | $21116 | $21959 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife MSCI EAFE<sup>®</sup> Index Portfolio - Class B | 30.70% | 8.35% | 7.76% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1451495803 |
| # of Portfolio Investments | 707 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $4286359 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 2 |
| Roche Holding AG | 1.4 |
| AstraZeneca PLC | 1.4 |
| HSBC Holdings PLC | 1.3 |
| Novartis AG | 1.3 |
| Nestle SA | 1.2 |
| SAP SE | 1.2 |
| Siemens AG | 1 |
| Shell PLC | 1 |
| Toyota Motor Corp. | 1 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g08a03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.1 |
| Utilities | 3.5 |
| Communication Services | 4.2 |
| Materials | 5.4 |
| Consumer Staples | 7.2 |
| Information Technology | 8.2 |
| Consumer Discretionary | 9.5 |
| Health Care | 11.0 |
| Industrials | 18.8 |
| Financials | 24.6 |

---

### Top 10 Countries
![Group By Country Chart](g31699g82w31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 3.2 |
| Spain | 3.6 |
| Netherlands | 4.4 |
| Switzerland | 4.8 |
| Australia | 6.8 |
| France | 8.9 |
| United States | 9.2 |
| Germany | 9.4 |
| United Kingdom | 11.0 |
| Japan | 21.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife MSCI EAFE<sup>®</sup> Index Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $59 | 0.51% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI EAFE Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. International stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, equity markets experienced volatility and headwinds in 2025. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year.

**Top Contributors:**

* The best-performing countries in the Index were Spain and Austria, which returned +83.6% and +80.2%, respectively.

* The stocks with the largest positive impact were Banco Santander (Spain), +163.6%, HSBC (United Kingdom), +69.4%, and ASML (Netherlands), +55.5%. 

**Top Detractors:**

* The worst-performing countires in the Index were Denmark and New Zealand, which returned -12.9% and -0.2%, respectively.

* The stocks with the largest negative impact were Novo Nordisk (Denmark), -39.3%, CSL (Australia), -32.6%, and Diageo (United Kingdom), -29.3%.

## Portfolio Performance
![Growth of 10K Chart](g31699g07f35.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $21,328** | **MSCI EAFE Index $21,959** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10108 | $10100 |
| **12/2017** | $12613 | $12628 |
| **12/2018** | $10840 | $10887 |
| **12/2019** | $13200 | $13284 |
| **12/2020** | $14218 | $14322 |
| **12/2021** | $15717 | $15935 |
| **12/2022** | $13422 | $13632 |
| **12/2023** | $15805 | $16118 |
| **12/2024** | $16308 | $16735 |
| **12/2025** | $21328 | $21959 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife MSCI EAFE<sup>®</sup> Index Portfolio - Class E | 30.78% | 8.45% | 7.87% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1451495803 |
| # of Portfolio Investments | 707 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $4286359 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 2 |
| Roche Holding AG | 1.4 |
| AstraZeneca PLC | 1.4 |
| HSBC Holdings PLC | 1.3 |
| Novartis AG | 1.3 |
| Nestle SA | 1.2 |
| SAP SE | 1.2 |
| Siemens AG | 1 |
| Shell PLC | 1 |
| Toyota Motor Corp. | 1 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g08a03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.1 |
| Utilities | 3.5 |
| Communication Services | 4.2 |
| Materials | 5.4 |
| Consumer Staples | 7.2 |
| Information Technology | 8.2 |
| Consumer Discretionary | 9.5 |
| Health Care | 11.0 |
| Industrials | 18.8 |
| Financials | 24.6 |

---

### Top 10 Countries
![Group By Country Chart](g31699g82w31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 3.2 |
| Spain | 3.6 |
| Netherlands | 4.4 |
| Switzerland | 4.8 |
| Australia | 6.8 |
| France | 8.9 |
| United States | 9.2 |
| Germany | 9.4 |
| United Kingdom | 11.0 |
| Japan | 21.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife MSCI EAFE<sup>®</sup> Index Portfolio: Class G
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $76 | 0.66% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI EAFE Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. International stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, equity markets experienced volatility and headwinds in 2025. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year.

**Top Contributors:**

* The best-performing countries in the Index were Spain and Austria, which returned +83.6% and +80.2%, respectively.

* The stocks with the largest positive impact were Banco Santander (Spain), +163.6%, HSBC (United Kingdom), +69.4%, and ASML (Netherlands), +55.5%. 

**Top Detractors:**

* The worst-performing countires in the Index were Denmark and New Zealand, which returned -12.9% and -0.2%, respectively.

* The stocks with the largest negative impact were Novo Nordisk (Denmark), -39.3%, CSL (Australia), -32.6%, and Diageo (United Kingdom), -29.3%.

## Portfolio Performance
![Growth of 10K Chart](g31699g68d05.jpg)

---

| | | |
|:---|:---|:---|
| | **Class G $21,026** | **MSCI EAFE Index $21,959** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10097 | $10100 |
| **12/2017** | $12575 | $12628 |
| **12/2018** | $10799 | $10887 |
| **12/2019** | $13129 | $13284 |
| **12/2020** | $14116 | $14322 |
| **12/2021** | $15577 | $15935 |
| **12/2022** | $13293 | $13632 |
| **12/2023** | $15630 | $16118 |
| **12/2024** | $16086 | $16735 |
| **12/2025** | $21026 | $21959 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife MSCI EAFE<sup>®</sup> Index Portfolio - Class G | 30.71% | 8.30% | 7.71% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1451495803 |
| # of Portfolio Investments | 707 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $4286359 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 2 |
| Roche Holding AG | 1.4 |
| AstraZeneca PLC | 1.4 |
| HSBC Holdings PLC | 1.3 |
| Novartis AG | 1.3 |
| Nestle SA | 1.2 |
| SAP SE | 1.2 |
| Siemens AG | 1 |
| Shell PLC | 1 |
| Toyota Motor Corp. | 1 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g08a03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.1 |
| Utilities | 3.5 |
| Communication Services | 4.2 |
| Materials | 5.4 |
| Consumer Staples | 7.2 |
| Information Technology | 8.2 |
| Consumer Discretionary | 9.5 |
| Health Care | 11.0 |
| Industrials | 18.8 |
| Financials | 24.6 |

---

### Top 10 Countries
![Group By Country Chart](g31699g82w31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 3.2 |
| Spain | 3.6 |
| Netherlands | 4.4 |
| Switzerland | 4.8 |
| Australia | 6.8 |
| France | 8.9 |
| United States | 9.2 |
| Germany | 9.4 |
| United Kingdom | 11.0 |
| Japan | 21.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Russell 2000<sup>®</sup> Index Portfolio: Class A
![Image](g31699g07y22.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the MetLife Russell 2000<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $32 | 0.30% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. Despite the strong end-of-year sentiment, equity markets experienced volatility and headwinds in 2025. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the Index were Telecommunications and Basic Materials, which returned +63.1% and +46.0%, respectively.

* The stocks with the largest positive impact were EchoStar (+374.7%), Bloom Energy (+291.2%), and Credo Technology Group (+114.1%). 

**Top Detractors:**

* The worst-performing sectors in the Index were Consumer Staples and Consumer Discretionary, which returned -4.2% and -2.7%, respectively.

* The stocks with the largest negative impact were Six Flags Entertainment (-68.2%), SPS Commerce (-51.6%), and Vaxcyte (-43.6%).

## Portfolio Performance
![Growth of 10K Chart](g31699g80x27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $24,890** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12128 | $11274 | $12131 |
| **12/2017** | $13907 | $13656 | $13908 |
| **12/2018** | $12382 | $12940 | $12376 |
| **12/2019** | $15554 | $16954 | $15535 |
| **12/2020** | $18606 | $20495 | $18636 |
| **12/2021** | $21308 | $25754 | $21397 |
| **12/2022** | $16997 | $20808 | $17024 |
| **12/2023** | $19853 | $26209 | $19906 |
| **12/2024** | $22094 | $32448 | $22203 |
| **12/2025** | $24890 | $38012 | $25047 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Russell 2000<sup>®</sup> Index Portfolio - Class A | 12.66% | 5.99% | 9.55% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $986759878 |
| # of Portfolio Investments | 1776 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $2380086 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.3 |
| Credo Technology Group Holding Ltd. | 0.7 |
| Bloom Energy Corp. | 0.6 |
| Fabrinet | 0.5 |
| IonQ, Inc. | 0.5 |
| EchoStar Corp. | 0.5 |
| Nextpower, Inc. | 0.4 |
| Kratos Defense & Security Solutions, Inc. | 0.4 |
| Guardant Health, Inc. | 0.4 |
| Hecla Mining Co. | 0.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g64s73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.6 |
| Utilities | 2.9 |
| Materials | 4.2 |
| Energy | 4.6 |
| Real Estate | 5.4 |
| Consumer Discretionary | 8.6 |
| Information Technology | 14.1 |
| Industrials | 16.6 |
| Financials | 17.0 |
| Health Care | 17.9 |

---

### Top 10 Countries
![Group By Country Chart](g31699g97x43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cameroon | 0.1 |
| Bermuda | 0.2 |
| Norway | 0.2 |
| Brazil | 0.2 |
| Puerto Rico | 0.3 |
| Switzerland | 0.3 |
| United Kingdom | 0.3 |
| Thailand | 0.6 |
| Canada | 1.2 |
| United States | 93.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Russell 2000<sup>®</sup> Index Portfolio: Class B
![Image](g31699g07y22.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the MetLife Russell 2000<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $58 | 0.55% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. Despite the strong end-of-year sentiment, equity markets experienced volatility and headwinds in 2025. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the Index were Telecommunications and Basic Materials, which returned +63.1% and +46.0%, respectively.

* The stocks with the largest positive impact were EchoStar (+374.7%), Bloom Energy (+291.2%), and Credo Technology Group (+114.1%). 

**Top Detractors:**

* The worst-performing sectors in the Index were Consumer Staples and Consumer Discretionary, which returned -4.2% and -2.7%, respectively.

* The stocks with the largest negative impact were Six Flags Entertainment (-68.2%), SPS Commerce (-51.6%), and Vaxcyte (-43.6%).

## Portfolio Performance
![Growth of 10K Chart](g31699g72n14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $24,266** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12096 | $11274 | $12131 |
| **12/2017** | $13837 | $13656 | $13908 |
| **12/2018** | $12290 | $12940 | $12376 |
| **12/2019** | $15400 | $16954 | $15535 |
| **12/2020** | $18379 | $20495 | $18636 |
| **12/2021** | $20994 | $25754 | $21397 |
| **12/2022** | $16704 | $20808 | $17024 |
| **12/2023** | $19461 | $26209 | $19906 |
| **12/2024** | $21601 | $32448 | $22203 |
| **12/2025** | $24266 | $38012 | $25047 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Russell 2000<sup>®</sup> Index Portfolio - Class B | 12.33% | 5.71% | 9.27% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $986759878 |
| # of Portfolio Investments | 1776 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $2380086 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.3 |
| Credo Technology Group Holding Ltd. | 0.7 |
| Bloom Energy Corp. | 0.6 |
| Fabrinet | 0.5 |
| IonQ, Inc. | 0.5 |
| EchoStar Corp. | 0.5 |
| Nextpower, Inc. | 0.4 |
| Kratos Defense & Security Solutions, Inc. | 0.4 |
| Guardant Health, Inc. | 0.4 |
| Hecla Mining Co. | 0.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g64s73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.6 |
| Utilities | 2.9 |
| Materials | 4.2 |
| Energy | 4.6 |
| Real Estate | 5.4 |
| Consumer Discretionary | 8.6 |
| Information Technology | 14.1 |
| Industrials | 16.6 |
| Financials | 17.0 |
| Health Care | 17.9 |

---

### Top 10 Countries
![Group By Country Chart](g31699g97x43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cameroon | 0.1 |
| Bermuda | 0.2 |
| Norway | 0.2 |
| Brazil | 0.2 |
| Puerto Rico | 0.3 |
| Switzerland | 0.3 |
| United Kingdom | 0.3 |
| Thailand | 0.6 |
| Canada | 1.2 |
| United States | 93.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Russell 2000<sup>®</sup> Index Portfolio: Class E
![Image](g31699g07y22.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the MetLife Russell 2000<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $48 | 0.45% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. Despite the strong end-of-year sentiment, equity markets experienced volatility and headwinds in 2025. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the Index were Telecommunications and Basic Materials, which returned +63.1% and +46.0%, respectively.

* The stocks with the largest positive impact were EchoStar (+374.7%), Bloom Energy (+291.2%), and Credo Technology Group (+114.1%). 

**Top Detractors:**

* The worst-performing sectors in the Index were Consumer Staples and Consumer Discretionary, which returned -4.2% and -2.7%, respectively.

* The stocks with the largest negative impact were Six Flags Entertainment (-68.2%), SPS Commerce (-51.6%), and Vaxcyte (-43.6%).

## Portfolio Performance
![Growth of 10K Chart](g31699g89z17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $24,502** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12109 | $11274 | $12131 |
| **12/2017** | $13864 | $13656 | $13908 |
| **12/2018** | $12328 | $12940 | $12376 |
| **12/2019** | $15460 | $16954 | $15535 |
| **12/2020** | $18466 | $20495 | $18636 |
| **12/2021** | $21109 | $25754 | $21397 |
| **12/2022** | $16818 | $20808 | $17024 |
| **12/2023** | $19617 | $26209 | $19906 |
| **12/2024** | $21782 | $32448 | $22203 |
| **12/2025** | $24502 | $38012 | $25047 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Russell 2000<sup>®</sup> Index Portfolio - Class E | 12.49% | 5.82% | 9.38% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $986759878 |
| # of Portfolio Investments | 1776 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $2380086 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.3 |
| Credo Technology Group Holding Ltd. | 0.7 |
| Bloom Energy Corp. | 0.6 |
| Fabrinet | 0.5 |
| IonQ, Inc. | 0.5 |
| EchoStar Corp. | 0.5 |
| Nextpower, Inc. | 0.4 |
| Kratos Defense & Security Solutions, Inc. | 0.4 |
| Guardant Health, Inc. | 0.4 |
| Hecla Mining Co. | 0.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g64s73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.6 |
| Utilities | 2.9 |
| Materials | 4.2 |
| Energy | 4.6 |
| Real Estate | 5.4 |
| Consumer Discretionary | 8.6 |
| Information Technology | 14.1 |
| Industrials | 16.6 |
| Financials | 17.0 |
| Health Care | 17.9 |

---

### Top 10 Countries
![Group By Country Chart](g31699g97x43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cameroon | 0.1 |
| Bermuda | 0.2 |
| Norway | 0.2 |
| Brazil | 0.2 |
| Puerto Rico | 0.3 |
| Switzerland | 0.3 |
| United Kingdom | 0.3 |
| Thailand | 0.6 |
| Canada | 1.2 |
| United States | 93.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Russell 2000<sup>®</sup> Index Portfolio: Class G
![Image](g31699g07y22.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the MetLife Russell 2000<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $64 | 0.60% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. Despite the strong end-of-year sentiment, equity markets experienced volatility and headwinds in 2025. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the Index were Telecommunications and Basic Materials, which returned +63.1% and +46.0%, respectively.

* The stocks with the largest positive impact were EchoStar (+374.7%), Bloom Energy (+291.2%), and Credo Technology Group (+114.1%). 

**Top Detractors:**

* The worst-performing sectors in the Index were Consumer Staples and Consumer Discretionary, which returned -4.2% and -2.7%, respectively.

* The stocks with the largest negative impact were Six Flags Entertainment (-68.2%), SPS Commerce (-51.6%), and Vaxcyte (-43.6%).

## Portfolio Performance
![Growth of 10K Chart](g31699g30o63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class G $24,150** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $12092 | $11274 | $12131 |
| **12/2017** | $13821 | $13656 | $13908 |
| **12/2018** | $12273 | $12940 | $12376 |
| **12/2019** | $15366 | $16954 | $15535 |
| **12/2020** | $18325 | $20495 | $18636 |
| **12/2021** | $20926 | $25754 | $21397 |
| **12/2022** | $16644 | $20808 | $17024 |
| **12/2023** | $19384 | $26209 | $19906 |
| **12/2024** | $21492 | $32448 | $22203 |
| **12/2025** | $24150 | $38012 | $25047 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Russell 2000<sup>®</sup> Index Portfolio - Class G | 12.37% | 5.68% | 9.22% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $986759878 |
| # of Portfolio Investments | 1776 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $2380086 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.3 |
| Credo Technology Group Holding Ltd. | 0.7 |
| Bloom Energy Corp. | 0.6 |
| Fabrinet | 0.5 |
| IonQ, Inc. | 0.5 |
| EchoStar Corp. | 0.5 |
| Nextpower, Inc. | 0.4 |
| Kratos Defense & Security Solutions, Inc. | 0.4 |
| Guardant Health, Inc. | 0.4 |
| Hecla Mining Co. | 0.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g64s73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.6 |
| Utilities | 2.9 |
| Materials | 4.2 |
| Energy | 4.6 |
| Real Estate | 5.4 |
| Consumer Discretionary | 8.6 |
| Information Technology | 14.1 |
| Industrials | 16.6 |
| Financials | 17.0 |
| Health Care | 17.9 |

---

### Top 10 Countries
![Group By Country Chart](g31699g97x43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cameroon | 0.1 |
| Bermuda | 0.2 |
| Norway | 0.2 |
| Brazil | 0.2 |
| Puerto Rico | 0.3 |
| Switzerland | 0.3 |
| United Kingdom | 0.3 |
| Thailand | 0.6 |
| Canada | 1.2 |
| United States | 93.8 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Stock Index Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $29 | 0.27% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the S&P 500 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. The rally was primarily driven by mega-cap technology stocks, especially within the "Magnificent 7" stocks, which contributed around 42.5% of the S&P 500 Index's gains despite comprising only ~33% of its weight. Additionally, international stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the S&P 500 Index were Communication Services and Information Technology, which returned +33.5% and +24.0%, respectively.

* The stocks with the largest positive impact to the S&P 500 Index return for the year were Alphabet (+66.0%), Broadcom (+50.6%), and NVIDIA (+38.9%). 

**Top Detractors:**

* The worst-performing sectors in the S&P 500 Index were Real Estate and Consumer Staples, which returned +3.2% and +3.9%, respectively.

* The stocks with the largest negative impact were Fiserv (-67.3%), UnitedHealth (-33.1%), and Salesforce (-20.2%). 

## Portfolio Performance
![Growth of 10K Chart](g31699g16q84.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $38,831** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $11167 | $11196 |
| **12/2017** | $13572 | $13640 |
| **12/2018** | $12948 | $13042 |
| **12/2019** | $16981 | $17149 |
| **12/2020** | $20055 | $20304 |
| **12/2021** | $25742 | $26132 |
| **12/2022** | $21032 | $21399 |
| **12/2023** | $26488 | $27025 |
| **12/2024** | $33023 | $33786 |
| **12/2025** | $38831 | $39827 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Stock Index Portfolio - Class A | 17.59% | 14.13% | 14.53% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9253969712 |
| # of Portfolio Investments | 552 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $21171568 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Apple, Inc. | 6.8 |
| Microsoft Corp. | 6.1 |
| Alphabet, Inc. | 5.5 |
| Amazon.com, Inc. | 3.8 |
| Broadcom, Inc. | 2.8 |
| Meta Platforms, Inc. | 2.4 |
| Tesla, Inc. | 2.1 |
| Berkshire Hathaway, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g55o17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8 |
| Utilities | 2.2 |
| Energy | 2.8 |
| Consumer Staples | 4.6 |
| Industrials | 8.0 |
| Health Care | 9.4 |
| Consumer Discretionary | 10.2 |
| Communication Services | 10.4 |
| Financials | 13.2 |
| Information Technology | 33.9 |

---

### Top Countries
![Group By Country Chart](g31699g67h93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.1 |
| Switzerland | 0.1 |
| United States | 99.1 |

---

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

* On November 24, 2025, the Portfolio updated its principal investment strategies and diversification policy to reflect that the Portfolio intends to be diversified in approximately the same proportion as the Portfolio's underlying index. The Portfolio also added Non-Diversification Risk as a principal risk of the Portfolio. 

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Stock Index Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $56 | 0.52% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the S&P 500 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. The rally was primarily driven by mega-cap technology stocks, especially within the "Magnificent 7" stocks, which contributed around 42.5% of the S&P 500 Index's gains despite comprising only ~33% of its weight. Additionally, international stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the S&P 500 Index were Communication Services and Information Technology, which returned +33.5% and +24.0%, respectively.

* The stocks with the largest positive impact to the S&P 500 Index return for the year were Alphabet (+66.0%), Broadcom (+50.6%), and NVIDIA (+38.9%). 

**Top Detractors:**

* The worst-performing sectors in the S&P 500 Index were Real Estate and Consumer Staples, which returned +3.2% and +3.9%, respectively.

* The stocks with the largest negative impact were Fiserv (-67.3%), UnitedHealth (-33.1%), and Salesforce (-20.2%). 

## Portfolio Performance
![Growth of 10K Chart](g31699g51n67.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $37,867** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $11138 | $11196 |
| **12/2017** | $13503 | $13640 |
| **12/2018** | $12851 | $13042 |
| **12/2019** | $16809 | $17149 |
| **12/2020** | $19805 | $20304 |
| **12/2021** | $25358 | $26132 |
| **12/2022** | $20665 | $21399 |
| **12/2023** | $25961 | $27025 |
| **12/2024** | $32287 | $33786 |
| **12/2025** | $37867 | $39827 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Stock Index Portfolio - Class B | 17.28% | 13.84% | 14.24% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9253969712 |
| # of Portfolio Investments | 552 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $21171568 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Apple, Inc. | 6.8 |
| Microsoft Corp. | 6.1 |
| Alphabet, Inc. | 5.5 |
| Amazon.com, Inc. | 3.8 |
| Broadcom, Inc. | 2.8 |
| Meta Platforms, Inc. | 2.4 |
| Tesla, Inc. | 2.1 |
| Berkshire Hathaway, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g55o17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8 |
| Utilities | 2.2 |
| Energy | 2.8 |
| Consumer Staples | 4.6 |
| Industrials | 8.0 |
| Health Care | 9.4 |
| Consumer Discretionary | 10.2 |
| Communication Services | 10.4 |
| Financials | 13.2 |
| Information Technology | 33.9 |

---

### Top Countries
![Group By Country Chart](g31699g67h93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.1 |
| Switzerland | 0.1 |
| United States | 99.1 |

---

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

* On November 24, 2025, the Portfolio updated its principal investment strategies and diversification policy to reflect that the Portfolio intends to be diversified in approximately the same proportion as the Portfolio's underlying index. The Portfolio also added Non-Diversification Risk as a principal risk of the Portfolio. 

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Stock Index Portfolio: Class D
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class D | $40 | 0.37% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the S&P 500 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. The rally was primarily driven by mega-cap technology stocks, especially within the "Magnificent 7" stocks, which contributed around 42.5% of the S&P 500 Index's gains despite comprising only ~33% of its weight. Additionally, international stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the S&P 500 Index were Communication Services and Information Technology, which returned +33.5% and +24.0%, respectively.

* The stocks with the largest positive impact to the S&P 500 Index return for the year were Alphabet (+66.0%), Broadcom (+50.6%), and NVIDIA (+38.9%). 

**Top Detractors:**

* The worst-performing sectors in the S&P 500 Index were Real Estate and Consumer Staples, which returned +3.2% and +3.9%, respectively.

* The stocks with the largest negative impact were Fiserv (-67.3%), UnitedHealth (-33.1%), and Salesforce (-20.2%). 

## Portfolio Performance
![Growth of 10K Chart](g31699g93y76.jpg)

---

| | | |
|:---|:---|:---|
| | **Class D $38,439** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $11154 | $11196 |
| **12/2017** | $13542 | $13640 |
| **12/2018** | $12907 | $13042 |
| **12/2019** | $16912 | $17149 |
| **12/2020** | $19953 | $20304 |
| **12/2021** | $25586 | $26132 |
| **12/2022** | $20883 | $21399 |
| **12/2023** | $26270 | $27025 |
| **12/2024** | $32725 | $33786 |
| **12/2025** | $38439 | $39827 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Stock Index Portfolio - Class D | 17.46% | 14.01% | 14.41% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9253969712 |
| # of Portfolio Investments | 552 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $21171568 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Apple, Inc. | 6.8 |
| Microsoft Corp. | 6.1 |
| Alphabet, Inc. | 5.5 |
| Amazon.com, Inc. | 3.8 |
| Broadcom, Inc. | 2.8 |
| Meta Platforms, Inc. | 2.4 |
| Tesla, Inc. | 2.1 |
| Berkshire Hathaway, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g55o17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8 |
| Utilities | 2.2 |
| Energy | 2.8 |
| Consumer Staples | 4.6 |
| Industrials | 8.0 |
| Health Care | 9.4 |
| Consumer Discretionary | 10.2 |
| Communication Services | 10.4 |
| Financials | 13.2 |
| Information Technology | 33.9 |

---

### Top Countries
![Group By Country Chart](g31699g67h93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.1 |
| Switzerland | 0.1 |
| United States | 99.1 |

---

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

* On November 24, 2025, the Portfolio updated its principal investment strategies and diversification policy to reflect that the Portfolio intends to be diversified in approximately the same proportion as the Portfolio's underlying index. The Portfolio also added Non-Diversification Risk as a principal risk of the Portfolio. 

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Stock Index Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $46 | 0.42% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the S&P 500 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. The rally was primarily driven by mega-cap technology stocks, especially within the "Magnificent 7" stocks, which contributed around 42.5% of the S&P 500 Index's gains despite comprising only ~33% of its weight. Additionally, international stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the S&P 500 Index were Communication Services and Information Technology, which returned +33.5% and +24.0%, respectively.

* The stocks with the largest positive impact to the S&P 500 Index return for the year were Alphabet (+66.0%), Broadcom (+50.6%), and NVIDIA (+38.9%). 

**Top Detractors:**

* The worst-performing sectors in the S&P 500 Index were Real Estate and Consumer Staples, which returned +3.2% and +3.9%, respectively.

* The stocks with the largest negative impact were Fiserv (-67.3%), UnitedHealth (-33.1%), and Salesforce (-20.2%). 

## Portfolio Performance
![Growth of 10K Chart](g31699g16s41.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $38,251** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $11150 | $11196 |
| **12/2017** | $13531 | $13640 |
| **12/2018** | $12892 | $13042 |
| **12/2019** | $16879 | $17149 |
| **12/2020** | $19906 | $20304 |
| **12/2021** | $25514 | $26132 |
| **12/2022** | $20812 | $21399 |
| **12/2023** | $26169 | $27025 |
| **12/2024** | $32579 | $33786 |
| **12/2025** | $38251 | $39827 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Stock Index Portfolio - Class E | 17.41% | 13.95% | 14.36% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9253969712 |
| # of Portfolio Investments | 552 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $21171568 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Apple, Inc. | 6.8 |
| Microsoft Corp. | 6.1 |
| Alphabet, Inc. | 5.5 |
| Amazon.com, Inc. | 3.8 |
| Broadcom, Inc. | 2.8 |
| Meta Platforms, Inc. | 2.4 |
| Tesla, Inc. | 2.1 |
| Berkshire Hathaway, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g55o17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8 |
| Utilities | 2.2 |
| Energy | 2.8 |
| Consumer Staples | 4.6 |
| Industrials | 8.0 |
| Health Care | 9.4 |
| Consumer Discretionary | 10.2 |
| Communication Services | 10.4 |
| Financials | 13.2 |
| Information Technology | 33.9 |

---

### Top Countries
![Group By Country Chart](g31699g67h93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.1 |
| Switzerland | 0.1 |
| United States | 99.1 |

---

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

* On November 24, 2025, the Portfolio updated its principal investment strategies and diversification policy to reflect that the Portfolio intends to be diversified in approximately the same proportion as the Portfolio's underlying index. The Portfolio also added Non-Diversification Risk as a principal risk of the Portfolio. 

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MetLife Stock Index Portfolio: Class G
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $62 | 0.57% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the S&P 500 Index over the 12-month period ending December 31, 2025. In 2025, equity markets rallied to new all-time highs driven by robust earnings growth, fueled in part by surging artificial intelligence and cloud-related investments, supportive macroeconomic conditions, including three U.S. Federal Reserve interest rate cuts, and renewed fiscal momentum through business-friendly legislation. The rally was primarily driven by mega-cap technology stocks, especially within the "Magnificent 7" stocks, which contributed around 42.5% of the S&P 500 Index's gains despite comprising only ~33% of its weight. Additionally, international stocks outperformed their U.S. counterparts, buoyed by a softer dollar and relative valuation appeal. Despite the strong end-of-year sentiment, volatility and headwinds made for a bumpy ride. The spring sell-off was triggered by uncertainty over reciprocal tariffs, geopolitical flare-ups, and sticky inflation. Geopolitical tensions, emerging-market slowdowns, and recurring trade-policy noise further disrupted sentiment mid-year. Other factors that weighed on the equity markets included concerns over the federal government shutdown, the deficit, and the wars in Ukraine and the Middle East.

**Top Contributors:**

* The best-performing sectors in the S&P 500 Index were Communication Services and Information Technology, which returned +33.5% and +24.0%, respectively.

* The stocks with the largest positive impact to the S&P 500 Index return for the year were Alphabet (+66.0%), Broadcom (+50.6%), and NVIDIA (+38.9%). 

**Top Detractors:**

* The worst-performing sectors in the S&P 500 Index were Real Estate and Consumer Staples, which returned +3.2% and +3.9%, respectively.

* The stocks with the largest negative impact were Fiserv (-67.3%), UnitedHealth (-33.1%), and Salesforce (-20.2%). 

## Portfolio Performance
![Growth of 10K Chart](g31699g65r47.jpg)

---

| | | |
|:---|:---|:---|
| | **Class G $37,677** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $11132 | $11196 |
| **12/2017** | $13490 | $13640 |
| **12/2018** | $12830 | $13042 |
| **12/2019** | $16777 | $17149 |
| **12/2020** | $19753 | $20304 |
| **12/2021** | $25283 | $26132 |
| **12/2022** | $20594 | $21399 |
| **12/2023** | $25856 | $27025 |
| **12/2024** | $32143 | $33786 |
| **12/2025** | $37677 | $39827 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MetLife Stock Index Portfolio - Class G | 17.22% | 13.79% | 14.18% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9253969712 |
| # of Portfolio Investments | 552 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $21171568 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Apple, Inc. | 6.8 |
| Microsoft Corp. | 6.1 |
| Alphabet, Inc. | 5.5 |
| Amazon.com, Inc. | 3.8 |
| Broadcom, Inc. | 2.8 |
| Meta Platforms, Inc. | 2.4 |
| Tesla, Inc. | 2.1 |
| Berkshire Hathaway, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g55o17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8 |
| Utilities | 2.2 |
| Energy | 2.8 |
| Consumer Staples | 4.6 |
| Industrials | 8.0 |
| Health Care | 9.4 |
| Consumer Discretionary | 10.2 |
| Communication Services | 10.4 |
| Financials | 13.2 |
| Information Technology | 33.9 |

---

### Top Countries
![Group By Country Chart](g31699g67h93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.1 |
| Switzerland | 0.1 |
| United States | 99.1 |

---

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

* On November 24, 2025, the Portfolio updated its principal investment strategies and diversification policy to reflect that the Portfolio intends to be diversified in approximately the same proportion as the Portfolio's underlying index. The Portfolio also added Non-Diversification Risk as a principal risk of the Portfolio. 

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MFS<sup>®</sup> Total Return Portfolio: Class A
![Image](g31699g88e78.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $65 | 0.62% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the blended benchmarks, the Standard & Poor's 500 Stock Index ("S&P 500 Index") and the Bloomberg U.S. Aggregate Bond Index ("Bloomberg Index"), respectively. Within the equity portion of the Portfolio, sector and security selection detracted from returns relative to the S&P 500 Index. Within the fixed income portion of the Portfolio, sector and issue selection had a positive impact on performance relative to the Bloomberg Index.

**Top Contributors:**

* Within the equity portion of the Portfolio, stock selection within the Financials sector contributed to relative returns. An underweight position and stock selection within the Consumer Discretionary sector also contributed to relative performance. 

* Individual equity holdings: not owning Apple and overweight positions in Goldman Sachs and Johnson Controls. 

* Within the fixed income portion of the Portfolio, security selection within the Asset-Backed Securities sector lifted relative results. The Portfolio's underweight allocation to the U.S. Treasury sector and overweight exposure to the Developed Corporate Bonds sector bolstered relative performance. 

**Top Detractors:**

* Within the equity portion of the Portfolio, a combination of stock selection and an underweight position in both the Information Technology and Communication Services sectors detracted from relative returns. Stock selection and an overweight position in the Consumer Staples sector further weakened relative performance. 

* Individual equity holdings: underweighting Alphabet, not owning Nvidia and overweight Fiserv. 

* Within the fixed income portion of the Portfolio, issue selection in Agency Mortgages weakened relative results. 

## Portfolio Performance
![Growth of 10K Chart](g31699g11r49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $20,906** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10920 | $10265 | $11196 |
| **12/2017** | $12279 | $10628 | $13640 |
| **12/2018** | $11595 | $10630 | $13042 |
| **12/2019** | $13956 | $11556 | $17149 |
| **12/2020** | $15319 | $12424 | $20304 |
| **12/2021** | $17497 | $12232 | $26132 |
| **12/2022** | $15811 | $10641 | $21399 |
| **12/2023** | $17456 | $11229 | $27025 |
| **12/2024** | $18814 | $11369 | $33786 |
| **12/2025** | $20906 | $12199 | $39827 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Total Return Portfolio - Class A | 11.11% | 6.42% | 7.65% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $581087407 |
| # of Portfolio Investments | 830 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $3213504 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Charles Schwab Corp. | 2.7 |
| Becton Dickinson & Co. | 2.2 |
| Johnson & Johnson | 1.9 |
| Medtronic PLC | 1.9 |
| Bank of America Corp. | 1.9 |
| Pfizer, Inc. | 1.7 |
| Omnicom Group, Inc. | 1.6 |
| Microsoft Corp. | 1.6 |
| Kenvue, Inc. | 1.5 |
| Cigna Group | 1.4 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 4.7 |
| U.S. Treasury Notes | 4.4 |
| Federal National Mortgage Association | 4.3 |
| Government National Mortgage Association | 2.5 |
| Federal Home Loan Mortgage Corp. | 2.4 |
| LoanCore Issuer Ltd. | 0.8 |
| OCP CLO Ltd. | 0.7 |
| Uniform Mortgage-Backed Security, TBA | 0.5 |
| JPMorgan Chase & Co. | 0.5 |
| Anglo American Capital PLC | 0.3 |

---

### Top 10 Countries
![Group By Country Chart](g31699g51p78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.4 |
| Australia | 0.4 |
| Ireland | 0.5 |
| Japan | 0.6 |
| Germany | 0.8 |
| Netherlands | 0.8 |
| Canada | 1.4 |
| United Kingdom | 2.0 |
| Cayman Islands | 3.1 |
| United States | 87.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g57n48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.3 |
| Municipals | 0.5 |
| Preferred Stocks | 1 |
| Short-Term Investments | 1.2 |
| Non-Agency Mortgage-Backed Securities | 2.7 |
| Asset-Backed Securities | 4.1 |
| U.S. Treasury & Government Agencies | 9 |
| Agency Sponsored Mortgage-Backed Securities | 10 |
| Corporate Bonds & Notes | 12.8 |
| Common Stocks | 58.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MFS<sup>®</sup> Total Return Portfolio: Class B
![Image](g31699g88e78.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $92 | 0.87% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the blended benchmarks, the Standard & Poor's 500 Stock Index ("S&P 500 Index") and the Bloomberg U.S. Aggregate Bond Index ("Bloomberg Index"), respectively. Within the equity portion of the Portfolio, sector and security selection detracted from returns relative to the S&P 500 Index. Within the fixed income portion of the Portfolio, sector and issue selection had a positive impact on performance relative to the Bloomberg Index.

**Top Contributors:**

* Within the equity portion of the Portfolio, stock selection within the Financials sector contributed to relative returns. An underweight position and stock selection within the Consumer Discretionary sector also contributed to relative performance. 

* Individual equity holdings: not owning Apple and overweight positions in Goldman Sachs and Johnson Controls. 

* Within the fixed income portion of the Portfolio, security selection within the Asset-Backed Securities sector lifted relative results. The Portfolio's underweight allocation to the U.S. Treasury sector and overweight exposure to the Developed Corporate Bonds sector bolstered relative performance. 

**Top Detractors:**

* Within the equity portion of the Portfolio, a combination of stock selection and an underweight position in both the Information Technology and Communication Services sectors detracted from relative returns. Stock selection and an overweight position in the Consumer Staples sector further weakened relative performance. 

* Individual equity holdings: underweighting Alphabet, not owning Nvidia and overweight Fiserv. 

* Within the fixed income portion of the Portfolio, issue selection in Agency Mortgages weakened relative results. 

## Portfolio Performance
![Growth of 10K Chart](g31699g92y17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $20,388** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10892 | $10265 | $11196 |
| **12/2017** | $12218 | $10628 | $13640 |
| **12/2018** | $11508 | $10630 | $13042 |
| **12/2019** | $13817 | $11556 | $17149 |
| **12/2020** | $15128 | $12424 | $20304 |
| **12/2021** | $17236 | $12232 | $26132 |
| **12/2022** | $15535 | $10641 | $21399 |
| **12/2023** | $17109 | $11229 | $27025 |
| **12/2024** | $18396 | $11369 | $33786 |
| **12/2025** | $20388 | $12199 | $39827 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Total Return Portfolio - Class B | 10.83% | 6.15% | 7.38% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $581087407 |
| # of Portfolio Investments | 830 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $3213504 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Charles Schwab Corp. | 2.7 |
| Becton Dickinson & Co. | 2.2 |
| Johnson & Johnson | 1.9 |
| Medtronic PLC | 1.9 |
| Bank of America Corp. | 1.9 |
| Pfizer, Inc. | 1.7 |
| Omnicom Group, Inc. | 1.6 |
| Microsoft Corp. | 1.6 |
| Kenvue, Inc. | 1.5 |
| Cigna Group | 1.4 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 4.7 |
| U.S. Treasury Notes | 4.4 |
| Federal National Mortgage Association | 4.3 |
| Government National Mortgage Association | 2.5 |
| Federal Home Loan Mortgage Corp. | 2.4 |
| LoanCore Issuer Ltd. | 0.8 |
| OCP CLO Ltd. | 0.7 |
| Uniform Mortgage-Backed Security, TBA | 0.5 |
| JPMorgan Chase & Co. | 0.5 |
| Anglo American Capital PLC | 0.3 |

---

### Top 10 Countries
![Group By Country Chart](g31699g51p78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.4 |
| Australia | 0.4 |
| Ireland | 0.5 |
| Japan | 0.6 |
| Germany | 0.8 |
| Netherlands | 0.8 |
| Canada | 1.4 |
| United Kingdom | 2.0 |
| Cayman Islands | 3.1 |
| United States | 87.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g57n48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.3 |
| Municipals | 0.5 |
| Preferred Stocks | 1 |
| Short-Term Investments | 1.2 |
| Non-Agency Mortgage-Backed Securities | 2.7 |
| Asset-Backed Securities | 4.1 |
| U.S. Treasury & Government Agencies | 9 |
| Agency Sponsored Mortgage-Backed Securities | 10 |
| Corporate Bonds & Notes | 12.8 |
| Common Stocks | 58.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MFS<sup>®</sup> Total Return Portfolio: Class E
![Image](g31699g88e78.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $81 | 0.77% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the blended benchmarks, the Standard & Poor's 500 Stock Index ("S&P 500 Index") and the Bloomberg U.S. Aggregate Bond Index ("Bloomberg Index"), respectively. Within the equity portion of the Portfolio, sector and security selection detracted from returns relative to the S&P 500 Index. Within the fixed income portion of the Portfolio, sector and issue selection had a positive impact on performance relative to the Bloomberg Index.

**Top Contributors:**

* Within the equity portion of the Portfolio, stock selection within the Financials sector contributed to relative returns. An underweight position and stock selection within the Consumer Discretionary sector also contributed to relative performance. 

* Individual equity holdings: not owning Apple and overweight positions in Goldman Sachs and Johnson Controls. 

* Within the fixed income portion of the Portfolio, security selection within the Asset-Backed Securities sector lifted relative results. The Portfolio's underweight allocation to the U.S. Treasury sector and overweight exposure to the Developed Corporate Bonds sector bolstered relative performance. 

**Top Detractors:**

* Within the equity portion of the Portfolio, a combination of stock selection and an underweight position in both the Information Technology and Communication Services sectors detracted from relative returns. Stock selection and an overweight position in the Consumer Staples sector further weakened relative performance. 

* Individual equity holdings: underweighting Alphabet, not owning Nvidia and overweight Fiserv. 

* Within the fixed income portion of the Portfolio, issue selection in Agency Mortgages weakened relative results. 

## Portfolio Performance
![Growth of 10K Chart](g31699g00w15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $20,593** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10903 | $10265 | $11196 |
| **12/2017** | $12242 | $10628 | $13640 |
| **12/2018** | $11543 | $10630 | $13042 |
| **12/2019** | $13873 | $11556 | $17149 |
| **12/2020** | $15204 | $12424 | $20304 |
| **12/2021** | $17340 | $12232 | $26132 |
| **12/2022** | $15645 | $10641 | $21399 |
| **12/2023** | $17247 | $11229 | $27025 |
| **12/2024** | $18562 | $11369 | $33786 |
| **12/2025** | $20593 | $12199 | $39827 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Total Return Portfolio - Class E | 10.94% | 6.26% | 7.49% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $581087407 |
| # of Portfolio Investments | 830 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $3213504 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Charles Schwab Corp. | 2.7 |
| Becton Dickinson & Co. | 2.2 |
| Johnson & Johnson | 1.9 |
| Medtronic PLC | 1.9 |
| Bank of America Corp. | 1.9 |
| Pfizer, Inc. | 1.7 |
| Omnicom Group, Inc. | 1.6 |
| Microsoft Corp. | 1.6 |
| Kenvue, Inc. | 1.5 |
| Cigna Group | 1.4 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 4.7 |
| U.S. Treasury Notes | 4.4 |
| Federal National Mortgage Association | 4.3 |
| Government National Mortgage Association | 2.5 |
| Federal Home Loan Mortgage Corp. | 2.4 |
| LoanCore Issuer Ltd. | 0.8 |
| OCP CLO Ltd. | 0.7 |
| Uniform Mortgage-Backed Security, TBA | 0.5 |
| JPMorgan Chase & Co. | 0.5 |
| Anglo American Capital PLC | 0.3 |

---

### Top 10 Countries
![Group By Country Chart](g31699g51p78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.4 |
| Australia | 0.4 |
| Ireland | 0.5 |
| Japan | 0.6 |
| Germany | 0.8 |
| Netherlands | 0.8 |
| Canada | 1.4 |
| United Kingdom | 2.0 |
| Cayman Islands | 3.1 |
| United States | 87.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g57n48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.3 |
| Municipals | 0.5 |
| Preferred Stocks | 1 |
| Short-Term Investments | 1.2 |
| Non-Agency Mortgage-Backed Securities | 2.7 |
| Asset-Backed Securities | 4.1 |
| U.S. Treasury & Government Agencies | 9 |
| Agency Sponsored Mortgage-Backed Securities | 10 |
| Corporate Bonds & Notes | 12.8 |
| Common Stocks | 58.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MFS<sup>®</sup> Total Return Portfolio: Class F
![Image](g31699g88e78.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $86 | 0.82% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the blended benchmarks, the Standard & Poor's 500 Stock Index ("S&P 500 Index") and the Bloomberg U.S. Aggregate Bond Index ("Bloomberg Index"), respectively. Within the equity portion of the Portfolio, sector and security selection detracted from returns relative to the S&P 500 Index. Within the fixed income portion of the Portfolio, sector and issue selection had a positive impact on performance relative to the Bloomberg Index.

**Top Contributors:**

* Within the equity portion of the Portfolio, stock selection within the Financials sector contributed to relative returns. An underweight position and stock selection within the Consumer Discretionary sector also contributed to relative performance. 

* Individual equity holdings: not owning Apple and overweight positions in Goldman Sachs and Johnson Controls. 

* Within the fixed income portion of the Portfolio, security selection within the Asset-Backed Securities sector lifted relative results. The Portfolio's underweight allocation to the U.S. Treasury sector and overweight exposure to the Developed Corporate Bonds sector bolstered relative performance. 

**Top Detractors:**

* Within the equity portion of the Portfolio, a combination of stock selection and an underweight position in both the Information Technology and Communication Services sectors detracted from relative returns. Stock selection and an overweight position in the Consumer Staples sector further weakened relative performance. 

* Individual equity holdings: underweighting Alphabet, not owning Nvidia and overweight Fiserv. 

* Within the fixed income portion of the Portfolio, issue selection in Agency Mortgages weakened relative results. 

## Portfolio Performance
![Growth of 10K Chart](g31699g81e95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F $20,490** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **S&P 500 Index $39,827** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10897 | $10265 | $11196 |
| **12/2017** | $12230 | $10628 | $13640 |
| **12/2018** | $11525 | $10630 | $13042 |
| **12/2019** | $13845 | $11556 | $17149 |
| **12/2020** | $15166 | $12424 | $20304 |
| **12/2021** | $17288 | $12232 | $26132 |
| **12/2022** | $15590 | $10641 | $21399 |
| **12/2023** | $17178 | $11229 | $27025 |
| **12/2024** | $18478 | $11369 | $33786 |
| **12/2025** | $20490 | $12199 | $39827 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Total Return Portfolio - Class F | 10.89% | 6.20% | 7.44% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $581087407 |
| # of Portfolio Investments | 830 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $3213504 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Charles Schwab Corp. | 2.7 |
| Becton Dickinson & Co. | 2.2 |
| Johnson & Johnson | 1.9 |
| Medtronic PLC | 1.9 |
| Bank of America Corp. | 1.9 |
| Pfizer, Inc. | 1.7 |
| Omnicom Group, Inc. | 1.6 |
| Microsoft Corp. | 1.6 |
| Kenvue, Inc. | 1.5 |
| Cigna Group | 1.4 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 4.7 |
| U.S. Treasury Notes | 4.4 |
| Federal National Mortgage Association | 4.3 |
| Government National Mortgage Association | 2.5 |
| Federal Home Loan Mortgage Corp. | 2.4 |
| LoanCore Issuer Ltd. | 0.8 |
| OCP CLO Ltd. | 0.7 |
| Uniform Mortgage-Backed Security, TBA | 0.5 |
| JPMorgan Chase & Co. | 0.5 |
| Anglo American Capital PLC | 0.3 |

---

### Top 10 Countries
![Group By Country Chart](g31699g51p78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.4 |
| Australia | 0.4 |
| Ireland | 0.5 |
| Japan | 0.6 |
| Germany | 0.8 |
| Netherlands | 0.8 |
| Canada | 1.4 |
| United Kingdom | 2.0 |
| Cayman Islands | 3.1 |
| United States | 87.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g57n48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.3 |
| Municipals | 0.5 |
| Preferred Stocks | 1 |
| Short-Term Investments | 1.2 |
| Non-Agency Mortgage-Backed Securities | 2.7 |
| Asset-Backed Securities | 4.1 |
| U.S. Treasury & Government Agencies | 9 |
| Agency Sponsored Mortgage-Backed Securities | 10 |
| Corporate Bonds & Notes | 12.8 |
| Common Stocks | 58.7 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MFS<sup>®</sup> Value Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $62 | 0.58% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the Russell 1000<sup>®</sup> Value Index. U.S. equity markets, represented by the S&P 500 Index finished up nearly 18%, marking the third consecutive year of 15%+ gains, something last seen in the late 1990s. Performance remained unusually concentrated, with aritificial intelligence-linked mega caps contributing a disproportionate share of the index returns. Within the market, high beta, more speculative stocks substantially outperformed, while higher quality and value factors lagged, creating a challenging backdrop for disciplined, value-focused, quality-oriented portfolios. Investors were paid for owning the most volatile, market-sensitive stocks, while more defensive and fundamentally resilient businesses underperformed. Notably, for the third straight year, growth once again outperformed value, though the gap was smaller than in previous years. 2025 was a year that didn't proceed in a straight line. The major themes driving markets throughout the year were the artificial intelligence investment boom, U.S. Federal Reserve policy shifts, evolving trade/tariff policies and geopolitical uncertainty. Considerable progress was made in trade talks between the U.S. and many major trading partners, with a fragile truce between the U.S. and China extended through late 2026. U.S. tariffs remained high on goods from countries such as India and Brazil.

**Top Contributors:**

* Security selection within the Health Care sector contributed to relative returns. 

* Both stock selection and an underweight to the Real Estate sector aided relative results. 

* Individual holdings: Not owning poor-performing UnitedHealth Group, holding KLA, and an overweight position in McKesson contributed to relative returns.

**Top Detractors:**

* A combination of security selection and, to a lesser extent, an underweight to the Information Technology sector detracted from relative returns. 

* Underweighting the Communication Services sector further weakened relative results. 

* Stock selection within both the Utilities and Consumer Staples sectors also hurt relative performance. 

## Portfolio Performance
![Growth of 10K Chart](g31699g98a35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $26,585** | **Russell 3000 Index $38,012** | **Russell 1000 Value Index $27,213** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11439 | $11274 | $11734 |
| **12/2017** | $13498 | $13656 | $13337 |
| **12/2018** | $12141 | $12940 | $12235 |
| **12/2019** | $15800 | $16954 | $15482 |
| **12/2020** | $16425 | $20495 | $15915 |
| **12/2021** | $20621 | $25754 | $19919 |
| **12/2022** | $19388 | $20808 | $18418 |
| **12/2023** | $20968 | $26209 | $20529 |
| **12/2024** | $23466 | $32448 | $23478 |
| **12/2025** | $26585 | $38012 | $27213 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Value Portfolio - Class A | 13.29% | 10.11% | 10.27% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2608311450 |
| # of Portfolio Investments | 90 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $14574354 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.8 |
| Progressive Corp. | 3.4 |
| McKesson Corp. | 3.0 |
| Cigna Group | 2.9 |
| RTX Corp. | 2.7 |
| Johnson & Johnson | 2.6 |
| Boeing Co. | 2.5 |
| Morgan Stanley | 2.4 |
| American Express Co. | 2.3 |
| Analog Devices, Inc. | 2.2 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g51k48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.3 |
| Real Estate | 2.1 |
| Consumer Discretionary | 3.4 |
| Consumer Staples | 4.9 |
| Energy | 5.8 |
| Information Technology | 8.5 |
| Utilities | 8.7 |
| Health Care | 14.8 |
| Industrials | 17.7 |
| Financials | 31.9 |

---

### Top Countries
![Group By Country Chart](g31699g80w81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.3 |
| United Kingdom | 1.4 |
| Netherlands | 1.5 |
| United States | 95.9 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MFS<sup>®</sup> Value Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $88 | 0.83% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the Russell 1000<sup>®</sup> Value Index. U.S. equity markets, represented by the S&P 500 Index finished up nearly 18%, marking the third consecutive year of 15%+ gains, something last seen in the late 1990s. Performance remained unusually concentrated, with aritificial intelligence-linked mega caps contributing a disproportionate share of the index returns. Within the market, high beta, more speculative stocks substantially outperformed, while higher quality and value factors lagged, creating a challenging backdrop for disciplined, value-focused, quality-oriented portfolios. Investors were paid for owning the most volatile, market-sensitive stocks, while more defensive and fundamentally resilient businesses underperformed. Notably, for the third straight year, growth once again outperformed value, though the gap was smaller than in previous years. 2025 was a year that didn't proceed in a straight line. The major themes driving markets throughout the year were the artificial intelligence investment boom, U.S. Federal Reserve policy shifts, evolving trade/tariff policies and geopolitical uncertainty. Considerable progress was made in trade talks between the U.S. and many major trading partners, with a fragile truce between the U.S. and China extended through late 2026. U.S. tariffs remained high on goods from countries such as India and Brazil.

**Top Contributors:**

* Security selection within the Health Care sector contributed to relative returns. 

* Both stock selection and an underweight to the Real Estate sector aided relative results. 

* Individual holdings: Not owning poor-performing UnitedHealth Group, holding KLA, and an overweight position in McKesson contributed to relative returns.

**Top Detractors:**

* A combination of security selection and, to a lesser extent, an underweight to the Information Technology sector detracted from relative returns. 

* Underweighting the Communication Services sector further weakened relative results. 

* Stock selection within both the Utilities and Consumer Staples sectors also hurt relative performance. 

## Portfolio Performance
![Growth of 10K Chart](g31699g46m67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $25,915** | **Russell 3000 Index $38,012** | **Russell 1000 Value Index $27,213** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11410 | $11274 | $11734 |
| **12/2017** | $13415 | $13656 | $13337 |
| **12/2018** | $12042 | $12940 | $12235 |
| **12/2019** | $15635 | $16954 | $15482 |
| **12/2020** | $16207 | $20495 | $15915 |
| **12/2021** | $20307 | $25754 | $19919 |
| **12/2022** | $19044 | $20808 | $18418 |
| **12/2023** | $20540 | $26209 | $20529 |
| **12/2024** | $22934 | $32448 | $23478 |
| **12/2025** | $25915 | $38012 | $27213 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Value Portfolio - Class B | 13.00% | 9.84% | 9.99% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2608311450 |
| # of Portfolio Investments | 90 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $14574354 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.8 |
| Progressive Corp. | 3.4 |
| McKesson Corp. | 3.0 |
| Cigna Group | 2.9 |
| RTX Corp. | 2.7 |
| Johnson & Johnson | 2.6 |
| Boeing Co. | 2.5 |
| Morgan Stanley | 2.4 |
| American Express Co. | 2.3 |
| Analog Devices, Inc. | 2.2 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g51k48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.3 |
| Real Estate | 2.1 |
| Consumer Discretionary | 3.4 |
| Consumer Staples | 4.9 |
| Energy | 5.8 |
| Information Technology | 8.5 |
| Utilities | 8.7 |
| Health Care | 14.8 |
| Industrials | 17.7 |
| Financials | 31.9 |

---

### Top Countries
![Group By Country Chart](g31699g80w81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.3 |
| United Kingdom | 1.4 |
| Netherlands | 1.5 |
| United States | 95.9 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MFS<sup>®</sup> Value Portfolio: Class D
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class D | $72 | 0.68% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the Russell 1000<sup>®</sup> Value Index. U.S. equity markets, represented by the S&P 500 Index finished up nearly 18%, marking the third consecutive year of 15%+ gains, something last seen in the late 1990s. Performance remained unusually concentrated, with aritificial intelligence-linked mega caps contributing a disproportionate share of the index returns. Within the market, high beta, more speculative stocks substantially outperformed, while higher quality and value factors lagged, creating a challenging backdrop for disciplined, value-focused, quality-oriented portfolios. Investors were paid for owning the most volatile, market-sensitive stocks, while more defensive and fundamentally resilient businesses underperformed. Notably, for the third straight year, growth once again outperformed value, though the gap was smaller than in previous years. 2025 was a year that didn't proceed in a straight line. The major themes driving markets throughout the year were the artificial intelligence investment boom, U.S. Federal Reserve policy shifts, evolving trade/tariff policies and geopolitical uncertainty. Considerable progress was made in trade talks between the U.S. and many major trading partners, with a fragile truce between the U.S. and China extended through late 2026. U.S. tariffs remained high on goods from countries such as India and Brazil.

**Top Contributors:**

* Security selection within the Health Care sector contributed to relative returns. 

* Both stock selection and an underweight to the Real Estate sector aided relative results. 

* Individual holdings: Not owning poor-performing UnitedHealth Group, holding KLA, and an overweight position in McKesson contributed to relative returns.

**Top Detractors:**

* A combination of security selection and, to a lesser extent, an underweight to the Information Technology sector detracted from relative returns. 

* Underweighting the Communication Services sector further weakened relative results. 

* Stock selection within both the Utilities and Consumer Staples sectors also hurt relative performance. 

## Portfolio Performance
![Growth of 10K Chart](g31699g74a82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class D $26,311** | **Russell 3000 Index $38,012** | **Russell 1000 Value Index $27,213** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11423 | $11274 | $11734 |
| **12/2017** | $13458 | $13656 | $13337 |
| **12/2018** | $12103 | $12940 | $12235 |
| **12/2019** | $15729 | $16954 | $15482 |
| **12/2020** | $16335 | $20495 | $15915 |
| **12/2021** | $20488 | $25754 | $19919 |
| **12/2022** | $19254 | $20808 | $18418 |
| **12/2023** | $20795 | $26209 | $20529 |
| **12/2024** | $23247 | $32448 | $23478 |
| **12/2025** | $26311 | $38012 | $27213 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Value Portfolio - Class D | 13.18% | 10.00% | 10.16% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2608311450 |
| # of Portfolio Investments | 90 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $14574354 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.8 |
| Progressive Corp. | 3.4 |
| McKesson Corp. | 3.0 |
| Cigna Group | 2.9 |
| RTX Corp. | 2.7 |
| Johnson & Johnson | 2.6 |
| Boeing Co. | 2.5 |
| Morgan Stanley | 2.4 |
| American Express Co. | 2.3 |
| Analog Devices, Inc. | 2.2 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g51k48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.3 |
| Real Estate | 2.1 |
| Consumer Discretionary | 3.4 |
| Consumer Staples | 4.9 |
| Energy | 5.8 |
| Information Technology | 8.5 |
| Utilities | 8.7 |
| Health Care | 14.8 |
| Industrials | 17.7 |
| Financials | 31.9 |

---

### Top Countries
![Group By Country Chart](g31699g80w81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.3 |
| United Kingdom | 1.4 |
| Netherlands | 1.5 |
| United States | 95.9 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# MFS<sup>®</sup> Value Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $78 | 0.73% |

---

## Management Discussion of Portfolio Performance
For the twelve months ended December 31, 2025, the Portfolio underperformed the Russell 1000<sup>®</sup> Value Index. U.S. equity markets, represented by the S&P 500 Index finished up nearly 18%, marking the third consecutive year of 15%+ gains, something last seen in the late 1990s. Performance remained unusually concentrated, with aritificial intelligence-linked mega caps contributing a disproportionate share of the index returns. Within the market, high beta, more speculative stocks substantially outperformed, while higher quality and value factors lagged, creating a challenging backdrop for disciplined, value-focused, quality-oriented portfolios. Investors were paid for owning the most volatile, market-sensitive stocks, while more defensive and fundamentally resilient businesses underperformed. Notably, for the third straight year, growth once again outperformed value, though the gap was smaller than in previous years. 2025 was a year that didn't proceed in a straight line. The major themes driving markets throughout the year were the artificial intelligence investment boom, U.S. Federal Reserve policy shifts, evolving trade/tariff policies and geopolitical uncertainty. Considerable progress was made in trade talks between the U.S. and many major trading partners, with a fragile truce between the U.S. and China extended through late 2026. U.S. tariffs remained high on goods from countries such as India and Brazil.

**Top Contributors:**

* Security selection within the Health Care sector contributed to relative returns. 

* Both stock selection and an underweight to the Real Estate sector aided relative results. 

* Individual holdings: Not owning poor-performing UnitedHealth Group, holding KLA, and an overweight position in McKesson contributed to relative returns.

**Top Detractors:**

* A combination of security selection and, to a lesser extent, an underweight to the Information Technology sector detracted from relative returns. 

* Underweighting the Communication Services sector further weakened relative results. 

* Stock selection within both the Utilities and Consumer Staples sectors also hurt relative performance. 

## Portfolio Performance
![Growth of 10K Chart](g31699g65p28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $26,178** | **Russell 3000 Index $38,012** | **Russell 1000 Value Index $27,213** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11420 | $11274 | $11734 |
| **12/2017** | $13453 | $13656 | $13337 |
| **12/2018** | $12080 | $12940 | $12235 |
| **12/2019** | $15705 | $16954 | $15482 |
| **12/2020** | $16293 | $20495 | $15915 |
| **12/2021** | $20432 | $25754 | $19919 |
| **12/2022** | $19186 | $20808 | $18418 |
| **12/2023** | $20716 | $26209 | $20529 |
| **12/2024** | $23143 | $32448 | $23478 |
| **12/2025** | $26178 | $38012 | $27213 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| MFS<sup>®</sup> Value Portfolio - Class E | 13.11% | 9.95% | 10.10% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2608311450 |
| # of Portfolio Investments | 90 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $14574354 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.8 |
| Progressive Corp. | 3.4 |
| McKesson Corp. | 3.0 |
| Cigna Group | 2.9 |
| RTX Corp. | 2.7 |
| Johnson & Johnson | 2.6 |
| Boeing Co. | 2.5 |
| Morgan Stanley | 2.4 |
| American Express Co. | 2.3 |
| Analog Devices, Inc. | 2.2 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g51k48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.3 |
| Real Estate | 2.1 |
| Consumer Discretionary | 3.4 |
| Consumer Staples | 4.9 |
| Energy | 5.8 |
| Information Technology | 8.5 |
| Utilities | 8.7 |
| Health Care | 14.8 |
| Industrials | 17.7 |
| Financials | 31.9 |

---

### Top Countries
![Group By Country Chart](g31699g80w81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.3 |
| United Kingdom | 1.4 |
| Netherlands | 1.5 |
| United States | 95.9 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Neuberger Berman Genesis Portfolio: Class A
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $79 | 0.81% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. The small-cap market was highly speculative throughout 2025 and a handful of themes, including several related to artificial intellegence ("AI"), drove index returns. Most of the stocks in these areas are companies that we view as low-quality—unprofitable names with low returns on equity—that do not fit our investment criteria. In this environment characterized by rampant speculation, our high-quality focused Portfolio underperformed due to negative stock selection.

**Top Contributors:**

* RBC Bearings manufactures engineered precision bearings and critical systems for a variety of markets. The stock outperformed on strong results from all segments, supported by long-term demand drivers in aerospace and defense. 

* Advanced Energy sells power conversion products into a variety of end markets, including semiconductor, data center and networking. The stock performed well due to very strong revenue and earnings results. 

**Top Detractors:**

* Within Industrials, the Portfolio's lack of speculative AI-linked Electrical Equipment and next generation Aerospace & Defense firms detracted from relative performance. 

* Within Technology, the Portfolio's Software and Semiconductor stocks underperformed, as the benchmark's AI, quantum computing, and cryptocurrency related companies outperformed. 

* SPS Commerce sells supply chain software that helps connect suppliers to their retail partners. Its solutions are very sticky and the company has a long track record of healthy organic growth. The stock underperformed in anticipation of decelerating organic growth. While this has led to multiple compression for the stock, we believe that the long-term fundamentals of the business are still intact. 

* Vertex is a leading provider of software to help companies manage indirect taxes. Demand for the company's solutions are driven by global taxation complexity and the need for companies to stay compliant. The stock underperformed after reporting results that were modestly below consensus expectations after significantly outperforming in 2024. 

## Portfolio Performance
![Growth of 10K Chart](g31699g11n80.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A $23,943** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** | **Russell 2000 Value Index $24,256** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $11868 | $11274 | $12131 | $13174 |
| **12/2017** | $13738 | $13656 | $13908 | $14207 |
| **12/2018** | $12817 | $12940 | $12376 | $12379 |
| **12/2019** | $16621 | $16954 | $15535 | $15151 |
| **12/2020** | $20793 | $20495 | $18636 | $15853 |
| **12/2021** | $24622 | $25754 | $21397 | $20335 |
| **12/2022** | $19907 | $20808 | $17024 | $17390 |
| **12/2023** | $22998 | $26209 | $19906 | $19937 |
| **12/2024** | $25090 | $32448 | $22203 | $21543 |
| **12/2025** | $23943 | $38012 | $25047 | $24256 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Neuberger Berman Genesis Portfolio - Class A | (4.57%) | 2.86% | 9.12% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |
| Russell 2000 Value Index | 12.59% | 8.88% | 9.27% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $785347280 |
| # of Portfolio Investments | 107 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $6245111 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 1.9 |
| White Mountains Insurance Group Ltd. | 1.8 |
| Kirby Corp. | 1.7 |
| RBC Bearings, Inc. | 1.7 |
| Prosperity Bancshares, Inc. | 1.6 |
| Community Financial System, Inc. | 1.6 |
| Littelfuse, Inc. | 1.6 |
| Nexstar Media Group, Inc. | 1.5 |
| UMB Financial Corp. | 1.5 |
| MKS, Inc. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g03t23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.2 |
| Real Estate | 2.5 |
| Materials | 3.3 |
| Utilities | 5.1 |
| Energy | 5.2 |
| Health Care | 6.4 |
| Consumer Discretionary | 7.5 |
| Information Technology | 15.4 |
| Financials | 18.1 |
| Industrials | 33.1 |

---

### Top Countries
![Group By Country Chart](g31699g66t47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.6 |
| Canada | 3.0 |
| United States | 95.2 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Neuberger Berman Genesis Portfolio: Class B
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $103 | 1.06% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. The small-cap market was highly speculative throughout 2025 and a handful of themes, including several related to artificial intellegence ("AI"), drove index returns. Most of the stocks in these areas are companies that we view as low-quality—unprofitable names with low returns on equity—that do not fit our investment criteria. In this environment characterized by rampant speculation, our high-quality focused Portfolio underperformed due to negative stock selection.

**Top Contributors:**

* RBC Bearings manufactures engineered precision bearings and critical systems for a variety of markets. The stock outperformed on strong results from all segments, supported by long-term demand drivers in aerospace and defense. 

* Advanced Energy sells power conversion products into a variety of end markets, including semiconductor, data center and networking. The stock performed well due to very strong revenue and earnings results. 

**Top Detractors:**

* Within Industrials, the Portfolio's lack of speculative AI-linked Electrical Equipment and next generation Aerospace & Defense firms detracted from relative performance. 

* Within Technology, the Portfolio's Software and Semiconductor stocks underperformed, as the benchmark's AI, quantum computing, and cryptocurrency related companies outperformed. 

* SPS Commerce sells supply chain software that helps connect suppliers to their retail partners. Its solutions are very sticky and the company has a long track record of healthy organic growth. The stock underperformed in anticipation of decelerating organic growth. While this has led to multiple compression for the stock, we believe that the long-term fundamentals of the business are still intact. 

* Vertex is a leading provider of software to help companies manage indirect taxes. Demand for the company's solutions are driven by global taxation complexity and the need for companies to stay compliant. The stock underperformed after reporting results that were modestly below consensus expectations after significantly outperforming in 2024. 

## Portfolio Performance
![Growth of 10K Chart](g31699g19r34.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B $23,363** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** | **Russell 2000 Value Index $24,256** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $11839 | $11274 | $12131 | $13174 |
| **12/2017** | $13673 | $13656 | $13908 | $14207 |
| **12/2018** | $12718 | $12940 | $12376 | $12379 |
| **12/2019** | $16458 | $16954 | $15535 | $15151 |
| **12/2020** | $20533 | $20495 | $18636 | $15853 |
| **12/2021** | $24252 | $25754 | $21397 | $20335 |
| **12/2022** | $19566 | $20808 | $17024 | $17390 |
| **12/2023** | $22540 | $26209 | $19906 | $19937 |
| **12/2024** | $24527 | $32448 | $22203 | $21543 |
| **12/2025** | $23363 | $38012 | $25047 | $24256 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Neuberger Berman Genesis Portfolio - Class B | (4.74%) | 2.62% | 8.86% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |
| Russell 2000 Value Index | 12.59% | 8.88% | 9.27% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $785347280 |
| # of Portfolio Investments | 107 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $6245111 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 1.9 |
| White Mountains Insurance Group Ltd. | 1.8 |
| Kirby Corp. | 1.7 |
| RBC Bearings, Inc. | 1.7 |
| Prosperity Bancshares, Inc. | 1.6 |
| Community Financial System, Inc. | 1.6 |
| Littelfuse, Inc. | 1.6 |
| Nexstar Media Group, Inc. | 1.5 |
| UMB Financial Corp. | 1.5 |
| MKS, Inc. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g03t23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.2 |
| Real Estate | 2.5 |
| Materials | 3.3 |
| Utilities | 5.1 |
| Energy | 5.2 |
| Health Care | 6.4 |
| Consumer Discretionary | 7.5 |
| Information Technology | 15.4 |
| Financials | 18.1 |
| Industrials | 33.1 |

---

### Top Countries
![Group By Country Chart](g31699g66t47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.6 |
| Canada | 3.0 |
| United States | 95.2 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Neuberger Berman Genesis Portfolio: Class E
![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $94 | 0.96% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 2000 Index over the 12-month period ending December 31, 2025. The small-cap market was highly speculative throughout 2025 and a handful of themes, including several related to artificial intellegence ("AI"), drove index returns. Most of the stocks in these areas are companies that we view as low-quality—unprofitable names with low returns on equity—that do not fit our investment criteria. In this environment characterized by rampant speculation, our high-quality focused Portfolio underperformed due to negative stock selection.

**Top Contributors:**

* RBC Bearings manufactures engineered precision bearings and critical systems for a variety of markets. The stock outperformed on strong results from all segments, supported by long-term demand drivers in aerospace and defense. 

* Advanced Energy sells power conversion products into a variety of end markets, including semiconductor, data center and networking. The stock performed well due to very strong revenue and earnings results. 

**Top Detractors:**

* Within Industrials, the Portfolio's lack of speculative AI-linked Electrical Equipment and next generation Aerospace & Defense firms detracted from relative performance. 

* Within Technology, the Portfolio's Software and Semiconductor stocks underperformed, as the benchmark's AI, quantum computing, and cryptocurrency related companies outperformed. 

* SPS Commerce sells supply chain software that helps connect suppliers to their retail partners. Its solutions are very sticky and the company has a long track record of healthy organic growth. The stock underperformed in anticipation of decelerating organic growth. While this has led to multiple compression for the stock, we believe that the long-term fundamentals of the business are still intact. 

* Vertex is a leading provider of software to help companies manage indirect taxes. Demand for the company's solutions are driven by global taxation complexity and the need for companies to stay compliant. The stock underperformed after reporting results that were modestly below consensus expectations after significantly outperforming in 2024. 

## Portfolio Performance
![Growth of 10K Chart](g31699g80q49.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class E $23,604** | **Russell 3000 Index $38,012** | **Russell 2000 Index $25,047** | **Russell 2000 Value Index $24,256** |
| **12/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/2016** | $11854 | $11274 | $12131 | $13174 |
| **12/2017** | $13705 | $13656 | $13908 | $14207 |
| **12/2018** | $12761 | $12940 | $12376 | $12379 |
| **12/2019** | $16524 | $16954 | $15535 | $15151 |
| **12/2020** | $20649 | $20495 | $18636 | $15853 |
| **12/2021** | $24408 | $25754 | $21397 | $20335 |
| **12/2022** | $19707 | $20808 | $17024 | $17390 |
| **12/2023** | $22731 | $26209 | $19906 | $19937 |
| **12/2024** | $24754 | $32448 | $22203 | $21543 |
| **12/2025** | $23604 | $38012 | $25047 | $24256 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Neuberger Berman Genesis Portfolio - Class E | (4.64%) | 2.71% | 8.97% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |
| Russell 2000 Value Index | 12.59% | 8.88% | 9.27% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $785347280 |
| # of Portfolio Investments | 107 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $6245111 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 1.9 |
| White Mountains Insurance Group Ltd. | 1.8 |
| Kirby Corp. | 1.7 |
| RBC Bearings, Inc. | 1.7 |
| Prosperity Bancshares, Inc. | 1.6 |
| Community Financial System, Inc. | 1.6 |
| Littelfuse, Inc. | 1.6 |
| Nexstar Media Group, Inc. | 1.5 |
| UMB Financial Corp. | 1.5 |
| MKS, Inc. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g03t23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.2 |
| Real Estate | 2.5 |
| Materials | 3.3 |
| Utilities | 5.1 |
| Energy | 5.2 |
| Health Care | 6.4 |
| Consumer Discretionary | 7.5 |
| Information Technology | 15.4 |
| Financials | 18.1 |
| Industrials | 33.1 |

---

### Top Countries
![Group By Country Chart](g31699g66t47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.6 |
| Canada | 3.0 |
| United States | 95.2 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II
T. Rowe Price Large Cap Growth Portfolio: Class A

![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $58 | 0.54% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index over the 12-month period ending December 31, 2025. U.S. equities rose during the year, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts as inflation showed signs of continued moderation.

**Top Contributors:**

* The Portfolio's underweight position in the Consumer Staples sector, which generated negative returns for the year, contributed to relative performance versus the benchmark. Within the sector, an underweight allocation to the Consumer Staples Distribution and Retail industry was a notable source of strength. 

* Stock selection in the Industrials and Business Services sector also added value. Our position in GE Aerospace assisted relative performance as the company produced impressive earnings and benefited from the post-pandemic aerospace recovery.

**Top Detractors:**

* Conversely, the Consumer Discretionary sector detracted from relative returns due to negative stock selection, driven by our position in Chipotle Mexican Grill, as shares faced selling pressure after the company reported worse-than-expected quarterly results amid a deteriorating macroeconomic backdrop. 

* Security selection in the Information Technology sector also weighed on relative results. The Portfolio's underweight position in Palantir was a drag on performance within the sector, as the company benefited from accelerating revenue growth coupled with modest growth in operating expenses.

## Portfolio Performance
![Growth of 10K Chart](g31699g96m73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $38,349** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10176 | $11274 | $10708 |
| **12/2017** | $13621 | $13656 | $13943 |
| **12/2018** | $13493 | $12940 | $13732 |
| **12/2019** | $17675 | $16954 | $18729 |
| **12/2020** | $24206 | $20495 | $25938 |
| **12/2021** | $29101 | $25754 | $33096 |
| **12/2022** | $17326 | $20808 | $23453 |
| **12/2023** | $25436 | $26209 | $33462 |
| **12/2024** | $33145 | $32448 | $44623 |
| **12/2025** | $38349 | $38012 | $52906 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Large Cap Growth Portfolio - Class A | 15.70% | 9.64% | 14.39% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2233419796 |
| # of Portfolio Investments | 95 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $11435833 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9 |
| Microsoft Corp. | 11.5 |
| Apple, Inc. | 11.2 |
| Alphabet, Inc. | 7.5 |
| Amazon.com, Inc. | 5.2 |
| Broadcom, Inc. | 4.9 |
| Meta Platforms, Inc. | 4.4 |
| Eli Lilly & Co. | 3.5 |
| Tesla, Inc. | 3.1 |
| Visa, Inc. | 2.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g25f00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.2 |
| Real Estate | 0.4 |
| Materials | 0.8 |
| Industrials | 3.9 |
| Financials | 5.8 |
| Health Care | 7.4 |
| Consumer Discretionary | 13.7 |
| Communication Services | 15.1 |
| Information Technology | 52.2 |

---

### Top Countries
![Group By Country Chart](g31699g73p33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.1 |
| Thailand | 0.2 |
| South Korea | 0.3 |
| Singapore | 0.4 |
| Canada | 0.5 |
| Taiwan | 0.7 |
| Brazil | 0.9 |
| Netherlands | 1.1 |
| United States | 95.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II
T. Rowe Price Large Cap Growth Portfolio: Class B

![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $85 | 0.79% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index over the 12-month period ending December 31, 2025. U.S. equities rose during the year, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts as inflation showed signs of continued moderation.

**Top Contributors:**

* The Portfolio's underweight position in the Consumer Staples sector, which generated negative returns for the year, contributed to relative performance versus the benchmark. Within the sector, an underweight allocation to the Consumer Staples Distribution and Retail industry was a notable source of strength. 

* Stock selection in the Industrials and Business Services sector also added value. Our position in GE Aerospace assisted relative performance as the company produced impressive earnings and benefited from the post-pandemic aerospace recovery.

**Top Detractors:**

* Conversely, the Consumer Discretionary sector detracted from relative returns due to negative stock selection, driven by our position in Chipotle Mexican Grill, as shares faced selling pressure after the company reported worse-than-expected quarterly results amid a deteriorating macroeconomic backdrop. 

* Security selection in the Information Technology sector also weighed on relative results. The Portfolio's underweight position in Palantir was a drag on performance within the sector, as the company benefited from accelerating revenue growth coupled with modest growth in operating expenses.

## Portfolio Performance
![Growth of 10K Chart](g31699g58m43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $37,410** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10153 | $11274 | $10708 |
| **12/2017** | $13552 | $13656 | $13943 |
| **12/2018** | $13396 | $12940 | $13732 |
| **12/2019** | $17493 | $16954 | $18729 |
| **12/2020** | $23903 | $20495 | $25938 |
| **12/2021** | $28672 | $25754 | $33096 |
| **12/2022** | $17012 | $20808 | $23453 |
| **12/2023** | $24928 | $26209 | $33462 |
| **12/2024** | $32403 | $32448 | $44623 |
| **12/2025** | $37410 | $38012 | $52906 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Large Cap Growth Portfolio - Class B | 15.45% | 9.37% | 14.10% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2233419796 |
| # of Portfolio Investments | 95 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $11435833 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9 |
| Microsoft Corp. | 11.5 |
| Apple, Inc. | 11.2 |
| Alphabet, Inc. | 7.5 |
| Amazon.com, Inc. | 5.2 |
| Broadcom, Inc. | 4.9 |
| Meta Platforms, Inc. | 4.4 |
| Eli Lilly & Co. | 3.5 |
| Tesla, Inc. | 3.1 |
| Visa, Inc. | 2.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g25f00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.2 |
| Real Estate | 0.4 |
| Materials | 0.8 |
| Industrials | 3.9 |
| Financials | 5.8 |
| Health Care | 7.4 |
| Consumer Discretionary | 13.7 |
| Communication Services | 15.1 |
| Information Technology | 52.2 |

---

### Top Countries
![Group By Country Chart](g31699g73p33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.1 |
| Thailand | 0.2 |
| South Korea | 0.3 |
| Singapore | 0.4 |
| Canada | 0.5 |
| Taiwan | 0.7 |
| Brazil | 0.9 |
| Netherlands | 1.1 |
| United States | 95.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II
T. Rowe Price Large Cap Growth Portfolio: Class E

![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $74 | 0.69% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the Russell 1000 Growth Index over the 12-month period ending December 31, 2025. U.S. equities rose during the year, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts as inflation showed signs of continued moderation.

**Top Contributors:**

* The Portfolio's underweight position in the Consumer Staples sector, which generated negative returns for the year, contributed to relative performance versus the benchmark. Within the sector, an underweight allocation to the Consumer Staples Distribution and Retail industry was a notable source of strength. 

* Stock selection in the Industrials and Business Services sector also added value. Our position in GE Aerospace assisted relative performance as the company produced impressive earnings and benefited from the post-pandemic aerospace recovery.

**Top Detractors:**

* Conversely, the Consumer Discretionary sector detracted from relative returns due to negative stock selection, driven by our position in Chipotle Mexican Grill, as shares faced selling pressure after the company reported worse-than-expected quarterly results amid a deteriorating macroeconomic backdrop. 

* Security selection in the Information Technology sector also weighed on relative results. The Portfolio's underweight position in Palantir was a drag on performance within the sector, as the company benefited from accelerating revenue growth coupled with modest growth in operating expenses.

## Portfolio Performance
![Growth of 10K Chart](g31699g40o29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $37,775** | **Russell 3000 Index $38,012** | **Russell 1000 Growth Index $52,906** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10161 | $11274 | $10708 |
| **12/2017** | $13581 | $13656 | $13943 |
| **12/2018** | $13438 | $12940 | $13732 |
| **12/2019** | $17563 | $16954 | $18729 |
| **12/2020** | $24024 | $20495 | $25938 |
| **12/2021** | $28847 | $25754 | $33096 |
| **12/2022** | $17142 | $20808 | $23453 |
| **12/2023** | $25140 | $26209 | $33462 |
| **12/2024** | $32693 | $32448 | $44623 |
| **12/2025** | $37775 | $38012 | $52906 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Large Cap Growth Portfolio - Class E | 15.54% | 9.47% | 14.21% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2233419796 |
| # of Portfolio Investments | 95 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $11435833 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9 |
| Microsoft Corp. | 11.5 |
| Apple, Inc. | 11.2 |
| Alphabet, Inc. | 7.5 |
| Amazon.com, Inc. | 5.2 |
| Broadcom, Inc. | 4.9 |
| Meta Platforms, Inc. | 4.4 |
| Eli Lilly & Co. | 3.5 |
| Tesla, Inc. | 3.1 |
| Visa, Inc. | 2.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g25f00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.2 |
| Real Estate | 0.4 |
| Materials | 0.8 |
| Industrials | 3.9 |
| Financials | 5.8 |
| Health Care | 7.4 |
| Consumer Discretionary | 13.7 |
| Communication Services | 15.1 |
| Information Technology | 52.2 |

---

### Top Countries
![Group By Country Chart](g31699g73p33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.1 |
| Thailand | 0.2 |
| South Korea | 0.3 |
| Singapore | 0.4 |
| Canada | 0.5 |
| Taiwan | 0.7 |
| Brazil | 0.9 |
| Netherlands | 1.1 |
| United States | 95.6 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II
T. Rowe Price Small Cap Growth Portfolio: Class A

![Image](g31699g07y22.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 0.49% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI U.S. Small Cap Growth Index (the "Index") over the 12-month period ending December 31, 2025. Equities advanced as economic growth and corporate earnings remained favorable, U.S. Congress passed tax legislation that is expected to stimulate the economy, and the Federal Reserve resumed reducing short-term interest rates in the latter part of the year.

**Top Contributors:**

* Stock selection in the Financials sector contributed to performance relative to the Index. StoneX Group, a global payments business, and residential loan services provider Mr. Cooper Group, which was acquired by Rocket Companies, were top contributors in the sector.

* Stock choices in Consumer Staples also contributed, though an average sector overweight reduced the benefits. Casey's General Stores, which was lifted by favorable financial results, and Coca-Cola Consolidated, the largest Coke bottler in the U.S., were notable contributors. 

* In addition, stock selection in Health Care was advantageous, as was an average sector overweight. Biopharmaceutical company Insmed, which focuses on treatments for lung diseases, and Avidity Biosciences, which agreed to be acquired by pharmaceutical company Novartis (Switzerland), were notable contributors.

**Top Detractors:**

* Stock selection in the Materials sector was the most significant detractor from relative performance. An out-of-benchmark position in Knife River, a provider of construction materials, declined. Coeur Mining, which rose with gold and silver prices, was another top detractor, driven by average underweight positioning.

* Stock choices in the Industrials and Business Services sector also detracted. An underweight to Bloom Energy, which makes solid-oxide fuel cells used to generate electricity, and an out-of-benchmark position in Saia, a less-than-load trucking company hindered by freight volume softness and cost pressures, were top detractors.

* In addition, stock selection in the Information Technology sector was disadvantageous. Globant (Argentina), a provider of digital platform and engineering services that we eliminated, and Descartes Systems Group (Canada), a provider of global freight tracking software and services, were notable detractors.

## Portfolio Performance
![Growth of 10K Chart](g31699g71b32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $28,099** | **Russell 3000 Index $38,012** | **MSCI U.S. Small Cap Growth Index $28,332** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11174 | $11274 | $11344 |
| **12/2017** | $13731 | $13656 | $13778 |
| **12/2018** | $12832 | $12940 | $12533 |
| **12/2019** | $17087 | $16954 | $16231 |
| **12/2020** | $21246 | $20495 | $22222 |
| **12/2021** | $23724 | $25754 | $24781 |
| **12/2022** | $18468 | $20808 | $18299 |
| **12/2023** | $22451 | $26209 | $22373 |
| **12/2024** | $25476 | $32448 | $25135 |
| **12/2025** | $28099 | $38012 | $28332 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Small Cap Growth Portfolio - Class A | 10.30% | 5.75% | 10.88% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| MSCI U.S. Small Cap Growth Index | 12.72% | 4.98% | 10.98% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1098064723 |
| # of Portfolio Investments | 364 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $4933652 |

---

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Fabrinet | 1.7 |
| Rambus, Inc. | 1.4 |
| InterDigital, Inc. | 1.2 |
| Credo Technology Group Holding Ltd. | 1 |
| Nextpower, Inc. | 1 |
| SPX Technologies, Inc. | 0.9 |
| Ensign Group, Inc. | 0.9 |
| Sterling Infrastructure, Inc. | 0.9 |
| StoneX Group, Inc. | 0.9 |
| Guardant Health, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g69s97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.1 |
| Communication Services | 1.5 |
| Consumer Staples | 1.7 |
| Materials | 3.8 |
| Energy | 3.9 |
| Financials | 9.2 |
| Consumer Discretionary | 9.5 |
| Information Technology | 21.7 |
| Industrials | 23.0 |
| Health Care | 24.4 |

---

### Top Countries
![Group By Country Chart](g31699g31r69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 0.2 |
| Germany | 0.3 |
| Canada | 0.7 |
| Puerto Rico | 1.2 |
| United Kingdom | 1.3 |
| Thailand | 1.7 |
| United States | 94.4 |

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

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

Phone: 1-888-243-1956

# Brighthouse Funds Trust II
T. Rowe Price Small Cap Growth Portfolio: Class B

![Image](g31699g07y22.jpg)

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

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

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $78 | 0.74% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI U.S. Small Cap Growth Index (the "Index") over the 12-month period ending December 31, 2025. Equities advanced as economic growth and corporate earnings remained favorable, U.S. Congress passed tax legislation that is expected to stimulate the economy, and the Federal Reserve resumed reducing short-term interest rates in the latter part of the year.

**Top Contributors:**

* Stock selection in the Financials sector contributed to performance relative to the Index. StoneX Group, a global payments business, and residential loan services provider Mr. Cooper Group, which was acquired by Rocket Companies, were top contributors in the sector.

* Stock choices in Consumer Staples also contributed, though an average sector overweight reduced the benefits. Casey's General Stores, which was lifted by favorable financial results, and Coca-Cola Consolidated, the largest Coke bottler in the U.S., were notable contributors. 

* In addition, stock selection in Health Care was advantageous, as was an average sector overweight. Biopharmaceutical company Insmed, which focuses on treatments for lung diseases, and Avidity Biosciences, which agreed to be acquired by pharmaceutical company Novartis (Switzerland), were notable contributors.

**Top Detractors:**

* Stock selection in the Materials sector was the most significant detractor from relative performance. An out-of-benchmark position in Knife River, a provider of construction materials, declined. Coeur Mining, which rose with gold and silver prices, was another top detractor, driven by average underweight positioning.

* Stock choices in the Industrials and Business Services sector also detracted. An underweight to Bloom Energy, which makes solid-oxide fuel cells used to generate electricity, and an out-of-benchmark position in Saia, a less-than-load trucking company hindered by freight volume softness and cost pressures, were top detractors.

* In addition, stock selection in the Information Technology sector was disadvantageous. Globant (Argentina), a provider of digital platform and engineering services that we eliminated, and Descartes Systems Group (Canada), a provider of global freight tracking software and services, were notable detractors.

## Portfolio Performance
![Growth of 10K Chart](g31699g54z44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $27,399** | **Russell 3000 Index $38,012** | **MSCI U.S. Small Cap Growth Index $28,332** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11148 | $11274 | $11344 |
| **12/2017** | $13660 | $13656 | $13778 |
| **12/2018** | $12734 | $12940 | $12533 |
| **12/2019** | $16916 | $16954 | $16231 |
| **12/2020** | $20983 | $20495 | $22222 |
| **12/2021** | $23366 | $25754 | $24781 |
| **12/2022** | $18145 | $20808 | $18299 |
| **12/2023** | $22005 | $26209 | $22373 |
| **12/2024** | $24909 | $32448 | $25135 |
| **12/2025** | $27399 | $38012 | $28332 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Small Cap Growth Portfolio - Class B | 10.00% | 5.48% | 10.60% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| MSCI U.S. Small Cap Growth Index | 12.72% | 4.98% | 10.98% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1098064723 |
| # of Portfolio Investments | 364 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $4933652 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Fabrinet | 1.7 |
| Rambus, Inc. | 1.4 |
| InterDigital, Inc. | 1.2 |
| Credo Technology Group Holding Ltd. | 1 |
| Nextpower, Inc. | 1 |
| SPX Technologies, Inc. | 0.9 |
| Ensign Group, Inc. | 0.9 |
| Sterling Infrastructure, Inc. | 0.9 |
| StoneX Group, Inc. | 0.9 |
| Guardant Health, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g69s97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.1 |
| Communication Services | 1.5 |
| Consumer Staples | 1.7 |
| Materials | 3.8 |
| Energy | 3.9 |
| Financials | 9.2 |
| Consumer Discretionary | 9.5 |
| Information Technology | 21.7 |
| Industrials | 23.0 |
| Health Care | 24.4 |

---

### Top Countries
![Group By Country Chart](g31699g31r69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 0.2 |
| Germany | 0.3 |
| Canada | 0.7 |
| Puerto Rico | 1.2 |
| United Kingdom | 1.3 |
| Thailand | 1.7 |
| United States | 94.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II
T. Rowe Price Small Cap Growth Portfolio: Class E

![Image](g31699g07y22.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the T. Rowe Price Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $67 | 0.64% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI U.S. Small Cap Growth Index (the "Index") over the 12-month period ending December 31, 2025. Equities advanced as economic growth and corporate earnings remained favorable, U.S. Congress passed tax legislation that is expected to stimulate the economy, and the Federal Reserve resumed reducing short-term interest rates in the latter part of the year.

**Top Contributors:**

* Stock selection in the Financials sector contributed to performance relative to the Index. StoneX Group, a global payments business, and residential loan services provider Mr. Cooper Group, which was acquired by Rocket Companies, were top contributors in the sector.

* Stock choices in Consumer Staples also contributed, though an average sector overweight reduced the benefits. Casey's General Stores, which was lifted by favorable financial results, and Coca-Cola Consolidated, the largest Coke bottler in the U.S., were notable contributors. 

* In addition, stock selection in Health Care was advantageous, as was an average sector overweight. Biopharmaceutical company Insmed, which focuses on treatments for lung diseases, and Avidity Biosciences, which agreed to be acquired by pharmaceutical company Novartis (Switzerland), were notable contributors.

**Top Detractors:**

* Stock selection in the Materials sector was the most significant detractor from relative performance. An out-of-benchmark position in Knife River, a provider of construction materials, declined. Coeur Mining, which rose with gold and silver prices, was another top detractor, driven by average underweight positioning.

* Stock choices in the Industrials and Business Services sector also detracted. An underweight to Bloom Energy, which makes solid-oxide fuel cells used to generate electricity, and an out-of-benchmark position in Saia, a less-than-load trucking company hindered by freight volume softness and cost pressures, were top detractors.

* In addition, stock selection in the Information Technology sector was disadvantageous. Globant (Argentina), a provider of digital platform and engineering services that we eliminated, and Descartes Systems Group (Canada), a provider of global freight tracking software and services, were notable detractors.

## Portfolio Performance
![Growth of 10K Chart](g31699g40r29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $27,677** | **Russell 3000 Index $38,012** | **MSCI U.S. Small Cap Growth Index $28,332** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11155 | $11274 | $11344 |
| **12/2017** | $13686 | $13656 | $13778 |
| **12/2018** | $12774 | $12940 | $12533 |
| **12/2019** | $16976 | $16954 | $16231 |
| **12/2020** | $21084 | $20495 | $22222 |
| **12/2021** | $23506 | $25754 | $24781 |
| **12/2022** | $18268 | $20808 | $18299 |
| **12/2023** | $22182 | $26209 | $22373 |
| **12/2024** | $25121 | $32448 | $25135 |
| **12/2025** | $27677 | $38012 | $28332 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Small Cap Growth Portfolio - Class E | 10.17% | 5.59% | 10.72% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| MSCI U.S. Small Cap Growth Index | 12.72% | 4.98% | 10.98% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1098064723 |
| # of Portfolio Investments | 364 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $4933652 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Fabrinet | 1.7 |
| Rambus, Inc. | 1.4 |
| InterDigital, Inc. | 1.2 |
| Credo Technology Group Holding Ltd. | 1 |
| Nextpower, Inc. | 1 |
| SPX Technologies, Inc. | 0.9 |
| Ensign Group, Inc. | 0.9 |
| Sterling Infrastructure, Inc. | 0.9 |
| StoneX Group, Inc. | 0.9 |
| Guardant Health, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g69s97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.1 |
| Communication Services | 1.5 |
| Consumer Staples | 1.7 |
| Materials | 3.8 |
| Energy | 3.9 |
| Financials | 9.2 |
| Consumer Discretionary | 9.5 |
| Information Technology | 21.7 |
| Industrials | 23.0 |
| Health Care | 24.4 |

---

### Top Countries
![Group By Country Chart](g31699g31r69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 0.2 |
| Germany | 0.3 |
| Canada | 0.7 |
| Puerto Rico | 1.2 |
| United Kingdom | 1.3 |
| Thailand | 1.7 |
| United States | 94.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II
T. Rowe Price Small Cap Growth Portfolio: Class G

![Image](g31699g07y22.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the T. Rowe Price Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $83 | 0.79% |

---

## Management Discussion of Portfolio Performance
The Portfolio underperformed the MSCI U.S. Small Cap Growth Index (the "Index") over the 12-month period ending December 31, 2025. Equities advanced as economic growth and corporate earnings remained favorable, U.S. Congress passed tax legislation that is expected to stimulate the economy, and the Federal Reserve resumed reducing short-term interest rates in the latter part of the year.

**Top Contributors:**

* Stock selection in the Financials sector contributed to performance relative to the Index. StoneX Group, a global payments business, and residential loan services provider Mr. Cooper Group, which was acquired by Rocket Companies, were top contributors in the sector.

* Stock choices in Consumer Staples also contributed, though an average sector overweight reduced the benefits. Casey's General Stores, which was lifted by favorable financial results, and Coca-Cola Consolidated, the largest Coke bottler in the U.S., were notable contributors. 

* In addition, stock selection in Health Care was advantageous, as was an average sector overweight. Biopharmaceutical company Insmed, which focuses on treatments for lung diseases, and Avidity Biosciences, which agreed to be acquired by pharmaceutical company Novartis (Switzerland), were notable contributors.

**Top Detractors:**

* Stock selection in the Materials sector was the most significant detractor from relative performance. An out-of-benchmark position in Knife River, a provider of construction materials, declined. Coeur Mining, which rose with gold and silver prices, was another top detractor, driven by average underweight positioning.

* Stock choices in the Industrials and Business Services sector also detracted. An underweight to Bloom Energy, which makes solid-oxide fuel cells used to generate electricity, and an out-of-benchmark position in Saia, a less-than-load trucking company hindered by freight volume softness and cost pressures, were top detractors.

* In addition, stock selection in the Information Technology sector was disadvantageous. Globant (Argentina), a provider of digital platform and engineering services that we eliminated, and Descartes Systems Group (Canada), a provider of global freight tracking software and services, were notable detractors.

## Portfolio Performance
![Growth of 10K Chart](g31699g99z12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class G $27,203** | **Russell 3000 Index $38,012** | **MSCI U.S. Small Cap Growth Index $28,332** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $11114 | $11274 | $11344 |
| **12/2017** | $13610 | $13656 | $13778 |
| **12/2018** | $12679 | $12940 | $12533 |
| **12/2019** | $16832 | $16954 | $16231 |
| **12/2020** | $20872 | $20495 | $22222 |
| **12/2021** | $23239 | $25754 | $24781 |
| **12/2022** | $18034 | $20808 | $18299 |
| **12/2023** | $21865 | $26209 | $22373 |
| **12/2024** | $24722 | $32448 | $25135 |
| **12/2025** | $27203 | $38012 | $28332 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| T. Rowe Price Small Cap Growth Portfolio - Class G | 10.04% | 5.44% | 10.53% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| MSCI U.S. Small Cap Growth Index | 12.72% | 4.98% | 10.98% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1098064723 |
| # of Portfolio Investments | 364 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $4933652 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Fabrinet | 1.7 |
| Rambus, Inc. | 1.4 |
| InterDigital, Inc. | 1.2 |
| Credo Technology Group Holding Ltd. | 1 |
| Nextpower, Inc. | 1 |
| SPX Technologies, Inc. | 0.9 |
| Ensign Group, Inc. | 0.9 |
| Sterling Infrastructure, Inc. | 0.9 |
| StoneX Group, Inc. | 0.9 |
| Guardant Health, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g31699g69s97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.1 |
| Communication Services | 1.5 |
| Consumer Staples | 1.7 |
| Materials | 3.8 |
| Energy | 3.9 |
| Financials | 9.2 |
| Consumer Discretionary | 9.5 |
| Information Technology | 21.7 |
| Industrials | 23.0 |
| Health Care | 24.4 |

---

### Top Countries
![Group By Country Chart](g31699g31r69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 0.2 |
| Germany | 0.3 |
| Canada | 0.7 |
| Puerto Rico | 1.2 |
| United Kingdom | 1.3 |
| Thailand | 1.7 |
| United States | 94.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# VanEck Global Natural Resources Portfolio: Class A
![Image](g31699g07y22.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the VanEck Global Natural Resources Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $91 | 0.77% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the S&P Global Natural Resources Index over the twelve-month period ended December 31, 2025. Overweight positioning and strong security selection in Gold & Precious Metals were the largest contributors to relative performance, while an underweight allocation to Paper & Forest and security selection in Base & Industrial Metals also added value. These gains were partially offset by security selection in Agriculture and overweight positioning in Industrials & Utilities. Overall, 2025 marked a recovery for commodities and resource equities, supported by easing financial conditions, improving global growth expectations and tightening supply. Record gold prices, resilient metals demand tied to electrification and infrastructure investment, and sustained geopolitical uncertainty helped offset periodic concerns around China's uneven economic recovery.

**Top Contributors:**

* Overweight positioning in Kinross (Canada) and Barrick (Canada).

* Out of benchmark positions in Pan American Silver (Canada), MP Materials and Alamos Gold (Canada).

**Top Detractors:**

* Overweight positioning in FMC and Mosaic.

* Zero exposure to Wheaton Precious Metals (Canada).

* Out of benchmark positions in Suzano (Brazil) and Tyson.

## Portfolio Performance
![Growth of 10K Chart](g31699g52b27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $23,226** | **Russell 3000 Index $38,012** | **S&P Global Natural Resources Index $28,614** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $14426 | $11274 | $13228 |
| **12/2017** | $14338 | $13656 | $16226 |
| **12/2018** | $10232 | $12940 | $14186 |
| **12/2019** | $11519 | $16954 | $16626 |
| **12/2020** | $14006 | $20495 | $16740 |
| **12/2021** | $16642 | $25754 | $20958 |
| **12/2022** | $18013 | $20808 | $23122 |
| **12/2023** | $17384 | $26209 | $24064 |
| **12/2024** | $16980 | $32448 | $22068 |
| **12/2025** | $23226 | $38012 | $28614 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| VanEck Global Natural Resources Portfolio - Class A | 36.78% | 10.65% | 8.79% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| S&P Global Natural Resources Index | 29.66% | 11.32% | 11.09% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $754872046 |
| # of Portfolio Investments | 91 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $5508044 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Shell PLC | 4.3 |
| Exxon Mobil Corp. | 4.1 |
| Barrick Mining Corp. | 3.7 |
| Newmont Corp. | 3.4 |
| Anglo American PLC | 3.1 |
| Agnico Eagle Mines Ltd. | 3.1 |
| Kinross Gold Corp. | 3.1 |
| Nutrien Ltd. | 2.9 |
| Glencore PLC | 2.8 |
| JBS NV | 2.7 |

---

### Top Sectors
![Group By Sector Chart](g31699g77f41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 0.5 |
| Real Estate | 1.3 |
| Utilities | 2.5 |
| Industrials | 3.2 |
| Consumer Staples | 6.0 |
| Energy | 30.1 |
| Materials | 55.0 |

---

### Top 10 Countries
![Group By Country Chart](g31699g77m28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Luxembourg | 1.1 |
| China | 1.2 |
| United Kingdom | 1.3 |
| Zambia | 1.6 |
| Brazil | 1.6 |
| Australia | 3.2 |
| France | 3.9 |
| South Africa | 8.0 |
| Canada | 25.3 |
| United States | 50.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# VanEck Global Natural Resources Portfolio: Class B
![Image](g31699g07y22.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the VanEck Global Natural Resources Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $121 | 1.02% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the S&P Global Natural Resources Index over the twelve-month period ended December 31, 2025. Overweight positioning and strong security selection in Gold & Precious Metals were the largest contributors to relative performance, while an underweight allocation to Paper & Forest and security selection in Base & Industrial Metals also added value. These gains were partially offset by security selection in Agriculture and overweight positioning in Industrials & Utilities. Overall, 2025 marked a recovery for commodities and resource equities, supported by easing financial conditions, improving global growth expectations and tightening supply. Record gold prices, resilient metals demand tied to electrification and infrastructure investment, and sustained geopolitical uncertainty helped offset periodic concerns around China's uneven economic recovery.

**Top Contributors:**

* Overweight positioning in Kinross (Canada) and Barrick (Canada).

* Out of benchmark positions in Pan American Silver (Canada), MP Materials and Alamos Gold (Canada).

**Top Detractors:**

* Overweight positioning in FMC and Mosaic.

* Zero exposure to Wheaton Precious Metals (Canada).

* Out of benchmark positions in Suzano (Brazil) and Tyson.

## Portfolio Performance
![Growth of 10K Chart](g31699g01n73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $22,638** | **Russell 3000 Index $38,012** | **S&P Global Natural Resources Index $28,614** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $14374 | $11274 | $13228 |
| **12/2017** | $14267 | $13656 | $16226 |
| **12/2018** | $10151 | $12940 | $14186 |
| **12/2019** | $11405 | $16954 | $16626 |
| **12/2020** | $13820 | $20495 | $16740 |
| **12/2021** | $16377 | $25754 | $20958 |
| **12/2022** | $17684 | $20808 | $23122 |
| **12/2023** | $17040 | $26209 | $24064 |
| **12/2024** | $16596 | $32448 | $22068 |
| **12/2025** | $22638 | $38012 | $28614 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| VanEck Global Natural Resources Portfolio - Class B | 36.40% | 10.37% | 8.51% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| S&P Global Natural Resources Index | 29.66% | 11.32% | 11.09% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $754872046 |
| # of Portfolio Investments | 91 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $5508044 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Shell PLC | 4.3 |
| Exxon Mobil Corp. | 4.1 |
| Barrick Mining Corp. | 3.7 |
| Newmont Corp. | 3.4 |
| Anglo American PLC | 3.1 |
| Agnico Eagle Mines Ltd. | 3.1 |
| Kinross Gold Corp. | 3.1 |
| Nutrien Ltd. | 2.9 |
| Glencore PLC | 2.8 |
| JBS NV | 2.7 |

---

### Top Sectors
![Group By Sector Chart](g31699g77f41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 0.5 |
| Real Estate | 1.3 |
| Utilities | 2.5 |
| Industrials | 3.2 |
| Consumer Staples | 6.0 |
| Energy | 30.1 |
| Materials | 55.0 |

---

### Top 10 Countries
![Group By Country Chart](g31699g77m28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Luxembourg | 1.1 |
| China | 1.2 |
| United Kingdom | 1.3 |
| Zambia | 1.6 |
| Brazil | 1.6 |
| Australia | 3.2 |
| France | 3.9 |
| South Africa | 8.0 |
| Canada | 25.3 |
| United States | 50.6 |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Western Asset Management Strategic Bond Opportunities Portfolio: Class A
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Western Asset Management Strategic Bond Opportunities Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $60 | 0.57% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. U.S. rates moved sharply against a backdrop of heightened market volatility, including the S&P 500 Index posting its worst quarterly performance since 2022, a series of U.S. trade actions—25% tariffs on imports from Mexico and Canada, an additional 10% tariff on Chinese imports, 25% tariffs on steel, aluminum, and autos, and subsequent reciprocal tariffs in early April—and a brief resumption of conflict among the U.S., Iran and Israel. The U.S. Treasury curve shifted throughout the year, with long-end yields rising on concerns over growing deficits and potential inflation reacceleration. Overall, U.S. policy uncertainty weighed heavily on the outlook for the labor market, as well as consumer and business sentiment.

**Top Contributors:**

* The most significant contributor was the Portfolio's tactical credit exposure, including High-Yield Corporates and Bank Loans, as spreads tightened over the year.

* The Portfolio's exposure to Structured Products was in aggregate also a positive contributor as spreads generally tightened, driven mainly by Non-Agency Mortgage-Backed Securities ("MBS") and Collateralized Loan Obligations. 

* The Portfolio's Emerging Markets rates positioning contributed, driven by U.S. dollar-denominated Sovereign and Corporate exposures.

* Although the Portfolio's overall duration was underweight relative to the benchmark, its exposure to shorter-dated maturities, where yields fell most significantly, was overweight and thus yield-curve positioning was beneficial to performance.

**Top Detractors:**

* The Portfolio's underweight Agency Residential MBS positioning detracted as spreads tightened over the period.

* The Portfolio's Non-U.S. Dollar Developed Markets rates positioning detracted, driven by exposure to German Bunds.

* The Portfolio's underweight Investment-Grade Credit positioning was a detractor as spreads tightened over the period.

## Portfolio Performance
![Growth of 10K Chart](g31699g24g90.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A $14,842** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10855 | $10265 |
| **12/2017** | $11749 | $10628 |
| **12/2018** | $11302 | $10630 |
| **12/2019** | $12940 | $11556 |
| **12/2020** | $13835 | $12424 |
| **12/2021** | $14224 | $12232 |
| **12/2022** | $11855 | $10641 |
| **12/2023** | $12974 | $11229 |
| **12/2024** | $13607 | $11369 |
| **12/2025** | $14842 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Western Asset Management Strategic Bond Opportunities Portfolio - Class A | 9.07% | 1.42% | 4.03% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1834885701 |
| # of Portfolio Investments | 837 |
| Portfolio Turnover Rate | 85% |
| Total Advisory Fees Paid | $10116935 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Mcclatchy Media Co. LLC | 2.0 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | 1.8 |
| BX Commercial Mortgage Trust | 1.5 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 1.2 |
| Occidental Petroleum Corp. | 1.1 |
| Inter-American Development Bank | 1.1 |
| Government National Mortgage Association | 0.8 |
| CHS/Community Health Systems, Inc. | 0.7 |
| First Quantum Minerals Ltd. | 0.7 |
| Federal Home Loan Mortgage Corp. | 0.7 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g19c07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Rights | 0.0<sup>Footnote Reference\*</sup> |
| Convertible Bonds | 0.1 |
| Common Stocks | 0.1 |
| Convertible Preferred Stocks | 0.3 |
| Short-Term Investments | 1 |
| Foreign Government | 4.4 |
| Agency Sponsored Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 10.4 |
| Floating Rate Loans | 13.1 |
| Non-Agency Mortgage-Backed Securities | 13.2 |
| Corporate Bonds & Notes | 49.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Western Asset Management Strategic Bond Opportunities Portfolio: Class B
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Western Asset Management Strategic Bond Opportunities Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $86 | 0.82% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. U.S. rates moved sharply against a backdrop of heightened market volatility, including the S&P 500 Index posting its worst quarterly performance since 2022, a series of U.S. trade actions—25% tariffs on imports from Mexico and Canada, an additional 10% tariff on Chinese imports, 25% tariffs on steel, aluminum, and autos, and subsequent reciprocal tariffs in early April—and a brief resumption of conflict among the U.S., Iran and Israel. The U.S. Treasury curve shifted throughout the year, with long-end yields rising on concerns over growing deficits and potential inflation reacceleration. Overall, U.S. policy uncertainty weighed heavily on the outlook for the labor market, as well as consumer and business sentiment.

**Top Contributors:**

* The most significant contributor was the Portfolio's tactical credit exposure, including High-Yield Corporates and Bank Loans, as spreads tightened over the year.

* The Portfolio's exposure to Structured Products was in aggregate also a positive contributor as spreads generally tightened, driven mainly by Non-Agency Mortgage-Backed Securities ("MBS") and Collateralized Loan Obligations. 

* The Portfolio's Emerging Markets rates positioning contributed, driven by U.S. dollar-denominated Sovereign and Corporate exposures.

* Although the Portfolio's overall duration was underweight relative to the benchmark, its exposure to shorter-dated maturities, where yields fell most significantly, was overweight and thus yield-curve positioning was beneficial to performance.

**Top Detractors:**

* The Portfolio's underweight Agency Residential MBS positioning detracted as spreads tightened over the period.

* The Portfolio's Non-U.S. Dollar Developed Markets rates positioning detracted, driven by exposure to German Bunds.

* The Portfolio's underweight Investment-Grade Credit positioning was a detractor as spreads tightened over the period.

## Portfolio Performance
![Growth of 10K Chart](g31699g43k72.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B $14,481** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10830 | $10265 |
| **12/2017** | $11689 | $10628 |
| **12/2018** | $11219 | $10630 |
| **12/2019** | $12816 | $11556 |
| **12/2020** | $13663 | $12424 |
| **12/2021** | $14020 | $12232 |
| **12/2022** | $11646 | $10641 |
| **12/2023** | $12719 | $11229 |
| **12/2024** | $13301 | $11369 |
| **12/2025** | $14481 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Western Asset Management Strategic Bond Opportunities Portfolio - Class B | 8.88% | 1.17% | 3.77% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1834885701 |
| # of Portfolio Investments | 837 |
| Portfolio Turnover Rate | 85% |
| Total Advisory Fees Paid | $10116935 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Mcclatchy Media Co. LLC | 2.0 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | 1.8 |
| BX Commercial Mortgage Trust | 1.5 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 1.2 |
| Occidental Petroleum Corp. | 1.1 |
| Inter-American Development Bank | 1.1 |
| Government National Mortgage Association | 0.8 |
| CHS/Community Health Systems, Inc. | 0.7 |
| First Quantum Minerals Ltd. | 0.7 |
| Federal Home Loan Mortgage Corp. | 0.7 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g19c07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Rights | 0.0<sup>Footnote Reference\*</sup> |
| Convertible Bonds | 0.1 |
| Common Stocks | 0.1 |
| Convertible Preferred Stocks | 0.3 |
| Short-Term Investments | 1 |
| Foreign Government | 4.4 |
| Agency Sponsored Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 10.4 |
| Floating Rate Loans | 13.1 |
| Non-Agency Mortgage-Backed Securities | 13.2 |
| Corporate Bonds & Notes | 49.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Western Asset Management Strategic Bond Opportunities Portfolio: Class E
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Western Asset Management Strategic Bond Opportunities Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $75 | 0.72% |

---

## Management Discussion of Portfolio Performance
The Portfolio outperformed the Bloomberg U.S. Aggregate Bond Index over the 12-month period ending December 31, 2025. U.S. rates moved sharply against a backdrop of heightened market volatility, including the S&P 500 Index posting its worst quarterly performance since 2022, a series of U.S. trade actions—25% tariffs on imports from Mexico and Canada, an additional 10% tariff on Chinese imports, 25% tariffs on steel, aluminum, and autos, and subsequent reciprocal tariffs in early April—and a brief resumption of conflict among the U.S., Iran and Israel. The U.S. Treasury curve shifted throughout the year, with long-end yields rising on concerns over growing deficits and potential inflation reacceleration. Overall, U.S. policy uncertainty weighed heavily on the outlook for the labor market, as well as consumer and business sentiment.

**Top Contributors:**

* The most significant contributor was the Portfolio's tactical credit exposure, including High-Yield Corporates and Bank Loans, as spreads tightened over the year.

* The Portfolio's exposure to Structured Products was in aggregate also a positive contributor as spreads generally tightened, driven mainly by Non-Agency Mortgage-Backed Securities ("MBS") and Collateralized Loan Obligations. 

* The Portfolio's Emerging Markets rates positioning contributed, driven by U.S. dollar-denominated Sovereign and Corporate exposures.

* Although the Portfolio's overall duration was underweight relative to the benchmark, its exposure to shorter-dated maturities, where yields fell most significantly, was overweight and thus yield-curve positioning was beneficial to performance.

**Top Detractors:**

* The Portfolio's underweight Agency Residential MBS positioning detracted as spreads tightened over the period.

* The Portfolio's Non-U.S. Dollar Developed Markets rates positioning detracted, driven by exposure to German Bunds.

* The Portfolio's underweight Investment-Grade Credit positioning was a detractor as spreads tightened over the period.

## Portfolio Performance
![Growth of 10K Chart](g31699g25g18.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $14,627** | **Bloomberg U.S. Aggregate Bond Index $12,199** |
| **12/2015** | $10000 | $10000 |
| **12/2016** | $10847 | $10265 |
| **12/2017** | $11714 | $10628 |
| **12/2018** | $11255 | $10630 |
| **12/2019** | $12864 | $11556 |
| **12/2020** | $13735 | $12424 |
| **12/2021** | $14104 | $12232 |
| **12/2022** | $11738 | $10641 |
| **12/2023** | $12829 | $11229 |
| **12/2024** | $13425 | $11369 |
| **12/2025** | $14627 | $12199 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Western Asset Management Strategic Bond Opportunities Portfolio - Class E | 8.95% | 1.27% | 3.88% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1834885701 |
| # of Portfolio Investments | 837 |
| Portfolio Turnover Rate | 85% |
| Total Advisory Fees Paid | $10116935 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Mcclatchy Media Co. LLC | 2.0 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | 1.8 |
| BX Commercial Mortgage Trust | 1.5 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 1.2 |
| Occidental Petroleum Corp. | 1.1 |
| Inter-American Development Bank | 1.1 |
| Government National Mortgage Association | 0.8 |
| CHS/Community Health Systems, Inc. | 0.7 |
| First Quantum Minerals Ltd. | 0.7 |
| Federal Home Loan Mortgage Corp. | 0.7 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g19c07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Rights | 0.0<sup>Footnote Reference\*</sup> |
| Convertible Bonds | 0.1 |
| Common Stocks | 0.1 |
| Convertible Preferred Stocks | 0.3 |
| Short-Term Investments | 1 |
| Foreign Government | 4.4 |
| Agency Sponsored Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 10.4 |
| Floating Rate Loans | 13.1 |
| Non-Agency Mortgage-Backed Securities | 13.2 |
| Corporate Bonds & Notes | 49.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Western Asset Management U.S. Government Portfolio: Class A
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Western Asset Management U.S. Government Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 0.50% |

---

## Management Discussion of Portfolio Performance
In 2025, inflation concerns driven by tariff announcements prompted the U.S. Federal Reserve (the "Fed") to maintain its policy rate throughout the first half of the year. As labor market conditions weakened, the Fed implemented three rate cuts during the latter half of 2025. These actions led to a decline in bond yields and a pronounced steepening of the U.S. Treasury yield curve. The Portfolio outperformed its benchmark, the Bloomberg U.S. Intermediate Government Bond Index. The Portfolio's duration positioning was a key contributor to outperformance, while its yield curve positioning detracted from relative returns. Within fixed-income sectors, exposure to Agency Mortgage-Backed Securities ("MBS") was a significant driver of positive performance, and Agency debentures also contributed favorably to relative results.

**Top Contributors:**

* The Portfolio's allocation to Agency MBS was the most significant contributor to performance relative to the Bloomberg U.S. Intermediate Government Bond Index over the 12-month period ending December 31, 2025.

* Duration positioning also contributed positively to excess returns.

* Additionally, the Portfolio's exposure to emerging market debt provided a further boost to relative performance.

**Top Detractors:**

* The Portfolio's yield curve positioning was the only detractor to performance over the year.

* Duration positioning detracted from performance during May and July, as rising yields negatively impacted returns due to the Portfolio's overweight duration stance relative to the benchmark during those periods.

## Portfolio Performance
![Growth of 10K Chart](g31699g10z32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A $11,978** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Bloomberg U.S. Intermediate Government Bond Index $11,902** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10128 | $10265 | $10105 |
| **12/2017** | $10324 | $10628 | $10220 |
| **12/2018** | $10424 | $10630 | $10366 |
| **12/2019** | $11053 | $11556 | $10905 |
| **12/2020** | $11633 | $12424 | $11530 |
| **12/2021** | $11456 | $12232 | $11335 |
| **12/2022** | $10424 | $10641 | $10459 |
| **12/2023** | $10931 | $11229 | $10909 |
| **12/2024** | $11187 | $11369 | $11176 |
| **12/2025** | $11978 | $12199 | $11902 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Western Asset Management U.S. Government Portfolio - Class A | 7.07% | 0.59% | 1.82% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1237141126 |
| # of Portfolio Investments | 812 |
| Portfolio Turnover Rate | 185% |
| Total Advisory Fees Paid | $5905533 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 20.9 |
| Federal National Mortgage Association | 14.0 |
| Federal Home Loan Mortgage Corp. | 11.8 |
| Resolution Funding Corp. Principal STRIPS | 8.3 |
| Government National Mortgage Association | 5.9 |
| Federal Home Loan Banks | 5.9 |
| Federal Farm Credit Banks Funding Corp. | 4.6 |
| Uniform Mortgage-Backed Security, TBA | 3.8 |
| Resolution Funding Corp. Interest STRIPS | 3.2 |
| Tennessee Valley Authority | 2.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g50l67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.0<sup>Footnote Reference\*</sup> |
| Corporate Bonds & Notes | 0.8 |
| Short-Term Investments | 1.1 |
| Foreign Government | 3.4 |
| Non-Agency Mortgage-Backed Securities | 4.5 |
| Agency Sponsored Mortgage-Backed Securities | 39.8 |
| U.S. Treasury & Government Agencies | 55.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Western Asset Management U.S. Government Portfolio: Class B
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Western Asset Management U.S. Government Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $78 | 0.75% |

---

## Management Discussion of Portfolio Performance
In 2025, inflation concerns driven by tariff announcements prompted the U.S. Federal Reserve (the "Fed") to maintain its policy rate throughout the first half of the year. As labor market conditions weakened, the Fed implemented three rate cuts during the latter half of 2025. These actions led to a decline in bond yields and a pronounced steepening of the U.S. Treasury yield curve. The Portfolio outperformed its benchmark, the Bloomberg U.S. Intermediate Government Bond Index. The Portfolio's duration positioning was a key contributor to outperformance, while its yield curve positioning detracted from relative returns. Within fixed-income sectors, exposure to Agency Mortgage-Backed Securities ("MBS") was a significant driver of positive performance, and Agency debentures also contributed favorably to relative results.

**Top Contributors:**

* The Portfolio's allocation to Agency MBS was the most significant contributor to performance relative to the Bloomberg U.S. Intermediate Government Bond Index over the 12-month period ending December 31, 2025.

* Duration positioning also contributed positively to excess returns.

* Additionally, the Portfolio's exposure to emerging market debt provided a further boost to relative performance.

**Top Detractors:**

* The Portfolio's yield curve positioning was the only detractor to performance over the year.

* Duration positioning detracted from performance during May and July, as rising yields negatively impacted returns due to the Portfolio's overweight duration stance relative to the benchmark during those periods.

## Portfolio Performance
![Growth of 10K Chart](g31699g89j87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B $11,682** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Bloomberg U.S. Intermediate Government Bond Index $11,902** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10102 | $10265 | $10105 |
| **12/2017** | $10271 | $10628 | $10220 |
| **12/2018** | $10343 | $10630 | $10366 |
| **12/2019** | $10941 | $11556 | $10905 |
| **12/2020** | $11478 | $12424 | $11530 |
| **12/2021** | $11275 | $12232 | $11335 |
| **12/2022** | $10242 | $10641 | $10459 |
| **12/2023** | $10713 | $11229 | $10909 |
| **12/2024** | $10937 | $11369 | $11176 |
| **12/2025** | $11682 | $12199 | $11902 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Western Asset Management U.S. Government Portfolio - Class B | 6.81% | 0.35% | 1.57% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1237141126 |
| # of Portfolio Investments | 812 |
| Portfolio Turnover Rate | 185% |
| Total Advisory Fees Paid | $5905533 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 20.9 |
| Federal National Mortgage Association | 14.0 |
| Federal Home Loan Mortgage Corp. | 11.8 |
| Resolution Funding Corp. Principal STRIPS | 8.3 |
| Government National Mortgage Association | 5.9 |
| Federal Home Loan Banks | 5.9 |
| Federal Farm Credit Banks Funding Corp. | 4.6 |
| Uniform Mortgage-Backed Security, TBA | 3.8 |
| Resolution Funding Corp. Interest STRIPS | 3.2 |
| Tennessee Valley Authority | 2.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g50l67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.0<sup>Footnote Reference\*</sup> |
| Corporate Bonds & Notes | 0.8 |
| Short-Term Investments | 1.1 |
| Foreign Government | 3.4 |
| Non-Agency Mortgage-Backed Securities | 4.5 |
| Agency Sponsored Mortgage-Backed Securities | 39.8 |
| U.S. Treasury & Government Agencies | 55.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust II

# Western Asset Management U.S. Government Portfolio: Class E
![Image](g31699g83s70.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Western Asset Management U.S. Government Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

**This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for last year?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $67 | 0.65% |

---

## Management Discussion of Portfolio Performance
In 2025, inflation concerns driven by tariff announcements prompted the U.S. Federal Reserve (the "Fed") to maintain its policy rate throughout the first half of the year. As labor market conditions weakened, the Fed implemented three rate cuts during the latter half of 2025. These actions led to a decline in bond yields and a pronounced steepening of the U.S. Treasury yield curve. The Portfolio outperformed its benchmark, the Bloomberg U.S. Intermediate Government Bond Index. The Portfolio's duration positioning was a key contributor to outperformance, while its yield curve positioning detracted from relative returns. Within fixed-income sectors, exposure to Agency Mortgage-Backed Securities ("MBS") was a significant driver of positive performance, and Agency debentures also contributed favorably to relative results.

**Top Contributors:**

* The Portfolio's allocation to Agency MBS was the most significant contributor to performance relative to the Bloomberg U.S. Intermediate Government Bond Index over the 12-month period ending December 31, 2025.

* Duration positioning also contributed positively to excess returns.

* Additionally, the Portfolio's exposure to emerging market debt provided a further boost to relative performance.

**Top Detractors:**

* The Portfolio's yield curve positioning was the only detractor to performance over the year.

* Duration positioning detracted from performance during May and July, as rising yields negatively impacted returns due to the Portfolio's overweight duration stance relative to the benchmark during those periods.

## Portfolio Performance
![Growth of 10K Chart](g31699g92o39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $11,804** | **Bloomberg U.S. Aggregate Bond Index $12,199** | **Bloomberg U.S. Intermediate Government Bond Index $11,902** |
| **12/2015** | $10000 | $10000 | $10000 |
| **12/2016** | $10120 | $10265 | $10105 |
| **12/2017** | $10299 | $10628 | $10220 |
| **12/2018** | $10382 | $10630 | $10366 |
| **12/2019** | $10992 | $11556 | $10905 |
| **12/2020** | $11543 | $12424 | $11530 |
| **12/2021** | $11358 | $12232 | $11335 |
| **12/2022** | $10321 | $10641 | $10459 |
| **12/2023** | $10806 | $11229 | $10909 |
| **12/2024** | $11042 | $11369 | $11176 |
| **12/2025** | $11804 | $12199 | $11902 |

---

The chart reflects a hypothetical $10,000 investment in the Portfolio share class compared to the performance of the benchmark indexes. Portfolio performance is calculated including reinvestment of all distributions. Performance numbers are net of all Portfolio expenses but do not include any charges related to the variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. Performance for other share classes will vary. **This performance information represents past performance and is not indicative of future results.**

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Western Asset Management U.S. Government Portfolio - Class E | 6.91% | 0.45% | 1.67% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. Intermediate Government Bond Index | 6.50% | 0.64% | 1.76% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1237141126 |
| # of Portfolio Investments | 812 |
| Portfolio Turnover Rate | 185% |
| Total Advisory Fees Paid | $5905533 |

---

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 20.9 |
| Federal National Mortgage Association | 14.0 |
| Federal Home Loan Mortgage Corp. | 11.8 |
| Resolution Funding Corp. Principal STRIPS | 8.3 |
| Government National Mortgage Association | 5.9 |
| Federal Home Loan Banks | 5.9 |
| Federal Farm Credit Banks Funding Corp. | 4.6 |
| Uniform Mortgage-Backed Security, TBA | 3.8 |
| Resolution Funding Corp. Interest STRIPS | 3.2 |
| Tennessee Valley Authority | 2.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g31699g50l67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.0<sup>Footnote Reference\*</sup> |
| Corporate Bonds & Notes | 0.8 |
| Short-Term Investments | 1.1 |
| Foreign Government | 3.4 |
| Non-Agency Mortgage-Backed Securities | 4.5 |
| Agency Sponsored Mortgage-Backed Securities | 39.8 |
| U.S. Treasury & Government Agencies | 55.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Portfolio that occurred during the year ended December 31, 2025.

* On November 6, 2025, the parent company of the adviser entered into a merger agreement with affiliates of Aquarian Capital LLC. A new advisory agreement and subadvisory agreement are expected to be the subject of a proxy statement to be filed with the SEC and mailed to shareholders of the Portfolio in 2026.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g31699g68u87.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

------

(b) Not applicable.

#### Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions (the "Code of Ethics"). During the period covered by this report, no material amendments were made to the provisions of the Code of Ethics, nor did the registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Robert J. Boulware, Susan C. Gause, Nancy Hawthorne, and Dawn M. Vroegop have each been determined to be an "audit committee financial expert" and each is "independent" (as each term is defined in Item 3 of Form N-CSR).

#### Item 4. Principal Accountant Fees and Services.
Information provided in response to Item 4 includes amounts billed during the applicable time period for services rendered by Deloitte & Touche LLP ("Deloitte"), the registrant's principal accountant.

(a) Audit Fees

The aggregate fees billed for professional services rendered by Deloitte for the audit of the registrant's annual financial statements and for services that are normally provided by Deloitte in connection with statutory and regulatory filings for the fiscal years ended December 31, 2024 and December 31, 2025 were $1,550,567 and $1,510,159, respectively.

(b) Audit-Related Fees

During the fiscal years ended December 31, 2024 and December 31, 2025, Deloitte billed $0 and $0, respectively, for assurance and related services that relate directly to the operations and financial reporting of the registrant, the registrant's investment adviser or any other entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant.

(c) Tax Fees

The aggregate fees billed for professional services rendered by Deloitte for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2024 and December 31, 2025 were $195,065 and $198,815, respectively. Represent fees for services rendered to the registrant for review of tax returns for the fiscal years ended December 31, 2024 and December 31, 2025.

During the fiscal years ended December 31, 2024 and December 31, 2025, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the registrant were billed by Deloitte to the registrant's investment adviser or any other entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant.

------

(d) All Other Fees

The registrant was not billed for any other products or services provided by Deloitte for the fiscal years ended December 31, 2024 and December 31, 2025 other than the services reported in paragraphs (a) through (c) above.

During the fiscal years ended December 31, 2024 and December 31, 2025, no fees for other products or services that relate directly to the operations and financial reporting of the registrant, other than the services reported in paragraphs (a) through (c) above, were billed by Deloitte to the registrant's investment adviser or any other entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant.

(e)(1) The registrant's Audit Committee has established pre-approval procedures pursuant to paragraph (c)(7)(i)(B) of Rule 2-01 of Regulation S-X, which include regular pre-approval procedures and interim pre-approval procedures. Under the regular pre-approval procedures, the Audit Committee pre-approves at its regularly scheduled meetings audit and non-audit services that are required to be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. Under the interim pre-approval procedures, any member of the Audit Committee who is an independent Trustee is authorized to pre-approve proposed services that arise between regularly scheduled Audit Committee meetings and that need to commence prior to the next regularly scheduled Audit Committee meeting. Such Audit Committee member must report to the Audit Committee at its next regularly scheduled meeting on the pre-approval decision.

(2) Not applicable.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and adviser affiliates that provide ongoing services to the registrant for 2024 and 2025 were $48,257 and $36,770, respectively.

(h) The Audit Committee of the registrant's Board of Trustees considered the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services are compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committees of Listed Registrants.
Not applicable to the registrant.

#### Item 6. Investments.
(a) Schedules of Investments are included as part of the reports to shareholders filed under Item 7(a) of this Form N-CSR.

------

(b) Not applicable to the registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

Brighthouse Funds Trust II

Annual Financial Statements

December 31, 2025

------

**Brighthouse Funds Trust II**

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ***Section*** A**Schedule of Investments (Item 6), Financial Statements and Financial Highlights (Item 7)** |  |
| Glossary of Abbreviations  | **BHFTII-**2 |
| Baillie Gifford International Stock Portfolio  | **BHFTII-**3 |
| BlackRock Bond Income Portfolio  | **BHFTII-**11 |
| BlackRock Capital Appreciation Portfolio  | **BHFTII-**72 |
| BlackRock Ultra-Short Term Bond Portfolio  | **BHFTII-**79 |
| Brighthouse Asset Allocation 20 Portfolio  | **BHFTII-**86 |
| Brighthouse Asset Allocation 40 Portfolio  | **BHFTII-**92 |
| Brighthouse Asset Allocation 60 Portfolio  | **BHFTII-**98 |
| Brighthouse Asset Allocation 80 Portfolio  | **BHFTII-**104 |
| Brighthouse/Artisan Mid Cap Value Portfolio  | **BHFTII-**110 |
| Brighthouse/Dimensional International Small Company Portfolio  | **BHFTII-**118 |
| Brighthouse/Wellington Balanced Portfolio  | **BHFTII-**155 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio  | **BHFTII-**183 |
| Frontier Mid Cap Growth Portfolio  | **BHFTII-**190 |
| Jennison Growth Portfolio  | **BHFTII-**198 |
| Loomis Sayles Small Cap Core Portfolio  | **BHFTII-**205 |
| Loomis Sayles Small Cap Growth Portfolio  | **BHFTII-**214 |
| MetLife Aggregate Bond Index Portfolio  | **BHFTII-**222 |
| MetLife Mid Cap Stock Index Portfolio  | **BHFTII-**249 |
| MetLife MSCI EAFE Index Portfolio  | **BHFTII-**262 |
| MetLife Russell 2000 Index Portfolio  | **BHFTII-**277 |
| MetLife Stock Index Portfolio  | **BHFTII-**303 |
| MFS<sup>®</sup> Total Return Portfolio  | **BHFTII-**318 |
| MFS<sup>®</sup> Value Portfolio  | **BHFTII-**336 |
| Neuberger Berman Genesis Portfolio  | **BHFTII-**344 |
| T. Rowe Price Large Cap Growth Portfolio  | **BHFTII-**351 |
| T. Rowe Price Small Cap Growth Portfolio  | **BHFTII-**361 |
| VanEck Global Natural Resources Portfolio  | **BHFTII-**372 |
| Western Asset Management Strategic Bond Opportunities Portfolio  | **BHFTII-**379 |
| Western Asset Management U.S. Government Portfolio  | **BHFTII-**407 |
| ***Section*** BNotes to Financial Statements | **BHFTII-**421 |
| ***Section*** CReport of Independent Registered Public Accounting Firm | **BHFTII-**442 |
| ***Section*** DBoard of Trustees' Consideration of Advisory and Sub-Advisory Agreements (Item 11) | **BHFTII-**444 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Item 8)** |  |
| Not applicable |  |
| **Proxy Disclosures for Open-End Management Investment Companies (Item 9)** |  |
| Not applicable |  |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Item 10)** |  |
| Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included under Statements of Operations in the Financial Statements under Item 7 above. |  |

---

------

**Brighthouse Funds Trust II**

**Glossary of Abbreviations**

Counterparties

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ANZ) — Australia & New Zealand Banking Corp.

&nbsp;&nbsp;&nbsp;&nbsp;(BBP) — Barclays Bank PLC

&nbsp;&nbsp;&nbsp;&nbsp;(BNP) — BNP Paribas SA

&nbsp;&nbsp;&nbsp;&nbsp;(BNY) — Bank of New York Mellon

&nbsp;&nbsp;&nbsp;&nbsp;(BOA) — Bank of America NA

&nbsp;&nbsp;&nbsp;&nbsp;(CBNA) — Citibank NA

&nbsp;&nbsp;&nbsp;&nbsp;(CIBC) — Canadian Imperial Bank of Commerce

&nbsp;&nbsp;&nbsp;&nbsp;(CSI) — Credit Suisse International

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(DBAG) — Deutsche Bank AG

&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;(MSIP) — Morgan Stanley & Co. International PLC

&nbsp;&nbsp;&nbsp;&nbsp;(NIP) — Nomura International PLC

&nbsp;&nbsp;&nbsp;&nbsp;(NWM) — NatWest Markets PLC

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(SCB) — Standard Chartered Bank

&nbsp;&nbsp;&nbsp;&nbsp;(SG) — Societe Generale Paris

&nbsp;&nbsp;&nbsp;&nbsp;(SSBT) — State Street Bank and Trust Co.

&nbsp;&nbsp;&nbsp;&nbsp;(TDB) — Toronto Dominion Bank

&nbsp;&nbsp;&nbsp;&nbsp;(UBSA) — UBS AG

&nbsp;&nbsp;&nbsp;&nbsp;(WFB) — Wells Fargo Bank, NA

Currencies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ARS) — Argentine Peso

&nbsp;&nbsp;&nbsp;&nbsp;(AUD) — Australian Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(BRL) — Brazilian Real

&nbsp;&nbsp;&nbsp;&nbsp;(CAD) — Canadian Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(CHF) — Swiss Franc

&nbsp;&nbsp;&nbsp;&nbsp;(CLP) — Chilean Peso

&nbsp;&nbsp;&nbsp;&nbsp;(CNH) — Chinese Renminbi

&nbsp;&nbsp;&nbsp;&nbsp;(CNY) — Chinese Yuan

&nbsp;&nbsp;&nbsp;&nbsp;(COP) — Colombian Peso

&nbsp;&nbsp;&nbsp;&nbsp;(CZK) — Czech Koruna

&nbsp;&nbsp;&nbsp;&nbsp;(DOP) — Dominican Peso

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(EGP) — Egypt Pound

&nbsp;&nbsp;&nbsp;&nbsp;(EUR) — Euro

&nbsp;&nbsp;&nbsp;&nbsp;(GBP) — British Pound

&nbsp;&nbsp;&nbsp;&nbsp;(HUF) — Hungarian Forint

&nbsp;&nbsp;&nbsp;&nbsp;(IDR) — Indonesian Rupiah

&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;(KRW) — South Korean Won

&nbsp;&nbsp;&nbsp;&nbsp;(MXN) — Mexican Peso

&nbsp;&nbsp;&nbsp;&nbsp;(MYR) — Malaysian Ringgit

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(NGN) — Nigeria Naira

&nbsp;&nbsp;&nbsp;&nbsp;(PEN) — Peruvian Nuevo Sol

&nbsp;&nbsp;&nbsp;&nbsp;(PHP) — Philippine Peso

&nbsp;&nbsp;&nbsp;&nbsp;(PLN) — Polish Zloty

&nbsp;&nbsp;&nbsp;&nbsp;(SGD) — Singapore Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(THB) — Thai Baht

&nbsp;&nbsp;&nbsp;&nbsp;(TRY) — Turkish Lira

&nbsp;&nbsp;&nbsp;&nbsp;(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;

---

| | |
|:---|:---|
| (BUBOR) | — Budapest Interbank Offered Rate |
| (CAMARA) | — Chilean Average Chamber Index |
| (CDI) | — Brazil Interbank Deposit Rate |
| (CDX.NA.HY) | — Markit North America High Yield CDS Index |
| (CMBX.NA.AAA) | — Markit North America AAA Rated CMBS <br> Index<br>|
| (CMBX.NA.BBB-) | — Markit North America BBB- Rated CMBS <br> Index<br>|
| (CNRR) | — China 7 Day Reverse Repo Rates |
| (COP-IBR) | — Colombian Peso Overnight Interbank Rate |
| (CPURNSA) | — U.S. Consumer Price for All Urban Consumers <br> Non-Seasonally Adjusted<br>|
| (EURIBOR) | — Euro Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (FEDEFF) | — Effective Federal Funds Rate |
| (H15) | — U.S. Treasury Yield Curve Rate T-Note <br> Constant Maturity Index<br>|
| (ITRX.EUR) | — Markit iTraxx Europe CDS Index |
| (ITRX.EUR.XOVER) | — Markit iTraxx Europe Crossover CDS Index |
| (ITRX.FINSR) | — Markit iTraxx Europe Senior Financial CDS <br> Index<br>|
| (JIBAR) | — Johannnesberg Interbank Average Rate |
| (KRW COD) | — South Korean Certificate of Deposit Rate |
| (MIBOR) | — Mumbai Interbank Offered Rate |
| (MTA) | — Monthly Treasury Average Index |
| (OBFR) | — U.S. Overnight Bank Funding Rate |
| (PRIBOR) | — Prague Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PRIME) — U.S. Federal Reserve Prime Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(RFUCCT) — Refinitiv USD IBOR Consumer Cash Fallbacks Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR) — Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A) — Secured Overnight Financing Rate 30-Day Average

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SONIA) — Sterling Overnight Interbank Average Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TIIE) — Mexican Interbank Equilibrium Interest Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TONA) — Tokyo Overnight Average Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR) — Term Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UKG) — U.K. Government Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UST) — U.S. Treasury Bill Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(WIBOR) — Warsaw Interbank Offered 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 December 31, 2025** 

**Common Stocks—99.3% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 2.0%** | **Australia — 2.0%** | **Australia — 2.0%** |
| Rio Tinto PLC | 339133 | &nbsp;&nbsp; $27057695 |
| **Brazil — 4.0%** | **Brazil — 4.0%** | **Brazil — 4.0%** |
| B3 SA - Brasil Bolsa Balcao | 5362600 | &nbsp;&nbsp; 13958580 |
| MercadoLibre, Inc. (a) | 19958 | &nbsp;&nbsp; 40200601 |
|  |  | &nbsp;&nbsp; 54159181 |
| **Canada — 4.1%** | **Canada — 4.1%** | **Canada — 4.1%** |
| Constellation Software, Inc.  | 5557 | &nbsp;&nbsp; 13366274 |
| Lumine Group, Inc. (a) | 426672 | &nbsp;&nbsp; 8436762 |
| Shopify, Inc. - Class A (a) | 105293 | &nbsp;&nbsp; 16949014 |
| Stella-Jones, Inc.  | 127253 | &nbsp;&nbsp; 7892644 |
| TFI International, Inc.  | 78621 | &nbsp;&nbsp; 8126452 |
|  |  | &nbsp;&nbsp; 54771146 |
| **Chile — 1.0%** | **Chile — 1.0%** | **Chile — 1.0%** |
| Lundin Mining Corp.  | 623897 | &nbsp;&nbsp; 13409320 |
| **China — 10.0%** | **China — 10.0%** | **China — 10.0%** |
| Kweichow Moutai Co. Ltd. - Class A | 40200 | &nbsp;&nbsp; 7916806 |
| Meituan - Class B (a) | 654470 | &nbsp;&nbsp; 8636172 |
| Midea Group Co. Ltd. - Class A | 1872900 | &nbsp;&nbsp; 20938345 |
| PDD Holdings, Inc. (ADR) (a) | 85150 | &nbsp;&nbsp; 9655159 |
| Ping An Insurance Group Co. of China Ltd. - Class H | 1302000 | &nbsp;&nbsp; 10952215 |
| Silergy Corp.  | 562000 | &nbsp;&nbsp; 3399446 |
| Tencent Holdings Ltd.  | 717500 | &nbsp;&nbsp; 54980042 |
| Tencent Music Entertainment Group (ADR) | 1078264 | &nbsp;&nbsp; 18901968 |
|  |  | &nbsp;&nbsp; 135380153 |
| **Denmark — 5.6%** | **Denmark — 5.6%** | **Denmark — 5.6%** |
| Demant AS (a) (b) | 342947 | &nbsp;&nbsp; 11576621 |
| DSV AS | 131971 | &nbsp;&nbsp; 33209995 |
| Novo Nordisk AS - Class B | 232646 | &nbsp;&nbsp; 11858617 |
| Novonesis (Novozymes) - B Shares | 308369 | &nbsp;&nbsp; 19747910 |
|  |  | &nbsp;&nbsp; 76393143 |
| **Finland — 0.7%** | **Finland — 0.7%** | **Finland — 0.7%** |
| Kone OYJ - Class B | 124794 | &nbsp;&nbsp; 8851405 |
| **France — 5.4%** | **France — 5.4%** | **France — 5.4%** |
| Danone SA | 313014 | &nbsp;&nbsp; 28243071 |
| Edenred SE | 554461 | &nbsp;&nbsp; 12317652 |
| LVMH Moet Hennessy Louis Vuitton SE | 20248 | &nbsp;&nbsp; 15264970 |
| Nexans SA | 65604 | &nbsp;&nbsp; 9647424 |
| Sartorius Stedim Biotech | 32311 | &nbsp;&nbsp; 7950310 |
|  |  | &nbsp;&nbsp; 73423427 |
| **Germany — 6.3%** | **Germany — 6.3%** | **Germany — 6.3%** |
| BioNTech SE (ADR) (a) (b) | 58970 | &nbsp;&nbsp; 5613944 |
| Deutsche Boerse AG | 105166 | &nbsp;&nbsp; 27623023 |
| Rational AG | 13356 | &nbsp;&nbsp; 10338124 |
| SAP SE | 77012 | &nbsp;&nbsp; 18843168 |
| Scout24 SE | 231432 | &nbsp;&nbsp; 23327341 |
|  |  | &nbsp;&nbsp; 85745600 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| AIA Group Ltd.  | 2535800 | &nbsp;&nbsp; $26046452 |
| **India — 2.7%** | **India — 2.7%** | **India — 2.7%** |
| HDFC Bank Ltd.  | 2104638 | &nbsp;&nbsp; 23296233 |
| ICICI Lombard General Insurance Co. Ltd.  | 579851 | &nbsp;&nbsp; 12653134 |
|  |  | &nbsp;&nbsp; 35949367 |
| **Ireland — 1.7%** | **Ireland — 1.7%** | **Ireland — 1.7%** |
| Kingspan Group PLC | 265153 | &nbsp;&nbsp; 22911931 |
| **Italy — 5.4%** | **Italy — 5.4%** | **Italy — 5.4%** |
| FinecoBank Banca Fineco SpA | 1032379 | &nbsp;&nbsp; 26809968 |
| Ryanair Holdings PLC (ADR) | 487916 | &nbsp;&nbsp; 35222656 |
| Technoprobe SpA (a) | 761116 | &nbsp;&nbsp; 10777326 |
|  |  | &nbsp;&nbsp; 72809950 |
| **Japan — 12.4%** | **Japan — 12.4%** | **Japan — 12.4%** |
| Keyence Corp.  | 38800 | &nbsp;&nbsp; 14057424 |
| Money Forward, Inc. (a) (b) | 304600 | &nbsp;&nbsp; 9084046 |
| MonotaRO Co. Ltd. (b) | 772700 | &nbsp;&nbsp; 12410165 |
| Nihon M&A Center Holdings, Inc.  | 2469000 | &nbsp;&nbsp; 11370558 |
| Nintendo Co. Ltd.  | 109400 | &nbsp;&nbsp; 7389899 |
| Nippon Paint Holdings Co. Ltd. (b) | 1354000 | &nbsp;&nbsp; 9044248 |
| Olympus Corp. (b) | 725800 | &nbsp;&nbsp; 9245403 |
| Recruit Holdings Co. Ltd.  | 192500 | &nbsp;&nbsp; 10981558 |
| Shimano, Inc.  | 113200 | &nbsp;&nbsp; 11951590 |
| SMC Corp.  | 39000 | &nbsp;&nbsp; 13579657 |
| Sony Financial Group, Inc. (a) | 6922600 | &nbsp;&nbsp; 7325269 |
| Sony Group Corp.  | 1010800 | &nbsp;&nbsp; 25836208 |
| Tokyo Electron Ltd.  | 70100 | &nbsp;&nbsp; 15395190 |
| Unicharm Corp.  | 1679400 | &nbsp;&nbsp; 9625629 |
|  |  | &nbsp;&nbsp; 167296844 |
| **Kazakhstan — 0.8%** | **Kazakhstan — 0.8%** | **Kazakhstan — 0.8%** |
| Kaspi.KZ JSC (ADR) (a) | 130532 | &nbsp;&nbsp; 10198465 |
| **Netherlands — 5.4%** | **Netherlands — 5.4%** | **Netherlands — 5.4%** |
| Adyen NV (a) | 12766 | &nbsp;&nbsp; 20482694 |
| ASML Holding NV | 22326 | &nbsp;&nbsp; 23864619 |
| IMCD NV | 139184 | &nbsp;&nbsp; 12662333 |
| Magnum Ice Cream Co. NV (a) (b) | 485892 | &nbsp;&nbsp; 7712135 |
| Topicus.com, Inc. (a) (b) | 89307 | &nbsp;&nbsp; 8273203 |
|  |  | &nbsp;&nbsp; 72994984 |
| **Norway — 0.7%** | **Norway — 0.7%** | **Norway — 0.7%** |
| Salmar ASA | 160461 | &nbsp;&nbsp; 9829573 |
| **Panama — 0.7%** | **Panama — 0.7%** | **Panama — 0.7%** |
| Copa Holdings SA - Class A | 82619 | &nbsp;&nbsp; 9964678 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| GMK Norilskiy Nickel PAO (a) (c) (d) | 3921000 | &nbsp;&nbsp; 0 |
| MMC Norilsk Nickel PJSC (ADR) (a) (c) (d) | 7 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |

---

*See accompanying notes to financial statements.*

**BHFTII-3**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

**Short-Term Investments—0.6%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Singapore — 2.2%** | **Singapore — 2.2%** | **Singapore — 2.2%** |
| Sea Ltd. (ADR) (a) | 128841 | &nbsp;&nbsp; $16436246 |
| United Overseas Bank Ltd.  | 496300 | &nbsp;&nbsp; 13515958 |
|  |  | &nbsp;&nbsp; 29952204 |
| **South Africa — 1.6%** | **South Africa — 1.6%** | **South Africa — 1.6%** |
| Discovery Ltd.  | 1580022 | &nbsp;&nbsp; 21728423 |
| **South Korea — 4.8%** | **South Korea — 4.8%** | **South Korea — 4.8%** |
| Coupang, Inc. (a) | 456464 | &nbsp;&nbsp; 10767986 |
| Samsung Electronics Co. Ltd.  | 656626 | &nbsp;&nbsp; 54726031 |
|  |  | &nbsp;&nbsp; 65494017 |
| **Sweden — 2.5%** | **Sweden — 2.5%** | **Sweden — 2.5%** |
| Atlas Copco AB - B Shares | 1149978 | &nbsp;&nbsp; 18442669 |
| MIPS AB | 116562 | &nbsp;&nbsp; 4443275 |
| Skandinaviska Enskilda Banken AB - Class A | 512103 | &nbsp;&nbsp; 10810768 |
|  |  | &nbsp;&nbsp; 33696712 |
| **Switzerland — 2.5%** | **Switzerland — 2.5%** | **Switzerland — 2.5%** |
| Cie Financiere Richemont SA - Class A | 64336 | &nbsp;&nbsp; 13884752 |
| Sandoz Group AG | 263886 | &nbsp;&nbsp; 19232379 |
|  |  | &nbsp;&nbsp; 33117131 |
| **Taiwan — 6.7%** | **Taiwan — 6.7%** | **Taiwan — 6.7%** |
| MediaTek, Inc.  | 203000 | &nbsp;&nbsp; 9198249 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 1668000 | &nbsp;&nbsp; 81487434 |
|  |  | &nbsp;&nbsp; 90685683 |
| **United Kingdom — 1.3%** | **United Kingdom — 1.3%** | **United Kingdom — 1.3%** |
| Unilever PLC | 268579 | &nbsp;&nbsp; 17560060 |
| **United States — 6.9%** | **United States — 6.9%** | **United States — 6.9%** |
| CRH PLC | 209717 | &nbsp;&nbsp; 26137131 |
| Experian PLC | 416485 | &nbsp;&nbsp; 18836157 |
| Monday.com Ltd. (a) | 61705 | &nbsp;&nbsp; 9105190 |
| Roche Holding AG | 66782 | &nbsp;&nbsp; 27598868 |
| Spotify Technology SA (a) | 19503 | &nbsp;&nbsp; 11325587 |
|  |  | &nbsp;&nbsp; 93002933 |
| Total Common Stocks <br>(Cost $1,005,916,587) <br>|  | &nbsp;&nbsp; 1342430477 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software, Inc., Expires 03/31/40 (a) <br>(Cost $0)<br>| 10541 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Repurchase Agreement — 0.6%** | **Repurchase Agreement — 0.6%** | **Repurchase Agreement — 0.6%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26 with a maturity value of $8,624,669; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $8,796,099<br>| 8623471 | &nbsp;&nbsp; $8623471 |
| Total Short-Term Investments <br>(Cost $8,623,471) <br>|  | &nbsp;&nbsp; 8623471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—1.9%** | **Securities Lending Reinvestments (e)—1.9%** | **Securities Lending Reinvestments (e)—1.9%** |
| **Short-Term Investment Funds — 1.5%** |  |  |
| Allspring Government Money Market Fund, <br>Select Class, 3.710% (f)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 3.640% (f)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 3.650% (f)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I, 3.670% (f)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class, 3.710% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 3.610% (f)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 3.680% (f)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 3.740% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 20000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $100,021; collateralized <br> by various Common Stock with an aggregate market value of <br> $111,368<br>| 100000 | &nbsp;&nbsp; 100000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,678,563; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.750%, maturity dates ranging from <br> 02/05/26 - 11/15/55, and an aggregate market value of <br> $2,732,135<br>| 2677994 | &nbsp;&nbsp; 2677994 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $2,000,434; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,222,467<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $1,000,222; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,112,958<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-4**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $27,457; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 02/26/26 - <br> 02/15/55, and an aggregate market value of $28,000<br>| 27451 | &nbsp;&nbsp; $27451 |
|  |  | &nbsp;&nbsp; 5805445 |
| Total Securities Lending Reinvestments <br>(Cost $25,805,445) <br>|  | &nbsp;&nbsp; 25805445 |
| Total Investments—101.8% <br>(Cost $1,040,345,503) <br>|  | &nbsp;&nbsp; 1376859393 |
| Other assets and liabilities (net)—(1.8)%  |  | &nbsp;&nbsp; (24185673)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1352673720 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $38,382,587 and the collateral received consisted of cash in the amount of $25,805,445 and non-cash collateral with a value of $14,711,087. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending 

---

| | |
|:---|:---|
|  | Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) <br>| Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (d) <br>| Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) <br>| Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (f) <br>| The rate shown represents the annualized seven-day yield as of December 31, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Semiconductors & Semiconductor Equipment | 10.7 |
| Interactive Media & Services | 5.8 |
| Broadline Retail | 5.7 |
| Banks | 5.5 |
| Insurance | 5.3 |
| Software | 5.0 |
| Pharmaceuticals | 4.3 |
| Technology Hardware, Storage & Peripherals | 4.0 |
| Capital Markets | 3.9 |
| Machinery | 3.8 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $251723982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $459428045 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(25805445)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(25805445)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(25805445)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27057695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27057695 |
| Brazil | &nbsp;&nbsp; 40200601 | &nbsp;&nbsp; 13958580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54159181 |
| Canada | &nbsp;&nbsp; 54771146 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54771146 |
| Chile | &nbsp;&nbsp; 13409320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13409320 |
| China | &nbsp;&nbsp; 28557127 | &nbsp;&nbsp; 106823026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135380153 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 76393143 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76393143 |

---

*See accompanying notes to financial statements.*

**BHFTII-5**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Finland | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8851405 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8851405 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 73423427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73423427 |
| Germany | &nbsp;&nbsp; 5613944 | &nbsp;&nbsp; 80131656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85745600 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 26046452 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26046452 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 35949367 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35949367 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 22911931 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22911931 |
| Italy | &nbsp;&nbsp; 35222656 | &nbsp;&nbsp; 37587294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72809950 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 167296844 | &nbsp;&nbsp; — | &nbsp;&nbsp; 167296844 |
| Kazakhstan | &nbsp;&nbsp; 10198465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10198465 |
| Netherlands | &nbsp;&nbsp; 15985338 | &nbsp;&nbsp; 57009646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72994984 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 9829573 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9829573 |
| Panama | &nbsp;&nbsp; 9964678 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9964678 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Singapore | &nbsp;&nbsp; 16436246 | &nbsp;&nbsp; 13515958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29952204 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 21728423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21728423 |
| South Korea | &nbsp;&nbsp; 10767986 | &nbsp;&nbsp; 54726031 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65494017 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 33696712 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33696712 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 33117131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33117131 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 90685683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90685683 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 17560060 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17560060 |
| United States | &nbsp;&nbsp; 20430777 | &nbsp;&nbsp; 72572156 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93002933 |
| Total Common Stocks | &nbsp;&nbsp; 261558284 | &nbsp;&nbsp; 1080872193 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1342430477 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 8623471 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8623471 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 5805445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5805445 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 5805445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25805445 |
| Total Investments | &nbsp;&nbsp; $281558284 | &nbsp;&nbsp; $1095301109 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1376859393 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25805445)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25805445)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-6**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1376859393 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 95 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 4818513 |
| Fund shares sold | &nbsp;&nbsp; 15802 |
| Dividends and interest | &nbsp;&nbsp; 3284390 |
| Prepaid expenses | &nbsp;&nbsp; 4991 |
| Total Assets | &nbsp;&nbsp; 1384983184 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 25805445 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 636767 |
| Fund shares redeemed | &nbsp;&nbsp; 1446610 |
| Foreign taxes | &nbsp;&nbsp; 2834972 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 797535 |
| Distribution and service fees | &nbsp;&nbsp; 48534 |
| Deferred trustees' fees | &nbsp;&nbsp; 263189 |
| Other expenses | &nbsp;&nbsp; 476412 |
| Total Liabilities | &nbsp;&nbsp; 32309464 |
| **Net Assets**  | &nbsp;&nbsp; $1352673720 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $912154802 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; 440518918 |
| **Net Assets**  | &nbsp;&nbsp; $1352673720 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1118836027 |
| Class B | &nbsp;&nbsp; 223233964 |
| Class E | &nbsp;&nbsp; 10603729 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 96557927 |
| Class B | &nbsp;&nbsp; 19755243 |
| Class E | &nbsp;&nbsp; 930073 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.59 |
| Class B | 11.30 |
| Class E | 11.40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,040,345,503.

(b) Includes securities loaned at value of $38,382,587.

(c) Identified cost of cash denominated in foreign currencies was $95.

(d) Includes foreign capital gains tax of $2,834,972.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $20004199 |
| Interest | &nbsp;&nbsp; 300565 |
| Securities lending income | &nbsp;&nbsp; 76198 |
| Total investment income | &nbsp;&nbsp; 20380962 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 11002069 |
| Administration fees | &nbsp;&nbsp; 73001 |
| Custodian and accounting fees | &nbsp;&nbsp; 168651 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 569529 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 16887 |
| Audit and tax services | &nbsp;&nbsp; 56907 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62092 |
| Shareholder reporting | &nbsp;&nbsp; 71814 |
| Insurance | &nbsp;&nbsp; 12281 |
| Miscellaneous | &nbsp;&nbsp; 79997 |
| Total expenses | &nbsp;&nbsp; 12161720 |
| Less management fee waiver | &nbsp;&nbsp; (1545414)<br>|
| Net expenses | &nbsp;&nbsp; 10616306 |
| **Net Investment Income** | &nbsp;&nbsp; 9764656 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; 106933884 |
| Foreign currency transactions | &nbsp;&nbsp; 31025 |
| Net realized gain (loss) | &nbsp;&nbsp; 106964909 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; 124985483 |
| Foreign currency transactions | &nbsp;&nbsp; 283340 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 125268823 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 232233732 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $241998388 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $2,440,306.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $2,856,500.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $(184,451).

*See accompanying notes to financial statements.*

**BHFTII-7**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $9764656 | &nbsp;&nbsp; $9263299 |
| Net realized gain (loss) | &nbsp;&nbsp; 106964909 | &nbsp;&nbsp; 55667152 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 125268823 | &nbsp;&nbsp; 8121305 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 241998388 | &nbsp;&nbsp; 73051756 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (53163843)<br>| &nbsp;&nbsp; (86518467)<br>|
| Class B | &nbsp;&nbsp; (10641620)<br>| &nbsp;&nbsp; (16794354)<br>|
| Class E | &nbsp;&nbsp; (541321)<br>| &nbsp;&nbsp; (851241)<br>|
| **Total distributions** | &nbsp;&nbsp; (64346784)<br>| &nbsp;&nbsp; (104164062)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (155050095)<br>| &nbsp;&nbsp; (156780934)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 22601509 | &nbsp;&nbsp; (187893240)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1330072211 | &nbsp;&nbsp; 1517965451 |
| End of period | &nbsp;&nbsp; $1352673720 | &nbsp;&nbsp; $1330072211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 645705 | &nbsp;&nbsp; $7246486 | &nbsp;&nbsp; 889455 | &nbsp;&nbsp; $9416137 |
| Reinvestments | &nbsp;&nbsp; 4651255 | &nbsp;&nbsp; 53163843 | &nbsp;&nbsp; 8367357 | &nbsp;&nbsp; 86518467 |
| Redemptions | &nbsp;&nbsp; (16260909)<br>| &nbsp;&nbsp; (183801778)<br>| &nbsp;&nbsp; (21420903)<br>| &nbsp;&nbsp; (228452877)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (10963949)<br>| &nbsp;&nbsp; $(123391449)<br>| &nbsp;&nbsp; (12164091)<br>| &nbsp;&nbsp; $(132518273)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 813665 | &nbsp;&nbsp; $8778816 | &nbsp;&nbsp; 588578 | &nbsp;&nbsp; $6022162 |
| Reinvestments | &nbsp;&nbsp; 953550 | &nbsp;&nbsp; 10641620 | &nbsp;&nbsp; 1661163 | &nbsp;&nbsp; 16794354 |
| Redemptions | &nbsp;&nbsp; (4502596)<br>| &nbsp;&nbsp; (49210735)<br>| &nbsp;&nbsp; (4400607)<br>| &nbsp;&nbsp; (45571608)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2735381)<br>| &nbsp;&nbsp; $(29790299)<br>| &nbsp;&nbsp; (2150866)<br>| &nbsp;&nbsp; $(22755092)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 25662 | &nbsp;&nbsp; $280689 | &nbsp;&nbsp; 42472 | &nbsp;&nbsp; $435413 |
| Reinvestments | &nbsp;&nbsp; 48118 | &nbsp;&nbsp; 541321 | &nbsp;&nbsp; 83537 | &nbsp;&nbsp; 851241 |
| Redemptions | &nbsp;&nbsp; (243817)<br>| &nbsp;&nbsp; (2690357)<br>| &nbsp;&nbsp; (268551)<br>| &nbsp;&nbsp; (2794223)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (170037)<br>| &nbsp;&nbsp; $(1868347)<br>| &nbsp;&nbsp; (142542)<br>| &nbsp;&nbsp; $(1507569)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(155050095)<br>|  | &nbsp;&nbsp; $(156780934)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-8**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $15.78 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total income (loss) from investment operations | 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp; (0.02)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.57)<br>|
| Total distributions | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.72)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.59 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $14.04 |
| **Total Return (%)** (b) | 19.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;18.59 | &nbsp;&nbsp; (28.60)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net ratio of expenses to average net assets (%) (c) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Ratio of net investment income (loss) to average net assets (%) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1118.8 | &nbsp;&nbsp; $1095.4 | &nbsp;&nbsp; $1252.9 | &nbsp;&nbsp; $1259.7 | &nbsp;&nbsp; $1605.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $13.75 | &nbsp;&nbsp; $15.49 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp; (0.15)<br>|
| Total income (loss) from investment operations | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (0.05)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.12)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.57)<br>|
| Total distributions | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (1.69)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.30 | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $13.75 |
| **Total Return (%)** (b) | 18.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;18.36 | &nbsp;&nbsp; (28.81)<br>| &nbsp;&nbsp; (0.99)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Net ratio of expenses to average net assets (%) (c) | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Ratio of net investment income (loss) to average net assets (%) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $223.2 | &nbsp;&nbsp; $223.7 | &nbsp;&nbsp; $252.2 | &nbsp;&nbsp; $241.7 | &nbsp;&nbsp; $327.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-9**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $15.59 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total income (loss) from investment operations | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.13)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.57)<br>|
| Total distributions | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.70)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $13.85 |
| **Total Return (%)** (b) | 19.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;18.46 | &nbsp;&nbsp; (28.74)<br>| &nbsp;&nbsp; (0.91)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net ratio of expenses to average net assets (%) (c) | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Ratio of net investment income (loss) to average net assets (%) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $10.6 | &nbsp;&nbsp; $11.0 | &nbsp;&nbsp; $12.8 | &nbsp;&nbsp; $12.2 | &nbsp;&nbsp; $17.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-10**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—40.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 2.2%** | **Agency Collateralized Mortgage Obligations — 2.2%** | **Agency Collateralized Mortgage Obligations — 2.2%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 4.974%, SOFR30A + 1.100%, 11/25/54 (a) | 1088968 | &nbsp;&nbsp; $1091261 |
| 5.174%, SOFR30A + 1.300%, 12/25/54 (a) | 864745 | &nbsp;&nbsp; 869927 |
| 5.224%, SOFR30A + 1.350%, 10/25/54 (a) | 874029 | &nbsp;&nbsp; 880455 |
| 5.224%, SOFR30A + 1.350%, 02/25/55 (a) | 783636 | &nbsp;&nbsp; 789638 |
| 5.224%, SOFR30A + 1.350%, 08/25/55 (a) | 1647293 | &nbsp;&nbsp; 1660513 |
| 5.274%, SOFR30A + 1.400%, 02/25/54 (a) | 711219 | &nbsp;&nbsp; 716725 |
| 5.274%, SOFR30A + 1.400%, 12/25/54 (a) | 574446 | &nbsp;&nbsp; 578893 |
| 5.274%, SOFR30A + 1.400%, 02/25/55 (a) | 7744144 | &nbsp;&nbsp; 7804181 |
| 5.274%, SOFR30A + 1.400%, 03/25/55 (a) | 16042072 | &nbsp;&nbsp; 16167682 |
| 5.274%, SOFR30A + 1.400%, 05/25/55 (a) | 1041550 | &nbsp;&nbsp; 1050508 |
| 5.374%, SOFR30A + 1.500%, 12/25/54 (a) | 1147521 | &nbsp;&nbsp; 1158841 |
| 5.374%, SOFR30A + 1.500%, 05/25/55 (a) | 946664 | &nbsp;&nbsp; 955993 |
| 5.374%, SOFR30A + 1.500%, 06/25/55 (a) | 3343180 | &nbsp;&nbsp; 3376270 |
| 5.474%, SOFR30A + 1.600%, 02/25/55 (a) | 974695 | &nbsp;&nbsp; 985122 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| Zero Coupon, 07/25/56 (144A) (b) | 769504 | &nbsp;&nbsp; 121452 |
| 1.498%, 07/25/56 (144A) (a) (c) | 846132 | &nbsp;&nbsp; 97065 |
| 3.463%, 05/25/57 (a) | 157159 | &nbsp;&nbsp; 66215 |
| Federal National Mortgage Association REMICS |  |  |
| 4.924%, SOFR30A + 1.050%, 01/25/54 (a) | 1386855 | &nbsp;&nbsp; 1390375 |
| 4.974%, SOFR30A + 1.100%, 08/25/53 (a) | 1315369 | &nbsp;&nbsp; 1319055 |
| 4.974%, SOFR30A + 1.100%, 09/25/54 (a) | 1003351 | &nbsp;&nbsp; 1006172 |
| 5.174%, SOFR30A + 1.300%, 03/25/55 (a) | 1059253 | &nbsp;&nbsp; 1065907 |
| 5.224%, SOFR30A + 1.350%, 02/25/55 (a) | 929872 | &nbsp;&nbsp; 936548 |
| 5.224%, SOFR30A + 1.350%, 03/25/55 (a) | 514965 | &nbsp;&nbsp; 518577 |
| 5.274%, SOFR30A + 1.400%, 08/25/54 (a) | 494594 | &nbsp;&nbsp; 498656 |
| 5.274%, SOFR30A + 1.400%, 12/25/54 (a) | 2472681 | &nbsp;&nbsp; 2491881 |
| 5.274%, SOFR30A + 1.400%, 08/25/55 (a) | 619228 | &nbsp;&nbsp; 624933 |
| 5.324%, SOFR30A + 1.450%, 02/25/55 (a) | 1721868 | &nbsp;&nbsp; 1737581 |
| 5.374%, SOFR30A + 1.500%, 06/25/55 (a) | 684448 | &nbsp;&nbsp; 691118 |
| 5.424%, SOFR30A + 1.550%, 06/25/55 (a) | 1249125 | &nbsp;&nbsp; 1262672 |
| 5.474%, SOFR30A + 1.600%, 05/25/55 (a) | 1146237 | &nbsp;&nbsp; 1158911 |
| Government National Mortgage Association REMICS |  |  |
| 3.000%, 08/20/50 (c) | 1282718 | &nbsp;&nbsp; 217649 |
| 3.000%, 02/20/51 (c) | 1104128 | &nbsp;&nbsp; 185441 |
| 3.000%, 05/20/51 (c) | 3780982 | &nbsp;&nbsp; 624184 |
| 3.000%, 08/20/51 (c) | 800906 | &nbsp;&nbsp; 130141 |
| 5.168%, SOFR30A + 1.250%, 01/20/55 (a) | 760824 | &nbsp;&nbsp; 764136 |
| Seasoned Loans Structured Transaction Trust |  |  |
| 4.750%, 09/25/60 (144A) (a) | 845974 | &nbsp;&nbsp; 841102 |
|  |  | &nbsp;&nbsp; 55835780 |
| **Agency Mortgage-Backed Securities — 37.8%** | **Agency Mortgage-Backed Securities — 37.8%** | **Agency Mortgage-Backed Securities — 37.8%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 04/01/36 | 2357916 | &nbsp;&nbsp; 2148162 |
| 1.500%, 05/01/36 | 430478 | &nbsp;&nbsp; 391845 |
| 1.500%, 08/01/50 | 769651 | &nbsp;&nbsp; 597325 |
| 1.500%, 10/01/50 | 1948271 | &nbsp;&nbsp; 1503255 |
| 2.000%, 09/01/35 | 550215 | &nbsp;&nbsp; 510028 |
| 2.000%, 01/01/36 | 1118253 | &nbsp;&nbsp; 1036912 |
| 2.000%, 02/01/36 | 1383894 | &nbsp;&nbsp; 1283948 |
| 2.000%, 03/01/36 | 219982 | &nbsp;&nbsp; 204038 |
| 2.000%, 05/01/36 | 1305287 | &nbsp;&nbsp; 1210289 |
| 2.000%, 06/01/36 | 889972 | &nbsp;&nbsp; 827932 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.000%, 07/01/36 | 381055 | &nbsp;&nbsp; $354489 |
| 2.000%, 04/01/37 | 418222 | &nbsp;&nbsp; 388177 |
| 2.000%, 02/01/42 | 354463 | &nbsp;&nbsp; 306992 |
| 2.000%, 03/01/42 | 1279744 | &nbsp;&nbsp; 1110729 |
| 2.000%, 04/01/42 | 373785 | &nbsp;&nbsp; 324187 |
| 2.000%, 08/01/50 | 272645 | &nbsp;&nbsp; 225157 |
| 2.000%, 09/01/50 | 382549 | &nbsp;&nbsp; 312549 |
| 2.000%, 11/01/50 | 508831 | &nbsp;&nbsp; 420992 |
| 2.000%, 02/01/51 | 13470284 | &nbsp;&nbsp; 10985978 |
| 2.000%, 03/01/51 | 3078038 | &nbsp;&nbsp; 2508434 |
| 2.000%, 04/01/51 | 1525234 | &nbsp;&nbsp; 1260878 |
| 2.000%, 05/01/51 | 925784 | &nbsp;&nbsp; 765046 |
| 2.000%, 07/01/51 | 3507838 | &nbsp;&nbsp; 2894093 |
| 2.000%, 09/01/51 | 1257104 | &nbsp;&nbsp; 1033409 |
| 2.000%, 10/01/51 | 3570653 | &nbsp;&nbsp; 2918849 |
| 2.000%, 12/01/51 | 2561742 | &nbsp;&nbsp; 2112482 |
| 2.000%, 01/01/52 | 12706819 | &nbsp;&nbsp; 10487081 |
| 2.000%, 02/01/52 | 1471210 | &nbsp;&nbsp; 1211407 |
| 2.500%, 04/01/27 | 3264 | &nbsp;&nbsp; 3231 |
| 2.500%, 10/01/28 | 41970 | &nbsp;&nbsp; 41314 |
| 2.500%, 08/01/29 | 106116 | &nbsp;&nbsp; 103826 |
| 2.500%, 12/01/29 | 55633 | &nbsp;&nbsp; 54182 |
| 2.500%, 05/01/30 | 169608 | &nbsp;&nbsp; 165462 |
| 2.500%, 07/01/30 | 105607 | &nbsp;&nbsp; 102823 |
| 2.500%, 08/01/30 | 402418 | &nbsp;&nbsp; 392161 |
| 2.500%, 09/01/30 | 450642 | &nbsp;&nbsp; 438964 |
| 2.500%, 04/01/31 | 366961 | &nbsp;&nbsp; 357021 |
| 2.500%, 07/01/50 | 346460 | &nbsp;&nbsp; 298856 |
| 2.500%, 02/01/51 | 2899928 | &nbsp;&nbsp; 2513854 |
| 2.500%, 05/01/51 | 10211843 | &nbsp;&nbsp; 8852531 |
| 2.500%, 11/01/51 | 9067493 | &nbsp;&nbsp; 7839627 |
| 2.500%, 12/01/51 | 4513542 | &nbsp;&nbsp; 3899312 |
| 2.500%, 01/01/52 | 14795738 | &nbsp;&nbsp; 12760659 |
| 3.000%, 09/01/27 | 28038 | &nbsp;&nbsp; 27808 |
| 3.000%, 07/01/28 | 18705 | &nbsp;&nbsp; 18521 |
| 3.000%, 01/01/30 | 111416 | &nbsp;&nbsp; 109858 |
| 3.000%, 04/01/30 | 612241 | &nbsp;&nbsp; 601321 |
| 3.000%, 05/01/30 | 122532 | &nbsp;&nbsp; 120374 |
| 3.000%, 06/01/30 | 3801 | &nbsp;&nbsp; 3734 |
| 3.000%, 07/01/30 | 232753 | &nbsp;&nbsp; 229013 |
| 3.000%, 08/01/30 | 64712 | &nbsp;&nbsp; 63516 |
| 3.000%, 09/01/37 | 40253 | &nbsp;&nbsp; 38120 |
| 3.000%, 06/01/38 | 807992 | &nbsp;&nbsp; 763820 |
| 3.000%, 01/01/43 | 584373 | &nbsp;&nbsp; 541064 |
| 3.000%, 03/01/43 | 1035243 | &nbsp;&nbsp; 958244 |
| 3.000%, 06/01/44 | 5239520 | &nbsp;&nbsp; 4844381 |
| 3.000%, 12/01/46 | 617393 | &nbsp;&nbsp; 564394 |
| 3.000%, 02/01/47 | 443378 | &nbsp;&nbsp; 406438 |
| 3.000%, 08/01/50 | 3868811 | &nbsp;&nbsp; 3491656 |
| 3.000%, 09/01/50 | 1671030 | &nbsp;&nbsp; 1522574 |
| 3.000%, 07/01/51 | 346533 | &nbsp;&nbsp; 312403 |
| 3.000%, 10/01/51 | 486872 | &nbsp;&nbsp; 436763 |
| 3.000%, 02/01/52 | 255738 | &nbsp;&nbsp; 231224 |
| 3.000%, 03/01/52 | 7393594 | &nbsp;&nbsp; 6655656 |
| 3.000%, 08/01/52 | 13320837 | &nbsp;&nbsp; 11926986 |

---

*See accompanying notes to financial statements.*

**BHFTII-11**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.500%, 01/01/34 | 324130 | &nbsp;&nbsp; $318171 |
| 3.500%, 05/01/35 | 1128172 | &nbsp;&nbsp; 1101521 |
| 3.500%, 04/01/42 | 697845 | &nbsp;&nbsp; 670669 |
| 3.500%, 05/01/42 | 22351 | &nbsp;&nbsp; 21409 |
| 3.500%, 08/01/42 | 560822 | &nbsp;&nbsp; 538212 |
| 3.500%, 10/01/42 | 26328 | &nbsp;&nbsp; 25403 |
| 3.500%, 06/01/43 | 110736 | &nbsp;&nbsp; 105647 |
| 3.500%, 01/01/44 | 198537 | &nbsp;&nbsp; 189388 |
| 3.500%, 05/01/44 | 24747 | &nbsp;&nbsp; 23646 |
| 3.500%, 06/01/44 | 88952 | &nbsp;&nbsp; 83810 |
| 3.500%, 07/01/44 | 37161 | &nbsp;&nbsp; 35545 |
| 3.500%, 09/01/44 | 80444 | &nbsp;&nbsp; 77025 |
| 3.500%, 09/01/45 | 57168 | &nbsp;&nbsp; 54350 |
| 3.500%, 03/01/46 | 1994493 | &nbsp;&nbsp; 1902720 |
| 3.500%, 09/01/46 | 466090 | &nbsp;&nbsp; 441646 |
| 3.500%, 03/01/47 | 496943 | &nbsp;&nbsp; 469128 |
| 3.500%, 10/01/47 | 488006 | &nbsp;&nbsp; 464974 |
| 3.500%, 12/01/47 | 555511 | &nbsp;&nbsp; 529293 |
| 3.500%, 01/01/48 | 2390279 | &nbsp;&nbsp; 2264928 |
| 3.500%, 06/01/48 | 787225 | &nbsp;&nbsp; 744874 |
| 3.500%, 08/01/50 | 239651 | &nbsp;&nbsp; 224384 |
| 4.000%, 08/01/40 | 66480 | &nbsp;&nbsp; 65121 |
| 4.000%, 09/01/40 | 83968 | &nbsp;&nbsp; 82607 |
| 4.000%, 10/01/40 | 50298 | &nbsp;&nbsp; 49511 |
| 4.000%, 11/01/40 | 151707 | &nbsp;&nbsp; 149076 |
| 4.000%, 04/01/41 | 4107 | &nbsp;&nbsp; 4031 |
| 4.000%, 10/01/41 | 138506 | &nbsp;&nbsp; 135619 |
| 4.000%, 09/01/43 | 142789 | &nbsp;&nbsp; 139518 |
| 4.000%, 04/01/44 | 292365 | &nbsp;&nbsp; 281917 |
| 4.000%, 07/01/44 | 56392 | &nbsp;&nbsp; 55216 |
| 4.000%, 01/01/45 | 194966 | &nbsp;&nbsp; 190678 |
| 4.000%, 02/01/45 | 73637 | &nbsp;&nbsp; 71881 |
| 4.000%, 09/01/45 | 356470 | &nbsp;&nbsp; 348516 |
| 4.000%, 12/01/45 | 2516794 | &nbsp;&nbsp; 2438389 |
| 4.000%, 07/01/47 | 961064 | &nbsp;&nbsp; 929909 |
| 4.000%, 04/01/48 | 1938077 | &nbsp;&nbsp; 1862951 |
| 4.000%, 06/01/48 | 880575 | &nbsp;&nbsp; 853032 |
| 4.000%, 05/01/49 | 91437 | &nbsp;&nbsp; 88368 |
| 4.000%, 03/01/50 | 1851196 | &nbsp;&nbsp; 1788877 |
| 4.000%, 06/01/50 | 1024279 | &nbsp;&nbsp; 985246 |
| 4.000%, 07/01/50 | 749881 | &nbsp;&nbsp; 724343 |
| 4.000%, 06/01/52 | 313756 | &nbsp;&nbsp; 303058 |
| 4.500%, 02/01/39 | 281635 | &nbsp;&nbsp; 284399 |
| 4.500%, 08/01/39 | 206830 | &nbsp;&nbsp; 207535 |
| 4.500%, 12/01/39 | 65096 | &nbsp;&nbsp; 65705 |
| 4.500%, 07/01/40 | 23361 | &nbsp;&nbsp; 23551 |
| 4.500%, 05/01/41 | 301197 | &nbsp;&nbsp; 302532 |
| 4.500%, 05/01/42 | 343656 | &nbsp;&nbsp; 347031 |
| 4.500%, 10/01/43 | 71628 | &nbsp;&nbsp; 71425 |
| 4.500%, 12/01/43 | 392525 | &nbsp;&nbsp; 391093 |
| 4.500%, 04/01/47 | 698529 | &nbsp;&nbsp; 696892 |
| 4.500%, 05/01/47 | 261406 | &nbsp;&nbsp; 260740 |
| 4.500%, 07/01/47 | 561331 | &nbsp;&nbsp; 559404 |
| 4.500%, 02/01/49 | 899779 | &nbsp;&nbsp; 893811 |
| 4.500%, 04/01/49 | 425689 | &nbsp;&nbsp; 423127 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.500%, 07/01/52 | 1390434 | &nbsp;&nbsp; $1362822 |
| 4.500%, 08/01/52 | 393331 | &nbsp;&nbsp; 385402 |
| 5.000%, 10/01/41 | 184069 | &nbsp;&nbsp; 189507 |
| 5.000%, 11/01/41 | 1221256 | &nbsp;&nbsp; 1258804 |
| 5.000%, 06/01/52 | 24440 | &nbsp;&nbsp; 24694 |
| 5.000%, 07/01/52 | 406535 | &nbsp;&nbsp; 411922 |
| 5.000%, 08/01/52 | 911552 | &nbsp;&nbsp; 918454 |
| 5.000%, 09/01/52 | 35950 | &nbsp;&nbsp; 36207 |
| 5.000%, 10/01/52 | 108319 | &nbsp;&nbsp; 109090 |
| 5.000%, 02/01/53 | 5182530 | &nbsp;&nbsp; 5220666 |
| 5.500%, 02/01/35 | 37876 | &nbsp;&nbsp; 38948 |
| 5.500%, 09/01/39 | 58168 | &nbsp;&nbsp; 60518 |
| 5.500%, 01/01/40 | 38596 | &nbsp;&nbsp; 39424 |
| 5.500%, 06/01/41 | 608524 | &nbsp;&nbsp; 636048 |
| 5.500%, 01/01/53 | 808208 | &nbsp;&nbsp; 827578 |
| 5.500%, 03/01/53 | 1720073 | &nbsp;&nbsp; 1759723 |
| 5.500%, 05/01/53 | 3262639 | &nbsp;&nbsp; 3341215 |
| 5.500%, 08/01/53 | 252809 | &nbsp;&nbsp; 257500 |
| 5.500%, 12/01/54 | 3181189 | &nbsp;&nbsp; 3248858 |
| 5.500%, 01/01/55 | 6580962 | &nbsp;&nbsp; 6718897 |
| 6.000%, 11/01/52 | 50435 | &nbsp;&nbsp; 52475 |
| 6.000%, 01/01/53 | 904693 | &nbsp;&nbsp; 931928 |
| 6.000%, 02/01/53 | 547295 | &nbsp;&nbsp; 563348 |
| 6.000%, 03/01/53 | 294169 | &nbsp;&nbsp; 303144 |
| 6.000%, 04/01/53 | 484522 | &nbsp;&nbsp; 503722 |
| 6.000%, 12/01/53 | 3076726 | &nbsp;&nbsp; 3201130 |
| 6.000%, 03/01/54 | 127541 | &nbsp;&nbsp; 131708 |
| 6.000%, 04/01/54 | 972750 | &nbsp;&nbsp; 1003279 |
| 6.000%, 05/01/54 | 1648477 | &nbsp;&nbsp; 1702333 |
| 6.000%, 06/01/54 | 2621715 | &nbsp;&nbsp; 2707688 |
| 6.000%, 11/01/54 | 207566 | &nbsp;&nbsp; 213363 |
| 6.000%, 02/01/55 | 1108137 | &nbsp;&nbsp; 1145954 |
| 6.000%, 04/01/55 | 1094038 | &nbsp;&nbsp; 1130333 |
| 6.000%, 05/01/55 | 2335733 | &nbsp;&nbsp; 2413219 |
| 6.500%, 09/01/53 | 111192 | &nbsp;&nbsp; 115979 |
| 6.500%, 11/01/53 | 419473 | &nbsp;&nbsp; 440670 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 0.781%, 05/25/29 (a) (c) | 5540987 | &nbsp;&nbsp; 109298 |
| 5.028%, 10/25/31 | 341000 | &nbsp;&nbsp; 351219 |
| Federal National Mortgage Association |  |  |
| 1.500%, 12/01/35 | 122028 | &nbsp;&nbsp; 111156 |
| 1.500%, 03/01/36 | 264050 | &nbsp;&nbsp; 240844 |
| 1.500%, 05/01/36 | 436297 | &nbsp;&nbsp; 397945 |
| 1.500%, 06/01/36 | 1525064 | &nbsp;&nbsp; 1389152 |
| 1.500%, 12/01/36 | 724279 | &nbsp;&nbsp; 657159 |
| 1.500%, 02/01/37 | 443490 | &nbsp;&nbsp; 404498 |
| 1.500%, 11/01/41 | 15826681 | &nbsp;&nbsp; 13351324 |
| 1.500%, 12/01/41 | 8104410 | &nbsp;&nbsp; 6834135 |
| 1.500%, 10/01/50 | 2021768 | &nbsp;&nbsp; 1559986 |
| 1.500%, 11/01/50 | 1763673 | &nbsp;&nbsp; 1360833 |
| 1.500%, 03/01/51 | 2384818 | &nbsp;&nbsp; 1845996 |
| 2.000%, 10/01/31 | 46771 | &nbsp;&nbsp; 44819 |
| 2.000%, 11/01/31 | 614958 | &nbsp;&nbsp; 588893 |
| 2.000%, 12/01/31 | 68823 | &nbsp;&nbsp; 65872 |

---

*See accompanying notes to financial statements.*

**BHFTII-12**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.000%, 03/01/32 | 454911 | &nbsp;&nbsp; $434569 |
| 2.000%, 06/01/35 | 552513 | &nbsp;&nbsp; 514328 |
| 2.000%, 09/01/35 | 190150 | &nbsp;&nbsp; 176496 |
| 2.000%, 02/01/36 | 199933 | &nbsp;&nbsp; 185571 |
| 2.000%, 03/01/36 | 337098 | &nbsp;&nbsp; 312880 |
| 2.000%, 04/01/36 | 443974 | &nbsp;&nbsp; 411673 |
| 2.000%, 05/01/36 | 313360 | &nbsp;&nbsp; 290553 |
| 2.000%, 07/01/36 | 506500 | &nbsp;&nbsp; 470111 |
| 2.000%, 09/01/36 | 665978 | &nbsp;&nbsp; 616785 |
| 2.000%, 11/01/36 | 236280 | &nbsp;&nbsp; 219440 |
| 2.000%, 01/01/37 | 225949 | &nbsp;&nbsp; 209848 |
| 2.000%, 02/01/37 | 862150 | &nbsp;&nbsp; 798766 |
| 2.000%, 03/01/37 | 2189059 | &nbsp;&nbsp; 2030102 |
| 2.000%, 04/01/37 | 706934 | &nbsp;&nbsp; 655243 |
| 2.000%, 10/01/40 | 260267 | &nbsp;&nbsp; 230220 |
| 2.000%, 12/01/40 | 1158430 | &nbsp;&nbsp; 1013300 |
| 2.000%, 12/01/41 | 1121365 | &nbsp;&nbsp; 974670 |
| 2.000%, 02/01/42 | 571533 | &nbsp;&nbsp; 496406 |
| 2.000%, 03/01/42 | 5544382 | &nbsp;&nbsp; 4812124 |
| 2.000%, 04/01/42 | 875238 | &nbsp;&nbsp; 759647 |
| 2.000%, 08/01/42 | 3510341 | &nbsp;&nbsp; 3053293 |
| 2.000%, 08/01/50 | 648496 | &nbsp;&nbsp; 529394 |
| 2.000%, 09/01/50 | 1377844 | &nbsp;&nbsp; 1126150 |
| 2.000%, 10/01/50 | 1758521 | &nbsp;&nbsp; 1435667 |
| 2.000%, 11/01/50 | 299024 | &nbsp;&nbsp; 243905 |
| 2.000%, 12/01/50 | 1828783 | &nbsp;&nbsp; 1509737 |
| 2.000%, 01/01/51 | 11959477 | &nbsp;&nbsp; 9758798 |
| 2.000%, 02/01/51 | 1449739 | &nbsp;&nbsp; 1178737 |
| 2.000%, 03/01/51 | 1427772 | &nbsp;&nbsp; 1178650 |
| 2.000%, 04/01/51 | 2067848 | &nbsp;&nbsp; 1707449 |
| 2.000%, 08/01/51 | 3062065 | &nbsp;&nbsp; 2511973 |
| 2.000%, 11/01/51 | 6614733 | &nbsp;&nbsp; 5409160 |
| 2.000%, 12/01/51 | 4235639 | &nbsp;&nbsp; 3486045 |
| 2.000%, 01/01/52 | 1843949 | &nbsp;&nbsp; 1525361 |
| 2.000%, 02/01/52 | 6984640 | &nbsp;&nbsp; 5723628 |
| 2.000%, 03/01/52 | 3214796 | &nbsp;&nbsp; 2643385 |
| 2.000%, 04/01/52 | 10483294 | &nbsp;&nbsp; 8648879 |
| 2.500%, 09/01/27 | 16161 | &nbsp;&nbsp; 15971 |
| 2.500%, 02/01/28 | 3112 | &nbsp;&nbsp; 3070 |
| 2.500%, 04/01/28 | 6831 | &nbsp;&nbsp; 6733 |
| 2.500%, 08/01/28 | 24035 | &nbsp;&nbsp; 23657 |
| 2.500%, 01/01/30 | 198358 | &nbsp;&nbsp; 193125 |
| 2.500%, 02/01/30 | 16058 | &nbsp;&nbsp; 15731 |
| 2.500%, 03/01/30 | 37187 | &nbsp;&nbsp; 36258 |
| 2.500%, 07/01/30 | 116371 | &nbsp;&nbsp; 113237 |
| 2.500%, 08/01/30 | 395718 | &nbsp;&nbsp; 385511 |
| 2.500%, 09/01/30 | 279096 | &nbsp;&nbsp; 271449 |
| 2.500%, 11/01/30 | 513200 | &nbsp;&nbsp; 499054 |
| 2.500%, 03/01/31 | 13790 | &nbsp;&nbsp; 13592 |
| 2.500%, 06/01/31 | 165524 | &nbsp;&nbsp; 160484 |
| 2.500%, 07/01/31 | 87254 | &nbsp;&nbsp; 84609 |
| 2.500%, 08/01/31 | 12584 | &nbsp;&nbsp; 12201 |
| 2.500%, 10/01/31 | 801968 | &nbsp;&nbsp; 776974 |
| 2.500%, 11/01/31 | 493961 | &nbsp;&nbsp; 478375 |
| 2.500%, 02/01/32 | 24486 | &nbsp;&nbsp; 23715 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.500%, 03/01/32 | 97435 | &nbsp;&nbsp; $94035 |
| 2.500%, 08/01/32 | 577634 | &nbsp;&nbsp; 559472 |
| 2.500%, 02/01/33 | 912003 | &nbsp;&nbsp; 888086 |
| 2.500%, 07/01/50 | 7232826 | &nbsp;&nbsp; 6245249 |
| 2.500%, 08/01/50 | 4577452 | &nbsp;&nbsp; 3952465 |
| 2.500%, 11/01/50 | 1788163 | &nbsp;&nbsp; 1554186 |
| 2.500%, 09/01/51 | 4622640 | &nbsp;&nbsp; 3983469 |
| 2.500%, 11/01/51 | 7238496 | &nbsp;&nbsp; 6191319 |
| 2.500%, 01/01/52 | 14735011 | &nbsp;&nbsp; 12730147 |
| 2.500%, 02/01/52 | 2781977 | &nbsp;&nbsp; 2405981 |
| 3.000%, 04/01/28 | 17430 | &nbsp;&nbsp; 17224 |
| 3.000%, 05/01/28 | 20545 | &nbsp;&nbsp; 20302 |
| 3.000%, 10/01/28 | 48988 | &nbsp;&nbsp; 48341 |
| 3.000%, 11/01/28 | 300809 | &nbsp;&nbsp; 297061 |
| 3.000%, 12/01/28 | 71300 | &nbsp;&nbsp; 70256 |
| 3.000%, 01/01/29 | 45135 | &nbsp;&nbsp; 44490 |
| 3.000%, 04/01/29 | 168465 | &nbsp;&nbsp; 164979 |
| 3.000%, 05/01/29 | 261345 | &nbsp;&nbsp; 256366 |
| 3.000%, 08/01/29 | 254184 | &nbsp;&nbsp; 249431 |
| 3.000%, 10/01/29 | 65684 | &nbsp;&nbsp; 64726 |
| 3.000%, 03/01/30 | 168573 | &nbsp;&nbsp; 166062 |
| 3.000%, 04/01/30 | 138041 | &nbsp;&nbsp; 135959 |
| 3.000%, 05/01/30 | 214577 | &nbsp;&nbsp; 211252 |
| 3.000%, 07/01/30 | 175486 | &nbsp;&nbsp; 172268 |
| 3.000%, 08/01/30 | 698901 | &nbsp;&nbsp; 686950 |
| 3.000%, 09/01/30 | 194485 | &nbsp;&nbsp; 191237 |
| 3.000%, 08/01/31 | 669383 | &nbsp;&nbsp; 655694 |
| 3.000%, 09/01/31 | 95454 | &nbsp;&nbsp; 93799 |
| 3.000%, 03/01/32 | 182570 | &nbsp;&nbsp; 178341 |
| 3.000%, 10/01/36 | 32107 | &nbsp;&nbsp; 30360 |
| 3.000%, 11/01/36 | 340061 | &nbsp;&nbsp; 323688 |
| 3.000%, 12/01/36 | 556688 | &nbsp;&nbsp; 531254 |
| 3.000%, 03/01/43 | 3374938 | &nbsp;&nbsp; 3111543 |
| 3.000%, 04/01/43 | 1949585 | &nbsp;&nbsp; 1801191 |
| 3.000%, 05/01/43 | 986877 | &nbsp;&nbsp; 911895 |
| 3.000%, 06/01/43 | 29624 | &nbsp;&nbsp; 27302 |
| 3.000%, 06/01/46 | 21264 | &nbsp;&nbsp; 19400 |
| 3.000%, 08/01/46 | 25470 | &nbsp;&nbsp; 23370 |
| 3.000%, 11/01/46 | 1135145 | &nbsp;&nbsp; 1036313 |
| 3.000%, 02/01/47 | 294082 | &nbsp;&nbsp; 268478 |
| 3.000%, 03/01/47 | 1164324 | &nbsp;&nbsp; 1061497 |
| 3.000%, 03/01/50 | 408091 | &nbsp;&nbsp; 370818 |
| 3.000%, 08/01/50 | 1637482 | &nbsp;&nbsp; 1475442 |
| 3.000%, 11/01/51 | 2020727 | &nbsp;&nbsp; 1817980 |
| 3.000%, 12/01/51 | 861225 | &nbsp;&nbsp; 774962 |
| 3.000%, 04/01/52 | 290700 | &nbsp;&nbsp; 261841 |
| 3.000%, 05/01/52 | 464862 | &nbsp;&nbsp; 415869 |
| 3.500%, 08/01/28 | 36731 | &nbsp;&nbsp; 36388 |
| 3.500%, 10/01/28 | 385810 | &nbsp;&nbsp; 381729 |
| 3.500%, 11/01/28 | 366179 | &nbsp;&nbsp; 362477 |
| 3.500%, 02/01/29 | 488174 | &nbsp;&nbsp; 484026 |
| 3.500%, 04/01/29 | 100433 | &nbsp;&nbsp; 99422 |
| 3.500%, 05/01/29 | 315297 | &nbsp;&nbsp; 312606 |
| 3.500%, 07/01/29 | 182238 | &nbsp;&nbsp; 180486 |
| 3.500%, 09/01/29 | 39980 | &nbsp;&nbsp; 39570 |

---

*See accompanying notes to financial statements.*

**BHFTII-13**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.500%, 08/01/30 | 115265 | &nbsp;&nbsp; $114437 |
| 3.500%, 11/01/32 | 61199 | &nbsp;&nbsp; 60565 |
| 3.500%, 01/01/33 | 36167 | &nbsp;&nbsp; 35767 |
| 3.500%, 01/01/42 | 170893 | &nbsp;&nbsp; 164384 |
| 3.500%, 04/01/42 | 109194 | &nbsp;&nbsp; 104566 |
| 3.500%, 05/01/42 | 11797 | &nbsp;&nbsp; 11308 |
| 3.500%, 06/01/42 | 28417 | &nbsp;&nbsp; 27199 |
| 3.500%, 07/01/42 | 42723 | &nbsp;&nbsp; 40756 |
| 3.500%, 02/01/45 | 1178472 | &nbsp;&nbsp; 1126391 |
| 3.500%, 05/01/47 | 530993 | &nbsp;&nbsp; 502415 |
| 3.500%, 11/01/47 | 376637 | &nbsp;&nbsp; 353260 |
| 3.500%, 12/01/47 | 379048 | &nbsp;&nbsp; 354974 |
| 3.500%, 01/01/48 | 1095735 | &nbsp;&nbsp; 1036248 |
| 3.500%, 02/01/48 | 171320 | &nbsp;&nbsp; 161033 |
| 3.500%, 03/01/48 | 962418 | &nbsp;&nbsp; 903561 |
| 3.500%, 04/01/48 | 625350 | &nbsp;&nbsp; 594690 |
| 3.500%, 06/01/49 | 696577 | &nbsp;&nbsp; 655578 |
| 4.000%, 08/01/33 | 225055 | &nbsp;&nbsp; 222114 |
| 4.000%, 10/01/33 | 1381700 | &nbsp;&nbsp; 1383069 |
| 4.000%, 01/01/41 | 68059 | &nbsp;&nbsp; 66436 |
| 4.000%, 01/01/42 | 312733 | &nbsp;&nbsp; 305854 |
| 4.000%, 02/01/42 | 659805 | &nbsp;&nbsp; 641456 |
| 4.000%, 05/01/42 | 95224 | &nbsp;&nbsp; 93079 |
| 4.000%, 11/01/46 | 106886 | &nbsp;&nbsp; 103343 |
| 4.000%, 06/01/47 | 381776 | &nbsp;&nbsp; 370521 |
| 4.000%, 08/01/47 | 251498 | &nbsp;&nbsp; 243145 |
| 4.000%, 09/01/47 | 21529 | &nbsp;&nbsp; 20813 |
| 4.000%, 10/01/47 | 170158 | &nbsp;&nbsp; 164481 |
| 4.000%, 01/01/48 | 168598 | &nbsp;&nbsp; 162947 |
| 4.000%, 04/01/48 | 38266 | &nbsp;&nbsp; 36979 |
| 4.000%, 05/01/48 | 46708 | &nbsp;&nbsp; 45132 |
| 4.000%, 06/01/48 | 31844 | &nbsp;&nbsp; 30770 |
| 4.000%, 07/01/48 | 31447 | &nbsp;&nbsp; 30386 |
| 4.000%, 08/01/48 | 506695 | &nbsp;&nbsp; 490253 |
| 4.000%, 09/01/48 | 208738 | &nbsp;&nbsp; 200857 |
| 4.000%, 10/01/48 | 89318 | &nbsp;&nbsp; 86231 |
| 4.000%, 09/01/49 | 848710 | &nbsp;&nbsp; 815057 |
| 4.000%, 03/01/50 | 360406 | &nbsp;&nbsp; 345711 |
| 4.000%, 04/01/50 | 185507 | &nbsp;&nbsp; 177535 |
| 4.000%, 05/01/50 | 343212 | &nbsp;&nbsp; 330809 |
| 4.000%, 06/01/50 | 465424 | &nbsp;&nbsp; 446389 |
| 4.000%, 11/01/50 | 39559 | &nbsp;&nbsp; 37859 |
| 4.000%, 01/01/51 | 2497460 | &nbsp;&nbsp; 2411281 |
| 4.000%, 03/01/51 | 2016419 | &nbsp;&nbsp; 1940957 |
| 4.000%, 04/01/52 | 424376 | &nbsp;&nbsp; 407811 |
| 4.000%, 05/01/52 | 2689106 | &nbsp;&nbsp; 2597003 |
| 4.500%, 06/01/26 | 1172 | &nbsp;&nbsp; 1173 |
| 4.500%, 08/01/39 | 300606 | &nbsp;&nbsp; 303204 |
| 4.500%, 11/01/39 | 266981 | &nbsp;&nbsp; 269290 |
| 4.500%, 01/01/40 | 10736 | &nbsp;&nbsp; 10827 |
| 4.500%, 04/01/40 | 20323 | &nbsp;&nbsp; 20473 |
| 4.500%, 05/01/40 | 50116 | &nbsp;&nbsp; 50503 |
| 4.500%, 06/01/40 | 53538 | &nbsp;&nbsp; 53910 |
| 4.500%, 07/01/40 | 103261 | &nbsp;&nbsp; 104090 |
| 4.500%, 11/01/40 | 218645 | &nbsp;&nbsp; 220020 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 4.500%, 07/01/41 | 44366 | &nbsp;&nbsp; $44636 |
| 4.500%, 09/01/41 | 199925 | &nbsp;&nbsp; 201183 |
| 4.500%, 10/01/41 | 54878 | &nbsp;&nbsp; 55190 |
| 4.500%, 01/01/42 | 42200 | &nbsp;&nbsp; 42487 |
| 4.500%, 08/01/42 | 188398 | &nbsp;&nbsp; 189660 |
| 4.500%, 09/01/43 | 215376 | &nbsp;&nbsp; 212739 |
| 4.500%, 10/01/43 | 411335 | &nbsp;&nbsp; 406722 |
| 4.500%, 11/01/43 | 949646 | &nbsp;&nbsp; 946175 |
| 4.500%, 12/01/43 | 441607 | &nbsp;&nbsp; 442795 |
| 4.500%, 01/01/44 | 244129 | &nbsp;&nbsp; 244308 |
| 4.500%, 06/01/44 | 1394301 | &nbsp;&nbsp; 1395181 |
| 4.500%, 07/01/45 | 430993 | &nbsp;&nbsp; 430272 |
| 4.500%, 09/01/45 | 203268 | &nbsp;&nbsp; 203405 |
| 4.500%, 11/01/45 | 765018 | &nbsp;&nbsp; 764427 |
| 4.500%, 12/01/45 | 272254 | &nbsp;&nbsp; 272650 |
| 4.500%, 07/01/46 | 1297762 | &nbsp;&nbsp; 1301586 |
| 4.500%, 09/01/46 | 223504 | &nbsp;&nbsp; 224163 |
| 4.500%, 09/01/47 | 26040 | &nbsp;&nbsp; 25906 |
| 4.500%, 10/01/47 | 176600 | &nbsp;&nbsp; 175157 |
| 4.500%, 11/01/47 | 888078 | &nbsp;&nbsp; 882265 |
| 4.500%, 12/01/47 | 34750 | &nbsp;&nbsp; 34546 |
| 4.500%, 01/01/48 | 818908 | &nbsp;&nbsp; 813352 |
| 4.500%, 02/01/48 | 41333 | &nbsp;&nbsp; 41091 |
| 4.500%, 03/01/48 | 84491 | &nbsp;&nbsp; 83967 |
| 4.500%, 04/01/48 | 442031 | &nbsp;&nbsp; 442491 |
| 4.500%, 05/01/48 | 4073880 | &nbsp;&nbsp; 4052265 |
| 4.500%, 07/01/48 | 68860 | &nbsp;&nbsp; 68460 |
| 4.500%, 08/01/48 | 823494 | &nbsp;&nbsp; 819684 |
| 4.500%, 11/01/48 | 509553 | &nbsp;&nbsp; 505991 |
| 4.500%, 02/01/49 | 4392696 | &nbsp;&nbsp; 4393439 |
| 4.500%, 05/01/49 | 4089830 | &nbsp;&nbsp; 4090522 |
| 4.500%, 07/01/52 | 216877 | &nbsp;&nbsp; 212608 |
| 5.000%, 11/01/32 | 1135 | &nbsp;&nbsp; 1155 |
| 5.000%, 09/01/35 | 47265 | &nbsp;&nbsp; 47903 |
| 5.000%, 06/01/39 | 2037009 | &nbsp;&nbsp; 2067541 |
| 5.000%, 04/01/41 | 4617 | &nbsp;&nbsp; 4666 |
| 5.000%, 07/01/41 | 78136 | &nbsp;&nbsp; 80353 |
| 5.000%, 08/01/41 | 56118 | &nbsp;&nbsp; 57658 |
| 5.000%, 01/01/42 | 39453 | &nbsp;&nbsp; 40511 |
| 5.000%, 07/01/52 | 850122 | &nbsp;&nbsp; 860363 |
| 5.000%, 12/01/52 | 370730 | &nbsp;&nbsp; 371262 |
| 5.000%, 01/01/53 | 3120278 | &nbsp;&nbsp; 3132789 |
| 5.500%, 11/01/32 | 229107 | &nbsp;&nbsp; 232468 |
| 5.500%, 12/01/32 | 35348 | &nbsp;&nbsp; 36666 |
| 5.500%, 01/01/33 | 134751 | &nbsp;&nbsp; 138227 |
| 5.500%, 12/01/33 | 48548 | &nbsp;&nbsp; 49775 |
| 5.500%, 05/01/34 | 438418 | &nbsp;&nbsp; 450738 |
| 5.500%, 08/01/37 | 465949 | &nbsp;&nbsp; 478818 |
| 5.500%, 02/01/38 | 114632 | &nbsp;&nbsp; 119434 |
| 5.500%, 03/01/38 | 52672 | &nbsp;&nbsp; 54992 |
| 5.500%, 06/01/38 | 37818 | &nbsp;&nbsp; 38922 |
| 5.500%, 12/01/38 | 41478 | &nbsp;&nbsp; 42482 |
| 5.500%, 01/01/39 | 107844 | &nbsp;&nbsp; 112397 |
| 5.500%, 08/01/39 | 46754 | &nbsp;&nbsp; 48356 |
| 5.500%, 12/01/39 | 144199 | &nbsp;&nbsp; 150247 |

---

*See accompanying notes to financial statements.*

**BHFTII-14**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.500%, 04/01/40 | 8864 | &nbsp;&nbsp; $9198 |
| 5.500%, 04/01/41 | 85081 | &nbsp;&nbsp; 87992 |
| 5.500%, 10/01/52 | 224662 | &nbsp;&nbsp; 228694 |
| 5.500%, 11/01/52 | 3265499 | &nbsp;&nbsp; 3328127 |
| 5.500%, 01/01/53 | 777442 | &nbsp;&nbsp; 794224 |
| 5.500%, 02/01/53 | 264675 | &nbsp;&nbsp; 270577 |
| 5.500%, 05/01/53 | 4956341 | &nbsp;&nbsp; 5071984 |
| 5.500%, 06/01/53 | 1181184 | &nbsp;&nbsp; 1209631 |
| 5.500%, 08/01/53 | 3031554 | &nbsp;&nbsp; 3095234 |
| 5.500%, 03/01/54 | 1634911 | &nbsp;&nbsp; 1669176 |
| 5.810%, 06/01/31 | 796000 | &nbsp;&nbsp; 826951 |
| 6.000%, 02/01/34 | 50372 | &nbsp;&nbsp; 52534 |
| 6.000%, 08/01/34 | 38667 | &nbsp;&nbsp; 40277 |
| 6.000%, 04/01/35 | 589327 | &nbsp;&nbsp; 611706 |
| 6.000%, 06/01/36 | 80049 | &nbsp;&nbsp; 84413 |
| 6.000%, 02/01/38 | 123347 | &nbsp;&nbsp; 130460 |
| 6.000%, 03/01/38 | 53943 | &nbsp;&nbsp; 57053 |
| 6.000%, 05/01/38 | 139308 | &nbsp;&nbsp; 147341 |
| 6.000%, 10/01/38 | 168959 | &nbsp;&nbsp; 178578 |
| 6.000%, 12/01/38 | 57576 | &nbsp;&nbsp; 60896 |
| 6.000%, 04/01/40 | 534098 | &nbsp;&nbsp; 564895 |
| 6.000%, 09/01/40 | 62802 | &nbsp;&nbsp; 66399 |
| 6.000%, 06/01/41 | 140949 | &nbsp;&nbsp; 149077 |
| 6.000%, 11/01/52 | 57445 | &nbsp;&nbsp; 59611 |
| 6.000%, 01/01/53 | 1243875 | &nbsp;&nbsp; 1281257 |
| 6.000%, 04/01/53 | 345557 | &nbsp;&nbsp; 359533 |
| 6.000%, 05/01/53 | 1760029 | &nbsp;&nbsp; 1831213 |
| 6.000%, 06/01/53 | 319910 | &nbsp;&nbsp; 329586 |
| 6.000%, 07/01/53 | 1828395 | &nbsp;&nbsp; 1902345 |
| 6.000%, 08/01/53 | 3682028 | &nbsp;&nbsp; 3793160 |
| 6.000%, 02/01/54 | 180991 | &nbsp;&nbsp; 186903 |
| 6.000%, 03/01/54 | 2638273 | &nbsp;&nbsp; 2723174 |
| 6.000%, 11/01/54 | 241105 | &nbsp;&nbsp; 248982 |
| 6.000%, 08/01/55 | 907942 | &nbsp;&nbsp; 935150 |
| 6.500%, 05/01/40 | 767741 | &nbsp;&nbsp; 816602 |
| 6.500%, 05/01/53 | 238774 | &nbsp;&nbsp; 249414 |
| 6.500%, 08/01/53 | 1673113 | &nbsp;&nbsp; 1754441 |
| 6.500%, 09/01/53 | 402357 | &nbsp;&nbsp; 422688 |
| 6.500%, 10/01/53 | 1071692 | &nbsp;&nbsp; 1125846 |
| 6.500%, 02/01/54 | 2309166 | &nbsp;&nbsp; 2415498 |
| 6.500%, 06/01/54 | 2465195 | &nbsp;&nbsp; 2565338 |
| 6.500%, 08/01/54 | 1870907 | &nbsp;&nbsp; 1950264 |
| FREMF Mortgage Trust |  |  |
| 0.100%, 01/25/29 (144A) (c) | 22897429 | &nbsp;&nbsp; 55164 |
| 4.235%, 08/25/50 (144A) (a) | 304000 | &nbsp;&nbsp; 299229 |
| Government National Mortgage Association |  |  |
| 2.000%, 08/20/50 | 5769424 | &nbsp;&nbsp; 4781711 |
| 2.000%, 11/20/50 | 740037 | &nbsp;&nbsp; 613132 |
| 2.000%, 01/20/51 | 8607405 | &nbsp;&nbsp; 7131094 |
| 2.000%, 02/20/51 | 644670 | &nbsp;&nbsp; 534072 |
| 2.500%, 04/20/51 | 4955699 | &nbsp;&nbsp; 4277175 |
| 2.500%, 10/20/51 | 2941721 | &nbsp;&nbsp; 2538799 |
| 2.500%, 12/20/51 | 2012527 | &nbsp;&nbsp; 1736867 |
| 2.500%, 05/20/52 | 4123355 | &nbsp;&nbsp; 3558566 |
| 2.500%, 06/20/52 | 3196211 | &nbsp;&nbsp; 2758413 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 2.500%, 07/20/52 | 2134723 | &nbsp;&nbsp; $1843974 |
| 2.500%, 12/20/52 | 355233 | &nbsp;&nbsp; 306906 |
| 2.500%, 01/20/53 | 1495478 | &nbsp;&nbsp; 1291959 |
| 3.000%, 12/20/44 | 30015 | &nbsp;&nbsp; 27248 |
| 3.000%, 02/15/45 | 353658 | &nbsp;&nbsp; 325984 |
| 3.000%, 09/20/47 | 608684 | &nbsp;&nbsp; 553577 |
| 3.000%, 03/20/49 | 15127 | &nbsp;&nbsp; 13779 |
| 3.000%, 05/20/50 | 242210 | &nbsp;&nbsp; 218067 |
| 3.000%, 01/20/51 | 17033571 | &nbsp;&nbsp; 15381278 |
| 3.500%, 01/15/42 | 96681 | &nbsp;&nbsp; 90437 |
| 3.500%, 02/15/42 | 40502 | &nbsp;&nbsp; 37937 |
| 3.500%, 04/15/42 | 124928 | &nbsp;&nbsp; 116880 |
| 3.500%, 05/15/42 | 115280 | &nbsp;&nbsp; 107897 |
| 3.500%, 08/15/42 | 132042 | &nbsp;&nbsp; 123465 |
| 3.500%, 11/15/42 | 49471 | &nbsp;&nbsp; 46168 |
| 3.500%, 12/15/42 | 408634 | &nbsp;&nbsp; 382226 |
| 3.500%, 01/15/43 | 108481 | &nbsp;&nbsp; 101501 |
| 3.500%, 02/15/43 | 224979 | &nbsp;&nbsp; 209822 |
| 3.500%, 03/15/43 | 194042 | &nbsp;&nbsp; 180970 |
| 3.500%, 04/15/43 | 568884 | &nbsp;&nbsp; 531024 |
| 3.500%, 04/20/43 | 555544 | &nbsp;&nbsp; 524181 |
| 3.500%, 05/15/43 | 767374 | &nbsp;&nbsp; 716149 |
| 3.500%, 05/20/43 | 304360 | &nbsp;&nbsp; 287178 |
| 3.500%, 06/15/43 | 236753 | &nbsp;&nbsp; 221140 |
| 3.500%, 07/15/43 | 578752 | &nbsp;&nbsp; 541491 |
| 3.500%, 07/20/43 | 23649 | &nbsp;&nbsp; 22300 |
| 3.500%, 02/20/44 | 592287 | &nbsp;&nbsp; 555957 |
| 3.500%, 03/20/45 | 21353 | &nbsp;&nbsp; 19912 |
| 3.500%, 04/20/45 | 31769 | &nbsp;&nbsp; 29641 |
| 3.500%, 05/20/45 | 129700 | &nbsp;&nbsp; 120895 |
| 3.500%, 07/20/45 | 23303 | &nbsp;&nbsp; 21710 |
| 3.500%, 08/20/45 | 31700 | &nbsp;&nbsp; 29533 |
| 3.500%, 10/20/45 | 59729 | &nbsp;&nbsp; 55646 |
| 3.500%, 11/20/45 | 22215 | &nbsp;&nbsp; 20696 |
| 3.500%, 12/20/45 | 331838 | &nbsp;&nbsp; 308760 |
| 3.500%, 01/20/46 | 67011 | &nbsp;&nbsp; 62431 |
| 3.500%, 05/20/46 | 274708 | &nbsp;&nbsp; 255932 |
| 3.500%, 09/20/46 | 104418 | &nbsp;&nbsp; 97216 |
| 3.500%, 10/20/46 | 684466 | &nbsp;&nbsp; 629869 |
| 3.500%, 03/20/48 | 25321 | &nbsp;&nbsp; 23492 |
| 3.500%, 04/20/48 | 10393 | &nbsp;&nbsp; 9642 |
| 3.500%, 05/20/52 | 7338063 | &nbsp;&nbsp; 6758875 |
| 4.000%, 04/20/39 | 10825 | &nbsp;&nbsp; 10567 |
| 4.000%, 07/20/39 | 81477 | &nbsp;&nbsp; 79616 |
| 4.000%, 09/20/40 | 21404 | &nbsp;&nbsp; 20824 |
| 4.000%, 10/20/40 | 247203 | &nbsp;&nbsp; 240503 |
| 4.000%, 11/20/40 | 138721 | &nbsp;&nbsp; 135624 |
| 4.000%, 12/20/40 | 530423 | &nbsp;&nbsp; 516007 |
| 4.000%, 01/20/41 | 472328 | &nbsp;&nbsp; 459454 |
| 4.000%, 02/20/41 | 8299 | &nbsp;&nbsp; 8072 |
| 4.000%, 03/15/41 | 197742 | &nbsp;&nbsp; 191878 |
| 4.000%, 12/15/41 | 19571 | &nbsp;&nbsp; 18954 |
| 4.000%, 07/20/43 | 50932 | &nbsp;&nbsp; 49367 |
| 4.000%, 08/20/44 | 199291 | &nbsp;&nbsp; 191622 |
| 4.000%, 10/20/46 | 29041 | &nbsp;&nbsp; 27574 |

---

*See accompanying notes to financial statements.*

**BHFTII-15**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.000%, 05/20/47 | 127339 | &nbsp;&nbsp; $122753 |
| 4.000%, 06/20/47 | 325860 | &nbsp;&nbsp; 314064 |
| 4.000%, 11/20/47 | 370602 | &nbsp;&nbsp; 356852 |
| 4.000%, 12/20/47 | 184316 | &nbsp;&nbsp; 177445 |
| 4.000%, 05/20/50 | 368027 | &nbsp;&nbsp; 352303 |
| 4.000%, 12/20/52 | 4058834 | &nbsp;&nbsp; 3866045 |
| 4.500%, 12/20/39 | 19066 | &nbsp;&nbsp; 19203 |
| 4.500%, 01/20/40 | 23126 | &nbsp;&nbsp; 23293 |
| 4.500%, 02/20/40 | 19053 | &nbsp;&nbsp; 19191 |
| 4.500%, 05/20/40 | 1191 | &nbsp;&nbsp; 1199 |
| 4.500%, 02/15/42 | 2383586 | &nbsp;&nbsp; 2373540 |
| 4.500%, 03/15/47 | 60197 | &nbsp;&nbsp; 59542 |
| 4.500%, 04/15/47 | 116489 | &nbsp;&nbsp; 115296 |
| 4.500%, 05/15/47 | 44642 | &nbsp;&nbsp; 44361 |
| 4.500%, 09/20/48 | 192463 | &nbsp;&nbsp; 189771 |
| 4.500%, 03/20/49 | 752598 | &nbsp;&nbsp; 745495 |
| 4.500%, 04/20/49 | 163695 | &nbsp;&nbsp; 162778 |
| 4.500%, 05/20/49 | 626774 | &nbsp;&nbsp; 619112 |
| 4.500%, 04/20/50 | 18275 | &nbsp;&nbsp; 18063 |
| 5.000%, 10/20/33 | 183266 | &nbsp;&nbsp; 185632 |
| 5.000%, 12/15/38 | 72311 | &nbsp;&nbsp; 74311 |
| 5.000%, 07/15/39 | 125100 | &nbsp;&nbsp; 128679 |
| 5.000%, 10/15/39 | 93343 | &nbsp;&nbsp; 95182 |
| 5.000%, 10/20/39 | 68873 | &nbsp;&nbsp; 71118 |
| 5.000%, 09/15/40 | 5545 | &nbsp;&nbsp; 5652 |
| 5.000%, 12/15/40 | 247379 | &nbsp;&nbsp; 254404 |
| 5.000%, 07/20/42 | 97898 | &nbsp;&nbsp; 100368 |
| 5.000%, 11/20/52 | 7399972 | &nbsp;&nbsp; 7412027 |
| 5.500%, 04/15/33 | 5854 | &nbsp;&nbsp; 6023 |
| Government National Mortgage Association, TBA |  |  |
| 2.000%, TBA (d) | 9381000 | &nbsp;&nbsp; 7767137 |
| 2.500%, TBA (d) | 4022000 | &nbsp;&nbsp; 3468661 |
| 3.000%, TBA (d) | 191000 | &nbsp;&nbsp; 171594 |
| 3.500%, TBA (d) | 540000 | &nbsp;&nbsp; 491336 |
| 4.000%, TBA (d) | 3010000 | &nbsp;&nbsp; 2842921 |
| 4.500%, TBA (d) | 7865000 | &nbsp;&nbsp; 7659773 |
| 5.000%, TBA (d) | 8472000 | &nbsp;&nbsp; 8451976 |
| 5.500%, TBA (d) | 19078000 | &nbsp;&nbsp; 19262988 |
| 6.000%, TBA (d) | 11363000 | &nbsp;&nbsp; 11579163 |
| 6.500%, TBA (d) | 4869000 | &nbsp;&nbsp; 5027558 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 3.500%, TBA (d) | 203533000 | &nbsp;&nbsp; 187456264 |
| 5.500%, TBA (d) | 139435725 | &nbsp;&nbsp; 141385398 |
| 6.000%, TBA (d) | 40999241 | &nbsp;&nbsp; 42095047 |
| 6.500%, TBA (d) | 863000 | &nbsp;&nbsp; 896865 |
|  |  | &nbsp;&nbsp; 966714408 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $1,057,418,024) <br>|  | &nbsp;&nbsp; 1022550188 |
| **Corporate Bonds & Notes—28.0%** | **Corporate Bonds & Notes—28.0%** | **Corporate Bonds & Notes—28.0%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.125%, 02/15/31 (144A) | 100000 | &nbsp;&nbsp; 104715 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Advertising—(Continued)** | **Advertising—(Continued)** | **Advertising—(Continued)** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.875%, 04/01/30 (144A) | 100000 | &nbsp;&nbsp; $105319 |
|  |  | &nbsp;&nbsp; 210034 |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| Boeing Co. |  |  |
| 7.008%, 05/01/64 | 992000 | &nbsp;&nbsp; 1127160 |
| Bombardier, Inc. |  |  |
| 8.750%, 11/15/30 (144A) | 200000 | &nbsp;&nbsp; 216082 |
| Embraer Netherlands Finance BV |  |  |
| 5.980%, 02/11/35 | 119000 | &nbsp;&nbsp; 126455 |
| Figeac Aero S.A. |  |  |
| 7.793%, 07/23/30 (EUR) (e) (f) | 980000 | &nbsp;&nbsp; 1141676 |
| L3Harris Technologies, Inc. |  |  |
| 5.250%, 06/01/31 | 294000 | &nbsp;&nbsp; 305882 |
| Northrop Grumman Corp. |  |  |
| 4.030%, 10/15/47 | 200000 | &nbsp;&nbsp; 160649 |
| 4.950%, 03/15/53 | 1593000 | &nbsp;&nbsp; 1435608 |
| TransDigm, Inc. |  |  |
| 6.375%, 05/31/33 (144A) | 300000 | &nbsp;&nbsp; 307838 |
| 6.750%, 08/15/28 (144A) | 100000 | &nbsp;&nbsp; 101762 |
| 7.125%, 12/01/31 (144A) | 200000 | &nbsp;&nbsp; 210194 |
|  |  | &nbsp;&nbsp; 5133306 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| Altria Group, Inc. |  |  |
| 3.400%, 02/04/41 | 1863000 | &nbsp;&nbsp; 1440544 |
| 3.875%, 09/16/46 | 581000 | &nbsp;&nbsp; 436654 |
| 4.250%, 08/09/42 | 968000 | &nbsp;&nbsp; 807742 |
| 4.450%, 05/06/50 (g) | 907000 | &nbsp;&nbsp; 727007 |
| 5.250%, 08/06/35 | 710000 | &nbsp;&nbsp; 718825 |
| 6.200%, 02/14/59 | 149000 | &nbsp;&nbsp; 148748 |
| BAT Capital Corp. |  |  |
| 3.734%, 09/25/40 | 343000 | &nbsp;&nbsp; 277481 |
| 4.540%, 08/15/47 | 650000 | &nbsp;&nbsp; 539192 |
| 4.625%, 03/22/33 (g) | 1150000 | &nbsp;&nbsp; 1143439 |
| 4.758%, 09/06/49 | 2749000 | &nbsp;&nbsp; 2322657 |
| 5.650%, 03/16/52 | 1652000 | &nbsp;&nbsp; 1561583 |
| 7.079%, 08/02/43 | 3124000 | &nbsp;&nbsp; 3508932 |
| 7.081%, 08/02/53 (g) | 1355000 | &nbsp;&nbsp; 1536252 |
| Darling Ingredients, Inc. |  |  |
| 6.000%, 06/15/30 (144A) | 100000 | &nbsp;&nbsp; 101633 |
| Reynolds American, Inc. |  |  |
| 5.850%, 08/15/45 (g) | 264000 | &nbsp;&nbsp; 259733 |
|  |  | &nbsp;&nbsp; 15530422 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| ABRA Global Finance |  |  |
| 14.000%, 8.000% PIK, 10/22/29 (144A) (h) | 104066 | &nbsp;&nbsp; 104004 |
| Air Canada Pass-Through Trust |  |  |
| 3.700%, 07/15/27 (144A) | 3148 | &nbsp;&nbsp; 3145 |
| Allegiant Travel Co. |  |  |
| 7.250%, 08/15/27 (144A) | 135000 | &nbsp;&nbsp; 136885 |
| American Airlines Pass-Through Trust |  |  |
| 5.650%, 05/11/36 | 104000 | &nbsp;&nbsp; 104594 |

---

*See accompanying notes to financial statements.*

**BHFTII-16**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Airlines—(Continued)** | **Airlines—(Continued)** | **Airlines—(Continued)** |
| American Airlines, Inc. |  |  |
| 7.250%, 02/15/28 (144A) (g) | 100000 | &nbsp;&nbsp; $102230 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| 5.750%, 04/20/29 (144A) (g) | 100000 | &nbsp;&nbsp; 101834 |
| Avianca Midco 2 PLC |  |  |
| 9.000%, 12/01/28 (144A) | 381191 | &nbsp;&nbsp; 383730 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| 9.875%, 09/20/31 (144A) (g) | 200000 | &nbsp;&nbsp; 201492 |
| JetBlue Pass-Through Trust |  |  |
| 2.750%, 11/15/33 | 86348 | &nbsp;&nbsp; 77462 |
| Latam Airlines Group SA |  |  |
| 7.625%, 01/07/31 (144A) | 242000 | &nbsp;&nbsp; 254084 |
| Spirit Airlines Pass-Through Trust |  |  |
| 3.375%, 08/15/31 | 139871 | &nbsp;&nbsp; 131586 |
| 3.650%, 08/15/31 | 368587 | &nbsp;&nbsp; 338738 |
| 4.100%, 10/01/29 | 11667 | &nbsp;&nbsp; 11190 |
| Turkish Airlines Pass-Through Trust |  |  |
| 4.200%, 09/15/28 (144A) | 283129 | &nbsp;&nbsp; 279889 |
|  |  | &nbsp;&nbsp; 2230863 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
| Allison Transmission, Inc. |  |  |
| 3.750%, 01/30/31 (144A) (g) | 100000 | &nbsp;&nbsp; 94161 |
| Aston Martin Capital Holdings Ltd. |  |  |
| 10.000%, 03/31/29 (144A) | 217000 | &nbsp;&nbsp; 201972 |
| Ford Motor Credit Co. LLC |  |  |
| 2.900%, 02/10/29 (g) | 890000 | &nbsp;&nbsp; 836376 |
| 4.542%, 08/01/26 | 200000 | &nbsp;&nbsp; 199728 |
| 5.125%, 11/05/26 (g) | 376000 | &nbsp;&nbsp; 378043 |
| 5.875%, 11/07/29 | 249000 | &nbsp;&nbsp; 255602 |
| 5.918%, 03/20/28 | 1188000 | &nbsp;&nbsp; 1215559 |
| 6.798%, 11/07/28 | 1005000 | &nbsp;&nbsp; 1054365 |
| 6.950%, 03/06/26 | 200000 | &nbsp;&nbsp; 200451 |
| 6.950%, 06/10/26 | 224000 | &nbsp;&nbsp; 225951 |
| General Motors Financial Co., Inc. |  |  |
| 6.150%, 07/15/35 | 1050000 | &nbsp;&nbsp; 1106479 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 5.625%, 09/29/28 (144A) | 130000 | &nbsp;&nbsp; 130366 |
| Nissan Motor Co. Ltd. |  |  |
| 4.345%, 09/17/27 (144A) | 200000 | &nbsp;&nbsp; 197255 |
| 7.500%, 07/17/30 (144A) | 200000 | &nbsp;&nbsp; 209867 |
|  |  | &nbsp;&nbsp; 6306175 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Adient Global Holdings Ltd. |  |  |
| 7.000%, 04/15/28 (144A) (g) | 100000 | &nbsp;&nbsp; 102768 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.000%, 10/01/29 (g) | 200000 | &nbsp;&nbsp; 192655 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.750%, 05/15/28 (144A) | 100000 | &nbsp;&nbsp; 102538 |
| 6.750%, 09/15/32 (144A) | 100000 | &nbsp;&nbsp; 103699 |
| Goodyear Tire & Rubber Co. |  |  |
| 5.625%, 04/30/33 | 100000 | &nbsp;&nbsp; 94720 |
| Tenneco, Inc. |  |  |
| 8.000%, 11/17/28 (144A) | 200000 | &nbsp;&nbsp; 200640 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| 7.500%, 03/24/31 (144A) | 200000 | &nbsp;&nbsp; $202151 |
|  |  | &nbsp;&nbsp; 999171 |
| **Banks — 5.1%** | **Banks — 5.1%** | **Banks — 5.1%** |
| Banco Espirito Santo SA |  |  |
| 4.000%, 07/22/49 (EUR) (i) | 200000 | &nbsp;&nbsp; 51709 |
| Bank of America Corp. |  |  |
| 1.734%, SOFR + 0.960%, 07/22/27 (a) | 131000 | &nbsp;&nbsp; 129329 |
| 1.922%, SOFR + 1.370%, 10/24/31 (a) | 680000 | &nbsp;&nbsp; 608090 |
| 2.087%, SOFR + 1.060%, 06/14/29 (a) | 126000 | &nbsp;&nbsp; 120192 |
| 2.299%, SOFR + 1.220%, 07/21/32 (a) | 908000 | &nbsp;&nbsp; 811895 |
| 2.592%, SOFR + 2.150%, 04/29/31 (a) | 1115000 | &nbsp;&nbsp; 1038936 |
| 2.972%, SOFR + 1.330%, 02/04/33 (a) | 2653000 | &nbsp;&nbsp; 2426180 |
| 3.419%, 3M TSFR + 1.302%, 12/20/28 (a) | 2702000 | &nbsp;&nbsp; 2668014 |
| 3.593%, 3M TSFR + 1.632%, 07/21/28 (a) | 3885000 | &nbsp;&nbsp; 3858223 |
| 4.571%, SOFR + 1.830%, 04/27/33 (a) | 3787000 | &nbsp;&nbsp; 3777721 |
| 4.875%, 04/01/44 | 487000 | &nbsp;&nbsp; 461906 |
| 5.202%, SOFR + 1.630%, 04/25/29 (a) | 377000 | &nbsp;&nbsp; 386654 |
| 5.819%, SOFR + 1.570%, 09/15/29 (a) | 517000 | &nbsp;&nbsp; 539274 |
| Citigroup, Inc. |  |  |
| 2.666%, SOFR + 1.146%, 01/29/31 (a) | 649000 | &nbsp;&nbsp; 607491 |
| 2.976%, SOFR + 1.422%, 11/05/30 (a) | 2219000 | &nbsp;&nbsp; 2113325 |
| 3.057%, SOFR + 1.351%, 01/25/33 (a) | 804000 | &nbsp;&nbsp; 736516 |
| 3.785%, SOFR + 1.939%, 03/17/33 (a) | 3066000 | &nbsp;&nbsp; 2923365 |
| 4.503%, SOFR + 1.171%, 09/11/31 (a) | 1310000 | &nbsp;&nbsp; 1314054 |
| 4.542%, SOFR + 1.338%, 09/19/30 (a) | 712000 | &nbsp;&nbsp; 717662 |
| 4.643%, SOFR + 1.143%, 05/07/28 (a) | 2110000 | &nbsp;&nbsp; 2127128 |
| 4.786%, SOFR + 0.870%, 03/04/29 (a) | 2800000 | &nbsp;&nbsp; 2840119 |
| 5.174%, SOFR + 1.364%, 02/13/30 (a) | 125000 | &nbsp;&nbsp; 128269 |
| 5.174%, SOFR + 1.488%, 09/11/36 (a) (g) | 198000 | &nbsp;&nbsp; 199851 |
| 5.920%, 12/11/30 (a) (e) (f) | 2948000 | &nbsp;&nbsp; 2948000 |
| Goldman Sachs Group, Inc. |  |  |
| 1.542%, SOFR + 0.818%, 09/10/27 (a) | 2002000 | &nbsp;&nbsp; 1966923 |
| 1.948%, SOFR + 0.913%, 10/21/27 (a) | 994000 | &nbsp;&nbsp; 977189 |
| 1.992%, SOFR + 1.090%, 01/27/32 (a) | 599000 | &nbsp;&nbsp; 532134 |
| 2.600%, 02/07/30 | 557000 | &nbsp;&nbsp; 523396 |
| 2.615%, SOFR + 1.281%, 04/22/32 (a) | 703000 | &nbsp;&nbsp; 641004 |
| 2.640%, SOFR + 1.114%, 02/24/28 (a) | 136000 | &nbsp;&nbsp; 133879 |
| 3.102%, SOFR + 1.410%, 02/24/33 (a) | 1189000 | &nbsp;&nbsp; 1095337 |
| 4.223%, 3M TSFR + 1.563%, 05/01/29 (a) | 2264000 | &nbsp;&nbsp; 2268710 |
| 4.369%, SOFR + 1.060%, 10/21/31 (a) | 941000 | &nbsp;&nbsp; 938757 |
| 4.482%, SOFR + 1.725%, 08/23/28 (a) | 1353000 | &nbsp;&nbsp; 1362493 |
| 4.692%, SOFR + 1.135%, 10/23/30 (a) | 1244000 | &nbsp;&nbsp; 1260973 |
| 4.937%, SOFR + 1.319%, 04/23/28 (a) | 2451000 | &nbsp;&nbsp; 2478995 |
| 5.049%, SOFR + 1.210%, 07/23/30 (a) | 487000 | &nbsp;&nbsp; 498987 |
| 5.207%, SOFR + 1.078%, 01/28/31 (a) | 1916000 | &nbsp;&nbsp; 1978549 |
| 5.218%, SOFR + 1.580%, 04/23/31 (a) | 1625000 | &nbsp;&nbsp; 1678377 |
| 5.727%, SOFR + 1.265%, 04/25/30 (a) | 522000 | &nbsp;&nbsp; 545345 |
| 6.484%, SOFR + 1.770%, 10/24/29 (a) | 117000 | &nbsp;&nbsp; 124077 |
| JPMorgan Chase & Co. |  |  |
| 2.069%, SOFR + 1.015%, 06/01/29 (a) | 5428000 | &nbsp;&nbsp; 5183227 |
| 4.505%, SOFR + 0.860%, 10/22/28 (a) | 6099000 | &nbsp;&nbsp; 6158773 |
| 4.915%, SOFR + 0.800%, 01/24/29 (a) | 481000 | &nbsp;&nbsp; 489942 |
| 4.979%, SOFR + 0.930%, 07/22/28 (a) | 2302000 | &nbsp;&nbsp; 2336291 |
| 4.995%, SOFR + 1.125%, 07/22/30 (a) | 8597000 | &nbsp;&nbsp; 8825993 |

---

*See accompanying notes to financial statements.*

**BHFTII-17**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| JPMorgan Chase & Co. |  |  |
| 5.012%, SOFR + 1.310%, 01/23/30 (a) | 3654000 | &nbsp;&nbsp; $3744254 |
| 5.140%, SOFR + 1.010%, 01/24/31 (a) (g) | 6644000 | &nbsp;&nbsp; 6867196 |
| 5.294%, SOFR + 1.460%, 07/22/35 (a) | 301000 | &nbsp;&nbsp; 310536 |
| 5.502%, SOFR + 1.315%, 01/24/36 (a) | 2434000 | &nbsp;&nbsp; 2543819 |
| 5.571%, SOFR + 0.930%, 04/22/28 (a) (g) | 1474000 | &nbsp;&nbsp; 1503322 |
| 6.070%, SOFR + 1.330%, 10/22/27 (a) | 185000 | &nbsp;&nbsp; 187909 |
| KeyBank NA |  |  |
| 5.000%, 01/26/33 | 1660000 | &nbsp;&nbsp; 1676627 |
| Morgan Stanley |  |  |
| 1.593%, SOFR + 0.879%, 05/04/27 (a) | 528000 | &nbsp;&nbsp; 523405 |
| 2.239%, SOFR + 1.178%, 07/21/32 (a) | 3018000 | &nbsp;&nbsp; 2681759 |
| 2.475%, SOFR + 1.000%, 01/21/28 (a) | 1001000 | &nbsp;&nbsp; 984489 |
| 2.943%, SOFR + 1.290%, 01/21/33 (a) | 2562000 | &nbsp;&nbsp; 2338319 |
| 3.772%, 3M TSFR + 1.402%, 01/24/29 (a) | 4311000 | &nbsp;&nbsp; 4286648 |
| 4.133%, SOFR + 0.913%, 10/18/29 (a) | 2515000 | &nbsp;&nbsp; 2514190 |
| 5.042%, SOFR + 1.215%, 07/19/30 (a) | 5547000 | &nbsp;&nbsp; 5687262 |
| 5.173%, SOFR + 1.450%, 01/16/30 (a) | 2450000 | &nbsp;&nbsp; 2515088 |
| 5.230%, SOFR + 1.108%, 01/15/31 (a) | 5237000 | &nbsp;&nbsp; 5401899 |
| 5.250%, SOFR + 1.870%, 04/21/34 (a) | 1156000 | &nbsp;&nbsp; 1190173 |
| 6.407%, SOFR + 1.830%, 11/01/29 (a) | 731000 | &nbsp;&nbsp; 774793 |
| Wells Fargo & Co. |  |  |
| 3.068%, SOFR + 2.530%, 04/30/41 (a) | 459000 | &nbsp;&nbsp; 355996 |
| 3.350%, SOFR + 1.500%, 03/02/33 (a) | 2157000 | &nbsp;&nbsp; 2013208 |
| 4.611%, SOFR + 2.130%, 04/25/53 (a) (g) | 216000 | &nbsp;&nbsp; 185869 |
| 4.897%, SOFR + 2.100%, 07/25/33 (a) | 6000 | &nbsp;&nbsp; 6093 |
| 5.198%, SOFR + 1.500%, 01/23/30 (a) | 2585000 | &nbsp;&nbsp; 2662162 |
| 5.389%, SOFR + 2.020%, 04/24/34 (a) | 1362000 | &nbsp;&nbsp; 1417069 |
| 5.499%, SOFR + 1.780%, 01/23/35 (a) | 344000 | &nbsp;&nbsp; 358919 |
| 5.707%, SOFR + 1.070%, 04/22/28 (a) | 2219000 | &nbsp;&nbsp; 2264930 |
|  |  | &nbsp;&nbsp; 130529188 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |
| 4.375%, 04/30/29 (144A) | 100000 | &nbsp;&nbsp; 97288 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Amgen, Inc. |  |  |
| 3.000%, 01/15/52 | 390000 | &nbsp;&nbsp; 251668 |
| 4.400%, 02/22/62 | 401000 | &nbsp;&nbsp; 313217 |
| 5.750%, 03/02/63 | 264000 | &nbsp;&nbsp; 257580 |
|  |  | &nbsp;&nbsp; 822465 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Builders FirstSource, Inc. |  |  |
| 6.375%, 03/01/34 (144A) | 100000 | &nbsp;&nbsp; 103393 |
| Cemex SAB de CV |  |  |
| 7.200%, 5Y H15 + 3.520%, 06/10/30 (144A) (a) | 721000 | &nbsp;&nbsp; 751931 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
| 6.625%, 12/15/30 (144A) | 100000 | &nbsp;&nbsp; 104151 |
| Quikrete Holdings, Inc. |  |  |
| 6.375%, 03/01/32 (144A) | 100000 | &nbsp;&nbsp; 104088 |
| 6.750%, 03/01/33 (144A) | 100000 | &nbsp;&nbsp; 104429 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 8.875%, 11/15/31 (144A) (g) | 200000 | &nbsp;&nbsp; 213927 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Building Materials—(Continued)** | **Building Materials—(Continued)** | **Building Materials—(Continued)** |
| Standard Industries, Inc. |  |  |
| 4.375%, 07/15/30 (144A) | 200000 | &nbsp;&nbsp; $192941 |
|  |  | &nbsp;&nbsp; 1574860 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Celanese U.S. Holdings LLC |  |  |
| 6.750%, 04/15/33 (g) | 300000 | &nbsp;&nbsp; 298426 |
| Chemours Co. |  |  |
| 4.625%, 11/15/29 (144A) | 100000 | &nbsp;&nbsp; 90423 |
| FMC Corp. |  |  |
| 8.450%, 5Y H15 + 4.366%, 11/01/55 (a) | 100000 | &nbsp;&nbsp; 79151 |
| INEOS Finance PLC |  |  |
| 7.500%, 04/15/29 (144A) (g) | 200000 | &nbsp;&nbsp; 173736 |
| Methanex Corp. |  |  |
| 5.125%, 10/15/27 | 100000 | &nbsp;&nbsp; 100566 |
| NOVA Chemicals Corp. |  |  |
| 9.000%, 02/15/30 (144A) | 200000 | &nbsp;&nbsp; 213553 |
| OCP SA |  |  |
| 6.750%, 05/02/34 | 708000 | &nbsp;&nbsp; 763802 |
| 6.750%, 05/02/34 (144A) | 200000 | &nbsp;&nbsp; 215432 |
| Olin Corp. |  |  |
| 6.625%, 04/01/33 (144A) | 100000 | &nbsp;&nbsp; 99247 |
| Olympus Water U.S. Holding Corp. |  |  |
| 6.250%, 10/01/29 (144A) | 200000 | &nbsp;&nbsp; 194616 |
| 7.250%, 02/15/33 (144A) | 201000 | &nbsp;&nbsp; 201993 |
| Orbia Advance Corp. SAB de CV |  |  |
| 6.800%, 05/13/30 (144A) | 387000 | &nbsp;&nbsp; 382194 |
| Sasol Financing USA LLC |  |  |
| 8.750%, 05/03/29 (g) | 200000 | &nbsp;&nbsp; 203045 |
| SCIH Salt Holdings, Inc. |  |  |
| 4.875%, 05/01/28 (144A) | 100000 | &nbsp;&nbsp; 100024 |
| Tronox, Inc. |  |  |
| 4.625%, 03/15/29 (144A) (g) | 72000 | &nbsp;&nbsp; 50404 |
|  |  | &nbsp;&nbsp; 3166612 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| 6.000%, 06/01/29 (144A) (g) | 300000 | &nbsp;&nbsp; 296896 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| 5.375%, 03/01/29 (144A) | 100000 | &nbsp;&nbsp; 97565 |
| 8.000%, 02/15/31 (144A) (g) | 100000 | &nbsp;&nbsp; 102771 |
| Block, Inc. |  |  |
| 2.750%, 06/01/26 | 100000 | &nbsp;&nbsp; 99403 |
| 3.500%, 06/01/31 (g) | 464000 | &nbsp;&nbsp; 436121 |
| Clarivate Science Holdings Corp. |  |  |
| 3.875%, 07/01/28 (144A) | 100000 | &nbsp;&nbsp; 97080 |
| DP World Ltd. |  |  |
| 6.850%, 07/02/37 | 820000 | &nbsp;&nbsp; 927562 |
| EquipmentShare.com, Inc. |  |  |
| 9.000%, 05/15/28 (144A) | 100000 | &nbsp;&nbsp; 103918 |
| Garda World Security Corp. |  |  |
| 6.000%, 06/01/29 (144A) | 100000 | &nbsp;&nbsp; 98069 |
| 8.375%, 11/15/32 (144A) | 100000 | &nbsp;&nbsp; 101861 |
| GEO Group, Inc. |  |  |
| 8.625%, 04/15/29 | 100000 | &nbsp;&nbsp; 105180 |

---

*See accompanying notes to financial statements.*

**BHFTII-18**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| Herc Holdings, Inc. |  |  |
| 7.250%, 06/15/33 (144A) | 100000 | &nbsp;&nbsp; $106038 |
| Kaspi.KZ JSC |  |  |
| 6.250%, 03/26/30 | 200000 | &nbsp;&nbsp; 204880 |
| OT Midco, Inc. |  |  |
| 10.000%, 02/15/30 (144A) (g) | 346000 | &nbsp;&nbsp; 137668 |
| Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| 3.375%, 08/31/27 (144A) | 100000 | &nbsp;&nbsp; 98046 |
| Service Corp. International |  |  |
| 3.375%, 08/15/30 | 100000 | &nbsp;&nbsp; 93510 |
| United Rentals North America, Inc. |  |  |
| 3.875%, 02/15/31 | 100000 | &nbsp;&nbsp; 95371 |
| 5.250%, 01/15/30 | 100000 | &nbsp;&nbsp; 101371 |
| Williams Scotsman, Inc. |  |  |
| 6.625%, 04/15/30 (144A) | 100000 | &nbsp;&nbsp; 103359 |
| Worldline SA |  |  |
| 0.875%, 06/30/27 (EUR) | 200000 | &nbsp;&nbsp; 213078 |
| 4.125%, 09/12/28 (EUR) | 500000 | &nbsp;&nbsp; 529281 |
| 5.250%, 11/27/29 (EUR) | 100000 | &nbsp;&nbsp; 103720 |
| 5.500%, 06/10/30 (EUR) | 100000 | &nbsp;&nbsp; 102510 |
|  |  | &nbsp;&nbsp; 4355258 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Apple, Inc. |  |  |
| 2.650%, 02/08/51 | 1098000 | &nbsp;&nbsp; 678753 |
| Dell International LLC/EMC Corp. |  |  |
| 4.500%, 02/15/31 | 2649000 | &nbsp;&nbsp; 2645219 |
| Gartner, Inc. |  |  |
| 3.625%, 06/15/29 (144A) | 1505000 | &nbsp;&nbsp; 1450661 |
| 3.750%, 10/01/30 (144A) | 2493000 | &nbsp;&nbsp; 2364119 |
| 4.500%, 07/01/28 (144A) | 5550000 | &nbsp;&nbsp; 5532050 |
| McAfee Corp. |  |  |
| 7.375%, 02/15/30 (144A) (g) | 200000 | &nbsp;&nbsp; 174415 |
| NCR Atleos Corp. |  |  |
| 9.500%, 04/01/29 (144A) | 100000 | &nbsp;&nbsp; 108538 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 5.875%, 07/15/30 (144A) | 100000 | &nbsp;&nbsp; 103087 |
|  |  | &nbsp;&nbsp; 13056842 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| Ally Financial, Inc. |  |  |
| 6.646%, 5Y H15 + 2.450%, 01/17/40 (a) | 100000 | &nbsp;&nbsp; 100647 |
| Aretec Group, Inc. |  |  |
| 10.000%, 08/15/30 (144A) | 180000 | &nbsp;&nbsp; 194246 |
| AT&T Reign II Multi-Property Lease-Backed Pass-Through <br> Trust<br>|  |  |
| 6.088%, 12/15/44 (144A) | 2750000 | &nbsp;&nbsp; 2777439 |
| Credit Acceptance Corp. |  |  |
| 6.625%, 03/15/30 (144A) (g) | 100000 | &nbsp;&nbsp; 100197 |
| Eagle Funding Luxco SARL |  |  |
| 5.500%, 08/17/30 (144A) | 684000 | &nbsp;&nbsp; 696716 |
| Focus Financial Partners LLC |  |  |
| 6.750%, 09/15/31 (144A) | 100000 | &nbsp;&nbsp; 102812 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.375%, 04/01/32 (144A) | 100000 | &nbsp;&nbsp; 105266 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| GGAM Finance Ltd. |  |  |
| 8.000%, 06/15/28 (144A) | 100000 | &nbsp;&nbsp; $105897 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.125%, 11/01/32 (144A) (g) | 100000 | &nbsp;&nbsp; 101756 |
| 7.125%, 04/30/31 (144A) | 100000 | &nbsp;&nbsp; 105077 |
| Jefferson Capital Holdings LLC |  |  |
| 8.250%, 05/15/30 (144A) | 100000 | &nbsp;&nbsp; 105171 |
| Osaic Holdings, Inc. |  |  |
| 6.750%, 08/01/32 (144A) | 100000 | &nbsp;&nbsp; 104462 |
| PennyMac Financial Services, Inc. |  |  |
| 6.875%, 02/15/33 (144A) | 100000 | &nbsp;&nbsp; 104395 |
| 7.875%, 12/15/29 (144A) | 100000 | &nbsp;&nbsp; 106405 |
| Rocket Cos., Inc. |  |  |
| 6.125%, 08/01/30 (144A) (g) | 100000 | &nbsp;&nbsp; 103368 |
| 6.500%, 08/01/29 (144A) | 200000 | &nbsp;&nbsp; 206278 |
| SLM Corp. |  |  |
| 6.500%, 01/31/30 | 100000 | &nbsp;&nbsp; 103506 |
| SRC Sukuk Ltd. |  |  |
| 4.375%, 04/02/29 | 318000 | &nbsp;&nbsp; 318088 |
| SURA Asset Management SA |  |  |
| 6.350%, 05/13/32 | 341000 | &nbsp;&nbsp; 363619 |
| 6.350%, 05/13/32 (144A) | 362000 | &nbsp;&nbsp; 386011 |
| Synchrony Financial |  |  |
| 2.875%, 10/28/31 | 2659000 | &nbsp;&nbsp; 2385549 |
| 3.950%, 12/01/27 | 884000 | &nbsp;&nbsp; 879787 |
| 5.019%, SOFR + 1.395%, 07/29/29 (a) (g) | 1357000 | &nbsp;&nbsp; 1374076 |
| 5.150%, 03/19/29 | 2956000 | &nbsp;&nbsp; 2995671 |
| 5.450%, SOFR + 1.680%, 03/06/31 (a) (g) | 4623000 | &nbsp;&nbsp; 4739963 |
| 5.935%, SOFR + 2.130%, 08/02/30 (a) (g) | 2633000 | &nbsp;&nbsp; 2744050 |
| 7.250%, 02/02/33 (g) | 2523000 | &nbsp;&nbsp; 2710235 |
| United Wholesale Mortgage LLC |  |  |
| 5.500%, 04/15/29 (144A) (g) | 105000 | &nbsp;&nbsp; 104248 |
| 5.750%, 06/15/27 (144A) | 100000 | &nbsp;&nbsp; 100266 |
| UWM Holdings LLC |  |  |
| 6.250%, 03/15/31 (144A) | 60000 | &nbsp;&nbsp; 59904 |
| 6.625%, 02/01/30 (144A) | 55000 | &nbsp;&nbsp; 55692 |
|  |  | &nbsp;&nbsp; 24440797 |
| **Electric — 3.4%** | **Electric — 3.4%** | **Electric — 3.4%** |
| AEP Texas, Inc. |  |  |
| 3.450%, 05/15/51 | 837000 | &nbsp;&nbsp; 565464 |
| 4.150%, 05/01/49 | 172000 | &nbsp;&nbsp; 132224 |
| 5.400%, 06/01/33 | 122000 | &nbsp;&nbsp; 125952 |
| 5.700%, 05/15/34 | 408000 | &nbsp;&nbsp; 425278 |
| AEP Transmission Co. LLC |  |  |
| 3.150%, 09/15/49 | 1093000 | &nbsp;&nbsp; 738873 |
| 3.750%, 12/01/47 | 176000 | &nbsp;&nbsp; 134713 |
| 3.800%, 06/15/49 | 168000 | &nbsp;&nbsp; 126540 |
| 5.375%, 06/15/35 | 68000 | &nbsp;&nbsp; 70134 |
| AES Andes SA |  |  |
| 6.300%, 03/15/29 | 200000 | &nbsp;&nbsp; 206922 |
| AES Corp. |  |  |
| 6.950%, 5Y H15 + 2.890%, 07/15/55 (a) | 200000 | &nbsp;&nbsp; 197464 |
| Alabama Power Co. |  |  |
| 6.000%, 03/01/39 | 167000 | &nbsp;&nbsp; 179168 |

---

*See accompanying notes to financial statements.*

**BHFTII-19**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Baltimore Gas & Electric Co. |  |  |
| 2.900%, 06/15/50 | 48000 | &nbsp;&nbsp; $30703 |
| 3.200%, 09/15/49 | 192000 | &nbsp;&nbsp; 129735 |
| Dominion Energy South Carolina, Inc. |  |  |
| 5.300%, 01/15/35 | 122000 | &nbsp;&nbsp; 126120 |
| Dominion Energy, Inc. |  |  |
| 7.000%, 5Y H15 + 2.511%, 06/01/54 (a) | 1169000 | &nbsp;&nbsp; 1265736 |
| Duke Energy Carolinas LLC |  |  |
| 3.200%, 08/15/49 | 1198000 | &nbsp;&nbsp; 818326 |
| 3.700%, 12/01/47 | 1066000 | &nbsp;&nbsp; 804805 |
| 3.950%, 03/15/48 | 344000 | &nbsp;&nbsp; 272438 |
| Duke Energy Corp. |  |  |
| 3.500%, 06/15/51 | 1046000 | &nbsp;&nbsp; 724407 |
| 3.950%, 08/15/47 | 681000 | &nbsp;&nbsp; 524439 |
| 5.800%, 06/15/54 | 2303000 | &nbsp;&nbsp; 2277179 |
| Duke Energy Florida LLC |  |  |
| 3.000%, 12/15/51 | 364000 | &nbsp;&nbsp; 235532 |
| Duke Energy Ohio, Inc. |  |  |
| 2.125%, 06/01/30 | 1338000 | &nbsp;&nbsp; 1224820 |
| 5.250%, 04/01/33 | 328000 | &nbsp;&nbsp; 339770 |
| 5.550%, 03/15/54 | 189000 | &nbsp;&nbsp; 184701 |
| 5.650%, 04/01/53 | 151000 | &nbsp;&nbsp; 149128 |
| Duke Energy Progress LLC |  |  |
| 2.500%, 08/15/50 | 1809000 | &nbsp;&nbsp; 1054635 |
| 4.000%, 04/01/52 | 478000 | &nbsp;&nbsp; 370538 |
| 5.050%, 03/15/35 | 1251000 | &nbsp;&nbsp; 1271999 |
| 5.550%, 03/15/55 | 245000 | &nbsp;&nbsp; 241667 |
| Edison International |  |  |
| 7.875%, 5Y H15 + 3.658%, 06/15/54 (a) | 100000 | &nbsp;&nbsp; 104975 |
| Emera, Inc. |  |  |
| 6.750%, 06/15/76 (a) | 100000 | &nbsp;&nbsp; 100458 |
| FirstEnergy Corp. |  |  |
| 2.650%, 03/01/30 | 1496000 | &nbsp;&nbsp; 1394841 |
| 3.400%, 03/01/50 | 4372000 | &nbsp;&nbsp; 3015463 |
| 3.900%, 07/15/27 | 2316000 | &nbsp;&nbsp; 2306760 |
| 4.850%, 07/15/47 | 1329000 | &nbsp;&nbsp; 1169968 |
| FirstEnergy Transmission LLC |  |  |
| 4.550%, 04/01/49 (144A) | 1151000 | &nbsp;&nbsp; 977691 |
| 4.750%, 01/15/33 (144A) | 2035000 | &nbsp;&nbsp; 2034350 |
| 5.000%, 01/15/35 | 2536000 | &nbsp;&nbsp; 2541029 |
| 5.450%, 07/15/44 (144A) | 965000 | &nbsp;&nbsp; 931353 |
| Florida Power & Light Co. |  |  |
| 2.875%, 12/04/51 | 200000 | &nbsp;&nbsp; 127475 |
| 3.150%, 10/01/49 | 964000 | &nbsp;&nbsp; 660197 |
| Georgia Power Co. |  |  |
| 3.250%, 03/15/51 | 747000 | &nbsp;&nbsp; 509071 |
| 4.850%, 03/15/31 | 421000 | &nbsp;&nbsp; 431943 |
| 4.950%, 05/17/33 (g) | 841000 | &nbsp;&nbsp; 857450 |
| MidAmerican Energy Co. |  |  |
| 3.650%, 08/01/48 (g) | 369000 | &nbsp;&nbsp; 276176 |
| MVM Energetika Zrt |  |  |
| 6.500%, 03/13/31 | 880000 | &nbsp;&nbsp; 928481 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.685%, 09/01/27 | 637000 | &nbsp;&nbsp; 644570 |
| NRG Energy, Inc. |  |  |
| 4.450%, 06/15/29 (144A) (g) | 1491000 | &nbsp;&nbsp; 1484418 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| NRG Energy, Inc. |  |  |
| 6.000%, 02/01/33 (144A) | 200000 | &nbsp;&nbsp; $203960 |
| 7.000%, 03/15/33 (144A) | 3613000 | &nbsp;&nbsp; 3993771 |
| Ohio Power Co. |  |  |
| 1.625%, 01/15/31 | 372000 | &nbsp;&nbsp; 326452 |
| 2.600%, 04/01/30 | 946000 | &nbsp;&nbsp; 882847 |
| 2.900%, 10/01/51 | 189000 | &nbsp;&nbsp; 116482 |
| 4.000%, 06/01/49 | 464000 | &nbsp;&nbsp; 356500 |
| 4.150%, 04/01/48 | 164000 | &nbsp;&nbsp; 129501 |
| Pacific Gas & Electric Co. |  |  |
| 3.300%, 08/01/40 | 1782000 | &nbsp;&nbsp; 1348889 |
| 3.500%, 08/01/50 | 1183000 | &nbsp;&nbsp; 797698 |
| 3.750%, 08/15/42 | 166000 | &nbsp;&nbsp; 125602 |
| 4.000%, 12/01/46 | 749000 | &nbsp;&nbsp; 561004 |
| 4.500%, 07/01/40 | 913894 | &nbsp;&nbsp; 796367 |
| 4.750%, 02/15/44 | 1136000 | &nbsp;&nbsp; 959349 |
| 4.950%, 07/01/50 | 3489000 | &nbsp;&nbsp; 2949015 |
| 5.250%, 03/01/52 | 4457000 | &nbsp;&nbsp; 3886052 |
| 5.900%, 10/01/54 | 414000 | &nbsp;&nbsp; 396780 |
| 6.100%, 10/15/55 | 2889000 | &nbsp;&nbsp; 2835229 |
| 6.150%, 01/15/33 | 794000 | &nbsp;&nbsp; 842510 |
| 6.150%, 03/01/55 | 990000 | &nbsp;&nbsp; 979380 |
| 6.400%, 06/15/33 | 705000 | &nbsp;&nbsp; 760269 |
| 6.750%, 01/15/53 | 855000 | &nbsp;&nbsp; 909315 |
| PECO Energy Co. |  |  |
| 2.850%, 09/15/51 | 143000 | &nbsp;&nbsp; 89133 |
| PG&E Corp. |  |  |
| 5.250%, 07/01/30 | 6249000 | &nbsp;&nbsp; 6204741 |
| 7.375%, 5Y H15 + 3.883%, 03/15/55 (a) (g) | 4450000 | &nbsp;&nbsp; 4634635 |
| Pinnacle West Capital Corp. |  |  |
| 5.150%, 05/15/30 | 2310000 | &nbsp;&nbsp; 2380253 |
| Southern Co. |  |  |
| 4.250%, 07/01/36 | 109000 | &nbsp;&nbsp; 102152 |
| 5.200%, 06/15/33 | 322000 | &nbsp;&nbsp; 330832 |
| 5.700%, 10/15/32 | 2017000 | &nbsp;&nbsp; 2134759 |
| Talen Energy Supply LLC |  |  |
| 8.625%, 06/01/30 (144A) | 100000 | &nbsp;&nbsp; 105875 |
| Vistra Operations Co. LLC |  |  |
| 4.600%, 10/15/30 (144A) | 510000 | &nbsp;&nbsp; 509793 |
| 5.700%, 12/30/34 (144A) (g) | 2839000 | &nbsp;&nbsp; 2930308 |
| 6.000%, 04/15/34 (144A) (g) | 3336000 | &nbsp;&nbsp; 3510583 |
| 6.950%, 10/15/33 (144A) | 2865000 | &nbsp;&nbsp; 3192578 |
| 7.750%, 10/15/31 (144A) | 200000 | &nbsp;&nbsp; 211835 |
| VoltaGrid LLC |  |  |
| 7.375%, 11/01/30 (144A) † | 321000 | &nbsp;&nbsp; 318029 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 7.250%, 01/15/29 (144A) | 100000 | &nbsp;&nbsp; 102461 |
| 8.375%, 01/15/31 (144A) (g) | 100000 | &nbsp;&nbsp; 104963 |
|  |  | &nbsp;&nbsp; 86465981 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Energizer Holdings, Inc. |  |  |
| 4.375%, 03/31/29 (144A) (g) | 100000 | &nbsp;&nbsp; 95550 |
| WESCO Distribution, Inc. |  |  |
| 6.375%, 03/15/29 (144A) | 100000 | &nbsp;&nbsp; 103267 |
|  |  | &nbsp;&nbsp; 198817 |

---

*See accompanying notes to financial statements.*

**BHFTII-20**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Imola Merger Corp. |  |  |
| 4.750%, 05/15/29 (144A) | 100000 | &nbsp;&nbsp; $98702 |
| Sensata Technologies, Inc. |  |  |
| 3.750%, 02/15/31 (144A) (g) | 100000 | &nbsp;&nbsp; 93848 |
|  |  | &nbsp;&nbsp; 192550 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| Continuum Energy Pte. Ltd. |  |  |
| 12.850%, 7.850% PIK, 05/11/27 † (e) (f) (h) | 1505401 | &nbsp;&nbsp; 1499831 |
| Greenko Wind Projects Mauritius Ltd. |  |  |
| 7.250%, 09/27/28 | 200000 | &nbsp;&nbsp; 202127 |
| SCC Power PLC |  |  |
| 4.000%, 4.000% PIK, 05/17/32 (144A) (h) | 174358 | &nbsp;&nbsp; 42936 |
| 8.000%, 4.000% PIK, 12/31/28 (144A) (h) | 175569 | &nbsp;&nbsp; 108326 |
|  |  | &nbsp;&nbsp; 1853220 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| IHS Holding Ltd. |  |  |
| 8.250%, 11/29/31 | 200000 | &nbsp;&nbsp; 208725 |
| TAV Havalimanlari Holding AS |  |  |
| 8.500%, 12/07/28 | 700000 | &nbsp;&nbsp; 730511 |
| Weekley Homes LLC/Weekley Finance Corp. |  |  |
| 4.875%, 09/15/28 (144A) | 177000 | &nbsp;&nbsp; 174554 |
|  |  | &nbsp;&nbsp; 1113790 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| Bracelet Holdings, Inc. |  |  |
| 9.250%, 07/02/28 (144A) | 795000 | &nbsp;&nbsp; 777677 |
| Caesars Entertainment, Inc. |  |  |
| 4.625%, 10/15/29 (144A) | 100000 | &nbsp;&nbsp; 95924 |
| 6.000%, 10/15/32 (144A) (g) | 100000 | &nbsp;&nbsp; 97245 |
| Churchill Downs, Inc. |  |  |
| 6.750%, 05/01/31 (144A) | 100000 | &nbsp;&nbsp; 103693 |
| HR Ottawa LP |  |  |
| 11.000%, 03/31/31 (144A) | 3701285 | &nbsp;&nbsp; 3639688 |
| Light & Wonder International, Inc. |  |  |
| 7.500%, 09/01/31 (144A) | 100000 | &nbsp;&nbsp; 104333 |
| Live Nation Entertainment, Inc. |  |  |
| 4.750%, 10/15/27 (144A) | 100000 | &nbsp;&nbsp; 100204 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance <br> Corp.<br>|  |  |
| 4.875%, 05/01/29 (144A) | 232000 | &nbsp;&nbsp; 228203 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment <br> Holdings LLC<br>|  |  |
| 11.875%, 04/15/31 (144A) | 200000 | &nbsp;&nbsp; 211338 |
| Pioneer MidCo. LLC |  |  |
| 11.625%, 11/18/30 † (e) (f) (h) | 1452844 | &nbsp;&nbsp; 1456476 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |  |
| 4.625%, 04/16/29 (144A) | 200000 | &nbsp;&nbsp; 178254 |
| Six Flags Entertainment Corp. |  |  |
| 7.250%, 05/15/31 (144A) (g) | 100000 | &nbsp;&nbsp; 95952 |
| Voyager Parent LLC |  |  |
| 9.250%, 07/01/32 (144A) | 100000 | &nbsp;&nbsp; 106112 |
| Warnermedia Holdings, Inc. |  |  |
| 3.755%, 03/15/27 (g) | 15421000 | &nbsp;&nbsp; 15317247 |
|  |  | &nbsp;&nbsp; 22512346 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| Reworld Holding Corp. |  |  |
| 4.875%, 12/01/29 (144A) | 101000 | &nbsp;&nbsp; $97079 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 4.625%, 01/15/27 (144A) | 200000 | &nbsp;&nbsp; 199807 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| 7.625%, 07/01/29 (144A) | 100000 | &nbsp;&nbsp; 104312 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc.<br>|  |  |
| 9.000%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp; 104970 |
| Performance Food Group, Inc. |  |  |
| 5.500%, 10/15/27 (144A) | 100000 | &nbsp;&nbsp; 100148 |
| Pilgrim's Pride Corp. |  |  |
| 4.250%, 04/15/31 | 100000 | &nbsp;&nbsp; 97627 |
| Post Holdings, Inc. |  |  |
| 4.500%, 09/15/31 (144A) | 100000 | &nbsp;&nbsp; 94805 |
| 6.375%, 03/01/33 (144A) | 200000 | &nbsp;&nbsp; 202000 |
|  |  | &nbsp;&nbsp; 903669 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Magnera Corp. |  |  |
| 7.250%, 11/15/31 (144A) (g) | 100000 | &nbsp;&nbsp; 98166 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Aethon III BR LLC |  |  |
| 9.650%, SOFR + 6.150%, 01/10/27 (144A) † (a) (e) <br> (f)<br>| 451536 | &nbsp;&nbsp; 449278 |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| 9.375%, 06/01/28 (144A) | 100000 | &nbsp;&nbsp; 103675 |
| 9.500%, 06/01/30 (144A) | 100000 | &nbsp;&nbsp; 106529 |
| New Generation Gas Gathering LLC |  |  |
| 8.650%, SOFR + 5.250%, 09/30/29 † (a) (e) (f) | 1425540 | &nbsp;&nbsp; 1434522 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.500%, 01/15/34 (144A) (g) | 100000 | &nbsp;&nbsp; 102424 |
| 6.500%, 06/15/34 (144A) (g) | 100000 | &nbsp;&nbsp; 102178 |
| 7.500%, 05/01/33 (144A) | 100000 | &nbsp;&nbsp; 108050 |
|  |  | &nbsp;&nbsp; 2406656 |
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| Avantor Funding, Inc. |  |  |
| 4.625%, 07/15/28 (144A) | 100000 | &nbsp;&nbsp; 99457 |
| Bausch & Lomb Corp. |  |  |
| 8.375%, 10/01/28 (144A) | 200000 | &nbsp;&nbsp; 208750 |
| Dentsply Sirona, Inc. |  |  |
| 8.375%, 5Y H15 + 4.379%, 09/12/55 (a) | 100000 | &nbsp;&nbsp; 93613 |
| Hologic, Inc. |  |  |
| 3.250%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp; 98557 |
| Medline Borrower LP |  |  |
| 3.875%, 04/01/29 (144A) | 200000 | &nbsp;&nbsp; 195262 |
| 5.250%, 10/01/29 (144A) | 100000 | &nbsp;&nbsp; 100540 |
| Medline Borrower LP/Medline Co-Issuer, Inc. |  |  |
| 6.250%, 04/01/29 (144A) | 100000 | &nbsp;&nbsp; 103376 |

---

*See accompanying notes to financial statements.*

**BHFTII-21**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Products—(Continued)** | **Healthcare-Products—(Continued)** | **Healthcare-Products—(Continued)** |
| Teleflex, Inc. |  |  |
| 4.625%, 11/15/27 | 100000 | &nbsp;&nbsp; $99848 |
|  |  | &nbsp;&nbsp; 999403 |
| **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
| Acadia Healthcare Co., Inc. |  |  |
| 7.375%, 03/15/33 (144A) (g) | 100000 | &nbsp;&nbsp; 101000 |
| Centene Corp. |  |  |
| 4.250%, 12/15/27 (g) | 500000 | &nbsp;&nbsp; 497056 |
| Charles River Laboratories International, Inc. |  |  |
| 4.250%, 05/01/28 (144A) | 100000 | &nbsp;&nbsp; 99100 |
| CHS/Community Health Systems, Inc. |  |  |
| 4.750%, 02/15/31 (144A) | 100000 | &nbsp;&nbsp; 89089 |
| 10.875%, 01/15/32 (144A) (g) | 270000 | &nbsp;&nbsp; 294689 |
| DaVita, Inc. |  |  |
| 6.875%, 09/01/32 (144A) | 200000 | &nbsp;&nbsp; 208193 |
| Elevance Health, Inc. |  |  |
| 3.600%, 03/15/51 | 9000 | &nbsp;&nbsp; 6408 |
| 4.550%, 05/15/52 | 233000 | &nbsp;&nbsp; 192810 |
| Encompass Health Corp. |  |  |
| 4.750%, 02/01/30 | 100000 | &nbsp;&nbsp; 99669 |
| HCA, Inc. |  |  |
| 3.500%, 07/15/51 | 921000 | &nbsp;&nbsp; 624257 |
| 4.125%, 06/15/29 (g) | 128000 | &nbsp;&nbsp; 127566 |
| 4.600%, 11/15/32 | 2975000 | &nbsp;&nbsp; 2948058 |
| 4.625%, 03/15/52 | 629000 | &nbsp;&nbsp; 513680 |
| 5.450%, 04/01/31 | 2355000 | &nbsp;&nbsp; 2457911 |
| 5.450%, 09/15/34 | 824000 | &nbsp;&nbsp; 847933 |
| 5.500%, 06/15/47 | 149000 | &nbsp;&nbsp; 140806 |
| 5.600%, 04/01/34 | 233000 | &nbsp;&nbsp; 243000 |
| 5.750%, 03/01/35 | 2646000 | &nbsp;&nbsp; 2777265 |
| 5.875%, 02/01/29 | 37000 | &nbsp;&nbsp; 38558 |
| 6.100%, 04/01/64 | 817000 | &nbsp;&nbsp; 809326 |
| 6.200%, 03/01/55 | 866000 | &nbsp;&nbsp; 882574 |
| IQVIA, Inc. |  |  |
| 6.250%, 06/01/32 (144A) | 100000 | &nbsp;&nbsp; 104492 |
| LifePoint Health, Inc. |  |  |
| 8.375%, 02/15/32 (144A) | 100000 | &nbsp;&nbsp; 108546 |
| Molina Healthcare, Inc. |  |  |
| 4.375%, 06/15/28 (144A) | 100000 | &nbsp;&nbsp; 98345 |
| Select Medical Corp. |  |  |
| 6.250%, 12/01/32 (144A) (g) | 121000 | &nbsp;&nbsp; 118308 |
| Star Parent, Inc. |  |  |
| 9.000%, 10/01/30 (144A) | 100000 | &nbsp;&nbsp; 106721 |
| Tenet Healthcare Corp. |  |  |
| 4.625%, 06/15/28 | 200000 | &nbsp;&nbsp; 200371 |
| 6.125%, 06/15/30 (g) | 100000 | &nbsp;&nbsp; 102329 |
|  |  | &nbsp;&nbsp; 14838060 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| 4.625%, 08/01/29 (144A) | 77000 | &nbsp;&nbsp; 73411 |
| 4.625%, 04/01/30 (144A) | 190000 | &nbsp;&nbsp; 181448 |
| 6.875%, 08/01/33 (144A) | 96000 | &nbsp;&nbsp; 96076 |
| Beazer Homes USA, Inc. |  |  |
| 7.250%, 10/15/29 (g) | 772000 | &nbsp;&nbsp; 788999 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Home Builders—(Continued)** | **Home Builders—(Continued)** | **Home Builders—(Continued)** |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| 4.875%, 02/15/30 (144A) | 100000 | &nbsp;&nbsp; $93145 |
| 5.000%, 06/15/29 (144A) | 135000 | &nbsp;&nbsp; 130588 |
| Century Communities, Inc. |  |  |
| 3.875%, 08/15/29 (144A) | 100000 | &nbsp;&nbsp; 95081 |
| DR Horton, Inc. |  |  |
| 5.500%, 10/15/35 (g) | 162000 | &nbsp;&nbsp; 168698 |
| Forestar Group, Inc. |  |  |
| 5.000%, 03/01/28 (144A) | 287000 | &nbsp;&nbsp; 286727 |
| Homes by WestBay, LLC |  |  |
| 11.000%, 02/06/30 † (e) (f) | 3134000 | &nbsp;&nbsp; 3169414 |
| LGI Homes, Inc. |  |  |
| 7.000%, 11/15/32 (144A) (g) | 353000 | &nbsp;&nbsp; 337423 |
| 8.750%, 12/15/28 (144A) | 232000 | &nbsp;&nbsp; 241992 |
| Mattamy Group Corp. |  |  |
| 4.625%, 03/01/30 (144A) | 337000 | &nbsp;&nbsp; 327159 |
| STL Holding Co. LLC |  |  |
| 8.750%, 02/15/29 (144A) | 178000 | &nbsp;&nbsp; 186966 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.125%, 08/01/30 (144A) | 100000 | &nbsp;&nbsp; 100603 |
|  |  | &nbsp;&nbsp; 6277730 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Somnigroup International, Inc. |  |  |
| 4.000%, 04/15/29 (144A) | 100000 | &nbsp;&nbsp; 97428 |
| Whirlpool Corp. |  |  |
| 6.500%, 06/15/33 | 100000 | &nbsp;&nbsp; 96971 |
|  |  | &nbsp;&nbsp; 194399 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands, Inc. |  |  |
| 6.375%, 05/15/30 (g) | 100000 | &nbsp;&nbsp; 97656 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 4.250%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp; 97519 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| 6.750%, 04/15/28 (144A) | 100000 | &nbsp;&nbsp; 101818 |
| 7.375%, 10/01/32 (144A) (g) | 300000 | &nbsp;&nbsp; 311061 |
| Ambac Assurance Corp. |  |  |
| 5.100% (144A) (j) | 162922 | &nbsp;&nbsp; 211798 |
| AmWINS Group, Inc. |  |  |
| 6.375%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp; 102841 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br> 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| 7.250%, 02/15/31 (144A) | 200000 | &nbsp;&nbsp; 205961 |
| Panther Escrow Issuer LLC |  |  |
| 7.125%, 06/01/31 (144A) | 100000 | &nbsp;&nbsp; 103625 |
|  |  | &nbsp;&nbsp; 1134623 |
| **Internet — 1.5%** | **Internet — 1.5%** | **Internet — 1.5%** |
| Alphabet, Inc. |  |  |
| 4.100%, 11/15/30 | 2840000 | &nbsp;&nbsp; 2848716 |
| 5.700%, 11/15/75 | 3114000 | &nbsp;&nbsp; 3064956 |

---

*See accompanying notes to financial statements.*

**BHFTII-22**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Internet—(Continued)** | **Internet—(Continued)** | **Internet—(Continued)** |
| Amazon.com, Inc. |  |  |
| 3.950%, 04/13/52 (g) | 2194000 | &nbsp;&nbsp; $1712282 |
| 4.650%, 11/20/35 | 3120000 | &nbsp;&nbsp; 3107383 |
| 5.550%, 11/20/65 | 1685000 | &nbsp;&nbsp; 1634443 |
| AppLovin Corp. |  |  |
| 5.125%, 12/01/29 | 3477000 | &nbsp;&nbsp; 3566446 |
| 5.375%, 12/01/31 | 6030000 | &nbsp;&nbsp; 6252929 |
| 5.950%, 12/01/54 | 2623000 | &nbsp;&nbsp; 2597820 |
| Arches Buyer, Inc. |  |  |
| 4.250%, 06/01/28 (144A) | 100000 | &nbsp;&nbsp; 98141 |
| Beignet Investor LLC |  |  |
| 6.581%, 05/30/49 (144A) | 7553000 | &nbsp;&nbsp; 7979708 |
| Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| 6.500%, 07/01/32 (144A) (g) | 100000 | &nbsp;&nbsp; 93521 |
| Expedia Group, Inc. |  |  |
| 3.800%, 02/15/28 | 566000 | &nbsp;&nbsp; 562874 |
| 5.400%, 02/15/35 | 123000 | &nbsp;&nbsp; 126162 |
| Gen Digital, Inc. |  |  |
| 6.750%, 09/30/27 (144A) | 100000 | &nbsp;&nbsp; 101490 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL |  |  |
| 9.500%, 05/30/29 (144A) (g) | 200000 | &nbsp;&nbsp; 202540 |
| Match Group Holdings II LLC |  |  |
| 4.625%, 06/01/28 (144A) | 100000 | &nbsp;&nbsp; 99105 |
| Meta Platforms, Inc. |  |  |
| 4.650%, 08/15/62 (g) | 2600000 | &nbsp;&nbsp; 2100241 |
| 5.550%, 08/15/64 | 996000 | &nbsp;&nbsp; 923884 |
| Rakuten Group, Inc. |  |  |
| 9.750%, 04/15/29 (144A) | 200000 | &nbsp;&nbsp; 223692 |
| Wayfair LLC |  |  |
| 7.750%, 09/15/30 (144A) (g) | 100000 | &nbsp;&nbsp; 106546 |
|  |  | &nbsp;&nbsp; 37402879 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| Flourishing Trade & Investment Ltd. |  |  |
| 11.035%, 04/02/28 (e) (f) (h) | 2318119 | &nbsp;&nbsp; 2399253 |
| Prime Investments LP |  |  |
| 11.000%, 5.500% PIK, 05/01/30 (e) (f) (h) | 711589 | &nbsp;&nbsp; 739199 |
| Resurgent Trade & Investment Ltd. |  |  |
| 9.520%, 12/01/27 (e) (f) | 1909000 | &nbsp;&nbsp; 1909000 |
|  |  | &nbsp;&nbsp; 5047452 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| Cleveland-Cliffs, Inc. |  |  |
| 6.750%, 04/15/30 (144A) (g) | 100000 | &nbsp;&nbsp; 102838 |
| 7.375%, 05/01/33 (144A) (g) | 100000 | &nbsp;&nbsp; 104003 |
| 7.500%, 09/15/31 (144A) | 100000 | &nbsp;&nbsp; 105484 |
| Mineral Resources Ltd. |  |  |
| 8.000%, 11/01/27 (144A) | 200000 | &nbsp;&nbsp; 204260 |
| 8.500%, 05/01/30 (144A) | 156000 | &nbsp;&nbsp; 162230 |
| 9.250%, 10/01/28 (144A) | 125000 | &nbsp;&nbsp; 131188 |
| Samarco Mineracao SA |  |  |
| 9.500%, 5.500% PIK, 06/30/31 (h) | 197042 | &nbsp;&nbsp; 199595 |
| Vale Overseas Ltd. |  |  |
| 6.400%, 06/28/54 (g) | 61000 | &nbsp;&nbsp; 62251 |
|  |  | &nbsp;&nbsp; 1071849 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp. |  |  |
| 5.750%, 08/01/32 (144A) | 1655000 | &nbsp;&nbsp; $1698495 |
| NCL Corp. Ltd. |  |  |
| 6.750%, 02/01/32 (144A) | 100000 | &nbsp;&nbsp; 102392 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.375%, 01/15/36 (g) | 640000 | &nbsp;&nbsp; 642680 |
|  |  | &nbsp;&nbsp; 2443567 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Full House Resorts, Inc. |  |  |
| 8.250%, 02/15/28 (144A) (g) | 97000 | &nbsp;&nbsp; 84269 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.750%, 05/01/29 (144A) | 100000 | &nbsp;&nbsp; 97130 |
| 4.000%, 05/01/31 (144A) | 100000 | &nbsp;&nbsp; 95738 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<br>|  |  |
| 4.875%, 07/01/31 (144A) (g) | 100000 | &nbsp;&nbsp; 93352 |
| Melco Resorts Finance Ltd. |  |  |
| 5.375%, 12/04/29 | 200000 | &nbsp;&nbsp; 197961 |
| MGM Resorts International |  |  |
| 6.500%, 04/15/32 (g) | 100000 | &nbsp;&nbsp; 103031 |
| Sonder Holdings, Inc. |  |  |
| 7.000%, 12/10/27 † (e) (f) (h) (i) | 1807372 | &nbsp;&nbsp; 0 |
| Travel & Leisure Co. |  |  |
| 6.000%, 04/01/27 | 100000 | &nbsp;&nbsp; 101512 |
| Wynn Macau Ltd. |  |  |
| 5.625%, 08/26/28 (144A) (g) | 300000 | &nbsp;&nbsp; 299865 |
| 6.750%, 02/15/34 (144A) | 200000 | &nbsp;&nbsp; 202574 |
|  |  | &nbsp;&nbsp; 1275432 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| Terex Corp. |  |  |
| 5.000%, 05/15/29 (144A) | 100000 | &nbsp;&nbsp; 99660 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| AMC Networks, Inc. |  |  |
| 4.250%, 02/15/29 | 405000 | &nbsp;&nbsp; 359915 |
| 10.250%, 01/15/29 (144A) | 361000 | &nbsp;&nbsp; 378549 |
| 10.500%, 07/15/32 (144A) (g) | 100000 | &nbsp;&nbsp; 110474 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.250%, 01/15/34 (144A) (g) | 988000 | &nbsp;&nbsp; 840071 |
| 4.500%, 08/15/30 (144A) | 300000 | &nbsp;&nbsp; 282454 |
| 4.500%, 05/01/32 (g) | 1111000 | &nbsp;&nbsp; 997164 |
| 4.750%, 02/01/32 (144A) (g) | 229000 | &nbsp;&nbsp; 209293 |
| 5.000%, 02/01/28 (144A) | 100000 | &nbsp;&nbsp; 99209 |
| 5.125%, 05/01/27 (144A) | 200000 | &nbsp;&nbsp; 199725 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.500%, 03/01/42 | 642000 | &nbsp;&nbsp; 445382 |
| 3.700%, 04/01/51 | 444000 | &nbsp;&nbsp; 279468 |
| 3.850%, 04/01/61 | 1244000 | &nbsp;&nbsp; 741312 |
| 3.900%, 06/01/52 | 3530000 | &nbsp;&nbsp; 2278344 |
| 3.950%, 06/30/62 | 2225000 | &nbsp;&nbsp; 1338843 |
| 4.400%, 12/01/61 | 3423000 | &nbsp;&nbsp; 2238735 |
| 4.800%, 03/01/50 | 1622000 | &nbsp;&nbsp; 1218446 |
| 5.250%, 04/01/53 (g) | 374000 | &nbsp;&nbsp; 295776 |

---

*See accompanying notes to financial statements.*

**BHFTII-23**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 5.750%, 04/01/48 | 664000 | &nbsp;&nbsp; $566383 |
| 6.384%, 10/23/35 | 1542000 | &nbsp;&nbsp; 1591430 |
| 6.550%, 06/01/34 (g) | 719000 | &nbsp;&nbsp; 756212 |
| 6.650%, 02/01/34 (g) | 185000 | &nbsp;&nbsp; 194886 |
| 6.834%, 10/23/55 | 131000 | &nbsp;&nbsp; 125740 |
| Comcast Corp. |  |  |
| 2.650%, 08/15/62 | 443000 | &nbsp;&nbsp; 223097 |
| 2.987%, 11/01/63 | 646000 | &nbsp;&nbsp; 349420 |
| CSC Holdings LLC |  |  |
| 5.500%, 04/15/27 (144A) | 400000 | &nbsp;&nbsp; 342968 |
| 11.250%, 05/15/28 (144A) | 200000 | &nbsp;&nbsp; 159133 |
| 11.750%, 01/31/29 (144A) | 247000 | &nbsp;&nbsp; 183508 |
| Directv Financing LLC |  |  |
| 8.875%, 02/01/30 (144A) (g) | 200000 | &nbsp;&nbsp; 202688 |
| 8.875%, 02/01/30 (144A) | 58000 | &nbsp;&nbsp; 58684 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 10.000%, 02/15/31 (144A) | 100000 | &nbsp;&nbsp; 102205 |
| Discovery Communications LLC |  |  |
| 3.625%, 05/15/30 | 100000 | &nbsp;&nbsp; 92063 |
| 3.950%, 03/20/28 | 5437000 | &nbsp;&nbsp; 5340548 |
| 5.000%, 09/20/37 | 100000 | &nbsp;&nbsp; 80012 |
| Gray Media, Inc. |  |  |
| 9.625%, 07/15/32 (144A) | 200000 | &nbsp;&nbsp; 207554 |
| iHeartCommunications, Inc. |  |  |
| 9.125%, 05/01/29 (144A) (g) | 100000 | &nbsp;&nbsp; 96311 |
| Paramount Global |  |  |
| 2.900%, 01/15/27 | 2661000 | &nbsp;&nbsp; 2617734 |
| 3.375%, 02/15/28 | 417000 | &nbsp;&nbsp; 404693 |
| 3.700%, 10/04/26 | 570000 | &nbsp;&nbsp; 560432 |
| 4.375%, 03/15/43 | 347000 | &nbsp;&nbsp; 241358 |
| 4.600%, 01/15/45 | 397000 | &nbsp;&nbsp; 275305 |
| 4.900%, 08/15/44 | 152000 | &nbsp;&nbsp; 109081 |
| 4.950%, 01/15/31 | 1330000 | &nbsp;&nbsp; 1278962 |
| 5.250%, 04/01/44 | 579000 | &nbsp;&nbsp; 437068 |
| 6.250%, 02/28/57 (a) | 200000 | &nbsp;&nbsp; 179382 |
| Sirius XM Radio LLC |  |  |
| 5.000%, 08/01/27 (144A) | 300000 | &nbsp;&nbsp; 300730 |
| 5.500%, 07/01/29 (144A) (g) | 100000 | &nbsp;&nbsp; 100818 |
| Univision Communications, Inc. |  |  |
| 8.500%, 07/31/31 (144A) | 200000 | &nbsp;&nbsp; 208926 |
| 9.375%, 08/01/32 (144A) | 100000 | &nbsp;&nbsp; 107481 |
| Versant Media Group, Inc. |  |  |
| 7.250%, 01/30/31 (144A) (g) | 23000 | &nbsp;&nbsp; 23729 |
| Virgin Media Secured Finance PLC |  |  |
| 5.500%, 05/15/29 (144A) | 200000 | &nbsp;&nbsp; 197031 |
| VZ Secured Financing BV |  |  |
| 5.000%, 01/15/32 (144A) | 200000 | &nbsp;&nbsp; 180991 |
|  |  | &nbsp;&nbsp; 30209723 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| Arsenal AIC Parent LLC |  |  |
| 11.500%, 10/01/31 (144A) | 100000 | &nbsp;&nbsp; 110055 |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.440%, 01/26/36 | 200000 | &nbsp;&nbsp; 216875 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Mining—(Continued)** | **Mining—(Continued)** | **Mining—(Continued)** |
| Fortescue Treasury Pty. Ltd. |  |  |
| 6.125%, 04/15/32 (144A) | 100000 | &nbsp;&nbsp; $104349 |
| Glencore Funding LLC |  |  |
| 2.500%, 09/01/30 (144A) | 138000 | &nbsp;&nbsp; 126447 |
| 2.625%, 09/23/31 (144A) | 473000 | &nbsp;&nbsp; 426403 |
| 5.700%, 05/08/33 (144A) (g) | 140000 | &nbsp;&nbsp; 147417 |
| 6.375%, 10/06/30 (144A) (g) | 1383000 | &nbsp;&nbsp; 1488369 |
| Navoi Mining & Metallurgical Combinat |  |  |
| 6.750%, 05/14/30 | 200000 | &nbsp;&nbsp; 209066 |
| Novelis Corp. |  |  |
| 4.750%, 01/30/30 (144A) | 100000 | &nbsp;&nbsp; 96600 |
| Stillwater Mining Co. |  |  |
| 4.500%, 11/16/29 | 337000 | &nbsp;&nbsp; 318376 |
| Vedanta Resources Finance II PLC |  |  |
| 10.875%, 09/17/29 | 200000 | &nbsp;&nbsp; 211039 |
|  |  | &nbsp;&nbsp; 3454996 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| Xerox Corp. |  |  |
| 10.250%, 10/15/30 (144A) (g) | 357000 | &nbsp;&nbsp; 341559 |
| 13.500%, 04/15/31 (144A) (g) | 157000 | &nbsp;&nbsp; 127857 |
|  |  | &nbsp;&nbsp; 469416 |
| **Oil & Gas — 4.7%** | **Oil & Gas — 4.7%** | **Oil & Gas — 4.7%** |
| Antero Resources Corp. |  |  |
| 5.375%, 03/01/30 (144A) | 6454000 | &nbsp;&nbsp; 6543349 |
| 7.625%, 02/01/29 (144A) | 545000 | &nbsp;&nbsp; 553124 |
| BP Capital Markets America, Inc. |  |  |
| 4.989%, 04/10/34 (g) | 127000 | &nbsp;&nbsp; 129509 |
| 5.227%, 11/17/34 | 1526000 | &nbsp;&nbsp; 1574259 |
| California Resources Corp. |  |  |
| 7.000%, 01/15/34 (144A) | 192000 | &nbsp;&nbsp; 189129 |
| 8.250%, 06/15/29 (144A) | 179000 | &nbsp;&nbsp; 187231 |
| Civitas Resources, Inc. |  |  |
| 5.000%, 10/15/26 (144A) | 512000 | &nbsp;&nbsp; 510496 |
| 8.375%, 07/01/28 (144A) | 268000 | &nbsp;&nbsp; 276145 |
| 8.625%, 11/01/30 (144A) | 56000 | &nbsp;&nbsp; 58691 |
| CNX Resources Corp. |  |  |
| 7.250%, 03/01/32 (144A) | 1078000 | &nbsp;&nbsp; 1125324 |
| Comstock Resources, Inc. |  |  |
| 5.875%, 01/15/30 (144A) | 200000 | &nbsp;&nbsp; 194531 |
| Crescent Energy Finance LLC |  |  |
| 7.375%, 01/15/33 (144A) | 56000 | &nbsp;&nbsp; 53141 |
| 7.625%, 04/01/32 (144A) | 100000 | &nbsp;&nbsp; 96952 |
| CVR Energy, Inc. |  |  |
| 8.500%, 01/15/29 (144A) | 200000 | &nbsp;&nbsp; 205569 |
| Diamondback Energy, Inc. |  |  |
| 3.125%, 03/24/31 | 4928000 | &nbsp;&nbsp; 4604783 |
| 3.250%, 12/01/26 | 6912000 | &nbsp;&nbsp; 6861941 |
| 3.500%, 12/01/29 | 7780000 | &nbsp;&nbsp; 7547212 |
| Ecopetrol SA |  |  |
| 7.750%, 02/01/32 | 724000 | &nbsp;&nbsp; 745061 |
| Energean Israel Finance Ltd. |  |  |
| 8.500%, 09/30/33 (144A) | 118970 | &nbsp;&nbsp; 127062 |
| Energean PLC |  |  |
| 5.625%, 05/12/31 (144A) (EUR) | 111000 | &nbsp;&nbsp; 130446 |

---

*See accompanying notes to financial statements.*

**BHFTII-24**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| EQT Corp. |  |  |
| 3.125%, 05/15/26 (144A) | 2443000 | &nbsp;&nbsp; $2429045 |
| 3.625%, 05/15/31 (144A) | 5809000 | &nbsp;&nbsp; 5462693 |
| 3.900%, 10/01/27 | 5921000 | &nbsp;&nbsp; 5894029 |
| 4.500%, 01/15/29 | 6107000 | &nbsp;&nbsp; 6121406 |
| 4.750%, 01/15/31 (g) | 12647000 | &nbsp;&nbsp; 12730009 |
| 5.000%, 01/15/29 (g) | 2107000 | &nbsp;&nbsp; 2134469 |
| 5.500%, 07/15/28 | 196000 | &nbsp;&nbsp; 198896 |
| 5.700%, 04/01/28 | 2928000 | &nbsp;&nbsp; 3021534 |
| 5.750%, 02/01/34 (g) | 1286000 | &nbsp;&nbsp; 1343414 |
| 6.375%, 04/01/29 | 2517000 | &nbsp;&nbsp; 2604544 |
| 6.500%, 07/01/27 | 1423000 | &nbsp;&nbsp; 1450438 |
| 7.000%, 02/01/30 (g) | 4676000 | &nbsp;&nbsp; 5078851 |
| 7.500%, 06/01/30 | 7322000 | &nbsp;&nbsp; 8053973 |
| Expand Energy Corp. |  |  |
| 4.750%, 02/01/32 (g) | 3454000 | &nbsp;&nbsp; 3407394 |
| 5.375%, 02/01/29 | 2423000 | &nbsp;&nbsp; 2423050 |
| 5.700%, 01/15/35 | 6362000 | &nbsp;&nbsp; 6583846 |
| 5.875%, 02/01/29 (144A) | 531000 | &nbsp;&nbsp; 531037 |
| 6.750%, 04/15/29 (144A) | 2016000 | &nbsp;&nbsp; 2027807 |
| Gran Tierra Energy, Inc. |  |  |
| 9.500%, 10/15/29 (144A) (g) | 459000 | &nbsp;&nbsp; 322870 |
| Granite Ridge Resources, Inc. |  |  |
| 8.875%, 11/05/29 (144A) | 1123000 | &nbsp;&nbsp; 1085391 |
| Hess Corp. |  |  |
| 6.000%, 01/15/40 | 287000 | &nbsp;&nbsp; 309717 |
| 7.300%, 08/15/31 | 498000 | &nbsp;&nbsp; 572041 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 7.250%, 02/15/35 (144A) | 100000 | &nbsp;&nbsp; 95037 |
| 8.375%, 11/01/33 (144A) | 100000 | &nbsp;&nbsp; 102106 |
| KazMunayGas National Co. JSC |  |  |
| 6.375%, 10/24/48 | 253000 | &nbsp;&nbsp; 255238 |
| Matador Resources Co. |  |  |
| 6.250%, 04/15/33 (144A) | 100000 | &nbsp;&nbsp; 100133 |
| Medco Cypress Tree Pte. Ltd. |  |  |
| 8.625%, 05/19/30 (144A) | 250000 | &nbsp;&nbsp; 262649 |
| NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |
| 7.125%, 07/19/26 (EUR) (h) | 179448 | &nbsp;&nbsp; 177462 |
| 7.625%, 11/08/28 (144A) (h) | 442505 | &nbsp;&nbsp; 341776 |
| Noble Finance II LLC |  |  |
| 8.000%, 04/15/30 (144A) | 100000 | &nbsp;&nbsp; 103891 |
| Northern Oil & Gas, Inc. |  |  |
| 7.875%, 10/15/33 (144A) | 111000 | &nbsp;&nbsp; 108076 |
| 8.750%, 06/15/31 (144A) (g) | 100000 | &nbsp;&nbsp; 100960 |
| Permian Resources Operating LLC |  |  |
| 7.000%, 01/15/32 (144A) | 100000 | &nbsp;&nbsp; 104234 |
| 8.000%, 04/15/27 (144A) | 358000 | &nbsp;&nbsp; 362676 |
| Petroleos de Venezuela SA |  |  |
| 6.000%, 11/15/26 (i) | 133000 | &nbsp;&nbsp; 31588 |
| 9.750%, 05/17/35 (i) | 151000 | &nbsp;&nbsp; 38883 |
| Petroleos Mexicanos |  |  |
| 4.750%, 02/26/29 (EUR) | 120000 | &nbsp;&nbsp; 141720 |
| 5.950%, 01/28/31 | 492000 | &nbsp;&nbsp; 476178 |
| 6.375%, 01/23/45 | 311000 | &nbsp;&nbsp; 250482 |
| 6.700%, 02/16/32 | 41000 | &nbsp;&nbsp; 40891 |
| 6.840%, 01/23/30 | 403000 | &nbsp;&nbsp; 409247 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Petroleos Mexicanos |  |  |
| 7.500%, 03/31/26 | 2965000 | &nbsp;&nbsp; $2972412 |
| 8.750%, 06/02/29 | 69800 | &nbsp;&nbsp; 74832 |
| 10.000%, 02/07/33 | 32000 | &nbsp;&nbsp; 37065 |
| Pioneer Natural Resources Co. |  |  |
| 2.150%, 01/15/31 | 584000 | &nbsp;&nbsp; 529654 |
| Raizen Fuels Finance SA |  |  |
| 6.250%, 07/08/32 (144A) | 312000 | &nbsp;&nbsp; 262080 |
| 6.450%, 03/05/34 | 206000 | &nbsp;&nbsp; 168021 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| 4.805%, 09/16/28 (144A) | 410000 | &nbsp;&nbsp; 413816 |
| 5.204%, 09/16/30 (144A) | 505000 | &nbsp;&nbsp; 512145 |
| 5.976%, 09/16/35 (144A) | 1045000 | &nbsp;&nbsp; 1065775 |
| SM Energy Co. |  |  |
| 7.000%, 08/01/32 (144A) | 100000 | &nbsp;&nbsp; 98307 |
| Sunoco LP |  |  |
| 4.625%, 05/01/30 (144A) | 100000 | &nbsp;&nbsp; 97148 |
| 7.875%, 5Y H15 + 4.230%, 09/18/30 (144A) (a) | 195000 | &nbsp;&nbsp; 200319 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| 4.500%, 04/30/30 | 200000 | &nbsp;&nbsp; 195305 |
| Transocean International Ltd. |  |  |
| 8.250%, 05/15/29 (144A) | 239000 | &nbsp;&nbsp; 240877 |
| Transocean Titan Financing Ltd. |  |  |
| 8.375%, 02/01/28 (144A) | 170000 | &nbsp;&nbsp; 173618 |
| Trident Energy Finance PLC |  |  |
| 12.500%, 11/30/29 | 303000 | &nbsp;&nbsp; 307545 |
| Valaris Ltd. |  |  |
| 8.375%, 04/30/30 (144A) (g) | 100000 | &nbsp;&nbsp; 104046 |
| Viper Energy Partners LLC |  |  |
| 4.900%, 08/01/30 (g) | 1575000 | &nbsp;&nbsp; 1593065 |
| 5.700%, 08/01/35 (g) | 1693000 | &nbsp;&nbsp; 1727757 |
| Vista Energy Argentina SAU |  |  |
| 7.625%, 12/10/35 (144A) | 97000 | &nbsp;&nbsp; 96930 |
| 8.500%, 06/10/33 (144A) | 721000 | &nbsp;&nbsp; 740827 |
| Vital Energy, Inc. |  |  |
| 7.875%, 04/15/32 (144A) (g) | 100000 | &nbsp;&nbsp; 98528 |
| YPF SA |  |  |
| 9.500%, 01/17/31 (144A) | 118000 | &nbsp;&nbsp; 125949 |
|  |  | &nbsp;&nbsp; 120839657 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| 6.625%, 09/01/32 (144A) | 100000 | &nbsp;&nbsp; 103135 |
| USA Compression Partners LP/USA Compression Finance <br> Corp.<br>|  |  |
| 6.250%, 10/01/33 (144A) | 21000 | &nbsp;&nbsp; 21252 |
| 7.125%, 03/15/29 (144A) | 100000 | &nbsp;&nbsp; 103511 |
|  |  | &nbsp;&nbsp; 227898 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Ardagh Group SA |  |  |
| 9.500%, 12/01/30 (144A) | 508322 | &nbsp;&nbsp; 551335 |
| 12.000%, 6.500% PIK, 12/01/30 (144A) (h) | 982000 | &nbsp;&nbsp; 897303 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.750%, 04/15/30 (144A) (g) | 329000 | &nbsp;&nbsp; 334487 |

---

*See accompanying notes to financial statements.*

**BHFTII-25**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** |
| Graphic Packaging International LLC |  |  |
| 6.375%, 07/15/32 (144A) (g) | 100000 | &nbsp;&nbsp; $101867 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.875%, 04/15/30 (144A) | 187000 | &nbsp;&nbsp; 185525 |
| 9.250%, 04/15/30 (144A) (g) | 537000 | &nbsp;&nbsp; 515520 |
| Owens-Brockway Glass Container, Inc. |  |  |
| 7.250%, 05/15/31 (144A) | 100000 | &nbsp;&nbsp; 102078 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 6.125%, 02/01/28 (144A) | 100000 | &nbsp;&nbsp; 101661 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo <br> U.S. LLC<br>|  |  |
| 9.500%, 05/15/30 (144A) | 502000 | &nbsp;&nbsp; 501300 |
| Trivium Packaging Finance BV |  |  |
| 12.250%, 01/15/31 (144A) | 200000 | &nbsp;&nbsp; 217007 |
|  |  | &nbsp;&nbsp; 3508083 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Becton Dickinson & Co. |  |  |
| 5.081%, 06/07/29 | 662000 | &nbsp;&nbsp; 679524 |
| CVS Health Corp. |  |  |
| 4.125%, 04/01/40 | 265000 | &nbsp;&nbsp; 226461 |
| 5.125%, 07/20/45 | 275000 | &nbsp;&nbsp; 248272 |
| 7.000%, 5Y H15 + 2.886%, 03/10/55 (a) | 100000 | &nbsp;&nbsp; 104905 |
| Endo Finance Holdings, Inc. |  |  |
| 8.500%, 04/15/31 (144A) (g) | 100000 | &nbsp;&nbsp; 105694 |
| Pfizer, Inc. |  |  |
| 2.700%, 05/28/50 | 665000 | &nbsp;&nbsp; 414504 |
| 4.000%, 12/15/36 (g) | 137000 | &nbsp;&nbsp; 128495 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 3.150%, 10/01/26 | 100000 | &nbsp;&nbsp; 98845 |
| 8.125%, 09/15/31 | 200000 | &nbsp;&nbsp; 230288 |
|  |  | &nbsp;&nbsp; 2236988 |
| **Pipelines — 1.9%** | **Pipelines — 1.9%** | **Pipelines — 1.9%** |
| Cameron LNG LLC |  |  |
| 3.302%, 01/15/35 (144A) | 1846000 | &nbsp;&nbsp; 1614545 |
| 3.402%, 01/15/38 (144A) | 1253000 | &nbsp;&nbsp; 1087704 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.742%, 12/31/39 | 3405000 | &nbsp;&nbsp; 2903300 |
| 5.125%, 06/30/27 | 1552000 | &nbsp;&nbsp; 1567009 |
| Cheniere Energy Partners LP |  |  |
| 3.250%, 01/31/32 | 1672000 | &nbsp;&nbsp; 1539969 |
| 4.000%, 03/01/31 (g) | 3090000 | &nbsp;&nbsp; 3008915 |
| 5.550%, 10/30/35 (144A) | 464000 | &nbsp;&nbsp; 474384 |
| 5.750%, 08/15/34 | 1105000 | &nbsp;&nbsp; 1153750 |
| Cheniere Energy, Inc. |  |  |
| 5.650%, 04/15/34 | 5901000 | &nbsp;&nbsp; 6121579 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| 8.625%, 03/15/29 (144A) | 100000 | &nbsp;&nbsp; 104816 |
| Energy Transfer LP |  |  |
| 5.950%, 05/15/54 | 2092000 | &nbsp;&nbsp; 1982486 |
| 7.125%, 5Y H15 + 2.829%, 10/01/54 (a) | 100000 | &nbsp;&nbsp; 102603 |
| 7.375%, 02/01/31 (144A) | 2919000 | &nbsp;&nbsp; 3032731 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 7.875%, 05/15/32 (g) | 100000 | &nbsp;&nbsp; 104241 |
| 8.875%, 04/15/30 | 100000 | &nbsp;&nbsp; 105232 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.853%, 02/23/36 | 200000 | &nbsp;&nbsp; $208805 |
| Hess Midstream Operations LP |  |  |
| 5.875%, 03/01/28 (144A) | 100000 | &nbsp;&nbsp; 101877 |
| ITT Holdings LLC |  |  |
| 6.500%, 08/01/29 (144A) | 100000 | &nbsp;&nbsp; 95965 |
| Kinetik Holdings LP |  |  |
| 6.625%, 12/15/28 (144A) | 100000 | &nbsp;&nbsp; 102968 |
| NGPL PipeCo LLC |  |  |
| 3.250%, 07/15/31 (144A) (g) | 3594000 | &nbsp;&nbsp; 3306335 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.500%, 05/15/30 (g) | 4634000 | &nbsp;&nbsp; 4652761 |
| 5.000%, 03/15/27 | 3656000 | &nbsp;&nbsp; 3680573 |
| 5.875%, 06/30/26 | 30000 | &nbsp;&nbsp; 30042 |
| 5.900%, 09/15/37 | 1482895 | &nbsp;&nbsp; 1557820 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| 7.375%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp; 103356 |
| Targa Resources Corp. |  |  |
| 4.200%, 02/01/33 | 1047000 | &nbsp;&nbsp; 1002356 |
| 6.125%, 03/15/33 | 509000 | &nbsp;&nbsp; 544466 |
| 6.150%, 03/01/29 | 1427000 | &nbsp;&nbsp; 1502222 |
| Targa Resources Partners LP/Targa Resources Partners <br> Finance Corp.<br>|  |  |
| 4.875%, 02/01/31 | 2142000 | &nbsp;&nbsp; 2155096 |
| 5.500%, 03/01/30 | 3463000 | &nbsp;&nbsp; 3516347 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.875%, 08/15/29 (144A) | 200000 | &nbsp;&nbsp; 187488 |
| Venture Global LNG, Inc. |  |  |
| 7.000%, 01/15/30 (144A) (g) | 100000 | &nbsp;&nbsp; 96243 |
| 8.375%, 06/01/31 (144A) (g) | 300000 | &nbsp;&nbsp; 298328 |
| 9.000%, 5Y H15 + 5.440%, 09/30/29 (144A) (a) (g) | 254000 | &nbsp;&nbsp; 200592 |
| 9.875%, 02/01/32 (144A) (g) | 100000 | &nbsp;&nbsp; 103307 |
|  |  | &nbsp;&nbsp; 48350211 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 8.875%, 09/01/31 (144A) | 100000 | &nbsp;&nbsp; 106809 |
| Five Point Operating Co. LP |  |  |
| 8.000%, 10/01/30 (144A) | 39000 | &nbsp;&nbsp; 40747 |
| Howard Hughes Corp. |  |  |
| 4.375%, 02/01/31 (144A) (g) | 100000 | &nbsp;&nbsp; 95209 |
| 5.375%, 08/01/28 (144A) | 416000 | &nbsp;&nbsp; 417550 |
| Lessen Holdings, Inc. |  |  |
| 15.240%, SOFR + 8.500%, 01/05/28 † (a) (e) (f) | 1853537 | &nbsp;&nbsp; 1442237 |
| Resort Communities Loanco LP |  |  |
| 13.000%, 11/21/28 (e) (f) (k) | 4335291 | &nbsp;&nbsp; 4413760 |
|  |  | &nbsp;&nbsp; 6516312 |
| **Real Estate Investment Trusts — 1.5%** | **Real Estate Investment Trusts — 1.5%** | **Real Estate Investment Trusts — 1.5%** |
| American Tower Corp. |  |  |
| 2.700%, 04/15/31 | 255000 | &nbsp;&nbsp; 234142 |
| 2.900%, 01/15/30 | 753000 | &nbsp;&nbsp; 714802 |
| 3.950%, 03/15/29 | 261000 | &nbsp;&nbsp; 258800 |
| 4.700%, 12/15/32 | 85000 | &nbsp;&nbsp; 85018 |
| 5.000%, 01/31/30 | 651000 | &nbsp;&nbsp; 666593 |
| 5.350%, 03/15/35 | 157000 | &nbsp;&nbsp; 160959 |

---

*See accompanying notes to financial statements.*

**BHFTII-26**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| American Tower Corp. |  |  |
| 5.450%, 02/15/34 | 2565000 | &nbsp;&nbsp; $2664264 |
| Crown Castle, Inc. |  |  |
| 2.100%, 04/01/31 | 264000 | &nbsp;&nbsp; 232992 |
| 4.300%, 02/15/29 | 881000 | &nbsp;&nbsp; 878679 |
| Equinix Europe 2 Financing Corp. LLC |  |  |
| 5.500%, 06/15/34 (g) | 701000 | &nbsp;&nbsp; 725740 |
| Equinix, Inc. |  |  |
| 2.500%, 05/15/31 (g) | 4629000 | &nbsp;&nbsp; 4189160 |
| 3.400%, 02/15/52 (g) | 420000 | &nbsp;&nbsp; 286946 |
| 3.900%, 04/15/32 | 2220000 | &nbsp;&nbsp; 2133643 |
| Extra Space Storage LP |  |  |
| 3.900%, 04/01/29 | 227000 | &nbsp;&nbsp; 224314 |
| 4.000%, 06/15/29 | 18000 | &nbsp;&nbsp; 17823 |
| 5.400%, 06/15/35 | 1070000 | &nbsp;&nbsp; 1096906 |
| 5.500%, 07/01/30 | 3116000 | &nbsp;&nbsp; 3243147 |
| 5.900%, 01/15/31 | 70000 | &nbsp;&nbsp; 74219 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 3.250%, 01/15/32 | 1483000 | &nbsp;&nbsp; 1341757 |
| 4.000%, 01/15/31 | 1251000 | &nbsp;&nbsp; 1198241 |
| 5.250%, 02/15/33 | 2320000 | &nbsp;&nbsp; 2328403 |
| 5.300%, 01/15/29 | 545000 | &nbsp;&nbsp; 554486 |
| 5.750%, 06/01/28 | 984000 | &nbsp;&nbsp; 1009625 |
| Iron Mountain, Inc. |  |  |
| 4.875%, 09/15/27 (144A) | 200000 | &nbsp;&nbsp; 199797 |
| 5.250%, 07/15/30 (144A) | 100000 | &nbsp;&nbsp; 98791 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| 4.875%, 05/15/29 (144A) | 340000 | &nbsp;&nbsp; 332004 |
| 7.000%, 02/01/30 (144A) | 100000 | &nbsp;&nbsp; 102639 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.500%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp; 99004 |
| 4.750%, 10/15/27 | 100000 | &nbsp;&nbsp; 99586 |
| SBA Communications Corp. |  |  |
| 3.875%, 02/15/27 | 200000 | &nbsp;&nbsp; 198493 |
| Service Properties Trust |  |  |
| Zero Coupon, 09/30/28 (144A) † | 318000 | &nbsp;&nbsp; 287363 |
| 3.950%, 01/15/28 † | 100000 | &nbsp;&nbsp; 94399 |
| 4.375%, 02/15/30 † | 300000 | &nbsp;&nbsp; 254199 |
| 5.500%, 12/15/27 † | 71000 | &nbsp;&nbsp; 69893 |
| 8.375%, 06/15/29 † (g) | 828000 | &nbsp;&nbsp; 832467 |
| 8.875%, 06/15/32 † | 715000 | &nbsp;&nbsp; 705314 |
| Starwood Property Trust, Inc. |  |  |
| 7.250%, 04/01/29 (144A) (g) | 100000 | &nbsp;&nbsp; 105610 |
| Store Capital LLC |  |  |
| 2.750%, 11/18/30 | 53000 | &nbsp;&nbsp; 48252 |
| 5.400%, 04/30/30 (144A) | 1793000 | &nbsp;&nbsp; 1826386 |
| Trust 2401 |  |  |
| 7.700%, 01/23/32 (144A) | 288000 | &nbsp;&nbsp; 318404 |
| Trust Fibra Uno |  |  |
| 7.700%, 01/23/32 | 576000 | &nbsp;&nbsp; 630911 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<br>|  |  |
| 4.750%, 04/15/28 (144A) | 200000 | &nbsp;&nbsp; 198770 |
| VICI Properties LP |  |  |
| 4.750%, 02/15/28 | 1517000 | &nbsp;&nbsp; 1531816 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| VICI Properties LP |  |  |
| 4.750%, 04/01/28 | 580000 | &nbsp;&nbsp; $586105 |
| 4.950%, 02/15/30 | 4039000 | &nbsp;&nbsp; 4087481 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| 3.750%, 02/15/27 (144A) | 786000 | &nbsp;&nbsp; 780801 |
| 4.625%, 12/01/29 (144A) | 645000 | &nbsp;&nbsp; 643741 |
| XHR LP |  |  |
| 4.875%, 06/01/29 (144A) | 52000 | &nbsp;&nbsp; 51269 |
|  |  | &nbsp;&nbsp; 38504154 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| 3.875%, 01/15/28 (144A) | 200000 | &nbsp;&nbsp; 197150 |
| Advance Auto Parts, Inc. |  |  |
| 3.900%, 04/15/30 | 100000 | &nbsp;&nbsp; 91798 |
| Asbury Automotive Group, Inc. |  |  |
| 4.625%, 11/15/29 (144A) | 100000 | &nbsp;&nbsp; 98315 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance <br> Co., Inc.<br>|  |  |
| 6.750%, 01/15/30 (144A) | 200000 | &nbsp;&nbsp; 190155 |
| Gap, Inc. |  |  |
| 3.625%, 10/01/29 (144A) | 100000 | &nbsp;&nbsp; 94746 |
| Group 1 Automotive, Inc. |  |  |
| 4.000%, 08/15/28 (144A) | 100000 | &nbsp;&nbsp; 98022 |
| Kohl's Corp. |  |  |
| 5.125%, 05/01/31 (g) | 100000 | &nbsp;&nbsp; 87963 |
| LCM Investments Holdings II LLC |  |  |
| 8.250%, 08/01/31 (144A) | 100000 | &nbsp;&nbsp; 105769 |
| Lithia Motors, Inc. |  |  |
| 3.875%, 06/01/29 (144A) | 100000 | &nbsp;&nbsp; 96693 |
| Park River Holdings, Inc. |  |  |
| 8.750%, 12/31/30 (144A) | 100000 | &nbsp;&nbsp; 98375 |
| PetSmart LLC/PetSmart Finance Corp. |  |  |
| 10.000%, 09/15/33 (144A) | 300000 | &nbsp;&nbsp; 308903 |
| QXO Building Products, Inc. |  |  |
| 6.750%, 04/30/32 (144A) | 100000 | &nbsp;&nbsp; 104442 |
| Sonic Automotive, Inc. |  |  |
| 4.875%, 11/15/31 (144A) (g) | 100000 | &nbsp;&nbsp; 96582 |
| Yum! Brands, Inc. |  |  |
| 3.625%, 03/15/31 | 100000 | &nbsp;&nbsp; 94594 |
|  |  | &nbsp;&nbsp; 1763507 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| Broadcom, Inc. |  |  |
| 2.450%, 02/15/31 | 1690000 | &nbsp;&nbsp; 1545807 |
| 3.137%, 11/15/35 (144A) | 1240000 | &nbsp;&nbsp; 1067871 |
| 3.187%, 11/15/36 (144A) | 2820000 | &nbsp;&nbsp; 2391621 |
| 3.419%, 04/15/33 | 1082000 | &nbsp;&nbsp; 1001569 |
| 3.469%, 04/15/34 | 141000 | &nbsp;&nbsp; 128570 |
| 4.150%, 04/15/32 (144A) | 236000 | &nbsp;&nbsp; 230771 |
| 4.550%, 02/15/32 | 125000 | &nbsp;&nbsp; 125349 |
| 4.800%, 10/15/34 | 1403000 | &nbsp;&nbsp; 1405698 |
| 4.900%, 02/15/38 | 1105000 | &nbsp;&nbsp; 1083261 |
| 4.926%, 05/15/37 (144A) | 337000 | &nbsp;&nbsp; 332622 |
| 5.150%, 11/15/31 | 3736000 | &nbsp;&nbsp; 3875910 |
| 5.200%, 04/15/32 | 1517000 | &nbsp;&nbsp; 1573852 |

---

*See accompanying notes to financial statements.*

**BHFTII-27**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors—(Continued)** | **Semiconductors—(Continued)** | **Semiconductors—(Continued)** |
| Entegris, Inc. |  |  |
| 4.750%, 04/15/29 (144A) (g) | 200000 | &nbsp;&nbsp; $200436 |
| Foundry JV Holdco LLC |  |  |
| 5.500%, 01/25/31 (144A) | 562000 | &nbsp;&nbsp; 580093 |
| 5.900%, 01/25/33 (144A) | 1824000 | &nbsp;&nbsp; 1908537 |
| 6.100%, 01/25/36 (144A) | 200000 | &nbsp;&nbsp; 209087 |
| 6.150%, 01/25/32 (144A) | 311000 | &nbsp;&nbsp; 329563 |
| 6.200%, 01/25/37 (144A) | 1023000 | &nbsp;&nbsp; 1074970 |
| 6.250%, 01/25/35 (144A) | 322000 | &nbsp;&nbsp; 341446 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.250%, 05/11/41 | 170000 | &nbsp;&nbsp; 128892 |
|  |  | &nbsp;&nbsp; 19535925 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Cloud Software Group, Inc. |  |  |
| 9.000%, 09/30/29 (144A) | 528000 | &nbsp;&nbsp; 549918 |
| CoreWeave, Inc. |  |  |
| 9.250%, 06/01/30 (144A) (g) | 200000 | &nbsp;&nbsp; 185955 |
| Fair Isaac Corp. |  |  |
| 4.000%, 06/15/28 (144A) | 100000 | &nbsp;&nbsp; 98625 |
| Microsoft Corp. |  |  |
| 2.921%, 03/17/52 | 2375000 | &nbsp;&nbsp; 1555712 |
| MSCI, Inc. |  |  |
| 5.250%, 09/01/35 | 1305000 | &nbsp;&nbsp; 1313610 |
| Open Text Holdings, Inc. |  |  |
| 4.125%, 02/15/30 (144A) | 100000 | &nbsp;&nbsp; 95582 |
| Oracle Corp. |  |  |
| 3.850%, 04/01/60 | 577000 | &nbsp;&nbsp; 352575 |
| 4.000%, 07/15/46 | 255000 | &nbsp;&nbsp; 176764 |
| 4.100%, 03/25/61 | 902000 | &nbsp;&nbsp; 581017 |
| 5.500%, 09/27/64 | 1530000 | &nbsp;&nbsp; 1221023 |
| 5.950%, 09/26/55 (g) | 4727000 | &nbsp;&nbsp; 4188189 |
| 6.000%, 08/03/55 | 1679000 | &nbsp;&nbsp; 1480523 |
| 6.100%, 09/26/65 | 890000 | &nbsp;&nbsp; 784973 |
| 6.125%, 08/03/65 | 309000 | &nbsp;&nbsp; 273648 |
| UKG, Inc. |  |  |
| 6.875%, 02/01/31 (144A) | 100000 | &nbsp;&nbsp; 102721 |
|  |  | &nbsp;&nbsp; 12960835 |
| **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
| APLD ComputeCo LLC |  |  |
| 9.250%, 12/15/30 (144A) | 100000 | &nbsp;&nbsp; 98090 |
| AT&T, Inc. |  |  |
| 3.500%, 09/15/53 | 2133000 | &nbsp;&nbsp; 1427455 |
| 3.650%, 09/15/59 | 1589000 | &nbsp;&nbsp; 1047881 |
| 3.800%, 12/01/57 | 4373000 | &nbsp;&nbsp; 3007932 |
| 3.850%, 06/01/60 | 1029000 | &nbsp;&nbsp; 705964 |
| 6.050%, 08/15/56 (g) | 2718000 | &nbsp;&nbsp; 2733972 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 6.875%, 5Y H15 + 2.390%, 09/15/55 (a) | 100000 | &nbsp;&nbsp; 103173 |
| Cipher Compute LLC |  |  |
| 7.125%, 11/15/30 (144A) | 31000 | &nbsp;&nbsp; 31573 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| 9.000%, 09/15/29 (144A) | 500000 | &nbsp;&nbsp; 530370 |
| Digicel Group Holdings Ltd. |  |  |
| Zero Coupon, 12/31/30 (144A) (f) | 145973 | &nbsp;&nbsp; 8758 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| Fibercop SpA |  |  |
| 6.375%, 11/15/33 (144A) | 200000 | &nbsp;&nbsp; $198188 |
| Frontier Communications Holdings LLC |  |  |
| 5.000%, 05/01/28 (144A) | 1841000 | &nbsp;&nbsp; 1844166 |
| 5.875%, 11/01/29 | 1267400 | &nbsp;&nbsp; 1282769 |
| 8.625%, 03/15/31 (144A) | 621000 | &nbsp;&nbsp; 653406 |
| Iliad Holding SAS |  |  |
| 8.500%, 04/15/31 (144A) (g) | 200000 | &nbsp;&nbsp; 215250 |
| Level 3 Financing, Inc. |  |  |
| 7.000%, 03/31/34 (144A) | 200000 | &nbsp;&nbsp; 206114 |
| Motorola Solutions, Inc. |  |  |
| 2.750%, 05/24/31 | 170000 | &nbsp;&nbsp; 155534 |
| 4.850%, 08/15/30 | 453000 | &nbsp;&nbsp; 462198 |
| 5.550%, 08/15/35 | 620000 | &nbsp;&nbsp; 644305 |
| 5.600%, 06/01/32 | 636000 | &nbsp;&nbsp; 668832 |
| Rogers Communications, Inc. |  |  |
| 5.250%, 5Y H15 + 3.590%, 03/15/82 (144A) (a) | 100000 | &nbsp;&nbsp; 99956 |
| 7.000%, 5Y H15 + 2.653%, 04/15/55 (a) | 100000 | &nbsp;&nbsp; 104620 |
| Telecom Argentina SA |  |  |
| 9.250%, 05/28/33 (144A) | 119918 | &nbsp;&nbsp; 125268 |
| TELUS Corp. |  |  |
| 6.625%, 5Y H15 + 2.769%, 10/15/55 (a) | 100000 | &nbsp;&nbsp; 102044 |
| T-Mobile USA, Inc. |  |  |
| 2.700%, 03/15/32 | 1204000 | &nbsp;&nbsp; 1082425 |
| 3.875%, 04/15/30 | 2790000 | &nbsp;&nbsp; 2743616 |
| 5.125%, 05/15/32 | 197000 | &nbsp;&nbsp; 202727 |
| 5.800%, 09/15/62 (g) | 2205000 | &nbsp;&nbsp; 2170303 |
| Turk Telekomunikasyon AS |  |  |
| 7.375%, 05/20/29 | 714000 | &nbsp;&nbsp; 744072 |
| Turkcell Iletisim Hizmetleri AS |  |  |
| 7.650%, 01/24/32 | 200000 | &nbsp;&nbsp; 212618 |
| Verizon Communications, Inc. |  |  |
| 1.500%, 09/18/30 | 492000 | &nbsp;&nbsp; 433785 |
| 4.400%, 11/01/34 | 2000 | &nbsp;&nbsp; 1930 |
| 4.780%, 02/15/35 | 1220000 | &nbsp;&nbsp; 1201178 |
| 5.401%, 07/02/37 (144A) (g) | 931000 | &nbsp;&nbsp; 940970 |
| 5.875%, 11/30/55 | 2126000 | &nbsp;&nbsp; 2100491 |
| 6.000%, 11/30/65 | 1859000 | &nbsp;&nbsp; 1834743 |
| Viasat, Inc. |  |  |
| 5.625%, 04/15/27 (144A) | 100000 | &nbsp;&nbsp; 99856 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.750%, 07/15/31 (144A) | 200000 | &nbsp;&nbsp; 184643 |
| Vodafone Group PLC |  |  |
| 7.000%, 5Y USD Swap + 4.873%, 04/04/79 (a) | 200000 | &nbsp;&nbsp; 211863 |
| Windstream Services LLC |  |  |
| 7.500%, 10/15/33 (144A) | 19000 | &nbsp;&nbsp; 19477 |
| WOM Mobile SA |  |  |
| 11.000%, 6.500% PIK, 04/01/31 (144A) (h) | 23233 | &nbsp;&nbsp; 22826 |
| Zayo Group Holdings, Inc. |  |  |
| 9.250%, 03/09/30 (144A) (h) | 46294 | &nbsp;&nbsp; 43979 |
|  |  | &nbsp;&nbsp; 30709320 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Union Pacific Railroad Co. Pass-Through Trust |  |  |
| 3.227%, 05/14/26 | 517795 | &nbsp;&nbsp; 516444 |

---

*See accompanying notes to financial statements.*

**BHFTII-28**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| FTAI Aviation Investors LLC |  |  |
| 7.000%, 05/01/31 (144A) | 100000 | &nbsp;&nbsp; $105309 |
| 7.875%, 12/01/30 (144A) | 100000 | &nbsp;&nbsp; 106340 |
|  |  | &nbsp;&nbsp; 211649 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| Thames Water Utilities Finance PLC |  |  |
| 4.000%, 06/19/27 (GBP) | 400000 | &nbsp;&nbsp; 387458 |
| Total Corporate Bonds & Notes <br>(Cost $709,005,812) <br>|  | &nbsp;&nbsp; 715580841 |
| **U.S. Treasury & Government Agencies—20.1%** | **U.S. Treasury & Government Agencies—20.1%** | **U.S. Treasury & Government Agencies—20.1%** |
| **U.S. Treasury — 20.1%** | **U.S. Treasury — 20.1%** | **U.S. Treasury — 20.1%** |
| U.S. Treasury Bonds |  |  |
| 1.125%, 05/15/40 | 9628000 | &nbsp;&nbsp; 6108891 |
| 1.125%, 08/15/40 | 9628000 | &nbsp;&nbsp; 6046835 |
| 1.375%, 11/15/40 | 9628000 | &nbsp;&nbsp; 6249174 |
| 1.375%, 08/15/50 | 2681000 | &nbsp;&nbsp; 1318193 |
| 1.625%, 11/15/50 | 3942300 | &nbsp;&nbsp; 2069707 |
| 1.875%, 02/15/41 | 1431600 | &nbsp;&nbsp; 1000107 |
| 1.875%, 11/15/51 | 6549100 | &nbsp;&nbsp; 3619913 |
| 2.000%, 08/15/51 | 2681000 | &nbsp;&nbsp; 1535815 |
| 2.250%, 08/15/49 | 7927000 | &nbsp;&nbsp; 4971406 |
| 2.375%, 05/15/51 | 5888700 | &nbsp;&nbsp; 3711031 |
| 2.500%, 02/15/45 (l) (m) | 15297000 | &nbsp;&nbsp; 10833383 |
| 2.750%, 11/15/47 (m) | 13047000 | &nbsp;&nbsp; 9294458 |
| 2.875%, 05/15/49 | 2681000 | &nbsp;&nbsp; 1923303 |
| 3.000%, 05/15/47 | 6579700 | &nbsp;&nbsp; 4940943 |
| 3.000%, 02/15/48 | 12026300 | &nbsp;&nbsp; 8949258 |
| 3.000%, 02/15/49 | 10024800 | &nbsp;&nbsp; 7384675 |
| 3.000%, 08/15/52 (l) (m) | 14868800 | &nbsp;&nbsp; 10649197 |
| 3.125%, 02/15/43 | 3443000 | &nbsp;&nbsp; 2784661 |
| 3.125%, 08/15/44 | 6418100 | &nbsp;&nbsp; 5079826 |
| 3.125%, 05/15/48 | 2681000 | &nbsp;&nbsp; 2036199 |
| 3.625%, 08/15/43 | 9487000 | &nbsp;&nbsp; 8189208 |
| 3.625%, 02/15/53 | 6526000 | &nbsp;&nbsp; 5283511 |
| 3.625%, 05/15/53 | 7906500 | &nbsp;&nbsp; 6395926 |
| 3.750%, 08/15/41 | 791000 | &nbsp;&nbsp; 712889 |
| 3.750%, 11/15/43 | 9487000 | &nbsp;&nbsp; 8314096 |
| 3.875%, 02/15/43 | 2391500 | &nbsp;&nbsp; 2151416 |
| 4.125%, 08/15/44 | 3582800 | &nbsp;&nbsp; 3288199 |
| 4.125%, 08/15/53 | 1956200 | &nbsp;&nbsp; 1731695 |
| 4.250%, 05/15/39 (l) | 898000 | &nbsp;&nbsp; 879689 |
| 4.250%, 08/15/54 | 852000 | &nbsp;&nbsp; 770328 |
| 4.375%, 11/15/39 | 898000 | &nbsp;&nbsp; 885898 |
| 4.500%, 08/15/39 | 9665200 | &nbsp;&nbsp; 9681812 |
| 4.625%, 11/15/44 | 4210000 | &nbsp;&nbsp; 4125471 |
| 4.750%, 11/15/53 (m) | 12928400 | &nbsp;&nbsp; 12691548 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 1.625%, 04/15/30 (n) | 28911662 | &nbsp;&nbsp; 29053403 |
| U.S. Treasury Notes |  |  |
| 0.375%, 09/30/27 | 6320000 | &nbsp;&nbsp; 5990422 |
| 0.500%, 05/31/27 | 13670000 | &nbsp;&nbsp; 13111986 |
| 0.500%, 08/31/27 | 13446300 | &nbsp;&nbsp; 12803399 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 0.625%, 07/31/26 | 14128300 | &nbsp;&nbsp; $13891301 |
| 1.125%, 08/31/28 | 3030000 | &nbsp;&nbsp; 2846425 |
| 1.250%, 03/31/28 | 3772200 | &nbsp;&nbsp; 3590221 |
| 1.250%, 05/31/28 | 8868000 | &nbsp;&nbsp; 8407972 |
| 1.500%, 02/15/30 | 4871000 | &nbsp;&nbsp; 4474090 |
| 2.375%, 05/15/27 | 13530500 | &nbsp;&nbsp; 13326485 |
| 2.375%, 03/31/29 | 3172300 | &nbsp;&nbsp; 3056313 |
| 2.750%, 08/15/32 (l) | 12595000 | &nbsp;&nbsp; 11740410 |
| 2.875%, 04/30/29 | 7545000 | &nbsp;&nbsp; 7378185 |
| 2.875%, 05/15/32 | 1552500 | &nbsp;&nbsp; 1463838 |
| 3.125%, 08/31/29 | 10516000 | &nbsp;&nbsp; 10338542 |
| 3.250%, 06/30/29 | 8412600 | &nbsp;&nbsp; 8316644 |
| 3.500%, 01/31/30 | 8144900 | &nbsp;&nbsp; 8098130 |
| 3.625%, 05/31/28 | 7232700 | &nbsp;&nbsp; 7251629 |
| 3.625%, 09/30/31 | 11385000 | &nbsp;&nbsp; 11271150 |
| 3.750%, 12/31/28 | 12914000 | &nbsp;&nbsp; 12987146 |
| 3.875%, 11/30/27 | 3100000 | &nbsp;&nbsp; 3122039 |
| 4.000%, 01/15/27 | 10412300 | &nbsp;&nbsp; 10462231 |
| 4.000%, 02/28/30 | 15322000 | &nbsp;&nbsp; 15517116 |
| 4.000%, 02/15/34 | 8864000 | &nbsp;&nbsp; 8836300 |
| 4.125%, 02/28/27 | 13023600 | &nbsp;&nbsp; 13111102 |
| 4.125%, 09/30/27 | 15032000 | &nbsp;&nbsp; 15192889 |
| 4.125%, 11/30/29 | 16929000 | &nbsp;&nbsp; 17221290 |
| 4.250%, 03/15/27 | 6462300 | &nbsp;&nbsp; 6517078 |
| 4.250%, 06/30/31 (l) | 12978100 | &nbsp;&nbsp; 13272135 |
| 4.375%, 12/15/26 | 7323200 | &nbsp;&nbsp; 7380644 |
| 4.500%, 07/15/26 | 12977300 | &nbsp;&nbsp; 13043875 |
| 4.500%, 12/31/31 | 8705400 | &nbsp;&nbsp; 9008729 |
| 4.625%, 03/15/26 | 14800000 | &nbsp;&nbsp; 14827731 |
| 4.875%, 10/31/30 | 11260900 | &nbsp;&nbsp; 11829224 |
| Total U.S. Treasury & Government Agencies <br>(Cost $551,722,161) <br>|  | &nbsp;&nbsp; 514348735 |
| **Asset-Backed Securities—12.0%** | **Asset-Backed Securities—12.0%** | **Asset-Backed Securities—12.0%** |
| **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** |
| Asset-Backed European Securitisation Transaction Twenty-<br> Three SARL<br>|  |  |
| 3.521%, 1M EURIBOR + 1.600%, 03/21/34 (EUR) (a) | 86431 | &nbsp;&nbsp; 102176 |
| Auto ABS Italian Stella Loans SRL |  |  |
| 3.594%, 1M EURIBOR + 1.700%, 12/29/36 (EUR) (a) | 71481 | &nbsp;&nbsp; 84580 |
| 4.194%, 1M EURIBOR + 2.300%, 12/29/36 (EUR) (a) | 71481 | &nbsp;&nbsp; 85026 |
| Auto1 Car Funding SARL |  |  |
| 5.435%, 1M EURIBOR + 3.500%, 12/15/33 (EUR) (a) | 100000 | &nbsp;&nbsp; 120928 |
| Cardiff Auto Receivables Securitisation PLC |  |  |
| 5.679%, SONIA + 1.900%, 08/20/31 (GBP) (a) | 259000 | &nbsp;&nbsp; 350622 |
| 6.379%, SONIA + 2.600%, 08/20/31 (GBP) (a) | 197000 | &nbsp;&nbsp; 267350 |
| Dowson PLC |  |  |
| 7.741%, SONIA + 3.950%, 08/20/31 (GBP) (a) | 500000 | &nbsp;&nbsp; 670916 |
| 10.741%, SONIA + 6.950%, 08/20/31 (GBP) (a) | 500000 | &nbsp;&nbsp; 664592 |
| Hill FL BV |  |  |
| 3.893%, 1M EURIBOR + 1.950%, 10/18/32 (EUR) (a) | 90043 | &nbsp;&nbsp; 104591 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| 5.118%, SOFR30A + 1.200%, 09/20/33 (144A) (a) | 314336 | &nbsp;&nbsp; 314780 |

---

*See accompanying notes to financial statements.*

**BHFTII-29**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** |
| Pony SA |  |  |
| 3.135%, 1M EURIBOR + 1.200%, 01/14/33 (EUR) (a) | 89613 | &nbsp;&nbsp; $105450 |
| 3.585%, 1M EURIBOR + 1.650%, 01/14/33 (EUR) (a) | 89613 | &nbsp;&nbsp; 105770 |
| Truist Bank Auto Credit-Linked Notes |  |  |
| 4.728%, 09/26/33 (144A) | 1076458 | &nbsp;&nbsp; 1078197 |
|  |  | &nbsp;&nbsp; 4054978 |
| **Asset-Backed - Credit Card — 0.0%** | **Asset-Backed - Credit Card — 0.0%** | **Asset-Backed - Credit Card — 0.0%** |
| Newday Funding Master Issuer PLC |  |  |
| 5.244%, SONIA + 1.400%, 07/15/32 (GBP) (a) | 100000 | &nbsp;&nbsp; 135126 |
| 5.744%, SONIA + 1.900%, 07/15/32 (GBP) (a) | 111000 | &nbsp;&nbsp; 150246 |
| 6.494%, SONIA + 2.650%, 07/15/32 (GBP) (a) | 246000 | &nbsp;&nbsp; 333868 |
| TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco <br> Finance No. 2<br>|  |  |
| 3.694%, 1M EURIBOR + 1.800%, 10/27/42 (EUR) (a) | 77102 | &nbsp;&nbsp; 91220 |
| 5.894%, 1M EURIBOR + 4.000%, 10/27/42 (EUR) (a) | 77102 | &nbsp;&nbsp; 91701 |
|  |  | &nbsp;&nbsp; 802161 |
| **Asset-Backed - Home Equity — 1.0%** | **Asset-Backed - Home Equity — 1.0%** | **Asset-Backed - Home Equity — 1.0%** |
| Ace Securities Corp. |  |  |
| Zero Coupon, 08/15/30 | 60261 | &nbsp;&nbsp; 58518 |
| ACE Securities Corp. Home Equity Loan Trust |  |  |
| 4.106%, 1M TSFR + 0.374%, 05/25/37 (a) | 956732 | &nbsp;&nbsp; 141549 |
| 4.536%, 1M TSFR + 0.804%, 08/25/35 (a) | 213425 | &nbsp;&nbsp; 189894 |
| ACE Securities Corp. Mortgage Loan Trust |  |  |
| 6.930%, 02/25/38 (144A) (k) | 81921 | &nbsp;&nbsp; 69963 |
| Argent Mortgage Loan Trust |  |  |
| 4.326%, 1M TSFR + 0.594%, 05/25/35 (a) | 1517342 | &nbsp;&nbsp; 1269514 |
| Argent Securities Trust |  |  |
| 4.146%, 1M TSFR + 0.414%, 07/25/36 (a) | 520462 | &nbsp;&nbsp; 139501 |
| Bayview Financial Revolving Asset Trust |  |  |
| 4.842%, 1M TSFR + 1.114%, 05/28/39 (144A) (a) | 2574347 | &nbsp;&nbsp; 2109964 |
| 4.842%, 1M TSFR + 1.114%, 12/28/40 (144A) (a) | 72576 | &nbsp;&nbsp; 78572 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| 4.326%, 1M TSFR + 0.594%, 06/25/36 (a) | 390033 | &nbsp;&nbsp; 386649 |
| 4.546%, 1M TSFR + 0.814%, 04/25/37 (a) | 2877346 | &nbsp;&nbsp; 2797260 |
| 5.571%, 1M TSFR + 1.839%, 08/25/34 (a) | 1726 | &nbsp;&nbsp; 1715 |
| 6.250%, 12/25/35 (k) | 1082022 | &nbsp;&nbsp; 1073113 |
| 6.250%, 02/25/36 (k) | 1344667 | &nbsp;&nbsp; 1395572 |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| 4.406%, 1M TSFR + 0.674%, 04/25/36 (a) | 2048379 | &nbsp;&nbsp; 2039922 |
| 6.498%, 1M TSFR + 5.364%, 06/25/35 (a) | 2142000 | &nbsp;&nbsp; 2204910 |
| Bear Stearns Structured Products Trust |  |  |
| 5.846%, 1M TSFR + 2.114%, 03/25/37 (144A) (a) | 306764 | &nbsp;&nbsp; 305942 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.046%, 1M TSFR + 0.314%, 05/25/37 (a) | 1486375 | &nbsp;&nbsp; 1015000 |
| 4.116%, 1M TSFR + 0.384%, 05/25/37 (a) | 675177 | &nbsp;&nbsp; 461354 |
| Cross Mortgage Trust |  |  |
| 5.296%, 11/25/60 (144A) (k) | 153929 | &nbsp;&nbsp; 154468 |
| CWABS Asset-Backed Certificates Trust |  |  |
| 4.221%, 1M TSFR + 0.489%, 06/25/37 (a) | 888916 | &nbsp;&nbsp; 863765 |
| CWHEQ Home Equity Loan Trust |  |  |
| 6.155%, 06/25/35 | 24097 | &nbsp;&nbsp; 38196 |
| Deephaven Residential Mortgage Trust |  |  |
| 5.224%, 10/25/55 (144A) (k) | 429449 | &nbsp;&nbsp; 430964 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** |
| FIGRE Trust |  |  |
| 5.150%, 11/25/55 (144A) (a) | 417103 | &nbsp;&nbsp; $418210 |
| GSAA Home Equity Trust |  |  |
| 5.772%, 11/25/36 (a) | 153224 | &nbsp;&nbsp; 41026 |
| Home Equity Mortgage Loan Asset-Backed Trust |  |  |
| 3.505%, 1M TSFR + 2.139%, 07/25/34 (a) | 88781 | &nbsp;&nbsp; 86057 |
| Home Equity Mortgage Trust |  |  |
| 5.867%, 07/25/36 (k) | 443119 | &nbsp;&nbsp; 37861 |
| Irwin Home Equity Loan Trust |  |  |
| 6.530%, 09/25/37 (144A) (k) | 5602 | &nbsp;&nbsp; 5606 |
| MASTR Asset-Backed Securities Trust |  |  |
| 4.366%, 1M TSFR + 0.634%, 06/25/36 (144A) (a) | 276504 | &nbsp;&nbsp; 261474 |
| 4.406%, 1M TSFR + 0.674%, 05/25/37 (a) | 621846 | &nbsp;&nbsp; 538191 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| 6.463%, 01/25/47 (k) | 3053148 | &nbsp;&nbsp; 1057762 |
| 6.512%, 10/25/36 (k) | 264857 | &nbsp;&nbsp; 55867 |
| Option One Mortgage Loan Trust |  |  |
| 4.056%, 1M TSFR + 0.324%, 03/25/37 (a) | 930000 | &nbsp;&nbsp; 801324 |
| 5.860%, 01/25/37 (k) | 17385 | &nbsp;&nbsp; 17107 |
| 5.866%, 01/25/37 (k) | 2001872 | &nbsp;&nbsp; 1735067 |
| RCKT Mortgage Trust |  |  |
| 8.005%, 04/25/44 (144A) (a) | 1647000 | &nbsp;&nbsp; 1688274 |
| 9.584%, 04/25/44 (144A) (a) | 116000 | &nbsp;&nbsp; 119260 |
| Vista Point Securitization Trust |  |  |
| 5.297%, 11/25/55 (144A) (k) | 327493 | &nbsp;&nbsp; 327938 |
| Yale Mortgage Loan Trust |  |  |
| 4.246%, 1M TSFR + 0.514%, 06/25/37 (144A) (a) | 670702 | &nbsp;&nbsp; 205272 |
|  |  | &nbsp;&nbsp; 24622601 |
| **Asset-Backed - Manufactured Housing — 0.3%** | **Asset-Backed - Manufactured Housing — 0.3%** | **Asset-Backed - Manufactured Housing — 0.3%** |
| BankAmerica Manufactured Housing Contract Trust |  |  |
| 7.070%, 02/10/22 (a) | 470000 | &nbsp;&nbsp; 33898 |
| 7.176%, 11/10/28 (a) | 4000000 | &nbsp;&nbsp; 295197 |
| BCMSC Trust |  |  |
| 7.575%, 06/15/30 (a) | 1270293 | &nbsp;&nbsp; 75200 |
| 7.830%, 06/15/30 (a) | 1178847 | &nbsp;&nbsp; 72062 |
| 8.290%, 06/15/30 (a) | 850435 | &nbsp;&nbsp; 55040 |
| Cascade MH Asset Trust |  |  |
| 4.000%, 11/25/44 (144A) (a) | 1273730 | &nbsp;&nbsp; 1228751 |
| Conseco Finance Corp. |  |  |
| 6.830%, 04/01/30 (a) | 769701 | &nbsp;&nbsp; 783586 |
| 7.500%, 03/01/30 (a) | 342311 | &nbsp;&nbsp; 85169 |
| 7.860%, 03/01/30 (a) | 319642 | &nbsp;&nbsp; 83131 |
| Conseco Finance Securitizations Corp. |  |  |
| 7.960%, 05/01/31 | 878314 | &nbsp;&nbsp; 157085 |
| 8.060%, 09/01/29 (a) | 586391 | &nbsp;&nbsp; 70194 |
| 8.200%, 05/01/31 | 1604918 | &nbsp;&nbsp; 295692 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| 8.100%, 09/25/31 (a) | 172718 | &nbsp;&nbsp; 175309 |
| Credit-Based Asset Servicing & Securitization LLC |  |  |
| 6.750%, 10/25/36 (144A) (k) | 3902546 | &nbsp;&nbsp; 3302620 |
| GreenPoint Manufactured Housing |  |  |
| 9.230%, 12/15/29 (a) | 210871 | &nbsp;&nbsp; 211213 |
| Lehman ABS Manufactured Housing Contract Trust |  |  |
| 6.630%, 04/15/40 (a) | 200593 | &nbsp;&nbsp; 201960 |

---

*See accompanying notes to financial statements.*

**BHFTII-30**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Manufactured Housing—(Continued)** | **Asset-Backed - Manufactured Housing—(Continued)** | **Asset-Backed - Manufactured Housing—(Continued)** |
| Oakwood Mortgage Investors, Inc. |  |  |
| 6.930%, 09/15/31 (a) | 135841 | &nbsp;&nbsp; $52600 |
| 7.620%, 06/15/32 (a) | 535252 | &nbsp;&nbsp; 543324 |
| Origen Manufactured Housing Contract Trust |  |  |
| 5.065%, 1M TSFR + 1.314%, 10/15/37 (144A) (a) | 23782 | &nbsp;&nbsp; 23720 |
| 7.820%, 03/15/32 (a) | 134378 | &nbsp;&nbsp; 135247 |
|  |  | &nbsp;&nbsp; 7880998 |
| **Asset-Backed - Other — 9.6%** | **Asset-Backed - Other — 9.6%** | **Asset-Backed - Other — 9.6%** |
| 610 Funding CLO 2 Ltd. |  |  |
| 5.234%, 3M TSFR + 1.350%, 01/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250069 |
| 720 East CLO VII Ltd. |  |  |
| 4.944%, 3M TSFR + 1.060%, 04/20/37 (144A) (a) | 970000 | &nbsp;&nbsp; 968808 |
| AB BSL CLO 3 Ltd. |  |  |
| 5.134%, 3M TSFR + 1.250%, 04/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250031 |
| Affirm Asset Securitization Trust |  |  |
| 4.450%, 10/15/30 (144A) | 1041123 | &nbsp;&nbsp; 1042114 |
| 4.560%, 10/15/30 (144A) | 154000 | &nbsp;&nbsp; 154255 |
| 4.930%, 10/15/30 (144A) | 100000 | &nbsp;&nbsp; 100182 |
| AGL CLO 13 Ltd. |  |  |
| 5.534%, 3M TSFR + 1.650%, 10/20/34 (144A) (a) | 340000 | &nbsp;&nbsp; 340095 |
| AGL CLO 20 Ltd. |  |  |
| 5.254%, 3M TSFR + 1.370%, 10/20/37 (144A) (a) | 430000 | &nbsp;&nbsp; 431597 |
| AGL CLO 21 Ltd. |  |  |
| 5.230%, 3M TSFR + 1.360%, 10/21/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250438 |
| AGL CLO 23 Ltd. |  |  |
| 5.034%, 3M TSFR + 1.150%, 04/20/38 (144A) (a) | 480000 | &nbsp;&nbsp; 479496 |
| AGL CLO 42 Ltd. |  |  |
| 5.569%, 3M TSFR + 1.300%, 07/22/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250809 |
| AGL CLO 43 Ltd. |  |  |
| 5.239%, 3M TSFR + 1.260%, 09/10/38 (144A) (a) | 290000 | &nbsp;&nbsp; 289874 |
| AGL CLO 6 Ltd. |  |  |
| 5.164%, 3M TSFR + 1.280%, 04/20/38 (144A) (a) | 750000 | &nbsp;&nbsp; 752250 |
| AGL Core CLO 15 Ltd. |  |  |
| 5.296%, 3M TSFR + 1.412%, 01/20/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250311 |
| AGL Core CLO 2 Ltd. |  |  |
| 5.344%, 3M TSFR + 1.460%, 07/20/37 (144A) (a) | 950000 | &nbsp;&nbsp; 952612 |
| AGL Core CLO 4 Ltd. |  |  |
| 5.264%, 3M TSFR + 1.380%, 10/20/37 (144A) (a) | 860000 | &nbsp;&nbsp; 861673 |
| AIMCO CLO |  |  |
| 5.192%, 3M TSFR + 1.310%, 10/17/37 (144A) (a) | 470000 | &nbsp;&nbsp; 471751 |
| AIMCO CLO 11 Ltd. |  |  |
| 5.222%, 3M TSFR + 1.340%, 07/17/37 (144A) (a) | 320000 | &nbsp;&nbsp; 320485 |
| 5.532%, 3M TSFR + 1.650%, 07/17/37 (144A) (a) | 330000 | &nbsp;&nbsp; 330647 |
| AIMCO CLO 14 Ltd. |  |  |
| 5.138%, 3M TSFR + 1.220%, 10/20/38 (144A) (a) | 450000 | &nbsp;&nbsp; 449634 |
| AIMCO CLO 18 Ltd. |  |  |
| 5.244%, 3M TSFR + 1.360%, 07/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250589 |
| AIMCO CLO 21 Ltd. |  |  |
| 5.804%, 3M TSFR + 1.920%, 04/18/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250571 |
| AMMC CLO 27 Ltd. |  |  |
| 4.964%, 3M TSFR + 1.080%, 01/20/37 (144A) (a) | 1340000 | &nbsp;&nbsp; 1337870 |
| Anchorage Capital CLO 15 Ltd. |  |  |
| 5.621%, 3M TSFR + 1.410%, 07/20/38 (144A) (a) | 800000 | &nbsp;&nbsp; 800551 |
| Anchorage Capital CLO 17 Ltd. |  |  |
| 5.135%, 3M TSFR + 1.230%, 02/15/38 (144A) (a) | 1890000 | &nbsp;&nbsp; 1887127 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Anchorage Capital CLO 18 Ltd. |  |  |
| 5.316%, 3M TSFR + 1.412%, 04/15/34 (144A) (a) | 250000 | &nbsp;&nbsp; $250428 |
| Anchorage Capital CLO 34 Ltd. |  |  |
| 4.943%, 3M TSFR + 1.270%, 01/15/39 (144A) (a) | 530000 | &nbsp;&nbsp; 530000 |
| Anchorage Capital CLO 6 Ltd. |  |  |
| 6.070%, 3M TSFR + 1.800%, 07/22/38 (144A) (a) | 540000 | &nbsp;&nbsp; 543686 |
| Anchorage Capital CLO 7 Ltd. |  |  |
| 5.419%, 3M TSFR + 1.560%, 04/28/37 (144A) (a) | 830000 | &nbsp;&nbsp; 831433 |
| 5.909%, 3M TSFR + 2.050%, 04/28/37 (144A) (a) | 1480000 | &nbsp;&nbsp; 1482877 |
| 7.659%, 3M TSFR + 3.800%, 04/28/37 (144A) (a) | 250000 | &nbsp;&nbsp; 251197 |
| Apidos CLO LV |  |  |
| 4.932%, 3M TSFR + 1.210%, 01/20/39 (144A) (a) | 420000 | &nbsp;&nbsp; 420339 |
| Apidos CLO XLVI Ltd. |  |  |
| 5.113%, 3M TSFR + 1.200%, 10/24/38 (144A) (a) | 260000 | &nbsp;&nbsp; 260019 |
| Apidos CLO XXV Ltd. |  |  |
| 5.484%, 3M TSFR + 1.600%, 01/20/37 (144A) (a) | 650000 | &nbsp;&nbsp; 650273 |
| Apidos CLO XXXIX Ltd. |  |  |
| 5.400%, 3M TSFR + 1.230%, 10/21/38 (144A) (a) | 650000 | &nbsp;&nbsp; 649817 |
| AREIT Ltd. |  |  |
| 5.437%, 1M TSFR + 1.686%, 05/17/41 (144A) (a) | 1472715 | &nbsp;&nbsp; 1472927 |
| ARES Direct Lending CLO 6 LLC |  |  |
| 5.201%, 3M TSFR + 1.450%, 10/16/37 (144A) (a) | 560000 | &nbsp;&nbsp; 560679 |
| ARES Direct Lending CLO 8 LLC |  |  |
| 5.075%, 3M TSFR + 1.400%, 01/20/39 (144A) (a) | 340000 | &nbsp;&nbsp; 340136 |
| ARES European CLO XII DAC |  |  |
| 3.704%, 3M EURIBOR + 1.700%, 04/20/32 (144A) <br> (EUR) (a)<br>| 297000 | &nbsp;&nbsp; 349516 |
| ARES LII CLO Ltd. |  |  |
| 5.207%, 3M TSFR + 1.350%, 04/22/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250031 |
| ARES LIX CLO Ltd. |  |  |
| 5.150%, 3M TSFR + 1.292%, 04/25/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250031 |
| ARES Loan Funding III Ltd. |  |  |
| 5.128%, 3M TSFR + 1.270%, 07/25/36 (144A) (a) | 615000 | &nbsp;&nbsp; 615154 |
| ARES LVI CLO Ltd. |  |  |
| 5.108%, 3M TSFR + 1.250%, 01/25/38 (144A) (a) | 350000 | &nbsp;&nbsp; 350226 |
| ARES LX CLO Ltd. |  |  |
| 5.064%, 3M TSFR + 1.180%, 07/18/34 (144A) (a) | 1410000 | &nbsp;&nbsp; 1410770 |
| ARES LXIII CLO Ltd. |  |  |
| 5.593%, 3M TSFR + 1.310%, 10/15/38 (144A) (a) | 410000 | &nbsp;&nbsp; 411313 |
| ARES XLI CLO Ltd. |  |  |
| 5.236%, 3M TSFR + 1.332%, 04/15/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250161 |
| ARES XLIV CLO Ltd. |  |  |
| 6.655%, 3M TSFR + 2.750%, 04/15/34 (144A) (a) | 320000 | &nbsp;&nbsp; 320862 |
| Arini U.S. CLO IV Ltd. |  |  |
| 4.930%, 3M TSFR + 1.260%, 01/15/39 (144A) (a) | 1000000 | &nbsp;&nbsp; 1000000 |
| Asimi Funding PLC |  |  |
| 5.186%, SONIA + 1.350%, 09/16/31 (GBP) (a) | 28246 | &nbsp;&nbsp; 38082 |
| 5.586%, SONIA + 1.750%, 05/16/32 (GBP) (a) | 76927 | &nbsp;&nbsp; 103835 |
| 5.786%, SONIA + 1.950%, 09/16/31 (GBP) (a) | 100000 | &nbsp;&nbsp; 135054 |
| Atlas Senior Loan Fund XX Ltd. |  |  |
| 5.034%, 3M TSFR + 1.150%, 10/19/37 (144A) (a) | 150000 | &nbsp;&nbsp; 150005 |
| Atlas Senior Loan Fund XXII Ltd. |  |  |
| 5.864%, 3M TSFR + 1.980%, 01/20/36 (144A) (a) | 1220000 | &nbsp;&nbsp; 1222092 |
| Avoca CLO XXII DAC |  |  |
| 3.326%, 3M EURIBOR + 1.300%, 04/15/35 (EUR) (a) | 150000 | &nbsp;&nbsp; 175762 |

---

*See accompanying notes to financial statements.*

**BHFTII-31**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Avoca CLO XXII DAC |  |  |
| 4.926%, 3M EURIBOR + 2.900%, 04/15/35 (144A) <br> (EUR) (a)<br>| 250000 | &nbsp;&nbsp; $293229 |
| Bain Capital Credit CLO Ltd. |  |  |
| 5.332%, 3M TSFR + 1.450%, 10/17/32 (144A) (a) | 250000 | &nbsp;&nbsp; 250085 |
| 5.425%, 3M TSFR + 1.520%, 07/15/37 (144A) (a) | 1170000 | &nbsp;&nbsp; 1172789 |
| 5.434%, 3M TSFR + 1.550%, 07/19/31 (144A) (a) | 500000 | &nbsp;&nbsp; 500028 |
| 7.227%, 3M TSFR + 3.362%, 07/24/34 (144A) (a) | 250000 | &nbsp;&nbsp; 247081 |
| Ballyrock CLO 15 Ltd. |  |  |
| 5.235%, 3M TSFR + 1.330%, 01/15/38 (144A) (a) | 1010000 | &nbsp;&nbsp; 1010994 |
| Ballyrock CLO 32 Ltd. |  |  |
| 4.879%, 3M TSFR + 1.210%, 01/25/39 (144A) (a) | 560000 | &nbsp;&nbsp; 560000 |
| 5.469%, 3M TSFR + 1.800%, 01/25/39 (144A) (a) | 400000 | &nbsp;&nbsp; 400000 |
| Ballyrock CLO Ltd. |  |  |
| 5.608%, 3M TSFR + 1.750%, 01/25/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249514 |
| 5.696%, 3M TSFR + 1.812%, 10/20/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250166 |
| 10.296%, 3M TSFR + 6.412%, 10/20/31 (144A) (a) | 250000 | &nbsp;&nbsp; 249075 |
| Bankers Healthcare Group Securitization Trust |  |  |
| 5.170%, 09/17/31 (144A) | 88398 | &nbsp;&nbsp; 88372 |
| Barings CLO Ltd. |  |  |
| 5.546%, 3M TSFR + 1.662%, 01/20/31 (144A) (a) | 248174 | &nbsp;&nbsp; 248354 |
| Barrow Hanley CLO II Ltd. |  |  |
| 5.194%, 3M TSFR + 1.310%, 03/31/38 (144A) (a) | 270000 | &nbsp;&nbsp; 270675 |
| Battalion CLO 18 Ltd. |  |  |
| 5.705%, 3M TSFR + 1.800%, 10/15/36 (144A) (a) | 298000 | &nbsp;&nbsp; 298099 |
| Battalion CLO VIII Ltd. |  |  |
| 4.784%, 3M TSFR + 0.900%, 07/18/30 (144A) (a) | 905538 | &nbsp;&nbsp; 905300 |
| 4.884%, 3M TSFR + 1.000%, 07/18/30 (144A) (a) | 642000 | &nbsp;&nbsp; 641902 |
| Battalion CLO X Ltd. |  |  |
| 4.871%, 3M TSFR + 1.140%, 01/24/35 (144A) (a) | 260000 | &nbsp;&nbsp; 260220 |
| BBAM U.S. CLO I Ltd. |  |  |
| 5.105%, 3M TSFR + 1.200%, 03/30/38 (144A) (a) | 390000 | &nbsp;&nbsp; 389410 |
| BBAM U.S. CLO VI Ltd. |  |  |
| 5.058%, 3M TSFR + 1.250%, 01/27/39 (144A) (a) | 540000 | &nbsp;&nbsp; 540244 |
| Benefit Street Partners CLO 42 Ltd. |  |  |
| 5.371%, 3M TSFR + 1.300%, 10/25/38 (144A) (a) | 580000 | &nbsp;&nbsp; 580436 |
| Benefit Street Partners CLO 44 Ltd. |  |  |
| 4.944%, 3M TSFR + 1.220%, 01/15/39 (144A) (a) | 430000 | &nbsp;&nbsp; 430000 |
| Benefit Street Partners CLO V-B Ltd. |  |  |
| 5.414%, 3M TSFR + 1.530%, 07/20/37 (144A) (a) | 2100000 | &nbsp;&nbsp; 2103194 |
| Benefit Street Partners CLO XII-B Ltd. |  |  |
| 5.275%, 3M TSFR + 1.370%, 10/15/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250686 |
| Benefit Street Partners CLO XVI Ltd. |  |  |
| 5.202%, 3M TSFR + 1.320%, 01/17/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250440 |
| Benefit Street Partners CLO XVIII Ltd. |  |  |
| 5.145%, 3M TSFR + 1.240%, 10/15/38 (144A) (a) | 500000 | &nbsp;&nbsp; 499896 |
| Benefit Street Partners CLO XX Ltd. |  |  |
| 5.195%, 3M TSFR + 1.290%, 07/15/37 (144A) (a) | 310000 | &nbsp;&nbsp; 310673 |
| Benefit Street Partners CLO XXXVIII Ltd. |  |  |
| 5.168%, 3M TSFR + 1.310%, 01/25/38 (144A) (a) | 300000 | &nbsp;&nbsp; 300390 |
| BHG Securitization Trust |  |  |
| 2.240%, 10/17/34 (144A) | 130000 | &nbsp;&nbsp; 126299 |
| Birch Grove CLO 3 Ltd. |  |  |
| 5.484%, 3M TSFR + 1.600%, 01/19/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249992 |
| Birch Grove CLO 4 Ltd. |  |  |
| 5.385%, 3M TSFR + 1.480%, 07/15/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250388 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Birch Grove CLO 7 Ltd. |  |  |
| 5.144%, 3M TSFR + 1.260%, 10/20/38 (144A) (a) | 1130000 | &nbsp;&nbsp; $1130889 |
| BlueMountain CLO Ltd. |  |  |
| 5.146%, 3M TSFR + 1.262%, 04/20/31 (144A) (a) | 90100 | &nbsp;&nbsp; 90107 |
| 5.708%, 3M TSFR + 1.850%, 10/25/30 (144A) (a) | 970000 | &nbsp;&nbsp; 971581 |
| 5.719%, 3M TSFR + 1.862%, 10/22/30 (144A) (a) | 118479 | &nbsp;&nbsp; 118517 |
| 5.813%, 3M TSFR + 1.962%, 08/15/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250357 |
| 5.896%, 3M TSFR + 2.012%, 10/20/30 (144A) (a) | 250000 | &nbsp;&nbsp; 250142 |
| BlueMountain CLO XXII Ltd. |  |  |
| 5.666%, 3M TSFR + 1.762%, 07/15/31 (144A) (a) | 660000 | &nbsp;&nbsp; 659790 |
| BlueMountain CLO XXVI Ltd. |  |  |
| 7.646%, 3M TSFR + 3.762%, 10/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 249880 |
| BlueMountain CLO XXXV Ltd. |  |  |
| 5.277%, 3M TSFR + 1.420%, 10/22/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250890 |
| BlueMountain EUR CLO DAC |  |  |
| 3.759%, 3M EURIBOR + 1.750%, 10/15/35 (144A) <br> (EUR) (a)<br>| 560000 | &nbsp;&nbsp; 656361 |
| BlueMountain Fuji U.S. CLO II Ltd. |  |  |
| 5.146%, 3M TSFR + 1.262%, 10/20/30 (144A) (a) | 22665 | &nbsp;&nbsp; 22659 |
| 5.746%, 3M TSFR + 1.862%, 10/20/30 (144A) (a) | 250000 | &nbsp;&nbsp; 250132 |
| Brant Point CLO Ltd. |  |  |
| 7.105%, 3M TSFR + 3.200%, 01/15/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250573 |
| Bridge Street CLO II Ltd. |  |  |
| 5.376%, 3M TSFR + 1.492%, 07/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 249989 |
| Bridge Street CLO VI Ltd. |  |  |
| 5.067%, 3M TSFR + 1.280%, 01/15/39 (144A) (a) | 640000 | &nbsp;&nbsp; 640729 |
| Brignole Co. |  |  |
| 5.903%, 1M EURIBOR + 4.000%, 02/24/42 (EUR) (a) | 53074 | &nbsp;&nbsp; 62989 |
| Bryant Park Funding Ltd. |  |  |
| 5.000%, 3M TSFR + 1.240%, 01/22/39 (144A) (a) | 310000 | &nbsp;&nbsp; 310226 |
| 5.105%, 3M TSFR + 1.200%, 04/15/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249239 |
| Canyon Capital CLO Ltd. |  |  |
| 4.915%, 3M TSFR + 1.010%, 10/15/34 (144A) (a) | 270000 | &nbsp;&nbsp; 269405 |
| Canyon CLO Ltd. |  |  |
| 5.236%, 3M TSFR + 1.332%, 07/15/31 (144A) (a) | 331411 | &nbsp;&nbsp; 331404 |
| 5.305%, 3M TSFR + 1.400%, 10/15/37 (144A) (a) | 330000 | &nbsp;&nbsp; 330869 |
| 5.855%, 3M TSFR + 1.950%, 10/15/37 (144A) (a) | 290000 | &nbsp;&nbsp; 290785 |
| 5.955%, 3M TSFR + 2.050%, 05/15/37 (144A) (a) | 660000 | &nbsp;&nbsp; 661389 |
| Capital Four U.S. CLO II Ltd. |  |  |
| 5.784%, 3M TSFR + 1.900%, 01/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250080 |
| Carlyle U.S. CLO Ltd. |  |  |
| 4.879%, 3M TSFR + 1.220%, 01/20/39 (144A) (a) | 600000 | &nbsp;&nbsp; 600239 |
| 5.225%, 3M TSFR + 1.320%, 04/15/35 (144A) (a) | 860000 | &nbsp;&nbsp; 861103 |
| 5.244%, 3M TSFR + 1.360%, 01/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250780 |
| 5.295%, 3M TSFR + 1.390%, 04/15/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250164 |
| 5.632%, 3M TSFR + 1.650%, 10/15/38 (144A) (a) | 2000000 | &nbsp;&nbsp; 2007804 |
| 5.650%, 3M TSFR + 1.780%, 10/21/37 (144A) (a) | 520000 | &nbsp;&nbsp; 520331 |
| Carrington Mortgage Loan Trust |  |  |
| 4.006%, 1M TSFR + 0.274%, 10/25/36 (a) | 67273 | &nbsp;&nbsp; 66005 |
| CarVal CLO IV Ltd. |  |  |
| 5.184%, 3M TSFR + 1.300%, 03/31/38 (144A) (a) | 940000 | &nbsp;&nbsp; 941273 |
| C-BASS Trust |  |  |
| 4.166%, 1M TSFR + 0.434%, 10/25/36 (a) | 133770 | &nbsp;&nbsp; 94146 |
| Cedar Funding II CLO Ltd. |  |  |
| 5.838%, 3M TSFR + 1.750%, 07/22/38 (144A) (a) | 510000 | &nbsp;&nbsp; 510674 |

---

*See accompanying notes to financial statements.*

**BHFTII-32**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Cedar Funding V CLO Ltd. |  |  |
| 5.243%, 3M TSFR + 1.362%, 07/17/31 (144A) (a) | 348610 | &nbsp;&nbsp; $348594 |
| Cedar Funding VII CLO Ltd. |  |  |
| 5.203%, 3M TSFR + 1.280%, 10/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250250 |
| Cedar Funding XI CLO Ltd. |  |  |
| 5.092%, 3M TSFR + 1.300%, 05/29/32 (144A) (a) | 250000 | &nbsp;&nbsp; 250229 |
| Cedar Funding XIV CLO Ltd. |  |  |
| 5.605%, 3M TSFR + 1.700%, 10/15/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250014 |
| Cerberus Loan Funding XLIV LLC |  |  |
| 6.255%, 3M TSFR + 2.350%, 01/15/36 (144A) (a) | 250000 | &nbsp;&nbsp; 250567 |
| CIFC Funding Ltd. |  |  |
| 5.145%, 3M TSFR + 1.240%, 10/15/38 (144A) (a) | 310000 | &nbsp;&nbsp; 310627 |
| 5.202%, 3M TSFR + 1.320%, 04/17/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250219 |
| 5.204%, 3M TSFR + 1.320%, 01/18/38 (144A) (a) | 510000 | &nbsp;&nbsp; 511536 |
| 5.216%, 3M TSFR + 1.332%, 04/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250050 |
| 5.220%, 3M TSFR + 1.360%, 07/23/37 (144A) (a) | 666207 | &nbsp;&nbsp; 668064 |
| 5.292%, 3M TSFR + 1.410%, 07/17/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250447 |
| 5.316%, 3M TSFR + 1.412%, 07/15/36 (144A) (a) | 250000 | &nbsp;&nbsp; 250118 |
| 5.344%, 3M TSFR + 1.450%, 07/16/37 (144A) (a) | 940000 | &nbsp;&nbsp; 942444 |
| 5.350%, 3M TSFR + 1.480%, 07/21/37 (144A) (a) | 1090000 | &nbsp;&nbsp; 1092087 |
| 5.371%, 3M TSFR + 1.280%, 10/19/38 (144A) (a) | 740000 | &nbsp;&nbsp; 740960 |
| 5.403%, 3M TSFR + 1.290%, 10/24/38 (144A) (a) | 350000 | &nbsp;&nbsp; 350828 |
| 5.420%, 3M TSFR + 1.550%, 04/21/37 (144A) (a) | 1170000 | &nbsp;&nbsp; 1173898 |
| 5.444%, 3M TSFR + 1.550%, 07/16/35 (144A) (a) | 500000 | &nbsp;&nbsp; 499748 |
| 5.484%, 3M TSFR + 1.600%, 01/20/37 (144A) (a) | 390000 | &nbsp;&nbsp; 390652 |
| 5.546%, 3M TSFR + 1.662%, 01/18/31 (144A) (a) | 330000 | &nbsp;&nbsp; 330387 |
| 5.608%, 3M TSFR + 1.750%, 07/25/37 (144A) (a) | 730000 | &nbsp;&nbsp; 730449 |
| 5.739%, 3M TSFR + 1.650%, 10/15/38 (144A) (a) | 1825000 | &nbsp;&nbsp; 1826407 |
| 5.816%, 3M TSFR + 1.912%, 10/15/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250098 |
| 5.920%, 3M TSFR + 2.050%, 04/21/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250225 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.016%, 1M TSFR + 0.284%, 07/25/45 (a) | 496162 | &nbsp;&nbsp; 351055 |
| 7.596%, 1M TSFR + 3.864%, 07/25/37 (a) | 4602562 | &nbsp;&nbsp; 4263748 |
| Clover CLO LLC |  |  |
| 5.414%, 3M TSFR + 1.530%, 04/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250251 |
| Compass Datacenters Issuer II LLC |  |  |
| 4.926%, 11/25/50 (144A) | 786000 | &nbsp;&nbsp; 784510 |
| Consolidated Communications LLC/Fidium Fiber Finance <br> Holdco LLC<br>|  |  |
| 5.766%, 12/20/55 (144A) | 2581000 | &nbsp;&nbsp; 2595913 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 4.527%, 04/25/36 (a) | 569677 | &nbsp;&nbsp; 512890 |
| CQS U.S. CLO 5 Ltd. |  |  |
| 5.461%, 3M TSFR + 1.650%, 01/17/39 (144A) (a) | 250000 | &nbsp;&nbsp; 250000 |
| CQS U.S. CLO Ltd. |  |  |
| 5.722%, 3M TSFR + 1.450%, 07/20/36 (144A) (a) | 530000 | &nbsp;&nbsp; 530259 |
| 6.508%, 3M TSFR + 2.650%, 01/25/37 (144A) (a) | 300000 | &nbsp;&nbsp; 300113 |
| Credit-Based Asset Servicing & Securitization LLC |  |  |
| 2.924%, 12/25/36 (k) | 126045 | &nbsp;&nbsp; 103099 |
| Crown Point CLO 11 Ltd. |  |  |
| 5.142%, 3M TSFR + 1.260%, 02/28/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249414 |
| CVC Cordatus Loan Fund IV DAC |  |  |
| 3.354%, 3M EURIBOR + 1.300%, 02/22/34 (EUR) (a) | 250000 | &nbsp;&nbsp; 293795 |
| CWABS Asset-Backed Certificates Trust |  |  |
| 4.266%, 1M TSFR + 0.534%, 04/25/46 (a) | 503460 | &nbsp;&nbsp; 415189 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| CWHEQ Revolving Home Equity Loan Trust |  |  |
| 4.015%, 1M TSFR + 0.264%, 11/15/36 (a) | 50617 | &nbsp;&nbsp; $49929 |
| 4.045%, 1M TSFR + 0.294%, 05/15/35 (a) | 7297 | &nbsp;&nbsp; 7272 |
| DB Master Finance LLC |  |  |
| 4.891%, 08/20/55 (144A) | 1051000 | &nbsp;&nbsp; 1053151 |
| Diameter Capital CLO 10 Ltd. |  |  |
| 5.194%, 3M TSFR + 1.310%, 04/20/38 (144A) (a) | 300000 | &nbsp;&nbsp; 300569 |
| Diameter Capital CLO 12 Ltd. |  |  |
| 5.156%, 3M TSFR + 1.240%, 10/20/38 (144A) (a) | 890000 | &nbsp;&nbsp; 888798 |
| Diameter Capital CLO 13 Ltd. |  |  |
| 4.964%, 3M TSFR + 1.230%, 01/20/39 (144A) (a) | 750000 | &nbsp;&nbsp; 750000 |
| Diameter Capital CLO 3 Ltd. |  |  |
| 5.235%, 3M TSFR + 1.330%, 01/15/38 (144A) (a) | 530000 | &nbsp;&nbsp; 530484 |
| Diameter Capital CLO 5 Ltd. |  |  |
| 5.110%, 3M TSFR + 1.240%, 01/15/39 (144A) (a) | 780000 | &nbsp;&nbsp; 780195 |
| Dryden 113 CLO Ltd. |  |  |
| 4.995%, 3M TSFR + 1.090%, 10/15/37 (144A) (a) | 500000 | &nbsp;&nbsp; 500390 |
| Dryden 30 Senior Loan Fund |  |  |
| 5.813%, 3M TSFR + 1.962%, 11/15/28 (144A) (a) | 230127 | &nbsp;&nbsp; 230144 |
| Dryden 65 CLO Ltd. |  |  |
| 5.746%, 3M TSFR + 1.862%, 07/18/30 (144A) (a) | 250000 | &nbsp;&nbsp; 250231 |
| Dryden 87 CLO Ltd. |  |  |
| 5.639%, 3M TSFR + 1.750%, 08/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250836 |
| Dryden 98 CLO Ltd. |  |  |
| 5.184%, 3M TSFR + 1.300%, 04/20/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250128 |
| Edenbrook Mortgage Funding PLC |  |  |
| 5.712%, SONIA + 1.950%, 03/22/57 (GBP) (a) | 241132 | &nbsp;&nbsp; 329144 |
| 6.312%, SONIA + 2.550%, 03/22/57 (GBP) (a) | 138924 | &nbsp;&nbsp; 191116 |
| Elevation CLO Ltd. |  |  |
| 5.084%, 3M TSFR + 1.200%, 10/20/31 (144A) (a) | 250000 | &nbsp;&nbsp; 249959 |
| Elmwood CLO 19 Ltd. |  |  |
| 5.151%, 3M TSFR + 1.240%, 10/17/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249879 |
| Elmwood CLO 24 Ltd. |  |  |
| 5.202%, 3M TSFR + 1.320%, 01/17/38 (144A) (a) | 1197000 | &nbsp;&nbsp; 1199544 |
| Elmwood CLO 27 Ltd. |  |  |
| 5.834%, 3M TSFR + 1.950%, 04/18/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250574 |
| Elmwood CLO 29 Ltd. |  |  |
| 5.404%, 3M TSFR + 1.520%, 04/20/37 (144A) (a) | 730000 | &nbsp;&nbsp; 730706 |
| Elmwood CLO 30 Ltd. |  |  |
| 5.312%, 3M TSFR + 1.430%, 07/17/37 (144A) (a) | 390000 | &nbsp;&nbsp; 391170 |
| Elmwood CLO 39 Ltd. |  |  |
| 5.022%, 3M TSFR + 1.140%, 04/17/38 (144A) (a) | 1750000 | &nbsp;&nbsp; 1745154 |
| Elmwood CLO II Ltd. |  |  |
| 5.234%, 3M TSFR + 1.350%, 10/20/37 (144A) (a) | 1140000 | &nbsp;&nbsp; 1143401 |
| 5.584%, 3M TSFR + 1.700%, 10/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250510 |
| Elmwood CLO XII Ltd. |  |  |
| 5.265%, 3M TSFR + 1.360%, 10/15/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250916 |
| Equity One Mortgage Pass-Through Trust |  |  |
| 5.459%, 12/25/33 (a) | 2986237 | &nbsp;&nbsp; 2709357 |
| Euro-Galaxy III CLO DAC |  |  |
| 5.316%, 3M EURIBOR + 3.250%, 04/24/34 (144A) <br> (EUR) (a)<br>| 290000 | &nbsp;&nbsp; 340697 |
| First Franklin Mortgage Loan Trust |  |  |
| 3.996%, 1M TSFR + 0.264%, 12/25/36 (a) | 1188253 | &nbsp;&nbsp; 1040990 |
| 4.086%, 1M TSFR + 0.354%, 10/25/36 (a) | 125765 | &nbsp;&nbsp; 81113 |
| 4.126%, 1M TSFR + 0.394%, 12/25/36 (a) | 3411382 | &nbsp;&nbsp; 1375264 |

---

*See accompanying notes to financial statements.*

**BHFTII-33**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| First Franklin Mortgage Loan Trust |  |  |
| 4.266%, 1M TSFR + 0.534%, 12/25/36 (a) | 6275449 | &nbsp;&nbsp; $2536629 |
| Flatiron CLO 21 Ltd. |  |  |
| 5.244%, 3M TSFR + 1.360%, 10/19/37 (144A) (a) | 2390000 | &nbsp;&nbsp; 2395853 |
| Flatiron CLO 25 Ltd. |  |  |
| 5.482%, 3M TSFR + 1.600%, 10/17/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250760 |
| Fortuna Consumer Loan ABS DAC |  |  |
| 3.593%, 1M EURIBOR + 1.650%, 10/18/34 (EUR) (a) | 88418 | &nbsp;&nbsp; 104309 |
| 6.043%, 1M EURIBOR + 4.100%, 10/18/34 (EUR) (a) | 265254 | &nbsp;&nbsp; 316811 |
| Foundation Finance Trust |  |  |
| 2.190%, 01/15/42 (144A) | 313503 | &nbsp;&nbsp; 297864 |
| 4.930%, 03/15/50 (144A) | 192273 | &nbsp;&nbsp; 192887 |
| 4.950%, 04/15/50 (144A) | 522921 | &nbsp;&nbsp; 529190 |
| 5.680%, 04/15/52 (144A) | 138000 | &nbsp;&nbsp; 137928 |
| 8.350%, 04/15/52 (144A) | 300000 | &nbsp;&nbsp; 303226 |
| Fremont Home Loan Trust |  |  |
| 4.126%, 1M TSFR + 0.394%, 02/25/37 (a) | 553952 | &nbsp;&nbsp; 414872 |
| FTA Consumo Santander |  |  |
| 3.304%, 3M EURIBOR + 1.300%, 07/20/38 (EUR) (a) | 71375 | &nbsp;&nbsp; 84128 |
| 3.654%, 3M EURIBOR + 1.650%, 07/20/38 (EUR) (a) | 71375 | &nbsp;&nbsp; 84064 |
| Galaxy XXII CLO Ltd. |  |  |
| 5.134%, 3M TSFR + 1.240%, 04/16/34 (144A) (a) | 1830000 | &nbsp;&nbsp; 1830018 |
| Golden Bar Securitisation SRL |  |  |
| 3.535%, 3M EURIBOR + 1.500%, 09/22/43 (EUR) (a) | 169784 | &nbsp;&nbsp; 200502 |
| Golden Ray SA - Compartment 1 |  |  |
| 3.894%, 1M EURIBOR + 2.000%, 12/27/57 (EUR) (a) | 100000 | &nbsp;&nbsp; 116860 |
| GoldenTree Loan Management U.S. CLO 11 Ltd. |  |  |
| 4.964%, 3M TSFR + 1.080%, 10/20/34 (144A) (a) | 910000 | &nbsp;&nbsp; 909544 |
| GoldenTree Loan Management U.S. CLO 25 Ltd. |  |  |
| 5.204%, 3M TSFR + 1.320%, 04/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250597 |
| Goldman Home Improvement Trust Issuer Trust |  |  |
| 1.970%, 06/25/51 (144A) | 231282 | &nbsp;&nbsp; 223505 |
| Golub Capital Partners CLO 17 Ltd. |  |  |
| 5.335%, 3M TSFR + 1.470%, 02/09/39 (144A) (a) | 1080000 | &nbsp;&nbsp; 1080087 |
| Golub Capital Partners CLO 19B-R3 Ltd. |  |  |
| 5.040%, 3M TSFR + 1.150%, 10/20/36 (144A) (a) | 640000 | &nbsp;&nbsp; 639960 |
| Golub Capital Partners CLO 43B Ltd. |  |  |
| 5.224%, 3M TSFR + 1.340%, 10/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250500 |
| Golub Capital Partners CLO 44M Ltd. |  |  |
| 5.440%, 3M TSFR + 1.570%, 10/21/38 (144A) (a) | 1950000 | &nbsp;&nbsp; 1950747 |
| Golub Capital Partners CLO 50B-R Ltd. |  |  |
| 5.384%, 3M TSFR + 1.500%, 04/20/35 (144A) (a) | 340000 | &nbsp;&nbsp; 339820 |
| Golub Capital Partners CLO 52 B R Ltd. |  |  |
| 5.884%, 3M TSFR + 2.000%, 04/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250089 |
| Golub Capital Partners CLO 53B Ltd. |  |  |
| 4.864%, 3M TSFR + 0.980%, 07/20/34 (144A) (a) | 1090000 | &nbsp;&nbsp; 1088912 |
| Golub Capital Partners CLO 77 B Ltd. |  |  |
| 5.108%, 3M TSFR + 1.250%, 01/25/38 (144A) (a) | 298333 | &nbsp;&nbsp; 298104 |
| Golub Capital Partners CLO 78M Ltd. |  |  |
| 5.250%, 3M TSFR + 1.380%, 04/21/39 (144A) (a) | 250000 | &nbsp;&nbsp; 250027 |
| Golub Capital Private Credit Fund CLO 2 |  |  |
| 5.354%, 3M TSFR + 1.470%, 10/18/39 (144A) (a) | 1180000 | &nbsp;&nbsp; 1177367 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| 5.000%, 10/20/49 (144A) | 1961339 | &nbsp;&nbsp; 1966193 |
| 5.350%, 10/20/46 (144A) | 197761 | &nbsp;&nbsp; 200305 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Great Lakes CLO IX Ltd. |  |  |
| 5.374%, 3M TSFR + 1.550%, 01/15/39 (144A) (a) | 560000 | &nbsp;&nbsp; $560248 |
| GreenSky Home Improvement Issuer Trust |  |  |
| 4.520%, 12/27/60 (144A) | 738000 | &nbsp;&nbsp; 739714 |
| GT Loan Financing I Ltd. |  |  |
| 5.077%, 3M TSFR + 1.220%, 04/28/39 (144A) (a) | 1390000 | &nbsp;&nbsp; 1390278 |
| Henley CLO IV DAC |  |  |
| 3.415%, 3M EURIBOR + 1.350%, 04/25/34 (EUR) (a) | 100000 | &nbsp;&nbsp; 117411 |
| Hermitage PLC |  |  |
| 5.389%, SONIA + 1.600%, 04/21/33 (GBP) (a) | 56673 | &nbsp;&nbsp; 76583 |
| 6.139%, SONIA + 2.350%, 04/21/33 (GBP) (a) | 49713 | &nbsp;&nbsp; 67435 |
| 7.689%, SONIA + 3.900%, 04/21/33 (GBP) (a) | 59656 | &nbsp;&nbsp; 81117 |
| Home Partners of America Trust |  |  |
| 3.799%, 12/17/26 (144A) | 1358646 | &nbsp;&nbsp; 1331655 |
| Invesco Euro CLO V DAC |  |  |
| 5.809%, 3M EURIBOR + 3.800%, 01/15/34 (EUR) (a) | 100000 | &nbsp;&nbsp; 113198 |
| KKR CLO 21 Ltd. |  |  |
| 5.166%, 3M TSFR + 1.262%, 04/15/31 (144A) (a) | 55190 | &nbsp;&nbsp; 55197 |
| KKR CLO 26 Ltd. |  |  |
| 5.005%, 3M TSFR + 1.100%, 10/15/34 (144A) (a) | 250000 | &nbsp;&nbsp; 249769 |
| KKR CLO 28 Ltd. |  |  |
| 4.991%, 3M TSFR + 1.120%, 02/09/35 (144A) (a) | 280000 | &nbsp;&nbsp; 280244 |
| KKR CLO 30 Ltd. |  |  |
| 5.732%, 3M TSFR + 1.850%, 04/17/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250429 |
| KKR CLO 34 Ltd. |  |  |
| 5.005%, 3M TSFR + 1.100%, 07/15/34 (144A) (a) | 540000 | &nbsp;&nbsp; 539474 |
| KKR CLO 54 Ltd. |  |  |
| 5.225%, 3M TSFR + 1.320%, 01/15/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250231 |
| Knollwood CDO Ltd. |  |  |
| 10.450%, PRIME + 3.200%, 01/10/39 (144A) † (a) | 1471381 | &nbsp;&nbsp; 147 |
| LCM 29 Ltd. |  |  |
| 5.236%, 3M TSFR + 1.332%, 04/15/31 (144A) (a) | 195517 | &nbsp;&nbsp; 195574 |
| LCM 31 Ltd. |  |  |
| 5.164%, 3M TSFR + 1.280%, 07/20/34 (144A) (a) | 390000 | &nbsp;&nbsp; 390195 |
| LCM 34 Ltd. |  |  |
| 5.064%, 3M TSFR + 1.180%, 10/20/34 (144A) (a) | 270000 | &nbsp;&nbsp; 270167 |
| 5.584%, 3M TSFR + 1.700%, 10/20/34 (144A) (a) | 500000 | &nbsp;&nbsp; 498963 |
| Lehman ABS Mortgage Loan Trust |  |  |
| 3.936%, 1M TSFR + 0.204%, 06/25/37 (144A) (a) | 114615 | &nbsp;&nbsp; 76490 |
| Lendmark Funding Trust |  |  |
| 4.510%, 05/21/35 (144A) | 1193000 | &nbsp;&nbsp; 1192642 |
| 4.830%, 05/21/35 (144A) | 197000 | &nbsp;&nbsp; 196607 |
| 5.040%, 05/21/35 (144A) | 100000 | &nbsp;&nbsp; 99558 |
| 5.690%, 02/21/34 (144A) | 100000 | &nbsp;&nbsp; 100290 |
| LMRE SFR1 Trust |  |  |
| 4.500%, 12/17/42 (144A) | 440000 | &nbsp;&nbsp; 431208 |
| Loanpal Solar Loan Ltd. |  |  |
| 2.290%, 01/20/48 (144A) | 650614 | &nbsp;&nbsp; 548769 |
| 2.750%, 07/20/47 (144A) | 701256 | &nbsp;&nbsp; 597393 |
| Long Beach Mortgage Loan Trust |  |  |
| 4.146%, 1M TSFR + 0.414%, 06/25/36 (a) | 433945 | &nbsp;&nbsp; 203996 |
| 4.166%, 1M TSFR + 0.434%, 08/25/36 (a) | 478771 | &nbsp;&nbsp; 189306 |
| Madison Park Funding LXVII Ltd. |  |  |
| 5.908%, 3M TSFR + 2.050%, 04/25/37 (144A) (a) | 640000 | &nbsp;&nbsp; 641581 |
| Madison Park Funding XIX Ltd. |  |  |
| 5.457%, 3M TSFR + 1.600%, 01/22/37 (144A) (a) | 1094000 | &nbsp;&nbsp; 1093726 |

---

*See accompanying notes to financial statements.*

**BHFTII-34**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Madison Park Funding XL-R Ltd. |  |  |
| 5.253%, 3M TSFR + 1.290%, 10/16/38 (144A) (a) | 270000 | &nbsp;&nbsp; $270701 |
| Madison Park Funding XXX Ltd. |  |  |
| 5.644%, 3M TSFR + 1.750%, 07/16/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250462 |
| Mariner Finance Issuance Trust |  |  |
| 4.590%, 11/22/38 (144A) | 1026000 | &nbsp;&nbsp; 1029286 |
| 4.680%, 11/20/36 (144A) | 400000 | &nbsp;&nbsp; 376513 |
| 6.360%, 11/20/38 (144A) | 183000 | &nbsp;&nbsp; 187387 |
| Merrill Lynch First Franklin Mortgage Loan Trust |  |  |
| 4.326%, 1M TSFR + 0.594%, 05/25/37 (a) | 3774684 | &nbsp;&nbsp; 2769827 |
| Mill City Solar Loan Ltd. |  |  |
| 3.690%, 07/20/43 (144A) | 758974 | &nbsp;&nbsp; 691786 |
| Mosaic Solar Loan Trust |  |  |
| 2.100%, 04/20/46 (144A) | 95883 | &nbsp;&nbsp; 84911 |
| 2.880%, 09/20/40 (144A) | 87563 | &nbsp;&nbsp; 77906 |
| Neuberger Berman CLO XXI Ltd. |  |  |
| 5.204%, 3M TSFR + 1.320%, 01/20/39 (144A) (a) | 1440000 | &nbsp;&nbsp; 1443797 |
| Neuberger Berman Loan Advisers CLO 36R Ltd. |  |  |
| 5.552%, 3M TSFR + 1.270%, 07/20/39 (144A) (a) | 1900000 | &nbsp;&nbsp; 1903982 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. |  |  |
| 5.384%, 3M TSFR + 1.500%, 01/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 249555 |
| New Mountain CLO 3 Ltd. |  |  |
| 5.214%, 3M TSFR + 1.330%, 10/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250401 |
| New Mountain CLO 8 Ltd. |  |  |
| 5.133%, 3M TSFR + 1.270%, 10/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250610 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |
| 4.246%, 1M TSFR + 0.514%, 10/25/36 (144A) (a) | 40846 | &nbsp;&nbsp; 83207 |
| Noria DE |  |  |
| 3.544%, 1M EURIBOR + 1.650%, 02/25/43 (EUR) (a) | 80503 | &nbsp;&nbsp; 94687 |
| 5.444%, 1M EURIBOR + 3.550%, 02/25/43 (EUR) (a) | 80503 | &nbsp;&nbsp; 95612 |
| Oceana Australian Fixed Income Trust |  |  |
| 10.500%, 07/31/28 (AUD) † (e) (f) | 639000 | &nbsp;&nbsp; 425925 |
| 12.500%, 07/31/26 (AUD) † (e) (f) | 456000 | &nbsp;&nbsp; 308116 |
| 12.500%, 07/31/27 (AUD) † (e) (f) | 759000 | &nbsp;&nbsp; 521714 |
| OCP CLO Ltd. |  |  |
| 4.970%, 3M TSFR + 1.100%, 11/26/37 (144A) (a) | 187500 | &nbsp;&nbsp; 187510 |
| 5.047%, 3M TSFR + 1.200%, 10/15/38 (144A) (a) | 260000 | &nbsp;&nbsp; 259966 |
| 5.101%, 3M TSFR + 1.230%, 10/15/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250219 |
| 5.189%, 3M TSFR + 1.262%, 04/10/33 (144A) (a) | 189110 | &nbsp;&nbsp; 189189 |
| 5.210%, 3M TSFR + 1.340%, 11/26/37 (144A) (a) | 430000 | &nbsp;&nbsp; 431050 |
| 5.234%, 3M TSFR + 1.350%, 10/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250399 |
| 5.284%, 3M TSFR + 1.400%, 07/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250768 |
| 5.520%, 3M TSFR + 1.662%, 04/26/31 (144A) (a) | 85494 | &nbsp;&nbsp; 85460 |
| 5.547%, 3M TSFR + 1.700%, 10/15/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249185 |
| 5.576%, 3M TSFR + 1.250%, 05/21/38 (144A) (a) | 300000 | &nbsp;&nbsp; 300328 |
| 6.297%, 3M TSFR + 2.450%, 10/15/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249951 |
| 6.584%, 3M TSFR + 2.700%, 04/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250622 |
| Octagon Investment Partners 18-R Ltd. |  |  |
| 5.115%, 3M TSFR + 1.222%, 04/16/31 (144A) (a) | 148304 | &nbsp;&nbsp; 148264 |
| Octagon Investment Partners 39 Ltd. |  |  |
| 5.684%, 3M TSFR + 1.800%, 10/20/30 (144A) (a) | 860000 | &nbsp;&nbsp; 861607 |
| OHA Credit Funding 10-R Ltd. |  |  |
| 5.539%, 3M TSFR + 1.260%, 07/18/37 (144A) (a) | 380000 | &nbsp;&nbsp; 380553 |
| OHA Credit Funding 17 Ltd. |  |  |
| 5.364%, 3M TSFR + 1.480%, 04/20/37 (144A) (a) | 490000 | &nbsp;&nbsp; 490780 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| OHA Credit Funding 2 Ltd. |  |  |
| 5.110%, 3M TSFR + 1.240%, 01/21/38 (144A) (a) | 2590000 | &nbsp;&nbsp; $2593471 |
| OHA Credit Funding 3 Ltd. |  |  |
| 5.204%, 3M TSFR + 1.320%, 01/20/38 (144A) (a) | 300000 | &nbsp;&nbsp; 300756 |
| OHA Credit Funding 7 Ltd. |  |  |
| 5.164%, 3M TSFR + 1.280%, 07/19/38 (144A) (a) | 800000 | &nbsp;&nbsp; 799560 |
| OHA Credit Funding 9 Ltd. |  |  |
| 5.584%, 3M TSFR + 1.700%, 10/19/37 (144A) (a) | 350000 | &nbsp;&nbsp; 350891 |
| OHA Credit Partners XI Ltd. |  |  |
| 5.344%, 3M TSFR + 1.460%, 04/20/37 (144A) (a) | 540000 | &nbsp;&nbsp; 541042 |
| OHA Loan Funding Ltd. |  |  |
| 5.134%, 3M TSFR + 1.250%, 10/19/38 (144A) (a) | 310000 | &nbsp;&nbsp; 310594 |
| 5.344%, 3M TSFR + 1.460%, 07/20/37 (144A) (a) | 610000 | &nbsp;&nbsp; 611943 |
| OneMain Financial Issuance Trust |  |  |
| 5.790%, 05/14/41 (144A) | 2497000 | &nbsp;&nbsp; 2623344 |
| Orion CLO Ltd. |  |  |
| 5.129%, 3M TSFR + 1.220%, 10/25/38 (144A) (a) | 2310000 | &nbsp;&nbsp; 2312250 |
| Owl Rock CLO III Ltd. |  |  |
| 5.734%, 3M TSFR + 1.850%, 04/20/36 (144A) (a) | 250000 | &nbsp;&nbsp; 250380 |
| Owl Rock CLO XVIII LLC |  |  |
| 5.565%, 3M TSFR + 1.700%, 07/24/36 (144A) (a) | 460000 | &nbsp;&nbsp; 459554 |
| OZLM XIX Ltd. |  |  |
| 5.255%, 3M TSFR + 1.350%, 01/15/35 (144A) (a) | 410000 | &nbsp;&nbsp; 410197 |
| OZLM XVIII Ltd. |  |  |
| 5.186%, 3M TSFR + 1.282%, 04/15/31 (144A) (a) | 62941 | &nbsp;&nbsp; 62924 |
| 5.716%, 3M TSFR + 1.812%, 04/15/31 (144A) (a) | 510000 | &nbsp;&nbsp; 511634 |
| Palmer Square CLO Ltd. |  |  |
| 5.103%, 3M TSFR + 1.250%, 08/14/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250124 |
| 5.227%, 3M TSFR + 1.270%, 10/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250199 |
| 5.557%, 3M TSFR + 1.600%, 10/20/38 (144A) (a) | 340000 | &nbsp;&nbsp; 340519 |
| Palmer Square Loan Funding Ltd. |  |  |
| 4.660%, 3M TSFR + 0.950%, 01/15/34 (144A) (a) | 1180000 | &nbsp;&nbsp; 1179124 |
| 5.505%, 3M TSFR + 1.600%, 04/15/31 (144A) (a) | 1580000 | &nbsp;&nbsp; 1583060 |
| 5.515%, 3M TSFR + 1.650%, 08/08/32 (144A) (a) | 250000 | &nbsp;&nbsp; 250179 |
| 5.905%, 3M TSFR + 2.000%, 04/15/31 (144A) (a) | 340000 | &nbsp;&nbsp; 340005 |
| Park Blue CLO Ltd. |  |  |
| 5.198%, 3M TSFR + 1.340%, 01/25/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250482 |
| 5.255%, 3M TSFR + 1.310%, 10/25/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250035 |
| 6.081%, 3M TSFR + 2.000%, 10/20/38 (144A) (a) | 530000 | &nbsp;&nbsp; 530977 |
| PCL Funding IX PLC |  |  |
| 5.144%, SONIA + 1.300%, 07/16/29 (GBP) (a) | 100000 | &nbsp;&nbsp; 135129 |
| Pikes Peak CLO Ltd. |  |  |
| 5.104%, 3M TSFR + 1.220%, 10/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250380 |
| Planet Fitness Master Issuer LLC |  |  |
| 5.649%, 12/06/55 (144A) | 880000 | &nbsp;&nbsp; 879669 |
| Point Broadband Funding LLC |  |  |
| 8.156%, 07/20/55 (144A) | 1276000 | &nbsp;&nbsp; 1302504 |
| Post CLO Ltd. |  |  |
| 5.160%, 3M TSFR + 1.300%, 10/20/38 (144A) (a) | 270000 | &nbsp;&nbsp; 270527 |
| 5.560%, 3M TSFR + 1.700%, 10/20/38 (144A) (a) | 270000 | &nbsp;&nbsp; 270790 |
| 6.710%, 3M TSFR + 2.850%, 10/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250232 |
| Progress Residential Trust |  |  |
| 3.436%, 05/17/26 (144A) | 1070000 | &nbsp;&nbsp; 1062857 |
| 3.666%, 12/17/40 (144A) | 289686 | &nbsp;&nbsp; 278659 |
| 4.053%, 11/17/40 (144A) | 221000 | &nbsp;&nbsp; 213938 |
| 4.608%, 12/17/40 (144A) | 1170398 | &nbsp;&nbsp; 1152513 |

---

*See accompanying notes to financial statements.*

**BHFTII-35**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| QTS Issuer ABS II LLC |  |  |
| 5.044%, 10/05/55 (144A) | 1142000 | &nbsp;&nbsp; $1131924 |
| Quarzo SRL |  |  |
| 4.400%, 3M EURIBOR + 2.300%, 06/15/41 (EUR) (a) | 66327 | &nbsp;&nbsp; 78880 |
| 5.800%, 3M EURIBOR + 3.700%, 06/15/41 (EUR) (a) | 66327 | &nbsp;&nbsp; 78726 |
| Rad CLO 14 Ltd. |  |  |
| 5.336%, 3M TSFR + 1.432%, 01/15/35 (144A) (a) | 540000 | &nbsp;&nbsp; 540145 |
| Rad CLO 15 Ltd. |  |  |
| 5.244%, 3M TSFR + 1.360%, 07/20/40 (144A) (a) | 250000 | &nbsp;&nbsp; 250924 |
| Rad CLO 21 Ltd. |  |  |
| 4.928%, 3M TSFR + 1.070%, 01/25/37 (144A) (a) | 330000 | &nbsp;&nbsp; 329340 |
| Rad CLO 25 Ltd. |  |  |
| 5.344%, 3M TSFR + 1.460%, 07/20/37 (144A) (a) | 640000 | &nbsp;&nbsp; 641282 |
| Rad CLO 27 Ltd. |  |  |
| 5.605%, 3M TSFR + 1.700%, 01/15/38 (144A) (a) | 2000000 | &nbsp;&nbsp; 2005982 |
| Regatta 30 Funding Ltd. |  |  |
| 5.178%, 3M TSFR + 1.320%, 01/25/38 (144A) (a) | 530000 | &nbsp;&nbsp; 531143 |
| Regatta 31 Funding Ltd. |  |  |
| 5.458%, 3M TSFR + 1.600%, 03/25/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250446 |
| Regatta 35 Funding Ltd. |  |  |
| 5.575%, 3M TSFR + 1.290%, 10/15/38 (144A) (a) | 990000 | &nbsp;&nbsp; 991713 |
| Regatta VI Funding Ltd. |  |  |
| 5.206%, 3M TSFR + 1.250%, 10/20/38 (144A) (a) | 757765 | &nbsp;&nbsp; 757842 |
| Regatta XVI Funding Ltd. |  |  |
| 5.605%, 3M TSFR + 1.700%, 01/15/33 (144A) (a) | 310000 | &nbsp;&nbsp; 310295 |
| 5.805%, 3M TSFR + 1.900%, 01/15/33 (144A) (a) | 250000 | &nbsp;&nbsp; 250085 |
| Regatta XVII Funding Ltd. |  |  |
| 5.285%, 3M TSFR + 1.380%, 10/15/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250955 |
| Regatta XVIII Funding Ltd. |  |  |
| 5.065%, 3M TSFR + 1.160%, 04/15/38 (144A) (a) | 200725 | &nbsp;&nbsp; 200340 |
| Regatta XXIV Funding Ltd. |  |  |
| 5.204%, 3M TSFR + 1.320%, 01/20/38 (144A) (a) | 500000 | &nbsp;&nbsp; 500590 |
| Regatta XXV Funding Ltd. |  |  |
| 5.245%, 3M TSFR + 1.340%, 07/15/38 (144A) (a) | 960000 | &nbsp;&nbsp; 963714 |
| Regatta XXVII Funding Ltd. |  |  |
| 5.388%, 3M TSFR + 1.530%, 04/26/37 (144A) (a) | 850000 | &nbsp;&nbsp; 851832 |
| Regional Management Issuance Trust |  |  |
| 1.900%, 08/15/33 (144A) | 173000 | &nbsp;&nbsp; 167743 |
| 3.875%, 10/17/33 (e) (f) | 3710000 | &nbsp;&nbsp; 3626526 |
| 4.590%, 11/16/37 (144A) | 1447000 | &nbsp;&nbsp; 1444601 |
| 5.110%, 12/15/33 (144A) | 261000 | &nbsp;&nbsp; 263025 |
| 7.460%, 07/15/36 (144A) | 102000 | &nbsp;&nbsp; 105065 |
| Republic Finance Issuance Trust |  |  |
| 4.590%, 11/20/34 (144A) | 1292000 | &nbsp;&nbsp; 1296165 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| 5.091%, 08/15/50 (144A) | 945000 | &nbsp;&nbsp; 936290 |
| Riserva CLO Ltd. |  |  |
| 4.934%, 3M TSFR + 1.050%, 01/18/34 (144A) (a) | 500000 | &nbsp;&nbsp; 500153 |
| Rockford Tower CLO Ltd. |  |  |
| 4.960%, 3M TSFR + 1.300%, 03/31/38 (144A) (a) | 380000 | &nbsp;&nbsp; 380195 |
| 4.984%, 3M TSFR + 1.100%, 04/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 249805 |
| 5.019%, 3M TSFR + 1.130%, 08/20/32 (144A) (a) | 155462 | &nbsp;&nbsp; 155638 |
| 5.246%, 3M TSFR + 1.362%, 04/20/34 (144A) (a) | 856000 | &nbsp;&nbsp; 856316 |
| 5.336%, 3M TSFR + 1.452%, 10/20/30 (144A) (a) | 338159 | &nbsp;&nbsp; 338077 |
| 5.796%, 3M TSFR + 1.912%, 07/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250181 |
| 6.830%, 3M TSFR + 3.170%, 03/31/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250117 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Romark CLO II Ltd. |  |  |
| 4.998%, 3M TSFR + 1.140%, 07/25/31 (144A) (a) | 71407 | &nbsp;&nbsp; $71420 |
| RR 12 Ltd. |  |  |
| 5.505%, 3M TSFR + 1.600%, 01/15/36 (144A) (a) | 250000 | &nbsp;&nbsp; 250001 |
| RR 19 Ltd. |  |  |
| 5.455%, 3M TSFR + 1.550%, 04/15/40 (144A) (a) | 250000 | &nbsp;&nbsp; 250287 |
| RR 32 Ltd. |  |  |
| 5.265%, 3M TSFR + 1.360%, 10/15/39 (144A) (a) | 1860000 | &nbsp;&nbsp; 1863766 |
| RR 38 Ltd. |  |  |
| 5.055%, 3M TSFR + 1.150%, 04/15/40 (144A) (a) | 1620000 | &nbsp;&nbsp; 1617517 |
| RR 41 Ltd. |  |  |
| 5.214%, 3M TSFR + 1.250%, 10/15/40 (144A) (a) | 250000 | &nbsp;&nbsp; 250102 |
| RR 5 Ltd. |  |  |
| 5.405%, 3M TSFR + 1.500%, 07/15/39 (144A) (a) | 250000 | &nbsp;&nbsp; 250700 |
| 5.855%, 3M TSFR + 1.950%, 07/15/39 (144A) (a) | 250000 | &nbsp;&nbsp; 250615 |
| RR 8 Ltd. |  |  |
| 4.980%, 3M TSFR + 1.230%, 01/15/39 (144A) (a) | 860000 | &nbsp;&nbsp; 861320 |
| Sagard-Halseypoint CLO 10 Ltd. |  |  |
| 5.230%, 3M TSFR + 1.350%, 10/20/38 (144A) (a) | 2070000 | &nbsp;&nbsp; 2072340 |
| Sagard-Halseypoint CLO 9 Ltd. |  |  |
| 5.174%, 3M TSFR + 1.290%, 04/20/38 (144A) (a) | 260000 | &nbsp;&nbsp; 259871 |
| Sandstone Peak III Ltd. |  |  |
| 5.488%, 3M TSFR + 1.630%, 04/25/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250640 |
| Sandstone Peak IV Ltd. |  |  |
| 4.949%, 3M TSFR + 1.290%, 01/20/39 (144A) (a) | 530000 | &nbsp;&nbsp; 530264 |
| 5.709%, 3M TSFR + 2.050%, 01/20/39 (144A) (a) | 250000 | &nbsp;&nbsp; 250120 |
| 6.759%, 3M TSFR + 3.100%, 01/20/39 (144A) (a) | 250000 | &nbsp;&nbsp; 250114 |
| Sandstone Peak Ltd. |  |  |
| 7.255%, 3M TSFR + 3.350%, 10/15/34 (144A) (a) | 250000 | &nbsp;&nbsp; 248467 |
| Saxon Asset Securities Trust |  |  |
| 2.825%, 08/25/35 (k) | 164114 | &nbsp;&nbsp; 127921 |
| SC Germany SA Compartment Consumer |  |  |
| 3.335%, 1M EURIBOR + 1.400%, 05/14/38 (EUR) (a) | 100000 | &nbsp;&nbsp; 117784 |
| 3.635%, 1M EURIBOR + 1.700%, 05/14/38 (EUR) (a) | 100000 | &nbsp;&nbsp; 117662 |
| 3.685%, 1M EURIBOR + 1.750%, 12/14/38 (EUR) (a) | 100000 | &nbsp;&nbsp; 117886 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| 4.286%, 1M TSFR + 0.554%, 01/25/37 (a) | 82000 | &nbsp;&nbsp; 62733 |
| Service Experts Issuer LLC |  |  |
| 2.670%, 02/02/32 (144A) | 268021 | &nbsp;&nbsp; 264168 |
| 6.390%, 11/20/35 (144A) | 447478 | &nbsp;&nbsp; 458550 |
| SG Mortgage Securities Trust |  |  |
| 4.266%, 1M TSFR + 0.534%, 10/25/36 (a) | 570000 | &nbsp;&nbsp; 455499 |
| Signal Peak CLO 11 Ltd. |  |  |
| 5.334%, 3M TSFR + 1.450%, 07/18/37 (144A) (a) | 470000 | &nbsp;&nbsp; 471324 |
| Signal Peak CLO 12 Ltd. |  |  |
| 5.284%, 3M TSFR + 1.400%, 07/18/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250657 |
| Signal Peak CLO 14 Ltd. |  |  |
| 5.157%, 3M TSFR + 1.300%, 01/22/38 (144A) (a) | 560000 | &nbsp;&nbsp; 560956 |
| Signal Peak CLO 5 Ltd. |  |  |
| 5.408%, 3M TSFR + 1.550%, 04/25/37 (144A) (a) | 270000 | &nbsp;&nbsp; 270691 |
| Signal Peak CLO 9 Ltd. |  |  |
| 5.230%, 3M TSFR + 1.360%, 01/21/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250748 |
| Silver Point CLO 13 Ltd. |  |  |
| 5.180%, 3M TSFR + 1.250%, 10/15/38 (144A) (a) | 820000 | &nbsp;&nbsp; 820139 |
| Silver Point CLO 3 Ltd. |  |  |
| 5.009%, 3M TSFR + 1.260%, 01/18/39 (144A) (a) | 570000 | &nbsp;&nbsp; 570413 |

---

*See accompanying notes to financial statements.*

**BHFTII-36**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Silver Point CLO 8 Ltd. |  |  |
| 5.115%, 3M TSFR + 1.210%, 04/15/38 (144A) (a) | 1080000 | &nbsp;&nbsp; $1080406 |
| Sixth Street CLO IX Ltd. |  |  |
| 5.250%, 3M TSFR + 1.380%, 07/21/37 (144A) (a) | 300000 | &nbsp;&nbsp; 300754 |
| SoFi Personal Loan Trust |  |  |
| Zero Coupon, 02/12/31 | 23003 | &nbsp;&nbsp; 392298 |
| 6.060%, 02/12/31 (144A) | 423547 | &nbsp;&nbsp; 420571 |
| Sound Point CLO II Ltd. |  |  |
| 5.190%, 3M TSFR + 1.332%, 01/26/31 (144A) (a) | 35618 | &nbsp;&nbsp; 35610 |
| Soundview Home Loan Trust |  |  |
| 4.371%, 1M TSFR + 0.639%, 01/25/37 (a) | 3400541 | &nbsp;&nbsp; 3472386 |
| 4.641%, 1M TSFR + 0.909%, 01/25/35 (a) | 12255 | &nbsp;&nbsp; 10699 |
| 4.866%, 1M TSFR + 1.134%, 11/25/35 (a) | 158500 | &nbsp;&nbsp; 134333 |
| Subway Funding LLC |  |  |
| 6.268%, 07/30/54 (144A) | 828630 | &nbsp;&nbsp; 846058 |
| Summit Issuer LLC |  |  |
| 5.208%, 11/20/55 (144A) | 837000 | &nbsp;&nbsp; 838809 |
| Symphony CLO 36 Ltd. |  |  |
| 5.305%, 3M TSFR + 1.412%, 01/16/31 (144A) (a) | 13024 | &nbsp;&nbsp; 13021 |
| Symphony CLO 43 Ltd. |  |  |
| 5.425%, 3M TSFR + 1.520%, 04/15/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250555 |
| Symphony CLO Ltd. |  |  |
| 5.815%, 3M TSFR + 1.950%, 07/24/38 (144A) (a) | 250000 | &nbsp;&nbsp; 251074 |
| Symphony CLO XX Ltd. |  |  |
| 5.444%, 3M TSFR + 1.550%, 01/16/32 (144A) (a) | 250000 | &nbsp;&nbsp; 250015 |
| Symphony CLO XXIX Ltd. |  |  |
| 5.933%, 3M TSFR + 1.650%, 10/15/35 (144A) (a) | 360000 | &nbsp;&nbsp; 360465 |
| Symphony CLO XXVI Ltd. |  |  |
| 5.226%, 3M TSFR + 1.342%, 04/20/33 (144A) (a) | 235760 | &nbsp;&nbsp; 235931 |
| Taco Bell Funding LLC |  |  |
| 4.821%, 08/25/55 (144A) | 1192000 | &nbsp;&nbsp; 1185315 |
| TCI-Symphony CLO Ltd. |  |  |
| 5.193%, 3M TSFR + 1.282%, 10/13/32 (144A) (a) | 153158 | &nbsp;&nbsp; 153247 |
| Thayer Park CLO Ltd. |  |  |
| 4.869%, 3M TSFR + 1.000%, 04/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250075 |
| TICP CLO VI Ltd. |  |  |
| 5.286%, 3M TSFR + 1.382%, 01/15/34 (144A) (a) | 820000 | &nbsp;&nbsp; 820718 |
| TICP CLO VII Ltd. |  |  |
| 5.805%, 3M TSFR + 1.900%, 04/15/33 (144A) (a) | 395000 | &nbsp;&nbsp; 395220 |
| TICP CLO XI Ltd. |  |  |
| 5.908%, 3M TSFR + 2.050%, 04/25/37 (144A) (a) | 260000 | &nbsp;&nbsp; 260677 |
| Trestles CLO III Ltd. |  |  |
| 5.274%, 3M TSFR + 1.390%, 10/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250282 |
| Trestles CLO IV Ltd. |  |  |
| 5.071%, 3M TSFR + 1.280%, 10/30/38 (144A) (a) | 1170000 | &nbsp;&nbsp; 1170811 |
| Trestles CLO IX Ltd. |  |  |
| 5.130%, 3M TSFR + 1.260%, 01/15/39 (144A) (a) | 610000 | &nbsp;&nbsp; 610342 |
| Trestles CLO VI Ltd. |  |  |
| 5.038%, 3M TSFR + 1.180%, 04/25/38 (144A) (a) | 1240000 | &nbsp;&nbsp; 1236992 |
| Trestles CLO VII Ltd. |  |  |
| 5.238%, 3M TSFR + 1.380%, 10/25/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250594 |
| Trestles CLO VIII Ltd. |  |  |
| 5.627%, 3M TSFR + 1.330%, 06/11/35 (144A) (a) | 270000 | &nbsp;&nbsp; 270574 |
| Tricon Residential Trust |  |  |
| 3.692%, 07/17/38 (144A) | 795000 | &nbsp;&nbsp; 786751 |
| 4.133%, 07/17/38 (144A) | 639000 | &nbsp;&nbsp; 632515 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Trimaran Cavu Ltd. |  |  |
| 5.280%, 3M TSFR + 1.420%, 07/23/37 (144A) (a) | 280000 | &nbsp;&nbsp; $280392 |
| Trimaran CAVU Ltd. |  |  |
| 5.150%, 3M TSFR + 1.270%, 03/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249327 |
| Trinitas CLO IV Ltd. |  |  |
| 5.546%, 3M TSFR + 1.662%, 10/18/31 (144A) (a) | 76467 | &nbsp;&nbsp; 76470 |
| Trinitas CLO VII Ltd. |  |  |
| 4.918%, 3M TSFR + 1.060%, 01/25/35 (144A) (a) | 250000 | &nbsp;&nbsp; 249499 |
| Trinitas CLO XIV Ltd. |  |  |
| 5.558%, 3M TSFR + 1.700%, 01/25/34 (144A) (a) | 560000 | &nbsp;&nbsp; 559186 |
| Trinitas CLO XXI Ltd. |  |  |
| 6.784%, 3M TSFR + 2.900%, 04/20/38 (144A) (a) | 430000 | &nbsp;&nbsp; 429438 |
| Trinitas CLO XXVIII Ltd. |  |  |
| 5.408%, 3M TSFR + 1.550%, 04/25/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250413 |
| UPG HI Issuer Trust |  |  |
| 5.000%, 09/25/47 (144A) | 422000 | &nbsp;&nbsp; 421819 |
| Upgrade Master Pass-Thru Trust |  |  |
| 4.546%, 11/15/32 (144A) | 879556 | &nbsp;&nbsp; 879167 |
| 4.611%, 10/15/32 (144A) | 334206 | &nbsp;&nbsp; 334799 |
| 4.979%, 11/15/32 (144A) | 501000 | &nbsp;&nbsp; 501668 |
| 5.250%, 12/15/33 (144A) | 370000 | &nbsp;&nbsp; 370772 |
| 5.254%, 09/15/32 (144A) | 126000 | &nbsp;&nbsp; 126506 |
| Upland CLO Ltd. |  |  |
| 5.796%, 3M TSFR + 1.912%, 04/20/31 (144A) (a) | 270000 | &nbsp;&nbsp; 270426 |
| UPX HIL Issuer Trust |  |  |
| 5.160%, 01/25/47 (144A) | 1166669 | &nbsp;&nbsp; 1175680 |
| Valley Stream Park CLO Ltd. |  |  |
| 5.074%, 3M TSFR + 1.190%, 01/20/37 (144A) (a) | 1510000 | &nbsp;&nbsp; 1509487 |
| Vantage Data Centers Jersey Borrower SPV Ltd. |  |  |
| 6.172%, 05/28/39 (GBP) | 480000 | &nbsp;&nbsp; 661856 |
| Venture 32 CLO Ltd. |  |  |
| 5.216%, 3M TSFR + 1.332%, 07/18/31 (144A) (a) | 72868 | &nbsp;&nbsp; 72860 |
| Verdelite Static CLO Ltd. |  |  |
| 5.014%, 3M TSFR + 1.130%, 07/20/32 (144A) (a) | 271129 | &nbsp;&nbsp; 270883 |
| VOLT CVI LLC |  |  |
| 6.734%, 12/26/51 (144A) (k) | 864000 | &nbsp;&nbsp; 865067 |
| Voya CLO Ltd. |  |  |
| 5.054%, 3M TSFR + 1.170%, 04/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249680 |
| 5.084%, 3M TSFR + 1.200%, 07/20/32 (144A) (a) | 885387 | &nbsp;&nbsp; 885920 |
| 5.090%, 3M TSFR + 1.232%, 04/25/31 (144A) (a) | 46953 | &nbsp;&nbsp; 46953 |
| 5.096%, 3M TSFR + 1.212%, 04/19/31 (144A) (a) | 59153 | &nbsp;&nbsp; 59159 |
| 5.434%, 3M TSFR + 1.550%, 04/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249178 |
| 5.605%, 3M TSFR + 1.700%, 10/15/38 (144A) (a) | 765000 | &nbsp;&nbsp; 766626 |
| Voya Euro CLO V DAC |  |  |
| 3.759%, 3M EURIBOR + 1.750%, 04/15/35 (144A) <br> (EUR) (a)<br>| 340000 | &nbsp;&nbsp; 399430 |
| Washington Mutual Asset-Backed Certificates WMABS Trust |  |  |
| 4.112%, 1M TSFR + 0.424%, 10/25/36 (a) | 463922 | &nbsp;&nbsp; 357726 |
| 4.141%, 1M TSFR + 0.474%, 09/25/36 (a) | 1584184 | &nbsp;&nbsp; 398868 |
| Wellington Management CLO 5 Ltd. |  |  |
| 5.611%, 3M TSFR + 1.650%, 10/18/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250074 |
| Whitebox CLO I Ltd. |  |  |
| 5.020%, 3M TSFR + 1.180%, 01/24/37 (144A) (a) | 580000 | &nbsp;&nbsp; 580000 |
| 9.140%, 3M TSFR + 5.300%, 01/24/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250126 |
| Whitebox CLO II Ltd. |  |  |
| 5.245%, 3M TSFR + 1.380%, 10/24/37 (144A) (a) | 1778000 | &nbsp;&nbsp; 1779147 |

---

*See accompanying notes to financial statements.*

**BHFTII-37**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Whitebox CLO III Ltd. |  |  |
| 6.755%, 3M TSFR + 2.850%, 10/15/35 (144A) (a) | 250000 | &nbsp;&nbsp; $250098 |
| 9.555%, 3M TSFR + 5.650%, 10/15/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250380 |
| Wildwood Park CLO Ltd. |  |  |
| 5.244%, 3M TSFR + 1.360%, 10/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250931 |
| Wireless PropCo Funding LLC |  |  |
| 4.300%, 06/25/55 (144A) | 2718000 | &nbsp;&nbsp; 2604160 |
|  |  | &nbsp;&nbsp; 245436661 |
| **Asset-Backed - Student Loan — 0.9%** | **Asset-Backed - Student Loan — 0.9%** | **Asset-Backed - Student Loan — 0.9%** |
| College Avenue Student Loans LLC |  |  |
| 2.420%, 06/25/52 (144A) | 105412 | &nbsp;&nbsp; 96851 |
| 2.720%, 06/25/52 (144A) | 58475 | &nbsp;&nbsp; 54383 |
| Navient Private Education Loan Trust |  |  |
| 4.765%, 1M TSFR + 1.014%, 11/15/68 (144A) (a) | 156250 | &nbsp;&nbsp; 155877 |
| Navient Private Education Refi Loan Trust |  |  |
| 2.610%, 04/15/60 (144A) | 131719 | &nbsp;&nbsp; 118641 |
| 2.690%, 07/15/69 (144A) | 450000 | &nbsp;&nbsp; 389855 |
| 3.480%, 04/15/60 (144A) | 348705 | &nbsp;&nbsp; 327374 |
| 5.660%, 10/15/72 (144A) | 1629849 | &nbsp;&nbsp; 1670122 |
| Navient Refinance Loan Trust |  |  |
| 4.720%, 09/15/55 (144A) | 993970 | &nbsp;&nbsp; 994723 |
| 4.800%, 10/15/55 (144A) | 695188 | &nbsp;&nbsp; 696542 |
| Nelnet Student Loan Trust |  |  |
| 2.530%, 04/20/62 (144A) | 2102119 | &nbsp;&nbsp; 1847339 |
| 2.680%, 04/20/62 (144A) | 3120000 | &nbsp;&nbsp; 2802850 |
| 2.850%, 04/20/62 (144A) | 3661000 | &nbsp;&nbsp; 3287886 |
| 2.900%, 04/20/62 (144A) | 1640000 | &nbsp;&nbsp; 1480641 |
| 3.360%, 04/20/62 (144A) | 110000 | &nbsp;&nbsp; 95825 |
| 3.500%, 04/20/62 (144A) | 170000 | &nbsp;&nbsp; 148372 |
| 3.570%, 04/20/62 (144A) | 142000 | &nbsp;&nbsp; 125988 |
| 3.750%, 04/20/62 (144A) | 277000 | &nbsp;&nbsp; 246853 |
| 4.380%, 04/20/62 (144A) | 100000 | &nbsp;&nbsp; 87774 |
| 4.440%, 04/20/62 (144A) | 160000 | &nbsp;&nbsp; 142166 |
| 4.750%, 04/20/62 (144A) | 260000 | &nbsp;&nbsp; 236148 |
| 4.930%, 04/20/62 (144A) | 374000 | &nbsp;&nbsp; 343746 |
| 5.084%, SOFR30A + 1.100%, 03/15/57 (144A) (a) | 950917 | &nbsp;&nbsp; 947373 |
| 5.268%, SOFR30A + 1.350%, 06/22/65 (144A) (a) | 1077021 | &nbsp;&nbsp; 1084542 |
| 5.820%, 06/22/65 (144A) | 640000 | &nbsp;&nbsp; 631287 |
| 6.124%, SOFR30A + 2.250%, 11/25/53 (144A) (a) | 332513 | &nbsp;&nbsp; 336923 |
| Prodigy Finance DAC |  |  |
| 5.092%, 1M TSFR + 1.364%, 07/25/51 (144A) (a) | 168819 | &nbsp;&nbsp; 168399 |
| 6.342%, 1M TSFR + 2.614%, 07/25/51 (144A) (a) | 38884 | &nbsp;&nbsp; 38683 |
| Scholar Funding Trust |  |  |
| 4.630%, SOFR30A + 0.764%, 01/30/45 (144A) (a) | 1963274 | &nbsp;&nbsp; 1939578 |
| SLM Private Education Loan Trust |  |  |
| 8.615%, 1M TSFR + 4.864%, 10/15/41 (144A) (a) | 1754307 | &nbsp;&nbsp; 1844202 |
| SMB Private Education Loan Trust |  |  |
| 2.300%, 01/15/53 (144A) | 77084 | &nbsp;&nbsp; 75276 |
| 2.990%, 01/15/53 (144A) | 1070599 | &nbsp;&nbsp; 946991 |
| 3.000%, 01/15/53 (144A) | 68313 | &nbsp;&nbsp; 60806 |
| 3.500%, 12/17/40 (144A) | 120423 | &nbsp;&nbsp; 120210 |
| 3.860%, 01/15/53 (144A) | 458008 | &nbsp;&nbsp; 416765 |
| 3.930%, 01/15/53 (144A) | 33390 | &nbsp;&nbsp; 30332 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Student Loan—(Continued)** | **Asset-Backed - Student Loan—(Continued)** | **Asset-Backed - Student Loan—(Continued)** |
| SMB Private Education Loan Trust |  |  |
| 5.074%, SOFR30A + 1.100%, 06/17/52 (144A) (a) | 484453 | &nbsp;&nbsp; $483624 |
|  |  | &nbsp;&nbsp; 24474947 |
| Total Asset-Backed Securities <br>(Cost $314,642,886) <br>|  | &nbsp;&nbsp; 307272346 |
| **Non-Agency Mortgage-Backed Securities—10.5%** | **Non-Agency Mortgage-Backed Securities—10.5%** | **Non-Agency Mortgage-Backed Securities—10.5%** |
| **Collateralized Mortgage Obligations — 4.4%** | **Collateralized Mortgage Obligations — 4.4%** | **Collateralized Mortgage Obligations — 4.4%** |
| Agate Bay Mortgage Trust |  |  |
| 3.441%, 04/25/45 (144A) (a) | 150000 | &nbsp;&nbsp; 95968 |
| 3.475%, 06/25/45 (144A) (a) | 104000 | &nbsp;&nbsp; 63987 |
| 3.615%, 01/25/45 (144A) (a) | 130000 | &nbsp;&nbsp; 84107 |
| Ajax Mortgage Loan Trust |  |  |
| Zero Coupon, 12/25/57 (144A) (a) | 1388 | &nbsp;&nbsp; 483 |
| 1.740%, 12/25/60 (144A) (a) | 3117758 | &nbsp;&nbsp; 2758109 |
| 2.693%, 12/25/60 (144A) (a) | 744000 | &nbsp;&nbsp; 576363 |
| 2.940%, 12/25/60 (144A) (a) | 293000 | &nbsp;&nbsp; 211709 |
| 3.729%, 12/25/60 (144A) (a) | 449000 | &nbsp;&nbsp; 316448 |
| 4.875%, 06/25/61 (144A) (k) | 7332313 | &nbsp;&nbsp; 7328591 |
| 5.000%, 03/25/60 (144A) (k) | 2200120 | &nbsp;&nbsp; 2199517 |
| 6.115%, 01/25/61 (144A) (k) | 993294 | &nbsp;&nbsp; 993262 |
| American Home Mortgage Assets Trust |  |  |
| 4.969%, 12M MTA + 0.940%, 10/25/46 (a) | 288479 | &nbsp;&nbsp; 191553 |
| Angel Oak Mortgage Trust |  |  |
| 4.800%, 11/25/67 (144A) (k) | 1503694 | &nbsp;&nbsp; 1499600 |
| 5.637%, 02/25/70 (144A) (k) | 845767 | &nbsp;&nbsp; 853519 |
| Atlas Funding PLC |  |  |
| 5.341%, SONIA + 1.550%, 09/20/61 (GBP) (a) | 99899 | &nbsp;&nbsp; 135818 |
| Banc of America Alternative Loan Trust |  |  |
| 5.500%, 10/25/33 | 472653 | &nbsp;&nbsp; 477771 |
| 6.498%, 10/25/36 (k) | 234235 | &nbsp;&nbsp; 60243 |
| Barclays Mortgage Trust |  |  |
| 5.000%, 11/25/51 (144A) (k) | 1310647 | &nbsp;&nbsp; 1310522 |
| Braccan Mortgage Funding PLC |  |  |
| 8.196%, SONIA + 4.340%, 02/15/67 (GBP) (a) | 316773 | &nbsp;&nbsp; 429101 |
| BRAVO Residential Funding Trust |  |  |
| 5.678%, 11/25/64 (144A) (k) | 1052914 | &nbsp;&nbsp; 1063118 |
| CFMT LLC |  |  |
| 3.000%, 06/25/34 (144A) (a) | 161000 | &nbsp;&nbsp; 154449 |
| Chase Mortgage Finance Trust |  |  |
| 5.691%, 02/25/37 (a) | 1095570 | &nbsp;&nbsp; 1086896 |
| 6.000%, 12/25/37 | 6235791 | &nbsp;&nbsp; 2427483 |
| CHL Mortgage Pass-Through Trust |  |  |
| 4.989%, 12M MTA + 0.960%, 04/25/46 (a) | 3102930 | &nbsp;&nbsp; 838363 |
| 5.750%, 07/25/37 | 285772 | &nbsp;&nbsp; 126940 |
| 6.000%, 02/25/37 | 804499 | &nbsp;&nbsp; 282227 |
| 6.000%, 05/25/37 | 2822856 | &nbsp;&nbsp; 1127632 |
| 6.000%, 08/25/37 | 5450517 | &nbsp;&nbsp; 2256216 |
| 6.000%, 01/25/38 | 935565 | &nbsp;&nbsp; 380161 |
| Citadel PLC |  |  |
| 5.180%, SONIA + 1.450%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp; 135823 |
| 5.480%, SONIA + 1.750%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp; 135749 |
| 6.180%, SONIA + 2.450%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp; 136833 |
| 7.480%, SONIA + 3.750%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp; 136786 |

---

*See accompanying notes to financial statements.*

**BHFTII-38**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.346%, 1M TSFR + 0.614%, 05/25/37 (a) | 233997 | &nbsp;&nbsp; $217836 |
| COLT Mortgage Loan Trust |  |  |
| 5.053%, 11/25/70 (144A) (a) | 899358 | &nbsp;&nbsp; 901602 |
| 7.799%, 09/25/68 (144A) (a) | 2314000 | &nbsp;&nbsp; 2337683 |
| Countrywide Alternative Loan Trust |  |  |
| 4.038%, 1M TSFR + 0.304%, 03/20/47 (a) | 684412 | &nbsp;&nbsp; 601867 |
| 4.126%, 1M TSFR + 0.394%, 04/25/47 (a) | 340656 | &nbsp;&nbsp; 311411 |
| 4.138%, 1M TSFR + 0.404%, 12/20/46 (a) | 3011211 | &nbsp;&nbsp; 2722351 |
| 4.196%, 1M TSFR + 0.464%, 06/25/35 (a) | 841553 | &nbsp;&nbsp; 747732 |
| 4.226%, 1M TSFR + 0.494%, 10/25/46 (a) | 458140 | &nbsp;&nbsp; 434167 |
| 4.248%, 1M TSFR + 0.514%, 07/20/46 (a) | 1040487 | &nbsp;&nbsp; 911200 |
| 4.306%, 1M TSFR + 0.574%, 03/25/36 (a) | 139379 | &nbsp;&nbsp; 137595 |
| 4.306%, 1M TSFR + 0.574%, 11/25/36 (a) | 516480 | &nbsp;&nbsp; 475303 |
| 4.308%, 1M TSFR + 0.574%, 05/20/46 (a) | 1885642 | &nbsp;&nbsp; 1724318 |
| 4.346%, 1M TSFR + 0.614%, 07/25/46 (a) | 1999862 | &nbsp;&nbsp; 1849991 |
| 4.406%, 1M TSFR + 0.674%, 08/25/35 (a) | 3998951 | &nbsp;&nbsp; 3883349 |
| 5.500%, 06/25/25 | 64574 | &nbsp;&nbsp; 51586 |
| 5.500%, 04/25/37 | 502628 | &nbsp;&nbsp; 221951 |
| 5.759%, 12M MTA + 1.730%, 11/25/46 (a) | 1332359 | &nbsp;&nbsp; 1124061 |
| 6.000%, 05/25/36 | 1255126 | &nbsp;&nbsp; 453703 |
| 6.000%, 04/25/37 | 89389 | &nbsp;&nbsp; 38557 |
| 6.000%, 05/25/37 | 1938277 | &nbsp;&nbsp; 880644 |
| 6.250%, 10/25/36 | 162542 | &nbsp;&nbsp; 77060 |
| Cross Mortgage Trust |  |  |
| 5.003%, 11/25/70 (144A) (k) | 660784 | &nbsp;&nbsp; 662219 |
| 5.735%, 02/25/70 (144A) (a) | 658250 | &nbsp;&nbsp; 664705 |
| 7.129%, 01/25/71 (144A) (a) | 100000 | &nbsp;&nbsp; 98878 |
| 7.135%, 11/25/68 (144A) (k) | 255740 | &nbsp;&nbsp; 258812 |
| CRSO Trust |  |  |
| 7.121%, 07/10/40 (a) | 5522122 | &nbsp;&nbsp; 5735010 |
| CSFB Mortgage-Backed Pass-Through Certificates |  |  |
| 5.196%, 1M TSFR + 1.464%, 11/25/35 (a) | 407233 | &nbsp;&nbsp; 81375 |
| CSMC Trust |  |  |
| 3.874%, 02/25/61 (144A) (a) | 1377955 | &nbsp;&nbsp; 1372752 |
| 4.265%, 03/25/67 (144A) (a) | 560000 | &nbsp;&nbsp; 556439 |
| 8.828%, 12/25/67 (144A) (a) | 1475628 | &nbsp;&nbsp; 1478867 |
| CSMC Trust Capital Certificates |  |  |
| 6.500%, 10/27/37 (144A) | 2614483 | &nbsp;&nbsp; 989123 |
| Deephaven Residential Mortgage Trust |  |  |
| 5.087%, 11/25/60 (144A) (k) | 789150 | &nbsp;&nbsp; 790766 |
| 6.680%, 11/25/60 (144A) (a) | 110194 | &nbsp;&nbsp; 110208 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |  |  |
| 4.186%, 1M TSFR + 0.454%, 08/25/47 (a) | 243457 | &nbsp;&nbsp; 227917 |
| Easy Street Mortgage Loan Trust |  |  |
| 5.606%, 10/25/40 (144A) (k) | 197000 | &nbsp;&nbsp; 199022 |
| EFMT |  |  |
| 5.001%, 12/25/70 (144A) (k) | 656665 | &nbsp;&nbsp; 657301 |
| 5.033%, 11/25/70 (144A) (a) | 686467 | &nbsp;&nbsp; 687756 |
| Exmoor Funding PLC |  |  |
| 5.641%, SONIA + 1.900%, 03/25/94 (GBP) (a) | 100000 | &nbsp;&nbsp; 135858 |
| 6.541%, SONIA + 2.800%, 03/25/94 (GBP) (a) | 100000 | &nbsp;&nbsp; 136526 |
| Gaea Mortgage Loan Trust |  |  |
| 6.750%, 02/25/30 (144A) (a) | 222162 | &nbsp;&nbsp; 217550 |
| GCAT Trust |  |  |
| 3.471%, 05/25/66 (144A) (a) | 240000 | &nbsp;&nbsp; 182262 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| GreenPoint Mortgage Funding Trust |  |  |
| 6.029%, 12M MTA + 2.000%, 03/25/36 (a) | 79013 | &nbsp;&nbsp; $72990 |
| GS Mortgage-Backed Securities Corp. Trust |  |  |
| 0.050%, 11/25/29 (144A) (k) | 898562 | &nbsp;&nbsp; 897928 |
| 4.357%, 11/25/49 (144A) (a) | 232941 | &nbsp;&nbsp; 213164 |
| GS Mortgage-Backed Securities Trust |  |  |
| 5.013%, 07/25/65 (144A) (k) | 482402 | &nbsp;&nbsp; 482869 |
| 5.038%, 01/25/66 (144A) (k) | 263504 | &nbsp;&nbsp; 263990 |
| GSR Mortgage Loan Trust |  |  |
| 6.000%, 07/25/37 | 319549 | &nbsp;&nbsp; 198796 |
| HarborView Mortgage Loan Trust |  |  |
| 4.256%, 1M TSFR + 0.524%, 12/19/36 (a) | 1014275 | &nbsp;&nbsp; 825752 |
| 4.486%, 1M TSFR + 0.754%, 03/19/35 (a) | 128197 | &nbsp;&nbsp; 62007 |
| HOMES Trust |  |  |
| 5.027%, 09/25/70 (144A) (a) | 755238 | &nbsp;&nbsp; 756004 |
| 6.791%, 09/25/70 (144A) (a) | 171000 | &nbsp;&nbsp; 172144 |
| Impac Secured Assets Trust |  |  |
| 4.186%, 1M TSFR + 0.454%, 11/25/36 (a) | 441407 | &nbsp;&nbsp; 407917 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| 3.830%, 09/25/37 (a) | 596462 | &nbsp;&nbsp; 385244 |
| JP Morgan Alternative Loan Trust |  |  |
| 4.266%, 1M TSFR + 0.534%, 03/25/37 (a) | 386140 | &nbsp;&nbsp; 324243 |
| 4.746%, 05/25/37 (a) | 99991 | &nbsp;&nbsp; 87870 |
| JP Morgan Mortgage Trust |  |  |
| 0.267%, 02/25/52 (144A) (a) (c) | 7616756 | &nbsp;&nbsp; 116089 |
| 0.500%, 02/25/52 (144A) (a) (c) | 7617414 | &nbsp;&nbsp; 210519 |
| 2.500%, 02/25/52 (144A) (a) | 5944281 | &nbsp;&nbsp; 4940026 |
| 3.059%, 02/25/52 (144A) (a) | 117987 | &nbsp;&nbsp; 61738 |
| 3.267%, 02/25/52 (144A) (a) | 907564 | &nbsp;&nbsp; 779582 |
| 6.500%, 08/25/36 | 182325 | &nbsp;&nbsp; 59217 |
| Legacy Mortgage Asset Trust |  |  |
| 3.375%, 02/25/59 (144A) (a) | 425957 | &nbsp;&nbsp; 414148 |
| 5.750%, 04/25/61 (144A) (k) | 2172019 | &nbsp;&nbsp; 2172763 |
| MASTR Resecuritization Trust |  |  |
| 3.960%, 08/25/37 (144A) (a) | 202353 | &nbsp;&nbsp; 76166 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 4.166%, 1M TSFR + 0.434%, 09/25/37 (a) | 90723 | &nbsp;&nbsp; 44799 |
| 5.791%, 05/25/36 (a) | 353077 | &nbsp;&nbsp; 225715 |
| MFA Trust |  |  |
| 3.514%, 04/25/65 (144A) (a) | 540000 | &nbsp;&nbsp; 456319 |
| Miltonia Mortgage Finance SRL |  |  |
| 3.365%, 3M EURIBOR + 1.300%, 04/28/62 (EUR) (a) | 258000 | &nbsp;&nbsp; 303742 |
| Morgan Stanley Resecuritization Trust |  |  |
| 4.020%, 12M MTA + 0.710%, 12/27/46 (144A) (a) | 3202887 | &nbsp;&nbsp; 2903350 |
| Mortgage Loan Resecuritization Trust |  |  |
| 4.327%, 1M TSFR + 0.454%, 04/16/36 (144A) (a) | 429719 | &nbsp;&nbsp; 422436 |
| Mortimer PLC |  |  |
| 5.312%, SONIA + 1.550%, 09/22/67 (GBP) (a) | 100000 | &nbsp;&nbsp; 135249 |
| 5.862%, SONIA + 2.100%, 09/22/67 (GBP) (a) | 100000 | &nbsp;&nbsp; 134173 |
| New Residential Mortgage Loan Trust |  |  |
| 4.250%, 12/25/57 (144A) (a) | 136962 | &nbsp;&nbsp; 134884 |
| 5.085%, 10/25/65 (144A) (a) | 1049885 | &nbsp;&nbsp; 1053164 |
| 5.109%, 08/25/65 (144A) (a) | 454461 | &nbsp;&nbsp; 455774 |
| NLT Trust |  |  |
| 3.322%, 08/25/56 (144A) (a) | 1361000 | &nbsp;&nbsp; 1042184 |

---

*See accompanying notes to financial statements.*

**BHFTII-39**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |
| 7.134%, 05/25/36 (k) | 210470 | &nbsp;&nbsp; $36882 |
| NYMT Trust |  |  |
| 7.375%, 05/25/64 (144A) (k) | 1339268 | &nbsp;&nbsp; 1331650 |
| OBX Trust |  |  |
| 5.648%, 12/01/64 (144A) (k) | 600153 | &nbsp;&nbsp; 606051 |
| PRPM Trust |  |  |
| 4.986%, 12/25/70 (144A) (a) | 747490 | &nbsp;&nbsp; 747355 |
| 5.176%, 10/25/70 (144A) (k) | 664781 | &nbsp;&nbsp; 666301 |
| RALI Trust |  |  |
| 4.206%, 1M TSFR + 0.474%, 12/25/36 (a) | 340078 | &nbsp;&nbsp; 306344 |
| Reperforming Loan Trust REMICS |  |  |
| 4.186%, 1M TSFR + 0.454%, 06/25/35 (144A) (a) | 111349 | &nbsp;&nbsp; 108220 |
| Residential Asset Securitization Trust |  |  |
| 2.604%, -1x 1M TSFR + 6.336%, 09/25/37 (a) (c) | 11384250 | &nbsp;&nbsp; 1566532 |
| 4.396%, 1M TSFR + 0.664%, 09/25/37 (a) | 11384251 | &nbsp;&nbsp; 2836503 |
| 6.250%, 12/25/36 | 3526776 | &nbsp;&nbsp; 2438170 |
| RFMSI Trust |  |  |
| 5.433%, 11/25/36 (a) | 24016 | &nbsp;&nbsp; 20230 |
| 5.523%, 08/25/36 (a) | 684005 | &nbsp;&nbsp; 452127 |
| 5.732%, 10/25/37 (a) | 520381 | &nbsp;&nbsp; 313273 |
| RMF Buyout Issuance Trust |  |  |
| 3.690%, 11/25/31 (144A) (a) | 509000 | &nbsp;&nbsp; 487427 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| 7.762%, 04/25/30 (144A) (k) | 825000 | &nbsp;&nbsp; 830906 |
| Santander Mortgage Asset Receivable Trust |  |  |
| 5.138%, 11/25/65 (144A) (a) | 512007 | &nbsp;&nbsp; 513419 |
| Sequoia Mortgage Trust |  |  |
| 4.346%, 07/20/37 (a) | 127934 | &nbsp;&nbsp; 100157 |
| SG Residential Mortgage Trust |  |  |
| 5.098%, 12/25/65 (144A) (a) | 707393 | &nbsp;&nbsp; 708371 |
| 5.231%, 12/25/65 (144A) | 137000 | &nbsp;&nbsp; 137292 |
| Starwood Mortgage Residential Trust |  |  |
| 2.175%, 05/25/65 (144A) (a) | 1360000 | &nbsp;&nbsp; 1258445 |
| Stratton Mortgage Funding PLC |  |  |
| 5.241%, SONIA + 1.500%, 06/25/49 (GBP) (a) | 100000 | &nbsp;&nbsp; 134853 |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| 4.062%, 04/25/36 (a) | 157910 | &nbsp;&nbsp; 80677 |
| 4.822%, 04/25/47 (a) | 499033 | &nbsp;&nbsp; 185646 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.226%, 1M TSFR + 0.494%, 06/25/36 (a) | 671929 | &nbsp;&nbsp; 601290 |
| 4.266%, 1M TSFR + 0.534%, 05/25/46 (a) | 117472 | &nbsp;&nbsp; 83946 |
| 4.306%, 1M TSFR + 0.574%, 02/25/36 (a) | 395011 | &nbsp;&nbsp; 372766 |
| Verus Securitization Trust |  |  |
| 5.110%, 12/25/70 (144A) (k) | 413190 | &nbsp;&nbsp; 413999 |
| 7.422%, 03/25/68 (144A) (a) | 484000 | &nbsp;&nbsp; 484306 |
| Visio Trust |  |  |
| 3.910%, 11/25/54 (144A) (a) | 169000 | &nbsp;&nbsp; 158557 |
| 5.919%, 08/25/57 (144A) (a) | 171000 | &nbsp;&nbsp; 170279 |
| Vista Point Securitization Trust |  |  |
| 4.900%, 04/25/65 (144A) (a) | 100000 | &nbsp;&nbsp; 98195 |
| Voyager OPTONE Delaware Trust |  |  |
| 1.958%, 02/25/38 (144A) (a) (c) | 2780770 | &nbsp;&nbsp; 603495 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 3.670%, 04/25/37 (a) | 3476094 | &nbsp;&nbsp; 3135801 |
| 4.779%, 12M MTA + 0.750%, 06/25/47 (a) | 1178671 | &nbsp;&nbsp; 1012440 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Washington Mutual Mortgage Pass-Through Certificates <br> WMALT Trust<br>|  |  |
| 4.099%, 10/25/36 (k) | 829686 | &nbsp;&nbsp; $269069 |
| 4.366%, 1M TSFR + 0.634%, 12/25/35 (a) | 1603682 | &nbsp;&nbsp; 1445238 |
| 4.466%, 1M TSFR + 0.734%, 06/25/37 (a) | 115190 | &nbsp;&nbsp; 110814 |
| 4.729%, 12M MTA + 0.700%, 01/25/47 (a) | 1936189 | &nbsp;&nbsp; 1695504 |
| Winchester 1 PLC |  |  |
| 5.478%, SONIA + 1.550%, 10/21/56 (GBP) (a) | 100000 | &nbsp;&nbsp; 135391 |
| 5.928%, SONIA + 2.000%, 10/21/56 (GBP) (a) | 100000 | &nbsp;&nbsp; 135992 |
|  |  | &nbsp;&nbsp; 113309528 |
| **Commercial Mortgage-Backed Securities — 6.1%** | **Commercial Mortgage-Backed Securities — 6.1%** | **Commercial Mortgage-Backed Securities — 6.1%** |
| 1211 Avenue of the Americas Trust |  |  |
| 4.142%, 08/10/35 (144A) (a) | 230000 | &nbsp;&nbsp; 207000 |
| 245 Park Avenue Trust |  |  |
| 0.149%, 06/05/37 (144A) (a) (c) | 5000000 | &nbsp;&nbsp; 10810 |
| 3.657%, 06/05/37 (144A) (a) | 207000 | &nbsp;&nbsp; 198108 |
| 280 Park Avenue Mortgage Trust |  |  |
| 5.615%, 1M TSFR + 1.836%, 09/15/34 (144A) (a) | 500000 | &nbsp;&nbsp; 495231 |
| 6.197%, 1M TSFR + 2.419%, 09/15/34 (144A) (a) | 2998451 | &nbsp;&nbsp; 2962692 |
| A10 Issuer LLC |  |  |
| 5.515%, 1M TSFR + 1.465%, 05/15/42 (144A) (a) | 1027000 | &nbsp;&nbsp; 1025389 |
| ACREC LLC |  |  |
| 5.045%, 1M TSFR + 1.310%, 08/18/42 (144A) (a) | 1870000 | &nbsp;&nbsp; 1869991 |
| Arbor Multifamily Mortgage Securities Trust |  |  |
| 1.750%, 05/15/53 (144A) | 126000 | &nbsp;&nbsp; 103857 |
| AREIT Trust |  |  |
| 5.550%, 1M TSFR + 1.550%, 07/25/43 (144A) (a) | 1307000 | &nbsp;&nbsp; 1309040 |
| ARES Commercial Mortgage Trust |  |  |
| 5.193%, 1M TSFR + 1.443%, 10/15/34 (144A) (a) | 1120000 | &nbsp;&nbsp; 1120691 |
| 5.442%, 1M TSFR + 1.692%, 07/15/41 (144A) (a) | 100000 | &nbsp;&nbsp; 100124 |
| 7.689%, 1M TSFR + 3.938%, 07/15/41 (144A) (a) | 1500000 | &nbsp;&nbsp; 1500340 |
| Ashford Hospitality Trust |  |  |
| 6.023%, 1M TSFR + 2.272%, 04/15/35 (144A) (a) | 138000 | &nbsp;&nbsp; 136961 |
| Atrium Hotel Portfolio Trust |  |  |
| 5.998%, 1M TSFR + 2.247%, 12/15/36 (144A) (a) | 1041000 | &nbsp;&nbsp; 988950 |
| 9.213%, 11/10/29 (144A) (a) | 100000 | &nbsp;&nbsp; 101804 |
| BAHA Trust |  |  |
| 5.972%, 12/10/41 (144A) (a) | 1450000 | &nbsp;&nbsp; 1500791 |
| BAMLL Trust |  |  |
| 5.601%, 1M TSFR + 1.850%, 02/15/42 (144A) (a) | 1435000 | &nbsp;&nbsp; 1434998 |
| 9.001%, 1M TSFR + 5.250%, 02/15/42 (144A) (a) | 585000 | &nbsp;&nbsp; 585052 |
| Bank |  |  |
| 0.363%, 09/15/62 (a) (c) | 8619000 | &nbsp;&nbsp; 107992 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| 0.589%, 02/15/50 (a) (c) | 4070000 | &nbsp;&nbsp; 20325 |
| Bayview Commercial Asset Trust |  |  |
| 4.221%, 1M TSFR + 0.489%, 10/25/36 (144A) (a) | 46557 | &nbsp;&nbsp; 44996 |
| 4.251%, 1M TSFR + 0.519%, 03/25/37 (144A) (a) | 80511 | &nbsp;&nbsp; 77124 |
| 4.296%, 1M TSFR + 0.564%, 10/25/36 (144A) (a) | 47373 | &nbsp;&nbsp; 45762 |
| 4.386%, 1M TSFR + 0.654%, 04/25/36 (144A) (a) | 44731 | &nbsp;&nbsp; 42449 |
| 4.519%, 1M TSFR + 0.564%, 01/25/36 (144A) (a) | 41072 | &nbsp;&nbsp; 39196 |
| 4.744%, 1M TSFR + 0.789%, 01/25/36 (144A) (a) | 30576 | &nbsp;&nbsp; 29253 |
| 6.319%, 1M TSFR + 2.364%, 12/25/37 (144A) (a) | 642123 | &nbsp;&nbsp; 576103 |
| BBCMS Mortgage Trust |  |  |
| 4.670%, 1M TSFR + 0.919%, 03/15/37 (144A) (a) | 1770000 | &nbsp;&nbsp; 1675474 |

---

*See accompanying notes to financial statements.*

**BHFTII-40**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Benchmark Mortgage Trust |  |  |
| 1.005%, 03/15/52 (a) (c) | 3258105 | &nbsp;&nbsp; $80810 |
| 1.255%, 02/15/54 (a) (c) | 5025641 | &nbsp;&nbsp; 228006 |
| BFLD Commercial Mortgage Trust |  |  |
| 4.674%, 10/10/42 (144A) (a) | 178000 | &nbsp;&nbsp; 177990 |
| 5.250%, 1M TSFR + 1.500%, 11/15/42 (144A) (a) | 1915000 | &nbsp;&nbsp; 1920384 |
| 6.500%, 1M TSFR + 2.750%, 11/15/42 (144A) (a) | 88000 | &nbsp;&nbsp; 88440 |
| 7.913%, 10/10/42 (144A) (a) | 199000 | &nbsp;&nbsp; 204010 |
| BFLD Trust |  |  |
| 7.566%, 1M TSFR + 3.814%, 10/15/35 (144A) (a) | 663000 | &nbsp;&nbsp; 8268 |
| BMP Trust |  |  |
| 7.139%, 1M TSFR + 3.389%, 06/15/41 (144A) (a) | 382000 | &nbsp;&nbsp; 382477 |
| BOCA Commercial Mortgage Trust |  |  |
| 5.450%, 1M TSFR + 1.600%, 12/15/42 (144A) (a) | 1390000 | &nbsp;&nbsp; 1391736 |
| BPR Commercial Mortgage Trust |  |  |
| 4.947%, 11/05/42 (144A) (a) | 340000 | &nbsp;&nbsp; 341980 |
| BPR Mortgage Trust |  |  |
| 7.497%, 12/05/39 (144A) | 1000000 | &nbsp;&nbsp; 1037026 |
| BPR Trust |  |  |
| 7.466%, 1M TSFR + 3.714%, 09/15/38 (144A) (a) | 492000 | &nbsp;&nbsp; 487509 |
| BRCK Trust |  |  |
| 4.956%, 12/10/42 (144A) (a) | 412000 | &nbsp;&nbsp; 412109 |
| 7.506%, 12/10/42 (144A) (a) | 878000 | &nbsp;&nbsp; 878945 |
| 8.400%, 12/10/42 (144A) (a) | 395000 | &nbsp;&nbsp; 395431 |
| BRES Commercial Mortgage Trust |  |  |
| 5.244%, 1M TSFR + 1.494%, 11/15/42 (144A) (a) | 1017000 | &nbsp;&nbsp; 1021645 |
| BWAY Mortgage Trust |  |  |
| 3.446%, 03/10/33 (144A) | 1745000 | &nbsp;&nbsp; 1602840 |
| 3.454%, 03/10/33 (144A) | 1139487 | &nbsp;&nbsp; 1079143 |
| 3.633%, 03/10/33 (144A) | 600000 | &nbsp;&nbsp; 544222 |
| BX Commercial Mortgage Trust |  |  |
| 2.843%, 03/09/44 (144A) (a) | 1658472 | &nbsp;&nbsp; 1540378 |
| 5.043%, 1M TSFR + 1.293%, 12/15/39 (144A) (a) | 561861 | &nbsp;&nbsp; 561861 |
| 5.150%, 1M TSFR + 1.400%, 11/15/42 (144A) (a) | 1301000 | &nbsp;&nbsp; 1302209 |
| 5.192%, 1M TSFR + 1.442%, 02/15/39 (144A) (a) | 1048680 | &nbsp;&nbsp; 1049325 |
| 5.192%, 1M TSFR + 1.442%, 02/15/39 (144A) (a) | 194800 | &nbsp;&nbsp; 194980 |
| 5.291%, 1M TSFR + 1.541%, 05/15/34 (144A) (a) | 611944 | &nbsp;&nbsp; 611944 |
| 5.391%, 1M TSFR + 1.641%, 05/15/41 (144A) (a) | 1800985 | &nbsp;&nbsp; 1803767 |
| 5.441%, 1M TSFR + 1.691%, 08/15/41 (144A) (a) | 328605 | &nbsp;&nbsp; 329217 |
| 5.512%, 1M TSFR + 1.761%, 12/09/40 (144A) (a) | 605027 | &nbsp;&nbsp; 605588 |
| 6.614%, 1M TSFR + 2.880%, 10/15/41 (144A) (a) | 1240000 | &nbsp;&nbsp; 1246141 |
| 6.890%, 1M TSFR + 3.140%, 02/15/39 (144A) (a) | 3164600 | &nbsp;&nbsp; 3173396 |
| 6.891%, 1M TSFR + 3.141%, 06/15/27 (144A) (a) | 392000 | &nbsp;&nbsp; 392726 |
| 7.150%, 1M TSFR + 3.400%, 11/15/42 (144A) (a) | 343000 | &nbsp;&nbsp; 343851 |
| 7.339%, 1M TSFR + 3.589%, 12/09/40 (144A) (a) | 826274 | &nbsp;&nbsp; 828063 |
| 7.661%, 1M TSFR + 3.927%, 10/15/41 (144A) (a) | 302000 | &nbsp;&nbsp; 303870 |
| 7.938%, 1M TSFR + 4.188%, 02/15/39 (144A) (a) | 1874631 | &nbsp;&nbsp; 1886166 |
| BX Trust |  |  |
| 3.944%, 12/09/41 (144A) (a) | 1743000 | &nbsp;&nbsp; 1660281 |
| 4.666%, 1M TSFR + 0.914%, 02/15/36 (144A) (a) | 162000 | &nbsp;&nbsp; 161801 |
| 5.031%, 12/13/42 (144A) (a) | 615000 | &nbsp;&nbsp; 620575 |
| 5.101%, 1M TSFR + 1.350%, 10/15/42 (144A) (a) | 431000 | &nbsp;&nbsp; 431089 |
| 5.150%, 1M TSFR + 1.400%, 06/15/35 (144A) (a) | 155000 | &nbsp;&nbsp; 155000 |
| 5.193%, 1M TSFR + 1.443%, 03/15/42 (144A) (a) | 530000 | &nbsp;&nbsp; 529337 |
| 5.242%, 1M TSFR + 1.491%, 06/15/41 (144A) (a) | 2434000 | &nbsp;&nbsp; 2433238 |
| 5.291%, 1M TSFR + 1.541%, 06/15/37 (144A) (a) | 1877885 | &nbsp;&nbsp; 1879057 |

---

---

| | | |
|:---|:---|:---|
| **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 Trust |  |  |
| 5.450%, 1M TSFR + 1.700%, 12/15/44 (144A) (a) | 608000 | &nbsp;&nbsp; $608378 |
| 5.840%, 1M TSFR + 2.090%, 03/15/41 (144A) (a) | 530000 | &nbsp;&nbsp; 530000 |
| 6.266%, 1M TSFR + 2.514%, 02/15/36 (144A) (a) | 1742188 | &nbsp;&nbsp; 1741136 |
| 6.640%, 1M TSFR + 2.889%, 06/15/41 (144A) (a) | 460000 | &nbsp;&nbsp; 458857 |
| 6.691%, 1M TSFR + 2.941%, 03/15/30 (144A) (a) | 1403526 | &nbsp;&nbsp; 1396531 |
| 6.866%, 1M TSFR + 3.114%, 02/15/36 (144A) (a) | 893170 | &nbsp;&nbsp; 892073 |
| 7.688%, 1M TSFR + 3.938%, 06/15/41 (144A) (a) | 1180000 | &nbsp;&nbsp; 1181369 |
| 8.189%, 1M TSFR + 4.439%, 03/15/41 (144A) (a) | 1141000 | &nbsp;&nbsp; 1140996 |
| 9.139%, 1M TSFR + 5.389%, 03/15/41 (144A) (a) | 547000 | &nbsp;&nbsp; 546996 |
| BXP Trust |  |  |
| 2.776%, 01/15/44 (144A) (a) | 327000 | &nbsp;&nbsp; 270075 |
| 3.552%, 08/13/37 (144A) (a) | 760000 | &nbsp;&nbsp; 605703 |
| Cassia SRL |  |  |
| 4.554%, 3M EURIBOR + 2.500%, 05/22/34 (144A) <br> (EUR) (a)<br>| 1203614 | &nbsp;&nbsp; 1417905 |
| CD Mortgage Trust |  |  |
| 3.631%, 02/10/50 | 350000 | &nbsp;&nbsp; 341619 |
| 3.956%, 08/15/50 (a) | 363000 | &nbsp;&nbsp; 352772 |
| CFCRE Commercial Mortgage Trust |  |  |
| 0.690%, 05/10/58 (a) (c) | 2370000 | &nbsp;&nbsp; 3945 |
| CFK Trust |  |  |
| 4.637%, 01/15/39 (144A) (a) | 728000 | &nbsp;&nbsp; 702821 |
| CFSP Mortgage Trust |  |  |
| 6.500%, 04/15/37 | 1122080 | &nbsp;&nbsp; 1091299 |
| CHI Commercial Mortgage Trust |  |  |
| 5.102%, 12/13/40 (144A) (a) | 737000 | &nbsp;&nbsp; 738192 |
| 6.629%, 12/13/40 (144A) (a) | 546000 | &nbsp;&nbsp; 547943 |
| CIP Commercial Mortgage Trust |  |  |
| 5.150%, 1M TSFR + 1.400%, 10/15/37 (144A) (a) | 2396000 | &nbsp;&nbsp; 2398225 |
| 7.500%, 1M TSFR + 3.750%, 10/15/37 (144A) (a) | 909000 | &nbsp;&nbsp; 910406 |
| Citigroup Commercial Mortgage Trust |  |  |
| 0.801%, 11/10/42 (144A) (a) (c) | 7730000 | &nbsp;&nbsp; 257125 |
| COAST Commercial Mortgage Trust |  |  |
| 6.341%, 1M TSFR + 2.591%, 08/15/36 (144A) (a) | 2090000 | &nbsp;&nbsp; 2088695 |
| COMM Mortgage Trust |  |  |
| 3.179%, 10/10/36 (144A) (a) | 140636 | &nbsp;&nbsp; 105855 |
| 5.591%, 1M TSFR + 1.841%, 06/15/41 (144A) (a) | 1220000 | &nbsp;&nbsp; 1221508 |
| 6.340%, 1M TSFR + 2.590%, 06/15/41 (144A) (a) | 367000 | &nbsp;&nbsp; 367452 |
| CSAIL Commercial Mortgage Trust |  |  |
| 0.233%, 11/15/50 (a) (c) | 3940000 | &nbsp;&nbsp; 20902 |
| 0.525%, 09/15/52 (a) (c) | 4150000 | &nbsp;&nbsp; 70682 |
| 1.309%, 09/15/52 (a) (c) | 2757880 | &nbsp;&nbsp; 99927 |
| 1.532%, 06/15/52 (a) (c) | 6761327 | &nbsp;&nbsp; 284458 |
| CSMC Trust |  |  |
| 3.778%, 11/10/32 (144A) (a) | 301000 | &nbsp;&nbsp; 88801 |
| 9.228%, 1M TSFR + 5.476%, 10/15/37 (144A) (a) | 423000 | &nbsp;&nbsp; 383390 |
| CSTL Commercial Mortgage Trust |  |  |
| 4.561%, 11/10/42 (144A) (a) | 280000 | &nbsp;&nbsp; 279114 |
| 5.629%, 11/10/42 (144A) (a) | 340000 | &nbsp;&nbsp; 339231 |
| DBC Mortgage Trust |  |  |
| 5.101%, 1M TSFR + 1.350%, 11/15/42 (144A) (a) | 2465000 | &nbsp;&nbsp; 2466904 |
| 5.801%, 1M TSFR + 2.050%, 11/15/42 (144A) (a) | 602000 | &nbsp;&nbsp; 601999 |
| DBJPM Mortgage Trust |  |  |
| 1.000%, 06/10/50 (a) (c) | 2060000 | &nbsp;&nbsp; 23204 |
| 3.276%, 05/10/49 | 240000 | &nbsp;&nbsp; 239304 |

---

*See accompanying notes to financial statements.*

**BHFTII-41**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| DBSG Mortgage Trust |  |  |
| 5.946%, 06/10/37 (144A) (a) | 374607 | &nbsp;&nbsp; $380358 |
| DGWD Trust |  |  |
| 5.350%, 1M TSFR + 1.600%, 08/15/35 (144A) (a) | 739000 | &nbsp;&nbsp; 741473 |
| DK Trust |  |  |
| 5.327%, 1M TSFR + 1.593%, 08/15/37 (144A) (a) | 217000 | &nbsp;&nbsp; 217336 |
| 6.625%, 1M TSFR + 2.891%, 08/15/37 (144A) (a) | 132000 | &nbsp;&nbsp; 132327 |
| ELM Trust |  |  |
| 0.235%, 06/10/39 (144A) (a) (c) | 7464000 | &nbsp;&nbsp; 7222 |
| 1.561%, 06/10/39 (144A) (a) (c) | 6760000 | &nbsp;&nbsp; 43489 |
| 5.801%, 06/10/39 (144A) (a) | 1420000 | &nbsp;&nbsp; 1427456 |
| 7.786%, 06/10/39 (144A) (a) | 924000 | &nbsp;&nbsp; 926626 |
| Extended Stay America Trust |  |  |
| 5.050%, 1M TSFR + 1.300%, 10/15/42 (144A) (a) | 542000 | &nbsp;&nbsp; 542846 |
| Fontainebleau Miami Beach Mortgage Trust |  |  |
| 5.200%, 1M TSFR + 1.450%, 12/15/39 (144A) (a) | 1285419 | &nbsp;&nbsp; 1288231 |
| 9.400%, 1M TSFR + 5.650%, 12/15/39 (144A) (a) | 297000 | &nbsp;&nbsp; 300224 |
| FS Trust |  |  |
| 5.561%, 1M TSFR + 1.811%, 08/15/39 (144A) (a) | 1727000 | &nbsp;&nbsp; 1731314 |
| GS Mortgage Securities Corp. Trust |  |  |
| 2.856%, 05/10/34 (144A) | 602464 | &nbsp;&nbsp; 528352 |
| 5.841%, 1M TSFR + 2.091%, 03/15/28 (144A) (a) | 130000 | &nbsp;&nbsp; 130482 |
| 6.385%, 1M TSFR + 2.650%, 11/25/41 (144A) (a) | 877000 | &nbsp;&nbsp; 878172 |
| GS Mortgage Securities Trust |  |  |
| 1.655%, 12/12/53 (144A) (a) (c) | 2929375 | &nbsp;&nbsp; 179248 |
| 3.803%, 11/10/52 (a) | 60000 | &nbsp;&nbsp; 54878 |
| GWT Trust |  |  |
| 5.441%, 1M TSFR + 1.691%, 05/15/41 (144A) (a) | 1862000 | &nbsp;&nbsp; 1867185 |
| HIH Trust |  |  |
| 7.390%, 1M TSFR + 3.640%, 10/15/41 (144A) (a) | 177346 | &nbsp;&nbsp; 178063 |
| HILT Commercial Mortgage Trust |  |  |
| 5.291%, 1M TSFR + 1.541%, 05/15/37 (144A) (a) | 1946000 | &nbsp;&nbsp; 1948417 |
| 6.190%, 1M TSFR + 2.440%, 05/15/37 (144A) (a) | 1203000 | &nbsp;&nbsp; 1205975 |
| 6.939%, 1M TSFR + 3.189%, 05/15/37 (144A) (a) | 815000 | &nbsp;&nbsp; 819034 |
| HLTN Commercial Mortgage Trust |  |  |
| 5.392%, 1M TSFR + 1.642%, 06/15/41 (144A) (a) | 2918633 | &nbsp;&nbsp; 2924047 |
| HTL Commercial Mortgage Trust |  |  |
| 10.260%, 05/10/39 (144A) (a) | 3379000 | &nbsp;&nbsp; 3486135 |
| Hudson Yards Mortgage Trust |  |  |
| 2.943%, 12/10/41 (144A) (a) | 662050 | &nbsp;&nbsp; 569780 |
| INT Commercial Mortgage Trust |  |  |
| 4.879%, 11/05/37 (144A) (a) | 434000 | &nbsp;&nbsp; 435237 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 0.444%, 04/15/46 (a) (c) | 3062090 | &nbsp;&nbsp; 7918 |
| 0.750%, 08/15/49 (144A) (a) (c) | 5300000 | &nbsp;&nbsp; 16422 |
| 5.007%, 1M TSFR + 1.257%, 06/15/35 (144A) (a) | 116290 | &nbsp;&nbsp; 97825 |
| 5.816%, 1M TSFR + 2.064%, 04/15/38 (144A) (a) | 787000 | &nbsp;&nbsp; 786997 |
| 5.958%, 1M TSFR + 2.207%, 07/15/36 (144A) (a) | 422615 | &nbsp;&nbsp; 324357 |
| 6.566%, 1M TSFR + 2.814%, 04/15/38 (144A) (a) | 959000 | &nbsp;&nbsp; 958995 |
| 7.066%, 1M TSFR + 3.314%, 04/15/38 (144A) (a) | 450000 | &nbsp;&nbsp; 449997 |
| 7.540%, 1M TSFR + 3.790%, 04/15/37 (144A) (a) | 767388 | &nbsp;&nbsp; 735574 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| 0.404%, 09/15/47 (a) (c) | 64709 | &nbsp;&nbsp; 1 |
| 4.292%, 12/15/48 (144A) (a) | 150000 | &nbsp;&nbsp; 136899 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| 0.750%, 12/15/49 (144A) (a) (c) | 2067000 | &nbsp;&nbsp; 9201 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| JW Commercial Mortgage Trust |  |  |
| 5.371%, 1M TSFR + 1.621%, 06/15/39 (144A) (a) | 1410000 | &nbsp;&nbsp; $1412179 |
| 6.939%, 1M TSFR + 3.189%, 06/15/39 (144A) (a) | 310000 | &nbsp;&nbsp; 310774 |
| KSL Commercial Mortgage Trust |  |  |
| 5.293%, 1M TSFR + 1.542%, 12/15/39 (144A) (a) | 6183709 | &nbsp;&nbsp; 6181777 |
| Lehman Brothers Small Balance Commercial Mortgage Trust |  |  |
| 4.296%, 1M TSFR + 0.564%, 09/25/36 (144A) (a) | 130412 | &nbsp;&nbsp; 124027 |
| LEX Mortgage Trust |  |  |
| 4.874%, 10/13/33 (144A) (a) | 1711000 | &nbsp;&nbsp; 1721090 |
| LQR Trust |  |  |
| 5.335%, 1M TSFR + 1.600%, 01/15/43 (a) | 260000 | &nbsp;&nbsp; 259999 |
| 7.685%, 1M TSFR + 3.950%, 01/15/43 (a) | 772000 | &nbsp;&nbsp; 771995 |
| LSTAR Commercial Mortgage Trust |  |  |
| 0.869%, 03/10/50 (144A) (a) (c) | 580879 | &nbsp;&nbsp; 3289 |
| MAC Trust |  |  |
| 5.450%, 1M TSFR + 1.700%, 10/15/40 (144A) (a) | 593000 | &nbsp;&nbsp; 593738 |
| MCR Mortgage Trust |  |  |
| 0.920%, 06/12/39 (144A) (c) | 2421000 | &nbsp;&nbsp; 19828 |
| 5.924%, 06/12/39 (144A) | 520000 | &nbsp;&nbsp; 526930 |
| 8.405%, 1M TSFR + 4.654%, 02/15/37 (144A) (a) | 350476 | &nbsp;&nbsp; 348655 |
| 8.725%, 06/12/39 (144A) | 322000 | &nbsp;&nbsp; 326424 |
| MHC Commercial Mortgage Trust |  |  |
| 5.965%, 1M TSFR + 2.215%, 04/15/38 (144A) (a) | 10290 | &nbsp;&nbsp; 10289 |
| 6.465%, 1M TSFR + 2.715%, 04/15/38 (144A) (a) | 154400 | &nbsp;&nbsp; 154592 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 1.268%, 12/15/47 (144A) † (a) (c) | 1810000 | &nbsp;&nbsp; 18 |
| Morgan Stanley Capital I Trust |  |  |
| 0.991%, 03/15/52 (a) (c) | 2154615 | &nbsp;&nbsp; 55840 |
| 2.137%, 06/15/50 (144A) (a) (c) | 1190000 | &nbsp;&nbsp; 32258 |
| 3.000%, 06/15/52 (144A) | 97000 | &nbsp;&nbsp; 80001 |
| 4.061%, 12/15/50 (a) | 4067000 | &nbsp;&nbsp; 3961596 |
| MSWF Commercial Mortgage Trust |  |  |
| 0.907%, 12/15/56 (a) (c) | 8229046 | &nbsp;&nbsp; 460883 |
| Natixis Commercial Mortgage Securities Trust |  |  |
| 4.404%, 06/17/38 (144A) | 265000 | &nbsp;&nbsp; 261840 |
| NJ Trust |  |  |
| 6.481%, 01/06/29 (144A) (a) | 350000 | &nbsp;&nbsp; 366944 |
| NRTH Commercial Mortgage Trust |  |  |
| 5.143%, 1M TSFR + 1.393%, 10/15/40 (144A) (a) | 300000 | &nbsp;&nbsp; 300281 |
| NYC Commercial Mortgage Trust |  |  |
| 4.668%, 11/05/38 (144A) (a) | 1067000 | &nbsp;&nbsp; 1069257 |
| 5.493%, 1M TSFR + 1.743%, 10/15/40 (144A) (a) | 990000 | &nbsp;&nbsp; 993079 |
| 7.388%, 07/13/42 (144A) (a) | 120000 | &nbsp;&nbsp; 121558 |
| NYC Trust |  |  |
| 4.790%, 01/10/38 (144A) (a) | 1525000 | &nbsp;&nbsp; 1531438 |
| NYCT Trust |  |  |
| 7.588%, 1M TSFR + 3.838%, 08/15/29 (144A) (a) | 198000 | &nbsp;&nbsp; 198121 |
| Olympic Tower Mortgage Trust |  |  |
| 0.379%, 05/10/39 (144A) (a) (c) | 13300000 | &nbsp;&nbsp; 48089 |
| 3.945%, 05/10/39 (144A) (a) | 1049000 | &nbsp;&nbsp; 921150 |
| One Bryant Park Trust |  |  |
| 2.516%, 09/15/54 (144A) | 128000 | &nbsp;&nbsp; 118813 |
| One Market Plaza Trust |  |  |
| Zero Coupon, 02/10/32 (144A) (a) (c) | 17538712 | &nbsp;&nbsp; 175 |
| 0.090%, 02/10/32 (144A) (a) (c) | 3507742 | &nbsp;&nbsp; 5314 |

---

*See accompanying notes to financial statements.*

**BHFTII-42**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| One New York Plaza Trust |  |  |
| 6.616%, 1M TSFR + 2.864%, 01/15/36 (144A) (a) | 160000 | &nbsp;&nbsp; $149355 |
| ORL Trust |  |  |
| 5.243%, 1M TSFR + 1.493%, 12/15/39 (144A) (a) | 2560000 | &nbsp;&nbsp; 2563963 |
| PENN Commercial Mortgage Trust |  |  |
| 6.508%, 08/10/42 (144A) (a) | 244000 | &nbsp;&nbsp; 252704 |
| PGA Trust |  |  |
| 5.641%, 1M TSFR + 1.891%, 06/15/39 (144A) (a) | 1527000 | &nbsp;&nbsp; 1527473 |
| PRM5 Trust |  |  |
| 5.625%, 03/10/33 (144A) (a) | 262000 | &nbsp;&nbsp; 262143 |
| ROCK Trust |  |  |
| 5.388%, 11/13/41 (144A) | 1116274 | &nbsp;&nbsp; 1146835 |
| SCG Commercial Mortgage Trust |  |  |
| 5.900%, 1M TSFR + 2.150%, 03/15/35 (144A) (a) | 100000 | &nbsp;&nbsp; 99626 |
| 6.700%, 1M TSFR + 2.950%, 03/15/35 (144A) (a) | 581000 | &nbsp;&nbsp; 577372 |
| SCG Mortgage Trust |  |  |
| 5.491%, 1M TSFR + 1.741%, 04/15/41 (144A) (a) | 2258000 | &nbsp;&nbsp; 2258000 |
| SHR Trust |  |  |
| 7.350%, 1M TSFR + 3.600%, 10/15/41 (144A) (a) | 255000 | &nbsp;&nbsp; 256549 |
| SREIT Trust |  |  |
| 6.483%, 1M TSFR + 2.733%, 11/15/36 (144A) (a) | 342700 | &nbsp;&nbsp; 342595 |
| 6.490%, 1M TSFR + 2.739%, 11/15/38 (144A) (a) | 746569 | &nbsp;&nbsp; 746107 |
| TCO Commercial Mortgage Trust |  |  |
| 4.993%, 1M TSFR + 1.243%, 12/15/39 (144A) (a) | 1329000 | &nbsp;&nbsp; 1331881 |
| 6.491%, 1M TSFR + 2.741%, 12/15/39 (144A) (a) | 100000 | &nbsp;&nbsp; 100125 |
| Thunder Logistics DAC |  |  |
| 4.114%, 3M EURIBOR + 2.050%, 11/17/36 (EUR) (a) | 71578 | &nbsp;&nbsp; 84039 |
| TYSN Mortgage Trust |  |  |
| 6.580%, 12/10/33 (144A) (a) | 320000 | &nbsp;&nbsp; 336866 |
| U.K. Logistics DAC |  |  |
| 5.506%, SONIA + 1.650%, 05/17/34 (GBP) (a) | 129959 | &nbsp;&nbsp; 175222 |
| 7.856%, SONIA + 4.000%, 05/17/35 (GBP) (a) | 576456 | &nbsp;&nbsp; 777622 |
| UBS Commercial Mortgage Trust |  |  |
| 0.977%, 12/15/52 (a) (c) | 6708435 | &nbsp;&nbsp; 185994 |
| 1.436%, 10/15/52 (a) (c) | 3914660 | &nbsp;&nbsp; 172615 |
| UNIV Trust |  |  |
| 5.400%, 1M TSFR + 1.650%, 11/15/42 (144A) (a) | 1838000 | &nbsp;&nbsp; 1840267 |
| 6.000%, 1M TSFR + 2.250%, 11/15/42 (144A) (a) | 143000 | &nbsp;&nbsp; 143178 |
| VEGAS Trust |  |  |
| 6.217%, 07/10/36 (144A) (a) | 3150000 | &nbsp;&nbsp; 3133813 |
| Velocity Commercial Capital Loan Trust |  |  |
| 2.520%, 12/26/51 (144A) (a) | 1918295 | &nbsp;&nbsp; 1740934 |
| 2.980%, 02/25/50 (144A) (a) | 87189 | &nbsp;&nbsp; 70437 |
| 4.240%, 11/25/47 (144A) (a) | 66639 | &nbsp;&nbsp; 63065 |
| 4.480%, 12/26/51 (144A) (a) | 211122 | &nbsp;&nbsp; 173963 |
| 5.000%, 11/25/47 (144A) (a) | 39173 | &nbsp;&nbsp; 35913 |
| 6.700%, 12/25/55 (144A) (a) | 195398 | &nbsp;&nbsp; 195421 |
| 7.330%, 02/25/55 (144A) (a) | 313599 | &nbsp;&nbsp; 317972 |
| 9.624%, 01/25/53 (144A) (a) | 203682 | &nbsp;&nbsp; 194806 |
| 10.150%, 02/25/55 (144A) (a) | 108573 | &nbsp;&nbsp; 109938 |
| VRTX Trust |  |  |
| 5.487%, 08/05/42 (144A) (a) | 970000 | &nbsp;&nbsp; 980365 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 0.091%, 07/15/43 (144A) (a) (c) | 5050000 | &nbsp;&nbsp; 40693 |
| 1.212%, 08/15/49 (144A) (a) (c) | 1430000 | &nbsp;&nbsp; 7940 |
| 1.403%, 05/15/52 (a) (c) | 4534234 | &nbsp;&nbsp; 157237 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 5.308%, 07/15/35 (144A) (a) | 421000 | &nbsp;&nbsp; $424644 |
| 6.215%, 07/15/43 (144A) | 640000 | &nbsp;&nbsp; 664230 |
| 6.432%, 07/15/43 (144A) | 407000 | &nbsp;&nbsp; 418850 |
| 7.082%, 07/15/43 (144A) | 170000 | &nbsp;&nbsp; 173384 |
|  |  | &nbsp;&nbsp; 155447596 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $281,156,667) <br>|  | &nbsp;&nbsp; 268757124 |
| **Foreign Government—2.5%** | **Foreign Government—2.5%** | **Foreign Government—2.5%** |
| **Sovereign — 2.5%** | **Sovereign — 2.5%** | **Sovereign — 2.5%** |
| Argentina Republic Government International Bonds |  |  |
| 1.000%, 07/09/29 | 19200 | &nbsp;&nbsp; 17050 |
| 3.500%, 07/09/41 (k) | 155000 | &nbsp;&nbsp; 107260 |
| 4.125%, 07/09/35 (k) | 163000 | &nbsp;&nbsp; 121272 |
| Barbados Government International Bonds |  |  |
| 8.000%, 06/26/35 (144A) | 108000 | &nbsp;&nbsp; 113508 |
| Brazil Letras do Tesouro Nacional |  |  |
| Zero Coupon, 04/01/26 (BRL) | 9232000 | &nbsp;&nbsp; 1629614 |
| Zero Coupon, 07/01/26 (BRL) | 2124000 | &nbsp;&nbsp; 363022 |
| Brazil Notas do Tesouro Nacional |  |  |
| 6.000%, 08/15/30 (BRL) (n) | 1583000 | &nbsp;&nbsp; 1240090 |
| 10.000%, 01/01/27 (BRL) | 6850000 | &nbsp;&nbsp; 1210939 |
| China Government Bonds |  |  |
| 1.920%, 07/15/45 (CNY) | 1490000 | &nbsp;&nbsp; 199053 |
| 2.110%, 08/25/34 (CNY) | 2490000 | &nbsp;&nbsp; 363781 |
| Colombia TES |  |  |
| 5.750%, 11/03/27 (COP) | 5466900000 | &nbsp;&nbsp; 1309386 |
| 7.750%, 09/18/30 (COP) | 6275500000 | &nbsp;&nbsp; 1361120 |
| Costa Rica Government International Bonds |  |  |
| 7.158%, 03/12/45 | 200000 | &nbsp;&nbsp; 221100 |
| Czech Republic Government Bonds |  |  |
| 2.750%, 07/23/29 (CZK) | 12390000 | &nbsp;&nbsp; 579994 |
| 4.200%, 12/04/36 (CZK) | 3860000 | &nbsp;&nbsp; 181001 |
| 4.500%, 11/11/32 (CZK) | 10390000 | &nbsp;&nbsp; 510015 |
| Dominican Republic International Bonds |  |  |
| 10.500%, 03/15/37 (144A) (DOP) | 15400000 | &nbsp;&nbsp; 261917 |
| 10.750%, 06/01/36 (144A) (DOP) | 11000000 | &nbsp;&nbsp; 189439 |
| Ecuador Government International Bonds |  |  |
| 5.000%, 07/31/40 (k) | 156000 | &nbsp;&nbsp; 122070 |
| 6.900%, 07/31/35 (k) | 79000 | &nbsp;&nbsp; 69638 |
| Egypt Government International Bonds |  |  |
| 7.500%, 02/16/61 (144A) | 207000 | &nbsp;&nbsp; 180119 |
| Ghana Government International Bonds |  |  |
| 5.000%, 07/03/35 (k) | 75000 | &nbsp;&nbsp; 68533 |
| 5.000%, 07/03/35 (144A) (k) | 121000 | &nbsp;&nbsp; 110546 |
| Hungary Government Bonds |  |  |
| 7.000%, 10/24/35 (HUF) | 112880000 | &nbsp;&nbsp; 349660 |
| Indonesia Government International Bonds |  |  |
| 2.850%, 02/14/30 | 2172000 | &nbsp;&nbsp; 2051906 |
| 3.050%, 03/12/51 | 1965000 | &nbsp;&nbsp; 1314211 |
| Indonesia Treasury Bonds |  |  |
| 6.625%, 05/15/33 (IDR) | 3870000000 | &nbsp;&nbsp; 238703 |
| 6.750%, 07/15/35 (IDR) | 2042000000 | &nbsp;&nbsp; 128595 |

---

*See accompanying notes to financial statements.*

**BHFTII-43**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Indonesia Treasury Bonds |  |  |
| 7.000%, 05/15/27 (IDR) | 10713000000 | &nbsp;&nbsp; $657105 |
| 7.000%, 02/15/33 (IDR) | 5811000000 | &nbsp;&nbsp; 366266 |
| 7.125%, 06/15/38 (IDR) | 6618000000 | &nbsp;&nbsp; 422289 |
| 8.250%, 06/15/32 (IDR) | 735000000 | &nbsp;&nbsp; 49479 |
| Japan Government Thirty Year Bonds |  |  |
| 2.300%, 12/20/54 (JPY) | 1025050000 | &nbsp;&nbsp; 5254690 |
| 2.400%, 03/20/55 (JPY) | 634900000 | &nbsp;&nbsp; 3329050 |
| 3.200%, 09/20/55 (JPY) | 113600000 | &nbsp;&nbsp; 703386 |
| Lebanon Government International Bonds |  |  |
| 6.650%, 11/03/28 (i) | 240000 | &nbsp;&nbsp; 56208 |
| 6.850%, 03/23/27 (i) | 95000 | &nbsp;&nbsp; 22132 |
| Mexico Bonos |  |  |
| 7.000%, 09/03/26 (MXN) | 24777500 | &nbsp;&nbsp; 1372638 |
| 7.500%, 05/26/33 (MXN) | 30562500 | &nbsp;&nbsp; 1578524 |
| 8.000%, 02/21/36 (MXN) | 5510000 | &nbsp;&nbsp; 283295 |
| 8.500%, 03/01/29 (MXN) | 14274500 | &nbsp;&nbsp; 799530 |
| 8.500%, 05/31/29 (MXN) | 323400 | &nbsp;&nbsp; 18109 |
| Mexico Government International Bonds |  |  |
| 2.659%, 05/24/31 | 3275000 | &nbsp;&nbsp; 2914750 |
| 3.500%, 02/12/34 | 200000 | &nbsp;&nbsp; 172900 |
| 4.500%, 01/31/50 (g) | 4504000 | &nbsp;&nbsp; 3407276 |
| 4.875%, 05/19/33 | 200000 | &nbsp;&nbsp; 192000 |
| 6.050%, 01/11/40 | 128000 | &nbsp;&nbsp; 127360 |
| 6.350%, 02/09/35 | 200000 | &nbsp;&nbsp; 209600 |
| 7.375%, 05/13/55 | 271000 | &nbsp;&nbsp; 291867 |
| Pakistan Global Sukuk Programme Co. Ltd. |  |  |
| 7.950%, 01/31/29 | 200000 | &nbsp;&nbsp; 204499 |
| Panama Government International Bonds |  |  |
| 3.875%, 03/17/28 | 1279000 | &nbsp;&nbsp; 1255083 |
| 4.500%, 04/01/56 | 1811000 | &nbsp;&nbsp; 1356801 |
| Peru Government International Bonds |  |  |
| 3.550%, 03/10/51 (g) | 2017000 | &nbsp;&nbsp; 1410085 |
| 6.850%, 08/12/35 (PEN) | 1093000 | &nbsp;&nbsp; 349768 |
| 6.850%, 08/12/35 (144A) (PEN) | 745000 | &nbsp;&nbsp; 238405 |
| 7.600%, 08/12/39 (PEN) | 349000 | &nbsp;&nbsp; 113249 |
| 7.600%, 08/12/39 (144A) (PEN) | 348000 | &nbsp;&nbsp; 112830 |
| Philippines Government Bonds |  |  |
| 6.000%, 08/20/30 (PHP) | 45860000 | &nbsp;&nbsp; 784198 |
| 6.250%, 02/28/29 (PHP) | 19545000 | &nbsp;&nbsp; 338417 |
| 6.375%, 07/27/30 (PHP) | 27290000 | &nbsp;&nbsp; 473551 |
| 6.375%, 04/28/35 (PHP) | 74980000 | &nbsp;&nbsp; 1303520 |
| Philippines Government International Bonds |  |  |
| 3.000%, 02/01/28 | 1834000 | &nbsp;&nbsp; 1796311 |
| 3.200%, 07/06/46 | 2044000 | &nbsp;&nbsp; 1468986 |
| Republic of Poland Government Bonds |  |  |
| 2.000%, 08/25/36 (PLN) (n) | 795774 | &nbsp;&nbsp; 201576 |
| 4.750%, 07/25/29 (PLN) | 1521000 | &nbsp;&nbsp; 431256 |
| 5.000%, 01/25/30 (PLN) | 1700000 | &nbsp;&nbsp; 484406 |
| 5.000%, 10/25/34 (PLN) | 1739000 | &nbsp;&nbsp; 482203 |
| 5.000%, 10/25/35 (PLN) | 3254000 | &nbsp;&nbsp; 894798 |
| 5.750%, 04/25/29 (PLN) | 2700000 | &nbsp;&nbsp; 788554 |
| Republic of South Africa Government Bonds |  |  |
| 7.000%, 02/28/31 (ZAR) | 39880911 | &nbsp;&nbsp; 2350735 |
| 8.000%, 01/31/30 (ZAR) | 29190361 | &nbsp;&nbsp; 1798936 |
| 8.500%, 01/31/37 (ZAR) | 25230354 | &nbsp;&nbsp; 1508893 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Republic of South Africa Government International Bonds |  |  |
| 7.100%, 11/19/36 | 246000 | &nbsp;&nbsp; $264121 |
| Republic of Uzbekistan International Bonds |  |  |
| 5.375%, 05/29/27 (EUR) | 113000 | &nbsp;&nbsp; 135736 |
| 5.375%, 05/29/27 (144A) (EUR) | 100000 | &nbsp;&nbsp; 120121 |
| Romania Government International Bonds |  |  |
| 5.250%, 05/30/32 (EUR) | 111000 | &nbsp;&nbsp; 133492 |
| 5.375%, 06/07/33 (144A) (EUR) | 28000 | &nbsp;&nbsp; 33266 |
| 6.125%, 10/07/37 (144A) (EUR) | 28000 | &nbsp;&nbsp; 33084 |
| 6.500%, 10/07/45 (144A) (EUR) | 23000 | &nbsp;&nbsp; 26928 |
| Sri Lanka Government International Bonds |  |  |
| 3.600%, 06/15/35 (k) | 86000 | &nbsp;&nbsp; 65360 |
| 4.000%, 04/15/28 | 19710 | &nbsp;&nbsp; 18889 |
| Thailand Government Bonds |  |  |
| 2.410%, 03/17/35 (THB) | 15719000 | &nbsp;&nbsp; 533398 |
| 2.500%, 11/17/29 (THB) | 51224000 | &nbsp;&nbsp; 1704585 |
| 4.000%, 06/17/55 (THB) | 365000 | &nbsp;&nbsp; 15279 |
| Turkiye Government Bonds |  |  |
| 26.200%, 10/05/33 (TRY) | 5610000 | &nbsp;&nbsp; 127020 |
| 30.000%, 09/12/29 (TRY) | 4943479 | &nbsp;&nbsp; 112073 |
| 31.080%, 11/08/28 (TRY) | 3904197 | &nbsp;&nbsp; 90025 |
| Ukraine Government International Bonds |  |  |
| Zero Coupon, 02/01/30 (144A) (k) | 5000 | &nbsp;&nbsp; 2962 |
| Zero Coupon, 02/01/35 (144A) (k) | 14000 | &nbsp;&nbsp; 7911 |
| 3.000%, 02/01/36 (k) | 131000 | &nbsp;&nbsp; 74385 |
| 4.500%, 02/01/29 (k) | 97000 | &nbsp;&nbsp; 72277 |
| 4.500%, 02/01/29 (144A) (k) | 113000 | &nbsp;&nbsp; 84210 |
| 4.500%, 02/01/35 (144A) (k) | 25000 | &nbsp;&nbsp; 14963 |
| 4.500%, 02/01/36 (k) | 107000 | &nbsp;&nbsp; 62996 |
| 4.500%, 02/01/36 (144A) (k) | 17000 | &nbsp;&nbsp; 9992 |
| Uruguay Government International Bonds |  |  |
| 4.375%, 10/27/27 | 844391 | &nbsp;&nbsp; 847431 |
| 5.100%, 06/18/50 | 1478733 | &nbsp;&nbsp; 1394002 |
| 8.000%, 10/29/35 (UYU) | 10623053 | &nbsp;&nbsp; 280285 |
| 9.750%, 07/20/33 (UYU) | 3280474 | &nbsp;&nbsp; 93908 |
| Venezuela Government International Bonds |  |  |
| 11.950%, 08/05/31 (i) | 171000 | &nbsp;&nbsp; 55575 |
| Total Foreign Government <br>(Cost $69,489,311) <br>|  | &nbsp;&nbsp; 63403330 |
| **Floating Rate Loans (o)—0.7%** | **Floating Rate Loans (o)—0.7%** | **Floating Rate Loans (o)—0.7%** |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Hydrofarm Holdings LLC |  |  |
| 2021 Term Loan, 9.602%, 3M TSFR + 5.500%, <br> 10/25/28<br>| 346842 | &nbsp;&nbsp; 289613 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Flexsys Holdings, Inc. |  |  |
| 2025 Second Out Refinancing Term Loan, 9.081%, 1M <br> TSFR + 5.250%, 08/01/29<br>| 341198 | &nbsp;&nbsp; 34120 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 6.966%, 1M TSFR + 3.250%, <br> 08/20/32<br>| 594298 | &nbsp;&nbsp; 597938 |

---

*See accompanying notes to financial statements.*

**BHFTII-44**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (o)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| Digital Room Holdings, Inc. |  |  |
| 2021 Term Loan, 9.066%, 1M TSFR + 5.250%, <br> 12/21/28<br>| 497612 | &nbsp;&nbsp; $490667 |
| Highspring Holdings LLC |  |  |
| 2022 Term Loan, 8.822%, 3M TSFR + 5.000%, <br> 01/22/29<br>| 268360 | &nbsp;&nbsp; 219384 |
| Interface Security Systems LLC |  |  |
| Term Loan, 11/23/27 † (e) (f) (i) | 2061148 | &nbsp;&nbsp; 700790 |
| USAVFLOW II Ltd. |  |  |
| Term Loan B, 10.272%, 1M TSFR + 6.500%, 08/16/29 <br> † (e) (f)<br>| 276562 | &nbsp;&nbsp; 278305 |
|  |  | &nbsp;&nbsp; 2287084 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Alorica, Inc. |  |  |
| 2022 Term Loan, 10.591%, 1M TSFR + 6.875%, <br> 12/21/27 † (e) (f)<br>| 784068 | &nbsp;&nbsp; 779207 |
| Coreweave Compute Acquisition Co. II LLC |  |  |
| Delayed Draw Term Loan, 13.123% - 14.687%, 1M TSFR <br> + 9.620%, 3M TSFR + 8.808% - 9.620%, 07/31/28 † <br>(e) (f) (p)<br>| 1695600 | &nbsp;&nbsp; 1674405 |
| Coreweave Compute Acquisition Co. IV LLC |  |  |
| 2024 Delayed Draw Term Loan, 9.380%, 3M TSFR + <br> 6.010%, 05/16/29 † (e) (f)<br>| 1845269 | &nbsp;&nbsp; 1831429 |
| 2025 5th Amendment Delayed Draw Term Loan, <br> 7.922% - 8.128%, 3M TSFR + 4.250%, 09/30/30 † (e) <br>(f) (p) (q)<br>| 1098948 | &nbsp;&nbsp; 1049495 |
|  |  | &nbsp;&nbsp; 5334536 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Euro Parfums Fze |  |  |
| 2025 Upsize Term Loan, 9.122%, 6M TSFR + 5.250%, <br> 09/01/28 (e) (f)<br>| 108370 | &nbsp;&nbsp; 107828 |
| Term Loan B, 9.122%, 6M TSFR + 5.250%, 06/23/28 <br> (e) (f)<br>| 164225 | &nbsp;&nbsp; 163404 |
|  |  | &nbsp;&nbsp; 271232 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| Garfunkelux Holdco 3 SA |  |  |
| EUR Term Loan, 08/01/28 (r) | 868000 | &nbsp;&nbsp; 999672 |
| **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
| CPV Fairview LLC |  |  |
| 2025 Term Loan, 6.172%, 3M TSFR + 2.500%, <br> 08/14/31<br>| 230991 | &nbsp;&nbsp; 232724 |
| Kestrel Acquisition LLC |  |  |
| 2025 Term Loan, 6.672%, 3M TSFR + 3.000%, <br> 11/06/31<br>| 196507 | &nbsp;&nbsp; 197040 |
| Ohio Power Partners LLC |  |  |
| Term Loan, 6.466%, 1M TSFR + 2.750%, 11/12/32 | 186533 | &nbsp;&nbsp; 186532 |
|  |  | &nbsp;&nbsp; 616296 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| West Deptford Energy Holdings LLC |  |  |
| 2025 Term Loan, 7.716%, 1M TSFR + 4.000%, <br> 12/30/31<br>| 263675 | &nbsp;&nbsp; 263455 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| ITG Communications LLC |  |  |
| Term Loan B, 8.947%, 3M TSFR + 4.750%, 07/09/31 | 680000 | &nbsp;&nbsp; $659600 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Bally's Corp. |  |  |
| 2021 Term Loan B, 7.369%, 3M TSFR + 3.250%, <br> 10/02/28<br>| 1013064 | &nbsp;&nbsp; 1000242 |
| ECL Entertainment LLC |  |  |
| 2025 Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 08/30/30<br>| 846610 | &nbsp;&nbsp; 844494 |
| J&J Ventures Gaming LLC |  |  |
| 2025 Repriced Term Loan B, 7.216%, 1M TSFR + <br> 3.500%, 04/26/30<br>| 310994 | &nbsp;&nbsp; 309197 |
| Maverick Gaming LLC |  |  |
| 2024 Second Out Term Loan, 06/05/28 † (i) | 469331 | &nbsp;&nbsp; 269865 |
| Peninsula Pacific Entertainment LLC |  |  |
| 2025 Delayed Draw Term Loan, 10/01/32 (q) | 113620 | &nbsp;&nbsp; 114331 |
| 2025 Term Loan B, 8.422%, 3M TSFR + 4.750%, <br> 10/01/32<br>| 484781 | &nbsp;&nbsp; 485386 |
| RunItOneTime LLC |  |  |
| 2nd Amendment Final New Money DIP Term Loan, <br> 16.216%, 1M TSFR + 12.500%, 04/16/26 (e) (f)<br>| 164282 | &nbsp;&nbsp; 164282 |
| 2nd Amendment Roll Up Term Loan, 4.716%, 1M TSFR <br> + 1.000%, 11.500% PIK, 04/16/26 (e) (f) (h)<br>| 276624 | &nbsp;&nbsp; 270400 |
| Roll-Up DIP Term Loan, 4.716%, 1M TSFR + 1.000%, <br> 11.500% PIK, 04/16/26 (e) (f) (h)<br>| 13509 | &nbsp;&nbsp; 13205 |
|  |  | &nbsp;&nbsp; 3471402 |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
| Medical Solutions Holdings, Inc. |  |  |
| 2021 2nd Lien Term Loan, 10.940%, 3M TSFR + <br> 7.000%, 11/01/29<br>| 274000 | &nbsp;&nbsp; 61650 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Spectacle Gary Holdings LLC |  |  |
| 2021 Term Loan B, 8.086%, 3M TSFR + 4.250%, <br> 12/11/28<br>| 1196456 | &nbsp;&nbsp; 1166544 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| CSC Holdings LLC |  |  |
| 2019 Term Loan B5, 8.250%, PRIME + 1.500%, <br> 04/15/27<br>| 152642 | &nbsp;&nbsp; 133638 |
| DirecTV Financing LLC |  |  |
| 2025 Term Loan B, 9.340%, 3M TSFR + 5.500%, <br> 02/17/31<br>| 502480 | &nbsp;&nbsp; 503226 |
| Term Loan, 9.102%, 3M TSFR + 5.000%, 08/02/27 | 15649 | &nbsp;&nbsp; 15697 |
|  |  | &nbsp;&nbsp; 652561 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| Xerox Holdings Corp. |  |  |
| 2023 Term Loan B, 11/19/29 (r) | 92000 | &nbsp;&nbsp; 79235 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| CVR Energy, Inc. |  |  |
| Term Loan B, 7.672%, 3M TSFR + 4.000%, 12/30/27 | 243724 | &nbsp;&nbsp; 244637 |

---

*See accompanying notes to financial statements.*

**BHFTII-45**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (o)—(Continued)**

**Preferred Stocks—0.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Stakeholder Midstream LLC |  |  |
| Term Loan, 8.042%, 6M TSFR + 4.000%, 01/01/31 | 660345 | &nbsp;&nbsp; $658694 |
|  |  | &nbsp;&nbsp; 903331 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| ConnectWise LLC |  |  |
| 2021 Term Loan B, 7.434%, 3M TSFR + 3.250%, <br> 09/29/28<br>| 402737 | &nbsp;&nbsp; 396361 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
| Connect Finco SARL |  |  |
| 2024 Extended Term Loan B, 8.216%, 1M TSFR + <br> 4.500%, 09/27/29<br>| 517108 | &nbsp;&nbsp; 517162 |
| Total Floating Rate Loans <br>(Cost $20,095,899) <br>|  | &nbsp;&nbsp; 18003854 |
| **Municipals—0.7%** | **Municipals—0.7%** | **Municipals—0.7%** |
| American Municipal Power, Inc. |  |  |
| 8.084%, 02/15/50 | 510000 | &nbsp;&nbsp; 641207 |
| Bay Area Toll Authority |  |  |
| 7.043%, 04/01/50 | 1215000 | &nbsp;&nbsp; 1387348 |
| City of San Antonio Electric & Gas Systems Revenue |  |  |
| 5.808%, 02/01/41 | 875000 | &nbsp;&nbsp; 902321 |
| Los Angeles Community College District, General Obligation <br> Unlimited<br>|  |  |
| 6.600%, 08/01/42 | 785000 | &nbsp;&nbsp; 850636 |
| Metropolitan Transportation Authority |  |  |
| 6.668%, 11/15/39 | 170000 | &nbsp;&nbsp; 185078 |
| 6.814%, 11/15/40 | 165000 | &nbsp;&nbsp; 184149 |
| Municipal Electric Authority of Georgia |  |  |
| 6.637%, 04/01/57 | 443000 | &nbsp;&nbsp; 479082 |
| New Jersey Turnpike Authority |  |  |
| 7.414%, 01/01/40 | 492000 | &nbsp;&nbsp; 589683 |
| New York City Municipal Water Finance Authority |  |  |
| 5.882%, 06/15/44 | 270000 | &nbsp;&nbsp; 274417 |
| New York State Dormitory Authority |  |  |
| 5.389%, 03/15/40 | 355000 | &nbsp;&nbsp; 357834 |
| Port Authority of New York & New Jersey |  |  |
| 4.960%, 08/01/46 | 1350000 | &nbsp;&nbsp; 1258287 |
| Port of Beaumont Navigation District |  |  |
| 10.000%, 07/01/26 | 1005000 | &nbsp;&nbsp; 1008915 |
| State of California, General Obligation Unlimited |  |  |
| 4.600%, 04/01/38 | 3765000 | &nbsp;&nbsp; 3833906 |
| 7.550%, 04/01/39 | 780000 | &nbsp;&nbsp; 946590 |
| State of Illinois, General Obligation Unlimited |  |  |
| 5.100%, 06/01/33 | 2626372 | &nbsp;&nbsp; 2691690 |
| State of Texas, General Obligation Unlimited |  |  |
| 5.517%, 04/01/39 | 768594 | &nbsp;&nbsp; 787638 |
| University of California |  |  |
| 4.858%, 05/15/2112 | 239000 | &nbsp;&nbsp; 198334 |
| Total Municipals <br>(Cost $18,242,473) <br>|  | &nbsp;&nbsp; 16577115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Dream Finders Homes, Inc., 9.000%, 09/08/26 † (e) (f) | 2628 | &nbsp;&nbsp; $2605005 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Versa Networks, Inc. - Series E, 12.000% PIK † (e) (f) (h) | 678151 | &nbsp;&nbsp; 4136721 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Insight M, Inc. - Series D † (e) (f) (s) | 481839 | &nbsp;&nbsp; 155827 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Lessen Holdings, Inc. † (e) (f) (s) | 23458 | &nbsp;&nbsp; 0 |
| Total Preferred Stocks <br>(Cost $5,048,898) <br>|  | &nbsp;&nbsp; 6897553 |
| **Common Stocks—0.2%** | **Common Stocks—0.2%** | **Common Stocks—0.2%** |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| Flagstar Bank NA (l) | 88005 | &nbsp;&nbsp; 1107983 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| Wealthfront Corp. † (s) | 78 | &nbsp;&nbsp; 1060 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Lumen Technologies, Inc. (s) | 24929 | &nbsp;&nbsp; 193698 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| Freewire Technologies † (e) (f) (s) | 25 | &nbsp;&nbsp; 0 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Solaris Energy Infrastructure, Inc.  | 6636 | &nbsp;&nbsp; 305057 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| Caesars Entertainment, Inc. (g) (s) | 10022 | &nbsp;&nbsp; 234415 |
| Genius Sports Ltd. (s) | 82693 | &nbsp;&nbsp; 911277 |
| Six Flags Entertainment Corp. (g) (s) | 11667 | &nbsp;&nbsp; 178972 |
| Sonder Holdings, Inc. - Class A † (s) | 4351 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 1324707 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Century Communities, Inc.  | 4198 | &nbsp;&nbsp; 249151 |
| M/I Homes, Inc. (s) | 1062 | &nbsp;&nbsp; 135883 |
| Meritage Homes Corp.  | 3360 | &nbsp;&nbsp; 221088 |
| Tri Pointe Homes, Inc. (s) | 7336 | &nbsp;&nbsp; 230864 |
|  |  | &nbsp;&nbsp; 836986 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Palladyne AI Corp. (s) | 1162 | &nbsp;&nbsp; 4950 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| AMC Networks, Inc. - Class A (s) | 20917 | &nbsp;&nbsp; 199130 |
| EchoStar Corp. - Class A (g) (l) (s) | 13042 | &nbsp;&nbsp; 1417665 |
|  |  | &nbsp;&nbsp; 1616795 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Algoma Steel Group, Inc.  | 43096 | &nbsp;&nbsp; 176694 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| Expand Energy Corp.  | 5 | &nbsp;&nbsp; 552 |

---

*See accompanying notes to financial statements.*

**BHFTII-46**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| WOM New Holdco (f) (s) | 1032 | &nbsp;&nbsp; $23736 |
| Total Common Stocks <br>(Cost $5,013,142) <br>|  | &nbsp;&nbsp; 5592218 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| WOM Chile Holdco SpA |  |  |
| 5.000%, 5.000% PIK, 04/01/32 (144A) (h) | 561274 | &nbsp;&nbsp; 514396 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| Stem, Inc. |  |  |
| 0.500%, 12/01/28 (144A) | 102000 | &nbsp;&nbsp; 39780 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| DISH Network Corp. |  |  |
| 3.375%, 08/15/26 | 130000 | &nbsp;&nbsp; 125125 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Solaris Energy Infrastructure, Inc. |  |  |
| 0.250%, 10/01/31 | 804000 | &nbsp;&nbsp; 869325 |
| 4.750%, 05/01/30 | 388000 | &nbsp;&nbsp; 773556 |
|  |  | &nbsp;&nbsp; 1642881 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Core Scientific, Inc. |  |  |
| Zero Coupon, 06/15/31 (144A) | 71000 | &nbsp;&nbsp; 74600 |
| Total Convertible Bonds <br>(Cost $1,969,213) <br>|  | &nbsp;&nbsp; 2396782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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; 372924 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Cohesity Global, Inc. - Series G-1 (s) | 1382 | &nbsp;&nbsp; 32822 |
| Cohesity Global, Inc. - Series G (s) | 2000 | &nbsp;&nbsp; 47500 |
|  |  | &nbsp;&nbsp; 80322 |
| Total Convertible Preferred Stocks <br>(Cost $337,440) <br>|  | &nbsp;&nbsp; 453246 |
| **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 † (e) (f) (s) | 43128 | &nbsp;&nbsp; 0 |
| Sonder Holdings, Inc. Expires 12/30/29 † (e) (f) (s) | 4323 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Versa Networks, Inc., Expires 10/07/32 † (e) (f) (s) | 83584 | &nbsp;&nbsp; 402039 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Palladyne AI Corp., Expires 09/24/26 (s) | 102425 | &nbsp;&nbsp; 6279 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Insight M, Inc., Expires 01/31/29 † (e) (f) (s) | 499269 | &nbsp;&nbsp; $5 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| Expand Energy Corp. (s) | 9 | &nbsp;&nbsp; 894 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Aurora Innovation, Inc., Expires 11/03/26 (s) | 2636 | &nbsp;&nbsp; 600 |
| Latch, Inc., Expires 06/04/26 (s) | 6439 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 601 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| EVgo, Inc., Expires 07/01/26 (s) | 12581 | &nbsp;&nbsp; 943 |
| Total Warrants <br>(Cost $172,352) <br>|  | &nbsp;&nbsp; 410761 |
| **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. (e) (f) (s) | 100000 | &nbsp;&nbsp; 0 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Washington Mutual, Inc. (e) (f) (s) | 8777000 | &nbsp;&nbsp; 0 |
| Total Escrow Shares <br>(Cost $0) <br>|  | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** |
| **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due <br> on 01/02/26, with a maturity value of $27,249,221; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $27,790,403<br>| 27245437 | &nbsp;&nbsp; 27245437 |
| Total Short-Term Investments <br>(Cost $27,245,437) <br>|  | &nbsp;&nbsp; 27245437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (t)—1.2%** | **Securities Lending Reinvestments (t)—1.2%** | **Securities Lending Reinvestments (t)—1.2%** |
| **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (u)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (u)<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (u)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (u)<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (u)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market <br> Fund, <br>Premier Class 3.740% (u)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 18000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-47**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (t)—(Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—0.5%** | **Repurchase Agreements—0.5%** | **Repurchase Agreements—0.5%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due <br> on 01/02/26 with a maturity value of $1,200,251; <br> collateralized by various Common Stock with an <br> aggregate market value of $1,336,411<br>| 1200000 | &nbsp;&nbsp; $1200000 |
| Repurchase Agreement dated 12/31/25 at 3.810%, due <br> on 01/02/26 with a maturity value of $1,000,212; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 5.000%, maturity dates ranging <br> from 02/19/26 - 02/15/55, and an aggregate market <br> value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due <br> on 01/02/26 with a maturity value of $2,000,424; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 4.250% - 4.375%, maturity dates ranging <br> from 06/30/31 - 05/15/34, and an aggregate market <br> value of $2,040,002<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due <br> on 01/02/26 with a maturity value of $2,729,505; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.750%, maturity dates ranging <br> from 02/05/26 - 11/15/55, and an aggregate market <br> value of $2,784,095<br>| 2728925 | &nbsp;&nbsp; 2728925 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due <br> on 01/02/26 with a maturity value of $1,000,217; <br> collateralized by various Common Stock with an <br> aggregate market value of $1,111,234<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due <br> on 01/02/26 with a maturity value of $2,000,443; <br> collateralized by various Common Stock with an <br> aggregate market value of $2,225,917<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due <br> on 01/02/26 with a maturity value of $1,000,214; <br> collateralized by various Common Stock with an <br> aggregate market value of $1,111,232<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due <br> on 01/02/26 with a maturity value of $90,622; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.625%, maturity dates ranging <br> from 02/26/26 - 02/15/55, and an aggregate market <br> value of $92,416<br>| 90604 | &nbsp;&nbsp; 90604 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due <br> on 01/02/26 with a maturity value of $1,000,208; <br> collateralized by various Common Stock with an <br> aggregate market value of $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 12019529 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposit—0.0%** | **Time Deposit—0.0%** | **Time Deposit—0.0%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 1000000 | &nbsp;&nbsp; $1000000 |
| Total Securities Lending Reinvestments <br>(Cost $31,019,529) <br>|  | &nbsp;&nbsp; 31019529 |
| Total Purchased Options—0.0% (v) <br>(Cost $562,865) <br>|  | &nbsp;&nbsp; 249449 |
| Total Investments—117.4% <br>(Cost $3,093,142,109)<br>|  | &nbsp;&nbsp; 3000758508 |
| Unfunded Loan Commitments—(0.0)% <br>(Cost $(208476))<br>|  | &nbsp;&nbsp; (208476)<br>|
| Net Investments—117.4% <br>(Cost $3,092,933,633) <br>|  | &nbsp;&nbsp; 3000550032 |
| Other assets and liabilities (net)—(17.4)%  |  | &nbsp;&nbsp; (445247924)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2555302108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of December 31, 2025, the market value of restricted securities was <br> $27,153,538, which is 1.1% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (b) | Principal only security. |
| (c) | Interest only security. |
| (d) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (e) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of December 31, 2025, these securities represent 1.7% of net assets.<br>|
| (f) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (g) | All or a portion of the security was held on loan. As of December 31, 2025, the market value <br> of securities loaned was $48,699,940 and the collateral received consisted of cash in the <br> amount of $31,019,529 and non-cash collateral with a value of $19,595,787. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (h) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (i) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (j) | Perpetual bond with no specified maturity date. |
| (k) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (l) | All or a portion of the security was pledged as collateral against open OTC derivative  |

---

*See accompanying notes to financial statements.*

**BHFTII-48**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
|  | contracts. As of December 31, 2025, the market value of securities pledged was $3,786,440. |
| (m) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> December 31, 2025, the market value of securities pledged was $7,055,532.<br>|
| (n) | Principal amount of security is adjusted for inflation. |
| (o) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or <br> permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (p) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of December 31, 2025.<br>|
| (q) | Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain  |

---

---

| | |
|:---|:---|
|  | credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to <br> fund these commitments at the borrower's discretion.<br>|
| (r) | This loan will settle after December 31, 2025, at which time the interest rate will be <br> determined.<br>|
| (s) | Non-income producing security. |
| (t) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (u) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (v) | For a breakout of open positions, see details shown in the Purchased Options table <br> that follows.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $603,605,879, which is 23.6% 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** |
| Aethon III BR LLC, 9.650%, 01/10/27 | 09/19/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 451536 | &nbsp;&nbsp; $448880 | &nbsp;&nbsp; $449278 |
| Alorica, Inc., 10.591%, 12/21/27 | 01/26/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 784068 | &nbsp;&nbsp; 780917 | &nbsp;&nbsp; 779207 |
| Continuum Energy Pte. Ltd., 12.850%, 05/11/27 | 05/16/24-12/15/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1505401 | &nbsp;&nbsp; 1497446 | &nbsp;&nbsp; 1499831 |
| Coreweave Compute Acquisition Co. II LLC, 13.123% - 14.687%, 07/31/28 | 07/31/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1695600 | &nbsp;&nbsp; 1694915 | &nbsp;&nbsp; 1674405 |
| Coreweave Compute Acquisition Co. IV LLC, 7.922% - 8.128%, 09/30/30 | 09/29/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1098948 | &nbsp;&nbsp; 1092561 | &nbsp;&nbsp; 1049495 |
| Coreweave Compute Acquisition Co. IV LLC, 9.380%, 05/16/29 | 05/20/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1845269 | &nbsp;&nbsp; 1845269 | &nbsp;&nbsp; 1831429 |
| Dream Finders Homes, Inc., 9.000%, 09/08/26 | 09/29/21 |  | &nbsp;&nbsp; 2628 | &nbsp;&nbsp; 2601720 | &nbsp;&nbsp; 2605005 |
| 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; 3092796 | &nbsp;&nbsp; 3169414 |
| Insight M, Inc. - Series D | 01/31/24 |  | &nbsp;&nbsp; 481839 | &nbsp;&nbsp; 164500 | &nbsp;&nbsp; 155827 |
| Insight M, Inc., Expires 01/31/29 | 01/31/24-07/31/24 |  | &nbsp;&nbsp; 499269 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 5 |
| Interface Security Systems LLC, 11/23/27 | 08/13/19-11/28/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2061148 | &nbsp;&nbsp; 1897572 | &nbsp;&nbsp; 700790 |
| Knollwood CDO Ltd., 10.450%, 01/10/39 | 02/10/04 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1471381 | &nbsp;&nbsp; 1471381 | &nbsp;&nbsp; 147 |
| Lessen Holdings, Inc. | 01/05/23 |  | &nbsp;&nbsp; 23458 | &nbsp;&nbsp; 303694 | &nbsp;&nbsp; 0 |
| Lessen Holdings, Inc., 15.240%, 01/05/28 | 01/05/23-03/31/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1853537 | &nbsp;&nbsp; 1823522 | &nbsp;&nbsp; 1442237 |
| Maverick Gaming LLC, 06/05/28 | 04/03/24-01/03/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 469331 | &nbsp;&nbsp; 467046 | &nbsp;&nbsp; 269865 |
| Morgan Stanley Bank of America Merrill Lynch Trust, 1.268%, 12/15/47 | 06/22/16 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1810000 | &nbsp;&nbsp; 121537 | &nbsp;&nbsp; 18 |
| New Generation Gas Gathering LLC, 8.650%, 09/30/29 | 09/30/24-08/28/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1425540 | &nbsp;&nbsp; 1408169 | &nbsp;&nbsp; 1434522 |
| Oceana Australian Fixed Income Trust, 10.500%, 07/31/28 | 01/14/25 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 639000 | &nbsp;&nbsp; 395509 | &nbsp;&nbsp; 425925 |
| Oceana Australian Fixed Income Trust, 12.500%, 07/31/27 | 08/31/23 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 759000 | &nbsp;&nbsp; 491794 | &nbsp;&nbsp; 521714 |
| Oceana Australian Fixed Income Trust, 12.500%, 07/31/26 | 08/31/23 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 456000 | &nbsp;&nbsp; 295465 | &nbsp;&nbsp; 308116 |
| Pioneer MidCo. LLC, 11.625%, 11/18/30 | 01/27/23-12/30/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1452844 | &nbsp;&nbsp; 1434889 | &nbsp;&nbsp; 1456476 |
| Service Properties Trust, Zero Coupon, 09/30/28 | 09/15/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 318000 | &nbsp;&nbsp; 279717 | &nbsp;&nbsp; 287363 |
| Service Properties Trust, 3.950%, 01/15/28 | 07/24/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95050 | &nbsp;&nbsp; 94399 |
| Service Properties Trust, 4.375%, 02/15/30 | 07/24/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 263413 | &nbsp;&nbsp; 254199 |
| Service Properties Trust, 5.500%, 12/15/27 | 11/17/20 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 71000 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp; 69893 |
| Service Properties Trust, 8.375%, 06/15/29 | 05/17/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 828000 | &nbsp;&nbsp; 821959 | &nbsp;&nbsp; 832467 |
| Service Properties Trust, 8.875%, 06/15/32 | 05/17/24-05/21/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 715000 | &nbsp;&nbsp; 693019 | &nbsp;&nbsp; 705314 |
| Sonder Holdings, Inc. - Class A | 08/13/24 |  | &nbsp;&nbsp; 4351 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 43 |
| Sonder Holdings, Inc., 7.000%, 12/10/27 | 01/19/22-09/30/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1807372 | &nbsp;&nbsp; 1796711 | &nbsp;&nbsp; 0 |
| Sonder Holdings, Inc. Expires 04/11/30 | 04/11/25 |  | &nbsp;&nbsp; 43128 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Sonder Holdings, Inc. Expires 12/30/29 | 12/30/24 |  | &nbsp;&nbsp; 4323 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| USAVFLOW II Ltd., 10.272%, 08/16/29 | 08/20/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 276562 | &nbsp;&nbsp; 276562 | &nbsp;&nbsp; 278305 |
| Versa Networks, Inc. - Series E | 10/14/22 |  | &nbsp;&nbsp; 678151 | &nbsp;&nbsp; 1978984 | &nbsp;&nbsp; 4136721 |
| Versa Networks, Inc., Expires 10/07/32 | 10/14/22 |  | &nbsp;&nbsp; 83584 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 402039 |
| VoltaGrid LLC, 7.375%, 11/01/30 | 10/28/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 321000 | &nbsp;&nbsp; 321000 | &nbsp;&nbsp; 318029 |
| Wealthfront Corp. | 12/12/25 |  | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 1060 |
|  |  |  |  |  | &nbsp;&nbsp; $27153538 |

---

*See accompanying notes to financial statements.*

**BHFTII-49**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**TBA Forward Sale Commitments** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Interest** <br>**Rate**<br>| **Maturity** | **Face** <br> **Amount**<br>| **Cost** | **Value** |
| Uniform Mortgage-Backed Security, TBA | 1.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; $(2697000)<br>| &nbsp;&nbsp; $(2436571)<br>| &nbsp;&nbsp; $(2439732)<br>|
| Uniform Mortgage-Backed Security, TBA | 2.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (10041000)<br>| &nbsp;&nbsp; (8672866)<br>| &nbsp;&nbsp; (8654979)<br>|
| Uniform Mortgage-Backed Security, TBA | 2.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (2247600)<br>| &nbsp;&nbsp; (1661249)<br>| &nbsp;&nbsp; (1635308)<br>|
| Uniform Mortgage-Backed Security, TBA | 3.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (7933300)<br>| &nbsp;&nbsp; (7072545)<br>| &nbsp;&nbsp; (7079471)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (6083000)<br>| &nbsp;&nbsp; (5782313)<br>| &nbsp;&nbsp; (5781404)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (5856000)<br>| &nbsp;&nbsp; (5592695)<br>| &nbsp;&nbsp; (5589372)<br>|
| Uniform Mortgage-Backed Security, TBA | 5.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (9332000)<br>| &nbsp;&nbsp; (9277973)<br>| &nbsp;&nbsp; (9305754)<br>|
| Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(40496212)<br>| &nbsp;&nbsp; $(40486020)<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10949062233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1468082654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10 <br>,882971615<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1404564221 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8890819509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8704236989 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(29592729)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(29592729)<br>|
| Foreign Government | &nbsp;&nbsp; (1426800)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1426800)<br>|
| Total Borrowings | &nbsp;&nbsp; $(31019529)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(31019529)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(31019529)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| ARS | &nbsp;&nbsp; 117373200 | CBNA | 01/26/26 | USD | 74760 | &nbsp;&nbsp; $3819 |
| AUD | &nbsp;&nbsp; 598000 | BOA | 01/15/26 | USD | 395054 | &nbsp;&nbsp; 4050 |
| AUD | &nbsp;&nbsp; 896000 | BOA | 01/15/26 | USD | 591920 | &nbsp;&nbsp; 6069 |
| AUD | &nbsp;&nbsp; 196000 | GSI | 01/15/26 | USD | 128667 | &nbsp;&nbsp; 2144 |
| AUD | &nbsp;&nbsp; 96177 | MSIP | 01/15/26 | USD | 63167 | &nbsp;&nbsp; 1021 |
| BRL | &nbsp;&nbsp; 5641773 | BOA | 03/18/26 | USD | 1021080 | &nbsp;&nbsp; (8732)<br>|
| BRL | &nbsp;&nbsp; 9739807 | BBP | 01/05/26 | USD | 1798333 | &nbsp;&nbsp; (20915)<br>|
| BRL | &nbsp;&nbsp; 1704075 | BBP | 01/05/26 | USD | 314636 | &nbsp;&nbsp; (3659)<br>|
| BRL | &nbsp;&nbsp; 356128 | BBP | 01/05/26 | USD | 64722 | &nbsp;&nbsp; 267 |
| BRL | &nbsp;&nbsp; 2101355 | BBP | 01/05/26 | USD | 381898 | &nbsp;&nbsp; 1579 |
| BRL | &nbsp;&nbsp; 8733935 | BBP | 01/05/26 | USD | 1587296 | &nbsp;&nbsp; 6561 |
| BRL | &nbsp;&nbsp; 2598242 | BBP | 01/05/26 | USD | 466932 | &nbsp;&nbsp; 7222 |

---

*See accompanying notes to financial statements.*

**BHFTII-50**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| BRL | &nbsp;&nbsp; 358752 | BBP | 02/03/26 | USD | 64000 | &nbsp;&nbsp; $975 |
| BRL | &nbsp;&nbsp; 2116839 | BBP | 02/03/26 | USD | 377636 | &nbsp;&nbsp; 5754 |
| BRL | &nbsp;&nbsp; 1046126 | BNP | 01/05/26 | USD | 191809 | &nbsp;&nbsp; (901)<br>|
| BRL | &nbsp;&nbsp; 1041714 | BNP | 01/05/26 | USD | 191000 | &nbsp;&nbsp; (898)<br>|
| BRL | &nbsp;&nbsp; 347597 | BNP | 01/05/26 | USD | 64000 | &nbsp;&nbsp; (567)<br>|
| BRL | &nbsp;&nbsp; 11112820 | CBNA | 01/05/26 | USD | 2019631 | &nbsp;&nbsp; 8348 |
| BRL | &nbsp;&nbsp; 13106909 | CBNA | 01/05/26 | USD | 2347857 | &nbsp;&nbsp; 44024 |
| BRL | &nbsp;&nbsp; 11194835 | CBNA | 02/03/26 | USD | 1990653 | &nbsp;&nbsp; 36893 |
| BRL | &nbsp;&nbsp; 28450957 | GSI | 03/18/26 | USD | 5118920 | &nbsp;&nbsp; (13741)<br>|
| BRL | &nbsp;&nbsp; 1371558 | MSIP | 01/05/26 | USD | 256457 | &nbsp;&nbsp; (6161)<br>|
| BRL | &nbsp;&nbsp; 697472 | MSIP | 01/05/26 | USD | 126758 | &nbsp;&nbsp; 524 |
| BRL | &nbsp;&nbsp; 1394650 | MSIP | 01/05/26 | USD | 253462 | &nbsp;&nbsp; 1048 |
| CHF | &nbsp;&nbsp; 101950 | MSIP | 01/15/26 | USD | 128000 | &nbsp;&nbsp; 835 |
| CHF | &nbsp;&nbsp; 153199 | MSIP | 01/15/26 | USD | 192343 | &nbsp;&nbsp; 1254 |
| CHF | &nbsp;&nbsp; 121335 | UBSA | 01/15/26 | USD | 152126 | &nbsp;&nbsp; 1205 |
| CHF | &nbsp;&nbsp; 154744 | UBSA | 01/15/26 | USD | 194000 | &nbsp;&nbsp; 1549 |
| CLP | &nbsp;&nbsp; 118681600 | BOA | 01/15/26 | USD | 128000 | &nbsp;&nbsp; 3806 |
| CLP | &nbsp;&nbsp; 178370100 | BOA | 01/15/26 | USD | 192375 | &nbsp;&nbsp; 5720 |
| CLP | &nbsp;&nbsp; 119951940 | GSI | 01/15/26 | USD | 129000 | &nbsp;&nbsp; 4216 |
| CLP | &nbsp;&nbsp; 433570472 | GSI | 01/15/26 | USD | 466275 | &nbsp;&nbsp; 15241 |
| CLP | &nbsp;&nbsp; 89760000 | SCB | 01/15/26 | USD | 96000 | &nbsp;&nbsp; 3686 |
| CLP | &nbsp;&nbsp; 178718000 | UBSA | 01/15/26 | USD | 193000 | &nbsp;&nbsp; 5481 |
| CLP | &nbsp;&nbsp; 238291284 | UBSA | 01/15/26 | USD | 257334 | &nbsp;&nbsp; 7308 |
| CNH | &nbsp;&nbsp; 5459348 | CIBC | 01/15/26 | USD | 770000 | &nbsp;&nbsp; 13061 |
| CNH | &nbsp;&nbsp; 14981173 | CIBC | 01/15/26 | USD | 2113086 | &nbsp;&nbsp; 35738 |
| COP | &nbsp;&nbsp; 727680000 | CBNA | 01/30/26 | USD | 192000 | &nbsp;&nbsp; (1952)<br>|
| COP | &nbsp;&nbsp; 483064736 | CBNA | 01/30/26 | USD | 128032 | &nbsp;&nbsp; (1870)<br>|
| COP | &nbsp;&nbsp; 3701080974 | HSBC | 01/15/26 | USD | 985772 | &nbsp;&nbsp; (10574)<br>|
| COP | &nbsp;&nbsp; 274078500 | HSBC | 01/15/26 | USD | 73000 | &nbsp;&nbsp; (783)<br>|
| CZK | &nbsp;&nbsp; 12361316 | BOA | 01/15/26 | USD | 593000 | &nbsp;&nbsp; 8403 |
| CZK | &nbsp;&nbsp; 33019786 | BOA | 01/15/26 | USD | 1584033 | &nbsp;&nbsp; 22446 |
| EGP | &nbsp;&nbsp; 5522787 | CBNA | 01/20/26 | USD | 114000 | &nbsp;&nbsp; 1215 |
| EGP | &nbsp;&nbsp; 9212251 | CBNA | 01/20/26 | USD | 190157 | &nbsp;&nbsp; 2026 |
| EUR | &nbsp;&nbsp; 391000 | HSBC | 01/15/26 | USD | 459858 | &nbsp;&nbsp; (137)<br>|
| EUR | &nbsp;&nbsp; 562000 | HSBC | 01/15/26 | USD | 660882 | &nbsp;&nbsp; (107)<br>|
| EUR | &nbsp;&nbsp; 442000 | JPMC | 01/15/26 | USD | 519643 | &nbsp;&nbsp; 42 |
| EUR | &nbsp;&nbsp; 550000 | JPMC | 01/15/26 | USD | 646614 | &nbsp;&nbsp; 52 |
| EUR | &nbsp;&nbsp; 137000 | SSBT | 01/15/26 | USD | 158915 | &nbsp;&nbsp; 2164 |
| GBP | &nbsp;&nbsp; 185000 | UBSA | 01/15/26 | USD | 242588 | &nbsp;&nbsp; 6781 |
| HUF | &nbsp;&nbsp; 62888467 | HSBC | 01/15/26 | USD | 192343 | &nbsp;&nbsp; (166)<br>|
| HUF | &nbsp;&nbsp; 80558500 | SSBT | 01/15/26 | USD | 243000 | &nbsp;&nbsp; 3174 |
| HUF | &nbsp;&nbsp; 287221220 | SSBT | 01/15/26 | USD | 866386 | &nbsp;&nbsp; 11316 |
| IDR | &nbsp;&nbsp; 8011284780 | CBNA | 01/15/26 | USD | 478000 | &nbsp;&nbsp; 2394 |
| IDR | &nbsp;&nbsp; 41531824340 | CBNA | 01/15/26 | USD | 2478031 | &nbsp;&nbsp; 12411 |
| INR | &nbsp;&nbsp; 242838917 | CBNA | 01/15/26 | USD | 2736059 | &nbsp;&nbsp; (36640)<br>|
| INR | &nbsp;&nbsp; 51389145 | CBNA | 01/15/26 | USD | 579000 | &nbsp;&nbsp; (7754)<br>|
| JPY | &nbsp;&nbsp; 29957652 | MSIP | 01/15/26 | USD | 192000 | &nbsp;&nbsp; (590)<br>|
| JPY | &nbsp;&nbsp; 20281174 | MSIP | 01/15/26 | USD | 129983 | &nbsp;&nbsp; (400)<br>|
| JPY | &nbsp;&nbsp; 872200958 | MSIP | 03/18/26 | USD | 5642620 | &nbsp;&nbsp; (39857)<br>|
| JPY | &nbsp;&nbsp; 29902735 | SSBT | 01/15/26 | USD | 192241 | &nbsp;&nbsp; (1182)<br>|
| KRW | &nbsp;&nbsp; 188645783 | GSI | 01/15/26 | USD | 129000 | &nbsp;&nbsp; 1995 |
| KRW | &nbsp;&nbsp; 377369071 | GSI | 01/15/26 | USD | 258053 | &nbsp;&nbsp; 3992 |
| MXN | &nbsp;&nbsp; 18961769 | BOA | 01/15/26 | USD | 1029000 | &nbsp;&nbsp; 23011 |
| MXN | &nbsp;&nbsp; 14025967 | BOA | 03/18/26 | USD | 770810 | &nbsp;&nbsp; 2575 |
| MXN | &nbsp;&nbsp; 47484303 | BBP | 01/15/26 | USD | 2561513 | &nbsp;&nbsp; 72947 |
| MXN | &nbsp;&nbsp; 1585041 | BBP | 02/26/26 | USD | 87495 | &nbsp;&nbsp; 80 |
| MXN | &nbsp;&nbsp; 3459774 | CBNA | 01/15/26 | USD | 191000 | &nbsp;&nbsp; 950 |
| MXN | &nbsp;&nbsp; 3474428 | CBNA | 01/15/26 | USD | 191809 | &nbsp;&nbsp; 955 |
| MXN | &nbsp;&nbsp; 8932447 | GSI | 01/26/26 | USD | 494527 | &nbsp;&nbsp; 518 |

---

*See accompanying notes to financial statements.*

**BHFTII-51**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| MXN | &nbsp;&nbsp; 70741683 | GSI | 03/18/26 | USD | 3839190 | &nbsp;&nbsp; $61474 |
| MXN | &nbsp;&nbsp; 29538903 | MSIP | 08/18/26 | USD | 1568666 | &nbsp;&nbsp; 33847 |
| MYR | &nbsp;&nbsp; 2230064 | BBP | 01/15/26 | USD | 538000 | &nbsp;&nbsp; 11697 |
| MYR | &nbsp;&nbsp; 10699577 | BBP | 01/15/26 | USD | 2581259 | &nbsp;&nbsp; 56120 |
| NGN | &nbsp;&nbsp; 105206380 | CBNA | 01/30/26 | USD | 71000 | &nbsp;&nbsp; 764 |
| NGN | &nbsp;&nbsp; 184158582 | CBNA | 01/30/26 | USD | 124282 | &nbsp;&nbsp; 1338 |
| PEN | &nbsp;&nbsp; 542972 | CBNA | 01/15/26 | USD | 161000 | &nbsp;&nbsp; 477 |
| PEN | &nbsp;&nbsp; 869586 | CBNA | 01/15/26 | USD | 257846 | &nbsp;&nbsp; 764 |
| PEN | &nbsp;&nbsp; 1210648 | GSI | 01/26/26 | USD | 358541 | &nbsp;&nbsp; 1363 |
| PHP | &nbsp;&nbsp; 7620030 | CBNA | 01/15/26 | USD | 129000 | &nbsp;&nbsp; 476 |
| PHP | &nbsp;&nbsp; 15094748 | CBNA | 01/15/26 | USD | 255540 | &nbsp;&nbsp; 942 |
| PLN | &nbsp;&nbsp; 910222 | BBP | 01/15/26 | USD | 254064 | &nbsp;&nbsp; (532)<br>|
| PLN | &nbsp;&nbsp; 682667 | BBP | 01/15/26 | USD | 190548 | &nbsp;&nbsp; (399)<br>|
| PLN | &nbsp;&nbsp; 1146825 | BBP | 01/15/26 | USD | 319547 | &nbsp;&nbsp; (112)<br>|
| PLN | &nbsp;&nbsp; 689071 | BBP | 01/15/26 | USD | 192000 | &nbsp;&nbsp; (67)<br>|
| PLN | &nbsp;&nbsp; 4481299 | DBAG | 01/26/26 | USD | 1236866 | &nbsp;&nbsp; 11242 |
| PLN | &nbsp;&nbsp; 427634 | HSBC | 01/15/26 | USD | 117000 | &nbsp;&nbsp; 2112 |
| PLN | &nbsp;&nbsp; 4839419 | HSBC | 01/15/26 | USD | 1324065 | &nbsp;&nbsp; 23898 |
| PLN | &nbsp;&nbsp; 466912 | MSIP | 01/15/26 | USD | 128000 | &nbsp;&nbsp; 2053 |
| PLN | &nbsp;&nbsp; 938406 | MSIP | 01/15/26 | USD | 257256 | &nbsp;&nbsp; 4126 |
| THB | &nbsp;&nbsp; 4071680 | NIP | 01/15/26 | USD | 128000 | &nbsp;&nbsp; 1312 |
| THB | &nbsp;&nbsp; 6118431 | NIP | 01/15/26 | USD | 192343 | &nbsp;&nbsp; 1972 |
| THB | &nbsp;&nbsp; 19636450 | SCB | 01/15/26 | USD | 607000 | &nbsp;&nbsp; 16633 |
| THB | &nbsp;&nbsp; 85641740 | SCB | 01/15/26 | USD | 2647349 | &nbsp;&nbsp; 72544 |
| TRY | &nbsp;&nbsp; 5243001 | BBP | 01/26/26 | USD | 119564 | &nbsp;&nbsp; 638 |
| ZAR | &nbsp;&nbsp; 13091129 | BOA | 03/18/26 | USD | 770810 | &nbsp;&nbsp; 15708 |
| ZAR | &nbsp;&nbsp; 2187206 | BBP | 01/15/26 | USD | 128000 | &nbsp;&nbsp; 3994 |
| ZAR | &nbsp;&nbsp; 3286671 | BBP | 01/15/26 | USD | 192343 | &nbsp;&nbsp; 6001 |
| ZAR | &nbsp;&nbsp; 65835332 | CBNA | 03/18/26 | USD | 3839190 | &nbsp;&nbsp; 116211 |
| ZAR | &nbsp;&nbsp; 11432457 | UBSA | 01/15/26 | USD | 663000 | &nbsp;&nbsp; 26926 |
| ZAR | &nbsp;&nbsp; 34099505 | UBSA | 01/15/26 | USD | 1977501 | &nbsp;&nbsp; 80337 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 290328 | BBP | 01/15/26 | USD | 192634 | &nbsp;&nbsp; (1130)<br>|
| AUD | &nbsp;&nbsp; 290000 | BBP | 01/15/26 | USD | 192416 | &nbsp;&nbsp; (1129)<br>|
| AUD | &nbsp;&nbsp; 96177 | CBNA | 01/15/26 | USD | 62411 | &nbsp;&nbsp; (1777)<br>|
| AUD | &nbsp;&nbsp; 410000 | HSBC | 03/18/26 | USD | 272780 | &nbsp;&nbsp; (856)<br>|
| AUD | &nbsp;&nbsp; 155000 | TDB | 03/18/26 | USD | 102921 | &nbsp;&nbsp; (526)<br>|
| BRL | &nbsp;&nbsp; 9739807 | BBP | 01/05/26 | USD | 1770102 | &nbsp;&nbsp; (7317)<br>|
| BRL | &nbsp;&nbsp; 2101355 | BBP | 01/05/26 | USD | 377636 | &nbsp;&nbsp; (5841)<br>|
| BRL | &nbsp;&nbsp; 2598242 | BBP | 01/05/26 | USD | 472202 | &nbsp;&nbsp; (1952)<br>|
| BRL | &nbsp;&nbsp; 1704075 | BBP | 01/05/26 | USD | 309697 | &nbsp;&nbsp; (1280)<br>|
| BRL | &nbsp;&nbsp; 356128 | BBP | 01/05/26 | USD | 64000 | &nbsp;&nbsp; (990)<br>|
| BRL | &nbsp;&nbsp; 8733935 | BBP | 01/05/26 | USD | 1612611 | &nbsp;&nbsp; 18755 |
| BRL | &nbsp;&nbsp; 2598242 | BBP | 03/03/26 | USD | 460583 | &nbsp;&nbsp; (7399)<br>|
| BRL | &nbsp;&nbsp; 1046126 | BNP | 01/05/26 | USD | 190122 | &nbsp;&nbsp; (786)<br>|
| BRL | &nbsp;&nbsp; 1041714 | BNP | 01/05/26 | USD | 189320 | &nbsp;&nbsp; (783)<br>|
| BRL | &nbsp;&nbsp; 347597 | BNP | 01/05/26 | USD | 63172 | &nbsp;&nbsp; (261)<br>|
| BRL | &nbsp;&nbsp; 11112820 | CBNA | 01/05/26 | USD | 1990653 | &nbsp;&nbsp; (37326)<br>|
| BRL | &nbsp;&nbsp; 13106909 | CBNA | 01/05/26 | USD | 2382035 | &nbsp;&nbsp; (9846)<br>|
| BRL | &nbsp;&nbsp; 13106909 | CBNA | 02/03/26 | USD | 2330656 | &nbsp;&nbsp; (43195)<br>|
| BRL | &nbsp;&nbsp; 1371558 | MSIP | 01/05/26 | USD | 249265 | &nbsp;&nbsp; (1030)<br>|
| BRL | &nbsp;&nbsp; 697472 | MSIP | 01/05/26 | USD | 128000 | &nbsp;&nbsp; 718 |
| BRL | &nbsp;&nbsp; 1394650 | MSIP | 01/05/26 | USD | 255946 | &nbsp;&nbsp; 1436 |
| BRL | &nbsp;&nbsp; 2598242 | SSBT | 01/05/26 | USD | 486571 | &nbsp;&nbsp; 12418 |
| BRL | &nbsp;&nbsp; 4372974 | SSBT | 01/05/26 | USD | 818924 | &nbsp;&nbsp; 20900 |
| BRL | &nbsp;&nbsp; 5246216 | SSBT | 04/02/26 | USD | 940941 | &nbsp;&nbsp; 3223 |
| BRL | &nbsp;&nbsp; 3698000 | SSBT | 04/02/26 | USD | 665563 | &nbsp;&nbsp; 4576 |

---

*See accompanying notes to financial statements.*

**BHFTII-52**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| CHF | &nbsp;&nbsp; 101622 | BBP | 01/15/26 | USD | 128000 | &nbsp;&nbsp; $(420)<br>|
| CHF | &nbsp;&nbsp; 155185 | MSIP | 01/15/26 | USD | 194000 | &nbsp;&nbsp; (2107)<br>|
| CHF | &nbsp;&nbsp; 121689 | MSIP | 01/15/26 | USD | 152126 | &nbsp;&nbsp; (1652)<br>|
| CHF | &nbsp;&nbsp; 152631 | MSIP | 01/15/26 | USD | 192343 | &nbsp;&nbsp; (536)<br>|
| CNH | &nbsp;&nbsp; 4015527 | HSBC | 01/27/26 | USD | 566815 | &nbsp;&nbsp; (9574)<br>|
| COP | &nbsp;&nbsp; 745205852 | BBP | 01/15/26 | USD | 191578 | &nbsp;&nbsp; (4776)<br>|
| COP | &nbsp;&nbsp; 497898240 | BBP | 01/15/26 | USD | 128000 | &nbsp;&nbsp; (3191)<br>|
| COP | &nbsp;&nbsp; 6996486796 | CBNA | 01/27/26 | USD | 1865979 | &nbsp;&nbsp; 35486 |
| COP | &nbsp;&nbsp; 4256414384 | CBNA | 02/26/26 | USD | 1095560 | &nbsp;&nbsp; (8639)<br>|
| COP | &nbsp;&nbsp; 485163520 | GSI | 01/15/26 | USD | 128000 | &nbsp;&nbsp; 164 |
| CZK | &nbsp;&nbsp; 10507478 | CBNA | 01/27/26 | USD | 503976 | &nbsp;&nbsp; (7334)<br>|
| CZK | &nbsp;&nbsp; 15745008 | GSI | 02/26/26 | USD | 757434 | &nbsp;&nbsp; (9099)<br>|
| EUR | &nbsp;&nbsp; 419558 | BNY | 03/18/26 | USD | 495657 | &nbsp;&nbsp; 929 |
| EUR | &nbsp;&nbsp; 63724 | BBP | 01/15/26 | USD | 74091 | &nbsp;&nbsp; (833)<br>|
| EUR | &nbsp;&nbsp; 164000 | BBP | 01/15/26 | USD | 192116 | &nbsp;&nbsp; (708)<br>|
| EUR | &nbsp;&nbsp; 40750 | BBP | 01/15/26 | USD | 48088 | &nbsp;&nbsp; 176 |
| EUR | &nbsp;&nbsp; 67499 | BBP | 01/15/26 | USD | 79653 | &nbsp;&nbsp; 291 |
| EUR | &nbsp;&nbsp; 196061 | DBAG | 02/26/26 | USD | 229384 | &nbsp;&nbsp; (1592)<br>|
| EUR | &nbsp;&nbsp; 616507 | MSIP | 01/15/26 | USD | 715146 | &nbsp;&nbsp; (9717)<br>|
| EUR | &nbsp;&nbsp; 102276 | MSIP | 01/15/26 | USD | 118907 | &nbsp;&nbsp; (1345)<br>|
| EUR | &nbsp;&nbsp; 7016000 | MSIP | 03/18/26 | USD | 8287761 | &nbsp;&nbsp; 14755 |
| EUR | &nbsp;&nbsp; 125786 | SCB | 02/26/26 | USD | 147166 | &nbsp;&nbsp; (1020)<br>|
| EUR | &nbsp;&nbsp; 224116 | SSBT | 02/26/26 | USD | 262214 | &nbsp;&nbsp; (1813)<br>|
| GBP | &nbsp;&nbsp; 73197 | CBNA | 01/15/26 | USD | 97924 | &nbsp;&nbsp; (740)<br>|
| GBP | &nbsp;&nbsp; 4095000 | HSBC | 03/18/26 | USD | 5480954 | &nbsp;&nbsp; (37892)<br>|
| GBP | &nbsp;&nbsp; 122803 | JPMC | 01/15/26 | USD | 164239 | &nbsp;&nbsp; (1292)<br>|
| HUF | &nbsp;&nbsp; 83421914 | BBP | 01/15/26 | USD | 254064 | &nbsp;&nbsp; (860)<br>|
| HUF | &nbsp;&nbsp; 62566436 | BBP | 01/15/26 | USD | 190548 | &nbsp;&nbsp; (645)<br>|
| HUF | &nbsp;&nbsp; 114167622 | NWM | 01/27/26 | USD | 344396 | &nbsp;&nbsp; (4197)<br>|
| IDR | &nbsp;&nbsp; 24700003783 | BNP | 01/27/26 | USD | 1474037 | &nbsp;&nbsp; (6899)<br>|
| IDR | &nbsp;&nbsp; 7297061444 | MSIP | 02/26/26 | USD | 436798 | &nbsp;&nbsp; (551)<br>|
| JPY | &nbsp;&nbsp; 30034729 | BBP | 01/15/26 | USD | 193000 | &nbsp;&nbsp; 1098 |
| JPY | &nbsp;&nbsp; 50144614 | BBP | 01/15/26 | USD | 322224 | &nbsp;&nbsp; 1833 |
| JPY | &nbsp;&nbsp; 920605000 | HSBC | 03/18/26 | USD | 5945195 | &nbsp;&nbsp; 31498 |
| JPY | &nbsp;&nbsp; 30019277 | NWM | 01/15/26 | USD | 193000 | &nbsp;&nbsp; 1197 |
| JPY | &nbsp;&nbsp; 119135000 | TDB | 03/18/26 | USD | 774988 | &nbsp;&nbsp; 9699 |
| JPY | &nbsp;&nbsp; 1395777000 | TDB | 03/18/26 | USD | 9073554 | &nbsp;&nbsp; 107492 |
| MXN | &nbsp;&nbsp; 74972299 | GSI | 01/27/26 | USD | 4036511 | &nbsp;&nbsp; (118115)<br>|
| MXN | &nbsp;&nbsp; 29538903 | MSIP | 01/20/26 | USD | 1604234 | &nbsp;&nbsp; (33801)<br>|
| MXN | &nbsp;&nbsp; 2989000 | MSIP | 03/18/26 | USD | 164516 | &nbsp;&nbsp; (296)<br>|
| MXN | &nbsp;&nbsp; 10768702 | TDB | 02/26/26 | USD | 594462 | &nbsp;&nbsp; (515)<br>|
| PEN | &nbsp;&nbsp; 798840 | BBP | 02/26/26 | USD | 236854 | &nbsp;&nbsp; (370)<br>|
| PEN | &nbsp;&nbsp; 1741282 | CBNA | 01/15/26 | USD | 515691 | &nbsp;&nbsp; (2157)<br>|
| PEN | &nbsp;&nbsp; 1087265 | CBNA | 01/15/26 | USD | 322000 | &nbsp;&nbsp; (1347)<br>|
| PEN | &nbsp;&nbsp; 388869 | CBNA | 01/26/26 | USD | 115529 | &nbsp;&nbsp; (75)<br>|
| PEN | &nbsp;&nbsp; 389770 | CBNA | 02/26/26 | USD | 115642 | &nbsp;&nbsp; (105)<br>|
| PEN | &nbsp;&nbsp; 1508762 | UBSA | 01/27/26 | USD | 445562 | &nbsp;&nbsp; (2949)<br>|
| PHP | &nbsp;&nbsp; 22268955 | BOA | 01/26/26 | USD | 375702 | &nbsp;&nbsp; (2540)<br>|
| PHP | &nbsp;&nbsp; 12307824 | BOA | 01/26/26 | USD | 207716 | &nbsp;&nbsp; (1334)<br>|
| PHP | &nbsp;&nbsp; 12310168 | BOA | 01/26/26 | USD | 207896 | &nbsp;&nbsp; (1194)<br>|
| PHP | &nbsp;&nbsp; 25881040 | BOA | 03/18/26 | USD | 434064 | &nbsp;&nbsp; (4785)<br>|
| PHP | &nbsp;&nbsp; 5047767 | CBNA | 01/15/26 | USD | 85180 | &nbsp;&nbsp; (589)<br>|
| PHP | &nbsp;&nbsp; 2548180 | CBNA | 01/15/26 | USD | 43000 | &nbsp;&nbsp; (297)<br>|
| PHP | &nbsp;&nbsp; 100513027 | GSI | 01/27/26 | USD | 1700699 | &nbsp;&nbsp; (6470)<br>|
| PLN | &nbsp;&nbsp; 3487327 | DBAG | 02/26/26 | USD | 961256 | &nbsp;&nbsp; (9840)<br>|
| PLN | &nbsp;&nbsp; 12839544 | GSI | 01/27/26 | USD | 3509592 | &nbsp;&nbsp; (66383)<br>|
| SGD | &nbsp;&nbsp; 335753 | HSBC | 01/15/26 | USD | 258405 | &nbsp;&nbsp; (2981)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-53**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| SGD | &nbsp;&nbsp; 250770 | HSBC | 01/15/26 | USD | 193000 | &nbsp;&nbsp; $(2226)<br>|
| THB | &nbsp;&nbsp; 10087899 | HSBC | 01/15/26 | USD | 320607 | &nbsp;&nbsp; 226 |
| THB | &nbsp;&nbsp; 43718604 | JPMC | 01/27/26 | USD | 1351049 | &nbsp;&nbsp; (38424)<br>|
| THB | &nbsp;&nbsp; 26597167 | JPMC | 01/27/26 | USD | 821940 | &nbsp;&nbsp; (23376)<br>|
| TRY | &nbsp;&nbsp; 7563754 | GSI | 02/04/26 | USD | 167277 | &nbsp;&nbsp; (4942)<br>|
| TRY | &nbsp;&nbsp; 4697125 | NIP | 01/15/26 | USD | 106000 | &nbsp;&nbsp; (2604)<br>|
| UYU | &nbsp;&nbsp; 3711925 | GSI | 01/27/26 | USD | 92578 | &nbsp;&nbsp; (2102)<br>|
| ZAR | &nbsp;&nbsp; 3362070 | BOA | 01/15/26 | USD | 192559 | &nbsp;&nbsp; (10335)<br>|
| ZAR | &nbsp;&nbsp; 2234874 | BOA | 01/15/26 | USD | 128000 | &nbsp;&nbsp; (6870)<br>|
| ZAR | &nbsp;&nbsp; 4375499 | CBNA | 01/15/26 | USD | 255946 | &nbsp;&nbsp; (8107)<br>|
| ZAR | &nbsp;&nbsp; 2188211 | CBNA | 01/15/26 | USD | 128000 | &nbsp;&nbsp; (4054)<br>|
| ZAR | &nbsp;&nbsp; 64694169 | GSI | 01/27/26 | USD | 3726894 | &nbsp;&nbsp; (173804)<br>|
| ZAR | &nbsp;&nbsp; 26482497 | SSBT | 02/26/26 | USD | 1550129 | &nbsp;&nbsp; (43206)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cross Currency** <br> **Contracts to Buy** | **Cross Currency** <br> **Contracts to Buy** |  |  |  |  |  |
| COP | &nbsp;&nbsp; 893727503 | BNP | 01/15/26 | GBP | 182000 | &nbsp;&nbsp; (9836)<br>|
| EUR | &nbsp;&nbsp; 168245 | BOA | 01/15/26 | HUF | 64672403 | &nbsp;&nbsp; 187 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $245290 |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 3 Month SOFR Futures | &nbsp;&nbsp; 09/15/26 | &nbsp;&nbsp; 16 | USD | 3867600 | &nbsp;&nbsp; $2178 |
| 3 Month SOFR Futures | &nbsp;&nbsp; 03/16/27 | &nbsp;&nbsp; 1065 | USD | 257969625 | &nbsp;&nbsp; 98868 |
| 30 Day Federal Funds Futures | &nbsp;&nbsp; 07/31/26 | &nbsp;&nbsp; 3 | USD | 1208972 | &nbsp;&nbsp; 746 |
| Australian 3 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 394 | AUD | 41368251 | &nbsp;&nbsp; (19310)<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 157 | AUD | 17188997 | &nbsp;&nbsp; (15031)<br>|
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 139 | EUR | 17732230 | &nbsp;&nbsp; (28816)<br>|
| Japanese Government Bond 10 Year Futures | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 3 | JPY | 397230000 | &nbsp;&nbsp; (22734)<br>|
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 92 | USD | 10634625 | &nbsp;&nbsp; (11646)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 955 | USD | 199393554 | &nbsp;&nbsp; 40202 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 2492 | USD | 272387283 | &nbsp;&nbsp; (296190)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 97 | USD | 11446000 | &nbsp;&nbsp; (247813)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| NASDAQ 100 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (2)<br>| USD | (1018270)<br>| &nbsp;&nbsp; 394 |
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (16)<br>| USD | (1998400)<br>| &nbsp;&nbsp; 60161 |
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (2)<br>| USD | (689250)<br>| &nbsp;&nbsp; (381)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (110)<br>| USD | (12368125)<br>| &nbsp;&nbsp; (600)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (68)<br>| USD | (7821063)<br>| &nbsp;&nbsp; (22895)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(462867)<br>|

---

**Purchased Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD Call/USD Put | USD | 0.672 | 01/08/26 | DBAG | 1060505 | AUD | 1060505 | $2824 | $1150 | $(1674)<br>|
| CAD Call/USD Put | CAD | 1.360 | 01/27/26 | MSIP | 32000 | USD | 32000 | 6096 | 7682 | 1586 |

---

*See accompanying notes to financial statements.*

**BHFTII-54**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Purchased Options — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| CZK Call/EUR Put | CZK | 23.850 | 02/05/26 | BOA | 44003 | EUR | 44003 | $5657 | $3277 | $(2380)<br>|
| CZK Call/USD Put | CZK | 20.000 | 02/05/26 | BOA | 38480 | USD | 38480 | 4079 | 3345 | (734)<br>|
| EUR Call/HUF Put | HUF | 388.000 | 01/08/26 | BBP | 391000 | EUR | 391000 | 3030 | 578 | (2452)<br>|
| EUR Call/USD Put | USD | 1.180 | 01/16/26 | DBAG | 432994 | EUR | 432994 | 3211 | 1559 | (1652)<br>|
| GBP Call/USD Put | USD | 1.345 | 02/13/26 | JPMC | 196000 | GBP | 196000 | 1854 | 2582 | 728 |
| INR Call/USD Put | INR | 88.150 | 02/27/26 | BOA | 77040 | USD | 77040 | 7377 | 5078 | (2299)<br>|
| JPY Call/USD Put | JPY | 158.000 | 01/21/26 | MSIP | 4994900 | USD | 4994900 | 6519 | 1334 | (5185)<br>|
| MXN Call/USD Put | MXN | 18.300 | 01/09/26 | GSI | 387000 | USD | 387000 | 3890 | 6176 | 2286 |
| TRY Call/USD Put | TRY | 44.000 | 01/23/26 | UBSA | 192000 | USD | 192000 | 1570 | 2411 | 841 |
| USD Call/BRL Put | BRL | 5.550 | 02/06/26 | BBP | 767919 | USD | 767919 | 12694 | 11644 | (1050)<br>|
| USD Call/COP Put | COP | 3920.000 | 05/27/26 | UBSA | 836001 | USD | 836001 | 25573 | 30740 | 5167 |
| USD Call/EUR Put | USD | 1.169 | 01/14/26 | MSIP | 547000 | EUR | 547000 | 2337 | 1102 | (1235)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $86711 | $78658 | $(8053)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - OTC - 1 Yr. IRS | 3.000% | SOFR | Pay | 06/08/26 | GSI | 108898743 | USD | 108898743 | $131996 | $113687 | $(18309)<br>|
| Call - OTC - 10 Yr. IRS | 3.570% | SOFR | Pay | 02/05/26 | DBAG | 4367760 | USD | 4367760 | 30468 | 5172 | (25296)<br>|
| Call - OTC - 30 Yr. IRS | 3.550% | SOFR | Pay | 04/30/26 | BOA | 22014000 | USD | 22014000 | 280476 | 49758 | (230718)<br>|
| Call - OTC - 30 Yr. IRS | 3.770% | SOFR | Pay | 02/05/26 | DBAG | 2908530 | USD | 2908530 | 28564 | 1680 | (26884)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $471504 | $170297 | $(301207)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default** <br>**Swaptions**<br>| **Strike** <br>**Spread**<br>| **Reference** <br>**Obligation**<br>| **Buy/Sell** <br>**Protection**<br>| **Expiration** <br>**Date**<br>| **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>|
| Put - OTC - 5 Yr. CDS | 2.875% | ITRX.EUR.XOVER.44.V1 | Buy | 01/21/26 | MSIP | 797000 | EUR | 797000 | $4650 | $494 | $(4156)<br>|

---

**Written Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| BRL Call/USD Put | BRL | 5.250 | 03/12/26 | BOA | (6140000)<br>| USD | (6140000)<br>| $(27936)<br>| $(19230)<br>| $8706 |
| CLP Call/USD Put | CLP | 920.000 | 01/16/26 | CBNA | (129000)<br>| USD | (129000)<br>| (2125)<br>| (3098)<br>| (973)<br>|
| CLP Call/USD Put | CLP | 920.000 | 01/16/26 | CBNA | (128730)<br>| USD | (128730)<br>| (2120)<br>| (3130)<br>| (1010)<br>|
| EUR Call/HUF Put | HUF | 395.000 | 01/08/26 | BBP | (558000)<br>| EUR | (558000)<br>| (1697)<br>| (79)<br>| 1618 |
| MXN Call/USD Put | MXN | 17.650 | 03/12/26 | BOA | (4610000)<br>| USD | (4610000)<br>| (19256)<br>| (15010)<br>| 4246 |
| USD Call/BRL Put | BRL | 5.750 | 02/06/26 | BBP | (1151879)<br>| USD | (1151879)<br>| (9480)<br>| (7055)<br>| 2425 |
| USD Call/CLP Put | CLP | 940.000 | 01/16/26 | CBNA | (129000)<br>| USD | (129000)<br>| (2590)<br>| (75)<br>| 2515 |
| USD Call/CLP Put | CLP | 940.000 | 01/16/26 | CBNA | (128730)<br>| USD | (128730)<br>| (2584)<br>| (81)<br>| 2503 |
| USD Call/COP Put | COP | 4200.000 | 05/27/26 | UBSA | (643000)<br>| USD | (643000)<br>| (8391)<br>| (9639)<br>| (1248)<br>|
| USD Call/COP Put | COP | 4200.000 | 05/27/26 | UBSA | (579001)<br>| USD | (579001)<br>| (7556)<br>| (8943)<br>| (1387)<br>|
| USD Call/GBP Put | USD | 1.315 | 02/13/26 | JPMC | (196000)<br>| GBP | (196000)<br>| (1049)<br>| (470)<br>| 579 |
| USD Call/TRY Put | TRY | 46.000 | 01/23/26 | UBSA | (96000)<br>| USD | (96000)<br>| (1441)<br>| (345)<br>| 1096 |
| ZAR Call/USD Put | ZAR | 16.350 | 03/12/26 | BOA | (4610000)<br>| USD | (4610000)<br>| (19445)<br>| (34819)<br>| (15374)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(105670)<br>| $(101974)<br>| $3696 |

---

*See accompanying notes to financial statements.*

**BHFTII-55**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Written Options — (Continued)**

&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 - 1 Yr. IRS | 2.500% | SOFR | Receive | 06/08/26 | GSI | (108898743)<br>| USD | (108898743)<br>| $(49664)<br>| $(35757)<br>| $13907 |
| Call - OTC - 10 Yr. IRS | 3.200% | SOFR | Receive | 12/16/26 | CBNA | (4277000)<br>| USD | (4277000)<br>| (31248)<br>| (25507)<br>| 5741 |
| Call - OTC - 10 Yr. IRS | 3.250% | SOFR | Receive | 02/25/26 | GSI | (18473000)<br>| USD | (18473000)<br>| (64433)<br>| (6249)<br>| 58184 |
| Call - OTC - 10 Yr. IRS | 3.400% | SOFR | Receive | 02/18/26 | CBNA | (8714000)<br>| USD | (8714000)<br>| (50977)<br>| (5477)<br>| 45500 |
| Call - OTC - 10 Yr. IRS | 3.500% | SOFR | Receive | 03/11/26 | CBNA | (8580000)<br>| USD | (8580000)<br>| (42385)<br>| (18091)<br>| 24294 |
| Call - OTC - 10 Yr. IRS | 3.600% | SOFR | Receive | 02/17/26 | NIP | (5687000)<br>| USD | (5687000)<br>| (23873)<br>| (12758)<br>| 11115 |
| Call - OTC - 10 Yr. IRS | 3.855% | SOFR | Receive | 11/26/27 | DBAG | (386000)<br>| USD | (386000)<br>| (13973)<br>| (10184)<br>| 3789 |
| Call - OTC - 10 Yr. IRS | 3.872% | SOFR | Receive | 11/08/27 | BOA | (3855000)<br>| USD | (3855000)<br>| (138587)<br>| (103600)<br>| 34987 |
| Call - OTC - 10 Yr. IRS | 4.030% | SOFR | Receive | 12/16/27 | MSIP | (1666000)<br>| USD | (1666000)<br>| (58997)<br>| (55120)<br>| 3877 |
| Call - OTC - 30 Yr. IRS | 3.250% | SOFR | Receive | 04/30/26 | BOA | (22014000)<br>| USD | (22014000)<br>| (112070)<br>| (14831)<br>| 97239 |
| Call - OTC - 30 Yr. IRS | 4.200% | SONIA | Receive | 03/04/26 | GSI | (1740300)<br>| GBP | (1740300)<br>| (13264)<br>| (15017)<br>| (1753)<br>|
| Call - OTC - 5 Yr. IRS | 2.900% | SOFR | Receive | 02/25/26 | GSI | (34390000)<br>| USD | (34390000)<br>| (70200)<br>| (10156)<br>| 60044 |
| Put - OTC - 1 Yr. IRS | 3.500% | SOFR | Pay | 06/08/26 | GSI | (108898743)<br>| USD | (108898743)<br>| (106290)<br>| (70208)<br>| 36082 |
| Put - OTC - 10 Yr. IRS | 3.855% | SOFR | Pay | 11/26/27 | DBAG | (386000)<br>| USD | (386000)<br>| (13973)<br>| (16185)<br>| (2212)<br>|
| Put - OTC - 10 Yr. IRS | 3.872% | SOFR | Pay | 11/08/27 | BOA | (3855000)<br>| USD | (3855000)<br>| (138588)<br>| (155776)<br>| (17188)<br>|
| Put - OTC - 10 Yr. IRS | 3.960% | SOFR | Pay | 02/02/26 | BOA | (7795000)<br>| USD | (7795000)<br>| (20852)<br>| (14918)<br>| 5934 |
| Put - OTC - 10 Yr. IRS | 4.000% | SOFR | Pay | 02/17/26 | NIP | (5687000)<br>| USD | (5687000)<br>| (20770)<br>| (13381)<br>| 7389 |
| Put - OTC - 10 Yr. IRS | 4.000% | SOFR | Pay | 04/23/26 | JPMC | (20516000)<br>| USD | (20516000)<br>| (125661)<br>| (143699)<br>| (18038)<br>|
| Put - OTC - 10 Yr. IRS | 4.030% | SOFR | Pay | 12/16/27 | MSIP | (1666000)<br>| USD | (1666000)<br>| (58997)<br>| (59418)<br>| (421)<br>|
| Put - OTC - 10 Yr. IRS | 4.600% | SOFR | Pay | 12/16/26 | CBNA | (4277000)<br>| USD | (4277000)<br>| (33976)<br>| (31754)<br>| 2222 |
| Put - OTC - 2 Yr. IRS | 3.580% | SOFR | Pay | 02/20/26 | BOA | (19942667)<br>| USD | (19942667)<br>| (19444)<br>| (3979)<br>| 15465 |
| Put - OTC - 2 Yr. IRS | 4.000% | SOFR | Pay | 12/08/27 | NIP | (45852102)<br>| USD | (45852102)<br>| (210920)<br>| (214545)<br>| (3625)<br>|
| Put - OTC - 2 Yr. IRS | 4.050% | SOFR | Pay | 10/04/27 | GSI | (157239000)<br>| USD | (157239000)<br>| (575495)<br>| (608444)<br>| (32949)<br>|
| Put - OTC - 2 Yr. IRS | 4.300% | SOFR | Pay | 09/20/27 | GSI | (117148000)<br>| USD | (117148000)<br>| (325671)<br>| (317552)<br>| 8119 |
| Put - OTC - 2 Yr. IRS | 4.500% | SOFR | Pay | 12/16/27 | DBAG | (69005000)<br>| USD | (69005000)<br>| (173892)<br>| (184709)<br>| (10817)<br>|
| Put - OTC - 30 Yr. IRS | 4.300% | SOFR | Pay | 02/02/26 | GSI | (3447000)<br>| USD | (3447000)<br>| (19476)<br>| (15517)<br>| 3959 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(2513676)<br>| $(2162832)<br>| $350844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaptions** | **Strike** <br>**Spread**<br>| **Reference** <br>**Obligation**<br>| **Buy/Sell** <br>**Protection**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Put - OTC - 5 Yr. CDS | 3.250% | ITRX.EUR.XOVER.44.V1 | Sell | 01/21/26 | MSIP | (1139000)<br>| EUR | (1139000)<br>| $(3742)<br>| $(316)<br>| $3426 |

---

**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 | Maturity | 3.228<br> %<br>| Maturity | 12/11/27 | USD | 54003000 | $28825 | $178 | $28647 |
| Pay | 12M SOFR | Maturity | 3.800<br> %<br>| Maturity | 05/16/26 | USD | 50240000 | 15087 | 34 | 15053 |
| Pay | 12M SOFR | Maturity | 3.900<br> %<br>| Maturity | 05/16/26 | USD | 36611000 | 24407 | 25 | 24382 |
| Pay | 12M SONIA | Annually | 4.450<br> %<br>| Annually | 12/04/55 | GBP | 1740300 | (2795)<br>| 53 | (2848)<br>|
| Pay | 12M TONA | Maturity | 1.007<br> %<br>| Maturity | 09/11/27 | JPY | 1906900000 | (29533)<br>| 62 | (29595)<br>|
| Pay | 1-Day CDI | Maturity | 13.020<br> %<br>| Maturity | 01/02/29 | BRL | 3050000 | (2622)<br>| 5 | (2627)<br>|
| Pay | 1-Day CDI | Maturity | 13.238<br> %<br>| Maturity | 01/02/31 | BRL | 1934000 | (1269)<br>| 4 | (1273)<br>|
| Pay | 1M TIIE | Monthly | 6.975<br> %<br>| Monthly | 11/05/26 | MXN | 9642199 | 47 | 1 | 46 |
| Pay | 1M TIIE | Monthly | 7.280<br> %<br>| Monthly | 10/31/30 | MXN | 20807855 | (20302)<br>| 10 | (20312)<br>|
| Pay | 1M TIIE | Monthly | 7.320<br> %<br>| Monthly | 11/05/30 | MXN | 3885900 | (3465)<br>| 2 | (3467)<br>|
| Pay | 1M TIIE | Monthly | 8.270<br> %<br>| Monthly | 12/05/35 | MXN | 5979595 | 2057 | 5 | 2052 |
| Pay | 3M KRW COD | Quarterly | 2.690<br> %<br>| Quarterly | 12/17/28 | KRW | 3426811763 | (22890)<br>| 16 | (22906)<br>|
| Pay | 3M KRW COD | Quarterly | 2.914<br> %<br>| Quarterly | 12/17/30 | KRW | 1019038527 | (7676)<br>| 8 | (7684)<br>|
| Pay | 3M KRW COD | Quarterly | 2.940<br> %<br>| Quarterly | 12/17/30 | KRW | 1440815000 | (9647)<br>| 11 | (9658)<br>|
| Pay | 6M BUBOR | Semi-Annually | 6.250<br> %<br>| Semi-Annually | 12/17/27 | HUF | 407654965 | 7008 | 5 | 7003 |
| Pay | 6M BUBOR | Semi-Annually | 6.285<br> %<br>| Semi-Annually | 12/17/30 | HUF | 60048913 | 1586 | 2 | 1584 |

---

*See accompanying notes to financial statements.*

**BHFTII-56**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Centrally Cleared Interest Rate Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** <br>| **Floating**<br> **Rate Index** <br>| **Payment**<br> **Frequency** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Pay | 6M EURIBOR | Semi-Annually | 2.308<br> %<br>| Semi-Annually | 02/03/30 | EUR | 851164 | $(6867)<br>| $216 | $(7083)<br>|
| Pay | 6M MIBOR | Semi-Annually | 5.714<br> %<br>| Semi-Annually | 12/17/30 | INR | 61326000 | (5192)<br>| 8 | (5200)<br>|
| Pay | 6M PRIBOR | Semi-Annually | 3.890<br> %<br>| Semi-Annually | 12/17/30 | CZK | 53376586 | 7309 | 28 | 7281 |
| Pay | 6M PRIBOR | Semi-Annually | 3.910<br> %<br>| Semi-Annually | 12/17/30 | CZK | 35278000 | 6380 | 19 | 6361 |
| Pay | 7-Day CNRR | Quarterly | 1.535<br> %<br>| Quarterly | 12/17/28 | CNY | 5269000 | 83 | 4 | 79 |
| Pay | 7-Day CNRR | Quarterly | 1.540<br> %<br>| Quarterly | 12/17/28 | CNY | 7854301 | 287 | 7 | 280 |
| Pay | 7-Day CNRR | Quarterly | 1.583<br> %<br>| Quarterly | 12/17/30 | CNY | 4584000 | (213)<br>| 7 | (220)<br>|
| Pay | 7-Day CNRR | Quarterly | 1.584<br> %<br>| Quarterly | 12/17/30 | CNY | 6350075 | (252)<br>| 10 | (262)<br>|
| Pay | FEDEFF | Maturity | 3.591<br> %<br>| Maturity | 03/18/26 | USD | 200910000 | (549)<br>| 381 | (930)<br>|
| Pay | FEDEFF | Maturity | 3.593<br> %<br>| Maturity | 03/18/26 | USD | 393864000 | (278)<br>| 748 | (1026)<br>|
| Pay | FEDEFF | Maturity | 3.618<br> %<br>| Maturity | 03/18/26 | USD | 228402000 | 7549 | 434 | 7115 |
| Receive | 12M CPURNSA | Maturity | 2.428<br> %<br>| Maturity | 04/15/30 | USD | 7456698 | (22373)<br>| 88 | (22461)<br>|
| Receive | 12M CPURNSA | Maturity | 2.429<br> %<br>| Maturity | 04/15/30 | USD | 3673250 | (11196)<br>| 43 | (11239)<br>|
| Receive | 12M CPURNSA | Maturity | 2.632<br> %<br>| Maturity | 09/09/30 | USD | 15410000 | (172152)<br>| 182 | (172334)<br>|
| Receive | 12M SOFR | Maturity | 3.794<br> %<br>| Maturity | 05/16/26 | USD | 50240000 | (13928)<br>| 34 | (13962)<br>|
| Receive | 12M SOFR | Maturity | 3.814<br> %<br>| Maturity | 05/16/26 | USD | 36611000 | (12872)<br>| 9865 | (22737)<br>|
| Receive | 12M TONA | Maturity | 0.683<br> %<br>| Maturity | 04/21/27 | JPY | 3257950188 | 75143 | 76 | 75067 |
| Receive | 12M TONA | Maturity | 0.685<br> %<br>| Maturity | 04/21/27 | JPY | 3296037736 | 75606 | 76 | 75530 |
| Receive | 12M TONA | Maturity | 0.698<br> %<br>| Maturity | 05/11/27 | JPY | 2601672453 | 62270 | 59 | 62211 |
| Receive | 12M TONA | Maturity | 0.812<br> %<br>| Maturity | 03/12/27 | JPY | 750000000 | 8502 | 17 | 8485 |
| Receive | 12M TONA | Maturity | 0.998<br> %<br>| Maturity | 03/12/27 | JPY | 3395348847 | (1329)<br>| 74 | (1403)<br>|
| Receive | 12M TONA | Maturity | 1.018<br> %<br>| Maturity | 03/12/27 | JPY | 7697595372 | (13196)<br>| 170 | (13366)<br>|
| Receive | 12M TONA | Maturity | 1.027<br> %<br>| Maturity | 03/12/27 | JPY | 8309049195 | (18461)<br>| 182 | (18643)<br>|
| Receive | 1-Day CDI | Maturity | 13.864<br> %<br>| Maturity | 01/04/27 | BRL | 759000 | 88 | 1 | 87 |
| Receive | 1-Day CDI | Maturity | 13.883<br> %<br>| Maturity | 01/04/27 | BRL | 6462281 | 518 | 5 | 513 |
| Receive | 3M JIBAR | Quarterly | 6.554<br> %<br>| Quarterly | 12/17/27 | ZAR | 10028611 | (2194)<br>| 3 | (2197)<br>|
| Receive | 3M JIBAR | Quarterly | 6.658<br> %<br>| Quarterly | 12/17/26 | ZAR | 39025395 | (2921)<br>| 7 | (2928)<br>|
| Receive | 3M JIBAR | Quarterly | 6.720<br> %<br>| Quarterly | 12/17/26 | ZAR | 28814000 | (3154)<br>| (968)<br>| (2186)<br>|
| Receive | 3M JIBAR | Quarterly | 6.863<br> %<br>| Quarterly | 12/17/30 | ZAR | 29537746 | (18134)<br>| 19 | (18153)<br>|
| Receive | 3M JIBAR | Quarterly | 6.868<br> %<br>| Quarterly | 12/17/30 | ZAR | 13928000 | (8728)<br>| 9 | (8737)<br>|
| Receive | 6M WIBOR | Semi-Annually | 3.880<br> %<br>| Semi-Annually | 12/17/27 | PLN | 5702215 | (9667)<br>| (696)<br>| (8971)<br>|
| Receive | 6M WIBOR | Semi-Annually | 3.950<br> %<br>| Semi-Annually | 12/17/27 | PLN | 3255000 | (6697)<br>| (817)<br>| (5880)<br>|
| Receive | 6M WIBOR | Semi-Annually | 4.000<br> %<br>| Semi-Annually | 12/17/26 | PLN | 2899000 | (2301)<br>| (330)<br>| (1971)<br>|
| Receive | 6M WIBOR | Semi-Annually | 4.004<br> %<br>| Semi-Annually | 12/17/30 | PLN | 86324 | (282)<br>| (27)<br>| (255)<br>|
| Receive | 6M WIBOR | Semi-Annually | 4.050<br> %<br>| Semi-Annually | 12/17/30 | PLN | 2578000 | (9891)<br>| (241)<br>| (9650)<br>|
| Receive | FEDEFF | Maturity | 3.682<br> %<br>| Maturity | 01/28/26 | USD | 200836000 | (6370)<br>| 211 | (6581)<br>|
| Receive | FEDEFF | Maturity | 3.789<br> %<br>| Maturity | 01/28/26 | USD | 402544000 | (46089)<br>| 422 | (46511)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(172733)<br>| $10747 | $(183480)<br>|

---

**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 | 3M COP-IBR | Quarterly | 9.310% | Quarterly | 12/17/27 | GSI | COP | 1042182329 | $(7691)<br>| $— | $(7691)<br>|
| Pay | 3M COP-IBR | Quarterly | 9.310% | Quarterly | 12/17/27 | GSI | COP | 960907531 | (7091)<br>|  | (7091)<br>|
| Pay | 3M COP-IBR | Quarterly | 9.370% | Quarterly | 12/17/27 | GSI | COP | 1034550982 | (7348)<br>|  | (7348)<br>|
| Pay | 3M COP-IBR | Quarterly | 9.370% | Quarterly | 12/17/27 | GSI | COP | 953870264 | (6775)<br>|  | (6775)<br>|
| Pay | 3M COP-IBR | Quarterly | 9.540% | Quarterly | 12/17/27 | MSIP | COP | 2053966406 | (12972)<br>|  | (12972)<br>|
| Pay | 3M COP-IBR | Quarterly | 9.540% | Quarterly | 12/17/27 | MSIP | COP | 1893784825 | (11961)<br>|  | (11961)<br>|
| Receive | 3M COP-IBR | Quarterly | 9.360% | Quarterly | 12/17/29 | GSI | COP | 532989171 | 6579 |  | 6579 |
| Receive | 3M COP-IBR | Quarterly | 9.360% | Quarterly | 12/17/29 | GSI | COP | 578593750 | 7142 |  | 7142 |
| Receive | 3M COP-IBR | Quarterly | 9.420% | Quarterly | 12/17/29 | GSI | COP | 531426014 | 6292 |  | 6292 |
| Receive | 3M COP-IBR | Quarterly | 9.420% | Quarterly | 12/17/29 | GSI | COP | 576897151 | 6830 |  | 6830 |
| Receive | 3M COP-IBR | Quarterly | 9.540% | Quarterly | 12/17/29 | MSIP | COP | 1042170220 | 11289 |  | 11289 |

---

*See accompanying notes to financial statements.*

**BHFTII-57**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**OTC 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>| **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>|
| Receive | 3M COP-IBR | Quarterly | 9.540% | Quarterly | 12/17/29 | MSIP | COP | 1131343140 | $12255 | $— | $12255 |
| Receive | 6M CAMARA | Semi-Annually | 4.435% | Semi-Annually | 12/17/27 | GSI | CLP | 956824096 | (212)<br>|  | (212)<br>|
| Receive | 6M CAMARA | Semi-Annually | 4.435% | Semi-Annually | 12/17/27 | BOA | CLP | 951049000 | (210)<br>|  | (210)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(3873)<br>| $— | $(3873)<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.45.V2 | (5.000%) | Quarterly | 12/20/30 | 3.155% | USD | 1838000 | $(140432) | $(132650) | $(7782) |
| ITRX.EUR.44.V1 | (1.000%) | Quarterly | 12/20/30 | 0.505% | EUR | 2890000 | (78374) | (70398) | (7976) |
| ITRX.FINSR.44.V1 | (1.000%) | Quarterly | 12/20/30 | 0.543% | EUR | 9090000 | (227506) | (201560) | (25946) |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(446312) | $(404608) | $(41704) |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (d)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.HY.44.V1 | 5.000% | Quarterly | 06/21/30 | 2.921% | USD | 6579297 | $523093 | $469700 | $53393 |
| ITRX.EUR.XOVER.44.V1 | 5.000% | Quarterly | 12/20/30 | 2.437% | EUR | 35775000 | 4650142 | 4278963 | 371179 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $5173235 | $4748663 | $424572 |

---

**Centrally Cleared Credit Default Swaps Contracts on Sovereign 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>|
| Brazil Government International Bonds | (1.000<br> %)<br>| Quarterly | 12/20/30 | 1.379<br> %<br>| USD | 1219000 | $20696 | $21921 | $(1225)<br>|
| Colombia Government International Bonds | (1.000<br> %)<br>| Quarterly | 12/20/30 | 2.076<br> %<br>| USD | 137000 | 6492 | 4972 | 1520 |
| Mexico Government International Bonds | (1.000<br> %)<br>| Quarterly | 12/20/30 | 0.898<br> %<br>| USD | 601000 | (2762)<br>| (1048)<br>| (1714)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $24426 | $25845 | $(1419)<br>|

---

**OTC Credit Default Swap Contracts on Corporate and Sovereign Issues—Buy Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**(Pay) Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| American Electric Power Co., Inc. | (1.000%) | Quarterly | 12/20/29 | BOA | 0.273<br> %<br>| USD | 5854000 | $(158882)<br>| $(129257)<br>| $(29625)<br>|
| American Express Co. | (1.000%) | Quarterly | 12/20/29 | GSI | 0.240<br> %<br>| USD | 3000000 | (85177)<br>| (67600)<br>| (17577)<br>|
| Argentina Republic Government <br> International Bonds<br>| (5.000%) | Quarterly | 12/20/27 | BBP | 5.667<br> %<br>| USD | 26000 | 311 | 578 | (267)<br>|
| Boeing Co. | (1.000%) | Quarterly | 12/20/28 | DBAG | 0.459<br> %<br>| USD | 700000 | (10717)<br>| (2032)<br>| (8685)<br>|
| Boeing Co. | (1.000%) | Quarterly | 06/20/29 | JPMC | 0.501<br> %<br>| USD | 700000 | (11427)<br>| 5824 | (17251)<br>|
| Deutsche Bank AG | (1.000%) | Quarterly | 06/20/28 | JPMC | 0.387<br> %<br>| EUR | 600000 | (10472)<br>| 24340 | (34812)<br>|
| Deutsche Bank AG | (1.000%) | Quarterly | 06/20/28 | JPMC | 0.387<br> %<br>| EUR | 352000 | (6143)<br>| 9340 | (15483)<br>|
| Deutsche Bank AG | (1.000%) | Quarterly | 06/20/28 | JPMC | 0.387<br> %<br>| EUR | 117000 | (2042)<br>| 3105 | (5147)<br>|
| Deutsche Bank AG | (1.000%) | Quarterly | 06/20/28 | JPMC | 0.387<br> %<br>| EUR | 131000 | (2286)<br>| 3655 | (5941)<br>|
| Dominion Energy, Inc. | (1.000%) | Quarterly | 12/20/29 | GSI | 0.320<br> %<br>| USD | 2879000 | (72910)<br>| (61568)<br>| (11342)<br>|
| UBS Group AG | (1.000%) | Quarterly | 06/20/28 | BNP | 0.260<br> %<br>| EUR | 134000 | (2828)<br>| 2962 | (5790)<br>|
| UBS Group AG | (1.000%) | Quarterly | 06/20/28 | JPMC | 0.260<br> %<br>| EUR | 37000 | (781)<br>| 996 | (1777)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-58**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**OTC Credit Default Swap Contracts on Corporate and Sovereign Issues—Buy Protection (a) — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal**<br> **(Pay) Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Counterparty**  | **Implied**<br> **Credit Spread** <sup>(b)</sup><br>| **Notional**<br> **Amount** <sup>(c)</sup> | **Notional**<br> **Amount** <sup>(c)</sup> | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| UBS Group AG | (1.000%) | Quarterly | 06/20/28 | JPMC | 0.260<br> %<br>| EUR | 112000 | $(2364)<br>| $2894 | $(5258)<br>|
| UBS Group AG | (1.000%) | Quarterly | 06/20/28 | JPMC | 0.260<br> %<br>| EUR | 117000 | (2470)<br>| 3387 | (5857)<br>|
| UBS Group AG | (1.000%) | Quarterly | 06/20/28 | JPMC | 0.260<br> %<br>| EUR | 1000000 | (21108)<br>| 17383 | (38491)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(389296)<br>| $(185993)<br>| $(203303)<br>|

---

**OTC Credit Default Swap Contracts on Credit Indices—Buy Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**(Pay) Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CMBX.NA.6.AAA | (0.500%) | Monthly | 05/11/63 | DBAG | 0.500<br> %<br>| USD | 2619 | $— | $(1)<br>| $1 |
| CMBX.NA.9.AAA | (0.500%) | Monthly | 09/17/58 | MSIP | 0.500<br> %<br>| USD | 31631 |  | 367 | (367)<br>|
| CMBX.NA.9.AAA | (0.500%) | Monthly | 09/17/58 | MSIP | 0.500<br> %<br>| USD | 638 |  | 8 | (8)<br>|
| CMBX.NA.9.BBB- | (3.000%) | Monthly | 09/17/58 | CBNA | 302.272<br> %<br>| USD | 396194 | 98559 | 11608 | 86951 |
| CMBX.NA.9.BBB- | (3.000%) | Monthly | 09/17/58 | MSIP | 302.272<br> %<br>| USD | 83201 | 20697 | 3991 | 16706 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $119256 | $15973 | $103283 |

---

**OTC Credit Default Swap Contracts on Credit Indices—Sell Protection (d)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CMBX.NA.10.BBB- | 3.000% | Monthly | 11/17/59 | JPMC | 34.839<br> %<br>| USD | 39980 | $(8796)<br>| $(3403)<br>| $(5393)<br>|
| CMBX.NA.9.BBB- | 3.000% | Monthly | 09/17/58 | DBAG | 302.272<br> %<br>| USD | 370045 | (92054)<br>| (43204)<br>| (48850)<br>|
| CMBX.NA.9.BBB- | 3.000% | Monthly | 09/17/58 | MSIP | 302.272<br> %<br>| USD | 109349 | (27202)<br>| (125)<br>| (27077)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(128052)<br>| $(46732)<br>| $(81320)<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>|
| Receive | SOFR | Quarterly | 03/20/26 | BOA | iBoxx USD Liquid High Yield Index | USD | 1422000 | $(6222)<br>| $— | $(6222)<br>|
| Receive | SOFR | Quarterly | 03/20/26 | BOA | iBoxx USD Liquid High Yield Index | USD | 25900000 | (113331)<br>|  | (113331)<br>|
| Receive | SOFR | Quarterly | 03/20/26 | JPMC | iBoxx USD Liquid High Yield Index | USD | 6785000 | (30124)<br>|  | (30124)<br>|
| Receive | SOFR | Quarterly | 03/20/26 | MSIP | iBoxx USD Liquid High Yield Index | USD | 38837000 | (209819)<br>|  | (209819)<br>|
| Receive | SOFR | Quarterly | 03/20/26 | MSIP | iBoxx USD Liquid Investment Grade Index | USD | 1750000 | (3917)<br>|  | (3917)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(363413)<br>| $— | $(363413)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

*See accompanying notes to financial statements.*

**BHFTII-59**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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).

Securities in the amount of $43,248 have been received at the custodian bank as collateral for OTC derivative contracts.

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | Investments at market value (a) <br>| &nbsp;&nbsp; $494 |  |  |
|  | OTC swap contracts at market value (b) <br>| &nbsp;&nbsp; 119567 | OTC swap contracts at market value (b) <br>| &nbsp;&nbsp; $881072 |
|  | Unrealized appreciation on centrally cleared swap contracts (c) (d) <br>| &nbsp;&nbsp; 426092 | Unrealized depreciation on centrally cleared swap contracts (c) (d) <br>| &nbsp;&nbsp; 44643 |
|  |  |  | Written options at value | &nbsp;&nbsp; 316 |
| Equity | Unrealized appreciation on futures contracts (d) (e) <br>| &nbsp;&nbsp; 60555 | Unrealized depreciation on futures contracts (d) (e) <br>| &nbsp;&nbsp; 381 |
| Foreign Exchange | Investments at market value (a) <br>| &nbsp;&nbsp; 78658 |  |  |
|  | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 1230871 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 985581 |
|  |  |  | Written options at value | &nbsp;&nbsp; 101974 |
| Interest Rate | Investments at market value (a) <br>| &nbsp;&nbsp; 170297 |  |  |
|  | OTC swap contracts at market value (f) <br>| &nbsp;&nbsp; 50387 | OTC swap contracts at market value (f) <br>| &nbsp;&nbsp; 54260 |
|  | Unrealized appreciation on centrally cleared swap contracts (c) (d) <br>| &nbsp;&nbsp; 321776 | Unrealized depreciation on centrally cleared swap contracts (c) (d) <br>| &nbsp;&nbsp; 505256 |
|  | Unrealized appreciation on futures contracts (d) (e) <br>| &nbsp;&nbsp; 141994 | Unrealized depreciation on futures contracts (d) (e) <br>| &nbsp;&nbsp; 665035 |
|  |  |  | Written options at value | &nbsp;&nbsp; 2162832 |
| Total |  | &nbsp;&nbsp; $2600691 |  | &nbsp;&nbsp; $5401350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Excludes OTC swap interest receivable of $25,740, and OTC swap interest payable of $4,817.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Excludes OTC swap interest receivable of $15,963 and OTC swap interest payable of $15,912.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $153433 | &nbsp;&nbsp;&nbsp;&nbsp; $(153433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Bank of New York Mellon | &nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 929 |
| Barclays Bank PLC | &nbsp;&nbsp; 208521 | &nbsp;&nbsp;&nbsp;&nbsp; (71659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51681)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85181 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 48799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48799 |
| Citibank NA | &nbsp;&nbsp; 368052 | &nbsp;&nbsp;&nbsp;&nbsp; (261017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1935 |
| Deutsche Bank AG | &nbsp;&nbsp; 20803 | &nbsp;&nbsp;&nbsp;&nbsp; (20803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 237813 | &nbsp;&nbsp;&nbsp;&nbsp; (237813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 57734 | &nbsp;&nbsp;&nbsp;&nbsp; (57734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 2676 | &nbsp;&nbsp;&nbsp;&nbsp; (2676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 116470 | &nbsp;&nbsp;&nbsp;&nbsp; (116470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NatWest Markets PLC | &nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp;&nbsp; (1197)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp; 3284 | &nbsp;&nbsp;&nbsp;&nbsp; (3284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 92863 | &nbsp;&nbsp;&nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91843 |

---

*See accompanying notes to financial statements.*

**BHFTII-60**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Received†**<br>| **Net**<br> **Amount\***<br>|
| State Street Bank and Trust | &nbsp;&nbsp; $57771 | &nbsp;&nbsp;&nbsp;&nbsp; $(46201)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(11570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Toronto Dominion Bank | &nbsp;&nbsp; 117191 | &nbsp;&nbsp;&nbsp;&nbsp; (1041)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116150 |
| UBS AG | &nbsp;&nbsp; 162738 | &nbsp;&nbsp;&nbsp;&nbsp; (21876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31567)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 109295 |
|  | &nbsp;&nbsp; $1650274 | &nbsp;&nbsp;&nbsp;&nbsp; $(996224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(199918)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $454132 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $676598 | &nbsp;&nbsp;&nbsp;&nbsp; $(153433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(523165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 71659 | &nbsp;&nbsp;&nbsp;&nbsp; (71659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 23759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23759)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 261017 | &nbsp;&nbsp;&nbsp;&nbsp; (261017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 325281 | &nbsp;&nbsp;&nbsp;&nbsp; (20803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (284633)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19845 |
| Goldman Sachs International | &nbsp;&nbsp; 1660760 | &nbsp;&nbsp;&nbsp;&nbsp; (237813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1103664)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319283 |
| HSBC Bank PLC | &nbsp;&nbsp; 65296 | &nbsp;&nbsp;&nbsp;&nbsp; (57734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 305274 | &nbsp;&nbsp;&nbsp;&nbsp; (2676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (225363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77235 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 478768 | &nbsp;&nbsp;&nbsp;&nbsp; (116470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (362298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| NatWest Markets PLC | &nbsp;&nbsp; 4197 | &nbsp;&nbsp;&nbsp;&nbsp; (1197)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| Nomura International PLC | &nbsp;&nbsp; 243288 | &nbsp;&nbsp;&nbsp;&nbsp; (3284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 240004 |
| Standard Chartered Bank | &nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust | &nbsp;&nbsp; 46201 | &nbsp;&nbsp;&nbsp;&nbsp; (46201)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Toronto Dominion Bank | &nbsp;&nbsp; 1041 | &nbsp;&nbsp;&nbsp;&nbsp; (1041)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 21876 | &nbsp;&nbsp;&nbsp;&nbsp; (21876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4186035 | &nbsp;&nbsp;&nbsp;&nbsp; $(996224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2530444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $659367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $(4383351)<br>| &nbsp;&nbsp;&nbsp; $324 | &nbsp;&nbsp;&nbsp; $(147353)<br>| &nbsp;&nbsp;&nbsp; $(1166710)<br>| &nbsp;&nbsp;&nbsp; $(5697090)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4580609)<br>| &nbsp;&nbsp;&nbsp; (4580609)<br>|
| Futures contracts | &nbsp;&nbsp; (528163)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2828145)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3356308)<br>|
| Swap contracts | &nbsp;&nbsp; 1008707 | &nbsp;&nbsp;&nbsp; 3567265 | &nbsp;&nbsp;&nbsp; (374672)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4201300 |
| Written options | &nbsp;&nbsp; 2239229 | &nbsp;&nbsp;&nbsp; 6532 | &nbsp;&nbsp;&nbsp; 20263 | &nbsp;&nbsp;&nbsp; 1083928 | &nbsp;&nbsp;&nbsp; 3349952 |
|  | &nbsp;&nbsp; $(1663578)<br>| &nbsp;&nbsp;&nbsp; $3574121 | &nbsp;&nbsp;&nbsp; $(3329907)<br>| &nbsp;&nbsp;&nbsp; $(4663391)<br>| &nbsp;&nbsp;&nbsp; $(6082755)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $1611200 | &nbsp;&nbsp;&nbsp; $(4156)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(10856)<br>| &nbsp;&nbsp;&nbsp; $1596188 |
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1382416)<br>| &nbsp;&nbsp;&nbsp; (1382416)<br>|
| Futures contracts | &nbsp;&nbsp; 4390899 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7087)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4383812 |
| Swap contracts | &nbsp;&nbsp; 1182944 | &nbsp;&nbsp;&nbsp; (452348)<br>| &nbsp;&nbsp;&nbsp; 15563 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 746159 |
| Written options | &nbsp;&nbsp; 66637 | &nbsp;&nbsp;&nbsp; 3426 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2501)<br>| &nbsp;&nbsp;&nbsp; 67562 |
|  | &nbsp;&nbsp; $7251680 | &nbsp;&nbsp;&nbsp; $(453078)<br>| &nbsp;&nbsp;&nbsp; $8476 | &nbsp;&nbsp;&nbsp; $(1395773)<br>| &nbsp;&nbsp;&nbsp; $5411305 |

---

*See accompanying notes to financial statements.*

**BHFTII-61**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $724808156 |
| Forward foreign currency transactions | &nbsp;&nbsp; 196867365 |
| Futures contracts long | &nbsp;&nbsp; 689843766 |
| Futures contracts short | &nbsp;&nbsp; (115019418)<br>|
| Swap contracts | &nbsp;&nbsp; 2498939495 |
| Written options | &nbsp;&nbsp; (1076750031)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1022550188 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1022550188 |
| Corporate Bonds & Notes |  |  |  |  |
| Advertising | &nbsp;&nbsp; — | &nbsp;&nbsp; 210034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210034 |
| Aerospace/Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 3991630 | &nbsp;&nbsp; 1141676 | &nbsp;&nbsp; 5133306 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 15530422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15530422 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 2230863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2230863 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 6306175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6306175 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 999171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 999171 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 127581188 | &nbsp;&nbsp; 2948000 | &nbsp;&nbsp; 130529188 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 97288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97288 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 822465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 822465 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 1574860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1574860 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 3166612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3166612 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 4355258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4355258 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 13056842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13056842 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 24440797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24440797 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 86465981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86465981 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 198817 | &nbsp;&nbsp; — | &nbsp;&nbsp; 198817 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 192550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192550 |
| Energy-Alternate Sources | &nbsp;&nbsp; — | &nbsp;&nbsp; 353389 | &nbsp;&nbsp; 1499831 | &nbsp;&nbsp; 1853220 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 1113790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1113790 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 21055870 | &nbsp;&nbsp; 1456476 | &nbsp;&nbsp; 22512346 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 97079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97079 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 903669 | &nbsp;&nbsp; — | &nbsp;&nbsp; 903669 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 98166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98166 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 522856 | &nbsp;&nbsp; 1883800 | &nbsp;&nbsp; 2406656 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 999403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 999403 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 14838060 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14838060 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 3108316 | &nbsp;&nbsp; 3169414 | &nbsp;&nbsp; 6277730 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 194399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 194399 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 97656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97656 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 1134623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1134623 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 37402879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37402879 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5047452 | &nbsp;&nbsp; 5047452 |
| Iron/Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 1071849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1071849 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 2443567 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2443567 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 1275432 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1275432 |
| Machinery-Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 99660 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99660 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 30209723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30209723 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 3454996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3454996 |
| Office/Business Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 469416 | &nbsp;&nbsp; — | &nbsp;&nbsp; 469416 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 120839657 | &nbsp;&nbsp; — | &nbsp;&nbsp; 120839657 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 227898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 227898 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 3508083 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3508083 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 2236988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2236988 |

---

*See accompanying notes to financial statements.*

**BHFTII-62**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Pipelines | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48350211 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48350211 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 660315 | &nbsp;&nbsp; 5855997 | &nbsp;&nbsp; 6516312 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 38504154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38504154 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 1763507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1763507 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 19535925 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19535925 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 12960835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12960835 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 30700562 | &nbsp;&nbsp; 8758 | &nbsp;&nbsp; 30709320 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 516444 | &nbsp;&nbsp; — | &nbsp;&nbsp; 516444 |
| Trucking & Leasing | &nbsp;&nbsp; — | &nbsp;&nbsp; 211649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 211649 |
| Water | &nbsp;&nbsp; — | &nbsp;&nbsp; 387458 | &nbsp;&nbsp; — | &nbsp;&nbsp; 387458 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 692569437 | &nbsp;&nbsp; 23011404 | &nbsp;&nbsp; 715580841 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 514348735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 514348735 |
| Asset-Backed Securities |  |  |  |  |
| Asset-Backed - Automobile | &nbsp;&nbsp; — | &nbsp;&nbsp; 4054978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4054978 |
| Asset-Backed - Credit Card | &nbsp;&nbsp; — | &nbsp;&nbsp; 802161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 802161 |
| Asset-Backed - Home Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; 24622601 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24622601 |
| Asset-Backed - Manufactured Housing | &nbsp;&nbsp; — | &nbsp;&nbsp; 7880998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7880998 |
| Asset-Backed - Other | &nbsp;&nbsp; — | &nbsp;&nbsp; 240554380 | &nbsp;&nbsp; 4882281 | &nbsp;&nbsp; 245436661 |
| Asset-Backed - Student Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 24474947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24474947 |
| Total Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 302390065 | &nbsp;&nbsp; 4882281 | &nbsp;&nbsp; 307272346 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 268757124 | &nbsp;&nbsp; — | &nbsp;&nbsp; 268757124 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 63403330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63403330 |
| Floating Rate Loans |  |  |  |  |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 289613 | &nbsp;&nbsp; — | &nbsp;&nbsp; 289613 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 34120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34120 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1307989 | &nbsp;&nbsp; 979095 | &nbsp;&nbsp; 2287084 |
| Computers (Less Unfunded Loan Commitments of $94,855) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5239681 | &nbsp;&nbsp; 5239681 |
| Cosmetics/Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 271232 | &nbsp;&nbsp; 271232 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 999672 | &nbsp;&nbsp; — | &nbsp;&nbsp; 999672 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 616296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 616296 |
| Energy-Alternate Sources | &nbsp;&nbsp; — | &nbsp;&nbsp; 263455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 263455 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 659600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 659600 |
| Entertainment (Less Unfunded Loan Commitments of $113,621) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2909894 | &nbsp;&nbsp; 447887 | &nbsp;&nbsp; 3357781 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 61650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61650 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 1166544 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1166544 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 652561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 652561 |
| Office/Business Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 79235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79235 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 903331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 903331 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 396361 | &nbsp;&nbsp; — | &nbsp;&nbsp; 396361 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 517162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 517162 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $208,476) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10857483 | &nbsp;&nbsp; 6937895 | &nbsp;&nbsp; 17795378 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 16577115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16577115 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6897553 | &nbsp;&nbsp; 6897553 |
| Common Stocks |  |  |  |  |
| Banks | &nbsp;&nbsp; 1107983 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1107983 |
| Capital Markets | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1060 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 193698 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 193698 |
| Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Energy Equipment & Services | &nbsp;&nbsp; 305057 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 305057 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1324707 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1324707 |
| Household Durables | &nbsp;&nbsp; 836986 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 836986 |
| Machinery | &nbsp;&nbsp; 4950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4950 |
| Media | &nbsp;&nbsp; 1616795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1616795 |
| Metals & Mining | &nbsp;&nbsp; 176694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 176694 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 552 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 552 |
| Wireless Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23736 | &nbsp;&nbsp; 23736 |
| Total Common Stocks | &nbsp;&nbsp; 5568482 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23736 | &nbsp;&nbsp; 5592218 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2396782 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2396782 |
| Convertible Preferred Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; 372924 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 372924 |

---

*See accompanying notes to financial statements.*

**BHFTII-63**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| IT Services | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80322 |
| Total Convertible Preferred Stocks | &nbsp;&nbsp; 372924 | &nbsp;&nbsp; 80322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 453246 |
| Warrants |  |  |  |  |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 402039 | &nbsp;&nbsp; 402039 |
| Machinery | &nbsp;&nbsp; 6279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6279 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 894 |
| Software | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 601 |
| Specialty Retail | &nbsp;&nbsp; 943 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 943 |
| Total Warrants | &nbsp;&nbsp; 8716 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 402044 | &nbsp;&nbsp; 410761 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 27245437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27245437 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 12019529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12019529 |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; 13019529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31019529 |
| Total Purchased Options at Value\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 249449 | &nbsp;&nbsp; — | &nbsp;&nbsp; 249449 |
| Total Net Investments | &nbsp;&nbsp; $23950122 | &nbsp;&nbsp; $2934444997 | &nbsp;&nbsp; $42154913 | &nbsp;&nbsp; $3000550032 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(31019529)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(31019529)<br>|
| TBA Forward Sale Commitments (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(40486020)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(40486020)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1230871 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1230871 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (985581)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (985581)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $245290 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $245290 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $202549 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $202549 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (665416)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (665416)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(462867)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(462867)<br>|
| Total Written Options at Value\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2265122)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2265122)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $747868 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $747868 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (549899)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (549899)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197969 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197969 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $169954 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $169954 |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; — | &nbsp;&nbsp; (935332)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (935332)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(765378)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(765378)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-64**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

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,** <br>**2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/** <br>**(Loss)**<br>| **Amortization** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Balance as of** <br>**December 31,** <br>**2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br>**from Investment** <br>**Held at** <br>**December 31,** <br>**2025**<br>|
| Corporate Bonds |  |  |  |  |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1140279 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1397<br>| &nbsp;&nbsp; $1141676 | &nbsp;&nbsp; $1397 |
| Banks  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2948000<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2948000 | &nbsp;&nbsp; — |
| Energy-Alternate Sources | &nbsp;&nbsp; 1446848 | &nbsp;&nbsp; 112595<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4386 | &nbsp;&nbsp; (63998) <br>| &nbsp;&nbsp; 1499831<br>| &nbsp;&nbsp; (63998)<br>|
| Entertainment  | &nbsp;&nbsp; 1325851<br>| &nbsp;&nbsp; 159331<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (28706) <br>| &nbsp;&nbsp; 1456476<br>| &nbsp;&nbsp; (28706)<br>|
| Gas | &nbsp;&nbsp; 401188 | &nbsp;&nbsp; 1451120 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4430 | &nbsp;&nbsp; 27062<br>| &nbsp;&nbsp; 1883800<br>| &nbsp;&nbsp; 27062 |
| Home Builders | &nbsp;&nbsp; 6474985 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3104000) <br>| &nbsp;&nbsp; 93120<br>| &nbsp;&nbsp; 7522 | &nbsp;&nbsp; (302213) <br>| &nbsp;&nbsp; 3169414<br>| &nbsp;&nbsp; 12222 |
| Investment Companies  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5398365 | &nbsp;&nbsp; (468120) <br>| &nbsp;&nbsp; 7120<br>| &nbsp;&nbsp; 139<br>| &nbsp;&nbsp; 109948<br>| &nbsp;&nbsp; 5047452<br>| &nbsp;&nbsp; 109948 |
| Lodging  | &nbsp;&nbsp; 1875301<br>| &nbsp;&nbsp; 130706 | &nbsp;&nbsp; (0)<br>| &nbsp;&nbsp; (303825)<br>| &nbsp;&nbsp; 7173 | &nbsp;&nbsp; (1709355)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1709355)<br>|
| Real Estate  | &nbsp;&nbsp; 6102817<br>| &nbsp;&nbsp; 33132<br>| &nbsp;&nbsp; (51819) <br>| &nbsp;&nbsp; 1161 | &nbsp;&nbsp; 35609<br>| &nbsp;&nbsp; (264903) <br>| &nbsp;&nbsp; 5855997<br>| &nbsp;&nbsp; (264903) <br>|
| Telecommunications  | &nbsp;&nbsp; 12000<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14032) <br>| &nbsp;&nbsp; 5820<br>| &nbsp;&nbsp; 7121 | &nbsp;&nbsp; (2151)<br>| &nbsp;&nbsp; 8758<br>| &nbsp;&nbsp; (2151)<br>|
| Asset-Backed Securities  |  |  |  |  |  |  |  |  |
| Asset-Backed - Other | &nbsp;&nbsp; 4423661<br>| &nbsp;&nbsp; 395509<br>| &nbsp;&nbsp; (195365)<br>| &nbsp;&nbsp; (1611)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 260087<br>| &nbsp;&nbsp; 4882281 | &nbsp;&nbsp; 251741 |
| Floating Rate Loans  |  |  |  |  |  |  |  |  |
| Commercial Services  | &nbsp;&nbsp; 1202184<br>| &nbsp;&nbsp; 57142<br>| &nbsp;&nbsp; (18437) <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 23034 | &nbsp;&nbsp; (284828)<br>| &nbsp;&nbsp; 979095<br>| &nbsp;&nbsp; (284828)<br>|
| Computers\*  | &nbsp;&nbsp; 4377494<br>| &nbsp;&nbsp; 2373221 | &nbsp;&nbsp; (1458551)<br>| &nbsp;&nbsp; 391 | &nbsp;&nbsp; 3244 | &nbsp;&nbsp; (56118) <br>| &nbsp;&nbsp; 5239681 | &nbsp;&nbsp; (56118)<br>|
| Cosmetics/Personal Care  | &nbsp;&nbsp; 176072<br>| &nbsp;&nbsp; 107286 | &nbsp;&nbsp; (10745)<br>| &nbsp;&nbsp; 184 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; (2715)<br>| &nbsp;&nbsp; 271232 | &nbsp;&nbsp; (2715)<br>|
| Entertainment \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 465866 | &nbsp;&nbsp; (42257)<br>| &nbsp;&nbsp; (1104)<br>| &nbsp;&nbsp; 16401 | &nbsp;&nbsp; 8981<br>| &nbsp;&nbsp; 447887 | &nbsp;&nbsp; 8981 |
| Oil & Gas Services  | &nbsp;&nbsp; 1604000<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1604000)<br>| &nbsp;&nbsp; 25292<br>| &nbsp;&nbsp; 4936 | &nbsp;&nbsp; (30228)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Preferred Stocks  |  |  |  |  |  |  |  |  |
| Home Builders  | &nbsp;&nbsp; 2611575<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6570)<br>| &nbsp;&nbsp; 2605005 | &nbsp;&nbsp; (6570)<br>|
| IT Services  | &nbsp;&nbsp; 3600982<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 535739 | &nbsp;&nbsp; 4136721 | &nbsp;&nbsp; 535739 |
| Oil & Gas  | &nbsp;&nbsp; 127446<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28381 | &nbsp;&nbsp; 155827 | &nbsp;&nbsp; 28381 |
| Software  | &nbsp;&nbsp; 91721<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (91721)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (91721)<br>|
| Common Stocks  |  |  |  |  |  |  |  |  |
| Electrical Equipment | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — |
| Wireless Telecommunication Services  | &nbsp;&nbsp; — | &nbsp;&nbsp; 664<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23072<br>| &nbsp;&nbsp; 23736 | &nbsp;&nbsp; 23072 |
| Warants  |  |  |  |  |  |  |  |  |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — |
| IT Services  | &nbsp;&nbsp; 373621<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28418 | &nbsp;&nbsp; 402039<br>| &nbsp;&nbsp; 28418 |
| Oil & Gas  | &nbsp;&nbsp; 36197<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (36192)<br>| &nbsp;&nbsp; 5<br>| &nbsp;&nbsp; (36192)<br>|
|  | &nbsp;&nbsp; $36263943<br>| &nbsp;&nbsp; $14773216 | &nbsp;&nbsp; $(6967326)<br>| &nbsp;&nbsp; $(173452) <br>| &nbsp;&nbsp; $115145 | &nbsp;&nbsp; $(1856613)<br>| &nbsp;&nbsp; $42154913 | &nbsp;&nbsp; $(1520296)<br>|
| \* Values are net of unfunded loan commitments. |  |  |  |  |  |  |  |  |

---

*See accompanying notes to financial statements.*

**BHFTII-65**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table summarizes the valuation techniques and unobservable inputs utilized to determine fair value of the Level 3 assets as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**December 31,** <br>**2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range** | **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 |  |  |  |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; $1141676 | Market Yield Analysis | Midpoint Yield Spread | 5.40<br> %<br>| 5.40<br> %<br>| 5.40<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 2.65<br> %<br>| 2.65<br> %<br>| 2.65<br> %<br>| &nbsp;&nbsp; Decrease |
| Banks | &nbsp;&nbsp; 2948000 | Precedent Transaction  | Transaction Price  | &nbsp;&nbsp; $100.00 | &nbsp;&nbsp; $100.00 | &nbsp;&nbsp; $100.00 | &nbsp;&nbsp; Increase |
| Energy - Alternate Sources | &nbsp;&nbsp; 1499831 | Market Yield Analysis | Midpoint Yield Spread | 9.59<br> %<br>| 9.59<br> %<br>| 9.59<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.54<br> %<br>| 3.54<br> %<br>| 3.54<br> %<br>| &nbsp;&nbsp; Decrease<br>|
| Entertainment | &nbsp;&nbsp; 1456476 | Market Yield Analysis | Midpoint Yield Spread | 7.75<br> %<br>| 7.75<br> %<br>| 7.75<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.57<br> %<br>| 3.57<br> %<br>| 3.57<br> %<br>| &nbsp;&nbsp; Decrease |
| Gas | &nbsp;&nbsp; 1883800 | Market Yield Analysis | Midpoint Yield Spread  | 5.04<br> %<br>| 6.76<br> % <br>| 5.45<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.40<br> % <br>| 3.50<br> % <br>| 3.42<br> % <br>| &nbsp;&nbsp; Decrease |
| Home Builders | &nbsp;&nbsp; 3169414<br>| Market Yield Analysis | Midpoint Yield Spread  | 7.00<br> % <br>| 7.00<br> % <br>| 7.00<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.67<br> %<br>| 3.67<br> %<br>| 3.67<br> %<br>| &nbsp;&nbsp; Decrease |
| Investment Companies | &nbsp;&nbsp; 5047452 | Precedent Transaction | Transaction Price | &nbsp;&nbsp; $100.00 | &nbsp;&nbsp; $100.00 | &nbsp;&nbsp; $100.00 | &nbsp;&nbsp; Increase |
|  |  | Market Yield Analysis  | Midpoint Yield Spread | 5.72<br> %<br>| 12.75<br> % <br>| 7.38<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread  | 3.54<br> %<br>| 3.70<br> %<br>| 3.58<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| Lodging | &nbsp;&nbsp; 0 (a)<br>| Liquidation Analysis  | Estimated Recovery Value  | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; Increase |
| Real Estate | &nbsp;&nbsp; 5,855,997 (b) <br>| Market Yield Analysis  | Midpoint Yield Spread  | 9.50<br> % <br>| 9.50<br> % <br>| 9.50<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread  | 3.58<br> % <br>| 3.58<br> % <br>| 3.58<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  | EV Coverage Analysis  | EV/EBITDA Multiple | &nbsp;&nbsp; 2.00x | &nbsp;&nbsp; 2.00x | &nbsp;&nbsp; 2.00x | &nbsp;&nbsp; Increase |
|  |  |  | Loan/EV Coverage Ratio  | &nbsp;&nbsp; 0.79x | &nbsp;&nbsp; 0.79x<br>| &nbsp;&nbsp; 0.79x | &nbsp;&nbsp; Increase<br>|
|  |  | Buyout Scenario  | Percent of Par Value  | 76.95<br> %<br>| 76.95<br> % <br>| 76.95<br> % <br>| &nbsp;&nbsp; Increase<br>|
| Telecommunications | &nbsp;&nbsp; 8758 | Broker Quotations  | Single-Source Quote  | &nbsp;&nbsp; $6.00 | &nbsp;&nbsp; $6.00 | &nbsp;&nbsp; $6.00 | &nbsp;&nbsp; Increase |
| Asset-Backed Securities |  |  |  |  |  |  |  |
| Asset-Backed - Other | &nbsp;&nbsp; 4882281 | Discounted Cash Flow | Implied Yield  | 10.25<br> %<br>| 10.58<br> %<br>| 10.45<br> %<br>| &nbsp;&nbsp; Decrease<br>|
|  |  | Market Yield Analysis | Midpoint Yield Spread | 3.20<br> %<br>| 3.20<br> %<br>| 3.20<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.59<br> %<br>| 3.59<br> % <br>| 3.59<br> %<br>| &nbsp;&nbsp; Decrease |
| Floating Rate Loans |  |  |  |  |  |  |  |
| Commercial Services | &nbsp;&nbsp; 979095 | EV Coverage Analysis | EV/EBITDA Multiple | &nbsp;&nbsp; 9.75x | &nbsp;&nbsp; 9.75x | &nbsp;&nbsp; 9.75x | &nbsp;&nbsp; Increase<br>|
|  |  |  | Loan/EV Coverage Ratio | &nbsp;&nbsp; 0.34x<br>| &nbsp;&nbsp; 0.34x<br>| &nbsp;&nbsp; 0.34x<br>| &nbsp;&nbsp; Increase |
|  |  | Market Yield Analysis  | Midpoint Yield Spread  | 6.12<br> %<br>| 6.12<br> % <br>| 6.12<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread | 3.39<br> %<br>| 3.39<br> %<br>| 3.39<br> %<br>| &nbsp;&nbsp; Decrease |
| Computers\* | &nbsp;&nbsp; 5239681 | Market Yield Analysis  | Midpoint Yield Spread  | 6.52<br> %<br>| 11.92<br> %<br>| 8.35<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.36<br> %<br>| 3.49<br> %<br>| 3.41<br> %<br>| &nbsp;&nbsp; Decrease |
| Cosmetics/Personal Care | &nbsp;&nbsp; 271232<br>| Market Yield Analysis | Midpoint Yield Spread  | 5.50<br> %<br>| 5.50<br> %<br>| 5.50<br> %<br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread | 3.36<br> %<br>| 3.36<br> %<br>| 3.36<br> %<br>| &nbsp;&nbsp; Decrease<br>|
| Entertainment  | &nbsp;&nbsp; 447887<br>| Market Yield Analysis | Midpoint Yield Spread | 12.50<br> % <br>| 17.00<br> % <br>| 15.35<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread | 3.67<br> %<br>| 3.67<br> % <br>| 3.67<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| Preferred Stocks |  |  |  |  |  |  |  |
| Home Builders | &nbsp;&nbsp; 2605005 | Market Yield Analysis | Midpoint Yield Spread | 6.68<br> %<br>| 6.68<br> %<br>| 6.68<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.57<br> %<br>| 3.57<br> % <br>| 3.57<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| IT Services | &nbsp;&nbsp; 4136721 | Comparable Company Analysis | EV/Revenue Multiple  | &nbsp;&nbsp; 10.50x<br>| &nbsp;&nbsp; 10.50x<br>| &nbsp;&nbsp; 10.50x<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Accrued Dividend/Share | &nbsp;&nbsp; $1.28 | &nbsp;&nbsp; $1.28<br>| &nbsp;&nbsp; $1.28<br>| &nbsp;&nbsp; Increase<br>|
| Oil & Gas  | &nbsp;&nbsp; 155827<br>| Option Pricing Method  | EV/Revenue Multiple  | &nbsp;&nbsp; 5.40x | &nbsp;&nbsp; 5.40x<br>| &nbsp;&nbsp; 5.40x<br>| &nbsp;&nbsp; Increase<br>|
| Software | &nbsp;&nbsp; 0<br> (c)<br>| EV Coverage Analysis | EV/EBITDA Multiple | &nbsp;&nbsp; 2.00x | &nbsp;&nbsp; 2.00x | &nbsp;&nbsp; 2.00x | &nbsp;&nbsp; Increase |
|  |  |  | EV Coverage Ratio  | &nbsp;&nbsp; 0.00x | &nbsp;&nbsp; 0.00x | &nbsp;&nbsp; 0.00x | &nbsp;&nbsp; Increase<br>|
| Common Stock |  |  |  |  |  |  |  |
| Electrical Equipment | &nbsp;&nbsp; 0 | Liquidation Analysis | Estimated Recovery Value | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; Increase<br>|
| Wireless Telecommunication Services  | &nbsp;&nbsp; 23736 | Broker Quotations | Single-Source Quote  | &nbsp;&nbsp; $23.00 | &nbsp;&nbsp; $23.00 | &nbsp;&nbsp; $23.00 | &nbsp;&nbsp; Increase<br>|
| Warrants |  |  |  |  |  |  |  |
| Hotels, Restaurants & Leisure  | &nbsp;&nbsp; 0 | Liquidation Analysis | Estimated Recovery Value | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; Increase |
| IT Services | &nbsp;&nbsp; 402039 | Comparable Company Analysis  | EV/Revenue Multiple  | &nbsp;&nbsp; 10.50x | &nbsp;&nbsp; 10.50x<br>| &nbsp;&nbsp; 10.50x<br>| &nbsp;&nbsp; Increase<br>|
| Oil & Gas  | &nbsp;&nbsp; 5 | Option Pricing Method | EV/Revenue Multiple | &nbsp;&nbsp; 5.40x | &nbsp;&nbsp; 5.40x | &nbsp;&nbsp; 5.40x | &nbsp;&nbsp; Increase |
| \* Market values are net of unfunded loan commitments.  | \* Market values are net of unfunded loan commitments.  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the year ended December 31, 2025, the valuation technique for investments amounting to $0 changed to a liquidation analysis. The investments were previously valued utilizing a market yield analysis. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

*See accompanying notes to financial statements.*

**BHFTII-66**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) For the year ended December 31, 2025, the valuation technique for investments amounting to $1,442,237 changed to a multi-tiered approach. The investments were previously valued utilizing a market yield analysis. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the year ended December 31, 2025, the valuation technique for investments amounting to $0 changed to a enterprise value coverage analysis. The investments were previously valued utilizing an option pricing model. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

*See accompanying notes to financial statements.*

**BHFTII-67**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) (c) | &nbsp;&nbsp; $3000550032 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 6570717 |
| Cash collateral for centrally cleared swap contracts | &nbsp;&nbsp; 4978000 |
| OTC swap contracts at market value (e) | &nbsp;&nbsp; 169954 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 1230871 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 245964 |
| TBA securities sold (f) | &nbsp;&nbsp; 265529643 |
| Fund shares sold | &nbsp;&nbsp; 122458 |
| Principal paydowns | &nbsp;&nbsp; 31696 |
| Dividends and interest | &nbsp;&nbsp; 22130024 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 41703 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 10971 |
| Prepaid expenses | &nbsp;&nbsp; 8918 |
| Total Assets | &nbsp;&nbsp; 3301620951 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 95676 |
| Written options at value (g) | &nbsp;&nbsp; 2265122 |
| TBA Forward sale commitments, at value | &nbsp;&nbsp; 40486020 |
| OTC swap contracts at market value (h) | &nbsp;&nbsp; 935332 |
| Cash collateral (i) | &nbsp;&nbsp; 1385100 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 985581 |
| Collateral for securities loaned | &nbsp;&nbsp; 31019529 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2330047 |
| TBA securities purchased (f) | &nbsp;&nbsp; 663281614 |
| Fund shares redeemed | &nbsp;&nbsp; 899306 |
| Foreign taxes | &nbsp;&nbsp; 150 |
| Variation margin on futures contracts | &nbsp;&nbsp; 383918 |
| Interest on forward sales commitments | &nbsp;&nbsp; 86427 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 20729 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 744095 |
| Distribution and service fees | &nbsp;&nbsp; 95133 |
| Deferred trustees' fees | &nbsp;&nbsp; 240500 |
| Other expenses | &nbsp;&nbsp; 1064564 |
| Total Liabilities | &nbsp;&nbsp; 746318843 |
| Commitments and contingent liabilities (j) | &nbsp;&nbsp; — |
| **Net Assets**  | &nbsp;&nbsp; $2555302108 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $3016535366 |
| Distributable earnings (Accumulated losses) (k) | &nbsp;&nbsp; (461233258)<br>|
| **Net Assets**  | &nbsp;&nbsp; $2555302108 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $2082538971 |
| Class B | &nbsp;&nbsp; 407189307 |
| Class E | &nbsp;&nbsp; 65573830 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 22705295 |
| Class B | &nbsp;&nbsp; 4546543 |
| Class E | &nbsp;&nbsp; 723219 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $91.72 |
| Class B | 89.56 |
| Class E | 90.67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $3,092,933,633.

(b) Investments at value is net of unfunded loan commitments of $208,476.

(c) Includes securities loaned at value of $48,699,940.

(d) Identified cost of cash denominated in foreign currencies was $6,500,757.

(e) Net premium paid on OTC swap contracts was $16,551.

(f) Included within TBA securities sold is $56,057,152 related to TBA forward sale commitments and included within TBA securities purchased is $15,510,218 related to TBA forward sale commitments. 

(g) Premiums received on written options were $2,623,088.

(h) Net premium received on OTC swap contracts was $233,303.

(i) Includes collateral of $205,100 for OTC derivative contracts and $1,180,000 for TBA securities. 

(j) See Note 7 of the Notes to Financial Statements.

(k) Includes foreign capital gains tax of $150.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $420219 |
| Interest (b) | &nbsp;&nbsp; 125518362 |
| Securities lending income | &nbsp;&nbsp; 45558 |
| Total investment income | &nbsp;&nbsp; 125984139 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 9152834 |
| Administration fees | &nbsp;&nbsp; 121625 |
| Custodian and accounting fees | &nbsp;&nbsp; 389854 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1024466 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 99849 |
| Audit and tax services | &nbsp;&nbsp; 149398 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 109426 |
| Insurance | &nbsp;&nbsp; 22576 |
| Miscellaneous | &nbsp;&nbsp; 33550 |
| Total expenses | &nbsp;&nbsp; 11214163 |
| Less management fee waiver | &nbsp;&nbsp; (412264)<br>|
| Net expenses | &nbsp;&nbsp; 10801899 |
| **Net Investment Income** | &nbsp;&nbsp; 115182240 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (c) | &nbsp;&nbsp; (5998001)<br>|
| Purchased options | &nbsp;&nbsp; (5697090)<br>|
| Futures contracts | &nbsp;&nbsp; (3356308)<br>|
| Written options | &nbsp;&nbsp; 3349952 |
| Swap contracts | &nbsp;&nbsp; 4201300 |
| Foreign currency transactions | &nbsp;&nbsp; 344095 |
| Forward foreign currency transactions | &nbsp;&nbsp; (4580609)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (11736661)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (d) | &nbsp;&nbsp; 86452752 |
| Purchased options | &nbsp;&nbsp; 1596188 |
| Futures contracts | &nbsp;&nbsp; 4383812 |
| Written options | &nbsp;&nbsp; 67562 |
| Swap contracts | &nbsp;&nbsp; 746159 |
| Foreign currency transactions | &nbsp;&nbsp; 215352 |
| Forward foreign currency transactions | &nbsp;&nbsp; (1382416)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 92079409 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 80342748 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $195524988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $662.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign withholding taxes of $22,434.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net of foreign capital gains tax of $12,140.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes change in foreign capital gains tax of $(150).

*See accompanying notes to financial statements.*

**BHFTII-68**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $115182240 | &nbsp;&nbsp; $128816271 |
| Net realized gain (loss) | &nbsp;&nbsp; (11736661)<br>| &nbsp;&nbsp; (32887607)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 92079409 | &nbsp;&nbsp; (51976594)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 195524988 | &nbsp;&nbsp; 43952070 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (113330478)<br>| &nbsp;&nbsp; (94630886)<br>|
| Class B | &nbsp;&nbsp; (21080638)<br>| &nbsp;&nbsp; (16624288)<br>|
| Class E | &nbsp;&nbsp; (3490058)<br>| &nbsp;&nbsp; (2836129)<br>|
| **Total distributions** | &nbsp;&nbsp; (137901174)<br>| &nbsp;&nbsp; (114091303)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (109088785)<br>| &nbsp;&nbsp; (134420073)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (51464971)<br>| &nbsp;&nbsp; (204559306)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2606767079 | &nbsp;&nbsp; 2811326385 |
| End of period | &nbsp;&nbsp; $2555302108 | &nbsp;&nbsp; $2606767079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1281914 | &nbsp;&nbsp; $117403563 | &nbsp;&nbsp; 763276 | &nbsp;&nbsp; $69507785 |
| Reinvestments | &nbsp;&nbsp; 1296242 | &nbsp;&nbsp; 113330478 | &nbsp;&nbsp; 1070364 | &nbsp;&nbsp; 94630886 |
| Redemptions | &nbsp;&nbsp; (3495590)<br>| &nbsp;&nbsp; (317207567)<br>| &nbsp;&nbsp; (3292859)<br>| &nbsp;&nbsp; (298923522)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (917434)<br>| &nbsp;&nbsp; $(86473526)<br>| &nbsp;&nbsp; (1459219)<br>| &nbsp;&nbsp; $(134784851)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 362539 | &nbsp;&nbsp; $31881743 | &nbsp;&nbsp; 459097 | &nbsp;&nbsp; $40851289 |
| Reinvestments | &nbsp;&nbsp; 246586 | &nbsp;&nbsp; 21080638 | &nbsp;&nbsp; 192099 | &nbsp;&nbsp; 16624288 |
| Redemptions | &nbsp;&nbsp; (803099)<br>| &nbsp;&nbsp; (71387934)<br>| &nbsp;&nbsp; (592974)<br>| &nbsp;&nbsp; (52798714)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (193974)<br>| &nbsp;&nbsp; $(18425553)<br>| &nbsp;&nbsp; 58222 | &nbsp;&nbsp; $4676863 |
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 27317 | &nbsp;&nbsp; $2445400 | &nbsp;&nbsp; 57413 | &nbsp;&nbsp; $5161230 |
| Reinvestments | &nbsp;&nbsp; 40347 | &nbsp;&nbsp; 3490058 | &nbsp;&nbsp; 32409 | &nbsp;&nbsp; 2836129 |
| Redemptions | &nbsp;&nbsp; (112809)<br>| &nbsp;&nbsp; (10125164)<br>| &nbsp;&nbsp; (136749)<br>| &nbsp;&nbsp; (12309444)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (45145)<br>| &nbsp;&nbsp; $(4189706)<br>| &nbsp;&nbsp; (46927)<br>| &nbsp;&nbsp; $(4312085)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(109088785)<br>|  | &nbsp;&nbsp; $(134420073)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-69**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $89.84 | &nbsp;&nbsp; $92.27 | &nbsp;&nbsp; $89.99 | &nbsp;&nbsp; $108.15 | &nbsp;&nbsp; $113.91 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| Net realized and unrealized gain (loss) | 2.76 | &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp; (17.68)<br>| &nbsp;&nbsp; (2.58)<br>|
| Total income (loss) from investment operations | 6.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp; (15.23)<br>| &nbsp;&nbsp; (0.54)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (3.05)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.17)<br>|
| Total distributions | &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (5.22)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $91.72 | &nbsp;&nbsp; $89.84 | &nbsp;&nbsp; $92.27 | &nbsp;&nbsp; $89.99 | &nbsp;&nbsp; $108.15 |
| **Total Return (%)** (b) | 7.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp; (14.15)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net ratio of expenses to average net assets (%) (c) | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Ratio of net investment income (loss) to average net assets (%) | 4.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 438 <br>(d)<br>| &nbsp;&nbsp; 455 <br>(d)<br>| &nbsp;&nbsp; 435 <br>(d)<br>| &nbsp;&nbsp; 376 <br>(d)<br>| &nbsp;&nbsp; 486 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2082.5 | &nbsp;&nbsp; $2122.2 | &nbsp;&nbsp; $2314.2 | &nbsp;&nbsp; $2354.2 | &nbsp;&nbsp; $3024.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $87.82 | &nbsp;&nbsp; $90.28 | &nbsp;&nbsp; $88.08 | &nbsp;&nbsp; $105.87 | &nbsp;&nbsp; $111.65 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Net realized and unrealized gain (loss) | 2.71 | &nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (17.30)<br>| &nbsp;&nbsp; (2.54)<br>|
| Total income (loss) from investment operations | 6.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp; (15.14)<br>| &nbsp;&nbsp; (0.81)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (2.80)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.17)<br>|
| Total distributions | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (4.97)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $89.56 | &nbsp;&nbsp; $87.82 | &nbsp;&nbsp; $90.28 | &nbsp;&nbsp; $88.08 | &nbsp;&nbsp; $105.87 |
| **Total Return (%)** (b) | 7.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp; (14.36)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net ratio of expenses to average net assets (%) (c) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) | 4.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 438 <br>(d)<br>| &nbsp;&nbsp; 455 <br>(d)<br>| &nbsp;&nbsp; 435 <br>(d)<br>| &nbsp;&nbsp; 376 <br>(d)<br>| &nbsp;&nbsp; 486 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $407.2 | &nbsp;&nbsp; $416.3 | &nbsp;&nbsp; $422.7 | &nbsp;&nbsp; $410.3 | &nbsp;&nbsp; $539.9 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-70**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $88.85 | &nbsp;&nbsp; $91.28 | &nbsp;&nbsp; $89.04 | &nbsp;&nbsp; $107.01 | &nbsp;&nbsp; $112.78 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Net realized and unrealized gain (loss) | 2.74 | &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp; (17.48)<br>| &nbsp;&nbsp; (2.57)<br>|
| Total income (loss) from investment operations | 6.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp; (15.20)<br>| &nbsp;&nbsp; (0.71)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (2.89)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.17)<br>|
| Total distributions | &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (5.06)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $90.67 | &nbsp;&nbsp; $88.85 | &nbsp;&nbsp; $91.28 | &nbsp;&nbsp; $89.04 | &nbsp;&nbsp; $107.01 |
| **Total Return (%)** (b) | 7.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp; (14.27)<br>| &nbsp;&nbsp; (0.60)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net ratio of expenses to average net assets (%) (c) | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Ratio of net investment income (loss) to average net assets (%) | 4.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 438 <br>(d)<br>| &nbsp;&nbsp; 455 <br>(d)<br>| &nbsp;&nbsp; 435 <br>(d)<br>| &nbsp;&nbsp; 376 <br>(d)<br>| &nbsp;&nbsp; 486 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $65.6 | &nbsp;&nbsp; $68.3 | &nbsp;&nbsp; $74.4 | &nbsp;&nbsp; $76.9 | &nbsp;&nbsp; $100.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 143%, 181%, 130%, 64%, and 82% for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTII-71**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—95.2% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** |
| Howmet Aerospace, Inc.  | 149379 | &nbsp;&nbsp; $30625683 |
| L3Harris Technologies, Inc.  | 31104 | &nbsp;&nbsp; 9131201 |
| TransDigm Group, Inc.  | 9652 | &nbsp;&nbsp; 12835712 |
|  |  | &nbsp;&nbsp; 52592596 |
| **Automobiles — 3.3%** | **Automobiles — 3.3%** | **Automobiles — 3.3%** |
| Tesla, Inc. (a) | 130327 | &nbsp;&nbsp; 58610658 |
| **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** |
| Citigroup, Inc.  | 221287 | &nbsp;&nbsp; 25821980 |
| JPMorgan Chase & Co.  | 55231 | &nbsp;&nbsp; 17796533 |
|  |  | &nbsp;&nbsp; 43618513 |
| **Broadline Retail — 8.1%** | **Broadline Retail — 8.1%** | **Broadline Retail — 8.1%** |
| Amazon.com, Inc. (a) | 630251 | &nbsp;&nbsp; 145474536 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| Robinhood Markets, Inc. - Class A (a) | 74501 | &nbsp;&nbsp; 8426063 |
| **Communications Equipment — 2.5%** | **Communications Equipment — 2.5%** | **Communications Equipment — 2.5%** |
| Arista Networks, Inc. (a) | 343390 | &nbsp;&nbsp; 44994392 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Capital One Financial Corp.  | 75043 | &nbsp;&nbsp; 18187422 |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| Walmart, Inc.  | 150911 | &nbsp;&nbsp; 16812995 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| GE Vernova, Inc.  | 13287 | &nbsp;&nbsp; 8683984 |
| Vertiv Holdings Co. - Class A | 96181 | &nbsp;&nbsp; 15582284 |
|  |  | &nbsp;&nbsp; 24266268 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
| Amphenol Corp. - Class A | 247234 | &nbsp;&nbsp; 33411203 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. (a) | 261182 | &nbsp;&nbsp; 24488424 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| Boston Scientific Corp. (a) | 291146 | &nbsp;&nbsp; 27760771 |
| **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** |
| McKesson Corp.  | 20766 | &nbsp;&nbsp; 17034142 |
| **Interactive Media & Services — 10.0%** | **Interactive Media & Services — 10.0%** | **Interactive Media & Services — 10.0%** |
| Alphabet, Inc. - Class A | 286470 | &nbsp;&nbsp; 89665110 |
| Meta Platforms, Inc. - Class A | 138451 | &nbsp;&nbsp; 91390121 |
|  |  | &nbsp;&nbsp; 181055231 |
| **IT Services — 1.9%** | **IT Services — 1.9%** | **IT Services — 1.9%** |
| Shopify, Inc. - Class A (a) | 120764 | &nbsp;&nbsp; 19439381 |
| Snowflake, Inc. - Class A (a) | 69283 | &nbsp;&nbsp; 15197919 |
|  |  | &nbsp;&nbsp; 34637300 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc.  | 22112 | &nbsp;&nbsp; 12812798 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| Caterpillar, Inc.  | 61359 | &nbsp;&nbsp; $35150730 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| Newmont Corp.  | 90920 | &nbsp;&nbsp; 9078362 |
| **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** |
| EQT Corp.  | 160613 | &nbsp;&nbsp; 8608857 |
| **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** |
| Eli Lilly & Co.  | 77695 | &nbsp;&nbsp; 83497263 |
| **Semiconductors & Semiconductor Equipment — 24.8%** | **Semiconductors & Semiconductor Equipment — 24.8%** | **Semiconductors & Semiconductor Equipment — 24.8%** |
| Advanced Micro Devices, Inc. (a) | 169859 | &nbsp;&nbsp; 36377004 |
| Broadcom, Inc.  | 252099 | &nbsp;&nbsp; 87251464 |
| Intel Corp. (a) | 978676 | &nbsp;&nbsp; 36113144 |
| Lam Research Corp.  | 227224 | &nbsp;&nbsp; 38896204 |
| NVIDIA Corp.  | 1332048 | &nbsp;&nbsp; 248426952 |
|  |  | &nbsp;&nbsp; 447064768 |
| **Software — 15.7%** | **Software — 15.7%** | **Software — 15.7%** |
| AppLovin Corp. - Class A (a) | 39633 | &nbsp;&nbsp; 26705508 |
| Microsoft Corp.  | 328625 | &nbsp;&nbsp; 158929622 |
| Oracle Corp.  | 282835 | &nbsp;&nbsp; 55127370 |
| Palantir Technologies, Inc. - Class A (a) | 175072 | &nbsp;&nbsp; 31119048 |
| Palo Alto Networks, Inc. (a) | 65369 | &nbsp;&nbsp; 12040970 |
|  |  | &nbsp;&nbsp; 283922518 |
| **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** |
| Apple, Inc.  | 390372 | &nbsp;&nbsp; 106126532 |
| Total Common Stocks <br>(Cost $1,068,891,287) <br>|  | &nbsp;&nbsp; 1717632342 |
| **Convertible Preferred Stocks—3.2%** | **Convertible Preferred Stocks—3.2%** | **Convertible Preferred Stocks—3.2%** |
| **Software — 3.2%** | **Software — 3.2%** | **Software — 3.2%** |
| Databricks, Inc. - Series D † (a) (b) (c) | 239200 | &nbsp;&nbsp; 45448000 |
| Databricks, Inc. - Series J † (a) (b) (c) | 70572 | &nbsp;&nbsp; 13408680 |
| Total Convertible Preferred Stocks <br>(Cost $28,653,910) <br>|  | &nbsp;&nbsp; 58856680 |
| **Preferred Stocks—0.7%** | **Preferred Stocks—0.7%** | **Preferred Stocks—0.7%** |
| **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| Bytedance Ltd. - Series E-1 † (a) (b) (c) <br>(Cost $5,371,984)<br>| 49026 | &nbsp;&nbsp; 12681555 |

---

*See accompanying notes to financial statements.*

**BHFTII-72**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Short-Term Investments—1.0%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $17,643,689; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $17,994,221<br>| 17641239 | &nbsp;&nbsp; $17641239 |
| Total Short-Term Investments <br>(Cost $17,641,239) <br>|  | &nbsp;&nbsp; 17641239 |
| Total Investments—100.1% <br>(Cost $1,120,558,420) <br>|  | &nbsp;&nbsp; 1806811816 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (2421022)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1804390794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of December 31, 2025, the market value of restricted securities was $71,538,235, <br> which is 3.9% of net assets. See details shown in the Restricted Securities table that follows.<br>|
| (a) | Non-income producing security. |
| (b) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 3.9% of net assets.<br>|
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $12681555 |
| Databricks, Inc. - Series D | 03/27/25 | &nbsp;&nbsp; 239200 | &nbsp;&nbsp; 22126000 | &nbsp;&nbsp; 45448000 |
| Databricks, Inc. - Series J | 01/21/25 | &nbsp;&nbsp; 70572 | &nbsp;&nbsp; 6527910 | &nbsp;&nbsp; 13408680 |
|  |  |  |  | &nbsp;&nbsp; $71538235 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1170974929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1411531340 |

---

*See accompanying notes to financial statements.*

**BHFTII-73**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1717632342 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1717632342 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58856680 | &nbsp;&nbsp; 58856680 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12681555 | &nbsp;&nbsp; 12681555 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 17641239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17641239 |
| Total Investments | &nbsp;&nbsp; $1717632342 | &nbsp;&nbsp; $17641239 | &nbsp;&nbsp; $71538235 | &nbsp;&nbsp; $1806811816 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance as of** <br>**December 31, 2024**<br>| **Purchases** | **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Balance as of** <br>**December 31, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**from Investments** <br>**Held at** <br>**December 31, 2025**<br>|
| Convertible Preferred Stocks |  |  |  |  |  |
| Software | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28653910 | &nbsp;&nbsp; $30202770 | &nbsp;&nbsp; $58856680 | &nbsp;&nbsp; $30202770 |
| Preferred Stocks |  |  |  |  |  |
| Interactive Media & Services | &nbsp;&nbsp; 8858998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3822557 | &nbsp;&nbsp; 12681555 | &nbsp;&nbsp; 3822557 |
|  | &nbsp;&nbsp; $8858998 | &nbsp;&nbsp; $28653910 | &nbsp;&nbsp; $34025327 | &nbsp;&nbsp; $71538235 | &nbsp;&nbsp; $34025327 |

---

The following table summarizes the valuation techniques and unobservable inputs utilized to determine fair value of the Level 3 assets as of December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**December 31,** <br>**2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Weighted** <br>**Average**<br>| **Relationship** <br>**Between Fair** <br>**Value and** <br>**Input; if input** <br>**value increases** <br>**then Fair Value:**<br>|
| Convertible Preferred Stocks |  |  |  |  |  |  |
| Software | &nbsp;&nbsp; $58856680 | Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $190.00 | &nbsp;&nbsp; $190.00<br>| &nbsp;&nbsp; Increase |
| Preferred Stocks |  |  |  |  |  |  |
| Interactive Media & Services | &nbsp;&nbsp; 12681555 | Comparable Company Analysis  | Enterprise Value/LTM Revenue  | &nbsp;&nbsp; 1.45x | &nbsp;&nbsp; 1.45x<br>| &nbsp;&nbsp; Increase |

---

*See accompanying notes to financial statements.*

**BHFTII-74**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1806811816 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 337156 |
| Dividends and interest | &nbsp;&nbsp; 114656 |
| Prepaid expenses | &nbsp;&nbsp; 6410 |
| Total Assets | &nbsp;&nbsp; 1807270038 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1400559 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 818745 |
| Distribution and service fees | &nbsp;&nbsp; 75377 |
| Deferred trustees' fees | &nbsp;&nbsp; 242346 |
| Other expenses | &nbsp;&nbsp; 342217 |
| Total Liabilities | &nbsp;&nbsp; 2879244 |
| **Net Assets**  | &nbsp;&nbsp; $1804390794 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $745724396 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 1058666398 |
| **Net Assets**  | &nbsp;&nbsp; $1804390794 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1433698223 |
| Class B | &nbsp;&nbsp; 320031106 |
| Class E | &nbsp;&nbsp; 50661465 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 32298698 |
| Class B | &nbsp;&nbsp; 8280913 |
| Class E | &nbsp;&nbsp; 1221593 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $44.39 |
| Class B | 38.65 |
| Class E | 41.47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,120,558,420.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $6468437 |
| Interest | &nbsp;&nbsp; 145970 |
| Securities lending income | &nbsp;&nbsp; 35680 |
| Total investment income | &nbsp;&nbsp; 6650087 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 12316196 |
| Administration fees | &nbsp;&nbsp; 88309 |
| Custodian and accounting fees | &nbsp;&nbsp; 76696 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 800461 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 75837 |
| Audit and tax services | &nbsp;&nbsp; 50265 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 98421 |
| Insurance | &nbsp;&nbsp; 15091 |
| Miscellaneous | &nbsp;&nbsp; 20725 |
| Total expenses | &nbsp;&nbsp; 13652586 |
| Less management fee waiver | &nbsp;&nbsp; (2889756)<br>|
| Net expenses | &nbsp;&nbsp; 10762830 |
| **Net Investment Loss** | &nbsp;&nbsp; (4112743)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 372789483 |
| Foreign currency transactions | &nbsp;&nbsp; 22318 |
| Net realized gain (loss) | &nbsp;&nbsp; 372811801 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (143033552)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 931 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (143032621)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 229779180 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $225666437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $120,807.

*See accompanying notes to financial statements.*

**BHFTII-75**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(4112743)<br>| &nbsp;&nbsp; $(2256692)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 372811801 | &nbsp;&nbsp; 244373325 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (143032621)<br>| &nbsp;&nbsp; 246087503 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 225666437 | &nbsp;&nbsp; 488204136 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (184777593)<br>| &nbsp;&nbsp; (83194998)<br>|
| Class B | &nbsp;&nbsp; (48152874)<br>| &nbsp;&nbsp; (20073538)<br>|
| Class E | &nbsp;&nbsp; (7021775)<br>| &nbsp;&nbsp; (3116139)<br>|
| **Total distributions** | &nbsp;&nbsp; (239952242)<br>| &nbsp;&nbsp; (106384675)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 17492741 | &nbsp;&nbsp; (222605846)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 3206936 | &nbsp;&nbsp; 159213615 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1801183858 | &nbsp;&nbsp; 1641970243 |
| End of period | &nbsp;&nbsp; $1804390794 | &nbsp;&nbsp; $1801183858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 870647 | &nbsp;&nbsp; $37237261 | &nbsp;&nbsp; 756828 | &nbsp;&nbsp; $30668090 |
| Reinvestments | &nbsp;&nbsp; 4586190 | &nbsp;&nbsp; 184777593 | &nbsp;&nbsp; 1995562 | &nbsp;&nbsp; 83194998 |
| Redemptions | &nbsp;&nbsp; (4719733)<br>| &nbsp;&nbsp; (205849863)<br>| &nbsp;&nbsp; (7632190)<br>| &nbsp;&nbsp; (318785834)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 737104 | &nbsp;&nbsp; $16164991 | &nbsp;&nbsp; (4879800)<br>| &nbsp;&nbsp; $(204922746)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 604697 | &nbsp;&nbsp; $22625570 | &nbsp;&nbsp; 771180 | &nbsp;&nbsp; $28467047 |
| Reinvestments | &nbsp;&nbsp; 1370705 | &nbsp;&nbsp; 48152874 | &nbsp;&nbsp; 540483 | &nbsp;&nbsp; 20073538 |
| Redemptions | &nbsp;&nbsp; (1793250)<br>| &nbsp;&nbsp; (68232988)<br>| &nbsp;&nbsp; (1732625)<br>| &nbsp;&nbsp; (64339216)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 182152 | &nbsp;&nbsp; $2545456 | &nbsp;&nbsp; (420962)<br>| &nbsp;&nbsp; $(15798631)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 106654 | &nbsp;&nbsp; $4329091 | &nbsp;&nbsp; 174713 | &nbsp;&nbsp; $6814030 |
| Reinvestments | &nbsp;&nbsp; 186402 | &nbsp;&nbsp; 7021775 | &nbsp;&nbsp; 79110 | &nbsp;&nbsp; 3116139 |
| Redemptions | &nbsp;&nbsp; (309600)<br>| &nbsp;&nbsp; (12568572)<br>| &nbsp;&nbsp; (300992)<br>| &nbsp;&nbsp; (11814638)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (16544)<br>| &nbsp;&nbsp; $(1217706)<br>| &nbsp;&nbsp; (47169)<br>| &nbsp;&nbsp; $(1884469)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $17492741 |  | &nbsp;&nbsp; $(222605846)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-76**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $45.10 | &nbsp;&nbsp; $36.24 | &nbsp;&nbsp; $24.69 | &nbsp;&nbsp; $56.20 | &nbsp;&nbsp; $53.39 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) | 5.41 | &nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp; (20.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.57 |
| Total income (loss) from investment operations | 5.33 | &nbsp;&nbsp;&nbsp;&nbsp;11.38 | &nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp; (20.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.48 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>|
| Total distributions | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $44.39 | &nbsp;&nbsp; $45.10 | &nbsp;&nbsp; $36.24 | &nbsp;&nbsp; $24.69 | &nbsp;&nbsp; $56.20 |
| **Total Return (%)** (b) | 13.19 | &nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;&nbsp;&nbsp;49.61 | &nbsp;&nbsp; (37.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.20 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net ratio of expenses to average net assets (%) (c) | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.17)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 41 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1433.7 | &nbsp;&nbsp; $1423.5 | &nbsp;&nbsp; $1320.7 | &nbsp;&nbsp; $1067.3 | &nbsp;&nbsp; $1703.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $40.12 | &nbsp;&nbsp; $32.52 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $52.39 | &nbsp;&nbsp; $50.37 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized and unrealized gain (loss) | 4.73 | &nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp; (18.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.91 |
| Total income (loss) from investment operations | 4.57 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp; (19.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.69 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>|
| Total distributions | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $38.65 | &nbsp;&nbsp; $40.12 | &nbsp;&nbsp; $32.52 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $52.39 |
| **Total Return (%)** (b) | 12.91 | &nbsp;&nbsp;&nbsp;&nbsp;31.65 | &nbsp;&nbsp;&nbsp;&nbsp;49.23 | &nbsp;&nbsp; (37.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.88 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net ratio of expenses to average net assets (%) (c) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.42)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 41 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $320.0 | &nbsp;&nbsp; $325.0 | &nbsp;&nbsp; $277.1 | &nbsp;&nbsp; $214.5 | &nbsp;&nbsp; $336.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-77**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $42.58 | &nbsp;&nbsp; $34.35 | &nbsp;&nbsp; $23.46 | &nbsp;&nbsp; $54.28 | &nbsp;&nbsp; $51.88 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gain (loss) | 5.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;11.50 | &nbsp;&nbsp; (19.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.24 |
| Total income (loss) from investment operations | 4.93 | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp; (19.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.07 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>|
| Total distributions | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $41.47 | &nbsp;&nbsp; $42.58 | &nbsp;&nbsp; $34.35 | &nbsp;&nbsp; $23.46 | &nbsp;&nbsp; $54.28 |
| **Total Return (%)** (b) | 13.02 | &nbsp;&nbsp;&nbsp;&nbsp;31.81 | &nbsp;&nbsp;&nbsp;&nbsp;49.33 | &nbsp;&nbsp; (37.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.02 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Net ratio of expenses to average net assets (%) (c) | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.32)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 41 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $50.7 | &nbsp;&nbsp; $52.7 | &nbsp;&nbsp; $44.2 | &nbsp;&nbsp; $31.9 | &nbsp;&nbsp; $55.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-78**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Short-Term Investments—99.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificate of Deposit—22.1%** |  |  |
| Banco Santander SA |  |  |
| 4.030%, 03/04/26 | 3500000 | &nbsp;&nbsp; $3501107 |
| 4.280%, 02/09/26 | 4000000 | &nbsp;&nbsp; 4001878 |
| Bank of America NA |  |  |
| 3.940%, 07/02/26 | 4000000 | &nbsp;&nbsp; 4001442 |
| 4.170%, SOFR + 0.400%, 01/04/27 (a) | 1000000 | &nbsp;&nbsp; 1000208 |
| 4.500%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000073 |
| Bank of Montreal |  |  |
| 4.000%, SOFR + 0.290%, 02/20/26 (a) | 2000000 | &nbsp;&nbsp; 2000460 |
| 4.500%, 01/23/26 | 3000000 | &nbsp;&nbsp; 3001233 |
| Bank of Nova Scotia |  |  |
| 3.800%, 01/08/27 | 2000000 | &nbsp;&nbsp; 2001458 |
| Barclays Bank PLC |  |  |
| 3.930%, SOFR + 0.220%, 04/10/26 (a) | 2000000 | &nbsp;&nbsp; 2000241 |
| 3.960%, SOFR + 0.250%, 04/22/26 (a) | 2000000 | &nbsp;&nbsp; 2000407 |
| 4.040%, SOFR + 0.330%, 08/10/26 (a) | 2000000 | &nbsp;&nbsp; 2000316 |
| 4.110%, SOFR + 0.400%, 11/13/26 (a) | 2000000 | &nbsp;&nbsp; 2000320 |
| 4.150%, SOFR + 0.440%, 04/21/26 (a) | 4000000 | &nbsp;&nbsp; 4003164 |
| Canadian Imperial Bank of Commerce |  |  |
| 4.080%, SOFR + 0.370%, 07/14/26 (a) | 1000000 | &nbsp;&nbsp; 1000782 |
| 4.110%, SOFR + 0.400%, 11/09/26 (a) | 3000000 | &nbsp;&nbsp; 3000934 |
| 4.110%, SOFR + 0.400%, 12/14/26 (a) | 1000000 | &nbsp;&nbsp; 1000028 |
| 4.160%, 08/12/26 | 4000000 | &nbsp;&nbsp; 4007985 |
| 4.170%, SOFR + 0.460%, 05/15/26 (a) | 2000000 | &nbsp;&nbsp; 2001979 |
| 4.180%, SOFR + 0.470%, 05/21/26 (a) | 3000000 | &nbsp;&nbsp; 3003216 |
| 4.400%, 02/09/26 | 2000000 | &nbsp;&nbsp; 2001245 |
| 4.490%, 01/23/26 | 4000000 | &nbsp;&nbsp; 4001534 |
| Citibank NA |  |  |
| 4.480%, 01/21/26 | 1000000 | &nbsp;&nbsp; 1000312 |
| 4.480%, 02/25/26 | 1000000 | &nbsp;&nbsp; 1000788 |
| Cooperatieve Rabobank UA |  |  |
| 3.930%, SOFR + 0.220%, 03/06/26 (a) | 2000000 | &nbsp;&nbsp; 2000524 |
| 3.970%, SOFR + 0.260%, 04/08/26 (a) | 2000000 | &nbsp;&nbsp; 2000766 |
| 4.430%, 02/10/26 | 4000000 | &nbsp;&nbsp; 4002310 |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank |  |  |
| 3.930%, 05/26/26 | 4500000 | &nbsp;&nbsp; 4502846 |
| Goldman Sachs Bank USA |  |  |
| 3.980%, 05/13/26 | 3500000 | &nbsp;&nbsp; 3501703 |
| Korea Development Bank |  |  |
| 4.000%, 06/22/26 | 6500000 | &nbsp;&nbsp; 6504785 |
| Landesbank Baden-Wuerttemberg |  |  |
| 3.900%, 06/05/26 | 3000000 | &nbsp;&nbsp; 3002169 |
| Lloyds Bank Corporate Markets PLC |  |  |
| 4.410%, 05/15/26 | 3755000 | &nbsp;&nbsp; 3761696 |
| Mizuho Bank Ltd. |  |  |
| 4.110%, SOFR + 0.340%, 02/18/26 (a) | 2000000 | &nbsp;&nbsp; 2000620 |
| 4.310%, 02/17/26 | 3000000 | &nbsp;&nbsp; 3001927 |
| 4.450%, 01/09/26 | 4000000 | &nbsp;&nbsp; 4000639 |
| MUFG Bank Ltd. |  |  |
| 4.010%, 06/11/26 | 4000000 | &nbsp;&nbsp; 4002461 |
| 4.020%, 04/15/26 | 4000000 | &nbsp;&nbsp; 4001781 |
| Nordea Bank Abp |  |  |
| 3.960%, SOFR + 0.250%, 03/17/26 (a) | 2500000 | &nbsp;&nbsp; 2501123 |
| 3.970%, 03/27/26 | 1500000 | &nbsp;&nbsp; 1500947 |
| 3.970%, SOFR + 0.260%, 04/14/26 (a) | 2500000 | &nbsp;&nbsp; 2501182 |
| 3.970%, 08/14/26 | 2500000 | &nbsp;&nbsp; 2503107 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificate of Deposit—(Continued)** |  |  |
| Royal Bank of Canada |  |  |
| 3.850%, 12/04/26 | 2000000 | &nbsp;&nbsp; $2000608 |
| 3.960%, 11/18/26 | 1000000 | &nbsp;&nbsp; 1001720 |
| 4.060%, SOFR + 0.350%, 11/13/26 (a) | 1000000 | &nbsp;&nbsp; 1000222 |
| 4.100%, 08/14/26 | 2250000 | &nbsp;&nbsp; 2253876 |
| 4.210%, 03/12/26 | 3000000 | &nbsp;&nbsp; 3001922 |
| 4.350%, 04/16/26 | 3000000 | &nbsp;&nbsp; 3004624 |
| Standard Chartered Bank |  |  |
| 4.140%, SOFR + 0.430%, 10/15/26 (a) | 2000000 | &nbsp;&nbsp; 2000889 |
| 4.150%, SOFR + 0.440%, 11/23/26 (a) | 2000000 | &nbsp;&nbsp; 2000652 |
| 4.600%, 01/15/26 | 3250000 | &nbsp;&nbsp; 3250935 |
| 4.670%, 02/12/26 | 2000000 | &nbsp;&nbsp; 2001610 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.450%, 03/06/26 | 3000000 | &nbsp;&nbsp; 3002518 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.000%, SOFR + 0.230%, 01/14/26 (a) | 6000000 | &nbsp;&nbsp; 6000343 |
| Svenska Handelsbanken AB |  |  |
| 3.935%, 11/17/26 | 1000000 | &nbsp;&nbsp; 1001404 |
| 3.970%, SOFR + 0.260%, 02/20/26 (a) | 2500000 | &nbsp;&nbsp; 2500556 |
| 4.010%, SOFR + 0.300%, 10/15/26 (a) | 3000000 | &nbsp;&nbsp; 2999476 |
| Swedbank AB |  |  |
| 3.980%, SOFR + 0.270%, 04/13/26 (a) | 2000000 | &nbsp;&nbsp; 2000803 |
| Toronto-Dominion Bank |  |  |
| 3.990%, SOFR + 0.280%, 08/10/26 (a) | 2000000 | &nbsp;&nbsp; 1999926 |
| 4.110%, SOFR + 0.400%, 12/14/26 (a) | 1000000 | &nbsp;&nbsp; 1000259 |
| 4.160%, SOFR + 0.450%, 04/28/26 (a) | 1500000 | &nbsp;&nbsp; 1501448 |
| 4.520%, 02/04/26 | 2500000 | &nbsp;&nbsp; 2501459 |
| Wells Fargo Bank NA |  |  |
| 4.020%, SOFR + 0.310%, 05/28/26 (a) | 3000000 | &nbsp;&nbsp; 3001510 |
| Westpac Banking Corp. |  |  |
| 3.990%, SOFR + 0.220%, 03/12/26 (a) | 4000000 | &nbsp;&nbsp; 4000844 |
| 4.360%, 03/04/26 | 3000000 | &nbsp;&nbsp; 3002438 |
|  |  | &nbsp;&nbsp; 166851738 |
| **Commercial Paper—47.9%** | **Commercial Paper—47.9%** | **Commercial Paper—47.9%** |
| Albion Capital Corp. SA/Albion Capital LLC |  |  |
| 3.903%, 01/28/26 (144A) (b) | 4500000 | &nbsp;&nbsp; 4486759 |
| 3.958%, 01/20/26 (144A) (b) | 5000000 | &nbsp;&nbsp; 4989470 |
| Alinghi Funding Co. LLC |  |  |
| 4.130%, SOFR + 0.420%, 07/16/26 (144A) (a) | 1000000 | &nbsp;&nbsp; 1000036 |
| 4.210%, SOFR + 0.500%, 05/14/26 (144A) (a) | 3000000 | &nbsp;&nbsp; 3000071 |
| ANZ New Zealand International Ltd. |  |  |
| 4.276%, 02/23/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1988960 |
| Aquitaine Funding Co. LLC |  |  |
| 3.170%, 01/06/26 (144A) (b) | 5000000 | &nbsp;&nbsp; 4996862 |
| ASB Bank Ltd. |  |  |
| 3.880%, SOFR + 0.170%, 01/29/26 (144A) (a) | 10000000 | &nbsp;&nbsp; 10000396 |
| Atlantic Asset Securitization LLC |  |  |
| 4.025%, 03/16/26 (144A) (b) | 3500000 | &nbsp;&nbsp; 3472510 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 3.907%, 07/02/26 (144A) (b) | 2500000 | &nbsp;&nbsp; 2453017 |
| 4.273%, 07/16/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1959692 |
| Bank of New York Mellon |  |  |
| 3.960%, SOFR + 0.250%, 03/26/26 (a) | 2500000 | &nbsp;&nbsp; 2500674 |
| Bank of Nova Scotia |  |  |
| 3.940%, SOFR + 0.230%, 03/06/26 (144A) (a) | 2500000 | &nbsp;&nbsp; 2500502 |

---

*See accompanying notes to financial statements.*

**BHFTII-79**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Short-Term Investments—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Bedford Row Funding Corp. |  |  |
| 3.218%, 01/07/26 (144A) (b) | 6000000 | &nbsp;&nbsp; $5995648 |
| BofA Securities, Inc. |  |  |
| 4.379%, 07/01/26 (144A) (b) | 5000000 | &nbsp;&nbsp; 4904282 |
| Britannia Funding Co. LLC |  |  |
| 3.982%, 02/06/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3984492 |
| 4.049%, 05/06/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1973526 |
| 4.247%, 02/19/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1989509 |
| Canadian Imperial Bank of Commerce |  |  |
| 4.330%, 02/12/26 (144A) (b) | 1500000 | &nbsp;&nbsp; 1493341 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 3.043%, 01/05/26 (144A) (b) | 1000000 | &nbsp;&nbsp; 999482 |
| 3.720%, 01/02/26 (144A) (b) | 13000000 | &nbsp;&nbsp; 12997307 |
| Citigroup Global Markets, Inc. |  |  |
| 4.010%, SOFR + 0.300%, 03/20/26 (144A) (a) | 2000000 | &nbsp;&nbsp; 2000533 |
| 4.244%, 02/10/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3982974 |
| Columbia Funding Co. LLC |  |  |
| 4.030%, 01/12/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3995010 |
| 4.095%, 01/15/26 (144A) (b) | 7000000 | &nbsp;&nbsp; 6989081 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.123%, 06/08/26 (144A) (b) | 6000000 | &nbsp;&nbsp; 5899300 |
| Credit Agricole Corporate & Investment Bank SA |  |  |
| 4.290%, 02/20/26 (b) | 4000000 | &nbsp;&nbsp; 3979045 |
| DBS Bank Ltd. |  |  |
| 3.871%, 01/26/26 (144A) (b) | 8500000 | &nbsp;&nbsp; 8477275 |
| DNB Bank ASA |  |  |
| 4.200%, 03/18/26 (144A) (b) | 3000000 | &nbsp;&nbsp; 2976516 |
| 4.200%, 05/01/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1975037 |
| 4.240%, 02/12/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1991389 |
| 4.281%, 04/16/26 (144A) (b) | 3000000 | &nbsp;&nbsp; 2967349 |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt <br> Am Main<br>|  |  |
| 4.121%, 02/06/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3984646 |
| Endeavour Funding Co. LLC |  |  |
| 3.809%, 01/07/26 (144A) (b) | 1500000 | &nbsp;&nbsp; 1498900 |
| Falcon Asset Funding LLC |  |  |
| 4.050%, SOFR + 0.280%, 06/08/26 (144A) (a) | 3800000 | &nbsp;&nbsp; 3800035 |
| Federation des Caisses Desjardins du Quebec |  |  |
| 3.960%, 03/05/26 (144A) (b) | 3500000 | &nbsp;&nbsp; 3476700 |
| Glencove Funding LLC |  |  |
| 3.933%, 06/04/26 (144A) (b) | 6000000 | &nbsp;&nbsp; 5903125 |
| ING U.S. Funding LLC |  |  |
| 3.990%, SOFR + 0.280%, 08/14/26 (144A) (a) | 1000000 | &nbsp;&nbsp; 1000061 |
| 4.010%, SOFR + 0.300%, 02/06/26 (a) | 2000000 | &nbsp;&nbsp; 2000401 |
| Intrepid Funding Co. LLC |  |  |
| 4.070%, 05/07/26 (144A) (b) | 3000000 | &nbsp;&nbsp; 2960150 |
| 4.360%, 04/24/26 (144A) (b) | 5500000 | &nbsp;&nbsp; 5434339 |
| 4.406%, 04/30/26 (144A) (b) | 5000000 | &nbsp;&nbsp; 4937167 |
| Korea Development Bank |  |  |
| 3.899%, 09/08/26 (b) | 6500000 | &nbsp;&nbsp; 6334297 |
| Landesbank Baden-Wuerttemberg |  |  |
| 3.640%, 01/02/26 (b) | 30000000 | &nbsp;&nbsp; 29993850 |
| Liberty Street Funding LLC |  |  |
| 3.913%, 02/20/26 (144A) (b) | 5000000 | &nbsp;&nbsp; 4973417 |
| Lloyds Bank PLC |  |  |
| 3.904%, 04/21/26 (b) | 2500000 | &nbsp;&nbsp; 2471078 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Lloyds Bank PLC |  |  |
| 4.001%, 07/01/26 (144A) (b) | 2000000 | &nbsp;&nbsp; $1962198 |
| 4.121%, 02/06/26 (b) | 3000000 | &nbsp;&nbsp; 2988532 |
| 4.293%, 02/17/26 (b) | 2500000 | &nbsp;&nbsp; 2487560 |
| Mackinac Funding Co. LLC |  |  |
| 4.171%, 02/06/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3984514 |
| Macquarie Bank Ltd. |  |  |
| 4.013%, 09/24/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1945072 |
| 4.060%, SOFR + 0.350%, 04/07/26 (144A) (a) | 5000000 | &nbsp;&nbsp; 5002910 |
| 4.121%, 05/20/26 (144A) (b) | 2500000 | &nbsp;&nbsp; 2463671 |
| 4.148%, 04/30/26 (144A) (b) | 1000000 | &nbsp;&nbsp; 987500 |
| 4.173%, 02/27/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1987985 |
| 4.180%, 07/20/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3915826 |
| 4.329%, 04/24/26 (144A) (b) | 1000000 | &nbsp;&nbsp; 988138 |
| 4.333%, 04/29/26 (144A) (b) | 2500000 | &nbsp;&nbsp; 2469016 |
| 4.360%, 02/12/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3982233 |
| Manhattan Asset Funding Co. LLC |  |  |
| 3.914%, 04/14/26 (144A) (b) | 3535000 | &nbsp;&nbsp; 3496500 |
| MUFG Bank Ltd. |  |  |
| 4.017%, 03/10/26 (b) | 3000000 | &nbsp;&nbsp; 2978453 |
| National Australia Bank Ltd. |  |  |
| 3.960%, SOFR + 0.250%, 03/24/26 (144A) (a) | 5000000 | &nbsp;&nbsp; 5001577 |
| National Bank of Canada |  |  |
| 3.935%, 08/25/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3903251 |
| 4.090%, SOFR + 0.380%, 05/29/26 (144A) (a) | 2500000 | &nbsp;&nbsp; 2502180 |
| 4.104%, 01/16/26 (144A) (b) | 3000000 | &nbsp;&nbsp; 2995045 |
| 4.110%, SOFR + 0.400%, 12/18/26 (144A) (a) | 2000000 | &nbsp;&nbsp; 2000129 |
| Natixis SA |  |  |
| 4.273%, 02/17/26 (b) | 3500000 | &nbsp;&nbsp; 3482476 |
| Nordea Bank Abp |  |  |
| 3.900%, 06/01/26 (144A) (b) | 7000000 | &nbsp;&nbsp; 6890582 |
| 4.240%, 02/20/26 (144A) (b) | 3750000 | &nbsp;&nbsp; 3729887 |
| 4.281%, 04/16/26 (144A) (b) | 3000000 | &nbsp;&nbsp; 2967862 |
| Old Line Funding LLC |  |  |
| 3.925%, 06/09/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3933985 |
| 4.161%, 05/18/26 (144A) (b) | 3500000 | &nbsp;&nbsp; 3450144 |
| Ranger Funding Co. LLC |  |  |
| 4.050%, 03/12/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3970309 |
| Royal Bank of Canada |  |  |
| 3.980%, SOFR + 0.270%, 08/10/26 (144A) (a) | 2000000 | &nbsp;&nbsp; 2000220 |
| 4.318%, 05/27/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1969587 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.100%, SOFR + 0.390%, 04/28/26 (144A) (a) | 4000000 | &nbsp;&nbsp; 4002564 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 3.940%, SOFR + 0.230%, 04/16/26 (144A) (a) | 4000000 | &nbsp;&nbsp; 4000927 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.019%, 03/04/26 (144A) (b) | 6000000 | &nbsp;&nbsp; 5960959 |
| 4.142%, 02/19/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3979346 |
| Svenska Handelsbanken AB |  |  |
| 3.834%, 09/18/26 (144A) (b) | 2500000 | &nbsp;&nbsp; 2433553 |
| 3.879%, 09/10/26 (144A) (b) | 6000000 | &nbsp;&nbsp; 5845071 |
| 4.010%, SOFR + 0.300%, 09/29/26 (144A) (a) | 3500000 | &nbsp;&nbsp; 3499719 |
| Swedbank AB |  |  |
| 3.989%, 06/10/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1967205 |
| UBS AG |  |  |
| 4.227%, SOFR + 0.400%, 11/05/26 (144A) (a) | 2000000 | &nbsp;&nbsp; 2000405 |

---

*See accompanying notes to financial statements.*

**BHFTII-80**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Short-Term Investments—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| UBS AG |  |  |
| 4.292%, SOFR + 0.350%, 10/15/26 (144A) (a) | 2000000 | &nbsp;&nbsp; $2000160 |
| 4.410%, SOFR + 0.450%, 04/14/26 (144A) (a) | 2000000 | &nbsp;&nbsp; 2000158 |
| Verto Capital I-A LLC |  |  |
| 3.700%, 01/02/26 (144A) (b) | 17000000 | &nbsp;&nbsp; 16996430 |
| Westpac Banking Corp. |  |  |
| 3.980%, SOFR + 0.270%, 02/03/26 (144A) (a) | 3500000 | &nbsp;&nbsp; 3500577 |
| 4.000%, SOFR + 0.290%, 01/02/26 (144A) (a) | 2500000 | &nbsp;&nbsp; 2500028 |
| 4.050%, SOFR + 0.340%, 04/30/26 (144A) (a) | 3000000 | &nbsp;&nbsp; 3001809 |
| 4.110%, SOFR + 0.400%, 04/10/26 (144A) (a) | 2500000 | &nbsp;&nbsp; 2501551 |
| Westpac Securities NZ Ltd. |  |  |
| 4.010%, SOFR + 0.300%, 08/25/26 (144A) (a) | 3500000 | &nbsp;&nbsp; 3500886 |
|  |  | &nbsp;&nbsp; 361816901 |
| **Repurchase Agreements—28.8%** | **Repurchase Agreements—28.8%** | **Repurchase Agreements—28.8%** |
| BofA Securities, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26, with a maturity value of $25,005,347; <br> collateralized by U.S. Government Agency Obligations with <br> rates ranging from 0.750%-6.500%, with maturity dates <br> ranging from 01/29/26-09/20/55, and an aggregate <br> market value of $25,477,322<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| JPMorgan Securities LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26, with a maturity value of $100,021,278; <br> collateralized by U.S. Government Agency Obligations with <br> rates ranging from 2.500% - 4.500%, with maturity dates <br> ranging from 09/20/50-11/20/54, and an aggregate <br> market value of $101,419,853<br>| 100000000 | &nbsp;&nbsp; 100000000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26, with a maturity value of $93,019,788; <br> collateralized by U.S. Government Agency Obligations with <br> rates ranging from 4.500%-5.500%, with maturity dates <br> ranging from 07/20/55 -12/20/55, and an aggregate <br> market value of $94,341,014<br>| 93000000 | &nbsp;&nbsp; 93000000 |
|  |  | &nbsp;&nbsp; 218000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposit—0.9%** |  |  |
| Royal Bank of Canada |  |  |
| 3.850%, 01/02/26 | 7000000 | &nbsp;&nbsp; $7000000 |
| Total Short-Term Investments <br>(Cost $753,391,458) <br>|  | &nbsp;&nbsp; 753668639 |
| Total Investments—99.7% <br>(Cost $753,391,458) <br>|  | &nbsp;&nbsp; 753668639 |
| Other assets and liabilities (net)—0.3%  |  | &nbsp;&nbsp; 2636463 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $756305102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

(b) The rate shown represents current yield to maturity.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the market value of 144A securities was $302,600,535, which is 40.0% of net assets. 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Short-Term Investments\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $753668639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $753668639 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $753668639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $753668639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-81**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $535668639 |
| Repurchase Agreements at value which equals cost | &nbsp;&nbsp; 218000000 |
| Cash | &nbsp;&nbsp; 929256 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 563327 |
| Interest | &nbsp;&nbsp; 2389992 |
| Prepaid expenses | &nbsp;&nbsp; 2817 |
| Total Assets | &nbsp;&nbsp; 757554031 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 459104 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 209384 |
| Distribution and service fees | &nbsp;&nbsp; 81494 |
| Deferred trustees' fees | &nbsp;&nbsp; 240494 |
| Other expenses | &nbsp;&nbsp; 258453 |
| Total Liabilities | &nbsp;&nbsp; 1248929 |
| **Net Assets**  | &nbsp;&nbsp; $756305102 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $726241110 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 30063992 |
| **Net Assets**  | &nbsp;&nbsp; $756305102 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $350225661 |
| Class B | &nbsp;&nbsp; 346024024 |
| Class E | &nbsp;&nbsp; 60055417 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 3420151 |
| Class B | &nbsp;&nbsp; 3390616 |
| Class E | &nbsp;&nbsp; 587304 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $102.40 |
| Class B | 102.05 |
| Class E | 102.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $535,391,458.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $34157426 |
| Total investment income | &nbsp;&nbsp; 34157426 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2696532 |
| Administration fees | &nbsp;&nbsp; 51003 |
| Custodian and accounting fees | &nbsp;&nbsp; 78537 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 890433 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 95519 |
| Audit and tax services | &nbsp;&nbsp; 45551 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 61727 |
| Insurance | &nbsp;&nbsp; 6698 |
| Miscellaneous | &nbsp;&nbsp; 19899 |
| Total expenses | &nbsp;&nbsp; 4056484 |
| Less management fee waiver | &nbsp;&nbsp; (192609)<br>|
| Net expenses | &nbsp;&nbsp; 3863875 |
| **Net Investment Income** | &nbsp;&nbsp; 30293551 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (307) <br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 84236 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 83929 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $30377480 |

---

*See accompanying notes to financial statements.*

**BHFTII-82**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $30293551 | &nbsp;&nbsp; $38204738 |
| Net realized gain (loss) | &nbsp;&nbsp; (307)<br>| &nbsp;&nbsp; 1759 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 84236 | &nbsp;&nbsp; (40660)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 30377480 | &nbsp;&nbsp; 38165837 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (17940519)<br>| &nbsp;&nbsp; (19861426)<br>|
| Class B | &nbsp;&nbsp; (17274935)<br>| &nbsp;&nbsp; (20849461)<br>|
| Class E | &nbsp;&nbsp; (3182701)<br>| &nbsp;&nbsp; (4171572)<br>|
| **Total distributions** | &nbsp;&nbsp; (38398155)<br>| &nbsp;&nbsp; (44882459)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (14143818)<br>| &nbsp;&nbsp; 9575266 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (22164493)<br>| &nbsp;&nbsp; 2858644 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 778469595 | &nbsp;&nbsp; 775610951 |
| End of period | &nbsp;&nbsp; $756305102 | &nbsp;&nbsp; $778469595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 741772 | &nbsp;&nbsp; $76398167 | &nbsp;&nbsp; 1568603 | &nbsp;&nbsp; $163182686 |
| Reinvestments | &nbsp;&nbsp; 179154 | &nbsp;&nbsp; 17940519 | &nbsp;&nbsp; 196979 | &nbsp;&nbsp; 19861426 |
| Redemptions | &nbsp;&nbsp; (884610)<br>| &nbsp;&nbsp; (90965129)<br>| &nbsp;&nbsp; (1402690)<br>| &nbsp;&nbsp; (145672185)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 36316 | &nbsp;&nbsp; $3373557 | &nbsp;&nbsp; 362892 | &nbsp;&nbsp; $37371927 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1110772 | &nbsp;&nbsp; $113928722 | &nbsp;&nbsp; 1133617 | &nbsp;&nbsp; $117178216 |
| Reinvestments | &nbsp;&nbsp; 172853 | &nbsp;&nbsp; 17274935 | &nbsp;&nbsp; 207210 | &nbsp;&nbsp; 20849461 |
| Redemptions | &nbsp;&nbsp; (1375627)<br>| &nbsp;&nbsp; (141038370)<br>| &nbsp;&nbsp; (1597523)<br>| &nbsp;&nbsp; (165050182)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (92002)<br>| &nbsp;&nbsp; $(9834713)<br>| &nbsp;&nbsp; (256696)<br>| &nbsp;&nbsp; $(27022505)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 104751 | &nbsp;&nbsp; $10752537 | &nbsp;&nbsp; 151997 | &nbsp;&nbsp; $15875413 |
| Reinvestments | &nbsp;&nbsp; 31802 | &nbsp;&nbsp; 3182701 | &nbsp;&nbsp; 41401 | &nbsp;&nbsp; 4171572 |
| Redemptions | &nbsp;&nbsp; (210822)<br>| &nbsp;&nbsp; (21617900)<br>| &nbsp;&nbsp; (201028)<br>| &nbsp;&nbsp; (20821141)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (74269)<br>| &nbsp;&nbsp; $(7682662)<br>| &nbsp;&nbsp; (7630)<br>| &nbsp;&nbsp; $(774156)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(14143818)<br>|  | &nbsp;&nbsp; $9575266 |

---

*See accompanying notes to financial statements.*

**BHFTII-83**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $103.59 | &nbsp;&nbsp; $104.59 | &nbsp;&nbsp; $101.26 | &nbsp;&nbsp; $99.82 | &nbsp;&nbsp; $100.35 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 4.17 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp; (0.20)<br>|
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Total income (loss) from investment operations | 4.18 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; (0.19)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.34)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.34)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $102.40 | &nbsp;&nbsp; $103.59 | &nbsp;&nbsp; $104.59 | &nbsp;&nbsp; $101.26 | &nbsp;&nbsp; $99.82 |
| **Total Return (%)** (d) | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; (0.19)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net ratio of expenses to average net assets (%) (e) | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Ratio of net investment income (loss) to average net assets (%) | 4.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp; (0.20)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $350.2 | &nbsp;&nbsp; $350.5 | &nbsp;&nbsp; $316.0 | &nbsp;&nbsp; $469.9 | &nbsp;&nbsp; $566.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $103.23 | &nbsp;&nbsp; $104.23 | &nbsp;&nbsp; $100.91 | &nbsp;&nbsp; $99.72 | &nbsp;&nbsp; $100.24 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (0.44)<br>|
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total income (loss) from investment operations | 3.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp; (0.45)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (5.09)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.07)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (5.09)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.07)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $102.05 | &nbsp;&nbsp; $103.23 | &nbsp;&nbsp; $104.23 | &nbsp;&nbsp; $100.91 | &nbsp;&nbsp; $99.72 |
| **Total Return (%)** (d) | 3.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp; (0.45)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net ratio of expenses to average net assets (%) (e) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Ratio of net investment income (loss) to average net assets (%) | 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (0.44)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $346.0 | &nbsp;&nbsp; $359.5 | &nbsp;&nbsp; $389.8 | &nbsp;&nbsp; $421.3 | &nbsp;&nbsp; $405.7 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-84**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $103.43 | &nbsp;&nbsp; $104.43 | &nbsp;&nbsp; $101.10 | &nbsp;&nbsp; $99.81 | &nbsp;&nbsp; $100.33 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 4.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp; (0.34)<br>|
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total income (loss) from investment operations | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (0.34)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (5.19)<br>| &nbsp;&nbsp; (6.00)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.18)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (5.19)<br>| &nbsp;&nbsp; (6.00)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.18)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $102.26 | &nbsp;&nbsp; $103.43 | &nbsp;&nbsp; $104.43 | &nbsp;&nbsp; $101.10 | &nbsp;&nbsp; $99.81 |
| **Total Return (%)** (d) | 3.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp; (0.34)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net ratio of expenses to average net assets (%) (e) | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Ratio of net investment income (loss) to average net assets (%) | 3.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp; (0.34)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>| &nbsp;&nbsp; 0 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $60.1 | &nbsp;&nbsp; $68.4 | &nbsp;&nbsp; $69.9 | &nbsp;&nbsp; $79.3 | &nbsp;&nbsp; $81.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized and unrealized gain (loss) on investments was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions from net realized capital gains were less than $0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) There were no long term transactions during the years ended December 31, 2025, 2024, 2023, 2022 and 2021.

*See accompanying notes to financial statements.*

**BHFTII-85**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.1%** | **Affiliated Mutual Funds — 100.1%** | **Affiliated Mutual Funds — 100.1%** |
| AB International Bond Portfolio (Class A) (a) | 765387 | &nbsp;&nbsp; $6084828 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 262185 | &nbsp;&nbsp; 3038725 |
| BlackRock Bond Income Portfolio (Class A) (b) | 430646 | &nbsp;&nbsp; 39498850 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 50963 | &nbsp;&nbsp; 2262238 |
| BlackRock High Yield Portfolio (Class A) (a) | 299179 | &nbsp;&nbsp; 2282735 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 262934 | &nbsp;&nbsp; 2986929 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 179264 | &nbsp;&nbsp; 2276655 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 4497 | &nbsp;&nbsp; 751790 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 575086 | &nbsp;&nbsp; 5319544 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) <br> (a)<br>| 1719499 | &nbsp;&nbsp; 15200370 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 193465 | &nbsp;&nbsp; 5297078 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a) <br>| 204961 | &nbsp;&nbsp; 3021129 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 142671 | &nbsp;&nbsp; 1515164 |
| Harris Oakmark International Portfolio (Class A) (a) | 198003 | &nbsp;&nbsp; 3039346 |
| Invesco Comstock Portfolio (Class A) (a) | 458332 | &nbsp;&nbsp; 6054563 |
| Invesco Global Equity Portfolio (Class A) (a) | 30223 | &nbsp;&nbsp; 757073 |
| Jennison Growth Portfolio (Class A) (b) | 192484 | &nbsp;&nbsp; 3020065 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 2723704 | &nbsp;&nbsp; 25058077 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 124637 | &nbsp;&nbsp; 1493149 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 66492 | &nbsp;&nbsp; 743385 |
| MFS Research International Portfolio (Class A) (a) | 224018 | &nbsp;&nbsp; 3037684 |
| MFS Value Portfolio (Class A) (b) | 554521 | &nbsp;&nbsp; 7558124 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 49361 | &nbsp;&nbsp; 745837 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 2432519 | &nbsp;&nbsp; 25054947 |

---

---

| | | |
|:---|:---|:---|
| **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) | 3738825 | &nbsp;&nbsp; $37986465 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 54325 | &nbsp;&nbsp; 761628 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 89030 | &nbsp;&nbsp; 2265821 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 166787 | &nbsp;&nbsp; 4544951 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 89099 | &nbsp;&nbsp; 751105 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 119608 | &nbsp;&nbsp; 2228298 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 3443502 | &nbsp;&nbsp; 30371688 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 267042 | &nbsp;&nbsp; 3775979 |
| Western Asset Management Strategic Bond Opportunities Portfolio <br> (Class A) (b)<br>| 1420038 | &nbsp;&nbsp; 15208611 |
| Western Asset Management U.S. Government Portfolio (Class A) <br> (b)<br>| 3677697 | &nbsp;&nbsp; 39498468 |
| Total Investment Companies <br>(Cost $318,225,656) <br>|  | &nbsp;&nbsp; 303491299 |
| Total Investments—100.1% <br>(Cost $318,225,656) <br>|  | &nbsp;&nbsp; 303491299 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (381020)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $303110279 |

---

&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 year ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $6520258 | &nbsp;&nbsp; $779720 | &nbsp;&nbsp; $(1092176)<br>| &nbsp;&nbsp; $(278201)<br>| &nbsp;&nbsp; $155227 | &nbsp;&nbsp; $6084828 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 3211724 | &nbsp;&nbsp; 358129 | &nbsp;&nbsp; (966511)<br>| &nbsp;&nbsp; (132805)<br>| &nbsp;&nbsp; 568188 | &nbsp;&nbsp; 3038725 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 40803632 | &nbsp;&nbsp; 3863980 | &nbsp;&nbsp; (6062673)<br>| &nbsp;&nbsp; (1097446)<br>| &nbsp;&nbsp; 1991357 | &nbsp;&nbsp; 39498850 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 2375641 | &nbsp;&nbsp; 734316 | &nbsp;&nbsp; (874914)<br>| &nbsp;&nbsp; 353974 | &nbsp;&nbsp; (326779)<br>| &nbsp;&nbsp; 2262238 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 2447303 | &nbsp;&nbsp; 214600 | &nbsp;&nbsp; (424434)<br>| &nbsp;&nbsp; 31460 | &nbsp;&nbsp; 13806 | &nbsp;&nbsp; 2282735 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3158010 | &nbsp;&nbsp; 1113204 | &nbsp;&nbsp; (717133)<br>| &nbsp;&nbsp; (239568)<br>| &nbsp;&nbsp; (327584)<br>| &nbsp;&nbsp; 2986929 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 2429687 | &nbsp;&nbsp; 589691 | &nbsp;&nbsp; (1089604)<br>| &nbsp;&nbsp; 54853 | &nbsp;&nbsp; 292028 | &nbsp;&nbsp; 2276655 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 799263 | &nbsp;&nbsp; 253698 | &nbsp;&nbsp; (163219)<br>| &nbsp;&nbsp; (34882)<br>| &nbsp;&nbsp; (103070)<br>| &nbsp;&nbsp; 751790 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 5708292 | &nbsp;&nbsp; 719245 | &nbsp;&nbsp; (821840)<br>| &nbsp;&nbsp; (74210)<br>| &nbsp;&nbsp; (211943)<br>| &nbsp;&nbsp; 5319544 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 16316059 | &nbsp;&nbsp; 1422504 | &nbsp;&nbsp; (2552284)<br>| &nbsp;&nbsp; (227273)<br>| &nbsp;&nbsp; 241364 | &nbsp;&nbsp; 15200370 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 4811325 | &nbsp;&nbsp; 19239 | &nbsp;&nbsp; (5254822)<br>| &nbsp;&nbsp; (981114)<br>| &nbsp;&nbsp; 1405372 | &nbsp;&nbsp; — |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 5634429 | &nbsp;&nbsp; 1088909 | &nbsp;&nbsp; (1094500)<br>| &nbsp;&nbsp; (24262)<br>| &nbsp;&nbsp; (307498)<br>| &nbsp;&nbsp; 5297078 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 3203289 | &nbsp;&nbsp; 880054 | &nbsp;&nbsp; (968091)<br>| &nbsp;&nbsp; (91981)<br>| &nbsp;&nbsp; (2142)<br>| &nbsp;&nbsp; 3021129 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 1600074 | &nbsp;&nbsp; 143628 | &nbsp;&nbsp; (296976)<br>| &nbsp;&nbsp; 9438 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp; 1515164 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 3240544 | &nbsp;&nbsp; 358311 | &nbsp;&nbsp; (1321831)<br>| &nbsp;&nbsp; 170214 | &nbsp;&nbsp; 592108 | &nbsp;&nbsp; 3039346 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 6414899 | &nbsp;&nbsp; 1365560 | &nbsp;&nbsp; (1875771)<br>| &nbsp;&nbsp; (105144)<br>| &nbsp;&nbsp; 255019 | &nbsp;&nbsp; 6054563 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 798862 | &nbsp;&nbsp; 211600 | &nbsp;&nbsp; (259346)<br>| &nbsp;&nbsp; (15581)<br>| &nbsp;&nbsp; 21538 | &nbsp;&nbsp; 757073 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 3168447 | &nbsp;&nbsp; 1050715 | &nbsp;&nbsp; (1124972)<br>| &nbsp;&nbsp; 259804 | &nbsp;&nbsp; (333929)<br>| &nbsp;&nbsp; 3020065 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 25308642 | &nbsp;&nbsp; 2759550 | &nbsp;&nbsp; (3706348)<br>| &nbsp;&nbsp; (525832)<br>| &nbsp;&nbsp; 1222065 | &nbsp;&nbsp; 25058077 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1571068 | &nbsp;&nbsp; 430927 | &nbsp;&nbsp; (522507)<br>| &nbsp;&nbsp; 25695 | &nbsp;&nbsp; (12034)<br>| &nbsp;&nbsp; 1493149 |

---

*See accompanying notes to financial statements.*

**BHFTII-86**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **December 31, 2025**<br>|
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; $790205 | &nbsp;&nbsp; $224411 | &nbsp;&nbsp; $(226866)<br>| &nbsp;&nbsp; $(27702)<br>| &nbsp;&nbsp; $(16663)<br>| &nbsp;&nbsp; $743385 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 3225167 | &nbsp;&nbsp; 387761 | &nbsp;&nbsp; (1001049)<br>| &nbsp;&nbsp; 121657 | &nbsp;&nbsp; 304148 | &nbsp;&nbsp; 3037684 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 8063817 | &nbsp;&nbsp; 1421111 | &nbsp;&nbsp; (1894538)<br>| &nbsp;&nbsp; (76206)<br>| &nbsp;&nbsp; 43940 | &nbsp;&nbsp; 7558124 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 781129 | &nbsp;&nbsp; 235664 | &nbsp;&nbsp; (139459)<br>| &nbsp;&nbsp; (10659)<br>| &nbsp;&nbsp; (120838)<br>| &nbsp;&nbsp; 745837 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 26936649 | &nbsp;&nbsp; 1240851 | &nbsp;&nbsp; (4602799)<br>| &nbsp;&nbsp; 203818 | &nbsp;&nbsp; 1276428 | &nbsp;&nbsp; 25054947 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 40817440 | &nbsp;&nbsp; 2851297 | &nbsp;&nbsp; (6860820)<br>| &nbsp;&nbsp; (957209)<br>| &nbsp;&nbsp; 2135757 | &nbsp;&nbsp; 37986465 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 930684 | &nbsp;&nbsp; (263139)<br>| &nbsp;&nbsp; (74442)<br>| &nbsp;&nbsp; 168525 | &nbsp;&nbsp; 761628 |
| 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; 687489 | &nbsp;&nbsp; (857761)<br>| &nbsp;&nbsp; 332708 | &nbsp;&nbsp; (276991)<br>| &nbsp;&nbsp; 2265821 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 4810571 | &nbsp;&nbsp; 904172 | &nbsp;&nbsp; (1198221)<br>| &nbsp;&nbsp; 123475 | &nbsp;&nbsp; (95046)<br>| &nbsp;&nbsp; 4544951 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 798071 | &nbsp;&nbsp; 205218 | &nbsp;&nbsp; (179007)<br>| &nbsp;&nbsp; (71560)<br>| &nbsp;&nbsp; (1617)<br>| &nbsp;&nbsp; 751105 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2348144 | &nbsp;&nbsp; 863040 | &nbsp;&nbsp; (742682)<br>| &nbsp;&nbsp; 116351 | &nbsp;&nbsp; (356555)<br>| &nbsp;&nbsp; 2228298 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 31029333 | &nbsp;&nbsp; 3246082 | &nbsp;&nbsp; (4689937)<br>| &nbsp;&nbsp; (774722)<br>| &nbsp;&nbsp; 1560932 | &nbsp;&nbsp; 30371688 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 3960799 | &nbsp;&nbsp; 687205 | &nbsp;&nbsp; (1940748)<br>| &nbsp;&nbsp; 75512 | &nbsp;&nbsp; 993211 | &nbsp;&nbsp; 3775979 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 16314623 | &nbsp;&nbsp; 1590156 | &nbsp;&nbsp; (2826916)<br>| &nbsp;&nbsp; (852692)<br>| &nbsp;&nbsp; 983440 | &nbsp;&nbsp; 15208611 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 42461220 | &nbsp;&nbsp; 2563722 | &nbsp;&nbsp; (6641811)<br>| &nbsp;&nbsp; (901192)<br>| &nbsp;&nbsp; 2016529 | &nbsp;&nbsp; 39498468 |
|  | &nbsp;&nbsp; $325044677 | &nbsp;&nbsp; $36432433 | &nbsp;&nbsp; $(66217280)<br>| &nbsp;&nbsp; $(5710620)<br>| &nbsp;&nbsp; $13942089 | &nbsp;&nbsp; $303491299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $608108 | &nbsp;&nbsp; 765387 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 126753 | &nbsp;&nbsp; 21434 | &nbsp;&nbsp; 262185 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2210737 | &nbsp;&nbsp; 430646 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 310631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50963 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 161698 | &nbsp;&nbsp; 299179 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 461387 | &nbsp;&nbsp; 48784 | &nbsp;&nbsp; 262934 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 385957 | &nbsp;&nbsp; 30890 | &nbsp;&nbsp; 179264 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 146473 | &nbsp;&nbsp; 10407 | &nbsp;&nbsp; 4497 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 504412 | &nbsp;&nbsp; 575086 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 828205 | &nbsp;&nbsp; 1719499 |
| 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; 193465 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 570701 | &nbsp;&nbsp; 16516 | &nbsp;&nbsp; 204961 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 45747 | &nbsp;&nbsp; 142671 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 105159 | &nbsp;&nbsp; 72109 | &nbsp;&nbsp; 198003 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 771257 | &nbsp;&nbsp; 133672 | &nbsp;&nbsp; 458332 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 118758 | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 30223 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 547421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192484 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1082317 | &nbsp;&nbsp; 2723704 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 171618 | &nbsp;&nbsp; 19053 | &nbsp;&nbsp; 124637 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 88136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66492 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 177664 | &nbsp;&nbsp; 61137 | &nbsp;&nbsp; 224018 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 897841 | &nbsp;&nbsp; 143916 | &nbsp;&nbsp; 554521 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 101867 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 49361 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 194361 | &nbsp;&nbsp; 334300 | &nbsp;&nbsp; 2432519 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2313026 | &nbsp;&nbsp; 3738825 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7730 | &nbsp;&nbsp; 54325 |
| 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; 89030 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 444532 | &nbsp;&nbsp; 96092 | &nbsp;&nbsp; 166787 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 110059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89099 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 496372 | &nbsp;&nbsp; 6148 | &nbsp;&nbsp; 119608 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1472224 | &nbsp;&nbsp; 3443502 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 67597 | &nbsp;&nbsp; 127359 | &nbsp;&nbsp; 267042 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1240486 | &nbsp;&nbsp; 1420038 |

---

*See accompanying notes to financial statements.*

**BHFTII-87**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain**<br> **Distributions from**<br> **Affiliated Investments**<br>| **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **December 31, 2025**<br>|
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1687583 | &nbsp;&nbsp; 3677697 |
|  | &nbsp;&nbsp; $7307257 | &nbsp;&nbsp; $13380242 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35539525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65324372 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $303491299 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $303491299 |
| Total Investments | &nbsp;&nbsp; $303491299 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $303491299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-88**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $303491299 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 194476 |
| Fund shares sold | &nbsp;&nbsp; 7058 |
| Due from investment advisor | &nbsp;&nbsp; 38001 |
| Total Assets | &nbsp;&nbsp; 303730834 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 201534 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 25802 |
| Distribution and service fees | &nbsp;&nbsp; 59978 |
| Deferred trustees' fees | &nbsp;&nbsp; 240736 |
| Other expenses | &nbsp;&nbsp; 92505 |
| Total Liabilities | &nbsp;&nbsp; 620555 |
| **Net Assets**  | &nbsp;&nbsp; $303110279 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $322032161 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (18921882)<br>|
| **Net Assets**  | &nbsp;&nbsp; $303110279 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $21297322 |
| Class B | &nbsp;&nbsp; 281812957 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 2091660 |
| Class B | &nbsp;&nbsp; 27929264 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.18 |
| Class B | 10.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $318,225,656.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $13380242 |
| Total investment income | &nbsp;&nbsp; 13380242 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 313735 |
| Administration fees | &nbsp;&nbsp; 30425 |
| Custodian and accounting fees | &nbsp;&nbsp; 13253 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 731579 |
| Audit and tax services | &nbsp;&nbsp; 35304 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Miscellaneous | &nbsp;&nbsp; 11979 |
| Total expenses | &nbsp;&nbsp; 1246860 |
| Less expenses reimbursed by the Adviser | &nbsp;&nbsp; (201546)<br>|
| Net expenses | &nbsp;&nbsp; 1045314 |
| **Net Investment Income** | &nbsp;&nbsp; 12334928 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; (5710620)<br>|
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 7307257 |
| Net realized gain (loss) | &nbsp;&nbsp; 1596637 |
| Net change in unrealized appreciation (depreciation) on affiliated investments | &nbsp;&nbsp; 13942089 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 15538726 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $27873654 |

---

*See accompanying notes to financial statements.*

**BHFTII-89**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $12334928 | &nbsp;&nbsp; $9780625 |
| Net realized gain (loss) | &nbsp;&nbsp; 1596637 | &nbsp;&nbsp; (2003476)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13942089 | &nbsp;&nbsp; 6160505 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 27873654 | &nbsp;&nbsp; 13937654 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (724996)<br>| &nbsp;&nbsp; (656211)<br>|
| Class B | &nbsp;&nbsp; (9358747)<br>| &nbsp;&nbsp; (9312832)<br>|
| **Total distributions** | &nbsp;&nbsp; (10083743)<br>| &nbsp;&nbsp; (9969043)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (39413521)<br>| &nbsp;&nbsp; (52715438)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (21623610)<br>| &nbsp;&nbsp; (48746827)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 324733889 | &nbsp;&nbsp; 373480716 |
| End of period | &nbsp;&nbsp; $303110279 | &nbsp;&nbsp; $324733889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 260214 | &nbsp;&nbsp; $2597862 | &nbsp;&nbsp; 207306 | &nbsp;&nbsp; $1997410 |
| Reinvestments | &nbsp;&nbsp; 75129 | &nbsp;&nbsp; 724996 | &nbsp;&nbsp; 69810 | &nbsp;&nbsp; 656211 |
| Redemptions | &nbsp;&nbsp; (442887)<br>| &nbsp;&nbsp; (4388591)<br>| &nbsp;&nbsp; (417662)<br>| &nbsp;&nbsp; (4021916)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (107544)<br>| &nbsp;&nbsp; $(1065733)<br>| &nbsp;&nbsp; (140546)<br>| &nbsp;&nbsp; $(1368295)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2296502 | &nbsp;&nbsp; $22519275 | &nbsp;&nbsp; 2134467 | &nbsp;&nbsp; $20318023 |
| Reinvestments | &nbsp;&nbsp; 977925 | &nbsp;&nbsp; 9358747 | &nbsp;&nbsp; 998160 | &nbsp;&nbsp; 9312832 |
| Redemptions | &nbsp;&nbsp; (7161595)<br>| &nbsp;&nbsp; (70225810)<br>| &nbsp;&nbsp; (8497504)<br>| &nbsp;&nbsp; (80977998)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3887168)<br>| &nbsp;&nbsp; $(38347788)<br>| &nbsp;&nbsp; (5364877)<br>| &nbsp;&nbsp; $(51347143)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(39413521)<br>|  | &nbsp;&nbsp; $(52715438)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-90**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $11.55 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Total income (loss) from investment operations | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.38)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.15)<br>|
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.53)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $11.48 |
| **Total Return (%)** (b) | 9.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp; (12.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (c) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Ratio of net investment income (loss) to average net assets (%) (e) | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $21.3 | &nbsp;&nbsp; $21.2 | &nbsp;&nbsp; $22.3 | &nbsp;&nbsp; $22.6 | &nbsp;&nbsp; $28.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $11.45 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Total income (loss) from investment operations | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.35)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.15)<br>|
| Total distributions | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.50)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $11.37 |
| **Total Return (%)** (b) | 9.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;7.83 | &nbsp;&nbsp; (12.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (c) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Ratio of net investment income (loss) to average net assets (%) (e) | 3.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $281.8 | &nbsp;&nbsp; $303.6 | &nbsp;&nbsp; $351.2 | &nbsp;&nbsp; $377.0 | &nbsp;&nbsp; $511.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTII-91**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** |
| AB International Bond Portfolio (Class A) (a) | 11738446 | &nbsp;&nbsp; $93320649 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 760320 | &nbsp;&nbsp; 7686831 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 6704646 | &nbsp;&nbsp; 77706847 |
| BlackRock Bond Income Portfolio (Class A) (b) | 3471070 | &nbsp;&nbsp; 318366549 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 1204153 | &nbsp;&nbsp; 53452371 |
| BlackRock High Yield Portfolio (Class A) (a) | 4080751 | &nbsp;&nbsp; 31136131 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 3359410 | &nbsp;&nbsp; 38162902 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 4280424 | &nbsp;&nbsp; 54361380 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 45826 | &nbsp;&nbsp; 7660657 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 5874424 | &nbsp;&nbsp; 54338422 |
| Brighthouse/Franklin Low Duration Total Return Portfolio <br> (Class A) (a)<br>| 10543466 | &nbsp;&nbsp; 93204240 |
| Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 3823148 | &nbsp;&nbsp; 31082195 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 3670703 | &nbsp;&nbsp; 100503855 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 4711480 | &nbsp;&nbsp; 69447219 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 2182975 | &nbsp;&nbsp; 23183194 |
| Harris Oakmark International Portfolio (Class A) (a) | 5572027 | &nbsp;&nbsp; 85530611 |
| Invesco Comstock Portfolio (Class A) (a) | 7612862 | &nbsp;&nbsp; 100565908 |
| Invesco Global Equity Portfolio (Class A) (a) | 1234850 | &nbsp;&nbsp; 30932987 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 1484760 | &nbsp;&nbsp; 15070318 |
| Jennison Growth Portfolio (Class A) (b) | 2424250 | &nbsp;&nbsp; 38036485 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 14337350 | &nbsp;&nbsp; 131903623 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 1905587 | &nbsp;&nbsp; 22828932 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 1595478 | &nbsp;&nbsp; 30760824 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 678359 | &nbsp;&nbsp; 7584053 |
| MFS Research International Portfolio (Class A) (a) | 4010640 | &nbsp;&nbsp; 54384275 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| MFS Value Portfolio (Class A) (b) | 8496398 | &nbsp;&nbsp; $115805904 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 1005575 | &nbsp;&nbsp; 15194243 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 15800363 | &nbsp;&nbsp; 162743741 |
| PIMCO Total Return Portfolio (Class A) (a) | 30583142 | &nbsp;&nbsp; 310724721 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 3339207 | &nbsp;&nbsp; 46815675 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 1806920 | &nbsp;&nbsp; 45986121 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 3980762 | &nbsp;&nbsp; 108475752 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 1820882 | &nbsp;&nbsp; 15350038 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 2035559 | &nbsp;&nbsp; 37922462 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 27268891 | &nbsp;&nbsp; 240511615 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 4362166 | &nbsp;&nbsp; 61681023 |
| Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 10167827 | &nbsp;&nbsp; 108897426 |
| Western Asset Management U.S. Government Portfolio (Class A) <br> (b)<br>| 23854997 | &nbsp;&nbsp; 256202665 |
| Total Investment Companies <br>(Cost $3,135,968,539) <br>|  | &nbsp;&nbsp; 3097522844 |
| Total Investments—100.0% <br>(Cost $3,135,968,539) <br>|  | &nbsp;&nbsp; 3097522844 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (1217518)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $3096305326 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

**Transactions in Securities of Affiliated Issuers**

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $108783897 | &nbsp;&nbsp; $9284162 | &nbsp;&nbsp; $(23016800)<br>| &nbsp;&nbsp; $(5486051)<br>| &nbsp;&nbsp; $3755441 | &nbsp;&nbsp; $93320649 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8081958 | &nbsp;&nbsp; 1575308 | &nbsp;&nbsp; (995950)<br>| &nbsp;&nbsp; (16366)<br>| &nbsp;&nbsp; (958119)<br>| &nbsp;&nbsp; 7686831 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 81019849 | &nbsp;&nbsp; 3872977 | &nbsp;&nbsp; (17986017)<br>| &nbsp;&nbsp; (1241949)<br>| &nbsp;&nbsp; 12041987 | &nbsp;&nbsp; 77706847 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 326333178 | &nbsp;&nbsp; 23083607 | &nbsp;&nbsp; (38519674)<br>| &nbsp;&nbsp; (7859069)<br>| &nbsp;&nbsp; 15328507 | &nbsp;&nbsp; 318366549 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 56779603 | &nbsp;&nbsp; 9793734 | &nbsp;&nbsp; (12951785)<br>| &nbsp;&nbsp; (930636)<br>| &nbsp;&nbsp; 761455 | &nbsp;&nbsp; 53452371 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 25119548 | &nbsp;&nbsp; 8715579 | &nbsp;&nbsp; (3211498)<br>| &nbsp;&nbsp; 66549 | &nbsp;&nbsp; 445953 | &nbsp;&nbsp; 31136131 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 39649437 | &nbsp;&nbsp; 9539413 | &nbsp;&nbsp; (3650089)<br>| &nbsp;&nbsp; 21114 | &nbsp;&nbsp; (7396973)<br>| &nbsp;&nbsp; 38162902 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 57837912 | &nbsp;&nbsp; 10351496 | &nbsp;&nbsp; (21929882)<br>| &nbsp;&nbsp; 1811702 | &nbsp;&nbsp; 6290152 | &nbsp;&nbsp; 54361380 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8107898 | &nbsp;&nbsp; 1752164 | &nbsp;&nbsp; (762878)<br>| &nbsp;&nbsp; (179416)<br>| &nbsp;&nbsp; (1257111)<br>| &nbsp;&nbsp; 7660657 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 58613945 | &nbsp;&nbsp; 5772198 | &nbsp;&nbsp; (7147439)<br>| &nbsp;&nbsp; (633055)<br>| &nbsp;&nbsp; (2267227)<br>| &nbsp;&nbsp; 54338422 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 100492498 | &nbsp;&nbsp; 6599645 | &nbsp;&nbsp; (14023744)<br>| &nbsp;&nbsp; (1821394)<br>| &nbsp;&nbsp; 1957235 | &nbsp;&nbsp; 93204240 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 78037554 | &nbsp;&nbsp; 295662 | &nbsp;&nbsp; (56332105)<br>| &nbsp;&nbsp; (22435855)<br>| &nbsp;&nbsp; 31516939 | &nbsp;&nbsp; 31082195 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 107201949 | &nbsp;&nbsp; 14497960 | &nbsp;&nbsp; (14661413)<br>| &nbsp;&nbsp; (2169948)<br>| &nbsp;&nbsp; (4364693)<br>| &nbsp;&nbsp; 100503855 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 73801874 | &nbsp;&nbsp; 14019248 | &nbsp;&nbsp; (15631219)<br>| &nbsp;&nbsp; 882664 | &nbsp;&nbsp; (3625348)<br>| &nbsp;&nbsp; 69447219 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 23850499 | &nbsp;&nbsp; 733796 | &nbsp;&nbsp; (2369782)<br>| &nbsp;&nbsp; (284233)<br>| &nbsp;&nbsp; 1252914 | &nbsp;&nbsp; 23183194 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 88811373 | &nbsp;&nbsp; 5098176 | &nbsp;&nbsp; (29266361)<br>| &nbsp;&nbsp; 7669781 | &nbsp;&nbsp; 13217642 | &nbsp;&nbsp; 85530611 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 105723464 | &nbsp;&nbsp; 15699192 | &nbsp;&nbsp; (22805175)<br>| &nbsp;&nbsp; 4273944 | &nbsp;&nbsp; (2325517)<br>| &nbsp;&nbsp; 100565908 |

---

*See accompanying notes to financial statements.*

**BHFTII-92**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **December 31, 2025**<br>|
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; $32565507 | &nbsp;&nbsp; $5588146 | &nbsp;&nbsp; $(7099540)<br>| &nbsp;&nbsp; $1046535 | &nbsp;&nbsp; $(1167661)<br>| &nbsp;&nbsp; $30932987 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 15939936 | &nbsp;&nbsp; 1606095 | &nbsp;&nbsp; (3619890)<br>| &nbsp;&nbsp; (1942882)<br>| &nbsp;&nbsp; 3087059 | &nbsp;&nbsp; 15070318 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 40506557 | &nbsp;&nbsp; 8495860 | &nbsp;&nbsp; (9448703)<br>| &nbsp;&nbsp; (1069889)<br>| &nbsp;&nbsp; (447340)<br>| &nbsp;&nbsp; 38036485 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 125556829 | &nbsp;&nbsp; 15723713 | &nbsp;&nbsp; (12969023)<br>| &nbsp;&nbsp; (1444348)<br>| &nbsp;&nbsp; 5036452 | &nbsp;&nbsp; 131903623 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 23772063 | &nbsp;&nbsp; 4676401 | &nbsp;&nbsp; (5675412)<br>| &nbsp;&nbsp; (248636)<br>| &nbsp;&nbsp; 304516 | &nbsp;&nbsp; 22828932 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 32361333 | &nbsp;&nbsp; 5501662 | &nbsp;&nbsp; (7537486)<br>| &nbsp;&nbsp; 2838470 | &nbsp;&nbsp; (2403155)<br>| &nbsp;&nbsp; 30760824 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 7976058 | &nbsp;&nbsp; 1513975 | &nbsp;&nbsp; (1372879)<br>| &nbsp;&nbsp; (188274)<br>| &nbsp;&nbsp; (344827)<br>| &nbsp;&nbsp; 7584053 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 56490895 | &nbsp;&nbsp; 4297242 | &nbsp;&nbsp; (13838536)<br>| &nbsp;&nbsp; 2172533 | &nbsp;&nbsp; 5262141 | &nbsp;&nbsp; 54384275 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 121874184 | &nbsp;&nbsp; 15908780 | &nbsp;&nbsp; (21282581)<br>| &nbsp;&nbsp; (2036929)<br>| &nbsp;&nbsp; 1342450 | &nbsp;&nbsp; 115805904 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 15619214 | &nbsp;&nbsp; 3421155 | &nbsp;&nbsp; (1102231)<br>| &nbsp;&nbsp; (228616)<br>| &nbsp;&nbsp; (2515279)<br>| &nbsp;&nbsp; 15194243 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 175745191 | &nbsp;&nbsp; 4510783 | &nbsp;&nbsp; (27198565)<br>| &nbsp;&nbsp; (3088819)<br>| &nbsp;&nbsp; 12775151 | &nbsp;&nbsp; 162743741 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 317974476 | &nbsp;&nbsp; 23556995 | &nbsp;&nbsp; (40557406)<br>| &nbsp;&nbsp; (9147690)<br>| &nbsp;&nbsp; 18898346 | &nbsp;&nbsp; 310724721 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 24077018 | &nbsp;&nbsp; 29215657 | &nbsp;&nbsp; (14613917)<br>| &nbsp;&nbsp; 2910775 | &nbsp;&nbsp; 5226142 | &nbsp;&nbsp; 46815675 |
| 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; 8361045 | &nbsp;&nbsp; (11693916)<br>| &nbsp;&nbsp; (765465)<br>| &nbsp;&nbsp; 1292548 | &nbsp;&nbsp; 45986121 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 112546381 | &nbsp;&nbsp; 14510335 | &nbsp;&nbsp; (18865015)<br>| &nbsp;&nbsp; 58496 | &nbsp;&nbsp; 225555 | &nbsp;&nbsp; 108475752 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 16226988 | &nbsp;&nbsp; 2894390 | &nbsp;&nbsp; (2152175)<br>| &nbsp;&nbsp; (425787)<br>| &nbsp;&nbsp; (1193378)<br>| &nbsp;&nbsp; 15350038 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 39427980 | &nbsp;&nbsp; 10483052 | &nbsp;&nbsp; (7501874)<br>| &nbsp;&nbsp; (958642)<br>| &nbsp;&nbsp; (3528054)<br>| &nbsp;&nbsp; 37922462 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 242648392 | &nbsp;&nbsp; 17426142 | &nbsp;&nbsp; (25911618)<br>| &nbsp;&nbsp; (3203975)<br>| &nbsp;&nbsp; 9552674 | &nbsp;&nbsp; 240511615 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 62904846 | &nbsp;&nbsp; 4209247 | &nbsp;&nbsp; (22502652)<br>| &nbsp;&nbsp; 8522093 | &nbsp;&nbsp; 8547489 | &nbsp;&nbsp; 61681023 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 133900694 | &nbsp;&nbsp; 8817217 | &nbsp;&nbsp; (35097931)<br>| &nbsp;&nbsp; (9222575)<br>| &nbsp;&nbsp; 10500021 | &nbsp;&nbsp; 108897426 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 276440587 | &nbsp;&nbsp; 13690213 | &nbsp;&nbsp; (41266057)<br>| &nbsp;&nbsp; (5001082)<br>| &nbsp;&nbsp; 12339004 | &nbsp;&nbsp; 256202665 |
|  | &nbsp;&nbsp; $3295617460 | &nbsp;&nbsp; $345574674 | &nbsp;&nbsp; $(646310647)<br>| &nbsp;&nbsp; $(49840808)<br>| &nbsp;&nbsp; $152482165 | &nbsp;&nbsp; $3097522844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9264179 | &nbsp;&nbsp; 11738446 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1328742 | &nbsp;&nbsp; 131414 | &nbsp;&nbsp; 760320 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 3242923 | &nbsp;&nbsp; 548386 | &nbsp;&nbsp; 6704646 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 17339917 | &nbsp;&nbsp; 3471070 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 7454760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1204153 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2131513 | &nbsp;&nbsp; 4080751 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 5825347 | &nbsp;&nbsp; 615936 | &nbsp;&nbsp; 3359410 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 9239289 | &nbsp;&nbsp; 739468 | &nbsp;&nbsp; 4280424 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1490255 | &nbsp;&nbsp; 105882 | &nbsp;&nbsp; 45826 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5115472 | &nbsp;&nbsp; 5874424 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5034942 | &nbsp;&nbsp; 10543466 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3823148 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 12953960 | &nbsp;&nbsp; 1489757 | &nbsp;&nbsp; 3670703 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 13140448 | &nbsp;&nbsp; 380285 | &nbsp;&nbsp; 4711480 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 701390 | &nbsp;&nbsp; 2182975 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 2977839 | &nbsp;&nbsp; 2041947 | &nbsp;&nbsp; 5572027 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 12869058 | &nbsp;&nbsp; 2230432 | &nbsp;&nbsp; 7612862 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 4915621 | &nbsp;&nbsp; 47371 | &nbsp;&nbsp; 1234850 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1484760 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 7025134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2424250 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5527694 | &nbsp;&nbsp; 14337350 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 2634264 | &nbsp;&nbsp; 292462 | &nbsp;&nbsp; 1905587 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 4283261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1595478 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 906250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 678359 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 3179857 | &nbsp;&nbsp; 1094233 | &nbsp;&nbsp; 4010640 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 13679933 | &nbsp;&nbsp; 2192776 | &nbsp;&nbsp; 8496398 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 2074045 | &nbsp;&nbsp; 16629 | &nbsp;&nbsp; 1005575 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 1249390 | &nbsp;&nbsp; 2148950 | &nbsp;&nbsp; 15800363 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 18140020 | &nbsp;&nbsp; 30583142 |

---

*See accompanying notes to financial statements.*

**BHFTII-93**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain**<br> **Distributions from**<br> **Affiliated Investments**<br>| **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **December 31, 2025**<br>|
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $477548 | &nbsp;&nbsp; 3339207 |
| 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; 1806920 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 10577775 | &nbsp;&nbsp; 2286542 | &nbsp;&nbsp; 3980762 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2257270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1820882 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 8465059 | &nbsp;&nbsp; 104836 | &nbsp;&nbsp; 2035559 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 11317818 | &nbsp;&nbsp; 27268891 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 1114218 | &nbsp;&nbsp; 2099250 | &nbsp;&nbsp; 4362166 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8817048 | &nbsp;&nbsp; 10167827 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10885064 | &nbsp;&nbsp; 23854997 |
|  | &nbsp;&nbsp; $139621294 | &nbsp;&nbsp; $113786718 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $316861012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $617596985 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $3097522844 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3097522844 |
| Total Investments | &nbsp;&nbsp; $3097522844 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3097522844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-94**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $3097522844 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 1075793 |
| Fund shares sold | &nbsp;&nbsp; 4319 |
| Total Assets | &nbsp;&nbsp; 3098602956 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1080112 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 163998 |
| Distribution and service fees | &nbsp;&nbsp; 648926 |
| Deferred trustees' fees | &nbsp;&nbsp; 311929 |
| Other expenses | &nbsp;&nbsp; 92665 |
| Total Liabilities | &nbsp;&nbsp; 2297630 |
| **Net Assets**  | &nbsp;&nbsp; $3096305326 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $3001567458 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 94737868 |
| **Net Assets**  | &nbsp;&nbsp; $3096305326 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $55566440 |
| Class B | &nbsp;&nbsp; 3040738886 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 5197121 |
| Class B | &nbsp;&nbsp; 288427939 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.69 |
| Class B | 10.54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $3,135,968,539.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $113786718 |
| Total investment income | &nbsp;&nbsp; 113786718 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1969560 |
| Administration fees | &nbsp;&nbsp; 30425 |
| Custodian and accounting fees | &nbsp;&nbsp; 13294 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 7833406 |
| Audit and tax services | &nbsp;&nbsp; 35304 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62092 |
| Miscellaneous | &nbsp;&nbsp; 14090 |
| Total expenses | &nbsp;&nbsp; 10006663 |
| **Net Investment Income** | &nbsp;&nbsp; 103780055 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; (49840808)<br>|
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 139621294 |
| Net realized gain (loss) | &nbsp;&nbsp; 89780486 |
| Net change in unrealized appreciation (depreciation) on affiliated <br> investments<br>| &nbsp;&nbsp; 152482165 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 242262651 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $346042706 |

---

*See accompanying notes to financial statements.*

**BHFTII-95**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $103780055 | &nbsp;&nbsp; $82663341 |
| Net realized gain (loss) | &nbsp;&nbsp; 89780486 | &nbsp;&nbsp; 36528031 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 152482165 | &nbsp;&nbsp; 83171898 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 346042706 | &nbsp;&nbsp; 202363270 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (2275240)<br>| &nbsp;&nbsp; (1594785)<br>|
| Class B | &nbsp;&nbsp; (120140382)<br>| &nbsp;&nbsp; (87266770)<br>|
| **Total distributions** | &nbsp;&nbsp; (122415622)<br>| &nbsp;&nbsp; (88861555)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (421740775)<br>| &nbsp;&nbsp; (457558733)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (198113691)<br>| &nbsp;&nbsp; (344057018)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3294419017 | &nbsp;&nbsp; 3638476035 |
| End of period | &nbsp;&nbsp; $3096305326 | &nbsp;&nbsp; $3294419017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 468227 | &nbsp;&nbsp; $4796126 | &nbsp;&nbsp; 198101 | &nbsp;&nbsp; $1967168 |
| Reinvestments | &nbsp;&nbsp; 227070 | &nbsp;&nbsp; 2275240 | &nbsp;&nbsp; 164242 | &nbsp;&nbsp; 1594785 |
| Redemptions | &nbsp;&nbsp; (1080762)<br>| &nbsp;&nbsp; (11082360)<br>| &nbsp;&nbsp; (958002)<br>| &nbsp;&nbsp; (9507297)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (385465)<br>| &nbsp;&nbsp; $(4010994)<br>| &nbsp;&nbsp; (595659)<br>| &nbsp;&nbsp; $(5945344)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2439716 | &nbsp;&nbsp; $24645010 | &nbsp;&nbsp; 2879151 | &nbsp;&nbsp; $28125143 |
| Reinvestments | &nbsp;&nbsp; 12135392 | &nbsp;&nbsp; 120140382 | &nbsp;&nbsp; 9099767 | &nbsp;&nbsp; 87266770 |
| Redemptions | &nbsp;&nbsp; (55471454)<br>| &nbsp;&nbsp; (562515173)<br>| &nbsp;&nbsp; (58041597)<br>| &nbsp;&nbsp; (567005302)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (40896346)<br>| &nbsp;&nbsp; $(417729781)<br>| &nbsp;&nbsp; (46062679)<br>| &nbsp;&nbsp; $(451613389)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(421740775)<br>|  | &nbsp;&nbsp; $(457558733)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-96**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $12.09 | &nbsp;&nbsp; $11.98 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Total income (loss) from investment operations | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.36)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total distributions | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $12.09 |
| **Total Return (%)** (b) | 11.75 | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;10.82 | &nbsp;&nbsp; (13.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.68 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 3.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 7 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $55.6 | &nbsp;&nbsp; $55.7 | &nbsp;&nbsp; $59.7 | &nbsp;&nbsp; $60.3 | &nbsp;&nbsp; $76.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $11.94 | &nbsp;&nbsp; $11.84 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Total income (loss) from investment operations | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.33)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total distributions | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $11.94 |
| **Total Return (%)** (b) | 11.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;10.52 | &nbsp;&nbsp; (13.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.42 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 7 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $3040.7 | &nbsp;&nbsp; $3238.8 | &nbsp;&nbsp; $3578.8 | &nbsp;&nbsp; $3721.3 | &nbsp;&nbsp; $4940.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTII-97**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** |
| AB International Bond Portfolio (Class A) (a) | 21929375 | &nbsp;&nbsp; $174338530 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 2141459 | &nbsp;&nbsp; 21650152 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 26450831 | &nbsp;&nbsp; 306565126 |
| BlackRock Bond Income Portfolio (Class A) (b) | 7591868 | &nbsp;&nbsp; 696326167 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 4849656 | &nbsp;&nbsp; 215276218 |
| BlackRock High Yield Portfolio (Class A) (a) | 12610967 | &nbsp;&nbsp; 96221675 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 11334325 | &nbsp;&nbsp; 128757932 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 20657020 | &nbsp;&nbsp; 262344152 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 128932 | &nbsp;&nbsp; 21553571 |
| Brighthouse/Dimensional International Small Company Portfolio <br> (Class A) (b)<br>| 7097084 | &nbsp;&nbsp; 87578021 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 16472136 | &nbsp;&nbsp; 152367255 |
| Brighthouse/Franklin Low Duration Total Return Portfolio <br> (Class A) (a)<br>| 17243795 | &nbsp;&nbsp; 152435149 |
| Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 18793516 | &nbsp;&nbsp; 152791289 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 13513776 | &nbsp;&nbsp; 370007189 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 17703705 | &nbsp;&nbsp; 260952606 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 12252104 | &nbsp;&nbsp; 130117345 |
| Harris Oakmark International Portfolio (Class A) (a) | 22828704 | &nbsp;&nbsp; 350420599 |
| Invesco Comstock Portfolio (Class A) (a) | 28056841 | &nbsp;&nbsp; 370630869 |
| Invesco Global Equity Portfolio (Class A) (a) | 3478292 | &nbsp;&nbsp; 87131202 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 10443027 | &nbsp;&nbsp; 105996728 |
| Jennison Growth Portfolio (Class A) (b) | 16393770 | &nbsp;&nbsp; 257218250 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 23622432 | &nbsp;&nbsp; 217326372 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 5367112 | &nbsp;&nbsp; 64298004 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 12378549 | &nbsp;&nbsp; 238658432 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 5737249 | &nbsp;&nbsp; 64142445 |

---

---

| | | |
|:---|:---|:---|
| **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) | 16145822 | &nbsp;&nbsp; $218937345 |
| MFS Value Portfolio (Class A) (b) | 31932564 | &nbsp;&nbsp; 435240842 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 4235894 | &nbsp;&nbsp; 64004360 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 21007287 | &nbsp;&nbsp; 216375057 |
| PIMCO Total Return Portfolio (Class A) (a) | 53586967 | &nbsp;&nbsp; 544443581 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 15640288 | &nbsp;&nbsp; 219276841 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 7627958 | &nbsp;&nbsp; 194131540 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 14433894 | &nbsp;&nbsp; 393323598 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 5132023 | &nbsp;&nbsp; 43262956 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 6885984 | &nbsp;&nbsp; 128285890 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 55653541 | &nbsp;&nbsp; 490864230 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 18449243 | &nbsp;&nbsp; 260872289 |
| Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 12233867 | &nbsp;&nbsp; 131024713 |
| Western Asset Management U.S. Government Portfolio (Class A) <br> (b)<br>| 34435184 | &nbsp;&nbsp; 369833877 |
| Total Investment Companies <br>(Cost $8,462,734,109) <br>|  | &nbsp;&nbsp; 8694982397 |
| Total Investments—100.0% <br>(Cost $8,462,734,109) <br>|  | &nbsp;&nbsp; 8694982397 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (2559034)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $8692423363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

**Transactions in Securities of Affiliated Issuers**

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $205216255 | &nbsp;&nbsp; $17016312 | &nbsp;&nbsp; $(44858556)<br>| &nbsp;&nbsp; $(10405057)<br>| &nbsp;&nbsp; $7369576 | &nbsp;&nbsp; $174338530 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 22135988 | &nbsp;&nbsp; 4174212 | &nbsp;&nbsp; (1988984)<br>| &nbsp;&nbsp; (257810)<br>| &nbsp;&nbsp; (2413254)<br>| &nbsp;&nbsp; 21650152 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 307470747 | &nbsp;&nbsp; 14704633 | &nbsp;&nbsp; (56738431)<br>| &nbsp;&nbsp; (10425088)<br>| &nbsp;&nbsp; 51553265 | &nbsp;&nbsp; 306565126 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 681608054 | &nbsp;&nbsp; 47657346 | &nbsp;&nbsp; (48835992)<br>| &nbsp;&nbsp; (11383345)<br>| &nbsp;&nbsp; 27280104 | &nbsp;&nbsp; 696326167 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 223770091 | &nbsp;&nbsp; 32047894 | &nbsp;&nbsp; (39637760)<br>| &nbsp;&nbsp; (3201274)<br>| &nbsp;&nbsp; 2297267 | &nbsp;&nbsp; 215276218 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 77639189 | &nbsp;&nbsp; 22021259 | &nbsp;&nbsp; (5081392)<br>| &nbsp;&nbsp; (441401)<br>| &nbsp;&nbsp; 2084020 | &nbsp;&nbsp; 96221675 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 130823154 | &nbsp;&nbsp; 26889940 | &nbsp;&nbsp; (4938304)<br>| &nbsp;&nbsp; 70042 | &nbsp;&nbsp; (24086900)<br>| &nbsp;&nbsp; 128757932 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 269029373 | &nbsp;&nbsp; 47430626 | &nbsp;&nbsp; (91864955)<br>| &nbsp;&nbsp; 19104316 | &nbsp;&nbsp; 18644792 | &nbsp;&nbsp; 262344152 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 22197416 | &nbsp;&nbsp; 4576068 | &nbsp;&nbsp; (1294862)<br>| &nbsp;&nbsp; (532392)<br>| &nbsp;&nbsp; (3392659)<br>| &nbsp;&nbsp; 21553571 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 88420559 | &nbsp;&nbsp; 7885936 | &nbsp;&nbsp; (28758121)<br>| &nbsp;&nbsp; (4299474)<br>| &nbsp;&nbsp; 24329121 | &nbsp;&nbsp; 87578021 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 160198273 | &nbsp;&nbsp; 16949117 | &nbsp;&nbsp; (16794772)<br>| &nbsp;&nbsp; (1628434)<br>| &nbsp;&nbsp; (6356929)<br>| &nbsp;&nbsp; 152367255 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 182887991 | &nbsp;&nbsp; 8077599 | &nbsp;&nbsp; (39195206)<br>| &nbsp;&nbsp; (4278307)<br>| &nbsp;&nbsp; 4943072 | &nbsp;&nbsp; 152435149 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 168584601 | &nbsp;&nbsp; 54478 | &nbsp;&nbsp; (41486886)<br>| &nbsp;&nbsp; (20094169)<br>| &nbsp;&nbsp; 45733265 | &nbsp;&nbsp; 152791289 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 381827670 | &nbsp;&nbsp; 52064176 | &nbsp;&nbsp; (40390139)<br>| &nbsp;&nbsp; (3720365)<br>| &nbsp;&nbsp; (19774153)<br>| &nbsp;&nbsp; 370007189 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 269790178 | &nbsp;&nbsp; 48833745 | &nbsp;&nbsp; (48296346)<br>| &nbsp;&nbsp; 2854053 | &nbsp;&nbsp; (12229024)<br>| &nbsp;&nbsp; 260952606 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 128924422 | &nbsp;&nbsp; 4560507 | &nbsp;&nbsp; (8644183)<br>| &nbsp;&nbsp; (461758)<br>| &nbsp;&nbsp; 5738357 | &nbsp;&nbsp; 130117345 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 349849969 | &nbsp;&nbsp; 20220933 | &nbsp;&nbsp; (103146991)<br>| &nbsp;&nbsp; (8416904)<br>| &nbsp;&nbsp; 91913592 | &nbsp;&nbsp; 350420599 |

---

*See accompanying notes to financial statements.*

**BHFTII-98**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **December 31, 2025**<br>|
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; $378905186 | &nbsp;&nbsp; $54101518 | &nbsp;&nbsp; $(69700712)<br>| &nbsp;&nbsp; $2558283 | &nbsp;&nbsp; $4766594 | &nbsp;&nbsp; $370630869 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 89501136 | &nbsp;&nbsp; 13627953 | &nbsp;&nbsp; (15629974)<br>| &nbsp;&nbsp; 595173 | &nbsp;&nbsp; (963086)<br>| &nbsp;&nbsp; 87131202 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 109585662 | &nbsp;&nbsp; 8283891 | &nbsp;&nbsp; (19787233)<br>| &nbsp;&nbsp; (4627977)<br>| &nbsp;&nbsp; 12542385 | &nbsp;&nbsp; 105996728 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 267787999 | &nbsp;&nbsp; 48876064 | &nbsp;&nbsp; (49182291)<br>| &nbsp;&nbsp; (8180675)<br>| &nbsp;&nbsp; (2082847)<br>| &nbsp;&nbsp; 257218250 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 227578907 | &nbsp;&nbsp; 12802280 | &nbsp;&nbsp; (29311382)<br>| &nbsp;&nbsp; (3362360)<br>| &nbsp;&nbsp; 9618927 | &nbsp;&nbsp; 217326372 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 65348391 | &nbsp;&nbsp; 10644347 | &nbsp;&nbsp; (12050208)<br>| &nbsp;&nbsp; (286271)<br>| &nbsp;&nbsp; 641745 | &nbsp;&nbsp; 64298004 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 245250379 | &nbsp;&nbsp; 34945314 | &nbsp;&nbsp; (44586559)<br>| &nbsp;&nbsp; 16739816 | &nbsp;&nbsp; (13690518)<br>| &nbsp;&nbsp; 238658432 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 65973185 | &nbsp;&nbsp; 10758363 | &nbsp;&nbsp; (8281978)<br>| &nbsp;&nbsp; (270576)<br>| &nbsp;&nbsp; (4036549)<br>| &nbsp;&nbsp; 64142445 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 218432477 | &nbsp;&nbsp; 17630774 | &nbsp;&nbsp; (46183355)<br>| &nbsp;&nbsp; 12477587 | &nbsp;&nbsp; 16579862 | &nbsp;&nbsp; 218937345 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 444545877 | &nbsp;&nbsp; 58312981 | &nbsp;&nbsp; (65185067)<br>| &nbsp;&nbsp; (11492384)<br>| &nbsp;&nbsp; 9059435 | &nbsp;&nbsp; 435240842 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 64344853 | &nbsp;&nbsp; 11986582 | &nbsp;&nbsp; (1044793)<br>| &nbsp;&nbsp; (352596)<br>| &nbsp;&nbsp; (10929686)<br>| &nbsp;&nbsp; 64004360 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 227516779 | &nbsp;&nbsp; 7686796 | &nbsp;&nbsp; (31516293)<br>| &nbsp;&nbsp; (2646968)<br>| &nbsp;&nbsp; 15334743 | &nbsp;&nbsp; 216375057 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 569118406 | &nbsp;&nbsp; 39223912 | &nbsp;&nbsp; (80985793)<br>| &nbsp;&nbsp; (16441515)<br>| &nbsp;&nbsp; 33528571 | &nbsp;&nbsp; 544443581 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 108643444 | &nbsp;&nbsp; 134149048 | &nbsp;&nbsp; (59554331)<br>| &nbsp;&nbsp; 10744488 | &nbsp;&nbsp; 25294192 | &nbsp;&nbsp; 219276841 |
| 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; 28548599 | &nbsp;&nbsp; (37699975)<br>| &nbsp;&nbsp; 2771225 | &nbsp;&nbsp; (691412)<br>| &nbsp;&nbsp; 194131540 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 396011882 | &nbsp;&nbsp; 49772030 | &nbsp;&nbsp; (53997936)<br>| &nbsp;&nbsp; (7166973)<br>| &nbsp;&nbsp; 8704595 | &nbsp;&nbsp; 393323598 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 44451441 | &nbsp;&nbsp; 6786034 | &nbsp;&nbsp; (3547004)<br>| &nbsp;&nbsp; (683436)<br>| &nbsp;&nbsp; (3744079)<br>| &nbsp;&nbsp; 43262956 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 129900042 | &nbsp;&nbsp; 30252403 | &nbsp;&nbsp; (17555212)<br>| &nbsp;&nbsp; (2993603)<br>| &nbsp;&nbsp; (11317740)<br>| &nbsp;&nbsp; 128285890 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 467018692 | &nbsp;&nbsp; 44882801 | &nbsp;&nbsp; (33646143)<br>| &nbsp;&nbsp; (4092318)<br>| &nbsp;&nbsp; 16701198 | &nbsp;&nbsp; 490864230 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 255882500 | &nbsp;&nbsp; 19678494 | &nbsp;&nbsp; (85727306)<br>| &nbsp;&nbsp; 23396937 | &nbsp;&nbsp; 47641664 | &nbsp;&nbsp; 260872289 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 182341501 | &nbsp;&nbsp; 10246823 | &nbsp;&nbsp; (63672653)<br>| &nbsp;&nbsp; (16874555)<br>| &nbsp;&nbsp; 18983597 | &nbsp;&nbsp; 131024713 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 387853613 | &nbsp;&nbsp; 22450618 | &nbsp;&nbsp; (50939971)<br>| &nbsp;&nbsp; (7181023)<br>| &nbsp;&nbsp; 17650640 | &nbsp;&nbsp; 369833877 |
|  | &nbsp;&nbsp; $8925973557 | &nbsp;&nbsp; $1052952515 | &nbsp;&nbsp; $(1637425619)<br>| &nbsp;&nbsp; $(75098867)<br>| &nbsp;&nbsp; $428580811 | &nbsp;&nbsp; $8694982397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17015944 | &nbsp;&nbsp; 21929375 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3648907 | &nbsp;&nbsp; 360881 | &nbsp;&nbsp; 2141459 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 12563314 | &nbsp;&nbsp; 2124485 | &nbsp;&nbsp; 26450831 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 36239744 | &nbsp;&nbsp; 7591868 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 29303874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4849656 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6248789 | &nbsp;&nbsp; 12610967 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 18705785 | &nbsp;&nbsp; 1977834 | &nbsp;&nbsp; 11334325 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 43908084 | &nbsp;&nbsp; 3514191 | &nbsp;&nbsp; 20657020 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 4061847 | &nbsp;&nbsp; 288593 | &nbsp;&nbsp; 128932 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 5223790 | &nbsp;&nbsp; 2661176 | &nbsp;&nbsp; 7097084 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 14103700 | &nbsp;&nbsp; 16472136 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8076994 | &nbsp;&nbsp; 17243795 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18793516 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 46694160 | &nbsp;&nbsp; 5370016 | &nbsp;&nbsp; 13513776 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 47417818 | &nbsp;&nbsp; 1372273 | &nbsp;&nbsp; 17703705 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3868443 | &nbsp;&nbsp; 12252104 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 11989089 | &nbsp;&nbsp; 8221089 | &nbsp;&nbsp; 22828704 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 46104227 | &nbsp;&nbsp; 7990667 | &nbsp;&nbsp; 28056841 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 13481884 | &nbsp;&nbsp; 129922 | &nbsp;&nbsp; 3478292 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10443027 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 46386247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16393770 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 9367138 | &nbsp;&nbsp; 23622432 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 7063044 | &nbsp;&nbsp; 784156 | &nbsp;&nbsp; 5367112 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 32412326 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12378549 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 7380355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5737249 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 12583186 | &nbsp;&nbsp; 4330049 | &nbsp;&nbsp; 16145822 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 50257184 | &nbsp;&nbsp; 8055796 | &nbsp;&nbsp; 31932564 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 8393760 | &nbsp;&nbsp; 67300 | &nbsp;&nbsp; 4235894 |

---

*See accompanying notes to financial statements.*

**BHFTII-99**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain**<br> **Distributions from**<br> **Affiliated Investments**<br>| **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **December 31, 2025**<br>|
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; $1637088 | &nbsp;&nbsp; $2815791 | &nbsp;&nbsp; 21007287 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 32236956 | &nbsp;&nbsp; 53586967 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2143830 | &nbsp;&nbsp; 15640288 |
| 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; 7627958 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 37283652 | &nbsp;&nbsp; 8059409 | &nbsp;&nbsp; 14433894 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 6139678 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5132023 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 27401036 | &nbsp;&nbsp; 339351 | &nbsp;&nbsp; 6885984 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 21887379 | &nbsp;&nbsp; 55653541 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 4624088 | &nbsp;&nbsp; 8712050 | &nbsp;&nbsp; 18449243 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10246823 | &nbsp;&nbsp; 12233867 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15442796 | &nbsp;&nbsp; 34435184 |
|  | &nbsp;&nbsp; $552421317 | &nbsp;&nbsp; $246180121 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $920963512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1505436616 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $8694982397 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8694982397 |
| Total Investments | &nbsp;&nbsp; $8694982397 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8694982397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-100**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $8694982397 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 3886249 |
| Fund shares sold | &nbsp;&nbsp; 36495 |
| Total Assets | &nbsp;&nbsp; 8698905141 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 3922744 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 402632 |
| Distribution and service fees | &nbsp;&nbsp; 1787371 |
| Deferred trustees' fees | &nbsp;&nbsp; 276333 |
| Other expenses | &nbsp;&nbsp; 92698 |
| Total Liabilities | &nbsp;&nbsp; 6481778 |
| **Net Assets**  | &nbsp;&nbsp; $8692423363 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $7861387942 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 831035421 |
| **Net Assets**  | &nbsp;&nbsp; $8692423363 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $313085069 |
| Class B | &nbsp;&nbsp; 8379338294 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 27999921 |
| Class B | &nbsp;&nbsp; 755158747 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.18 |
| Class B | 11.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $8,462,734,109.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $246180121 |
| Total investment income | &nbsp;&nbsp; 246180121 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4768792 |
| Administration fees | &nbsp;&nbsp; 30425 |
| Custodian and accounting fees | &nbsp;&nbsp; 13304 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 21206219 |
| Audit and tax services | &nbsp;&nbsp; 35303 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Miscellaneous | &nbsp;&nbsp; 17512 |
| Total expenses | &nbsp;&nbsp; 26182140 |
| **Net Investment Income** | &nbsp;&nbsp; 219997981 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; (75098867)<br>|
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 552421317 |
| Net realized gain (loss) | &nbsp;&nbsp; 477322450 |
| Net change in unrealized appreciation (depreciation) on affiliated <br> investments<br>| &nbsp;&nbsp; 428580811 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 905903261 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $1125901242 |

---

*See accompanying notes to financial statements.*

**BHFTII-101**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $219997981 | &nbsp;&nbsp; $184358438 |
| Net realized gain (loss) | &nbsp;&nbsp; 477322450 | &nbsp;&nbsp; 230183517 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 428580811 | &nbsp;&nbsp; 322049258 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 1125901242 | &nbsp;&nbsp; 736591213 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (15322991)<br>| &nbsp;&nbsp; (11396489)<br>|
| Class B | &nbsp;&nbsp; (408714052)<br>| &nbsp;&nbsp; (320276585)<br>|
| **Total distributions** | &nbsp;&nbsp; (424037043)<br>| &nbsp;&nbsp; (331673074)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (932836041)<br>| &nbsp;&nbsp; (1042645210)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (230971842)<br>| &nbsp;&nbsp; (637727071)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 8923395205 | &nbsp;&nbsp; 9561122276 |
| End of period | &nbsp;&nbsp; $8692423363 | &nbsp;&nbsp; $8923395205 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 712080 | &nbsp;&nbsp; $7586844 | &nbsp;&nbsp; 711271 | &nbsp;&nbsp; $7301106 |
| Reinvestments | &nbsp;&nbsp; 1476203 | &nbsp;&nbsp; 15322991 | &nbsp;&nbsp; 1137374 | &nbsp;&nbsp; 11396489 |
| Redemptions | &nbsp;&nbsp; (3129631)<br>| &nbsp;&nbsp; (33416596)<br>| &nbsp;&nbsp; (3441441)<br>| &nbsp;&nbsp; (35362124)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (941348)<br>| &nbsp;&nbsp; $(10506761)<br>| &nbsp;&nbsp; (1592796)<br>| &nbsp;&nbsp; $(16664529)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3502821 | &nbsp;&nbsp; $37300837 | &nbsp;&nbsp; 4475541 | &nbsp;&nbsp; $45473025 |
| Reinvestments | &nbsp;&nbsp; 39642488 | &nbsp;&nbsp; 408714052 | &nbsp;&nbsp; 32156284 | &nbsp;&nbsp; 320276585 |
| Redemptions | &nbsp;&nbsp; (128986710)<br>| &nbsp;&nbsp; (1368344169)<br>| &nbsp;&nbsp; (136792962)<br>| &nbsp;&nbsp; (1391730291)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (85841401)<br>| &nbsp;&nbsp; $(922329280)<br>| &nbsp;&nbsp; (100161137)<br>| &nbsp;&nbsp; $(1025980681)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(932836041)<br>|  | &nbsp;&nbsp; $(1042645210)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-102**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $12.92 | &nbsp;&nbsp; $12.55 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Total income (loss) from investment operations | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.31)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.69)<br>|
| Total distributions | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.00)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $12.92 |
| **Total Return (%)** (b) | 13.96 | &nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;13.93 | &nbsp;&nbsp; (15.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.17 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 2.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $313.1 | &nbsp;&nbsp; $299.0 | &nbsp;&nbsp; $302.6 | &nbsp;&nbsp; $288.1 | &nbsp;&nbsp; $366.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $12.47 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Total income (loss) from investment operations | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.69)<br>|
| Total distributions | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.97)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $12.83 |
| **Total Return (%)** (b) | 13.77 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp; (15.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.90 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $8379.3 | &nbsp;&nbsp; $8624.4 | &nbsp;&nbsp; $9258.6 | &nbsp;&nbsp; $9113.9 | &nbsp;&nbsp; $12101.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTII-103**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** |
| AB International Bond Portfolio (Class A) (a) | 7633661 | &nbsp;&nbsp; $60687603 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 6000067 | &nbsp;&nbsp; 60660681 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 31818997 | &nbsp;&nbsp; 368782171 |
| BlackRock Bond Income Portfolio (Class A) (b) | 3960521 | &nbsp;&nbsp; 363258942 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 5453144 | &nbsp;&nbsp; 242065068 |
| BlackRock High Yield Portfolio (Class A) (a) | 8029754 | &nbsp;&nbsp; 61267024 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 14084529 | &nbsp;&nbsp; 160000245 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 25818967 | &nbsp;&nbsp; 327900881 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 120400 | &nbsp;&nbsp; 20127246 |
| Brighthouse/Dimensional International Small Company Portfolio <br> (Class A) (b)<br>| 13298311 | &nbsp;&nbsp; 164101162 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 8742563 | &nbsp;&nbsp; 80868709 |
| Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 9980086 | &nbsp;&nbsp; 81138098 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 13385386 | &nbsp;&nbsp; 366491865 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 23466577 | &nbsp;&nbsp; 345897345 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 18980559 | &nbsp;&nbsp; 201573538 |
| Frontier Mid Cap Growth Portfolio (Class A) (b) | 1356924 | &nbsp;&nbsp; 40002107 |
| Harris Oakmark International Portfolio (Class A) (a) | 25375493 | &nbsp;&nbsp; 389513820 |
| Invesco Comstock Portfolio (Class A) (a) | 32470748 | &nbsp;&nbsp; 428938585 |
| Invesco Global Equity Portfolio (Class A) (a) | 4882375 | &nbsp;&nbsp; 122303494 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 13651991 | &nbsp;&nbsp; 138567713 |
| Jennison Growth Portfolio (Class A) (b) | 24322574 | &nbsp;&nbsp; 381621184 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 17535326 | &nbsp;&nbsp; 161325003 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 8362659 | &nbsp;&nbsp; 100184660 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 18939185 | &nbsp;&nbsp; 365147489 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 10723063 | &nbsp;&nbsp; 119883846 |
| MFS Research International Portfolio (Class A) (a) | 21168798 | &nbsp;&nbsp; 287048905 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| MFS Value Portfolio (Class A) (b) | 34386509 | &nbsp;&nbsp; $468688112 |
| Morgan Stanley Discovery Portfolio (Class A) (a) (c) | 1975618 | &nbsp;&nbsp; 17879346 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 1294738 | &nbsp;&nbsp; 19563497 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 7777211 | &nbsp;&nbsp; 80105269 |
| PIMCO Total Return Portfolio (Class A) (a) | 25873247 | &nbsp;&nbsp; 262872189 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 20475536 | &nbsp;&nbsp; 287067011 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 12699442 | &nbsp;&nbsp; 323200790 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 15778736 | &nbsp;&nbsp; 429970570 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 4796511 | &nbsp;&nbsp; 40434586 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 7508517 | &nbsp;&nbsp; 139883667 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 27398312 | &nbsp;&nbsp; 241653113 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 17274315 | &nbsp;&nbsp; 244258815 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) (a) | 1157339 | &nbsp;&nbsp; 20218706 |
| Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 9477862 | &nbsp;&nbsp; 101507906 |
| Total Investment Companies <br>(Cost $7,589,470,776) <br>|  | &nbsp;&nbsp; 8116660961 |
| Total Investments—100.0% <br>(Cost $7,589,470,776) <br>|  | &nbsp;&nbsp; 8116660961 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (2395502)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $8114265459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

**Transactions in Securities of Affiliated Issuers**

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $62698529 | &nbsp;&nbsp; $7446716 | &nbsp;&nbsp; $(8314816)<br>| &nbsp;&nbsp; $(2024719)<br>| &nbsp;&nbsp; $881893 | &nbsp;&nbsp; $60687603 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 60948525 | &nbsp;&nbsp; 11784026 | &nbsp;&nbsp; (4716521)<br>| &nbsp;&nbsp; (547613)<br>| &nbsp;&nbsp; (6807736)<br>| &nbsp;&nbsp; 60660681 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 357482278 | &nbsp;&nbsp; 17391725 | &nbsp;&nbsp; (54195446)<br>| &nbsp;&nbsp; 7382944 | &nbsp;&nbsp; 40720670 | &nbsp;&nbsp; 368782171 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 348403676 | &nbsp;&nbsp; 28858108 | &nbsp;&nbsp; (22299097)<br>| &nbsp;&nbsp; (3694453)<br>| &nbsp;&nbsp; 11990708 | &nbsp;&nbsp; 363258942 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 250580068 | &nbsp;&nbsp; 32276661 | &nbsp;&nbsp; (39538783)<br>| &nbsp;&nbsp; 2287290 | &nbsp;&nbsp; (3540168)<br>| &nbsp;&nbsp; 242065068 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 62698513 | &nbsp;&nbsp; 5553536 | &nbsp;&nbsp; (8161938)<br>| &nbsp;&nbsp; (782759)<br>| &nbsp;&nbsp; 1959672 | &nbsp;&nbsp; 61267024 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 161195219 | &nbsp;&nbsp; 29513622 | &nbsp;&nbsp; (1406126)<br>| &nbsp;&nbsp; 115985 | &nbsp;&nbsp; (29418455)<br>| &nbsp;&nbsp; 160000245 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 326488764 | &nbsp;&nbsp; 57924744 | &nbsp;&nbsp; (102682859)<br>| &nbsp;&nbsp; 18572888 | &nbsp;&nbsp; 27597344 | &nbsp;&nbsp; 327900881 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 20369269 | &nbsp;&nbsp; 4290528 | &nbsp;&nbsp; (929064)<br>| &nbsp;&nbsp; (163178)<br>| &nbsp;&nbsp; (3440309)<br>| &nbsp;&nbsp; 20127246 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 159911308 | &nbsp;&nbsp; 14450368 | &nbsp;&nbsp; (46949595)<br>| &nbsp;&nbsp; (6812098)<br>| &nbsp;&nbsp; 43501179 | &nbsp;&nbsp; 164101162 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 83904108 | &nbsp;&nbsp; 9536529 | &nbsp;&nbsp; (8392633)<br>| &nbsp;&nbsp; (821720)<br>| &nbsp;&nbsp; (3357575)<br>| &nbsp;&nbsp; 80868709 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 94927528 | &nbsp;&nbsp; 1092204 | &nbsp;&nbsp; (28939171)<br>| &nbsp;&nbsp; (8293557)<br>| &nbsp;&nbsp; 22351094 | &nbsp;&nbsp; 81138098 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 366942529 | &nbsp;&nbsp; 51447374 | &nbsp;&nbsp; (29035909)<br>| &nbsp;&nbsp; (1232230)<br>| &nbsp;&nbsp; (21629899)<br>| &nbsp;&nbsp; 366491865 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 352650355 | &nbsp;&nbsp; 63492056 | &nbsp;&nbsp; (58222240)<br>| &nbsp;&nbsp; 999167 | &nbsp;&nbsp; (13021993)<br>| &nbsp;&nbsp; 345897345 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 193716177 | &nbsp;&nbsp; 9059500 | &nbsp;&nbsp; (9165944)<br>| &nbsp;&nbsp; (515134)<br>| &nbsp;&nbsp; 8478939 | &nbsp;&nbsp; 201573538 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 40678400 | &nbsp;&nbsp; 3885086 | &nbsp;&nbsp; (4852730)<br>| &nbsp;&nbsp; (1162902)<br>| &nbsp;&nbsp; 1454253 | &nbsp;&nbsp; 40002107 |

---

*See accompanying notes to financial statements.*

**BHFTII-104**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **December 31, 2025**<br>|
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; $376050948 | &nbsp;&nbsp; $25383094 | &nbsp;&nbsp; $(102868578)<br>| &nbsp;&nbsp; $7308206 | &nbsp;&nbsp; $83640150 | &nbsp;&nbsp; $389513820 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 430536772 | &nbsp;&nbsp; 61411181 | &nbsp;&nbsp; (71737511)<br>| &nbsp;&nbsp; (5488778)<br>| &nbsp;&nbsp; 14216921 | &nbsp;&nbsp; 428938585 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 124184240 | &nbsp;&nbsp; 18587933 | &nbsp;&nbsp; (20021558)<br>| &nbsp;&nbsp; 4750343 | &nbsp;&nbsp; (5197464)<br>| &nbsp;&nbsp; 122303494 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 142041625 | &nbsp;&nbsp; 7079725 | &nbsp;&nbsp; (20383437)<br>| &nbsp;&nbsp; (8524367)<br>| &nbsp;&nbsp; 18354167 | &nbsp;&nbsp; 138567713 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 395783984 | &nbsp;&nbsp; 67243162 | &nbsp;&nbsp; (66347369)<br>| &nbsp;&nbsp; (8411936)<br>| &nbsp;&nbsp; (6646657)<br>| &nbsp;&nbsp; 381621184 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 164525045 | &nbsp;&nbsp; 10821892 | &nbsp;&nbsp; (18638907)<br>| &nbsp;&nbsp; (2347936)<br>| &nbsp;&nbsp; 6964909 | &nbsp;&nbsp; 161325003 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 100462603 | &nbsp;&nbsp; 14094058 | &nbsp;&nbsp; (15020466)<br>| &nbsp;&nbsp; 59500 | &nbsp;&nbsp; 588965 | &nbsp;&nbsp; 100184660 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 375967659 | &nbsp;&nbsp; 48632537 | &nbsp;&nbsp; (63928941)<br>| &nbsp;&nbsp; 24039246 | &nbsp;&nbsp; (19563012)<br>| &nbsp;&nbsp; 365147489 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 122474750 | &nbsp;&nbsp; 16730779 | &nbsp;&nbsp; (11395282)<br>| &nbsp;&nbsp; (783628)<br>| &nbsp;&nbsp; (7142773)<br>| &nbsp;&nbsp; 119883846 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 276759334 | &nbsp;&nbsp; 23493544 | &nbsp;&nbsp; (50295825)<br>| &nbsp;&nbsp; 9364322 | &nbsp;&nbsp; 27727530 | &nbsp;&nbsp; 287048905 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 467880982 | &nbsp;&nbsp; 63808229 | &nbsp;&nbsp; (60615976)<br>| &nbsp;&nbsp; (9087195)<br>| &nbsp;&nbsp; 6702072 | &nbsp;&nbsp; 468688112 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; 20543934 | &nbsp;&nbsp; 321927 | &nbsp;&nbsp; (5945966)<br>| &nbsp;&nbsp; 3039926 | &nbsp;&nbsp; (80475)<br>| &nbsp;&nbsp; 17879346 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 19816674 | &nbsp;&nbsp; 3222379 | &nbsp;&nbsp; (36105)<br>| &nbsp;&nbsp; (10162)<br>| &nbsp;&nbsp; (3429289)<br>| &nbsp;&nbsp; 19563497 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 82575087 | &nbsp;&nbsp; 3522955 | &nbsp;&nbsp; (10656398)<br>| &nbsp;&nbsp; 23937 | &nbsp;&nbsp; 4639688 | &nbsp;&nbsp; 80105269 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 268017435 | &nbsp;&nbsp; 21082604 | &nbsp;&nbsp; (34461370)<br>| &nbsp;&nbsp; (5752148)<br>| &nbsp;&nbsp; 13985668 | &nbsp;&nbsp; 262872189 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 137435142 | &nbsp;&nbsp; 175876302 | &nbsp;&nbsp; (67682164)<br>| &nbsp;&nbsp; 8562313 | &nbsp;&nbsp; 32875418 | &nbsp;&nbsp; 287067011 |
| 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; 45018405 | &nbsp;&nbsp; (58133257)<br>| &nbsp;&nbsp; 9278306 | &nbsp;&nbsp; (5833388)<br>| &nbsp;&nbsp; 323200790 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 424136536 | &nbsp;&nbsp; 55224986 | &nbsp;&nbsp; (51439338)<br>| &nbsp;&nbsp; (10342417)<br>| &nbsp;&nbsp; 12390803 | &nbsp;&nbsp; 429970570 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 41021373 | &nbsp;&nbsp; 5567242 | &nbsp;&nbsp; (2134525)<br>| &nbsp;&nbsp; (323597)<br>| &nbsp;&nbsp; (3695907)<br>| &nbsp;&nbsp; 40434586 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 139831275 | &nbsp;&nbsp; 29487428 | &nbsp;&nbsp; (14467604)<br>| &nbsp;&nbsp; (3404376)<br>| &nbsp;&nbsp; (11563056)<br>| &nbsp;&nbsp; 139883667 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 224430341 | &nbsp;&nbsp; 25650177 | &nbsp;&nbsp; (14654083)<br>| &nbsp;&nbsp; (1721540)<br>| &nbsp;&nbsp; 7948218 | &nbsp;&nbsp; 241653113 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 229804389 | &nbsp;&nbsp; 20044061 | &nbsp;&nbsp; (70860090)<br>| &nbsp;&nbsp; 14229346 | &nbsp;&nbsp; 51041109 | &nbsp;&nbsp; 244258815 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 20284205 | &nbsp;&nbsp; 2907365 | &nbsp;&nbsp; (763148)<br>| &nbsp;&nbsp; (82643)<br>| &nbsp;&nbsp; (2127073)<br>| &nbsp;&nbsp; 20218706 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 125018281 | &nbsp;&nbsp; 7849058 | &nbsp;&nbsp; (32735318)<br>| &nbsp;&nbsp; (8319756)<br>| &nbsp;&nbsp; 9695641 | &nbsp;&nbsp; 101507906 |
|  | &nbsp;&nbsp; $8123193295 | &nbsp;&nbsp; $1103815421 | &nbsp;&nbsp; $(1469781911)<br>| &nbsp;&nbsp; $19523181 | &nbsp;&nbsp; $339910975 | &nbsp;&nbsp; $8116660961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5851545 | &nbsp;&nbsp; 7633661 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 10064795 | &nbsp;&nbsp; 995419 | &nbsp;&nbsp; 6000067 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 14826555 | &nbsp;&nbsp; 2507204 | &nbsp;&nbsp; 31818997 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 18731006 | &nbsp;&nbsp; 3960521 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 32139387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5453144 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4161053 | &nbsp;&nbsp; 8029754 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 22523488 | &nbsp;&nbsp; 2381494 | &nbsp;&nbsp; 14084529 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 53624508 | &nbsp;&nbsp; 4291847 | &nbsp;&nbsp; 25818967 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3732731 | &nbsp;&nbsp; 265209 | &nbsp;&nbsp; 120400 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 9570312 | &nbsp;&nbsp; 4875442 | &nbsp;&nbsp; 13298311 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7385792 | &nbsp;&nbsp; 8742563 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9980086 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 45358103 | &nbsp;&nbsp; 5216365 | &nbsp;&nbsp; 13385386 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 61644882 | &nbsp;&nbsp; 1784006 | &nbsp;&nbsp; 23466577 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5908693 | &nbsp;&nbsp; 18980559 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2028686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1356924 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 13065389 | &nbsp;&nbsp; 8959124 | &nbsp;&nbsp; 25375493 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 52338278 | &nbsp;&nbsp; 9071137 | &nbsp;&nbsp; 32470748 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 18389692 | &nbsp;&nbsp; 177217 | &nbsp;&nbsp; 4882375 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13651991 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 67061393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24322574 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6863179 | &nbsp;&nbsp; 17535326 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 10630474 | &nbsp;&nbsp; 1180220 | &nbsp;&nbsp; 8362659 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 48471697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18939185 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 13330845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10723063 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 16149827 | &nbsp;&nbsp; 5557379 | &nbsp;&nbsp; 21168798 |

---

*See accompanying notes to financial statements.*

**BHFTII-105**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain**<br> **Distributions from**<br> **Affiliated Investments**<br>| **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **December 31, 2025**<br>|
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; $52996507 | &nbsp;&nbsp; $8494886 | &nbsp;&nbsp; 34386509 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1975618 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 2527452 | &nbsp;&nbsp; 20265 | &nbsp;&nbsp; 1294738 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 599649 | &nbsp;&nbsp; 1031396 | &nbsp;&nbsp; 7777211 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15362198 | &nbsp;&nbsp; 25873247 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2708403 | &nbsp;&nbsp; 20475536 |
| 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; 12699442 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 39925472 | &nbsp;&nbsp; 8630477 | &nbsp;&nbsp; 15778736 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 5543813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4796511 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 28866495 | &nbsp;&nbsp; 357500 | &nbsp;&nbsp; 7508517 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10593898 | &nbsp;&nbsp; 27398312 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 4240493 | &nbsp;&nbsp; 7989335 | &nbsp;&nbsp; 17274315 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 2443788 | &nbsp;&nbsp; 286839 | &nbsp;&nbsp; 1157339 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7848733 | &nbsp;&nbsp; 9477862 |
|  | &nbsp;&nbsp; $676981992 | &nbsp;&nbsp; $162196716 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $930716582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1296683072 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $8116660961 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8116660961 |
| Total Investments | &nbsp;&nbsp; $8116660961 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8116660961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-106**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $8116660961 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 2203093 |
| Fund shares sold | &nbsp;&nbsp; 23504 |
| Total Assets | &nbsp;&nbsp; 8118887558 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 2226597 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 377800 |
| Distribution and service fees | &nbsp;&nbsp; 1624163 |
| Deferred trustees' fees | &nbsp;&nbsp; 300837 |
| Other expenses | &nbsp;&nbsp; 92702 |
| Total Liabilities | &nbsp;&nbsp; 4622099 |
| **Net Assets**  | &nbsp;&nbsp; $8114265459 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $6821207447 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 1293058012 |
| **Net Assets**  | &nbsp;&nbsp; $8114265459 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $497489446 |
| Class B | &nbsp;&nbsp; 7616776013 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 39721017 |
| Class B | &nbsp;&nbsp; 612919498 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $12.52 |
| Class B | 12.43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $7,589,470,776.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $162196716 |
| Total investment income | &nbsp;&nbsp; 162196716 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4419736 |
| Administration fees | &nbsp;&nbsp; 30425 |
| Custodian and accounting fees | &nbsp;&nbsp; 13315 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 19038341 |
| Audit and tax services | &nbsp;&nbsp; 35304 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Miscellaneous | &nbsp;&nbsp; 16909 |
| Total expenses | &nbsp;&nbsp; 23664615 |
| **Net Investment Income** | &nbsp;&nbsp; 138532101 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; 19523181 |
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 676981992 |
| Net realized gain (loss) | &nbsp;&nbsp; 696505173 |
| Net change in unrealized appreciation (depreciation) on affiliated <br> investments<br>| &nbsp;&nbsp; 339910975 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 1036416148 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $1174948249 |

---

*See accompanying notes to financial statements.*

**BHFTII-107**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $138532101 | &nbsp;&nbsp; $124888377 |
| Net realized gain (loss) | &nbsp;&nbsp; 696505173 | &nbsp;&nbsp; 305689207 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 339910975 | &nbsp;&nbsp; 440753020 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 1174948249 | &nbsp;&nbsp; 871330604 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (25575582)<br>| &nbsp;&nbsp; (16368965)<br>|
| Class B | &nbsp;&nbsp; (397301411)<br>| &nbsp;&nbsp; (268266939)<br>|
| **Total distributions** | &nbsp;&nbsp; (422876993)<br>| &nbsp;&nbsp; (284635904)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (758631891)<br>| &nbsp;&nbsp; (879130310)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (6560635)<br>| &nbsp;&nbsp; (292435610)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 8120826094 | &nbsp;&nbsp; 8413261704 |
| End of period | &nbsp;&nbsp; $8114265459 | &nbsp;&nbsp; $8120826094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 848354 | &nbsp;&nbsp; $10049978 | &nbsp;&nbsp; 1136237 | &nbsp;&nbsp; $12712937 |
| Reinvestments | &nbsp;&nbsp; 2223964 | &nbsp;&nbsp; 25575582 | &nbsp;&nbsp; 1486736 | &nbsp;&nbsp; 16368965 |
| Redemptions | &nbsp;&nbsp; (3266118)<br>| &nbsp;&nbsp; (38800391)<br>| &nbsp;&nbsp; (3976306)<br>| &nbsp;&nbsp; (44761573)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (193800)<br>| &nbsp;&nbsp; $(3174831)<br>| &nbsp;&nbsp; (1353333)<br>| &nbsp;&nbsp; $(15679671)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 4301955 | &nbsp;&nbsp; $50517846 | &nbsp;&nbsp; 5086886 | &nbsp;&nbsp; $56699090 |
| Reinvestments | &nbsp;&nbsp; 34759528 | &nbsp;&nbsp; 397301411 | &nbsp;&nbsp; 24521658 | &nbsp;&nbsp; 268266939 |
| Redemptions | &nbsp;&nbsp; (102128697)<br>| &nbsp;&nbsp; (1203276317)<br>| &nbsp;&nbsp; (106652289)<br>| &nbsp;&nbsp; (1188416668)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (63067214)<br>| &nbsp;&nbsp; $(755457060)<br>| &nbsp;&nbsp; (77043745)<br>| &nbsp;&nbsp; $(863450639)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(758631891)<br>|  | &nbsp;&nbsp; $(879130310)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-108**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $13.91 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Total income (loss) from investment operations | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.98)<br>|
| Total distributions | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.26)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.52 | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $14.67 |
| **Total Return (%)** (b) | 15.91 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;17.51 | &nbsp;&nbsp; (17.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.87 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 10 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $497.5 | &nbsp;&nbsp; $456.0 | &nbsp;&nbsp; $440.1 | &nbsp;&nbsp; $410.6 | &nbsp;&nbsp; $522.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $13.82 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Total income (loss) from investment operations | 1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.98)<br>|
| Total distributions | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.23)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.43 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $14.58 |
| **Total Return (%)** (b) | 15.63 | &nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;17.30 | &nbsp;&nbsp; (17.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.71 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (c) | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Ratio of net investment income (loss) to average net assets (%) (d) | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 10 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $7616.8 | &nbsp;&nbsp; $7664.8 | &nbsp;&nbsp; $7973.2 | &nbsp;&nbsp; $7603.8 | &nbsp;&nbsp; $10335.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTII-109**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—97.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** |
| Expeditors International of Washington, Inc.  | 43156 | &nbsp;&nbsp; $6430676 |
| **Banks — 7.9%** | **Banks — 7.9%** | **Banks — 7.9%** |
| Fifth Third Bancorp (a) | 199569 | &nbsp;&nbsp; 9341825 |
| First Citizens BancShares, Inc. - Class A (a) | 9195 | &nbsp;&nbsp; 19734125 |
| M&T Bank Corp. (a) | 40160 | &nbsp;&nbsp; 8091437 |
| Prosperity Bancshares, Inc.  | 191497 | &nbsp;&nbsp; 13234358 |
|  |  | &nbsp;&nbsp; 50401745 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Constellation Brands, Inc. - Class A (a) | 73007 | &nbsp;&nbsp; 10072046 |
| **Capital Markets — 1.1%** | **Capital Markets — 1.1%** | **Capital Markets — 1.1%** |
| Moelis & Co. - Class A (a) | 101983 | &nbsp;&nbsp; 7010311 |
| **Construction Materials — 2.2%** | **Construction Materials — 2.2%** | **Construction Materials — 2.2%** |
| Amrize Ltd. (b) | 258524 | &nbsp;&nbsp; 13980978 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Sysco Corp.  | 135283 | &nbsp;&nbsp; 9969004 |
| **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** |
| Silgan Holdings, Inc. (a) | 259557 | &nbsp;&nbsp; 10478316 |
| **Distributors — 2.0%** | **Distributors — 2.0%** | **Distributors — 2.0%** |
| Genuine Parts Co. (a) | 105358 | &nbsp;&nbsp; 12954820 |
| **Electric Utilities — 4.6%** | **Electric Utilities — 4.6%** | **Electric Utilities — 4.6%** |
| Alliant Energy Corp. (a) | 204067 | &nbsp;&nbsp; 13266396 |
| OGE Energy Corp. (a) | 376756 | &nbsp;&nbsp; 16087481 |
|  |  | &nbsp;&nbsp; 29353877 |
| **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** |
| nVent Electric PLC | 157102 | &nbsp;&nbsp; 16019691 |
| **Electronic Equipment, Instruments & Components — 5.9%** | **Electronic Equipment, Instruments & Components — 5.9%** | **Electronic Equipment, Instruments & Components — 5.9%** |
| CDW Corp.  | 67963 | &nbsp;&nbsp; 9256561 |
| Ralliant Corp.  | 220566 | &nbsp;&nbsp; 11229015 |
| Vontier Corp.  | 457202 | &nbsp;&nbsp; 16998770 |
|  |  | &nbsp;&nbsp; 37484346 |
| **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** |
| NOV, Inc. (a) | 812414 | &nbsp;&nbsp; 12698031 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Warner Music Group Corp. - Class A (a) | 371392 | &nbsp;&nbsp; 11390593 |
| **Financial Services — 1.6%** | **Financial Services — 1.6%** | **Financial Services — 1.6%** |
| Corebridge Financial, Inc. (a) | 343840 | &nbsp;&nbsp; 10373653 |
| **Food Products — 2.1%** | **Food Products — 2.1%** | **Food Products — 2.1%** |
| Tyson Foods, Inc. - Class A | 234633 | &nbsp;&nbsp; 13754186 |
| **Gas Utilities — 2.2%** | **Gas Utilities — 2.2%** | **Gas Utilities — 2.2%** |
| UGI Corp. (a) | 380960 | &nbsp;&nbsp; 14259333 |
| **Ground Transportation — 2.3%** | **Ground Transportation — 2.3%** | **Ground Transportation — 2.3%** |
| U-Haul Holding Co. (Non-Voting Shares) (a) | 309365 | &nbsp;&nbsp; 14459720 |

---

---

| | | |
|:---|:---|:---|
| **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) | 69230 | &nbsp;&nbsp; $10810265 |
| Baxter International, Inc. (a) | 435100 | &nbsp;&nbsp; 8314761 |
|  |  | &nbsp;&nbsp; 19125026 |
| **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** |
| Elevance Health, Inc.  | 40858 | &nbsp;&nbsp; 14322772 |
| Humana, Inc.  | 56701 | &nbsp;&nbsp; 14522827 |
|  |  | &nbsp;&nbsp; 28845599 |
| **Hotels, Restaurants & Leisure — 6.6%** | **Hotels, Restaurants & Leisure — 6.6%** | **Hotels, Restaurants & Leisure — 6.6%** |
| Expedia Group, Inc.  | 75311 | &nbsp;&nbsp; 21336359 |
| MGM Resorts International (a) (b) | 257968 | &nbsp;&nbsp; 9413252 |
| Vail Resorts, Inc. (a) | 85792 | &nbsp;&nbsp; 11393178 |
|  |  | &nbsp;&nbsp; 42142789 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| Lineage, Inc. (a) | 104440 | &nbsp;&nbsp; 3655400 |
| **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
| Arch Capital Group Ltd. (b) | 94788 | &nbsp;&nbsp; 9092065 |
| Globe Life, Inc.  | 94097 | &nbsp;&nbsp; 13160406 |
|  |  | &nbsp;&nbsp; 22252471 |
| **Interactive Media & Services — 1.4%** | **Interactive Media & Services — 1.4%** | **Interactive Media & Services — 1.4%** |
| Pinterest, Inc. - Class A (b) | 351830 | &nbsp;&nbsp; 9108879 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| Gartner, Inc. (a) (b) | 43417 | &nbsp;&nbsp; 10953241 |
| **Leisure Products — 1.8%** | **Leisure Products — 1.8%** | **Leisure Products — 1.8%** |
| Polaris, Inc. (a) | 185250 | &nbsp;&nbsp; 11717063 |
| **Life Sciences Tools & Services — 5.6%** | **Life Sciences Tools & Services — 5.6%** | **Life Sciences Tools & Services — 5.6%** |
| ICON PLC (a) (b) | 89551 | &nbsp;&nbsp; 16317983 |
| Revvity, Inc.  | 99305 | &nbsp;&nbsp; 9607759 |
| Waters Corp. (b) | 26962 | &nbsp;&nbsp; 10240976 |
|  |  | &nbsp;&nbsp; 36166718 |
| **Machinery — 2.1%** | **Machinery — 2.1%** | **Machinery — 2.1%** |
| Otis Worldwide Corp.  | 151069 | &nbsp;&nbsp; 13195877 |
| **Media — 3.7%** | **Media — 3.7%** | **Media — 3.7%** |
| News Corp. - Class A | 429138 | &nbsp;&nbsp; 11209084 |
| Omnicom Group, Inc. (a) | 150993 | &nbsp;&nbsp; 12192685 |
|  |  | &nbsp;&nbsp; 23401769 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| Permian Resources Corp.  | 880447 | &nbsp;&nbsp; 12352671 |
| **Professional Services — 3.0%** | **Professional Services — 3.0%** | **Professional Services — 3.0%** |
| Genpact Ltd.  | 404573 | &nbsp;&nbsp; 18925925 |
| **Retail REITs — 1.8%** | **Retail REITs — 1.8%** | **Retail REITs — 1.8%** |
| NNN REIT, Inc.  | 291287 | &nbsp;&nbsp; 11543704 |

---

*See accompanying notes to financial statements.*

**BHFTII-110**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** |
| Analog Devices, Inc. (a) | 62308 | &nbsp;&nbsp; $16897930 |
| **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| Check Point Software Technologies Ltd. (a) (b) | 48481 | &nbsp;&nbsp; 8996134 |
| **Specialized REITs — 4.5%** | **Specialized REITs — 4.5%** | **Specialized REITs — 4.5%** |
| Lamar Advertising Co. - Class A | 157117 | &nbsp;&nbsp; 19887870 |
| Public Storage | 35035 | &nbsp;&nbsp; 9091582 |
|  |  | &nbsp;&nbsp; 28979452 |
| **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |
| Asbury Automotive Group, Inc. (a) (b) | 55444 | &nbsp;&nbsp; 12892393 |
| **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** |
| Ferguson Enterprises, Inc.  | 41340 | &nbsp;&nbsp; 9203524 |
| Total Common Stocks <br>(Cost $491,459,694) <br>|  | &nbsp;&nbsp; 621447891 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| GCI Liberty, Inc. (b) (c) (d) <br>(Cost $0)<br>| 108185 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.9%** | **Short-Term Investments—2.9%** | **Short-Term Investments—2.9%** |
| **Repurchase Agreement—2.9%** | **Repurchase Agreement—2.9%** | **Repurchase Agreement—2.9%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $18,388,824; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $18,754,025<br>| 18386270 | &nbsp;&nbsp; 18386270 |
| Total Short-Term Investments <br>(Cost $18,386,270) <br>|  | &nbsp;&nbsp; 18386270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—20.1%** | **Securities Lending Reinvestments (e)—20.1%** | **Securities Lending Reinvestments (e)—20.1%** |
| **Short-Term Investment Funds—4.4%** | **Short-Term Investment Funds—4.4%** | **Short-Term Investment Funds—4.4%** |
| AB Government Money Market Portfolio, <br>Institutional Class 3.610% (f)<br>| 500990 | &nbsp;&nbsp; 500990 |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (f)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 3.690% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (f)<br>| 5000000 | &nbsp;&nbsp; $5000000 |
|  |  | &nbsp;&nbsp; 28500990 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificate of Deposit—0.2%** | **Certificate of Deposit—0.2%** | **Certificate of Deposit—0.2%** |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (g) | 1000000 | &nbsp;&nbsp; 1000191 |
| **Repurchase Agreements—14.6%** | **Repurchase Agreements—14.6%** | **Repurchase Agreements—14.6%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,000,838; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,450,495<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $15,003,142; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,705,136<br>| 15000000 | &nbsp;&nbsp; 15000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $7,001,497; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,795,730<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $4,397,112; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $4,485,055<br>| 4396177 | &nbsp;&nbsp; 4396177 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $2,042,906; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $2,080,250<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $18,003,910; <br> collateralized by various Common Stock with an aggregate <br> market value of $20,002,206<br>| 18000000 | &nbsp;&nbsp; 18000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $1,850,410; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,058,973<br>| 1850000 | &nbsp;&nbsp; 1850000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $14,003,002; <br> collateralized by various Common Stock with an aggregate <br> market value of $15,563,396<br>| 14000000 | &nbsp;&nbsp; 14000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $6,004,527; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,673,113<br>| 6000000 | &nbsp;&nbsp; 6000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-111**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $10,002,128; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.375%, maturity dates ranging from <br> 05/15/26 - 11/15/55, and an aggregate market value of <br> $10,202,171<br>| 10000000 | &nbsp;&nbsp; $10000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $1,003,801; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,232<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $300,061; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $306,000<br>| 300000 | &nbsp;&nbsp; 300000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $5,001,039; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,501,143<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $5,003,879; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,321<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 93546177 |
| **Time Deposits—0.9%** | **Time Deposits—0.9%** | **Time Deposits—0.9%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 4000000 | &nbsp;&nbsp; 4000000 |
|  |  | &nbsp;&nbsp; 6000000 |
| Total Securities Lending Reinvestments <br>(Cost $129,047,167) <br>|  | &nbsp;&nbsp; 129047358 |
| Total Investments—120.1% <br>(Cost $638,893,131) <br>|  | &nbsp;&nbsp; 768881519 |
| Other assets and liabilities (net)—(20.1)%  |  | &nbsp;&nbsp; (128796100)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $640085419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $171,018,810 and the collateral received consisted of cash in the amount <br> of $129,047,167 and non-cash collateral with a value of $47,806,272. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (g) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $211014206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $255329021 |

---

*See accompanying notes to financial statements.*

**BHFTII-112**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(129047167)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(129047167)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(129047167)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $621447891 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $621447891 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 18386270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18386270 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 28500990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28500990 |
| Certificate of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000191 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 93546177 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93546177 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 28500990 | &nbsp;&nbsp; 100546368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129047358 |
| Total Investments | &nbsp;&nbsp; $649948881 | &nbsp;&nbsp; $118932638 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $768881519 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(129047167)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(129047167)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-113**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $768881519 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 406522 |
| Dividends and interest | &nbsp;&nbsp; 879321 |
| Prepaid expenses | &nbsp;&nbsp; 2269 |
| Total Assets | &nbsp;&nbsp; 770169631 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 129047167 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 151126 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 399582 |
| Distribution and service fees | &nbsp;&nbsp; 51045 |
| Deferred trustees' fees | &nbsp;&nbsp; 240548 |
| Other expenses | &nbsp;&nbsp; 194744 |
| Total Liabilities | &nbsp;&nbsp; 130084212 |
| **Net Assets**  | &nbsp;&nbsp; $640085419 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $495607588 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 144477831 |
| **Net Assets**  | &nbsp;&nbsp; $640085419 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $386856285 |
| Class B | &nbsp;&nbsp; 213673127 |
| Class E | &nbsp;&nbsp; 39556007 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 2314090 |
| Class B | &nbsp;&nbsp; 1389686 |
| Class E | &nbsp;&nbsp; 246643 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $167.17 |
| Class B | 153.76 |
| Class E | 160.38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $638,893,131.

(b) Includes securities loaned at value of $171,018,810.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $13400676 |
| Interest | &nbsp;&nbsp; 495583 |
| Securities lending income | &nbsp;&nbsp; 133110 |
| Total investment income | &nbsp;&nbsp; 14029369 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5371778 |
| Administration fees | &nbsp;&nbsp; 46686 |
| Custodian and accounting fees | &nbsp;&nbsp; 26088 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 552559 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 62268 |
| Audit and tax services | &nbsp;&nbsp; 50299 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 71836 |
| Insurance | &nbsp;&nbsp; 5989 |
| Miscellaneous | &nbsp;&nbsp; 15019 |
| Total expenses | &nbsp;&nbsp; 6313107 |
| Less management fee waiver | &nbsp;&nbsp; (620604)<br>|
| Net expenses | &nbsp;&nbsp; 5692503 |
| **Net Investment Income** | &nbsp;&nbsp; 8336866 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 6950746<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (4496569)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 2454177 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $10791043 |

---

*See accompanying notes to financial statements.*

**BHFTII-114**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $8336866 | &nbsp;&nbsp; $8538863 |
| Net realized gain (loss) | &nbsp;&nbsp; 6950746 | &nbsp;&nbsp; 123529224 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (4496569)<br>| &nbsp;&nbsp; (92458458)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 10791043 | &nbsp;&nbsp; 39609629 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (77722805)<br>| &nbsp;&nbsp; (45406384)<br>|
| Class B | &nbsp;&nbsp; (45984102)<br>| &nbsp;&nbsp; (26550970)<br>|
| Class E | &nbsp;&nbsp; (8394621)<br>| &nbsp;&nbsp; (4906125)<br>|
| **Total distributions** | &nbsp;&nbsp; (132101528)<br>| &nbsp;&nbsp; (76863479)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 67882035 | &nbsp;&nbsp; (56496771)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (53428450)<br>| &nbsp;&nbsp; (93750621)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 693513869 | &nbsp;&nbsp; 787264490 |
| End of period | &nbsp;&nbsp; $640085419 | &nbsp;&nbsp; $693513869 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 40339 | &nbsp;&nbsp; $7152729 | &nbsp;&nbsp; 341257 | &nbsp;&nbsp; $71114204 |
| Reinvestments | &nbsp;&nbsp; 481972 | &nbsp;&nbsp; 77722805 | &nbsp;&nbsp; 232341 | &nbsp;&nbsp; 45406384 |
| Redemptions | &nbsp;&nbsp; (210060)<br>| &nbsp;&nbsp; (37544588)<br>| &nbsp;&nbsp; (713941)<br>| &nbsp;&nbsp; (151315968)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 312251 | &nbsp;&nbsp; $47330946 | &nbsp;&nbsp; (140343)<br>| &nbsp;&nbsp; $(34795380)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 54475 | &nbsp;&nbsp; $8897470 | &nbsp;&nbsp; 27792 | &nbsp;&nbsp; $5487457 |
| Reinvestments | &nbsp;&nbsp; 309616 | &nbsp;&nbsp; 45984102 | &nbsp;&nbsp; 145103 | &nbsp;&nbsp; 26550970 |
| Redemptions | &nbsp;&nbsp; (218765)<br>| &nbsp;&nbsp; (36694802)<br>| &nbsp;&nbsp; (251146)<br>| &nbsp;&nbsp; (50293318)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 145326 | &nbsp;&nbsp; $18186770 | &nbsp;&nbsp; (78251)<br>| &nbsp;&nbsp; $(18254891)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 7601 | &nbsp;&nbsp; $1243638 | &nbsp;&nbsp; 6247 | &nbsp;&nbsp; $1262298 |
| Reinvestments | &nbsp;&nbsp; 54218 | &nbsp;&nbsp; 8394621 | &nbsp;&nbsp; 25939 | &nbsp;&nbsp; 4906125 |
| Redemptions | &nbsp;&nbsp; (42282)<br>| &nbsp;&nbsp; (7273940)<br>| &nbsp;&nbsp; (46662)<br>| &nbsp;&nbsp; (9614923)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 19537 | &nbsp;&nbsp; $2364319 | &nbsp;&nbsp; (14476)<br>| &nbsp;&nbsp; $(3446500)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $67882035 |  | &nbsp;&nbsp; $(56496771)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-115**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $204.88 | &nbsp;&nbsp; $217.38 | &nbsp;&nbsp; $212.25 | &nbsp;&nbsp; $290.67 | &nbsp;&nbsp; $236.08 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.18 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;33.45 | &nbsp;&nbsp; (39.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;60.63 |
| Total income (loss) from investment operations | 2.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;36.14 | &nbsp;&nbsp; (37.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;63.05 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp; (2.58)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (37.33)<br>| &nbsp;&nbsp; (19.50)<br>| &nbsp;&nbsp; (29.09)<br>| &nbsp;&nbsp; (38.43)<br>| &nbsp;&nbsp; (5.88)<br>|
| Total distributions | &nbsp;&nbsp; (39.98)<br>| &nbsp;&nbsp; (22.22)<br>| &nbsp;&nbsp; (31.01)<br>| &nbsp;&nbsp; (40.97)<br>| &nbsp;&nbsp; (8.46)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $167.17 | &nbsp;&nbsp; $204.88 | &nbsp;&nbsp; $217.38 | &nbsp;&nbsp; $212.25 | &nbsp;&nbsp; $290.67 |
| **Total Return (%)** (c) | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;18.53 | &nbsp;&nbsp; (12.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.91 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (d) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Ratio of net investment income (loss) to average net assets (%) | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $386.9 | &nbsp;&nbsp; $410.1 | &nbsp;&nbsp; $465.7 | &nbsp;&nbsp; $448.2 | &nbsp;&nbsp; $589.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $191.57 | &nbsp;&nbsp; $204.64 | &nbsp;&nbsp; $201.42 | &nbsp;&nbsp; $278.02 | &nbsp;&nbsp; $226.22 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.23 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;31.59 | &nbsp;&nbsp; (37.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;58.07 |
| Total income (loss) from investment operations | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;33.64 | &nbsp;&nbsp; (36.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;59.72 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (2.04)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (37.33)<br>| &nbsp;&nbsp; (19.50)<br>| &nbsp;&nbsp; (29.09)<br>| &nbsp;&nbsp; (38.43)<br>| &nbsp;&nbsp; (5.88)<br>|
| Total distributions | &nbsp;&nbsp; (39.43)<br>| &nbsp;&nbsp; (21.69)<br>| &nbsp;&nbsp; (30.42)<br>| &nbsp;&nbsp; (40.22)<br>| &nbsp;&nbsp; (7.92)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $153.76 | &nbsp;&nbsp; $191.57 | &nbsp;&nbsp; $204.64 | &nbsp;&nbsp; $201.42 | &nbsp;&nbsp; $278.02 |
| **Total Return (%)** (c) | 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;18.24 | &nbsp;&nbsp; (12.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.59 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net ratio of expenses to average net assets (%) (d) | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Ratio of net investment income (loss) to average net assets (%) | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $213.7 | &nbsp;&nbsp; $238.4 | &nbsp;&nbsp; $270.7 | &nbsp;&nbsp; $257.8 | &nbsp;&nbsp; $340.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-116**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $198.12 | &nbsp;&nbsp; $210.90 | &nbsp;&nbsp; $206.73 | &nbsp;&nbsp; $284.18 | &nbsp;&nbsp; $231.04 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.19 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;32.50 | &nbsp;&nbsp; (38.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;59.32 |
| Total income (loss) from investment operations | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;34.81 | &nbsp;&nbsp; (36.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;61.27 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (2.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (37.33)<br>| &nbsp;&nbsp; (19.50)<br>| &nbsp;&nbsp; (29.09)<br>| &nbsp;&nbsp; (38.43)<br>| &nbsp;&nbsp; (5.88)<br>|
| Total distributions | &nbsp;&nbsp; (39.64)<br>| &nbsp;&nbsp; (21.89)<br>| &nbsp;&nbsp; (30.64)<br>| &nbsp;&nbsp; (40.50)<br>| &nbsp;&nbsp; (8.13)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $160.38 | &nbsp;&nbsp; $198.12 | &nbsp;&nbsp; $210.90 | &nbsp;&nbsp; $206.73 | &nbsp;&nbsp; $284.18 |
| **Total Return (%)** (c) | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp; (12.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.71 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net ratio of expenses to average net assets (%) (d) | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Ratio of net investment income (loss) to average net assets (%) | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $39.6 | &nbsp;&nbsp; $45.0 | &nbsp;&nbsp; $51.0 | &nbsp;&nbsp; $49.8 | &nbsp;&nbsp; $65.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized and unrealized gain (loss) does not directly correlate to the amounts reported in the Statement of Operations due to the timing of shareholder activity in the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-117**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 6.3%** | **Australia — 6.3%** | **Australia — 6.3%** |
| Accent Group Ltd.  | 48849 | &nbsp;&nbsp; $30663 |
| Adairs Ltd.  | 33370 | &nbsp;&nbsp; 39181 |
| AGL Energy Ltd.  | 28190 | &nbsp;&nbsp; 174775 |
| Ainsworth Game Technology Ltd. (a) | 35132 | &nbsp;&nbsp; 23695 |
| Alkane Resources Ltd. (a) | 100921 | &nbsp;&nbsp; 90065 |
| Alliance Aviation Services Ltd.  | 6026 | &nbsp;&nbsp; 4967 |
| AMA Group Ltd. (a) | 88022 | &nbsp;&nbsp; 46791 |
| Amotiv Ltd.  | 31705 | &nbsp;&nbsp; 189794 |
| AMP Ltd.  | 476602 | &nbsp;&nbsp; 573921 |
| Amplitude Energy Ltd. (a) | 68419 | &nbsp;&nbsp; 133437 |
| Ansell Ltd.  | 25149 | &nbsp;&nbsp; 587135 |
| Arafura Rare Earths Ltd. (a) | 69746 | &nbsp;&nbsp; 12571 |
| ARB Corp. Ltd.  | 20512 | &nbsp;&nbsp; 429772 |
| ARN Media Ltd.  | 82651 | &nbsp;&nbsp; 21757 |
| Articore Group Ltd. (a) | 43202 | &nbsp;&nbsp; 7442 |
| AUB Group Ltd.  | 23873 | &nbsp;&nbsp; 490414 |
| Aurelia Metals Ltd. (a) | 336966 | &nbsp;&nbsp; 55993 |
| Aurizon Holdings Ltd.  | 69464 | &nbsp;&nbsp; 168661 |
| Aussie Broadband Ltd.  | 38030 | &nbsp;&nbsp; 127940 |
| Austal Ltd. (a) | 75602 | &nbsp;&nbsp; 335701 |
| Australian Agricultural Co. Ltd. (a) | 43071 | &nbsp;&nbsp; 41465 |
| Australian Clinical Labs Ltd.  | 26737 | &nbsp;&nbsp; 48799 |
| Australian Ethical Investment Ltd.  | 10812 | &nbsp;&nbsp; 36328 |
| Australian Finance Group Ltd.  | 47413 | &nbsp;&nbsp; 68907 |
| Australian Strategic Materials Ltd. (a) | 44058 | &nbsp;&nbsp; 20443 |
| AVZ Minerals Ltd. (a) (b) (c) | 403512 | &nbsp;&nbsp; 42308 |
| Baby Bunting Group Ltd. (a) | 24951 | &nbsp;&nbsp; 42529 |
| Bank of Queensland Ltd.  | 86960 | &nbsp;&nbsp; 379020 |
| Bapcor Ltd.  | 78956 | &nbsp;&nbsp; 108572 |
| Beach Energy Ltd.  | 317481 | &nbsp;&nbsp; 248663 |
| Bega Cheese Ltd.  | 60278 | &nbsp;&nbsp; 243416 |
| Bellevue Gold Ltd. (a) | 35096 | &nbsp;&nbsp; 39687 |
| Black Cat Syndicate Ltd. (a) | 26431 | &nbsp;&nbsp; 21770 |
| Boss Energy Ltd. (a) | 27524 | &nbsp;&nbsp; 26639 |
| Bravura Solutions Ltd.  | 62095 | &nbsp;&nbsp; 105815 |
| Breville Group Ltd.  | 23403 | &nbsp;&nbsp; 459295 |
| Bubs Australia Ltd. (a) | 46469 | &nbsp;&nbsp; 4264 |
| Capral Ltd.  | 4093 | &nbsp;&nbsp; 32736 |
| Capricorn Metals Ltd. (a) | 55067 | &nbsp;&nbsp; 525032 |
| Carnarvon Energy Ltd. (a) | 136527 | &nbsp;&nbsp; 7830 |
| Cash Converters International Ltd.  | 172915 | &nbsp;&nbsp; 38082 |
| Catapult Sports Ltd. (a) | 15925 | &nbsp;&nbsp; 43709 |
| Cedar Woods Properties Ltd.  | 14030 | &nbsp;&nbsp; 80417 |
| Challenger Ltd.  | 38815 | &nbsp;&nbsp; 242883 |
| Chrysos Corp. Ltd. (a) | 5357 | &nbsp;&nbsp; 26350 |
| ClearView Wealth Ltd. (a) | 44262 | &nbsp;&nbsp; 16218 |
| Clinuvel Pharmaceuticals Ltd.  | 6680 | &nbsp;&nbsp; 55313 |
| Clover Corp. Ltd.  | 39945 | &nbsp;&nbsp; 21042 |
| Coast Entertainment Holdings Ltd. (a) | 113950 | &nbsp;&nbsp; 41835 |
| Codan Ltd.  | 23563 | &nbsp;&nbsp; 445140 |
| Collins Foods Ltd.  | 23905 | &nbsp;&nbsp; 165392 |
| Corporate Travel Management Ltd. (b) (c) | 28366 | &nbsp;&nbsp; 228107 |
| Credit Corp. Group Ltd.  | 13273 | &nbsp;&nbsp; 123960 |
| Dalrymple Bay Infrastructure Ltd.  | 22810 | &nbsp;&nbsp; 76153 |
| Data#3 Ltd.  | 33260 | &nbsp;&nbsp; 199125 |
| Deep Yellow Ltd. (a) | 111735 | &nbsp;&nbsp; 137273 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — (Continued)** | **Australia — (Continued)** | **Australia — (Continued)** |
| Develop Global Ltd. (a) | 8766 | &nbsp;&nbsp; $27268 |
| Dicker Data Ltd.  | 14945 | &nbsp;&nbsp; 102424 |
| Domino's Pizza Enterprises Ltd.  | 5331 | &nbsp;&nbsp; 74582 |
| Downer EDI Ltd.  | 150888 | &nbsp;&nbsp; 798334 |
| Duratec Ltd.  | 11701 | &nbsp;&nbsp; 14981 |
| Dyno Nobel Ltd.  | 134812 | &nbsp;&nbsp; 287915 |
| Eagers Automotive Ltd.  | 20881 | &nbsp;&nbsp; 342145 |
| Elanor Investor Group (a) (b) (c) | 5934 | &nbsp;&nbsp; 610 |
| Elders Ltd.  | 44133 | &nbsp;&nbsp; 201547 |
| Emeco Holdings Ltd. (a) | 70139 | &nbsp;&nbsp; 57814 |
| Emerald Resources NL (a) | 99710 | &nbsp;&nbsp; 418644 |
| EML Payments Ltd. (a) | 62760 | &nbsp;&nbsp; 38680 |
| Energy World Corp. Ltd. (a) | 472609 | &nbsp;&nbsp; 18335 |
| EQT Holdings Ltd.  | 4827 | &nbsp;&nbsp; 76756 |
| Euroz Hartleys Group Ltd.  | 24476 | &nbsp;&nbsp; 19275 |
| EVT Ltd.  | 21456 | &nbsp;&nbsp; 179307 |
| Fiducian Group Ltd.  | 3121 | &nbsp;&nbsp; 24856 |
| Finbar Group Ltd.  | 6909 | &nbsp;&nbsp; 3894 |
| Firefinch Ltd. (a) (b) (c) | 39761 | &nbsp;&nbsp; 995 |
| FleetPartners Group Ltd.  | 42919 | &nbsp;&nbsp; 80745 |
| Fleetwood Ltd.  | 20877 | &nbsp;&nbsp; 36991 |
| Flight Centre Travel Group Ltd.  | 27227 | &nbsp;&nbsp; 272204 |
| Frontier Digital Ventures Ltd. (a) | 10683 | &nbsp;&nbsp; 1840 |
| G8 Education Ltd.  | 133259 | &nbsp;&nbsp; 60967 |
| Galan Lithium Ltd. (a) | 48070 | &nbsp;&nbsp; 10269 |
| Generation Development Group Ltd.  | 6234 | &nbsp;&nbsp; 24343 |
| GR Engineering Services Ltd.  | 13603 | &nbsp;&nbsp; 40436 |
| GrainCorp Ltd. - Class A | 46177 | &nbsp;&nbsp; 221257 |
| GWA Group Ltd.  | 51481 | &nbsp;&nbsp; 87269 |
| Hansen Technologies Ltd.  | 42180 | &nbsp;&nbsp; 148559 |
| Healius Ltd.  | 148628 | &nbsp;&nbsp; 89767 |
| Helia Group Ltd.  | 55724 | &nbsp;&nbsp; 203750 |
| Humm Group Ltd.  | 122339 | &nbsp;&nbsp; 57056 |
| IDP Education Ltd.  | 18363 | &nbsp;&nbsp; 70654 |
| IGO Ltd. (a) | 28245 | &nbsp;&nbsp; 154611 |
| Iluka Resources Ltd.  | 41287 | &nbsp;&nbsp; 160790 |
| Imdex Ltd.  | 114903 | &nbsp;&nbsp; 262108 |
| Immutep Ltd. (ADR) (a) | 8886 | &nbsp;&nbsp; 25414 |
| Inghams Group Ltd.  | 86621 | &nbsp;&nbsp; 143945 |
| Insignia Financial Ltd. (a) | 181510 | &nbsp;&nbsp; 552363 |
| Integral Diagnostics Ltd.  | 81164 | &nbsp;&nbsp; 137465 |
| ioneer Ltd. (a) | 341217 | &nbsp;&nbsp; 42005 |
| IPH Ltd.  | 55115 | &nbsp;&nbsp; 129476 |
| IRESS Ltd.  | 15805 | &nbsp;&nbsp; 89555 |
| IVE Group Ltd.  | 19754 | &nbsp;&nbsp; 39698 |
| Jumbo Interactive Ltd.  | 5702 | &nbsp;&nbsp; 43798 |
| Jupiter Mines Ltd.  | 267429 | &nbsp;&nbsp; 48958 |
| Kelsian Group Ltd.  | 24968 | &nbsp;&nbsp; 70812 |
| L1 Group Ltd.  | 112052 | &nbsp;&nbsp; 79369 |
| Lendlease Corp. Ltd.  | 89844 | &nbsp;&nbsp; 310862 |
| Leo Lithium Ltd. (a) (b) (c) | 28400 | &nbsp;&nbsp; 0 |
| Lifestyle Communities Ltd. (a) | 11437 | &nbsp;&nbsp; 38545 |
| Lindsay Australia Ltd.  | 17526 | &nbsp;&nbsp; 8243 |
| Lovisa Holdings Ltd.  | 13735 | &nbsp;&nbsp; 267326 |
| Lycopodium Ltd.  | 6179 | &nbsp;&nbsp; 56811 |
| MA Financial Group Ltd.  | 14408 | &nbsp;&nbsp; 104407 |

---

*See accompanying notes to financial statements.*

**BHFTII-118**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — (Continued)** | **Australia — (Continued)** | **Australia — (Continued)** |
| Macmahon Holdings Ltd.  | 263583 | &nbsp;&nbsp; $116821 |
| Macquarie Technology Group Ltd. (a) | 1322 | &nbsp;&nbsp; 58619 |
| Mader Group Ltd.  | 3508 | &nbsp;&nbsp; 17838 |
| Magellan Financial Group Ltd.  | 22860 | &nbsp;&nbsp; 151331 |
| Mayne Pharma Group Ltd. (a) | 15480 | &nbsp;&nbsp; 32256 |
| McMillan Shakespeare Ltd.  | 10057 | &nbsp;&nbsp; 114436 |
| Megaport Ltd. (a) | 18999 | &nbsp;&nbsp; 152669 |
| Mesoblast Ltd. (a) | 79233 | &nbsp;&nbsp; 143446 |
| Metals X Ltd. (a) | 147577 | &nbsp;&nbsp; 109213 |
| Metcash Ltd.  | 176193 | &nbsp;&nbsp; 387864 |
| MGX Resources Ltd. (a) | 158334 | &nbsp;&nbsp; 48083 |
| Michael Hill International Ltd. (a) | 82929 | &nbsp;&nbsp; 19337 |
| Monadelphous Group Ltd.  | 21147 | &nbsp;&nbsp; 372160 |
| Monash IVF Group Ltd.  | 73577 | &nbsp;&nbsp; 36089 |
| Myer Holdings Ltd.  | 176271 | &nbsp;&nbsp; 55879 |
| MyState Ltd.  | 32772 | &nbsp;&nbsp; 100168 |
| Nanosonics Ltd. (a) | 13506 | &nbsp;&nbsp; 35651 |
| Navigator Global Investments Ltd.  | 52466 | &nbsp;&nbsp; 103357 |
| New Hope Corp. Ltd.  | 112261 | &nbsp;&nbsp; 300957 |
| nib holdings Ltd.  | 98922 | &nbsp;&nbsp; 451656 |
| Nick Scali Ltd.  | 16625 | &nbsp;&nbsp; 260318 |
| Nine Entertainment Co. Holdings Ltd.  | 208760 | &nbsp;&nbsp; 154654 |
| NRW Holdings Ltd.  | 100636 | &nbsp;&nbsp; 345920 |
| Nufarm Ltd. (a) | 58894 | &nbsp;&nbsp; 92341 |
| Nuix Ltd. (a) | 24658 | &nbsp;&nbsp; 29541 |
| Objective Corp. Ltd.  | 2117 | &nbsp;&nbsp; 23215 |
| OceanaGold Corp.  | 57770 | &nbsp;&nbsp; 1637283 |
| OFX Group Ltd. (a) | 76506 | &nbsp;&nbsp; 24726 |
| Omni Bridgeway Ltd. (a) | 75128 | &nbsp;&nbsp; 72861 |
| oOh!media Ltd.  | 105904 | &nbsp;&nbsp; 91894 |
| Orora Ltd.  | 264915 | &nbsp;&nbsp; 390700 |
| Pacific Current Group Ltd.  | 11253 | &nbsp;&nbsp; 75127 |
| Paladin Energy Ltd. (a) | 38900 | &nbsp;&nbsp; 245987 |
| Pantoro Gold Ltd. (a) | 25454 | &nbsp;&nbsp; 82554 |
| Peet Ltd.  | 80093 | &nbsp;&nbsp; 105868 |
| PeopleIN Ltd. (a) | 9511 | &nbsp;&nbsp; 5649 |
| Perenti Ltd.  | 182021 | &nbsp;&nbsp; 337558 |
| Perpetual Ltd.  | 5092 | &nbsp;&nbsp; 63093 |
| Perseus Mining Ltd.  | 58876 | &nbsp;&nbsp; 221705 |
| PEXA Group Ltd. (a) | 21038 | &nbsp;&nbsp; 188182 |
| Praemium Ltd.  | 98955 | &nbsp;&nbsp; 52509 |
| Premier Investments Ltd.  | 15190 | &nbsp;&nbsp; 139491 |
| Propel Funeral Partners Ltd.  | 9117 | &nbsp;&nbsp; 29964 |
| PWR Holdings Ltd.  | 10021 | &nbsp;&nbsp; 52566 |
| Regis Healthcare Ltd.  | 32213 | &nbsp;&nbsp; 149251 |
| Regis Resources Ltd.  | 188824 | &nbsp;&nbsp; 945634 |
| Resolute Mining Ltd. (a) | 456777 | &nbsp;&nbsp; 371503 |
| Retail Food Group Ltd. (a) | 5455 | &nbsp;&nbsp; 5378 |
| Ridley Corp. Ltd.  | 67123 | &nbsp;&nbsp; 118715 |
| RPMGlobal Holdings Ltd. (a) | 32785 | &nbsp;&nbsp; 108366 |
| Sandfire Resources Ltd. (a) | 9937 | &nbsp;&nbsp; 118869 |
| Select Harvests Ltd. (a) | 33304 | &nbsp;&nbsp; 110589 |
| Servcorp Ltd.  | 9916 | &nbsp;&nbsp; 45060 |
| Service Stream Ltd.  | 137474 | &nbsp;&nbsp; 205001 |
| Shaver Shop Group Ltd.  | 18090 | &nbsp;&nbsp; 17830 |
| SmartGroup Corp. Ltd.  | 26049 | &nbsp;&nbsp; 158895 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — (Continued)** | **Australia — (Continued)** | **Australia — (Continued)** |
| Solvar Ltd.  | 43951 | &nbsp;&nbsp; $51039 |
| Southern Cross Media Group Ltd.  | 126657 | &nbsp;&nbsp; 66774 |
| SRG Global Ltd.  | 48370 | &nbsp;&nbsp; 96075 |
| St Barbara Ltd. (a) | 275392 | &nbsp;&nbsp; 106097 |
| Super Retail Group Ltd.  | 35225 | &nbsp;&nbsp; 376190 |
| Superloop Ltd. (a) | 107817 | &nbsp;&nbsp; 186377 |
| Syrah Resources Ltd. (a) | 258998 | &nbsp;&nbsp; 57915 |
| Tabcorp Holdings Ltd.  | 406397 | &nbsp;&nbsp; 267585 |
| Temple & Webster Group Ltd. (a) | 1051 | &nbsp;&nbsp; 9538 |
| Ten Sixty Four Ltd. (a) (b) (c) | 60972 | &nbsp;&nbsp; 4476 |
| Terracom Ltd. (a) | 54002 | &nbsp;&nbsp; 2370 |
| Tribune Resources Ltd.  | 2377 | &nbsp;&nbsp; 9407 |
| Tuas Ltd. (a) | 26727 | &nbsp;&nbsp; 125698 |
| Tyro Payments Ltd. (a) | 64496 | &nbsp;&nbsp; 43097 |
| Ventia Services Group Pty. Ltd.  | 110267 | &nbsp;&nbsp; 436581 |
| Virgin Australia Holdings Pty. Ltd. (a) (b) (c) | 968773 | &nbsp;&nbsp; 1 |
| Vista Group International Ltd. (a) | 33201 | &nbsp;&nbsp; 49708 |
| Viva Energy Group Ltd.  | 137760 | &nbsp;&nbsp; 188244 |
| Vulcan Energy Resources Ltd. (a) | 23782 | &nbsp;&nbsp; 70013 |
| Washington H Soul Pattinson & Co. Ltd.  | 10027 | &nbsp;&nbsp; 247960 |
| WEB Travel Group Ltd. (a) | 42011 | &nbsp;&nbsp; 133247 |
| Webjet Group Ltd.  | 84765 | &nbsp;&nbsp; 49780 |
| West African Resources Ltd. (a) | 258051 | &nbsp;&nbsp; 516631 |
| Westgold Resources Ltd.  | 195797 | &nbsp;&nbsp; 831132 |
| Whitehaven Coal Ltd.  | 91780 | &nbsp;&nbsp; 474323 |
| Zip Co. Ltd. (a) | 244339 | &nbsp;&nbsp; 529534 |
|  |  | &nbsp;&nbsp; 29666641 |
| **Austria — 1.7%** | **Austria — 1.7%** | **Austria — 1.7%** |
| Agrana Beteiligungs AG (d) | 3399 | &nbsp;&nbsp; 43523 |
| ams-OSRAM AG (a) | 3967 | &nbsp;&nbsp; 38575 |
| ANDRITZ AG | 13919 | &nbsp;&nbsp; 1086046 |
| AT&S Austria Technologie & Systemtechnik AG (a) | 2246 | &nbsp;&nbsp; 84144 |
| BAWAG Group AG | 16497 | &nbsp;&nbsp; 2479763 |
| CA Immobilien Anlagen AG | 4214 | &nbsp;&nbsp; 111189 |
| CPI Europe AG (a) | 2057 | &nbsp;&nbsp; 38009 |
| DO & Co. AG | 1629 | &nbsp;&nbsp; 395664 |
| Eurotelesites AG (a) | 6880 | &nbsp;&nbsp; 37036 |
| EVN AG | 6159 | &nbsp;&nbsp; 196109 |
| FACC AG (a) | 4855 | &nbsp;&nbsp; 65498 |
| Kapsch TrafficCom AG (a) (d) | 1870 | &nbsp;&nbsp; 12755 |
| Kontron AG (d) | 9767 | &nbsp;&nbsp; 261875 |
| Lenzing AG (a) (d) | 1767 | &nbsp;&nbsp; 48497 |
| Mayr Melnhof Karton AG | 381 | &nbsp;&nbsp; 41569 |
| Mondi PLC | 12775 | &nbsp;&nbsp; 155860 |
| Oesterreichische Post AG (d) | 4583 | &nbsp;&nbsp; 167344 |
| Palfinger AG | 3436 | &nbsp;&nbsp; 134458 |
| POLYTEC Holding AG (a) (d) | 6228 | &nbsp;&nbsp; 24147 |
| Porr AG | 2768 | &nbsp;&nbsp; 103998 |
| SBO AG (d) | 785 | &nbsp;&nbsp; 25112 |
| Semperit AG Holding | 2077 | &nbsp;&nbsp; 30372 |
| Telekom Austria AG | 15933 | &nbsp;&nbsp; 168444 |
| UBM Development AG (a) (d) | 1083 | &nbsp;&nbsp; 25114 |
| UNIQA Insurance Group AG | 23996 | &nbsp;&nbsp; 434378 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 7619 | &nbsp;&nbsp; 599351 |
| voestalpine AG | 20114 | &nbsp;&nbsp; 886935 |

---

*See accompanying notes to financial statements.*

**BHFTII-119**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Austria — (Continued)** | **Austria — (Continued)** | **Austria — (Continued)** |
| Wienerberger AG | 13382 | &nbsp;&nbsp; $480372 |
| Zumtobel Group AG (d) | 8536 | &nbsp;&nbsp; 34053 |
|  |  | &nbsp;&nbsp; 8210190 |
| **Belgium — 1.4%** | **Belgium — 1.4%** | **Belgium — 1.4%** |
| Ackermans & van Haaren NV | 4266 | &nbsp;&nbsp; 1157002 |
| Ageas SA | 2711 | &nbsp;&nbsp; 190049 |
| AGFA-Gevaert NV (a) | 31161 | &nbsp;&nbsp; 18458 |
| Atenor (a) (d) | 6098 | &nbsp;&nbsp; 17344 |
| Azelis Group NV | 5990 | &nbsp;&nbsp; 65855 |
| Barco NV | 12997 | &nbsp;&nbsp; 180032 |
| Bekaert SA (d) | 7178 | &nbsp;&nbsp; 317920 |
| Biocartis Group NV (a) (b) (c) (d) | 16240 | &nbsp;&nbsp; 0 |
| bpost SA (a) | 18928 | &nbsp;&nbsp; 45493 |
| Cie d'Entreprises CFE | 2249 | &nbsp;&nbsp; 22628 |
| Colruyt Group NV | 6403 | &nbsp;&nbsp; 237608 |
| Deceuninck NV | 14908 | &nbsp;&nbsp; 39684 |
| Deme Group NV | 1115 | &nbsp;&nbsp; 182018 |
| Econocom Group SA NV | 20343 | &nbsp;&nbsp; 39403 |
| EVS Broadcast Equipment SA | 2668 | &nbsp;&nbsp; 115544 |
| Fagron | 13331 | &nbsp;&nbsp; 333734 |
| Galapagos NV (a) | 6945 | &nbsp;&nbsp; 226844 |
| Gimv NV (d) | 4636 | &nbsp;&nbsp; 242431 |
| Immobel SA (a) | 1276 | &nbsp;&nbsp; 35159 |
| Ion Beam Applications (d) | 4414 | &nbsp;&nbsp; 66795 |
| Jensen-Group NV | 800 | &nbsp;&nbsp; 55124 |
| Kinepolis Group NV | 2995 | &nbsp;&nbsp; 105622 |
| Lotus Bakeries NV (d) | 45 | &nbsp;&nbsp; 415148 |
| MDxHealth SA (a) | 843 | &nbsp;&nbsp; 3009 |
| Melexis NV (d) | 3152 | &nbsp;&nbsp; 211972 |
| Ontex Group NV (a) (d) | 9415 | &nbsp;&nbsp; 54221 |
| Orange Belgium SA (a) | 4348 | &nbsp;&nbsp; 98617 |
| Proximus SADP | 26805 | &nbsp;&nbsp; 222847 |
| Recticel SA (d) | 7728 | &nbsp;&nbsp; 88745 |
| Sipef NV | 1189 | &nbsp;&nbsp; 113257 |
| Solvay SA (d) | 15973 | &nbsp;&nbsp; 510595 |
| Syensqo SA (d) | 1749 | &nbsp;&nbsp; 140466 |
| Tessenderlo Group SA | 3843 | &nbsp;&nbsp; 117902 |
| Umicore SA | 12841 | &nbsp;&nbsp; 267999 |
| Van de Velde NV | 1424 | &nbsp;&nbsp; 50317 |
| VGP NV (d) | 1667 | &nbsp;&nbsp; 192471 |
| Viohalco SA (d) | 22715 | &nbsp;&nbsp; 316138 |
| What's Cooking BV (d) | 153 | &nbsp;&nbsp; 20116 |
| X-Fab Silicon Foundries SE (a) | 7239 | &nbsp;&nbsp; 43619 |
|  |  | &nbsp;&nbsp; 6562186 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| Northern Ocean Ltd. (a) (d) | 29554 | &nbsp;&nbsp; 25296 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| ERO Copper Corp. (a) | 2951 | &nbsp;&nbsp; 83485 |
| Karoon Energy Ltd.  | 167873 | &nbsp;&nbsp; 172084 |
| Pluxee NV (d) | 7577 | &nbsp;&nbsp; 118704 |
|  |  | &nbsp;&nbsp; 374273 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Burkina Faso — 0.4%** | **Burkina Faso — 0.4%** | **Burkina Faso — 0.4%** |
| IAMGOLD Corp. (a) (d) | 118555 | &nbsp;&nbsp; $1956410 |
| **Cambodia — 0.0%** | **Cambodia — 0.0%** | **Cambodia — 0.0%** |
| NagaCorp Ltd.  | 218719 | &nbsp;&nbsp; 130603 |
| **Canada — 11.9%** | **Canada — 11.9%** | **Canada — 11.9%** |
| 5N Plus, Inc. (a) | 24232 | &nbsp;&nbsp; 312842 |
| Acadian Timber Corp. (d) | 2900 | &nbsp;&nbsp; 33594 |
| Advantage Energy Ltd. (a) | 40225 | &nbsp;&nbsp; 344061 |
| Aecon Group, Inc. (d) | 15646 | &nbsp;&nbsp; 356568 |
| Ag Growth International, Inc. (d) | 1586 | &nbsp;&nbsp; 26808 |
| AGF Management Ltd. - Class B | 13913 | &nbsp;&nbsp; 165024 |
| Aimia, Inc. (a) (d) | 17335 | &nbsp;&nbsp; 34100 |
| Air Canada (a) | 21433 | &nbsp;&nbsp; 301222 |
| AirBoss of America Corp. (d) | 3761 | &nbsp;&nbsp; 12714 |
| Algoma Central Corp. (d) | 4710 | &nbsp;&nbsp; 64857 |
| Algonquin Power & Utilities Corp. (d) | 101548 | &nbsp;&nbsp; 624473 |
| Altius Minerals Corp.  | 5660 | &nbsp;&nbsp; 168412 |
| Altus Group Ltd. (d) | 8586 | &nbsp;&nbsp; 354750 |
| Amerigo Resources Ltd.  | 35000 | &nbsp;&nbsp; 115770 |
| Andrew Peller Ltd. - Class A | 8617 | &nbsp;&nbsp; 33274 |
| Aritzia, Inc. (a) | 19417 | &nbsp;&nbsp; 1660111 |
| Atco Ltd. - Class I | 17446 | &nbsp;&nbsp; 716626 |
| Athabasca Oil Corp. (a) (d) | 119524 | &nbsp;&nbsp; 612184 |
| ATS Corp. (a) (d) | 13082 | &nbsp;&nbsp; 360373 |
| AutoCanada, Inc. (a) | 3328 | &nbsp;&nbsp; 57344 |
| B2Gold Corp. (d) | 296857 | &nbsp;&nbsp; 1338274 |
| Badger Infrastructure Solutions Ltd.  | 8462 | &nbsp;&nbsp; 450859 |
| Ballard Power Systems, Inc. (a) | 22605 | &nbsp;&nbsp; 57417 |
| Bausch Health Cos., Inc. (a) | 38207 | &nbsp;&nbsp; 265539 |
| Baytex Energy Corp.  | 21683 | &nbsp;&nbsp; 70141 |
| Birchcliff Energy Ltd. (d) | 60988 | &nbsp;&nbsp; 331923 |
| Bird Construction, Inc. (d) | 13412 | &nbsp;&nbsp; 278686 |
| Black Diamond Group Ltd. (d) | 14412 | &nbsp;&nbsp; 153932 |
| BlackBerry Ltd. (a) | 7011 | &nbsp;&nbsp; 26572 |
| BMTC Group, Inc.  | 5387 | &nbsp;&nbsp; 50473 |
| Boralex, Inc. - Class A (d) | 19118 | &nbsp;&nbsp; 352817 |
| Boyd Group, Inc.  | 3307 | &nbsp;&nbsp; 526764 |
| Brookfield Infrastructure Corp. - Class A | 3881 | &nbsp;&nbsp; 176197 |
| CAE, Inc. (a) (d) | 4766 | &nbsp;&nbsp; 144937 |
| CAE, Inc. (a) | 5316 | &nbsp;&nbsp; 161713 |
| Calfrac Well Services Ltd. (a) (d) | 3087 | &nbsp;&nbsp; 9379 |
| Calian Group Ltd. (d) | 2146 | &nbsp;&nbsp; 86806 |
| Canaccord Genuity Group, Inc.  | 18859 | &nbsp;&nbsp; 151966 |
| Canada Goose Holdings, Inc. (a) | 9656 | &nbsp;&nbsp; 125045 |
| Canada Packers, Inc.  | 3838 | &nbsp;&nbsp; 44992 |
| Canadian Tire Corp. Ltd. - Class A (d) | 3424 | &nbsp;&nbsp; 433915 |
| Canfor Corp. (a) | 14211 | &nbsp;&nbsp; 121449 |
| Capital Power Corp. (d) | 27632 | &nbsp;&nbsp; 1178721 |
| Capstone Copper Corp. (a) | 93417 | &nbsp;&nbsp; 937879 |
| Cardinal Energy Ltd. (d) | 32459 | &nbsp;&nbsp; 205507 |
| Cascades, Inc.  | 16926 | &nbsp;&nbsp; 153654 |
| Centerra Gold, Inc. (d) | 50985 | &nbsp;&nbsp; 734009 |
| CES Energy Solutions Corp.  | 56542 | &nbsp;&nbsp; 505461 |
| Champion Iron Ltd.  | 63943 | &nbsp;&nbsp; 257447 |
| Cineplex, Inc. (a) (d) | 6558 | &nbsp;&nbsp; 50360 |
| Cipher Pharmaceuticals, Inc. (a) (d) | 2300 | &nbsp;&nbsp; 25236 |

---

*See accompanying notes to financial statements.*

**BHFTII-120**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| Clairvest Group, Inc.  | 200 | &nbsp;&nbsp; $10637 |
| Cogeco Communications, Inc.  | 3380 | &nbsp;&nbsp; 163687 |
| Cogeco, Inc.  | 609 | &nbsp;&nbsp; 28392 |
| Colliers International Group, Inc.  | 901 | &nbsp;&nbsp; 132448 |
| Computer Modelling Group Ltd.  | 9720 | &nbsp;&nbsp; 36967 |
| Corby Spirit & Wine Ltd. (d) | 3957 | &nbsp;&nbsp; 42668 |
| Cronos Group, Inc. (a) | 20813 | &nbsp;&nbsp; 54738 |
| Definity Financial Corp.  | 9869 | &nbsp;&nbsp; 545957 |
| Descartes Systems Group, Inc. (a) | 3364 | &nbsp;&nbsp; 295072 |
| Dexterra Group, Inc. (d) | 8842 | &nbsp;&nbsp; 74985 |
| Doman Building Materials Group Ltd. (d) | 19304 | &nbsp;&nbsp; 131642 |
| Dorel Industries, Inc. - Class B (a) | 8626 | &nbsp;&nbsp; 9364 |
| DPM Metals, Inc.  | 41272 | &nbsp;&nbsp; 1275552 |
| DREAM Unlimited Corp. - Class A | 4372 | &nbsp;&nbsp; 61477 |
| Dye & Durham Ltd. (d) | 4963 | &nbsp;&nbsp; 14464 |
| E-L Financial Corp. Ltd.  | 39500 | &nbsp;&nbsp; 468227 |
| Endeavour Silver Corp. (a) (d) | 16886 | &nbsp;&nbsp; 158827 |
| Enerflex Ltd.  | 29289 | &nbsp;&nbsp; 451536 |
| Enghouse Systems Ltd.  | 7379 | &nbsp;&nbsp; 109458 |
| Ensign Energy Services, Inc. (a) (d) | 31926 | &nbsp;&nbsp; 59081 |
| EQB, Inc. (d) | 5098 | &nbsp;&nbsp; 385874 |
| Equinox Gold Corp. (a) | 27871 | &nbsp;&nbsp; 391309 |
| Evertz Technologies Ltd.  | 8149 | &nbsp;&nbsp; 82170 |
| Exchange Income Corp. (d) | 5351 | &nbsp;&nbsp; 319528 |
| Exco Technologies Ltd.  | 7732 | &nbsp;&nbsp; 38701 |
| Extendicare, Inc. (d) | 19562 | &nbsp;&nbsp; 304287 |
| Fiera Capital Corp.  | 13157 | &nbsp;&nbsp; 59432 |
| Finning International, Inc. (d) | 32132 | &nbsp;&nbsp; 1741034 |
| Firm Capital Mortgage Investment Corp. (d) | 9574 | &nbsp;&nbsp; 81751 |
| First Majestic Silver Corp.  | 9430 | &nbsp;&nbsp; 157104 |
| First Majestic Silver Corp. (d) | 45160 | &nbsp;&nbsp; 753462 |
| First Mining Gold Corp. (a) | 50000 | &nbsp;&nbsp; 19307 |
| FirstService Corp.  | 1558 | &nbsp;&nbsp; 242301 |
| Fortuna Mining Corp. (a) (d) | 75418 | &nbsp;&nbsp; 739042 |
| Freehold Royalties Ltd. (d) | 30612 | &nbsp;&nbsp; 338783 |
| Galiano Gold, Inc. (a) | 23027 | &nbsp;&nbsp; 58551 |
| Gamehost, Inc.  | 4952 | &nbsp;&nbsp; 42032 |
| GDI Integrated Facility Services, Inc. (a) | 2100 | &nbsp;&nbsp; 55462 |
| Gibson Energy, Inc. (d) | 38325 | &nbsp;&nbsp; 701413 |
| Gildan Activewear, Inc.  | 6580 | &nbsp;&nbsp; 410987 |
| goeasy Ltd.  | 2495 | &nbsp;&nbsp; 238657 |
| GoGold Resources, Inc. (a) | 28473 | &nbsp;&nbsp; 60367 |
| GoldMoney, Inc. (a) | 2199 | &nbsp;&nbsp; 16710 |
| Guardian Capital Group Ltd. - Class A | 3083 | &nbsp;&nbsp; 151281 |
| Haivision Systems, Inc. (a) | 4800 | &nbsp;&nbsp; 18325 |
| Hanfeng Evergreen, Inc. (a) (b) (c) | 12100 | &nbsp;&nbsp; 0 |
| Headwater Exploration, Inc. (d) | 48021 | &nbsp;&nbsp; 327825 |
| High Liner Foods, Inc. (d) | 5107 | &nbsp;&nbsp; 55068 |
| Hudbay Minerals, Inc. (d) | 84922 | &nbsp;&nbsp; 1686004 |
| Imperial Metals Corp. (a) | 19966 | &nbsp;&nbsp; 145466 |
| Information Services Corp. (d) | 2900 | &nbsp;&nbsp; 98248 |
| Interfor Corp. (a) | 7681 | &nbsp;&nbsp; 47903 |
| International Petroleum Corp. (a) | 17308 | &nbsp;&nbsp; 317501 |
| Jamieson Wellness, Inc. (d) | 10457 | &nbsp;&nbsp; 256368 |
| Journey Energy, Inc. (a) | 100 | &nbsp;&nbsp; 232 |
| K92 Mining, Inc. (a) | 27548 | &nbsp;&nbsp; 455404 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| K-Bro Linen, Inc.  | 2819 | &nbsp;&nbsp; $72110 |
| Kelt Exploration Ltd. (a) | 42251 | &nbsp;&nbsp; 236104 |
| Keyera Corp. (d) | 7486 | &nbsp;&nbsp; 239980 |
| Knight Therapeutics, Inc. (a) | 19152 | &nbsp;&nbsp; 84419 |
| KP Tissue, Inc.  | 1400 | &nbsp;&nbsp; 10455 |
| Labrador Iron Ore Royalty Corp. (d) | 15500 | &nbsp;&nbsp; 337317 |
| Largo, Inc. (a) (d) | 8317 | &nbsp;&nbsp; 7938 |
| Lassonde Industries, Inc. - Class A | 900 | &nbsp;&nbsp; 143932 |
| Laurentian Bank of Canada | 10404 | &nbsp;&nbsp; 305476 |
| Leon's Furniture Ltd.  | 6639 | &nbsp;&nbsp; 135436 |
| Lightspeed Commerce, Inc. (a) | 17935 | &nbsp;&nbsp; 216655 |
| Lightstream Resources Ltd. (a) (b) (c) | 108373 | &nbsp;&nbsp; 0 |
| Linamar Corp. (d) | 8784 | &nbsp;&nbsp; 530925 |
| Lucara Diamond Corp. (a) (d) | 110136 | &nbsp;&nbsp; 16048 |
| Magellan Aerospace Corp.  | 3994 | &nbsp;&nbsp; 53892 |
| Mainstreet Equity Corp.  | 1161 | &nbsp;&nbsp; 154930 |
| Major Drilling Group International, Inc. (a) | 17077 | &nbsp;&nbsp; 160499 |
| Manitok Energy, Inc. (a) (b) (c) | 122 | &nbsp;&nbsp; 0 |
| Maple Leaf Foods, Inc. (d) | 19191 | &nbsp;&nbsp; 348571 |
| Martinrea International, Inc.  | 5846 | &nbsp;&nbsp; 44126 |
| Maxim Power Corp. (a) (d) | 2800 | &nbsp;&nbsp; 9098 |
| MDA Space Ltd. (a) (d) | 16664 | &nbsp;&nbsp; 323434 |
| Medical Facilities Corp.  | 4957 | &nbsp;&nbsp; 57315 |
| Melcor Developments Ltd.  | 3120 | &nbsp;&nbsp; 34643 |
| Meren Energy, Inc.  | 57099 | &nbsp;&nbsp; 74881 |
| Methanex Corp.  | 9382 | &nbsp;&nbsp; 372579 |
| Morguard Corp.  | 1000 | &nbsp;&nbsp; 84514 |
| MTY Food Group, Inc.  | 3420 | &nbsp;&nbsp; 94984 |
| Mullen Group Ltd. (d) | 19954 | &nbsp;&nbsp; 228827 |
| Neo Performance Materials, Inc.  | 4300 | &nbsp;&nbsp; 48747 |
| New Gold, Inc. (a) (d) | 172247 | &nbsp;&nbsp; 1500910 |
| NFI Group, Inc. (a) | 13975 | &nbsp;&nbsp; 158021 |
| North American Construction Group Ltd.  | 3163 | &nbsp;&nbsp; 45536 |
| North West Co., Inc. (d) | 11871 | &nbsp;&nbsp; 423016 |
| Northland Power, Inc. (d) | 38310 | &nbsp;&nbsp; 498221 |
| NuVista Energy Ltd. (a) (d) | 37917 | &nbsp;&nbsp; 500569 |
| Obsidian Energy Ltd. (a) | 5354 | &nbsp;&nbsp; 32820 |
| Onex Corp.  | 6977 | &nbsp;&nbsp; 574203 |
| Open Text Corp.  | 14495 | &nbsp;&nbsp; 472247 |
| OR Royalties, Inc. (d) | 28827 | &nbsp;&nbsp; 1021142 |
| Paramount Resources Ltd. - Class A (d) | 19490 | &nbsp;&nbsp; 343494 |
| Parex Resources, Inc.  | 6102 | &nbsp;&nbsp; 82024 |
| Pason Systems, Inc.  | 10955 | &nbsp;&nbsp; 95698 |
| Pet Valu Holdings Ltd.  | 2074 | &nbsp;&nbsp; 42143 |
| Peyto Exploration & Development Corp. (d) | 48991 | &nbsp;&nbsp; 810598 |
| PHX Energy Services Corp. (d) | 8794 | &nbsp;&nbsp; 48053 |
| Pizza Pizza Royalty Corp. (d) | 6998 | &nbsp;&nbsp; 79588 |
| Polaris Renewable Energy, Inc.  | 5300 | &nbsp;&nbsp; 45565 |
| Pollard Banknote Ltd.  | 1790 | &nbsp;&nbsp; 25300 |
| PrairieSky Royalty Ltd. (d) | 47952 | &nbsp;&nbsp; 944332 |
| Precision Drilling Corp. (a) | 1018 | &nbsp;&nbsp; 73049 |
| Premium Brands Holdings Corp. (d) | 10555 | &nbsp;&nbsp; 782157 |
| Pulse Seismic, Inc.  | 13500 | &nbsp;&nbsp; 32359 |
| Quarterhill, Inc. (a) (d) | 37345 | &nbsp;&nbsp; 25848 |
| Quebecor, Inc. - Class B (d) | 16161 | &nbsp;&nbsp; 608738 |
| Questerre Energy Corp. - Class A (a) (d) | 83569 | &nbsp;&nbsp; 18875 |

---

*See accompanying notes to financial statements.*

**BHFTII-121**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| Richelieu Hardware Ltd. (d) | 11590 | &nbsp;&nbsp; $334050 |
| Rogers Sugar, Inc. (d) | 28139 | &nbsp;&nbsp; 121982 |
| Russel Metals, Inc.  | 13422 | &nbsp;&nbsp; 428315 |
| Savaria Corp.  | 10600 | &nbsp;&nbsp; 175927 |
| Seabridge Gold, Inc. (a) | 8233 | &nbsp;&nbsp; 243614 |
| Secure Waste Infrastructure Corp. (d) | 45912 | &nbsp;&nbsp; 577684 |
| Sienna Senior Living, Inc. (d) | 20676 | &nbsp;&nbsp; 307756 |
| SNDL, Inc. (a) | 11204 | &nbsp;&nbsp; 18599 |
| South Bow Corp.  | 8198 | &nbsp;&nbsp; 225199 |
| Spartan Delta Corp. (a) | 16736 | &nbsp;&nbsp; 88402 |
| Sprott, Inc. (d) | 5042 | &nbsp;&nbsp; 493859 |
| SSR Mining, Inc. (a) | 45893 | &nbsp;&nbsp; 1006098 |
| Stella-Jones, Inc.  | 8494 | &nbsp;&nbsp; 526825 |
| StorageVault Canada, Inc.  | 12770 | &nbsp;&nbsp; 43449 |
| SunOpta, Inc. (a) | 7292 | &nbsp;&nbsp; 27786 |
| Superior Plus Corp.  | 22786 | &nbsp;&nbsp; 116873 |
| Surge Energy, Inc.  | 12100 | &nbsp;&nbsp; 60828 |
| Sylogist Ltd.  | 1343 | &nbsp;&nbsp; 5646 |
| Tamarack Valley Energy Ltd.  | 85898 | &nbsp;&nbsp; 499411 |
| Taseko Mines Ltd. (a) | 80286 | &nbsp;&nbsp; 454499 |
| TerraVest Industries, Inc.  | 1600 | &nbsp;&nbsp; 191772 |
| Timbercreek Financial Corp. (d) | 17551 | &nbsp;&nbsp; 87464 |
| Topaz Energy Corp. (d) | 8101 | &nbsp;&nbsp; 162545 |
| Torex Gold Resources, Inc.  | 22294 | &nbsp;&nbsp; 1064550 |
| Toromont Industries Ltd.  | 1668 | &nbsp;&nbsp; 201793 |
| Total Energy Services, Inc.  | 9886 | &nbsp;&nbsp; 107320 |
| TransAlta Corp. (d) | 58778 | &nbsp;&nbsp; 743424 |
| Transat AT, Inc. (a) (d) | 3600 | &nbsp;&nbsp; 6636 |
| Transcontinental, Inc. - Class A | 17620 | &nbsp;&nbsp; 291666 |
| Trevali Mining Corp. (a) (b) (c) | 9060 | &nbsp;&nbsp; 0 |
| Trican Well Service Ltd.  | 47483 | &nbsp;&nbsp; 205493 |
| Triple Flag Precious Metals Corp.  | 3866 | &nbsp;&nbsp; 128440 |
| Trisura Group Ltd. (a) (d) | 8223 | &nbsp;&nbsp; 255937 |
| Vecima Networks, Inc.  | 2500 | &nbsp;&nbsp; 19143 |
| Vermilion Energy, Inc. (d) | 22417 | &nbsp;&nbsp; 186657 |
| VersaBank | 3000 | &nbsp;&nbsp; 44851 |
| Vitalhub Corp. (a) | 1790 | &nbsp;&nbsp; 12350 |
| Wajax Corp.  | 3113 | &nbsp;&nbsp; 61781 |
| Well Health Technologies Corp. (a) | 15114 | &nbsp;&nbsp; 43936 |
| Wesdome Gold Mines Ltd. (a) (d) | 36507 | &nbsp;&nbsp; 604837 |
| Western Forest Products, Inc. (a) | 3508 | &nbsp;&nbsp; 28089 |
| Westshore Terminals Investment Corp. (d) | 8214 | &nbsp;&nbsp; 155836 |
| Whitecap Resources, Inc. (d) | 124572 | &nbsp;&nbsp; 1043735 |
| Whitecap Resources, Inc.  | 5807 | &nbsp;&nbsp; 48663 |
| Winpak Ltd.  | 6752 | &nbsp;&nbsp; 219450 |
| Yellow Pages Ltd.  | 3727 | &nbsp;&nbsp; 30059 |
| Zenith Capital Corp. (a) (b) (c) | 12830 | &nbsp;&nbsp; 36 |
|  |  | &nbsp;&nbsp; 56101851 |
| **China — 0.5%** | **China — 0.5%** | **China — 0.5%** |
| Bund Center Investment Ltd.  | 107700 | &nbsp;&nbsp; 34480 |
| China Gold International Resources Corp. Ltd. (d) | 77673 | &nbsp;&nbsp; 1563024 |
| CITIC Telecom International Holdings Ltd.  | 346000 | &nbsp;&nbsp; 109810 |
| Deep Source Holdings Ltd. (a) | 170000 | &nbsp;&nbsp; 15290 |
| First Sponsor Group Ltd.  | 9490 | &nbsp;&nbsp; 7604 |
| KLN Logistics Group Ltd.  | 67000 | &nbsp;&nbsp; 60955 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| Neo-Neon Holdings Ltd. (a) | 322500 | &nbsp;&nbsp; $16556 |
| Shangri-La Asia Ltd.  | 234000 | &nbsp;&nbsp; 142817 |
| VSTECS Holdings Ltd.  | 125200 | &nbsp;&nbsp; 125478 |
| Xinyi Glass Holdings Ltd.  | 64067 | &nbsp;&nbsp; 67908 |
|  |  | &nbsp;&nbsp; 2143922 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Canacol Energy Ltd. (a) (b) (c) (d) | 7932 | &nbsp;&nbsp; 8842 |
| Frontera Energy Corp. (d) | 8267 | &nbsp;&nbsp; 36440 |
|  |  | &nbsp;&nbsp; 45282 |
| **Denmark — 2.9%** | **Denmark — 2.9%** | **Denmark — 2.9%** |
| AL Sydbank | 10642 | &nbsp;&nbsp; 948935 |
| ALK-Abello AS (a) | 27036 | &nbsp;&nbsp; 969904 |
| Alm Brand AS | 147115 | &nbsp;&nbsp; 437208 |
| Ambu AS - Class B | 31560 | &nbsp;&nbsp; 435087 |
| Bang & Olufsen AS (a) (d) | 25883 | &nbsp;&nbsp; 55407 |
| Bavarian Nordic AS (a) | 15597 | &nbsp;&nbsp; 468199 |
| Better Collective AS (a) (d) | 2123 | &nbsp;&nbsp; 26454 |
| cBrain AS (d) | 1254 | &nbsp;&nbsp; 21994 |
| Cementir Holding NV | 10361 | &nbsp;&nbsp; 227273 |
| Chemometec AS | 3635 | &nbsp;&nbsp; 389005 |
| Columbus AS | 20865 | &nbsp;&nbsp; 31331 |
| D/S Norden AS | 1976 | &nbsp;&nbsp; 78122 |
| Demant AS (a) | 879 | &nbsp;&nbsp; 29672 |
| Dfds AS (a) | 2432 | &nbsp;&nbsp; 36346 |
| FLSmidth & Co. AS | 8433 | &nbsp;&nbsp; 586982 |
| GN Store Nord AS (a) | 3749 | &nbsp;&nbsp; 62261 |
| H Lundbeck AS | 44313 | &nbsp;&nbsp; 300786 |
| H Lundbeck AS - A Shares | 5266 | &nbsp;&nbsp; 29975 |
| H&H International AS - Class B (a) (d) | 3245 | &nbsp;&nbsp; 47306 |
| Harboes Bryggeri AS - Class B (d) | 1454 | &nbsp;&nbsp; 26808 |
| ISS AS (d) | 29519 | &nbsp;&nbsp; 1008279 |
| Jeudan AS (d) | 2360 | &nbsp;&nbsp; 73342 |
| Jyske Bank AS | 8238 | &nbsp;&nbsp; 1126587 |
| Matas AS (d) | 6644 | &nbsp;&nbsp; 130248 |
| Napatech AS (a) | 3374 | &nbsp;&nbsp; 10245 |
| Netcompany Group AS (a) (d) | 7774 | &nbsp;&nbsp; 435789 |
| Nilfisk Holding AS (a) | 2510 | &nbsp;&nbsp; 54581 |
| NKT AS (a) | 10772 | &nbsp;&nbsp; 1346636 |
| NNIT AS (a) (d) | 2656 | &nbsp;&nbsp; 20838 |
| North Media AS (a) (d) | 679 | &nbsp;&nbsp; 5093 |
| NTG Nordic Transport Group AS (a) (d) | 1353 | &nbsp;&nbsp; 40230 |
| Parken Sport & Entertainment AS (d) | 2351 | &nbsp;&nbsp; 54098 |
| Per Aarsleff Holding AS | 4863 | &nbsp;&nbsp; 663315 |
| Ringkjoebing Landbobank AS | 5055 | &nbsp;&nbsp; 1216103 |
| Rockwool AS - A Shares | 5450 | &nbsp;&nbsp; 192060 |
| Rockwool AS - B Shares (d) | 9580 | &nbsp;&nbsp; 337201 |
| Royal Unibrew AS (d) | 10550 | &nbsp;&nbsp; 953527 |
| RTX AS (a) (d) | 2486 | &nbsp;&nbsp; 42059 |
| Scandinavian Tobacco Group AS | 9345 | &nbsp;&nbsp; 140323 |
| Schouw & Co. AS | 2533 | &nbsp;&nbsp; 261046 |
| Solar AS - B Shares | 753 | &nbsp;&nbsp; 23883 |
| SP Group AS (d) | 1294 | &nbsp;&nbsp; 70628 |
| Sparekassen Sjaelland-Fyn AS | 1358 | &nbsp;&nbsp; 79641 |
| TCM Group AS | 502 | &nbsp;&nbsp; 5372 |

---

*See accompanying notes to financial statements.*

**BHFTII-122**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Denmark — (Continued)** | **Denmark — (Continued)** | **Denmark — (Continued)** |
| Tivoli AS (d) | 844 | &nbsp;&nbsp; $79123 |
| UIE PLC (d) | 1199 | &nbsp;&nbsp; 72909 |
|  |  | &nbsp;&nbsp; 13652211 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| SolGold PLC (a) | 36239 | &nbsp;&nbsp; 13428 |
| **Faeroe Islands — 0.0%** | **Faeroe Islands — 0.0%** | **Faeroe Islands — 0.0%** |
| Foroya Banki P (d) | 1109 | &nbsp;&nbsp; 49864 |
| **Finland — 2.7%** | **Finland — 2.7%** | **Finland — 2.7%** |
| Aktia Bank OYJ | 8174 | &nbsp;&nbsp; 118883 |
| Alma Media OYJ | 6031 | &nbsp;&nbsp; 101645 |
| Anora Group OYJ | 1398 | &nbsp;&nbsp; 6333 |
| Apetit OYJ (d) | 1205 | &nbsp;&nbsp; 19565 |
| Aspo OYJ | 6033 | &nbsp;&nbsp; 46183 |
| Atria OYJ | 2027 | &nbsp;&nbsp; 36444 |
| Bittium OYJ (d) | 5744 | &nbsp;&nbsp; 200763 |
| Citycon OYJ (a) | 2782 | &nbsp;&nbsp; 13023 |
| Digia OYJ (d) | 6625 | &nbsp;&nbsp; 51411 |
| Elisa OYJ | 15224 | &nbsp;&nbsp; 675645 |
| Enento Group OYJ | 2464 | &nbsp;&nbsp; 45898 |
| Finnair OYJ | 39441 | &nbsp;&nbsp; 145615 |
| Fiskars OYJ Abp (d) | 5622 | &nbsp;&nbsp; 83892 |
| F-Secure OYJ | 15912 | &nbsp;&nbsp; 35987 |
| Harvia OYJ (d) | 2739 | &nbsp;&nbsp; 136914 |
| Hiab OYJ - B Shares (d) | 7370 | &nbsp;&nbsp; 428704 |
| HKFoods OYJ | 6704 | &nbsp;&nbsp; 11657 |
| Huhtamaki OYJ | 11413 | &nbsp;&nbsp; 397749 |
| Ilkka OYJ | 5725 | &nbsp;&nbsp; 25787 |
| Kalmar OYJ - B Shares | 8074 | &nbsp;&nbsp; 382001 |
| Kemira OYJ (d) | 22674 | &nbsp;&nbsp; 521366 |
| Kesko OYJ - A Shares (d) | 6578 | &nbsp;&nbsp; 149036 |
| Kesko OYJ - B Shares (d) | 30707 | &nbsp;&nbsp; 694635 |
| Kojamo OYJ (a) (d) | 21412 | &nbsp;&nbsp; 257311 |
| Konecranes OYJ | 12953 | &nbsp;&nbsp; 1421141 |
| Lassila & Tikanoja OYJ | 6058 | &nbsp;&nbsp; 75568 |
| Lindex Group OYJ (a) | 9321 | &nbsp;&nbsp; 26899 |
| Mandatum OYJ | 36201 | &nbsp;&nbsp; 291313 |
| Marimekko OYJ | 4363 | &nbsp;&nbsp; 66133 |
| Metsa Board OYJ - Class B | 9160 | &nbsp;&nbsp; 33374 |
| Metso OYJ | 46450 | &nbsp;&nbsp; 810408 |
| Nokian Renkaat OYJ (d) | 14031 | &nbsp;&nbsp; 155404 |
| Olvi OYJ - A Shares | 2909 | &nbsp;&nbsp; 106928 |
| Oriola OYJ - B Shares | 28441 | &nbsp;&nbsp; 38443 |
| Orion OYJ - Class A | 5933 | &nbsp;&nbsp; 440132 |
| Orion OYJ - Class B | 14294 | &nbsp;&nbsp; 1067386 |
| Outokumpu OYJ | 59078 | &nbsp;&nbsp; 308783 |
| Ponsse OYJ | 2650 | &nbsp;&nbsp; 80777 |
| Puuilo OYJ | 5676 | &nbsp;&nbsp; 84312 |
| QT Group OYJ (a) (d) | 1156 | &nbsp;&nbsp; 44318 |
| Raisio OYJ - V Shares | 23304 | &nbsp;&nbsp; 71924 |
| Rapala VMC OYJ (a) | 8902 | &nbsp;&nbsp; 13382 |
| Revenio Group OYJ | 3295 | &nbsp;&nbsp; 86470 |
| Sampo OYJ - A Shares | 37407 | &nbsp;&nbsp; 452831 |
| Sanoma OYJ | 17323 | &nbsp;&nbsp; 193222 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Finland — (Continued)** | **Finland — (Continued)** | **Finland — (Continued)** |
| Stora Enso OYJ - R Shares (d) | 42033 | &nbsp;&nbsp; $526285 |
| Taaleri PLC | 1210 | &nbsp;&nbsp; 11104 |
| Talenom OYJ (d) | 2085 | &nbsp;&nbsp; 7415 |
| Teleste OYJ | 2149 | &nbsp;&nbsp; 9512 |
| Terveystalo OYJ | 14772 | &nbsp;&nbsp; 169637 |
| TietoEVRY OYJ (d) | 17665 | &nbsp;&nbsp; 378514 |
| Tokmanni Group Corp. (d) | 3165 | &nbsp;&nbsp; 28532 |
| Vaisala OYJ - A Shares (d) | 2817 | &nbsp;&nbsp; 145451 |
| Valmet OYJ (d) | 27091 | &nbsp;&nbsp; 896978 |
| YIT OYJ (a) | 27133 | &nbsp;&nbsp; 99511 |
|  |  | &nbsp;&nbsp; 12728534 |
| **France — 5.4%** | **France — 5.4%** | **France — 5.4%** |
| 74Software SA (a) | 1283 | &nbsp;&nbsp; 62606 |
| AKWEL SADIR | 2629 | &nbsp;&nbsp; 25336 |
| Alstom SA (a) (d) | 41954 | &nbsp;&nbsp; 1241957 |
| Altamir | 7426 | &nbsp;&nbsp; 262174 |
| Alten SA | 4627 | &nbsp;&nbsp; 391655 |
| Arkema SA | 7926 | &nbsp;&nbsp; 484876 |
| Aubay | 221 | &nbsp;&nbsp; 14805 |
| Ayvens SA | 2568 | &nbsp;&nbsp; 34379 |
| Bastide le Confort Medical (a) | 938 | &nbsp;&nbsp; 26458 |
| Beneteau SACA (d) | 8857 | &nbsp;&nbsp; 86129 |
| Boiron SA (d) | 1382 | &nbsp;&nbsp; 49206 |
| Bonduelle SCA (d) | 4120 | &nbsp;&nbsp; 50843 |
| Carrefour SA | 48524 | &nbsp;&nbsp; 809401 |
| CBo Territoria | 2864 | &nbsp;&nbsp; 12246 |
| Cie des Alpes | 4881 | &nbsp;&nbsp; 145423 |
| Clariane SE (a) | 37026 | &nbsp;&nbsp; 170649 |
| Coface SA | 27029 | &nbsp;&nbsp; 497373 |
| Derichebourg SA | 22712 | &nbsp;&nbsp; 180531 |
| Edenred SE | 12764 | &nbsp;&nbsp; 283559 |
| Eiffage SA | 2538 | &nbsp;&nbsp; 364018 |
| Ekinops SAS (a) (d) | 1670 | &nbsp;&nbsp; 3770 |
| Electricite de Strasbourg SA | 271 | &nbsp;&nbsp; 58762 |
| Elior Group SA (a) | 29385 | &nbsp;&nbsp; 94432 |
| Elis SA | 40575 | &nbsp;&nbsp; 1153339 |
| Equasens | 56 | &nbsp;&nbsp; 2955 |
| Eramet SA (d) | 627 | &nbsp;&nbsp; 42161 |
| Etablissements Maurel et Prom SA | 15300 | &nbsp;&nbsp; 98898 |
| Eurazeo SE | 9311 | &nbsp;&nbsp; 579485 |
| Euroapi SA (a) | 7243 | &nbsp;&nbsp; 19271 |
| Eutelsat Communications SACA (a) | 53417 | &nbsp;&nbsp; 106462 |
| Exel Industries SA - A Shares (d) | 618 | &nbsp;&nbsp; 28742 |
| FDJ United (d) | 10257 | &nbsp;&nbsp; 284376 |
| Fnac Darty SA | 2444 | &nbsp;&nbsp; 83075 |
| Foraco International SA (a) | 17535 | &nbsp;&nbsp; 30661 |
| Forvia SE (a) | 8965 | &nbsp;&nbsp; 143523 |
| Gaztransport Et Technigaz SA | 7959 | &nbsp;&nbsp; 1460175 |
| GEA (d) | 165 | &nbsp;&nbsp; 15807 |
| Getlink SE | 11559 | &nbsp;&nbsp; 213668 |
| GL Events SACA | 2288 | &nbsp;&nbsp; 80053 |
| Groupe Crit SA | 900 | &nbsp;&nbsp; 61575 |
| Guerbet (a) (d) | 1201 | &nbsp;&nbsp; 20102 |
| Haulotte Group SA (d) | 5337 | &nbsp;&nbsp; 13986 |
| ID Logistics Group SACA (a) (d) | 796 | &nbsp;&nbsp; 382982 |

---

*See accompanying notes to financial statements.*

**BHFTII-123**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **France — (Continued)** | **France — (Continued)** | **France — (Continued)** |
| Imerys SA (d) | 7588 | &nbsp;&nbsp; $213505 |
| Infotel SA | 342 | &nbsp;&nbsp; 17002 |
| Interparfums SA | 1532 | &nbsp;&nbsp; 45245 |
| Ipsen SA | 1478 | &nbsp;&nbsp; 206426 |
| IPSOS SA | 5032 | &nbsp;&nbsp; 201999 |
| Jacquet Metals SACA (d) | 2954 | &nbsp;&nbsp; 68958 |
| JCDecaux SE | 13978 | &nbsp;&nbsp; 253521 |
| Kaufman & Broad SA | 3257 | &nbsp;&nbsp; 114307 |
| Laurent-Perrier (d) | 1255 | &nbsp;&nbsp; 131226 |
| LISI SA | 451 | &nbsp;&nbsp; 28002 |
| LNA Sante SA (d) | 1534 | &nbsp;&nbsp; 44085 |
| Maisons du Monde SA (a) | 7475 | &nbsp;&nbsp; 16498 |
| Manitou BF SA | 2626 | &nbsp;&nbsp; 59398 |
| Mersen SA | 1657 | &nbsp;&nbsp; 46236 |
| Metropole Television SA | 6596 | &nbsp;&nbsp; 94297 |
| Nacon SA (a) (d) | 3416 | &nbsp;&nbsp; 2120 |
| Nexans SA | 6484 | &nbsp;&nbsp; 953507 |
| Nexity SA (a) (d) | 5941 | &nbsp;&nbsp; 62491 |
| North Atlantic Energies (d) | 625 | &nbsp;&nbsp; 31774 |
| NRJ Group (d) | 9690 | &nbsp;&nbsp; 91740 |
| Oeneo SA (d) | 2122 | &nbsp;&nbsp; 23087 |
| Opmobility | 12724 | &nbsp;&nbsp; 237620 |
| Pierre Et Vacances SA (a) | 6918 | &nbsp;&nbsp; 15134 |
| Quadient SA | 5402 | &nbsp;&nbsp; 91631 |
| Recylex SA (a) (b) (c) | 3335 | &nbsp;&nbsp; 0 |
| Remy Cointreau SA (d) | 693 | &nbsp;&nbsp; 29673 |
| Renault SA | 14516 | &nbsp;&nbsp; 600947 |
| Rexel SA | 43232 | &nbsp;&nbsp; 1699312 |
| Robertet SA | 43 | &nbsp;&nbsp; 44279 |
| Rubis SCA | 17934 | &nbsp;&nbsp; 676226 |
| Samse SACA | 107 | &nbsp;&nbsp; 16594 |
| Savencia SA | 1270 | &nbsp;&nbsp; 93135 |
| SCOR SE | 34667 | &nbsp;&nbsp; 1165533 |
| SEB SA | 3042 | &nbsp;&nbsp; 175414 |
| Seche Environnement SACA | 605 | &nbsp;&nbsp; 52049 |
| SMCP SA (a) | 1230 | &nbsp;&nbsp; 9051 |
| Societe BIC SA (d) | 4679 | &nbsp;&nbsp; 282657 |
| Societe LDC SADIR | 700 | &nbsp;&nbsp; 73031 |
| Sodexo SA (d) | 1274 | &nbsp;&nbsp; 65267 |
| SOITEC (a) | 794 | &nbsp;&nbsp; 21464 |
| Sopra Steria Group (d) | 3520 | &nbsp;&nbsp; 636624 |
| SPIE SA | 31212 | &nbsp;&nbsp; 1796643 |
| Stef SA (d) | 830 | &nbsp;&nbsp; 128169 |
| Sword Group (d) | 1364 | &nbsp;&nbsp; 57304 |
| Synergie SE | 3366 | &nbsp;&nbsp; 119639 |
| Technip Energies NV | 22685 | &nbsp;&nbsp; 861653 |
| Teleperformance SE | 9401 | &nbsp;&nbsp; 677370 |
| Television Francaise 1 SA | 9749 | &nbsp;&nbsp; 95209 |
| Thermador Groupe (d) | 1683 | &nbsp;&nbsp; 153319 |
| Tikehau Capital SCA (d) | 7508 | &nbsp;&nbsp; 139485 |
| Trigano SA (d) | 2175 | &nbsp;&nbsp; 448279 |
| Valeo SE | 36656 | &nbsp;&nbsp; 500039 |
| Vallourec SACA (d) | 37257 | &nbsp;&nbsp; 685306 |
| Vetoquinol SA | 376 | &nbsp;&nbsp; 36852 |
| Vicat SACA | 3936 | &nbsp;&nbsp; 349917 |
| VIEL & Cie SA | 4205 | &nbsp;&nbsp; 83981 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **France — (Continued)** | **France — (Continued)** | **France — (Continued)** |
| Virbac SACA | 307 | &nbsp;&nbsp; $128578 |
| Viridien (a) | 1557 | &nbsp;&nbsp; 180104 |
| Vivendi SE (a) | 63152 | &nbsp;&nbsp; 175248 |
| Voltalia SA (a) (d) | 4361 | &nbsp;&nbsp; 39820 |
| Vranken-Pommery Monopole SA | 958 | &nbsp;&nbsp; 12778 |
| Wavestone | 126 | &nbsp;&nbsp; 8210 |
|  |  | &nbsp;&nbsp; 25540852 |
| **Georgia — 0.4%** | **Georgia — 0.4%** | **Georgia — 0.4%** |
| Georgia Capital PLC (a) | 7105 | &nbsp;&nbsp; 295870 |
| Lion Finance Group PLC | 9821 | &nbsp;&nbsp; 1219520 |
| TBC Bank Group PLC | 7218 | &nbsp;&nbsp; 391318 |
|  |  | &nbsp;&nbsp; 1906708 |
| **Germany — 5.9%** | **Germany — 5.9%** | **Germany — 5.9%** |
| 1&1 AG (d) | 9578 | &nbsp;&nbsp; 278345 |
| 7C Solarparken AG (a) | 9101 | &nbsp;&nbsp; 17333 |
| Adesso SE (d) | 561 | &nbsp;&nbsp; 58329 |
| Adtran Networks SE | 908 | &nbsp;&nbsp; 23263 |
| All for One Group SE | 498 | &nbsp;&nbsp; 25106 |
| Allgeier SE (d) | 2090 | &nbsp;&nbsp; 51058 |
| AlzChem Group AG | 731 | &nbsp;&nbsp; 132569 |
| Amadeus Fire AG | 779 | &nbsp;&nbsp; 39408 |
| Aroundtown SA (a) | 165287 | &nbsp;&nbsp; 514212 |
| Atoss Software SE | 1982 | &nbsp;&nbsp; 268753 |
| Aurubis AG (d) | 7148 | &nbsp;&nbsp; 1043240 |
| Bechtle AG | 19131 | &nbsp;&nbsp; 982198 |
| Bertrandt AG | 1545 | &nbsp;&nbsp; 33550 |
| Bijou Brigitte AG | 1055 | &nbsp;&nbsp; 51215 |
| Bilfinger SE | 7883 | &nbsp;&nbsp; 994909 |
| Borussia Dortmund GmbH & Co. KGaA (d) | 18711 | &nbsp;&nbsp; 72575 |
| BRANICKS Group AG (a) (d) | 13461 | &nbsp;&nbsp; 27165 |
| Brenntag SE (d) | 7102 | &nbsp;&nbsp; 413641 |
| CANCOM SE | 2487 | &nbsp;&nbsp; 77853 |
| Ceconomy AG (a) | 37777 | &nbsp;&nbsp; 198454 |
| CENIT AG (a) | 3413 | &nbsp;&nbsp; 29428 |
| Cewe Stiftung & Co. KGaA (d) | 1300 | &nbsp;&nbsp; 158366 |
| CTS Eventim AG & Co. KGaA | 5258 | &nbsp;&nbsp; 482641 |
| Data Modul AG Produktion Und Vertrieb Von Elektronischen <br> Systemen<br>| 138 | &nbsp;&nbsp; 4775 |
| Dermapharm Holding SE (d) | 3685 | &nbsp;&nbsp; 170479 |
| Deutsche Beteiligungs AG (d) | 2224 | &nbsp;&nbsp; 65735 |
| Deutsche EuroShop AG | 1221 | &nbsp;&nbsp; 26990 |
| Deutsche Pfandbriefbank AG (d) | 30601 | &nbsp;&nbsp; 151532 |
| Deutz AG | 26653 | &nbsp;&nbsp; 266035 |
| Draegerwerk AG & Co. KGaA (d) | 705 | &nbsp;&nbsp; 46555 |
| Duerr AG | 11956 | &nbsp;&nbsp; 316771 |
| DWS Group GmbH & Co. KGaA | 3655 | &nbsp;&nbsp; 242101 |
| Eckert & Ziegler SE | 10434 | &nbsp;&nbsp; 187092 |
| Elmos Semiconductor SE | 1461 | &nbsp;&nbsp; 165598 |
| ElringKlinger AG (d) | 6993 | &nbsp;&nbsp; 35376 |
| Energiekontor AG (d) | 880 | &nbsp;&nbsp; 36949 |
| EuroEyes International Eye Clinic Ltd.  | 10000 | &nbsp;&nbsp; 3906 |
| Evonik Industries AG | 14031 | &nbsp;&nbsp; 220199 |
| Evotec SE (a) | 5019 | &nbsp;&nbsp; 32168 |
| Fielmann Group AG (d) | 6031 | &nbsp;&nbsp; 308549 |

---

*See accompanying notes to financial statements.*

**BHFTII-124**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Germany — (Continued)** | **Germany — (Continued)** | **Germany — (Continued)** |
| flatexDEGIRO AG | 12762 | &nbsp;&nbsp; $546910 |
| FORTEC Elektronik AG | 253 | &nbsp;&nbsp; 3261 |
| Fraport AG Frankfurt Airport Services Worldwide (a) (d) | 8329 | &nbsp;&nbsp; 681378 |
| Freenet AG | 28407 | &nbsp;&nbsp; 978996 |
| Friedrich Vorwerk Group SE | 938 | &nbsp;&nbsp; 89949 |
| FUCHS SE | 5602 | &nbsp;&nbsp; 197426 |
| GEA Group AG | 14834 | &nbsp;&nbsp; 1007131 |
| Gerresheimer AG (d) | 1977 | &nbsp;&nbsp; 64053 |
| Gesco SE | 2953 | &nbsp;&nbsp; 49455 |
| GFT Technologies SE (d) | 3497 | &nbsp;&nbsp; 77344 |
| Grand City Properties SA | 17052 | &nbsp;&nbsp; 196806 |
| Grenke AG (d) | 1610 | &nbsp;&nbsp; 29359 |
| Hawesko Holding SE | 223 | &nbsp;&nbsp; 5044 |
| Heidelberger Druckmaschinen AG (a) (d) | 61130 | &nbsp;&nbsp; 145162 |
| HelloFresh SE (a) (d) | 19889 | &nbsp;&nbsp; 142365 |
| Hensoldt AG (d) | 11970 | &nbsp;&nbsp; 1034417 |
| Hoenle AG (a) (d) | 2084 | &nbsp;&nbsp; 17000 |
| Hornbach Holding AG & Co. KGaA (d) | 2431 | &nbsp;&nbsp; 239300 |
| HUGO BOSS AG (d) | 8004 | &nbsp;&nbsp; 339995 |
| Indus Holding AG | 3250 | &nbsp;&nbsp; 107697 |
| Init Innovation in Traffic Systems SE | 1552 | &nbsp;&nbsp; 85131 |
| Instone Real Estate Group SE | 7263 | &nbsp;&nbsp; 65488 |
| IVU Traffic Technologies AG | 1432 | &nbsp;&nbsp; 35157 |
| Jenoptik AG | 8078 | &nbsp;&nbsp; 185642 |
| JOST Werke SE | 2840 | &nbsp;&nbsp; 180449 |
| K&S AG (d) | 39216 | &nbsp;&nbsp; 572181 |
| KION Group AG | 13725 | &nbsp;&nbsp; 1097421 |
| Koenig & Bauer AG (a) | 2020 | &nbsp;&nbsp; 25396 |
| Krones AG | 3288 | &nbsp;&nbsp; 524632 |
| KSB SE & Co. KGaA | 51 | &nbsp;&nbsp; 57798 |
| KWS Saat SE & Co. KGaA | 2406 | &nbsp;&nbsp; 193537 |
| Lanxess AG (d) | 19379 | &nbsp;&nbsp; 401706 |
| LEG Immobilien SE | 14791 | &nbsp;&nbsp; 1080200 |
| Leifheit AG | 2380 | &nbsp;&nbsp; 42507 |
| Medios AG (a) | 96 | &nbsp;&nbsp; 1628 |
| MLP SE (d) | 19478 | &nbsp;&nbsp; 157988 |
| Mutares SE & Co. KGaA (d) | 1778 | &nbsp;&nbsp; 62653 |
| Nagarro SE | 1067 | &nbsp;&nbsp; 95867 |
| Nemetschek SE | 836 | &nbsp;&nbsp; 91157 |
| Nordex SE (a) | 5603 | &nbsp;&nbsp; 191685 |
| Norma Group SE | 3073 | &nbsp;&nbsp; 52612 |
| Patrizia SE (d) | 9361 | &nbsp;&nbsp; 89406 |
| Pentixapharm Holding AG (a) | 3291 | &nbsp;&nbsp; 5734 |
| Pfeiffer Vacuum Technology AG | 131 | &nbsp;&nbsp; 24384 |
| ProCredit Holding AG | 1061 | &nbsp;&nbsp; 10499 |
| Puma SE | 10416 | &nbsp;&nbsp; 270267 |
| PVA TePla AG (a) (d) | 2982 | &nbsp;&nbsp; 79925 |
| PWO AG (d) | 822 | &nbsp;&nbsp; 28186 |
| q.beyond AG (a) | 24973 | &nbsp;&nbsp; 20262 |
| R Stahl AG (a) (d) | 1594 | &nbsp;&nbsp; 27490 |
| RENK Group AG | 1770 | &nbsp;&nbsp; 110829 |
| SAF-Holland SE | 9928 | &nbsp;&nbsp; 178404 |
| Salzgitter AG | 5398 | &nbsp;&nbsp; 255281 |
| Scout24 SE | 1910 | &nbsp;&nbsp; 192520 |
| Secunet Security Networks AG | 391 | &nbsp;&nbsp; 85173 |
| SFC Energy AG (a) | 802 | &nbsp;&nbsp; 11546 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Germany — (Continued)** | **Germany — (Continued)** | **Germany — (Continued)** |
| SGL Carbon SE (a) | 8945 | &nbsp;&nbsp; $32896 |
| Siltronic AG (d) | 738 | &nbsp;&nbsp; 41831 |
| Sixt SE | 3109 | &nbsp;&nbsp; 258485 |
| SMA Solar Technology AG (a) | 1529 | &nbsp;&nbsp; 61196 |
| Softwareone Holding AG | 13461 | &nbsp;&nbsp; 154090 |
| Stabilus SE | 1865 | &nbsp;&nbsp; 44800 |
| STRATEC SE (d) | 1280 | &nbsp;&nbsp; 33754 |
| Stroeer SE & Co. KGaA (d) | 6565 | &nbsp;&nbsp; 285265 |
| Suedzucker AG (d) | 14599 | &nbsp;&nbsp; 156688 |
| Surteco Group SE | 2209 | &nbsp;&nbsp; 28563 |
| SUSS MicroTec SE | 644 | &nbsp;&nbsp; 29589 |
| Symrise AG | 6850 | &nbsp;&nbsp; 554307 |
| TAG Immobilien AG | 43340 | &nbsp;&nbsp; 672170 |
| Takkt AG (d) | 5204 | &nbsp;&nbsp; 22518 |
| TeamViewer SE (a) | 18997 | &nbsp;&nbsp; 135006 |
| Technotrans SE | 1427 | &nbsp;&nbsp; 57463 |
| thyssenkrupp AG | 116223 | &nbsp;&nbsp; 1256501 |
| Tkms AG& Co. KGaA (a) | 5811 | &nbsp;&nbsp; 449863 |
| TUI AG (a) | 58083 | &nbsp;&nbsp; 612956 |
| United Internet AG | 13280 | &nbsp;&nbsp; 428726 |
| Verbio SE (a) (d) | 1497 | &nbsp;&nbsp; 37256 |
| Vossloh AG (d) | 2425 | &nbsp;&nbsp; 217689 |
| Wacker Chemie AG (d) | 2085 | &nbsp;&nbsp; 169872 |
| Wacker Neuson SE (d) | 6415 | &nbsp;&nbsp; 185130 |
| Washtec AG | 3286 | &nbsp;&nbsp; 183834 |
| Westwing Group SE (a) | 395 | &nbsp;&nbsp; 5308 |
| Wuestenrot & Wuerttembergische AG | 4932 | &nbsp;&nbsp; 84159 |
| Zalando SE (a) | 24162 | &nbsp;&nbsp; 717394 |
| Zeal Network SE | 469 | &nbsp;&nbsp; 28959 |
|  |  | &nbsp;&nbsp; 27744478 |
| **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** |
| Tullow Oil PLC (a) (d) | 216529 | &nbsp;&nbsp; 17579 |
| **Greece — 0.0%** | **Greece — 0.0%** | **Greece — 0.0%** |
| Okeanis Eco Tankers Corp. (d) | 1944 | &nbsp;&nbsp; 64690 |
| **Greenland — 0.0%** | **Greenland — 0.0%** | **Greenland — 0.0%** |
| GronlandsBANKEN AS | 140 | &nbsp;&nbsp; 19381 |
| **Guernsey, Channel Islands — 0.0%** | **Guernsey, Channel Islands — 0.0%** | **Guernsey, Channel Islands — 0.0%** |
| Raven Property Group Ltd. (a) (b) (c) | 112611 | &nbsp;&nbsp; 0 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| Aeon Credit Service Asia Co. Ltd.  | 44000 | &nbsp;&nbsp; 40872 |
| Allied Group Ltd. (a) | 218000 | &nbsp;&nbsp; 63865 |
| APAC Resources Ltd.  | 94156 | &nbsp;&nbsp; 27702 |
| Apollo Future Mobility Group Ltd. (a) | 17400 | &nbsp;&nbsp; 1520 |
| Asia Financial Holdings Ltd.  | 88000 | &nbsp;&nbsp; 50882 |
| Asia Standard International Group Ltd. (a) | 296000 | &nbsp;&nbsp; 9501 |
| ASMPT Ltd.  | 19000 | &nbsp;&nbsp; 189080 |
| Associated International Hotels Ltd.  | 14000 | &nbsp;&nbsp; 9084 |
| Bank of East Asia Ltd.  | 110734 | &nbsp;&nbsp; 189317 |
| Bel Global Resources Holdings Ltd. (a) (b) (c) | 520000 | &nbsp;&nbsp; 0 |
| Bright Smart Securities & Commodities Group Ltd. (a) | 98000 | &nbsp;&nbsp; 101142 |
| Brightoil Petroleum Holdings Ltd. (a) (b) (c) | 591000 | &nbsp;&nbsp; 0 |
| Build King Holdings Ltd.  | 160000 | &nbsp;&nbsp; 29193 |

---

*See accompanying notes to financial statements.*

**BHFTII-125**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| Burwill Holdings Ltd. (a) (b) (c) | 1566000 | &nbsp;&nbsp; $0 |
| Cafe de Coral Holdings Ltd. (d) | 82000 | &nbsp;&nbsp; 51779 |
| Chen Hsong Holdings | 150000 | &nbsp;&nbsp; 30249 |
| Cheuk Nang Holdings Ltd.  | 108566 | &nbsp;&nbsp; 15377 |
| Chevalier International Holdings Ltd.  | 75139 | &nbsp;&nbsp; 40001 |
| China Energy Development Holdings Ltd. (a) | 84400 | &nbsp;&nbsp; 16823 |
| China Motor Bus Co. Ltd.  | 4800 | &nbsp;&nbsp; 36390 |
| China Solar (a) (b) (c) | 162000 | &nbsp;&nbsp; 0 |
| China Star Entertainment Ltd. (a) (d) | 378000 | &nbsp;&nbsp; 126623 |
| Chinese Estates Holdings Ltd.  | 151000 | &nbsp;&nbsp; 23836 |
| Chow Sang Sang Holdings International Ltd.  | 70000 | &nbsp;&nbsp; 109385 |
| Chuang's Consortium International Ltd. (a) | 382357 | &nbsp;&nbsp; 15469 |
| CK Life Sciences International Holdings, Inc. (a) | 304000 | &nbsp;&nbsp; 31935 |
| C-Mer Medical Holdings Ltd.  | 74000 | &nbsp;&nbsp; 16449 |
| Convoy, Inc. (a) (b) (c) | 1314000 | &nbsp;&nbsp; 5285 |
| Cowell e Holdings, Inc. (a) (d) | 39000 | &nbsp;&nbsp; 137778 |
| Crystal International Group Ltd.  | 29500 | &nbsp;&nbsp; 25366 |
| CSC Holdings Ltd. (a) | 4927500 | &nbsp;&nbsp; 18960 |
| CSI Properties Ltd. (a) | 3183630 | &nbsp;&nbsp; 71586 |
| CTF Services Ltd.  | 220414 | &nbsp;&nbsp; 211412 |
| CW Group Holdings Ltd. (a) (b) (c) | 106000 | &nbsp;&nbsp; 0 |
| Dah Sing Banking Group Ltd.  | 81471 | &nbsp;&nbsp; 111409 |
| Dah Sing Financial Holdings Ltd.  | 34660 | &nbsp;&nbsp; 157214 |
| DFI Retail Group Holdings Ltd.  | 5900 | &nbsp;&nbsp; 23280 |
| Dickson Concepts International Ltd.  | 87500 | &nbsp;&nbsp; 67268 |
| DMX Technologies Group Ltd. (a) (b) (c) | 186000 | &nbsp;&nbsp; 0 |
| Eagle Nice International Holdings Ltd.  | 80000 | &nbsp;&nbsp; 36490 |
| EC Healthcare (a) | 59000 | &nbsp;&nbsp; 4473 |
| EcoGreen International Group Ltd. (a) (b) (c) | 118800 | &nbsp;&nbsp; 5439 |
| Emperor Watch & Jewellery Ltd.  | 960000 | &nbsp;&nbsp; 28206 |
| ENM Holdings Ltd. (a) | 412000 | &nbsp;&nbsp; 20381 |
| Esprit Holdings Ltd. (a) | 50427 | &nbsp;&nbsp; 7451 |
| Fairwood Holdings Ltd.  | 26500 | &nbsp;&nbsp; 15891 |
| Far East Consortium International Ltd. (a) | 394956 | &nbsp;&nbsp; 36433 |
| Genting Hong Kong Ltd. (a) (b) (c) | 327000 | &nbsp;&nbsp; 0 |
| Get Nice Holdings Ltd.  | 20800 | &nbsp;&nbsp; 8036 |
| Giordano International Ltd.  | 270000 | &nbsp;&nbsp; 49610 |
| Glorious Sun Enterprises Ltd.  | 393000 | &nbsp;&nbsp; 71161 |
| Gold Financial Holdings Ltd. (a) (b) (c) | 214000 | &nbsp;&nbsp; 0 |
| Gold Peak Technology Group Ltd.  | 277714 | &nbsp;&nbsp; 27476 |
| Golden Resources Development International Ltd.  | 264000 | &nbsp;&nbsp; 11873 |
| Good Resources Holdings, Ltd. (a) (b) (c) | 420000 | &nbsp;&nbsp; 0 |
| GR Life Style Co. Ltd. (a) | 82000 | &nbsp;&nbsp; 24549 |
| Great Eagle Holdings Ltd.  | 34491 | &nbsp;&nbsp; 66724 |
| G-Resources Group Ltd.  | 44180 | &nbsp;&nbsp; 67646 |
| Guoco Group Ltd.  | 1000 | &nbsp;&nbsp; 9081 |
| Guotai Junan International Holdings Ltd. (d) | 310600 | &nbsp;&nbsp; 101185 |
| Hang Lung Group Ltd.  | 155000 | &nbsp;&nbsp; 303337 |
| Hang Lung Properties Ltd.  | 94092 | &nbsp;&nbsp; 103909 |
| Hanison Construction Holdings Ltd. (a) | 148009 | &nbsp;&nbsp; 4404 |
| Harbour Centre Development Ltd.  | 88000 | &nbsp;&nbsp; 47490 |
| HKR International Ltd. (a) | 343680 | &nbsp;&nbsp; 46672 |
| Hon Kwok Land Investment Co. Ltd.  | 140000 | &nbsp;&nbsp; 16716 |
| Hong Kong Ferry Holdings Co. Ltd.  | 39000 | &nbsp;&nbsp; 23957 |
| Hong Kong Technology Venture Co. Ltd.  | 52296 | &nbsp;&nbsp; 9388 |
| Hongkong & Shanghai Hotels Ltd. (a) | 95902 | &nbsp;&nbsp; 72775 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| HSIN Chong Group Holdings Ltd. (a) (b) (c) | 918000 | &nbsp;&nbsp; $0 |
| Hung Hing Printing Group Ltd.  | 252000 | &nbsp;&nbsp; 29789 |
| Hutchison Port Holdings Trust | 909200 | &nbsp;&nbsp; 200260 |
| Hutchison Telecommunications Hong Kong Holdings Ltd.  | 258000 | &nbsp;&nbsp; 38421 |
| Hysan Development Co. Ltd.  | 125000 | &nbsp;&nbsp; 302927 |
| International Housewares Retail Co. Ltd.  | 105000 | &nbsp;&nbsp; 10119 |
| IPE Group Ltd. (a) | 285000 | &nbsp;&nbsp; 27117 |
| Jacobson Pharma Corp. Ltd.  | 90000 | &nbsp;&nbsp; 15017 |
| Johnson Electric Holdings Ltd.  | 67691 | &nbsp;&nbsp; 256479 |
| Joy Faith Investment Ltd. (a) (b) (c) | 420000 | &nbsp;&nbsp; 0 |
| K Wah International Holdings Ltd.  | 172000 | &nbsp;&nbsp; 46328 |
| Karrie International Holdings Ltd.  | 140000 | &nbsp;&nbsp; 43348 |
| Keck Seng Investments Hong Kong Ltd.  | 72000 | &nbsp;&nbsp; 19604 |
| Kerry Properties Ltd.  | 105500 | &nbsp;&nbsp; 274111 |
| Kowloon Development Co. Ltd.  | 137655 | &nbsp;&nbsp; 75879 |
| Lai Sun Development Co. Ltd. (a) | 111919 | &nbsp;&nbsp; 8627 |
| Lai Sun Garment International Ltd. (a) | 62634 | &nbsp;&nbsp; 4024 |
| Lam Soon Hong Kong Ltd.  | 15000 | &nbsp;&nbsp; 20430 |
| Langham Hospitality Investments & Langham Hospitality <br> Investments Ltd. <br>| 209699 | &nbsp;&nbsp; 13337 |
| Lerthai Group Ltd. (a) (b) (c) | 18000 | &nbsp;&nbsp; 0 |
| Liu Chong Hing Investment Ltd.  | 78000 | &nbsp;&nbsp; 44699 |
| Luk Fook Holdings International Ltd.  | 62000 | &nbsp;&nbsp; 187055 |
| Man Wah Holdings Ltd.  | 240800 | &nbsp;&nbsp; 141211 |
| Mandarin Oriental International Ltd.  | 67000 | &nbsp;&nbsp; 221773 |
| Matrix Holdings Ltd.  | 36000 | &nbsp;&nbsp; 1989 |
| Melco International Development Ltd. (a) | 49499 | &nbsp;&nbsp; 27569 |
| MH Development NPV (a) (b) (c) | 124000 | &nbsp;&nbsp; 0 |
| Midland Holdings Ltd. (a) | 134010 | &nbsp;&nbsp; 39517 |
| Miramar Hotel & Investment | 51000 | &nbsp;&nbsp; 66539 |
| Modern Dental Group Ltd.  | 79000 | &nbsp;&nbsp; 54005 |
| Nameson Holdings Ltd.  | 130000 | &nbsp;&nbsp; 17327 |
| New World Development Co. Ltd. (a) | 167000 | &nbsp;&nbsp; 155680 |
| NewOcean Energy Holdings Ltd. (a) (b) (c) | 398000 | &nbsp;&nbsp; 0 |
| Nissin Foods Co. Ltd.  | 47000 | &nbsp;&nbsp; 44422 |
| Oriental Watch Holdings | 96484 | &nbsp;&nbsp; 45333 |
| Oshidori International Holdings Ltd. (a) | 1068000 | &nbsp;&nbsp; 102921 |
| Pacific Andes International Holdings Ltd. (a) (b) (c) | 1819984 | &nbsp;&nbsp; 0 |
| Pacific Basin Shipping Ltd. (d) | 874000 | &nbsp;&nbsp; 261221 |
| Pacific Textiles Holdings Ltd.  | 194000 | &nbsp;&nbsp; 31143 |
| Paradise Entertainment Ltd.  | 48000 | &nbsp;&nbsp; 4071 |
| PAX Global Technology Ltd.  | 20000 | &nbsp;&nbsp; 12951 |
| PCCW Ltd.  | 362582 | &nbsp;&nbsp; 251223 |
| Perfect Medical Health Management Ltd.  | 108000 | &nbsp;&nbsp; 17207 |
| Pico Far East Holdings Ltd.  | 178000 | &nbsp;&nbsp; 61210 |
| Playmates Holdings Ltd.  | 460000 | &nbsp;&nbsp; 28956 |
| Plover Bay Technologies Ltd.  | 17000 | &nbsp;&nbsp; 13062 |
| Public Financial Holdings Ltd.  | 166000 | &nbsp;&nbsp; 29008 |
| Regina Miracle International Holdings Ltd.  | 71000 | &nbsp;&nbsp; 22872 |
| SAS Dragon Holdings Ltd.  | 140000 | &nbsp;&nbsp; 80957 |
| SEA Holdings Ltd.  | 63896 | &nbsp;&nbsp; 10509 |
| Shun Tak Holdings Ltd. (a) | 379500 | &nbsp;&nbsp; 31609 |
| Singamas Container Holdings Ltd.  | 388000 | &nbsp;&nbsp; 34374 |
| SmarTone Telecommunications Holdings Ltd.  | 66888 | &nbsp;&nbsp; 40368 |
| Soundwill Holdings Ltd. (a) | 41500 | &nbsp;&nbsp; 33059 |
| Stella International Holdings Ltd.  | 119000 | &nbsp;&nbsp; 228509 |

---

*See accompanying notes to financial statements.*

**BHFTII-126**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| Sun Hung Kai & Co. Ltd.  | 126440 | &nbsp;&nbsp; $64975 |
| SUNeVision Holdings Ltd. (d) | 133000 | &nbsp;&nbsp; 78442 |
| TAI Cheung Holdings Ltd.  | 192000 | &nbsp;&nbsp; 86014 |
| Tan Chong International Ltd.  | 63000 | &nbsp;&nbsp; 15218 |
| Television Broadcasts Ltd. (a) | 97700 | &nbsp;&nbsp; 38414 |
| Texwinca Holdings Ltd.  | 236000 | &nbsp;&nbsp; 30325 |
| Tradelink Electronic Commerce Ltd.  | 256000 | &nbsp;&nbsp; 34209 |
| Transport International Holdings Ltd.  | 53961 | &nbsp;&nbsp; 73445 |
| United Laboratories International Holdings Ltd. (d) | 201000 | &nbsp;&nbsp; 298544 |
| Up Energy Development Group Ltd. (a) (b) (c) | 92000 | &nbsp;&nbsp; 0 |
| Upbest Group Ltd.  | 16000 | &nbsp;&nbsp; 1398 |
| Value Partners Group Ltd.  | 215000 | &nbsp;&nbsp; 66530 |
| Valuetronics Holdings Ltd.  | 71690 | &nbsp;&nbsp; 47687 |
| Vedan International Holdings Ltd.  | 296000 | &nbsp;&nbsp; 25482 |
| Vitasoy International Holdings Ltd.  | 124000 | &nbsp;&nbsp; 99618 |
| VTech Holdings Ltd.  | 34600 | &nbsp;&nbsp; 272057 |
| Wang On Group Ltd. (a) | 2200000 | &nbsp;&nbsp; 6207 |
| Wealthink AI-Innovation Capital Ltd. (a) | 284000 | &nbsp;&nbsp; 7283 |
| Wing On Co. International Ltd.  | 46000 | &nbsp;&nbsp; 82109 |
| Wing Tai Properties Ltd.  | 176000 | &nbsp;&nbsp; 39723 |
| Yue Yuen Industrial Holdings Ltd.  | 143500 | &nbsp;&nbsp; 294203 |
| Yunfeng Financial Group Ltd. (a) | 34000 | &nbsp;&nbsp; 13680 |
|  |  | &nbsp;&nbsp; 8680514 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| First Pacific Co. Ltd.  | 462000 | &nbsp;&nbsp; 353285 |
| First Resources Ltd.  | 78300 | &nbsp;&nbsp; 127268 |
| Gallant Venture Ltd. (a) | 257900 | &nbsp;&nbsp; 17657 |
| Golden Agri-Resources Ltd.  | 1125500 | &nbsp;&nbsp; 249548 |
| Nickel Industries Ltd.  | 203875 | &nbsp;&nbsp; 113347 |
|  |  | &nbsp;&nbsp; 861105 |
| **Iraq — 0.0%** | **Iraq — 0.0%** | **Iraq — 0.0%** |
| Genel Energy PLC (a) | 25050 | &nbsp;&nbsp; 20092 |
| Gulf Keystone Petroleum Ltd.  | 48140 | &nbsp;&nbsp; 115012 |
|  |  | &nbsp;&nbsp; 135104 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| C&C Group PLC (d) | 86867 | &nbsp;&nbsp; 157388 |
| Cairn Homes PLC | 87179 | &nbsp;&nbsp; 212295 |
| COSMO Pharmaceuticals NV | 823 | &nbsp;&nbsp; 108654 |
| FBD Holdings PLC | 6895 | &nbsp;&nbsp; 127551 |
| Glanbia PLC | 36185 | &nbsp;&nbsp; 620415 |
| Glenveagh Properties PLC (a) | 61605 | &nbsp;&nbsp; 139742 |
| Greencore Group PLC | 112356 | &nbsp;&nbsp; 384426 |
| Hostelworld Group PLC | 8529 | &nbsp;&nbsp; 14289 |
| Irish Continental Group PLC | 20378 | &nbsp;&nbsp; 144150 |
| Permanent TSB Group Holdings PLC (a) | 15086 | &nbsp;&nbsp; 50709 |
|  |  | &nbsp;&nbsp; 1959619 |
| **Isle of Man — 0.0%** | **Isle of Man — 0.0%** | **Isle of Man — 0.0%** |
| Strix Group PLC (a) | 15100 | &nbsp;&nbsp; 9566 |
| **Israel — 1.2%** | **Israel — 1.2%** | **Israel — 1.2%** |
| Adgar Investment & Development Ltd. (a) | 11788 | &nbsp;&nbsp; 17525 |
| Afcon Holdings Ltd.  | 660 | &nbsp;&nbsp; 74231 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Israel — (Continued)** | **Israel — (Continued)** | **Israel — (Continued)** |
| AFI Properties Ltd. (a) | 544 | &nbsp;&nbsp; $39968 |
| Africa Israel Residences Ltd.  | 880 | &nbsp;&nbsp; 76351 |
| Allot Ltd. (a) | 1208 | &nbsp;&nbsp; 11911 |
| Alrov Properties & Lodgings Ltd.  | 1801 | &nbsp;&nbsp; 139167 |
| Arad Ltd.  | 2224 | &nbsp;&nbsp; 35852 |
| AudioCodes Ltd.  | 1 | &nbsp;&nbsp; 5 |
| Avgol Industries 1953 Ltd. (a) | 27883 | &nbsp;&nbsp; 11858 |
| Azorim-Investment Development & Construction Co. Ltd.  | 10081 | &nbsp;&nbsp; 58656 |
| Blue Square Real Estate Ltd.  | 785 | &nbsp;&nbsp; 97573 |
| Carasso Motors Ltd. (a) | 5984 | &nbsp;&nbsp; 66668 |
| Cellcom Israel Ltd.  | 12049 | &nbsp;&nbsp; 141988 |
| Ceragon Networks Ltd. (a) (d) | 14799 | &nbsp;&nbsp; 31078 |
| Danel Adir Yeoshua Ltd.  | 1006 | &nbsp;&nbsp; 148873 |
| Delek Automotive Systems Ltd.  | 4372 | &nbsp;&nbsp; 33344 |
| Delta Galil Ltd.  | 700 | &nbsp;&nbsp; 38199 |
| Dor Alon Energy in Israel 1988 Ltd.  | 1540 | &nbsp;&nbsp; 77758 |
| Electra Consumer Products 1970 Ltd.  | 1793 | &nbsp;&nbsp; 60904 |
| Energean PLC (d) | 27001 | &nbsp;&nbsp; 322506 |
| Equital Ltd. (a) | 1117 | &nbsp;&nbsp; 56927 |
| FMS Enterprises Migun Ltd.  | 864 | &nbsp;&nbsp; 63762 |
| Fox Wizel Ltd.  | 908 | &nbsp;&nbsp; 89188 |
| Gilat Satellite Networks Ltd. (a) | 9844 | &nbsp;&nbsp; 127042 |
| Globrands Ltd.  | 93 | &nbsp;&nbsp; 13385 |
| IDI Insurance Co. Ltd.  | 1564 | &nbsp;&nbsp; 118706 |
| IES Holdings Ltd. (a) | 569 | &nbsp;&nbsp; 74053 |
| Ilex Medical Ltd.  | 959 | &nbsp;&nbsp; 20021 |
| Inrom Construction Industries Ltd.  | 17580 | &nbsp;&nbsp; 121441 |
| Isracard Ltd.  | 22812 | &nbsp;&nbsp; 111743 |
| Isras Investment Co. Ltd.  | 188 | &nbsp;&nbsp; 58084 |
| Issta Ltd.  | 1175 | &nbsp;&nbsp; 41619 |
| Kamada Ltd.  | 7951 | &nbsp;&nbsp; 56431 |
| Kardan Real Estate Enterprise & Development Ltd.  | 9389 | &nbsp;&nbsp; 17643 |
| Kerur Holdings Ltd. (a) | 2088 | &nbsp;&nbsp; 58857 |
| Klil Industries Ltd.  | 315 | &nbsp;&nbsp; 19747 |
| Kvutzat Acro Ltd.  | 2674 | &nbsp;&nbsp; 38656 |
| Lahav L.R. Real Estate Ltd.  | 7734 | &nbsp;&nbsp; 20398 |
| Land Development Nimrodi Group Ltd.  | 3950 | &nbsp;&nbsp; 51577 |
| Lapidoth Capital Ltd.  | 607 | &nbsp;&nbsp; 18399 |
| M Yochananof & Sons Ltd.  | 586 | &nbsp;&nbsp; 62253 |
| Magic Software Enterprises Ltd.  | 4778 | &nbsp;&nbsp; 124354 |
| Malam - Team Ltd. (a) | 1160 | &nbsp;&nbsp; 48443 |
| Max Stock Ltd.  | 4536 | &nbsp;&nbsp; 36401 |
| Mediterranean Towers Ltd.  | 19316 | &nbsp;&nbsp; 84484 |
| Meitav Investment House Ltd.  | 10041 | &nbsp;&nbsp; 364471 |
| Meshulam Levinstein Contracting & Engineering Ltd.  | 255 | &nbsp;&nbsp; 43091 |
| Mivtach Shamir Holdings Ltd.  | 906 | &nbsp;&nbsp; 116682 |
| Mizrahi Tefahot Bank Ltd.  | 1 | &nbsp;&nbsp; 64 |
| Nawi Group Ltd.  | 3373 | &nbsp;&nbsp; 57609 |
| Neto Malinda Trading Ltd.  | 783 | &nbsp;&nbsp; 37028 |
| Neto ME Holdings Ltd. (a) | 492 | &nbsp;&nbsp; 36151 |
| Nexxen International Ltd. (a) | 7429 | &nbsp;&nbsp; 48586 |
| Novolog Ltd.  | 43939 | &nbsp;&nbsp; 17279 |
| Oil Refineries Ltd.  | 258232 | &nbsp;&nbsp; 80359 |
| OY Nofar Energy Ltd. (a) | 1445 | &nbsp;&nbsp; 50864 |
| Perion Network Ltd. (a) | 2894 | &nbsp;&nbsp; 27377 |
| Plasson Industries Ltd.  | 696 | &nbsp;&nbsp; 39979 |

---

*See accompanying notes to financial statements.*

**BHFTII-127**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Israel — (Continued)** | **Israel — (Continued)** | **Israel — (Continued)** |
| Plus500 Ltd.  | 17798 | &nbsp;&nbsp; $868704 |
| Polyram Plastic Industries Ltd.  | 3415 | &nbsp;&nbsp; 10913 |
| Prashkovsky Investments & Construction Ltd. (a) | 569 | &nbsp;&nbsp; 27973 |
| Priortech Ltd. (a) | 628 | &nbsp;&nbsp; 42722 |
| Qualitau Ltd.  | 607 | &nbsp;&nbsp; 115042 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.  | 1570 | &nbsp;&nbsp; 173327 |
| Retailors Ltd.  | 1447 | &nbsp;&nbsp; 19306 |
| Sano-Brunos Enterprises Ltd.  | 46 | &nbsp;&nbsp; 6397 |
| Scope Metals Group Ltd.  | 1374 | &nbsp;&nbsp; 75113 |
| Shikun & Binui Soltec Renewable Energy (a) | 15758 | &nbsp;&nbsp; 17923 |
| Summit Real Estate Holdings Ltd. (REIT) | 4460 | &nbsp;&nbsp; 86771 |
| Suny Cellular Communication Ltd.  | 16495 | &nbsp;&nbsp; 8479 |
| Tadiran Group Ltd.  | 539 | &nbsp;&nbsp; 22246 |
| Tamar Petroleum Ltd.  | 3762 | &nbsp;&nbsp; 44737 |
| Telsys Ltd.  | 1 | &nbsp;&nbsp; 66 |
| Veridis Environment Ltd. (a) | 3156 | &nbsp;&nbsp; 35610 |
| Victory Supermarket Chain Ltd.  | 589 | &nbsp;&nbsp; 10407 |
| YD More Investments Ltd.  | 3237 | &nbsp;&nbsp; 57427 |
|  |  | &nbsp;&nbsp; 5560732 |
| **Italy — 3.7%** | **Italy — 3.7%** | **Italy — 3.7%** |
| A2A SpA | 363373 | &nbsp;&nbsp; 985371 |
| Abitare In SpA (a) (d) | 2488 | &nbsp;&nbsp; 8280 |
| ACEA SpA | 10339 | &nbsp;&nbsp; 268507 |
| Amplifon SpA | 6438 | &nbsp;&nbsp; 103746 |
| Ariston Holding NV | 3301 | &nbsp;&nbsp; 17273 |
| Arnoldo Mondadori Editore SpA | 30273 | &nbsp;&nbsp; 75217 |
| Ascopiave SpA | 16968 | &nbsp;&nbsp; 65523 |
| Azimut Holding SpA | 24097 | &nbsp;&nbsp; 1006729 |
| Banca Generali SpA | 12644 | &nbsp;&nbsp; 846893 |
| Banca IFIS SpA | 4675 | &nbsp;&nbsp; 138784 |
| Banca Profilo SpA | 117883 | &nbsp;&nbsp; 23016 |
| Banca Sistema SpA (a) | 13168 | &nbsp;&nbsp; 26041 |
| Banco di Desio e della Brianza SpA | 7920 | &nbsp;&nbsp; 87394 |
| BFF Bank SpA (a) | 20564 | &nbsp;&nbsp; 228389 |
| Brembo NV | 20302 | &nbsp;&nbsp; 223752 |
| Brunello Cucinelli SpA (d) | 5796 | &nbsp;&nbsp; 666963 |
| Cairo Communication SpA (a) (d) | 13212 | &nbsp;&nbsp; 43618 |
| Cembre SpA | 248 | &nbsp;&nbsp; 19849 |
| CIR SpA-Compagnie Industriali (a) | 120339 | &nbsp;&nbsp; 99120 |
| Credito Emiliano SpA | 15013 | &nbsp;&nbsp; 268380 |
| d'Amico International Shipping SA | 6853 | &nbsp;&nbsp; 39967 |
| Danieli & C Officine Meccaniche SpA | 2437 | &nbsp;&nbsp; 143297 |
| doValue SpA (a) | 13535 | &nbsp;&nbsp; 47311 |
| Emak SpA | 23063 | &nbsp;&nbsp; 25010 |
| Enav SpA | 38399 | &nbsp;&nbsp; 212352 |
| Equita Group SpA | 2498 | &nbsp;&nbsp; 18350 |
| ERG SpA | 916 | &nbsp;&nbsp; 23631 |
| Esprinet SpA | 5413 | &nbsp;&nbsp; 39282 |
| Fila SpA | 5412 | &nbsp;&nbsp; 62035 |
| Fincantieri SpA (a) | 16235 | &nbsp;&nbsp; 314743 |
| FNM SpA | 55327 | &nbsp;&nbsp; 30626 |
| Garofalo Health Care SpA (d) | 4060 | &nbsp;&nbsp; 26627 |
| Hera SpA | 188309 | &nbsp;&nbsp; 888476 |
| IMMSI SpA | 51196 | &nbsp;&nbsp; 33126 |
| Intercos SpA | 2359 | &nbsp;&nbsp; 30633 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Italy — (Continued)** | **Italy — (Continued)** | **Italy — (Continued)** |
| Iren SpA | 134583 | &nbsp;&nbsp; $403518 |
| Italgas SpA | 140447 | &nbsp;&nbsp; 1570386 |
| Italmobiliare SpA (d) | 3032 | &nbsp;&nbsp; 96995 |
| Iveco Group NV | 40291 | &nbsp;&nbsp; 888756 |
| Lottomatica Group SpA | 11613 | &nbsp;&nbsp; 304748 |
| LU-VE SpA | 1991 | &nbsp;&nbsp; 91931 |
| Maire SpA | 32403 | &nbsp;&nbsp; 493215 |
| MARR SpA | 2278 | &nbsp;&nbsp; 24059 |
| MFE-MediaForEurope NV - Class A | 36806 | &nbsp;&nbsp; 133046 |
| MFE-MediaForEurope NV - Class A (d) | 44716 | &nbsp;&nbsp; 155823 |
| MFE-MediaForEurope NV - Class B (d) | 15815 | &nbsp;&nbsp; 76194 |
| Moltiply Group SpA | 3520 | &nbsp;&nbsp; 142902 |
| NewPrinces SpA (a) | 1806 | &nbsp;&nbsp; 40849 |
| Nexi SpA | 62417 | &nbsp;&nbsp; 307946 |
| Orsero SpA | 814 | &nbsp;&nbsp; 17701 |
| OVS SpA | 32456 | &nbsp;&nbsp; 184833 |
| Pharmanutra SpA (d) | 826 | &nbsp;&nbsp; 52425 |
| Piaggio & C SpA (d) | 13551 | &nbsp;&nbsp; 28892 |
| Pirelli & C SpA (d) | 71853 | &nbsp;&nbsp; 494080 |
| RAI Way SpA | 21468 | &nbsp;&nbsp; 140896 |
| Recordati Industria Chimica e Farmaceutica SpA | 4723 | &nbsp;&nbsp; 269026 |
| Reply SpA | 3581 | &nbsp;&nbsp; 481523 |
| Rizzoli Corriere Della Sera Mediagroup SpA | 25276 | &nbsp;&nbsp; 29250 |
| Sabaf SpA | 3059 | &nbsp;&nbsp; 50198 |
| Safilo Group SpA (a) | 12212 | &nbsp;&nbsp; 27470 |
| Saipem SpA (d) | 282320 | &nbsp;&nbsp; 804933 |
| Salvatore Ferragamo SpA (a) | 3759 | &nbsp;&nbsp; 36129 |
| Sanlorenzo SpA (d) | 1764 | &nbsp;&nbsp; 62365 |
| Sesa SpA | 1039 | &nbsp;&nbsp; 108972 |
| Sogefi SpA | 8023 | &nbsp;&nbsp; 31916 |
| SOL SpA | 8590 | &nbsp;&nbsp; 493959 |
| Tamburi Investment Partners SpA (d) | 20113 | &nbsp;&nbsp; 216809 |
| Technogym SpA | 24734 | &nbsp;&nbsp; 466936 |
| Telecom Italia SpA (a) (d) | 1819770 | &nbsp;&nbsp; 1091639 |
| TXT e-solutions SpA | 388 | &nbsp;&nbsp; 13823 |
| Uni Land SpA (a) (b) (c) | 4937 | &nbsp;&nbsp; 0 |
| Webuild SpA (d) | 70140 | &nbsp;&nbsp; 280939 |
| Wiit SpA | 697 | &nbsp;&nbsp; 16451 |
|  |  | &nbsp;&nbsp; 17269844 |
| **Japan — 22.6%** | **Japan — 22.6%** | **Japan — 22.6%** |
| &Do Holdings Co. Ltd. (d) | 1400 | &nbsp;&nbsp; 9460 |
| 77 Bank Ltd. (d) | 6700 | &nbsp;&nbsp; 322848 |
| A&D HOLON Holdings Co. Ltd.  | 5100 | &nbsp;&nbsp; 66559 |
| Achilles Corp.  | 3700 | &nbsp;&nbsp; 34177 |
| ADEKA Corp. (d) | 15800 | &nbsp;&nbsp; 391211 |
| Ad-sol Nissin Corp.  | 3800 | &nbsp;&nbsp; 39470 |
| Adtec Plasma Technology Co. Ltd.  | 600 | &nbsp;&nbsp; 4821 |
| Advan Group Co. Ltd.  | 5200 | &nbsp;&nbsp; 30315 |
| Advanced Media, Inc.  | 1200 | &nbsp;&nbsp; 8259 |
| Adventure, Inc. (d) | 600 | &nbsp;&nbsp; 6271 |
| Aeon Fantasy Co. Ltd. (a) (d) | 1600 | &nbsp;&nbsp; 30866 |
| AEON Financial Service Co. Ltd.  | 12700 | &nbsp;&nbsp; 140680 |
| Aeon Hokkaido Corp.  | 4800 | &nbsp;&nbsp; 27995 |
| Aeon Kyushu Co. Ltd.  | 600 | &nbsp;&nbsp; 11337 |
| AFC-HD AMS Life Science Co. Ltd. (d) | 1900 | &nbsp;&nbsp; 10713 |

---

*See accompanying notes to financial statements.*

**BHFTII-128**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Ahresty Corp.  | 5200 | &nbsp;&nbsp; $26612 |
| Ai Holdings Corp. (d) | 8200 | &nbsp;&nbsp; 147782 |
| Aica Kogyo Co. Ltd. (d) | 10800 | &nbsp;&nbsp; 242401 |
| Aichi Corp.  | 5200 | &nbsp;&nbsp; 45511 |
| Aichi Financial Group, Inc.  | 714 | &nbsp;&nbsp; 20938 |
| Aichi Steel Corp. (d) | 5100 | &nbsp;&nbsp; 95200 |
| Aichi Tokei Denki Co. Ltd.  | 2200 | &nbsp;&nbsp; 37780 |
| Aida Engineering Ltd.  | 6700 | &nbsp;&nbsp; 50951 |
| Aiful Corp.  | 51900 | &nbsp;&nbsp; 184665 |
| Ain Holdings, Inc.  | 5400 | &nbsp;&nbsp; 229898 |
| Ainavo Holdings Co. Ltd. (d) | 2200 | &nbsp;&nbsp; 10424 |
| Aiphone Co. Ltd.  | 2100 | &nbsp;&nbsp; 39437 |
| Airman Corp.  | 4200 | &nbsp;&nbsp; 48826 |
| Airport Facilities Co. Ltd.  | 4800 | &nbsp;&nbsp; 31025 |
| Airtrip Corp.  | 2500 | &nbsp;&nbsp; 12144 |
| Aisan Industry Co. Ltd.  | 6300 | &nbsp;&nbsp; 89942 |
| AIT Corp.  | 1600 | &nbsp;&nbsp; 22082 |
| Ajis Co. Ltd.  | 500 | &nbsp;&nbsp; 9316 |
| Akatsuki Corp.  | 8100 | &nbsp;&nbsp; 30527 |
| Akatsuki, Inc.  | 2100 | &nbsp;&nbsp; 35575 |
| Akebono Brake Industry Co. Ltd. (a) | 17400 | &nbsp;&nbsp; 12959 |
| Akita Bank Ltd.  | 3300 | &nbsp;&nbsp; 84634 |
| Albis Co. Ltd.  | 1600 | &nbsp;&nbsp; 27400 |
| Alconix Corp. (d) | 5600 | &nbsp;&nbsp; 89624 |
| Alfresa Holdings Corp.  | 1600 | &nbsp;&nbsp; 24849 |
| Alinco, Inc.  | 4600 | &nbsp;&nbsp; 32962 |
| Alleanza Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp; 10934 |
| Alpen Co. Ltd.  | 2900 | &nbsp;&nbsp; 42576 |
| Alpha Corp.  | 2200 | &nbsp;&nbsp; 16881 |
| AlphaPolis Co. Ltd.  | 1200 | &nbsp;&nbsp; 12562 |
| Alps Alpine Co. Ltd.  | 31000 | &nbsp;&nbsp; 395021 |
| Altech Corp.  | 3320 | &nbsp;&nbsp; 57382 |
| Amano Corp.  | 9900 | &nbsp;&nbsp; 266324 |
| Amiyaki Tei Co. Ltd.  | 3300 | &nbsp;&nbsp; 29708 |
| Amuse, Inc.  | 2800 | &nbsp;&nbsp; 34415 |
| Amvis Holdings, Inc.  | 5200 | &nbsp;&nbsp; 15708 |
| Anabuki Kosan, Inc.  | 800 | &nbsp;&nbsp; 11337 |
| and ST HD Co. Ltd. (d) | 5440 | &nbsp;&nbsp; 99907 |
| Anest Iwata Corp.  | 5500 | &nbsp;&nbsp; 57274 |
| Anicom Holdings, Inc.  | 11300 | &nbsp;&nbsp; 72555 |
| Anycolor, Inc. (d) | 900 | &nbsp;&nbsp; 27777 |
| AOI Electronics Co. Ltd.  | 1100 | &nbsp;&nbsp; 16931 |
| AOKI Holdings, Inc.  | 7300 | &nbsp;&nbsp; 84318 |
| Aoyama Trading Co. Ltd.  | 7600 | &nbsp;&nbsp; 122848 |
| Aoyama Zaisan Networks Co. Ltd. (d) | 2800 | &nbsp;&nbsp; 28236 |
| Arakawa Chemical Industries Ltd.  | 4600 | &nbsp;&nbsp; 35845 |
| Arata Corp.  | 5200 | &nbsp;&nbsp; 102136 |
| ARCLANDS Corp. (d) | 9680 | &nbsp;&nbsp; 119294 |
| Arcs Co. Ltd.  | 7364 | &nbsp;&nbsp; 158856 |
| ARE Holdings, Inc.  | 15400 | &nbsp;&nbsp; 313508 |
| Arealink Co. Ltd.  | 7600 | &nbsp;&nbsp; 51812 |
| Argo Graphics, Inc.  | 11200 | &nbsp;&nbsp; 115786 |
| Arisawa Manufacturing Co. Ltd.  | 5900 | &nbsp;&nbsp; 64939 |
| Artience Co. Ltd. (d) | 6800 | &nbsp;&nbsp; 149444 |
| Artnature, Inc.  | 5000 | &nbsp;&nbsp; 25764 |
| As One Corp.  | 10700 | &nbsp;&nbsp; 164438 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Asahi Broadcasting Group Holdings Corp.  | 2400 | &nbsp;&nbsp; $12767 |
| Asahi Co. Ltd.  | 3400 | &nbsp;&nbsp; 28302 |
| Asahi Diamond Industrial Co. Ltd.  | 7800 | &nbsp;&nbsp; 41462 |
| Asahi Kogyosha Co. Ltd.  | 3400 | &nbsp;&nbsp; 75215 |
| Asahi Net, Inc.  | 5000 | &nbsp;&nbsp; 22382 |
| Asahi Printing Co. Ltd.  | 400 | &nbsp;&nbsp; 2235 |
| Asahi Yukizai Corp.  | 2600 | &nbsp;&nbsp; 89522 |
| Asanuma Corp.  | 13400 | &nbsp;&nbsp; 87525 |
| Asax Co. Ltd.  | 3200 | &nbsp;&nbsp; 17056 |
| Asia Pile Holdings Corp.  | 3800 | &nbsp;&nbsp; 34236 |
| ASKA Pharmaceutical Holdings Co. Ltd.  | 4400 | &nbsp;&nbsp; 57278 |
| ASKUL Corp.  | 7400 | &nbsp;&nbsp; 66105 |
| Astena Holdings Co. Ltd.  | 9000 | &nbsp;&nbsp; 27767 |
| Atsugi Co. Ltd. (a) | 4300 | &nbsp;&nbsp; 34467 |
| Aucnet, Inc. (d) | 4200 | &nbsp;&nbsp; 55401 |
| Autobacs Seven Co. Ltd.  | 13600 | &nbsp;&nbsp; 143009 |
| Avant Group Corp.  | 4700 | &nbsp;&nbsp; 52559 |
| Avantia Co. Ltd. (d) | 3000 | &nbsp;&nbsp; 16541 |
| Avex, Inc.  | 7600 | &nbsp;&nbsp; 61468 |
| Awa Bank Ltd.  | 5200 | &nbsp;&nbsp; 145116 |
| Axial Retailing, Inc.  | 13400 | &nbsp;&nbsp; 98561 |
| Axyz Co. Ltd. (d) | 500 | &nbsp;&nbsp; 13237 |
| AZ-COM MARUWA Holdings, Inc.  | 7400 | &nbsp;&nbsp; 46628 |
| Bando Chemical Industries Ltd.  | 5500 | &nbsp;&nbsp; 71775 |
| Bank of Iwate Ltd.  | 2400 | &nbsp;&nbsp; 79444 |
| Bank of Kochi Ltd.  | 1600 | &nbsp;&nbsp; 9861 |
| Bank of Nagoya Ltd. (d) | 5400 | &nbsp;&nbsp; 149687 |
| Bank of Saga Ltd.  | 2600 | &nbsp;&nbsp; 67014 |
| Bank of the Ryukyus Ltd.  | 7300 | &nbsp;&nbsp; 86076 |
| Base Co. Ltd.  | 600 | &nbsp;&nbsp; 12284 |
| Beauty Garage, Inc.  | 1600 | &nbsp;&nbsp; 15853 |
| Belc Co. Ltd.  | 2200 | &nbsp;&nbsp; 105641 |
| Bell System24 Holdings, Inc.  | 6900 | &nbsp;&nbsp; 63378 |
| Belluna Co. Ltd.  | 10200 | &nbsp;&nbsp; 64742 |
| Bic Camera, Inc.  | 18000 | &nbsp;&nbsp; 193103 |
| Blue Zones Holdings Co. Ltd.  | 700 | &nbsp;&nbsp; 37951 |
| BML, Inc. (d) | 3800 | &nbsp;&nbsp; 93540 |
| Bookoff Group Holdings Ltd. (d) | 3500 | &nbsp;&nbsp; 32835 |
| Bourbon Corp.  | 2100 | &nbsp;&nbsp; 34992 |
| Br Holdings Corp.  | 7400 | &nbsp;&nbsp; 16401 |
| BRONCO BILLY Co. Ltd. (d) | 500 | &nbsp;&nbsp; 12067 |
| Buffalo, Inc.  | 1500 | &nbsp;&nbsp; 46418 |
| Bull-Dog Sauce Co. Ltd. (d) | 1200 | &nbsp;&nbsp; 14223 |
| Bunka Shutter Co. Ltd.  | 10200 | &nbsp;&nbsp; 133372 |
| Business Brain Showa-Ota, Inc.  | 2000 | &nbsp;&nbsp; 45483 |
| Business Engineering Corp. (d) | 4000 | &nbsp;&nbsp; 43533 |
| C Uyemura & Co. Ltd.  | 2000 | &nbsp;&nbsp; 186530 |
| CAC Holdings Corp.  | 2600 | &nbsp;&nbsp; 34077 |
| Canare Electric Co. Ltd.  | 800 | &nbsp;&nbsp; 9501 |
| Canon Electronics, Inc.  | 4300 | &nbsp;&nbsp; 99741 |
| Careerlink Co. Ltd.  | 1000 | &nbsp;&nbsp; 16624 |
| Carlit Co. Ltd.  | 3000 | &nbsp;&nbsp; 36113 |
| Casio Computer Co. Ltd.  | 3800 | &nbsp;&nbsp; 30818 |
| Cawachi Ltd.  | 2000 | &nbsp;&nbsp; 38313 |
| CCI Group, Inc. (d) | 34400 | &nbsp;&nbsp; 177009 |
| CDS Co. Ltd.  | 700 | &nbsp;&nbsp; 8113 |

---

*See accompanying notes to financial statements.*

**BHFTII-129**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Celsys, Inc.  | 4800 | &nbsp;&nbsp; $51007 |
| Central Automotive Products Ltd.  | 7800 | &nbsp;&nbsp; 93863 |
| Central Glass Co. Ltd.  | 4500 | &nbsp;&nbsp; 100172 |
| Central Security Patrols Co. Ltd.  | 2300 | &nbsp;&nbsp; 44590 |
| Central Sports Co. Ltd. (d) | 2400 | &nbsp;&nbsp; 37923 |
| Ceres, Inc. (d) | 1600 | &nbsp;&nbsp; 19874 |
| Change Holdings, Inc. (d) | 5500 | &nbsp;&nbsp; 34656 |
| Charm Care Corp. KK (d) | 3800 | &nbsp;&nbsp; 30844 |
| Chiba Kogyo Bank Ltd. (d) | 5900 | &nbsp;&nbsp; 63429 |
| Chino Corp.  | 4200 | &nbsp;&nbsp; 37864 |
| Chiyoda Co. Ltd.  | 3400 | &nbsp;&nbsp; 23694 |
| Chiyoda Integre Co. Ltd.  | 1900 | &nbsp;&nbsp; 39286 |
| Chofu Seisakusho Co. Ltd. (d) | 4000 | &nbsp;&nbsp; 51504 |
| Chori Co. Ltd.  | 2400 | &nbsp;&nbsp; 62746 |
| Chubu Shiryo Co. Ltd.  | 4600 | &nbsp;&nbsp; 50825 |
| Chudenko Corp.  | 5200 | &nbsp;&nbsp; 149328 |
| Chuetsu Pulp & Paper Co. Ltd.  | 1900 | &nbsp;&nbsp; 24532 |
| Chugai Ro Co. Ltd.  | 1400 | &nbsp;&nbsp; 38941 |
| Chugin Financial Group, Inc. (d) | 27200 | &nbsp;&nbsp; 428031 |
| Chugoku Electric Power Co., Inc.  | 5800 | &nbsp;&nbsp; 36790 |
| Chugoku Marine Paints Ltd.  | 7700 | &nbsp;&nbsp; 217409 |
| Chuo Gyorui Co. Ltd.  | 200 | &nbsp;&nbsp; 4650 |
| Chuo Spring Co. Ltd.  | 2100 | &nbsp;&nbsp; 47140 |
| Citizen Watch Co. Ltd.  | 40100 | &nbsp;&nbsp; 326869 |
| CKD Corp. (d) | 9700 | &nbsp;&nbsp; 189772 |
| Cleanup Corp.  | 5300 | &nbsp;&nbsp; 29605 |
| CMK Corp.  | 12600 | &nbsp;&nbsp; 42239 |
| COLOPL, Inc.  | 7200 | &nbsp;&nbsp; 19730 |
| Colowide Co. Ltd. (d) | 18100 | &nbsp;&nbsp; 203032 |
| Como Co. Ltd.  | 400 | &nbsp;&nbsp; 8721 |
| Computer Engineering & Consulting Ltd.  | 1500 | &nbsp;&nbsp; 23445 |
| Computer Institute of Japan Ltd. (d) | 12240 | &nbsp;&nbsp; 40674 |
| Comture Corp.  | 4400 | &nbsp;&nbsp; 48122 |
| Core Corp.  | 2500 | &nbsp;&nbsp; 33055 |
| Corona Corp. (d) | 4400 | &nbsp;&nbsp; 26683 |
| Cosel Co. Ltd. (d) | 5400 | &nbsp;&nbsp; 37452 |
| Cosmos Initia Co. Ltd.  | 3500 | &nbsp;&nbsp; 26134 |
| Cota Co. Ltd.  | 4920 | &nbsp;&nbsp; 35609 |
| Create Medic Co. Ltd.  | 1800 | &nbsp;&nbsp; 11806 |
| Create Restaurants Holdings, Inc. (d) | 47400 | &nbsp;&nbsp; 234664 |
| Create SD Holdings Co. Ltd.  | 5600 | &nbsp;&nbsp; 119323 |
| Creek & River Co. Ltd.  | 2700 | &nbsp;&nbsp; 26080 |
| Cresco Ltd.  | 5000 | &nbsp;&nbsp; 55529 |
| Cross Cat Co. Ltd.  | 1400 | &nbsp;&nbsp; 9563 |
| CTI Engineering Co. Ltd.  | 3700 | &nbsp;&nbsp; 70245 |
| CTS Co. Ltd.  | 5200 | &nbsp;&nbsp; 34723 |
| CUC, Inc. (a) | 1300 | &nbsp;&nbsp; 7049 |
| Curves Holdings Co. Ltd.  | 10900 | &nbsp;&nbsp; 55906 |
| Cybozu, Inc. (d) | 4400 | &nbsp;&nbsp; 79085 |
| Dai Nippon Toryo Co. Ltd.  | 3800 | &nbsp;&nbsp; 32669 |
| Dai-Dan Co. Ltd.  | 8400 | &nbsp;&nbsp; 132969 |
| Daido Kogyo Co. Ltd. (a) | 2000 | &nbsp;&nbsp; 19063 |
| Daido Metal Co. Ltd.  | 8200 | &nbsp;&nbsp; 51436 |
| Daido Steel Co. Ltd.  | 23900 | &nbsp;&nbsp; 244342 |
| Daihatsu Infinearth Mfg Co. Ltd.  | 2500 | &nbsp;&nbsp; 40516 |
| Daiho Corp.  | 6900 | &nbsp;&nbsp; 34531 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Daiichi Jitsugyo Co. Ltd.  | 3700 | &nbsp;&nbsp; $71634 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd. (d) | 5000 | &nbsp;&nbsp; 35997 |
| Daiichikosho Co. Ltd.  | 8100 | &nbsp;&nbsp; 87185 |
| Daiken Medical Co. Ltd.  | 4400 | &nbsp;&nbsp; 12558 |
| Daiki Aluminium Industry Co. Ltd.  | 5400 | &nbsp;&nbsp; 41504 |
| Daiki Axis Co. Ltd.  | 1300 | &nbsp;&nbsp; 5629 |
| DAIKO XTECH Ltd.  | 1300 | &nbsp;&nbsp; 8916 |
| Daikoku Denki Co. Ltd. (d) | 1800 | &nbsp;&nbsp; 32793 |
| Daikokutenbussan Co. Ltd. (d) | 1300 | &nbsp;&nbsp; 47416 |
| Daikyonishikawa Corp.  | 8300 | &nbsp;&nbsp; 42281 |
| Dainichi Co. Ltd.  | 4100 | &nbsp;&nbsp; 24995 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd.  | 2400 | &nbsp;&nbsp; 63700 |
| Daio Paper Corp.  | 16200 | &nbsp;&nbsp; 96247 |
| Daiseki Co. Ltd. (d) | 7639 | &nbsp;&nbsp; 165597 |
| Daishi Hokuetsu Financial Group, Inc.  | 37800 | &nbsp;&nbsp; 391822 |
| Daishinku Corp. (d) | 7400 | &nbsp;&nbsp; 27311 |
| Daisue Construction Co. Ltd.  | 1800 | &nbsp;&nbsp; 43021 |
| Daito Bank Ltd.  | 1400 | &nbsp;&nbsp; 8111 |
| Daito Pharmaceutical Co. Ltd.  | 5912 | &nbsp;&nbsp; 51115 |
| Daitron Co. Ltd. (d) | 3000 | &nbsp;&nbsp; 46530 |
| Daiwa Industries Ltd.  | 5800 | &nbsp;&nbsp; 58977 |
| Daiwabo Holdings Co. Ltd.  | 15100 | &nbsp;&nbsp; 297300 |
| DCM Holdings Co. Ltd.  | 17800 | &nbsp;&nbsp; 184421 |
| Dear Life Co. Ltd.  | 5400 | &nbsp;&nbsp; 38933 |
| Delica Foods Holdings Co. Ltd.  | 600 | &nbsp;&nbsp; 3281 |
| Denka Co. Ltd. (d) | 13100 | &nbsp;&nbsp; 229693 |
| Dentsu Soken, Inc.  | 2700 | &nbsp;&nbsp; 47215 |
| Denyo Co. Ltd.  | 2900 | &nbsp;&nbsp; 66197 |
| Dexerials Corp.  | 800 | &nbsp;&nbsp; 13451 |
| DIC Corp. (d) | 14500 | &nbsp;&nbsp; 337988 |
| Digital Arts, Inc. (d) | 2100 | &nbsp;&nbsp; 83871 |
| Digital Hearts Holdings Co. Ltd.  | 2600 | &nbsp;&nbsp; 15098 |
| Digital Holdings, Inc.  | 400 | &nbsp;&nbsp; 5128 |
| Digital Information Technologies Corp. (d) | 4200 | &nbsp;&nbsp; 35006 |
| Dip Corp. (d) | 6600 | &nbsp;&nbsp; 93246 |
| DKK Co. Ltd.  | 1900 | &nbsp;&nbsp; 32034 |
| DKS Co. Ltd. (d) | 1100 | &nbsp;&nbsp; 57900 |
| DMW Corp.  | 700 | &nbsp;&nbsp; 23578 |
| Doshisha Co. Ltd.  | 4400 | &nbsp;&nbsp; 92739 |
| Double Standard, Inc.  | 1400 | &nbsp;&nbsp; 15516 |
| Doutor Nichires Holdings Co. Ltd.  | 6000 | &nbsp;&nbsp; 99527 |
| Dowa Holdings Co. Ltd.  | 6400 | &nbsp;&nbsp; 304030 |
| DTS Corp.  | 24800 | &nbsp;&nbsp; 194449 |
| Duskin Co. Ltd.  | 5500 | &nbsp;&nbsp; 149222 |
| DyDo Group Holdings, Inc. (d) | 3000 | &nbsp;&nbsp; 48495 |
| Eagle Industry Co. Ltd.  | 4100 | &nbsp;&nbsp; 74822 |
| EAT&HOLDINGS Co. Ltd. (d) | 1400 | &nbsp;&nbsp; 18077 |
| Ebara Foods Industry, Inc.  | 700 | &nbsp;&nbsp; 11216 |
| Ebara Jitsugyo Co. Ltd.  | 3800 | &nbsp;&nbsp; 51924 |
| Ebase Co. Ltd.  | 4800 | &nbsp;&nbsp; 13549 |
| Eco's Co. Ltd.  | 2100 | &nbsp;&nbsp; 40504 |
| EDION Corp. (d) | 15700 | &nbsp;&nbsp; 212456 |
| EF-ON, Inc.  | 6100 | &nbsp;&nbsp; 13759 |
| eGuarantee, Inc.  | 6200 | &nbsp;&nbsp; 71128 |
| E-Guardian, Inc. (d) | 1000 | &nbsp;&nbsp; 10683 |
| Ehime Bank Ltd.  | 7600 | &nbsp;&nbsp; 72165 |

---

*See accompanying notes to financial statements.*

**BHFTII-130**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Eidai Co. Ltd.  | 10000 | &nbsp;&nbsp; $14625 |
| Eizo Corp. (d) | 6500 | &nbsp;&nbsp; 92873 |
| Elan Corp.  | 2200 | &nbsp;&nbsp; 10160 |
| Elecom Co. Ltd.  | 8800 | &nbsp;&nbsp; 96813 |
| EM Systems Co. Ltd.  | 3500 | &nbsp;&nbsp; 17754 |
| en, Inc.  | 5500 | &nbsp;&nbsp; 54115 |
| Endo Lighting Corp.  | 2600 | &nbsp;&nbsp; 40426 |
| Enplas Corp.  | 400 | &nbsp;&nbsp; 23769 |
| Entrust, Inc.  | 1500 | &nbsp;&nbsp; 11341 |
| eRex Co. Ltd. (d) | 8000 | &nbsp;&nbsp; 31260 |
| ES-Con Japan Ltd.  | 6700 | &nbsp;&nbsp; 50887 |
| Eslead Corp.  | 1600 | &nbsp;&nbsp; 68574 |
| ESPEC Corp.  | 3400 | &nbsp;&nbsp; 72901 |
| Exedy Corp.  | 4100 | &nbsp;&nbsp; 147067 |
| EXEO Group, Inc.  | 25700 | &nbsp;&nbsp; 426651 |
| Ezaki Glico Co. Ltd. (d) | 9200 | &nbsp;&nbsp; 318205 |
| F&M Co. Ltd.  | 1600 | &nbsp;&nbsp; 24811 |
| FALCO HOLDINGS Co. Ltd.  | 2300 | &nbsp;&nbsp; 39318 |
| FCC Co. Ltd.  | 7100 | &nbsp;&nbsp; 168331 |
| FDK Corp. (a) | 1100 | &nbsp;&nbsp; 2466 |
| Feed One Co. Ltd.  | 4576 | &nbsp;&nbsp; 30902 |
| Ferrotec Corp. (d) | 8600 | &nbsp;&nbsp; 276636 |
| Fibergate, Inc.  | 1800 | &nbsp;&nbsp; 7808 |
| FIDEA Holdings Co. Ltd.  | 3950 | &nbsp;&nbsp; 47986 |
| Financial Partners Group Co. Ltd. (d) | 8200 | &nbsp;&nbsp; 100299 |
| FINDEX, Inc.  | 3900 | &nbsp;&nbsp; 22598 |
| First Bank of Toyama Ltd. (d) | 9700 | &nbsp;&nbsp; 112040 |
| First Brothers Co. Ltd. (d) | 900 | &nbsp;&nbsp; 7004 |
| First Juken Co. Ltd. (d) | 1600 | &nbsp;&nbsp; 11944 |
| First-Corp., Inc.  | 1600 | &nbsp;&nbsp; 9993 |
| Fixstars Corp. (d) | 4100 | &nbsp;&nbsp; 41179 |
| FJ Next Holdings Co. Ltd.  | 3800 | &nbsp;&nbsp; 35148 |
| Focus Systems Corp.  | 2900 | &nbsp;&nbsp; 33629 |
| Forval Corp. (d) | 1900 | &nbsp;&nbsp; 14319 |
| Foster Electric Co. Ltd.  | 4000 | &nbsp;&nbsp; 69323 |
| FP Corp.  | 3600 | &nbsp;&nbsp; 60509 |
| France Bed Holdings Co. Ltd. (d) | 5700 | &nbsp;&nbsp; 47997 |
| Freebit Co. Ltd.  | 2100 | &nbsp;&nbsp; 22655 |
| F-Tech, Inc.  | 3200 | &nbsp;&nbsp; 16380 |
| FTGroup Co. Ltd.  | 1500 | &nbsp;&nbsp; 12284 |
| Fudo Tetra Corp.  | 2830 | &nbsp;&nbsp; 47975 |
| Fuji Corp. (d) | 15300 | &nbsp;&nbsp; 356184 |
| Fuji Corp. Ltd.  | 6500 | &nbsp;&nbsp; 34041 |
| Fuji Kyuko Co. Ltd.  | 4600 | &nbsp;&nbsp; 60901 |
| Fuji Oil Co. Ltd.  | 8400 | &nbsp;&nbsp; 195859 |
| Fuji Pharma Co. Ltd.  | 2400 | &nbsp;&nbsp; 28939 |
| Fuji Seal International, Inc.  | 7600 | &nbsp;&nbsp; 152162 |
| Fujibo Holdings, Inc.  | 1800 | &nbsp;&nbsp; 95271 |
| Fujicco Co. Ltd.  | 3600 | &nbsp;&nbsp; 36364 |
| Fujikura Composites, Inc.  | 3700 | &nbsp;&nbsp; 48643 |
| Fujikura Kasei Co. Ltd.  | 6900 | &nbsp;&nbsp; 27241 |
| Fujimi, Inc.  | 9900 | &nbsp;&nbsp; 150097 |
| Fujisash Co. Ltd.  | 2450 | &nbsp;&nbsp; 14366 |
| Fujishoji Co. Ltd.  | 1300 | &nbsp;&nbsp; 8941 |
| Fujita Kanko, Inc.  | 2000 | &nbsp;&nbsp; 33735 |
| Fujiya Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 40304 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| FuKoKu Co. Ltd.  | 2800 | &nbsp;&nbsp; $34667 |
| Fukuda Corp.  | 1300 | &nbsp;&nbsp; 62244 |
| Fukuda Denshi Co. Ltd.  | 3200 | &nbsp;&nbsp; 154178 |
| Fukui Bank Ltd.  | 3100 | &nbsp;&nbsp; 51111 |
| Fukui Computer Holdings, Inc.  | 1900 | &nbsp;&nbsp; 38051 |
| Fukuyama Transporting Co. Ltd.  | 3200 | &nbsp;&nbsp; 90293 |
| FULLCAST Holdings Co. Ltd. (d) | 3400 | &nbsp;&nbsp; 36169 |
| Funai Soken Holdings, Inc.  | 14540 | &nbsp;&nbsp; 106330 |
| Furukawa Co. Ltd.  | 4000 | &nbsp;&nbsp; 98361 |
| Furuno Electric Co. Ltd. (d) | 4500 | &nbsp;&nbsp; 227323 |
| Furuya Metal Co. Ltd.  | 3300 | &nbsp;&nbsp; 73377 |
| Furyu Corp.  | 4300 | &nbsp;&nbsp; 29266 |
| Fuso Chemical Co. Ltd. (d) | 4100 | &nbsp;&nbsp; 166991 |
| Fuso Pharmaceutical Industries Ltd.  | 1800 | &nbsp;&nbsp; 26560 |
| Futaba Corp.  | 10200 | &nbsp;&nbsp; 37995 |
| Futaba Industrial Co. Ltd.  | 9900 | &nbsp;&nbsp; 66228 |
| Future Corp. (d) | 8100 | &nbsp;&nbsp; 102322 |
| Fuyo General Lease Co. Ltd.  | 2400 | &nbsp;&nbsp; 65748 |
| G-7 Holdings, Inc.  | 4600 | &nbsp;&nbsp; 41451 |
| Gakken Holdings Co. Ltd.  | 6400 | &nbsp;&nbsp; 45674 |
| Gakkyusha Co. Ltd.  | 2800 | &nbsp;&nbsp; 42593 |
| Galilei Co. Ltd.  | 4900 | &nbsp;&nbsp; 118993 |
| Gecoss Corp.  | 3400 | &nbsp;&nbsp; 31515 |
| Genki Global Dining Concepts Corp. (d) | 2400 | &nbsp;&nbsp; 47672 |
| Genky DrugStores Co. Ltd. (d) | 2800 | &nbsp;&nbsp; 88683 |
| Geo Holdings Corp.  | 4600 | &nbsp;&nbsp; 55076 |
| Gift Holdings, Inc. (d) | 1600 | &nbsp;&nbsp; 34284 |
| giftee, Inc.  | 2800 | &nbsp;&nbsp; 22540 |
| GLOBERIDE, Inc.  | 3500 | &nbsp;&nbsp; 48574 |
| Glory Ltd.  | 8400 | &nbsp;&nbsp; 212559 |
| GLtechno Holdings, Inc.  | 1300 | &nbsp;&nbsp; 25866 |
| GMO Financial Gate, Inc.  | 400 | &nbsp;&nbsp; 13233 |
| GMO Financial Holdings, Inc.  | 8000 | &nbsp;&nbsp; 44590 |
| GMO GlobalSign Holdings KK | 1000 | &nbsp;&nbsp; 15046 |
| GMO internet group, Inc.  | 7300 | &nbsp;&nbsp; 182718 |
| Godo Steel Ltd.  | 2300 | &nbsp;&nbsp; 57961 |
| Goldcrest Co. Ltd.  | 3230 | &nbsp;&nbsp; 68282 |
| Grandy House Corp.  | 3600 | &nbsp;&nbsp; 14109 |
| GREE Holdings, Inc.  | 3500 | &nbsp;&nbsp; 8927 |
| Greens Co. Ltd.  | 1700 | &nbsp;&nbsp; 25375 |
| grems, Inc.  | 900 | &nbsp;&nbsp; 14492 |
| GS Yuasa Corp. (d) | 15900 | &nbsp;&nbsp; 381201 |
| GSI Creos Corp.  | 2800 | &nbsp;&nbsp; 44268 |
| G-Tekt Corp.  | 3300 | &nbsp;&nbsp; 41412 |
| Gun-Ei Chemical Industry Co. Ltd.  | 1300 | &nbsp;&nbsp; 33046 |
| Gunze Ltd.  | 6100 | &nbsp;&nbsp; 166940 |
| H.U. Group Holdings, Inc.  | 9500 | &nbsp;&nbsp; 205210 |
| H2O Retailing Corp. (d) | 16500 | &nbsp;&nbsp; 217274 |
| HABA Laboratories, Inc.  | 700 | &nbsp;&nbsp; 7729 |
| Hagihara Industries, Inc.  | 2600 | &nbsp;&nbsp; 28041 |
| Hagiwara Electric Holdings Co. Ltd.  | 1800 | &nbsp;&nbsp; 42482 |
| Hakudo Co. Ltd.  | 1700 | &nbsp;&nbsp; 25385 |
| Halows Co. Ltd.  | 2100 | &nbsp;&nbsp; 61886 |
| Hamakyorex Co. Ltd.  | 11500 | &nbsp;&nbsp; 130040 |
| Handsman Co. Ltd.  | 800 | &nbsp;&nbsp; 4222 |
| Hanwa Co. Ltd. (d) | 5300 | &nbsp;&nbsp; 242828 |

---

*See accompanying notes to financial statements.*

**BHFTII-131**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Happinet Corp.  | 5600 | &nbsp;&nbsp; $105553 |
| Hard Off Corp. Co. Ltd.  | 2500 | &nbsp;&nbsp; 31977 |
| Harima Chemicals Group, Inc.  | 4300 | &nbsp;&nbsp; 25460 |
| Hashimoto Sogyo Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp; 11668 |
| Hazama Ando Corp.  | 28390 | &nbsp;&nbsp; 342989 |
| Heiwado Co. Ltd.  | 5400 | &nbsp;&nbsp; 99587 |
| Hennge KK | 600 | &nbsp;&nbsp; 4889 |
| Hibiya Engineering Ltd.  | 3700 | &nbsp;&nbsp; 112857 |
| Hiday Hidaka Corp.  | 500 | &nbsp;&nbsp; 11016 |
| HI-LEX Corp.  | 4600 | &nbsp;&nbsp; 92031 |
| Himaraya Co. Ltd.  | 2600 | &nbsp;&nbsp; 14061 |
| Hino Motors Ltd. (a) | 34000 | &nbsp;&nbsp; 83862 |
| Hioki EE Corp.  | 2000 | &nbsp;&nbsp; 77725 |
| Hirakawa Hewtech Corp.  | 2100 | &nbsp;&nbsp; 38559 |
| Hirano Tecseed Co. Ltd.  | 1300 | &nbsp;&nbsp; 13914 |
| Hirata Corp.  | 3000 | &nbsp;&nbsp; 44793 |
| Hirogin Holdings, Inc. (d) | 36800 | &nbsp;&nbsp; 370509 |
| Hirose Tusyo, Inc.  | 300 | &nbsp;&nbsp; 6773 |
| Hiroshima Electric Railway Co. Ltd. (d) | 1500 | &nbsp;&nbsp; 5813 |
| Hiroshima Gas Co. Ltd.  | 7000 | &nbsp;&nbsp; 17009 |
| Hisaka Works Ltd.  | 4000 | &nbsp;&nbsp; 39276 |
| Hito Communications Holdings, Inc.  | 1700 | &nbsp;&nbsp; 11161 |
| Hochiki Corp.  | 2600 | &nbsp;&nbsp; 73760 |
| Hodogaya Chemical Co. Ltd.  | 1800 | &nbsp;&nbsp; 25573 |
| Hokkaido Electric Power Co., Inc. (d) | 33500 | &nbsp;&nbsp; 223922 |
| Hokkaido Gas Co. Ltd.  | 13800 | &nbsp;&nbsp; 67005 |
| Hokkan Holdings Ltd.  | 2500 | &nbsp;&nbsp; 37856 |
| Hokko Chemical Industry Co. Ltd.  | 3500 | &nbsp;&nbsp; 36855 |
| Hokuetsu Corp. (d) | 21100 | &nbsp;&nbsp; 120391 |
| Hokuhoku Financial Group, Inc.  | 11400 | &nbsp;&nbsp; 332689 |
| Hokuriku Electric Industry Co. Ltd.  | 2100 | &nbsp;&nbsp; 39051 |
| Hokuriku Electric Power Co. (d) | 32400 | &nbsp;&nbsp; 201293 |
| Hokuriku Electrical Construction Co. Ltd.  | 3600 | &nbsp;&nbsp; 34226 |
| Hokuriku Gas Co. Ltd.  | 1000 | &nbsp;&nbsp; 23782 |
| Hokuto Corp.  | 4300 | &nbsp;&nbsp; 55577 |
| H-One Co. Ltd.  | 4500 | &nbsp;&nbsp; 40489 |
| Honeys Holdings Co. Ltd.  | 3630 | &nbsp;&nbsp; 35428 |
| Honma Golf Ltd. (a) | 27000 | &nbsp;&nbsp; 10857 |
| Hoosiers Holdings Co. Ltd.  | 5400 | &nbsp;&nbsp; 45384 |
| Hoshi Iryo-Sanki Co. Ltd.  | 300 | &nbsp;&nbsp; 9788 |
| Hosiden Corp. (d) | 8900 | &nbsp;&nbsp; 141548 |
| Hosokawa Micron Corp.  | 2700 | &nbsp;&nbsp; 97284 |
| Hotland Holdings Co. Ltd. (d) | 2100 | &nbsp;&nbsp; 26814 |
| House Foods Group, Inc.  | 3300 | &nbsp;&nbsp; 60766 |
| Howa Machinery Ltd.  | 1400 | &nbsp;&nbsp; 10673 |
| HS Holdings Co. Ltd.  | 5000 | &nbsp;&nbsp; 37361 |
| Hyakugo Bank Ltd. (d) | 36000 | &nbsp;&nbsp; 262662 |
| Hyakujushi Bank Ltd.  | 4100 | &nbsp;&nbsp; 174463 |
| IBJ, Inc.  | 4900 | &nbsp;&nbsp; 24542 |
| Ichiken Co. Ltd.  | 1100 | &nbsp;&nbsp; 33664 |
| Ichikoh Industries Ltd.  | 9000 | &nbsp;&nbsp; 29556 |
| Ichimasa Kamaboko Co. Ltd.  | 1100 | &nbsp;&nbsp; 5232 |
| Ichinen Holdings Co. Ltd.  | 2600 | &nbsp;&nbsp; 35343 |
| Ichiyoshi Securities Co. Ltd.  | 7000 | &nbsp;&nbsp; 48420 |
| Icom, Inc.  | 2000 | &nbsp;&nbsp; 37192 |
| Idec Corp.  | 5200 | &nbsp;&nbsp; 97008 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| IDOM, Inc.  | 10000 | &nbsp;&nbsp; $81480 |
| Iino Kaiun Kaisha Ltd.  | 13800 | &nbsp;&nbsp; 124779 |
| I'll, Inc.  | 900 | &nbsp;&nbsp; 14604 |
| Imasen Electric Industrial (d) | 2000 | &nbsp;&nbsp; 11956 |
| i-mobile Co. Ltd.  | 5400 | &nbsp;&nbsp; 17353 |
| Imuraya Group Co. Ltd.  | 2200 | &nbsp;&nbsp; 35907 |
| Inaba Denki Sangyo Co. Ltd.  | 20400 | &nbsp;&nbsp; 332234 |
| Inaba Seisakusho Co. Ltd.  | 3200 | &nbsp;&nbsp; 32595 |
| Inabata & Co. Ltd.  | 8300 | &nbsp;&nbsp; 198519 |
| I-NE Co. Ltd. (d) | 800 | &nbsp;&nbsp; 6787 |
| Ines Corp.  | 4100 | &nbsp;&nbsp; 50995 |
| Infomart Corp.  | 16100 | &nbsp;&nbsp; 43613 |
| INFRONEER Holdings, Inc. (d) | 17300 | &nbsp;&nbsp; 236271 |
| Innotech Corp.  | 2400 | &nbsp;&nbsp; 32219 |
| Insource Co. Ltd.  | 11200 | &nbsp;&nbsp; 61376 |
| Intage Holdings, Inc.  | 2600 | &nbsp;&nbsp; 29352 |
| Intelligent Wave, Inc. (d) | 3400 | &nbsp;&nbsp; 20729 |
| Inui Global Logistics Co. Ltd. (d) | 3000 | &nbsp;&nbsp; 26261 |
| IR Japan Holdings Ltd.  | 2000 | &nbsp;&nbsp; 10094 |
| Iriso Electronics Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 65764 |
| ISB Corp.  | 400 | &nbsp;&nbsp; 4420 |
| Ise Chemicals Corp. (d) | 4000 | &nbsp;&nbsp; 120018 |
| Iseki & Co. Ltd. (d) | 3100 | &nbsp;&nbsp; 36864 |
| Ishihara Sangyo Kaisha Ltd.  | 5800 | &nbsp;&nbsp; 101638 |
| Ishizuka Glass Co. Ltd.  | 500 | &nbsp;&nbsp; 10251 |
| Itfor, Inc.  | 5300 | &nbsp;&nbsp; 58046 |
| ITmedia, Inc.  | 1500 | &nbsp;&nbsp; 15471 |
| Ito En Ltd. (d) | 6100 | &nbsp;&nbsp; 119732 |
| Itochu Enex Co. Ltd.  | 9100 | &nbsp;&nbsp; 110105 |
| Itochu-Shokuhin Co. Ltd.  | 1000 | &nbsp;&nbsp; 71624 |
| Itoham Yonekyu Holdings, Inc. (d) | 5300 | &nbsp;&nbsp; 189640 |
| Itoki Corp. (d) | 6900 | &nbsp;&nbsp; 107291 |
| IwaiCosmo Holdings, Inc.  | 4300 | &nbsp;&nbsp; 89863 |
| Iwaki Co. Ltd.  | 1300 | &nbsp;&nbsp; 21675 |
| Iwatani Corp.  | 3600 | &nbsp;&nbsp; 37881 |
| Iwatsuka Confectionery Co. Ltd.  | 2000 | &nbsp;&nbsp; 38788 |
| Izumi Co. Ltd.  | 6800 | &nbsp;&nbsp; 130315 |
| J Trust Co. Ltd.  | 16800 | &nbsp;&nbsp; 51189 |
| JAC Recruitment Co. Ltd. (d) | 13700 | &nbsp;&nbsp; 92975 |
| Jaccs Co. Ltd.  | 4200 | &nbsp;&nbsp; 116124 |
| JAFCO Group Co. Ltd. (d) | 8900 | &nbsp;&nbsp; 136893 |
| JANOME Corp.  | 3899 | &nbsp;&nbsp; 28924 |
| Japan Airport Terminal Co. Ltd.  | 400 | &nbsp;&nbsp; 11210 |
| Japan Aviation Electronics Industry Ltd. (d) | 9300 | &nbsp;&nbsp; 149569 |
| Japan Cash Machine Co. Ltd.  | 1200 | &nbsp;&nbsp; 7882 |
| Japan Communications, Inc. (a) | 35600 | &nbsp;&nbsp; 33204 |
| Japan Elevator Service Holdings Co. Ltd. (d) | 27800 | &nbsp;&nbsp; 308713 |
| Japan Foundation Engineering Co. Ltd.  | 7900 | &nbsp;&nbsp; 33379 |
| Japan Investment Adviser Co. Ltd. (d) | 4700 | &nbsp;&nbsp; 61218 |
| Japan Lifeline Co. Ltd. (d) | 9100 | &nbsp;&nbsp; 91515 |
| Japan Material Co. Ltd.  | 13600 | &nbsp;&nbsp; 134603 |
| Japan Medical Dynamic Marketing, Inc.  | 4400 | &nbsp;&nbsp; 13669 |
| Japan Oil Transportation Co. Ltd.  | 700 | &nbsp;&nbsp; 24680 |
| Japan Petroleum Exploration Co. Ltd. (d) | 26500 | &nbsp;&nbsp; 264677 |
| Japan Property Management Center Co. Ltd.  | 4100 | &nbsp;&nbsp; 33779 |
| Japan Pulp & Paper Co. Ltd.  | 14300 | &nbsp;&nbsp; 80489 |

---

*See accompanying notes to financial statements.*

**BHFTII-132**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Japan Pure Chemical Co. Ltd.  | 500 | &nbsp;&nbsp; $11226 |
| Japan Securities Finance Co. Ltd. (d) | 14300 | &nbsp;&nbsp; 184652 |
| Japan Transcity Corp.  | 8300 | &nbsp;&nbsp; 60073 |
| Japan Wool Textile Co. Ltd.  | 9200 | &nbsp;&nbsp; 104340 |
| JBCC Holdings, Inc.  | 11200 | &nbsp;&nbsp; 114274 |
| JCU Corp. (d) | 3700 | &nbsp;&nbsp; 115762 |
| Jeol Ltd.  | 9100 | &nbsp;&nbsp; 292671 |
| JFE Systems, Inc.  | 1400 | &nbsp;&nbsp; 21475 |
| JGC Holdings Corp.  | 23600 | &nbsp;&nbsp; 286826 |
| JIG-SAW, Inc. (a) (d) | 900 | &nbsp;&nbsp; 15412 |
| JINS Holdings, Inc. (d) | 2200 | &nbsp;&nbsp; 77725 |
| JINUSHI Co. Ltd.  | 3500 | &nbsp;&nbsp; 68095 |
| JK Holdings Co. Ltd.  | 2800 | &nbsp;&nbsp; 24177 |
| J-Lease Co. Ltd.  | 1200 | &nbsp;&nbsp; 11102 |
| JM Holdings Co. Ltd.  | 4800 | &nbsp;&nbsp; 51510 |
| JMS Co. Ltd.  | 6400 | &nbsp;&nbsp; 18067 |
| J-Oil Mills, Inc.  | 4000 | &nbsp;&nbsp; 51153 |
| Joshin Denki Co. Ltd.  | 3100 | &nbsp;&nbsp; 53628 |
| Joyful Honda Co. Ltd. (d) | 9800 | &nbsp;&nbsp; 133125 |
| JP-Holdings, Inc.  | 8000 | &nbsp;&nbsp; 36658 |
| JSB Co. Ltd.  | 2000 | &nbsp;&nbsp; 45502 |
| JSP Corp.  | 2400 | &nbsp;&nbsp; 37509 |
| JTEKT Corp.  | 15100 | &nbsp;&nbsp; 167477 |
| Juki Corp.  | 7200 | &nbsp;&nbsp; 23041 |
| Juroku Financial Group, Inc.  | 5700 | &nbsp;&nbsp; 261118 |
| Justsystems Corp.  | 4500 | &nbsp;&nbsp; 145104 |
| JVCKenwood Corp.  | 31000 | &nbsp;&nbsp; 237808 |
| K&O Energy Group, Inc. (d) | 2800 | &nbsp;&nbsp; 68412 |
| Kadoya Sesame Mills, Inc.  | 800 | &nbsp;&nbsp; 20420 |
| Kaga Electronics Co. Ltd.  | 6900 | &nbsp;&nbsp; 170886 |
| Kagome Co. Ltd. (d) | 6400 | &nbsp;&nbsp; 110054 |
| Kaken Pharmaceutical Co. Ltd.  | 3400 | &nbsp;&nbsp; 87064 |
| Kamakura Shinsho Ltd.  | 3700 | &nbsp;&nbsp; 14799 |
| Kameda Seika Co. Ltd. (d) | 2300 | &nbsp;&nbsp; 57233 |
| Kamei Corp.  | 3600 | &nbsp;&nbsp; 69203 |
| Kanaden Corp.  | 2200 | &nbsp;&nbsp; 30137 |
| Kanadevia Corp.  | 30300 | &nbsp;&nbsp; 184096 |
| Kanagawa Chuo Kotsu Co. Ltd.  | 1400 | &nbsp;&nbsp; 33479 |
| Kanamic Network Co. Ltd.  | 900 | &nbsp;&nbsp; 3001 |
| Kanamoto Co. Ltd.  | 5900 | &nbsp;&nbsp; 147533 |
| Kaneka Corp.  | 8000 | &nbsp;&nbsp; 224382 |
| Kaneko Seeds Co. Ltd.  | 1300 | &nbsp;&nbsp; 13498 |
| Kanematsu Corp.  | 32400 | &nbsp;&nbsp; 372501 |
| Kanemi Co. Ltd. (d) | 100 | &nbsp;&nbsp; 2235 |
| Kanto Denka Kogyo Co. Ltd.  | 9000 | &nbsp;&nbsp; 63559 |
| Kappa Create Co. Ltd.  | 1000 | &nbsp;&nbsp; 9860 |
| Katakura Industries Co. Ltd.  | 3600 | &nbsp;&nbsp; 66194 |
| Katitas Co. Ltd.  | 9800 | &nbsp;&nbsp; 199276 |
| Kato Sangyo Co. Ltd. (d) | 4200 | &nbsp;&nbsp; 172156 |
| Kato Works Co. Ltd.  | 2500 | &nbsp;&nbsp; 21044 |
| Kawada Technologies, Inc.  | 2700 | &nbsp;&nbsp; 75487 |
| Kawai Musical Instruments Manufacturing Co. Ltd.  | 1600 | &nbsp;&nbsp; 27981 |
| KeePer Technical Laboratory Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 56210 |
| Keihan Holdings Co. Ltd.  | 6400 | &nbsp;&nbsp; 138325 |
| Keihanshin Building Co. Ltd.  | 6100 | &nbsp;&nbsp; 75044 |
| Keihin Co. Ltd.  | 2300 | &nbsp;&nbsp; 41058 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Keikyu Corp.  | 9000 | &nbsp;&nbsp; $88113 |
| Keio Corp.  | 1000 | &nbsp;&nbsp; 25856 |
| KEIWA, Inc.  | 1200 | &nbsp;&nbsp; 9597 |
| Keiyo Bank Ltd.  | 16300 | &nbsp;&nbsp; 172603 |
| Kenko Mayonnaise Co. Ltd.  | 2400 | &nbsp;&nbsp; 28893 |
| KH Neochem Co. Ltd.  | 6700 | &nbsp;&nbsp; 106025 |
| Kibun Foods, Inc.  | 1500 | &nbsp;&nbsp; 10315 |
| Kimura Chemical Plants Co. Ltd.  | 3300 | &nbsp;&nbsp; 25375 |
| King Jim Co. Ltd. (d) | 1400 | &nbsp;&nbsp; 7356 |
| Kintetsu Department Store Co. Ltd.  | 400 | &nbsp;&nbsp; 4683 |
| Kissei Pharmaceutical Co. Ltd.  | 5900 | &nbsp;&nbsp; 174941 |
| Ki-Star Real Estate Co. Ltd.  | 1800 | &nbsp;&nbsp; 75403 |
| Kitagawa Corp.  | 3100 | &nbsp;&nbsp; 34343 |
| Kita-Nippon Bank Ltd.  | 1700 | &nbsp;&nbsp; 49095 |
| Kitano Construction Corp. (d) | 5600 | &nbsp;&nbsp; 51788 |
| Kitz Corp.  | 11700 | &nbsp;&nbsp; 130066 |
| Kiyo Bank Ltd. (d) | 11000 | &nbsp;&nbsp; 228586 |
| Koa Corp.  | 6400 | &nbsp;&nbsp; 56027 |
| Koatsu Gas Kogyo Co. Ltd.  | 5600 | &nbsp;&nbsp; 37453 |
| Kobe Electric Railway Co. Ltd.  | 1400 | &nbsp;&nbsp; 22147 |
| Kohnan Shoji Co. Ltd.  | 3700 | &nbsp;&nbsp; 94747 |
| Koike Sanso Kogyo Co. Ltd.  | 3500 | &nbsp;&nbsp; 35829 |
| Kojima Co. Ltd.  | 7800 | &nbsp;&nbsp; 59187 |
| Kokuyo Co. Ltd.  | 15300 | &nbsp;&nbsp; 85463 |
| Komatsu Matere Co. Ltd.  | 4200 | &nbsp;&nbsp; 22481 |
| Komatsu Wall Industry Co. Ltd.  | 2900 | &nbsp;&nbsp; 50849 |
| KOMEDA Holdings Co. Ltd.  | 8500 | &nbsp;&nbsp; 164568 |
| Komehyo Holdings Co. Ltd. (d) | 1300 | &nbsp;&nbsp; 23845 |
| Komeri Co. Ltd.  | 5400 | &nbsp;&nbsp; 117761 |
| Komori Corp.  | 8600 | &nbsp;&nbsp; 87135 |
| Konaka Co. Ltd.  | 7300 | &nbsp;&nbsp; 11366 |
| Kondotec, Inc.  | 4500 | &nbsp;&nbsp; 45157 |
| Konica Minolta, Inc.  | 87800 | &nbsp;&nbsp; 381930 |
| Konishi Co. Ltd.  | 10000 | &nbsp;&nbsp; 84764 |
| Konoike Transport Co. Ltd. (d) | 5700 | &nbsp;&nbsp; 119404 |
| Konoshima Chemical Co. Ltd.  | 600 | &nbsp;&nbsp; 5881 |
| Kosaido Holdings Co. Ltd.  | 12300 | &nbsp;&nbsp; 35515 |
| Koshidaka Holdings Co. Ltd. (d) | 6000 | &nbsp;&nbsp; 46912 |
| Kotobuki Spirits Co. Ltd. (d) | 13000 | &nbsp;&nbsp; 152244 |
| Kotobukiya Co. Ltd. (d) | 1500 | &nbsp;&nbsp; 14307 |
| Kozo Keikaku Engineering Holdings, Inc. (d) | 1900 | &nbsp;&nbsp; 37158 |
| KPP Group Holdings Co. Ltd.  | 3700 | &nbsp;&nbsp; 19478 |
| Krosaki Harima Corp.  | 2100 | &nbsp;&nbsp; 55770 |
| KRS Corp. (d) | 2300 | &nbsp;&nbsp; 42040 |
| K's Holdings Corp.  | 24500 | &nbsp;&nbsp; 253523 |
| KU Holdings Co. Ltd.  | 4200 | &nbsp;&nbsp; 32613 |
| Kumagai Gumi Co. Ltd. (d) | 26800 | &nbsp;&nbsp; 264637 |
| Kumiai Chemical Industry Co. Ltd.  | 10995 | &nbsp;&nbsp; 49441 |
| Kunimine Industries Co. Ltd.  | 1200 | &nbsp;&nbsp; 9104 |
| Kura Sushi, Inc. (d) | 1800 | &nbsp;&nbsp; 37337 |
| Kurabo Industries Ltd. (d) | 2100 | &nbsp;&nbsp; 113754 |
| Kureha Corp. (d) | 5600 | &nbsp;&nbsp; 146139 |
| Kurimoto Ltd. (d) | 7000 | &nbsp;&nbsp; 74932 |
| Kuriyama Holdings Corp.  | 2300 | &nbsp;&nbsp; 24360 |
| Kusuri No. Aoki Holdings Co. Ltd. (d) | 8200 | &nbsp;&nbsp; 244928 |
| KYB Corp. (d) | 6200 | &nbsp;&nbsp; 176881 |

---

*See accompanying notes to financial statements.*

**BHFTII-133**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Kyodo Printing Co. Ltd.  | 3800 | &nbsp;&nbsp; $38375 |
| Kyoei Steel Ltd.  | 3600 | &nbsp;&nbsp; 56348 |
| Kyokuto Boeki Kaisha Ltd.  | 3600 | &nbsp;&nbsp; 42299 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. (d) | 5400 | &nbsp;&nbsp; 107803 |
| Kyokuto Securities Co. Ltd.  | 4100 | &nbsp;&nbsp; 44343 |
| Kyokuyo Co. Ltd.  | 2200 | &nbsp;&nbsp; 68504 |
| Kyorin Pharmaceutical Co. Ltd.  | 7400 | &nbsp;&nbsp; 72605 |
| KYORITSU Co. Ltd.  | 6800 | &nbsp;&nbsp; 9513 |
| Kyoritsu Maintenance Co. Ltd. (d) | 13200 | &nbsp;&nbsp; 236322 |
| Kyosan Electric Manufacturing Co. Ltd.  | 7100 | &nbsp;&nbsp; 27674 |
| Kyowa Electronic Instruments Co. Ltd. (d) | 5900 | &nbsp;&nbsp; 27850 |
| Kyowa Leather Cloth Co. Ltd.  | 3300 | &nbsp;&nbsp; 22090 |
| Kyushu Financial Group, Inc.  | 17500 | &nbsp;&nbsp; 113424 |
| Lacto Japan Co. Ltd.  | 1400 | &nbsp;&nbsp; 31020 |
| LEC, Inc.  | 5000 | &nbsp;&nbsp; 33442 |
| Leopalace21 Corp.  | 24800 | &nbsp;&nbsp; 104223 |
| Life Corp.  | 6800 | &nbsp;&nbsp; 110846 |
| LIFULL Co. Ltd.  | 17000 | &nbsp;&nbsp; 19328 |
| LIKE, Inc.  | 2100 | &nbsp;&nbsp; 20719 |
| Link & Motivation, Inc.  | 8900 | &nbsp;&nbsp; 29052 |
| Lintec Corp.  | 7500 | &nbsp;&nbsp; 211877 |
| Lion Corp.  | 5800 | &nbsp;&nbsp; 61224 |
| LITALICO, Inc.  | 4700 | &nbsp;&nbsp; 38653 |
| Look Holdings, Inc. (d) | 1600 | &nbsp;&nbsp; 25632 |
| Mabuchi Motor Co. Ltd.  | 33200 | &nbsp;&nbsp; 305107 |
| Macnica Holdings, Inc.  | 7400 | &nbsp;&nbsp; 113198 |
| Maeda Kosen Co. Ltd.  | 8400 | &nbsp;&nbsp; 106128 |
| Maezawa Kasei Industries Co. Ltd. (d) | 2000 | &nbsp;&nbsp; 28107 |
| Maezawa Kyuso Industries Co. Ltd.  | 3600 | &nbsp;&nbsp; 36295 |
| Makino Milling Machine Co. Ltd.  | 3800 | &nbsp;&nbsp; 267774 |
| Management Solutions Co. Ltd.  | 1800 | &nbsp;&nbsp; 15833 |
| Mandom Corp.  | 7000 | &nbsp;&nbsp; 121430 |
| Mani, Inc.  | 15000 | &nbsp;&nbsp; 139072 |
| MarkLines Co. Ltd.  | 3000 | &nbsp;&nbsp; 28810 |
| Mars Group Holdings Corp.  | 2200 | &nbsp;&nbsp; 44873 |
| Marubun Corp.  | 4200 | &nbsp;&nbsp; 34965 |
| Marudai Food Co. Ltd.  | 3800 | &nbsp;&nbsp; 53306 |
| Marufuji Sheet Piling Co. Ltd.  | 900 | &nbsp;&nbsp; 23202 |
| Maruha Nichiro Corp.  | 24000 | &nbsp;&nbsp; 196745 |
| Maruichi Steel Tube Ltd. (d) | 27900 | &nbsp;&nbsp; 258288 |
| MARUKA FURUSATO Corp. (d) | 993 | &nbsp;&nbsp; 14291 |
| Marusan Securities Co. Ltd.  | 9900 | &nbsp;&nbsp; 64083 |
| Maruyama Manufacturing Co., Inc.  | 1500 | &nbsp;&nbsp; 21953 |
| Maruzen CHI Holdings Co. Ltd. (d) | 11900 | &nbsp;&nbsp; 25607 |
| Maruzen Co. Ltd.  | 900 | &nbsp;&nbsp; 21270 |
| Maruzen Showa Unyu Co. Ltd.  | 2400 | &nbsp;&nbsp; 125801 |
| Marvelous, Inc.  | 9500 | &nbsp;&nbsp; 30782 |
| Matching Service Japan Co. Ltd.  | 1200 | &nbsp;&nbsp; 7985 |
| Matsuda Sangyo Co. Ltd.  | 2700 | &nbsp;&nbsp; 90818 |
| Matsui Construction Co. Ltd.  | 3900 | &nbsp;&nbsp; 37507 |
| Matsui Securities Co. Ltd.  | 20100 | &nbsp;&nbsp; 109614 |
| Matsuyafoods Holdings Co. Ltd.  | 400 | &nbsp;&nbsp; 16568 |
| Max Co. Ltd. (d) | 4500 | &nbsp;&nbsp; 198632 |
| Maxell Ltd. (d) | 7800 | &nbsp;&nbsp; 119636 |
| Maxvalu Tokai Co. Ltd.  | 2500 | &nbsp;&nbsp; 59225 |
| MCJ Co. Ltd.  | 13500 | &nbsp;&nbsp; 139010 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| MEC Co. Ltd. (d) | 3000 | &nbsp;&nbsp; $97915 |
| Media Do Co. Ltd.  | 2100 | &nbsp;&nbsp; 24164 |
| Medical System Network Co. Ltd.  | 7000 | &nbsp;&nbsp; 23252 |
| Medikit Co. Ltd.  | 1300 | &nbsp;&nbsp; 25100 |
| Medius Holdings Co. Ltd.  | 1800 | &nbsp;&nbsp; 9378 |
| Medley, Inc. (a) | 1700 | &nbsp;&nbsp; 25594 |
| Megmilk Snow Brand Co. Ltd.  | 8500 | &nbsp;&nbsp; 175386 |
| Meidensha Corp.  | 6500 | &nbsp;&nbsp; 231573 |
| Meiji Electric Industries Co. Ltd.  | 1000 | &nbsp;&nbsp; 15130 |
| Meiji Shipping Group Co. Ltd.  | 4300 | &nbsp;&nbsp; 18630 |
| Meiko Electronics Co. Ltd. (d) | 4200 | &nbsp;&nbsp; 287937 |
| Meisei Industrial Co. Ltd.  | 6300 | &nbsp;&nbsp; 68157 |
| MEITEC Group Holdings, Inc.  | 13800 | &nbsp;&nbsp; 312466 |
| Meito Co. Ltd.  | 2200 | &nbsp;&nbsp; 33850 |
| Meiwa Corp.  | 4200 | &nbsp;&nbsp; 25384 |
| Meiwa Estate Co. Ltd. (d) | 3800 | &nbsp;&nbsp; 27628 |
| Menicon Co. Ltd.  | 13100 | &nbsp;&nbsp; 133445 |
| Mercari, Inc. (a) (d) | 18000 | &nbsp;&nbsp; 362131 |
| Mercuria Holdings Co. Ltd. (d) | 2100 | &nbsp;&nbsp; 10968 |
| METAWATER Co. Ltd.  | 3600 | &nbsp;&nbsp; 76931 |
| Micronics Japan Co. Ltd. (d) | 5400 | &nbsp;&nbsp; 241934 |
| Midac Holdings Co. Ltd.  | 900 | &nbsp;&nbsp; 11038 |
| Mie Kotsu Group Holdings, Inc.  | 8600 | &nbsp;&nbsp; 29604 |
| Mikuni Corp.  | 7300 | &nbsp;&nbsp; 16615 |
| Milbon Co. Ltd.  | 6120 | &nbsp;&nbsp; 95234 |
| MIMAKI ENGINEERING Co. Ltd.  | 1700 | &nbsp;&nbsp; 17787 |
| Miraial Co. Ltd. (d) | 2900 | &nbsp;&nbsp; 24206 |
| Mirait One Corp.  | 16680 | &nbsp;&nbsp; 373528 |
| Mirarth Holdings, Inc.  | 18300 | &nbsp;&nbsp; 45161 |
| Miroku Jyoho Service Co. Ltd.  | 3700 | &nbsp;&nbsp; 46909 |
| Mitani Corp.  | 22700 | &nbsp;&nbsp; 332735 |
| Mitani Sekisan Co. Ltd.  | 1800 | &nbsp;&nbsp; 94057 |
| Mito Securities Co. Ltd.  | 10400 | &nbsp;&nbsp; 36813 |
| Mitsuba Corp.  | 6900 | &nbsp;&nbsp; 46122 |
| Mitsubishi Kakoki Kaisha Ltd. (d) | 2400 | &nbsp;&nbsp; 49487 |
| Mitsubishi Logisnext Co. Ltd.  | 1200 | &nbsp;&nbsp; 11784 |
| Mitsubishi Materials Corp.  | 14600 | &nbsp;&nbsp; 342282 |
| Mitsubishi Paper Mills Ltd. (d) | 5400 | &nbsp;&nbsp; 22592 |
| Mitsubishi Pencil Co. Ltd. (d) | 5400 | &nbsp;&nbsp; 74952 |
| Mitsubishi Research Institute, Inc.  | 2000 | &nbsp;&nbsp; 63512 |
| Mitsubishi Steel Manufacturing Co. Ltd.  | 2500 | &nbsp;&nbsp; 29984 |
| Mitsuboshi Belting Ltd.  | 3900 | &nbsp;&nbsp; 97578 |
| Mitsui DM Sugar Co. Ltd.  | 2900 | &nbsp;&nbsp; 61691 |
| Mitsui High-Tec, Inc.  | 14000 | &nbsp;&nbsp; 67916 |
| Mitsui Matsushima Holdings Co. Ltd. (d) | 7000 | &nbsp;&nbsp; 62943 |
| Mitsui-Soko Holdings Co. Ltd. (d) | 10900 | &nbsp;&nbsp; 259086 |
| Mitsuuroko Group Holdings Co. Ltd. (d) | 5500 | &nbsp;&nbsp; 77496 |
| MIXI, Inc.  | 6400 | &nbsp;&nbsp; 111578 |
| Miyaji Engineering Group, Inc. (d) | 4500 | &nbsp;&nbsp; 54051 |
| Miyazaki Bank Ltd.  | 2400 | &nbsp;&nbsp; 99912 |
| Miyoshi Oil & Fat Co. Ltd.  | 1600 | &nbsp;&nbsp; 23599 |
| Mizuho Leasing Co. Ltd. (d) | 27000 | &nbsp;&nbsp; 243093 |
| Mizuho Medy Co. Ltd.  | 1000 | &nbsp;&nbsp; 10889 |
| Mizuno Corp. (d) | 11100 | &nbsp;&nbsp; 219508 |
| Mochida Pharmaceutical Co. Ltd.  | 4200 | &nbsp;&nbsp; 94651 |
| Monogatari Corp. (d) | 6100 | &nbsp;&nbsp; 171412 |

---

*See accompanying notes to financial statements.*

**BHFTII-134**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| MORESCO Corp.  | 2500 | &nbsp;&nbsp; $24387 |
| Morinaga & Co. Ltd.  | 12500 | &nbsp;&nbsp; 212127 |
| Morinaga Milk Industry Co. Ltd.  | 13000 | &nbsp;&nbsp; 309158 |
| Moriroku Co. Ltd.  | 800 | &nbsp;&nbsp; 12741 |
| Morita Holdings Corp.  | 6100 | &nbsp;&nbsp; 107382 |
| Morito Co. Ltd. (d) | 3400 | &nbsp;&nbsp; 36633 |
| Mory Industries, Inc.  | 6300 | &nbsp;&nbsp; 41034 |
| MOS Food Services, Inc.  | 1000 | &nbsp;&nbsp; 27125 |
| MrMax Holdings Ltd.  | 6500 | &nbsp;&nbsp; 33377 |
| Mugen Estate Co. Ltd. (d) | 1700 | &nbsp;&nbsp; 20234 |
| m-up Holdings, Inc.  | 11800 | &nbsp;&nbsp; 68308 |
| Murakami Corp.  | 1200 | &nbsp;&nbsp; 55035 |
| Musashi Seimitsu Industry Co. Ltd. (d) | 9400 | &nbsp;&nbsp; 153566 |
| Musashino Bank Ltd.  | 4900 | &nbsp;&nbsp; 151644 |
| Mutoh Holdings Co. Ltd.  | 900 | &nbsp;&nbsp; 17126 |
| Nabtesco Corp. (d) | 900 | &nbsp;&nbsp; 21565 |
| NAC Co. Ltd.  | 7200 | &nbsp;&nbsp; 25121 |
| Nachi-Fujikoshi Corp.  | 2700 | &nbsp;&nbsp; 75053 |
| Nafco Co. Ltd.  | 2600 | &nbsp;&nbsp; 36906 |
| Nagano Keiki Co. Ltd. (d) | 2800 | &nbsp;&nbsp; 43485 |
| Nagase & Co. Ltd.  | 14800 | &nbsp;&nbsp; 359756 |
| Nagoya Railroad Co. Ltd. (d) | 22000 | &nbsp;&nbsp; 236054 |
| Nakabayashi Co. Ltd.  | 5500 | &nbsp;&nbsp; 20512 |
| Nakamuraya Co. Ltd.  | 1600 | &nbsp;&nbsp; 31411 |
| Nakanishi, Inc.  | 13200 | &nbsp;&nbsp; 167046 |
| Nakano Corp.  | 4000 | &nbsp;&nbsp; 30716 |
| Nakayama Steel Works Ltd.  | 6300 | &nbsp;&nbsp; 24716 |
| Nakayamafuku Co. Ltd.  | 2000 | &nbsp;&nbsp; 5684 |
| Namura Shipbuilding Co. Ltd. (d) | 8856 | &nbsp;&nbsp; 200698 |
| Nankai Electric Railway Co. Ltd.  | 9200 | &nbsp;&nbsp; 174960 |
| Nanto Bank Ltd.  | 4300 | &nbsp;&nbsp; 163259 |
| Narasaki Sangyo Co. Ltd.  | 800 | &nbsp;&nbsp; 20167 |
| Natori Co. Ltd.  | 2600 | &nbsp;&nbsp; 31614 |
| NCD Co. Ltd./Shinagawa | 1700 | &nbsp;&nbsp; 32624 |
| NE, Inc. (a) | 1800 | &nbsp;&nbsp; 7504 |
| NEC Capital Solutions Ltd.  | 2000 | &nbsp;&nbsp; 51445 |
| Neturen Co. Ltd.  | 4300 | &nbsp;&nbsp; 34964 |
| New Art Holdings Co. Ltd.  | 1358 | &nbsp;&nbsp; 12791 |
| New Japan Chemical Co. Ltd.  | 9900 | &nbsp;&nbsp; 14164 |
| Nextage Co. Ltd.  | 9300 | &nbsp;&nbsp; 164316 |
| NexTone, Inc. (a) | 700 | &nbsp;&nbsp; 7422 |
| NF Holdings Corp. (d) | 1600 | &nbsp;&nbsp; 11438 |
| Nicca Chemical Co. Ltd.  | 1400 | &nbsp;&nbsp; 13862 |
| Nice Corp.  | 2300 | &nbsp;&nbsp; 28424 |
| Nichia Steel Works Ltd.  | 5100 | &nbsp;&nbsp; 11793 |
| Nichias Corp. (d) | 6900 | &nbsp;&nbsp; 298710 |
| Nichiban Co. Ltd.  | 3200 | &nbsp;&nbsp; 40809 |
| Nichicon Corp. (d) | 8300 | &nbsp;&nbsp; 86247 |
| Nichiden Corp.  | 2900 | &nbsp;&nbsp; 47200 |
| Nichiha Corp.  | 3800 | &nbsp;&nbsp; 79079 |
| Nichimo Co. Ltd.  | 2000 | &nbsp;&nbsp; 31550 |
| Nichirei Corp.  | 10100 | &nbsp;&nbsp; 120406 |
| Nichireki Group Co. Ltd.  | 5100 | &nbsp;&nbsp; 79510 |
| Nichirin Co. Ltd.  | 1400 | &nbsp;&nbsp; 33005 |
| Nifco, Inc.  | 5400 | &nbsp;&nbsp; 167109 |
| Nihon Dempa Kogyo Co. Ltd.  | 3300 | &nbsp;&nbsp; 21570 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Nihon Dengi Co. Ltd.  | 800 | &nbsp;&nbsp; $40431 |
| Nihon Flush Co. Ltd.  | 6000 | &nbsp;&nbsp; 31880 |
| Nihon House Holdings Co. Ltd.  | 10000 | &nbsp;&nbsp; 20369 |
| Nihon Kagaku Sangyo Co. Ltd.  | 3000 | &nbsp;&nbsp; 47105 |
| Nihon M&A Center Holdings, Inc. (d) | 53600 | &nbsp;&nbsp; 246846 |
| Nihon Nohyaku Co. Ltd.  | 5700 | &nbsp;&nbsp; 36928 |
| Nihon Parkerizing Co. Ltd.  | 16800 | &nbsp;&nbsp; 152637 |
| Nihon Plast Co. Ltd.  | 4500 | &nbsp;&nbsp; 11869 |
| Nihon Tokushu Toryo Co. Ltd.  | 2900 | &nbsp;&nbsp; 43248 |
| Nihon Yamamura Glass Co. Ltd.  | 2100 | &nbsp;&nbsp; 40628 |
| Nikkiso Co. Ltd.  | 9500 | &nbsp;&nbsp; 96418 |
| Nikko Co. Ltd.  | 6900 | &nbsp;&nbsp; 34791 |
| Nikkon Holdings Co. Ltd. (d) | 18100 | &nbsp;&nbsp; 393593 |
| Nippn Corp. (d) | 10000 | &nbsp;&nbsp; 152169 |
| Nippon Air Conditioning Services Co. Ltd.  | 3700 | &nbsp;&nbsp; 30492 |
| Nippon Aqua Co. Ltd.  | 3000 | &nbsp;&nbsp; 16536 |
| Nippon Beet Sugar Manufacturing Co. Ltd.  | 1700 | &nbsp;&nbsp; 41472 |
| Nippon Carbide Industries Co., Inc.  | 2300 | &nbsp;&nbsp; 37649 |
| Nippon Carbon Co. Ltd. (d) | 2100 | &nbsp;&nbsp; 59218 |
| Nippon Chemical Industrial Co. Ltd.  | 1400 | &nbsp;&nbsp; 24789 |
| Nippon Chemi-Con Corp. (a) | 4400 | &nbsp;&nbsp; 40787 |
| Nippon Coke & Engineering Co. Ltd. (a) | 47000 | &nbsp;&nbsp; 32428 |
| Nippon Concrete Industries Co. Ltd.  | 14000 | &nbsp;&nbsp; 29689 |
| Nippon Denko Co. Ltd. (d) | 18565 | &nbsp;&nbsp; 42463 |
| Nippon Densetsu Kogyo Co. Ltd.  | 6700 | &nbsp;&nbsp; 141676 |
| Nippon Dry-Chemical Co. Ltd.  | 1000 | &nbsp;&nbsp; 58778 |
| Nippon Electric Glass Co. Ltd. (d) | 8400 | &nbsp;&nbsp; 330466 |
| Nippon Felt Co. Ltd. (d) | 8600 | &nbsp;&nbsp; 49419 |
| Nippon Filcon Co. Ltd. (d) | 5200 | &nbsp;&nbsp; 18073 |
| Nippon Gas Co. Ltd.  | 20300 | &nbsp;&nbsp; 384399 |
| Nippon Hume Corp. (d) | 11200 | &nbsp;&nbsp; 108730 |
| Nippon Kayaku Co. Ltd.  | 25700 | &nbsp;&nbsp; 275309 |
| Nippon Kodoshi Corp.  | 1600 | &nbsp;&nbsp; 35031 |
| Nippon Light Metal Holdings Co. Ltd.  | 10300 | &nbsp;&nbsp; 167832 |
| Nippon Paper Industries Co. Ltd.  | 18500 | &nbsp;&nbsp; 137424 |
| Nippon Parking Development Co. Ltd.  | 38400 | &nbsp;&nbsp; 63636 |
| Nippon Rietec Co. Ltd.  | 2600 | &nbsp;&nbsp; 37787 |
| Nippon Seiki Co. Ltd.  | 8300 | &nbsp;&nbsp; 115880 |
| Nippon Seisen Co. Ltd.  | 3500 | &nbsp;&nbsp; 26645 |
| Nippon Sharyo Ltd.  | 1400 | &nbsp;&nbsp; 33870 |
| Nippon Sheet Glass Co. Ltd. (a) | 15100 | &nbsp;&nbsp; 56992 |
| Nippon Shinyaku Co. Ltd.  | 5300 | &nbsp;&nbsp; 190959 |
| Nippon Shokubai Co. Ltd.  | 12400 | &nbsp;&nbsp; 158773 |
| Nippon Signal Co. Ltd.  | 8300 | &nbsp;&nbsp; 69457 |
| Nippon Soda Co. Ltd. (d) | 8800 | &nbsp;&nbsp; 203496 |
| Nippon Thompson Co. Ltd.  | 7200 | &nbsp;&nbsp; 37590 |
| Nippon Yakin Kogyo Co. Ltd. (d) | 2000 | &nbsp;&nbsp; 57810 |
| Nipro Corp. (d) | 29300 | &nbsp;&nbsp; 276382 |
| Nishikawa Rubber Co. Ltd. (d) | 2400 | &nbsp;&nbsp; 49281 |
| Nishimatsu Construction Co. Ltd.  | 5000 | &nbsp;&nbsp; 182119 |
| Nishi-Nippon Financial Holdings, Inc.  | 21500 | &nbsp;&nbsp; 440312 |
| Nishi-Nippon Railroad Co. Ltd.  | 11900 | &nbsp;&nbsp; 212158 |
| Nishio Holdings Co. Ltd.  | 3600 | &nbsp;&nbsp; 108820 |
| Nissan Shatai Co. Ltd. (d) | 12600 | &nbsp;&nbsp; 81422 |
| Nissan Tokyo Sales Holdings Co. Ltd.  | 11000 | &nbsp;&nbsp; 35105 |
| Nissei ASB Machine Co. Ltd.  | 1600 | &nbsp;&nbsp; 64181 |

---

*See accompanying notes to financial statements.*

**BHFTII-135**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Nissei Plastic Industrial Co. Ltd.  | 4500 | &nbsp;&nbsp; $25270 |
| Nissha Co. Ltd.  | 7400 | &nbsp;&nbsp; 59104 |
| Nisshin Group Holdings Co. Ltd.  | 7100 | &nbsp;&nbsp; 33818 |
| Nisshin Oillio Group Ltd. (d) | 5000 | &nbsp;&nbsp; 167430 |
| Nisshinbo Holdings, Inc.  | 27920 | &nbsp;&nbsp; 233983 |
| Nisso Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp; 6377 |
| Nissui Corp.  | 56700 | &nbsp;&nbsp; 413443 |
| Nitta Corp.  | 3700 | &nbsp;&nbsp; 99356 |
| Nitta Gelatin, Inc. (d) | 4500 | &nbsp;&nbsp; 35655 |
| Nittetsu Mining Co. Ltd. (d) | 9000 | &nbsp;&nbsp; 128729 |
| Nitto Fuji Flour Milling Co. Ltd.  | 800 | &nbsp;&nbsp; 36064 |
| Nitto Kogyo Corp. (d) | 4800 | &nbsp;&nbsp; 126191 |
| Nitto Kohki Co. Ltd.  | 3200 | &nbsp;&nbsp; 37519 |
| Nitto Seiko Co. Ltd. (d) | 8900 | &nbsp;&nbsp; 40233 |
| Nittoc Construction Co. Ltd.  | 4450 | &nbsp;&nbsp; 36832 |
| Noevir Holdings Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 93536 |
| Nojima Corp.  | 36600 | &nbsp;&nbsp; 278159 |
| NOK Corp.  | 900 | &nbsp;&nbsp; 16148 |
| Noritake Co. Ltd.  | 3600 | &nbsp;&nbsp; 131022 |
| Noritsu Koki Co. Ltd.  | 11000 | &nbsp;&nbsp; 130150 |
| Noritz Corp.  | 6400 | &nbsp;&nbsp; 81540 |
| North Pacific Bank Ltd.  | 48800 | &nbsp;&nbsp; 263046 |
| NPR-RIKEN Corp.  | 4264 | &nbsp;&nbsp; 98489 |
| NS Tool Co. Ltd.  | 4800 | &nbsp;&nbsp; 26705 |
| NS United Kaiun Kaisha Ltd.  | 2200 | &nbsp;&nbsp; 85737 |
| NSD Co. Ltd.  | 12440 | &nbsp;&nbsp; 275196 |
| NSK Ltd.  | 23400 | &nbsp;&nbsp; 145510 |
| NSW, Inc.  | 1900 | &nbsp;&nbsp; 30623 |
| NTN Corp.  | 79300 | &nbsp;&nbsp; 185834 |
| Oat Agrio Co. Ltd.  | 400 | &nbsp;&nbsp; 5500 |
| Obara Group, Inc. (d) | 1900 | &nbsp;&nbsp; 46397 |
| Oenon Holdings, Inc. (d) | 9700 | &nbsp;&nbsp; 31590 |
| Ogaki Kyoritsu Bank Ltd.  | 5900 | &nbsp;&nbsp; 176830 |
| Ohara, Inc.  | 1600 | &nbsp;&nbsp; 10511 |
| Ohashi Technica, Inc.  | 5800 | &nbsp;&nbsp; 44471 |
| Ohba Co. Ltd. (d) | 4600 | &nbsp;&nbsp; 32858 |
| Ohsho Food Service Corp.  | 6600 | &nbsp;&nbsp; 135599 |
| OIE Sangyo Co. Ltd.  | 800 | &nbsp;&nbsp; 11829 |
| Oiles Corp.  | 4400 | &nbsp;&nbsp; 66121 |
| Oita Bank Ltd.  | 2400 | &nbsp;&nbsp; 99028 |
| Okabe Co. Ltd.  | 6800 | &nbsp;&nbsp; 41847 |
| Okada Aiyon Corp.  | 1900 | &nbsp;&nbsp; 27886 |
| Okamoto Industries, Inc.  | 1800 | &nbsp;&nbsp; 62818 |
| Okamoto Machine Tool Works Ltd.  | 1000 | &nbsp;&nbsp; 28757 |
| Okamura Corp.  | 11100 | &nbsp;&nbsp; 162556 |
| Okasan Securities Group, Inc.  | 24600 | &nbsp;&nbsp; 117976 |
| Oki Electric Industry Co. Ltd.  | 16800 | &nbsp;&nbsp; 213332 |
| Okinawa Cellular Telephone Co.  | 7600 | &nbsp;&nbsp; 137257 |
| Okinawa Electric Power Co., Inc. (d) | 8627 | &nbsp;&nbsp; 61488 |
| Okinawa Financial Group, Inc.  | 3260 | &nbsp;&nbsp; 98861 |
| OKUMA Corp. (d) | 8900 | &nbsp;&nbsp; 205776 |
| Okumura Corp.  | 6000 | &nbsp;&nbsp; 237248 |
| Okura Industrial Co. Ltd. (d) | 1600 | &nbsp;&nbsp; 49724 |
| Okuwa Co. Ltd.  | 4400 | &nbsp;&nbsp; 23739 |
| Onoken Co. Ltd.  | 4300 | &nbsp;&nbsp; 39188 |
| Onward Holdings Co. Ltd.  | 22500 | &nbsp;&nbsp; 105685 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Open Up Group, Inc.  | 4700 | &nbsp;&nbsp; $55333 |
| Optex Group Co. Ltd.  | 6800 | &nbsp;&nbsp; 111027 |
| Optim Corp. (a) | 4200 | &nbsp;&nbsp; 13469 |
| Optorun Co. Ltd.  | 1300 | &nbsp;&nbsp; 15876 |
| Orient Corp.  | 11670 | &nbsp;&nbsp; 79256 |
| Oriental Shiraishi Corp.  | 22700 | &nbsp;&nbsp; 60053 |
| Oro Co. Ltd.  | 1400 | &nbsp;&nbsp; 18807 |
| Osaka Organic Chemical Industry Ltd.  | 2900 | &nbsp;&nbsp; 74198 |
| Osaka Steel Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 44319 |
| OSAKA Titanium Technologies Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 38505 |
| Osaki Electric Co. Ltd.  | 4900 | &nbsp;&nbsp; 38900 |
| OSG Corp. (d) | 13400 | &nbsp;&nbsp; 195701 |
| OUG Holdings, Inc.  | 700 | &nbsp;&nbsp; 17370 |
| Oyo Corp.  | 2500 | &nbsp;&nbsp; 44797 |
| Ozu Corp. (d) | 600 | &nbsp;&nbsp; 6816 |
| Pacific Industrial Co. Ltd. (d) | 8900 | &nbsp;&nbsp; 183886 |
| Pacific Metals Co. Ltd.  | 3900 | &nbsp;&nbsp; 56463 |
| Pack Corp. (d) | 7300 | &nbsp;&nbsp; 60081 |
| PAL GROUP Holdings Co. Ltd.  | 9600 | &nbsp;&nbsp; 125114 |
| PALTAC Corp.  | 3300 | &nbsp;&nbsp; 101652 |
| Paraca, Inc.  | 300 | &nbsp;&nbsp; 3888 |
| Park24 Co. Ltd.  | 23400 | &nbsp;&nbsp; 312337 |
| Pasona Group, Inc.  | 2800 | &nbsp;&nbsp; 36213 |
| Pegasus Co. Ltd.  | 5400 | &nbsp;&nbsp; 26799 |
| Penta-Ocean Construction Co. Ltd.  | 25100 | &nbsp;&nbsp; 252828 |
| People Dreams & Technologies Group Co. Ltd.  | 1400 | &nbsp;&nbsp; 14401 |
| Pharma Foods International Co. Ltd. (d) | 3600 | &nbsp;&nbsp; 15617 |
| PIA Corp. (a) | 500 | &nbsp;&nbsp; 8485 |
| Pickles Holdings Co. Ltd.  | 2600 | &nbsp;&nbsp; 21968 |
| Pigeon Corp. (d) | 22500 | &nbsp;&nbsp; 230980 |
| PILLAR Corp. (d) | 3700 | &nbsp;&nbsp; 113415 |
| Pilot Corp.  | 5800 | &nbsp;&nbsp; 180542 |
| Piolax, Inc.  | 4000 | &nbsp;&nbsp; 44258 |
| Plus Alpha Consulting Co. Ltd.  | 2000 | &nbsp;&nbsp; 30778 |
| Pole To Win Holdings, Inc.  | 7900 | &nbsp;&nbsp; 16451 |
| PR Times Corp.  | 700 | &nbsp;&nbsp; 12424 |
| Premium Group Co. Ltd.  | 6700 | &nbsp;&nbsp; 83013 |
| Premium Water Holdings, Inc.  | 500 | &nbsp;&nbsp; 10491 |
| Press Kogyo Co. Ltd.  | 12500 | &nbsp;&nbsp; 64668 |
| Prestige International, Inc. (d) | 17100 | &nbsp;&nbsp; 79321 |
| Prima Meat Packers Ltd.  | 4600 | &nbsp;&nbsp; 78194 |
| Procrea Holdings, Inc. (d) | 5421 | &nbsp;&nbsp; 75451 |
| Pronexus, Inc.  | 5100 | &nbsp;&nbsp; 37338 |
| Pro-Ship, Inc.  | 3000 | &nbsp;&nbsp; 32800 |
| PS Construction Co. Ltd.  | 2700 | &nbsp;&nbsp; 49387 |
| Punch Industry Co. Ltd.  | 2700 | &nbsp;&nbsp; 8459 |
| QB Net Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp; 12491 |
| Qol Holdings Co. Ltd.  | 3900 | &nbsp;&nbsp; 53446 |
| Quick Co. Ltd.  | 9300 | &nbsp;&nbsp; 54526 |
| Raccoon Holdings, Inc. (d) | 4100 | &nbsp;&nbsp; 16971 |
| Raito Kogyo Co. Ltd.  | 6700 | &nbsp;&nbsp; 144492 |
| Raiznext Corp.  | 3700 | &nbsp;&nbsp; 57507 |
| Raksul, Inc.  | 3300 | &nbsp;&nbsp; 37152 |
| Rakus Co. Ltd.  | 9600 | &nbsp;&nbsp; 63799 |
| Rasa Industries Ltd.  | 1600 | &nbsp;&nbsp; 64098 |
| Relo Group, Inc.  | 11500 | &nbsp;&nbsp; 125680 |

---

*See accompanying notes to financial statements.*

**BHFTII-136**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Rengo Co. Ltd.  | 36700 | &nbsp;&nbsp; $284405 |
| RENOVA, Inc. (a) | 5100 | &nbsp;&nbsp; 22167 |
| Resorttrust, Inc.  | 34800 | &nbsp;&nbsp; 436315 |
| Restar Corp.  | 3800 | &nbsp;&nbsp; 67857 |
| Retail Partners Co. Ltd.  | 4300 | &nbsp;&nbsp; 36704 |
| Rheon Automatic Machinery Co. Ltd.  | 5000 | &nbsp;&nbsp; 46447 |
| Rhythm Co. Ltd.  | 1300 | &nbsp;&nbsp; 32749 |
| Ricoh Leasing Co. Ltd. (d) | 2700 | &nbsp;&nbsp; 100541 |
| Ride On Express Holdings Co. Ltd.  | 1700 | &nbsp;&nbsp; 11061 |
| Riken Keiki Co. Ltd.  | 6400 | &nbsp;&nbsp; 130904 |
| Riken Technos Corp.  | 6700 | &nbsp;&nbsp; 65719 |
| Riken Vitamin Co. Ltd.  | 3800 | &nbsp;&nbsp; 71924 |
| Ringer Hut Co. Ltd.  | 600 | &nbsp;&nbsp; 8770 |
| Rion Co. Ltd.  | 2200 | &nbsp;&nbsp; 36774 |
| Riso Kyoiku Group Corp.  | 12870 | &nbsp;&nbsp; 16491 |
| Rokko Butter Co. Ltd. (d) | 3600 | &nbsp;&nbsp; 27457 |
| Roland Corp.  | 2800 | &nbsp;&nbsp; 63684 |
| Round One Corp. (d) | 22400 | &nbsp;&nbsp; 159691 |
| Ryobi Ltd. (d) | 4000 | &nbsp;&nbsp; 70041 |
| RYODEN Corp.  | 2700 | &nbsp;&nbsp; 62101 |
| Ryoyo Ryosan Holdings, Inc.  | 2220 | &nbsp;&nbsp; 44038 |
| S Foods, Inc.  | 3600 | &nbsp;&nbsp; 62572 |
| S&B Foods, Inc.  | 3000 | &nbsp;&nbsp; 77211 |
| Sac's Bar Holdings, Inc.  | 5250 | &nbsp;&nbsp; 25751 |
| Sagami Rubber Industries Co. Ltd.  | 1800 | &nbsp;&nbsp; 8436 |
| Saibu Gas Holdings Co. Ltd.  | 5400 | &nbsp;&nbsp; 77759 |
| Saizeriya Co. Ltd.  | 2400 | &nbsp;&nbsp; 84122 |
| Sakai Chemical Industry Co. Ltd.  | 3200 | &nbsp;&nbsp; 65013 |
| Sakai Heavy Industries Ltd.  | 2000 | &nbsp;&nbsp; 26686 |
| Sakai Moving Service Co. Ltd.  | 4900 | &nbsp;&nbsp; 89608 |
| Sakata INX Corp. (d) | 8400 | &nbsp;&nbsp; 127125 |
| Sala Corp.  | 9700 | &nbsp;&nbsp; 70104 |
| San Holdings, Inc.  | 3500 | &nbsp;&nbsp; 33489 |
| San ju San Financial Group, Inc. (d) | 4270 | &nbsp;&nbsp; 120185 |
| San-A Co. Ltd.  | 7800 | &nbsp;&nbsp; 147430 |
| San-Ai Obbli Co. Ltd.  | 10200 | &nbsp;&nbsp; 137620 |
| Sangetsu Corp.  | 9800 | &nbsp;&nbsp; 194428 |
| San-In Godo Bank Ltd. (d) | 26400 | &nbsp;&nbsp; 250296 |
| Sanken Electric Co. Ltd. (a) (d) | 3400 | &nbsp;&nbsp; 125643 |
| Sanki Engineering Co. Ltd.  | 6800 | &nbsp;&nbsp; 249482 |
| Sanko Metal Industrial Co. Ltd.  | 2500 | &nbsp;&nbsp; 23476 |
| Sankyo Frontier Co. Ltd.  | 2000 | &nbsp;&nbsp; 27151 |
| Sankyo Seiko Co. Ltd.  | 10800 | &nbsp;&nbsp; 48291 |
| Sankyo Tateyama, Inc.  | 6500 | &nbsp;&nbsp; 26403 |
| Sankyu, Inc.  | 4800 | &nbsp;&nbsp; 258777 |
| Sanoh Industrial Co. Ltd.  | 6300 | &nbsp;&nbsp; 34615 |
| Sansei Technologies, Inc.  | 800 | &nbsp;&nbsp; 12379 |
| Sansha Electric Manufacturing Co. Ltd.  | 2700 | &nbsp;&nbsp; 15867 |
| Sanshin Electronics Co. Ltd.  | 2400 | &nbsp;&nbsp; 47993 |
| Sanyo Chemical Industries Ltd.  | 2500 | &nbsp;&nbsp; 83360 |
| Sanyo Denki Co. Ltd.  | 5100 | &nbsp;&nbsp; 136743 |
| Sanyo Electric Railway Co. Ltd. (d) | 4000 | &nbsp;&nbsp; 53235 |
| Sanyo Industries Ltd.  | 1300 | &nbsp;&nbsp; 35906 |
| Sanyo Shokai Ltd.  | 1500 | &nbsp;&nbsp; 37263 |
| Sanyo Trading Co. Ltd.  | 5300 | &nbsp;&nbsp; 50453 |
| Sata Construction Co. Ltd.  | 2600 | &nbsp;&nbsp; 19432 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Sato Corp.  | 5300 | &nbsp;&nbsp; $81090 |
| Sato Shoji Corp.  | 2000 | &nbsp;&nbsp; 28780 |
| Satori Electric Co. Ltd.  | 2100 | &nbsp;&nbsp; 25129 |
| Sawai Group Holdings Co. Ltd. (d) | 18300 | &nbsp;&nbsp; 274798 |
| SAXA, Inc.  | 1000 | &nbsp;&nbsp; 38171 |
| SBI ARUHI Corp.  | 2000 | &nbsp;&nbsp; 11483 |
| SBI Insurance Group Co. Ltd.  | 1400 | &nbsp;&nbsp; 18084 |
| SBS Holdings, Inc.  | 3200 | &nbsp;&nbsp; 77264 |
| Scroll Corp.  | 6400 | &nbsp;&nbsp; 54734 |
| SEC Carbon Ltd.  | 1000 | &nbsp;&nbsp; 14911 |
| Seed Co. Ltd.  | 1700 | &nbsp;&nbsp; 6245 |
| Seika Corp.  | 3900 | &nbsp;&nbsp; 59180 |
| Seikagaku Corp.  | 7400 | &nbsp;&nbsp; 33535 |
| Seikitokyu Kogyo Co. Ltd.  | 2100 | &nbsp;&nbsp; 22118 |
| Seiko Group Corp.  | 5500 | &nbsp;&nbsp; 256671 |
| Seiren Co. Ltd. (d) | 9900 | &nbsp;&nbsp; 193164 |
| Sekisui Jushi Corp.  | 4500 | &nbsp;&nbsp; 61225 |
| Sekisui Kasei Co. Ltd. (a) | 8100 | &nbsp;&nbsp; 20695 |
| SEMITEC Corp.  | 1600 | &nbsp;&nbsp; 23726 |
| Senko Group Holdings Co. Ltd. (d) | 25500 | &nbsp;&nbsp; 318244 |
| Senshu Electric Co. Ltd.  | 2600 | &nbsp;&nbsp; 89393 |
| Senshu Ikeda Holdings, Inc. (d) | 42200 | &nbsp;&nbsp; 212725 |
| Senshukai Co. Ltd. (a) (d) | 11000 | &nbsp;&nbsp; 14399 |
| SERAKU Co. Ltd.  | 700 | &nbsp;&nbsp; 6857 |
| Seria Co. Ltd.  | 9000 | &nbsp;&nbsp; 199889 |
| Seven Bank Ltd. (d) | 65300 | &nbsp;&nbsp; 127072 |
| Shibaura Machine Co. Ltd.  | 4000 | &nbsp;&nbsp; 109557 |
| Shibaura Mechatronics Corp.  | 2400 | &nbsp;&nbsp; 291091 |
| Shibusawa Logistics Corp.  | 7200 | &nbsp;&nbsp; 58638 |
| Shibuya Corp.  | 3100 | &nbsp;&nbsp; 67926 |
| SHIFT, Inc. (a) (d) | 19500 | &nbsp;&nbsp; 122370 |
| Shiga Bank Ltd.  | 6300 | &nbsp;&nbsp; 288155 |
| Shikibo Ltd.  | 4700 | &nbsp;&nbsp; 31332 |
| Shikoku Bank Ltd.  | 7400 | &nbsp;&nbsp; 82811 |
| Shikoku Electric Power Co., Inc.  | 31200 | &nbsp;&nbsp; 308202 |
| Shikoku Kasei Holdings Corp.  | 5500 | &nbsp;&nbsp; 96488 |
| Shima Seiki Manufacturing Ltd.  | 7000 | &nbsp;&nbsp; 45091 |
| Shimadaya Corp.  | 1500 | &nbsp;&nbsp; 16815 |
| Shimizu Bank Ltd.  | 2600 | &nbsp;&nbsp; 40266 |
| Shimojima Co. Ltd.  | 4200 | &nbsp;&nbsp; 36366 |
| Shin Nippon Air Technologies Co. Ltd. (d) | 4200 | &nbsp;&nbsp; 84432 |
| Shinagawa Refra Co. Ltd.  | 5100 | &nbsp;&nbsp; 68698 |
| Shindengen Electric Manufacturing Co. Ltd.  | 1900 | &nbsp;&nbsp; 40630 |
| Shin-Etsu Polymer Co. Ltd.  | 7700 | &nbsp;&nbsp; 98212 |
| Shinki Bus Co. Ltd. (d) | 1800 | &nbsp;&nbsp; 22170 |
| Shinko Shoji Co. Ltd.  | 5100 | &nbsp;&nbsp; 34762 |
| Shinmaywa Industries Ltd. (d) | 11000 | &nbsp;&nbsp; 134237 |
| Shinnihon Corp.  | 4300 | &nbsp;&nbsp; 55900 |
| Shinnihonseiyaku Co. Ltd.  | 1100 | &nbsp;&nbsp; 14224 |
| Shinsho Corp.  | 2700 | &nbsp;&nbsp; 43650 |
| Shinwa Co. Ltd.  | 2200 | &nbsp;&nbsp; 43566 |
| Shinwa Co. Ltd. (d) | 2200 | &nbsp;&nbsp; 12942 |
| Ship Healthcare Holdings, Inc.  | 14900 | &nbsp;&nbsp; 249335 |
| Shizuoka Gas Co. Ltd.  | 8800 | &nbsp;&nbsp; 67404 |
| SHO-BOND Holdings Co. Ltd.  | 1600 | &nbsp;&nbsp; 13509 |
| Shoei Co. Ltd. (d) | 9000 | &nbsp;&nbsp; 101955 |

---

*See accompanying notes to financial statements.*

**BHFTII-137**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Shoei Foods Corp.  | 400 | &nbsp;&nbsp; $10371 |
| Showa Sangyo Co. Ltd.  | 4000 | &nbsp;&nbsp; 76934 |
| SIGMAXYZ Holdings, Inc.  | 12900 | &nbsp;&nbsp; 68200 |
| Siix Corp. (d) | 6200 | &nbsp;&nbsp; 51852 |
| Simplex Holdings, Inc.  | 2800 | &nbsp;&nbsp; 18803 |
| Sinanen Holdings Co. Ltd. (d) | 1500 | &nbsp;&nbsp; 60395 |
| Sinfonia Technology Co. Ltd. (d) | 4200 | &nbsp;&nbsp; 243823 |
| Sinko Industries Ltd.  | 8300 | &nbsp;&nbsp; 74971 |
| Sintokogio Ltd.  | 6200 | &nbsp;&nbsp; 43059 |
| SK-Electronics Co. Ltd.  | 1800 | &nbsp;&nbsp; 36012 |
| SKY Perfect JSAT Holdings, Inc.  | 20300 | &nbsp;&nbsp; 258917 |
| Smaregi, Inc. (d) | 1200 | &nbsp;&nbsp; 23425 |
| SMK Corp.  | 1700 | &nbsp;&nbsp; 28675 |
| SMS Co. Ltd.  | 8200 | &nbsp;&nbsp; 70782 |
| Socionext, Inc.  | 4600 | &nbsp;&nbsp; 64170 |
| Soda Nikka Co. Ltd.  | 4500 | &nbsp;&nbsp; 31057 |
| Sodick Co. Ltd.  | 9000 | &nbsp;&nbsp; 55275 |
| Softcreate Holdings Corp.  | 3000 | &nbsp;&nbsp; 41256 |
| Software Service, Inc.  | 700 | &nbsp;&nbsp; 60462 |
| Soken Chemical & Engineering Co. Ltd.  | 1400 | &nbsp;&nbsp; 23553 |
| Solasto Corp.  | 12800 | &nbsp;&nbsp; 69389 |
| Soliton Systems KK (d) | 2500 | &nbsp;&nbsp; 32865 |
| Solxyz Co. Ltd.  | 1400 | &nbsp;&nbsp; 4266 |
| Sotetsu Holdings, Inc. (d) | 12100 | &nbsp;&nbsp; 217430 |
| Sotoh Co. Ltd.  | 3100 | &nbsp;&nbsp; 15741 |
| Space Co. Ltd.  | 3860 | &nbsp;&nbsp; 38345 |
| Sparx Group Co. Ltd.  | 3740 | &nbsp;&nbsp; 38707 |
| SPK Corp.  | 2600 | &nbsp;&nbsp; 39370 |
| Sprix, Inc.  | 1300 | &nbsp;&nbsp; 11562 |
| SRA Holdings | 2000 | &nbsp;&nbsp; 67060 |
| SRE Holdings Corp.  | 1900 | &nbsp;&nbsp; 40550 |
| ST Corp.  | 3100 | &nbsp;&nbsp; 29977 |
| St. Marc Holdings Co. Ltd.  | 2300 | &nbsp;&nbsp; 39603 |
| Star Mica Holdings Co. Ltd.  | 3000 | &nbsp;&nbsp; 26025 |
| Star Micronics Co. Ltd.  | 5500 | &nbsp;&nbsp; 76831 |
| Starts Corp., Inc.  | 6500 | &nbsp;&nbsp; 198596 |
| Starzen Co. Ltd.  | 9500 | &nbsp;&nbsp; 76222 |
| Stella Chemifa Corp.  | 2000 | &nbsp;&nbsp; 56103 |
| Step Co. Ltd.  | 2500 | &nbsp;&nbsp; 38610 |
| Strike Co. Ltd.  | 1300 | &nbsp;&nbsp; 34153 |
| Studio Alice Co. Ltd.  | 2900 | &nbsp;&nbsp; 37311 |
| Subaru Enterprise Co. Ltd.  | 500 | &nbsp;&nbsp; 9958 |
| Sugimoto & Co. Ltd.  | 2900 | &nbsp;&nbsp; 25932 |
| SUMCO Corp. (d) | 16000 | &nbsp;&nbsp; 145938 |
| Sumida Corp.  | 6000 | &nbsp;&nbsp; 43862 |
| Suminoe Co. Ltd.  | 2800 | &nbsp;&nbsp; 22385 |
| Sumitomo Heavy Industries Ltd.  | 4700 | &nbsp;&nbsp; 124107 |
| Sumitomo Osaka Cement Co. Ltd. (d) | 6200 | &nbsp;&nbsp; 150629 |
| Sumitomo Rubber Industries Ltd.  | 2500 | &nbsp;&nbsp; 38561 |
| Sumitomo Seika Chemicals Co. Ltd.  | 1800 | &nbsp;&nbsp; 61937 |
| Sumitomo Warehouse Co. Ltd. (d) | 9500 | &nbsp;&nbsp; 215394 |
| Sun Frontier Fudousan Co. Ltd.  | 6100 | &nbsp;&nbsp; 93442 |
| Suncall Corp. (d) | 6500 | &nbsp;&nbsp; 38342 |
| Sun-Wa Technos Corp.  | 2200 | &nbsp;&nbsp; 41715 |
| Suruga Bank Ltd.  | 25300 | &nbsp;&nbsp; 275213 |
| Suzuken Co. Ltd.  | 1200 | &nbsp;&nbsp; 46967 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Suzuki Co. Ltd.  | 1700 | &nbsp;&nbsp; $26175 |
| SWCC Corp. (d) | 5800 | &nbsp;&nbsp; 383786 |
| System Research Co. Ltd.  | 2400 | &nbsp;&nbsp; 31109 |
| Systems Engineering Consultants Co. Ltd.  | 1200 | &nbsp;&nbsp; 23941 |
| Systena Corp.  | 51800 | &nbsp;&nbsp; 170105 |
| Syuppin Co. Ltd.  | 4400 | &nbsp;&nbsp; 32313 |
| T Hasegawa Co. Ltd.  | 4500 | &nbsp;&nbsp; 80938 |
| T RAD Co. Ltd.  | 700 | &nbsp;&nbsp; 36704 |
| Tachibana Eletech Co. Ltd.  | 2940 | &nbsp;&nbsp; 57598 |
| Tachikawa Corp. (d) | 3100 | &nbsp;&nbsp; 39105 |
| Tachi-S Co. Ltd.  | 6200 | &nbsp;&nbsp; 82491 |
| Tadano Ltd.  | 15500 | &nbsp;&nbsp; 105107 |
| Taihei Dengyo Kaisha Ltd.  | 7200 | &nbsp;&nbsp; 99527 |
| Taiheiyo Kouhatsu, Inc.  | 2100 | &nbsp;&nbsp; 11200 |
| Taiho Kogyo Co. Ltd.  | 6400 | &nbsp;&nbsp; 33364 |
| Taikisha Ltd.  | 9100 | &nbsp;&nbsp; 191578 |
| Taiko Bank Ltd.  | 2200 | &nbsp;&nbsp; 29013 |
| Taisei Lamick Group Head Quarter & Innovation Co. Ltd.  | 2200 | &nbsp;&nbsp; 37255 |
| Taiyo Holdings Co. Ltd.  | 17400 | &nbsp;&nbsp; 529361 |
| Taiyo Yuden Co. Ltd. (d) | 13000 | &nbsp;&nbsp; 294548 |
| Takamatsu Construction Group Co. Ltd.  | 2900 | &nbsp;&nbsp; 74185 |
| Takamiya Co. Ltd.  | 5200 | &nbsp;&nbsp; 13955 |
| Takano Co. Ltd.  | 4600 | &nbsp;&nbsp; 23106 |
| Takaoka Toko Co. Ltd.  | 1765 | &nbsp;&nbsp; 43888 |
| Takara & Co. Ltd.  | 1300 | &nbsp;&nbsp; 39018 |
| Takara Bio, Inc.  | 11100 | &nbsp;&nbsp; 56324 |
| Takara Holdings, Inc. (d) | 29700 | &nbsp;&nbsp; 304356 |
| Takara Standard Co. Ltd. (d) | 7700 | &nbsp;&nbsp; 143371 |
| Takasago International Corp.  | 11300 | &nbsp;&nbsp; 106426 |
| Takashima & Co. Ltd. (d) | 5400 | &nbsp;&nbsp; 29733 |
| Takashimaya Co. Ltd.  | 4000 | &nbsp;&nbsp; 42031 |
| Takemoto Yohki Co. Ltd.  | 1200 | &nbsp;&nbsp; 6510 |
| Takeuchi Manufacturing Co. Ltd. (d) | 6400 | &nbsp;&nbsp; 274909 |
| Tama Home Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 73157 |
| Tamron Co. Ltd.  | 25500 | &nbsp;&nbsp; 168531 |
| Tamura Corp.  | 15600 | &nbsp;&nbsp; 60545 |
| Tanseisha Co. Ltd.  | 7250 | &nbsp;&nbsp; 73067 |
| Tayca Corp.  | 4000 | &nbsp;&nbsp; 31459 |
| Tazmo Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 33007 |
| Tbk Co. Ltd.  | 8000 | &nbsp;&nbsp; 18356 |
| TDC Soft, Inc. (d) | 6000 | &nbsp;&nbsp; 52380 |
| TechMatrix Corp.  | 7800 | &nbsp;&nbsp; 116698 |
| Techno Medica Co. Ltd.  | 2400 | &nbsp;&nbsp; 34428 |
| Techno Ryowa Ltd. (d) | 1700 | &nbsp;&nbsp; 72173 |
| Teijin Ltd.  | 32500 | &nbsp;&nbsp; 281216 |
| Teikoku Electric Manufacturing Co. Ltd.  | 2900 | &nbsp;&nbsp; 56688 |
| Teikoku Sen-I Co. Ltd.  | 3600 | &nbsp;&nbsp; 75617 |
| Teikoku Tsushin Kogyo Co. Ltd.  | 2300 | &nbsp;&nbsp; 39133 |
| Tekken Corp.  | 1800 | &nbsp;&nbsp; 52170 |
| Temairazu, Inc. (d) | 700 | &nbsp;&nbsp; 13743 |
| Tess Holdings Co. Ltd.  | 2600 | &nbsp;&nbsp; 5849 |
| Tigers Polymer Corp.  | 2200 | &nbsp;&nbsp; 13845 |
| TKC Corp. (d) | 5400 | &nbsp;&nbsp; 148580 |
| Toa Corp.  | 15700 | &nbsp;&nbsp; 248749 |
| TOA ROAD Corp. (d) | 7500 | &nbsp;&nbsp; 82040 |
| Toagosei Co. Ltd. (d) | 16800 | &nbsp;&nbsp; 176150 |

---

*See accompanying notes to financial statements.*

**BHFTII-138**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| TOBISHIMA HOLDINGS, Inc.  | 3660 | &nbsp;&nbsp; $55085 |
| TOC Co. Ltd.  | 7900 | &nbsp;&nbsp; 42699 |
| Tocalo Co. Ltd.  | 10400 | &nbsp;&nbsp; 147890 |
| Tochigi Bank Ltd.  | 16600 | &nbsp;&nbsp; 77039 |
| Toda Corp.  | 36000 | &nbsp;&nbsp; 290624 |
| Toda Kogyo Corp. (a) | 600 | &nbsp;&nbsp; 4394 |
| Toei Co. Ltd.  | 700 | &nbsp;&nbsp; 24344 |
| Toell Co. Ltd. (d) | 3100 | &nbsp;&nbsp; 16748 |
| Toenec Corp.  | 7700 | &nbsp;&nbsp; 95439 |
| Toho Bank Ltd.  | 37200 | &nbsp;&nbsp; 128134 |
| Toho Co. Ltd.  | 1700 | &nbsp;&nbsp; 42353 |
| Toho Gas Co. Ltd.  | 600 | &nbsp;&nbsp; 17829 |
| Toho Holdings Co. Ltd. (d) | 2300 | &nbsp;&nbsp; 68490 |
| Toho Titanium Co. Ltd. (d) | 6500 | &nbsp;&nbsp; 54842 |
| Toho Zinc Co. Ltd. (a) | 3400 | &nbsp;&nbsp; 22449 |
| Tohoku Bank Ltd.  | 3500 | &nbsp;&nbsp; 32030 |
| Tohokushinsha Film Corp. (d) | 11800 | &nbsp;&nbsp; 48023 |
| Tokai Carbon Co. Ltd. (d) | 36900 | &nbsp;&nbsp; 228481 |
| Tokai Corp.  | 3400 | &nbsp;&nbsp; 54553 |
| TOKAI Holdings Corp.  | 19700 | &nbsp;&nbsp; 135968 |
| Tokai Rika Co. Ltd.  | 10200 | &nbsp;&nbsp; 203039 |
| Tokai Tokyo Financial Holdings, Inc.  | 40100 | &nbsp;&nbsp; 175548 |
| Token Corp.  | 1060 | &nbsp;&nbsp; 99234 |
| Tokushu Tokai Paper Co. Ltd.  | 6000 | &nbsp;&nbsp; 60487 |
| Tokuyama Corp. (d) | 12400 | &nbsp;&nbsp; 325571 |
| Tokyo Base Co. Ltd.  | 4100 | &nbsp;&nbsp; 12089 |
| Tokyo Electron Device Ltd. (d) | 3900 | &nbsp;&nbsp; 84672 |
| Tokyo Energy & Systems, Inc.  | 3200 | &nbsp;&nbsp; 37168 |
| Tokyo Kiraboshi Financial Group, Inc.  | 4124 | &nbsp;&nbsp; 228448 |
| Tokyo Rope Manufacturing Co. Ltd.  | 2800 | &nbsp;&nbsp; 29089 |
| Tokyo Sangyo Co. Ltd.  | 5500 | &nbsp;&nbsp; 34859 |
| Tokyo Seimitsu Co. Ltd. (d) | 4800 | &nbsp;&nbsp; 339412 |
| Tokyo Steel Manufacturing Co. Ltd. (d) | 10800 | &nbsp;&nbsp; 101783 |
| Tokyo Tekko Co. Ltd.  | 1600 | &nbsp;&nbsp; 63151 |
| Tokyo Theatres Co., Inc. (d) | 2900 | &nbsp;&nbsp; 28220 |
| Tokyotokeiba Co. Ltd. (d) | 2800 | &nbsp;&nbsp; 101351 |
| Tokyu Construction Co. Ltd. (d) | 14900 | &nbsp;&nbsp; 124592 |
| Toli Corp.  | 9300 | &nbsp;&nbsp; 44079 |
| Tomato Bank Ltd.  | 3000 | &nbsp;&nbsp; 28469 |
| Tomoe Corp. (d) | 3100 | &nbsp;&nbsp; 40164 |
| Tomoe Engineering Co. Ltd.  | 2800 | &nbsp;&nbsp; 31998 |
| Tomoku Co. Ltd.  | 1900 | &nbsp;&nbsp; 42739 |
| TOMONY Holdings, Inc.  | 28700 | &nbsp;&nbsp; 143766 |
| Tomy Co. Ltd. (d) | 12000 | &nbsp;&nbsp; 211032 |
| Topre Corp.  | 7200 | &nbsp;&nbsp; 109012 |
| Topy Industries Ltd.  | 3100 | &nbsp;&nbsp; 61105 |
| Torex Semiconductor Ltd.  | 500 | &nbsp;&nbsp; 4583 |
| Toridoll Holdings Corp. (d) | 6500 | &nbsp;&nbsp; 175793 |
| Torigoe Co. Ltd. (d) | 4400 | &nbsp;&nbsp; 29789 |
| Torishima Pump Manufacturing Co. Ltd.  | 3700 | &nbsp;&nbsp; 47660 |
| Tosei Corp.  | 11400 | &nbsp;&nbsp; 124951 |
| Toshiba TEC Corp.  | 6000 | &nbsp;&nbsp; 105045 |
| Totech Corp.  | 2100 | &nbsp;&nbsp; 48997 |
| Totetsu Kogyo Co. Ltd. (d) | 4300 | &nbsp;&nbsp; 124826 |
| Tottori Bank Ltd.  | 3700 | &nbsp;&nbsp; 36624 |
| Towa Bank Ltd.  | 6800 | &nbsp;&nbsp; 46786 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Towa Pharmaceutical Co. Ltd. (d) | 5000 | &nbsp;&nbsp; $116210 |
| Toyo Corp. (d) | 500 | &nbsp;&nbsp; 5587 |
| Toyo Denki Seizo KK | 2400 | &nbsp;&nbsp; 32524 |
| Toyo Gosei Co. Ltd. (d) | 800 | &nbsp;&nbsp; 36171 |
| Toyo Innovex Co. Ltd.  | 6000 | &nbsp;&nbsp; 25214 |
| Toyo Kanetsu KK | 3200 | &nbsp;&nbsp; 50575 |
| Toyo Tanso Co. Ltd. (d) | 2800 | &nbsp;&nbsp; 86314 |
| Toyo Wharf & Warehouse Co. Ltd.  | 2500 | &nbsp;&nbsp; 27257 |
| Toyobo Co. Ltd.  | 15800 | &nbsp;&nbsp; 127184 |
| Toyoda Gosei Co. Ltd.  | 2000 | &nbsp;&nbsp; 50417 |
| Toyota Boshoku Corp.  | 4300 | &nbsp;&nbsp; 69042 |
| TPR Co. Ltd.  | 8200 | &nbsp;&nbsp; 67632 |
| Traders Holdings Co. Ltd.  | 2800 | &nbsp;&nbsp; 17033 |
| Transaction Co. Ltd.  | 2800 | &nbsp;&nbsp; 19583 |
| Transcosmos, Inc.  | 4200 | &nbsp;&nbsp; 104128 |
| TRE Holdings Corp.  | 5600 | &nbsp;&nbsp; 57428 |
| Treasure Factory Co. Ltd.  | 1800 | &nbsp;&nbsp; 19182 |
| Trusco Nakayama Corp.  | 8500 | &nbsp;&nbsp; 130233 |
| TS Tech Co. Ltd. (d) | 15400 | &nbsp;&nbsp; 181321 |
| TSI Holdings Co. Ltd.  | 7005 | &nbsp;&nbsp; 46775 |
| Tsubaki Nakashima Co. Ltd. (a) (d) | 10100 | &nbsp;&nbsp; 22726 |
| Tsubakimoto Chain Co. (d) | 12100 | &nbsp;&nbsp; 178241 |
| Tsubakimoto Kogyo Co. Ltd. (d) | 2200 | &nbsp;&nbsp; 40434 |
| Tsuburaya Fields Holdings, Inc.  | 3600 | &nbsp;&nbsp; 42659 |
| Tsugami Corp. (d) | 7400 | &nbsp;&nbsp; 135873 |
| Tsukishima Holdings Co. Ltd. (d) | 5000 | &nbsp;&nbsp; 90172 |
| Tsukuba Bank Ltd.  | 11300 | &nbsp;&nbsp; 29915 |
| Tsumura & Co.  | 9300 | &nbsp;&nbsp; 241834 |
| Tsurumi Manufacturing Co. Ltd. (d) | 6400 | &nbsp;&nbsp; 87598 |
| Tsutsumi Jewelry Co. Ltd.  | 700 | &nbsp;&nbsp; 11389 |
| TV Asahi Holdings Corp.  | 4200 | &nbsp;&nbsp; 89353 |
| Tv Tokyo Holdings Corp.  | 900 | &nbsp;&nbsp; 26334 |
| TYK Corp. (d) | 6000 | &nbsp;&nbsp; 22547 |
| UACJ Corp.  | 29540 | &nbsp;&nbsp; 399021 |
| UBE Corp. (d) | 18500 | &nbsp;&nbsp; 302947 |
| Ubicom Holdings, Inc.  | 500 | &nbsp;&nbsp; 3332 |
| Uchida Yoko Co. Ltd.  | 1500 | &nbsp;&nbsp; 102630 |
| Ueki Corp.  | 2200 | &nbsp;&nbsp; 38186 |
| ULS Group, Inc.  | 6000 | &nbsp;&nbsp; 25997 |
| Ulvac, Inc.  | 1900 | &nbsp;&nbsp; 86048 |
| U-Next Holdings Co. Ltd.  | 8100 | &nbsp;&nbsp; 103552 |
| Unipres Corp.  | 7600 | &nbsp;&nbsp; 62269 |
| United Arrows Ltd.  | 3100 | &nbsp;&nbsp; 48541 |
| United Super Markets Holdings, Inc. (d) | 13068 | &nbsp;&nbsp; 75313 |
| UNITED, Inc. (d) | 6000 | &nbsp;&nbsp; 19087 |
| Universal Entertainment Corp. (a) | 6100 | &nbsp;&nbsp; 31046 |
| Urbanet Corp. Co. Ltd. (d) | 4500 | &nbsp;&nbsp; 16409 |
| Ushio, Inc. (d) | 13100 | &nbsp;&nbsp; 209759 |
| UT Group Co. Ltd. (d) | 73500 | &nbsp;&nbsp; 93238 |
| V Technology Co. Ltd.  | 1800 | &nbsp;&nbsp; 34286 |
| Valor Holdings Co. Ltd.  | 7200 | &nbsp;&nbsp; 154758 |
| Valqua Ltd.  | 3200 | &nbsp;&nbsp; 82749 |
| Value HR Co. Ltd. (d) | 2000 | &nbsp;&nbsp; 20268 |
| ValueCommerce Co. Ltd. (d) | 4300 | &nbsp;&nbsp; 18241 |
| Vector, Inc.  | 5600 | &nbsp;&nbsp; 42892 |
| Vertex Corp.  | 6000 | &nbsp;&nbsp; 50284 |

---

*See accompanying notes to financial statements.*

**BHFTII-139**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Vision, Inc. (d) | 4000 | &nbsp;&nbsp; $32941 |
| Visional, Inc. (a) | 1900 | &nbsp;&nbsp; 121513 |
| Vital KSK Holdings, Inc.  | 7800 | &nbsp;&nbsp; 68290 |
| VT Holdings Co. Ltd.  | 14700 | &nbsp;&nbsp; 50241 |
| Wacoal Holdings Corp.  | 2500 | &nbsp;&nbsp; 70418 |
| Wacom Co. Ltd.  | 1800 | &nbsp;&nbsp; 9308 |
| Wakachiku Construction Co. Ltd.  | 1500 | &nbsp;&nbsp; 45704 |
| Wakita & Co. Ltd.  | 5300 | &nbsp;&nbsp; 65264 |
| Warabeya Nichiyo Holdings Co. Ltd.  | 2800 | &nbsp;&nbsp; 58749 |
| Waseda Academy Co. Ltd.  | 1400 | &nbsp;&nbsp; 20279 |
| Watahan & Co. Ltd.  | 3200 | &nbsp;&nbsp; 30244 |
| Watts Co. Ltd.  | 1900 | &nbsp;&nbsp; 7796 |
| WDB Holdings Co. Ltd. (d) | 2700 | &nbsp;&nbsp; 27880 |
| Weathernews, Inc.  | 2500 | &nbsp;&nbsp; 62693 |
| Wellneo Sugar Co. Ltd.  | 2400 | &nbsp;&nbsp; 43220 |
| Wellnet Corp.  | 4400 | &nbsp;&nbsp; 18167 |
| West Holdings Corp. (d) | 4729 | &nbsp;&nbsp; 45861 |
| Will Group, Inc.  | 4200 | &nbsp;&nbsp; 32028 |
| WingArc1st, Inc.  | 1800 | &nbsp;&nbsp; 41704 |
| Wood One Co. Ltd.  | 2600 | &nbsp;&nbsp; 15937 |
| World Co. Ltd.  | 5000 | &nbsp;&nbsp; 98812 |
| World Holdings Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 41435 |
| Wowow, Inc.  | 2200 | &nbsp;&nbsp; 20383 |
| Xebio Holdings Co. Ltd.  | 5600 | &nbsp;&nbsp; 38282 |
| Yahagi Construction Co. Ltd.  | 5400 | &nbsp;&nbsp; 80496 |
| YAKUODO Holdings Co. Ltd.  | 2900 | &nbsp;&nbsp; 40080 |
| YAMABIKO Corp.  | 6100 | &nbsp;&nbsp; 115844 |
| YAMADA Consulting Group Co. Ltd.  | 3100 | &nbsp;&nbsp; 34918 |
| Yamagata Bank Ltd.  | 4900 | &nbsp;&nbsp; 60311 |
| Yamaguchi Financial Group, Inc.  | 13700 | &nbsp;&nbsp; 185209 |
| Yamaichi Electronics Co. Ltd.  | 3700 | &nbsp;&nbsp; 138547 |
| Yamanashi Chuo Bank Ltd.  | 5000 | &nbsp;&nbsp; 128448 |
| Yamatane Corp.  | 3400 | &nbsp;&nbsp; 51175 |
| Yamato Corp.  | 3100 | &nbsp;&nbsp; 41513 |
| Yamaura Corp.  | 2800 | &nbsp;&nbsp; 26514 |
| Yamaya Corp.  | 1150 | &nbsp;&nbsp; 16238 |
| Yamazawa Co. Ltd.  | 1000 | &nbsp;&nbsp; 7476 |
| Yamazen Corp.  | 10500 | &nbsp;&nbsp; 99589 |
| Yashima Denki Co. Ltd.  | 3800 | &nbsp;&nbsp; 69977 |
| Yasuda Logistics Corp.  | 3200 | &nbsp;&nbsp; 45014 |
| Yellow Hat Ltd.  | 12000 | &nbsp;&nbsp; 125666 |
| Yodoko Ltd. (d) | 21300 | &nbsp;&nbsp; 184855 |
| Yokogawa Bridge Holdings Corp. (d) | 6900 | &nbsp;&nbsp; 133046 |
| Yokorei Co. Ltd.  | 8700 | &nbsp;&nbsp; 70301 |
| Yokowo Co. Ltd. (d) | 4300 | &nbsp;&nbsp; 61830 |
| Yomeishu Seizo Co. Ltd.  | 500 | &nbsp;&nbsp; 17473 |
| Yondenko Corp.  | 6000 | &nbsp;&nbsp; 59710 |
| Yondoshi Holdings, Inc.  | 2800 | &nbsp;&nbsp; 31969 |
| Yonex Co. Ltd.  | 9500 | &nbsp;&nbsp; 201475 |
| Yorozu Corp.  | 5000 | &nbsp;&nbsp; 32001 |
| Yoshinoya Holdings Co. Ltd. (d) | 13200 | &nbsp;&nbsp; 258775 |
| Yotai Refractories Co. Ltd.  | 200 | &nbsp;&nbsp; 2313 |
| Yuasa Funashoku Co. Ltd.  | 5200 | &nbsp;&nbsp; 53578 |
| Yuasa Trading Co. Ltd.  | 3300 | &nbsp;&nbsp; 112194 |
| Yuken Kogyo Co. Ltd.  | 1300 | &nbsp;&nbsp; 26746 |
| Yukiguni Factory Co. Ltd.  | 2100 | &nbsp;&nbsp; 14091 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Yurtec Corp.  | 6800 | &nbsp;&nbsp; $119628 |
| Yushin Co.  | 2900 | &nbsp;&nbsp; 13165 |
| Yushiro, Inc.  | 2200 | &nbsp;&nbsp; 39420 |
| Yutaka Giken Co. Ltd.  | 600 | &nbsp;&nbsp; 12083 |
| Zacros Corp.  | 11600 | &nbsp;&nbsp; 85602 |
| Zaoh Co. Ltd.  | 800 | &nbsp;&nbsp; 12822 |
| Zenkoku Hosho Co. Ltd.  | 9300 | &nbsp;&nbsp; 185043 |
| Zenrin Co. Ltd.  | 7150 | &nbsp;&nbsp; 48091 |
| Zeon Corp.  | 14000 | &nbsp;&nbsp; 159225 |
| ZERIA Pharmaceutical Co. Ltd.  | 2800 | &nbsp;&nbsp; 37504 |
| ZIGExN Co. Ltd.  | 8400 | &nbsp;&nbsp; 25816 |
| Zojirushi Corp.  | 900 | &nbsp;&nbsp; 8980 |
| Zuiko Corp. (d) | 4000 | &nbsp;&nbsp; 25859 |
|  |  | &nbsp;&nbsp; 106257959 |
| **Jersey, Channel Islands — 0.0%** | **Jersey, Channel Islands — 0.0%** | **Jersey, Channel Islands — 0.0%** |
| Coinshares International Ltd.  | 2621 | &nbsp;&nbsp; 32647 |
| **Liechtenstein — 0.1%** | **Liechtenstein — 0.1%** | **Liechtenstein — 0.1%** |
| Liechtensteinische Landesbank AG | 2289 | &nbsp;&nbsp; 242065 |
| VP Bank AG - Class A | 722 | &nbsp;&nbsp; 76788 |
|  |  | &nbsp;&nbsp; 318853 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| Aperam SA (d) | 9154 | &nbsp;&nbsp; 376743 |
| Eurofins Scientific SE | 2955 | &nbsp;&nbsp; 216117 |
| RTL Group SA | 3665 | &nbsp;&nbsp; 148050 |
| SES SA | 78345 | &nbsp;&nbsp; 507044 |
|  |  | &nbsp;&nbsp; 1247954 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| MECOM Power & Construction Ltd. (a) | 43500 | &nbsp;&nbsp; 750 |
| SJM Holdings Ltd. (a) (d) | 384249 | &nbsp;&nbsp; 118656 |
| Wynn Macau Ltd.  | 68800 | &nbsp;&nbsp; 52316 |
|  |  | &nbsp;&nbsp; 171722 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| Frencken Group Ltd.  | 57600 | &nbsp;&nbsp; 61494 |
| **Mongolia — 0.0%** | **Mongolia — 0.0%** | **Mongolia — 0.0%** |
| Mongolian Mining Corp. (a) | 63000 | &nbsp;&nbsp; 85151 |
| **Netherlands — 1.8%** | **Netherlands — 1.8%** | **Netherlands — 1.8%** |
| Aalberts NV | 5427 | &nbsp;&nbsp; 178321 |
| Acomo NV | 2850 | &nbsp;&nbsp; 81474 |
| Akzo Nobel NV | 11191 | &nbsp;&nbsp; 777258 |
| Alfen NV (a) (d) | 2166 | &nbsp;&nbsp; 26711 |
| AMG Critical Materials NV | 1922 | &nbsp;&nbsp; 63648 |
| Arcadis NV (d) | 6197 | &nbsp;&nbsp; 257650 |
| Argo Properties NV (a) | 626 | &nbsp;&nbsp; 25521 |
| Basic-Fit NV (a) (d) | 8733 | &nbsp;&nbsp; 303388 |
| BE Semiconductor Industries NV | 5246 | &nbsp;&nbsp; 815785 |
| Brunel International NV (d) | 4749 | &nbsp;&nbsp; 43171 |
| Corbion NV | 11712 | &nbsp;&nbsp; 255006 |
| CTP NV | 13687 | &nbsp;&nbsp; 286702 |
| Flow Traders Ltd. (a) | 7758 | &nbsp;&nbsp; 229306 |

---

*See accompanying notes to financial statements.*

**BHFTII-140**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Netherlands — (Continued)** | **Netherlands — (Continued)** | **Netherlands — (Continued)** |
| ForFarmers NV | 8050 | &nbsp;&nbsp; $41813 |
| Fugro NV | 5306 | &nbsp;&nbsp; 52945 |
| IMCD NV (d) | 4673 | &nbsp;&nbsp; 425128 |
| Kendrion NV | 3408 | &nbsp;&nbsp; 55818 |
| Koninklijke BAM Groep NV | 72114 | &nbsp;&nbsp; 783500 |
| Koninklijke Heijmans NV | 6281 | &nbsp;&nbsp; 496645 |
| Koninklijke Vopak NV | 13007 | &nbsp;&nbsp; 578077 |
| Nedap NV | 1044 | &nbsp;&nbsp; 109969 |
| New World Resources PLC - Class A (a) (b) (c) | 11898 | &nbsp;&nbsp; 0 |
| Pharming Group NV (a) | 76183 | &nbsp;&nbsp; 127143 |
| PostNL NV | 42125 | &nbsp;&nbsp; 52392 |
| Randstad NV (d) | 14799 | &nbsp;&nbsp; 562621 |
| SBM Offshore NV | 29300 | &nbsp;&nbsp; 840517 |
| SIF Holding NV (a) (d) | 1469 | &nbsp;&nbsp; 11636 |
| Sligro Food Group NV (d) | 4674 | &nbsp;&nbsp; 55275 |
| TKH Group NV (d) | 8726 | &nbsp;&nbsp; 373524 |
| TomTom NV (a) | 7804 | &nbsp;&nbsp; 50001 |
| Van Lanschot Kempen NV | 6556 | &nbsp;&nbsp; 405626 |
|  |  | &nbsp;&nbsp; 8366571 |
| **New Zealand — 0.4%** | **New Zealand — 0.4%** | **New Zealand — 0.4%** |
| Air New Zealand Ltd.  | 216039 | &nbsp;&nbsp; 72146 |
| Briscoe Group Ltd.  | 13123 | &nbsp;&nbsp; 38860 |
| Channel Infrastructure NZ Ltd.  | 43701 | &nbsp;&nbsp; 73464 |
| Delegat Group Ltd.  | 6671 | &nbsp;&nbsp; 17700 |
| Eroad Ltd. (a) | 7847 | &nbsp;&nbsp; 5618 |
| Fletcher Building Ltd. (a) | 6120 | &nbsp;&nbsp; 12933 |
| Freightways Group Ltd.  | 26416 | &nbsp;&nbsp; 219691 |
| Genesis Energy Ltd.  | 23385 | &nbsp;&nbsp; 32336 |
| Gentrack Group Ltd. (a) | 7810 | &nbsp;&nbsp; 37735 |
| Hallenstein Glasson Holdings Ltd.  | 13182 | &nbsp;&nbsp; 74595 |
| Heartland Group Holdings Ltd.  | 137070 | &nbsp;&nbsp; 92327 |
| Investore Property Ltd. (REIT) | 50353 | &nbsp;&nbsp; 33161 |
| KMD Brands Ltd. (a) | 106864 | &nbsp;&nbsp; 17580 |
| NZME Ltd.  | 71247 | &nbsp;&nbsp; 46481 |
| NZX Ltd.  | 75475 | &nbsp;&nbsp; 67783 |
| Oceania Healthcare Ltd. (a) | 113418 | &nbsp;&nbsp; 60162 |
| Pacific Edge Ltd. (a) | 89677 | &nbsp;&nbsp; 9571 |
| PGG Wrightson Ltd.  | 5854 | &nbsp;&nbsp; 7278 |
| Ryman Healthcare Ltd. (a) | 6586 | &nbsp;&nbsp; 11001 |
| Sanford Ltd.  | 17782 | &nbsp;&nbsp; 75756 |
| Scales Corp. Ltd.  | 25709 | &nbsp;&nbsp; 88176 |
| Serko Ltd. (a) | 5880 | &nbsp;&nbsp; 10257 |
| Skellerup Holdings Ltd.  | 34311 | &nbsp;&nbsp; 103779 |
| SKY Network Television Ltd.  | 26052 | &nbsp;&nbsp; 50999 |
| SKYCITY Entertainment Group Ltd. (a) | 97557 | &nbsp;&nbsp; 50540 |
| Steel & Tube Holdings Ltd. (a) | 51732 | &nbsp;&nbsp; 19354 |
| Summerset Group Holdings Ltd.  | 22000 | &nbsp;&nbsp; 155645 |
| Tourism Holdings Ltd.  | 29422 | &nbsp;&nbsp; 43718 |
| TOWER Ltd.  | 48467 | &nbsp;&nbsp; 56349 |
| Turners Automotive Group Ltd.  | 9888 | &nbsp;&nbsp; 47198 |
| Warehouse Group Ltd. (a) | 26369 | &nbsp;&nbsp; 11003 |
|  |  | &nbsp;&nbsp; 1643196 |
| **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** |
| 2020 Bulkers Ltd.  | 3023 | &nbsp;&nbsp; 43402 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Norway — (Continued)** | **Norway — (Continued)** | **Norway — (Continued)** |
| ABG Sundal Collier Holding ASA | 101806 | &nbsp;&nbsp; $83088 |
| Akastor ASA | 38221 | &nbsp;&nbsp; 42120 |
| Aker BioMarine ASA (a) | 1110 | &nbsp;&nbsp; 10826 |
| ArcticZymes Technologies ASA (a) | 4578 | &nbsp;&nbsp; 9300 |
| Axactor ASA (a) | 50628 | &nbsp;&nbsp; 39036 |
| B2 Impact ASA | 41724 | &nbsp;&nbsp; 75439 |
| Bluenord ASA | 3543 | &nbsp;&nbsp; 156719 |
| Bonheur ASA | 3198 | &nbsp;&nbsp; 79656 |
| Bouvet ASA | 11240 | &nbsp;&nbsp; 68699 |
| BW Offshore Ltd.  | 19722 | &nbsp;&nbsp; 88357 |
| Cloudberry Clean Energy ASA (a) | 5774 | &nbsp;&nbsp; 7385 |
| DNO ASA | 94590 | &nbsp;&nbsp; 148729 |
| Elkem ASA | 15271 | &nbsp;&nbsp; 46145 |
| Elmera Group ASA | 17814 | &nbsp;&nbsp; 67774 |
| Elopak ASA | 11854 | &nbsp;&nbsp; 65077 |
| Europris ASA | 32490 | &nbsp;&nbsp; 308709 |
| FLEX LNG Ltd. (a) | 948 | &nbsp;&nbsp; 23653 |
| Grieg Seafood ASA (a) | 10403 | &nbsp;&nbsp; 80414 |
| Hexagon Purus ASA (a) | 12472 | &nbsp;&nbsp; 1772 |
| Kid ASA | 4880 | &nbsp;&nbsp; 65495 |
| Kitron ASA | 28832 | &nbsp;&nbsp; 207743 |
| Klaveness Combination Carriers ASA | 2039 | &nbsp;&nbsp; 16014 |
| LINK Mobility Group Holding ASA (a) | 18904 | &nbsp;&nbsp; 63532 |
| Medistim ASA | 1762 | &nbsp;&nbsp; 45216 |
| MPC Container Ships ASA | 52837 | &nbsp;&nbsp; 92307 |
| Multiconsult ASA | 1528 | &nbsp;&nbsp; 26787 |
| Nekkar ASA (a) | 8927 | &nbsp;&nbsp; 11281 |
| Norbit ASA | 4655 | &nbsp;&nbsp; 86310 |
| Nordic Mining ASA (a) | 5057 | &nbsp;&nbsp; 9147 |
| Norwegian Air Shuttle ASA | 68212 | &nbsp;&nbsp; 118040 |
| Odfjell SE - A Shares | 1949 | &nbsp;&nbsp; 24456 |
| OKEA ASA (a) | 884 | &nbsp;&nbsp; 1958 |
| Panoro Energy ASA | 8712 | &nbsp;&nbsp; 17445 |
| Pareto Bank ASA | 4052 | &nbsp;&nbsp; 36612 |
| Pexip Holding ASA | 4814 | &nbsp;&nbsp; 37094 |
| PhotoCure ASA (a) | 2065 | &nbsp;&nbsp; 14593 |
| Rana Gruber ASA | 1733 | &nbsp;&nbsp; 13301 |
| SATS ASA | 10406 | &nbsp;&nbsp; 41770 |
| Sea1 offshore, Inc.  | 3692 | &nbsp;&nbsp; 8304 |
| Selvaag Bolig ASA | 10385 | &nbsp;&nbsp; 37824 |
| Solstad Maritime Holding AS | 16056 | &nbsp;&nbsp; 29001 |
| Sparebanken More | 2450 | &nbsp;&nbsp; 28433 |
| Zaptec ASA (a) | 7253 | &nbsp;&nbsp; 17844 |
|  |  | &nbsp;&nbsp; 2496807 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Hochschild Mining PLC | 87476 | &nbsp;&nbsp; 601800 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| Del Monte Pacific Ltd. (a) | 77636 | &nbsp;&nbsp; 5798 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| InPost SA (a) (d) | 16422 | &nbsp;&nbsp; 201149 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Altri SGPS SA (d) | 9949 | &nbsp;&nbsp; 52501 |
| CTT-Correios de Portugal SA | 14040 | &nbsp;&nbsp; 122599 |

---

*See accompanying notes to financial statements.*

**BHFTII-141**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Portugal — (Continued)** | **Portugal — (Continued)** | **Portugal — (Continued)** |
| Ibersol SGPS SA (d) | 1360 | &nbsp;&nbsp; $15829 |
| Mota-Engil SGPS SA (d) | 13936 | &nbsp;&nbsp; 80268 |
| Navigator Co. SA (d) | 12772 | &nbsp;&nbsp; 47015 |
| NOS SGPS SA | 32767 | &nbsp;&nbsp; 154612 |
| REN - Redes Energeticas Nacionais SGPS SA | 57601 | &nbsp;&nbsp; 217630 |
| Semapa-Sociedade de Investimento e Gestao | 805 | &nbsp;&nbsp; 19726 |
| Sonae SGPS SA | 120553 | &nbsp;&nbsp; 227720 |
|  |  | &nbsp;&nbsp; 937900 |
| **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** |
| Abterra Ltd. (a) (b) (c) | 51720 | &nbsp;&nbsp; 0 |
| AEM Holdings Ltd. (a) | 47167 | &nbsp;&nbsp; 62893 |
| Aztech Global Ltd.  | 28600 | &nbsp;&nbsp; 14552 |
| Banyan Tree Holdings Ltd.  | 77900 | &nbsp;&nbsp; 37790 |
| Bonvests Holdings Ltd.  | 18000 | &nbsp;&nbsp; 13233 |
| Boustead Singapore Ltd.  | 54899 | &nbsp;&nbsp; 74317 |
| Bukit Sembawang Estates Ltd.  | 33500 | &nbsp;&nbsp; 124439 |
| Capitaland India Trust | 183572 | &nbsp;&nbsp; 174094 |
| Centurion Corp. Ltd.  | 34500 | &nbsp;&nbsp; 35890 |
| China Aviation Oil Singapore Corp. Ltd.  | 55000 | &nbsp;&nbsp; 71031 |
| China Sunsine Chemical Holdings Ltd.  | 70000 | &nbsp;&nbsp; 43537 |
| Chuan Hup Holdings Ltd.  | 125000 | &nbsp;&nbsp; 22853 |
| City Developments Ltd.  | 11900 | &nbsp;&nbsp; 73914 |
| ComfortDelGro Corp. Ltd.  | 398200 | &nbsp;&nbsp; 457923 |
| COSCO Shipping International Singapore Co. Ltd. (a) | 214300 | &nbsp;&nbsp; 20146 |
| CSE Global Ltd.  | 90182 | &nbsp;&nbsp; 69110 |
| Delfi Ltd.  | 80600 | &nbsp;&nbsp; 50478 |
| Ezion Holdings Ltd. (a) (b) (c) | 753729 | &nbsp;&nbsp; 1 |
| Ezra Holdings Ltd. (a) (b) (c) | 1000703 | &nbsp;&nbsp; 1 |
| Far East Orchard Ltd.  | 76120 | &nbsp;&nbsp; 73324 |
| Food Empire Holdings Ltd.  | 41000 | &nbsp;&nbsp; 76555 |
| Fraser & Neave Ltd.  | 36400 | &nbsp;&nbsp; 41629 |
| Fu Yu Corp. Ltd. (a) | 98800 | &nbsp;&nbsp; 7532 |
| Geo Energy Resources Ltd.  | 155000 | &nbsp;&nbsp; 50555 |
| GuocoLand Ltd.  | 47000 | &nbsp;&nbsp; 78981 |
| Haw Par Corp. Ltd.  | 18900 | &nbsp;&nbsp; 230293 |
| Hiap Hoe Ltd.  | 58000 | &nbsp;&nbsp; 25310 |
| Ho Bee Land Ltd.  | 36600 | &nbsp;&nbsp; 62928 |
| Hong Fok Corp. Ltd.  | 72940 | &nbsp;&nbsp; 46712 |
| Hong Leong Asia Ltd.  | 35700 | &nbsp;&nbsp; 66491 |
| Hong Leong Finance Ltd.  | 43900 | &nbsp;&nbsp; 89449 |
| Hotel Grand Central Ltd.  | 26435 | &nbsp;&nbsp; 14477 |
| Hour Glass Ltd.  | 44300 | &nbsp;&nbsp; 77413 |
| HRnetgroup Ltd.  | 67700 | &nbsp;&nbsp; 39495 |
| Hyflux Ltd. (a) (b) (c) | 179500 | &nbsp;&nbsp; 0 |
| iFAST Corp. Ltd.  | 8600 | &nbsp;&nbsp; 63696 |
| IGG, Inc.  | 162000 | &nbsp;&nbsp; 79102 |
| Indofood Agri Resources Ltd.  | 152000 | &nbsp;&nbsp; 43753 |
| InnoTek Ltd.  | 17400 | &nbsp;&nbsp; 8763 |
| Keppel Infrastructure Trust | 823428 | &nbsp;&nbsp; 313743 |
| Low Keng Huat Singapore Ltd.  | 103600 | &nbsp;&nbsp; 58646 |
| Metro Holdings Ltd.  | 141600 | &nbsp;&nbsp; 54404 |
| Mewah International, Inc.  | 110000 | &nbsp;&nbsp; 24835 |
| Midas Holdings Ltd. (a) (b) (c) | 452000 | &nbsp;&nbsp; 0 |
| Nanofilm Technologies International Ltd.  | 29200 | &nbsp;&nbsp; 13290 |
| Netlink NBN Trust | 345500 | &nbsp;&nbsp; 259323 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Singapore — (Continued)** | **Singapore — (Continued)** | **Singapore — (Continued)** |
| OM Holdings Ltd.  | 21506 | &nbsp;&nbsp; $3805 |
| OUE Ltd.  | 42867 | &nbsp;&nbsp; 39685 |
| Oxley Holdings Ltd. (a) | 268718 | &nbsp;&nbsp; 18360 |
| Pan-United Corp. Ltd.  | 53750 | &nbsp;&nbsp; 48508 |
| Propnex Ltd.  | 15400 | &nbsp;&nbsp; 22479 |
| Q&M Dental Group Singapore Ltd.  | 50160 | &nbsp;&nbsp; 21463 |
| QAF Ltd.  | 74167 | &nbsp;&nbsp; 51641 |
| Raffles Medical Group Ltd.  | 156411 | &nbsp;&nbsp; 124118 |
| Rickmers Maritime (a) (b) (c) | 110000 | &nbsp;&nbsp; 0 |
| Riverstone Holdings Ltd.  | 11900 | &nbsp;&nbsp; 8041 |
| SATS Ltd.  | 6700 | &nbsp;&nbsp; 19820 |
| SBS Transit Ltd.  | 16600 | &nbsp;&nbsp; 41351 |
| Seatrium Ltd.  | 104100 | &nbsp;&nbsp; 174300 |
| Sheng Siong Group Ltd.  | 136600 | &nbsp;&nbsp; 279152 |
| SIA Engineering Co. Ltd.  | 55200 | &nbsp;&nbsp; 154461 |
| Sing Holdings Ltd.  | 82000 | &nbsp;&nbsp; 30248 |
| Singapore Land Group Ltd.  | 20800 | &nbsp;&nbsp; 50764 |
| Singapore Post Ltd.  | 233200 | &nbsp;&nbsp; 73476 |
| Stamford Land Corp. Ltd.  | 220201 | &nbsp;&nbsp; 86311 |
| StarHub Ltd.  | 117100 | &nbsp;&nbsp; 101919 |
| Straits Trading Co. Ltd.  | 15939 | &nbsp;&nbsp; 19838 |
| Swiber Holdings Ltd. (a) (b) (c) | 117749 | &nbsp;&nbsp; 0 |
| Swiber Holdings Ltd. (a) (b) (c) | 117749 | &nbsp;&nbsp; 0 |
| Thomson Medical Group Ltd. (a) | 328600 | &nbsp;&nbsp; 15339 |
| Tuan Sing Holdings Ltd.  | 155114 | &nbsp;&nbsp; 39033 |
| UMS Integration Ltd.  | 110512 | &nbsp;&nbsp; 121681 |
| United Overseas Insurance Ltd.  | 4000 | &nbsp;&nbsp; 24032 |
| UOB-Kay Hian Holdings Ltd.  | 82761 | &nbsp;&nbsp; 165477 |
| UOL Group Ltd.  | 13100 | &nbsp;&nbsp; 88965 |
| Venture Corp. Ltd.  | 36900 | &nbsp;&nbsp; 433872 |
| Vicom Ltd.  | 26000 | &nbsp;&nbsp; 33172 |
| Wee Hur Holdings Ltd.  | 85000 | &nbsp;&nbsp; 49040 |
| Wing Tai Holdings Ltd.  | 76621 | &nbsp;&nbsp; 84571 |
| Yeo Hiap Seng Ltd.  | 20155 | &nbsp;&nbsp; 9476 |
|  |  | &nbsp;&nbsp; 5681299 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Pan African Resources PLC | 368191 | &nbsp;&nbsp; 596904 |
| Scatec ASA (a) | 10806 | &nbsp;&nbsp; 113780 |
|  |  | &nbsp;&nbsp; 710684 |
| **Spain — 2.1%** | **Spain — 2.1%** | **Spain — 2.1%** |
| Acciona SA | 2171 | &nbsp;&nbsp; 471754 |
| Aedas Homes SA | 1081 | &nbsp;&nbsp; 30363 |
| Almirall SA | 14567 | &nbsp;&nbsp; 219124 |
| Amper SA (a) (d) | 312387 | &nbsp;&nbsp; 61930 |
| Atalaya Mining Copper SA | 5060 | &nbsp;&nbsp; 57636 |
| Atresmedia Corp. de Medios de Comunicacion SA (d) | 17571 | &nbsp;&nbsp; 100650 |
| Audax Renovables SA (a) | 19316 | &nbsp;&nbsp; 31281 |
| Azkoyen SA | 3142 | &nbsp;&nbsp; 31495 |
| Bankinter SA | 43124 | &nbsp;&nbsp; 714048 |
| Befesa SA | 6454 | &nbsp;&nbsp; 223592 |
| Caja de Ahorros del Mediterraneo (a) (b) (c) (d) | 14621 | &nbsp;&nbsp; 0 |
| CIE Automotive SA | 3745 | &nbsp;&nbsp; 130664 |
| Construcciones y Auxiliar de Ferrocarriles SA | 3338 | &nbsp;&nbsp; 229765 |
| Corp. ACCIONA Energias Renovables SA | 1088 | &nbsp;&nbsp; 28532 |

---

*See accompanying notes to financial statements.*

**BHFTII-142**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Spain — (Continued)** | **Spain — (Continued)** | **Spain — (Continued)** |
| Distribuidora Internacional de Alimentacion SA (a) | 2455 | &nbsp;&nbsp; $105748 |
| Ebro Foods SA (d) | 8288 | &nbsp;&nbsp; 179239 |
| eDreams ODIGEO SA (a) | 15944 | &nbsp;&nbsp; 74645 |
| Elecnor SA | 5975 | &nbsp;&nbsp; 171066 |
| Enagas SA (d) | 41948 | &nbsp;&nbsp; 646998 |
| Ence Energia y Celulosa SA (a) (d) | 14915 | &nbsp;&nbsp; 42083 |
| Ercros SA (a) | 20859 | &nbsp;&nbsp; 83878 |
| Faes Farma SA (d) | 53133 | &nbsp;&nbsp; 321804 |
| Fluidra SA | 11842 | &nbsp;&nbsp; 322353 |
| Gestamp Automocion SA | 22065 | &nbsp;&nbsp; 78815 |
| Global Dominion Access SA | 14183 | &nbsp;&nbsp; 55177 |
| Grenergy Renovables SA (a) | 1152 | &nbsp;&nbsp; 116576 |
| Grifols SA (d) | 27748 | &nbsp;&nbsp; 347219 |
| Grupo Empresarial San Jose SA | 3249 | &nbsp;&nbsp; 28598 |
| Iberpapel Gestion SA | 1150 | &nbsp;&nbsp; 26819 |
| Indra Sistemas SA (d) | 15284 | &nbsp;&nbsp; 866665 |
| Laboratorios Farmaceuticos Rovi SA | 1847 | &nbsp;&nbsp; 137444 |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 106413 | &nbsp;&nbsp; 139626 |
| Logista Integral SA | 10738 | &nbsp;&nbsp; 380103 |
| Mapfre SA | 66864 | &nbsp;&nbsp; 336502 |
| Melia Hotels International SA | 12434 | &nbsp;&nbsp; 115744 |
| Miquel y Costas & Miquel SA | 8745 | &nbsp;&nbsp; 147987 |
| Neinor Homes SA | 4915 | &nbsp;&nbsp; 109519 |
| Obrascon Huarte Lain SA (a) (d) | 67145 | &nbsp;&nbsp; 28095 |
| Pharma Mar SA (a) | 2085 | &nbsp;&nbsp; 183557 |
| Prim SA | 3013 | &nbsp;&nbsp; 46738 |
| Promotora de Informaciones SA - Class A (a) (d) | 83921 | &nbsp;&nbsp; 34874 |
| Prosegur Cash SA | 28432 | &nbsp;&nbsp; 21148 |
| Realia Business SA (a) | 109360 | &nbsp;&nbsp; 126824 |
| Redeia Corp. SA (d) | 12461 | &nbsp;&nbsp; 222153 |
| Sacyr SA | 95071 | &nbsp;&nbsp; 429912 |
| Solaria Energia y Medio Ambiente SA (a) | 3186 | &nbsp;&nbsp; 67702 |
| Talgo SA (a) (d) | 11664 | &nbsp;&nbsp; 38197 |
| Tecnicas Reunidas SA (a) | 8766 | &nbsp;&nbsp; 282795 |
| Tubacex SA (d) | 18010 | &nbsp;&nbsp; 70359 |
| Unicaja Banco SA | 169625 | &nbsp;&nbsp; 550889 |
| Vidrala SA | 3130 | &nbsp;&nbsp; 331435 |
| Viscofan SA | 4774 | &nbsp;&nbsp; 299594 |
| Vocento SA (a) | 18128 | &nbsp;&nbsp; 14652 |
|  |  | &nbsp;&nbsp; 9914366 |
| **Sweden — 2.8%** | **Sweden — 2.8%** | **Sweden — 2.8%** |
| AcadeMedia AB | 18787 | &nbsp;&nbsp; 201878 |
| AddLife AB - Class B | 13922 | &nbsp;&nbsp; 240451 |
| Addnode Group AB (d) | 29228 | &nbsp;&nbsp; 306782 |
| AFRY AB (d) | 16879 | &nbsp;&nbsp; 274117 |
| Alimak Group AB | 13678 | &nbsp;&nbsp; 215517 |
| Alleima AB | 21516 | &nbsp;&nbsp; 190124 |
| Alligo AB - Class B | 5525 | &nbsp;&nbsp; 76867 |
| Ambea AB | 8960 | &nbsp;&nbsp; 137364 |
| Annehem Fastigheter AB - Class B (a) | 11788 | &nbsp;&nbsp; 22512 |
| AQ Group AB | 7910 | &nbsp;&nbsp; 168712 |
| Arise AB | 7859 | &nbsp;&nbsp; 37521 |
| Arjo AB - B Shares | 45181 | &nbsp;&nbsp; 157099 |
| Atea ASA | 11557 | &nbsp;&nbsp; 180849 |
| Attendo AB | 24407 | &nbsp;&nbsp; 216790 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| Beijer Alma AB | 9661 | &nbsp;&nbsp; $311906 |
| Bergman & Beving AB | 4688 | &nbsp;&nbsp; 163840 |
| Betsson AB - Class B | 10877 | &nbsp;&nbsp; 174044 |
| BHG Group AB (a) | 26427 | &nbsp;&nbsp; 91826 |
| Bilia AB - A Shares | 14900 | &nbsp;&nbsp; 216857 |
| Billerud Aktiebolag | 3168 | &nbsp;&nbsp; 32219 |
| BioGaia AB - B Shares | 5025 | &nbsp;&nbsp; 57943 |
| BioInvent International AB (a) | 5008 | &nbsp;&nbsp; 15992 |
| Bjorn Borg AB (d) | 2344 | &nbsp;&nbsp; 15984 |
| Bonava AB - B Shares (a) | 54204 | &nbsp;&nbsp; 64817 |
| Boozt AB (a) | 5455 | &nbsp;&nbsp; 67233 |
| Bravida Holding AB | 5903 | &nbsp;&nbsp; 57532 |
| Bufab AB | 31216 | &nbsp;&nbsp; 340781 |
| Bulten AB | 4294 | &nbsp;&nbsp; 23925 |
| Bure Equity AB | 280 | &nbsp;&nbsp; 7467 |
| Byggmax Group AB | 12010 | &nbsp;&nbsp; 71405 |
| Catella AB | 2281 | &nbsp;&nbsp; 7048 |
| Cellavision AB | 1841 | &nbsp;&nbsp; 31425 |
| Cibus Nordic Real Estate AB publ | 5146 | &nbsp;&nbsp; 82060 |
| Clas Ohlson AB - B Shares | 10980 | &nbsp;&nbsp; 361481 |
| Cloetta AB - B Shares | 44507 | &nbsp;&nbsp; 194964 |
| Coor Service Management Holding AB | 17845 | &nbsp;&nbsp; 95171 |
| Corem Property Group AB - Class D | 1520 | &nbsp;&nbsp; 39718 |
| CTT Systems AB (d) | 466 | &nbsp;&nbsp; 10080 |
| Dios Fastigheter AB | 26164 | &nbsp;&nbsp; 186507 |
| Dometic Group AB | 9418 | &nbsp;&nbsp; 47894 |
| Dustin Group AB (a) (d) | 150416 | &nbsp;&nbsp; 29388 |
| Dynavox Group AB (a) | 5808 | &nbsp;&nbsp; 64189 |
| Eastnine AB | 9147 | &nbsp;&nbsp; 49952 |
| Electrolux Professional AB - Class B (d) | 46563 | &nbsp;&nbsp; 327246 |
| Elekta AB - B Shares | 26773 | &nbsp;&nbsp; 164552 |
| Eltel AB (a) | 18428 | &nbsp;&nbsp; 18338 |
| Enea AB (a) | 4082 | &nbsp;&nbsp; 30968 |
| Engcon AB | 987 | &nbsp;&nbsp; 8881 |
| Ependion AB | 6445 | &nbsp;&nbsp; 78699 |
| Ework Group AB (d) | 2864 | &nbsp;&nbsp; 29734 |
| Fagerhult Group AB | 9154 | &nbsp;&nbsp; 41289 |
| Fastighets AB Trianon (a) (d) | 3988 | &nbsp;&nbsp; 8640 |
| Fastighetsbolaget Emilshus AB - Class B (a) | 1066 | &nbsp;&nbsp; 6243 |
| FastPartner AB - Class A | 10644 | &nbsp;&nbsp; 54848 |
| Ferronordic AB (a) | 275 | &nbsp;&nbsp; 1296 |
| FormPipe Software AB | 2450 | &nbsp;&nbsp; 7071 |
| G5 Entertainment AB | 208 | &nbsp;&nbsp; 2062 |
| Granges AB | 25093 | &nbsp;&nbsp; 395583 |
| Hanza AB | 3508 | &nbsp;&nbsp; 48413 |
| Heba Fastighets AB - Class B | 15224 | &nbsp;&nbsp; 50769 |
| Hexatronic Group AB (a) | 17361 | &nbsp;&nbsp; 43389 |
| HMS Networks AB (a) | 1585 | &nbsp;&nbsp; 72160 |
| Hoist Finance AB | 9270 | &nbsp;&nbsp; 113580 |
| Humana AB | 6890 | &nbsp;&nbsp; 37659 |
| Instalco AB | 17105 | &nbsp;&nbsp; 48085 |
| INVISIO AB | 3480 | &nbsp;&nbsp; 99066 |
| Inwido AB | 12282 | &nbsp;&nbsp; 218323 |
| JM AB | 14105 | &nbsp;&nbsp; 212822 |
| Karnov Group AB (a) | 5796 | &nbsp;&nbsp; 63330 |
| K-fast Holding AB (a) | 15798 | &nbsp;&nbsp; 22166 |

---

*See accompanying notes to financial statements.*

**BHFTII-143**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| KNOW IT AB | 5123 | &nbsp;&nbsp; $65404 |
| Lime Technologies AB | 1613 | &nbsp;&nbsp; 50194 |
| Lindab International AB | 17206 | &nbsp;&nbsp; 389048 |
| Medcap AB (a) | 1308 | &nbsp;&nbsp; 77939 |
| MEKO AB | 6388 | &nbsp;&nbsp; 50542 |
| Modern Times Group MTG AB - Class B (a) | 19566 | &nbsp;&nbsp; 243951 |
| Momentum Group AB | 5588 | &nbsp;&nbsp; 92899 |
| NCAB Group AB (a) | 11144 | &nbsp;&nbsp; 57830 |
| NCC AB - B Shares | 17089 | &nbsp;&nbsp; 407354 |
| Nederman Holding AB | 5072 | &nbsp;&nbsp; 93380 |
| Net Insight AB - Class B (a) | 74697 | &nbsp;&nbsp; 31806 |
| New Wave Group AB - B Shares | 19785 | &nbsp;&nbsp; 246177 |
| Nilorngruppen AB - B Shares | 1106 | &nbsp;&nbsp; 7926 |
| Nobia AB (a) | 65115 | &nbsp;&nbsp; 30480 |
| Nolato AB - B Shares | 45970 | &nbsp;&nbsp; 308442 |
| Note AB | 2362 | &nbsp;&nbsp; 46336 |
| NP3 Fastigheter AB (d) | 8038 | &nbsp;&nbsp; 226133 |
| Nyfosa AB (d) | 37968 | &nbsp;&nbsp; 306366 |
| OEM International AB - B Shares | 21824 | &nbsp;&nbsp; 344623 |
| Ovzon AB (a) (d) | 12178 | &nbsp;&nbsp; 56354 |
| Peab AB - Class B | 20785 | &nbsp;&nbsp; 192605 |
| Platzer Fastigheter Holding AB - Class B | 13164 | &nbsp;&nbsp; 106295 |
| Proact IT Group AB | 4257 | &nbsp;&nbsp; 52251 |
| Ratos AB - B Shares | 45000 | &nbsp;&nbsp; 185863 |
| RaySearch Laboratories AB | 7299 | &nbsp;&nbsp; 180603 |
| Rejlers AB | 1659 | &nbsp;&nbsp; 34163 |
| Rottneros AB (a) | 20202 | &nbsp;&nbsp; 6356 |
| Scandi Standard AB | 6350 | &nbsp;&nbsp; 68410 |
| Scandic Hotels Group AB | 33911 | &nbsp;&nbsp; 356569 |
| Sdiptech AB - Class B (a) | 3511 | &nbsp;&nbsp; 72721 |
| Sensys Gatso Group AB (a) | 2792 | &nbsp;&nbsp; 12097 |
| SkiStar AB | 9246 | &nbsp;&nbsp; 166209 |
| SmartCraft ASA (a) | 5113 | &nbsp;&nbsp; 12688 |
| Softronic AB - B Shares | 3875 | &nbsp;&nbsp; 9258 |
| Solid Forsakring AB | 2708 | &nbsp;&nbsp; 25320 |
| Stendorren Fastigheter AB (a) (d) | 1576 | &nbsp;&nbsp; 34570 |
| Stillfront Group AB (a) | 11905 | &nbsp;&nbsp; 8394 |
| Storskogen Group AB - Class B | 132429 | &nbsp;&nbsp; 168375 |
| Swedish Logistic Property AB - Class B (a) | 6848 | &nbsp;&nbsp; 30737 |
| Synsam AB | 5068 | &nbsp;&nbsp; 37123 |
| Systemair AB | 20210 | &nbsp;&nbsp; 189981 |
| TF Bank AB | 2070 | &nbsp;&nbsp; 36680 |
| Troax Group AB | 4804 | &nbsp;&nbsp; 77741 |
| Truecaller AB - Class B | 13719 | &nbsp;&nbsp; 28734 |
| VBG Group AB - B Shares | 1388 | &nbsp;&nbsp; 59841 |
| Vitec Software Group AB - B Shares (d) | 4092 | &nbsp;&nbsp; 137002 |
| Volati AB | 1043 | &nbsp;&nbsp; 12121 |
|  |  | &nbsp;&nbsp; 12981334 |
| **Switzerland — 7.7%** | **Switzerland — 7.7%** | **Switzerland — 7.7%** |
| Accelleron Industries AG | 17893 | &nbsp;&nbsp; 1388384 |
| Adecco Group AG | 29277 | &nbsp;&nbsp; 850558 |
| Allreal Holding AG | 2796 | &nbsp;&nbsp; 720182 |
| ALSO Holding AG | 695 | &nbsp;&nbsp; 188399 |
| APG SGA SA | 280 | &nbsp;&nbsp; 74220 |
| Arbonia AG | 10459 | &nbsp;&nbsp; 69211 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Switzerland — (Continued)** | **Switzerland — (Continued)** | **Switzerland — (Continued)** |
| Aryzta AG (a) (d) | 3889 | &nbsp;&nbsp; $252208 |
| Autoneum Holding AG | 533 | &nbsp;&nbsp; 112555 |
| Avolta AG | 12849 | &nbsp;&nbsp; 762042 |
| Banque Cantonale de Geneve | 3885 | &nbsp;&nbsp; 120401 |
| Banque Cantonale Vaudoise | 2373 | &nbsp;&nbsp; 300172 |
| Barry Callebaut AG (d) | 21 | &nbsp;&nbsp; 34513 |
| Belimo Holding AG (d) | 1539 | &nbsp;&nbsp; 1498547 |
| Bell Food Group AG | 356 | &nbsp;&nbsp; 100389 |
| Bellevue Group AG | 2930 | &nbsp;&nbsp; 37208 |
| Berner Kantonalbank AG | 1195 | &nbsp;&nbsp; 466929 |
| BKW AG | 107 | &nbsp;&nbsp; 22707 |
| Bossard Holding AG - Class A | 1081 | &nbsp;&nbsp; 213446 |
| Bucher Industries AG (d) | 1339 | &nbsp;&nbsp; 620764 |
| Burckhardt Compression Holding AG | 622 | &nbsp;&nbsp; 427100 |
| Burkhalter Holding AG | 555 | &nbsp;&nbsp; 97758 |
| Bystronic AG | 259 | &nbsp;&nbsp; 88249 |
| Carlo Gavazzi Holding AG (a) | 124 | &nbsp;&nbsp; 25131 |
| Cembra Money Bank AG (d) | 5838 | &nbsp;&nbsp; 731442 |
| Cham Swiss Properties AG | 1388 | &nbsp;&nbsp; 40846 |
| Cicor Technologies Ltd. (a) | 644 | &nbsp;&nbsp; 102624 |
| Cie Financiere Tradition SA | 355 | &nbsp;&nbsp; 128095 |
| Clariant AG (d) | 23315 | &nbsp;&nbsp; 210278 |
| Coltene Holding AG | 480 | &nbsp;&nbsp; 32494 |
| CPH Group AG | 227 | &nbsp;&nbsp; 19822 |
| Daetwyler Holding AG | 685 | &nbsp;&nbsp; 140889 |
| DKSH Holding AG | 7016 | &nbsp;&nbsp; 506959 |
| dormakaba Holding AG | 5980 | &nbsp;&nbsp; 483547 |
| EDAG Engineering Group AG (a) | 3171 | &nbsp;&nbsp; 18763 |
| EFG International AG | 18152 | &nbsp;&nbsp; 433983 |
| Emmi AG (d) | 437 | &nbsp;&nbsp; 405393 |
| Feintool International Holding AG (a) (d) | 1764 | &nbsp;&nbsp; 25289 |
| Fenix Outdoor International AG | 1091 | &nbsp;&nbsp; 56714 |
| Flughafen Zurich AG | 3975 | &nbsp;&nbsp; 1259437 |
| Forbo Holding AG (d) | 180 | &nbsp;&nbsp; 197805 |
| Fundamenta Real Estate AG (d) | 5187 | &nbsp;&nbsp; 114839 |
| Galenica AG | 9937 | &nbsp;&nbsp; 1224466 |
| GAM Holding AG (a) | 30739 | &nbsp;&nbsp; 5684 |
| Georg Fischer AG (d) | 12600 | &nbsp;&nbsp; 847538 |
| Helvetia Baloise Holding AG (d) | 4153 | &nbsp;&nbsp; 1094856 |
| Hiag Immobilien Holding AG | 888 | &nbsp;&nbsp; 133033 |
| Huber & Suhner AG | 2756 | &nbsp;&nbsp; 498628 |
| Hypothekarbank Lenzburg AG | 3 | &nbsp;&nbsp; 15298 |
| Implenia AG | 2401 | &nbsp;&nbsp; 231283 |
| Inficon Holding AG | 3332 | &nbsp;&nbsp; 412144 |
| International Workplace Group PLC | 172341 | &nbsp;&nbsp; 533721 |
| Interroll Holding AG | 132 | &nbsp;&nbsp; 366041 |
| Intershop Holding AG | 1143 | &nbsp;&nbsp; 237163 |
| Investis Holding SA | 421 | &nbsp;&nbsp; 76771 |
| Jungfraubahn Holding AG | 919 | &nbsp;&nbsp; 331679 |
| Kardex Holding AG | 1157 | &nbsp;&nbsp; 400864 |
| Komax Holding AG (a) (d) | 434 | &nbsp;&nbsp; 35003 |
| Kongsberg Automotive ASA (a) | 156504 | &nbsp;&nbsp; 32196 |
| Kudelski SA (a) (d) | 13221 | &nbsp;&nbsp; 20508 |
| Landis & Gyr Group AG | 2000 | &nbsp;&nbsp; 129490 |
| LEM Holding SA (a) | 33 | &nbsp;&nbsp; 12272 |
| Luzerner Kantonalbank AG (d) | 3673 | &nbsp;&nbsp; 428859 |

---

*See accompanying notes to financial statements.*

**BHFTII-144**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Switzerland — (Continued)** | **Switzerland — (Continued)** | **Switzerland — (Continued)** |
| Medacta Group SA | 1178 | &nbsp;&nbsp; $231790 |
| Medmix AG | 3519 | &nbsp;&nbsp; 49924 |
| Meier Tobler Group AG | 1121 | &nbsp;&nbsp; 55904 |
| Metall Zug AG - B Shares (d) | 44 | &nbsp;&nbsp; 45302 |
| Mikron Holding AG | 1685 | &nbsp;&nbsp; 43382 |
| MindMaze Therapeutics Holding SA (a) (d) | 1520 | &nbsp;&nbsp; 3614 |
| Mobilezone Holding AG | 7943 | &nbsp;&nbsp; 132772 |
| Mobimo Holding AG | 1437 | &nbsp;&nbsp; 664008 |
| Naturenergie Holding AG | 3633 | &nbsp;&nbsp; 149155 |
| Novavest Real Estate AG | 468 | &nbsp;&nbsp; 23549 |
| OC Oerlikon Corp. AG Pfaffikon | 33587 | &nbsp;&nbsp; 136738 |
| Orell Fuessli AG | 257 | &nbsp;&nbsp; 38774 |
| Orior AG (a) (d) | 1947 | &nbsp;&nbsp; 33431 |
| Phoenix Mecano AG | 125 | &nbsp;&nbsp; 70295 |
| Plazza AG - Class A | 222 | &nbsp;&nbsp; 116188 |
| PSP Swiss Property AG | 8712 | &nbsp;&nbsp; 1578304 |
| Rieter Holding AG (d) | 6474 | &nbsp;&nbsp; 25864 |
| Romande Energie Holding SA | 2775 | &nbsp;&nbsp; 152075 |
| Schweiter Technologies AG | 192 | &nbsp;&nbsp; 61177 |
| Schweizerische Nationalbank | 5 | &nbsp;&nbsp; 22288 |
| SFS Group AG (d) | 3472 | &nbsp;&nbsp; 474710 |
| Siegfried Holding AG | 6039 | &nbsp;&nbsp; 565261 |
| SIG Group AG (d) | 37728 | &nbsp;&nbsp; 539287 |
| St. Galler Kantonalbank AG | 561 | &nbsp;&nbsp; 403694 |
| Stadler Rail AG | 3453 | &nbsp;&nbsp; 87773 |
| Sulzer AG (d) | 3733 | &nbsp;&nbsp; 692193 |
| Swatch Group AG (Bearer Shares) (d) | 2190 | &nbsp;&nbsp; 464793 |
| Swiss Prime Site AG | 14712 | &nbsp;&nbsp; 2286105 |
| Swissquote Group Holding SA | 3092 | &nbsp;&nbsp; 1877023 |
| Tecan Group AG | 223 | &nbsp;&nbsp; 35998 |
| Temenos AG | 10409 | &nbsp;&nbsp; 1039916 |
| TORM PLC - Class A (d) | 1653 | &nbsp;&nbsp; 32955 |
| TX Group AG | 597 | &nbsp;&nbsp; 124165 |
| Valiant Holding AG | 3034 | &nbsp;&nbsp; 577617 |
| VAT Group AG | 979 | &nbsp;&nbsp; 470111 |
| Vaudoise Assurances Holding SA | 171 | &nbsp;&nbsp; 157157 |
| Vetropack Holding AG | 2053 | &nbsp;&nbsp; 56789 |
| Vontobel Holding AG | 5544 | &nbsp;&nbsp; 448210 |
| VZ Holding AG | 3106 | &nbsp;&nbsp; 582612 |
| V-ZUG Holding AG | 605 | &nbsp;&nbsp; 32222 |
| Walliser Kantonalbank | 977 | &nbsp;&nbsp; 165317 |
| Warteck Invest AG | 62 | &nbsp;&nbsp; 152655 |
| Ypsomed Holding AG (d) | 817 | &nbsp;&nbsp; 336937 |
| Zehnder Group AG | 952 | &nbsp;&nbsp; 98004 |
| Zug Estates Holding AG - B Shares | 71 | &nbsp;&nbsp; 199711 |
| Zuger Kantonalbank | 39 | &nbsp;&nbsp; 434920 |
|  |  | &nbsp;&nbsp; 36418458 |
| **Taiwan — 0.0%** | **Taiwan — 0.0%** | **Taiwan — 0.0%** |
| FIT Hon Teng Ltd. (a) (d) | 80000 | &nbsp;&nbsp; 50360 |
| **Tanzania — 0.1%** | **Tanzania — 0.1%** | **Tanzania — 0.1%** |
| Helios Towers PLC (a) | 122357 | &nbsp;&nbsp; 270599 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Eldorado Gold Corp. (a) (d) | 51016 | &nbsp;&nbsp; 1833536 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — 10.5%** | **United Kingdom — 10.5%** | **United Kingdom — 10.5%** |
| 4imprint Group PLC | 958 | &nbsp;&nbsp; $48775 |
| Aberdeen Group PLC | 151455 | &nbsp;&nbsp; 419778 |
| Advanced Medical Solutions Group PLC | 23347 | &nbsp;&nbsp; 68615 |
| AEP Plantations PLC | 5782 | &nbsp;&nbsp; 106473 |
| AG Barr PLC | 11112 | &nbsp;&nbsp; 93468 |
| AJ Bell PLC | 59750 | &nbsp;&nbsp; 355298 |
| Alfa Financial Software Holdings PLC | 10992 | &nbsp;&nbsp; 31364 |
| Allfunds Group PLC | 2273 | &nbsp;&nbsp; 21383 |
| AO World PLC (a) | 30384 | &nbsp;&nbsp; 46363 |
| Ashmore Group PLC | 97994 | &nbsp;&nbsp; 233129 |
| Ashtead Technology Holdings PLC (d) | 5898 | &nbsp;&nbsp; 24517 |
| ASOS PLC (a) (d) | 1729 | &nbsp;&nbsp; 6578 |
| Auto Trader Group PLC | 24200 | &nbsp;&nbsp; 190837 |
| Babcock International Group PLC | 84242 | &nbsp;&nbsp; 1402234 |
| Bakkavor Group PLC | 37729 | &nbsp;&nbsp; 121046 |
| Balfour Beatty PLC | 103703 | &nbsp;&nbsp; 989146 |
| Barratt Redrow PLC | 73006 | &nbsp;&nbsp; 374046 |
| Beazley PLC | 32191 | &nbsp;&nbsp; 359612 |
| Begbies Traynor Group PLC | 1964 | &nbsp;&nbsp; 3005 |
| Bellway PLC | 26462 | &nbsp;&nbsp; 971365 |
| Berkeley Group Holdings PLC | 4674 | &nbsp;&nbsp; 245516 |
| Bloomsbury Publishing PLC (d) | 18256 | &nbsp;&nbsp; 118668 |
| Bodycote PLC | 44658 | &nbsp;&nbsp; 417224 |
| Braemar PLC (d) | 7120 | &nbsp;&nbsp; 20514 |
| Breedon Group PLC | 29978 | &nbsp;&nbsp; 131878 |
| Brooks Macdonald Group PLC (d) | 486 | &nbsp;&nbsp; 10524 |
| Burberry Group PLC (a) | 12936 | &nbsp;&nbsp; 220471 |
| Bytes Technology Group PLC (d) | 32635 | &nbsp;&nbsp; 157179 |
| Capita PLC (a) | 18914 | &nbsp;&nbsp; 103002 |
| Capricorn Energy PLC (a) | 30939 | &nbsp;&nbsp; 81526 |
| Card Factory PLC | 88270 | &nbsp;&nbsp; 80781 |
| Castings PLC | 2870 | &nbsp;&nbsp; 10529 |
| Centaur Media PLC | 92526 | &nbsp;&nbsp; 54812 |
| Central Asia Metals PLC | 24699 | &nbsp;&nbsp; 62155 |
| Chemring Group PLC | 60304 | &nbsp;&nbsp; 382543 |
| Chesnara PLC (d) | 63556 | &nbsp;&nbsp; 256374 |
| Clarkson PLC | 7539 | &nbsp;&nbsp; 387711 |
| Close Brothers Group PLC (a) | 16302 | &nbsp;&nbsp; 114816 |
| CMC Markets PLC | 18502 | &nbsp;&nbsp; 74561 |
| Coats Group PLC | 319324 | &nbsp;&nbsp; 361781 |
| Computacenter PLC | 16193 | &nbsp;&nbsp; 639162 |
| Convatec Group PLC | 29548 | &nbsp;&nbsp; 96547 |
| Costain Group PLC | 37295 | &nbsp;&nbsp; 79674 |
| Cranswick PLC | 11961 | &nbsp;&nbsp; 795523 |
| Crest Nicholson Holdings PLC | 44934 | &nbsp;&nbsp; 85483 |
| Croda International PLC | 1929 | &nbsp;&nbsp; 69907 |
| Currys PLC | 244189 | &nbsp;&nbsp; 414782 |
| CVS Group PLC | 10557 | &nbsp;&nbsp; 182728 |
| DCC PLC | 5373 | &nbsp;&nbsp; 333936 |
| DFS Furniture PLC (a) | 51390 | &nbsp;&nbsp; 120541 |
| DiscoverIE Group PLC | 15588 | &nbsp;&nbsp; 126078 |
| Domino's Pizza Group PLC | 45933 | &nbsp;&nbsp; 107365 |
| dotdigital group PLC (d) | 41626 | &nbsp;&nbsp; 37814 |
| Dr. Martens PLC | 56127 | &nbsp;&nbsp; 57963 |
| Drax Group PLC | 85251 | &nbsp;&nbsp; 963037 |
| Dunelm Group PLC | 26326 | &nbsp;&nbsp; 398878 |

---

*See accompanying notes to financial statements.*

**BHFTII-145**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| easyJet PLC | 5538 | &nbsp;&nbsp; $37958 |
| Ecora Resources PLC | 51447 | &nbsp;&nbsp; 78759 |
| EKF Diagnostics Holdings PLC (a) (d) | 38020 | &nbsp;&nbsp; 13470 |
| Elementis PLC | 149283 | &nbsp;&nbsp; 334037 |
| EnQuest PLC | 442032 | &nbsp;&nbsp; 62763 |
| Essentra PLC | 25778 | &nbsp;&nbsp; 33401 |
| FDM Group Holdings PLC | 14365 | &nbsp;&nbsp; 25785 |
| Fevara PLC (d) | 7612 | &nbsp;&nbsp; 13801 |
| Firstgroup PLC | 139657 | &nbsp;&nbsp; 358360 |
| Flowtech Fluidpower PLC (a) | 6703 | &nbsp;&nbsp; 5162 |
| Foresight Group Holdings Ltd.  | 2157 | &nbsp;&nbsp; 12504 |
| Forterra PLC | 53770 | &nbsp;&nbsp; 132991 |
| Foxtons Group PLC | 60087 | &nbsp;&nbsp; 48057 |
| Frasers Group PLC (a) (d) | 17279 | &nbsp;&nbsp; 157924 |
| Frontier Developments PLC (a) | 3312 | &nbsp;&nbsp; 19652 |
| Fuller Smith & Turner PLC - Class A | 7582 | &nbsp;&nbsp; 73342 |
| Funding Circle Holdings PLC (a) | 10326 | &nbsp;&nbsp; 17428 |
| Future PLC | 3850 | &nbsp;&nbsp; 27332 |
| Galliford Try Holdings PLC | 25459 | &nbsp;&nbsp; 177201 |
| Games Workshop Group PLC | 4263 | &nbsp;&nbsp; 1081983 |
| Gamma Communications PLC | 10525 | &nbsp;&nbsp; 130445 |
| GB Group PLC | 21927 | &nbsp;&nbsp; 75685 |
| Genuit Group PLC | 58461 | &nbsp;&nbsp; 256072 |
| Gooch & Housego PLC | 2212 | &nbsp;&nbsp; 17849 |
| Goodwin PLC | 121 | &nbsp;&nbsp; 34746 |
| Grafton Group PLC | 40184 | &nbsp;&nbsp; 505251 |
| Grainger PLC (REIT) | 182433 | &nbsp;&nbsp; 446252 |
| Greggs PLC (d) | 12737 | &nbsp;&nbsp; 287641 |
| Gym Group PLC (a) | 44914 | &nbsp;&nbsp; 89787 |
| Halfords Group PLC | 48494 | &nbsp;&nbsp; 91831 |
| Harbour Energy PLC | 21073 | &nbsp;&nbsp; 55582 |
| Harworth Group PLC | 10757 | &nbsp;&nbsp; 24173 |
| Hays PLC | 90416 | &nbsp;&nbsp; 68616 |
| Headlam Group PLC (a) | 29149 | &nbsp;&nbsp; 18469 |
| Henry Boot PLC | 14477 | &nbsp;&nbsp; 43837 |
| Hikma Pharmaceuticals PLC | 17728 | &nbsp;&nbsp; 370392 |
| Hill & Smith PLC | 20649 | &nbsp;&nbsp; 592962 |
| Hilton Food Group PLC | 8572 | &nbsp;&nbsp; 58331 |
| Hiscox Ltd.  | 63107 | &nbsp;&nbsp; 1203194 |
| Hollywood Bowl Group PLC | 35798 | &nbsp;&nbsp; 132634 |
| Howden Joinery Group PLC | 25359 | &nbsp;&nbsp; 282376 |
| Hunting PLC | 29402 | &nbsp;&nbsp; 145772 |
| Ibstock PLC | 65379 | &nbsp;&nbsp; 121876 |
| ICG PLC | 7806 | &nbsp;&nbsp; 215257 |
| IDOX PLC (d) | 21947 | &nbsp;&nbsp; 20353 |
| IG Group Holdings PLC | 57306 | &nbsp;&nbsp; 1015813 |
| IMI PLC | 17248 | &nbsp;&nbsp; 575028 |
| Impax Asset Management Group PLC | 14750 | &nbsp;&nbsp; 30226 |
| Inchcape PLC | 81447 | &nbsp;&nbsp; 844295 |
| International Personal Finance PLC | 60577 | &nbsp;&nbsp; 190322 |
| iomart Group PLC (d) | 16833 | &nbsp;&nbsp; 3968 |
| IP Group PLC (a) | 225731 | &nbsp;&nbsp; 178056 |
| ITV PLC | 636123 | &nbsp;&nbsp; 704864 |
| J D Wetherspoon PLC (d) | 15164 | &nbsp;&nbsp; 150764 |
| James Fisher & Sons PLC (a) | 15436 | &nbsp;&nbsp; 78035 |
| James Halstead PLC (d) | 59490 | &nbsp;&nbsp; 109882 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| JET2 PLC | 34034 | &nbsp;&nbsp; $642570 |
| John Wood Group PLC (a) | 61862 | &nbsp;&nbsp; 19763 |
| Johnson Matthey PLC | 18884 | &nbsp;&nbsp; 540394 |
| Johnson Service Group PLC | 61047 | &nbsp;&nbsp; 111100 |
| Jupiter Fund Management PLC | 116490 | &nbsp;&nbsp; 247070 |
| Just Group PLC | 224609 | &nbsp;&nbsp; 653973 |
| Kainos Group PLC | 6815 | &nbsp;&nbsp; 91977 |
| Keller Group PLC | 18257 | &nbsp;&nbsp; 409953 |
| Kier Group PLC | 94700 | &nbsp;&nbsp; 280834 |
| Kingfisher PLC | 102271 | &nbsp;&nbsp; 428834 |
| Kitwave Group PLC | 3724 | &nbsp;&nbsp; 11306 |
| Lancashire Holdings Ltd.  | 55233 | &nbsp;&nbsp; 474370 |
| Liontrust Asset Management PLC | 7615 | &nbsp;&nbsp; 27170 |
| LSL Property Services PLC | 14072 | &nbsp;&nbsp; 49888 |
| Luceco PLC | 24615 | &nbsp;&nbsp; 43465 |
| M&C Saatchi PLC | 3677 | &nbsp;&nbsp; 6493 |
| Man Group PLC | 230659 | &nbsp;&nbsp; 707851 |
| Marshalls PLC | 16086 | &nbsp;&nbsp; 38804 |
| Marston's PLC (a) | 139826 | &nbsp;&nbsp; 111399 |
| McBride PLC | 46579 | &nbsp;&nbsp; 92065 |
| Me Group International PLC | 41240 | &nbsp;&nbsp; 83961 |
| Mears Group PLC | 22073 | &nbsp;&nbsp; 106445 |
| Metro Bank Holdings PLC (a) | 2816 | &nbsp;&nbsp; 4571 |
| Mitchells & Butlers PLC (a) | 73046 | &nbsp;&nbsp; 255942 |
| Mitie Group PLC | 310394 | &nbsp;&nbsp; 696582 |
| MJ Gleeson PLC | 8913 | &nbsp;&nbsp; 50238 |
| MONY Group PLC | 130662 | &nbsp;&nbsp; 321843 |
| Moonpig Group PLC | 56222 | &nbsp;&nbsp; 153865 |
| Morgan Advanced Materials PLC | 48369 | &nbsp;&nbsp; 142151 |
| Morgan Sindall Group PLC | 11323 | &nbsp;&nbsp; 709863 |
| Mortgage Advice Bureau Holdings Ltd.  | 6665 | &nbsp;&nbsp; 61632 |
| MP Evans Group PLC | 2300 | &nbsp;&nbsp; 37982 |
| Naked Wines PLC (a) | 1427 | &nbsp;&nbsp; 1391 |
| NCC Group PLC (d) | 65676 | &nbsp;&nbsp; 122582 |
| Next 15 Group PLC | 11449 | &nbsp;&nbsp; 49476 |
| Nichols PLC | 950 | &nbsp;&nbsp; 12201 |
| Ninety One PLC | 75730 | &nbsp;&nbsp; 219817 |
| Norcros PLC | 11343 | &nbsp;&nbsp; 51414 |
| Ocado Group PLC (a) | 9493 | &nbsp;&nbsp; 30130 |
| Odfjell Technology Ltd.  | 4274 | &nbsp;&nbsp; 23940 |
| On the Beach Group PLC | 32313 | &nbsp;&nbsp; 99723 |
| OSB Group PLC | 79910 | &nbsp;&nbsp; 682350 |
| Pagegroup PLC | 35705 | &nbsp;&nbsp; 112742 |
| Paragon Banking Group PLC | 45117 | &nbsp;&nbsp; 516690 |
| PayPoint PLC | 16681 | &nbsp;&nbsp; 106276 |
| Pennon Group PLC | 106594 | &nbsp;&nbsp; 756075 |
| Persimmon PLC | 40560 | &nbsp;&nbsp; 741505 |
| Pets at Home Group PLC | 105210 | &nbsp;&nbsp; 280011 |
| Pharos Energy PLC | 50968 | &nbsp;&nbsp; 14449 |
| Phoenix Spree Deutschland Ltd. (a) | 665 | &nbsp;&nbsp; 1509 |
| Pinewood Technologies Group PLC (a) | 17259 | &nbsp;&nbsp; 83290 |
| Playtech PLC | 62872 | &nbsp;&nbsp; 239443 |
| Polar Capital Holdings PLC | 16568 | &nbsp;&nbsp; 118088 |
| Porvair PLC | 4985 | &nbsp;&nbsp; 56554 |
| PPHE Hotel Group Ltd.  | 497 | &nbsp;&nbsp; 12011 |
| Premier Foods PLC | 146663 | &nbsp;&nbsp; 341926 |

---

*See accompanying notes to financial statements.*

**BHFTII-146**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| PZ Cussons PLC | 63002 | &nbsp;&nbsp; $62440 |
| QinetiQ Group PLC | 120161 | &nbsp;&nbsp; 711356 |
| Quilter PLC | 337445 | &nbsp;&nbsp; 832390 |
| Rank Group PLC | 54017 | &nbsp;&nbsp; 72315 |
| Rathbones Group PLC | 10507 | &nbsp;&nbsp; 271553 |
| Reach PLC | 63035 | &nbsp;&nbsp; 46679 |
| Record PLC | 12453 | &nbsp;&nbsp; 9435 |
| Renew Holdings PLC | 9893 | &nbsp;&nbsp; 118832 |
| Rightmove PLC | 35130 | &nbsp;&nbsp; 245598 |
| Robert Walters PLC | 13056 | &nbsp;&nbsp; 23653 |
| Rotork PLC | 160222 | &nbsp;&nbsp; 700362 |
| RS Group PLC | 58984 | &nbsp;&nbsp; 492706 |
| S&U PLC | 1188 | &nbsp;&nbsp; 33278 |
| Sabre Insurance Group PLC | 49439 | &nbsp;&nbsp; 86511 |
| Saga PLC (a) | 8514 | &nbsp;&nbsp; 44548 |
| Savills PLC | 26178 | &nbsp;&nbsp; 351453 |
| Senior PLC | 99519 | &nbsp;&nbsp; 259982 |
| Serco Group PLC | 261320 | &nbsp;&nbsp; 975601 |
| Serica Energy PLC | 47039 | &nbsp;&nbsp; 110920 |
| Severfield PLC | 74894 | &nbsp;&nbsp; 29160 |
| SIG PLC (a) | 255262 | &nbsp;&nbsp; 34542 |
| SigmaRoc PLC (a) | 61341 | &nbsp;&nbsp; 104550 |
| Smiths News PLC | 20535 | &nbsp;&nbsp; 20984 |
| Softcat PLC | 30193 | &nbsp;&nbsp; 574022 |
| Speedy Hire PLC | 125764 | &nbsp;&nbsp; 42323 |
| Spirax Group PLC | 2839 | &nbsp;&nbsp; 259634 |
| Spire Healthcare Group PLC | 62350 | &nbsp;&nbsp; 140348 |
| SSP Group PLC | 175333 | &nbsp;&nbsp; 486900 |
| SThree PLC | 14651 | &nbsp;&nbsp; 37550 |
| STV Group PLC | 7194 | &nbsp;&nbsp; 10235 |
| Synthomer PLC (a) | 30557 | &nbsp;&nbsp; 26073 |
| Tate & Lyle PLC | 44996 | &nbsp;&nbsp; 227326 |
| Taylor Wimpey PLC | 183709 | &nbsp;&nbsp; 265996 |
| Telecom Plus PLC | 16220 | &nbsp;&nbsp; 296926 |
| Topps Tiles PLC | 61961 | &nbsp;&nbsp; 33407 |
| TP ICAP Group PLC | 167198 | &nbsp;&nbsp; 585562 |
| Trainline PLC (a) | 20223 | &nbsp;&nbsp; 60082 |
| Travis Perkins PLC | 45793 | &nbsp;&nbsp; 394889 |
| Trifast PLC | 20432 | &nbsp;&nbsp; 18750 |
| TT Electronics PLC (a) | 35042 | &nbsp;&nbsp; 54039 |
| Vanquis Banking Group PLC (a) | 52029 | &nbsp;&nbsp; 83878 |
| Vertu Motors PLC (d) | 46012 | &nbsp;&nbsp; 38784 |
| Vesuvius PLC | 46958 | &nbsp;&nbsp; 251168 |
| Victorian Plumbing Group PLC | 8019 | &nbsp;&nbsp; 7913 |
| Victrex PLC | 10829 | &nbsp;&nbsp; 95730 |
| Videndum PLC (a) (d) | 14491 | &nbsp;&nbsp; 2158 |
| Vistry Group PLC (a) | 21043 | &nbsp;&nbsp; 179877 |
| Volex PLC (d) | 24134 | &nbsp;&nbsp; 135990 |
| Volution Group PLC | 34155 | &nbsp;&nbsp; 296959 |
| Vp PLC (d) | 4147 | &nbsp;&nbsp; 30142 |
| Watches of Switzerland Group PLC (a) | 47460 | &nbsp;&nbsp; 301384 |
| WH Smith PLC | 18172 | &nbsp;&nbsp; 155890 |
| Whitbread PLC | 7781 | &nbsp;&nbsp; 265626 |
| Wickes Group PLC | 62633 | &nbsp;&nbsp; 197001 |
| Xaar PLC (a) | 18088 | &nbsp;&nbsp; 25569 |
| XPS Pensions Group PLC | 15758 | &nbsp;&nbsp; 72010 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Young & Co.'s Brewery PLC | 3097 | &nbsp;&nbsp; $24798 |
| Young & Co.'s Brewery PLC - Class A | 4640 | &nbsp;&nbsp; 46073 |
| Zigup PLC | 52839 | &nbsp;&nbsp; 271651 |
| Zotefoams PLC | 7268 | &nbsp;&nbsp; 39484 |
|  |  | &nbsp;&nbsp; 49514503 |
| **United States — 1.1%** | **United States — 1.1%** | **United States — 1.1%** |
| Acerinox SA (d) | 31751 | &nbsp;&nbsp; 470355 |
| ADTRAN Holdings, Inc. (a) | 606 | &nbsp;&nbsp; 5256 |
| Aegon Ltd. (NY Registry Shares) | 25296 | &nbsp;&nbsp; 195032 |
| BRP, Inc.  | 519 | &nbsp;&nbsp; 36724 |
| Burford Capital Ltd. (d) | 40889 | &nbsp;&nbsp; 367630 |
| Buzzi SpA | 11153 | &nbsp;&nbsp; 677927 |
| Diversified Energy Co. (d) | 9570 | &nbsp;&nbsp; 138690 |
| Frontage Holdings Corp. (a) | 58000 | &nbsp;&nbsp; 7400 |
| Ormat Technologies, Inc.  | 1 | &nbsp;&nbsp; 61 |
| PureTech Health PLC (a) | 24125 | &nbsp;&nbsp; 40651 |
| Qiagen NV | 3884 | &nbsp;&nbsp; 177276 |
| Qiagen NV (d) | 10296 | &nbsp;&nbsp; 463011 |
| Reliance Worldwide Corp. Ltd.  | 168370 | &nbsp;&nbsp; 432222 |
| RHI Magnesita NV | 1193 | &nbsp;&nbsp; 44028 |
| Samsonite Group SA | 225900 | &nbsp;&nbsp; 576828 |
| Signify NV | 28348 | &nbsp;&nbsp; 696746 |
| Sims Ltd.  | 36347 | &nbsp;&nbsp; 434820 |
| Sunococorp LLC (a) | 6753 | &nbsp;&nbsp; 332788 |
| TAT Technologies Ltd. (a) | 533 | &nbsp;&nbsp; 23953 |
| Varia U.S. Properties AG (d) | 1203 | &nbsp;&nbsp; 29590 |
| Viemed Healthcare, Inc. (a) | 5284 | &nbsp;&nbsp; 39260 |
|  |  | &nbsp;&nbsp; 5190248 |
| Total Common Stocks <br>(Cost $361,906,371) <br>|  | &nbsp;&nbsp; 466425251 |
| **Preferred Stocks—0.4%** | **Preferred Stocks—0.4%** | **Preferred Stocks—0.4%** |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| Draegerwerk AG & Co. KGaA | 2110 | &nbsp;&nbsp; 172133 |
| Einhell Germany AG | 246 | &nbsp;&nbsp; 24345 |
| FUCHS SE | 15647 | &nbsp;&nbsp; 700854 |
| Jungheinrich AG | 11157 | &nbsp;&nbsp; 461812 |
| Porsche Automobil Holding SE | 4120 | &nbsp;&nbsp; 193203 |
| Sixt SE | 3818 | &nbsp;&nbsp; 237356 |
| STO SE & Co. KGaA | 504 | &nbsp;&nbsp; 71670 |
| Villeroy & Boch AG | 505 | &nbsp;&nbsp; 9795 |
|  |  | &nbsp;&nbsp; 1871168 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Danieli & C Officine Meccaniche SpA (Savings Shares) | 4725 | &nbsp;&nbsp; 203883 |
| Total Preferred Stocks <br>(Cost $1,655,731) <br>|  | &nbsp;&nbsp; 2075051 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Australia — 0.0%** | **Australia — 0.0%** | **Australia — 0.0%** |
| Galan Lithium Ltd., Expires 07/18/26 (a) | 2469 | &nbsp;&nbsp; 0 |

---

*See accompanying notes to financial statements.*

**BHFTII-147**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Warrants—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Australia — (continued)** | **Australia — (continued)** | **Australia — (continued)** |
| Silver Mines Ltd., Expires 06/17/26 (a) | 4037 | &nbsp;&nbsp; $268 |
|  |  | &nbsp;&nbsp; 268 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Geox SpA, Expires 09/30/26 (a) | 14320 | &nbsp;&nbsp; 848 |
| Webuild SpA, Expires 08/02/30 (a) (d) | 6346 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 848 |
| Total Warrants <br>(Cost $0) <br>|  | &nbsp;&nbsp; 1116 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Australia — 0.0%** | **Australia — 0.0%** | **Australia — 0.0%** |
| Terracom Ltd. (a) | 67502 | &nbsp;&nbsp; 180 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| Intercell AG (a) (b) (c) | 24163 | &nbsp;&nbsp; 0 |
| Total Rights <br>(Cost $0) <br>|  | &nbsp;&nbsp; 180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.2%** | **Short-Term Investments—0.2%** | **Short-Term Investments—0.2%** |
| **Repurchase Agreement — 0.2%** | **Repurchase Agreement — 0.2%** | **Repurchase Agreement — 0.2%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26 with a maturity value of $682,077; collateralized by <br> U.S. Treasury Note at 4.500%, maturing 05/15/27, with a <br> market value of $695,686<br>| 681982 | &nbsp;&nbsp; 681982 |
| Total Short-Term Investments <br>(Cost $681,982) <br>|  | &nbsp;&nbsp; 681982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—6.5%** | **Securities Lending Reinvestments (e)—6.5%** | **Securities Lending Reinvestments (e)—6.5%** |
| **Short-Term Investment Funds — 2.6%** |  |  |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 3.640% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 3.650% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 3.610% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 3.680% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 3.690% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 3.740% (f)<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Western Asset Institutional Government Reserves Fund, <br>Institutional Class, 3.670% (f)<br>| 2329583 | &nbsp;&nbsp; 2329583 |
|  |  | &nbsp;&nbsp; 12329583 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Time Deposit — 0.2%** | **Time Deposit — 0.2%** | **Time Deposit — 0.2%** |
| Banco Santander SA <br>3.620%, 01/02/26<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — 3.7%** | **Repurchase Agreements — 3.7%** | **Repurchase Agreements — 3.7%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.810%, due on <br> 01/02/26 with a maturity value of $1,000,212; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 02/19/26 - 02/15/55, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $3,000,628; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,341,027<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $1,000,214; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,676<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $2,000,424; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% - <br> 4.375%, maturity dates ranging from 06/30/31 - 05/15/34, <br> and an aggregate market value of $2,040,002<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,518,142; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,568,504<br>| 2517606 | &nbsp;&nbsp; 2517606 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $3,000,643; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,696<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $2,001,509; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,371<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $1,800,383; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.375%, maturity dates ranging from 05/15/26 - 11/15/55, <br> and an aggregate market value of $1,836,391<br>| 1800000 | &nbsp;&nbsp; 1800000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $100,020; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; 100000 |

---

*See accompanying notes to financial statements.*

**BHFTII-148**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 17417606 |
| Total Securities Lending Reinvestments <br>(Cost $30,747,189) <br>|  | &nbsp;&nbsp; 30747189 |
| Total Investments—106.1% <br>(Cost $394,991,273) <br>|  | &nbsp;&nbsp; 499930769 |
| Other assets and liabilities (net)—(6.1)%  |  | &nbsp;&nbsp; (28592199)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $471338570 |

---

&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 December 31, 2025, these securities represent 0.1% 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 December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $82,600,751 and the collateral received consisted of cash in the amount of <br> $30,747,189 and non-cash collateral with a value of $57,438,747. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (e) <br>| Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (f) <br>| The rate shown represents the annualized seven-day yield as of December 31, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Metals & Mining | 8.7 |
| Machinery | 6.8 |
| Banks | 4.9 |
| Real Estate Management & Development | 4.4 |
| Capital Markets | 4.3 |
| Construction & Engineering | 4.1 |
| Chemicals | 3.9 |
| Oil, Gas & Consumable Fuels | 3.5 |
| Specialty Retail | 3.1 |
| Food Products | 3.1 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22385114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $140298419 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(30747189)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(30747189)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(30747189)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $2510952 | &nbsp;&nbsp; $26879192 | &nbsp;&nbsp; $276497 | &nbsp;&nbsp; $29666641 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 8210190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8210190 |
| Belgium | &nbsp;&nbsp; 3009 | &nbsp;&nbsp; 6559177 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 6562186 |
| Bermuda | &nbsp;&nbsp; — | &nbsp;&nbsp; 25296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25296 |
| Brazil | &nbsp;&nbsp; 83485 | &nbsp;&nbsp; 290788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 374273 |
| Burkina Faso | &nbsp;&nbsp; 1956410 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1956410 |
| Cambodia | &nbsp;&nbsp; — | &nbsp;&nbsp; 130603 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130603 |

---

*See accompanying notes to financial statements.*

**BHFTII-149**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Canada | &nbsp;&nbsp; $55556535 | &nbsp;&nbsp; $545280 | &nbsp;&nbsp; $36 | &nbsp;&nbsp; $56101851 |
| China | &nbsp;&nbsp; 1570628 | &nbsp;&nbsp; 573294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2143922 |
| Colombia | &nbsp;&nbsp; 36440 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8842 | &nbsp;&nbsp; 45282 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 13652211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13652211 |
| Ecuador | &nbsp;&nbsp; — | &nbsp;&nbsp; 13428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13428 |
| Faeroe Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 49864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49864 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 12728534 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12728534 |
| France | &nbsp;&nbsp; 30661 | &nbsp;&nbsp; 25510191 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 25540852 |
| Georgia | &nbsp;&nbsp; — | &nbsp;&nbsp; 1906708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1906708 |
| Germany | &nbsp;&nbsp; 90873 | &nbsp;&nbsp; 27653605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27744478 |
| Ghana | &nbsp;&nbsp; — | &nbsp;&nbsp; 17579 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17579 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 64690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64690 |
| Greenland | &nbsp;&nbsp; — | &nbsp;&nbsp; 19381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19381 |
| Guernsey, Channel Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Hong Kong | &nbsp;&nbsp; 186506 | &nbsp;&nbsp; 8483284 | &nbsp;&nbsp; 10724 | &nbsp;&nbsp; 8680514 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 861105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 861105 |
| Iraq | &nbsp;&nbsp; — | &nbsp;&nbsp; 135104 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135104 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1959619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1959619 |
| Isle of Man | &nbsp;&nbsp; — | &nbsp;&nbsp; 9566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9566 |
| Israel | &nbsp;&nbsp; 79664 | &nbsp;&nbsp; 5481068 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5560732 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 17269844 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 17269844 |
| Japan | &nbsp;&nbsp; 7504 | &nbsp;&nbsp; 106250455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 106257959 |
| Jersey, Channel Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 32647 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32647 |
| Liechtenstein | &nbsp;&nbsp; — | &nbsp;&nbsp; 318853 | &nbsp;&nbsp; — | &nbsp;&nbsp; 318853 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 1247954 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1247954 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 171722 | &nbsp;&nbsp; — | &nbsp;&nbsp; 171722 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 61494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61494 |
| Mongolia | &nbsp;&nbsp; — | &nbsp;&nbsp; 85151 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85151 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 8366571 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 8366571 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 1643196 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1643196 |
| Norway | &nbsp;&nbsp; 23653 | &nbsp;&nbsp; 2473154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2496807 |
| Peru | &nbsp;&nbsp; — | &nbsp;&nbsp; 601800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 601800 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp; 5798 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5798 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 201149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201149 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 937900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 937900 |
| Singapore | &nbsp;&nbsp; 13233 | &nbsp;&nbsp; 5668064 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 5681299 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 710684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 710684 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 9914366 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 9914366 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 12981334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12981334 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 36418458 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36418458 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 50360 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50360 |
| Tanzania | &nbsp;&nbsp; — | &nbsp;&nbsp; 270599 | &nbsp;&nbsp; — | &nbsp;&nbsp; 270599 |
| Turkey | &nbsp;&nbsp; 1833536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1833536 |
| United Kingdom | &nbsp;&nbsp; 19763 | &nbsp;&nbsp; 49494740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49514503 |
| United States | &nbsp;&nbsp; 1066815 | &nbsp;&nbsp; 4123433 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5190248 |
| Total Common Stocks | &nbsp;&nbsp; 65069667 | &nbsp;&nbsp; 401059483 | &nbsp;&nbsp; 296101 | &nbsp;&nbsp; 466425251 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2075051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2075051 |
| Warrants |  |  |  |  |
| Australia | &nbsp;&nbsp; — | &nbsp;&nbsp; 268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 268 |
| Italy | &nbsp;&nbsp; 848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 848 |
| Total Warrants | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1116 |
| Rights |  |  |  |  |
| Australia | &nbsp;&nbsp; 180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 180 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Rights | &nbsp;&nbsp; 180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 180 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 681982 | &nbsp;&nbsp; — | &nbsp;&nbsp; 681982 |

---

*See accompanying notes to financial statements.*

**BHFTII-150**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; $12329583 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12329583 |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 17417606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17417606 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 12329583 | &nbsp;&nbsp; 18417606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30747189 |
| Total Investments | &nbsp;&nbsp; $77400278 | &nbsp;&nbsp; $422234390 | &nbsp;&nbsp; $296101 | &nbsp;&nbsp; $499930769 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30747189)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30747189)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

During the year ended December 31, 2025, transfers into Level 3 in the amount of $253,230 were due to trading halts on the securities' respective exchanges which resulted in the lack of observable inputs.

*See accompanying notes to financial statements.*

**BHFTII-151**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $499930769 |
| Cash | &nbsp;&nbsp; 2083 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 96995 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1445144 |
| Fund shares sold | &nbsp;&nbsp; 362724 |
| Dividends and interest | &nbsp;&nbsp; 1738315 |
| Prepaid expenses | &nbsp;&nbsp; 1724 |
| Total Assets | &nbsp;&nbsp; 503577754 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 30747189 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 530071 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 260637 |
| Distribution and service fees | &nbsp;&nbsp; 13275 |
| Deferred trustees' fees | &nbsp;&nbsp; 240736 |
| Other expenses | &nbsp;&nbsp; 447276 |
| Total Liabilities | &nbsp;&nbsp; 32239184 |
| **Net Assets**  | &nbsp;&nbsp; $471338570 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $332892147 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 138446423 |
| **Net Assets**  | &nbsp;&nbsp; $471338570 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $408083123 |
| Class B | &nbsp;&nbsp; 63255447 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 33070837 |
| Class B | &nbsp;&nbsp; 5180531 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $12.34 |
| Class B | 12.21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $394,991,273.

(b) Includes securities loaned at value of $82,600,751.

(c) Identified cost of cash denominated in foreign currencies was $97,059.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $15336051 |
| Interest | &nbsp;&nbsp; 35140 |
| Securities lending income | &nbsp;&nbsp; 350685 |
| Total investment income | &nbsp;&nbsp; 15721876 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3821817 |
| Administration fees | &nbsp;&nbsp; 39342 |
| Custodian and accounting fees | &nbsp;&nbsp; 256438 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 153417 |
| Audit and tax services | &nbsp;&nbsp; 82023 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 20064 |
| Insurance | &nbsp;&nbsp; 4331 |
| Miscellaneous | &nbsp;&nbsp; 108189 |
| Total expenses | &nbsp;&nbsp; 4596206 |
| Less management fee waiver | &nbsp;&nbsp; (757216)<br>|
| Net expenses | &nbsp;&nbsp; 3838990 |
| **Net Investment Income** | &nbsp;&nbsp; 11882886 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 32346153 |
| Foreign currency transactions | &nbsp;&nbsp; 72206 |
| Net realized gain (loss) | &nbsp;&nbsp; 32418359 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 101847201 |
| Foreign currency transactions | &nbsp;&nbsp; 151761 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 101998962 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 134417321 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $146300207 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,562,189.

*See accompanying notes to financial statements.*

**BHFTII-152**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $11882886 | &nbsp;&nbsp; $11825053 |
| Net realized gain (loss) | &nbsp;&nbsp; 32418359 | &nbsp;&nbsp; 29592019 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 101998962 | &nbsp;&nbsp; (22809956)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 146300207 | &nbsp;&nbsp; 18607116 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (36141781)<br>| &nbsp;&nbsp; (20976849)<br>|
| Class B | &nbsp;&nbsp; (5301481)<br>| &nbsp;&nbsp; (2844349)<br>|
| **Total distributions** | &nbsp;&nbsp; (41443262)<br>| &nbsp;&nbsp; (23821198)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (94419564)<br>| &nbsp;&nbsp; (61448154)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 10437381 | &nbsp;&nbsp; (66662236)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 460901189 | &nbsp;&nbsp; 527563425 |
| End of period | &nbsp;&nbsp; $471338570 | &nbsp;&nbsp; $460901189 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3461 | &nbsp;&nbsp; $40127 | &nbsp;&nbsp; 30500 | &nbsp;&nbsp; $304020 |
| Reinvestments | &nbsp;&nbsp; 3321855 | &nbsp;&nbsp; 36141781 | &nbsp;&nbsp; 2076916 | &nbsp;&nbsp; 20976849 |
| Redemptions | &nbsp;&nbsp; (10690853)<br>| &nbsp;&nbsp; (120691569)<br>| &nbsp;&nbsp; (7501215)<br>| &nbsp;&nbsp; (77163431)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7365537)<br>| &nbsp;&nbsp; $(84509661)<br>| &nbsp;&nbsp; (5393799)<br>| &nbsp;&nbsp; $(55882562)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 372069 | &nbsp;&nbsp; $4158305 | &nbsp;&nbsp; 224328 | &nbsp;&nbsp; $2249621 |
| Reinvestments | &nbsp;&nbsp; 491789 | &nbsp;&nbsp; 5301481 | &nbsp;&nbsp; 284151 | &nbsp;&nbsp; 2844349 |
| Redemptions | &nbsp;&nbsp; (1757733)<br>| &nbsp;&nbsp; (19369689)<br>| &nbsp;&nbsp; (1050441)<br>| &nbsp;&nbsp; (10659562)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (893875)<br>| &nbsp;&nbsp; $(9909903)<br>| &nbsp;&nbsp; (541962)<br>| &nbsp;&nbsp; $(5565592)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(94419564)<br>|  | &nbsp;&nbsp; $(61448154)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-153**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $13.25 | &nbsp;&nbsp; $12.43 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 3.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Total income (loss) from investment operations | 3.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (0.70)<br>|
| Total distributions | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.94)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $13.25 |
| **Total Return (%)** (b) | 36.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp; (17.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.16 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (c) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Ratio of net investment income (loss) to average net assets (%) | 2.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $408.1 | &nbsp;&nbsp; $401.2 | &nbsp;&nbsp; $461.6 | &nbsp;&nbsp; $463.7 | &nbsp;&nbsp; $609.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $13.13 | &nbsp;&nbsp; $12.33 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 3.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Total income (loss) from investment operations | 3.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (0.70)<br>|
| Total distributions | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.91)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $13.13 |
| **Total Return (%)** (b) | 35.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;13.52 | &nbsp;&nbsp; (17.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.85 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Net ratio of expenses to average net assets (%) (c) | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Ratio of net investment income (loss) to average net assets (%) | 2.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $63.3 | &nbsp;&nbsp; $59.7 | &nbsp;&nbsp; $66.0 | &nbsp;&nbsp; $65.0 | &nbsp;&nbsp; $83.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-154**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—60.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| Boeing Co. (a) | 15376 | &nbsp;&nbsp; $3338437 |
| Loar Holdings, Inc. (a) | 12065 | &nbsp;&nbsp; 820420 |
| Northrop Grumman Corp.  | 5913 | &nbsp;&nbsp; 3371652 |
| StandardAero, Inc. (a) | 83705 | &nbsp;&nbsp; 2400659 |
|  |  | &nbsp;&nbsp; 9931168 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| CH Robinson Worldwide, Inc.  | 16422 | &nbsp;&nbsp; 2640001 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Goodyear Tire & Rubber Co. (a) | 89399 | &nbsp;&nbsp; 783135 |
| **Automobiles — 1.2%** | **Automobiles — 1.2%** | **Automobiles — 1.2%** |
| Tesla, Inc. (a) | 32536 | &nbsp;&nbsp; 14632090 |
| **Banks — 1.9%** | **Banks — 1.9%** | **Banks — 1.9%** |
| KeyCorp | 197972 | &nbsp;&nbsp; 4086142 |
| Wells Fargo & Co.  | 203226 | &nbsp;&nbsp; 18940663 |
|  |  | &nbsp;&nbsp; 23026805 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Celsius Holdings, Inc. (a) | 16127 | &nbsp;&nbsp; 737649 |
| Coca-Cola Co.  | 65655 | &nbsp;&nbsp; 4589941 |
| Monster Beverage Corp. (a) | 22852 | &nbsp;&nbsp; 1752063 |
| PepsiCo, Inc.  | 7136 | &nbsp;&nbsp; 1024159 |
| Vita Coco Co., Inc. (a) | 16100 | &nbsp;&nbsp; 853461 |
|  |  | &nbsp;&nbsp; 8957273 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| AbbVie, Inc.  | 13789 | &nbsp;&nbsp; 3150649 |
| Amgen, Inc.  | 2599 | &nbsp;&nbsp; 850679 |
| Argenx SE (ADR) (a) | 736 | &nbsp;&nbsp; 618939 |
| Ascendis Pharma AS (ADR) (a) | 2130 | &nbsp;&nbsp; 454201 |
| Cytokinetics, Inc. (a) (b) | 12421 | &nbsp;&nbsp; 789230 |
| Disc Medicine, Inc. (a) | 2589 | &nbsp;&nbsp; 205593 |
| Gilead Sciences, Inc.  | 7908 | &nbsp;&nbsp; 970628 |
| Incyte Corp. (a) | 1420 | &nbsp;&nbsp; 140253 |
| Ionis Pharmaceuticals, Inc. (a) | 2954 | &nbsp;&nbsp; 233691 |
| Kymera Therapeutics, Inc. (a) (b) | 2177 | &nbsp;&nbsp; 169392 |
| Mirum Pharmaceuticals, Inc. (a) | 2764 | &nbsp;&nbsp; 218328 |
| Natera, Inc. (a) | 2860 | &nbsp;&nbsp; 655197 |
| Newamsterdam Pharma Co. NV (a) (b) | 24800 | &nbsp;&nbsp; 869984 |
| Protagonist Therapeutics, Inc. (a) | 2669 | &nbsp;&nbsp; 233111 |
| PTC Therapeutics, Inc. (a) | 2692 | &nbsp;&nbsp; 204484 |
| Regeneron Pharmaceuticals, Inc.  | 1358 | &nbsp;&nbsp; 1048200 |
| Revolution Medicines, Inc. (a) | 6368 | &nbsp;&nbsp; 507211 |
| Scholar Rock Holding Corp. (a) | 4059 | &nbsp;&nbsp; 178799 |
| Soleno Therapeutics, Inc. (a) | 3725 | &nbsp;&nbsp; 172468 |
| United Therapeutics Corp. (a) | 2668 | &nbsp;&nbsp; 1299983 |
| Vertex Pharmaceuticals, Inc. (a) | 4980 | &nbsp;&nbsp; 2257733 |
| Xenon Pharmaceuticals, Inc. (a) | 17339 | &nbsp;&nbsp; 777134 |
|  |  | &nbsp;&nbsp; 16005887 |
| **Broadline Retail — 3.3%** | **Broadline Retail — 3.3%** | **Broadline Retail — 3.3%** |
| Amazon.com, Inc. (a) | 173047 | &nbsp;&nbsp; 39942708 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| AAON, Inc.  | 47119 | &nbsp;&nbsp; $3592824 |
| Builders FirstSource, Inc. (a) | 7704 | &nbsp;&nbsp; 792665 |
| Johnson Controls International PLC | 14215 | &nbsp;&nbsp; 1702246 |
| Modine Manufacturing Co. (a) | 12246 | &nbsp;&nbsp; 1634963 |
| Trex Co., Inc. (a) | 49117 | &nbsp;&nbsp; 1723024 |
|  |  | &nbsp;&nbsp; 9445722 |
| **Capital Markets — 2.3%** | **Capital Markets — 2.3%** | **Capital Markets — 2.3%** |
| Blackrock, Inc.  | 2420 | &nbsp;&nbsp; 2590223 |
| Goldman Sachs Group, Inc.  | 16266 | &nbsp;&nbsp; 14297814 |
| KKR & Co., Inc.  | 86350 | &nbsp;&nbsp; 11007898 |
|  |  | &nbsp;&nbsp; 27895935 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Celanese Corp.  | 17075 | &nbsp;&nbsp; 721931 |
| Ingevity Corp. (a) | 4501 | &nbsp;&nbsp; 266369 |
| Linde PLC | 11290 | &nbsp;&nbsp; 4813943 |
| PPG Industries, Inc.  | 26715 | &nbsp;&nbsp; 2737219 |
|  |  | &nbsp;&nbsp; 8539462 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Clean Harbors, Inc. (a) | 25630 | &nbsp;&nbsp; 6009723 |
| Waste Connections, Inc.  | 8481 | &nbsp;&nbsp; 1487228 |
|  |  | &nbsp;&nbsp; 7496951 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. (a) | 26607 | &nbsp;&nbsp; 3486315 |
| F5, Inc. (a) | 7234 | &nbsp;&nbsp; 1846551 |
|  |  | &nbsp;&nbsp; 5332866 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| James Hardie Industries PLC (a) | 217404 | &nbsp;&nbsp; 4511133 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Casey's General Stores, Inc.  | 1580 | &nbsp;&nbsp; 873282 |
| Performance Food Group Co. (a) | 16231 | &nbsp;&nbsp; 1459491 |
| U.S. Foods Holding Corp. (a) | 66803 | &nbsp;&nbsp; 5031602 |
| Walmart, Inc.  | 49420 | &nbsp;&nbsp; 5505882 |
|  |  | &nbsp;&nbsp; 12870257 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Packaging Corp. of America | 7047 | &nbsp;&nbsp; 1453303 |
| **Distributors — 0.3%** | **Distributors — 0.3%** | **Distributors — 0.3%** |
| Pool Corp.  | 13931 | &nbsp;&nbsp; 3186716 |
| **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** |
| American Electric Power Co., Inc.  | 18618 | &nbsp;&nbsp; 2146841 |
| Eversource Energy | 17521 | &nbsp;&nbsp; 1179689 |
| NRG Energy, Inc.  | 15975 | &nbsp;&nbsp; 2543859 |
| PG&E Corp.  | 188498 | &nbsp;&nbsp; 3029163 |
|  |  | &nbsp;&nbsp; 8899552 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| Vertiv Holdings Co. - Class A | 11206 | &nbsp;&nbsp; 1815484 |

---

*See accompanying notes to financial statements.*

**BHFTII-155**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Amphenol Corp. - Class A | 13300 | &nbsp;&nbsp; $1797362 |
| Coherent Corp. (a) | 4247 | &nbsp;&nbsp; 783869 |
| Flex Ltd. (a) | 28813 | &nbsp;&nbsp; 1740882 |
| Novanta, Inc. (a) (b) | 3664 | &nbsp;&nbsp; 435979 |
|  |  | &nbsp;&nbsp; 4758092 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Netflix, Inc. (a) | 38399 | &nbsp;&nbsp; 3600290 |
| Walt Disney Co.  | 44281 | &nbsp;&nbsp; 5037850 |
|  |  | &nbsp;&nbsp; 8638140 |
| **Financial Services — 2.6%** | **Financial Services — 2.6%** | **Financial Services — 2.6%** |
| Berkshire Hathaway, Inc. - Class B (a) | 20957 | &nbsp;&nbsp; 10534036 |
| Equitable Holdings, Inc.  | 50632 | &nbsp;&nbsp; 2412615 |
| Mastercard, Inc. - Class A | 33106 | &nbsp;&nbsp; 18899553 |
|  |  | &nbsp;&nbsp; 31846204 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Freshpet, Inc. (a) | 17092 | &nbsp;&nbsp; 1041416 |
| Magnum Ice Cream Co. NV (a) | 12530 | &nbsp;&nbsp; 198600 |
| McCormick & Co., Inc.  | 11267 | &nbsp;&nbsp; 767395 |
|  |  | &nbsp;&nbsp; 2007411 |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
| Atmos Energy Corp. (b) | 16890 | &nbsp;&nbsp; 2831271 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Knight-Swift Transportation Holdings, Inc.  | 118854 | &nbsp;&nbsp; 6213687 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| Abbott Laboratories | 15018 | &nbsp;&nbsp; 1881605 |
| Boston Scientific Corp. (a) | 9982 | &nbsp;&nbsp; 951784 |
| Edwards Lifesciences Corp. (a) | 18090 | &nbsp;&nbsp; 1542172 |
| Intuitive Surgical, Inc. (a) | 6736 | &nbsp;&nbsp; 3815001 |
| LivaNova PLC (a) | 6284 | &nbsp;&nbsp; 386655 |
| Medtronic PLC | 22149 | &nbsp;&nbsp; 2127633 |
| STERIS PLC | 4281 | &nbsp;&nbsp; 1085319 |
| Stryker Corp.  | 2575 | &nbsp;&nbsp; 905035 |
|  |  | &nbsp;&nbsp; 12695204 |
| **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |
| Acadia Healthcare Co., Inc. (a) | 20449 | &nbsp;&nbsp; 290171 |
| Cardinal Health, Inc.  | 8534 | &nbsp;&nbsp; 1753737 |
| Cencora, Inc.  | 3606 | &nbsp;&nbsp; 1217926 |
| CVS Health Corp.  | 21071 | &nbsp;&nbsp; 1672195 |
| Elevance Health, Inc.  | 5667 | &nbsp;&nbsp; 1986567 |
| HCA Healthcare, Inc.  | 2470 | &nbsp;&nbsp; 1153144 |
| Labcorp Holdings, Inc.  | 5262 | &nbsp;&nbsp; 1320131 |
| UnitedHealth Group, Inc.  | 13382 | &nbsp;&nbsp; 4417532 |
|  |  | &nbsp;&nbsp; 13811403 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Welltower, Inc.  | 33127 | &nbsp;&nbsp; 6148702 |
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| DoorDash, Inc. - Class A (a) | 15446 | &nbsp;&nbsp; 3498210 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Hyatt Hotels Corp. - Class A (b) | 32762 | &nbsp;&nbsp; $5252404 |
| Marriott International, Inc. - Class A | 14631 | &nbsp;&nbsp; 4539122 |
| Navan, Inc. - Class A (a) | 37367 | &nbsp;&nbsp; 638228 |
| Royal Caribbean Cruises Ltd.  | 10183 | &nbsp;&nbsp; 2840242 |
| Starbucks Corp. (b) | 24552 | &nbsp;&nbsp; 2067524 |
|  |  | &nbsp;&nbsp; 18835730 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Champion Homes, Inc. (a) | 10865 | &nbsp;&nbsp; 918092 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| American International Group, Inc.  | 27036 | &nbsp;&nbsp; 2312930 |
| Arch Capital Group Ltd. (a) | 21176 | &nbsp;&nbsp; 2031202 |
| Chubb Ltd.  | 11417 | &nbsp;&nbsp; 3563474 |
| Everest Group Ltd.  | 5271 | &nbsp;&nbsp; 1788714 |
| Hamilton Insurance Group Ltd. - Class B (a) | 35365 | &nbsp;&nbsp; 986683 |
| Marsh & McLennan Cos., Inc.  | 30273 | &nbsp;&nbsp; 5616247 |
|  |  | &nbsp;&nbsp; 16299250 |
| **Interactive Media & Services — 4.3%** | **Interactive Media & Services — 4.3%** | **Interactive Media & Services — 4.3%** |
| Alphabet, Inc. - Class A | 146033 | &nbsp;&nbsp; 45708329 |
| Meta Platforms, Inc. - Class A | 10029 | &nbsp;&nbsp; 6620043 |
|  |  | &nbsp;&nbsp; 52328372 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Snowflake, Inc. - Class A (a) | 17344 | &nbsp;&nbsp; 3804580 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| 10X Genomics, Inc. - Class A (a) (b) | 11166 | &nbsp;&nbsp; 182118 |
| Agilent Technologies, Inc.  | 9417 | &nbsp;&nbsp; 1281371 |
| Bio-Techne Corp.  | 6212 | &nbsp;&nbsp; 365328 |
| Danaher Corp.  | 6525 | &nbsp;&nbsp; 1493703 |
| ICON PLC (a) | 2633 | &nbsp;&nbsp; 479785 |
| Thermo Fisher Scientific, Inc.  | 6780 | &nbsp;&nbsp; 3928671 |
|  |  | &nbsp;&nbsp; 7730976 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| IDEX Corp.  | 10351 | &nbsp;&nbsp; 1841857 |
| Ingersoll Rand, Inc.  | 9119 | &nbsp;&nbsp; 722407 |
| Middleby Corp. (a) | 9578 | &nbsp;&nbsp; 1423961 |
| PACCAR, Inc.  | 8645 | &nbsp;&nbsp; 946714 |
|  |  | &nbsp;&nbsp; 4934939 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| New York Times Co. - Class A | 30908 | &nbsp;&nbsp; 2145633 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Nucor Corp.  | 13596 | &nbsp;&nbsp; 2217644 |
| **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** |
| Dominion Energy, Inc.  | 81533 | &nbsp;&nbsp; 4777019 |
| Sempra | 55487 | &nbsp;&nbsp; 4898947 |
|  |  | &nbsp;&nbsp; 9675966 |
| **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** |
| EQT Corp.  | 33412 | &nbsp;&nbsp; 1790883 |

---

*See accompanying notes to financial statements.*

**BHFTII-156**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| Exxon Mobil Corp.  | 96942 | &nbsp;&nbsp; $11666000 |
| Marathon Petroleum Corp.  | 16720 | &nbsp;&nbsp; 2719174 |
| Shell PLC (ADR) | 84238 | &nbsp;&nbsp; 6189808 |
| Targa Resources Corp.  | 19799 | &nbsp;&nbsp; 3652916 |
|  |  | &nbsp;&nbsp; 26018781 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| BellRing Brands, Inc. (a) | 29707 | &nbsp;&nbsp; 794068 |
| elf Beauty, Inc. (a) | 4109 | &nbsp;&nbsp; 312448 |
| Oddity Tech Ltd. - Class A (a) | 7889 | &nbsp;&nbsp; 316980 |
| Unilever PLC (ADR) (b) | 54922 | &nbsp;&nbsp; 3591899 |
|  |  | &nbsp;&nbsp; 5015395 |
| **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |
| AstraZeneca PLC (ADR) | 11327 | &nbsp;&nbsp; 1041291 |
| Eli Lilly & Co.  | 12074 | &nbsp;&nbsp; 12975687 |
| GSK PLC (ADR) (b) | 37871 | &nbsp;&nbsp; 1857194 |
| Haleon PLC (ADR) (b) | 306928 | &nbsp;&nbsp; 3103042 |
| Johnson & Johnson | 10881 | &nbsp;&nbsp; 2251823 |
| Merck & Co., Inc.  | 67881 | &nbsp;&nbsp; 7145154 |
| Structure Therapeutics, Inc. (ADR) (a) | 12155 | &nbsp;&nbsp; 845380 |
|  |  | &nbsp;&nbsp; 29219571 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| KBR, Inc.  | 36262 | &nbsp;&nbsp; 1457732 |
| **Semiconductors & Semiconductor Equipment — 8.5%** | **Semiconductors & Semiconductor Equipment — 8.5%** | **Semiconductors & Semiconductor Equipment — 8.5%** |
| Advanced Micro Devices, Inc. (a) | 39753 | &nbsp;&nbsp; 8513502 |
| Broadcom, Inc.  | 64736 | &nbsp;&nbsp; 22405130 |
| MKS, Inc.  | 12744 | &nbsp;&nbsp; 2036491 |
| NVIDIA Corp.  | 348953 | &nbsp;&nbsp; 65079735 |
| NXP Semiconductors NV | 12851 | &nbsp;&nbsp; 2789438 |
| Texas Instruments, Inc.  | 9806 | &nbsp;&nbsp; 1701243 |
|  |  | &nbsp;&nbsp; 102525539 |
| **Software — 6.2%** | **Software — 6.2%** | **Software — 6.2%** |
| Autodesk, Inc. (a) | 16250 | &nbsp;&nbsp; 4810163 |
| Cadence Design Systems, Inc. (a) | 8184 | &nbsp;&nbsp; 2558155 |
| Figma, Inc. - Class A (a) (b) | 26462 | &nbsp;&nbsp; 988885 |
| Intuit, Inc.  | 6101 | &nbsp;&nbsp; 4041424 |
| Microsoft Corp.  | 96020 | &nbsp;&nbsp; 46437192 |
| Oracle Corp.  | 13815 | &nbsp;&nbsp; 2692682 |
| Palantir Technologies, Inc. - Class A (a) | 25114 | &nbsp;&nbsp; 4464014 |
| Samsara, Inc. - Class A (a) | 37771 | &nbsp;&nbsp; 1338982 |
| SAP SE (ADR) | 6464 | &nbsp;&nbsp; 1570170 |
| ServiceNow, Inc. (a) | 6470 | &nbsp;&nbsp; 991139 |
| Synopsys, Inc. (a) | 9681 | &nbsp;&nbsp; 4547359 |
|  |  | &nbsp;&nbsp; 74440165 |
| **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| Burlington Stores, Inc. (a) (b) | 6930 | &nbsp;&nbsp; 2001731 |
| Lowe's Cos., Inc.  | 16415 | &nbsp;&nbsp; 3958641 |
| O'Reilly Automotive, Inc. (a) | 45337 | &nbsp;&nbsp; 4135188 |
| Williams-Sonoma, Inc.  | 13217 | &nbsp;&nbsp; 2360424 |
|  |  | &nbsp;&nbsp; 12455984 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Technology Hardware, Storage & Peripherals — 3.7%** | **Technology Hardware, Storage & Peripherals — 3.7%** | **Technology Hardware, Storage & Peripherals — 3.7%** |
| Apple, Inc.  | 165385 | &nbsp;&nbsp; $44961566 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| Lululemon Athletica, Inc. (a) | 10947 | &nbsp;&nbsp; 2274896 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| British American Tobacco PLC (ADR) | 12430 | &nbsp;&nbsp; 703787 |
| Philip Morris International, Inc.  | 26523 | &nbsp;&nbsp; 4254289 |
|  |  | &nbsp;&nbsp; 4958076 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| Ferguson Enterprises, Inc.  | 12065 | &nbsp;&nbsp; 2686031 |
| WESCO International, Inc.  | 8467 | &nbsp;&nbsp; 2071367 |
| WW Grainger, Inc. (b) | 2001 | &nbsp;&nbsp; 2019109 |
|  |  | &nbsp;&nbsp; 6776507 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| T-Mobile U.S., Inc.  | 27167 | &nbsp;&nbsp; 5515988 |
| Total Common Stocks <br>(Cost $591,798,891) <br>|  | &nbsp;&nbsp; 730827944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Agency Sponsored Mortgage-Backed Securities—15.2%** | **Agency Sponsored Mortgage-Backed Securities—15.2%** | **Agency Sponsored Mortgage-Backed Securities—15.2%** |
| **Agency Collateralized Mortgage Obligations — 1.5%** | **Agency Collateralized Mortgage Obligations — 1.5%** | **Agency Collateralized Mortgage Obligations — 1.5%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| Zero Coupon, 11/15/36 (c) | 5922 | &nbsp;&nbsp; 5013 |
| 1.000%, 02/25/51 | 383321 | &nbsp;&nbsp; 337392 |
| 1.750%, 10/15/42 | 107802 | &nbsp;&nbsp; 94967 |
| 1.876%, -1x SOFR30A + 5.750%, 05/25/55 (d) (e) | 1272893 | &nbsp;&nbsp; 76317 |
| 2.000%, 07/25/50 | 110152 | &nbsp;&nbsp; 97974 |
| 2.500%, 05/15/28 (d) | 14321 | &nbsp;&nbsp; 314 |
| 2.500%, 06/25/50 (d) | 657628 | &nbsp;&nbsp; 102859 |
| 2.500%, 03/25/52 | 364331 | &nbsp;&nbsp; 329518 |
| 3.000%, 03/15/28 (d) | 27115 | &nbsp;&nbsp; 581 |
| 3.000%, 03/15/33 (d) | 39786 | &nbsp;&nbsp; 2661 |
| 3.000%, 03/25/40 | 500000 | &nbsp;&nbsp; 453799 |
| 3.000%, 12/25/49 (d) | 656364 | &nbsp;&nbsp; 109771 |
| 3.000%, 09/25/51 (d) | 581999 | &nbsp;&nbsp; 92203 |
| 3.250%, 11/15/41 | 64458 | &nbsp;&nbsp; 60877 |
| 3.500%, 09/15/26 (d) | 2126 | &nbsp;&nbsp; 18 |
| 3.500%, 03/15/41 (d) | 7352 | &nbsp;&nbsp; 67 |
| 3.500%, 10/15/45 | 101646 | &nbsp;&nbsp; 96687 |
| 4.000%, 07/15/27 (d) | 2197 | &nbsp;&nbsp; 26 |
| 4.000%, 03/15/28 (d) | 1259 | &nbsp;&nbsp; 5 |
| 4.000%, 06/15/28 (d) | 1777 | &nbsp;&nbsp; 13 |
| 4.000%, 07/15/30 (d) | 32180 | &nbsp;&nbsp; 1602 |
| 4.000%, 05/25/40 (d) | 228593 | &nbsp;&nbsp; 34082 |
| 4.000%, 09/15/41 | 259090 | &nbsp;&nbsp; 252604 |
| 4.000%, 03/25/45 (d) | 476229 | &nbsp;&nbsp; 78040 |
| 4.750%, 07/15/39 | 136886 | &nbsp;&nbsp; 139189 |
| 5.000%, 09/15/33 (d) | 55163 | &nbsp;&nbsp; 6971 |
| 5.000%, 02/15/48 (d) | 89213 | &nbsp;&nbsp; 17428 |
| 5.500%, 08/15/33 | 12778 | &nbsp;&nbsp; 13280 |
| 5.500%, 07/15/36 | 32135 | &nbsp;&nbsp; 33525 |
| 5.500%, 06/15/46 | 46469 | &nbsp;&nbsp; 48485 |
| 5.500%, 12/25/51 | 367616 | &nbsp;&nbsp; 371319 |

---

*See accompanying notes to financial statements.*

**BHFTII-157**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 6.500%, 07/15/36 | 28616 | &nbsp;&nbsp; $29783 |
| 6.500%, 04/15/39 (d) | 177825 | &nbsp;&nbsp; 32247 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust<br>|  |  |
| 2.500%, 08/25/59 | 396727 | &nbsp;&nbsp; 327446 |
| 3.500%, 11/25/57 | 348265 | &nbsp;&nbsp; 336357 |
| 3.500%, 08/25/58 | 190091 | &nbsp;&nbsp; 181182 |
| 3.500%, 10/25/58 | 714518 | &nbsp;&nbsp; 653778 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 6.774%, SOFR30A + 2.900%, 04/25/42 (144A) (e) | 969000 | &nbsp;&nbsp; 993127 |
| 7.224%, SOFR30A + 3.350%, 05/25/42 (144A) (e) | 495000 | &nbsp;&nbsp; 510781 |
| 7.224%, SOFR30A + 3.350%, 06/25/43 (144A) (e) | 1000000 | &nbsp;&nbsp; 1030837 |
| 7.274%, SOFR30A + 3.400%, 10/25/41 (144A) (e) | 1115000 | &nbsp;&nbsp; 1134611 |
| 7.374%, SOFR30A + 3.500%, 05/25/43 (144A) (e) | 945000 | &nbsp;&nbsp; 989802 |
| 7.424%, SOFR30A + 3.550%, 08/25/42 (144A) (e) | 155000 | &nbsp;&nbsp; 161199 |
| 7.524%, SOFR30A + 3.650%, 11/25/41 (144A) (e) | 426000 | &nbsp;&nbsp; 435686 |
| 7.574%, SOFR30A + 3.700%, 09/25/42 (144A) (e) | 425000 | &nbsp;&nbsp; 443330 |
| 7.874%, SOFR30A + 4.000%, 07/25/42 (144A) (e) | 380000 | &nbsp;&nbsp; 396982 |
| 8.374%, SOFR30A + 4.500%, 06/25/42 (144A) (e) | 600000 | &nbsp;&nbsp; 631142 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| 1.500%, 05/15/37 (d) | 1777101 | &nbsp;&nbsp; 92022 |
| 2.000%, 06/15/52 (d) | 836540 | &nbsp;&nbsp; 112820 |
| 2.500%, 03/15/52 (d) | 619335 | &nbsp;&nbsp; 93968 |
| 2.500%, 08/25/52 (d) | 735125 | &nbsp;&nbsp; 113578 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 6.974%, SOFR30A + 3.100%, 10/25/41 (144A) (e) | 174400 | &nbsp;&nbsp; 177205 |
| 7.024%, SOFR30A + 3.150%, 12/25/41 (144A) (e) | 405000 | &nbsp;&nbsp; 412618 |
| 8.374%, SOFR30A + 4.500%, 01/25/42 (144A) (e) | 860000 | &nbsp;&nbsp; 888721 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| 2.000%, 09/25/39 | 101169 | &nbsp;&nbsp; 91451 |
| 2.000%, 03/25/52 (d) | 783102 | &nbsp;&nbsp; 98483 |
| 2.500%, 06/25/52 (d) | 678965 | &nbsp;&nbsp; 102726 |
| 2.500%, 09/25/52 (d) | 706522 | &nbsp;&nbsp; 110372 |
| 4.000%, 05/25/27 (d) | 2597 | &nbsp;&nbsp; 19 |
| Federal National Mortgage Association REMICS |  |  |
| Zero Coupon, 03/25/36 (c) | 5991 | &nbsp;&nbsp; 5209 |
| Zero Coupon, 06/25/41 (c) | 67155 | &nbsp;&nbsp; 51405 |
| 1.679%, 05/25/46 (d) (e) | 124734 | &nbsp;&nbsp; 6205 |
| 1.727%, 04/25/55 (d) (e) | 135720 | &nbsp;&nbsp; 6199 |
| 1.750%, 12/25/42 | 158020 | &nbsp;&nbsp; 144464 |
| 1.851%, 06/25/55 (d) (e) | 96812 | &nbsp;&nbsp; 4815 |
| 1.966%, -1x SOFR30A + 5.840%, 03/25/55 (d) (e) | 824340 | &nbsp;&nbsp; 45112 |
| 1.974%, 08/25/44 (d) (e) | 101404 | &nbsp;&nbsp; 6049 |
| 2.000%, 03/25/50 | 303219 | &nbsp;&nbsp; 263331 |
| 2.076%, -1x SOFR30A + 5.950%, 10/25/54 (d) (e) | 1209061 | &nbsp;&nbsp; 65147 |
| 2.500%, 06/25/28 (d) | 12174 | &nbsp;&nbsp; 259 |
| 2.500%, 02/25/51 (d) | 669267 | &nbsp;&nbsp; 113385 |
| 3.000%, 09/25/27 (d) | 6676 | &nbsp;&nbsp; 106 |
| 3.000%, 01/25/28 (d) | 31841 | &nbsp;&nbsp; 363 |
| 3.000%, 08/25/49 | 213871 | &nbsp;&nbsp; 196052 |
| 3.500%, 05/25/27 (d) | 13770 | &nbsp;&nbsp; 177 |
| 3.500%, 10/25/27 (d) | 14548 | &nbsp;&nbsp; 316 |
| 3.500%, 05/25/30 (d) | 35421 | &nbsp;&nbsp; 1692 |
| 3.500%, 08/25/30 (d) | 8110 | &nbsp;&nbsp; 261 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal National Mortgage Association REMICS |  |  |
| 3.500%, 02/25/31 (d) | 798 | &nbsp;&nbsp; $4 |
| 3.500%, 03/25/34 (d) | 335386 | &nbsp;&nbsp; 9932 |
| 3.500%, 09/25/35 (d) | 44262 | &nbsp;&nbsp; 3841 |
| 3.500%, 11/25/39 (d) | 275487 | &nbsp;&nbsp; 23375 |
| 3.500%, 04/25/46 | 184378 | &nbsp;&nbsp; 155595 |
| 3.500%, 10/25/46 (d) | 58862 | &nbsp;&nbsp; 11019 |
| 3.500%, 12/25/58 | 448859 | &nbsp;&nbsp; 408532 |
| 4.000%, 03/25/42 (d) | 25692 | &nbsp;&nbsp; 2548 |
| 4.000%, 11/25/42 (d) | 12830 | &nbsp;&nbsp; 1123 |
| 4.000%, 02/25/50 (d) | 953861 | &nbsp;&nbsp; 200486 |
| 4.000%, 06/25/50 (d) | 497257 | &nbsp;&nbsp; 100069 |
| 4.000%, 09/25/50 (d) | 580262 | &nbsp;&nbsp; 117929 |
| 4.000%, 11/25/50 (d) | 500294 | &nbsp;&nbsp; 102617 |
| 4.500%, 07/25/27 (d) | 11 | &nbsp;&nbsp; 0 |
| 5.000%, 12/25/43 (d) | 212218 | &nbsp;&nbsp; 41088 |
| 5.000%, 06/25/48 (d) | 221740 | &nbsp;&nbsp; 31459 |
| 5.000%, 12/25/51 | 377968 | &nbsp;&nbsp; 378852 |
| 5.500%, 04/25/35 | 130069 | &nbsp;&nbsp; 134676 |
| 5.500%, 04/25/37 | 34884 | &nbsp;&nbsp; 36229 |
| 5.500%, 11/25/40 (d) | 185821 | &nbsp;&nbsp; 20833 |
| 5.500%, 09/25/44 (d) | 150112 | &nbsp;&nbsp; 25646 |
| 5.500%, 06/25/48 (d) | 167356 | &nbsp;&nbsp; 30734 |
| 5.500%, 02/25/52 | 313001 | &nbsp;&nbsp; 317112 |
| 5.500%, 03/25/52 | 367157 | &nbsp;&nbsp; 372012 |
| 5.500%, 04/25/52 | 350946 | &nbsp;&nbsp; 358542 |
| 5.517%, 05/25/42 (d) (e) | 2133 | &nbsp;&nbsp; 210 |
| 6.000%, 01/25/42 (d) | 74630 | &nbsp;&nbsp; 3516 |
| Government National Mortgage Association REMICS |  |  |
| 0.645%, 02/16/53 (d) (e) | 604280 | &nbsp;&nbsp; 9004 |
| 2.500%, 12/16/39 | 64262 | &nbsp;&nbsp; 61544 |
| 2.500%, 07/20/41 | 149979 | &nbsp;&nbsp; 137385 |
| 2.500%, 10/20/49 | 540988 | &nbsp;&nbsp; 487089 |
| 3.000%, 09/20/28 (d) | 8585 | &nbsp;&nbsp; 48 |
| 3.000%, 05/20/35 (d) | 278034 | &nbsp;&nbsp; 12271 |
| 3.000%, 02/16/43 (d) | 44977 | &nbsp;&nbsp; 5886 |
| 3.000%, 02/20/52 | 299619 | &nbsp;&nbsp; 278937 |
| 3.500%, 02/16/27 (d) | 1209 | &nbsp;&nbsp; 4 |
| 3.500%, 03/20/27 (d) | 6846 | &nbsp;&nbsp; 24 |
| 3.500%, 10/20/29 (d) | 130391 | &nbsp;&nbsp; 5899 |
| 3.500%, 07/20/40 (d) | 5691 | &nbsp;&nbsp; 38 |
| 3.500%, 04/20/42 (d) | 39290 | &nbsp;&nbsp; 1013 |
| 3.500%, 10/20/42 (d) | 244759 | &nbsp;&nbsp; 34227 |
| 3.500%, 07/20/43 (d) | 75575 | &nbsp;&nbsp; 11637 |
| 4.000%, 12/16/26 (d) | 292 | &nbsp;&nbsp; 0 |
| 4.000%, 05/20/29 (d) | 10645 | &nbsp;&nbsp; 288 |
| 4.000%, 05/16/42 (d) | 16832 | &nbsp;&nbsp; 1347 |
| 4.000%, 09/16/42 (d) | 460855 | &nbsp;&nbsp; 96159 |
| 4.000%, 01/20/44 (d) | 20861 | &nbsp;&nbsp; 4011 |
| 4.000%, 11/20/44 (d) | 281750 | &nbsp;&nbsp; 39246 |
| 4.000%, 03/20/47 (d) | 138792 | &nbsp;&nbsp; 22511 |
| 4.500%, 08/20/45 (d) | 272392 | &nbsp;&nbsp; 51133 |
| 4.500%, 05/20/48 (d) | 231104 | &nbsp;&nbsp; 34370 |
| 5.000%, 02/16/40 (d) | 169279 | &nbsp;&nbsp; 33208 |
| 5.000%, 10/16/41 (d) | 66691 | &nbsp;&nbsp; 11206 |
| 5.000%, 12/20/43 (d) | 199172 | &nbsp;&nbsp; 39545 |

---

*See accompanying notes to financial statements.*

**BHFTII-158**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Government National Mortgage Association REMICS |  |  |
| 5.000%, 01/16/47 (d) | 37490 | &nbsp;&nbsp; $7108 |
| 5.500%, 03/20/39 (d) | 90952 | &nbsp;&nbsp; 6163 |
| 5.500%, 02/16/47 (d) | 95173 | &nbsp;&nbsp; 12465 |
| 5.500%, 02/20/47 (d) | 65289 | &nbsp;&nbsp; 9395 |
| 6.000%, 09/20/40 (d) | 123433 | &nbsp;&nbsp; 19465 |
| 6.000%, 02/20/46 (d) | 110115 | &nbsp;&nbsp; 12873 |
|  |  | &nbsp;&nbsp; 18683885 |
| **Agency Mortgage-Backed Securities — 13.7%** | **Agency Mortgage-Backed Securities — 13.7%** | **Agency Mortgage-Backed Securities — 13.7%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.000%, 06/01/36 | 93385 | &nbsp;&nbsp; 86512 |
| 2.000%, 12/01/40 | 58955 | &nbsp;&nbsp; 51079 |
| 2.000%, 05/01/41 | 398869 | &nbsp;&nbsp; 347489 |
| 2.000%, 12/01/41 | 428973 | &nbsp;&nbsp; 372852 |
| 2.000%, 09/01/50 | 190485 | &nbsp;&nbsp; 157011 |
| 2.000%, 10/01/50 | 372203 | &nbsp;&nbsp; 303868 |
| 2.000%, 02/01/51 | 563678 | &nbsp;&nbsp; 461763 |
| 2.000%, 03/01/51 | 1790471 | &nbsp;&nbsp; 1462088 |
| 2.000%, 04/01/51 | 648509 | &nbsp;&nbsp; 527688 |
| 2.000%, 05/01/51 | 345445 | &nbsp;&nbsp; 285467 |
| 2.000%, 08/01/51 | 144141 | &nbsp;&nbsp; 117554 |
| 2.000%, 11/01/51 | 146987 | &nbsp;&nbsp; 120683 |
| 2.000%, 04/01/52 | 574137 | &nbsp;&nbsp; 472227 |
| 2.500%, 05/01/50 | 189849 | &nbsp;&nbsp; 163792 |
| 2.500%, 06/01/50 | 234248 | &nbsp;&nbsp; 201089 |
| 2.500%, 07/01/50 | 1360663 | &nbsp;&nbsp; 1171444 |
| 2.500%, 09/01/50 | 374840 | &nbsp;&nbsp; 322165 |
| 2.500%, 11/01/50 | 408654 | &nbsp;&nbsp; 350319 |
| 2.500%, 02/01/51 | 125526 | &nbsp;&nbsp; 108708 |
| 2.500%, 03/01/51 | 321682 | &nbsp;&nbsp; 274766 |
| 2.500%, 05/01/51 | 160026 | &nbsp;&nbsp; 136947 |
| 2.500%, 07/01/51 | 158636 | &nbsp;&nbsp; 135509 |
| 2.500%, 08/01/51 | 120709 | &nbsp;&nbsp; 103513 |
| 2.500%, 10/01/51 | 239654 | &nbsp;&nbsp; 204830 |
| 2.500%, 04/01/52 | 788741 | &nbsp;&nbsp; 671218 |
| 3.000%, 07/01/28 | 69858 | &nbsp;&nbsp; 69160 |
| 3.000%, 08/01/29 | 40838 | &nbsp;&nbsp; 40332 |
| 3.000%, 10/01/32 | 121513 | &nbsp;&nbsp; 118674 |
| 3.000%, 04/01/33 | 127130 | &nbsp;&nbsp; 124279 |
| 3.000%, 11/01/36 | 280196 | &nbsp;&nbsp; 267110 |
| 3.000%, 01/01/37 | 190453 | &nbsp;&nbsp; 181438 |
| 3.000%, 12/01/44 | 3975 | &nbsp;&nbsp; 3655 |
| 3.000%, 08/01/46 | 348966 | &nbsp;&nbsp; 317357 |
| 3.000%, 10/01/46 | 355932 | &nbsp;&nbsp; 323371 |
| 3.000%, 11/01/46 | 782378 | &nbsp;&nbsp; 712284 |
| 3.000%, 12/01/46 | 232352 | &nbsp;&nbsp; 211698 |
| 3.000%, 01/01/47 | 219149 | &nbsp;&nbsp; 198191 |
| 3.000%, 05/01/52 | 242947 | &nbsp;&nbsp; 217679 |
| 3.500%, 08/01/34 | 140428 | &nbsp;&nbsp; 137509 |
| 3.500%, 08/01/42 | 39727 | &nbsp;&nbsp; 38143 |
| 3.500%, 11/01/42 | 54201 | &nbsp;&nbsp; 51839 |
| 3.500%, 06/01/46 | 38543 | &nbsp;&nbsp; 36587 |
| 3.500%, 10/01/47 | 212109 | &nbsp;&nbsp; 199371 |
| 3.500%, 12/01/47 | 86953 | &nbsp;&nbsp; 81780 |
| 3.500%, 03/01/48 | 194368 | &nbsp;&nbsp; 183789 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.500%, 12/01/48 | 127872 | &nbsp;&nbsp; $119984 |
| 4.000%, 05/01/42 | 172036 | &nbsp;&nbsp; 168628 |
| 4.000%, 08/01/42 | 48917 | &nbsp;&nbsp; 47897 |
| 4.000%, 09/01/42 | 62970 | &nbsp;&nbsp; 61656 |
| 4.000%, 07/01/44 | 2624 | &nbsp;&nbsp; 2594 |
| 4.000%, 02/01/46 | 46480 | &nbsp;&nbsp; 45026 |
| 4.000%, 04/01/47 | 28429 | &nbsp;&nbsp; 27716 |
| 4.000%, 09/01/48 | 26781 | &nbsp;&nbsp; 25908 |
| 4.000%, 04/01/49 | 531446 | &nbsp;&nbsp; 512317 |
| 4.000%, 05/01/49 | 103345 | &nbsp;&nbsp; 100090 |
| 4.000%, 07/01/49 | 401033 | &nbsp;&nbsp; 388648 |
| 4.500%, 09/01/43 | 28053 | &nbsp;&nbsp; 27986 |
| 4.500%, 11/01/43 | 230889 | &nbsp;&nbsp; 231877 |
| 5.000%, 05/01/39 | 1831 | &nbsp;&nbsp; 1876 |
| 5.000%, 07/01/40 | 232426 | &nbsp;&nbsp; 235521 |
| 5.000%, 06/01/41 | 139566 | &nbsp;&nbsp; 143690 |
| 5.000%, 11/01/52 | 255064 | &nbsp;&nbsp; 256388 |
| 5.000%, 12/01/52 | 298369 | &nbsp;&nbsp; 298798 |
| 5.000%, 04/01/53 | 207696 | &nbsp;&nbsp; 208797 |
| 5.500%, 07/01/33 | 26153 | &nbsp;&nbsp; 26708 |
| 5.500%, 12/01/37 | 793098 | &nbsp;&nbsp; 813965 |
| 5.500%, 04/01/39 | 12655 | &nbsp;&nbsp; 13216 |
| 5.500%, 06/01/41 | 48200 | &nbsp;&nbsp; 50380 |
| 5.500%, 02/01/53 | 459663 | &nbsp;&nbsp; 468775 |
| 5.500%, 09/01/54 | 1056196 | &nbsp;&nbsp; 1071199 |
| 5.500%, 10/01/54 | 87306 | &nbsp;&nbsp; 88564 |
| 5.500%, 06/01/55 | 595318 | &nbsp;&nbsp; 607807 |
| 5.500%, 09/01/55 | 2068219 | &nbsp;&nbsp; 2097600 |
| 5.500%, 12/01/55 | 4723431 | &nbsp;&nbsp; 4790533 |
| 6.000%, 11/01/52 | 242443 | &nbsp;&nbsp; 249979 |
| 6.000%, 12/01/52 | 270519 | &nbsp;&nbsp; 280948 |
| 6.000%, 03/01/53 | 139460 | &nbsp;&nbsp; 145429 |
| 6.000%, 06/01/54 | 1002403 | &nbsp;&nbsp; 1033148 |
| 6.000%, 08/01/54 | 946025 | &nbsp;&nbsp; 973716 |
| 6.775%, 1Y RFUCCT + 1.900%, 02/01/41 (e) | 2814 | &nbsp;&nbsp; 2910 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 0.370%, 12/25/33 (d) (e) | 1465414 | &nbsp;&nbsp; 41047 |
| 0.585%, 03/25/27 (d) (e) | 3781734 | &nbsp;&nbsp; 20503 |
| 0.606%, 10/25/26 (d) (e) | 986078 | &nbsp;&nbsp; 3299 |
| 0.726%, 06/25/27 (d) (e) | 2240338 | &nbsp;&nbsp; 17432 |
| 0.868%, 11/25/30 (d) (e) | 941372 | &nbsp;&nbsp; 32954 |
| 1.014%, 10/25/30 (d) (e) | 1618022 | &nbsp;&nbsp; 63042 |
| 1.107%, 01/25/30 (d) (e) | 2378548 | &nbsp;&nbsp; 88761 |
| 1.110%, 06/25/30 (d) (e) | 3000889 | &nbsp;&nbsp; 125974 |
| 1.427%, 05/25/30 (d) (e) | 2317555 | &nbsp;&nbsp; 120685 |
| 1.564%, 05/25/30 (d) (e) | 1456122 | &nbsp;&nbsp; 83566 |
| Federal National Mortgage Association |  |  |
| 1.500%, 09/01/51 | 1740858 | &nbsp;&nbsp; 1344275 |
| 2.000%, 05/01/36 | 141475 | &nbsp;&nbsp; 130960 |
| 2.000%, 08/01/36 | 296645 | &nbsp;&nbsp; 274592 |
| 2.000%, 09/01/40 | 228801 | &nbsp;&nbsp; 202562 |
| 2.000%, 12/01/40 | 863369 | &nbsp;&nbsp; 759828 |
| 2.000%, 04/01/41 | 261786 | &nbsp;&nbsp; 230924 |
| 2.000%, 05/01/41 | 81092 | &nbsp;&nbsp; 70710 |

---

*See accompanying notes to financial statements.*

**BHFTII-159**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.000%, 10/01/41 | 315872 | &nbsp;&nbsp; $274941 |
| 2.000%, 02/01/42 | 202060 | &nbsp;&nbsp; 176518 |
| 2.000%, 08/01/50 | 191002 | &nbsp;&nbsp; 155844 |
| 2.000%, 12/01/50 | 519072 | &nbsp;&nbsp; 423773 |
| 2.000%, 01/01/51 | 283231 | &nbsp;&nbsp; 234547 |
| 2.000%, 02/01/51 | 1731819 | &nbsp;&nbsp; 1412670 |
| 2.000%, 03/01/51 | 2871002 | &nbsp;&nbsp; 2338704 |
| 2.000%, 04/01/51 | 3094557 | &nbsp;&nbsp; 2518836 |
| 2.000%, 05/01/51 | 1075953 | &nbsp;&nbsp; 875840 |
| 2.000%, 07/01/51 | 471413 | &nbsp;&nbsp; 385473 |
| 2.250%, 04/01/33 | 200057 | &nbsp;&nbsp; 175708 |
| 2.500%, 06/01/40 | 514091 | &nbsp;&nbsp; 468113 |
| 2.500%, 04/01/50 | 208299 | &nbsp;&nbsp; 178231 |
| 2.500%, 06/01/50 | 233505 | &nbsp;&nbsp; 200420 |
| 2.500%, 07/01/50 | 39009 | &nbsp;&nbsp; 33270 |
| 2.500%, 09/01/50 | 375632 | &nbsp;&nbsp; 321009 |
| 2.500%, 10/01/50 | 620758 | &nbsp;&nbsp; 536403 |
| 2.500%, 01/01/51 | 273396 | &nbsp;&nbsp; 236035 |
| 2.500%, 05/01/51 | 3487151 | &nbsp;&nbsp; 2995302 |
| 2.500%, 07/01/51 | 306596 | &nbsp;&nbsp; 262380 |
| 2.500%, 08/01/51 | 159203 | &nbsp;&nbsp; 137905 |
| 2.500%, 09/01/51 | 193002 | &nbsp;&nbsp; 165871 |
| 2.500%, 10/01/51 | 1445268 | &nbsp;&nbsp; 1237428 |
| 2.500%, 11/01/51 | 2836871 | &nbsp;&nbsp; 2442642 |
| 2.500%, 12/01/51 | 351253 | &nbsp;&nbsp; 303273 |
| 2.500%, 01/01/52 | 351712 | &nbsp;&nbsp; 301864 |
| 2.500%, 03/01/52 | 523965 | &nbsp;&nbsp; 445810 |
| 2.500%, 04/01/52 | 366943 | &nbsp;&nbsp; 315824 |
| 2.500%, 01/01/57 | 472655 | &nbsp;&nbsp; 402281 |
| 3.000%, 07/01/28 | 112145 | &nbsp;&nbsp; 110948 |
| 3.000%, 02/01/31 | 27028 | &nbsp;&nbsp; 26551 |
| 3.000%, 08/01/33 | 86454 | &nbsp;&nbsp; 84486 |
| 3.000%, 03/01/37 | 221124 | &nbsp;&nbsp; 210853 |
| 3.000%, 02/01/43 | 261600 | &nbsp;&nbsp; 241930 |
| 3.000%, 03/01/43 | 323928 | &nbsp;&nbsp; 299478 |
| 3.000%, 04/01/43 | 311607 | &nbsp;&nbsp; 288095 |
| 3.000%, 05/01/43 | 825756 | &nbsp;&nbsp; 763424 |
| 3.000%, 06/01/43 | 468587 | &nbsp;&nbsp; 433272 |
| 3.000%, 02/01/50 | 162302 | &nbsp;&nbsp; 146706 |
| 3.000%, 08/01/50 | 558947 | &nbsp;&nbsp; 498272 |
| 3.000%, 10/01/50 | 223670 | &nbsp;&nbsp; 198510 |
| 3.000%, 12/01/50 | 321432 | &nbsp;&nbsp; 285325 |
| 3.000%, 04/01/51 | 120318 | &nbsp;&nbsp; 107107 |
| 3.000%, 05/01/51 | 289314 | &nbsp;&nbsp; 262345 |
| 3.000%, 08/01/51 | 148775 | &nbsp;&nbsp; 133823 |
| 3.000%, 10/01/51 | 99210 | &nbsp;&nbsp; 88941 |
| 3.000%, 11/01/51 | 806951 | &nbsp;&nbsp; 719801 |
| 3.000%, 12/01/51 | 436412 | &nbsp;&nbsp; 389302 |
| 3.000%, 01/01/52 | 214633 | &nbsp;&nbsp; 191587 |
| 3.000%, 04/01/52 | 209218 | &nbsp;&nbsp; 187213 |
| 3.000%, 05/01/52 | 308851 | &nbsp;&nbsp; 276573 |
| 3.500%, 03/01/43 | 10630 | &nbsp;&nbsp; 10195 |
| 3.500%, 05/01/43 | 25902 | &nbsp;&nbsp; 24691 |
| 3.500%, 07/01/43 | 55362 | &nbsp;&nbsp; 52814 |
| 3.500%, 08/01/43 | 535504 | &nbsp;&nbsp; 510090 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.500%, 10/01/44 | 99269 | &nbsp;&nbsp; $94441 |
| 3.500%, 02/01/45 | 99886 | &nbsp;&nbsp; 94873 |
| 3.500%, 01/01/46 | 118325 | &nbsp;&nbsp; 112330 |
| 3.500%, 03/01/46 | 87212 | &nbsp;&nbsp; 82819 |
| 3.500%, 09/01/46 | 170715 | &nbsp;&nbsp; 161135 |
| 3.500%, 10/01/46 | 73780 | &nbsp;&nbsp; 69685 |
| 3.500%, 11/01/46 | 71849 | &nbsp;&nbsp; 68036 |
| 3.500%, 12/01/46 | 420848 | &nbsp;&nbsp; 401527 |
| 3.500%, 05/01/47 | 149634 | &nbsp;&nbsp; 141787 |
| 3.500%, 09/01/47 | 322823 | &nbsp;&nbsp; 304138 |
| 3.500%, 12/01/47 | 45708 | &nbsp;&nbsp; 43318 |
| 3.500%, 01/01/48 | 189474 | &nbsp;&nbsp; 177571 |
| 3.500%, 02/01/48 | 773962 | &nbsp;&nbsp; 731832 |
| 3.500%, 07/01/48 | 232032 | &nbsp;&nbsp; 219719 |
| 3.500%, 11/01/48 | 49106 | &nbsp;&nbsp; 46185 |
| 3.500%, 04/01/52 | 498332 | &nbsp;&nbsp; 465458 |
| 3.500%, 09/01/57 | 800404 | &nbsp;&nbsp; 734310 |
| 3.500%, 05/01/58 | 455346 | &nbsp;&nbsp; 417745 |
| 3.920%, 10/01/30 | 360000 | &nbsp;&nbsp; 356318 |
| 3.955%, 11/01/30 | 360218 | &nbsp;&nbsp; 356816 |
| 4.000%, 04/01/26 | 173 | &nbsp;&nbsp; 173 |
| 4.000%, 02/01/29 | 2376 | &nbsp;&nbsp; 2372 |
| 4.000%, 10/01/40 | 220343 | &nbsp;&nbsp; 215725 |
| 4.000%, 11/01/40 | 80433 | &nbsp;&nbsp; 78769 |
| 4.000%, 12/01/40 | 59792 | &nbsp;&nbsp; 58545 |
| 4.000%, 02/01/41 | 28031 | &nbsp;&nbsp; 27444 |
| 4.000%, 03/01/41 | 72883 | &nbsp;&nbsp; 71325 |
| 4.000%, 06/01/41 | 228845 | &nbsp;&nbsp; 225654 |
| 4.000%, 08/01/42 | 41412 | &nbsp;&nbsp; 40492 |
| 4.000%, 09/01/42 | 75868 | &nbsp;&nbsp; 74198 |
| 4.000%, 03/01/45 | 9181 | &nbsp;&nbsp; 8893 |
| 4.000%, 07/01/45 | 62689 | &nbsp;&nbsp; 60794 |
| 4.000%, 03/01/46 | 61527 | &nbsp;&nbsp; 59793 |
| 4.000%, 05/01/46 | 16789 | &nbsp;&nbsp; 16232 |
| 4.000%, 06/01/46 | 76833 | &nbsp;&nbsp; 74288 |
| 4.000%, 04/01/47 | 78176 | &nbsp;&nbsp; 75705 |
| 4.000%, 10/01/47 | 318624 | &nbsp;&nbsp; 308059 |
| 4.000%, 06/01/48 | 581382 | &nbsp;&nbsp; 560677 |
| 4.000%, 09/01/48 | 100153 | &nbsp;&nbsp; 96754 |
| 4.000%, 01/01/49 | 360524 | &nbsp;&nbsp; 348929 |
| 4.000%, 04/01/49 | 690659 | &nbsp;&nbsp; 662413 |
| 4.000%, 08/01/49 | 25991 | &nbsp;&nbsp; 25258 |
| 4.000%, 04/01/50 | 465196 | &nbsp;&nbsp; 450173 |
| 4.000%, 08/01/51 | 76317 | &nbsp;&nbsp; 74496 |
| 4.000%, 06/01/52 | 307115 | &nbsp;&nbsp; 294339 |
| 4.120%, 11/01/30 | 571400 | &nbsp;&nbsp; 570224 |
| 4.210%, 01/01/31 | 240000 | &nbsp;&nbsp; 240590 |
| 4.390%, 04/01/29 | 649470 | &nbsp;&nbsp; 658043 |
| 4.420%, 11/01/30 | 524000 | &nbsp;&nbsp; 529890 |
| 4.500%, 06/01/26 | 562 | &nbsp;&nbsp; 562 |
| 4.500%, 12/01/37 | 196304 | &nbsp;&nbsp; 197794 |
| 4.500%, 10/01/40 | 157239 | &nbsp;&nbsp; 158478 |
| 4.500%, 09/01/41 | 19070 | &nbsp;&nbsp; 19190 |
| 4.500%, 10/01/41 | 81191 | &nbsp;&nbsp; 81743 |
| 4.500%, 08/01/42 | 19489 | &nbsp;&nbsp; 19620 |

---

*See accompanying notes to financial statements.*

**BHFTII-160**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 4.500%, 09/01/43 | 355666 | &nbsp;&nbsp; $354383 |
| 4.500%, 10/01/43 | 63302 | &nbsp;&nbsp; 62595 |
| 4.500%, 12/01/43 | 51350 | &nbsp;&nbsp; 51488 |
| 4.500%, 01/01/44 | 112827 | &nbsp;&nbsp; 112624 |
| 4.500%, 04/01/49 | 103320 | &nbsp;&nbsp; 102406 |
| 4.500%, 01/01/51 | 497104 | &nbsp;&nbsp; 486052 |
| 4.520%, 10/01/30 | 286000 | &nbsp;&nbsp; 290445 |
| 4.750%, 04/01/28 | 95000 | &nbsp;&nbsp; 96438 |
| 5.000%, 07/01/41 | 13023 | &nbsp;&nbsp; 13392 |
| 5.000%, 08/01/41 | 5345 | &nbsp;&nbsp; 5491 |
| 5.000%, 09/01/52 | 506634 | &nbsp;&nbsp; 507414 |
| 5.000%, 10/01/52 | 895014 | &nbsp;&nbsp; 897085 |
| 5.000%, 11/01/52 | 1202852 | &nbsp;&nbsp; 1204829 |
| 5.000%, 04/01/53 | 983119 | &nbsp;&nbsp; 982301 |
| 5.065%, 12/01/28 | 490000 | &nbsp;&nbsp; 504703 |
| 5.500%, 08/01/28 | 6387 | &nbsp;&nbsp; 6480 |
| 5.500%, 04/01/33 | 10344 | &nbsp;&nbsp; 10601 |
| 5.500%, 08/01/37 | 64121 | &nbsp;&nbsp; 65892 |
| 5.500%, 11/01/39 | 364582 | &nbsp;&nbsp; 373848 |
| 5.500%, 08/01/40 | 780455 | &nbsp;&nbsp; 801019 |
| 5.500%, 04/01/41 | 6545 | &nbsp;&nbsp; 6769 |
| 5.500%, 10/01/52 | 273227 | &nbsp;&nbsp; 278804 |
| 5.500%, 11/01/52 | 817205 | &nbsp;&nbsp; 833788 |
| 5.500%, 12/01/52 | 937974 | &nbsp;&nbsp; 956247 |
| 5.500%, 06/01/53 | 468790 | &nbsp;&nbsp; 477752 |
| 5.500%, 11/01/53 | 244943 | &nbsp;&nbsp; 249033 |
| 6.000%, 02/01/34 | 42740 | &nbsp;&nbsp; 44574 |
| 6.000%, 08/01/34 | 23323 | &nbsp;&nbsp; 24294 |
| 6.000%, 04/01/35 | 190489 | &nbsp;&nbsp; 197723 |
| 6.000%, 02/01/38 | 15418 | &nbsp;&nbsp; 16308 |
| 6.000%, 03/01/38 | 6743 | &nbsp;&nbsp; 7132 |
| 6.000%, 05/01/38 | 17413 | &nbsp;&nbsp; 18417 |
| 6.000%, 10/01/38 | 4983 | &nbsp;&nbsp; 5255 |
| 6.000%, 12/01/38 | 7050 | &nbsp;&nbsp; 7457 |
| 6.000%, 05/01/53 | 295200 | &nbsp;&nbsp; 307019 |
| 6.000%, 01/01/54 | 440873 | &nbsp;&nbsp; 453103 |
| 6.000%, 02/01/54 | 732349 | &nbsp;&nbsp; 752858 |
| 6.000%, 09/01/54 | 313543 | &nbsp;&nbsp; 322580 |
| 6.500%, 05/01/40 | 119354 | &nbsp;&nbsp; 126950 |
| 6.613%, 1Y RFUCCT + 1.777%, 06/01/41 (e) | 13582 | &nbsp;&nbsp; 14069 |
| 6.625%, 1Y RFUCCT + 1.750%, 03/01/41 (e) | 2447 | &nbsp;&nbsp; 2530 |
| 6.637%, 1Y RFUCCT + 1.821%, 09/01/41 (e) | 15507 | &nbsp;&nbsp; 16233 |
| Federal National Mortgage Association-ACES |  |  |
| 0.302%, 01/25/30 (d) (e) | 1619769 | &nbsp;&nbsp; 13547 |
| 1.131%, 06/25/34 (d) (e) | 3609621 | &nbsp;&nbsp; 204926 |
| 1.453%, 05/25/29 (d) (e) | 1765259 | &nbsp;&nbsp; 57203 |
| Government National Mortgage Association |  |  |
| 2.000%, 10/20/50 | 554192 | &nbsp;&nbsp; 459293 |
| 2.000%, 12/20/50 | 922033 | &nbsp;&nbsp; 763851 |
| 2.000%, 02/20/52 | 2137417 | &nbsp;&nbsp; 1770726 |
| 2.000%, 05/20/52 | 724186 | &nbsp;&nbsp; 599946 |
| 2.000%, 07/20/54 | 418931 | &nbsp;&nbsp; 347492 |
| 2.500%, 11/20/49 | 415830 | &nbsp;&nbsp; 361112 |
| 2.500%, 03/20/51 | 331487 | &nbsp;&nbsp; 286091 |
| 2.500%, 04/20/51 | 1582019 | &nbsp;&nbsp; 1365413 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 2.500%, 09/20/51 | 442828 | &nbsp;&nbsp; $382175 |
| 2.500%, 10/20/51 | 1483264 | &nbsp;&nbsp; 1280104 |
| 3.000%, 12/15/44 | 15372 | &nbsp;&nbsp; 13896 |
| 3.000%, 04/15/45 | 146164 | &nbsp;&nbsp; 132140 |
| 3.000%, 07/15/45 | 6228 | &nbsp;&nbsp; 5630 |
| 3.000%, 04/20/51 | 1532725 | &nbsp;&nbsp; 1379304 |
| 3.000%, 09/20/51 | 156015 | &nbsp;&nbsp; 140367 |
| 3.000%, 12/20/51 | 1413865 | &nbsp;&nbsp; 1272052 |
| 3.000%, 07/20/52 | 346497 | &nbsp;&nbsp; 311743 |
| 3.500%, 03/20/44 | 220197 | &nbsp;&nbsp; 206651 |
| 3.500%, 06/20/46 | 253745 | &nbsp;&nbsp; 236348 |
| 3.500%, 07/20/46 | 60097 | &nbsp;&nbsp; 55599 |
| 3.500%, 10/20/46 | 65198 | &nbsp;&nbsp; 60674 |
| 3.500%, 02/20/47 | 292788 | &nbsp;&nbsp; 272347 |
| 3.500%, 08/20/47 | 52719 | &nbsp;&nbsp; 49146 |
| 3.500%, 11/20/47 | 59184 | &nbsp;&nbsp; 55110 |
| 3.500%, 03/20/48 | 75211 | &nbsp;&nbsp; 69777 |
| 3.500%, 02/20/49 | 227952 | &nbsp;&nbsp; 210784 |
| 3.500%, 07/20/49 | 216554 | &nbsp;&nbsp; 199960 |
| 3.500%, 01/20/51 | 61103 | &nbsp;&nbsp; 56274 |
| 3.500%, 04/20/52 | 175127 | &nbsp;&nbsp; 160818 |
| 3.500%, 06/20/52 | 509097 | &nbsp;&nbsp; 468130 |
| 3.500%, 12/20/52 | 1393631 | &nbsp;&nbsp; 1278256 |
| 3.500%, 01/20/53 | 621610 | &nbsp;&nbsp; 571762 |
| 3.875%, 08/15/42 | 163535 | &nbsp;&nbsp; 157326 |
| 4.000%, 09/15/42 | 219515 | &nbsp;&nbsp; 212874 |
| 4.000%, 08/20/45 | 218053 | &nbsp;&nbsp; 210055 |
| 4.000%, 11/20/47 | 67496 | &nbsp;&nbsp; 64026 |
| 4.000%, 03/20/48 | 173008 | &nbsp;&nbsp; 164496 |
| 4.000%, 07/20/48 | 582693 | &nbsp;&nbsp; 559715 |
| 4.000%, 08/20/52 | 596963 | &nbsp;&nbsp; 567870 |
| 4.500%, 04/15/41 | 147015 | &nbsp;&nbsp; 147030 |
| 4.500%, 02/15/42 | 297465 | &nbsp;&nbsp; 296211 |
| 4.500%, 01/20/46 | 28069 | &nbsp;&nbsp; 27960 |
| 4.500%, 05/20/52 | 46530 | &nbsp;&nbsp; 45695 |
| 4.500%, 08/20/52 | 206236 | &nbsp;&nbsp; 202471 |
| 4.500%, 09/20/52 | 189911 | &nbsp;&nbsp; 186385 |
| 4.500%, 10/20/52 | 852786 | &nbsp;&nbsp; 836820 |
| 4.500%, 11/20/54 | 1180338 | &nbsp;&nbsp; 1150927 |
| 4.500%, 12/20/54 | 1157375 | &nbsp;&nbsp; 1128536 |
| 5.000%, 12/15/38 | 11064 | &nbsp;&nbsp; 11370 |
| 5.000%, 04/15/39 | 224149 | &nbsp;&nbsp; 230581 |
| 5.000%, 07/15/39 | 14776 | &nbsp;&nbsp; 15198 |
| 5.000%, 10/20/39 | 4821 | &nbsp;&nbsp; 4978 |
| 5.000%, 05/20/40 | 184236 | &nbsp;&nbsp; 189456 |
| 5.000%, 06/20/40 | 146935 | &nbsp;&nbsp; 151545 |
| 5.000%, 07/20/40 | 57830 | &nbsp;&nbsp; 59503 |
| 5.000%, 11/20/49 | 207674 | &nbsp;&nbsp; 210631 |
| 5.500%, 12/15/40 | 116458 | &nbsp;&nbsp; 121877 |
| 6.000%, 07/20/55 | 246606 | &nbsp;&nbsp; 251770 |
| 6.000%, 09/20/55 | 1057492 | &nbsp;&nbsp; 1079665 |
| Government National Mortgage Association, TBA |  |  |
| 2.500%, TBA (f) | 10511000 | &nbsp;&nbsp; 9064916 |
| 5.000%, TBA (f) | 3950000 | &nbsp;&nbsp; 3940664 |
| 5.500%, TBA (f) | 8580000 | &nbsp;&nbsp; 8663195 |

---

*See accompanying notes to financial statements.*

**BHFTII-161**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association, TBA |  |  |
| 6.000%, TBA (f) | 2743000 | &nbsp;&nbsp; $2795181 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 3.500%, TBA (f) | 325000 | &nbsp;&nbsp; 300435 |
| 4.500%, TBA (f) | 3584000 | &nbsp;&nbsp; 3728050 |
| 5.500%, TBA (f) | 22149000 | &nbsp;&nbsp; 22489515 |
| 6.000%, TBA (f) | 8532000 | &nbsp;&nbsp; 8760039 |
|  |  | &nbsp;&nbsp; 164497133 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $189,459,948) <br>|  | &nbsp;&nbsp; 183181018 |
| **U.S. Treasury & Government Agencies—10.3%** | **U.S. Treasury & Government Agencies—10.3%** | **U.S. Treasury & Government Agencies—10.3%** |
| **U.S. Treasury — 10.3%** | **U.S. Treasury — 10.3%** | **U.S. Treasury — 10.3%** |
| U.S. Treasury Bonds |  |  |
| 1.250%, 05/15/50 | 9605000 | &nbsp;&nbsp; 4597643 |
| 1.625%, 11/15/50 | 3460000 | &nbsp;&nbsp; 1816500 |
| 2.250%, 08/15/46 | 910000 | &nbsp;&nbsp; 598858 |
| 2.375%, 11/15/49 | 1385000 | &nbsp;&nbsp; 889592 |
| 2.500%, 02/15/45 | 1685000 | &nbsp;&nbsp; 1193322 |
| 2.875%, 08/15/45 (g) (h) | 19040000 | &nbsp;&nbsp; 14281487 |
| 2.875%, 11/15/46 | 1200000 | &nbsp;&nbsp; 886125 |
| 3.000%, 02/15/47 | 6040000 | &nbsp;&nbsp; 4547223 |
| 3.000%, 08/15/52 | 2540000 | &nbsp;&nbsp; 1819176 |
| 3.125%, 05/15/48 | 6365000 | &nbsp;&nbsp; 4834168 |
| 3.375%, 08/15/42 | 2385000 | &nbsp;&nbsp; 2015325 |
| 3.375%, 11/15/48 | 3805000 | &nbsp;&nbsp; 3010558 |
| 3.625%, 08/15/43 | 3785000 | &nbsp;&nbsp; 3267224 |
| 3.625%, 05/15/53 | 1650000 | &nbsp;&nbsp; 1334760 |
| 4.125%, 08/15/53 | 1595000 | &nbsp;&nbsp; 1411949 |
| 4.500%, 11/15/54 | 6295000 | &nbsp;&nbsp; 5937464 |
| 4.625%, 02/15/55 | 2365000 | &nbsp;&nbsp; 2278068 |
| 4.875%, 08/15/45 (b) | 2050000 | &nbsp;&nbsp; 2069859 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.250%, 02/15/50 (i) | 3001297 | &nbsp;&nbsp; 1726694 |
| 0.625%, 02/15/43 (b) (i) | 658486 | &nbsp;&nbsp; 489824 |
| 0.750%, 02/15/42 (i) | 4790859 | &nbsp;&nbsp; 3728042 |
| 0.750%, 02/15/45 (i) | 1914915 | &nbsp;&nbsp; 1395546 |
| 1.000%, 02/15/46 (i) | 879405 | &nbsp;&nbsp; 662697 |
| 1.375%, 02/15/44 (i) | 3701997 | &nbsp;&nbsp; 3098405 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 1.750%, 01/15/34 (i) | 6148482 | &nbsp;&nbsp; 6113228 |
| U.S. Treasury Notes |  |  |
| 0.625%, 11/30/27 | 1410000 | &nbsp;&nbsp; 1336195 |
| 2.375%, 03/31/29 | 1510000 | &nbsp;&nbsp; 1454791 |
| 3.750%, 06/30/30 | 11045000 | &nbsp;&nbsp; 11071318 |
| 3.875%, 08/31/32 | 3755000 | &nbsp;&nbsp; 3745172 |
| 4.000%, 02/15/34 | 9150000 | &nbsp;&nbsp; 9121406 |
| 4.000%, 11/15/35 (b) | 1730000 | &nbsp;&nbsp; 1705131 |
| 4.125%, 11/30/31 | 3960000 | &nbsp;&nbsp; 4019555 |
| 4.250%, 11/15/34 | 9190000 | &nbsp;&nbsp; 9286567 |
| 4.500%, 11/15/33 | 3825000 | &nbsp;&nbsp; 3949462 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 4.625%, 05/31/31 | 4045000 | &nbsp;&nbsp; $4210276 |
| Total U.S. Treasury & Government Agencies <br>(Cost $145,194,168) <br>|  | &nbsp;&nbsp; 123903610 |
| **Corporate Bonds & Notes—10.1%** | **Corporate Bonds & Notes—10.1%** | **Corporate Bonds & Notes—10.1%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| 7.375%, 02/15/31 (144A) | 220000 | &nbsp;&nbsp; 232861 |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| BAE Systems PLC |  |  |
| 5.125%, 03/26/29 (144A) | 275000 | &nbsp;&nbsp; 282702 |
| Boeing Co. |  |  |
| 2.950%, 02/01/30 (b) | 125000 | &nbsp;&nbsp; 118427 |
| 3.200%, 03/01/29 | 80000 | &nbsp;&nbsp; 77558 |
| 3.750%, 02/01/50 | 30000 | &nbsp;&nbsp; 21818 |
| 5.150%, 05/01/30 | 505000 | &nbsp;&nbsp; 518893 |
| 5.705%, 05/01/40 | 655000 | &nbsp;&nbsp; 668610 |
| 6.388%, 05/01/31 | 80000 | &nbsp;&nbsp; 86815 |
| 7.008%, 05/01/64 | 65000 | &nbsp;&nbsp; 73856 |
|  |  | &nbsp;&nbsp; 1848679 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| BAT Capital Corp. |  |  |
| 5.834%, 02/20/31 | 115000 | &nbsp;&nbsp; 122006 |
| Philip Morris International, Inc. |  |  |
| 4.375%, 11/01/27 | 185000 | &nbsp;&nbsp; 186623 |
| 4.750%, 11/01/31 | 185000 | &nbsp;&nbsp; 188895 |
| 5.125%, 02/15/30 | 385000 | &nbsp;&nbsp; 397965 |
| 5.125%, 02/13/31 | 410000 | &nbsp;&nbsp; 424843 |
| 5.375%, 02/15/33 (b) | 115000 | &nbsp;&nbsp; 120254 |
| 5.625%, 11/17/29 | 90000 | &nbsp;&nbsp; 94615 |
| 5.625%, 09/07/33 | 130000 | &nbsp;&nbsp; 137890 |
|  |  | &nbsp;&nbsp; 1673091 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| 9.875%, 09/20/31 (144A) (b) | 120000 | &nbsp;&nbsp; 120895 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Gildan Activewear, Inc. |  |  |
| 5.400%, 10/07/35 (144A) | 560000 | &nbsp;&nbsp; 558395 |
| Tapestry, Inc. |  |  |
| 5.100%, 03/11/30 | 175000 | &nbsp;&nbsp; 179656 |
| 5.500%, 03/11/35 (b) | 105000 | &nbsp;&nbsp; 107350 |
|  |  | &nbsp;&nbsp; 845401 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 4.750%, 06/15/31 (EUR) | 240000 | &nbsp;&nbsp; 286064 |
| Forvia SE |  |  |
| 6.750%, 09/15/33 (144A) (b) | 200000 | &nbsp;&nbsp; 206515 |
|  |  | &nbsp;&nbsp; 492579 |

---

*See accompanying notes to financial statements.*

**BHFTII-162**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks — 1.4%** | **Banks — 1.4%** | **Banks — 1.4%** |
| Banca Comerciala Romana SA |  |  |
| 7.625%, 3M EURIBOR + 4.539%, 05/19/27 (EUR) (e) | 200000 | &nbsp;&nbsp; $239146 |
| Banca Transilvania SA |  |  |
| 8.875%, 1Y EUR Swap + 5.580%, 04/27/27 (EUR) (e) | 305000 | &nbsp;&nbsp; 365480 |
| Bank of America Corp. |  |  |
| 2.482%, 5Y H15 + 1.200%, 09/21/36 (e) | 285000 | &nbsp;&nbsp; 250106 |
| 2.972%, SOFR + 1.330%, 02/04/33 (e) | 570000 | &nbsp;&nbsp; 521268 |
| 4.376%, SOFR + 1.580%, 04/27/28 (e) | 475000 | &nbsp;&nbsp; 476895 |
| 5.518%, SOFR + 1.738%, 10/25/35 (e) | 330000 | &nbsp;&nbsp; 337993 |
| Bank of New York Mellon Corp. |  |  |
| 5.060%, SOFR + 1.230%, 07/22/32 (b) (e) | 155000 | &nbsp;&nbsp; 160648 |
| 6.317%, SOFR + 1.598%, 10/25/29 (e) | 85000 | &nbsp;&nbsp; 90246 |
| BNP Paribas SA |  |  |
| 5.906%, SOFR + 1.920%, 11/19/35 (144A) (b) (e) | 330000 | &nbsp;&nbsp; 342642 |
| BPCE SA |  |  |
| 5.389%, SOFR + 1.581%, 05/28/31 (144A) (e) | 565000 | &nbsp;&nbsp; 579956 |
| 6.508%, SOFR + 2.791%, 01/18/35 (144A) (e) | 380000 | &nbsp;&nbsp; 402963 |
| Citigroup, Inc. |  |  |
| 4.503%, SOFR + 1.171%, 09/11/31 (e) | 880000 | &nbsp;&nbsp; 882723 |
| 4.952%, SOFR + 1.463%, 05/07/31 (e) | 435000 | &nbsp;&nbsp; 444302 |
| Citizens Financial Group, Inc. |  |  |
| 5.253%, SOFR + 1.259%, 03/05/31 (b) (e) | 260000 | &nbsp;&nbsp; 267162 |
| 6.645%, SOFR + 2.325%, 04/25/35 (e) | 85000 | &nbsp;&nbsp; 93464 |
| CrediaBank SA |  |  |
| 9.375%, 5Y EUR Swap + 7.277%, 01/31/31 (EUR) (e) | 100000 | &nbsp;&nbsp; 125736 |
| Credit Agricole SA |  |  |
| 4.818%, SOFR + 1.360%, 09/25/33 (144A) (b) (e) | 505000 | &nbsp;&nbsp; 504340 |
| 5.222%, SOFR + 1.460%, 05/27/31 (144A) (e) | 590000 | &nbsp;&nbsp; 605704 |
| 6.251%, SOFR + 2.670%, 01/10/35 (144A) (e) | 455000 | &nbsp;&nbsp; 483079 |
| Goldman Sachs Group, Inc. |  |  |
| 2.615%, SOFR + 1.281%, 04/22/32 (e) | 260000 | &nbsp;&nbsp; 237071 |
| 4.692%, SOFR + 1.135%, 10/23/30 (e) | 365000 | &nbsp;&nbsp; 369980 |
| 5.049%, SOFR + 1.210%, 07/23/30 (e) | 215000 | &nbsp;&nbsp; 220292 |
| 5.218%, SOFR + 1.580%, 04/23/31 (e) | 145000 | &nbsp;&nbsp; 149763 |
| HSBC Holdings PLC |  |  |
| 2.848%, SOFR + 2.387%, 06/04/31 (e) | 200000 | &nbsp;&nbsp; 186946 |
| 4.619%, SOFR + 1.190%, 11/06/31 (e) | 200000 | &nbsp;&nbsp; 200617 |
| 5.130%, SOFR + 1.290%, 03/03/31 (e) | 340000 | &nbsp;&nbsp; 348447 |
| 5.240%, SOFR + 1.570%, 05/13/31 (e) | 600000 | &nbsp;&nbsp; 618166 |
| JPMorgan Chase & Co. |  |  |
| 2.545%, SOFR + 1.180%, 11/08/32 (e) | 145000 | &nbsp;&nbsp; 130848 |
| 2.580%, 3M TSFR + 1.250%, 04/22/32 (e) | 110000 | &nbsp;&nbsp; 100546 |
| 3.509%, 3M TSFR + 1.207%, 01/23/29 (e) | 305000 | &nbsp;&nbsp; 302106 |
| 4.005%, 3M TSFR + 1.382%, 04/23/29 (e) | 90000 | &nbsp;&nbsp; 89913 |
| 4.255%, SOFR + 0.930%, 10/22/31 (e) | 510000 | &nbsp;&nbsp; 508453 |
| 4.505%, SOFR + 0.860%, 10/22/28 (e) | 385000 | &nbsp;&nbsp; 388773 |
| 4.946%, SOFR + 1.340%, 10/22/35 (b) (e) | 65000 | &nbsp;&nbsp; 65641 |
| 4.995%, SOFR + 1.125%, 07/22/30 (e) | 395000 | &nbsp;&nbsp; 405521 |
| 5.103%, SOFR + 1.435%, 04/22/31 (e) | 425000 | &nbsp;&nbsp; 438803 |
| 5.140%, SOFR + 1.010%, 01/24/31 (b) (e) | 125000 | &nbsp;&nbsp; 129199 |
| 5.299%, SOFR + 1.450%, 07/24/29 (e) | 375000 | &nbsp;&nbsp; 386456 |
| 5.336%, SOFR + 1.620%, 01/23/35 (e) | 345000 | &nbsp;&nbsp; 357564 |
| 5.576%, SOFR + 1.635%, 07/23/36 (e) | 415000 | &nbsp;&nbsp; 429296 |
| 5.581%, SOFR + 1.160%, 04/22/30 (e) | 245000 | &nbsp;&nbsp; 255591 |
| mBank SA |  |  |
| 0.966%, 3M EURIBOR + 1.250%, 09/21/27 (EUR) (e) | 400000 | &nbsp;&nbsp; 461995 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Metro Bank Holdings PLC |  |  |
| 12.000%, 1Y UKG + 7.814%, 04/30/29 (GBP) (e) | 150000 | &nbsp;&nbsp; $230508 |
| Morgan Stanley |  |  |
| 1.794%, SOFR + 1.034%, 02/13/32 (e) | 225000 | &nbsp;&nbsp; 197606 |
| 1.928%, SOFR + 1.020%, 04/28/32 (e) | 280000 | &nbsp;&nbsp; 245660 |
| 4.431%, 3M TSFR + 1.890%, 01/23/30 (e) | 50000 | &nbsp;&nbsp; 50277 |
| 4.654%, SOFR + 1.100%, 10/18/30 (b) (e) | 125000 | &nbsp;&nbsp; 126512 |
| 5.164%, SOFR + 1.590%, 04/20/29 (e) | 60000 | &nbsp;&nbsp; 61351 |
| 5.230%, SOFR + 1.108%, 01/15/31 (e) | 90000 | &nbsp;&nbsp; 92834 |
| 5.449%, SOFR + 1.630%, 07/20/29 (e) | 115000 | &nbsp;&nbsp; 118674 |
| 5.656%, SOFR + 1.260%, 04/18/30 (e) | 235000 | &nbsp;&nbsp; 244829 |
| 6.407%, SOFR + 1.830%, 11/01/29 (e) | 75000 | &nbsp;&nbsp; 79493 |
| Royal Bank of Canada |  |  |
| 5.153%, SOFR + 1.030%, 02/04/31 (b) (e) | 365000 | &nbsp;&nbsp; 375772 |
| Standard Chartered PLC |  |  |
| 7.767%, 1Y H15 + 3.450%, 11/16/28 (144A) (e) | 215000 | &nbsp;&nbsp; 228922 |
| Wells Fargo & Co. |  |  |
| 3.000%, 10/23/26 | 120000 | &nbsp;&nbsp; 119122 |
| 4.897%, SOFR + 2.100%, 07/25/33 (e) | 435000 | &nbsp;&nbsp; 441766 |
| 5.150%, SOFR + 1.500%, 04/23/31 (b) (e) | 200000 | &nbsp;&nbsp; 206441 |
| 5.244%, SOFR + 1.110%, 01/24/31 (e) | 85000 | &nbsp;&nbsp; 88019 |
| 5.574%, SOFR + 1.740%, 07/25/29 (e) | 170000 | &nbsp;&nbsp; 176099 |
| 6.491%, SOFR + 2.060%, 10/23/34 (e) | 95000 | &nbsp;&nbsp; 105160 |
|  |  | &nbsp;&nbsp; 17144885 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Bacardi Ltd./Bacardi-Martini BV |  |  |
| 5.400%, 06/15/33 (144A) | 167000 | &nbsp;&nbsp; 168839 |
| Bacardi-Martini BV |  |  |
| 6.000%, 02/01/35 (144A) | 170000 | &nbsp;&nbsp; 176402 |
| Keurig Dr. Pepper, Inc. |  |  |
| 2.250%, 03/15/31 | 446000 | &nbsp;&nbsp; 397854 |
| 3.200%, 05/01/30 | 28000 | &nbsp;&nbsp; 26598 |
| 3.950%, 04/15/29 | 155000 | &nbsp;&nbsp; 153235 |
| 4.050%, 04/15/32 | 220000 | &nbsp;&nbsp; 211464 |
| 4.500%, 04/15/52 (b) | 340000 | &nbsp;&nbsp; 274786 |
| 4.600%, 05/15/30 | 26000 | &nbsp;&nbsp; 26134 |
| 5.150%, 05/15/35 | 175000 | &nbsp;&nbsp; 175341 |
| 5.200%, 03/15/31 | 154000 | &nbsp;&nbsp; 158248 |
| 5.300%, 03/15/34 | 127000 | &nbsp;&nbsp; 129500 |
|  |  | &nbsp;&nbsp; 1898401 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Royalty Pharma PLC |  |  |
| 5.200%, 09/25/35 | 900000 | &nbsp;&nbsp; 904552 |
| **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
| CP Atlas Buyer, Inc. |  |  |
| 9.750%, 07/15/30 (144A) | 110000 | &nbsp;&nbsp; 113933 |
| 12.750%, 5.750% PIK, 01/15/31 (144A) (j) | 60000 | &nbsp;&nbsp; 56845 |
| JH North America Holdings, Inc. |  |  |
| 6.125%, 07/31/32 (144A) | 250000 | &nbsp;&nbsp; 256639 |
|  |  | &nbsp;&nbsp; 427417 |

---

*See accompanying notes to financial statements.*

**BHFTII-163**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Celanese U.S. Holdings LLC |  |  |
| 6.500%, 04/15/30 (b) | 120000 | &nbsp;&nbsp; $120600 |
| 7.000%, 02/15/31 | 20000 | &nbsp;&nbsp; 20477 |
| 7.375%, 02/15/34 | 60000 | &nbsp;&nbsp; 60958 |
| Itelyum Regeneration SpA |  |  |
| 5.750%, 04/15/30 (EUR) | 300000 | &nbsp;&nbsp; 351408 |
| LYB International Finance III LLC |  |  |
| 5.125%, 01/15/31 | 465000 | &nbsp;&nbsp; 466725 |
| Olympus Water U.S. Holding Corp. |  |  |
| 6.250%, 10/01/29 (144A) | 200000 | &nbsp;&nbsp; 194617 |
| Sherwin-Williams Co. |  |  |
| 5.150%, 08/15/35 | 470000 | &nbsp;&nbsp; 478275 |
| Tronox, Inc. |  |  |
| 4.625%, 03/15/29 (144A) (b) | 150000 | &nbsp;&nbsp; 105008 |
|  |  | &nbsp;&nbsp; 1798068 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Allied Universal Holdco LLC |  |  |
| 7.875%, 02/15/31 (144A) | 220000 | &nbsp;&nbsp; 231853 |
| Ashtead Capital, Inc. |  |  |
| 2.450%, 08/12/31 (144A) | 400000 | &nbsp;&nbsp; 356792 |
| Element Fleet Management Corp. |  |  |
| 4.641%, 11/24/30 (144A) | 450000 | &nbsp;&nbsp; 451255 |
| Howard University |  |  |
| 2.291%, 10/01/26 | 100000 | &nbsp;&nbsp; 98409 |
| 2.701%, 10/01/29 | 260000 | &nbsp;&nbsp; 242850 |
| 2.801%, 10/01/30 | 100000 | &nbsp;&nbsp; 91801 |
| 2.901%, 10/01/31 | 100000 | &nbsp;&nbsp; 89899 |
| 3.476%, 10/01/41 | 115000 | &nbsp;&nbsp; 90188 |
|  |  | &nbsp;&nbsp; 1653047 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Hewlett Packard Enterprise Co. |  |  |
| 5.600%, 10/15/54 (b) | 430000 | &nbsp;&nbsp; 398395 |
| International Business Machines Corp. |  |  |
| 4.800%, 02/10/30 (b) | 375000 | &nbsp;&nbsp; 383542 |
| McAfee Corp. |  |  |
| 7.375%, 02/15/30 (144A) (b) | 250000 | &nbsp;&nbsp; 218019 |
|  |  | &nbsp;&nbsp; 999956 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Kenvue, Inc. |  |  |
| 4.850%, 05/22/32 | 300000 | &nbsp;&nbsp; 306773 |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
| American Express Co. |  |  |
| 5.016%, SOFR + 1.440%, 04/25/31 (e) | 435000 | &nbsp;&nbsp; 448287 |
| 5.085%, SOFR + 1.020%, 01/30/31 (e) | 350000 | &nbsp;&nbsp; 360764 |
| Capital One Financial Corp. |  |  |
| 4.493%, SOFR + 1.250%, 09/11/31 (b) (e) | 310000 | &nbsp;&nbsp; 309545 |
| 6.051%, SOFR + 2.260%, 02/01/35 (e) | 25000 | &nbsp;&nbsp; 26612 |
| 6.183%, SOFR + 2.036%, 01/30/36 (e) | 235000 | &nbsp;&nbsp; 245312 |
| 7.624%, SOFR + 3.070%, 10/30/31 (e) | 410000 | &nbsp;&nbsp; 463360 |
| 7.964%, SOFR + 3.370%, 11/02/34 (e) | 100000 | &nbsp;&nbsp; 117900 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| 6.500%, 10/01/30 (144A) | 250000 | &nbsp;&nbsp; 254999 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Equitable America Global Funding |  |  |
| 4.700%, 09/15/32 (144A) | 535000 | &nbsp;&nbsp; $532274 |
| Freedom Mortgage Holdings LLC |  |  |
| 7.875%, 04/01/33 (144A) | 120000 | &nbsp;&nbsp; 124268 |
| 9.250%, 02/01/29 (144A) | 110000 | &nbsp;&nbsp; 115373 |
| Rfna LP |  |  |
| 7.875%, 02/15/30 (144A) (b) | 200000 | &nbsp;&nbsp; 203410 |
| Synchrony Financial |  |  |
| 2.875%, 10/28/31 | 190000 | &nbsp;&nbsp; 170460 |
| 5.450%, SOFR + 1.680%, 03/06/31 (b) (e) | 325000 | &nbsp;&nbsp; 333223 |
| 6.000%, SOFR + 2.070%, 07/29/36 (e) | 415000 | &nbsp;&nbsp; 425973 |
|  |  | &nbsp;&nbsp; 4131760 |
| **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
| AES Andes SA |  |  |
| 6.250%, 03/14/32 (144A) | 205000 | &nbsp;&nbsp; 213636 |
| Alabama Power Co. |  |  |
| 3.450%, 10/01/49 | 245000 | &nbsp;&nbsp; 174244 |
| 4.150%, 08/15/44 | 225000 | &nbsp;&nbsp; 187937 |
| 5.100%, 04/02/35 | 50000 | &nbsp;&nbsp; 51180 |
| Arizona Public Service Co. |  |  |
| 5.700%, 08/15/34 | 235000 | &nbsp;&nbsp; 247039 |
| Baltimore Gas & Electric Co. |  |  |
| 5.450%, 06/01/35 | 240000 | &nbsp;&nbsp; 248671 |
| Clearway Energy Operating LLC |  |  |
| 3.750%, 02/15/31 (144A) | 130000 | &nbsp;&nbsp; 121405 |
| 4.750%, 03/15/28 (144A) | 120000 | &nbsp;&nbsp; 119739 |
| Cleco Corporate Holdings LLC |  |  |
| 3.375%, 09/15/29 | 275000 | &nbsp;&nbsp; 258613 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 3.200%, 12/01/51 | 250000 | &nbsp;&nbsp; 166000 |
| 5.500%, 03/15/55 | 235000 | &nbsp;&nbsp; 227810 |
| 5.750%, 11/15/55 | 200000 | &nbsp;&nbsp; 199435 |
| Dominion Energy, Inc. |  |  |
| 5.000%, 06/15/30 | 305000 | &nbsp;&nbsp; 313368 |
| 6.000%, 5Y H15 + 2.262%, 02/15/56 (b) (e) | 1160000 | &nbsp;&nbsp; 1165351 |
| Duke Energy Carolinas LLC |  |  |
| 4.250%, 12/15/41 | 205000 | &nbsp;&nbsp; 180169 |
| Duke Energy Corp. |  |  |
| 2.550%, 06/15/31 | 485000 | &nbsp;&nbsp; 441640 |
| 3.300%, 06/15/41 | 90000 | &nbsp;&nbsp; 69383 |
| 4.500%, 08/15/32 (b) | 40000 | &nbsp;&nbsp; 39868 |
| 4.950%, 09/15/35 | 540000 | &nbsp;&nbsp; 535469 |
| 5.000%, 08/15/52 | 125000 | &nbsp;&nbsp; 110354 |
| 5.450%, 06/15/34 (b) | 50000 | &nbsp;&nbsp; 52065 |
| Duke Energy Florida LLC |  |  |
| 1.750%, 06/15/30 | 245000 | &nbsp;&nbsp; 221014 |
| 4.850%, 12/01/35 (b) | 115000 | &nbsp;&nbsp; 114498 |
| Duke Energy Indiana LLC |  |  |
| 2.750%, 04/01/50 | 145000 | &nbsp;&nbsp; 90576 |
| Duke Energy Progress LLC |  |  |
| 4.375%, 03/30/44 | 320000 | &nbsp;&nbsp; 273783 |
| 5.050%, 03/15/35 | 160000 | &nbsp;&nbsp; 162686 |
| 5.550%, 03/15/55 | 100000 | &nbsp;&nbsp; 98639 |
| Edison International |  |  |
| 5.250%, 03/15/32 | 139000 | &nbsp;&nbsp; 138968 |

---

*See accompanying notes to financial statements.*

**BHFTII-164**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Edison International |  |  |
| 6.250%, 03/15/30 | 325000 | &nbsp;&nbsp; $339722 |
| Eversource Energy |  |  |
| 4.450%, 12/15/30 | 355000 | &nbsp;&nbsp; 353012 |
| 5.125%, 05/15/33 | 400000 | &nbsp;&nbsp; 403985 |
| 5.500%, 01/01/34 (b) | 188000 | &nbsp;&nbsp; 193224 |
| Georgia Power Co. |  |  |
| 4.300%, 03/15/42 (b) | 70000 | &nbsp;&nbsp; 61253 |
| 4.550%, 03/15/30 | 65000 | &nbsp;&nbsp; 66040 |
| 4.850%, 03/15/31 | 635000 | &nbsp;&nbsp; 651506 |
| 5.200%, 03/15/35 (b) | 265000 | &nbsp;&nbsp; 271985 |
| Interstate Power & Light Co. |  |  |
| 5.600%, 06/29/35 | 170000 | &nbsp;&nbsp; 176921 |
| Jersey Central Power & Light Co. |  |  |
| 5.100%, 01/15/35 (b) | 75000 | &nbsp;&nbsp; 75842 |
| Monongahela Power Co. |  |  |
| 5.850%, 02/15/34 (144A) (b) | 35000 | &nbsp;&nbsp; 36989 |
| NSTAR Electric Co. |  |  |
| 5.200%, 03/01/35 | 125000 | &nbsp;&nbsp; 127593 |
| 5.400%, 06/01/34 | 180000 | &nbsp;&nbsp; 186436 |
| Ohio Edison Co. |  |  |
| 5.500%, 01/15/33 (144A) | 95000 | &nbsp;&nbsp; 98942 |
| Pacific Gas & Electric Co. |  |  |
| 2.500%, 02/01/31 | 685000 | &nbsp;&nbsp; 616473 |
| 3.300%, 08/01/40 | 85000 | &nbsp;&nbsp; 64341 |
| 3.500%, 08/01/50 | 90000 | &nbsp;&nbsp; 60687 |
| 4.300%, 03/15/45 | 107000 | &nbsp;&nbsp; 84876 |
| 4.550%, 07/01/30 | 225000 | &nbsp;&nbsp; 224033 |
| 4.600%, 06/15/43 | 45000 | &nbsp;&nbsp; 37554 |
| 4.750%, 02/15/44 | 85000 | &nbsp;&nbsp; 71782 |
| 4.950%, 07/01/50 | 53000 | &nbsp;&nbsp; 44797 |
| 5.050%, 10/15/32 | 195000 | &nbsp;&nbsp; 196088 |
| 5.800%, 05/15/34 | 670000 | &nbsp;&nbsp; 695840 |
| 5.900%, 06/15/32 | 180000 | &nbsp;&nbsp; 188452 |
| 5.900%, 10/01/54 | 337000 | &nbsp;&nbsp; 322983 |
| 6.100%, 01/15/29 | 305000 | &nbsp;&nbsp; 318989 |
| 6.150%, 01/15/33 | 236000 | &nbsp;&nbsp; 250418 |
| 6.700%, 04/01/53 | 50000 | &nbsp;&nbsp; 52761 |
| 6.750%, 01/15/53 | 380000 | &nbsp;&nbsp; 404140 |
| 6.950%, 03/15/34 | 309000 | &nbsp;&nbsp; 343644 |
| PacifiCorp |  |  |
| 4.125%, 01/15/49 | 65000 | &nbsp;&nbsp; 48448 |
| 5.350%, 12/01/53 | 150000 | &nbsp;&nbsp; 131515 |
| 5.500%, 05/15/54 | 256000 | &nbsp;&nbsp; 228778 |
| 5.750%, 04/01/37 | 90000 | &nbsp;&nbsp; 91208 |
| 5.800%, 01/15/55 | 15000 | &nbsp;&nbsp; 13998 |
| 6.250%, 10/15/37 | 23000 | &nbsp;&nbsp; 24007 |
| Pinnacle West Capital Corp. |  |  |
| 4.900%, 05/15/28 | 293000 | &nbsp;&nbsp; 298261 |
| 5.150%, 05/15/30 | 257000 | &nbsp;&nbsp; 264816 |
| Public Service Co. of Oklahoma |  |  |
| 5.200%, 01/15/35 | 460000 | &nbsp;&nbsp; 464974 |
| Public Service Enterprise Group, Inc. |  |  |
| 4.900%, 03/15/30 | 425000 | &nbsp;&nbsp; 434585 |
| 5.450%, 04/01/34 | 35000 | &nbsp;&nbsp; 36157 |
| 6.125%, 10/15/33 | 110000 | &nbsp;&nbsp; 118366 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Puget Energy, Inc. |  |  |
| 4.100%, 06/15/30 | 78000 | &nbsp;&nbsp; $76383 |
| 4.224%, 03/15/32 | 42000 | &nbsp;&nbsp; 40271 |
| 5.725%, 03/15/35 | 810000 | &nbsp;&nbsp; 831186 |
| San Diego Gas & Electric Co. |  |  |
| 5.400%, 04/15/35 | 330000 | &nbsp;&nbsp; 341571 |
| Southern California Edison Co. |  |  |
| 2.250%, 06/01/30 | 110000 | &nbsp;&nbsp; 99779 |
| 3.650%, 02/01/50 | 50000 | &nbsp;&nbsp; 34962 |
| 3.900%, 03/15/43 | 40000 | &nbsp;&nbsp; 30749 |
| 4.000%, 04/01/47 | 233000 | &nbsp;&nbsp; 174726 |
| 4.125%, 03/01/48 | 309000 | &nbsp;&nbsp; 234527 |
| 5.200%, 06/01/34 | 144000 | &nbsp;&nbsp; 144621 |
| 5.450%, 03/01/35 | 235000 | &nbsp;&nbsp; 238260 |
| 5.450%, 06/01/52 | 179000 | &nbsp;&nbsp; 160807 |
| 5.700%, 03/01/53 | 170000 | &nbsp;&nbsp; 157771 |
| 5.875%, 12/01/53 | 315000 | &nbsp;&nbsp; 301611 |
| 5.900%, 03/01/55 | 76000 | &nbsp;&nbsp; 73372 |
| 5.950%, 11/01/32 | 165000 | &nbsp;&nbsp; 174550 |
| 6.000%, 01/15/34 | 90000 | &nbsp;&nbsp; 94443 |
| Southern Power Co. |  |  |
| 4.900%, 10/01/35 | 265000 | &nbsp;&nbsp; 262144 |
| Southwestern Electric Power Co. |  |  |
| 5.300%, 04/01/33 | 25000 | &nbsp;&nbsp; 25686 |
| Trans-Allegheny Interstate Line Co. |  |  |
| 5.000%, 01/15/31 (144A) | 280000 | &nbsp;&nbsp; 287634 |
| Virginia Electric & Power Co. |  |  |
| 2.450%, 12/15/50 | 91000 | &nbsp;&nbsp; 52283 |
| 4.200%, 05/15/45 | 20000 | &nbsp;&nbsp; 16572 |
| 4.900%, 09/15/35 | 245000 | &nbsp;&nbsp; 243839 |
| 5.000%, 04/01/33 | 285000 | &nbsp;&nbsp; 291847 |
| 5.000%, 01/15/34 | 285000 | &nbsp;&nbsp; 288405 |
| 5.050%, 08/15/34 | 100000 | &nbsp;&nbsp; 101250 |
| 5.150%, 03/15/35 | 255000 | &nbsp;&nbsp; 259453 |
| 5.350%, 01/15/54 | 65000 | &nbsp;&nbsp; 60938 |
| 5.650%, 03/15/55 | 80000 | &nbsp;&nbsp; 78327 |
| Wisconsin Power & Light Co. |  |  |
| 5.375%, 03/30/34 | 210000 | &nbsp;&nbsp; 216495 |
| Xcel Energy, Inc. |  |  |
| 4.600%, 06/01/32 | 185000 | &nbsp;&nbsp; 183987 |
| 4.750%, 03/21/28 | 245000 | &nbsp;&nbsp; 248176 |
| 5.600%, 04/15/35 | 180000 | &nbsp;&nbsp; 186402 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 7.250%, 01/15/29 (144A) | 250000 | &nbsp;&nbsp; 256153 |
|  |  | &nbsp;&nbsp; 21669141 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Imola Merger Corp. |  |  |
| 4.750%, 05/15/29 (144A) | 250000 | &nbsp;&nbsp; 246755 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Cinemark USA, Inc. |  |  |
| 7.000%, 08/01/32 (144A) | 250000 | &nbsp;&nbsp; 259425 |
| Great Canadian Gaming Corp./Raptor LLC |  |  |
| 8.750%, 11/15/29 (144A) | 120000 | &nbsp;&nbsp; 121218 |

---

*See accompanying notes to financial statements.*

**BHFTII-165**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Penn Entertainment, Inc. |  |  |
| 4.125%, 07/01/29 (144A) | 130000 | &nbsp;&nbsp; $120400 |
|  |  | &nbsp;&nbsp; 501043 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| Bellis Acquisition Co. PLC |  |  |
| 8.125%, 05/14/30 (GBP) | 150000 | &nbsp;&nbsp; 188055 |
| Froneri Lux FinCo SARL |  |  |
| 6.000%, 08/01/32 (144A) | 250000 | &nbsp;&nbsp; 253412 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 5.750%, 04/01/33 | 130000 | &nbsp;&nbsp; 135813 |
| 6.750%, 03/15/34 | 140000 | &nbsp;&nbsp; 154672 |
| 7.250%, 11/15/53 | 120000 | &nbsp;&nbsp; 134331 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co.<br>|  |  |
| 5.500%, 01/15/36 (144A) | 300000 | &nbsp;&nbsp; 304847 |
| 6.250%, 03/01/56 (144A) (b) | 55000 | &nbsp;&nbsp; 54740 |
| 6.375%, 04/15/66 (144A) | 720000 | &nbsp;&nbsp; 716887 |
| JBS USA Lux SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| 5.950%, 04/20/35 (144A) | 120000 | &nbsp;&nbsp; 126179 |
| Mars, Inc. |  |  |
| 4.600%, 03/01/28 (144A) | 155000 | &nbsp;&nbsp; 157123 |
| 5.000%, 03/01/32 (144A) (b) | 760000 | &nbsp;&nbsp; 783366 |
| 5.200%, 03/01/35 (144A) (b) | 305000 | &nbsp;&nbsp; 313488 |
| 5.650%, 05/01/45 (144A) | 1025000 | &nbsp;&nbsp; 1033215 |
| 5.800%, 05/01/65 (144A) | 120000 | &nbsp;&nbsp; 120417 |
| Pilgrim's Pride Corp. |  |  |
| 4.250%, 04/15/31 | 245000 | &nbsp;&nbsp; 239186 |
|  |  | &nbsp;&nbsp; 4715731 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| NiSource, Inc. |  |  |
| 5.350%, 07/15/35 | 425000 | &nbsp;&nbsp; 434517 |
| 5.400%, 06/30/33 | 150000 | &nbsp;&nbsp; 155553 |
| Southern California Gas Co. |  |  |
| 5.600%, 04/01/54 | 60000 | &nbsp;&nbsp; 58724 |
| 6.000%, 06/15/55 (b) | 435000 | &nbsp;&nbsp; 446631 |
| Southern Co. Gas Capital Corp. |  |  |
| 5.100%, 09/15/35 (b) | 335000 | &nbsp;&nbsp; 337567 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.125%, 12/15/30 (144A) | 375000 | &nbsp;&nbsp; 381879 |
| 7.500%, 05/01/33 (144A) | 210000 | &nbsp;&nbsp; 226905 |
|  |  | &nbsp;&nbsp; 2041776 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| Avantor Funding, Inc. |  |  |
| 3.875%, 11/01/29 (144A) | 295000 | &nbsp;&nbsp; 282095 |
| 4.625%, 07/15/28 (144A) | 170000 | &nbsp;&nbsp; 169076 |
| Baxter International, Inc. |  |  |
| 4.900%, 12/15/30 | 385000 | &nbsp;&nbsp; 387948 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.950%, 12/15/35 | 55000 | &nbsp;&nbsp; 54878 |
| 5.500%, 06/15/35 | 535000 | &nbsp;&nbsp; 555832 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.473%, 10/07/32 | 820000 | &nbsp;&nbsp; 822614 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Products—(Continued)** | **Healthcare-Products—(Continued)** | **Healthcare-Products—(Continued)** |
| VSP Optical Group, Inc. |  |  |
| 5.450%, 12/01/35 (144A) | 60000 | &nbsp;&nbsp; $60400 |
|  |  | &nbsp;&nbsp; 2332843 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| Acadia Healthcare Co., Inc. |  |  |
| 5.000%, 04/15/29 (144A) | 60000 | &nbsp;&nbsp; 57770 |
| 7.375%, 03/15/33 (144A) | 110000 | &nbsp;&nbsp; 111100 |
| Centene Corp. |  |  |
| 2.500%, 03/01/31 | 580000 | &nbsp;&nbsp; 500871 |
| 2.625%, 08/01/31 | 300000 | &nbsp;&nbsp; 258043 |
| CHS/Community Health Systems, Inc. |  |  |
| 4.750%, 02/15/31 (144A) | 70000 | &nbsp;&nbsp; 62362 |
| 6.875%, 04/15/29 (144A) (b) | 70000 | &nbsp;&nbsp; 62300 |
| 10.875%, 01/15/32 (144A) | 54000 | &nbsp;&nbsp; 58938 |
| Cigna Group |  |  |
| 4.875%, 09/15/32 | 375000 | &nbsp;&nbsp; 379880 |
| Humana, Inc. |  |  |
| 5.375%, 04/15/31 | 330000 | &nbsp;&nbsp; 341182 |
| 5.550%, 05/01/35 (b) | 360000 | &nbsp;&nbsp; 367542 |
| Star Parent, Inc. |  |  |
| 9.000%, 10/01/30 (144A) | 220000 | &nbsp;&nbsp; 234786 |
| UnitedHealth Group, Inc. |  |  |
| 2.750%, 05/15/40 | 345000 | &nbsp;&nbsp; 258014 |
| 3.500%, 08/15/39 | 60000 | &nbsp;&nbsp; 49960 |
| 3.700%, 08/15/49 | 90000 | &nbsp;&nbsp; 66824 |
| 4.950%, 05/15/62 | 60000 | &nbsp;&nbsp; 51946 |
| 5.300%, 02/15/30 | 35000 | &nbsp;&nbsp; 36489 |
| 5.300%, 06/15/35 (b) | 120000 | &nbsp;&nbsp; 124245 |
| 5.375%, 04/15/54 | 270000 | &nbsp;&nbsp; 254758 |
| 5.750%, 07/15/64 | 85000 | &nbsp;&nbsp; 82986 |
| 6.050%, 02/15/63 | 65000 | &nbsp;&nbsp; 66387 |
|  |  | &nbsp;&nbsp; 3426383 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Arthur J Gallagher & Co. |  |  |
| 5.150%, 02/15/35 | 765000 | &nbsp;&nbsp; 773006 |
| Asurion LLC & Asurion Co-Issuer, Inc. |  |  |
| 8.000%, 12/31/32 (144A) | 70000 | &nbsp;&nbsp; 72633 |
| Athene Global Funding |  |  |
| 2.646%, 10/04/31 (144A) | 535000 | &nbsp;&nbsp; 473095 |
| 2.717%, 01/07/29 (144A) | 45000 | &nbsp;&nbsp; 42571 |
| 4.721%, 10/08/29 (144A) | 315000 | &nbsp;&nbsp; 315020 |
| Equitable Financial Life Global Funding |  |  |
| 1.800%, 03/08/28 (144A) | 160000 | &nbsp;&nbsp; 152311 |
| 5.000%, 03/27/30 (144A) | 175000 | &nbsp;&nbsp; 178901 |
| Equitable Holdings, Inc. |  |  |
| 4.350%, 04/20/28 | 24000 | &nbsp;&nbsp; 24089 |
| GA Global Funding Trust |  |  |
| 4.500%, 09/18/30 (144A) | 355000 | &nbsp;&nbsp; 350760 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br> 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| 7.250%, 02/15/31 (144A) | 230000 | &nbsp;&nbsp; 236855 |
| Lincoln Financial Global Funding |  |  |
| 4.625%, 05/28/28 (144A) | 280000 | &nbsp;&nbsp; 282659 |
|  |  | &nbsp;&nbsp; 2901900 |

---

*See accompanying notes to financial statements.*

**BHFTII-166**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| Alphabet, Inc. |  |  |
| 5.300%, 05/15/65 | 570000 | &nbsp;&nbsp; $536075 |
| 5.350%, 11/15/45 | 675000 | &nbsp;&nbsp; 670736 |
| 5.700%, 11/15/75 | 465000 | &nbsp;&nbsp; 457676 |
| Meta Platforms, Inc. |  |  |
| 4.600%, 11/15/32 (b) | 120000 | &nbsp;&nbsp; 120965 |
| 5.400%, 08/15/54 | 85000 | &nbsp;&nbsp; 79077 |
| 5.500%, 11/15/45 (b) | 575000 | &nbsp;&nbsp; 558336 |
| 5.550%, 08/15/64 | 260000 | &nbsp;&nbsp; 241175 |
| 5.625%, 11/15/55 (b) | 110000 | &nbsp;&nbsp; 105575 |
| 5.750%, 11/15/65 | 575000 | &nbsp;&nbsp; 548265 |
| Uber Technologies, Inc. |  |  |
| 4.800%, 09/15/35 (b) | 645000 | &nbsp;&nbsp; 641594 |
| United Group BV |  |  |
| 6.500%, 10/31/31 (144A) (EUR) | 100000 | &nbsp;&nbsp; 119954 |
| Wayfair LLC |  |  |
| 7.250%, 10/31/29 (144A) | 250000 | &nbsp;&nbsp; 260917 |
|  |  | &nbsp;&nbsp; 4340345 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| ARES Strategic Income Fund |  |  |
| 5.150%, 01/15/31 (144A) | 410000 | &nbsp;&nbsp; 402343 |
| 5.800%, 09/09/30 (144A) | 320000 | &nbsp;&nbsp; 323098 |
| Blackstone Secured Lending Fund |  |  |
| 5.125%, 01/31/31 | 690000 | &nbsp;&nbsp; 681409 |
| HPS Corporate Lending Fund |  |  |
| 5.450%, 11/15/30 (144A) (b) | 355000 | &nbsp;&nbsp; 353958 |
| 5.850%, 06/05/30 (144A) | 260000 | &nbsp;&nbsp; 263099 |
|  |  | &nbsp;&nbsp; 2023907 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| NCL Corp. Ltd. |  |  |
| 6.250%, 03/01/30 (144A) | 120000 | &nbsp;&nbsp; 121838 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Las Vegas Sands Corp. |  |  |
| 5.625%, 06/15/28 | 200000 | &nbsp;&nbsp; 205059 |
| 6.000%, 06/14/30 | 305000 | &nbsp;&nbsp; 319611 |
|  |  | &nbsp;&nbsp; 524670 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 4.900%, 05/29/30 | 290000 | &nbsp;&nbsp; 296722 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.250%, 02/01/31 (144A) | 300000 | &nbsp;&nbsp; 275655 |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.700%, 04/01/51 | 100000 | &nbsp;&nbsp; 62943 |
| 5.125%, 07/01/49 | 300000 | &nbsp;&nbsp; 234765 |
| 5.250%, 04/01/53 | 375000 | &nbsp;&nbsp; 296567 |
| 5.750%, 04/01/48 | 140000 | &nbsp;&nbsp; 119418 |
| 5.850%, 12/01/35 | 25000 | &nbsp;&nbsp; 24939 |
| 6.384%, 10/23/35 | 490000 | &nbsp;&nbsp; 505707 |
| 6.484%, 10/23/45 | 395000 | &nbsp;&nbsp; 371366 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 6.550%, 06/01/34 (b) | 100000 | &nbsp;&nbsp; $105176 |
| 6.650%, 02/01/34 (b) | 105000 | &nbsp;&nbsp; 110611 |
| Comcast Corp. |  |  |
| 2.887%, 11/01/51 | 240000 | &nbsp;&nbsp; 140350 |
| 2.987%, 11/01/63 | 157000 | &nbsp;&nbsp; 84921 |
| 3.750%, 04/01/40 | 135000 | &nbsp;&nbsp; 111269 |
| 3.999%, 11/01/49 | 18000 | &nbsp;&nbsp; 13273 |
| Cox Communications, Inc. |  |  |
| 2.600%, 06/15/31 (144A) | 190000 | &nbsp;&nbsp; 169221 |
| 5.450%, 09/01/34 (144A) | 45000 | &nbsp;&nbsp; 44278 |
| 5.950%, 09/01/54 (144A) | 285000 | &nbsp;&nbsp; 249493 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 10.000%, 02/15/31 (144A) | 120000 | &nbsp;&nbsp; 122646 |
| Paramount Global |  |  |
| 4.200%, 05/19/32 | 10000 | &nbsp;&nbsp; 9035 |
| 4.375%, 03/15/43 | 471000 | &nbsp;&nbsp; 327608 |
| 4.950%, 01/15/31 | 105000 | &nbsp;&nbsp; 100971 |
| 4.950%, 05/19/50 | 185000 | &nbsp;&nbsp; 129552 |
| 5.250%, 04/01/44 | 250000 | &nbsp;&nbsp; 188717 |
| 5.850%, 09/01/43 | 160000 | &nbsp;&nbsp; 131731 |
| Scripps Escrow II, Inc. |  |  |
| 3.875%, 01/15/29 (144A) | 250000 | &nbsp;&nbsp; 230035 |
| Time Warner Cable LLC |  |  |
| 4.500%, 09/15/42 | 200000 | &nbsp;&nbsp; 153805 |
|  |  | &nbsp;&nbsp; 4314052 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Anglo American Capital PLC |  |  |
| 4.500%, 03/15/28 (144A) (b) | 385000 | &nbsp;&nbsp; 387199 |
| Glencore Funding LLC |  |  |
| 5.371%, 04/04/29 (144A) | 260000 | &nbsp;&nbsp; 268326 |
| 5.634%, 04/04/34 (144A) (b) | 110000 | &nbsp;&nbsp; 114927 |
| 6.375%, 10/06/30 (144A) | 355000 | &nbsp;&nbsp; 382047 |
| 6.500%, 10/06/33 (144A) (b) | 160000 | &nbsp;&nbsp; 176711 |
| Kaiser Aluminum Corp. |  |  |
| 4.500%, 06/01/31 (144A) | 125000 | &nbsp;&nbsp; 120766 |
| 5.875%, 03/01/34 (144A) | 120000 | &nbsp;&nbsp; 120377 |
| Rio Tinto Alcan, Inc. |  |  |
| 6.125%, 12/15/33 | 250000 | &nbsp;&nbsp; 273532 |
| Rio Tinto Finance USA PLC |  |  |
| 5.000%, 03/14/32 | 70000 | &nbsp;&nbsp; 72278 |
|  |  | &nbsp;&nbsp; 1916163 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Siemens Funding BV |  |  |
| 4.600%, 05/28/30 (144A) | 455000 | &nbsp;&nbsp; 464327 |
| **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |
| Aker BP ASA |  |  |
| 4.000%, 01/15/31 (144A) | 240000 | &nbsp;&nbsp; 231669 |
| 5.250%, 10/30/35 (144A) | 150000 | &nbsp;&nbsp; 146541 |
| 5.800%, 10/01/54 (144A) | 485000 | &nbsp;&nbsp; 440959 |
| ConocoPhillips Co. |  |  |
| 3.800%, 03/15/52 | 274000 | &nbsp;&nbsp; 200997 |

---

*See accompanying notes to financial statements.*

**BHFTII-167**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| ConocoPhillips Co. |  |  |
| 4.025%, 03/15/62 | 30000 | &nbsp;&nbsp; $21796 |
| 5.300%, 05/15/53 | 90000 | &nbsp;&nbsp; 83839 |
| 5.550%, 03/15/54 (b) | 65000 | &nbsp;&nbsp; 62540 |
| 5.650%, 01/15/65 | 150000 | &nbsp;&nbsp; 144026 |
| 5.700%, 09/15/63 | 265000 | &nbsp;&nbsp; 255309 |
| Coterra Energy, Inc. |  |  |
| 5.600%, 03/15/34 (b) | 222000 | &nbsp;&nbsp; 228737 |
| Diamondback Energy, Inc. |  |  |
| 5.400%, 04/18/34 | 140000 | &nbsp;&nbsp; 143349 |
| 5.550%, 04/01/35 (b) | 65000 | &nbsp;&nbsp; 66809 |
| 5.750%, 04/18/54 | 70000 | &nbsp;&nbsp; 66153 |
| 5.900%, 04/18/64 | 85000 | &nbsp;&nbsp; 80237 |
| 6.250%, 03/15/53 | 80000 | &nbsp;&nbsp; 80764 |
| Ecopetrol SA |  |  |
| 7.750%, 02/01/32 | 465000 | &nbsp;&nbsp; 478527 |
| 8.375%, 01/19/36 | 320000 | &nbsp;&nbsp; 329210 |
| Energean Israel Finance Ltd. |  |  |
| 5.875%, 03/30/31 (144A) | 515000 | &nbsp;&nbsp; 498110 |
| 8.500%, 09/30/33 (144A) | 295000 | &nbsp;&nbsp; 315065 |
| EOG Resources, Inc. |  |  |
| 4.400%, 01/15/31 | 40000 | &nbsp;&nbsp; 40156 |
| 5.000%, 07/15/32 | 175000 | &nbsp;&nbsp; 179250 |
| 5.350%, 01/15/36 | 125000 | &nbsp;&nbsp; 128445 |
| 5.650%, 12/01/54 | 85000 | &nbsp;&nbsp; 83135 |
| Hess Corp. |  |  |
| 7.125%, 03/15/33 | 275000 | &nbsp;&nbsp; 318260 |
| Matador Resources Co. |  |  |
| 6.500%, 04/15/32 (144A) | 250000 | &nbsp;&nbsp; 253541 |
| Phillips 66 Co. |  |  |
| 5.875%, 5Y H15 + 2.283%, 03/15/56 (e) | 215000 | &nbsp;&nbsp; 212700 |
| SM Energy Co. |  |  |
| 6.750%, 08/01/29 (144A) | 250000 | &nbsp;&nbsp; 251836 |
| TotalEnergies Capital SA |  |  |
| 5.425%, 09/10/64 | 105000 | &nbsp;&nbsp; 98270 |
| 5.638%, 04/05/64 | 350000 | &nbsp;&nbsp; 338041 |
|  |  | &nbsp;&nbsp; 5778271 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| 6.250%, 10/01/33 (144A) | 120000 | &nbsp;&nbsp; 121439 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.625%, 04/15/29 (144A) | 120000 | &nbsp;&nbsp; 122094 |
| 8.750%, 04/15/30 (144A) (b) | 120000 | &nbsp;&nbsp; 122001 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 9.250%, 04/15/30 (144A) (b) | 250000 | &nbsp;&nbsp; 240000 |
| TriMas Corp. |  |  |
| 4.125%, 04/15/29 (144A) | 155000 | &nbsp;&nbsp; 150735 |
|  |  | &nbsp;&nbsp; 634830 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Cardinal Health, Inc. |  |  |
| 4.500%, 09/15/30 | 640000 | &nbsp;&nbsp; 646063 |
| 5.000%, 11/15/29 | 445000 | &nbsp;&nbsp; 457024 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Cencora, Inc. |  |  |
| 4.850%, 12/15/29 | 430000 | &nbsp;&nbsp; $439540 |
| CVS Health Corp. |  |  |
| 1.750%, 08/21/30 (b) | 110000 | &nbsp;&nbsp; 97704 |
| 1.875%, 02/28/31 | 110000 | &nbsp;&nbsp; 96514 |
| 2.125%, 09/15/31 (b) | 140000 | &nbsp;&nbsp; 122985 |
| 4.300%, 03/25/28 (b) | 330000 | &nbsp;&nbsp; 331093 |
| 5.450%, 09/15/35 | 35000 | &nbsp;&nbsp; 35826 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 6.000%, 12/01/32 (b) | 200000 | &nbsp;&nbsp; 209902 |
| Viatris, Inc. |  |  |
| 3.850%, 06/22/40 | 315000 | &nbsp;&nbsp; 241808 |
| 4.000%, 06/22/50 | 160000 | &nbsp;&nbsp; 106554 |
|  |  | &nbsp;&nbsp; 2785013 |
| **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
| Buckeye Partners LP |  |  |
| 6.750%, 02/01/30 (144A) | 250000 | &nbsp;&nbsp; 262438 |
| Cheniere Energy Partners LP |  |  |
| 5.550%, 10/30/35 (144A) | 470000 | &nbsp;&nbsp; 480518 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 4.999%, 11/17/32 (144A) | 350000 | &nbsp;&nbsp; 349969 |
| 5.097%, 10/01/31 (144A) | 62000 | &nbsp;&nbsp; 63046 |
| 5.681%, 01/15/34 (144A) (b) | 215000 | &nbsp;&nbsp; 221521 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 6.036%, 11/15/33 (144A) (b) | 35000 | &nbsp;&nbsp; 37466 |
| DT Midstream, Inc. |  |  |
| 5.800%, 12/15/34 (144A) | 270000 | &nbsp;&nbsp; 280205 |
| Energy Transfer LP |  |  |
| 5.000%, 05/15/50 | 160000 | &nbsp;&nbsp; 133864 |
| Enterprise Products Operating LLC |  |  |
| 3.300%, 02/15/53 | 85000 | &nbsp;&nbsp; 56758 |
| 4.600%, 01/15/31 | 475000 | &nbsp;&nbsp; 480836 |
| 5.200%, 01/15/36 | 60000 | &nbsp;&nbsp; 61076 |
| 5.550%, 02/16/55 (b) | 180000 | &nbsp;&nbsp; 174439 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.940%, 09/30/40 (144A) | 316229 | &nbsp;&nbsp; 268999 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.853%, 02/23/36 (144A) | 625000 | &nbsp;&nbsp; 653011 |
| Hess Midstream Operations LP |  |  |
| 4.250%, 02/15/30 (144A) (b) | 675000 | &nbsp;&nbsp; 660208 |
| 6.500%, 06/01/29 (144A) | 290000 | &nbsp;&nbsp; 299483 |
| MPLX LP |  |  |
| 4.800%, 02/15/31 | 375000 | &nbsp;&nbsp; 378938 |
| 5.000%, 01/15/33 | 465000 | &nbsp;&nbsp; 466658 |
| 5.400%, 09/15/35 (b) | 175000 | &nbsp;&nbsp; 176302 |
| 5.500%, 06/01/34 | 560000 | &nbsp;&nbsp; 571307 |
| Northriver Midstream Finance LP |  |  |
| 6.750%, 07/15/32 (144A) | 250000 | &nbsp;&nbsp; 254763 |
| ONEOK, Inc. |  |  |
| 4.750%, 10/15/31 | 350000 | &nbsp;&nbsp; 351860 |
| 5.050%, 11/01/34 | 480000 | &nbsp;&nbsp; 475714 |
| 5.400%, 10/15/35 | 195000 | &nbsp;&nbsp; 197025 |
| 6.050%, 09/01/33 | 160000 | &nbsp;&nbsp; 170205 |
| 6.100%, 11/15/32 | 105000 | &nbsp;&nbsp; 112359 |
| 6.625%, 09/01/53 | 30000 | &nbsp;&nbsp; 31419 |

---

*See accompanying notes to financial statements.*

**BHFTII-168**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| ONEOK, Inc. |  |  |
| 7.150%, 01/15/51 | 15000 | &nbsp;&nbsp; $16470 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 5.600%, 01/15/36 | 230000 | &nbsp;&nbsp; 232660 |
| Rockies Express Pipeline LLC |  |  |
| 6.750%, 03/15/33 (144A) | 120000 | &nbsp;&nbsp; 126638 |
| Targa Resources Corp. |  |  |
| 4.900%, 09/15/30 | 115000 | &nbsp;&nbsp; 117172 |
| 5.400%, 07/30/36 | 325000 | &nbsp;&nbsp; 325374 |
| 5.550%, 08/15/35 | 385000 | &nbsp;&nbsp; 394051 |
| 5.650%, 02/15/36 | 215000 | &nbsp;&nbsp; 220847 |
| 6.125%, 03/15/33 | 10000 | &nbsp;&nbsp; 10697 |
| 6.500%, 03/30/34 | 45000 | &nbsp;&nbsp; 49112 |
| Targa Resources Partners LP/Targa Resources Partners Finance <br> Corp.<br>|  |  |
| 4.000%, 01/15/32 | 310000 | &nbsp;&nbsp; 295800 |
| Whistler Pipeline LLC |  |  |
| 5.700%, 09/30/31 (144A) | 205000 | &nbsp;&nbsp; 212750 |
| 5.950%, 09/30/34 (144A) (b) | 115000 | &nbsp;&nbsp; 118918 |
|  |  | &nbsp;&nbsp; 9790876 |
| **Real Estate Investment Trusts — 0.1%** | **Real Estate Investment Trusts — 0.1%** | **Real Estate Investment Trusts — 0.1%** |
| Crown Castle, Inc. |  |  |
| 2.100%, 04/01/31 | 65000 | &nbsp;&nbsp; 57365 |
| 2.250%, 01/15/31 | 530000 | &nbsp;&nbsp; 473401 |
| 3.100%, 11/15/29 | 340000 | &nbsp;&nbsp; 323956 |
| Hudson Pacific Properties LP |  |  |
| 4.650%, 04/01/29 (b) | 130000 | &nbsp;&nbsp; 120167 |
| 5.950%, 02/15/28 | 120000 | &nbsp;&nbsp; 118199 |
| Prologis Targeted U.S. Logistics Fund LP |  |  |
| 4.250%, 01/15/31 (144A) (b) | 140000 | &nbsp;&nbsp; 138966 |
| 4.750%, 01/15/36 (144A) | 405000 | &nbsp;&nbsp; 395583 |
|  |  | &nbsp;&nbsp; 1627637 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| AutoZone, Inc. |  |  |
| 4.750%, 02/01/33 | 60000 | &nbsp;&nbsp; 60128 |
| 5.400%, 07/15/34 | 65000 | &nbsp;&nbsp; 67289 |
| 6.550%, 11/01/33 | 73000 | &nbsp;&nbsp; 81128 |
| Bertrand Franchise Finance SAS |  |  |
| 5.754%, 3M EURIBOR + 3.750%, 07/18/30 (EUR) (e) | 210000 | &nbsp;&nbsp; 245331 |
| CD&R Firefly Bidco PLC |  |  |
| 8.625%, 04/30/29 (GBP) | 170000 | &nbsp;&nbsp; 239759 |
| Specialty Building Products Holdings LLC/SBP Finance Corp. |  |  |
| 7.750%, 10/15/29 (144A) | 160000 | &nbsp;&nbsp; 156109 |
| Staples, Inc. |  |  |
| 10.750%, 09/01/29 (144A) | 143000 | &nbsp;&nbsp; 142168 |
|  |  | &nbsp;&nbsp; 991912 |
| **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** |
| Applied Materials, Inc. |  |  |
| 4.600%, 01/15/36 | 375000 | &nbsp;&nbsp; 369273 |
| Broadcom, Inc. |  |  |
| 4.150%, 02/15/28 | 155000 | &nbsp;&nbsp; 155525 |
| 4.200%, 10/15/30 | 330000 | &nbsp;&nbsp; 329749 |
| 5.050%, 07/12/29 | 140000 | &nbsp;&nbsp; 144141 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors—(Continued)** | **Semiconductors—(Continued)** | **Semiconductors—(Continued)** |
| Broadcom, Inc. |  |  |
| 5.200%, 07/15/35 | 375000 | &nbsp;&nbsp; $384212 |
| Foundry JV Holdco LLC |  |  |
| 5.500%, 01/25/31 (144A) | 200000 | &nbsp;&nbsp; 206439 |
| 5.900%, 01/25/33 (144A) | 225000 | &nbsp;&nbsp; 235428 |
| 6.150%, 01/25/32 (144A) | 900000 | &nbsp;&nbsp; 953719 |
| Intel Corp. |  |  |
| 3.100%, 02/15/60 | 95000 | &nbsp;&nbsp; 53076 |
| 3.250%, 11/15/49 | 377000 | &nbsp;&nbsp; 240843 |
| 3.734%, 12/08/47 | 685000 | &nbsp;&nbsp; 487441 |
| 4.100%, 05/11/47 | 165000 | &nbsp;&nbsp; 124728 |
| 4.150%, 08/05/32 | 125000 | &nbsp;&nbsp; 120531 |
| 4.750%, 03/25/50 | 35000 | &nbsp;&nbsp; 28564 |
| Marvell Technology, Inc. |  |  |
| 2.450%, 04/15/28 | 170000 | &nbsp;&nbsp; 163720 |
| 2.950%, 04/15/31 | 265000 | &nbsp;&nbsp; 245439 |
| Micron Technology, Inc. |  |  |
| 5.650%, 11/01/32 | 345000 | &nbsp;&nbsp; 362645 |
| Qorvo, Inc. |  |  |
| 3.375%, 04/01/31 (144A) | 425000 | &nbsp;&nbsp; 393186 |
| QUALCOMM, Inc. |  |  |
| 4.750%, 05/20/32 | 170000 | &nbsp;&nbsp; 173644 |
|  |  | &nbsp;&nbsp; 5172303 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Open Text Corp. |  |  |
| 3.875%, 12/01/29 (144A) | 340000 | &nbsp;&nbsp; 322670 |
| Oracle Corp. |  |  |
| 3.600%, 04/01/50 | 270000 | &nbsp;&nbsp; 168186 |
| 3.650%, 03/25/41 | 49000 | &nbsp;&nbsp; 35746 |
| 3.850%, 04/01/60 | 395000 | &nbsp;&nbsp; 241364 |
| 3.950%, 03/25/51 | 260000 | &nbsp;&nbsp; 171069 |
| 4.100%, 03/25/61 (b) | 35000 | &nbsp;&nbsp; 22545 |
| 4.700%, 09/27/34 | 295000 | &nbsp;&nbsp; 273549 |
| 4.800%, 09/26/32 | 1035000 | &nbsp;&nbsp; 999212 |
| 4.900%, 02/06/33 | 50000 | &nbsp;&nbsp; 48120 |
| 5.375%, 09/27/54 | 183000 | &nbsp;&nbsp; 148006 |
| 5.500%, 09/27/64 | 115000 | &nbsp;&nbsp; 91776 |
| 5.550%, 02/06/53 | 167000 | &nbsp;&nbsp; 138590 |
| 6.000%, 08/03/55 | 205000 | &nbsp;&nbsp; 180767 |
| Rocket Software, Inc. |  |  |
| 6.500%, 02/15/29 (144A) | 174000 | &nbsp;&nbsp; 170516 |
|  |  | &nbsp;&nbsp; 3012116 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| Altice France SA |  |  |
| 6.500%, 04/15/32 (144A) (b) | 250000 | &nbsp;&nbsp; 239671 |
| EchoStar Corp. |  |  |
| 6.750%, 6.750% PIK, 11/30/30 (b) (j) | 250000 | &nbsp;&nbsp; 256117 |
| Iliad Holding SAS |  |  |
| 6.875%, 04/15/31 (EUR) | 200000 | &nbsp;&nbsp; 250717 |
| Level 3 Financing, Inc. |  |  |
| 7.000%, 03/31/34 (144A) | 120000 | &nbsp;&nbsp; 123669 |
| 8.500%, 01/15/36 (144A) | 45000 | &nbsp;&nbsp; 46079 |
| NTT Finance Corp. |  |  |
| 4.876%, 07/16/30 (144A) (b) | 275000 | &nbsp;&nbsp; 280064 |

---

*See accompanying notes to financial statements.*

**BHFTII-169**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| NTT Finance Corp. |  |  |
| 5.171%, 07/16/32 (144A) | 1355000 | &nbsp;&nbsp; $1390276 |
| T-Mobile USA, Inc. |  |  |
| 2.550%, 02/15/31 | 405000 | &nbsp;&nbsp; 370001 |
| 3.500%, 04/15/31 | 380000 | &nbsp;&nbsp; 363303 |
| 4.700%, 01/15/35 | 90000 | &nbsp;&nbsp; 88424 |
| 5.050%, 07/15/33 | 105000 | &nbsp;&nbsp; 107147 |
| 5.125%, 05/15/32 | 115000 | &nbsp;&nbsp; 118343 |
| 5.750%, 01/15/34 | 115000 | &nbsp;&nbsp; 121833 |
| Verizon Communications, Inc. |  |  |
| 5.875%, 11/30/55 | 130000 | &nbsp;&nbsp; 128440 |
| WULF Compute LLC |  |  |
| 7.750%, 10/15/30 (144A) | 130000 | &nbsp;&nbsp; 133932 |
|  |  | &nbsp;&nbsp; 4018016 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| CSX Corp. |  |  |
| 5.050%, 06/15/35 | 765000 | &nbsp;&nbsp; 778115 |
| Total Corporate Bonds & Notes <br>(Cost $121,144,314) <br>|  | &nbsp;&nbsp; 121026489 |
| **Non-Agency Mortgage-Backed Securities—3.7%** | **Non-Agency Mortgage-Backed Securities—3.7%** | **Non-Agency Mortgage-Backed Securities—3.7%** |
| **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** |
| Angel Oak Mortgage Trust |  |  |
| 0.951%, 07/25/66 (144A) (e) | 457278 | &nbsp;&nbsp; 398928 |
| 0.985%, 04/25/66 (144A) (e) | 196091 | &nbsp;&nbsp; 170880 |
| 0.990%, 04/25/53 (144A) (e) | 98465 | &nbsp;&nbsp; 95161 |
| 1.068%, 05/25/66 (144A) (e) | 374255 | &nbsp;&nbsp; 325268 |
| 1.820%, 11/25/66 (144A) (e) | 342351 | &nbsp;&nbsp; 308195 |
| Arroyo Mortgage Trust |  |  |
| 2.495%, 12/25/56 (144A) (k) | 461181 | &nbsp;&nbsp; 450779 |
| 3.347%, 04/25/49 (144A) (e) | 163372 | &nbsp;&nbsp; 159617 |
| BINOM Securitization Trust |  |  |
| 2.034%, 06/25/56 (144A) (e) | 212052 | &nbsp;&nbsp; 195116 |
| BRAVO Residential Funding Trust |  |  |
| 0.941%, 02/25/49 (144A) (e) | 101955 | &nbsp;&nbsp; 93958 |
| 0.970%, 03/25/60 (144A) (e) | 44968 | &nbsp;&nbsp; 44014 |
| COLT Mortgage Loan Trust |  |  |
| 0.910%, 06/25/66 (144A) (e) | 304530 | &nbsp;&nbsp; 265392 |
| 0.956%, 09/27/66 (144A) (e) | 573883 | &nbsp;&nbsp; 494051 |
| CSMC Trust |  |  |
| 0.938%, 05/25/66 (144A) (e) | 309129 | &nbsp;&nbsp; 263748 |
| 1.179%, 02/25/66 (144A) (e) | 405511 | &nbsp;&nbsp; 364445 |
| 2.265%, 11/25/66 (144A) (e) | 983284 | &nbsp;&nbsp; 901339 |
| 2.841%, 10/25/66 (144A) (e) | 388430 | &nbsp;&nbsp; 351998 |
| 3.250%, 04/25/47 (144A) (e) | 206791 | &nbsp;&nbsp; 191052 |
| 4.150%, 12/27/60 (144A) (e) | 218590 | &nbsp;&nbsp; 217745 |
| Deephaven Residential Mortgage Trust |  |  |
| 0.899%, 04/25/66 (144A) (e) | 130280 | &nbsp;&nbsp; 116830 |
| EFMT |  |  |
| 5.381%, 12/01/70 (144A) (k) | 317769 | &nbsp;&nbsp; 318327 |
| Ellington Financial Mortgage Trust |  |  |
| 0.931%, 06/25/66 (144A) (e) | 142756 | &nbsp;&nbsp; 121519 |
| 2.206%, 01/25/67 (144A) (e) | 443405 | &nbsp;&nbsp; 389691 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| GCAT Trust |  |  |
| 1.091%, 05/25/66 (144A) (e) | 357818 | &nbsp;&nbsp; $315466 |
| 1.262%, 07/25/66 (144A) (e) | 765466 | &nbsp;&nbsp; 651002 |
| 1.915%, 08/25/66 (144A) (e) | 236107 | &nbsp;&nbsp; 220663 |
| 2.885%, 12/27/66 (144A) (e) | 733202 | &nbsp;&nbsp; 689405 |
| Imperial Fund Mortgage Trust |  |  |
| 2.091%, 01/25/57 (144A) (e) | 321004 | &nbsp;&nbsp; 282994 |
| 2.493%, 02/25/67 (144A) (e) | 1164388 | &nbsp;&nbsp; 1073456 |
| 3.638%, 03/25/67 (144A) (k) | 954933 | &nbsp;&nbsp; 910889 |
| Legacy Mortgage Asset Trust |  |  |
| 5.650%, 11/25/60 (144A) (k) | 140358 | &nbsp;&nbsp; 140466 |
| 5.750%, 04/25/61 (144A) (k) | 210195 | &nbsp;&nbsp; 210267 |
| 5.750%, 07/25/61 (144A) (k) | 287374 | &nbsp;&nbsp; 287391 |
| MetLife Securitization Trust |  |  |
| 3.750%, 03/25/57 (144A) (e) | 216805 | &nbsp;&nbsp; 212286 |
| MFA Trust |  |  |
| 1.029%, 11/25/64 (144A) (e) | 196305 | &nbsp;&nbsp; 174135 |
| 1.153%, 04/25/65 (144A) (e) | 116417 | &nbsp;&nbsp; 110156 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 4.250%, 02/25/65 (144A) (e) | 898293 | &nbsp;&nbsp; 879233 |
| New Residential Mortgage Loan Trust |  |  |
| 0.941%, 10/25/58 (144A) (e) | 80719 | &nbsp;&nbsp; 77579 |
| 2.492%, 09/25/59 (144A) (e) | 43877 | &nbsp;&nbsp; 42339 |
| 3.500%, 08/25/59 (144A) (e) | 190785 | &nbsp;&nbsp; 181089 |
| 3.750%, 11/26/35 (144A) (e) | 179847 | &nbsp;&nbsp; 175157 |
| 3.771%, 09/25/57 (144A) (e) | 278298 | &nbsp;&nbsp; 264465 |
| 4.000%, 03/25/57 (144A) (e) | 353494 | &nbsp;&nbsp; 344262 |
| 4.596%, 1M TSFR + 0.864%, 01/25/48 (144A) (e) | 199418 | &nbsp;&nbsp; 195954 |
| 5.010%, 10/26/65 (144A) (e) | 456000 | &nbsp;&nbsp; 456360 |
| 5.365%, 10/26/65 (144A) (k) | 540000 | &nbsp;&nbsp; 540869 |
| NMLT Trust |  |  |
| 1.185%, 05/25/56 (144A) (e) | 559733 | &nbsp;&nbsp; 495038 |
| OBX Trust |  |  |
| 1.072%, 02/25/66 (144A) (e) | 360445 | &nbsp;&nbsp; 317404 |
| Onity Loan Investment Trust |  |  |
| 3.000%, 11/25/38 (144A) (e) | 430769 | &nbsp;&nbsp; 410626 |
| PRET LLC |  |  |
| 5.925%, 10/25/54 (144A) (k) | 146929 | &nbsp;&nbsp; 147019 |
| PRET Trust |  |  |
| 3.850%, 09/25/69 (144A) (k) | 1045302 | &nbsp;&nbsp; 1033551 |
| 4.150%, 04/25/65 (144A) (k) | 625031 | &nbsp;&nbsp; 611952 |
| PRPM LLC |  |  |
| 3.750%, 04/25/55 (144A) (k) | 906129 | &nbsp;&nbsp; 885626 |
| 5.503%, 08/25/30 (144A) (k) | 415263 | &nbsp;&nbsp; 416291 |
| 5.699%, 11/25/29 (144A) (k) | 132906 | &nbsp;&nbsp; 132958 |
| 5.729%, 07/25/30 (144A) (k) | 235316 | &nbsp;&nbsp; 235506 |
| 5.774%, 08/25/28 (144A) (k) | 582244 | &nbsp;&nbsp; 583182 |
| 5.870%, 11/25/29 (144A) (k) | 419786 | &nbsp;&nbsp; 420002 |
| 6.255%, 05/25/30 (144A) (k) | 117002 | &nbsp;&nbsp; 117223 |
| RCO VIII Mortgage LLC |  |  |
| 6.435%, 05/25/30 (144A) (k) | 77952 | &nbsp;&nbsp; 78122 |
| SG Residential Mortgage Trust |  |  |
| 3.166%, 03/27/62 (144A) (e) | 464626 | &nbsp;&nbsp; 436896 |
| STAR Trust |  |  |
| 1.219%, 05/25/65 (144A) (e) | 213812 | &nbsp;&nbsp; 201741 |

---

*See accompanying notes to financial statements.*

**BHFTII-170**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Starwood Mortgage Residential Trust |  |  |
| 0.943%, 05/25/65 (144A) (e) | 60985 | &nbsp;&nbsp; $57987 |
| 1.920%, 11/25/66 (144A) (e) | 572960 | &nbsp;&nbsp; 508832 |
| Towd Point Mortgage Trust |  |  |
| 2.918%, 11/30/60 (144A) (e) | 1089466 | &nbsp;&nbsp; 989491 |
| Verus Securitization Trust |  |  |
| 0.918%, 02/25/64 (144A) (e) | 126664 | &nbsp;&nbsp; 119352 |
| 0.938%, 07/25/66 (144A) (e) | 256360 | &nbsp;&nbsp; 217180 |
| 1.031%, 02/25/66 (144A) (e) | 133921 | &nbsp;&nbsp; 122694 |
| 1.046%, 06/25/66 (144A) (e) | 1103424 | &nbsp;&nbsp; 973453 |
| 2.824%, 11/25/66 (144A) (e) | 379479 | &nbsp;&nbsp; 352005 |
| 2.829%, 10/25/66 (144A) (k) | 949859 | &nbsp;&nbsp; 872553 |
| 4.130%, 02/25/67 (144A) (k) | 139418 | &nbsp;&nbsp; 134224 |
|  |  | &nbsp;&nbsp; 25544844 |
| **Commercial Mortgage-Backed Securities — 1.6%** | **Commercial Mortgage-Backed Securities — 1.6%** | **Commercial Mortgage-Backed Securities — 1.6%** |
| 280 Park Avenue Mortgage Trust |  |  |
| 6.197%, 1M TSFR + 2.419%, 09/15/34 (144A) (e) | 460000 | &nbsp;&nbsp; 454514 |
| AREIT Trust |  |  |
| 5.750%, 1M TSFR + 1.750%, 07/25/43 (144A) (e) | 325000 | &nbsp;&nbsp; 325407 |
| Bank |  |  |
| 0.579%, 11/15/62 (d) (e) | 4452781 | &nbsp;&nbsp; 87823 |
| 0.632%, 11/15/62 (d) (e) | 2205467 | &nbsp;&nbsp; 49025 |
| 0.682%, 12/15/52 (d) (e) | 3578695 | &nbsp;&nbsp; 79924 |
| 0.704%, 11/15/50 (d) (e) | 6603866 | &nbsp;&nbsp; 61020 |
| 0.706%, 11/15/54 (d) (e) | 640273 | &nbsp;&nbsp; 8013 |
| 0.806%, 09/15/62 (d) (e) | 3925741 | &nbsp;&nbsp; 100293 |
| 0.880%, 05/15/62 (d) (e) | 2810457 | &nbsp;&nbsp; 67726 |
| 1.069%, 02/15/56 (d) (e) | 1212840 | &nbsp;&nbsp; 68405 |
| 1.145%, 10/15/57 (d) (e) | 3211849 | &nbsp;&nbsp; 256441 |
| 1.759%, 03/15/63 (d) (e) | 4806691 | &nbsp;&nbsp; 316714 |
| 3.688%, 02/15/61 | 1700000 | &nbsp;&nbsp; 1684860 |
| Bank5 |  |  |
| 1.005%, 12/15/56 (d) (e) | 880923 | &nbsp;&nbsp; 21510 |
| BBCMS Mortgage Trust |  |  |
| 0.970%, 04/15/53 (d) (e) | 1280000 | &nbsp;&nbsp; 49066 |
| 1.128%, 02/15/62 (d) (e) | 1787630 | &nbsp;&nbsp; 146769 |
| 1.441%, 02/15/50 (d) (e) | 4203255 | &nbsp;&nbsp; 38604 |
| 1.624%, 02/15/57 (d) (e) | 2023911 | &nbsp;&nbsp; 187312 |
| Benchmark Mortgage Trust |  |  |
| 0.462%, 07/15/51 (d) (e) | 3679039 | &nbsp;&nbsp; 40956 |
| 0.525%, 01/15/51 (d) (e) | 1553782 | &nbsp;&nbsp; 15348 |
| 1.016%, 08/15/52 (d) (e) | 1765762 | &nbsp;&nbsp; 43866 |
| 1.217%, 03/15/62 (d) (e) | 4990596 | &nbsp;&nbsp; 163018 |
| 1.490%, 01/15/54 (d) (e) | 2320260 | &nbsp;&nbsp; 138734 |
| 1.731%, 07/15/53 (d) (e) | 1073108 | &nbsp;&nbsp; 52774 |
| 3.882%, 02/15/51 (e) | 795000 | &nbsp;&nbsp; 788767 |
| 4.016%, 03/15/52 | 630000 | &nbsp;&nbsp; 620176 |
| BOCA Commercial Mortgage Trust |  |  |
| 5.750%, 1M TSFR + 1.900%, 12/15/42 (144A) (e) | 550000 | &nbsp;&nbsp; 550687 |
| BPR Trust |  |  |
| 5.850%, 11/05/41 (144A) (e) | 220000 | &nbsp;&nbsp; 226206 |
| BSTN Commercial Mortgage Trust |  |  |
| 4.899%, 04/13/41 (144A) (e) | 225000 | &nbsp;&nbsp; 225890 |
| BX Trust |  |  |
| 5.177%, 12/13/42 (144A) (e) | 330000 | &nbsp;&nbsp; 332125 |

---

---

| | | |
|:---|:---|:---|
| **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 Trust |  |  |
| 6.789%, 1M TSFR + 3.039%, 03/15/41 (144A) (e) | 86000 | &nbsp;&nbsp; $86349 |
| COMM Mortgage Trust |  |  |
| 1.144%, 10/15/45 (d) (e) | 68890 | &nbsp;&nbsp; 1329 |
| 2.819%, 01/10/39 (144A) | 205000 | &nbsp;&nbsp; 197862 |
| 3.896%, 01/10/39 (144A) (e) | 210000 | &nbsp;&nbsp; 197642 |
| CSAIL Commercial Mortgage Trust |  |  |
| 1.751%, 01/15/49 (d) (e) | 848001 | &nbsp;&nbsp; 9 |
| DBJPM Mortgage Trust |  |  |
| 1.586%, 09/15/53 (d) (e) | 796097 | &nbsp;&nbsp; 33803 |
| DC Trust |  |  |
| 5.727%, 04/13/40 (144A) (e) | 200000 | &nbsp;&nbsp; 202499 |
| 7.036%, 04/13/40 (144A) (e) | 100000 | &nbsp;&nbsp; 100209 |
| Extended Stay America Trust |  |  |
| 5.350%, 1M TSFR + 1.600%, 10/15/42 (144A) (e) | 105000 | &nbsp;&nbsp; 105164 |
| FS Trust |  |  |
| 5.841%, 1M TSFR + 2.091%, 08/15/39 (144A) (e) | 100000 | &nbsp;&nbsp; 100217 |
| GS Mortgage Securities Corp. II |  |  |
| 5.697%, 03/10/41 (144A) (e) | 615000 | &nbsp;&nbsp; 624290 |
| GS Mortgage Securities Corp. Trust |  |  |
| 2.954%, 11/05/34 (144A) | 1139172 | &nbsp;&nbsp; 1000250 |
| GS Mortgage Securities Trust |  |  |
| Zero Coupon, 07/10/46 (d) (e) | 173149 | &nbsp;&nbsp; 2 |
| 0.105%, 08/10/44 (144A) (d) (e) | 52894 | &nbsp;&nbsp; 38 |
| 4.935%, 04/10/47 (144A) (e) | 421315 | &nbsp;&nbsp; 331162 |
| HIH Trust |  |  |
| 6.091%, 1M TSFR + 2.341%, 10/15/41 (144A) (e) | 192125 | &nbsp;&nbsp; 192602 |
| HTL Commercial Mortgage Trust |  |  |
| 6.555%, 05/10/39 (144A) (e) | 280000 | &nbsp;&nbsp; 284139 |
| 7.088%, 05/10/39 (144A) (e) | 150000 | &nbsp;&nbsp; 152344 |
| INT Commercial Mortgage Trust |  |  |
| 4.879%, 11/05/37 (144A) (e) | 240000 | &nbsp;&nbsp; 240684 |
| 5.169%, 11/05/37 (144A) (e) | 100000 | &nbsp;&nbsp; 99946 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 2.812%, 01/16/37 (144A) | 305000 | &nbsp;&nbsp; 274500 |
| 3.571%, 12/15/47 (144A) (e) | 130000 | &nbsp;&nbsp; 105946 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| 0.335%, 09/15/47 (d) (e) | 179858 | &nbsp;&nbsp; 2 |
| MAD Commercial Mortgage Trust |  |  |
| 5.095%, 10/15/42 (144A) (e) | 630000 | &nbsp;&nbsp; 630250 |
| Morgan Stanley Capital I Trust |  |  |
| 1.288%, 06/15/50 (d) (e) | 1318321 | &nbsp;&nbsp; 16473 |
| 3.912%, 09/09/32 (144A) | 1140000 | &nbsp;&nbsp; 1028466 |
| 4.940%, 07/15/49 (144A) (e) | 265000 | &nbsp;&nbsp; 252931 |
| 5.209%, 10/12/52 (144A) (e) | 13627 | &nbsp;&nbsp; 4066 |
| Natixis Commercial Mortgage Securities Trust |  |  |
| 4.773%, 06/17/38 (144A) (e) | 165000 | &nbsp;&nbsp; 161028 |
| NRTH Commercial Mortgage Trust |  |  |
| 5.393%, 1M TSFR + 1.643%, 10/15/40 (144A) (e) | 75000 | &nbsp;&nbsp; 75023 |
| NYC Commercial Mortgage Trust |  |  |
| 5.442%, 1M TSFR + 1.692%, 02/15/42 (144A) (e) | 840000 | &nbsp;&nbsp; 838432 |
| RFR Trust |  |  |
| 5.670%, 03/11/41 (144A) (e) | 730000 | &nbsp;&nbsp; 746856 |
| SG Commercial Mortgage Securities Trust |  |  |
| 2.632%, 03/15/37 (144A) | 1230000 | &nbsp;&nbsp; 1177740 |

---

*See accompanying notes to financial statements.*

**BHFTII-171**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| SHR Trust |  |  |
| 6.200%, 1M TSFR + 2.450%, 10/15/41 (144A) (e) | 1445000 | &nbsp;&nbsp; $1448574 |
| TEXAS Commercial Mortgage Trust |  |  |
| 5.343%, 1M TSFR + 1.593%, 04/15/42 (144A) (e) | 145000 | &nbsp;&nbsp; 144639 |
| UBS Commercial Mortgage Trust |  |  |
| 1.037%, 08/15/50 (d) (e) | 608958 | &nbsp;&nbsp; 6803 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 2.942%, 10/15/49 | 890000 | &nbsp;&nbsp; 882306 |
| 3.858%, 05/15/48 (e) | 80000 | &nbsp;&nbsp; 74482 |
| WFRBS Commercial Mortgage Trust |  |  |
| 5.000%, 06/15/44 (144A) (e) | 105000 | &nbsp;&nbsp; 91350 |
|  |  | &nbsp;&nbsp; 19112380 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $49,789,214) <br>|  | &nbsp;&nbsp; 44657224 |
| **Asset-Backed Securities—2.7%** | **Asset-Backed Securities—2.7%** | **Asset-Backed Securities—2.7%** |
| **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| 5.580%, 12/20/30 (144A) | 170000 | &nbsp;&nbsp; 175179 |
| Credit Acceptance Auto Loan Trust |  |  |
| 4.680%, 09/15/34 (144A) | 640000 | &nbsp;&nbsp; 643603 |
| Exeter Automobile Receivables Trust |  |  |
| 4.400%, 05/15/30 | 245000 | &nbsp;&nbsp; 246291 |
| GLS Auto Receivables Issuer Trust |  |  |
| 4.890%, 04/16/29 (144A) | 380000 | &nbsp;&nbsp; 382395 |
| GLS Auto Select Receivables Trust |  |  |
| 4.810%, 09/15/31 (144A) | 981000 | &nbsp;&nbsp; 992008 |
| Hertz Vehicle Financing III LLC |  |  |
| 5.130%, 09/25/31 (144A) | 310000 | &nbsp;&nbsp; 314876 |
| Securitized Term Auto Receivables Trust |  |  |
| 4.925%, 12/29/32 (144A) | 373765 | &nbsp;&nbsp; 376980 |
| SFS Auto Receivables Securitization Trust |  |  |
| 5.710%, 01/22/30 (144A) | 245000 | &nbsp;&nbsp; 250894 |
|  |  | &nbsp;&nbsp; 3382226 |
| **Asset-Backed - Other — 2.4%** | **Asset-Backed - Other — 2.4%** | **Asset-Backed - Other — 2.4%** |
| AASET Trust |  |  |
| 3.351%, 01/16/40 (144A) | 40059 | &nbsp;&nbsp; 39779 |
| Affirm Master Trust |  |  |
| 4.670%, 07/15/33 (144A) | 590000 | &nbsp;&nbsp; 593990 |
| Aligned Data Centers Issuer LLC |  |  |
| 6.000%, 08/17/48 (144A) | 545000 | &nbsp;&nbsp; 549012 |
| Benefit Street Partners CLO XXXI Ltd. |  |  |
| 5.608%, 3M TSFR + 1.750%, 04/25/38 (144A) (e) | 575000 | &nbsp;&nbsp; 576634 |
| Blue Owl Asset Leasing Trust LLC |  |  |
| 5.410%, 03/15/30 (144A) | 100000 | &nbsp;&nbsp; 101150 |
| CF Hippolyta Issuer LLC |  |  |
| 1.530%, 03/15/61 (144A) | 93133 | &nbsp;&nbsp; 75179 |
| 1.690%, 07/15/60 (144A) | 221463 | &nbsp;&nbsp; 186336 |
| 1.990%, 07/15/60 (144A) | 237718 | &nbsp;&nbsp; 199310 |
| 5.970%, 08/15/62 (144A) | 140978 | &nbsp;&nbsp; 138681 |
| Commercial Equipment Finance LLC |  |  |
| 4.830%, 05/15/31 (144A) | 664011 | &nbsp;&nbsp; 666736 |
| 5.970%, 07/16/29 (144A) | 185817 | &nbsp;&nbsp; 187820 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Domino's Pizza Master Issuer LLC |  |  |
| 2.662%, 04/25/51 (144A) | 505700 | &nbsp;&nbsp; $480680 |
| 3.668%, 10/25/49 (144A) | 316800 | &nbsp;&nbsp; 304939 |
| 4.328%, 07/25/48 (144A) | 473750 | &nbsp;&nbsp; 472361 |
| Elmwood CLO 23 Ltd. |  |  |
| 5.644%, 3M TSFR + 1.750%, 04/16/36 (144A) (e) | 530000 | &nbsp;&nbsp; 530814 |
| FirstKey Homes Trust |  |  |
| 4.145%, 05/19/39 (144A) | 278595 | &nbsp;&nbsp; 278076 |
| 4.250%, 07/17/39 (144A) | 992464 | &nbsp;&nbsp; 992077 |
| GreenSky Home Improvement Issuer Trust |  |  |
| 5.020%, 06/25/60 (144A) | 100000 | &nbsp;&nbsp; 101460 |
| 5.070%, 06/25/60 (144A) | 180000 | &nbsp;&nbsp; 181823 |
| Knollwood CDO Ltd. |  |  |
| 10.450%, PRIME + 3.200%, 01/10/39 (144A) (e) | 1079718 | &nbsp;&nbsp; 108 |
| Magnetite XXXI Ltd. |  |  |
| 5.356%, 3M TSFR + 1.550%, 07/15/34 (144A) (e) | 430000 | &nbsp;&nbsp; 430000 |
| MF1 Ltd. |  |  |
| 5.481%, 1M TSFR + 1.750%, 02/19/37 (144A) (e) | 685000 | &nbsp;&nbsp; 682499 |
| NMEF Funding LLC |  |  |
| 4.640%, 01/18/33 (144A) | 102000 | &nbsp;&nbsp; 102393 |
| 4.730%, 01/18/33 (144A) | 370000 | &nbsp;&nbsp; 372544 |
| Post Road Equipment Finance LLC |  |  |
| 4.900%, 05/15/31 (144A) | 152012 | &nbsp;&nbsp; 153195 |
| 5.040%, 05/15/31 (144A) | 140000 | &nbsp;&nbsp; 142166 |
| PRET LLC |  |  |
| 5.193%, 10/25/55 (144A) (k) | 1375207 | &nbsp;&nbsp; 1377625 |
| 5.265%, 12/25/55 (144A) (k) (l) (m) | 540000 | &nbsp;&nbsp; 540000 |
| 5.391%, 08/25/55 (144A) (k) | 872219 | &nbsp;&nbsp; 874455 |
| 5.657%, 07/25/55 (144A) (k) | 704016 | &nbsp;&nbsp; 705842 |
| 5.732%, 08/25/55 (144A) (k) | 654155 | &nbsp;&nbsp; 655657 |
| 5.744%, 06/25/55 (144A) (k) | 1062999 | &nbsp;&nbsp; 1067121 |
| 6.779%, 12/25/55 (144A) (k) (l) (m) | 395000 | &nbsp;&nbsp; 394999 |
| Progress Residential Trust |  |  |
| 1.510%, 10/17/38 (144A) | 789021 | &nbsp;&nbsp; 776801 |
| 3.200%, 04/17/39 (144A) | 266459 | &nbsp;&nbsp; 262816 |
| 4.438%, 05/17/41 (144A) | 751552 | &nbsp;&nbsp; 750014 |
| 4.451%, 06/17/39 (144A) | 203197 | &nbsp;&nbsp; 203093 |
| 4.750%, 10/27/39 (144A) | 341703 | &nbsp;&nbsp; 342392 |
| Rad CLO 12 Ltd. |  |  |
| 5.158%, 3M TSFR + 1.320%, 07/30/40 (144A) (e) | 875000 | &nbsp;&nbsp; 877765 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| 5.000%, 09/15/48 (144A) | 845000 | &nbsp;&nbsp; 842365 |
| RR 23 Ltd. |  |  |
| 5.555%, 3M TSFR + 1.650%, 07/15/37 (144A) (e) | 1110000 | &nbsp;&nbsp; 1112845 |
| RR 26 Ltd. |  |  |
| 5.405%, 3M TSFR + 1.500%, 04/15/38 (144A) (e) | 520000 | &nbsp;&nbsp; 520225 |
| Sabey Data Center Issuer LLC |  |  |
| 6.000%, 04/20/49 (144A) | 135000 | &nbsp;&nbsp; 136480 |
| SCF Equipment Leasing LLC |  |  |
| 5.110%, 11/21/33 (144A) | 365000 | &nbsp;&nbsp; 372590 |
| Stack Infrastructure Issuer LLC |  |  |
| 5.900%, 07/25/48 (144A) | 480000 | &nbsp;&nbsp; 482415 |
| 5.900%, 03/25/49 (144A) | 265000 | &nbsp;&nbsp; 268292 |
| Stream Innovations Issuer Trust |  |  |
| 5.050%, 09/15/45 (144A) | 288208 | &nbsp;&nbsp; 291018 |

---

*See accompanying notes to financial statements.*

**BHFTII-172**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Symphony CLO 36 Ltd. |  |  |
| Zero Coupon, 3M TSFR + 1.850%, 01/20/36 (144A) (e) | 260000 | &nbsp;&nbsp; $260000 |
| Taco Bell Funding LLC |  |  |
| 2.294%, 08/25/51 (144A) | 1889347 | &nbsp;&nbsp; 1761324 |
| Texas Debt Capital CLO Ltd. |  |  |
| 5.534%, 3M TSFR + 1.650%, 07/20/38 (144A) (e) | 635000 | &nbsp;&nbsp; 637758 |
| Tricon Residential Trust |  |  |
| 4.850%, 1M TSFR + 1.100%, 03/17/42 (144A) (e) | 476749 | &nbsp;&nbsp; 477127 |
| VB-S1 Issuer LLC |  |  |
| 5.590%, 05/15/54 (144A) | 550000 | &nbsp;&nbsp; 554404 |
| Venture 42 CLO Ltd. |  |  |
| 5.296%, 3M TSFR + 1.392%, 04/15/34 (144A) (e) | 1300000 | &nbsp;&nbsp; 1300576 |
| Wendy's Funding LLC |  |  |
| 2.775%, 06/15/51 (144A) | 1351314 | &nbsp;&nbsp; 1204979 |
| 3.884%, 03/15/48 (144A) | 400080 | &nbsp;&nbsp; 393239 |
| Wingstop Funding LLC |  |  |
| 2.841%, 12/05/50 (144A) | 315200 | &nbsp;&nbsp; 305381 |
| 5.858%, 12/05/54 (144A) | 235000 | &nbsp;&nbsp; 241460 |
| Zayo Issuer LLC |  |  |
| 5.648%, 03/20/55 (144A) | 630000 | &nbsp;&nbsp; 640760 |
|  |  | &nbsp;&nbsp; 29171580 |
| **Asset-Backed - Student Loan — 0.0%** | **Asset-Backed - Student Loan — 0.0%** | **Asset-Backed - Student Loan — 0.0%** |
| Navient Private Education Refi Loan Trust |  |  |
| 1.110%, 02/18/70 (144A) | 317950 | &nbsp;&nbsp; 283459 |
| Total Asset-Backed Securities <br>(Cost $33,325,928) <br>|  | &nbsp;&nbsp; 32837265 |
| **Foreign Government—0.6%** | **Foreign Government—0.6%** | **Foreign Government—0.6%** |
| **Sovereign — 0.6%** | **Sovereign — 0.6%** | **Sovereign — 0.6%** |
| Colombia Government International Bonds |  |  |
| 7.500%, 02/02/34 | 320000 | &nbsp;&nbsp; 333440 |
| Israel Government International Bonds |  |  |
| 2.750%, 07/03/30 | 200000 | &nbsp;&nbsp; 186117 |
| 5.375%, 02/19/30 | 440000 | &nbsp;&nbsp; 455100 |
| Mexico Government International Bonds |  |  |
| 3.500%, 02/12/34 | 200000 | &nbsp;&nbsp; 172900 |
| 5.375%, 03/22/33 | 1660000 | &nbsp;&nbsp; 1645060 |
| 5.625%, 09/22/35 | 200000 | &nbsp;&nbsp; 197200 |
| 6.625%, 01/29/38 | 450000 | &nbsp;&nbsp; 469575 |
| 6.875%, 05/13/37 | 505000 | &nbsp;&nbsp; 538835 |
| 7.375%, 05/13/55 | 465000 | &nbsp;&nbsp; 500805 |
| North Macedonia Government International Bonds |  |  |
| 3.675%, 06/03/26 (144A) (EUR) | 515000 | &nbsp;&nbsp; 605543 |
| Panama Government International Bonds |  |  |
| 2.252%, 09/29/32 | 240000 | &nbsp;&nbsp; 198264 |
| Peru Government International Bonds |  |  |
| 5.875%, 08/08/54 | 235000 | &nbsp;&nbsp; 232544 |
| Romania Government International Bonds |  |  |
| 2.625%, 12/02/40 (144A) (EUR) | 635000 | &nbsp;&nbsp; 491502 |
| 2.750%, 04/14/41 (EUR) | 1310000 | &nbsp;&nbsp; 1019147 |
| 5.750%, 03/24/35 (144A) | 54000 | &nbsp;&nbsp; 53504 |
| 6.375%, 01/30/34 (144A) | 276000 | &nbsp;&nbsp; 287048 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| State of Israel |  |  |
| 3.800%, 05/13/60 | 400000 | &nbsp;&nbsp; $269332 |
| Total Foreign Government <br>(Cost $7,707,955) <br>|  | &nbsp;&nbsp; 7655916 |
| **Municipals—0.2%** | **Municipals—0.2%** | **Municipals—0.2%** |
| Chicago Board of Education, General Obligation Unlimited |  |  |
| 6.138%, 12/01/39 | 325000 | &nbsp;&nbsp; 305767 |
| 6.319%, 11/01/29 | 315000 | &nbsp;&nbsp; 314147 |
| Metropolitan Transportation Authority |  |  |
| 5.175%, 11/15/49 | 55000 | &nbsp;&nbsp; 50781 |
| New York Transportation Development Corp. |  |  |
| 4.248%, 09/01/35 | 720000 | &nbsp;&nbsp; 711367 |
| Philadelphia Authority for Industrial Development |  |  |
| 6.550%, 10/15/28 | 1235000 | &nbsp;&nbsp; 1313136 |
| Total Municipals <br>(Cost $2,788,503) <br>|  | &nbsp;&nbsp; 2695198 |
| **Floating Rate Loan (n)—0.0%** | **Floating Rate Loan (n)—0.0%** | **Floating Rate Loan (n)—0.0%** |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Paragon Offshore Finance Co. |  |  |
| Term Loan B, 07/18/26 (l) (m) (o) <br>(Cost $40)<br>| 40 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.3%** | **Short-Term Investments—1.3%** | **Short-Term Investments—1.3%** |
| **Repurchase Agreement—1.3%** | **Repurchase Agreement—1.3%** | **Repurchase Agreement—1.3%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $15,643,006; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $15,953,670<br>| 15640833 | &nbsp;&nbsp; 15640833 |
| Total Short-Term Investments <br>(Cost $15,640,833) <br>|  | &nbsp;&nbsp; 15640833 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (p)—0.6%** | **Securities Lending Reinvestments (p)—0.6%** | **Securities Lending Reinvestments (p)—0.6%** |
| **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (q)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (q)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (q)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $1,000,212; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% - <br> 4.375%, maturity dates ranging from 06/30/31 - 05/15/34, <br> and an aggregate market value of $1,020,001<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-173**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (p)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $1,444,234; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $1,473,118<br>| 1443926 | &nbsp;&nbsp; $1443926 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $1,021,453; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $1,040,125<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $1,000,217; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,234<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $57,562; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $58,701<br>| 57550 | &nbsp;&nbsp; 57550 |
|  |  | &nbsp;&nbsp; 4501476 |
| Total Securities Lending Reinvestments <br>(Cost $7,501,476) <br>|  | &nbsp;&nbsp; 7501476 |
| Total Investments—105.4% <br>(Cost $1,164,351,270) <br>|  | &nbsp;&nbsp; 1269926973 |
| Other assets and liabilities (net)—(5.4)%  |  | &nbsp;&nbsp; (65169061)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1204757912 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $34,802,535 and the collateral received consisted of cash in the amount of $7,501,476 and non-cash collateral with a value of $28,812,500. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is 

---

| | |
|:---|:---|
|  | excluded from the Statement of Assets and Liabilities. |
| (c) | Principal only security. |
| (d) | Interest only security. |
| (e) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (g) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of December 31, 2025, the market value of securities pledged was $1,882,696.<br>|
| (h) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> December 31, 2025, the market value of securities pledged was $2,019,960.<br>|
| (i) | Principal amount of security is adjusted for inflation. |
| (j) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (k) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (l) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of December 31, 2025, these securities represent 0.1% of net assets.<br>|
| (m) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (n) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or <br> permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (o) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (p) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (q) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $115,940,982, which is 9.6% of net assets.<br>|

---

**TBA Forward Sale Commitments** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Interest** <br>**Rate**<br>| **Maturity** | **Face** <br> **Amount**<br>| **Cost** | **Value** |
| Government National Mortgage Association, TBA | 3.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; $(275000)<br>| &nbsp;&nbsp; $(246093)<br>| &nbsp;&nbsp; $(247060)<br>|
| Government National Mortgage Association, TBA | 3.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (1455000)<br>| &nbsp;&nbsp; (1328256)<br>| &nbsp;&nbsp; (1323879)<br>|
| Government National Mortgage Association, TBA | 4.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (525000)<br>| &nbsp;&nbsp; (492356)<br>| &nbsp;&nbsp; (495858)<br>|
| Government National Mortgage Association, TBA | 4.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (1790000)<br>| &nbsp;&nbsp; (1745115)<br>| &nbsp;&nbsp; (1743292)<br>|
| Uniform Mortgage-Backed Security, TBA | 2.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (5444000)<br>| &nbsp;&nbsp; (4377198)<br>| &nbsp;&nbsp; (4399411)<br>|
| Uniform Mortgage-Backed Security, TBA | 2.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (6325000)<br>| &nbsp;&nbsp; (5360826)<br>| &nbsp;&nbsp; (5346108)<br>|
| Uniform Mortgage-Backed Security, TBA | 3.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (1029000)<br>| &nbsp;&nbsp; (930438)<br>| &nbsp;&nbsp; (933255)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (430000)<br>| &nbsp;&nbsp; (338437)<br>| &nbsp;&nbsp; (340222)<br>|
| Uniform Mortgage-Backed Security, TBA | 5.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (2240000)<br>| &nbsp;&nbsp; (2223462)<br>| &nbsp;&nbsp; (2233700)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-174**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Interest**<br> **Rate**<br>| **Maturity** | **Face** <br> **Amount**<br>| **Cost** | **Value** |
| Uniform Mortgage-Backed Security, TBA | 6.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; $(1045000)<br>| &nbsp;&nbsp; $(1082718)<br>| &nbsp;&nbsp; $(1086006)<br>|
| Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(18124899)<br>| &nbsp;&nbsp; $(18148791)<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1659066060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $708156031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 <br>,670706432<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $805670847 |

---

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $201,495 in purchases of investments, which are included above.

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1598957227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1602996391 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(2435760)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2435760)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (5065716)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5065716)<br>|
| Total Borrowings | &nbsp;&nbsp; $(7501476)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7501476)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(7501476)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| EUR | &nbsp;&nbsp; 131000 | SSBT | 03/18/26 | USD | 154051 | &nbsp;&nbsp; $419 |
| EUR | &nbsp;&nbsp; 100000 | WFB | 03/18/26 | USD | 118265 | &nbsp;&nbsp; (349)<br>|
| EUR | &nbsp;&nbsp; 100000 | WFB | 03/18/26 | USD | 117930 | &nbsp;&nbsp; (14)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |
| EUR | &nbsp;&nbsp; 1189000<br> DBAG | 01/30/26 | USD | 1397989 | &nbsp;&nbsp; (980)<br>|
| EUR | &nbsp;&nbsp; 3041000<br> DBAG | 03/18/26 | USD | 3575034 | &nbsp;&nbsp; (10799)<br>|
| GBP | &nbsp;&nbsp; 509000<br> DBAG | 01/30/26 | USD | 682777 | &nbsp;&nbsp; (3307)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(15030)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-175**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 258 | AUD | 28246887 | &nbsp;&nbsp; $80035 |
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 9 | EUR | 991080 | &nbsp;&nbsp; (19704)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 84 | USD | 17538281 | &nbsp;&nbsp; (10607)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 315 | USD | 34430977 | &nbsp;&nbsp; (9813)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 91 | USD | 10466422 | &nbsp;&nbsp; (60910)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 79 | USD | 9322000 | &nbsp;&nbsp; (175719)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; (95)<br>| EUR | (12119150)<br>| &nbsp;&nbsp; 88642 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; (67)<br>| GBP | (6121790)<br>| &nbsp;&nbsp; (19733)<br>|
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (28)<br>| USD | (3236625)<br>| &nbsp;&nbsp; 44691 |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; (136)<br>| USD | (15291500)<br>| &nbsp;&nbsp; 104478 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $21360 |

---

**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 | $342691 | $16993 | $325698 |
| Receive | 12M SOFR | Annually | 2.970<br> %<br>| Annually | 03/17/53 | USD | 2325000 | 460595 | 4339 | 456256 |
| Receive | 12M SOFR | Annually | 3.250<br> %<br>| Annually | 06/23/53 | USD | 860000 | 131454 | (8109)<br>| 139563 |
| Receive | 12M SOFR | Annually | 3.590<br> %<br>| Annually | 09/22/53 | USD | 2955000 | 286860 | 12201 | 274659 |
| Receive | 12M SOFR | Annually | 3.704<br> %<br>| Annually | 05/31/29 | USD | 3275000 | (35399)<br>|  | (35399)<br>|
| Receive | 12M SOFR | Annually | 4.160<br> %<br>| Annually | 03/20/45 | USD | 8460000 | (6770)<br>| (15904)<br>| 9134 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1179431 | $9520 | $1169911 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $419 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $15449 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 1205310 | Unrealized depreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 35399 |
|  | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 317846 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 296486 |
| Total |  | &nbsp;&nbsp; $1523575 |  | &nbsp;&nbsp; $347334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

*See accompanying notes to financial statements.*

**BHFTII-176**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| State Street Bank and Trust | &nbsp;&nbsp; $419 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $419 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Deutsche Bank AG | &nbsp;&nbsp; $15086 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15086 |
| Wells Fargo Bank, NA | &nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
|  | &nbsp;&nbsp; $15449 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15449 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $(16229)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(16229)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (664245)<br>| &nbsp;&nbsp;&nbsp; (664245)<br>|
| Futures contracts | &nbsp;&nbsp; (1190578)<br>| &nbsp;&nbsp;&nbsp; 149139 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1041439)<br>|
| Swap contracts | &nbsp;&nbsp; 90944 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 90944 |
|  | &nbsp;&nbsp; $(1115863)<br>| &nbsp;&nbsp;&nbsp; $149139 | &nbsp;&nbsp;&nbsp; $(664245)<br>| &nbsp;&nbsp;&nbsp; $(1630969)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(185425)<br>| &nbsp;&nbsp;&nbsp; $(185425)<br>|
| Futures contracts | &nbsp;&nbsp; 120803 | &nbsp;&nbsp;&nbsp; 22762 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 143565 |
| Swap contracts | &nbsp;&nbsp; 155978 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 155978 |
|  | &nbsp;&nbsp; $276781 | &nbsp;&nbsp;&nbsp; $22762 | &nbsp;&nbsp;&nbsp; $(185425)<br>| &nbsp;&nbsp;&nbsp; $114118 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $2100000 |
| Forward foreign currency transactions | &nbsp;&nbsp; 8541428 |
| Futures contracts long | &nbsp;&nbsp; 70815088 |
| Futures contracts short | &nbsp;&nbsp; (67093002)<br>|
| Swap contracts | &nbsp;&nbsp; 19891250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

*See accompanying notes to financial statements.*

**BHFTII-177**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $730827944 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $730827944 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 183181018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 183181018 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 123903610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 123903610 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 121026489 | &nbsp;&nbsp; — | &nbsp;&nbsp; 121026489 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 44657224 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44657224 |
| Asset-Backed Securities |  |  |  |  |
| Asset-Backed - Automobile | &nbsp;&nbsp; — | &nbsp;&nbsp; 3382226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3382226 |
| Asset-Backed - Other | &nbsp;&nbsp; — | &nbsp;&nbsp; 28236581 | &nbsp;&nbsp; 934999 | &nbsp;&nbsp; 29171580 |
| Asset-Backed - Student Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 283459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 283459 |
| Total Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 31902266 | &nbsp;&nbsp; 934999 | &nbsp;&nbsp; 32837265 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 7655916 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7655916 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2695198 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2695198 |
| Total Floating Rate Loans\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15640833 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15640833 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 4501476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4501476 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 4501476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7501476 |
| Total Investments | &nbsp;&nbsp; $733827944 | &nbsp;&nbsp; $535164030 | &nbsp;&nbsp; $934999 | &nbsp;&nbsp; $1269926973 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7501476)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7501476)<br>|
| TBA Forward Sale Commitments (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18148791)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18148791)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $419 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $419 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (15449)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15449)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15030)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15030)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $317846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317846 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (296486)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (296486)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $21360 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21360 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1205310 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1205310 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (35399)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (35399)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1169911 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1169911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-178**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1269926973 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 1076111 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 419 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 126588 |
| TBA securities sold (d) | &nbsp;&nbsp; 31099321 |
| Fund shares sold | &nbsp;&nbsp; 32908 |
| Principal paydowns | &nbsp;&nbsp; 49 |
| Dividends and interest | &nbsp;&nbsp; 4136468 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 55865 |
| Prepaid expenses | &nbsp;&nbsp; 4173 |
| Total Assets | &nbsp;&nbsp; 1306458875 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 126347 |
| Due to Broker | &nbsp;&nbsp; 241 |
| TBA Forward sale commitments, at value | &nbsp;&nbsp; 18148791 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 15449 |
| Collateral for securities loaned | &nbsp;&nbsp; 7501476 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1005707 |
| TBA securities purchased (d) | &nbsp;&nbsp; 72540442 |
| Fund shares redeemed | &nbsp;&nbsp; 1080582 |
| Variation margin on futures contracts | &nbsp;&nbsp; 53167 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 447105 |
| Distribution and service fees | &nbsp;&nbsp; 12683 |
| Deferred trustees' fees | &nbsp;&nbsp; 241755 |
| Other expenses | &nbsp;&nbsp; 527218 |
| Total Liabilities | &nbsp;&nbsp; 101700963 |
| **Net Assets**  | &nbsp;&nbsp; $1204757912 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $985350302 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 219407610 |
| **Net Assets**  | &nbsp;&nbsp; $1204757912 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1137408128 |
| Class B | &nbsp;&nbsp; 47288110 |
| Class E | &nbsp;&nbsp; 20061674 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 59982144 |
| Class B | &nbsp;&nbsp; 2521815 |
| Class E | &nbsp;&nbsp; 1061826 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $18.96 |
| Class B | 18.75 |
| Class E | 18.89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,164,351,270.

(b) Includes securities loaned at value of $34,802,535.

(c) Identified cost of cash denominated in foreign currencies was $1,074,463.

(d) Included within TBA securities sold is $19,857,124 related to TBA forward sale commitments and included within TBA securities purchased is $1,732,225 related to TBA forward sale commitments. 

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $6938462 |
| Interest | &nbsp;&nbsp; 20569390 |
| Securities lending income | &nbsp;&nbsp; 69390 |
| Total investment income | &nbsp;&nbsp; 27577242 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5459784 |
| Administration fees | &nbsp;&nbsp; 78369 |
| Custodian and accounting fees | &nbsp;&nbsp; 188961 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 118459 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 30092 |
| Audit and tax services | &nbsp;&nbsp; 98982 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 93637 |
| Insurance | &nbsp;&nbsp; 10071 |
| Miscellaneous | &nbsp;&nbsp; 26578 |
| Total expenses | &nbsp;&nbsp; 6215518 |
| Less management fee waiver | &nbsp;&nbsp; (318997)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (4226)<br>|
| Net expenses | &nbsp;&nbsp; 5892295 |
| **Net Investment Income** | &nbsp;&nbsp; 21684947 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 98692039 |
| Purchased options | &nbsp;&nbsp; (16229)<br>|
| Futures contracts | &nbsp;&nbsp; (1041439)<br>|
| Swap contracts | &nbsp;&nbsp; 90944 |
| Foreign currency transactions | &nbsp;&nbsp; 125604 |
| Forward foreign currency transactions | &nbsp;&nbsp; (664245)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 97186674 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 21602514 |
| Futures contracts | &nbsp;&nbsp; 143565 |
| Swap contracts | &nbsp;&nbsp; 155978 |
| Foreign currency transactions | &nbsp;&nbsp; 17576 |
| Forward foreign currency transactions | &nbsp;&nbsp; (185425)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21734208 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 118920882 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $140605829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $27,283.

*See accompanying notes to financial statements.*

**BHFTII-179**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $21684947 | &nbsp;&nbsp; $22616342 |
| Net realized gain (loss) | &nbsp;&nbsp; 97186674 | &nbsp;&nbsp; 135747022 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21734208 | &nbsp;&nbsp; (4196991)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 140605829 | &nbsp;&nbsp; 154166373 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (148760584)<br>| &nbsp;&nbsp; (56610273)<br>|
| Class B | &nbsp;&nbsp; (6374619)<br>| &nbsp;&nbsp; (2393952)<br>|
| Class E | &nbsp;&nbsp; (2662775)<br>| &nbsp;&nbsp; (1104022)<br>|
| **Total distributions** | &nbsp;&nbsp; (157797978)<br>| &nbsp;&nbsp; (60108247)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 33105891 | &nbsp;&nbsp; (68316721)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 15913742 | &nbsp;&nbsp; 25741405 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1188844170 | &nbsp;&nbsp; 1163102765 |
| End of period | &nbsp;&nbsp; $1204757912 | &nbsp;&nbsp; $1188844170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 576911 | &nbsp;&nbsp; $10834503 | &nbsp;&nbsp; 738482 | &nbsp;&nbsp; $14084342 |
| Reinvestments | &nbsp;&nbsp; 8643846 | &nbsp;&nbsp; 148760584 | &nbsp;&nbsp; 3041928 | &nbsp;&nbsp; 56610273 |
| Redemptions | &nbsp;&nbsp; (6731288)<br>| &nbsp;&nbsp; (126028942)<br>| &nbsp;&nbsp; (6877809)<br>| &nbsp;&nbsp; (130686717)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2489469 | &nbsp;&nbsp; $33566145 | &nbsp;&nbsp; (3097399)<br>| &nbsp;&nbsp; $(59992102)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 115385 | &nbsp;&nbsp; $2161342 | &nbsp;&nbsp; 129138 | &nbsp;&nbsp; $2420789 |
| Reinvestments | &nbsp;&nbsp; 374097 | &nbsp;&nbsp; 6374619 | &nbsp;&nbsp; 129753 | &nbsp;&nbsp; 2393952 |
| Redemptions | &nbsp;&nbsp; (481474)<br>| &nbsp;&nbsp; (8884874)<br>| &nbsp;&nbsp; (489678)<br>| &nbsp;&nbsp; (9209942)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 8008 | &nbsp;&nbsp; $(348913)<br>| &nbsp;&nbsp; (230787)<br>| &nbsp;&nbsp; $(4395201)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 11259 | &nbsp;&nbsp; $215522 | &nbsp;&nbsp; 33359 | &nbsp;&nbsp; $632386 |
| Reinvestments | &nbsp;&nbsp; 155173 | &nbsp;&nbsp; 2662775 | &nbsp;&nbsp; 59484 | &nbsp;&nbsp; 1104022 |
| Redemptions | &nbsp;&nbsp; (160306)<br>| &nbsp;&nbsp; (2989638)<br>| &nbsp;&nbsp; (300017)<br>| &nbsp;&nbsp; (5665826)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 6126 | &nbsp;&nbsp; $(111341)<br>| &nbsp;&nbsp; (207174)<br>| &nbsp;&nbsp; $(3929418)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $33105891 |  | &nbsp;&nbsp; $(68316721)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-180**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.48 | &nbsp;&nbsp; $18.01 | &nbsp;&nbsp; $15.70 | &nbsp;&nbsp; $22.57 | &nbsp;&nbsp; $22.09 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Total income (loss) from investment operations | 2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp; (3.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.43)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.02)<br>|
| Total distributions | &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.96 | &nbsp;&nbsp; $19.48 | &nbsp;&nbsp; $18.01 | &nbsp;&nbsp; $15.70 | &nbsp;&nbsp; $22.57 |
| **Total Return (%)** (b) | 12.67 | &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp; (17.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.02 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Ratio of net investment income (loss) to average net assets (%) | 1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 194 <br>(e)<br>| &nbsp;&nbsp; 197 <br>(e)<br>| &nbsp;&nbsp; 211 <br>(e)<br>| &nbsp;&nbsp; 214 <br>(e)<br>| &nbsp;&nbsp; 250 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1137.4 | &nbsp;&nbsp; $1119.9 | &nbsp;&nbsp; $1091.4 | &nbsp;&nbsp; $1018.8 | &nbsp;&nbsp; $1344.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.29 | &nbsp;&nbsp; $17.85 | &nbsp;&nbsp; $15.55 | &nbsp;&nbsp; $22.37 | &nbsp;&nbsp; $21.92 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Total income (loss) from investment operations | 2.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.85 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.38)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.02)<br>|
| Total distributions | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp; (2.40)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.75 | &nbsp;&nbsp; $19.29 | &nbsp;&nbsp; $17.85 | &nbsp;&nbsp; $15.55 | &nbsp;&nbsp; $22.37 |
| **Total Return (%)** (b) | 12.38 | &nbsp;&nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;&nbsp;&nbsp;17.88 | &nbsp;&nbsp; (17.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.73 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Ratio of net investment income (loss) to average net assets (%) | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 194 <br>(e)<br>| &nbsp;&nbsp; 197 <br>(e)<br>| &nbsp;&nbsp; 211 <br>(e)<br>| &nbsp;&nbsp; 214 <br>(e)<br>| &nbsp;&nbsp; 250 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $47.3 | &nbsp;&nbsp; $48.5 | &nbsp;&nbsp; $49.0 | &nbsp;&nbsp; $46.6 | &nbsp;&nbsp; $67.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-181**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.41 | &nbsp;&nbsp; $17.95 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $22.50 | &nbsp;&nbsp; $22.03 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.65 |
| Total income (loss) from investment operations | 2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.40)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.02)<br>|
| Total distributions | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (2.42)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.89 | &nbsp;&nbsp; $19.41 | &nbsp;&nbsp; $17.95 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $22.50 |
| **Total Return (%)** (b) | 12.51 | &nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp;17.98 | &nbsp;&nbsp; (17.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.86 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Ratio of net investment income (loss) to average net assets (%) | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 194 <br>(e)<br>| &nbsp;&nbsp; 197 <br>(e)<br>| &nbsp;&nbsp; 211 <br>(e)<br>| &nbsp;&nbsp; 214 <br>(e)<br>| &nbsp;&nbsp; 250 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $20.1 | &nbsp;&nbsp; $20.5 | &nbsp;&nbsp; $22.7 | &nbsp;&nbsp; $22.2 | &nbsp;&nbsp; $30.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for each of the years ended December 31, 2025 through 2021 (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 66%, 64%, 60%, 57%, and 62% for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTII-182**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—98.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
| Lockheed Martin Corp.  | 58012 | &nbsp;&nbsp; $28058664 |
| Northrop Grumman Corp.  | 110553 | &nbsp;&nbsp; 63038426 |
|  |  | &nbsp;&nbsp; 91097090 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| Wells Fargo & Co.  | 665001 | &nbsp;&nbsp; 61978093 |
| **Beverages — 3.3%** | **Beverages — 3.3%** | **Beverages — 3.3%** |
| Coca-Cola Co.  | 700738 | &nbsp;&nbsp; 48988594 |
| Diageo PLC | 574968 | &nbsp;&nbsp; 12385214 |
| PepsiCo, Inc.  | 228090 | &nbsp;&nbsp; 32735477 |
|  |  | &nbsp;&nbsp; 94109285 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Trane Technologies PLC | 90220 | &nbsp;&nbsp; 35113624 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| S&P Global, Inc.  | 117910 | &nbsp;&nbsp; 61618587 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| Linde PLC | 149185 | &nbsp;&nbsp; 63610992 |
| **Consumer Finance — 3.4%** | **Consumer Finance — 3.4%** | **Consumer Finance — 3.4%** |
| American Express Co.  | 260167 | &nbsp;&nbsp; 96248782 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Kroger Co.  | 471677 | &nbsp;&nbsp; 29470379 |
| Walmart, Inc.  | 130121 | &nbsp;&nbsp; 14496781 |
|  |  | &nbsp;&nbsp; 43967160 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| AMETEK, Inc.  | 139315 | &nbsp;&nbsp; 28602763 |
| **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
| Amphenol Corp. - Class A | 171757 | &nbsp;&nbsp; 23211241 |
| **Financial Services — 6.7%** | **Financial Services — 6.7%** | **Financial Services — 6.7%** |
| Mastercard, Inc. - Class A | 176744 | &nbsp;&nbsp; 100899614 |
| Visa, Inc. - Class A | 252718 | &nbsp;&nbsp; 88630730 |
|  |  | &nbsp;&nbsp; 189530344 |
| **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** |
| Canadian National Railway Co. (a) | 452987 | &nbsp;&nbsp; 44802000 |
| **Health Care Equipment & Supplies — 3.9%** | **Health Care Equipment & Supplies — 3.9%** | **Health Care Equipment & Supplies — 3.9%** |
| Abbott Laboratories | 373988 | &nbsp;&nbsp; 46856957 |
| Stryker Corp.  | 177939 | &nbsp;&nbsp; 62540220 |
|  |  | &nbsp;&nbsp; 109397177 |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |
| Elevance Health, Inc.  | 121719 | &nbsp;&nbsp; 42668595 |
| **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** |
| Marriott International, Inc. - Class A | 126630 | &nbsp;&nbsp; 39285691 |
| McDonald's Corp.  | 210576 | &nbsp;&nbsp; 64358343 |
|  |  | &nbsp;&nbsp; 103644034 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Household Products — 2.9%** | **Household Products — 2.9%** | **Household Products — 2.9%** |
| Colgate-Palmolive Co.  | 360672 | &nbsp;&nbsp; $28500301 |
| Procter & Gamble Co.  | 363906 | &nbsp;&nbsp; 52151369 |
|  |  | &nbsp;&nbsp; 80651670 |
| **Industrial Conglomerates — 2.2%** | **Industrial Conglomerates — 2.2%** | **Industrial Conglomerates — 2.2%** |
| Honeywell International, Inc.  | 320962 | &nbsp;&nbsp; 62616477 |
| **Insurance — 4.5%** | **Insurance — 4.5%** | **Insurance — 4.5%** |
| Chubb Ltd. (a) | 230013 | &nbsp;&nbsp; 71791657 |
| Marsh & McLennan Cos., Inc.  | 294915 | &nbsp;&nbsp; 54712631 |
|  |  | &nbsp;&nbsp; 126504288 |
| **Interactive Media & Services — 3.9%** | **Interactive Media & Services — 3.9%** | **Interactive Media & Services — 3.9%** |
| Alphabet, Inc. - Class A | 352890 | &nbsp;&nbsp; 110454570 |
| **IT Services — 2.0%** | **IT Services — 2.0%** | **IT Services — 2.0%** |
| Accenture PLC - Class A | 206711 | &nbsp;&nbsp; 55460561 |
| **Life Sciences Tools & Services — 2.4%** | **Life Sciences Tools & Services — 2.4%** | **Life Sciences Tools & Services — 2.4%** |
| Danaher Corp.  | 300853 | &nbsp;&nbsp; 68871269 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| Caterpillar, Inc.  | 91639 | &nbsp;&nbsp; 52497234 |
| Deere & Co.  | 57265 | &nbsp;&nbsp; 26660866 |
|  |  | &nbsp;&nbsp; 79158100 |
| **Pharmaceuticals — 9.3%** | **Pharmaceuticals — 9.3%** | **Pharmaceuticals — 9.3%** |
| Eli Lilly & Co.  | 117150 | &nbsp;&nbsp; 125898762 |
| Johnson & Johnson | 244728 | &nbsp;&nbsp; 50646459 |
| Merck & Co., Inc.  | 475468 | &nbsp;&nbsp; 50047762 |
| Zoetis, Inc.  | 276878 | &nbsp;&nbsp; 34836790 |
|  |  | &nbsp;&nbsp; 261429773 |
| **Professional Services — 1.9%** | **Professional Services — 1.9%** | **Professional Services — 1.9%** |
| Automatic Data Processing, Inc.  | 205703 | &nbsp;&nbsp; 52912983 |
| **Semiconductors & Semiconductor Equipment — 10.3%** | **Semiconductors & Semiconductor Equipment — 10.3%** | **Semiconductors & Semiconductor Equipment — 10.3%** |
| Broadcom, Inc.  | 427496 | &nbsp;&nbsp; 147956365 |
| QUALCOMM, Inc.  | 374343 | &nbsp;&nbsp; 64031370 |
| Texas Instruments, Inc.  | 446434 | &nbsp;&nbsp; 77451835 |
|  |  | &nbsp;&nbsp; 289439570 |
| **Software — 6.5%** | **Software — 6.5%** | **Software — 6.5%** |
| Intuit, Inc.  | 82173 | &nbsp;&nbsp; 54433039 |
| Microsoft Corp.  | 264182 | &nbsp;&nbsp; 127763699 |
|  |  | &nbsp;&nbsp; 182196738 |
| **Specialty Retail — 5.4%** | **Specialty Retail — 5.4%** | **Specialty Retail — 5.4%** |
| Home Depot, Inc.  | 214030 | &nbsp;&nbsp; 73647723 |
| TJX Cos., Inc.  | 512788 | &nbsp;&nbsp; 78769365 |
|  |  | &nbsp;&nbsp; 152417088 |
| **Technology Hardware, Storage & Peripherals — 3.7%** | **Technology Hardware, Storage & Peripherals — 3.7%** | **Technology Hardware, Storage & Peripherals — 3.7%** |
| Apple, Inc.  | 379400 | &nbsp;&nbsp; 103143684 |

---

*See accompanying notes to financial statements.*

**BHFTII-183**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Textiles, Apparel & Luxury Goods — 2.3%** | **Textiles, Apparel & Luxury Goods — 2.3%** | **Textiles, Apparel & Luxury Goods — 2.3%** |
| NIKE, Inc. - Class B (a) | 1015240 | &nbsp;&nbsp; $64680940 |
| Total Common Stocks <br>(Cost $2,139,210,173) <br>|  | &nbsp;&nbsp; 2779537478 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Sino Forest Corp. (b) (c) (d) <br>(Cost $0)<br>| 5844000 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.5%** | **Short-Term Investments—1.5%** | **Short-Term Investments—1.5%** |
| **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $26,648,396; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $27,177,790<br>| 26644695 | &nbsp;&nbsp; 26644695 |
| **U.S. Treasury—0.5%** | **U.S. Treasury—0.5%** | **U.S. Treasury—0.5%** |
| U.S. Treasury Bills |  |  |
| 3.555%, 02/24/26 (a) (e) | 14925000 | &nbsp;&nbsp; 14847365 |
| Total Short-Term Investments <br>(Cost $41,490,107) <br>|  | &nbsp;&nbsp; 41492060 |
| Total Investments—100.1% <br>(Cost $2,180,700,280) <br>|  | &nbsp;&nbsp; 2821029538 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (3597932)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2817431606 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $65,341,415 and the collateral received consisted of non-cash collateral <br> with a value of $66,718,790. The non-cash collateral received consists of U.S. government <br> securities that are held in safe-keeping by the lending agent, or a third-party custodian, and <br> cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the <br> Statement of Assets and Liabilities.<br>|
| (b) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Non-income producing security. |
| (e) | The rate shown represents current yield to maturity. |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1028309589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1308246026 |

---

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $11,788,922 in sales of investments, which are included above, and resulted in net realized gains of $2,147,678.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $91097090 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $91097090 |
| Banks | &nbsp;&nbsp; 61978093 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61978093 |
| Beverages | &nbsp;&nbsp; 81724071 | &nbsp;&nbsp; 12385214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 94109285 |
| Building Products | &nbsp;&nbsp; 35113624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35113624 |

---

*See accompanying notes to financial statements.*

**BHFTII-184**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Capital Markets | &nbsp;&nbsp; $61618587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61618587 |
| Chemicals | &nbsp;&nbsp; 63610992 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63610992 |
| Consumer Finance | &nbsp;&nbsp; 96248782 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 96248782 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 43967160 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43967160 |
| Electrical Equipment | &nbsp;&nbsp; 28602763 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28602763 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 23211241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23211241 |
| Financial Services | &nbsp;&nbsp; 189530344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 189530344 |
| Ground Transportation | &nbsp;&nbsp; 44802000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44802000 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 109397177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109397177 |
| Health Care Providers & Services | &nbsp;&nbsp; 42668595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42668595 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 103644034 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 103644034 |
| Household Products | &nbsp;&nbsp; 80651670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80651670 |
| Industrial Conglomerates | &nbsp;&nbsp; 62616477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62616477 |
| Insurance | &nbsp;&nbsp; 126504288 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 126504288 |
| Interactive Media & Services | &nbsp;&nbsp; 110454570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 110454570 |
| IT Services | &nbsp;&nbsp; 55460561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55460561 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 68871269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68871269 |
| Machinery | &nbsp;&nbsp; 79158100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79158100 |
| Pharmaceuticals | &nbsp;&nbsp; 261429773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 261429773 |
| Professional Services | &nbsp;&nbsp; 52912983 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52912983 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 289439570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 289439570 |
| Software | &nbsp;&nbsp; 182196738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 182196738 |
| Specialty Retail | &nbsp;&nbsp; 152417088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 152417088 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 103143684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 103143684 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 64680940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64680940 |
| Total Common Stocks | &nbsp;&nbsp; 2767152264 | &nbsp;&nbsp; 12385214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2779537478 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 41492060 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41492060 |
| Total Investments | &nbsp;&nbsp; $2767152264 | &nbsp;&nbsp; $53877274 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $2821029538 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-185**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2821029538 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 13036 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 193047 |
| Dividends and interest | &nbsp;&nbsp; 2349647 |
| Prepaid expenses | &nbsp;&nbsp; 10338 |
| Total Assets | &nbsp;&nbsp; 2823595606 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2098618 |
| Fund shares redeemed | &nbsp;&nbsp; 1683664 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1360132 |
| Distribution and service fees | &nbsp;&nbsp; 171209 |
| Deferred trustees' fees | &nbsp;&nbsp; 306908 |
| Other expenses | &nbsp;&nbsp; 543469 |
| Total Liabilities | &nbsp;&nbsp; 6164000 |
| **Net Assets**  | &nbsp;&nbsp; $2817431606 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1851951784 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 965479822 |
| **Net Assets**  | &nbsp;&nbsp; $2817431606 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1817321085 |
| Class B | &nbsp;&nbsp; 495144173 |
| Class E | &nbsp;&nbsp; 504966348 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 66368698 |
| Class B | &nbsp;&nbsp; 18619647 |
| Class E | &nbsp;&nbsp; 18846503 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $27.38 |
| Class B | 26.59 |
| Class E | 26.79 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,180,700,280.

(b) Includes securities loaned at value of $65,341,415.

(c) Identified cost of cash denominated in foreign currencies was $13,024.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $45977816 |
| Interest | &nbsp;&nbsp; 2055836 |
| Securities lending income | &nbsp;&nbsp; 93623 |
| Total investment income | &nbsp;&nbsp; 48127275 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 20488453 |
| Administration fees | &nbsp;&nbsp; 128780 |
| Custodian and accounting fees | &nbsp;&nbsp; 113684 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1271155 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 778868 |
| Audit and tax services | &nbsp;&nbsp; 50265 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 173581 |
| Insurance | &nbsp;&nbsp; 25515 |
| Miscellaneous | &nbsp;&nbsp; 28336 |
| Total expenses | &nbsp;&nbsp; 23169222 |
| Less management fee waiver | &nbsp;&nbsp; (4383893)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (7306)<br>|
| Net expenses | &nbsp;&nbsp; 18778023 |
| **Net Investment Income** | &nbsp;&nbsp; 29349252 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 299073749 |
| Foreign currency transactions | &nbsp;&nbsp; 35764 |
| Net realized gain (loss) | &nbsp;&nbsp; 299109513 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (116022540)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 4362 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (116018178)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 183091335 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $212440587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $323,050.

*See accompanying notes to financial statements.*

**BHFTII-186**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $29349252 | &nbsp;&nbsp; $38730477 |
| Net realized gain (loss) | &nbsp;&nbsp; 299109513 | &nbsp;&nbsp; 357059473 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (116018178)<br>| &nbsp;&nbsp; (134961063)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 212440587 | &nbsp;&nbsp; 260828887 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (252993064)<br>| &nbsp;&nbsp; (95576374)<br>|
| Class B | &nbsp;&nbsp; (70786462)<br>| &nbsp;&nbsp; (27112340)<br>|
| Class E | &nbsp;&nbsp; (72631012)<br>| &nbsp;&nbsp; (28045432)<br>|
| **Total distributions** | &nbsp;&nbsp; (396410538)<br>| &nbsp;&nbsp; (150734146)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 61791488 | &nbsp;&nbsp; (270270183)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (122178463)<br>| &nbsp;&nbsp; (160175442)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2939610069 | &nbsp;&nbsp; 3099785511 |
| End of period | &nbsp;&nbsp; $2817431606 | &nbsp;&nbsp; $2939610069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 579628 | &nbsp;&nbsp; $16052238 | &nbsp;&nbsp; 553794 | &nbsp;&nbsp; $16400567 |
| Reinvestments | &nbsp;&nbsp; 9700654 | &nbsp;&nbsp; 252993064 | &nbsp;&nbsp; 3364181 | &nbsp;&nbsp; 95576374 |
| Redemptions | &nbsp;&nbsp; (7198933)<br>| &nbsp;&nbsp; (200733023)<br>| &nbsp;&nbsp; (8608522)<br>| &nbsp;&nbsp; (255713576)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3081349 | &nbsp;&nbsp; $68312279 | &nbsp;&nbsp; (4690547)<br>| &nbsp;&nbsp; $(143736635)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 609122 | &nbsp;&nbsp; $16314822 | &nbsp;&nbsp; 542293 | &nbsp;&nbsp; $15736052 |
| Reinvestments | &nbsp;&nbsp; 2791264 | &nbsp;&nbsp; 70786462 | &nbsp;&nbsp; 977726 | &nbsp;&nbsp; 27112340 |
| Redemptions | &nbsp;&nbsp; (3254447)<br>| &nbsp;&nbsp; (88131977)<br>| &nbsp;&nbsp; (3798180)<br>| &nbsp;&nbsp; (110244921)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 145939 | &nbsp;&nbsp; $(1030693)<br>| &nbsp;&nbsp; (2278161)<br>| &nbsp;&nbsp; $(67396529)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 299546 | &nbsp;&nbsp; $8018310 | &nbsp;&nbsp; 283540 | &nbsp;&nbsp; $8238498 |
| Reinvestments | &nbsp;&nbsp; 2843814 | &nbsp;&nbsp; 72631012 | &nbsp;&nbsp; 1005213 | &nbsp;&nbsp; 28045432 |
| Redemptions | &nbsp;&nbsp; (3160251)<br>| &nbsp;&nbsp; (86139420)<br>| &nbsp;&nbsp; (3272702)<br>| &nbsp;&nbsp; (95420949)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (16891)<br>| &nbsp;&nbsp; $(5490098)<br>| &nbsp;&nbsp; (1983949)<br>| &nbsp;&nbsp; $(59137019)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $61791488 |  | &nbsp;&nbsp; $(270270183)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-187**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $29.45 | &nbsp;&nbsp; $28.52 | &nbsp;&nbsp; $30.09 | &nbsp;&nbsp; $39.97 | &nbsp;&nbsp; $34.36 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain (loss) | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.60 |
| Total income (loss) from investment operations | 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.07 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.53)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (1.93)<br>|
| Total distributions | &nbsp;&nbsp; (4.17)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (7.24)<br>| &nbsp;&nbsp; (2.46)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $27.38 | &nbsp;&nbsp; $29.45 | &nbsp;&nbsp; $28.52 | &nbsp;&nbsp; $30.09 | &nbsp;&nbsp; $39.97 |
| **Total Return (%)** (b) | 7.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp; (5.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.43 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1817.3 | &nbsp;&nbsp; $1864.1 | &nbsp;&nbsp; $1938.5 | &nbsp;&nbsp; $1961.3 | &nbsp;&nbsp; $2492.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $28.71 | &nbsp;&nbsp; $27.83 | &nbsp;&nbsp; $29.44 | &nbsp;&nbsp; $39.25 | &nbsp;&nbsp; $33.79 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss) | 1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.47 |
| Total income (loss) from investment operations | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.84 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.45)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (1.93)<br>|
| Total distributions | &nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (7.14)<br>| &nbsp;&nbsp; (2.38)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $26.59 | &nbsp;&nbsp; $28.71 | &nbsp;&nbsp; $27.83 | &nbsp;&nbsp; $29.44 | &nbsp;&nbsp; $39.25 |
| **Total Return (%)** (b) | 7.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.11 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Ratio of net investment income (loss) to average net assets (%) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $495.1 | &nbsp;&nbsp; $530.4 | &nbsp;&nbsp; $577.5 | &nbsp;&nbsp; $592.5 | &nbsp;&nbsp; $726.0 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-188**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $28.90 | &nbsp;&nbsp; $28.01 | &nbsp;&nbsp; $29.61 | &nbsp;&nbsp; $39.44 | &nbsp;&nbsp; $33.94 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.50 |
| Total income (loss) from investment operations | 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.91 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.48)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (1.93)<br>|
| Total distributions | &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp; (7.18)<br>| &nbsp;&nbsp; (2.41)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $26.79 | &nbsp;&nbsp; $28.90 | &nbsp;&nbsp; $28.01 | &nbsp;&nbsp; $29.61 | &nbsp;&nbsp; $39.44 |
| **Total Return (%)** (b) | 7.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp; (5.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.23 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net ratio of expenses to average net assets (%) (c) (d) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Ratio of net investment income (loss) to average net assets (%) | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $505.0 | &nbsp;&nbsp; $545.2 | &nbsp;&nbsp; $583.8 | &nbsp;&nbsp; $606.6 | &nbsp;&nbsp; $765.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for each of the years ended December 31, 2025 through 2021 (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-189**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** |
| ATI, Inc. (a) | 111556 | &nbsp;&nbsp; $12802167 |
| BWX Technologies, Inc.  | 10648 | &nbsp;&nbsp; 1840400 |
| L3Harris Technologies, Inc.  | 40368 | &nbsp;&nbsp; 11850834 |
| Rocket Lab Corp. (a) (b) | 216715 | &nbsp;&nbsp; 15118038 |
|  |  | &nbsp;&nbsp; 41611439 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Celsius Holdings, Inc. (a) | 342292 | &nbsp;&nbsp; 15656436 |
| **Biotechnology — 6.0%** | **Biotechnology — 6.0%** | **Biotechnology — 6.0%** |
| Alnylam Pharmaceuticals, Inc. (a) | 25152 | &nbsp;&nbsp; 10001693 |
| Insmed, Inc. (a) | 77395 | &nbsp;&nbsp; 13469826 |
| Natera, Inc. (a) | 85588 | &nbsp;&nbsp; 19607355 |
| United Therapeutics Corp. (a) | 32354 | &nbsp;&nbsp; 15764486 |
|  |  | &nbsp;&nbsp; 58843360 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Builders FirstSource, Inc. (a) | 155253 | &nbsp;&nbsp; 15973981 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| Carlyle Group, Inc.  | 157823 | &nbsp;&nbsp; 9328917 |
| KKR & Co., Inc.  | 33762 | &nbsp;&nbsp; 4303980 |
| MSCI, Inc.  | 7010 | &nbsp;&nbsp; 4021847 |
| Nasdaq, Inc.  | 86499 | &nbsp;&nbsp; 8401648 |
|  |  | &nbsp;&nbsp; 26056392 |
| **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** |
| Cintas Corp.  | 34638 | &nbsp;&nbsp; 6514369 |
| Rollins, Inc.  | 216922 | &nbsp;&nbsp; 13019658 |
| Waste Connections, Inc.  | 38574 | &nbsp;&nbsp; 6764337 |
|  |  | &nbsp;&nbsp; 26298364 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. (a) | 32243 | &nbsp;&nbsp; 4224800 |
| **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** |
| API Group Corp. (a) | 304436 | &nbsp;&nbsp; 11647721 |
| Quanta Services, Inc. (b) | 32090 | &nbsp;&nbsp; 13543906 |
|  |  | &nbsp;&nbsp; 25191627 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| Eagle Materials, Inc.  | 56392 | &nbsp;&nbsp; 11655099 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| Vertiv Holdings Co. - Class A | 25386 | &nbsp;&nbsp; 4112786 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
| Amphenol Corp. - Class A | 116145 | &nbsp;&nbsp; 15695835 |
| CDW Corp.  | 23914 | &nbsp;&nbsp; 3257087 |
|  |  | &nbsp;&nbsp; 18952922 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| ROBLOX Corp. - Class A (a) | 138651 | &nbsp;&nbsp; 11234891 |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** |
| Block, Inc. (a) | 90861 | &nbsp;&nbsp; 5914143 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Lamb Weston Holdings, Inc. (b) | 130844 | &nbsp;&nbsp; $5481055 |
| **Ground Transportation — 4.9%** | **Ground Transportation — 4.9%** | **Ground Transportation — 4.9%** |
| Knight-Swift Transportation Holdings, Inc.  | 335072 | &nbsp;&nbsp; 17517564 |
| XPO, Inc. (a) (b) | 229639 | &nbsp;&nbsp; 31210237 |
|  |  | &nbsp;&nbsp; 48727801 |
| **Health Care Equipment & Supplies — 7.0%** | **Health Care Equipment & Supplies — 7.0%** | **Health Care Equipment & Supplies — 7.0%** |
| Alcon AG (b) | 89877 | &nbsp;&nbsp; 7083206 |
| Align Technology, Inc. (a) | 67435 | &nbsp;&nbsp; 10529975 |
| Dexcom, Inc. (a) | 154858 | &nbsp;&nbsp; 10277926 |
| GE HealthCare Technologies, Inc.  | 94959 | &nbsp;&nbsp; 7788537 |
| IDEXX Laboratories, Inc. (a) | 23235 | &nbsp;&nbsp; 15719175 |
| ResMed, Inc. (b) | 39185 | &nbsp;&nbsp; 9438491 |
| STERIS PLC | 31393 | &nbsp;&nbsp; 7958753 |
|  |  | &nbsp;&nbsp; 68796063 |
| **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** |
| Veeva Systems, Inc. - Class A (a) | 41440 | &nbsp;&nbsp; 9250651 |
| **Hotels, Restaurants & Leisure — 6.6%** | **Hotels, Restaurants & Leisure — 6.6%** | **Hotels, Restaurants & Leisure — 6.6%** |
| Chipotle Mexican Grill, Inc. (a) | 238094 | &nbsp;&nbsp; 8809478 |
| Domino's Pizza, Inc.  | 18149 | &nbsp;&nbsp; 7564866 |
| DraftKings, Inc. - Class A (a) (b) | 263723 | &nbsp;&nbsp; 9087894 |
| Royal Caribbean Cruises Ltd. (b) | 109230 | &nbsp;&nbsp; 30466432 |
| Wingstop, Inc. (b) | 39157 | &nbsp;&nbsp; 9338553 |
|  |  | &nbsp;&nbsp; 65267223 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Church & Dwight Co., Inc.  | 99036 | &nbsp;&nbsp; 8304169 |
| **Independent Power and Renewable Electricity Producers — 2.3%** | **Independent Power and Renewable Electricity Producers — 2.3%** | **Independent Power and Renewable Electricity Producers — 2.3%** |
| Vistra Corp.  | 138610 | &nbsp;&nbsp; 22361951 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| First Industrial Realty Trust, Inc.  | 138487 | &nbsp;&nbsp; 7931151 |
| **Insurance — 1.1%** | **Insurance — 1.1%** | **Insurance — 1.1%** |
| Aon PLC - Class A | 30146 | &nbsp;&nbsp; 10637921 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
| Reddit, Inc. - Class A (a) | 35752 | &nbsp;&nbsp; 8218312 |
| **IT Services — 7.0%** | **IT Services — 7.0%** | **IT Services — 7.0%** |
| Akamai Technologies, Inc. (a) | 58156 | &nbsp;&nbsp; 5074111 |
| Cloudflare, Inc. - Class A (a) | 86269 | &nbsp;&nbsp; 17007933 |
| EPAM Systems, Inc. (a) | 47172 | &nbsp;&nbsp; 9664599 |
| MongoDB, Inc. (a) | 49622 | &nbsp;&nbsp; 20825857 |
| Snowflake, Inc. - Class A (a) | 55939 | &nbsp;&nbsp; 12270779 |
| Twilio, Inc. - Class A (a) | 29223 | &nbsp;&nbsp; 4156680 |
|  |  | &nbsp;&nbsp; 68999959 |
| **Leisure Products — 0.6%** | **Leisure Products — 0.6%** | **Leisure Products — 0.6%** |
| Mattel, Inc. (a) | 278711 | &nbsp;&nbsp; 5529626 |
| **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** |
| Agilent Technologies, Inc.  | 58624 | &nbsp;&nbsp; 7976968 |

---

*See accompanying notes to financial statements.*

**BHFTII-190**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** |
| Charles River Laboratories International, Inc. (a) | 37907 | &nbsp;&nbsp; $7561688 |
| Mettler-Toledo International, Inc. (a) | 7395 | &nbsp;&nbsp; 10310035 |
|  |  | &nbsp;&nbsp; 25848691 |
| **Machinery — 2.5%** | **Machinery — 2.5%** | **Machinery — 2.5%** |
| Mueller Industries, Inc.  | 83797 | &nbsp;&nbsp; 9619896 |
| RBC Bearings, Inc. (a) | 33089 | &nbsp;&nbsp; 14838100 |
|  |  | &nbsp;&nbsp; 24457996 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Trade Desk, Inc. - Class A (a) | 54794 | &nbsp;&nbsp; 2079980 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| Cheniere Energy, Inc.  | 95251 | &nbsp;&nbsp; 18515842 |
| Permian Resources Corp.  | 439303 | &nbsp;&nbsp; 6163421 |
|  |  | &nbsp;&nbsp; 24679263 |
| **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** |
| CACI International, Inc. - Class A (a) | 7262 | &nbsp;&nbsp; 3869266 |
| TransUnion | 105913 | &nbsp;&nbsp; 9082040 |
|  |  | &nbsp;&nbsp; 12951306 |
| **Semiconductors & Semiconductor Equipment — 14.0%** | **Semiconductors & Semiconductor Equipment — 14.0%** | **Semiconductors & Semiconductor Equipment — 14.0%** |
| Allegro MicroSystems, Inc. (a) (b) | 268966 | &nbsp;&nbsp; 7095323 |
| Astera Labs, Inc. (a) (b) | 62329 | &nbsp;&nbsp; 10369052 |
| KLA Corp.  | 6458 | &nbsp;&nbsp; 7846987 |
| Lattice Semiconductor Corp. (a) | 117964 | &nbsp;&nbsp; 8679791 |
| Marvell Technology, Inc.  | 267853 | &nbsp;&nbsp; 22762148 |
| Monolithic Power Systems, Inc. (b) | 26913 | &nbsp;&nbsp; 24392867 |
| NXP Semiconductors NV | 51593 | &nbsp;&nbsp; 11198776 |
| Teradyne, Inc.  | 240223 | &nbsp;&nbsp; 46497564 |
|  |  | &nbsp;&nbsp; 138842508 |
| **Software — 5.9%** | **Software — 5.9%** | **Software — 5.9%** |
| AppLovin Corp. - Class A (a) | 5368 | &nbsp;&nbsp; 3617066 |
| Circle Internet Group, Inc. (a) | 44570 | &nbsp;&nbsp; 3534401 |
| Datadog, Inc. - Class A (a) | 82652 | &nbsp;&nbsp; 11239845 |
| Dolby Laboratories, Inc. - Class A (b) | 50054 | &nbsp;&nbsp; 3214468 |
| Fair Isaac Corp. (a) | 10136 | &nbsp;&nbsp; 17136124 |
| Guidewire Software, Inc. (a) | 15385 | &nbsp;&nbsp; 3092539 |
| Unity Software, Inc. (a) | 203570 | &nbsp;&nbsp; 8991687 |
| Zscaler, Inc. (a) (b) | 35628 | &nbsp;&nbsp; 8013450 |
|  |  | &nbsp;&nbsp; 58839580 |
| **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** |
| Burlington Stores, Inc. (a) | 56806 | &nbsp;&nbsp; 16408413 |
| Floor & Decor Holdings, Inc. - Class A (a) (b) | 99522 | &nbsp;&nbsp; 6059895 |
| Ross Stores, Inc.  | 20121 | &nbsp;&nbsp; 3624597 |
| Tractor Supply Co. (b) | 253655 | &nbsp;&nbsp; 12685286 |
|  |  | &nbsp;&nbsp; 38778191 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| Pure Storage, Inc. - Class A (a) | 86579 | &nbsp;&nbsp; 5801659 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
| Lululemon Athletica, Inc. (a) | 23061 | &nbsp;&nbsp; $4792306 |
| On Holding AG - Class A (a) (b) | 187272 | &nbsp;&nbsp; 8704403 |
|  |  | &nbsp;&nbsp; 13496709 |
| **Trading Companies & Distributors — 4.0%** | **Trading Companies & Distributors — 4.0%** | **Trading Companies & Distributors — 4.0%** |
| FTAI Aviation Ltd.  | 156928 | &nbsp;&nbsp; 30891277 |
| QXO, Inc. (a) (b) | 428814 | &nbsp;&nbsp; 8271822 |
|  |  | &nbsp;&nbsp; 39163099 |
| Total Common Stocks <br>(Cost $860,637,877) <br>|  | &nbsp;&nbsp; 980171104 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** |
| **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $9,769,875; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $9,963,916<br>| 9768518 | &nbsp;&nbsp; 9768518 |
| Total Short-Term Investments <br>(Cost $9,768,518) <br>|  | &nbsp;&nbsp; 9768518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—10.4%** | **Securities Lending Reinvestments (c)—10.4%** | **Securities Lending Reinvestments (c)—10.4%** |
| **Short-Term Investment Funds—3.6%** | **Short-Term Investment Funds—3.6%** | **Short-Term Investment Funds—3.6%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (d)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (d)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 36000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—6.1%** | **Repurchase Agreements—6.1%** | **Repurchase Agreements—6.1%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $11,002,304; <br> collateralized by various Common Stock with an aggregate <br> market value of $12,250,433<br>| 11000000 | &nbsp;&nbsp; 11000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $2,000,424; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% - <br> 4.375%, maturity dates ranging from 06/30/31 - 05/15/34, <br> and an aggregate market value of $2,040,002<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-191**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $6,248,171; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $6,373,135<br>| 6246842 | &nbsp;&nbsp; $6246842 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $13,002,824; <br> collateralized by various Common Stock with an aggregate <br> market value of $14,446,037<br>| 13000000 | &nbsp;&nbsp; 13000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $1,000,222; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,958<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $10,002,144; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,112,321<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $1,000,754; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,186<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $10,002,128; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.375%, maturity dates ranging from <br> 05/15/26 - 11/15/55, and an aggregate market value of <br> $10,202,171<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $200,041; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp; 200000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $5,003,879; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,321<br>| 5000000 | &nbsp;&nbsp; $5000000 |
|  |  | &nbsp;&nbsp; 60446842 |
| **Time Deposits—0.7%** | **Time Deposits—0.7%** | **Time Deposits—0.7%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 3000000 | &nbsp;&nbsp; 3000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 4000000 | &nbsp;&nbsp; 4000000 |
|  |  | &nbsp;&nbsp; 7000000 |
| Total Securities Lending Reinvestments <br>(Cost $103,446,842) <br>|  | &nbsp;&nbsp; 103446842 |
| Total Investments—110.5% <br>(Cost $973,853,237) <br>|  | &nbsp;&nbsp; 1093386464 |
| Other assets and liabilities (net)—(10.5)%  |  | &nbsp;&nbsp; (104338617)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $989047847 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $148,973,075 and the collateral received consisted of cash in the amount of $103,446,842 and non-cash collateral with a value of $51,157,753. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(d) The rate shown represents the annualized seven-day yield as of December 31, 2025.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $777170881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $888164934 |

---

*See accompanying notes to financial statements.*

**BHFTII-192**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(103446842)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(103446842)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(103446842)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $980171104 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $980171104 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 9768518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9768518 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 36000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 60446842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60446842 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 36000000 | &nbsp;&nbsp; 67446842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103446842 |
| Total Investments | &nbsp;&nbsp; $1016171104 | &nbsp;&nbsp; $77215360 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1093386464 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(103446842)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(103446842)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-193**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1093386464 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 103673 |
| Dividends and interest | &nbsp;&nbsp; 292860 |
| Prepaid expenses | &nbsp;&nbsp; 3567 |
| Total Assets | &nbsp;&nbsp; 1093786564 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 103446842 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 182535 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 556685 |
| Distribution and service fees | &nbsp;&nbsp; 33667 |
| Deferred trustees' fees | &nbsp;&nbsp; 263189 |
| Other expenses | &nbsp;&nbsp; 255799 |
| Total Liabilities | &nbsp;&nbsp; 104738717 |
| **Net Assets**  | &nbsp;&nbsp; $989047847 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $731896395 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 257151452 |
| **Net Assets**  | &nbsp;&nbsp; $989047847 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $788832091 |
| Class B | &nbsp;&nbsp; 123464354 |
| Class D | &nbsp;&nbsp; 69944187 |
| Class E | &nbsp;&nbsp; 6807215 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 26754064 |
| Class B | &nbsp;&nbsp; 5717358 |
| Class D | &nbsp;&nbsp; 2527562 |
| Class E | &nbsp;&nbsp; 250855 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $29.48 |
| Class B | 21.59 |
| Class D | 27.67 |
| Class E | 27.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $973,853,237.

(b) Includes securities loaned at value of $148,973,075.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $4798956 |
| Interest | &nbsp;&nbsp; 395451 |
| Securities lending income | &nbsp;&nbsp; 130168 |
| Total investment income | &nbsp;&nbsp; 5324575 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 7235468 |
| Administration fees | &nbsp;&nbsp; 60013 |
| Custodian and accounting fees | &nbsp;&nbsp; 47879 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 317598 |
| Distribution and service fees—Class D | &nbsp;&nbsp; 71691 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 10322 |
| Audit and tax services | &nbsp;&nbsp; 50282 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 91073 |
| Insurance | &nbsp;&nbsp; 8655 |
| Miscellaneous | &nbsp;&nbsp; 17161 |
| Total expenses | &nbsp;&nbsp; 8020727 |
| Less management fee waiver | &nbsp;&nbsp; (739413)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (70697)<br>|
| Net expenses | &nbsp;&nbsp; 7210617 |
| **Net Investment Loss** | &nbsp;&nbsp; (1886042)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 152708817<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (99763328)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 52945489 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $51059447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $21,610.

*See accompanying notes to financial statements.*

**BHFTII-194**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1886042)<br>| &nbsp;&nbsp; $(1488198)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 152708817 | &nbsp;&nbsp; 110144561 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (99763328)<br>| &nbsp;&nbsp; 68631252 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 51059447 | &nbsp;&nbsp; 177287615 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (39457132)<br>| &nbsp;&nbsp; (2045395)<br>|
| Class B | &nbsp;&nbsp; (8678585)<br>| &nbsp;&nbsp; (115000)<br>|
| Class D | &nbsp;&nbsp; (3833732)<br>| &nbsp;&nbsp; (122961)<br>|
| Class E | &nbsp;&nbsp; (370506)<br>| &nbsp;&nbsp; (8377)<br>|
| **Total distributions** | &nbsp;&nbsp; (52339955)<br>| &nbsp;&nbsp; (2291733)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (54331118)<br>| &nbsp;&nbsp; (178362867)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (55611626)<br>| &nbsp;&nbsp; (3366985)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1044659473 | &nbsp;&nbsp; 1048026458 |
| End of period | &nbsp;&nbsp; $989047847 | &nbsp;&nbsp; $1044659473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 391760 | &nbsp;&nbsp; $10790888 | &nbsp;&nbsp; 211814 | &nbsp;&nbsp; $5813647 |
| Reinvestments | &nbsp;&nbsp; 1418301 | &nbsp;&nbsp; 39457132 | &nbsp;&nbsp; 76207 | &nbsp;&nbsp; 2045395 |
| Redemptions | &nbsp;&nbsp; (3123233)<br>| &nbsp;&nbsp; (90386113)<br>| &nbsp;&nbsp; (5095463)<br>| &nbsp;&nbsp; (144440027)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1313172)<br>| &nbsp;&nbsp; $(40138093)<br>| &nbsp;&nbsp; (4807442)<br>| &nbsp;&nbsp; $(136580985)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 393305 | &nbsp;&nbsp; $7976297 | &nbsp;&nbsp; 178987 | &nbsp;&nbsp; $3630265 |
| Reinvestments | &nbsp;&nbsp; 425421 | &nbsp;&nbsp; 8678585 | &nbsp;&nbsp; 5724 | &nbsp;&nbsp; 115000 |
| Redemptions | &nbsp;&nbsp; (1126665)<br>| &nbsp;&nbsp; (24159195)<br>| &nbsp;&nbsp; (1644892)<br>| &nbsp;&nbsp; (34193305)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (307939)<br>| &nbsp;&nbsp; $(7504313)<br>| &nbsp;&nbsp; (1460181)<br>| &nbsp;&nbsp; $(30448040)<br>|
| **Class D** |  |  |  |  |
| Sales | &nbsp;&nbsp; 63464 | &nbsp;&nbsp; $1692212 | &nbsp;&nbsp; 83534 | &nbsp;&nbsp; $2146199 |
| Reinvestments | &nbsp;&nbsp; 146774 | &nbsp;&nbsp; 3833732 | &nbsp;&nbsp; 4858 | &nbsp;&nbsp; 122961 |
| Redemptions | &nbsp;&nbsp; (437819)<br>| &nbsp;&nbsp; (11789771)<br>| &nbsp;&nbsp; (483778)<br>| &nbsp;&nbsp; (12429288)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (227581)<br>| &nbsp;&nbsp; $(6263827)<br>| &nbsp;&nbsp; (395386)<br>| &nbsp;&nbsp; $(10160128)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 6573 | &nbsp;&nbsp; $164884 | &nbsp;&nbsp; 10208 | &nbsp;&nbsp; $261716 |
| Reinvestments | &nbsp;&nbsp; 14461 | &nbsp;&nbsp; 370506 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 8377 |
| Redemptions | &nbsp;&nbsp; (35653)<br>| &nbsp;&nbsp; (960275)<br>| &nbsp;&nbsp; (57004)<br>| &nbsp;&nbsp; (1443807)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (14619)<br>| &nbsp;&nbsp; $(424885)<br>| &nbsp;&nbsp; (46459)<br>| &nbsp;&nbsp; $(1173714)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(54331118)<br>|  | &nbsp;&nbsp; $(178362867)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-195**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $29.50 | &nbsp;&nbsp; $25.11 | &nbsp;&nbsp; $21.28 | &nbsp;&nbsp; $43.74 | &nbsp;&nbsp; $44.02 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized and unrealized gain (loss) | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp; (12.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 |
| Total income (loss) from investment operations | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp; (12.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.98 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp; (6.26)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp; (6.26)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $29.48 | &nbsp;&nbsp; $29.50 | &nbsp;&nbsp; $25.11 | &nbsp;&nbsp; $21.28 | &nbsp;&nbsp; $43.74 |
| **Total Return (%)** (b) | 5.16 | &nbsp;&nbsp;&nbsp;&nbsp;17.77 | &nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp; (28.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.68 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Net ratio of expenses to average net assets (%) (c) | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.40)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 55 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $788.8 | &nbsp;&nbsp; $828.0 | &nbsp;&nbsp; $825.6 | &nbsp;&nbsp; $774.6 | &nbsp;&nbsp; $1142.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $22.05 | &nbsp;&nbsp; $18.79 | &nbsp;&nbsp; $15.96 | &nbsp;&nbsp; $36.41 | &nbsp;&nbsp; $37.72 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized and unrealized gain (loss) | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.19 |
| Total income (loss) from investment operations | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.95 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp; (6.26)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp; (6.26)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $21.59 | &nbsp;&nbsp; $22.05 | &nbsp;&nbsp; $18.79 | &nbsp;&nbsp; $15.96 | &nbsp;&nbsp; $36.41 |
| **Total Return (%)** (b) | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;17.45 | &nbsp;&nbsp;&nbsp;&nbsp;17.73 | &nbsp;&nbsp; (28.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.38 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Net ratio of expenses to average net assets (%) (c) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.65)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 55 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $123.5 | &nbsp;&nbsp; $132.9 | &nbsp;&nbsp; $140.6 | &nbsp;&nbsp; $128.2 | &nbsp;&nbsp; $188.7 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-196**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $27.80 | &nbsp;&nbsp; $23.67 | &nbsp;&nbsp; $20.08 | &nbsp;&nbsp; $42.10 | &nbsp;&nbsp; $42.64 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized and unrealized gain (loss) | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp; (12.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.93 |
| Total income (loss) from investment operations | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; (12.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.72 |
| **Less Distributions**  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp; (6.26)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp; (6.26)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $27.80 | &nbsp;&nbsp; $23.67 | &nbsp;&nbsp; $20.08 | &nbsp;&nbsp; $42.10 |
| **Total Return (%)** (b) | 5.08 | &nbsp;&nbsp;&nbsp;&nbsp;17.64 | &nbsp;&nbsp;&nbsp;&nbsp;17.88 | &nbsp;&nbsp; (28.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.54 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net ratio of expenses to average net assets (%) (c) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.50)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 55 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $69.9 | &nbsp;&nbsp; $76.6 | &nbsp;&nbsp; $74.6 | &nbsp;&nbsp; $67.9 | &nbsp;&nbsp; $103.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $27.30 | &nbsp;&nbsp; $23.25 | &nbsp;&nbsp; $19.73 | &nbsp;&nbsp; $41.63 | &nbsp;&nbsp; $42.25 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized and unrealized gain (loss) | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp; (12.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.87 |
| Total income (loss) from investment operations | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp; (12.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.64 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp; (6.26)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp; (6.26)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $27.14 | &nbsp;&nbsp; $27.30 | &nbsp;&nbsp; $23.25 | &nbsp;&nbsp; $19.73 | &nbsp;&nbsp; $41.63 |
| **Total Return (%)** (b) | 5.06 | &nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;17.84 | &nbsp;&nbsp; (28.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.48 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net ratio of expenses to average net assets (%) (c) | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.55)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 55 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $6.8 | &nbsp;&nbsp; $7.2 | &nbsp;&nbsp; $7.3 | &nbsp;&nbsp; $7.0 | &nbsp;&nbsp; $11.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-197**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.2% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 4.3%** | **Aerospace & Defense — 4.3%** | **Aerospace & Defense — 4.3%** |
| Axon Enterprise, Inc. (a) | 26283 | &nbsp;&nbsp; $14926904 |
| Boeing Co. (a) | 246150 | &nbsp;&nbsp; 53444088 |
| General Electric Co.  | 181515 | &nbsp;&nbsp; 55912066 |
|  |  | &nbsp;&nbsp; 124283058 |
| **Automobiles — 3.8%** | **Automobiles — 3.8%** | **Automobiles — 3.8%** |
| Tesla, Inc. (a) | 245380 | &nbsp;&nbsp; 110352294 |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| Vertex Pharmaceuticals, Inc. (a) | 75705 | &nbsp;&nbsp; 34321619 |
| **Broadline Retail — 7.7%** | **Broadline Retail — 7.7%** | **Broadline Retail — 7.7%** |
| Amazon.com, Inc. (a) | 892528 | &nbsp;&nbsp; 206013313 |
| MercadoLibre, Inc. (a) | 7177 | &nbsp;&nbsp; 14456344 |
|  |  | &nbsp;&nbsp; 220469657 |
| **Capital Markets — 1.4%** | **Capital Markets — 1.4%** | **Capital Markets — 1.4%** |
| Goldman Sachs Group, Inc.  | 34395 | &nbsp;&nbsp; 30233205 |
| KKR & Co., Inc.  | 68773 | &nbsp;&nbsp; 8767182 |
|  |  | &nbsp;&nbsp; 39000387 |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |
| Costco Wholesale Corp.  | 49560 | &nbsp;&nbsp; 42737570 |
| Walmart, Inc.  | 335493 | &nbsp;&nbsp; 37377275 |
|  |  | &nbsp;&nbsp; 80114845 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Constellation Energy Corp.  | 145489 | &nbsp;&nbsp; 51396899 |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| Amphenol Corp. - Class A | 233154 | &nbsp;&nbsp; 31508432 |
| **Entertainment — 4.5%** | **Entertainment — 4.5%** | **Entertainment — 4.5%** |
| Netflix, Inc. (a) | 706358 | &nbsp;&nbsp; 66228126 |
| Spotify Technology SA (a) | 45246 | &nbsp;&nbsp; 26274805 |
| Walt Disney Co.  | 322918 | &nbsp;&nbsp; 36738381 |
|  |  | &nbsp;&nbsp; 129241312 |
| **Financial Services — 4.5%** | **Financial Services — 4.5%** | **Financial Services — 4.5%** |
| Mastercard, Inc. - Class A | 105137 | &nbsp;&nbsp; 60020611 |
| Toast, Inc. - Class A (a) | 306979 | &nbsp;&nbsp; 10900824 |
| Visa, Inc. - Class A | 169854 | &nbsp;&nbsp; 59569496 |
|  |  | &nbsp;&nbsp; 130490931 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Uber Technologies, Inc. (a) | 107193 | &nbsp;&nbsp; 8758740 |
| **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
| Boston Scientific Corp. (a) | 135508 | &nbsp;&nbsp; 12920688 |
| Dexcom, Inc. (a) | 264962 | &nbsp;&nbsp; 17585528 |
| Edwards Lifesciences Corp. (a) | 352832 | &nbsp;&nbsp; 30078928 |
| Intuitive Surgical, Inc. (a) | 63711 | &nbsp;&nbsp; 36083362 |
|  |  | &nbsp;&nbsp; 96668506 |
| **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| Hilton Worldwide Holdings, Inc.  | 91552 | &nbsp;&nbsp; 26298312 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Interactive Media & Services — 11.1%** | **Interactive Media & Services — 11.1%** | **Interactive Media & Services — 11.1%** |
| Alphabet, Inc. - Class A | 317303 | &nbsp;&nbsp; $99315839 |
| Alphabet, Inc. - Class C | 315927 | &nbsp;&nbsp; 99137893 |
| Meta Platforms, Inc. - Class A | 183089 | &nbsp;&nbsp; 120855218 |
|  |  | &nbsp;&nbsp; 319308950 |
| **IT Services — 3.1%** | **IT Services — 3.1%** | **IT Services — 3.1%** |
| Shopify, Inc. - Class A (a) | 261880 | &nbsp;&nbsp; 42154823 |
| Snowflake, Inc. - Class A (a) (b) | 220680 | &nbsp;&nbsp; 48408365 |
|  |  | &nbsp;&nbsp; 90563188 |
| **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** |
| Eli Lilly & Co.  | 108725 | &nbsp;&nbsp; 116844583 |
| Merck & Co., Inc.  | 137285 | &nbsp;&nbsp; 14450619 |
|  |  | &nbsp;&nbsp; 131295202 |
| **Semiconductors & Semiconductor Equipment — 19.5%** | **Semiconductors & Semiconductor Equipment — 19.5%** | **Semiconductors & Semiconductor Equipment — 19.5%** |
| Advanced Micro Devices, Inc. (a) | 184106 | &nbsp;&nbsp; 39428141 |
| Broadcom, Inc.  | 528064 | &nbsp;&nbsp; 182762951 |
| NVIDIA Corp.  | 1571384 | &nbsp;&nbsp; 293063116 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 153615 | &nbsp;&nbsp; 46682062 |
|  |  | &nbsp;&nbsp; 561936270 |
| **Software — 14.4%** | **Software — 14.4%** | **Software — 14.4%** |
| AppLovin Corp. - Class A (a) | 49514 | &nbsp;&nbsp; 33363523 |
| Cadence Design Systems, Inc. (a) | 161621 | &nbsp;&nbsp; 50519492 |
| Crowdstrike Holdings, Inc. - Class A (a) | 101754 | &nbsp;&nbsp; 47698205 |
| Datadog, Inc. - Class A (a) (b) | 165445 | &nbsp;&nbsp; 22498866 |
| Microsoft Corp.  | 409015 | &nbsp;&nbsp; 197807834 |
| Oracle Corp.  | 173181 | &nbsp;&nbsp; 33754709 |
| ServiceNow, Inc. (a) | 191547 | &nbsp;&nbsp; 29343085 |
|  |  | &nbsp;&nbsp; 414985714 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Industria de Diseno Textil SA | 275843 | &nbsp;&nbsp; 18169883 |
| O'Reilly Automotive, Inc. (a) | 271056 | &nbsp;&nbsp; 24723018 |
| TJX Cos., Inc.  | 84661 | &nbsp;&nbsp; 13004776 |
|  |  | &nbsp;&nbsp; 55897677 |
| **Technology Hardware, Storage & Peripherals — 6.5%** | **Technology Hardware, Storage & Peripherals — 6.5%** | **Technology Hardware, Storage & Peripherals — 6.5%** |
| Apple, Inc.  | 690661 | &nbsp;&nbsp; 187763099 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| adidas AG | 59384 | &nbsp;&nbsp; 11689666 |
| Total Common Stocks <br>(Cost $1,497,865,424) <br>|  | &nbsp;&nbsp; 2856344758 |

---

*See accompanying notes to financial statements.*

**BHFTII-198**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Short-Term Investments—0.9%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreement—0.9%** | **Repurchase Agreement—0.9%** | **Repurchase Agreement—0.9%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $24,021,551; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $24,498,685<br>| 24018215 | &nbsp;&nbsp; $24018215 |
| Total Short-Term Investments <br>(Cost $24,018,215) <br>|  | &nbsp;&nbsp; 24018215 |
| Total Investments—100.1% <br>(Cost $1,521,883,639) <br>|  | &nbsp;&nbsp; 2880362973 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (1605260)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2878757713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $44,739,457 and the collateral received consisted of non-cash collateral with a value of $46,260,643. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $763149587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1254984162 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $124283058 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $124283058 |
| Automobiles | &nbsp;&nbsp; 110352294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 110352294 |
| Biotechnology | &nbsp;&nbsp; 34321619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34321619 |
| Broadline Retail | &nbsp;&nbsp; 220469657 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 220469657 |
| Capital Markets | &nbsp;&nbsp; 39000387 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39000387 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 80114845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80114845 |
| Electric Utilities | &nbsp;&nbsp; 51396899 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51396899 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 31508432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31508432 |
| Entertainment | &nbsp;&nbsp; 129241312 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129241312 |
| Financial Services | &nbsp;&nbsp; 130490931 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 130490931 |
| Ground Transportation | &nbsp;&nbsp; 8758740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8758740 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 96668506 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 96668506 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 26298312 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26298312 |
| Interactive Media & Services | &nbsp;&nbsp; 319308950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 319308950 |
| IT Services | &nbsp;&nbsp; 90563188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90563188 |
| Pharmaceuticals | &nbsp;&nbsp; 131295202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 131295202 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 561936270 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 561936270 |
| Software | &nbsp;&nbsp; 414985714 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 414985714 |
| Specialty Retail | &nbsp;&nbsp; 37727794 | &nbsp;&nbsp; 18169883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55897677 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 187763099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 187763099 |

---

*See accompanying notes to financial statements.*

**BHFTII-199**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11689666 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11689666 |
| Total Common Stocks | &nbsp;&nbsp; 2826485209 | &nbsp;&nbsp; 29859549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2856344758 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 24018215 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24018215 |
| Total Investments | &nbsp;&nbsp; $2826485209 | &nbsp;&nbsp; $53877764 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2880362973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-200**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2880362973 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 208229 |
| Dividends and interest | &nbsp;&nbsp; 993293 |
| Prepaid expenses | &nbsp;&nbsp; 10415 |
| Total Assets | &nbsp;&nbsp; 2881574910 |
| **Liabilities** |  |
| Due to custodian denominated in foreign currencies (c) | &nbsp;&nbsp; 560 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 553746 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1274807 |
| Distribution and service fees | &nbsp;&nbsp; 219963 |
| Deferred trustees' fees | &nbsp;&nbsp; 282104 |
| Other expenses | &nbsp;&nbsp; 486017 |
| Total Liabilities | &nbsp;&nbsp; 2817197 |
| **Net Assets**  | &nbsp;&nbsp; $2878757713 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1059732251 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 1819025462 |
| **Net Assets**  | &nbsp;&nbsp; $2878757713 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1851310238 |
| Class B | &nbsp;&nbsp; 1013601902 |
| Class E | &nbsp;&nbsp; 13845573 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 118013367 |
| Class B | &nbsp;&nbsp; 69671614 |
| Class E | &nbsp;&nbsp; 913556 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $15.69 |
| Class B | 14.55 |
| Class E | 15.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,521,883,639.

(b) Includes securities loaned at value of $44,739,457.

(c) Identified cost of cash due to bank denominated in foreign currencies was $552.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $11716594 |
| Interest | &nbsp;&nbsp; 692467 |
| Securities lending income | &nbsp;&nbsp; 114399 |
| Total investment income | &nbsp;&nbsp; 12523460 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 17150715 |
| Administration fees | &nbsp;&nbsp; 129368 |
| Custodian and accounting fees | &nbsp;&nbsp; 122296 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2594155 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 20913 |
| Audit and tax services | &nbsp;&nbsp; 50265 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 100921 |
| Insurance | &nbsp;&nbsp; 24632 |
| Miscellaneous | &nbsp;&nbsp; 28201 |
| Total expenses | &nbsp;&nbsp; 20332051 |
| Less management fee waiver | &nbsp;&nbsp; (2298286)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (42344)<br>|
| Net expenses | &nbsp;&nbsp; 17991421 |
| **Net Investment Loss** | &nbsp;&nbsp; (5467961)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 466488636 |
| Foreign currency transactions | &nbsp;&nbsp; (12144)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 466476492 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (77509541)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 539 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (77509002)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 388967490 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $383499529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $286,602.

*See accompanying notes to financial statements.*

**BHFTII-201**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(5467961)<br>| &nbsp;&nbsp; $(4800547)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 466476492 | &nbsp;&nbsp; 507754543 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (77509002)<br>| &nbsp;&nbsp; 256812867 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 383499529 | &nbsp;&nbsp; 759766863 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (316419451)<br>| &nbsp;&nbsp; (204259642)<br>|
| Class B | &nbsp;&nbsp; (193659172)<br>| &nbsp;&nbsp; (125919832)<br>|
| Class E | &nbsp;&nbsp; (2477757)<br>| &nbsp;&nbsp; (1740413)<br>|
| **Total distributions** | &nbsp;&nbsp; (512556380)<br>| &nbsp;&nbsp; (331919887)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 49619281 | &nbsp;&nbsp; (137963717)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (79437570)<br>| &nbsp;&nbsp; 289883259 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2958195283 | &nbsp;&nbsp; 2668312024 |
| End of period | &nbsp;&nbsp; $2878757713 | &nbsp;&nbsp; $2958195283 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3860463 | &nbsp;&nbsp; $61384653 | &nbsp;&nbsp; 5942017 | &nbsp;&nbsp; $93170283 |
| Reinvestments | &nbsp;&nbsp; 22142719 | &nbsp;&nbsp; 316419451 | &nbsp;&nbsp; 13376532 | &nbsp;&nbsp; 204259642 |
| Redemptions | &nbsp;&nbsp; (19810393)<br>| &nbsp;&nbsp; (314326931)<br>| &nbsp;&nbsp; (23669229)<br>| &nbsp;&nbsp; (376576871)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 6192789 | &nbsp;&nbsp; $63477173 | &nbsp;&nbsp; (4350680)<br>| &nbsp;&nbsp; $(79146946)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2383068 | &nbsp;&nbsp; $34381003 | &nbsp;&nbsp; 3120080 | &nbsp;&nbsp; $46587019 |
| Reinvestments | &nbsp;&nbsp; 14593758 | &nbsp;&nbsp; 193659172 | &nbsp;&nbsp; 8738365 | &nbsp;&nbsp; 125919832 |
| Redemptions | &nbsp;&nbsp; (16468105)<br>| &nbsp;&nbsp; (241187782)<br>| &nbsp;&nbsp; (15397195)<br>| &nbsp;&nbsp; (230549115)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 508721 | &nbsp;&nbsp; $(13147607)<br>| &nbsp;&nbsp; (3538750)<br>| &nbsp;&nbsp; $(58042264)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 42940 | &nbsp;&nbsp; $616804 | &nbsp;&nbsp; 83417 | &nbsp;&nbsp; $1279831 |
| Reinvestments | &nbsp;&nbsp; 179418 | &nbsp;&nbsp; 2477757 | &nbsp;&nbsp; 116963 | &nbsp;&nbsp; 1740413 |
| Redemptions | &nbsp;&nbsp; (248648)<br>| &nbsp;&nbsp; (3804846)<br>| &nbsp;&nbsp; (249028)<br>| &nbsp;&nbsp; (3794751)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (26290)<br>| &nbsp;&nbsp; $(710285)<br>| &nbsp;&nbsp; (48648)<br>| &nbsp;&nbsp; $(774507)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $49619281 |  | &nbsp;&nbsp; $(137963717)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-202**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $20.85 | &nbsp;&nbsp; $22.63 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) | 2.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp; (7.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| Total income (loss) from investment operations | 2.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp; (7.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.69 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $20.85 |
| **Total Return (%)** (d) | 14.04 | &nbsp;&nbsp;&nbsp;&nbsp;30.28 | &nbsp;&nbsp;&nbsp;&nbsp;53.26 | &nbsp;&nbsp; (38.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.17 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net ratio of expenses to average net assets (%) (e) | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.26)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 23 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1851.3 | &nbsp;&nbsp; $1859.5 | &nbsp;&nbsp; $1664.4 | &nbsp;&nbsp; $1300.2 | &nbsp;&nbsp; $2086.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $15.67 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $20.17 | &nbsp;&nbsp; $22.09 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized and unrealized gain (loss) | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 |
| Total income (loss) from investment operations | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp; (7.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.55 | &nbsp;&nbsp; $15.67 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $20.17 |
| **Total Return (%)** (d) | 13.72 | &nbsp;&nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;&nbsp;52.86 | &nbsp;&nbsp; (39.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.91 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Net ratio of expenses to average net assets (%) (e) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.51)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 23 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1013.6 | &nbsp;&nbsp; $1083.5 | &nbsp;&nbsp; $990.1 | &nbsp;&nbsp; $771.6 | &nbsp;&nbsp; $1270.2 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-203**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $16.19 | &nbsp;&nbsp; $14.01 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $20.55 | &nbsp;&nbsp; $22.40 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp; (7.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 |
| Total income (loss) from investment operations | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp; (7.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.16 | &nbsp;&nbsp; $16.19 | &nbsp;&nbsp; $14.01 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $20.55 |
| **Total Return (%)** (d) | 13.86 | &nbsp;&nbsp;&nbsp;&nbsp;30.10 | &nbsp;&nbsp;&nbsp;&nbsp;53.11 | &nbsp;&nbsp; (38.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.00 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net ratio of expenses to average net assets (%) (e) | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.41)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 23 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $13.8 | &nbsp;&nbsp; $15.2 | &nbsp;&nbsp; $13.8 | &nbsp;&nbsp; $9.9 | &nbsp;&nbsp; $18.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions from return of capital were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-204**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—98.5% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 6.3%** | **Aerospace & Defense — 6.3%** | **Aerospace & Defense — 6.3%** |
| AAR Corp. (a) | 14532 | &nbsp;&nbsp; $1203104 |
| ATI, Inc. (a) | 14832 | &nbsp;&nbsp; 1702120 |
| Cadre Holdings, Inc.  | 15516 | &nbsp;&nbsp; 633674 |
| Ducommun, Inc. (a) | 6324 | &nbsp;&nbsp; 601602 |
| Hexcel Corp.  | 13712 | &nbsp;&nbsp; 1013317 |
| Kratos Defense & Security Solutions, Inc. (a) | 13632 | &nbsp;&nbsp; 1034805 |
| Mercury Systems, Inc. (a) | 43723 | &nbsp;&nbsp; 3192216 |
| Moog, Inc. - Class A | 24504 | &nbsp;&nbsp; 5967949 |
| V2X, Inc. (a) | 48488 | &nbsp;&nbsp; 2645021 |
| VSE Corp.  | 23214 | &nbsp;&nbsp; 4010683 |
|  |  | &nbsp;&nbsp; 22004491 |
| **Automobile Components — 2.4%** | **Automobile Components — 2.4%** | **Automobile Components — 2.4%** |
| Dana, Inc.  | 94866 | &nbsp;&nbsp; 2254016 |
| Dorman Products, Inc. (a) | 6088 | &nbsp;&nbsp; 749981 |
| Garrett Motion, Inc.  | 239107 | &nbsp;&nbsp; 4167635 |
| Patrick Industries, Inc. (b) | 11325 | &nbsp;&nbsp; 1227970 |
|  |  | &nbsp;&nbsp; 8399602 |
| **Banks — 10.4%** | **Banks — 10.4%** | **Banks — 10.4%** |
| Ameris Bancorp | 58426 | &nbsp;&nbsp; 4339299 |
| Bancorp, Inc. (a) | 39328 | &nbsp;&nbsp; 2655426 |
| Coastal Financial Corp. (a) | 7632 | &nbsp;&nbsp; 874551 |
| FB Financial Corp.  | 68248 | &nbsp;&nbsp; 3808238 |
| First Busey Corp.  | 66360 | &nbsp;&nbsp; 1578704 |
| Hanmi Financial Corp.  | 34144 | &nbsp;&nbsp; 922912 |
| Home BancShares, Inc.  | 116577 | &nbsp;&nbsp; 3238509 |
| Live Oak Bancshares, Inc.  | 12956 | &nbsp;&nbsp; 445039 |
| Popular, Inc.  | 35811 | &nbsp;&nbsp; 4459186 |
| Prosperity Bancshares, Inc.  | 44960 | &nbsp;&nbsp; 3107186 |
| ServisFirst Bancshares, Inc.  | 18452 | &nbsp;&nbsp; 1324669 |
| Southstate Bank Corp.  | 41465 | &nbsp;&nbsp; 3902271 |
| Western Alliance Bancorp | 23383 | &nbsp;&nbsp; 1965809 |
| Wintrust Financial Corp.  | 28446 | &nbsp;&nbsp; 3977320 |
|  |  | &nbsp;&nbsp; 36599119 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Vita Coco Co., Inc. (a) | 26853 | &nbsp;&nbsp; 1423477 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| Alkermes PLC (a) | 30591 | &nbsp;&nbsp; 855936 |
| Apogee Therapeutics, Inc. (a) | 5921 | &nbsp;&nbsp; 446917 |
| Disc Medicine, Inc. (a) | 6528 | &nbsp;&nbsp; 518389 |
| Mirum Pharmaceuticals, Inc. (a) | 11960 | &nbsp;&nbsp; 944721 |
| Rhythm Pharmaceuticals, Inc. (a) | 11704 | &nbsp;&nbsp; 1252796 |
| Scholar Rock Holding Corp. (a) | 16068 | &nbsp;&nbsp; 707795 |
| Vericel Corp. (a) | 24535 | &nbsp;&nbsp; 883505 |
| Viridian Therapeutics, Inc. (a) | 34375 | &nbsp;&nbsp; 1069750 |
| Xenon Pharmaceuticals, Inc. (a) | 14213 | &nbsp;&nbsp; 637027 |
|  |  | &nbsp;&nbsp; 7316836 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Pattern Group, Inc. - Class A (a) | 49356 | &nbsp;&nbsp; 569568 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| CSW Industrials, Inc. (b) | 2600 | &nbsp;&nbsp; 763178 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Building Products—(Continued)** | **Building Products—(Continued)** | **Building Products—(Continued)** |
| Griffon Corp.  | 42673 | &nbsp;&nbsp; $3142866 |
| Modine Manufacturing Co. (a) | 4671 | &nbsp;&nbsp; 623625 |
| Resideo Technologies, Inc. (a) | 73266 | &nbsp;&nbsp; 2573102 |
|  |  | &nbsp;&nbsp; 7102771 |
| **Capital Markets — 4.7%** | **Capital Markets — 4.7%** | **Capital Markets — 4.7%** |
| Affiliated Managers Group, Inc.  | 6719 | &nbsp;&nbsp; 1936953 |
| Donnelley Financial Solutions, Inc. (a) | 50053 | &nbsp;&nbsp; 2336975 |
| Marex Group PLC | 95185 | &nbsp;&nbsp; 3651297 |
| P10, Inc. - Class A | 44093 | &nbsp;&nbsp; 432552 |
| Perella Weinberg Partners | 94715 | &nbsp;&nbsp; 1638569 |
| Piper Sandler Cos.  | 3374 | &nbsp;&nbsp; 1146182 |
| PJT Partners, Inc. - Class A | 7446 | &nbsp;&nbsp; 1244971 |
| Stifel Financial Corp.  | 28496 | &nbsp;&nbsp; 3568269 |
| WisdomTree, Inc. (b) | 30954 | &nbsp;&nbsp; 377329 |
|  |  | &nbsp;&nbsp; 16333097 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| Ecovyst, Inc. (a) | 220038 | &nbsp;&nbsp; 2140970 |
| Hawkins, Inc.  | 12731 | &nbsp;&nbsp; 1808566 |
| Solstice Advanced Materials, Inc. (a) | 51131 | &nbsp;&nbsp; 2483944 |
|  |  | &nbsp;&nbsp; 6433480 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| Boyd Group, Inc.  | 15777 | &nbsp;&nbsp; 2513276 |
| Casella Waste Systems, Inc. - Class A (a) (b) | 11755 | &nbsp;&nbsp; 1151285 |
|  |  | &nbsp;&nbsp; 3664561 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| Calix, Inc. (a) | 18256 | &nbsp;&nbsp; 966290 |
| Extreme Networks, Inc. (a) | 57511 | &nbsp;&nbsp; 957558 |
| Viavi Solutions, Inc. (a) | 29478 | &nbsp;&nbsp; 525298 |
|  |  | &nbsp;&nbsp; 2449146 |
| **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** |
| Arcosa, Inc.  | 43819 | &nbsp;&nbsp; 4658836 |
| Construction Partners, Inc. - Class A (a) | 13639 | &nbsp;&nbsp; 1480513 |
| Everus Construction Group, Inc. (a) | 10781 | &nbsp;&nbsp; 922422 |
| Legence Corp. - Class A (a) | 10550 | &nbsp;&nbsp; 454072 |
| Limbach Holdings, Inc. (a) | 13611 | &nbsp;&nbsp; 1059616 |
| MYR Group, Inc. (a) | 4259 | &nbsp;&nbsp; 930592 |
| Sterling Infrastructure, Inc. (a) | 4085 | &nbsp;&nbsp; 1250950 |
|  |  | &nbsp;&nbsp; 10757001 |
| **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
| Knife River Corp. (a) (b) | 42934 | &nbsp;&nbsp; 3020407 |
| **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
| TriMas Corp.  | 77348 | &nbsp;&nbsp; 2741987 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| Grand Canyon Education, Inc. (a) | 5749 | &nbsp;&nbsp; 956116 |
| OneSpaWorld Holdings Ltd.  | 48638 | &nbsp;&nbsp; 1008752 |
| Phoenix Education Partners, Inc. (a) | 42121 | &nbsp;&nbsp; 1276267 |
|  |  | &nbsp;&nbsp; 3241135 |

---

*See accompanying notes to financial statements.*

**BHFTII-205**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| Powell Industries, Inc.  | 8799 | &nbsp;&nbsp; $2804945 |
| **Electronic Equipment, Instruments & Components — 7.1%** | **Electronic Equipment, Instruments & Components — 7.1%** | **Electronic Equipment, Instruments & Components — 7.1%** |
| Advanced Energy Industries, Inc.  | 7820 | &nbsp;&nbsp; 1637273 |
| Bel Fuse, Inc. - Class B | 34788 | &nbsp;&nbsp; 5901089 |
| Crane NXT Co.  | 51886 | &nbsp;&nbsp; 2442274 |
| Itron, Inc. (a) | 9743 | &nbsp;&nbsp; 904735 |
| Mirion Technologies, Inc. (a) (b) | 46579 | &nbsp;&nbsp; 1090880 |
| OSI Systems, Inc. (a) | 4793 | &nbsp;&nbsp; 1222503 |
| TD SYNNEX Corp.  | 23583 | &nbsp;&nbsp; 3542874 |
| TTM Technologies, Inc. (a) | 70908 | &nbsp;&nbsp; 4892652 |
| Vontier Corp.  | 91817 | &nbsp;&nbsp; 3413756 |
|  |  | &nbsp;&nbsp; 25048036 |
| **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** |
| Cactus, Inc. - Class A | 21219 | &nbsp;&nbsp; 969284 |
| Kodiak Gas Services, Inc.  | 79209 | &nbsp;&nbsp; 2962416 |
| Oceaneering International, Inc. (a) | 78820 | &nbsp;&nbsp; 1894045 |
| Weatherford International PLC | 21336 | &nbsp;&nbsp; 1669755 |
|  |  | &nbsp;&nbsp; 7495500 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Atlanta Braves Holdings, Inc. - Class C (a) | 57972 | &nbsp;&nbsp; 2286995 |
| **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** |
| EVERTEC, Inc.  | 25773 | &nbsp;&nbsp; 749736 |
| Federal Agricultural Mortgage Corp. - Class C | 19603 | &nbsp;&nbsp; 3441699 |
| Paymentus Holdings, Inc. - Class A (a) | 25152 | &nbsp;&nbsp; 794552 |
| WEX, Inc. (a) | 16401 | &nbsp;&nbsp; 2443421 |
|  |  | &nbsp;&nbsp; 7429408 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Nomad Foods Ltd.  | 164095 | &nbsp;&nbsp; 2052828 |
| Post Holdings, Inc. (a) (b) | 22952 | &nbsp;&nbsp; 2273396 |
|  |  | &nbsp;&nbsp; 4326224 |
| **Gas Utilities — 1.7%** | **Gas Utilities — 1.7%** | **Gas Utilities — 1.7%** |
| MDU Resources Group, Inc.  | 120632 | &nbsp;&nbsp; 2354737 |
| UGI Corp.  | 93173 | &nbsp;&nbsp; 3487465 |
|  |  | &nbsp;&nbsp; 5842202 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Artivion, Inc. (a) | 19418 | &nbsp;&nbsp; 885655 |
| Establishment Labs Holdings, Inc. (a) | 22906 | &nbsp;&nbsp; 1669389 |
| Glaukos Corp. (a) | 6856 | &nbsp;&nbsp; 774111 |
| Haemonetics Corp. (a) | 26717 | &nbsp;&nbsp; 2141368 |
| iRhythm Technologies, Inc. (a) | 6390 | &nbsp;&nbsp; 1133842 |
| Lantheus Holdings, Inc. (a) | 26288 | &nbsp;&nbsp; 1749466 |
|  |  | &nbsp;&nbsp; 8353831 |
| **Health Care Providers & Services — 4.1%** | **Health Care Providers & Services — 4.1%** | **Health Care Providers & Services — 4.1%** |
| Addus HomeCare Corp. (a) | 10984 | &nbsp;&nbsp; 1179572 |
| Alignment Healthcare, Inc. (a) | 35195 | &nbsp;&nbsp; 695101 |
| Concentra Group Holdings Parent, Inc.  | 137570 | &nbsp;&nbsp; 2707377 |
| Ensign Group, Inc.  | 5193 | &nbsp;&nbsp; 904621 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Providers & Services—(Continued)** | **Health Care Providers & Services—(Continued)** | **Health Care Providers & Services—(Continued)** |
| Guardian Pharmacy Services, Inc. - Class A (a) | 14614 | &nbsp;&nbsp; $439735 |
| HealthEquity, Inc. (a) | 12226 | &nbsp;&nbsp; 1120024 |
| NeoGenomics, Inc. (a) | 37855 | &nbsp;&nbsp; 445175 |
| Omada Health, Inc. (a) | 42892 | &nbsp;&nbsp; 676836 |
| Option Care Health, Inc. (a) (b) | 90309 | &nbsp;&nbsp; 2877245 |
| Pennant Group, Inc. (a) | 64237 | &nbsp;&nbsp; 1808271 |
| Progyny, Inc. (a) | 17971 | &nbsp;&nbsp; 461495 |
| RadNet, Inc. (a) | 17265 | &nbsp;&nbsp; 1231858 |
|  |  | &nbsp;&nbsp; 14547310 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Churchill Downs, Inc.  | 31465 | &nbsp;&nbsp; 3580088 |
| First Watch Restaurant Group, Inc. (a) | 42922 | &nbsp;&nbsp; 647264 |
| Life Time Group Holdings, Inc. (a) | 41902 | &nbsp;&nbsp; 1113755 |
| Pursuit Attractions & Hospitality, Inc. (a) (b) | 54874 | &nbsp;&nbsp; 1848156 |
| Super Group SGHC Ltd.  | 46764 | &nbsp;&nbsp; 558830 |
| Texas Roadhouse, Inc.  | 2588 | &nbsp;&nbsp; 429608 |
|  |  | &nbsp;&nbsp; 8177701 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Installed Building Products, Inc.  | 1670 | &nbsp;&nbsp; 433181 |
| KB Home | 29670 | &nbsp;&nbsp; 1673685 |
|  |  | &nbsp;&nbsp; 2106866 |
| **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** |
| Talen Energy Corp. (a) (b) | 5767 | &nbsp;&nbsp; 2161702 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| STAG Industrial, Inc.  | 64885 | &nbsp;&nbsp; 2385173 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| Fidelis Insurance Holdings Ltd.  | 107747 | &nbsp;&nbsp; 2108609 |
| Skyward Specialty Insurance Group, Inc. (a) | 56489 | &nbsp;&nbsp; 2887153 |
|  |  | &nbsp;&nbsp; 4995762 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Cargurus, Inc. (a) | 18246 | &nbsp;&nbsp; 699734 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Kyndryl Holdings, Inc. (a) | 70757 | &nbsp;&nbsp; 1879306 |
| **Leisure Products — 1.1%** | **Leisure Products — 1.1%** | **Leisure Products — 1.1%** |
| YETI Holdings, Inc. (a) (b) | 88600 | &nbsp;&nbsp; 3913462 |
| **Machinery — 4.7%** | **Machinery — 4.7%** | **Machinery — 4.7%** |
| Aebi Schmidt Holding AG | 157251 | &nbsp;&nbsp; 1989225 |
| Atmus Filtration Technologies, Inc.  | 63816 | &nbsp;&nbsp; 3312688 |
| Blue Bird Corp. (a) | 54249 | &nbsp;&nbsp; 2549703 |
| CECO Environmental Corp. (a) | 56962 | &nbsp;&nbsp; 3409176 |
| ESCO Technologies, Inc.  | 7574 | &nbsp;&nbsp; 1479884 |
| Kadant, Inc.  | 7396 | &nbsp;&nbsp; 2108008 |
| RBC Bearings, Inc. (a) | 3586 | &nbsp;&nbsp; 1608070 |
|  |  | &nbsp;&nbsp; 16456754 |
| **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** |
| Matson, Inc.  | 15065 | &nbsp;&nbsp; 1861281 |

---

*See accompanying notes to financial statements.*

**BHFTII-206**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| John Wiley & Sons, Inc. - Class A | 43370 | &nbsp;&nbsp; $1328423 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Avista Corp.  | 51971 | &nbsp;&nbsp; 2002962 |
| **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| Antero Resources Corp. (a) | 86071 | &nbsp;&nbsp; 2966007 |
| California Resources Corp.  | 54105 | &nbsp;&nbsp; 2419034 |
| International Seaways, Inc.  | 42309 | &nbsp;&nbsp; 2054102 |
| Magnolia Oil & Gas Corp. - Class A (b) | 35758 | &nbsp;&nbsp; 782743 |
| Viper Energy, Inc. - Class A | 84494 | &nbsp;&nbsp; 3264003 |
|  |  | &nbsp;&nbsp; 11485889 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| BellRing Brands, Inc. (a) | 37353 | &nbsp;&nbsp; 998446 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| ANI Pharmaceuticals, Inc. (a) | 29679 | &nbsp;&nbsp; 2342860 |
| Axsome Therapeutics, Inc. (a) | 7316 | &nbsp;&nbsp; 1336194 |
| Collegium Pharmaceutical, Inc. (a) | 56492 | &nbsp;&nbsp; 2615580 |
| Ligand Pharmaceuticals, Inc. (a) (b) | 8883 | &nbsp;&nbsp; 1679509 |
| Supernus Pharmaceuticals, Inc. (a) | 83398 | &nbsp;&nbsp; 4144881 |
| Tarsus Pharmaceuticals, Inc. (a) | 10213 | &nbsp;&nbsp; 836240 |
| WaVe Life Sciences Ltd. (a) | 47315 | &nbsp;&nbsp; 804355 |
|  |  | &nbsp;&nbsp; 13759619 |
| **Professional Services — 2.4%** | **Professional Services — 2.4%** | **Professional Services — 2.4%** |
| Amentum Holdings, Inc. (a) (b) | 108441 | &nbsp;&nbsp; 3144789 |
| Concentrix Corp.  | 50547 | &nbsp;&nbsp; 2101744 |
| Huron Consulting Group, Inc. (a) | 6547 | &nbsp;&nbsp; 1132042 |
| Korn Ferry | 33293 | &nbsp;&nbsp; 2198004 |
|  |  | &nbsp;&nbsp; 8576579 |
| **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** |
| Colliers International Group, Inc.  | 19518 | &nbsp;&nbsp; 2869341 |
| FirstService Corp.  | 14896 | &nbsp;&nbsp; 2316775 |
|  |  | &nbsp;&nbsp; 5186116 |
| **Retail REITs — 1.1%** | **Retail REITs — 1.1%** | **Retail REITs — 1.1%** |
| Agree Realty Corp. (b) | 30345 | &nbsp;&nbsp; 2185750 |
| Curbline Properties Corp.  | 69757 | &nbsp;&nbsp; 1619060 |
|  |  | &nbsp;&nbsp; 3804810 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
| MACOM Technology Solutions Holdings, Inc. (a) | 11249 | &nbsp;&nbsp; 1926729 |
| Rambus, Inc. (a) | 10420 | &nbsp;&nbsp; 957494 |
| Silicon Laboratories, Inc. (a) | 7789 | &nbsp;&nbsp; 1018022 |
|  |  | &nbsp;&nbsp; 3902245 |
| **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
| Agilysys, Inc. (a) (b) | 9077 | &nbsp;&nbsp; 1078711 |
| Bill Holdings, Inc. (a) | 51764 | &nbsp;&nbsp; 2823208 |
| Five9, Inc. (a) | 87904 | &nbsp;&nbsp; 1762475 |
| I3 Verticals, Inc. - Class A (a) (b) | 47006 | &nbsp;&nbsp; 1184081 |
| JFrog Ltd. (a) | 16472 | &nbsp;&nbsp; 1028841 |
| Life360, Inc. (a) (b) | 6472 | &nbsp;&nbsp; 415114 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| NCR Voyix Corp. (a) (b) | 172429 | &nbsp;&nbsp; $1758776 |
| PagerDuty, Inc. (a) | 106182 | &nbsp;&nbsp; 1392046 |
| Procore Technologies, Inc. (a) | 13281 | &nbsp;&nbsp; 966060 |
| Workiva, Inc. (a) | 6799 | &nbsp;&nbsp; 586414 |
|  |  | &nbsp;&nbsp; 12995726 |
| **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** |
| Boot Barn Holdings, Inc. (a) | 13511 | &nbsp;&nbsp; 2384286 |
| **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** |
| Crocs, Inc. (a) | 21785 | &nbsp;&nbsp; 1863053 |
| Kontoor Brands, Inc.  | 31162 | &nbsp;&nbsp; 1903687 |
| Levi Strauss & Co. - Class A | 91296 | &nbsp;&nbsp; 1893479 |
|  |  | &nbsp;&nbsp; 5660219 |
| **Trading Companies & Distributors — 4.0%** | **Trading Companies & Distributors — 4.0%** | **Trading Companies & Distributors — 4.0%** |
| Applied Industrial Technologies, Inc.  | 4897 | &nbsp;&nbsp; 1257403 |
| GATX Corp.  | 10961 | &nbsp;&nbsp; 1858986 |
| Herc Holdings, Inc.  | 20039 | &nbsp;&nbsp; 2973387 |
| McGrath RentCorp | 30655 | &nbsp;&nbsp; 3216629 |
| NPK International, Inc. (a) | 230034 | &nbsp;&nbsp; 2742005 |
| Rush Enterprises, Inc. - Class A | 24303 | &nbsp;&nbsp; 1310904 |
| SiteOne Landscape Supply, Inc. (a) | 5099 | &nbsp;&nbsp; 635131 |
|  |  | &nbsp;&nbsp; 13994445 |
| **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** |
| Array Digital Infrastructure, Inc.  | 93369 | &nbsp;&nbsp; 5006446 |
| Total Common Stocks <br>(Cost $251,660,032) <br>|  | &nbsp;&nbsp; 345915081 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| GCI Liberty, Inc. (a) (c) (d) <br>(Cost $0)<br>| 39365 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.6%** | **Short-Term Investments—1.6%** | **Short-Term Investments—1.6%** |
| **Repurchase Agreement—1.6%** | **Repurchase Agreement—1.6%** | **Repurchase Agreement—1.6%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $5,468,970; collateralized <br> by U.S. Treasury Note at 4.500%, maturing 05/15/27, with a <br> market value of $5,577,755<br>| 5468211 | &nbsp;&nbsp; 5468211 |
| Total Short-Term Investments <br>(Cost $5,468,211) <br>|  | &nbsp;&nbsp; 5468211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—1.0%** | **Securities Lending Reinvestments (e)—1.0%** | **Securities Lending Reinvestments (e)—1.0%** |
| **Short-Term Investment Funds—0.8%** | **Short-Term Investment Funds—0.8%** | **Short-Term Investment Funds—0.8%** |
| AB Government Money Market Portfolio, <br>Institutional Class 3.610% (f)<br>| 169010 | &nbsp;&nbsp; 169010 |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (f)<br>| 400000 | &nbsp;&nbsp; 400000 |

---

*See accompanying notes to financial statements.*

**BHFTII-207**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (f)<br>| 400000 | &nbsp;&nbsp; $400000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (f)<br>| 200000 | &nbsp;&nbsp; 200000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (f)<br>| 400000 | &nbsp;&nbsp; 400000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 400000 | &nbsp;&nbsp; 400000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (f)<br>| 200000 | &nbsp;&nbsp; 200000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (f)<br>| 200000 | &nbsp;&nbsp; 200000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (f)<br>| 400000 | &nbsp;&nbsp; 400000 |
|  |  | &nbsp;&nbsp; 2769010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $508,426; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $518,595<br>| 508318 | &nbsp;&nbsp; 508318 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $220,047; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.375%, maturity dates ranging from 05/15/26 - 11/15/55, <br> and an aggregate market value of $224,448<br>| 220000 | &nbsp;&nbsp; 220000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $7,240; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $7,384<br>| 7239 | &nbsp;&nbsp; 7239 |
|  |  | &nbsp;&nbsp; 735557 |
| Total Securities Lending Reinvestments <br>(Cost $3,504,567) <br>|  | &nbsp;&nbsp; 3504567 |
| Total Investments—101.1% <br>(Cost $260,632,810) <br>|  | &nbsp;&nbsp; 354887859 |
| Other assets and liabilities (net)—(1.1)%  |  | &nbsp;&nbsp; (3731658)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $351156201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $21,258,063 and the collateral received consisted of cash in the amount of <br> $3,504,567 and non-cash collateral with a value of $18,512,764. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $127553502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $162578256 |

---

*See accompanying notes to financial statements.*

**BHFTII-208**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(3504567)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3504567)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(3504567)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $345915081 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $345915081 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5468211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5468211 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 2769010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2769010 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 735557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 735557 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 2769010 | &nbsp;&nbsp; 735557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3504567 |
| Total Investments | &nbsp;&nbsp; $348684091 | &nbsp;&nbsp; $6203768 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $354887859 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3504567)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3504567)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-209**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $354887859 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 99758 |
| Fund shares sold | &nbsp;&nbsp; 322810 |
| Dividends and interest | &nbsp;&nbsp; 217821 |
| Prepaid expenses | &nbsp;&nbsp; 1212 |
| Total Assets | &nbsp;&nbsp; 355529460 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 3504567 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 106829 |
| Fund shares redeemed | &nbsp;&nbsp; 103111 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 247737 |
| Distribution and service fees | &nbsp;&nbsp; 21626 |
| Deferred trustees' fees | &nbsp;&nbsp; 240496 |
| Other expenses | &nbsp;&nbsp; 148893 |
| Total Liabilities | &nbsp;&nbsp; 4373259 |
| **Net Assets**  | &nbsp;&nbsp; $351156201 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $229786850 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 121369351 |
| **Net Assets**  | &nbsp;&nbsp; $351156201 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $245334847 |
| Class B | &nbsp;&nbsp; 90441747 |
| Class E | &nbsp;&nbsp; 15379607 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 1094957 |
| Class B | &nbsp;&nbsp; 462643 |
| Class E | &nbsp;&nbsp; 73925 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $224.06 |
| Class B | 195.49 |
| Class E | 208.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $260,632,810.

(b) Includes securities loaned at value of $21,258,063.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $5608703 |
| Interest | &nbsp;&nbsp; 228599 |
| Securities lending income | &nbsp;&nbsp; 35318 |
| Total investment income | &nbsp;&nbsp; 5872620 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3176877 |
| Administration fees | &nbsp;&nbsp; 35413 |
| Custodian and accounting fees | &nbsp;&nbsp; 18777 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 233571 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 23998 |
| Audit and tax services | &nbsp;&nbsp; 50282 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 59895 |
| Insurance | &nbsp;&nbsp; 3124 |
| Miscellaneous | &nbsp;&nbsp; 13052 |
| Total expenses | &nbsp;&nbsp; 3725574 |
| Less management fee waiver | &nbsp;&nbsp; (295486)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (16629)<br>|
| Net expenses | &nbsp;&nbsp; 3413459 |
| **Net Investment Income** | &nbsp;&nbsp; 2459161 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 25345184<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (10285545)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (1)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (10285546)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 15059638 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $17518799 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $7,494.

*See accompanying notes to financial statements.*

**BHFTII-210**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2459161 | &nbsp;&nbsp; $618263 |
| Net realized gain (loss) | &nbsp;&nbsp; 25345184 | &nbsp;&nbsp; 42099840 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (10285546)<br>| &nbsp;&nbsp; (464789)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 17518799 | &nbsp;&nbsp; 42253314 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (28647096)<br>| &nbsp;&nbsp; (17254981)<br>|
| Class B | &nbsp;&nbsp; (12376714)<br>| &nbsp;&nbsp; (7777177)<br>|
| Class E | &nbsp;&nbsp; (1974793)<br>| &nbsp;&nbsp; (1324278)<br>|
| **Total distributions** | &nbsp;&nbsp; (42998603)<br>| &nbsp;&nbsp; (26356436)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 3753823 | &nbsp;&nbsp; (20665319)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (21725981)<br>| &nbsp;&nbsp; (4768441)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 372882182 | &nbsp;&nbsp; 377650623 |
| End of period | &nbsp;&nbsp; $351156201 | &nbsp;&nbsp; $372882182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 15297 | &nbsp;&nbsp; $3415303 | &nbsp;&nbsp; 19562 | &nbsp;&nbsp; $4653008 |
| Reinvestments | &nbsp;&nbsp; 138212 | &nbsp;&nbsp; 28647096 | &nbsp;&nbsp; 75211 | &nbsp;&nbsp; 17254981 |
| Redemptions | &nbsp;&nbsp; (117328)<br>| &nbsp;&nbsp; (26323870)<br>| &nbsp;&nbsp; (111245)<br>| &nbsp;&nbsp; (26649246)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 36181 | &nbsp;&nbsp; $5738529 | &nbsp;&nbsp; (16472)<br>| &nbsp;&nbsp; $(4741257)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 17262 | &nbsp;&nbsp; $3430936 | &nbsp;&nbsp; 13995 | &nbsp;&nbsp; $2954856 |
| Reinvestments | &nbsp;&nbsp; 68342 | &nbsp;&nbsp; 12376714 | &nbsp;&nbsp; 38131 | &nbsp;&nbsp; 7777177 |
| Redemptions | &nbsp;&nbsp; (87603)<br>| &nbsp;&nbsp; (17235142)<br>| &nbsp;&nbsp; (110925)<br>| &nbsp;&nbsp; (23893387)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1999)<br>| &nbsp;&nbsp; $(1427492)<br>| &nbsp;&nbsp; (58799)<br>| &nbsp;&nbsp; $(13161354)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1990 | &nbsp;&nbsp; $418422 | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; $483747 |
| Reinvestments | &nbsp;&nbsp; 10252 | &nbsp;&nbsp; 1974793 | &nbsp;&nbsp; 6157 | &nbsp;&nbsp; 1324278 |
| Redemptions | &nbsp;&nbsp; (14127)<br>| &nbsp;&nbsp; (2950429)<br>| &nbsp;&nbsp; (20246)<br>| &nbsp;&nbsp; (4570733)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1885)<br>| &nbsp;&nbsp; $(557214)<br>| &nbsp;&nbsp; (11964)<br>| &nbsp;&nbsp; $(2762708)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $3753823 |  | &nbsp;&nbsp; $(20665319)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-211**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $241.77 | &nbsp;&nbsp; $232.13 | &nbsp;&nbsp; $207.66 | &nbsp;&nbsp; $307.10 | &nbsp;&nbsp; $267.73 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 1.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 8.77 | &nbsp;&nbsp;&nbsp;&nbsp;25.77 | &nbsp;&nbsp;&nbsp;&nbsp;34.78 | &nbsp;&nbsp; (50.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;57.96 |
| Total income (loss) from investment operations | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;26.35 | &nbsp;&nbsp;&nbsp;&nbsp;35.28 | &nbsp;&nbsp; (49.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;58.00 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (27.72)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.38)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>|
| Total distributions | &nbsp;&nbsp; (28.21)<br>| &nbsp;&nbsp; (16.71)<br>| &nbsp;&nbsp; (10.81)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.63)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $224.06 | &nbsp;&nbsp; $241.77 | &nbsp;&nbsp; $232.13 | &nbsp;&nbsp; $207.66 | &nbsp;&nbsp; $307.10 |
| **Total Return (%)** (b) | 5.29 | &nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp; (15.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.95 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net ratio of expenses to average net assets (%) (c) | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Ratio of net investment income (loss) to average net assets (%) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $245.3 | &nbsp;&nbsp; $256.0 | &nbsp;&nbsp; $249.6 | &nbsp;&nbsp; $230.6 | &nbsp;&nbsp; $291.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $214.64 | &nbsp;&nbsp; $208.02 | &nbsp;&nbsp; $187.19 | &nbsp;&nbsp; $283.63 | &nbsp;&nbsp; $248.88 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 1.02 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (0.64)<br>|
| Net realized and unrealized gain (loss) | 7.55 | &nbsp;&nbsp;&nbsp;&nbsp;23.01 | &nbsp;&nbsp;&nbsp;&nbsp;31.24 | &nbsp;&nbsp; (46.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;53.77 |
| Total income (loss) from investment operations | 8.57 | &nbsp;&nbsp;&nbsp;&nbsp;22.98 | &nbsp;&nbsp;&nbsp;&nbsp;31.21 | &nbsp;&nbsp; (46.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;53.13 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (27.72)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.38)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>|
| Total distributions | &nbsp;&nbsp; (27.72)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.38)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $195.49 | &nbsp;&nbsp; $214.64 | &nbsp;&nbsp; $208.02 | &nbsp;&nbsp; $187.19 | &nbsp;&nbsp; $283.63 |
| **Total Return (%)** (b) | 5.02 | &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp; (15.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.64 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Net ratio of expenses to average net assets (%) (c) | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Ratio of net investment income (loss) to average net assets (%) | 0.52 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.23)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $90.4 | &nbsp;&nbsp; $99.7 | &nbsp;&nbsp; $108.9 | &nbsp;&nbsp; $104.8 | &nbsp;&nbsp; $142.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-212**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $226.47 | &nbsp;&nbsp; $218.42 | &nbsp;&nbsp; $195.97 | &nbsp;&nbsp; $293.73 | &nbsp;&nbsp; $256.93 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp; (0.38)<br>|
| Net realized and unrealized gain (loss) | 8.10 | &nbsp;&nbsp;&nbsp;&nbsp;24.22 | &nbsp;&nbsp;&nbsp;&nbsp;32.76 | &nbsp;&nbsp; (48.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;55.56 |
| Total income (loss) from investment operations | 9.39 | &nbsp;&nbsp;&nbsp;&nbsp;24.41 | &nbsp;&nbsp;&nbsp;&nbsp;32.93 | &nbsp;&nbsp; (48.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;55.18 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (27.72)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.38)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>|
| Total distributions | &nbsp;&nbsp; (27.82)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.48)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $208.04 | &nbsp;&nbsp; $226.47 | &nbsp;&nbsp; $218.42 | &nbsp;&nbsp; $195.97 | &nbsp;&nbsp; $293.73 |
| **Total Return (%)** (b) | 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;17.29 | &nbsp;&nbsp; (15.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.77 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net ratio of expenses to average net assets (%) (c) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Ratio of net investment income (loss) to average net assets (%) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (0.13)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $15.4 | &nbsp;&nbsp; $17.2 | &nbsp;&nbsp; $19.2 | &nbsp;&nbsp; $18.6 | &nbsp;&nbsp; $24.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-213**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—97.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 8.4%** | **Aerospace & Defense — 8.4%** | **Aerospace & Defense — 8.4%** |
| AAR Corp. (a) | 54046 | &nbsp;&nbsp; $4474468 |
| ATI, Inc. (a) | 55116 | &nbsp;&nbsp; 6325112 |
| Cadre Holdings, Inc. (b) | 57537 | &nbsp;&nbsp; 2349811 |
| Ducommun, Inc. (a) | 23617 | &nbsp;&nbsp; 2246685 |
| Hexcel Corp. (b) | 50973 | &nbsp;&nbsp; 3766905 |
| Kratos Defense & Security Solutions, Inc. (a) | 49949 | &nbsp;&nbsp; 3791629 |
| Mercury Systems, Inc. (a) (b) | 60408 | &nbsp;&nbsp; 4410388 |
|  |  | &nbsp;&nbsp; 27364998 |
| **Automobile Components — 2.3%** | **Automobile Components — 2.3%** | **Automobile Components — 2.3%** |
| Dorman Products, Inc. (a) | 22624 | &nbsp;&nbsp; 2787051 |
| Patrick Industries, Inc. (b) | 42098 | &nbsp;&nbsp; 4564686 |
|  |  | &nbsp;&nbsp; 7351737 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| Bancorp, Inc. (a) | 55039 | &nbsp;&nbsp; 3716233 |
| Coastal Financial Corp. (a) | 28505 | &nbsp;&nbsp; 3266388 |
| FB Financial Corp.  | 57909 | &nbsp;&nbsp; 3231322 |
| Live Oak Bancshares, Inc.  | 48382 | &nbsp;&nbsp; 1661922 |
|  |  | &nbsp;&nbsp; 11875865 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Vita Coco Co., Inc. (a) | 100317 | &nbsp;&nbsp; 5317804 |
| **Biotechnology — 8.4%** | **Biotechnology — 8.4%** | **Biotechnology — 8.4%** |
| Alkermes PLC (a) | 115483 | &nbsp;&nbsp; 3231214 |
| Apogee Therapeutics, Inc. (a) | 22112 | &nbsp;&nbsp; 1669014 |
| Disc Medicine, Inc. (a) | 24377 | &nbsp;&nbsp; 1935778 |
| Mirum Pharmaceuticals, Inc. (a) | 44441 | &nbsp;&nbsp; 3510395 |
| Rhythm Pharmaceuticals, Inc. (a) | 43479 | &nbsp;&nbsp; 4653992 |
| Scholar Rock Holding Corp. (a) | 59709 | &nbsp;&nbsp; 2630181 |
| Vericel Corp. (a) | 91209 | &nbsp;&nbsp; 3284436 |
| Viridian Therapeutics, Inc. (a) | 127813 | &nbsp;&nbsp; 3977541 |
| Xenon Pharmaceuticals, Inc. (a) | 52820 | &nbsp;&nbsp; 2367392 |
|  |  | &nbsp;&nbsp; 27259943 |
| **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |
| Pattern Group, Inc. - Class A (a) | 184295 | &nbsp;&nbsp; 2126764 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| CSW Industrials, Inc. (b) | 9652 | &nbsp;&nbsp; 2833151 |
| Modine Manufacturing Co. (a) | 17286 | &nbsp;&nbsp; 2307854 |
|  |  | &nbsp;&nbsp; 5141005 |
| **Capital Markets — 4.7%** | **Capital Markets — 4.7%** | **Capital Markets — 4.7%** |
| Marex Group PLC | 92419 | &nbsp;&nbsp; 3545193 |
| P10, Inc. - Class A | 164045 | &nbsp;&nbsp; 1609282 |
| Piper Sandler Cos.  | 12538 | &nbsp;&nbsp; 4259284 |
| PJT Partners, Inc. - Class A | 27636 | &nbsp;&nbsp; 4620739 |
| WisdomTree, Inc. (b) | 115586 | &nbsp;&nbsp; 1408993 |
|  |  | &nbsp;&nbsp; 15443491 |
| **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** |
| Casella Waste Systems, Inc. - Class A (a) (b) | 43634 | &nbsp;&nbsp; 4273514 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Communications Equipment — 2.8%** | **Communications Equipment — 2.8%** | **Communications Equipment — 2.8%** |
| Calix, Inc. (a) | 68182 | &nbsp;&nbsp; $3608873 |
| Extreme Networks, Inc. (a) | 214770 | &nbsp;&nbsp; 3575921 |
| Viavi Solutions, Inc. (a) | 110011 | &nbsp;&nbsp; 1960396 |
|  |  | &nbsp;&nbsp; 9145190 |
| **Construction & Engineering — 7.0%** | **Construction & Engineering — 7.0%** | **Construction & Engineering — 7.0%** |
| Arcosa, Inc.  | 39041 | &nbsp;&nbsp; 4150839 |
| Construction Partners, Inc. - Class A (a) | 50663 | &nbsp;&nbsp; 5499469 |
| Everus Construction Group, Inc. (a) | 40267 | &nbsp;&nbsp; 3445245 |
| Legence Corp. - Class A (a) | 39382 | &nbsp;&nbsp; 1695001 |
| MYR Group, Inc. (a) | 15905 | &nbsp;&nbsp; 3475242 |
| Sterling Infrastructure, Inc. (a) | 15114 | &nbsp;&nbsp; 4628360 |
|  |  | &nbsp;&nbsp; 22894156 |
| **Diversified Consumer Services — 2.2%** | **Diversified Consumer Services — 2.2%** | **Diversified Consumer Services — 2.2%** |
| Grand Canyon Education, Inc. (a) | 21367 | &nbsp;&nbsp; 3553546 |
| OneSpaWorld Holdings Ltd.  | 180897 | &nbsp;&nbsp; 3751804 |
|  |  | &nbsp;&nbsp; 7305350 |
| **Electronic Equipment, Instruments & Components — 5.6%** | **Electronic Equipment, Instruments & Components — 5.6%** | **Electronic Equipment, Instruments & Components — 5.6%** |
| Advanced Energy Industries, Inc.  | 29063 | &nbsp;&nbsp; 6084920 |
| Itron, Inc. (a) | 36201 | &nbsp;&nbsp; 3361625 |
| Mirion Technologies, Inc. (a) (b) | 173907 | &nbsp;&nbsp; 4072902 |
| OSI Systems, Inc. (a) (b) | 17907 | &nbsp;&nbsp; 4567359 |
|  |  | &nbsp;&nbsp; 18086806 |
| **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** |
| Cactus, Inc. - Class A | 78888 | &nbsp;&nbsp; 3603604 |
| Oceaneering International, Inc. (a) | 137310 | &nbsp;&nbsp; 3299559 |
|  |  | &nbsp;&nbsp; 6903163 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| EVERTEC, Inc.  | 95771 | &nbsp;&nbsp; 2785979 |
| Paymentus Holdings, Inc. - Class A (a) | 93924 | &nbsp;&nbsp; 2967059 |
|  |  | &nbsp;&nbsp; 5753038 |
| **Health Care Equipment & Supplies — 5.1%** | **Health Care Equipment & Supplies — 5.1%** | **Health Care Equipment & Supplies — 5.1%** |
| Artivion, Inc. (a) | 72511 | &nbsp;&nbsp; 3307227 |
| Establishment Labs Holdings, Inc. (a) (b) | 85374 | &nbsp;&nbsp; 6222057 |
| Glaukos Corp. (a) | 25448 | &nbsp;&nbsp; 2873334 |
| iRhythm Technologies, Inc. (a) | 23881 | &nbsp;&nbsp; 4237444 |
|  |  | &nbsp;&nbsp; 16640062 |
| **Health Care Providers & Services — 6.8%** | **Health Care Providers & Services — 6.8%** | **Health Care Providers & Services — 6.8%** |
| Alignment Healthcare, Inc. (a) | 131301 | &nbsp;&nbsp; 2593195 |
| Ensign Group, Inc.  | 19272 | &nbsp;&nbsp; 3357182 |
| Guardian Pharmacy Services, Inc. - Class A (a) (b) | 54573 | &nbsp;&nbsp; 1642102 |
| HealthEquity, Inc. (a) | 45449 | &nbsp;&nbsp; 4163583 |
| NeoGenomics, Inc. (a) | 141265 | &nbsp;&nbsp; 1661276 |
| Omada Health, Inc. (a) | 160182 | &nbsp;&nbsp; 2527672 |
| Progyny, Inc. (a) | 67095 | &nbsp;&nbsp; 1723000 |
| RadNet, Inc. (a) (b) | 64163 | &nbsp;&nbsp; 4578030 |
|  |  | &nbsp;&nbsp; 22246040 |

---

*See accompanying notes to financial statements.*

**BHFTII-214**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** |
| First Watch Restaurant Group, Inc. (a) | 160368 | &nbsp;&nbsp; $2418350 |
| Life Time Group Holdings, Inc. (a) | 155635 | &nbsp;&nbsp; 4136778 |
| Super Group SGHC Ltd.  | 174659 | &nbsp;&nbsp; 2087175 |
| Texas Roadhouse, Inc.  | 9574 | &nbsp;&nbsp; 1589284 |
|  |  | &nbsp;&nbsp; 10231587 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| Installed Building Products, Inc.  | 6238 | &nbsp;&nbsp; 1618075 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
| Cargurus, Inc. (a) | 68182 | &nbsp;&nbsp; 2614780 |
| **Leisure Products — 1.2%** | **Leisure Products — 1.2%** | **Leisure Products — 1.2%** |
| YETI Holdings, Inc. (a) (b) | 89688 | &nbsp;&nbsp; 3961519 |
| **Machinery — 3.5%** | **Machinery — 3.5%** | **Machinery — 3.5%** |
| ESCO Technologies, Inc.  | 28117 | &nbsp;&nbsp; 5493781 |
| RBC Bearings, Inc. (a) | 13329 | &nbsp;&nbsp; 5977123 |
|  |  | &nbsp;&nbsp; 11470904 |
| **Oil, Gas & Consumable Fuels — 0.9%** | **Oil, Gas & Consumable Fuels — 0.9%** | **Oil, Gas & Consumable Fuels — 0.9%** |
| Magnolia Oil & Gas Corp. - Class A | 132872 | &nbsp;&nbsp; 2908568 |
| **Pharmaceuticals — 6.5%** | **Pharmaceuticals — 6.5%** | **Pharmaceuticals — 6.5%** |
| Axsome Therapeutics, Inc. (a) | 27217 | &nbsp;&nbsp; 4970913 |
| Ligand Pharmaceuticals, Inc. (a) (b) | 33020 | &nbsp;&nbsp; 6243091 |
| Supernus Pharmaceuticals, Inc. (a) | 79571 | &nbsp;&nbsp; 3954679 |
| Tarsus Pharmaceuticals, Inc. (a) | 38141 | &nbsp;&nbsp; 3122985 |
| WaVe Life Sciences Ltd. (a) | 175962 | &nbsp;&nbsp; 2991354 |
|  |  | &nbsp;&nbsp; 21283022 |
| **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** |
| Huron Consulting Group, Inc. (a) | 24331 | &nbsp;&nbsp; 4207073 |
| **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** |
| MACOM Technology Solutions Holdings, Inc. (a) | 41803 | &nbsp;&nbsp; 7160018 |
| Rambus, Inc. (a) (b) | 38906 | &nbsp;&nbsp; 3575072 |
| Silicon Laboratories, Inc. (a) | 28955 | &nbsp;&nbsp; 3784419 |
|  |  | &nbsp;&nbsp; 14519509 |
| **Software — 4.7%** | **Software — 4.7%** | **Software — 4.7%** |
| Agilysys, Inc. (a) (b) | 33703 | &nbsp;&nbsp; 4005265 |
| JFrog Ltd. (a) | 61525 | &nbsp;&nbsp; 3842851 |
| Life360, Inc. (a) | 24175 | &nbsp;&nbsp; 1550584 |
| Procore Technologies, Inc. (a) | 49359 | &nbsp;&nbsp; 3590374 |
| Workiva, Inc. (a) | 25215 | &nbsp;&nbsp; 2174794 |
|  |  | &nbsp;&nbsp; 15163868 |
| **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
| Boot Barn Holdings, Inc. (a) | 21569 | &nbsp;&nbsp; 3806281 |
| **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** |
| Applied Industrial Technologies, Inc.  | 18201 | &nbsp;&nbsp; 4673471 |
| McGrath RentCorp | 20560 | &nbsp;&nbsp; 2157361 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** |
| SiteOne Landscape Supply, Inc. (a) | 18946 | &nbsp;&nbsp; $2359913 |
|  |  | &nbsp;&nbsp; 9190745 |
| Total Common Stocks <br>(Cost $230,774,281) <br>|  | &nbsp;&nbsp; 316104857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.1%** | **Short-Term Investments—3.1%** | **Short-Term Investments—3.1%** |
| **Repurchase Agreement—3.1%** | **Repurchase Agreement—3.1%** | **Repurchase Agreement—3.1%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $9,983,564; collateralized <br> by U.S. Treasury Note at 4.500%, maturing 05/15/27, with a <br> market value of $10,181,825<br>| 9982177 | &nbsp;&nbsp; 9982177 |
| Total Short-Term Investments <br>(Cost $9,982,177) <br>|  | &nbsp;&nbsp; 9982177 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—1.1%** | **Securities Lending Reinvestments (c)—1.1%** | **Securities Lending Reinvestments (c)—1.1%** |
| **Short-Term Investment Funds—1.1%** | **Short-Term Investment Funds—1.1%** | **Short-Term Investment Funds—1.1%** |
| AB Government Money Market Portfolio, <br>Institutional Class 3.610% (d)<br>| 5000 | &nbsp;&nbsp; 5000 |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 3.690% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp; 3505000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $188,667; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $192,440<br>| 188627 | &nbsp;&nbsp; 188627 |

---

*See accompanying notes to financial statements.*

**BHFTII-215**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $2,702; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $2,755<br>| 2701 | &nbsp;&nbsp; $2701 |
|  |  | &nbsp;&nbsp; 191328 |
| Total Securities Lending Reinvestments <br>(Cost $3,696,328) <br>|  | &nbsp;&nbsp; 3696328 |
| Total Investments—101.3% <br>(Cost $244,452,786) <br>|  | &nbsp;&nbsp; 329783362 |
| Other assets and liabilities (net)—(1.3)%  |  | &nbsp;&nbsp; (4119712)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $325663650 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $47,565,219 and the collateral received consisted of cash in the amount of <br> $3,696,328 and non-cash collateral with a value of $45,516,063. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (d) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136585322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $169884216 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(3696328)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3696328)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(3696328)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $316104857 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $316104857 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 9982177 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9982177 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 3505000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3505000 |

---

*See accompanying notes to financial statements.*

**BHFTII-216**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $191328 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $191328 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 3505000 | &nbsp;&nbsp; 191328 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3696328 |
| Total Investments | &nbsp;&nbsp; $319609857 | &nbsp;&nbsp; $10173505 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $329783362 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3696328)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3696328)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-217**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $329783362 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 368802 |
| Fund shares sold | &nbsp;&nbsp; 261283 |
| Dividends and interest | &nbsp;&nbsp; 1946 |
| Prepaid expenses | &nbsp;&nbsp; 1147 |
| Total Assets | &nbsp;&nbsp; 330416540 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 3696328 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 397967 |
| Fund shares redeemed | &nbsp;&nbsp; 47279 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 227700 |
| Distribution and service fees | &nbsp;&nbsp; 9920 |
| Deferred trustees' fees | &nbsp;&nbsp; 240736 |
| Other expenses | &nbsp;&nbsp; 132960 |
| Total Liabilities | &nbsp;&nbsp; 4752890 |
| **Net Assets**  | &nbsp;&nbsp; $325663650 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $217267229 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 108396421 |
| **Net Assets**  | &nbsp;&nbsp; $325663650 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $277931501 |
| Class B | &nbsp;&nbsp; 42562799 |
| Class E | &nbsp;&nbsp; 5169350 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 24859295 |
| Class B | &nbsp;&nbsp; 4696352 |
| Class E | &nbsp;&nbsp; 518840 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.18 |
| Class B | 9.06 |
| Class E | 9.96 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $244,452,786.

(b) Includes securities loaned at value of $47,565,219.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $881706 |
| Interest | &nbsp;&nbsp; 316642 |
| Securities lending income | &nbsp;&nbsp; 31717 |
| Total investment income | &nbsp;&nbsp; 1230065 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2949871 |
| Administration fees | &nbsp;&nbsp; 34472 |
| Custodian and accounting fees | &nbsp;&nbsp; 23010 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 110297 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 8057 |
| Audit and tax services | &nbsp;&nbsp; 50282 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 30785 |
| Insurance | &nbsp;&nbsp; 2904 |
| Miscellaneous | &nbsp;&nbsp; 12903 |
| Total expenses | &nbsp;&nbsp; 3333166 |
| Less management fee waiver | &nbsp;&nbsp; (307764)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (14138)<br>|
| Net expenses | &nbsp;&nbsp; 3011264 |
| **Net Investment Loss** | &nbsp;&nbsp; (1781199)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 24458155<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (8858113)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 15600042 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $13818843 |

---

*See accompanying notes to financial statements.*

**BHFTII-218**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1781199)<br>| &nbsp;&nbsp; $(1693979)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 24458155 | &nbsp;&nbsp; 37783351 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (8858113)<br>| &nbsp;&nbsp; 15840389 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 13818843 | &nbsp;&nbsp; 51929761 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (31247678)<br>| &nbsp;&nbsp; (2721716)<br>|
| Class B | &nbsp;&nbsp; (5895211)<br>| &nbsp;&nbsp; (524755)<br>|
| Class E | &nbsp;&nbsp; (661258)<br>| &nbsp;&nbsp; (56341)<br>|
| **Total distributions** | &nbsp;&nbsp; (37804147)<br>| &nbsp;&nbsp; (3302812)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 6859642 | &nbsp;&nbsp; (83041313)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (17125662)<br>| &nbsp;&nbsp; (34414364)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 342789312 | &nbsp;&nbsp; 377203676 |
| End of period | &nbsp;&nbsp; $325663650 | &nbsp;&nbsp; $342789312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 883790 | &nbsp;&nbsp; $9810579 | &nbsp;&nbsp; 202091 | &nbsp;&nbsp; $2286136 |
| Reinvestments | &nbsp;&nbsp; 2993073 | &nbsp;&nbsp; 31247678 | &nbsp;&nbsp; 243663 | &nbsp;&nbsp; 2721716 |
| Redemptions | &nbsp;&nbsp; (2970171)<br>| &nbsp;&nbsp; (33613861)<br>| &nbsp;&nbsp; (6879249)<br>| &nbsp;&nbsp; (79879645)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 906692 | &nbsp;&nbsp; $7444396 | &nbsp;&nbsp; (6433495)<br>| &nbsp;&nbsp; $(74871793)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 259642 | &nbsp;&nbsp; $2395748 | &nbsp;&nbsp; 221142 | &nbsp;&nbsp; $2117771 |
| Reinvestments | &nbsp;&nbsp; 696011 | &nbsp;&nbsp; 5895211 | &nbsp;&nbsp; 56304 | &nbsp;&nbsp; 524755 |
| Redemptions | &nbsp;&nbsp; (965523)<br>| &nbsp;&nbsp; (8869440)<br>| &nbsp;&nbsp; (1066637)<br>| &nbsp;&nbsp; (10169960)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (9870)<br>| &nbsp;&nbsp; $(578481)<br>| &nbsp;&nbsp; (789191)<br>| &nbsp;&nbsp; $(7527434)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 17082 | &nbsp;&nbsp; $178231 | &nbsp;&nbsp; 5385 | &nbsp;&nbsp; $54111 |
| Reinvestments | &nbsp;&nbsp; 71027 | &nbsp;&nbsp; 661258 | &nbsp;&nbsp; 5573 | &nbsp;&nbsp; 56341 |
| Redemptions | &nbsp;&nbsp; (85267)<br>| &nbsp;&nbsp; (845762)<br>| &nbsp;&nbsp; (72828)<br>| &nbsp;&nbsp; (752538)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; $(6273)<br>| &nbsp;&nbsp; (61870)<br>| &nbsp;&nbsp; $(642086)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $6859642 |  | &nbsp;&nbsp; $(83041313)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-219**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.09 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $16.30 | &nbsp;&nbsp; $16.31 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Total income (loss) from investment operations | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp; (4.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $12.09 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $16.30 |
| **Total Return (%)** (c) | 4.03 | &nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp; (22.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Net ratio of expenses to average net assets (%) (d) | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.57)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 44 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $277.9 | &nbsp;&nbsp; $289.7 | &nbsp;&nbsp; $322.8 | &nbsp;&nbsp; $311.3 | &nbsp;&nbsp; $416.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $14.35 | &nbsp;&nbsp; $14.57 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized and unrealized gain (loss) | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Total income (loss) from investment operations | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $14.35 |
| **Total Return (%)** (c) | 3.73 | &nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp; (23.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.74 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net ratio of expenses to average net assets (%) (d) | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.81)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 44 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $42.6 | &nbsp;&nbsp; $47.5 | &nbsp;&nbsp; $48.9 | &nbsp;&nbsp; $48.7 | &nbsp;&nbsp; $69.6 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-220**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.94 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $15.19 | &nbsp;&nbsp; $15.32 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized and unrealized gain (loss) | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Total income (loss) from investment operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.96 | &nbsp;&nbsp; $10.94 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $15.19 |
| **Total Return (%)** (c) | 3.80 | &nbsp;&nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp; (23.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.86 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net ratio of expenses to average net assets (%) (d) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.70)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 44 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $5.2 | &nbsp;&nbsp; $5.6 | &nbsp;&nbsp; $5.6 | &nbsp;&nbsp; $5.5 | &nbsp;&nbsp; $7.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions from return of capital were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-221**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—46.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Federal Agencies — 0.5%** | **Federal Agencies — 0.5%** | **Federal Agencies — 0.5%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 0.680%, 01/13/27 | 725000 | &nbsp;&nbsp; $702892 |
| 1.230%, 07/29/30 | 1000000 | &nbsp;&nbsp; 887964 |
| 4.580%, 04/02/29 | 2100000 | &nbsp;&nbsp; 2102219 |
| Federal Home Loan Banks |  |  |
| 4.000%, 10/09/26 | 1000000 | &nbsp;&nbsp; 1003050 |
| 4.000%, 03/10/27 | 500000 | &nbsp;&nbsp; 502551 |
| 5.500%, 07/15/36 | 2000000 | &nbsp;&nbsp; 2186551 |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.500%, 05/23/30 | 3000000 | &nbsp;&nbsp; 3003705 |
| 6.250%, 07/15/32 | 1100000 | &nbsp;&nbsp; 1245285 |
| Federal National Mortgage Association |  |  |
| 0.750%, 10/08/27 | 750000 | &nbsp;&nbsp; 714983 |
| 6.625%, 11/15/30 (a) | 1450000 | &nbsp;&nbsp; 1636233 |
| 7.250%, 05/15/30 | 1300000 | &nbsp;&nbsp; 1484762 |
| Tennessee Valley Authority |  |  |
| 3.500%, 12/15/42 (a) | 1600000 | &nbsp;&nbsp; 1336158 |
| 4.375%, 08/01/34 | 500000 | &nbsp;&nbsp; 505529 |
|  |  | &nbsp;&nbsp; 17311882 |
| **U.S. Treasury — 45.5%** | **U.S. Treasury — 45.5%** | **U.S. Treasury — 45.5%** |
| U.S. Treasury Bonds |  |  |
| 1.125%, 05/15/40 | 4100000 | &nbsp;&nbsp; 2612469 |
| 1.125%, 08/15/40 | 3200000 | &nbsp;&nbsp; 2017500 |
| 1.250%, 05/15/50 (a) | 6400000 | &nbsp;&nbsp; 3080000 |
| 1.375%, 11/15/40 | 6000000 | &nbsp;&nbsp; 3910312 |
| 1.375%, 08/15/50 | 7100000 | &nbsp;&nbsp; 3507844 |
| 1.625%, 11/15/50 | 5200000 | &nbsp;&nbsp; 2743000 |
| 1.750%, 08/15/41 | 7000000 | &nbsp;&nbsp; 4742500 |
| 1.875%, 02/15/41 | 7000000 | &nbsp;&nbsp; 4908750 |
| 1.875%, 02/15/51 | 8000000 | &nbsp;&nbsp; 4491250 |
| 1.875%, 11/15/51 | 9500000 | &nbsp;&nbsp; 5276953 |
| 2.000%, 11/15/41 | 9100000 | &nbsp;&nbsp; 6375687 |
| 2.000%, 02/15/50 (a) | 6400000 | &nbsp;&nbsp; 3769000 |
| 2.000%, 08/15/51 | 9600000 | &nbsp;&nbsp; 5526000 |
| 2.250%, 05/15/41 (a) | 3700000 | &nbsp;&nbsp; 2732219 |
| 2.250%, 08/15/46 (a) | 3000000 | &nbsp;&nbsp; 1982344 |
| 2.250%, 08/15/49 | 6000000 | &nbsp;&nbsp; 3780000 |
| 2.250%, 02/15/52 | 5400000 | &nbsp;&nbsp; 3292312 |
| 2.375%, 02/15/42 | 5000000 | &nbsp;&nbsp; 3695312 |
| 2.375%, 11/15/49 (a) | 3000000 | &nbsp;&nbsp; 1935938 |
| 2.375%, 05/15/51 | 5300000 | &nbsp;&nbsp; 3355562 |
| 2.500%, 02/15/45 (a) | 4000000 | &nbsp;&nbsp; 2844375 |
| 2.500%, 05/15/46 | 4800000 | &nbsp;&nbsp; 3343500 |
| 2.750%, 08/15/42 | 4820000 | &nbsp;&nbsp; 3733994 |
| 2.750%, 11/15/42 | 1200000 | &nbsp;&nbsp; 925313 |
| 2.750%, 08/15/47 | 3000000 | &nbsp;&nbsp; 2152031 |
| 2.750%, 11/15/47 (a) | 9000000 | &nbsp;&nbsp; 6436406 |
| 2.875%, 05/15/43 (a) | 3260000 | &nbsp;&nbsp; 2539744 |
| 2.875%, 08/15/45 | 2200000 | &nbsp;&nbsp; 1656875 |
| 2.875%, 11/15/46 | 2000000 | &nbsp;&nbsp; 1482813 |
| 2.875%, 05/15/49 | 16100000 | &nbsp;&nbsp; 11602062 |
| 2.875%, 05/15/52 | 9000000 | &nbsp;&nbsp; 6316875 |
| 3.000%, 11/15/44 | 2600000 | &nbsp;&nbsp; 2019063 |
| 3.000%, 05/15/45 | 3100000 | &nbsp;&nbsp; 2395234 |
| 3.000%, 02/15/47 | 3000000 | &nbsp;&nbsp; 2267344 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bonds |  |  |
| 3.000%, 05/15/47 (a) | 2800000 | &nbsp;&nbsp; $2110938 |
| 3.000%, 02/15/48 | 1300000 | &nbsp;&nbsp; 971344 |
| 3.000%, 08/15/48 | 7700000 | &nbsp;&nbsp; 5724469 |
| 3.000%, 02/15/49 | 6300000 | &nbsp;&nbsp; 4660031 |
| 3.000%, 08/15/52 | 9200000 | &nbsp;&nbsp; 6618250 |
| 3.125%, 11/15/41 | 1500000 | &nbsp;&nbsp; 1244531 |
| 3.125%, 02/15/43 | 3270000 | &nbsp;&nbsp; 2655342 |
| 3.125%, 08/15/44 | 4000000 | &nbsp;&nbsp; 3178750 |
| 3.125%, 05/15/48 | 2500000 | &nbsp;&nbsp; 1906641 |
| 3.250%, 05/15/42 | 3100000 | &nbsp;&nbsp; 2595281 |
| 3.375%, 08/15/42 | 2200000 | &nbsp;&nbsp; 1865875 |
| 3.375%, 05/15/44 | 3000000 | &nbsp;&nbsp; 2485312 |
| 3.375%, 11/15/48 | 6000000 | &nbsp;&nbsp; 4767187 |
| 3.500%, 02/15/39 (a) | 1872000 | &nbsp;&nbsp; 1710833 |
| 3.625%, 08/15/43 | 2600000 | &nbsp;&nbsp; 2253062 |
| 3.625%, 02/15/44 | 2420000 | &nbsp;&nbsp; 2085738 |
| 3.625%, 02/15/53 | 4300000 | &nbsp;&nbsp; 3497109 |
| 3.625%, 05/15/53 | 7600000 | &nbsp;&nbsp; 6175000 |
| 3.750%, 08/15/41 | 1300000 | &nbsp;&nbsp; 1175891 |
| 3.750%, 11/15/43 | 3400000 | &nbsp;&nbsp; 2990937 |
| 3.875%, 02/15/43 | 9000000 | &nbsp;&nbsp; 8128125 |
| 3.875%, 05/15/43 | 7600000 | &nbsp;&nbsp; 6843562 |
| 4.000%, 11/15/42 | 3100000 | &nbsp;&nbsp; 2852000 |
| 4.000%, 11/15/52 (a) | 10000000 | &nbsp;&nbsp; 8709375 |
| 4.125%, 08/15/44 (a) | 3000000 | &nbsp;&nbsp; 2763750 |
| 4.125%, 08/15/53 | 7700000 | &nbsp;&nbsp; 6845781 |
| 4.250%, 11/15/40 | 1780000 | &nbsp;&nbsp; 1723263 |
| 4.250%, 02/15/54 | 4100000 | &nbsp;&nbsp; 3723312 |
| 4.250%, 08/15/54 | 7200000 | &nbsp;&nbsp; 6539625 |
| 4.375%, 11/15/39 | 1900000 | &nbsp;&nbsp; 1879516 |
| 4.375%, 05/15/40 | 1220000 | &nbsp;&nbsp; 1203416 |
| 4.375%, 05/15/41 | 1350000 | &nbsp;&nbsp; 1319625 |
| 4.375%, 08/15/43 | 2200000 | &nbsp;&nbsp; 2109250 |
| 4.500%, 02/15/36 (a) | 600000 | &nbsp;&nbsp; 620344 |
| 4.500%, 05/15/38 (a) | 1500000 | &nbsp;&nbsp; 1532344 |
| 4.500%, 08/15/39 | 2000000 | &nbsp;&nbsp; 2009063 |
| 4.500%, 02/15/44 | 4200000 | &nbsp;&nbsp; 4079250 |
| 4.500%, 11/15/54 | 8200000 | &nbsp;&nbsp; 7768219 |
| 4.625%, 02/15/40 | 1300000 | &nbsp;&nbsp; 1318078 |
| 4.625%, 05/15/44 | 8000000 | &nbsp;&nbsp; 7885000 |
| 4.625%, 11/15/44 (a) | 2100000 | &nbsp;&nbsp; 2065547 |
| 4.625%, 05/15/54 (a) | 5700000 | &nbsp;&nbsp; 5512969 |
| 4.625%, 02/15/55 (a) | 6300000 | &nbsp;&nbsp; 6096234 |
| 4.625%, 11/15/55 | 1000000 | &nbsp;&nbsp; 967656 |
| 4.750%, 02/15/41 | 1900000 | &nbsp;&nbsp; 1940375 |
| 4.750%, 11/15/43 (a) | 9800000 | &nbsp;&nbsp; 9836750 |
| 4.750%, 02/15/45 | 8200000 | &nbsp;&nbsp; 8188469 |
| 4.750%, 11/15/53 (a) | 9800000 | &nbsp;&nbsp; 9659125 |
| 4.875%, 08/15/45 (a) | 2900000 | &nbsp;&nbsp; 2939422 |
| 5.250%, 02/15/29 (a) | 750000 | &nbsp;&nbsp; 787559 |
| 6.250%, 05/15/30 | 2500000 | &nbsp;&nbsp; 2754492 |
| U.S. Treasury Notes |  |  |
| 0.375%, 07/31/27 (a) | 3100000 | &nbsp;&nbsp; 2953355 |
| 0.375%, 09/30/27 | 6300000 | &nbsp;&nbsp; 5972203 |
| 0.500%, 04/30/27 | 4000000 | &nbsp;&nbsp; 3846406 |

---

*See accompanying notes to financial statements.*

**BHFTII-222**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 0.500%, 10/31/27 | 3800000 | &nbsp;&nbsp; $3601242 |
| 0.625%, 11/30/27 (a) | 7000000 | &nbsp;&nbsp; 6634414 |
| 0.625%, 12/31/27 (a) | 7200000 | &nbsp;&nbsp; 6807375 |
| 0.625%, 05/15/30 (a) | 8000000 | &nbsp;&nbsp; 7026875 |
| 0.625%, 08/15/30 | 13800000 | &nbsp;&nbsp; 12018937 |
| 0.750%, 01/31/28 | 2000000 | &nbsp;&nbsp; 1891250 |
| 0.875%, 11/15/30 | 7700000 | &nbsp;&nbsp; 6738102 |
| 1.000%, 07/31/28 | 4000000 | &nbsp;&nbsp; 3754375 |
| 1.125%, 02/29/28 | 1200000 | &nbsp;&nbsp; 1141594 |
| 1.125%, 08/31/28 (a) | 6000000 | &nbsp;&nbsp; 5638125 |
| 1.125%, 02/15/31 (a) | 7500000 | &nbsp;&nbsp; 6609375 |
| 1.250%, 03/31/28 | 5100000 | &nbsp;&nbsp; 4854961 |
| 1.250%, 04/30/28 | 6000000 | &nbsp;&nbsp; 5700937 |
| 1.250%, 05/31/28 (a) | 3400000 | &nbsp;&nbsp; 3224422 |
| 1.250%, 06/30/28 (a) | 5900000 | &nbsp;&nbsp; 5585641 |
| 1.250%, 09/30/28 | 6000000 | &nbsp;&nbsp; 5645625 |
| 1.250%, 08/15/31 | 21800000 | &nbsp;&nbsp; 19017094 |
| 1.375%, 10/31/28 | 3300000 | &nbsp;&nbsp; 3109992 |
| 1.375%, 11/15/31 | 19900000 | &nbsp;&nbsp; 17356531 |
| 1.500%, 01/31/27 | 19900000 | &nbsp;&nbsp; 19477125 |
| 1.500%, 11/30/28 | 14200000 | &nbsp;&nbsp; 13406797 |
| 1.500%, 02/15/30 (a) | 8300000 | &nbsp;&nbsp; 7629516 |
| 1.625%, 08/15/29 (a) | 7900000 | &nbsp;&nbsp; 7380945 |
| 1.625%, 05/15/31 | 13200000 | &nbsp;&nbsp; 11838750 |
| 1.750%, 01/31/29 | 5000000 | &nbsp;&nbsp; 4739453 |
| 1.875%, 02/28/27 (a) | 8700000 | &nbsp;&nbsp; 8539254 |
| 1.875%, 02/28/29 | 2100000 | &nbsp;&nbsp; 1995328 |
| 1.875%, 02/15/32 | 9200000 | &nbsp;&nbsp; 8216750 |
| 2.250%, 02/15/27 (a) | 4300000 | &nbsp;&nbsp; 4240203 |
| 2.250%, 08/15/27 | 6100000 | &nbsp;&nbsp; 5982289 |
| 2.250%, 11/15/27 (a) | 2600000 | &nbsp;&nbsp; 2542617 |
| 2.375%, 05/15/27 | 10000000 | &nbsp;&nbsp; 9848828 |
| 2.375%, 03/31/29 | 4200000 | &nbsp;&nbsp; 4048734 |
| 2.375%, 05/15/29 | 6800000 | &nbsp;&nbsp; 6542875 |
| 2.500%, 03/31/27 (a) | 5100000 | &nbsp;&nbsp; 5037047 |
| 2.625%, 05/31/27 (a) | 4000000 | &nbsp;&nbsp; 3952500 |
| 2.625%, 02/15/29 | 8300000 | &nbsp;&nbsp; 8073695 |
| 2.750%, 04/30/27 | 7200000 | &nbsp;&nbsp; 7130250 |
| 2.750%, 07/31/27 | 15600000 | &nbsp;&nbsp; 15425719 |
| 2.750%, 02/15/28 (a) | 6000000 | &nbsp;&nbsp; 5910469 |
| 2.750%, 05/31/29 | 13800000 | &nbsp;&nbsp; 13436672 |
| 2.750%, 08/15/32 (a) | 8700000 | &nbsp;&nbsp; 8120906 |
| 2.875%, 05/15/28 | 5900000 | &nbsp;&nbsp; 5817492 |
| 2.875%, 08/15/28 (a) | 6000000 | &nbsp;&nbsp; 5905781 |
| 2.875%, 05/15/32 | 10500000 | &nbsp;&nbsp; 9914297 |
| 3.125%, 11/15/28 | 8000000 | &nbsp;&nbsp; 7913750 |
| 3.125%, 08/31/29 | 5300000 | &nbsp;&nbsp; 5213875 |
| 3.250%, 06/30/27 (a) | 4200000 | &nbsp;&nbsp; 4186219 |
| 3.375%, 09/15/27 (a) | 15400000 | &nbsp;&nbsp; 15374133 |
| 3.375%, 05/15/33 (a) | 7300000 | &nbsp;&nbsp; 7030812 |
| 3.500%, 10/31/27 | 10000000 | &nbsp;&nbsp; 10003906 |
| 3.500%, 01/31/28 (a) | 4000000 | &nbsp;&nbsp; 4001250 |
| 3.500%, 04/30/28 | 12300000 | &nbsp;&nbsp; 12300961 |
| 3.500%, 09/30/29 | 8500000 | &nbsp;&nbsp; 8466133 |
| 3.500%, 01/31/30 | 11300000 | &nbsp;&nbsp; 11243500 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 3.500%, 04/30/30 (a) | 8300000 | &nbsp;&nbsp; $8248125 |
| 3.500%, 02/15/33 (a) | 10700000 | &nbsp;&nbsp; 10415781 |
| 3.625%, 03/31/28 (a) | 6200000 | &nbsp;&nbsp; 6217922 |
| 3.625%, 08/15/28 | 4000000 | &nbsp;&nbsp; 4011563 |
| 3.625%, 08/31/29 (a) | 12000000 | &nbsp;&nbsp; 12006563 |
| 3.625%, 03/31/30 | 5200000 | &nbsp;&nbsp; 5194719 |
| 3.625%, 09/30/30 | 6000000 | &nbsp;&nbsp; 5982656 |
| 3.750%, 08/15/27 | 15200000 | &nbsp;&nbsp; 15265313 |
| 3.750%, 04/15/28 | 15100000 | &nbsp;&nbsp; 15182578 |
| 3.750%, 05/15/28 | 7000000 | &nbsp;&nbsp; 7040469 |
| 3.750%, 12/31/28 | 15300000 | &nbsp;&nbsp; 15394430 |
| 3.750%, 12/31/30 | 11400000 | &nbsp;&nbsp; 11417812 |
| 3.750%, 08/31/31 | 10000000 | &nbsp;&nbsp; 9978125 |
| 3.875%, 07/31/27 | 9900000 | &nbsp;&nbsp; 9959168 |
| 3.875%, 10/15/27 | 15200000 | &nbsp;&nbsp; 15304500 |
| 3.875%, 11/30/27 | 4000000 | &nbsp;&nbsp; 4029063 |
| 3.875%, 12/31/27 | 500000 | &nbsp;&nbsp; 503809 |
| 3.875%, 03/15/28 | 12900000 | &nbsp;&nbsp; 13006828 |
| 3.875%, 06/15/28 | 4000000 | &nbsp;&nbsp; 4035938 |
| 3.875%, 09/30/29 (a) | 4900000 | &nbsp;&nbsp; 4945172 |
| 3.875%, 12/31/29 | 8200000 | &nbsp;&nbsp; 8274953 |
| 3.875%, 04/30/30 | 7900000 | &nbsp;&nbsp; 7968508 |
| 3.875%, 06/30/30 | 8000000 | &nbsp;&nbsp; 8067500 |
| 3.875%, 08/15/33 (a) | 19900000 | &nbsp;&nbsp; 19769406 |
| 3.875%, 08/15/34 | 14000000 | &nbsp;&nbsp; 13811875 |
| 4.000%, 01/15/27 | 6000000 | &nbsp;&nbsp; 6029297 |
| 4.000%, 12/15/27 (a) | 8100000 | &nbsp;&nbsp; 8180367 |
| 4.000%, 02/29/28 | 12100000 | &nbsp;&nbsp; 12228562 |
| 4.000%, 06/30/28 | 3000000 | &nbsp;&nbsp; 3035859 |
| 4.000%, 01/31/29 | 8200000 | &nbsp;&nbsp; 8307625 |
| 4.000%, 07/31/29 | 5900000 | &nbsp;&nbsp; 5979742 |
| 4.000%, 10/31/29 (a) | 5000000 | &nbsp;&nbsp; 5068750 |
| 4.000%, 02/28/30 (a) | 2000000 | &nbsp;&nbsp; 2026875 |
| 4.000%, 03/31/30 (a) | 4000000 | &nbsp;&nbsp; 4054063 |
| 4.000%, 05/31/30 (a) | 4900000 | &nbsp;&nbsp; 4966609 |
| 4.000%, 07/31/30 | 14900000 | &nbsp;&nbsp; 15101383 |
| 4.000%, 01/31/31 | 11200000 | &nbsp;&nbsp; 11341750 |
| 4.000%, 04/30/32 | 17800000 | &nbsp;&nbsp; 17941844 |
| 4.000%, 02/15/34 (a) | 8300000 | &nbsp;&nbsp; 8289625 |
| 4.000%, 11/15/35 (a) | 11100000 | &nbsp;&nbsp; 10964719 |
| 4.125%, 01/31/27 (a) | 17000000 | &nbsp;&nbsp; 17108242 |
| 4.125%, 02/15/27 | 5900000 | &nbsp;&nbsp; 5938719 |
| 4.125%, 09/30/27 | 4000000 | &nbsp;&nbsp; 4043438 |
| 4.125%, 10/31/27 (a) | 5900000 | &nbsp;&nbsp; 5966375 |
| 4.125%, 11/15/27 (a) | 15100000 | &nbsp;&nbsp; 15275184 |
| 4.125%, 07/31/28 | 12100000 | &nbsp;&nbsp; 12284336 |
| 4.125%, 03/31/29 | 13100000 | &nbsp;&nbsp; 13325156 |
| 4.125%, 10/31/29 (a) | 14000000 | &nbsp;&nbsp; 14249375 |
| 4.125%, 08/31/30 (a) | 4100000 | &nbsp;&nbsp; 4175594 |
| 4.125%, 07/31/31 | 3100000 | &nbsp;&nbsp; 3154250 |
| 4.125%, 10/31/31 | 11200000 | &nbsp;&nbsp; 11388125 |
| 4.125%, 02/29/32 | 16100000 | &nbsp;&nbsp; 16350305 |
| 4.125%, 11/15/32 (a) | 15200000 | &nbsp;&nbsp; 15397125 |
| 4.250%, 02/15/28 (a) | 4900000 | &nbsp;&nbsp; 4976180 |
| 4.250%, 02/28/29 | 15000000 | &nbsp;&nbsp; 15311719 |

---

*See accompanying notes to financial statements.*

**BHFTII-223**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 4.250%, 06/30/29 | 2000000 | &nbsp;&nbsp; $2043750 |
| 4.250%, 01/31/30 | 3100000 | &nbsp;&nbsp; 3171445 |
| 4.250%, 02/28/31 | 6000000 | &nbsp;&nbsp; 6144375 |
| 4.250%, 06/30/31 (a) | 11100000 | &nbsp;&nbsp; 11364492 |
| 4.250%, 11/15/34 | 14300000 | &nbsp;&nbsp; 14483219 |
| 4.250%, 05/15/35 | 12100000 | &nbsp;&nbsp; 12226672 |
| 4.250%, 08/15/35 (a) | 13500000 | &nbsp;&nbsp; 13624453 |
| 4.375%, 07/15/27 (a) | 5900000 | &nbsp;&nbsp; 5979051 |
| 4.375%, 08/31/28 | 7100000 | &nbsp;&nbsp; 7252539 |
| 4.375%, 11/30/28 (a) | 2000000 | &nbsp;&nbsp; 2046250 |
| 4.375%, 12/31/29 (a) | 8000000 | &nbsp;&nbsp; 8219375 |
| 4.375%, 11/30/30 | 3000000 | &nbsp;&nbsp; 3089531 |
| 4.375%, 05/15/34 | 16000000 | &nbsp;&nbsp; 16382500 |
| 4.500%, 04/15/27 | 9000000 | &nbsp;&nbsp; 9111445 |
| 4.500%, 05/15/27 (a) | 14900000 | &nbsp;&nbsp; 15097891 |
| 4.500%, 12/31/31 | 3900000 | &nbsp;&nbsp; 4041375 |
| 4.500%, 11/15/33 | 13700000 | &nbsp;&nbsp; 14173078 |
| 4.625%, 06/15/27 (a) | 14900000 | &nbsp;&nbsp; 15140379 |
| 4.625%, 09/30/28 (a) | 5800000 | &nbsp;&nbsp; 5965844 |
| 4.625%, 04/30/29 | 14800000 | &nbsp;&nbsp; 15286781 |
| 4.625%, 09/30/30 | 4000000 | &nbsp;&nbsp; 4160938 |
| 4.625%, 04/30/31 | 10800000 | &nbsp;&nbsp; 11253937 |
| 4.625%, 05/31/31 | 10800000 | &nbsp;&nbsp; 11254781 |
| 4.625%, 02/15/35 (a) | 10300000 | &nbsp;&nbsp; 10715219 |
| 4.875%, 10/31/28 (a) | 11800000 | &nbsp;&nbsp; 12222219 |
| 4.875%, 10/31/30 (a) | 4800000 | &nbsp;&nbsp; 5047125 |
|  |  | &nbsp;&nbsp; 1502734893 |
| Total U.S. Treasury & Government Agencies <br>(Cost $1,559,935,774) <br>|  | &nbsp;&nbsp; 1520046775 |
| **Corporate Bonds & Notes—25.1%** | **Corporate Bonds & Notes—25.1%** | **Corporate Bonds & Notes—25.1%** |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| Boeing Co. |  |  |
| 5.150%, 05/01/30 | 2300000 | &nbsp;&nbsp; 2364791 |
| 5.930%, 05/01/60 (a) | 1100000 | &nbsp;&nbsp; 1080904 |
| GE Capital International Funding Co. Unlimited Co. |  |  |
| 4.418%, 11/15/35 (a) | 459000 | &nbsp;&nbsp; 449168 |
| General Dynamics Corp. |  |  |
| 4.950%, 08/15/35 (a) | 1000000 | &nbsp;&nbsp; 1021560 |
| General Electric Co. |  |  |
| 7.500%, 08/21/35 | 100000 | &nbsp;&nbsp; 120757 |
| L3Harris Technologies, Inc. |  |  |
| 5.400%, 01/15/27 | 1500000 | &nbsp;&nbsp; 1521675 |
| Lockheed Martin Corp. |  |  |
| 4.090%, 09/15/52 | 954000 | &nbsp;&nbsp; 758621 |
| Northrop Grumman Corp. |  |  |
| 3.250%, 01/15/28 (a) | 1100000 | &nbsp;&nbsp; 1085744 |
| Northrop Grumman Systems Corp. |  |  |
| 7.750%, 02/15/31 (a) | 515000 | &nbsp;&nbsp; 596179 |
| RTX Corp. |  |  |
| 3.125%, 05/04/27 | 1000000 | &nbsp;&nbsp; 989670 |
| 4.500%, 06/01/42 (a) | 1645000 | &nbsp;&nbsp; 1490436 |
| 6.100%, 03/15/34 | 1800000 | &nbsp;&nbsp; 1972944 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** |
| RTX Corp. |  |  |
| 7.500%, 09/15/29 (a) | 200000 | &nbsp;&nbsp; $222756 |
|  |  | &nbsp;&nbsp; 13675205 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Altria Group, Inc. |  |  |
| 5.950%, 02/14/49 (a) | 1200000 | &nbsp;&nbsp; 1202820 |
| BAT Capital Corp. |  |  |
| 4.390%, 08/15/37 | 1300000 | &nbsp;&nbsp; 1198314 |
| 5.350%, 08/15/32 (a) | 1000000 | &nbsp;&nbsp; 1040120 |
| Philip Morris International, Inc. |  |  |
| 4.875%, 11/15/43 | 1100000 | &nbsp;&nbsp; 1016697 |
| 5.250%, 02/13/34 (a) | 5000000 | &nbsp;&nbsp; 5177250 |
|  |  | &nbsp;&nbsp; 9635201 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Southwest Airlines Co. |  |  |
| 5.125%, 06/15/27 (a) | 1000000 | &nbsp;&nbsp; 1012610 |
| United Airlines Pass-Through Trust |  |  |
| 5.875%, 08/15/38 | 965521 | &nbsp;&nbsp; 987110 |
|  |  | &nbsp;&nbsp; 1999720 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| NIKE, Inc. |  |  |
| 2.750%, 03/27/27 (a) | 1000000 | &nbsp;&nbsp; 988510 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| American Honda Finance Corp. |  |  |
| 2.250%, 01/12/29 (a) | 1000000 | &nbsp;&nbsp; 947040 |
| 2.300%, 09/09/26 (a) | 300000 | &nbsp;&nbsp; 296487 |
| 5.200%, 03/05/35 (a) | 1000000 | &nbsp;&nbsp; 1015020 |
| Cummins, Inc. |  |  |
| 5.300%, 05/09/35 (a) | 1000000 | &nbsp;&nbsp; 1038600 |
| Ford Motor Credit Co. LLC |  |  |
| 5.800%, 03/05/27 (a) | 3000000 | &nbsp;&nbsp; 3037320 |
| 6.800%, 05/12/28 (a) | 2500000 | &nbsp;&nbsp; 2608975 |
| General Motors Co. |  |  |
| 5.200%, 04/01/45 (a) | 2500000 | &nbsp;&nbsp; 2251350 |
| General Motors Financial Co., Inc. |  |  |
| 4.350%, 01/17/27 (a) | 2000000 | &nbsp;&nbsp; 2003720 |
| 5.950%, 04/04/34 | 1000000 | &nbsp;&nbsp; 1048760 |
| Mercedes-Benz Finance North America LLC |  |  |
| 8.500%, 01/18/31 | 550000 | &nbsp;&nbsp; 651811 |
| PACCAR Financial Corp. |  |  |
| 4.550%, 03/03/28 (a) | 1000000 | &nbsp;&nbsp; 1016510 |
| Toyota Motor Credit Corp. |  |  |
| 3.375%, 04/01/30 (a) | 2600000 | &nbsp;&nbsp; 2528578 |
| 4.650%, 01/05/29 | 1000000 | &nbsp;&nbsp; 1018410 |
|  |  | &nbsp;&nbsp; 19462581 |
| **Banks — 5.3%** | **Banks — 5.3%** | **Banks — 5.3%** |
| Banco Santander SA |  |  |
| 4.379%, 04/12/28 | 2200000 | &nbsp;&nbsp; 2211396 |
| 5.439%, 07/15/31 | 2000000 | &nbsp;&nbsp; 2103740 |
| Bank of America Corp. |  |  |
| 2.687%, SOFR + 1.320%, 04/22/32 (a) (b) | 2000000 | &nbsp;&nbsp; 1835940 |

---

*See accompanying notes to financial statements.*

**BHFTII-224**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Bank of America Corp. |  |  |
| 4.083%, 3M TSFR + 3.412%, 03/20/51 (a) (b) | 8500000 | &nbsp;&nbsp; $6837740 |
| 5.015%, SOFR + 2.160%, 07/22/33 (b) | 3100000 | &nbsp;&nbsp; 3164635 |
| 5.288%, SOFR + 1.910%, 04/25/34 (b) | 2400000 | &nbsp;&nbsp; 2477472 |
| 5.875%, 02/07/42 (a) | 1500000 | &nbsp;&nbsp; 1598820 |
| Bank of Montreal |  |  |
| 4.350%, SOFR + 1.080%, 09/22/31 (a) (b) | 1500000 | &nbsp;&nbsp; 1498665 |
| Bank of New York Mellon Corp. |  |  |
| 3.442%, 3M TSFR + 1.331%, 02/07/28 (b) | 1800000 | &nbsp;&nbsp; 1791054 |
| 4.942%, SOFR + 0.887%, 02/11/31 (b) | 2000000 | &nbsp;&nbsp; 2057760 |
| Bank of Nova Scotia |  |  |
| 4.850%, 02/01/30 (a) | 1000000 | &nbsp;&nbsp; 1024520 |
| 4.932%, SOFR + 0.890%, 02/14/29 (a) (b) | 1000000 | &nbsp;&nbsp; 1019730 |
| Barclays PLC |  |  |
| 5.501%, 1Y H15 + 2.650%, 08/09/28 (a) (b) | 2000000 | &nbsp;&nbsp; 2043060 |
| 6.224%, SOFR + 2.980%, 05/09/34 (b) | 2000000 | &nbsp;&nbsp; 2154160 |
| Canadian Imperial Bank of Commerce |  |  |
| 5.245%, SOFR + 1.105%, 01/13/31 (a) (b) | 2000000 | &nbsp;&nbsp; 2064860 |
| Citigroup, Inc. |  |  |
| 2.572%, SOFR + 2.107%, 06/03/31 (b) | 2500000 | &nbsp;&nbsp; 2317875 |
| 4.412%, SOFR + 3.914%, 03/31/31 (b) | 2900000 | &nbsp;&nbsp; 2900406 |
| 5.174%, SOFR + 1.364%, 02/13/30 (b) | 7000000 | &nbsp;&nbsp; 7191030 |
| Cooperatieve Rabobank UA |  |  |
| 5.750%, 12/01/43 (a) | 1200000 | &nbsp;&nbsp; 1213164 |
| Deutsche Bank AG |  |  |
| 4.950%, SOFR + 1.300%, 08/04/31 (a) (b) | 1500000 | &nbsp;&nbsp; 1516245 |
| 5.297%, SOFR + 1.720%, 05/09/31 (b) | 1000000 | &nbsp;&nbsp; 1024890 |
| Goldman Sachs Group, Inc. |  |  |
| 3.850%, 01/26/27 (a) | 1900000 | &nbsp;&nbsp; 1898765 |
| 4.223%, 3M TSFR + 1.563%, 05/01/29 (b) | 1900000 | &nbsp;&nbsp; 1904009 |
| 5.016%, SOFR + 1.420%, 10/23/35 (b) | 5400000 | &nbsp;&nbsp; 5435424 |
| 6.125%, 02/15/33 (a) | 2075000 | &nbsp;&nbsp; 2273971 |
| HSBC Holdings PLC |  |  |
| 3.973%, 3M TSFR + 1.872%, 05/22/30 (b) | 2000000 | &nbsp;&nbsp; 1976300 |
| 5.130%, SOFR + 1.040%, 11/19/28 (b) | 6000000 | &nbsp;&nbsp; 6111060 |
| 6.500%, 09/15/37 | 1205000 | &nbsp;&nbsp; 1326404 |
| Huntington Bancshares, Inc. |  |  |
| 5.709%, SOFR + 1.870%, 02/02/35 (a) (b) | 1000000 | &nbsp;&nbsp; 1046750 |
| ING Groep NV |  |  |
| 5.550%, SOFR + 1.770%, 03/19/35 (a) (b) | 2000000 | &nbsp;&nbsp; 2083480 |
| JPMorgan Chase & Co. |  |  |
| 1.953%, SOFR + 1.065%, 02/04/32 (b) | 2100000 | &nbsp;&nbsp; 1874166 |
| 2.522%, SOFR + 2.040%, 04/22/31 (b) | 2000000 | &nbsp;&nbsp; 1864100 |
| 2.950%, 10/01/26 (a) | 2000000 | &nbsp;&nbsp; 1986820 |
| 3.157%, 3M TSFR + 1.460%, 04/22/42 (b) | 4900000 | &nbsp;&nbsp; 3809064 |
| 3.882%, 3M TSFR + 1.622%, 07/24/38 (b) | 1000000 | &nbsp;&nbsp; 899540 |
| 3.964%, 3M TSFR + 1.642%, 11/15/48 (b) | 2400000 | &nbsp;&nbsp; 1938480 |
| 5.103%, SOFR + 1.435%, 04/22/31 (a) (b) | 1500000 | &nbsp;&nbsp; 1549785 |
| 5.350%, SOFR + 1.845%, 06/01/34 (b) | 2900000 | &nbsp;&nbsp; 3015130 |
| 5.534%, SOFR + 1.550%, 11/29/45 (a) (b) | 2000000 | &nbsp;&nbsp; 2032760 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 1.750%, 09/14/29 | 2000000 | &nbsp;&nbsp; 1872380 |
| 3.750%, 02/15/28 | 2000000 | &nbsp;&nbsp; 2008100 |
| 3.750%, 07/15/30 | 1000000 | &nbsp;&nbsp; 1001570 |
| 4.375%, 03/01/27 (a) | 1500000 | &nbsp;&nbsp; 1513530 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Landwirtschaftliche Rentenbank |  |  |
| 3.875%, 09/28/27 | 1000000 | &nbsp;&nbsp; $1004770 |
| Lloyds Banking Group PLC |  |  |
| 3.574%, 11/07/28 | 1800000 | &nbsp;&nbsp; 1785420 |
| 5.590%, 1Y H15 + 1.200%, 11/26/35 (a) (b) | 2000000 | &nbsp;&nbsp; 2092700 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.133%, 1Y H15 + 2.125%, 07/20/33 (a) (b) | 2000000 | &nbsp;&nbsp; 2057280 |
| 5.574%, 1Y H15 + 0.950%, 01/16/36 (b) | 2000000 | &nbsp;&nbsp; 2093280 |
| Mizuho Financial Group, Inc. |  |  |
| 4.018%, 03/05/28 (a) | 1800000 | &nbsp;&nbsp; 1806372 |
| 5.098%, 1Y H15 + 0.820%, 05/13/31 (b) | 2000000 | &nbsp;&nbsp; 2055220 |
| Morgan Stanley |  |  |
| 4.300%, 01/27/45 | 1900000 | &nbsp;&nbsp; 1650150 |
| 5.230%, SOFR + 1.108%, 01/15/31 (a) (b) | 1500000 | &nbsp;&nbsp; 1548405 |
| 5.942%, 5Y H15 + 1.800%, 02/07/39 (b) | 4700000 | &nbsp;&nbsp; 4950322 |
| 7.250%, 04/01/32 (a) | 1850000 | &nbsp;&nbsp; 2134012 |
| Morgan Stanley Bank NA |  |  |
| 5.504%, SOFR + 0.865%, 05/26/28 (a) (b) | 10000000 | &nbsp;&nbsp; 10198400 |
| National Australia Bank Ltd. |  |  |
| 4.901%, 01/14/30 (a) | 1000000 | &nbsp;&nbsp; 1031880 |
| NatWest Group PLC |  |  |
| 4.964%, 1Y H15 + 1.220%, 08/15/30 (a) (b) | 2000000 | &nbsp;&nbsp; 2042660 |
| Oesterreichische Kontrollbank AG |  |  |
| 4.125%, 01/18/29 (a) | 500000 | &nbsp;&nbsp; 507080 |
| PNC Financial Services Group, Inc. |  |  |
| 5.492%, SOFR + 1.198%, 05/14/30 (a) (b) | 1900000 | &nbsp;&nbsp; 1978812 |
| 5.582%, SOFR + 1.841%, 06/12/29 (a) (b) | 2000000 | &nbsp;&nbsp; 2074120 |
| Royal Bank of Canada |  |  |
| 4.522%, SOFR + 0.860%, 10/18/28 (b) | 1000000 | &nbsp;&nbsp; 1009490 |
| 4.969%, SOFR + 1.100%, 08/02/30 (a) (b) | 2000000 | &nbsp;&nbsp; 2049160 |
| Santander Holdings USA, Inc. |  |  |
| 5.741%, SOFR + 1.878%, 03/20/31 (a) (b) | 1000000 | &nbsp;&nbsp; 1035200 |
| State Street Corp. |  |  |
| 5.146%, SOFR + 1.217%, 02/28/36 (a) (b) | 1500000 | &nbsp;&nbsp; 1537425 |
| 5.684%, SOFR + 1.484%, 11/21/29 (a) (b) | 1000000 | &nbsp;&nbsp; 1047370 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.632%, 01/15/35 | 2800000 | &nbsp;&nbsp; 2969848 |
| Toronto-Dominion Bank |  |  |
| 4.994%, 04/05/29 | 4000000 | &nbsp;&nbsp; 4103280 |
| U.S. Bancorp |  |  |
| 5.678%, SOFR + 1.860%, 01/23/35 (b) | 2000000 | &nbsp;&nbsp; 2113820 |
| 5.775%, SOFR + 2.020%, 06/12/29 (b) | 2000000 | &nbsp;&nbsp; 2079900 |
| Wells Fargo & Co. |  |  |
| 2.879%, 3M TSFR + 1.432%, 10/30/30 (a) (b) | 2400000 | &nbsp;&nbsp; 2283000 |
| 5.499%, SOFR + 1.780%, 01/23/35 (b) | 8000000 | &nbsp;&nbsp; 8351360 |
| 5.557%, SOFR + 1.990%, 07/25/34 (a) (b) | 1500000 | &nbsp;&nbsp; 1574115 |
| Westpac Banking Corp. |  |  |
| 2.668%, 5Y H15 + 1.750%, 11/15/35 (b) | 1700000 | &nbsp;&nbsp; 1539979 |
| 5.618%, 1Y H15 + 1.200%, 11/20/35 (a) (b) | 2000000 | &nbsp;&nbsp; 2069360 |
|  |  | &nbsp;&nbsp; 174242940 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.439%, 10/06/48 | 1165000 | &nbsp;&nbsp; 1005675 |
| 5.550%, 01/23/49 (a) | 1900000 | &nbsp;&nbsp; 1902337 |

---

*See accompanying notes to financial statements.*

**BHFTII-225**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Beverages—(Continued)** | **Beverages—(Continued)** | **Beverages—(Continued)** |
| Coca-Cola Co. |  |  |
| 1.650%, 06/01/30 (a) | 2400000 | &nbsp;&nbsp; $2173320 |
| 5.300%, 05/13/54 (a) | 1000000 | &nbsp;&nbsp; 985330 |
| Constellation Brands, Inc. |  |  |
| 4.800%, 01/15/29 (a) | 2000000 | &nbsp;&nbsp; 2032600 |
| Diageo Capital PLC |  |  |
| 2.375%, 10/24/29 | 1400000 | &nbsp;&nbsp; 1316686 |
| Keurig Dr. Pepper, Inc. |  |  |
| 4.597%, 05/25/28 (a) | 1200000 | &nbsp;&nbsp; 1209792 |
| PepsiCo, Inc. |  |  |
| 2.750%, 03/19/30 (a) | 800000 | &nbsp;&nbsp; 760384 |
| 4.450%, 04/14/46 | 1300000 | &nbsp;&nbsp; 1151163 |
| 4.500%, 07/17/29 (a) | 2000000 | &nbsp;&nbsp; 2039380 |
|  |  | &nbsp;&nbsp; 14576667 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen, Inc. |  |  |
| 2.000%, 01/15/32 | 1600000 | &nbsp;&nbsp; 1396400 |
| 4.663%, 06/15/51 | 1000000 | &nbsp;&nbsp; 858960 |
| 5.600%, 03/02/43 | 1000000 | &nbsp;&nbsp; 1007300 |
| 5.650%, 03/02/53 (a) | 1000000 | &nbsp;&nbsp; 983160 |
| Gilead Sciences, Inc. |  |  |
| 5.600%, 11/15/64 (a) | 2000000 | &nbsp;&nbsp; 1989000 |
|  |  | &nbsp;&nbsp; 6234820 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Carrier Global Corp. |  |  |
| 2.493%, 02/15/27 | 2000000 | &nbsp;&nbsp; 1967640 |
| CRH SMW Finance DAC |  |  |
| 5.125%, 01/09/30 | 1000000 | &nbsp;&nbsp; 1031460 |
| Owens Corning |  |  |
| 5.700%, 06/15/34 (a) | 1000000 | &nbsp;&nbsp; 1052550 |
| Trane Technologies Financing Ltd. |  |  |
| 3.800%, 03/21/29 (a) | 1000000 | &nbsp;&nbsp; 994180 |
|  |  | &nbsp;&nbsp; 5045830 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Dow Chemical Co. |  |  |
| 4.375%, 11/15/42 (a) | 1000000 | &nbsp;&nbsp; 794350 |
| 5.150%, 02/15/34 (a) | 2000000 | &nbsp;&nbsp; 1990100 |
| DuPont de Nemours, Inc. |  |  |
| 5.419%, 11/15/48 | 211000 | &nbsp;&nbsp; 201020 |
| LyondellBasell Industries NV |  |  |
| 4.625%, 02/26/55 (a) | 1400000 | &nbsp;&nbsp; 1063510 |
| Nutrien Ltd. |  |  |
| 4.200%, 04/01/29 | 1000000 | &nbsp;&nbsp; 999250 |
| Sherwin-Williams Co. |  |  |
| 3.450%, 06/01/27 (a) | 1000000 | &nbsp;&nbsp; 992870 |
| 4.500%, 06/01/47 | 1500000 | &nbsp;&nbsp; 1284075 |
| Westlake Corp. |  |  |
| 3.125%, 08/15/51 | 500000 | &nbsp;&nbsp; 303110 |
|  |  | &nbsp;&nbsp; 7628285 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Global Payments, Inc. |  |  |
| 2.900%, 05/15/30 | 900000 | &nbsp;&nbsp; $834714 |
| Massachusetts Institute of Technology |  |  |
| 2.294%, 07/01/51 | 1200000 | &nbsp;&nbsp; 684600 |
| PayPal Holdings, Inc. |  |  |
| 2.850%, 10/01/29 (a) | 2000000 | &nbsp;&nbsp; 1917160 |
| President & Fellows of Harvard College |  |  |
| 4.609%, 02/15/35 | 1000000 | &nbsp;&nbsp; 1011510 |
| Quanta Services, Inc. |  |  |
| 5.250%, 08/09/34 (a) | 1000000 | &nbsp;&nbsp; 1028510 |
| S&P Global, Inc. |  |  |
| 2.300%, 08/15/60 | 800000 | &nbsp;&nbsp; 406440 |
| Yale University |  |  |
| 2.402%, 04/15/50 | 2000000 | &nbsp;&nbsp; 1205160 |
|  |  | &nbsp;&nbsp; 7088094 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Apple, Inc. |  |  |
| 1.650%, 02/08/31 (a) | 3900000 | &nbsp;&nbsp; 3482037 |
| 2.550%, 08/20/60 | 1000000 | &nbsp;&nbsp; 558290 |
| 2.650%, 02/08/51 | 1500000 | &nbsp;&nbsp; 931650 |
| 3.350%, 08/08/32 (a) | 2300000 | &nbsp;&nbsp; 2204297 |
| 4.650%, 02/23/46 | 1000000 | &nbsp;&nbsp; 920930 |
| Dell International LLC/EMC Corp. |  |  |
| 5.300%, 10/01/29 | 1800000 | &nbsp;&nbsp; 1858824 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.600%, 10/15/54 (a) | 1000000 | &nbsp;&nbsp; 929630 |
| HP, Inc. |  |  |
| 4.000%, 04/15/29 (a) | 1000000 | &nbsp;&nbsp; 989650 |
| IBM International Capital Pte. Ltd. |  |  |
| 4.900%, 02/05/34 (a) | 2000000 | &nbsp;&nbsp; 2020620 |
| International Business Machines Corp. |  |  |
| 3.300%, 05/15/26 | 1900000 | &nbsp;&nbsp; 1895041 |
| 4.000%, 06/20/42 (a) | 1200000 | &nbsp;&nbsp; 1005900 |
|  |  | &nbsp;&nbsp; 16796869 |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| Estee Lauder Cos., Inc. |  |  |
| 1.950%, 03/15/31 (a) | 1100000 | &nbsp;&nbsp; 981860 |
| Haleon U.S. Capital LLC |  |  |
| 3.625%, 03/24/32 (a) | 1300000 | &nbsp;&nbsp; 1238822 |
| Kenvue, Inc. |  |  |
| 5.050%, 03/22/53 (a) | 400000 | &nbsp;&nbsp; 365788 |
| Procter & Gamble Co. |  |  |
| 3.550%, 03/25/40 (a) | 900000 | &nbsp;&nbsp; 784071 |
| 4.550%, 01/29/34 (a) | 1000000 | &nbsp;&nbsp; 1016530 |
| Unilever Capital Corp. |  |  |
| 2.900%, 05/05/27 (a) | 1500000 | &nbsp;&nbsp; 1485240 |
|  |  | &nbsp;&nbsp; 5872311 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.300%, 01/30/32 (a) | 1000000 | &nbsp;&nbsp; 925650 |
| 3.650%, 07/21/27 | 1900000 | &nbsp;&nbsp; 1888885 |
| 5.375%, 12/15/31 | 1000000 | &nbsp;&nbsp; 1038240 |

---

*See accompanying notes to financial statements.*

**BHFTII-226**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| American Express Co. |  |  |
| 3.300%, 05/03/27 | 3000000 | &nbsp;&nbsp; $2980260 |
| 5.442%, SOFR + 1.320%, 01/30/36 (a) (b) | 1000000 | &nbsp;&nbsp; 1039660 |
| Blackrock, Inc. |  |  |
| 4.750%, 05/25/33 (a) | 1000000 | &nbsp;&nbsp; 1023400 |
| Brookfield Capital Finance LLC |  |  |
| 6.087%, 06/14/33 | 500000 | &nbsp;&nbsp; 535280 |
| Brookfield Finance, Inc. |  |  |
| 3.900%, 01/25/28 (a) | 2600000 | &nbsp;&nbsp; 2593318 |
| Capital One Financial Corp. |  |  |
| 3.800%, 01/31/28 | 1800000 | &nbsp;&nbsp; 1793160 |
| 5.463%, SOFR + 1.560%, 07/26/30 (a) (b) | 1500000 | &nbsp;&nbsp; 1555215 |
| Charles Schwab Corp. |  |  |
| 4.625%, 03/22/30 | 900000 | &nbsp;&nbsp; 920403 |
| 5.643%, SOFR + 2.210%, 05/19/29 (b) | 500000 | &nbsp;&nbsp; 519050 |
| 5.853%, SOFR + 2.500%, 05/19/34 (b) | 2400000 | &nbsp;&nbsp; 2572152 |
| Intercontinental Exchange, Inc. |  |  |
| 3.000%, 06/15/50 | 1000000 | &nbsp;&nbsp; 657250 |
| 4.200%, 03/15/31 | 2000000 | &nbsp;&nbsp; 2003180 |
| Jefferies Financial Group, Inc. |  |  |
| 5.875%, 07/21/28 (a) | 1000000 | &nbsp;&nbsp; 1040050 |
| Mastercard, Inc. |  |  |
| 3.350%, 03/26/30 (a) | 1700000 | &nbsp;&nbsp; 1662600 |
| Nasdaq, Inc. |  |  |
| 3.950%, 03/07/52 | 700000 | &nbsp;&nbsp; 537460 |
| Nomura Holdings, Inc. |  |  |
| 2.679%, 07/16/30 | 1000000 | &nbsp;&nbsp; 924270 |
| 6.070%, 07/12/28 (a) | 1000000 | &nbsp;&nbsp; 1043610 |
| ORIX Corp. |  |  |
| 5.400%, 02/25/35 (a) | 1000000 | &nbsp;&nbsp; 1032850 |
| Private Export Funding Corp. |  |  |
| 1.400%, 07/15/28 | 500000 | &nbsp;&nbsp; 471415 |
| Visa, Inc. |  |  |
| 1.100%, 02/15/31 (a) | 3100000 | &nbsp;&nbsp; 2704533 |
| Voya Financial, Inc. |  |  |
| 4.700%, 01/23/48 (a) | 1000000 | &nbsp;&nbsp; 945470 |
|  |  | &nbsp;&nbsp; 32407361 |
| **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** |
| Appalachian Power Co. |  |  |
| 3.700%, 05/01/50 (a) | 900000 | &nbsp;&nbsp; 655623 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 4.500%, 04/01/44 | 1300000 | &nbsp;&nbsp; 1144936 |
| CMS Energy Corp. |  |  |
| 4.750%, 5Y H15 + 4.116%, 06/01/50 (a) (b) | 1500000 | &nbsp;&nbsp; 1473720 |
| Commonwealth Edison Co. |  |  |
| 3.000%, 03/01/50 | 900000 | &nbsp;&nbsp; 590292 |
| 5.950%, 06/01/55 (a) | 1000000 | &nbsp;&nbsp; 1041430 |
| Connecticut Light & Power Co. |  |  |
| 4.000%, 04/01/48 (a) | 1000000 | &nbsp;&nbsp; 798120 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 3.950%, 03/01/43 (a) | 2070000 | &nbsp;&nbsp; 1705473 |
| Constellation Energy Generation LLC |  |  |
| 5.600%, 03/01/28 (a) | 1000000 | &nbsp;&nbsp; 1032360 |
| Dominion Energy, Inc. |  |  |
| 4.600%, 03/15/49 | 800000 | &nbsp;&nbsp; 669160 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| DTE Electric Co. |  |  |
| 3.700%, 03/15/45 (a) | 1000000 | &nbsp;&nbsp; $784400 |
| Duke Energy Carolinas LLC |  |  |
| 3.550%, 03/15/52 | 1000000 | &nbsp;&nbsp; 721000 |
| 5.300%, 02/15/40 (a) | 2000000 | &nbsp;&nbsp; 2029260 |
| Duke Energy Corp. |  |  |
| 2.650%, 09/01/26 | 1000000 | &nbsp;&nbsp; 991440 |
| 6.450%, 5Y H15 + 2.588%, 09/01/54 (a) (b) | 3900000 | &nbsp;&nbsp; 4090632 |
| Entergy Louisiana LLC |  |  |
| 4.000%, 03/15/33 (a) | 1000000 | &nbsp;&nbsp; 966090 |
| 5.800%, 03/15/55 | 1000000 | &nbsp;&nbsp; 1008430 |
| Evergy, Inc. |  |  |
| 2.900%, 09/15/29 | 500000 | &nbsp;&nbsp; 476905 |
| Exelon Corp. |  |  |
| 3.400%, 04/15/26 (a) | 1000000 | &nbsp;&nbsp; 997980 |
| 5.600%, 03/15/53 (a) | 1000000 | &nbsp;&nbsp; 972140 |
| 5.625%, 06/15/35 (a) | 500000 | &nbsp;&nbsp; 524445 |
| Florida Power & Light Co. |  |  |
| 5.950%, 02/01/38 | 1700000 | &nbsp;&nbsp; 1850314 |
| Georgia Power Co. |  |  |
| 4.300%, 03/15/42 (a) | 2000000 | &nbsp;&nbsp; 1754920 |
| Indiana Michigan Power Co. |  |  |
| 5.625%, 04/01/53 | 2500000 | &nbsp;&nbsp; 2485775 |
| Interstate Power & Light Co. |  |  |
| 5.600%, 06/29/35 (a) | 1000000 | &nbsp;&nbsp; 1042610 |
| Louisville Gas & Electric Co. |  |  |
| 4.250%, 04/01/49 | 800000 | &nbsp;&nbsp; 655152 |
| MidAmerican Energy Co. |  |  |
| 3.650%, 04/15/29 (a) | 1700000 | &nbsp;&nbsp; 1681164 |
| 4.250%, 07/15/49 | 1500000 | &nbsp;&nbsp; 1231515 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 2.400%, 03/15/30 | 1800000 | &nbsp;&nbsp; 1680876 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.900%, 03/15/29 (a) | 6000000 | &nbsp;&nbsp; 6153960 |
| 5.550%, 03/15/54 (a) | 1000000 | &nbsp;&nbsp; 969330 |
| Northern States Power Co. |  |  |
| 2.600%, 06/01/51 | 1700000 | &nbsp;&nbsp; 1042644 |
| 6.250%, 06/01/36 (a) | 1200000 | &nbsp;&nbsp; 1324848 |
| NSTAR Electric Co. |  |  |
| 5.200%, 03/01/35 (a) | 1500000 | &nbsp;&nbsp; 1533765 |
| Oncor Electric Delivery Co. LLC |  |  |
| 3.100%, 09/15/49 | 900000 | &nbsp;&nbsp; 598941 |
| 5.350%, 04/01/35 (144A) (a) | 1000000 | &nbsp;&nbsp; 1033190 |
| Pacific Gas & Electric Co. |  |  |
| 2.500%, 02/01/31 | 3000000 | &nbsp;&nbsp; 2703210 |
| 5.900%, 10/01/54 (a) | 2500000 | &nbsp;&nbsp; 2402700 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.722%, 06/01/39 | 160000 | &nbsp;&nbsp; 158918 |
| 5.212%, 12/01/49 | 500000 | &nbsp;&nbsp; 485540 |
| Public Service Electric & Gas Co. |  |  |
| 1.900%, 08/15/31 (a) | 1600000 | &nbsp;&nbsp; 1414064 |
| 4.900%, 08/15/35 (a) | 1000000 | &nbsp;&nbsp; 1007930 |
| Sempra |  |  |
| 3.400%, 02/01/28 | 1100000 | &nbsp;&nbsp; 1083995 |
| 6.400%, 5Y H15 + 2.632%, 10/01/54 (a) (b) | 1600000 | &nbsp;&nbsp; 1626368 |

---

*See accompanying notes to financial statements.*

**BHFTII-227**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Southern California Edison Co. |  |  |
| 3.650%, 03/01/28 | 900000 | &nbsp;&nbsp; $889254 |
| 4.000%, 04/01/47 | 1000000 | &nbsp;&nbsp; 753600 |
| 5.450%, 03/01/35 | 1000000 | &nbsp;&nbsp; 1015870 |
| Southern Co. |  |  |
| 4.850%, 06/15/28 | 2000000 | &nbsp;&nbsp; 2036620 |
| Southwestern Electric Power Co. |  |  |
| 4.100%, 09/15/28 (a) | 1800000 | &nbsp;&nbsp; 1800234 |
| Union Electric Co. |  |  |
| 3.500%, 03/15/29 | 1800000 | &nbsp;&nbsp; 1769166 |
| Virginia Electric & Power Co. |  |  |
| 5.550%, 08/15/54 (a) | 5600000 | &nbsp;&nbsp; 5451936 |
|  |  | &nbsp;&nbsp; 72312245 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Emerson Electric Co. |  |  |
| 2.200%, 12/21/31 (a) | 500000 | &nbsp;&nbsp; 446550 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Honeywell International, Inc. |  |  |
| 5.000%, 03/01/35 (a) | 2000000 | &nbsp;&nbsp; 2039280 |
| 5.250%, 03/01/54 (a) | 1600000 | &nbsp;&nbsp; 1516208 |
|  |  | &nbsp;&nbsp; 3555488 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Republic Services, Inc. |  |  |
| 5.200%, 11/15/34 (a) | 1000000 | &nbsp;&nbsp; 1036470 |
| Waste Connections, Inc. |  |  |
| 2.200%, 01/15/32 (a) | 500000 | &nbsp;&nbsp; 442120 |
| Waste Management, Inc. |  |  |
| 3.150%, 11/15/27 (a) | 1800000 | &nbsp;&nbsp; 1779462 |
|  |  | &nbsp;&nbsp; 3258052 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| Conagra Brands, Inc. |  |  |
| 4.850%, 11/01/28 | 1300000 | &nbsp;&nbsp; 1315587 |
| General Mills, Inc. |  |  |
| 4.200%, 04/17/28 (a) | 1500000 | &nbsp;&nbsp; 1504845 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 6.500%, 12/01/52 (a) | 2400000 | &nbsp;&nbsp; 2471208 |
| Kraft Heinz Foods Co. |  |  |
| 5.000%, 07/15/35 (a) | 1600000 | &nbsp;&nbsp; 1595840 |
| Kroger Co. |  |  |
| 2.200%, 05/01/30 (a) | 1000000 | &nbsp;&nbsp; 921040 |
| 5.500%, 09/15/54 (a) | 1100000 | &nbsp;&nbsp; 1051930 |
| Sysco Corp. |  |  |
| 6.600%, 04/01/50 (a) | 900000 | &nbsp;&nbsp; 990990 |
| Tyson Foods, Inc. |  |  |
| 3.550%, 06/02/27 | 800000 | &nbsp;&nbsp; 794608 |
|  |  | &nbsp;&nbsp; 10646048 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| International Paper Co. |  |  |
| 4.400%, 08/15/47 (a) | 800000 | &nbsp;&nbsp; 658640 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Atmos Energy Corp. |  |  |
| 1.500%, 01/15/31 (a) | 1100000 | &nbsp;&nbsp; $965492 |
| NiSource, Inc. |  |  |
| 4.800%, 02/15/44 (a) | 1500000 | &nbsp;&nbsp; 1353045 |
| Southern Co. Gas Capital Corp. |  |  |
| 4.950%, 09/15/34 (a) | 1000000 | &nbsp;&nbsp; 1004870 |
|  |  | &nbsp;&nbsp; 3323407 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| Stanley Black & Decker, Inc. |  |  |
| 3.000%, 05/15/32 | 1800000 | &nbsp;&nbsp; 1631142 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| Abbott Laboratories |  |  |
| 4.750%, 11/30/36 | 1300000 | &nbsp;&nbsp; 1309035 |
| DH Europe Finance II SARL |  |  |
| 3.250%, 11/15/39 | 900000 | &nbsp;&nbsp; 739314 |
| GE HealthCare Technologies, Inc. |  |  |
| 5.905%, 11/22/32 (a) | 1400000 | &nbsp;&nbsp; 1509774 |
| Medtronic, Inc. |  |  |
| 4.625%, 03/15/45 (a) | 933000 | &nbsp;&nbsp; 856391 |
| Solventum Corp. |  |  |
| 5.900%, 04/30/54 (a) | 500000 | &nbsp;&nbsp; 504365 |
| Stryker Corp. |  |  |
| 5.200%, 02/10/35 (a) | 1000000 | &nbsp;&nbsp; 1029100 |
| Thermo Fisher Scientific, Inc. |  |  |
| 5.086%, 08/10/33 (a) | 2000000 | &nbsp;&nbsp; 2077660 |
|  |  | &nbsp;&nbsp; 8025639 |
| **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
| Centene Corp. |  |  |
| 2.500%, 03/01/31 | 300000 | &nbsp;&nbsp; 258903 |
| 3.375%, 02/15/30 (a) | 2000000 | &nbsp;&nbsp; 1841080 |
| Cigna Group |  |  |
| 2.375%, 03/15/31 | 1500000 | &nbsp;&nbsp; 1358115 |
| 5.250%, 02/15/34 (a) | 2000000 | &nbsp;&nbsp; 2059260 |
| 6.125%, 11/15/41 | 313000 | &nbsp;&nbsp; 331555 |
| CommonSpirit Health |  |  |
| 3.910%, 10/01/50 | 500000 | &nbsp;&nbsp; 374920 |
| 5.205%, 12/01/31 (a) | 2000000 | &nbsp;&nbsp; 2073160 |
| Elevance Health, Inc. |  |  |
| 5.700%, 02/15/55 (a) | 1000000 | &nbsp;&nbsp; 978420 |
| 5.850%, 01/15/36 | 1800000 | &nbsp;&nbsp; 1913292 |
| HCA, Inc. |  |  |
| 5.450%, 09/15/34 | 5000000 | &nbsp;&nbsp; 5153450 |
| 5.900%, 06/01/53 (a) | 1000000 | &nbsp;&nbsp; 982130 |
| Humana, Inc. |  |  |
| 4.875%, 04/01/30 (a) | 800000 | &nbsp;&nbsp; 811408 |
| Kaiser Foundation Hospitals |  |  |
| 3.002%, 06/01/51 | 1000000 | &nbsp;&nbsp; 655750 |
| Quest Diagnostics, Inc. |  |  |
| 5.000%, 12/15/34 (a) | 1000000 | &nbsp;&nbsp; 1013370 |
| UnitedHealth Group, Inc. |  |  |
| 3.500%, 08/15/39 (a) | 900000 | &nbsp;&nbsp; 752769 |
| 4.250%, 06/15/48 | 1000000 | &nbsp;&nbsp; 819910 |
| 4.950%, 05/15/62 | 1300000 | &nbsp;&nbsp; 1129622 |

---

*See accompanying notes to financial statements.*

**BHFTII-228**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| UnitedHealth Group, Inc. |  |  |
| 5.000%, 04/15/34 (a) | 5000000 | &nbsp;&nbsp; $5086350 |
|  |  | &nbsp;&nbsp; 27593464 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Lennar Corp. |  |  |
| 4.750%, 11/29/27 (a) | 1300000 | &nbsp;&nbsp; 1311648 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| Kimberly-Clark Corp. |  |  |
| 3.100%, 03/26/30 | 1100000 | &nbsp;&nbsp; 1060048 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Allstate Corp. |  |  |
| 1.450%, 12/15/30 (a) | 1100000 | &nbsp;&nbsp; 960465 |
| American International Group, Inc. |  |  |
| 3.400%, 06/30/30 | 800000 | &nbsp;&nbsp; 772496 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 5.350%, 02/28/33 (a) | 1000000 | &nbsp;&nbsp; 1042540 |
| Aon North America, Inc. |  |  |
| 5.750%, 03/01/54 (a) | 1000000 | &nbsp;&nbsp; 998710 |
| Arthur J Gallagher & Co. |  |  |
| 5.450%, 07/15/34 (a) | 1000000 | &nbsp;&nbsp; 1038220 |
| Athene Holding Ltd. |  |  |
| 6.250%, 04/01/54 (a) | 1100000 | &nbsp;&nbsp; 1075481 |
| AXA SA |  |  |
| 8.600%, 12/15/30 (a) | 365000 | &nbsp;&nbsp; 427740 |
| Berkshire Hathaway Finance Corp. |  |  |
| 4.200%, 08/15/48 (a) | 1700000 | &nbsp;&nbsp; 1423733 |
| Berkshire Hathaway, Inc. |  |  |
| 3.125%, 03/15/26 (a) | 750000 | &nbsp;&nbsp; 748695 |
| Brown & Brown, Inc. |  |  |
| 5.550%, 06/23/35 (a) | 1000000 | &nbsp;&nbsp; 1026980 |
| Chubb INA Holdings LLC |  |  |
| 6.000%, 05/11/37 | 865000 | &nbsp;&nbsp; 942755 |
| Corebridge Financial, Inc. |  |  |
| 6.375%, 5Y H15 + 2.646%, 09/15/54 (a) (b) | 1000000 | &nbsp;&nbsp; 1008420 |
| Equitable Holdings, Inc. |  |  |
| 5.000%, 04/20/48 (a) | 1100000 | &nbsp;&nbsp; 987767 |
| Fairfax Financial Holdings Ltd. |  |  |
| 4.625%, 04/29/30 (a) | 2000000 | &nbsp;&nbsp; 2009080 |
| Hartford Insurance Group, Inc. |  |  |
| 6.100%, 10/01/41 | 780000 | &nbsp;&nbsp; 835700 |
| Lincoln National Corp. |  |  |
| 4.350%, 03/01/48 (a) | 600000 | &nbsp;&nbsp; 479790 |
| Marsh & McLennan Cos., Inc. |  |  |
| 5.000%, 03/15/35 | 1000000 | &nbsp;&nbsp; 1014130 |
| 5.450%, 03/15/54 (a) | 1000000 | &nbsp;&nbsp; 970700 |
| Principal Financial Group, Inc. |  |  |
| 3.100%, 11/15/26 | 1000000 | &nbsp;&nbsp; 992650 |
| Progressive Corp. |  |  |
| 4.950%, 06/15/33 (a) | 1000000 | &nbsp;&nbsp; 1026900 |
| Prudential Financial, Inc. |  |  |
| 2.100%, 03/10/30 | 1000000 | &nbsp;&nbsp; 928680 |
| 5.700%, 12/14/36 (a) | 1525000 | &nbsp;&nbsp; 1619702 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Travelers Cos., Inc. |  |  |
| 3.050%, 06/08/51 | 800000 | &nbsp;&nbsp; $531432 |
|  |  | &nbsp;&nbsp; 22862766 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| Alibaba Group Holding Ltd. |  |  |
| 4.200%, 12/06/47 (a) | 1400000 | &nbsp;&nbsp; 1167390 |
| Alphabet, Inc. |  |  |
| 2.050%, 08/15/50 | 1100000 | &nbsp;&nbsp; 601678 |
| 4.700%, 11/15/35 | 2000000 | &nbsp;&nbsp; 2004360 |
| 5.250%, 05/15/55 (a) | 1000000 | &nbsp;&nbsp; 960270 |
| Amazon.com, Inc. |  |  |
| 3.100%, 05/12/51 | 2200000 | &nbsp;&nbsp; 1480600 |
| 3.450%, 04/13/29 (a) | 3100000 | &nbsp;&nbsp; 3063947 |
| 3.875%, 08/22/37 (a) | 1900000 | &nbsp;&nbsp; 1745777 |
| Booking Holdings, Inc. |  |  |
| 3.600%, 06/01/26 (a) | 2000000 | &nbsp;&nbsp; 1996540 |
| eBay, Inc. |  |  |
| 3.600%, 06/05/27 | 500000 | &nbsp;&nbsp; 497610 |
| Meta Platforms, Inc. |  |  |
| 4.750%, 08/15/34 (a) | 2000000 | &nbsp;&nbsp; 2018860 |
| 4.950%, 05/15/33 (a) | 1500000 | &nbsp;&nbsp; 1545015 |
| 5.750%, 11/15/65 (a) | 2500000 | &nbsp;&nbsp; 2391525 |
| Netflix, Inc. |  |  |
| 4.900%, 08/15/34 (a) | 2000000 | &nbsp;&nbsp; 2048480 |
| Uber Technologies, Inc. |  |  |
| 4.800%, 09/15/34 | 800000 | &nbsp;&nbsp; 799616 |
|  |  | &nbsp;&nbsp; 22321668 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| ARES Capital Corp. |  |  |
| 5.875%, 03/01/29 (a) | 2500000 | &nbsp;&nbsp; 2566825 |
| Blackstone Private Credit Fund |  |  |
| 6.250%, 01/25/31 | 1000000 | &nbsp;&nbsp; 1033050 |
| Blue Owl Capital Corp. |  |  |
| 3.400%, 07/15/26 | 400000 | &nbsp;&nbsp; 397148 |
| Blue Owl Credit Income Corp. |  |  |
| 6.650%, 03/15/31 (a) | 1500000 | &nbsp;&nbsp; 1546530 |
|  |  | &nbsp;&nbsp; 5543553 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| Vale Overseas Ltd. |  |  |
| 3.750%, 07/08/30 | 2200000 | &nbsp;&nbsp; 2121152 |
| 6.875%, 11/21/36 (a) | 528000 | &nbsp;&nbsp; 595146 |
|  |  | &nbsp;&nbsp; 2716298 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hyatt Hotels Corp. |  |  |
| 5.375%, 12/15/31 | 1000000 | &nbsp;&nbsp; 1030900 |
| Marriott International, Inc. |  |  |
| 2.850%, 04/15/31 (a) | 1100000 | &nbsp;&nbsp; 1021009 |
| Sands China Ltd. |  |  |
| 5.400%, 08/08/28 | 1000000 | &nbsp;&nbsp; 1018710 |
|  |  | &nbsp;&nbsp; 3070619 |

---

*See accompanying notes to financial statements.*

**BHFTII-229**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| Caterpillar, Inc. |  |  |
| 3.803%, 08/15/42 | 3100000 | &nbsp;&nbsp; $2608371 |
| Eaton Capital ULC |  |  |
| 4.450%, 05/09/30 (a) | 1000000 | &nbsp;&nbsp; 1011010 |
|  |  | &nbsp;&nbsp; 3619381 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| John Deere Capital Corp. |  |  |
| 2.000%, 06/17/31 | 1000000 | &nbsp;&nbsp; 893400 |
| 4.850%, 06/11/29 (a) | 2000000 | &nbsp;&nbsp; 2057840 |
| Regal Rexnord Corp. |  |  |
| 6.400%, 04/15/33 (a) | 900000 | &nbsp;&nbsp; 969138 |
|  |  | &nbsp;&nbsp; 3920378 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.850%, 04/01/61 | 2300000 | &nbsp;&nbsp; 1373767 |
| 6.100%, 06/01/29 (a) | 2000000 | &nbsp;&nbsp; 2087940 |
| 6.484%, 10/23/45 | 900000 | &nbsp;&nbsp; 848088 |
| Comcast Corp. |  |  |
| 3.969%, 11/01/47 | 900000 | &nbsp;&nbsp; 675459 |
| 4.650%, 07/15/42 (a) | 1670000 | &nbsp;&nbsp; 1467563 |
| 5.650%, 06/15/35 | 1500000 | &nbsp;&nbsp; 1576155 |
| 5.650%, 06/01/54 (a) | 3000000 | &nbsp;&nbsp; 2818980 |
| Fox Corp. |  |  |
| 5.576%, 01/25/49 (a) | 1000000 | &nbsp;&nbsp; 964650 |
| Paramount Global |  |  |
| 4.375%, 03/15/43 (a) | 1500000 | &nbsp;&nbsp; 1047450 |
| Time Warner Cable LLC |  |  |
| 5.500%, 09/01/41 | 1200000 | &nbsp;&nbsp; 1055592 |
| 6.550%, 05/01/37 (a) | 100000 | &nbsp;&nbsp; 102109 |
| TWDC Enterprises 18 Corp. |  |  |
| 2.950%, 06/15/27 | 1000000 | &nbsp;&nbsp; 989910 |
| Walt Disney Co. |  |  |
| 3.600%, 01/13/51 (a) | 1000000 | &nbsp;&nbsp; 745560 |
| 6.550%, 03/15/33 (a) | 950000 | &nbsp;&nbsp; 1074412 |
|  |  | &nbsp;&nbsp; 16827635 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| BHP Billiton Finance USA Ltd. |  |  |
| 5.250%, 09/08/33 (a) | 1200000 | &nbsp;&nbsp; 1248132 |
| Freeport-McMoRan, Inc. |  |  |
| 5.450%, 03/15/43 (a) | 2100000 | &nbsp;&nbsp; 2040087 |
| Newmont Corp. |  |  |
| 6.250%, 10/01/39 (a) | 1000000 | &nbsp;&nbsp; 1090600 |
| Rio Tinto Alcan, Inc. |  |  |
| 6.125%, 12/15/33 | 751000 | &nbsp;&nbsp; 823922 |
|  |  | &nbsp;&nbsp; 5202741 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| 3M Co. |  |  |
| 2.875%, 10/15/27 | 1700000 | &nbsp;&nbsp; 1671525 |
| 4.000%, 09/14/48 | 900000 | &nbsp;&nbsp; 711432 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Miscellaneous Manufacturing—(Continued)** | **Miscellaneous Manufacturing—(Continued)** | **Miscellaneous Manufacturing—(Continued)** |
| Parker-Hannifin Corp. |  |  |
| 3.250%, 06/14/29 | 900000 | &nbsp;&nbsp; $876069 |
|  |  | &nbsp;&nbsp; 3259026 |
| **Multi-National — 1.3%** | **Multi-National — 1.3%** | **Multi-National — 1.3%** |
| African Development Bank |  |  |
| 3.500%, 09/18/29 (a) | 2000000 | &nbsp;&nbsp; 1989800 |
| Asian Development Bank |  |  |
| 1.500%, 03/04/31 | 2000000 | &nbsp;&nbsp; 1787800 |
| 1.750%, 09/19/29 | 900000 | &nbsp;&nbsp; 841590 |
| 4.125%, 01/12/27 | 1000000 | &nbsp;&nbsp; 1004930 |
| 4.125%, 01/12/34 | 3100000 | &nbsp;&nbsp; 3108990 |
| Asian Infrastructure Investment Bank |  |  |
| 0.500%, 01/27/26 | 50000 | &nbsp;&nbsp; 49885 |
| 4.500%, 01/16/30 (a) | 500000 | &nbsp;&nbsp; 514650 |
| Corp. Andina de Fomento |  |  |
| 5.000%, 01/22/30 | 1000000 | &nbsp;&nbsp; 1035010 |
| Council of Europe Development Bank |  |  |
| 3.625%, 05/08/28 | 1000000 | &nbsp;&nbsp; 1001060 |
| European Bank for Reconstruction & Development |  |  |
| 4.125%, 01/25/29 | 1000000 | &nbsp;&nbsp; 1014820 |
| European Investment Bank |  |  |
| 3.625%, 07/15/30 | 1000000 | &nbsp;&nbsp; 995420 |
| 4.000%, 02/15/29 | 5100000 | &nbsp;&nbsp; 5161659 |
| 4.375%, 10/10/31 (a) | 1000000 | &nbsp;&nbsp; 1027920 |
| 4.500%, 03/14/30 | 1000000 | &nbsp;&nbsp; 1030870 |
| 4.875%, 02/15/36 | 1100000 | &nbsp;&nbsp; 1160159 |
| Inter-American Development Bank |  |  |
| 2.250%, 06/18/29 | 1400000 | &nbsp;&nbsp; 1338120 |
| 2.375%, 07/07/27 | 500000 | &nbsp;&nbsp; 491335 |
| 3.750%, 06/14/30 | 1000000 | &nbsp;&nbsp; 1001060 |
| 4.125%, 02/15/29 | 2500000 | &nbsp;&nbsp; 2538700 |
| 4.500%, 02/15/30 | 400000 | &nbsp;&nbsp; 412056 |
| Inter-American Investment Corp. |  |  |
| 4.250%, 02/14/29 | 500000 | &nbsp;&nbsp; 507910 |
| International Bank for Reconstruction & Development |  |  |
| 1.625%, 11/03/31 | 2800000 | &nbsp;&nbsp; 2473884 |
| 4.125%, 03/20/30 | 2500000 | &nbsp;&nbsp; 2539850 |
| 4.625%, 08/01/28 | 5900000 | &nbsp;&nbsp; 6052397 |
| 4.625%, 01/15/32 | 1000000 | &nbsp;&nbsp; 1038060 |
| International Finance Corp. |  |  |
| 4.500%, 01/21/28 | 2000000 | &nbsp;&nbsp; 2037280 |
| Nordic Investment Bank |  |  |
| 3.750%, 05/09/30 | 500000 | &nbsp;&nbsp; 500510 |
|  |  | &nbsp;&nbsp; 42655725 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 4.250%, 04/01/28 (a) | 1100000 | &nbsp;&nbsp; 1097217 |
| **Oil & Gas — 0.9%** | **Oil & Gas — 0.9%** | **Oil & Gas — 0.9%** |
| BP Capital Markets America, Inc. |  |  |
| 2.721%, 01/12/32 | 1000000 | &nbsp;&nbsp; 912780 |
| 3.000%, 02/24/50 | 1000000 | &nbsp;&nbsp; 654600 |
| 4.699%, 04/10/29 (a) | 2000000 | &nbsp;&nbsp; 2040440 |

---

*See accompanying notes to financial statements.*

**BHFTII-230**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Canadian Natural Resources Ltd. |  |  |
| 6.250%, 03/15/38 (a) | 800000 | &nbsp;&nbsp; $850784 |
| Chevron Corp. |  |  |
| 2.954%, 05/16/26 (a) | 1500000 | &nbsp;&nbsp; 1494825 |
| Chevron USA, Inc. |  |  |
| 4.500%, 10/15/32 | 2000000 | &nbsp;&nbsp; 2022280 |
| ConocoPhillips Co. |  |  |
| 5.300%, 05/15/53 (a) | 1000000 | &nbsp;&nbsp; 934210 |
| 5.500%, 01/15/55 (a) | 1100000 | &nbsp;&nbsp; 1055439 |
| 6.950%, 04/15/29 (a) | 700000 | &nbsp;&nbsp; 761425 |
| Devon Energy Corp. |  |  |
| 5.750%, 09/15/54 (a) | 1400000 | &nbsp;&nbsp; 1292872 |
| Diamondback Energy, Inc. |  |  |
| 5.750%, 04/18/54 (a) | 1000000 | &nbsp;&nbsp; 947620 |
| Equinor ASA |  |  |
| 3.625%, 04/06/40 | 600000 | &nbsp;&nbsp; 508980 |
| Exxon Mobil Corp. |  |  |
| 4.114%, 03/01/46 | 1600000 | &nbsp;&nbsp; 1343696 |
| 4.227%, 03/19/40 (a) | 2000000 | &nbsp;&nbsp; 1838740 |
| Occidental Petroleum Corp. |  |  |
| 5.200%, 08/01/29 | 3500000 | &nbsp;&nbsp; 3585400 |
| 6.450%, 09/15/36 | 1000000 | &nbsp;&nbsp; 1065260 |
| Phillips 66 Co. |  |  |
| 4.875%, 11/15/44 (a) | 1000000 | &nbsp;&nbsp; 881080 |
| 4.950%, 03/15/35 (a) | 2600000 | &nbsp;&nbsp; 2590354 |
| Shell Finance U.S., Inc. |  |  |
| 2.375%, 11/07/29 | 2000000 | &nbsp;&nbsp; 1887320 |
| 3.250%, 04/06/50 (a) | 900000 | &nbsp;&nbsp; 622827 |
| TotalEnergies Capital International SA |  |  |
| 3.127%, 05/29/50 | 900000 | &nbsp;&nbsp; 601848 |
| Valero Energy Corp. |  |  |
| 3.400%, 09/15/26 (a) | 200000 | &nbsp;&nbsp; 199146 |
|  |  | &nbsp;&nbsp; 28091926 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |  |  |
| 4.486%, 05/01/30 (a) | 1000000 | &nbsp;&nbsp; 1008580 |
| Halliburton Co. |  |  |
| 5.000%, 11/15/45 (a) | 1200000 | &nbsp;&nbsp; 1075452 |
|  |  | &nbsp;&nbsp; 2084032 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Sonoco Products Co. |  |  |
| 4.600%, 09/01/29 (a) | 1100000 | &nbsp;&nbsp; 1109867 |
| WRKCo, Inc. |  |  |
| 3.000%, 06/15/33 (a) | 600000 | &nbsp;&nbsp; 535464 |
| 4.200%, 06/01/32 (a) | 2100000 | &nbsp;&nbsp; 2042019 |
|  |  | &nbsp;&nbsp; 3687350 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| AbbVie, Inc. |  |  |
| 4.050%, 11/21/39 | 3900000 | &nbsp;&nbsp; 3489915 |
| 5.400%, 03/15/54 (a) | 1500000 | &nbsp;&nbsp; 1462305 |
| AstraZeneca PLC |  |  |
| 4.000%, 09/18/42 | 1200000 | &nbsp;&nbsp; 1036800 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Becton Dickinson & Co. |  |  |
| 4.669%, 06/06/47 | 2000000 | &nbsp;&nbsp; $1744340 |
| Bristol-Myers Squibb Co. |  |  |
| 3.400%, 07/26/29 | 1000000 | &nbsp;&nbsp; 981710 |
| 5.550%, 02/22/54 (a) | 1500000 | &nbsp;&nbsp; 1477920 |
| Cardinal Health, Inc. |  |  |
| 3.410%, 06/15/27 | 800000 | &nbsp;&nbsp; 794056 |
| Cencora, Inc. |  |  |
| 5.150%, 02/15/35 (a) | 2000000 | &nbsp;&nbsp; 2048060 |
| CVS Health Corp. |  |  |
| 4.300%, 03/25/28 (a) | 544000 | &nbsp;&nbsp; 546171 |
| 4.780%, 03/25/38 | 1500000 | &nbsp;&nbsp; 1419360 |
| 5.050%, 03/25/48 (a) | 1500000 | &nbsp;&nbsp; 1326165 |
| 5.125%, 07/20/45 | 900000 | &nbsp;&nbsp; 815463 |
| 6.000%, 06/01/44 | 2000000 | &nbsp;&nbsp; 2014740 |
| Eli Lilly & Co. |  |  |
| 4.600%, 08/14/34 | 1000000 | &nbsp;&nbsp; 1004960 |
| 5.500%, 02/12/55 (a) | 1000000 | &nbsp;&nbsp; 1005070 |
| 5.550%, 10/15/55 (a) | 2000000 | &nbsp;&nbsp; 2021600 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 3.875%, 05/15/28 (a) | 1000000 | &nbsp;&nbsp; 1001140 |
| 4.875%, 04/15/35 (a) | 1000000 | &nbsp;&nbsp; 1011840 |
| Johnson & Johnson |  |  |
| 3.700%, 03/01/46 | 1000000 | &nbsp;&nbsp; 813130 |
| 5.950%, 08/15/37 (a) | 910000 | &nbsp;&nbsp; 1014741 |
| Merck & Co., Inc. |  |  |
| 3.400%, 03/07/29 | 4000000 | &nbsp;&nbsp; 3938840 |
| 6.550%, 09/15/37 | 1000000 | &nbsp;&nbsp; 1150210 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.950%, 12/01/28 | 300000 | &nbsp;&nbsp; 318228 |
| Novartis Capital Corp. |  |  |
| 2.200%, 08/14/30 (a) | 1900000 | &nbsp;&nbsp; 1758317 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.110%, 05/19/43 | 3000000 | &nbsp;&nbsp; 2892960 |
| 5.340%, 05/19/63 | 2000000 | &nbsp;&nbsp; 1862120 |
| Pfizer, Inc. |  |  |
| 3.600%, 09/15/28 (a) | 2100000 | &nbsp;&nbsp; 2096955 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.200%, 07/07/35 (a) | 2000000 | &nbsp;&nbsp; 2039140 |
|  |  | &nbsp;&nbsp; 43086256 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| Cheniere Energy Partners LP |  |  |
| 5.750%, 08/15/34 (a) | 1000000 | &nbsp;&nbsp; 1045740 |
| El Paso Natural Gas Co. LLC |  |  |
| 8.375%, 06/15/32 | 220000 | &nbsp;&nbsp; 264442 |
| Enbridge, Inc. |  |  |
| 5.950%, 04/05/54 | 1500000 | &nbsp;&nbsp; 1525815 |
| Energy Transfer LP |  |  |
| 5.150%, 03/15/45 (a) | 2600000 | &nbsp;&nbsp; 2309294 |
| 6.050%, 09/01/54 (a) | 3500000 | &nbsp;&nbsp; 3375015 |
| Enterprise Products Operating LLC |  |  |
| 3.200%, 02/15/52 | 1100000 | &nbsp;&nbsp; 731126 |
| 3.950%, 02/15/27 (a) | 1300000 | &nbsp;&nbsp; 1301157 |
| 5.200%, 01/15/36 | 1000000 | &nbsp;&nbsp; 1019180 |

---

*See accompanying notes to financial statements.*

**BHFTII-231**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Kinder Morgan Energy Partners LP |  |  |
| 6.500%, 02/01/37 | 2000000 | &nbsp;&nbsp; $2187340 |
| MPLX LP |  |  |
| 4.000%, 03/15/28 (a) | 3600000 | &nbsp;&nbsp; 3594780 |
| 5.200%, 03/01/47 (a) | 1000000 | &nbsp;&nbsp; 896170 |
| ONEOK, Inc. |  |  |
| 3.100%, 03/15/30 (a) | 1100000 | &nbsp;&nbsp; 1047365 |
| 5.700%, 11/01/54 (a) | 3600000 | &nbsp;&nbsp; 3365604 |
| Targa Resources Corp. |  |  |
| 6.150%, 03/01/29 (a) | 2400000 | &nbsp;&nbsp; 2527824 |
| TransCanada PipeLines Ltd. |  |  |
| 6.200%, 10/15/37 | 1800000 | &nbsp;&nbsp; 1922724 |
| Western Midstream Operating LP |  |  |
| 4.050%, 02/01/30 (a) | 1100000 | &nbsp;&nbsp; 1078649 |
| Williams Cos., Inc. |  |  |
| 3.750%, 06/15/27 (a) | 1500000 | &nbsp;&nbsp; 1494105 |
|  |  | &nbsp;&nbsp; 29686330 |
| **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 3.550%, 03/15/52 | 1100000 | &nbsp;&nbsp; 748880 |
| American Tower Corp. |  |  |
| 3.800%, 08/15/29 (a) | 2700000 | &nbsp;&nbsp; 2659716 |
| 5.900%, 11/15/33 (a) | 900000 | &nbsp;&nbsp; 962991 |
| AvalonBay Communities, Inc. |  |  |
| 2.300%, 03/01/30 (a) | 200000 | &nbsp;&nbsp; 185536 |
| 5.350%, 06/01/34 (a) | 2000000 | &nbsp;&nbsp; 2079320 |
| Boston Properties LP |  |  |
| 5.750%, 01/15/35 (a) | 2000000 | &nbsp;&nbsp; 2059740 |
| Brixmor Operating Partnership LP |  |  |
| 4.050%, 07/01/30 (a) | 900000 | &nbsp;&nbsp; 888291 |
| Crown Castle, Inc. |  |  |
| 3.800%, 02/15/28 (a) | 1500000 | &nbsp;&nbsp; 1488705 |
| Digital Realty Trust LP |  |  |
| 3.700%, 08/15/27 | 500000 | &nbsp;&nbsp; 497485 |
| Equinix, Inc. |  |  |
| 3.200%, 11/18/29 | 700000 | &nbsp;&nbsp; 672476 |
| ERP Operating LP |  |  |
| 3.000%, 07/01/29 (a) | 1000000 | &nbsp;&nbsp; 964620 |
| Essex Portfolio LP |  |  |
| 3.000%, 01/15/30 | 1000000 | &nbsp;&nbsp; 949810 |
| Extra Space Storage LP |  |  |
| 5.400%, 02/01/34 | 2000000 | &nbsp;&nbsp; 2056440 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.625%, 09/15/34 | 1000000 | &nbsp;&nbsp; 1014770 |
| Healthpeak OP LLC |  |  |
| 3.500%, 07/15/29 | 900000 | &nbsp;&nbsp; 875952 |
| Kimco Realty OP LLC |  |  |
| 4.850%, 03/01/35 (a) | 1000000 | &nbsp;&nbsp; 997150 |
| NNN REIT, Inc. |  |  |
| 2.500%, 04/15/30 | 1000000 | &nbsp;&nbsp; 928290 |
| Prologis LP |  |  |
| 3.375%, 12/15/27 | 500000 | &nbsp;&nbsp; 496330 |
| 4.750%, 01/15/31 (a) | 1000000 | &nbsp;&nbsp; 1023270 |
| 5.000%, 03/15/34 (a) | 1000000 | &nbsp;&nbsp; 1019990 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Public Storage Operating Co. |  |  |
| 3.094%, 09/15/27 (a) | 500000 | &nbsp;&nbsp; $494215 |
| Realty Income Corp. |  |  |
| 5.125%, 02/15/34 (a) | 1000000 | &nbsp;&nbsp; 1026120 |
| Ventas Realty LP |  |  |
| 5.625%, 07/01/34 | 2000000 | &nbsp;&nbsp; 2091180 |
| Welltower OP LLC |  |  |
| 3.850%, 06/15/32 (a) | 1100000 | &nbsp;&nbsp; 1062314 |
|  |  | &nbsp;&nbsp; 27243591 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| Costco Wholesale Corp. |  |  |
| 1.375%, 06/20/27 (a) | 2100000 | &nbsp;&nbsp; 2035257 |
| Home Depot, Inc. |  |  |
| 4.250%, 04/01/46 | 2000000 | &nbsp;&nbsp; 1696640 |
| 4.750%, 06/25/29 (a) | 2000000 | &nbsp;&nbsp; 2050460 |
| Lowe's Cos., Inc. |  |  |
| 4.050%, 05/03/47 | 2000000 | &nbsp;&nbsp; 1586460 |
| 4.250%, 04/01/52 (a) | 1100000 | &nbsp;&nbsp; 868472 |
| 5.625%, 04/15/53 (a) | 1000000 | &nbsp;&nbsp; 972780 |
| McDonald's Corp. |  |  |
| 4.875%, 12/09/45 (a) | 1500000 | &nbsp;&nbsp; 1369950 |
| 5.200%, 05/17/34 | 1900000 | &nbsp;&nbsp; 1981491 |
| Starbucks Corp. |  |  |
| 3.550%, 08/15/29 (a) | 1000000 | &nbsp;&nbsp; 982650 |
| Target Corp. |  |  |
| 2.650%, 09/15/30 | 1400000 | &nbsp;&nbsp; 1314600 |
| Walmart, Inc. |  |  |
| 1.800%, 09/22/31 (a) | 3600000 | &nbsp;&nbsp; 3209580 |
| 4.050%, 06/29/48 | 900000 | &nbsp;&nbsp; 752256 |
|  |  | &nbsp;&nbsp; 18820596 |
| **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
| Broadcom, Inc. |  |  |
| 3.137%, 11/15/35 (144A) | 1600000 | &nbsp;&nbsp; 1381616 |
| 4.300%, 11/15/32 (a) | 1700000 | &nbsp;&nbsp; 1678206 |
| 4.800%, 10/15/34 (a) | 5000000 | &nbsp;&nbsp; 5012050 |
| Intel Corp. |  |  |
| 4.750%, 03/25/50 (a) | 1800000 | &nbsp;&nbsp; 1474848 |
| 4.900%, 08/05/52 | 1000000 | &nbsp;&nbsp; 828970 |
| 5.150%, 02/21/34 (a) | 4000000 | &nbsp;&nbsp; 4051840 |
| KLA Corp. |  |  |
| 4.950%, 07/15/52 (a) | 1100000 | &nbsp;&nbsp; 1000527 |
| Micron Technology, Inc. |  |  |
| 5.800%, 01/15/35 (a) | 1000000 | &nbsp;&nbsp; 1054160 |
| NVIDIA Corp. |  |  |
| 2.850%, 04/01/30 (a) | 1100000 | &nbsp;&nbsp; 1051600 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.400%, 05/01/30 (a) | 1100000 | &nbsp;&nbsp; 1061665 |
| QUALCOMM, Inc. |  |  |
| 1.650%, 05/20/32 (a) | 2333000 | &nbsp;&nbsp; 1994318 |
| Texas Instruments, Inc. |  |  |
| 2.250%, 09/04/29 (a) | 1000000 | &nbsp;&nbsp; 942620 |
| TSMC Arizona Corp. |  |  |
| 4.250%, 04/22/32 | 1500000 | &nbsp;&nbsp; 1501440 |
|  |  | &nbsp;&nbsp; 23033860 |

---

*See accompanying notes to financial statements.*

**BHFTII-232**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Fiserv, Inc. |  |  |
| 5.625%, 08/21/33 | 1500000 | &nbsp;&nbsp; $1547595 |
| Intuit, Inc. |  |  |
| 5.200%, 09/15/33 (a) | 1000000 | &nbsp;&nbsp; 1045930 |
| Microsoft Corp. |  |  |
| 3.300%, 02/06/27 (a) | 2000000 | &nbsp;&nbsp; 1993700 |
| 4.250%, 02/06/47 (a) | 2000000 | &nbsp;&nbsp; 1772400 |
| Oracle Corp. |  |  |
| 2.875%, 03/25/31 | 3000000 | &nbsp;&nbsp; 2691420 |
| 2.950%, 04/01/30 | 1200000 | &nbsp;&nbsp; 1107924 |
| 3.600%, 04/01/40 (a) | 7600000 | &nbsp;&nbsp; 5644064 |
| 3.850%, 04/01/60 | 2100000 | &nbsp;&nbsp; 1289442 |
| Salesforce, Inc. |  |  |
| 2.900%, 07/15/51 | 1000000 | &nbsp;&nbsp; 635440 |
| Synopsys, Inc. |  |  |
| 5.150%, 04/01/35 (a) | 1000000 | &nbsp;&nbsp; 1017220 |
|  |  | &nbsp;&nbsp; 18745135 |
| **Telecommunications — 1.1%** | **Telecommunications — 1.1%** | **Telecommunications — 1.1%** |
| America Movil SAB de CV |  |  |
| 2.875%, 05/07/30 | 1000000 | &nbsp;&nbsp; 941390 |
| AT&T, Inc. |  |  |
| 3.500%, 06/01/41 (a) | 5700000 | &nbsp;&nbsp; 4487724 |
| 3.500%, 09/15/53 | 1221000 | &nbsp;&nbsp; 819779 |
| 3.650%, 09/15/59 | 2686000 | &nbsp;&nbsp; 1779502 |
| 4.100%, 02/15/28 (a) | 1687000 | &nbsp;&nbsp; 1689210 |
| 7.125%, 12/15/31 | 100000 | &nbsp;&nbsp; 111399 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 5.200%, 02/15/34 | 1000000 | &nbsp;&nbsp; 1018210 |
| Cisco Systems, Inc. |  |  |
| 4.850%, 02/26/29 (a) | 3000000 | &nbsp;&nbsp; 3081180 |
| 5.500%, 01/15/40 | 1000000 | &nbsp;&nbsp; 1039820 |
| Deutsche Telekom International Finance BV |  |  |
| 8.750%, 06/15/30 | 300000 | &nbsp;&nbsp; 350373 |
| Orange SA |  |  |
| 5.500%, 02/06/44 (a) | 500000 | &nbsp;&nbsp; 494105 |
| Rogers Communications, Inc. |  |  |
| 2.900%, 11/15/26 (a) | 1100000 | &nbsp;&nbsp; 1088615 |
| 3.800%, 03/15/32 | 3200000 | &nbsp;&nbsp; 3018944 |
| Telefonica Emisiones SA |  |  |
| 4.103%, 03/08/27 (a) | 900000 | &nbsp;&nbsp; 899658 |
| 5.213%, 03/08/47 | 1200000 | &nbsp;&nbsp; 1061568 |
| T-Mobile USA, Inc. |  |  |
| 2.550%, 02/15/31 | 2200000 | &nbsp;&nbsp; 2010822 |
| 3.300%, 02/15/51 | 1500000 | &nbsp;&nbsp; 1004610 |
| 3.875%, 04/15/30 | 3800000 | &nbsp;&nbsp; 3738022 |
| Verizon Communications, Inc. |  |  |
| 3.400%, 03/22/41 | 2800000 | &nbsp;&nbsp; 2197440 |
| 3.550%, 03/22/51 (a) | 1000000 | &nbsp;&nbsp; 712820 |
| 4.812%, 03/15/39 | 1927000 | &nbsp;&nbsp; 1832924 |
| 5.250%, 04/02/35 (a) | 1500000 | &nbsp;&nbsp; 1525680 |
| Vodafone Group PLC |  |  |
| 6.150%, 02/27/37 (a) | 1000000 | &nbsp;&nbsp; 1088710 |
|  |  | &nbsp;&nbsp; 35992505 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| Burlington Northern Santa Fe LLC |  |  |
| 4.150%, 04/01/45 (a) | 1900000 | &nbsp;&nbsp; $1599477 |
| Canadian National Railway Co. |  |  |
| 4.450%, 01/20/49 (a) | 400000 | &nbsp;&nbsp; 342800 |
| Canadian Pacific Railway Co. |  |  |
| 2.450%, 12/02/31 (a) | 1100000 | &nbsp;&nbsp; 990649 |
| CSX Corp. |  |  |
| 4.100%, 03/15/44 | 1600000 | &nbsp;&nbsp; 1345424 |
| 6.150%, 05/01/37 (a) | 800000 | &nbsp;&nbsp; 880600 |
| FedEx Corp. |  |  |
| 4.550%, 04/01/46 (a) | 1000000 | &nbsp;&nbsp; 842940 |
| Norfolk Southern Corp. |  |  |
| 2.550%, 11/01/29 | 1000000 | &nbsp;&nbsp; 945200 |
| Ryder System, Inc. |  |  |
| 5.375%, 03/15/29 (a) | 500000 | &nbsp;&nbsp; 517625 |
| Union Pacific Corp. |  |  |
| 2.891%, 04/06/36 (a) | 1200000 | &nbsp;&nbsp; 1015404 |
| 3.200%, 05/20/41 | 2400000 | &nbsp;&nbsp; 1886520 |
| 3.250%, 02/05/50 | 1300000 | &nbsp;&nbsp; 901953 |
| United Parcel Service, Inc. |  |  |
| 4.450%, 04/01/30 (a) | 1600000 | &nbsp;&nbsp; 1629392 |
| 5.950%, 05/14/55 (a) | 900000 | &nbsp;&nbsp; 932022 |
|  |  | &nbsp;&nbsp; 13830006 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| GATX Corp. |  |  |
| 5.450%, 09/15/33 | 1000000 | &nbsp;&nbsp; 1037250 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 3.750%, 09/01/28 (a) | 900000 | &nbsp;&nbsp; 896841 |
| Essential Utilities, Inc. |  |  |
| 5.375%, 01/15/34 | 1000000 | &nbsp;&nbsp; 1033590 |
|  |  | &nbsp;&nbsp; 1930431 |
| Total Corporate Bonds & Notes <br>(Cost $859,874,349) <br>|  | &nbsp;&nbsp; 829843040 |
| **Agency Sponsored Mortgage-Backed Securities—24.7%** | **Agency Sponsored Mortgage-Backed Securities—24.7%** | **Agency Sponsored Mortgage-Backed Securities—24.7%** |
| **Agency Mortgage-Backed Securities — 24.7%** | **Agency Mortgage-Backed Securities — 24.7%** | **Agency Mortgage-Backed Securities — 24.7%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 03/01/36 | 1084933 | &nbsp;&nbsp; 986129 |
| 1.500%, 01/01/37 | 10419294 | &nbsp;&nbsp; 9432499 |
| 1.500%, 01/01/42 | 2263164 | &nbsp;&nbsp; 1913792 |
| 1.500%, 03/01/51 | 732231 | &nbsp;&nbsp; 566996 |
| 1.500%, 04/01/51 | 2216514 | &nbsp;&nbsp; 1716251 |
| 2.000%, 10/01/35 | 1616328 | &nbsp;&nbsp; 1511222 |
| 2.000%, 11/01/35 | 1287851 | &nbsp;&nbsp; 1203708 |
| 2.000%, 03/01/36 | 6195985 | &nbsp;&nbsp; 5762043 |
| 2.000%, 06/01/36 | 552757 | &nbsp;&nbsp; 513789 |
| 2.000%, 03/01/41 | 1575793 | &nbsp;&nbsp; 1388722 |
| 2.000%, 12/01/41 | 1067206 | &nbsp;&nbsp; 934514 |
| 2.000%, 10/01/50 | 3101688 | &nbsp;&nbsp; 2539403 |
| 2.000%, 11/01/50 | 3204134 | &nbsp;&nbsp; 2624908 |
| 2.000%, 12/01/50 | 5235005 | &nbsp;&nbsp; 4282329 |

---

*See accompanying notes to financial statements.*

**BHFTII-233**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.000%, 01/01/51 | 7929057 | &nbsp;&nbsp; $6483344 |
| 2.000%, 02/01/51 | 3359173 | &nbsp;&nbsp; 2745519 |
| 2.000%, 04/01/51 | 50479442 | &nbsp;&nbsp; 41252236 |
| 2.000%, 05/01/51 | 4618754 | &nbsp;&nbsp; 3778261 |
| 2.000%, 07/01/51 | 4461360 | &nbsp;&nbsp; 3645003 |
| 2.000%, 08/01/51 | 3669721 | &nbsp;&nbsp; 2994596 |
| 2.000%, 12/01/51 | 3912387 | &nbsp;&nbsp; 3187152 |
| 2.000%, 03/01/52 | 2005707 | &nbsp;&nbsp; 1634294 |
| 2.000%, 06/01/52 | 1086041 | &nbsp;&nbsp; 884246 |
| 2.500%, 12/01/27 | 67061 | &nbsp;&nbsp; 66179 |
| 2.500%, 04/01/28 | 157202 | &nbsp;&nbsp; 155333 |
| 2.500%, 12/01/29 | 291780 | &nbsp;&nbsp; 286158 |
| 2.500%, 01/01/32 | 959679 | &nbsp;&nbsp; 932480 |
| 2.500%, 08/01/35 | 808811 | &nbsp;&nbsp; 772303 |
| 2.500%, 02/01/41 | 1149018 | &nbsp;&nbsp; 1046890 |
| 2.500%, 03/01/50 | 1305073 | &nbsp;&nbsp; 1120858 |
| 2.500%, 07/01/50 | 3406079 | &nbsp;&nbsp; 2921074 |
| 2.500%, 09/01/50 | 2348450 | &nbsp;&nbsp; 2012588 |
| 2.500%, 10/01/50 | 1919971 | &nbsp;&nbsp; 1644792 |
| 2.500%, 12/01/50 | 2631239 | &nbsp;&nbsp; 2252485 |
| 2.500%, 04/01/51 | 2263375 | &nbsp;&nbsp; 1934757 |
| 2.500%, 07/01/51 | 2050554 | &nbsp;&nbsp; 1750927 |
| 2.500%, 08/01/51 | 3355138 | &nbsp;&nbsp; 2863846 |
| 2.500%, 01/01/52 | 15308388 | &nbsp;&nbsp; 13205399 |
| 3.000%, 03/01/27 | 31917 | &nbsp;&nbsp; 31708 |
| 3.000%, 05/01/27 | 55781 | &nbsp;&nbsp; 55350 |
| 3.000%, 11/01/28 | 141661 | &nbsp;&nbsp; 140434 |
| 3.000%, 10/01/32 | 244090 | &nbsp;&nbsp; 238664 |
| 3.000%, 04/01/33 | 483915 | &nbsp;&nbsp; 471730 |
| 3.000%, 03/01/35 | 448063 | &nbsp;&nbsp; 434514 |
| 3.000%, 10/01/42 | 645407 | &nbsp;&nbsp; 598330 |
| 3.000%, 01/01/43 | 471620 | &nbsp;&nbsp; 437365 |
| 3.000%, 03/01/43 | 476690 | &nbsp;&nbsp; 442067 |
| 3.000%, 04/01/43 | 1073177 | &nbsp;&nbsp; 989847 |
| 3.000%, 06/01/43 | 811180 | &nbsp;&nbsp; 747440 |
| 3.000%, 06/01/45 | 778967 | &nbsp;&nbsp; 712391 |
| 3.000%, 06/01/46 | 769559 | &nbsp;&nbsp; 700384 |
| 3.000%, 11/01/46 | 871700 | &nbsp;&nbsp; 793344 |
| 3.000%, 01/01/47 | 1540350 | &nbsp;&nbsp; 1401890 |
| 3.000%, 01/01/48 | 330525 | &nbsp;&nbsp; 299541 |
| 3.000%, 09/01/49 | 740147 | &nbsp;&nbsp; 664960 |
| 3.000%, 12/01/49 | 961547 | &nbsp;&nbsp; 863870 |
| 3.000%, 02/01/50 | 492181 | &nbsp;&nbsp; 442184 |
| 3.000%, 04/01/50 | 873926 | &nbsp;&nbsp; 783805 |
| 3.000%, 05/01/50 | 827272 | &nbsp;&nbsp; 741706 |
| 3.000%, 07/01/50 | 729297 | &nbsp;&nbsp; 653412 |
| 3.000%, 08/01/50 | 10584342 | &nbsp;&nbsp; 9542298 |
| 3.000%, 09/01/50 | 9656760 | &nbsp;&nbsp; 8683697 |
| 3.000%, 11/01/50 | 793347 | &nbsp;&nbsp; 709814 |
| 3.000%, 10/01/52 | 3352831 | &nbsp;&nbsp; 2980505 |
| 3.000%, 11/01/52 | 1245096 | &nbsp;&nbsp; 1106540 |
| 3.000%, 09/01/53 | 3036528 | &nbsp;&nbsp; 2698974 |
| 3.500%, 05/01/26 | 1284 | &nbsp;&nbsp; 1281 |
| 3.500%, 09/01/30 | 318724 | &nbsp;&nbsp; 317079 |
| 3.500%, 04/01/32 | 280792 | &nbsp;&nbsp; 277782 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.500%, 01/01/42 | 230291 | &nbsp;&nbsp; $220479 |
| 3.500%, 03/01/42 | 216761 | &nbsp;&nbsp; 207003 |
| 3.500%, 02/01/43 | 388513 | &nbsp;&nbsp; 371022 |
| 3.500%, 05/01/43 | 567194 | &nbsp;&nbsp; 541086 |
| 3.500%, 06/01/43 | 297049 | &nbsp;&nbsp; 283351 |
| 3.500%, 06/01/44 | 266275 | &nbsp;&nbsp; 252840 |
| 3.500%, 10/01/44 | 348998 | &nbsp;&nbsp; 331389 |
| 3.500%, 12/01/44 | 412760 | &nbsp;&nbsp; 391934 |
| 3.500%, 05/01/45 | 545187 | &nbsp;&nbsp; 515566 |
| 3.500%, 11/01/45 | 531398 | &nbsp;&nbsp; 502526 |
| 3.500%, 12/01/45 | 325395 | &nbsp;&nbsp; 307715 |
| 3.500%, 03/01/46 | 931919 | &nbsp;&nbsp; 881069 |
| 3.500%, 06/01/47 | 420441 | &nbsp;&nbsp; 395619 |
| 3.500%, 08/01/47 | 275246 | &nbsp;&nbsp; 258996 |
| 3.500%, 10/01/47 | 384710 | &nbsp;&nbsp; 361566 |
| 3.500%, 11/01/47 | 373400 | &nbsp;&nbsp; 351355 |
| 3.500%, 04/01/49 | 255187 | &nbsp;&nbsp; 238688 |
| 3.500%, 10/01/49 | 351325 | &nbsp;&nbsp; 328610 |
| 3.500%, 03/01/50 | 471251 | &nbsp;&nbsp; 440782 |
| 3.500%, 08/01/50 | 1348370 | &nbsp;&nbsp; 1261623 |
| 3.500%, 11/01/54 | 1020763 | &nbsp;&nbsp; 946820 |
| 4.000%, 01/01/31 | 93400 | &nbsp;&nbsp; 93484 |
| 4.000%, 08/01/31 | 110002 | &nbsp;&nbsp; 110104 |
| 4.000%, 06/01/39 | 134899 | &nbsp;&nbsp; 132589 |
| 4.000%, 12/01/39 | 252867 | &nbsp;&nbsp; 248522 |
| 4.000%, 11/01/40 | 181391 | &nbsp;&nbsp; 178274 |
| 4.000%, 04/01/41 | 221925 | &nbsp;&nbsp; 217895 |
| 4.000%, 09/01/41 | 200936 | &nbsp;&nbsp; 197288 |
| 4.000%, 10/01/41 | 505920 | &nbsp;&nbsp; 496758 |
| 4.000%, 11/01/41 | 143480 | &nbsp;&nbsp; 140875 |
| 4.000%, 07/01/44 | 442836 | &nbsp;&nbsp; 430435 |
| 4.000%, 10/01/44 | 348056 | &nbsp;&nbsp; 338309 |
| 4.000%, 07/01/45 | 537502 | &nbsp;&nbsp; 522713 |
| 4.000%, 01/01/46 | 495385 | &nbsp;&nbsp; 481755 |
| 4.000%, 02/01/46 | 278125 | &nbsp;&nbsp; 270473 |
| 4.000%, 06/01/47 | 447223 | &nbsp;&nbsp; 432942 |
| 4.000%, 10/01/47 | 241814 | &nbsp;&nbsp; 234092 |
| 4.000%, 11/01/47 | 227703 | &nbsp;&nbsp; 220432 |
| 4.000%, 03/01/48 | 359725 | &nbsp;&nbsp; 348238 |
| 4.000%, 05/01/48 | 162164 | &nbsp;&nbsp; 156536 |
| 4.000%, 10/01/48 | 182187 | &nbsp;&nbsp; 175865 |
| 4.000%, 11/01/48 | 219059 | &nbsp;&nbsp; 211458 |
| 4.000%, 01/01/49 | 132493 | &nbsp;&nbsp; 127895 |
| 4.000%, 02/01/49 | 124948 | &nbsp;&nbsp; 120467 |
| 4.000%, 06/01/49 | 248011 | &nbsp;&nbsp; 238497 |
| 4.000%, 03/01/54 | 941463 | &nbsp;&nbsp; 895964 |
| 4.500%, 05/01/29 | 16736 | &nbsp;&nbsp; 16841 |
| 4.500%, 10/01/35 | 66907 | &nbsp;&nbsp; 67534 |
| 4.500%, 06/01/38 | 95558 | &nbsp;&nbsp; 96454 |
| 4.500%, 02/01/39 | 52426 | &nbsp;&nbsp; 52757 |
| 4.500%, 03/01/39 | 104798 | &nbsp;&nbsp; 105444 |
| 4.500%, 04/01/39 | 97056 | &nbsp;&nbsp; 97652 |
| 4.500%, 09/01/39 | 117471 | &nbsp;&nbsp; 118192 |
| 4.500%, 10/01/39 | 264489 | &nbsp;&nbsp; 266112 |
| 4.500%, 11/01/39 | 72479 | &nbsp;&nbsp; 72924 |

---

*See accompanying notes to financial statements.*

**BHFTII-234**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.500%, 01/01/40 | 76115 | &nbsp;&nbsp; $76582 |
| 4.500%, 05/01/40 | 112773 | &nbsp;&nbsp; 113640 |
| 4.500%, 11/01/40 | 154245 | &nbsp;&nbsp; 155431 |
| 4.500%, 02/01/41 | 43287 | &nbsp;&nbsp; 43577 |
| 4.500%, 05/01/41 | 112329 | &nbsp;&nbsp; 112710 |
| 4.500%, 06/01/41 | 70780 | &nbsp;&nbsp; 71020 |
| 4.500%, 12/01/43 | 142005 | &nbsp;&nbsp; 142036 |
| 4.500%, 12/01/45 | 209528 | &nbsp;&nbsp; 209166 |
| 4.500%, 08/01/47 | 317087 | &nbsp;&nbsp; 315465 |
| 4.500%, 08/01/48 | 128960 | &nbsp;&nbsp; 128254 |
| 4.500%, 10/01/48 | 226166 | &nbsp;&nbsp; 224929 |
| 4.500%, 12/01/48 | 140153 | &nbsp;&nbsp; 139387 |
| 4.500%, 01/01/49 | 120671 | &nbsp;&nbsp; 119867 |
| 4.500%, 05/01/53 | 2586259 | &nbsp;&nbsp; 2539494 |
| 4.500%, 11/01/53 | 889368 | &nbsp;&nbsp; 871903 |
| 5.000%, 03/01/27 | 2480 | &nbsp;&nbsp; 2484 |
| 5.000%, 10/01/33 | 67104 | &nbsp;&nbsp; 68566 |
| 5.000%, 03/01/34 | 14089 | &nbsp;&nbsp; 14415 |
| 5.000%, 08/01/35 | 91520 | &nbsp;&nbsp; 93729 |
| 5.000%, 09/01/35 | 31139 | &nbsp;&nbsp; 31891 |
| 5.000%, 10/01/35 | 4872 | &nbsp;&nbsp; 4990 |
| 5.000%, 01/01/36 | 55063 | &nbsp;&nbsp; 56396 |
| 5.000%, 04/01/38 | 54255 | &nbsp;&nbsp; 55673 |
| 5.000%, 11/01/39 | 251161 | &nbsp;&nbsp; 257411 |
| 5.000%, 05/01/40 | 268856 | &nbsp;&nbsp; 275566 |
| 5.000%, 09/01/53 | 5302591 | &nbsp;&nbsp; 5311659 |
| 5.000%, 11/01/54 | 5520357 | &nbsp;&nbsp; 5568483 |
| 5.000%, 01/01/55 | 1865624 | &nbsp;&nbsp; 1863053 |
| 5.000%, 02/01/55 | 1866769 | &nbsp;&nbsp; 1864196 |
| 5.500%, 06/01/34 | 15287 | &nbsp;&nbsp; 15912 |
| 5.500%, 10/01/35 | 39319 | &nbsp;&nbsp; 40993 |
| 5.500%, 01/01/36 | 50531 | &nbsp;&nbsp; 52683 |
| 5.500%, 12/01/37 | 62192 | &nbsp;&nbsp; 64880 |
| 5.500%, 04/01/38 | 19271 | &nbsp;&nbsp; 20186 |
| 5.500%, 07/01/38 | 36930 | &nbsp;&nbsp; 38684 |
| 5.500%, 09/01/39 | 1420496 | &nbsp;&nbsp; 1456714 |
| 5.500%, 12/01/54 | 1747974 | &nbsp;&nbsp; 1774112 |
| 5.500%, 01/01/55 | 1762641 | &nbsp;&nbsp; 1788863 |
| 5.500%, 10/01/55 | 2922442 | &nbsp;&nbsp; 2965397 |
| 5.500%, 01/01/56 | 700000 | &nbsp;&nbsp; 710289 |
| 6.000%, 11/01/28 | 362 | &nbsp;&nbsp; 366 |
| 6.000%, 12/01/28 | 389 | &nbsp;&nbsp; 397 |
| 6.000%, 04/01/29 | 377 | &nbsp;&nbsp; 382 |
| 6.000%, 06/01/31 | 625 | &nbsp;&nbsp; 648 |
| 6.000%, 07/01/31 | 95 | &nbsp;&nbsp; 98 |
| 6.000%, 09/01/31 | 17084 | &nbsp;&nbsp; 17729 |
| 6.000%, 11/01/32 | 4344 | &nbsp;&nbsp; 4526 |
| 6.000%, 11/01/35 | 10677 | &nbsp;&nbsp; 11289 |
| 6.000%, 02/01/36 | 31536 | &nbsp;&nbsp; 33331 |
| 6.000%, 08/01/36 | 11788 | &nbsp;&nbsp; 12505 |
| 6.000%, 01/01/37 | 18163 | &nbsp;&nbsp; 19268 |
| 6.000%, 09/01/39 | 1284529 | &nbsp;&nbsp; 1333795 |
| 6.000%, 05/01/54 | 1713627 | &nbsp;&nbsp; 1786208 |
| 6.000%, 09/01/54 | 11036815 | &nbsp;&nbsp; 11337071 |
| 6.000%, 11/01/55 | 4861641 | &nbsp;&nbsp; 4995474 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.500%, 02/01/30 | 1043 | &nbsp;&nbsp; $1054 |
| 6.500%, 08/01/31 | 1399 | &nbsp;&nbsp; 1473 |
| 6.500%, 11/01/31 | 2810 | &nbsp;&nbsp; 2958 |
| 6.500%, 03/01/32 | 26687 | &nbsp;&nbsp; 28188 |
| 6.500%, 04/01/32 | 31542 | &nbsp;&nbsp; 33321 |
| 6.500%, 11/01/37 | 18350 | &nbsp;&nbsp; 19767 |
| 6.500%, 04/01/53 | 635565 | &nbsp;&nbsp; 660135 |
| 6.500%, 09/01/54 | 8208242 | &nbsp;&nbsp; 8523783 |
| 6.500%, 03/01/55 | 2208155 | &nbsp;&nbsp; 2294067 |
| 7.000%, 12/01/27 | 72 | &nbsp;&nbsp; 73 |
| 7.000%, 11/01/28 | 171 | &nbsp;&nbsp; 176 |
| 7.000%, 04/01/29 | 365 | &nbsp;&nbsp; 377 |
| 7.000%, 05/01/29 | 100 | &nbsp;&nbsp; 101 |
| 7.000%, 07/01/29 | 27 | &nbsp;&nbsp; 27 |
| 7.000%, 01/01/31 | 21129 | &nbsp;&nbsp; 22472 |
| 7.500%, 10/01/27 | 559 | &nbsp;&nbsp; 565 |
| 7.500%, 10/01/29 | 1327 | &nbsp;&nbsp; 1390 |
| 7.500%, 05/01/30 | 2775 | &nbsp;&nbsp; 2865 |
| 8.000%, 02/01/27 | 65 | &nbsp;&nbsp; 66 |
| 8.000%, 10/01/28 | 226 | &nbsp;&nbsp; 232 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 2.250%, 01/25/32 | 3500000 | &nbsp;&nbsp; 3145082 |
| 2.519%, 07/25/29 | 2250000 | &nbsp;&nbsp; 2152081 |
| 2.785%, 06/25/29 | 1800000 | &nbsp;&nbsp; 1738723 |
| 3.243%, 04/25/27 | 1500000 | &nbsp;&nbsp; 1488778 |
| 3.444%, 12/25/27 | 2000000 | &nbsp;&nbsp; 1986089 |
| 3.780%, 10/25/28 (b) | 2000000 | &nbsp;&nbsp; 1996695 |
| 3.920%, 09/25/28 (b) | 2900000 | &nbsp;&nbsp; 2905672 |
| 3.926%, 07/25/28 (b) | 2500000 | &nbsp;&nbsp; 2504959 |
| 5.000%, 05/25/34 | 3500000 | &nbsp;&nbsp; 3642575 |
| Federal National Mortgage Association |  |  |
| 1.500%, 04/01/36 | 1127757 | &nbsp;&nbsp; 1024792 |
| 1.500%, 09/01/36 | 1244546 | &nbsp;&nbsp; 1127571 |
| 1.500%, 11/01/36 | 1936728 | &nbsp;&nbsp; 1756767 |
| 1.500%, 03/01/51 | 2958970 | &nbsp;&nbsp; 2291251 |
| 1.500%, 04/01/51 | 3738392 | &nbsp;&nbsp; 2894644 |
| 1.500%, 10/01/51 | 9560152 | &nbsp;&nbsp; 7400217 |
| 2.000%, 11/01/35 | 1116188 | &nbsp;&nbsp; 1043261 |
| 2.000%, 12/01/35 | 905141 | &nbsp;&nbsp; 845724 |
| 2.000%, 09/01/36 | 2900823 | &nbsp;&nbsp; 2694977 |
| 2.000%, 12/01/36 | 1848512 | &nbsp;&nbsp; 1716484 |
| 2.000%, 02/01/37 | 631246 | &nbsp;&nbsp; 584890 |
| 2.000%, 03/01/37 | 3627687 | &nbsp;&nbsp; 3361074 |
| 2.000%, 06/01/37 | 1385854 | &nbsp;&nbsp; 1284002 |
| 2.000%, 02/01/41 | 1835354 | &nbsp;&nbsp; 1618496 |
| 2.000%, 06/01/41 | 1680073 | &nbsp;&nbsp; 1477475 |
| 2.000%, 08/01/42 | 5407223 | &nbsp;&nbsp; 4731535 |
| 2.000%, 10/01/50 | 8080868 | &nbsp;&nbsp; 6615941 |
| 2.000%, 11/01/50 | 6363658 | &nbsp;&nbsp; 5207810 |
| 2.000%, 12/01/50 | 3244199 | &nbsp;&nbsp; 2653814 |
| 2.000%, 01/01/51 | 3982731 | &nbsp;&nbsp; 3260456 |
| 2.000%, 04/01/51 | 2835985 | &nbsp;&nbsp; 2318206 |
| 2.000%, 05/01/51 | 3612421 | &nbsp;&nbsp; 2951622 |
| 2.000%, 10/01/51 | 3067505 | &nbsp;&nbsp; 2504304 |

---

*See accompanying notes to financial statements.*

**BHFTII-235**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.000%, 11/01/51 | 1557159 | &nbsp;&nbsp; $1269054 |
| 2.000%, 12/01/51 | 3919834 | &nbsp;&nbsp; 3193218 |
| 2.000%, 03/01/52 | 7376640 | &nbsp;&nbsp; 6074355 |
| 2.500%, 12/01/27 | 179801 | &nbsp;&nbsp; 177289 |
| 2.500%, 02/01/28 | 194330 | &nbsp;&nbsp; 191438 |
| 2.500%, 07/01/28 | 146383 | &nbsp;&nbsp; 144379 |
| 2.500%, 10/01/28 | 236604 | &nbsp;&nbsp; 233331 |
| 2.500%, 03/01/30 | 336418 | &nbsp;&nbsp; 329223 |
| 2.500%, 09/01/31 | 686910 | &nbsp;&nbsp; 667565 |
| 2.500%, 01/01/32 | 223536 | &nbsp;&nbsp; 217101 |
| 2.500%, 04/01/32 | 535651 | &nbsp;&nbsp; 518308 |
| 2.500%, 09/01/32 | 127057 | &nbsp;&nbsp; 122670 |
| 2.500%, 12/01/34 | 473310 | &nbsp;&nbsp; 451613 |
| 2.500%, 09/01/35 | 478869 | &nbsp;&nbsp; 457070 |
| 2.500%, 11/01/36 | 3751317 | &nbsp;&nbsp; 3558486 |
| 2.500%, 02/01/41 | 1320845 | &nbsp;&nbsp; 1202933 |
| 2.500%, 01/01/50 | 788191 | &nbsp;&nbsp; 676152 |
| 2.500%, 03/01/50 | 731192 | &nbsp;&nbsp; 627982 |
| 2.500%, 05/01/50 | 1756915 | &nbsp;&nbsp; 1507831 |
| 2.500%, 07/01/50 | 2852467 | &nbsp;&nbsp; 2446292 |
| 2.500%, 08/01/50 | 2103534 | &nbsp;&nbsp; 1803351 |
| 2.500%, 09/01/50 | 4151910 | &nbsp;&nbsp; 3558127 |
| 2.500%, 11/01/50 | 1014290 | &nbsp;&nbsp; 868602 |
| 2.500%, 12/01/50 | 1578145 | &nbsp;&nbsp; 1350979 |
| 2.500%, 01/01/51 | 1640497 | &nbsp;&nbsp; 1403846 |
| 2.500%, 06/01/51 | 25159284 | &nbsp;&nbsp; 21490820 |
| 2.500%, 07/01/51 | 3386580 | &nbsp;&nbsp; 2891734 |
| 2.500%, 08/01/51 | 1722725 | &nbsp;&nbsp; 1470467 |
| 2.500%, 09/01/51 | 4217607 | &nbsp;&nbsp; 3598715 |
| 2.500%, 10/01/51 | 2862995 | &nbsp;&nbsp; 2441991 |
| 2.500%, 12/01/51 | 2971140 | &nbsp;&nbsp; 2532390 |
| 2.500%, 02/01/52 | 766681 | &nbsp;&nbsp; 652989 |
| 2.500%, 03/01/52 | 3503091 | &nbsp;&nbsp; 3006832 |
| 2.500%, 05/01/53 | 5075500 | &nbsp;&nbsp; 4323448 |
| 3.000%, 01/01/27 | 29219 | &nbsp;&nbsp; 28998 |
| 3.000%, 02/01/27 | 56027 | &nbsp;&nbsp; 55585 |
| 3.000%, 03/01/27 | 31192 | &nbsp;&nbsp; 30947 |
| 3.000%, 01/01/29 | 361852 | &nbsp;&nbsp; 358374 |
| 3.000%, 10/01/29 | 193477 | &nbsp;&nbsp; 191178 |
| 3.000%, 06/01/30 | 303874 | &nbsp;&nbsp; 299550 |
| 3.000%, 02/01/33 | 303383 | &nbsp;&nbsp; 295683 |
| 3.000%, 08/01/35 | 411698 | &nbsp;&nbsp; 396682 |
| 3.000%, 01/01/36 | 486420 | &nbsp;&nbsp; 472095 |
| 3.000%, 05/01/36 | 474965 | &nbsp;&nbsp; 455921 |
| 3.000%, 08/01/42 | 567683 | &nbsp;&nbsp; 525742 |
| 3.000%, 09/01/42 | 475457 | &nbsp;&nbsp; 440368 |
| 3.000%, 11/01/42 | 669643 | &nbsp;&nbsp; 620275 |
| 3.000%, 12/01/42 | 457166 | &nbsp;&nbsp; 423449 |
| 3.000%, 01/01/43 | 343669 | &nbsp;&nbsp; 318312 |
| 3.000%, 03/01/43 | 677944 | &nbsp;&nbsp; 626433 |
| 3.000%, 07/01/43 | 690571 | &nbsp;&nbsp; 635751 |
| 3.000%, 09/01/43 | 419994 | &nbsp;&nbsp; 386654 |
| 3.000%, 05/01/45 | 965247 | &nbsp;&nbsp; 885035 |
| 3.000%, 05/01/46 | 542175 | &nbsp;&nbsp; 492843 |
| 3.000%, 06/01/46 | 760220 | &nbsp;&nbsp; 691049 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.000%, 08/01/46 | 808731 | &nbsp;&nbsp; $735146 |
| 3.000%, 02/01/47 | 1158976 | &nbsp;&nbsp; 1053522 |
| 3.000%, 11/01/49 | 512257 | &nbsp;&nbsp; 460220 |
| 3.000%, 12/01/49 | 935146 | &nbsp;&nbsp; 840150 |
| 3.000%, 01/01/50 | 970862 | &nbsp;&nbsp; 872239 |
| 3.000%, 02/01/50 | 477041 | &nbsp;&nbsp; 428581 |
| 3.000%, 07/01/50 | 722800 | &nbsp;&nbsp; 647591 |
| 3.000%, 11/01/51 | 1954569 | &nbsp;&nbsp; 1743869 |
| 3.000%, 06/01/52 | 1633001 | &nbsp;&nbsp; 1452039 |
| 3.500%, 02/01/26 | 1680 | &nbsp;&nbsp; 1680 |
| 3.500%, 03/01/26 | 4363 | &nbsp;&nbsp; 4348 |
| 3.500%, 05/01/29 | 205011 | &nbsp;&nbsp; 204023 |
| 3.500%, 04/01/32 | 221730 | &nbsp;&nbsp; 219246 |
| 3.500%, 08/01/32 | 96995 | &nbsp;&nbsp; 96044 |
| 3.500%, 03/01/34 | 148789 | &nbsp;&nbsp; 146602 |
| 3.500%, 09/01/35 | 373236 | &nbsp;&nbsp; 365616 |
| 3.500%, 01/01/37 | 1526830 | &nbsp;&nbsp; 1501338 |
| 3.500%, 07/01/38 | 274096 | &nbsp;&nbsp; 265741 |
| 3.500%, 12/01/40 | 319842 | &nbsp;&nbsp; 307045 |
| 3.500%, 03/01/42 | 238916 | &nbsp;&nbsp; 228892 |
| 3.500%, 05/01/42 | 550074 | &nbsp;&nbsp; 524686 |
| 3.500%, 06/01/42 | 386085 | &nbsp;&nbsp; 368266 |
| 3.500%, 08/01/42 | 240182 | &nbsp;&nbsp; 229097 |
| 3.500%, 09/01/42 | 1003656 | &nbsp;&nbsp; 957292 |
| 3.500%, 01/01/43 | 405575 | &nbsp;&nbsp; 386857 |
| 3.500%, 06/01/43 | 510520 | &nbsp;&nbsp; 488087 |
| 3.500%, 08/01/44 | 504749 | &nbsp;&nbsp; 478718 |
| 3.500%, 02/01/45 | 547963 | &nbsp;&nbsp; 519703 |
| 3.500%, 03/01/45 | 625161 | &nbsp;&nbsp; 590486 |
| 3.500%, 04/01/45 | 355963 | &nbsp;&nbsp; 336219 |
| 3.500%, 09/01/45 | 492279 | &nbsp;&nbsp; 464974 |
| 3.500%, 11/01/45 | 489438 | &nbsp;&nbsp; 462291 |
| 3.500%, 01/01/46 | 599242 | &nbsp;&nbsp; 566004 |
| 3.500%, 03/01/46 | 546857 | &nbsp;&nbsp; 516251 |
| 3.500%, 05/01/46 | 401156 | &nbsp;&nbsp; 378705 |
| 3.500%, 11/01/47 | 937967 | &nbsp;&nbsp; 881537 |
| 3.500%, 02/01/49 | 182789 | &nbsp;&nbsp; 171555 |
| 3.500%, 08/01/49 | 213800 | &nbsp;&nbsp; 199976 |
| 3.500%, 10/01/49 | 449299 | &nbsp;&nbsp; 420249 |
| 3.500%, 01/01/50 | 292161 | &nbsp;&nbsp; 273271 |
| 3.500%, 02/01/50 | 147166 | &nbsp;&nbsp; 137651 |
| 3.500%, 05/01/50 | 672145 | &nbsp;&nbsp; 629293 |
| 3.500%, 02/01/51 | 11614041 | &nbsp;&nbsp; 10863122 |
| 3.500%, 06/01/52 | 791293 | &nbsp;&nbsp; 734126 |
| 3.500%, 09/01/52 | 5093914 | &nbsp;&nbsp; 4773235 |
| 3.500%, 09/01/53 | 1491473 | &nbsp;&nbsp; 1382738 |
| 3.500%, 10/01/54 | 951852 | &nbsp;&nbsp; 881053 |
| 4.000%, 02/01/31 | 85662 | &nbsp;&nbsp; 85647 |
| 4.000%, 03/01/38 | 1825348 | &nbsp;&nbsp; 1822798 |
| 4.000%, 08/01/39 | 188771 | &nbsp;&nbsp; 185319 |
| 4.000%, 09/01/39 | 158087 | &nbsp;&nbsp; 155196 |
| 4.000%, 12/01/39 | 203022 | &nbsp;&nbsp; 199310 |
| 4.000%, 06/01/40 | 101584 | &nbsp;&nbsp; 99720 |
| 4.000%, 09/01/40 | 128955 | &nbsp;&nbsp; 126589 |
| 4.000%, 12/01/40 | 993716 | &nbsp;&nbsp; 975497 |

---

*See accompanying notes to financial statements.*

**BHFTII-236**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 4.000%, 01/01/41 | 468540 | &nbsp;&nbsp; $459945 |
| 4.000%, 12/01/41 | 212281 | &nbsp;&nbsp; 208184 |
| 4.000%, 02/01/42 | 287900 | &nbsp;&nbsp; 282344 |
| 4.000%, 09/01/43 | 375083 | &nbsp;&nbsp; 366897 |
| 4.000%, 05/01/44 | 416386 | &nbsp;&nbsp; 404245 |
| 4.000%, 10/01/44 | 237923 | &nbsp;&nbsp; 230986 |
| 4.000%, 11/01/44 | 550792 | &nbsp;&nbsp; 536690 |
| 4.000%, 01/01/45 | 479668 | &nbsp;&nbsp; 465674 |
| 4.000%, 03/01/45 | 346479 | &nbsp;&nbsp; 336558 |
| 4.000%, 10/01/45 | 481171 | &nbsp;&nbsp; 467392 |
| 4.000%, 03/01/47 | 138181 | &nbsp;&nbsp; 133610 |
| 4.000%, 05/01/47 | 150332 | &nbsp;&nbsp; 145359 |
| 4.000%, 06/01/47 | 224645 | &nbsp;&nbsp; 217215 |
| 4.000%, 07/01/47 | 241911 | &nbsp;&nbsp; 233909 |
| 4.000%, 10/01/47 | 359808 | &nbsp;&nbsp; 347906 |
| 4.000%, 05/01/48 | 407518 | &nbsp;&nbsp; 392903 |
| 4.000%, 06/01/48 | 344207 | &nbsp;&nbsp; 331863 |
| 4.000%, 07/01/48 | 254933 | &nbsp;&nbsp; 245791 |
| 4.000%, 09/01/48 | 123229 | &nbsp;&nbsp; 118809 |
| 4.000%, 10/01/48 | 191295 | &nbsp;&nbsp; 184434 |
| 4.000%, 11/01/48 | 239796 | &nbsp;&nbsp; 231197 |
| 4.000%, 04/01/49 | 394517 | &nbsp;&nbsp; 379383 |
| 4.000%, 02/01/50 | 420323 | &nbsp;&nbsp; 404199 |
| 4.000%, 03/01/50 | 459867 | &nbsp;&nbsp; 442225 |
| 4.000%, 09/01/50 | 317791 | &nbsp;&nbsp; 304919 |
| 4.000%, 01/01/51 | 1833903 | &nbsp;&nbsp; 1763551 |
| 4.000%, 07/01/52 | 6033714 | &nbsp;&nbsp; 5783222 |
| 4.000%, 09/01/52 | 1602089 | &nbsp;&nbsp; 1529088 |
| 4.000%, 11/01/52 | 1247121 | &nbsp;&nbsp; 1189908 |
| 4.000%, 12/01/54 | 2869494 | &nbsp;&nbsp; 2725521 |
| 4.000%, 01/01/55 | 2099157 | &nbsp;&nbsp; 1993834 |
| 4.500%, 08/01/30 | 47211 | &nbsp;&nbsp; 47571 |
| 4.500%, 08/01/33 | 26201 | &nbsp;&nbsp; 26421 |
| 4.500%, 10/01/33 | 34611 | &nbsp;&nbsp; 34904 |
| 4.500%, 04/01/34 | 23580 | &nbsp;&nbsp; 23784 |
| 4.500%, 01/01/39 | 7330 | &nbsp;&nbsp; 7367 |
| 4.500%, 07/01/39 | 293983 | &nbsp;&nbsp; 295432 |
| 4.500%, 09/01/39 | 361229 | &nbsp;&nbsp; 363014 |
| 4.500%, 10/01/39 | 192004 | &nbsp;&nbsp; 192952 |
| 4.500%, 11/01/39 | 1606778 | &nbsp;&nbsp; 1609810 |
| 4.500%, 05/01/40 | 300387 | &nbsp;&nbsp; 302561 |
| 4.500%, 08/01/40 | 339276 | &nbsp;&nbsp; 341480 |
| 4.500%, 11/01/40 | 186075 | &nbsp;&nbsp; 187284 |
| 4.500%, 12/01/40 | 421772 | &nbsp;&nbsp; 424516 |
| 4.500%, 04/01/41 | 1105545 | &nbsp;&nbsp; 1109766 |
| 4.500%, 05/01/41 | 235549 | &nbsp;&nbsp; 236068 |
| 4.500%, 03/01/44 | 156065 | &nbsp;&nbsp; 155610 |
| 4.500%, 08/01/47 | 340514 | &nbsp;&nbsp; 338365 |
| 4.500%, 10/01/48 | 163846 | &nbsp;&nbsp; 162755 |
| 4.500%, 12/01/48 | 219044 | &nbsp;&nbsp; 217586 |
| 4.500%, 09/01/50 | 2124237 | &nbsp;&nbsp; 2110098 |
| 4.500%, 09/01/52 | 1166997 | &nbsp;&nbsp; 1147197 |
| 4.500%, 10/01/52 | 1543933 | &nbsp;&nbsp; 1515816 |
| 4.500%, 11/01/52 | 1203832 | &nbsp;&nbsp; 1181722 |
| 4.500%, 10/01/53 | 1326333 | &nbsp;&nbsp; 1300287 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 4.500%, 10/01/54 | 1410028 | &nbsp;&nbsp; $1378987 |
| 4.500%, 06/01/55 | 2021447 | &nbsp;&nbsp; 1974987 |
| 4.500%, 07/01/55 | 1000031 | &nbsp;&nbsp; 977046 |
| 4.500%, 12/01/55 | 1994812 | &nbsp;&nbsp; 1948964 |
| 5.000%, 07/01/33 | 28131 | &nbsp;&nbsp; 28708 |
| 5.000%, 08/01/33 | 99189 | &nbsp;&nbsp; 101216 |
| 5.000%, 09/01/33 | 31691 | &nbsp;&nbsp; 32341 |
| 5.000%, 10/01/33 | 313531 | &nbsp;&nbsp; 319945 |
| 5.000%, 03/01/34 | 39559 | &nbsp;&nbsp; 40369 |
| 5.000%, 04/01/34 | 83511 | &nbsp;&nbsp; 85283 |
| 5.000%, 05/01/34 | 15732 | &nbsp;&nbsp; 16076 |
| 5.000%, 09/01/34 | 64726 | &nbsp;&nbsp; 66143 |
| 5.000%, 02/01/35 | 25674 | &nbsp;&nbsp; 26236 |
| 5.000%, 04/01/35 | 10070 | &nbsp;&nbsp; 10301 |
| 5.000%, 05/01/35 | 5327 | &nbsp;&nbsp; 5450 |
| 5.000%, 11/01/35 | 28856 | &nbsp;&nbsp; 29520 |
| 5.000%, 03/01/36 | 97399 | &nbsp;&nbsp; 99640 |
| 5.000%, 07/01/37 | 88603 | &nbsp;&nbsp; 90726 |
| 5.000%, 01/01/39 | 79528 | &nbsp;&nbsp; 81434 |
| 5.000%, 11/01/39 | 1557858 | &nbsp;&nbsp; 1578989 |
| 5.000%, 04/01/40 | 251137 | &nbsp;&nbsp; 257104 |
| 5.000%, 07/01/41 | 153382 | &nbsp;&nbsp; 156964 |
| 5.000%, 04/01/49 | 266187 | &nbsp;&nbsp; 270670 |
| 5.000%, 10/01/52 | 1461811 | &nbsp;&nbsp; 1465763 |
| 5.000%, 11/01/52 | 1157775 | &nbsp;&nbsp; 1162446 |
| 5.000%, 12/01/52 | 3121938 | &nbsp;&nbsp; 3133884 |
| 5.000%, 07/01/53 | 2901942 | &nbsp;&nbsp; 2908130 |
| 5.000%, 08/01/53 | 1662657 | &nbsp;&nbsp; 1665865 |
| 5.000%, 10/01/53 | 1287471 | &nbsp;&nbsp; 1289433 |
| 5.000%, 04/01/54 | 1319138 | &nbsp;&nbsp; 1317321 |
| 5.000%, 12/01/54 | 2626442 | &nbsp;&nbsp; 2622823 |
| 5.000%, 08/01/55 | 2939956 | &nbsp;&nbsp; 2935146 |
| 5.000%, 01/01/56 | 2000000 | &nbsp;&nbsp; 1996181 |
| 5.500%, 10/01/32 | 7549 | &nbsp;&nbsp; 7778 |
| 5.500%, 02/01/33 | 16789 | &nbsp;&nbsp; 17298 |
| 5.500%, 08/01/33 | 42247 | &nbsp;&nbsp; 43610 |
| 5.500%, 10/01/33 | 18049 | &nbsp;&nbsp; 18632 |
| 5.500%, 12/01/33 | 89626 | &nbsp;&nbsp; 92586 |
| 5.500%, 02/01/34 | 23516 | &nbsp;&nbsp; 24459 |
| 5.500%, 03/01/34 | 9763 | &nbsp;&nbsp; 10152 |
| 5.500%, 04/01/34 | 7496 | &nbsp;&nbsp; 7796 |
| 5.500%, 09/01/34 | 35355 | &nbsp;&nbsp; 36765 |
| 5.500%, 12/01/34 | 24562 | &nbsp;&nbsp; 25542 |
| 5.500%, 01/01/35 | 21653 | &nbsp;&nbsp; 22518 |
| 5.500%, 04/01/35 | 5881 | &nbsp;&nbsp; 6124 |
| 5.500%, 06/01/35 | 27826 | &nbsp;&nbsp; 28975 |
| 5.500%, 01/01/37 | 38006 | &nbsp;&nbsp; 39609 |
| 5.500%, 05/01/37 | 28643 | &nbsp;&nbsp; 29853 |
| 5.500%, 05/01/38 | 20874 | &nbsp;&nbsp; 21841 |
| 5.500%, 06/01/38 | 17669 | &nbsp;&nbsp; 18487 |
| 5.500%, 12/01/52 | 1487443 | &nbsp;&nbsp; 1517440 |
| 5.500%, 01/01/53 | 1442417 | &nbsp;&nbsp; 1470893 |
| 5.500%, 03/01/53 | 731720 | &nbsp;&nbsp; 744727 |
| 5.500%, 04/01/53 | 739018 | &nbsp;&nbsp; 752058 |
| 5.500%, 05/01/53 | 1499941 | &nbsp;&nbsp; 1525121 |

---

*See accompanying notes to financial statements.*

**BHFTII-237**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.500%, 07/01/53 | 3098470 | &nbsp;&nbsp; $3151916 |
| 5.500%, 09/01/53 | 1397177 | &nbsp;&nbsp; 1421165 |
| 5.500%, 10/01/53 | 1396877 | &nbsp;&nbsp; 1420965 |
| 5.500%, 01/01/54 | 1645496 | &nbsp;&nbsp; 1672795 |
| 5.500%, 02/01/54 | 1187535 | &nbsp;&nbsp; 1207262 |
| 5.500%, 05/01/54 | 1215999 | &nbsp;&nbsp; 1234834 |
| 5.500%, 06/01/54 | 1230553 | &nbsp;&nbsp; 1249519 |
| 5.500%, 11/01/54 | 4608445 | &nbsp;&nbsp; 4734919 |
| 5.500%, 12/01/54 | 13170162 | &nbsp;&nbsp; 13367098 |
| 5.500%, 03/01/55 | 5355599 | &nbsp;&nbsp; 5434319 |
| 5.500%, 04/01/55 | 1789158 | &nbsp;&nbsp; 1815457 |
| 5.500%, 08/01/55 | 957961 | &nbsp;&nbsp; 972042 |
| 6.000%, 11/01/28 | 75 | &nbsp;&nbsp; 75 |
| 6.000%, 12/01/28 | 82 | &nbsp;&nbsp; 84 |
| 6.000%, 06/01/31 | 14490 | &nbsp;&nbsp; 15004 |
| 6.000%, 09/01/32 | 14583 | &nbsp;&nbsp; 15178 |
| 6.000%, 01/01/33 | 1914 | &nbsp;&nbsp; 1992 |
| 6.000%, 02/01/33 | 23291 | &nbsp;&nbsp; 24238 |
| 6.000%, 04/01/33 | 41077 | &nbsp;&nbsp; 42971 |
| 6.000%, 05/01/33 | 49885 | &nbsp;&nbsp; 52180 |
| 6.000%, 05/01/34 | 40635 | &nbsp;&nbsp; 42681 |
| 6.000%, 09/01/34 | 43590 | &nbsp;&nbsp; 45798 |
| 6.000%, 01/01/35 | 15632 | &nbsp;&nbsp; 16420 |
| 6.000%, 07/01/36 | 5104 | &nbsp;&nbsp; 5408 |
| 6.000%, 09/01/36 | 25623 | &nbsp;&nbsp; 27153 |
| 6.000%, 08/01/37 | 45462 | &nbsp;&nbsp; 48354 |
| 6.000%, 10/01/37 | 26747 | &nbsp;&nbsp; 28449 |
| 6.000%, 12/01/38 | 26870 | &nbsp;&nbsp; 28585 |
| 6.000%, 04/01/53 | 1975732 | &nbsp;&nbsp; 2031540 |
| 6.000%, 05/01/53 | 673499 | &nbsp;&nbsp; 692487 |
| 6.000%, 07/01/53 | 1385698 | &nbsp;&nbsp; 1425086 |
| 6.000%, 09/01/53 | 1213585 | &nbsp;&nbsp; 1247543 |
| 6.000%, 12/01/53 | 1306979 | &nbsp;&nbsp; 1344179 |
| 6.000%, 02/01/54 | 989223 | &nbsp;&nbsp; 1016539 |
| 6.000%, 03/01/54 | 694143 | &nbsp;&nbsp; 712862 |
| 6.000%, 05/01/54 | 2111235 | &nbsp;&nbsp; 2167128 |
| 6.000%, 09/01/54 | 5447856 | &nbsp;&nbsp; 5596065 |
| 6.000%, 11/01/54 | 1550801 | &nbsp;&nbsp; 1592711 |
| 6.000%, 02/01/55 | 2369864 | &nbsp;&nbsp; 2432319 |
| 6.000%, 03/01/55 | 2406564 | &nbsp;&nbsp; 2470858 |
| 6.000%, 06/01/55 | 1347671 | &nbsp;&nbsp; 1383676 |
| 6.000%, 07/01/55 | 3670342 | &nbsp;&nbsp; 3768445 |
| 6.000%, 08/01/55 | 1767162 | &nbsp;&nbsp; 1814866 |
| 6.000%, 10/01/55 | 2869210 | &nbsp;&nbsp; 2948194 |
| 6.000%, 12/01/55 | 1971014 | &nbsp;&nbsp; 2028047 |
| 6.500%, 05/01/28 | 2487 | &nbsp;&nbsp; 2531 |
| 6.500%, 12/01/28 | 20700 | &nbsp;&nbsp; 20855 |
| 6.500%, 03/01/29 | 541 | &nbsp;&nbsp; 550 |
| 6.500%, 04/01/29 | 3120 | &nbsp;&nbsp; 3176 |
| 6.500%, 05/01/29 | 100 | &nbsp;&nbsp; 100 |
| 6.500%, 08/01/29 | 201 | &nbsp;&nbsp; 204 |
| 6.500%, 09/01/31 | 2062 | &nbsp;&nbsp; 2168 |
| 6.500%, 06/01/32 | 3257 | &nbsp;&nbsp; 3437 |
| 6.500%, 10/01/33 | 2487 | &nbsp;&nbsp; 2638 |
| 6.500%, 10/01/34 | 49726 | &nbsp;&nbsp; 52772 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.500%, 10/01/37 | 10853 | &nbsp;&nbsp; $11677 |
| 6.500%, 09/01/53 | 897452 | &nbsp;&nbsp; 932146 |
| 6.500%, 01/01/54 | 1402666 | &nbsp;&nbsp; 1456891 |
| 6.500%, 02/01/54 | 2196745 | &nbsp;&nbsp; 2281668 |
| 6.500%, 04/01/54 | 582464 | &nbsp;&nbsp; 604855 |
| 6.500%, 05/01/54 | 869453 | &nbsp;&nbsp; 902877 |
| 6.500%, 08/01/54 | 1275702 | &nbsp;&nbsp; 1324742 |
| 6.500%, 10/01/55 | 5712979 | &nbsp;&nbsp; 5940209 |
| 7.000%, 06/01/26 | 8 | &nbsp;&nbsp; 8 |
| 7.000%, 06/01/28 | 1895 | &nbsp;&nbsp; 1902 |
| 7.000%, 10/01/29 | 651 | &nbsp;&nbsp; 676 |
| 7.000%, 06/01/32 | 8950 | &nbsp;&nbsp; 9493 |
| 7.000%, 10/01/37 | 39100 | &nbsp;&nbsp; 42921 |
| 7.000%, 12/01/53 | 402752 | &nbsp;&nbsp; 423082 |
| 7.500%, 06/01/26 | 24 | &nbsp;&nbsp; 24 |
| 7.500%, 07/01/29 | 636 | &nbsp;&nbsp; 655 |
| 7.500%, 10/01/29 | 773 | &nbsp;&nbsp; 784 |
| 8.000%, 11/01/29 | 4 | &nbsp;&nbsp; 4 |
| 8.000%, 05/01/30 | 7601 | &nbsp;&nbsp; 7801 |
| 8.000%, 11/01/30 | 232 | &nbsp;&nbsp; 238 |
| 8.000%, 01/01/31 | 202 | &nbsp;&nbsp; 204 |
| 8.000%, 02/01/31 | 652 | &nbsp;&nbsp; 681 |
| Federal National Mortgage Association-ACES |  |  |
| 1.610%, 03/25/31 | 425178 | &nbsp;&nbsp; 411665 |
| 2.190%, 01/25/30 | 1435000 | &nbsp;&nbsp; 1339773 |
| Government National Mortgage Association |  |  |
| 2.000%, 11/20/50 | 3408857 | &nbsp;&nbsp; 2829607 |
| 2.000%, 01/20/51 | 1766784 | &nbsp;&nbsp; 1466290 |
| 2.000%, 03/20/51 | 1218924 | &nbsp;&nbsp; 1011333 |
| 2.000%, 04/20/51 | 3123497 | &nbsp;&nbsp; 2591482 |
| 2.000%, 05/20/51 | 8950965 | &nbsp;&nbsp; 7426200 |
| 2.000%, 06/20/51 | 971784 | &nbsp;&nbsp; 806225 |
| 2.000%, 08/20/51 | 6744445 | &nbsp;&nbsp; 5595152 |
| 2.000%, 10/20/51 | 2119447 | &nbsp;&nbsp; 1758197 |
| 2.000%, 12/20/51 | 1810680 | &nbsp;&nbsp; 1501986 |
| 2.000%, 02/20/52 | 3283392 | &nbsp;&nbsp; 2723031 |
| 2.500%, 02/20/50 | 693297 | &nbsp;&nbsp; 600778 |
| 2.500%, 06/20/50 | 2529227 | &nbsp;&nbsp; 2188731 |
| 2.500%, 07/20/50 | 1821155 | &nbsp;&nbsp; 1577419 |
| 2.500%, 09/20/50 | 3039054 | &nbsp;&nbsp; 2631849 |
| 2.500%, 11/20/50 | 1364732 | &nbsp;&nbsp; 1181659 |
| 2.500%, 04/20/51 | 1741779 | &nbsp;&nbsp; 1506208 |
| 2.500%, 07/20/51 | 7795461 | &nbsp;&nbsp; 6740061 |
| 2.500%, 08/20/51 | 7956487 | &nbsp;&nbsp; 6878916 |
| 2.500%, 09/20/51 | 3375534 | &nbsp;&nbsp; 2918219 |
| 2.500%, 12/20/51 | 1775231 | &nbsp;&nbsp; 1534559 |
| 2.500%, 01/20/52 | 1737123 | &nbsp;&nbsp; 1501536 |
| 2.500%, 05/20/52 | 1784414 | &nbsp;&nbsp; 1542210 |
| 3.000%, 08/15/28 | 123104 | &nbsp;&nbsp; 121824 |
| 3.000%, 11/15/42 | 462353 | &nbsp;&nbsp; 427577 |
| 3.000%, 12/15/42 | 456314 | &nbsp;&nbsp; 421972 |
| 3.000%, 12/20/42 | 494927 | &nbsp;&nbsp; 458588 |
| 3.000%, 02/15/43 | 366032 | &nbsp;&nbsp; 338485 |
| 3.000%, 03/15/43 | 402133 | &nbsp;&nbsp; 371427 |
| 3.000%, 03/20/43 | 433294 | &nbsp;&nbsp; 401397 |

---

*See accompanying notes to financial statements.*

**BHFTII-238**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 3.000%, 07/15/43 | 364431 | &nbsp;&nbsp; $336604 |
| 3.000%, 12/20/44 | 417601 | &nbsp;&nbsp; 384617 |
| 3.000%, 04/20/45 | 376313 | &nbsp;&nbsp; 343894 |
| 3.000%, 08/20/45 | 686827 | &nbsp;&nbsp; 627657 |
| 3.000%, 11/20/45 | 370985 | &nbsp;&nbsp; 339025 |
| 3.000%, 01/20/46 | 602371 | &nbsp;&nbsp; 550478 |
| 3.000%, 09/20/46 | 653405 | &nbsp;&nbsp; 595997 |
| 3.000%, 10/20/46 | 672187 | &nbsp;&nbsp; 613685 |
| 3.000%, 11/20/46 | 709693 | &nbsp;&nbsp; 647339 |
| 3.000%, 01/20/47 | 735029 | &nbsp;&nbsp; 670450 |
| 3.000%, 04/20/47 | 323161 | &nbsp;&nbsp; 294526 |
| 3.000%, 02/20/48 | 464048 | &nbsp;&nbsp; 422928 |
| 3.000%, 10/20/49 | 510651 | &nbsp;&nbsp; 462310 |
| 3.000%, 01/20/50 | 2923503 | &nbsp;&nbsp; 2641624 |
| 3.000%, 05/20/50 | 1064659 | &nbsp;&nbsp; 961478 |
| 3.000%, 07/20/50 | 683112 | &nbsp;&nbsp; 616750 |
| 3.000%, 10/20/50 | 6491657 | &nbsp;&nbsp; 5860260 |
| 3.000%, 11/20/50 | 1454558 | &nbsp;&nbsp; 1312915 |
| 3.000%, 04/20/52 | 588104 | &nbsp;&nbsp; 529655 |
| 3.000%, 05/20/52 | 2686238 | &nbsp;&nbsp; 2419264 |
| 3.500%, 12/20/41 | 282776 | &nbsp;&nbsp; 266518 |
| 3.500%, 02/15/42 | 117099 | &nbsp;&nbsp; 110418 |
| 3.500%, 08/20/42 | 265849 | &nbsp;&nbsp; 250568 |
| 3.500%, 01/20/43 | 372764 | &nbsp;&nbsp; 351338 |
| 3.500%, 05/20/43 | 577199 | &nbsp;&nbsp; 544159 |
| 3.500%, 07/20/44 | 543856 | &nbsp;&nbsp; 511947 |
| 3.500%, 02/20/45 | 568636 | &nbsp;&nbsp; 535273 |
| 3.500%, 06/20/45 | 352547 | &nbsp;&nbsp; 329733 |
| 3.500%, 08/20/45 | 840679 | &nbsp;&nbsp; 786276 |
| 3.500%, 10/20/45 | 553759 | &nbsp;&nbsp; 517924 |
| 3.500%, 12/20/45 | 513078 | &nbsp;&nbsp; 479875 |
| 3.500%, 01/20/46 | 489653 | &nbsp;&nbsp; 457966 |
| 3.500%, 02/20/46 | 396021 | &nbsp;&nbsp; 370394 |
| 3.500%, 06/20/46 | 436336 | &nbsp;&nbsp; 407543 |
| 3.500%, 02/20/47 | 692535 | &nbsp;&nbsp; 646836 |
| 3.500%, 03/20/47 | 588774 | &nbsp;&nbsp; 549967 |
| 3.500%, 09/20/47 | 241115 | &nbsp;&nbsp; 225222 |
| 3.500%, 10/20/48 | 114216 | &nbsp;&nbsp; 106461 |
| 3.500%, 05/20/49 | 205566 | &nbsp;&nbsp; 190940 |
| 3.500%, 07/20/49 | 227952 | &nbsp;&nbsp; 211733 |
| 3.500%, 09/20/49 | 615054 | &nbsp;&nbsp; 571292 |
| 3.500%, 10/20/49 | 378980 | &nbsp;&nbsp; 352015 |
| 3.500%, 11/20/49 | 526906 | &nbsp;&nbsp; 489416 |
| 3.500%, 12/20/49 | 342741 | &nbsp;&nbsp; 318355 |
| 3.500%, 06/20/50 | 484240 | &nbsp;&nbsp; 449732 |
| 3.500%, 02/20/51 | 811460 | &nbsp;&nbsp; 753723 |
| 3.500%, 06/20/53 | 4734592 | &nbsp;&nbsp; 4397188 |
| 3.500%, 05/20/55 | 984368 | &nbsp;&nbsp; 896771 |
| 4.000%, 07/15/39 | 282484 | &nbsp;&nbsp; 277130 |
| 4.000%, 07/15/40 | 171204 | &nbsp;&nbsp; 166889 |
| 4.000%, 11/20/40 | 243346 | &nbsp;&nbsp; 237161 |
| 4.000%, 12/20/40 | 321557 | &nbsp;&nbsp; 313384 |
| 4.000%, 11/20/43 | 162975 | &nbsp;&nbsp; 158798 |
| 4.000%, 04/20/44 | 232044 | &nbsp;&nbsp; 224781 |
| 4.000%, 05/20/44 | 277219 | &nbsp;&nbsp; 268542 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.000%, 09/20/44 | 463192 | &nbsp;&nbsp; $448695 |
| 4.000%, 11/20/44 | 122394 | &nbsp;&nbsp; 118563 |
| 4.000%, 10/20/45 | 427268 | &nbsp;&nbsp; 413777 |
| 4.000%, 11/20/45 | 228823 | &nbsp;&nbsp; 221598 |
| 4.000%, 03/20/47 | 88260 | &nbsp;&nbsp; 85198 |
| 4.000%, 04/20/47 | 351203 | &nbsp;&nbsp; 338318 |
| 4.000%, 09/20/47 | 322588 | &nbsp;&nbsp; 310753 |
| 4.000%, 07/20/48 | 221978 | &nbsp;&nbsp; 213832 |
| 4.000%, 08/20/48 | 160829 | &nbsp;&nbsp; 154927 |
| 4.000%, 09/20/48 | 288952 | &nbsp;&nbsp; 278347 |
| 4.000%, 07/20/49 | 292214 | &nbsp;&nbsp; 280610 |
| 4.000%, 05/20/50 | 419370 | &nbsp;&nbsp; 402716 |
| 4.000%, 07/20/52 | 1908205 | &nbsp;&nbsp; 1821142 |
| 4.000%, 02/20/53 | 4852366 | &nbsp;&nbsp; 4637098 |
| 4.000%, 01/20/55 | 1072190 | &nbsp;&nbsp; 1013238 |
| 4.500%, 01/15/39 | 64688 | &nbsp;&nbsp; 65028 |
| 4.500%, 04/15/39 | 146937 | &nbsp;&nbsp; 147650 |
| 4.500%, 05/15/39 | 336222 | &nbsp;&nbsp; 337875 |
| 4.500%, 08/15/39 | 120907 | &nbsp;&nbsp; 121442 |
| 4.500%, 01/15/40 | 139450 | &nbsp;&nbsp; 139976 |
| 4.500%, 04/15/40 | 49569 | &nbsp;&nbsp; 49729 |
| 4.500%, 08/20/40 | 195267 | &nbsp;&nbsp; 195901 |
| 4.500%, 12/20/40 | 151675 | &nbsp;&nbsp; 152167 |
| 4.500%, 02/15/41 | 45462 | &nbsp;&nbsp; 45609 |
| 4.500%, 04/15/41 | 52414 | &nbsp;&nbsp; 52578 |
| 4.500%, 04/20/41 | 110254 | &nbsp;&nbsp; 110616 |
| 4.500%, 03/20/42 | 121460 | &nbsp;&nbsp; 121860 |
| 4.500%, 10/20/43 | 141781 | &nbsp;&nbsp; 141477 |
| 4.500%, 03/20/47 | 218041 | &nbsp;&nbsp; 217543 |
| 4.500%, 03/20/49 | 149097 | &nbsp;&nbsp; 147855 |
| 4.500%, 08/20/52 | 1874873 | &nbsp;&nbsp; 1842723 |
| 4.500%, 10/20/52 | 7752601 | &nbsp;&nbsp; 7617262 |
| 4.500%, 01/20/55 | 2907306 | &nbsp;&nbsp; 2837196 |
| 4.500%, 05/20/55 | 2070702 | &nbsp;&nbsp; 2019835 |
| 5.000%, 12/15/35 | 53248 | &nbsp;&nbsp; 54714 |
| 5.000%, 12/15/36 | 13266 | &nbsp;&nbsp; 13396 |
| 5.000%, 01/15/39 | 160160 | &nbsp;&nbsp; 164195 |
| 5.000%, 02/15/39 | 29331 | &nbsp;&nbsp; 30075 |
| 5.000%, 08/15/39 | 169896 | &nbsp;&nbsp; 174257 |
| 5.000%, 09/15/39 | 30786 | &nbsp;&nbsp; 31575 |
| 5.000%, 12/15/39 | 138574 | &nbsp;&nbsp; 142101 |
| 5.000%, 05/15/40 | 112074 | &nbsp;&nbsp; 114836 |
| 5.000%, 08/20/40 | 105717 | &nbsp;&nbsp; 108312 |
| 5.000%, 10/20/40 | 109818 | &nbsp;&nbsp; 112513 |
| 5.000%, 06/20/44 | 235920 | &nbsp;&nbsp; 241710 |
| 5.000%, 10/20/48 | 165260 | &nbsp;&nbsp; 167511 |
| 5.000%, 01/20/49 | 115198 | &nbsp;&nbsp; 116768 |
| 5.000%, 04/20/53 | 1564226 | &nbsp;&nbsp; 1569561 |
| 5.000%, 07/20/53 | 2574223 | &nbsp;&nbsp; 2584892 |
| 5.000%, 10/20/54 | 923573 | &nbsp;&nbsp; 922726 |
| 5.000%, 11/20/54 | 7508461 | &nbsp;&nbsp; 7502227 |
| 5.000%, 03/20/55 | 959614 | &nbsp;&nbsp; 958239 |
| 5.000%, 05/20/55 | 1964848 | &nbsp;&nbsp; 1962031 |
| 5.000%, 06/20/55 | 1975174 | &nbsp;&nbsp; 1972343 |
| 5.000%, 12/20/55 | 4000000 | &nbsp;&nbsp; 3995005 |

---

*See accompanying notes to financial statements.*

**BHFTII-239**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 5.500%, 03/15/36 | 34449 | &nbsp;&nbsp; $35183 |
| 5.500%, 09/15/38 | 15342 | &nbsp;&nbsp; 15714 |
| 5.500%, 08/15/39 | 34899 | &nbsp;&nbsp; 36227 |
| 5.500%, 04/20/53 | 2080654 | &nbsp;&nbsp; 2115417 |
| 5.500%, 08/20/53 | 2958498 | &nbsp;&nbsp; 3006466 |
| 5.500%, 07/20/54 | 1618294 | &nbsp;&nbsp; 1637585 |
| 5.500%, 11/20/54 | 7908612 | &nbsp;&nbsp; 7996643 |
| 5.500%, 01/20/55 | 1696223 | &nbsp;&nbsp; 1714786 |
| 5.500%, 05/20/55 | 3911692 | &nbsp;&nbsp; 3954607 |
| 5.500%, 08/20/55 | 1978831 | &nbsp;&nbsp; 2001683 |
| 5.500%, 11/20/55 | 1995021 | &nbsp;&nbsp; 2019212 |
| 6.000%, 01/15/29 | 372 | &nbsp;&nbsp; 376 |
| 6.000%, 01/15/33 | 35655 | &nbsp;&nbsp; 37340 |
| 6.000%, 03/15/35 | 27858 | &nbsp;&nbsp; 29472 |
| 6.000%, 09/15/36 | 28885 | &nbsp;&nbsp; 30309 |
| 6.000%, 07/15/38 | 62478 | &nbsp;&nbsp; 66045 |
| 6.000%, 01/20/53 | 515919 | &nbsp;&nbsp; 530897 |
| 6.000%, 12/20/53 | 2186829 | &nbsp;&nbsp; 2241908 |
| 6.000%, 09/20/54 | 4010872 | &nbsp;&nbsp; 4097941 |
| 6.000%, 10/20/54 | 1019989 | &nbsp;&nbsp; 1042131 |
| 6.000%, 01/20/55 | 1037339 | &nbsp;&nbsp; 1059857 |
| 6.000%, 04/20/55 | 1813967 | &nbsp;&nbsp; 1849574 |
| 6.000%, 09/20/55 | 1486085 | &nbsp;&nbsp; 1519747 |
| 6.500%, 02/15/27 | 114 | &nbsp;&nbsp; 114 |
| 6.500%, 08/15/28 | 1084 | &nbsp;&nbsp; 1097 |
| 6.500%, 11/15/28 | 596 | &nbsp;&nbsp; 611 |
| 6.500%, 12/15/28 | 2067 | &nbsp;&nbsp; 2091 |
| 6.500%, 07/15/29 | 756 | &nbsp;&nbsp; 763 |
| 6.500%, 06/20/31 | 3674 | &nbsp;&nbsp; 3828 |
| 6.500%, 05/15/36 | 61347 | &nbsp;&nbsp; 65524 |
| 6.500%, 11/20/53 | 901080 | &nbsp;&nbsp; 940028 |
| 6.500%, 07/20/54 | 1458430 | &nbsp;&nbsp; 1509444 |
| 6.500%, 11/20/54 | 1159965 | &nbsp;&nbsp; 1200333 |
| 6.500%, 06/20/55 | 1849410 | &nbsp;&nbsp; 1914586 |
| 7.000%, 01/15/28 | 130 | &nbsp;&nbsp; 132 |
| 7.000%, 05/15/28 | 1277 | &nbsp;&nbsp; 1284 |
| 7.000%, 06/15/28 | 640 | &nbsp;&nbsp; 647 |
| 7.000%, 10/15/28 | 1098 | &nbsp;&nbsp; 1112 |
| 7.000%, 03/15/31 | 94 | &nbsp;&nbsp; 96 |
| 7.000%, 08/15/31 | 14590 | &nbsp;&nbsp; 15481 |
| 7.000%, 07/15/32 | 5699 | &nbsp;&nbsp; 6067 |
| 7.500%, 02/20/28 | 119 | &nbsp;&nbsp; 121 |
| 8.000%, 08/15/26 | 63 | &nbsp;&nbsp; 63 |
| 8.000%, 09/15/26 | 21 | &nbsp;&nbsp; 21 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $852,501,682) <br>|  | &nbsp;&nbsp; 816294146 |
| **Foreign Government—1.6%** | **Foreign Government—1.6%** | **Foreign Government—1.6%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Korea Development Bank |  |  |
| 4.875%, 02/03/30 | 2000000 | &nbsp;&nbsp; 2069296 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Regional Government — 0.2%** | **Regional Government — 0.2%** | **Regional Government — 0.2%** |
| Province of Alberta |  |  |
| 4.500%, 01/24/34 | 1000000 | &nbsp;&nbsp; $1012850 |
| Province of British Columbia |  |  |
| 1.300%, 01/29/31 | 1000000 | &nbsp;&nbsp; 879888 |
| Province of Ontario |  |  |
| 4.200%, 01/18/29 (a) | 2500000 | &nbsp;&nbsp; 2536129 |
| Province of Quebec |  |  |
| 2.500%, 04/20/26 | 1000000 | &nbsp;&nbsp; 995869 |
| 4.250%, 09/05/34 (a) | 2000000 | &nbsp;&nbsp; 1979521 |
|  |  | &nbsp;&nbsp; 7404257 |
| **Sovereign — 1.3%** | **Sovereign — 1.3%** | **Sovereign — 1.3%** |
| Canada Government International Bonds |  |  |
| 4.625%, 04/30/29 (a) | 1000000 | &nbsp;&nbsp; 1031892 |
| Chile Government International Bonds |  |  |
| 2.550%, 07/27/33 (a) | 1300000 | &nbsp;&nbsp; 1126006 |
| 3.100%, 01/22/61 | 1200000 | &nbsp;&nbsp; 745510 |
| 3.500%, 01/25/50 (a) | 1000000 | &nbsp;&nbsp; 733863 |
| Export Development Canada |  |  |
| 4.125%, 02/13/29 | 1500000 | &nbsp;&nbsp; 1522579 |
| Export-Import Bank of Korea |  |  |
| 4.000%, 09/11/29 (a) | 2100000 | &nbsp;&nbsp; 2104323 |
| Indonesia Government International Bonds |  |  |
| 3.050%, 03/12/51 | 1100000 | &nbsp;&nbsp; 733418 |
| 3.850%, 10/15/30 | 700000 | &nbsp;&nbsp; 686057 |
| 4.350%, 01/11/48 (a) | 1200000 | &nbsp;&nbsp; 1038148 |
| 4.550%, 01/11/28 (a) | 1000000 | &nbsp;&nbsp; 1007514 |
| Israel Government AID Bonds |  |  |
| 5.500%, 09/18/33 | 200000 | &nbsp;&nbsp; 215487 |
| Israel Government International Bonds |  |  |
| 4.125%, 01/17/48 | 1000000 | &nbsp;&nbsp; 782559 |
| 5.500%, 03/12/34 | 2000000 | &nbsp;&nbsp; 2071266 |
| Japan Bank for International Cooperation |  |  |
| 2.750%, 11/16/27 | 1000000 | &nbsp;&nbsp; 982996 |
| 4.625%, 07/19/28 | 1600000 | &nbsp;&nbsp; 1634308 |
| Japan International Cooperation Agency |  |  |
| 4.250%, 05/22/30 | 500000 | &nbsp;&nbsp; 506462 |
| Mexico Government International Bonds |  |  |
| 2.659%, 05/24/31 | 1200000 | &nbsp;&nbsp; 1067867 |
| 4.600%, 01/23/46 | 1100000 | &nbsp;&nbsp; 864926 |
| 4.750%, 03/08/44 | 900000 | &nbsp;&nbsp; 740912 |
| 5.750%, 10/12/2110 | 1000000 | &nbsp;&nbsp; 838383 |
| 6.350%, 02/09/35 | 3000000 | &nbsp;&nbsp; 3144671 |
| 6.625%, 01/29/38 | 1400000 | &nbsp;&nbsp; 1461402 |
| 6.750%, 09/27/34 | 1050000 | &nbsp;&nbsp; 1136817 |
| Oriental Republic of Uruguay |  |  |
| 5.250%, 09/10/60 | 1000000 | &nbsp;&nbsp; 934877 |
| Panama Government International Bonds |  |  |
| 3.875%, 03/17/28 | 900000 | &nbsp;&nbsp; 883664 |
| 7.875%, 03/01/57 (a) | 1900000 | &nbsp;&nbsp; 2212122 |
| Peru Government International Bonds |  |  |
| 5.875%, 08/08/54 | 1000000 | &nbsp;&nbsp; 989435 |
| 8.750%, 11/21/33 | 1450000 | &nbsp;&nbsp; 1824783 |
| Philippines Government International Bonds |  |  |
| 3.950%, 01/20/40 | 1100000 | &nbsp;&nbsp; 971475 |
| 4.375%, 03/05/30 | 2000000 | &nbsp;&nbsp; 2022696 |

---

*See accompanying notes to financial statements.*

**BHFTII-240**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Foreign Government—(Continued)**

**Municipals—0.4%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Philippines Government International Bonds |  |  |
| 5.000%, 01/13/37 (a) | 1740000 | &nbsp;&nbsp; $1758801 |
| Republic of Italy Government International Bonds |  |  |
| 2.875%, 10/17/29 (a) | 1000000 | &nbsp;&nbsp; 961838 |
| Republic of Poland Government International Bonds |  |  |
| 3.250%, 04/06/26 (a) | 1000000 | &nbsp;&nbsp; 997672 |
| 5.500%, 03/18/54 (a) | 1100000 | &nbsp;&nbsp; 1049706 |
| Svensk Exportkredit AB |  |  |
| 4.875%, 10/04/30 (a) | 1000000 | &nbsp;&nbsp; 1045326 |
| Uruguay Government International Bonds |  |  |
| 4.375%, 10/27/27 | 600000 | &nbsp;&nbsp; 602962 |
|  |  | &nbsp;&nbsp; 42432723 |
| Total Foreign Government <br>(Cost $52,981,165) <br>|  | &nbsp;&nbsp; 51906276 |
| **Non-Agency Mortgage-Backed Securities—0.7%** | **Non-Agency Mortgage-Backed Securities—0.7%** | **Non-Agency Mortgage-Backed Securities—0.7%** |
| **Commercial Mortgage-Backed Securities — 0.7%** | **Commercial Mortgage-Backed Securities — 0.7%** | **Commercial Mortgage-Backed Securities — 0.7%** |
| Bank |  |  |
| 2.556%, 05/15/64 | 500000 | &nbsp;&nbsp; 452565 |
| 2.758%, 09/15/62 | 161892 | &nbsp;&nbsp; 153494 |
| 3.538%, 11/15/54 | 990433 | &nbsp;&nbsp; 978963 |
| 4.407%, 11/15/61 (b) | 881000 | &nbsp;&nbsp; 885318 |
| 5.355%, 10/15/57 (b) | 300000 | &nbsp;&nbsp; 304806 |
| 6.106%, 06/15/57 (b) | 500000 | &nbsp;&nbsp; 533538 |
| 6.356%, 06/15/57 (b) | 400000 | &nbsp;&nbsp; 420540 |
| Bank5 |  |  |
| 5.769%, 06/15/57 | 1400000 | &nbsp;&nbsp; 1461813 |
| 6.255%, 09/15/56 | 1558337 | &nbsp;&nbsp; 1620276 |
| 6.260%, 04/15/56 (b) | 1000000 | &nbsp;&nbsp; 1037831 |
| Bank5 Trust |  |  |
| 5.753%, 01/15/58 | 1000000 | &nbsp;&nbsp; 1049375 |
| BBCMS Mortgage Trust |  |  |
| 3.662%, 04/15/55 (b) | 730000 | &nbsp;&nbsp; 683863 |
| 4.600%, 06/15/55 (b) | 2000000 | &nbsp;&nbsp; 1893880 |
| 5.720%, 02/15/62 | 275000 | &nbsp;&nbsp; 293091 |
| 5.829%, 05/15/57 | 350000 | &nbsp;&nbsp; 375379 |
| 5.943%, 05/15/57 (b) | 560000 | &nbsp;&nbsp; 577844 |
| 6.094%, 05/15/57 (b) | 200000 | &nbsp;&nbsp; 214120 |
| Benchmark Mortgage Trust |  |  |
| 2.388%, 09/15/54 | 1150000 | &nbsp;&nbsp; 1024740 |
| 3.666%, 01/15/51 (b) | 915000 | &nbsp;&nbsp; 905330 |
| 6.228%, 05/15/56 (b) | 1500000 | &nbsp;&nbsp; 1582742 |
| 6.363%, 07/15/56 (b) | 2500000 | &nbsp;&nbsp; 2615248 |
| CFCRE Commercial Mortgage Trust |  |  |
| 3.585%, 12/10/54 | 787393 | &nbsp;&nbsp; 780067 |
| GS Mortgage Securities Trust |  |  |
| 2.658%, 02/13/53 | 1000000 | &nbsp;&nbsp; 943426 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 2.092%, 07/15/53 | 450000 | &nbsp;&nbsp; 404155 |
| 5.645%, 02/15/58 | 2050000 | &nbsp;&nbsp; 2167146 |
| 6.044%, 02/15/58 (b) | 850000 | &nbsp;&nbsp; 883127 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $24,014,557) <br>|  | &nbsp;&nbsp; 24242677 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| California State University |  |  |
| 2.897%, 11/01/51 | 310000 | &nbsp;&nbsp; $216754 |
| 5.183%, 11/01/53 | 190000 | &nbsp;&nbsp; 180579 |
| Chicago O'Hare International Airport |  |  |
| 4.572%, 01/01/54 | 395000 | &nbsp;&nbsp; 344642 |
| City of New York NY |  |  |
| 5.828%, 10/01/53 | 1000000 | &nbsp;&nbsp; 1029136 |
| Dallas Fort Worth International Airport |  |  |
| 4.507%, 11/01/51 | 2500000 | &nbsp;&nbsp; 2155502 |
| Louisiana Local Government Environmental Facilities & <br> Community Development Authority<br>|  |  |
| 5.198%, 12/01/39 | 1000000 | &nbsp;&nbsp; 1030731 |
| Municipal Electric Authority of Georgia |  |  |
| 6.637%, 04/01/57 | 853000 | &nbsp;&nbsp; 922476 |
| New Jersey Turnpike Authority |  |  |
| 7.414%, 01/01/40 | 1000000 | &nbsp;&nbsp; 1198543 |
| New York City Municipal Water Finance Authority |  |  |
| 5.440%, 06/15/43 | 300000 | &nbsp;&nbsp; 291920 |
| Port Authority of New York & New Jersey |  |  |
| 4.458%, 10/01/62 | 1500000 | &nbsp;&nbsp; 1256888 |
| Regents of the University of California Medical Center Pooled <br> Revenue<br>|  |  |
| 3.006%, 05/15/50 | 1000000 | &nbsp;&nbsp; 667735 |
| State of California, General Obligation Unlimited |  |  |
| 4.500%, 08/01/29 | 3000000 | &nbsp;&nbsp; 3074099 |
| 7.300%, 10/01/39 | 1200000 | &nbsp;&nbsp; 1396527 |
| State of Illinois, General Obligation Unlimited |  |  |
| 5.100%, 06/01/33 | 1073235 | &nbsp;&nbsp; 1099926 |
| Texas Natural Gas Securitization Finance Corp. |  |  |
| 5.169%, 04/01/41 | 450000 | &nbsp;&nbsp; 458933 |
| Total Municipals <br>(Cost $16,643,140) <br>|  | &nbsp;&nbsp; 15324391 |
| **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 |  |  |
| 4.480%, 03/15/30 | 1500000 | &nbsp;&nbsp; 1516592 |
| 5.260%, 02/15/29 | 1510000 | &nbsp;&nbsp; 1537074 |
| Carvana Auto Receivables Trust |  |  |
| 5.210%, 06/10/30 | 2000000 | &nbsp;&nbsp; 2040361 |
| Ford Credit Auto Owner Trust |  |  |
| 4.610%, 08/15/29 | 550000 | &nbsp;&nbsp; 556299 |
| Hyundai Auto Receivables Trust |  |  |
| 4.320%, 10/15/29 | 500000 | &nbsp;&nbsp; 503826 |
| Nissan Auto Receivables Owner Trust |  |  |
| 4.350%, 09/15/31 | 1000000 | &nbsp;&nbsp; 1009891 |
| World Omni Automobile Lease Securitization Trust |  |  |
| 4.420%, 04/17/28 | 500000 | &nbsp;&nbsp; 504017 |
| 4.680%, 05/15/30 | 500000 | &nbsp;&nbsp; 504334 |
|  |  | &nbsp;&nbsp; 8172394 |
| **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** |
| American Express Credit Account Master Trust |  |  |
| 4.280%, 04/15/30 | 1100000 | &nbsp;&nbsp; 1113033 |
| 5.150%, 09/16/30 | 2000000 | &nbsp;&nbsp; 2068495 |

---

*See accompanying notes to financial statements.*

**BHFTII-241**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Asset-Backed - Credit Card—(Continued)** | **Asset-Backed - Credit Card—(Continued)** | **Asset-Backed - Credit Card—(Continued)** |
| WF Card Issuance Trust |  |  |
| 4.290%, 10/15/29 | 675000 | &nbsp;&nbsp; $681570 |
|  |  | &nbsp;&nbsp; 3863098 |
| **Asset-Backed - Other — 0.1%** | **Asset-Backed - Other — 0.1%** | **Asset-Backed - Other — 0.1%** |
| John Deere Owner Trust |  |  |
| 4.230%, 09/17/29 | 500000 | &nbsp;&nbsp; 503555 |
| Verizon Master Trust |  |  |
| 4.420%, 08/20/30 | 2000000 | &nbsp;&nbsp; 2009602 |
|  |  | &nbsp;&nbsp; 2513157 |
| Total Asset-Backed Securities <br>(Cost $14,406,897) <br>|  | &nbsp;&nbsp; 14548649 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** |
| **U.S. Treasury—0.5%** | **U.S. Treasury—0.5%** | **U.S. Treasury—0.5%** |
| U.S. Treasury Bills |  |  |
| 3.515%, 01/22/26 (c) | 9400000 | &nbsp;&nbsp; 9381446 |
| 3.523%, 01/22/26 (c) | 1500000 | &nbsp;&nbsp; 1497039 |
| 3.529%, 01/22/26 (c) | 1600000 | &nbsp;&nbsp; 1596842 |
| 3.551%, 01/22/26 (c) | 2900000 | &nbsp;&nbsp; 2894276 |
| Total Short-Term Investments <br>(Cost $15,368,340) <br>|  | &nbsp;&nbsp; 15369603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (d)—8.5%** | **Securities Lending Reinvestments (d)—8.5%** | **Securities Lending Reinvestments (d)—8.5%** |
| **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (e)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (e)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 10000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** |
| Bank of Montreal |  |  |
| 4.090%, SOFR + 0.380%, 11/19/26 (b) | 1000000 | &nbsp;&nbsp; 999997 |
| Bank of Nova Scotia |  |  |
| 4.040%, SOFR + 0.330%, 07/22/26 (b) | 1000000 | &nbsp;&nbsp; 1000088 |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (b) | 4000000 | &nbsp;&nbsp; 4001372 |
| Mizuho Bank Ltd. |  |  |
| 3.990%, SOFR + 0.220%, 04/10/26 (b) | 3000000 | &nbsp;&nbsp; 2999649 |
| 4.010%, SOFR + 0.240%, 01/13/26 (b) | 1500000 | &nbsp;&nbsp; 1500006 |
| National Bank of Canada |  |  |
| 3.970%, SOFR + 0.200%, 02/11/26 (b) | 3000000 | &nbsp;&nbsp; 3001120 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (b) | 1000000 | &nbsp;&nbsp; 1000278 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.110%, 01/22/26 | 2000000 | &nbsp;&nbsp; 2000560 |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (b) | 5000000 | &nbsp;&nbsp; 5000955 |
|  |  | &nbsp;&nbsp; 21504025 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 4000000 | &nbsp;&nbsp; $3997824 |
| Westpac Banking Corp. |  |  |
| 4.110%, SOFR + 0.400%, 04/10/26 (b) | 3000000 | &nbsp;&nbsp; 3001701 |
|  |  | &nbsp;&nbsp; 6999525 |
| **Repurchase Agreements—7.2%** | **Repurchase Agreements—7.2%** | **Repurchase Agreements—7.2%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $6,001,257; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,675,743<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $15,003,142; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,705,136<br>| 15000000 | &nbsp;&nbsp; 15000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $20,004,278; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,273,514<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $4,040,582; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,455,275<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $1,718,787; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $1,753,163<br>| 1718422 | &nbsp;&nbsp; 1718422 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $6,128,718; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $6,240,751<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $27,005,865; <br> collateralized by various Common Stock with an aggregate <br> market value of $30,003,308<br>| 27000000 | &nbsp;&nbsp; 27000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $2,000,443; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,225,917<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $2,125,456; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,369,114<br>| 2125000 | &nbsp;&nbsp; 2125000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $10,002,144; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,112,321<br>| 10000000 | &nbsp;&nbsp; 10000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-242**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (d)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $45,033,950; <br> collateralized by various Common Stock with an aggregate <br> market value of $50,048,348<br>| 45000000 | &nbsp;&nbsp; $45000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/07/26 with a maturity value of $45,034,212; <br> collateralized by various Common Stock with an aggregate <br> market value of $50,171,626<br>| 45000000 | &nbsp;&nbsp; 45000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $8,030,411; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,889,854<br>| 8000000 | &nbsp;&nbsp; 8000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $500,101; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $510,001<br>| 500000 | &nbsp;&nbsp; 500000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $40,008,311; <br> collateralized by various Common Stock with an aggregate <br> market value of $44,009,144<br>| 40000000 | &nbsp;&nbsp; 40000000 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $5,003,879; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,556,321<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 237343422 |
| **Time Deposits—0.1%** | **Time Deposits—0.1%** | **Time Deposits—0.1%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| 3.710%, OBFR + 0.070% 01/07/26 (b) | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments <br>(Cost $279,842,052) <br>|  | &nbsp;&nbsp; 279846972 |
| Total Investments—107.9% <br>(Cost $3,675,567,956) <br>|  | &nbsp;&nbsp; 3567422529 |
| Other assets and liabilities (net)—(7.9)%  |  | &nbsp;&nbsp; (260597179)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $3306825350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value 

---

| | |
|:---|:---|
|  | of securities loaned was $594,544,570 and the collateral received consisted of cash in the <br> amount of $279,803,234 and non-cash collateral with a value of $350,633,629. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (b) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (c) | The rate shown represents current yield to maturity. |
| (d) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (e) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $2,414,806, which is 0.1% of net assets.<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-243**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $450760089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $165343895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $825 <br>,380983<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $328820207 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(179704106)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(179704106)<br>|
| Foreign Government | &nbsp;&nbsp; (5665662)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5665662)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (94433466)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (94433466)<br>|
| Total Borrowings | &nbsp;&nbsp; $(279803234)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(279803234)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(279803234)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1520046775 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1520046775 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 829843040 | &nbsp;&nbsp; — | &nbsp;&nbsp; 829843040 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 816294146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 816294146 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 51906276 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51906276 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 24242677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24242677 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15324391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15324391 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 14548649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14548649 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15369603 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15369603 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 21504025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21504025 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 6999525 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6999525 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 237343422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 237343422 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 269846972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 279846972 |
| Total Investments | &nbsp;&nbsp; $10000000 | &nbsp;&nbsp; $3557422529 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3567422529 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(279803234)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(279803234)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-244**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $3567422529 |
| Cash | &nbsp;&nbsp; 243397 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 36024554 |
| Fund shares sold | &nbsp;&nbsp; 1239234 |
| Interest | &nbsp;&nbsp; 26989180 |
| Prepaid expenses | &nbsp;&nbsp; 13310 |
| Total Assets | &nbsp;&nbsp; 3631932204 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 279803234 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 40455406 |
| Fund shares redeemed | &nbsp;&nbsp; 3078808 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 669561 |
| Distribution and service fees | &nbsp;&nbsp; 184037 |
| Deferred trustees' fees | &nbsp;&nbsp; 240233 |
| Other expenses | &nbsp;&nbsp; 675575 |
| Total Liabilities | &nbsp;&nbsp; 325106854 |
| **Net Assets**  | &nbsp;&nbsp; $3306825350 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $3480296592 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (173471242)<br>|
| **Net Assets**  | &nbsp;&nbsp; $3306825350 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $2487717732 |
| Class B | &nbsp;&nbsp; 484541911 |
| Class E | &nbsp;&nbsp; 33534301 |
| Class G | &nbsp;&nbsp; 301031406 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 254791181 |
| Class B | &nbsp;&nbsp; 50863113 |
| Class E | &nbsp;&nbsp; 3454897 |
| Class G | &nbsp;&nbsp; 31769722 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.76 |
| Class B | 9.53 |
| Class E | 9.71 |
| Class G | 9.48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $3,675,567,956.

(b) Includes securities loaned at value of $594,544,570.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $142266918 |
| Securities lending income | &nbsp;&nbsp; 621676 |
| Total investment income | &nbsp;&nbsp; 142888594 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 8681783 |
| Administration fees | &nbsp;&nbsp; 154633 |
| Custodian and accounting fees | &nbsp;&nbsp; 283317 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1239325 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 50346 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 907846 |
| Audit and tax services | &nbsp;&nbsp; 74622 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 114276 |
| Insurance | &nbsp;&nbsp; 23040 |
| Miscellaneous | &nbsp;&nbsp; 21072 |
| Total expenses | &nbsp;&nbsp; 11660845 |
| Less management fee waiver | &nbsp;&nbsp; (419543)<br>|
| Net expenses | &nbsp;&nbsp; 11241302 |
| **Net Investment Income** | &nbsp;&nbsp; 131647292 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (20506970) <br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 126982328 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 106475358 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $238122650 |

---

*See accompanying notes to financial statements.*

**BHFTII-245**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $131647292 | &nbsp;&nbsp; $64523475 |
| Net realized gain (loss) | &nbsp;&nbsp; (20506970)<br>| &nbsp;&nbsp; (26311257)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 126982328 | &nbsp;&nbsp; (29367520)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 238122650 | &nbsp;&nbsp; 8844698 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (55823894)<br>| &nbsp;&nbsp; (30762993)<br>|
| Class B | &nbsp;&nbsp; (8850217)<br>| &nbsp;&nbsp; (15611186)<br>|
| Class E | &nbsp;&nbsp; (614306)<br>| &nbsp;&nbsp; (1048505)<br>|
| Class G | &nbsp;&nbsp; (5300544)<br>| &nbsp;&nbsp; (9086954)<br>|
| **Total distributions** | &nbsp;&nbsp; (70588961)<br>| &nbsp;&nbsp; (56509638)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (592485841)<br>| &nbsp;&nbsp; 1863807073 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (424952152)<br>| &nbsp;&nbsp; 1816142133 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3731777502 | &nbsp;&nbsp; 1915635369 |
| End of period | &nbsp;&nbsp; $3306825350 | &nbsp;&nbsp; $3731777502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 19925716 | &nbsp;&nbsp; $189936767 | &nbsp;&nbsp; 209594018 | &nbsp;&nbsp; $1957940046 |
| Reinvestments | &nbsp;&nbsp; 5964091 | &nbsp;&nbsp; 55823894 | &nbsp;&nbsp; 3354743 | &nbsp;&nbsp; 30762993 |
| Redemptions | &nbsp;&nbsp; (79496590)<br>| &nbsp;&nbsp; (756342498)<br>| &nbsp;&nbsp; (10209170)<br>| &nbsp;&nbsp; (95856741)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (53606783)<br>| &nbsp;&nbsp; $(510581837)<br>| &nbsp;&nbsp; 202739591 | &nbsp;&nbsp; $1892846298 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2379889 | &nbsp;&nbsp; $22137157 | &nbsp;&nbsp; 3609193 | &nbsp;&nbsp; $33014352 |
| Reinvestments | &nbsp;&nbsp; 968295 | &nbsp;&nbsp; 8850217 | &nbsp;&nbsp; 1742320 | &nbsp;&nbsp; 15611186 |
| Redemptions | &nbsp;&nbsp; (9274523)<br>| &nbsp;&nbsp; (86387716)<br>| &nbsp;&nbsp; (8242317)<br>| &nbsp;&nbsp; (75641582)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (5926339)<br>| &nbsp;&nbsp; $(55400342)<br>| &nbsp;&nbsp; (2890804)<br>| &nbsp;&nbsp; $(27016044)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 178019 | &nbsp;&nbsp; $1683857 | &nbsp;&nbsp; 296501 | &nbsp;&nbsp; $2756490 |
| Reinvestments | &nbsp;&nbsp; 65983 | &nbsp;&nbsp; 614306 | &nbsp;&nbsp; 114968 | &nbsp;&nbsp; 1048505 |
| Redemptions | &nbsp;&nbsp; (548516)<br>| &nbsp;&nbsp; (5191772)<br>| &nbsp;&nbsp; (508388)<br>| &nbsp;&nbsp; (4739980)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (304514)<br>| &nbsp;&nbsp; $(2893609)<br>| &nbsp;&nbsp; (96919)<br>| &nbsp;&nbsp; $(934985)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2163431 | &nbsp;&nbsp; $20000481 | &nbsp;&nbsp; 2623393 | &nbsp;&nbsp; $23899736 |
| Reinvestments | &nbsp;&nbsp; 582477 | &nbsp;&nbsp; 5300544 | &nbsp;&nbsp; 1019860 | &nbsp;&nbsp; 9086954 |
| Redemptions | &nbsp;&nbsp; (5285389)<br>| &nbsp;&nbsp; (48911078)<br>| &nbsp;&nbsp; (3730610)<br>| &nbsp;&nbsp; (34074886)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2539481)<br>| &nbsp;&nbsp; $(23610053)<br>| &nbsp;&nbsp; (87357)<br>| &nbsp;&nbsp; $(1088196)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(592485841)<br>|  | &nbsp;&nbsp; $1863807073 |

---

*See accompanying notes to financial statements.*

**BHFTII-246**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $11.55 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total income (loss) from investment operations | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.29)<br>|
| Total distributions | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $11.04 |
| **Total Return (%)** (b) | 7.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp; (13.09)<br>| &nbsp;&nbsp; (1.93)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net ratio of expenses to average net assets (%) (c) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Ratio of net investment income (loss) to average net assets (%) | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2487.7 | &nbsp;&nbsp; $2871.0 | &nbsp;&nbsp; $1006.1 | &nbsp;&nbsp; $1091.7 | &nbsp;&nbsp; $1469.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $11.29 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 0.27 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total income (loss) from investment operations | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>|
| Total distributions | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $10.78 |
| **Total Return (%)** (b) | 6.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp; (13.31)<br>| &nbsp;&nbsp; (2.22)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net ratio of expenses to average net assets (%) (c) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Ratio of net investment income (loss) to average net assets (%) | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $484.5 | &nbsp;&nbsp; $515.9 | &nbsp;&nbsp; $554.8 | &nbsp;&nbsp; $566.9 | &nbsp;&nbsp; $755.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-247**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $9.26 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $11.48 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total income (loss) from investment operations | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>|
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $9.26 | &nbsp;&nbsp; $10.97 |
| **Total Return (%)** (b) | 7.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp; (13.25)<br>| &nbsp;&nbsp; (2.08)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net ratio of expenses to average net assets (%) (c) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Ratio of net investment income (loss) to average net assets (%) | 3.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $33.5 | &nbsp;&nbsp; $34.8 | &nbsp;&nbsp; $36.5 | &nbsp;&nbsp; $37.6 | &nbsp;&nbsp; $48.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $11.24 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total income (loss) from investment operations | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Less Distributions**  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.26)<br>|
| Total distributions | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $10.73 |
| **Total Return (%)** (b) | 6.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp; (13.33)<br>| &nbsp;&nbsp; (2.26)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net ratio of expenses to average net assets (%) (c) | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $301.0 | &nbsp;&nbsp; $310.1 | &nbsp;&nbsp; $318.2 | &nbsp;&nbsp; $309.9 | &nbsp;&nbsp; $383.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-248**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—96.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** |
| AeroVironment, Inc. (a) (b) | 11015 | &nbsp;&nbsp; $2664418 |
| ATI, Inc. (b) | 47039 | &nbsp;&nbsp; 5398196 |
| BWX Technologies, Inc.  | 31654 | &nbsp;&nbsp; 5471077 |
| Carpenter Technology Corp.  | 17249 | &nbsp;&nbsp; 5430675 |
| Curtiss-Wright Corp.  | 12767 | &nbsp;&nbsp; 7038064 |
| Hexcel Corp.  | 27561 | &nbsp;&nbsp; 2036758 |
| Kratos Defense & Security Solutions, Inc. (b) | 58456 | &nbsp;&nbsp; 4437395 |
| Woodward, Inc.  | 20762 | &nbsp;&nbsp; 6276768 |
|  |  | &nbsp;&nbsp; 38753351 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| GXO Logistics, Inc. (b) | 39637 | &nbsp;&nbsp; 2086492 |
| **Automobile Components — 1.0%** | **Automobile Components — 1.0%** | **Automobile Components — 1.0%** |
| Autoliv, Inc. (a) | 24197 | &nbsp;&nbsp; 2872184 |
| BorgWarner, Inc.  | 74066 | &nbsp;&nbsp; 3337414 |
| Gentex Corp.  | 75802 | &nbsp;&nbsp; 1763912 |
| Goodyear Tire & Rubber Co. (b) | 99075 | &nbsp;&nbsp; 867897 |
| Lear Corp.  | 17958 | &nbsp;&nbsp; 2057987 |
| Visteon Corp.  | 9447 | &nbsp;&nbsp; 898410 |
|  |  | &nbsp;&nbsp; 11797804 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Harley-Davidson, Inc.  | 40903 | &nbsp;&nbsp; 838102 |
| Thor Industries, Inc.  | 18222 | &nbsp;&nbsp; 1870853 |
|  |  | &nbsp;&nbsp; 2708955 |
| **Banks — 6.3%** | **Banks — 6.3%** | **Banks — 6.3%** |
| Associated Banc-Corp.  | 56604 | &nbsp;&nbsp; 1458119 |
| Bank OZK | 36658 | &nbsp;&nbsp; 1687001 |
| Cadence Bank | 64491 | &nbsp;&nbsp; 2762794 |
| Columbia Banking System, Inc.  | 103562 | &nbsp;&nbsp; 2894558 |
| Comerica, Inc.  | 44227 | &nbsp;&nbsp; 3844653 |
| Commerce Bancshares, Inc.  | 44767 | &nbsp;&nbsp; 2343105 |
| Cullen/Frost Bankers, Inc. (a) | 22138 | &nbsp;&nbsp; 2803335 |
| East West Bancorp, Inc.  | 47635 | &nbsp;&nbsp; 5353698 |
| First Financial Bankshares, Inc.  | 45118 | &nbsp;&nbsp; 1347675 |
| First Horizon Corp.  | 170477 | &nbsp;&nbsp; 4074400 |
| Flagstar Bank NA | 103639 | &nbsp;&nbsp; 1304815 |
| FNB Corp.  | 123994 | &nbsp;&nbsp; 2120297 |
| Glacier Bancorp, Inc. (a) | 44538 | &nbsp;&nbsp; 1961899 |
| Hancock Whitney Corp.  | 28948 | &nbsp;&nbsp; 1843409 |
| Home BancShares, Inc.  | 63283 | &nbsp;&nbsp; 1758002 |
| International Bancshares Corp.  | 18724 | &nbsp;&nbsp; 1244022 |
| Old National Bancorp (a) | 120411 | &nbsp;&nbsp; 2686369 |
| Pinnacle Financial Partners, Inc.  | 26631 | &nbsp;&nbsp; 2540864 |
| Prosperity Bancshares, Inc.  | 32888 | &nbsp;&nbsp; 2272890 |
| Southstate Bank Corp.  | 34800 | &nbsp;&nbsp; 3275028 |
| Synovus Financial Corp.  | 48061 | &nbsp;&nbsp; 2405453 |
| Texas Capital Bancshares, Inc. (b) | 15803 | &nbsp;&nbsp; 1430804 |
| UMB Financial Corp.  | 24719 | &nbsp;&nbsp; 2843674 |
| United Bankshares, Inc.  | 48501 | &nbsp;&nbsp; 1862438 |
| Valley National Bancorp | 166036 | &nbsp;&nbsp; 1939300 |
| Webster Financial Corp.  | 55842 | &nbsp;&nbsp; 3514695 |
| Western Alliance Bancorp (a) | 35737 | &nbsp;&nbsp; 3004410 |
| Wintrust Financial Corp.  | 23187 | &nbsp;&nbsp; 3242006 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Zions Bancorp NA | 51116 | &nbsp;&nbsp; $2992331 |
|  |  | &nbsp;&nbsp; 72812044 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Boston Beer Co., Inc. - Class A (b) | 2663 | &nbsp;&nbsp; 519631 |
| Celsius Holdings, Inc. (b) | 55335 | &nbsp;&nbsp; 2531023 |
| Coca-Cola Consolidated, Inc.  | 19585 | &nbsp;&nbsp; 3002381 |
|  |  | &nbsp;&nbsp; 6053035 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| BioMarin Pharmaceutical, Inc. (b) | 66514 | &nbsp;&nbsp; 3952927 |
| Cytokinetics, Inc. (a) (b) | 42330 | &nbsp;&nbsp; 2689648 |
| Exelixis, Inc. (b) | 92826 | &nbsp;&nbsp; 4068564 |
| Halozyme Therapeutics, Inc. (b) | 40714 | &nbsp;&nbsp; 2740052 |
| Neurocrine Biosciences, Inc. (b) | 34520 | &nbsp;&nbsp; 4895972 |
| Roivant Sciences Ltd. (b) | 151700 | &nbsp;&nbsp; 3291890 |
| United Therapeutics Corp. (b) | 14908 | &nbsp;&nbsp; 7263923 |
|  |  | &nbsp;&nbsp; 28902976 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| Macy's, Inc.  | 92962 | &nbsp;&nbsp; 2049812 |
| Ollie's Bargain Outlet Holdings, Inc. (b) | 21227 | &nbsp;&nbsp; 2326692 |
|  |  | &nbsp;&nbsp; 4376504 |
| **Building Products — 1.8%** | **Building Products — 1.8%** | **Building Products — 1.8%** |
| AAON, Inc. (a) | 23429 | &nbsp;&nbsp; 1786461 |
| Advanced Drainage Systems, Inc.  | 24770 | &nbsp;&nbsp; 3587439 |
| Carlisle Cos., Inc.  | 14433 | &nbsp;&nbsp; 4616539 |
| Fortune Brands Innovations, Inc.  | 41594 | &nbsp;&nbsp; 2080532 |
| Owens Corning | 28457 | &nbsp;&nbsp; 3184623 |
| Simpson Manufacturing Co., Inc. (a) | 14354 | &nbsp;&nbsp; 2317740 |
| Trex Co., Inc. (b) | 37133 | &nbsp;&nbsp; 1302626 |
| UFP Industries, Inc.  | 20170 | &nbsp;&nbsp; 1836479 |
|  |  | &nbsp;&nbsp; 20712439 |
| **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
| Affiliated Managers Group, Inc.  | 9739 | &nbsp;&nbsp; 2807559 |
| Carlyle Group, Inc.  | 89842 | &nbsp;&nbsp; 5310561 |
| Evercore, Inc. - Class A | 13391 | &nbsp;&nbsp; 4556288 |
| Federated Hermes, Inc.  | 25586 | &nbsp;&nbsp; 1332263 |
| Hamilton Lane, Inc. - Class A (a) | 14157 | &nbsp;&nbsp; 1901427 |
| Houlihan Lokey, Inc.  | 18874 | &nbsp;&nbsp; 3287662 |
| Janus Henderson Group PLC | 42786 | &nbsp;&nbsp; 2035330 |
| Jefferies Financial Group, Inc.  | 57134 | &nbsp;&nbsp; 3540594 |
| Morningstar, Inc.  | 8259 | &nbsp;&nbsp; 1794763 |
| SEI Investments Co.  | 32217 | &nbsp;&nbsp; 2642438 |
| Stifel Financial Corp.  | 35255 | &nbsp;&nbsp; 4414631 |
|  |  | &nbsp;&nbsp; 33623516 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Ashland, Inc.  | 15824 | &nbsp;&nbsp; 928394 |
| Avient Corp.  | 31701 | &nbsp;&nbsp; 990339 |
| Axalta Coating Systems Ltd. (b) | 73862 | &nbsp;&nbsp; 2386481 |
| Cabot Corp.  | 18420 | &nbsp;&nbsp; 1220878 |
| NewMarket Corp.  | 2701 | &nbsp;&nbsp; 1856290 |

---

*See accompanying notes to financial statements.*

**BHFTII-249**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Olin Corp.  | 39511 | &nbsp;&nbsp; $823014 |
| RPM International, Inc.  | 44392 | &nbsp;&nbsp; 4616768 |
| Scotts Miracle-Gro Co.  | 15392 | &nbsp;&nbsp; 898123 |
| Westlake Corp. (a) | 11546 | &nbsp;&nbsp; 853711 |
|  |  | &nbsp;&nbsp; 14573998 |
| **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** |
| Brink's Co.  | 14384 | &nbsp;&nbsp; 1679044 |
| Clean Harbors, Inc. (b) | 17390 | &nbsp;&nbsp; 4077607 |
| MSA Safety, Inc.  | 12742 | &nbsp;&nbsp; 2040504 |
| RB Global, Inc.  | 64290 | &nbsp;&nbsp; 6613512 |
| Tetra Tech, Inc.  | 90508 | &nbsp;&nbsp; 3035639 |
|  |  | &nbsp;&nbsp; 17446306 |
| **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** |
| Ciena Corp. (b) | 48837 | &nbsp;&nbsp; 11421509 |
| Lumentum Holdings, Inc. (a) (b) | 24547 | &nbsp;&nbsp; 9047779 |
|  |  | &nbsp;&nbsp; 20469288 |
| **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** |
| AECOM | 45855 | &nbsp;&nbsp; 4371357 |
| API Group Corp. (b) | 128156 | &nbsp;&nbsp; 4903249 |
| Dycom Industries, Inc. (b) | 10025 | &nbsp;&nbsp; 3387448 |
| Fluor Corp. (b) | 55805 | &nbsp;&nbsp; 2211552 |
| MasTec, Inc. (b) | 21236 | &nbsp;&nbsp; 4616069 |
| Sterling Infrastructure, Inc. (b) | 10636 | &nbsp;&nbsp; 3257062 |
| Valmont Industries, Inc.  | 6821 | &nbsp;&nbsp; 2744225 |
|  |  | &nbsp;&nbsp; 25490962 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Eagle Materials, Inc.  | 11101 | &nbsp;&nbsp; 2294355 |
| Knife River Corp. (a) (b) | 19618 | &nbsp;&nbsp; 1380126 |
|  |  | &nbsp;&nbsp; 3674481 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| Ally Financial, Inc.  | 97055 | &nbsp;&nbsp; 4395621 |
| FirstCash Holdings, Inc.  | 13447 | &nbsp;&nbsp; 2143183 |
| SLM Corp. (a) | 70296 | &nbsp;&nbsp; 1902209 |
|  |  | &nbsp;&nbsp; 8441013 |
| **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** |
| Albertsons Cos., Inc. - Class A | 136931 | &nbsp;&nbsp; 2351105 |
| BJ's Wholesale Club Holdings, Inc. (b) | 45615 | &nbsp;&nbsp; 4106718 |
| Casey's General Stores, Inc.  | 12873 | &nbsp;&nbsp; 7115036 |
| Maplebear, Inc. (b) | 63626 | &nbsp;&nbsp; 2861898 |
| Performance Food Group Co. (b) | 54291 | &nbsp;&nbsp; 4881847 |
| Sprouts Farmers Market, Inc. (a) (b) | 33711 | &nbsp;&nbsp; 2685755 |
| U.S. Foods Holding Corp. (b) | 77187 | &nbsp;&nbsp; 5813725 |
|  |  | &nbsp;&nbsp; 29816084 |
| **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** |
| AptarGroup, Inc.  | 22719 | &nbsp;&nbsp; 2770809 |
| Crown Holdings, Inc.  | 39475 | &nbsp;&nbsp; 4064741 |
| Graphic Packaging Holding Co.  | 102177 | &nbsp;&nbsp; 1538785 |
| Greif, Inc. - Class A | 9060 | &nbsp;&nbsp; 613362 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** |
| Silgan Holdings, Inc.  | 30365 | &nbsp;&nbsp; $1225835 |
| Sonoco Products Co.  | 34148 | &nbsp;&nbsp; 1490219 |
|  |  | &nbsp;&nbsp; 11703751 |
| **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** |
| Duolingo, Inc. (b) | 13854 | &nbsp;&nbsp; 2431377 |
| Graham Holdings Co. - Class B | 1177 | &nbsp;&nbsp; 1293052 |
| Grand Canyon Education, Inc. (b) | 9567 | &nbsp;&nbsp; 1591088 |
| H&R Block, Inc. (a) | 43771 | &nbsp;&nbsp; 1907540 |
| Service Corp. International | 48533 | &nbsp;&nbsp; 3784118 |
|  |  | &nbsp;&nbsp; 11007175 |
| **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** |
| WP Carey, Inc.  | 75872 | &nbsp;&nbsp; 4883122 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Frontier Communications Parent, Inc. (b) | 86672 | &nbsp;&nbsp; 3299603 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| IDACORP, Inc. (a) | 18711 | &nbsp;&nbsp; 2368064 |
| OGE Energy Corp.  | 69749 | &nbsp;&nbsp; 2978282 |
| Portland General Electric Co.  | 38946 | &nbsp;&nbsp; 1869019 |
| TXNM Energy, Inc.  | 33939 | &nbsp;&nbsp; 1998328 |
|  |  | &nbsp;&nbsp; 9213693 |
| **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** |
| Acuity, Inc.  | 10530 | &nbsp;&nbsp; 3791221 |
| EnerSys | 12779 | &nbsp;&nbsp; 1875318 |
| Nextpower, Inc. - Class A (b) | 51374 | &nbsp;&nbsp; 4475189 |
| nVent Electric PLC | 55866 | &nbsp;&nbsp; 5696656 |
| Regal Rexnord Corp. (a) | 22986 | &nbsp;&nbsp; 3225396 |
| Sensata Technologies Holding PLC | 50437 | &nbsp;&nbsp; 1679048 |
|  |  | &nbsp;&nbsp; 20742828 |
| **Electronic Equipment, Instruments & Components — 3.6%** | **Electronic Equipment, Instruments & Components — 3.6%** | **Electronic Equipment, Instruments & Components — 3.6%** |
| Arrow Electronics, Inc. (b) | 17834 | &nbsp;&nbsp; 1964950 |
| Avnet, Inc.  | 28157 | &nbsp;&nbsp; 1353789 |
| Belden, Inc.  | 13606 | &nbsp;&nbsp; 1585779 |
| Cognex Corp.  | 58026 | &nbsp;&nbsp; 2087776 |
| Coherent Corp. (b) | 54410 | &nbsp;&nbsp; 10042454 |
| Crane NXT Co. (a) | 17097 | &nbsp;&nbsp; 804756 |
| Fabrinet (b) | 12404 | &nbsp;&nbsp; 5647293 |
| Flex Ltd. (b) | 128029 | &nbsp;&nbsp; 7735512 |
| IPG Photonics Corp. (b) | 8750 | &nbsp;&nbsp; 626500 |
| Littelfuse, Inc.  | 8622 | &nbsp;&nbsp; 2180676 |
| Novanta, Inc. (a) (b) | 12386 | &nbsp;&nbsp; 1473810 |
| TD SYNNEX Corp.  | 26222 | &nbsp;&nbsp; 3939331 |
| Vontier Corp.  | 50236 | &nbsp;&nbsp; 1867774 |
|  |  | &nbsp;&nbsp; 41310400 |
| **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** |
| NOV, Inc.  | 126285 | &nbsp;&nbsp; 1973834 |
| TechnipFMC PLC | 140053 | &nbsp;&nbsp; 6240762 |
| Valaris Ltd. (b) | 22402 | &nbsp;&nbsp; 1129061 |

---

*See accompanying notes to financial statements.*

**BHFTII-250**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Energy Equipment & Services—(Continued)** | **Energy Equipment & Services—(Continued)** | **Energy Equipment & Services—(Continued)** |
| Weatherford International PLC | 24834 | &nbsp;&nbsp; $1943509 |
|  |  | &nbsp;&nbsp; 11287166 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Warner Music Group Corp. - Class A (a) | 50509 | &nbsp;&nbsp; 1549111 |
| **Financial Services — 1.6%** | **Financial Services — 1.6%** | **Financial Services — 1.6%** |
| Corebridge Financial, Inc.  | 92559 | &nbsp;&nbsp; 2792505 |
| Equitable Holdings, Inc.  | 99203 | &nbsp;&nbsp; 4727023 |
| Essent Group Ltd.  | 33467 | &nbsp;&nbsp; 2175690 |
| Euronet Worldwide, Inc. (b) | 13537 | &nbsp;&nbsp; 1030301 |
| MGIC Investment Corp.  | 77463 | &nbsp;&nbsp; 2263469 |
| Shift4 Payments, Inc. - Class A (a) (b) | 23392 | &nbsp;&nbsp; 1472994 |
| Voya Financial, Inc.  | 32947 | &nbsp;&nbsp; 2454222 |
| WEX, Inc. (b) | 11872 | &nbsp;&nbsp; 1768690 |
|  |  | &nbsp;&nbsp; 18684894 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Darling Ingredients, Inc. (b) | 54767 | &nbsp;&nbsp; 1971612 |
| Flowers Foods, Inc.  | 73114 | &nbsp;&nbsp; 795480 |
| Ingredion, Inc.  | 21995 | &nbsp;&nbsp; 2425169 |
| Marzetti Co.  | 7042 | &nbsp;&nbsp; 1157846 |
| Pilgrim's Pride Corp.  | 14803 | &nbsp;&nbsp; 577169 |
| Post Holdings, Inc. (b) | 16550 | &nbsp;&nbsp; 1639277 |
|  |  | &nbsp;&nbsp; 8566553 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| National Fuel Gas Co.  | 31286 | &nbsp;&nbsp; 2504757 |
| New Jersey Resources Corp.  | 34778 | &nbsp;&nbsp; 1603961 |
| ONE Gas, Inc.  | 20773 | &nbsp;&nbsp; 1604714 |
| Southwest Gas Holdings, Inc.  | 22242 | &nbsp;&nbsp; 1779805 |
| Spire, Inc.  | 20435 | &nbsp;&nbsp; 1689975 |
| UGI Corp.  | 74411 | &nbsp;&nbsp; 2785204 |
|  |  | &nbsp;&nbsp; 11968416 |
| **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** |
| Avis Budget Group, Inc. (a) (b) | 5849 | &nbsp;&nbsp; 750544 |
| Knight-Swift Transportation Holdings, Inc.  | 56205 | &nbsp;&nbsp; 2938397 |
| Landstar System, Inc.  | 11891 | &nbsp;&nbsp; 1708737 |
| Ryder System, Inc.  | 13979 | &nbsp;&nbsp; 2675441 |
| Saia, Inc. (b) (c) | 9225 | &nbsp;&nbsp; 3012147 |
| XPO, Inc. (a) (b) | 40641 | &nbsp;&nbsp; 5523518 |
|  |  | &nbsp;&nbsp; 16608784 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Dentsply Sirona, Inc.  | 69089 | &nbsp;&nbsp; 789687 |
| Envista Holdings Corp. (b) | 56927 | &nbsp;&nbsp; 1235885 |
| Globus Medical, Inc. - Class A (b) | 38572 | &nbsp;&nbsp; 3367721 |
| Haemonetics Corp. (b) | 16206 | &nbsp;&nbsp; 1298911 |
| Lantheus Holdings, Inc. (b) | 22958 | &nbsp;&nbsp; 1527855 |
| LivaNova PLC (b) | 18905 | &nbsp;&nbsp; 1163225 |
| Masimo Corp. (a) (b) | 15807 | &nbsp;&nbsp; 2055858 |
| Penumbra, Inc. (b) | 13559 | &nbsp;&nbsp; 4215629 |
|  |  | &nbsp;&nbsp; 15654771 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** |
| Chemed Corp.  | 4904 | &nbsp;&nbsp; $2098225 |
| Encompass Health Corp.  | 34835 | &nbsp;&nbsp; 3697387 |
| Ensign Group, Inc.  | 19914 | &nbsp;&nbsp; 3469019 |
| HealthEquity, Inc. (b) | 29829 | &nbsp;&nbsp; 2732635 |
| Hims & Hers Health, Inc. (a) (b) | 72120 | &nbsp;&nbsp; 2341736 |
| Option Care Health, Inc. (a) (b) | 54956 | &nbsp;&nbsp; 1750898 |
| Tenet Healthcare Corp. (b) | 30428 | &nbsp;&nbsp; 6046652 |
|  |  | &nbsp;&nbsp; 22136552 |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Healthcare Realty Trust, Inc.  | 121741 | &nbsp;&nbsp; 2063510 |
| Omega Healthcare Investors, Inc.  | 102318 | &nbsp;&nbsp; 4536780 |
| Sabra Health Care REIT, Inc.  | 86330 | &nbsp;&nbsp; 1635090 |
|  |  | &nbsp;&nbsp; 8235380 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Doximity, Inc. - Class A (b) | 47561 | &nbsp;&nbsp; 2106001 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Park Hotels & Resorts, Inc. (a) | 69208 | &nbsp;&nbsp; 723916 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Aramark | 91004 | &nbsp;&nbsp; 3354407 |
| Boyd Gaming Corp.  | 20015 | &nbsp;&nbsp; 1706079 |
| Cava Group, Inc. (a) (b) | 34534 | &nbsp;&nbsp; 2026801 |
| Choice Hotels International, Inc. (a) | 7156 | &nbsp;&nbsp; 681681 |
| Churchill Downs, Inc.  | 22934 | &nbsp;&nbsp; 2609431 |
| Hilton Grand Vacations, Inc. (b) | 20731 | &nbsp;&nbsp; 927712 |
| Hyatt Hotels Corp. - Class A (a) | 14479 | &nbsp;&nbsp; 2321273 |
| Planet Fitness, Inc. - Class A (b) | 28730 | &nbsp;&nbsp; 3116343 |
| Texas Roadhouse, Inc.  | 22901 | &nbsp;&nbsp; 3801566 |
| Travel & Leisure Co.  | 22270 | &nbsp;&nbsp; 1570703 |
| Vail Resorts, Inc.  | 12448 | &nbsp;&nbsp; 1653094 |
| Wingstop, Inc. (a) | 9621 | &nbsp;&nbsp; 2294512 |
| Wyndham Hotels & Resorts, Inc.  | 26157 | &nbsp;&nbsp; 1976423 |
|  |  | &nbsp;&nbsp; 28040025 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
| KB Home | 22423 | &nbsp;&nbsp; 1264881 |
| Somnigroup International, Inc.  | 72674 | &nbsp;&nbsp; 6488335 |
| Taylor Morrison Home Corp. (b) | 33834 | &nbsp;&nbsp; 1991808 |
| Toll Brothers, Inc.  | 33370 | &nbsp;&nbsp; 4512291 |
| TopBuild Corp. (a) (b) | 9664 | &nbsp;&nbsp; 4031724 |
| Whirlpool Corp. (a) | 19440 | &nbsp;&nbsp; 1402402 |
|  |  | &nbsp;&nbsp; 19691441 |
| **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** |
| Ormat Technologies, Inc. (a) | 21044 | &nbsp;&nbsp; 2324731 |
| Talen Energy Corp. (a) (b) | 15818 | &nbsp;&nbsp; 5929219 |
|  |  | &nbsp;&nbsp; 8253950 |
| **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** |
| EastGroup Properties, Inc.  | 18440 | &nbsp;&nbsp; 3284901 |
| First Industrial Realty Trust, Inc.  | 45847 | &nbsp;&nbsp; 2625658 |
| Rexford Industrial Realty, Inc. (a) | 80426 | &nbsp;&nbsp; 3114095 |

---

*See accompanying notes to financial statements.*

**BHFTII-251**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** |
| STAG Industrial, Inc.  | 64656 | &nbsp;&nbsp; $2376754 |
|  |  | &nbsp;&nbsp; 11401408 |
| **Insurance — 3.9%** | **Insurance — 3.9%** | **Insurance — 3.9%** |
| American Financial Group, Inc.  | 23967 | &nbsp;&nbsp; 3275810 |
| Brighthouse Financial, Inc. (b) (d) | 19793 | &nbsp;&nbsp; 1282389 |
| CNO Financial Group, Inc.  | 33013 | &nbsp;&nbsp; 1402062 |
| Fidelity National Financial, Inc.  | 88236 | &nbsp;&nbsp; 4816803 |
| First American Financial Corp.  | 35279 | &nbsp;&nbsp; 2167542 |
| Hanover Insurance Group, Inc.  | 12320 | &nbsp;&nbsp; 2251726 |
| Kemper Corp.  | 20270 | &nbsp;&nbsp; 821746 |
| Kinsale Capital Group, Inc.  | 7652 | &nbsp;&nbsp; 2992850 |
| Old Republic International Corp.  | 78818 | &nbsp;&nbsp; 3597254 |
| Primerica, Inc.  | 11050 | &nbsp;&nbsp; 2854878 |
| Reinsurance Group of America, Inc.  | 22752 | &nbsp;&nbsp; 4629122 |
| RenaissanceRe Holdings Ltd.  | 15965 | &nbsp;&nbsp; 4488719 |
| RLI Corp.  | 31796 | &nbsp;&nbsp; 2034308 |
| Ryan Specialty Holdings, Inc. (a) | 39234 | &nbsp;&nbsp; 2025651 |
| Selective Insurance Group, Inc.  | 20915 | &nbsp;&nbsp; 1749958 |
| Unum Group | 53298 | &nbsp;&nbsp; 4130595 |
|  |  | &nbsp;&nbsp; 44521413 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| Pinterest, Inc. - Class A (b) | 206291 | &nbsp;&nbsp; 5340874 |
| ZoomInfo Technologies, Inc. (b) | 94934 | &nbsp;&nbsp; 965479 |
|  |  | &nbsp;&nbsp; 6306353 |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| ASGN, Inc. (b) | 14783 | &nbsp;&nbsp; 712097 |
| Kyndryl Holdings, Inc. (b) | 79133 | &nbsp;&nbsp; 2101773 |
| Okta, Inc. (b) | 58324 | &nbsp;&nbsp; 5043276 |
| Twilio, Inc. - Class A (b) | 52492 | &nbsp;&nbsp; 7466462 |
|  |  | &nbsp;&nbsp; 15323608 |
| **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
| Brunswick Corp.  | 22517 | &nbsp;&nbsp; 1671662 |
| Mattel, Inc. (b) | 107605 | &nbsp;&nbsp; 2134883 |
| Polaris, Inc. (a) | 18500 | &nbsp;&nbsp; 1170125 |
| YETI Holdings, Inc. (a) (b) | 26938 | &nbsp;&nbsp; 1189852 |
|  |  | &nbsp;&nbsp; 6166522 |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| Avantor, Inc. (a) (b) | 236059 | &nbsp;&nbsp; 2705236 |
| Bio-Rad Laboratories, Inc. - Class A (a) (b) | 6295 | &nbsp;&nbsp; 1907322 |
| Bruker Corp.  | 38401 | &nbsp;&nbsp; 1809071 |
| Illumina, Inc. (a) (b) | 52903 | &nbsp;&nbsp; 6938758 |
| Medpace Holdings, Inc. (b) | 7705 | &nbsp;&nbsp; 4327513 |
| Repligen Corp. (b) | 18320 | &nbsp;&nbsp; 3001915 |
| Sotera Health Co. (b) | 71802 | &nbsp;&nbsp; 1266587 |
|  |  | &nbsp;&nbsp; 21956402 |
| **Machinery — 5.3%** | **Machinery — 5.3%** | **Machinery — 5.3%** |
| AGCO Corp. (a) | 21444 | &nbsp;&nbsp; 2237038 |
| Chart Industries, Inc. (b) | 15300 | &nbsp;&nbsp; 3155319 |
| CNH Industrial NV | 306387 | &nbsp;&nbsp; 2824888 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Crane Co.  | 16950 | &nbsp;&nbsp; $3126088 |
| Donaldson Co., Inc.  | 40103 | &nbsp;&nbsp; 3555532 |
| Esab Corp.  | 19758 | &nbsp;&nbsp; 2207364 |
| Flowserve Corp.  | 44010 | &nbsp;&nbsp; 3053414 |
| Graco, Inc.  | 57401 | &nbsp;&nbsp; 4705160 |
| ITT, Inc.  | 29429 | &nbsp;&nbsp; 5106226 |
| Lincoln Electric Holdings, Inc.  | 19051 | &nbsp;&nbsp; 4565382 |
| Middleby Corp. (b) | 16044 | &nbsp;&nbsp; 2385261 |
| Mueller Industries, Inc.  | 38435 | &nbsp;&nbsp; 4412338 |
| Oshkosh Corp. (a) | 21900 | &nbsp;&nbsp; 2751297 |
| RBC Bearings, Inc. (b) | 10899 | &nbsp;&nbsp; 4887439 |
| SPX Technologies, Inc. (b) | 17254 | &nbsp;&nbsp; 3451835 |
| Terex Corp.  | 22712 | &nbsp;&nbsp; 1212367 |
| Timken Co.  | 21946 | &nbsp;&nbsp; 1846317 |
| Toro Co.  | 33881 | &nbsp;&nbsp; 2667112 |
| Watts Water Technologies, Inc. - Class A | 9489 | &nbsp;&nbsp; 2619154 |
|  |  | &nbsp;&nbsp; 60769531 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Kirby Corp. (b) | 18765 | &nbsp;&nbsp; 2067528 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| EchoStar Corp. - Class A (a) (b) | 46606 | &nbsp;&nbsp; 5066072 |
| New York Times Co. - Class A | 55938 | &nbsp;&nbsp; 3883216 |
| Nexstar Media Group, Inc.  | 9870 | &nbsp;&nbsp; 2004104 |
|  |  | &nbsp;&nbsp; 10953392 |
| **Metals & Mining — 2.5%** | **Metals & Mining — 2.5%** | **Metals & Mining — 2.5%** |
| Alcoa Corp.  | 89658 | &nbsp;&nbsp; 4764426 |
| Cleveland-Cliffs, Inc. (b) | 197244 | &nbsp;&nbsp; 2619400 |
| Commercial Metals Co.  | 38419 | &nbsp;&nbsp; 2659363 |
| Hecla Mining Co.  | 232002 | &nbsp;&nbsp; 4452118 |
| MP Materials Corp. (a) (b) | 46634 | &nbsp;&nbsp; 2355950 |
| Reliance, Inc.  | 18103 | &nbsp;&nbsp; 5229414 |
| Royal Gold, Inc.  | 28052 | &nbsp;&nbsp; 6235679 |
|  |  | &nbsp;&nbsp; 28316350 |
| **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.  | 236480 | &nbsp;&nbsp; 5287693 |
| Starwood Property Trust, Inc. (a) | 120523 | &nbsp;&nbsp; 2170619 |
|  |  | &nbsp;&nbsp; 7458312 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Black Hills Corp.  | 26130 | &nbsp;&nbsp; 1813945 |
| Northwestern Energy Group, Inc.  | 21260 | &nbsp;&nbsp; 1372120 |
|  |  | &nbsp;&nbsp; 3186065 |
| **Office REITs — 0.5%** | **Office REITs — 0.5%** | **Office REITs — 0.5%** |
| COPT Defense Properties | 39112 | &nbsp;&nbsp; 1087314 |
| Cousins Properties, Inc.  | 58153 | &nbsp;&nbsp; 1499184 |
| Kilroy Realty Corp. (a) | 37683 | &nbsp;&nbsp; 1408214 |
| Vornado Realty Trust | 55854 | &nbsp;&nbsp; 1858821 |
|  |  | &nbsp;&nbsp; 5853533 |

---

*See accompanying notes to financial statements.*

**BHFTII-252**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| Antero Midstream Corp.  | 115427 | &nbsp;&nbsp; $2053446 |
| Antero Resources Corp. (b) | 101466 | &nbsp;&nbsp; 3496518 |
| Chord Energy Corp.  | 19688 | &nbsp;&nbsp; 1825078 |
| Civitas Resources, Inc.  | 26580 | &nbsp;&nbsp; 720052 |
| CNX Resources Corp. (b) | 46682 | &nbsp;&nbsp; 1716497 |
| DT Midstream, Inc.  | 35202 | &nbsp;&nbsp; 4212975 |
| HF Sinclair Corp.  | 54133 | &nbsp;&nbsp; 2494449 |
| Matador Resources Co.  | 40443 | &nbsp;&nbsp; 1716401 |
| Murphy Oil Corp.  | 46454 | &nbsp;&nbsp; 1451688 |
| Ovintiv, Inc.  | 87683 | &nbsp;&nbsp; 3436297 |
| PBF Energy, Inc. - Class A | 28477 | &nbsp;&nbsp; 772296 |
| Permian Resources Corp.  | 240405 | &nbsp;&nbsp; 3372882 |
| Range Resources Corp.  | 82032 | &nbsp;&nbsp; 2892448 |
| Viper Energy, Inc. - Class A (a) | 58314 | &nbsp;&nbsp; 2252670 |
|  |  | &nbsp;&nbsp; 32413697 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Louisiana-Pacific Corp.  | 21941 | &nbsp;&nbsp; 1771955 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| Alaska Air Group, Inc. (b) | 40157 | &nbsp;&nbsp; 2019897 |
| American Airlines Group, Inc. (b) | 228535 | &nbsp;&nbsp; 3503442 |
|  |  | &nbsp;&nbsp; 5523339 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| BellRing Brands, Inc. (b) | 43616 | &nbsp;&nbsp; 1165856 |
| Coty, Inc. - Class A (a) (b) | 127180 | &nbsp;&nbsp; 391714 |
| elf Beauty, Inc. (b) | 20647 | &nbsp;&nbsp; 1569998 |
|  |  | &nbsp;&nbsp; 3127568 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| Elanco Animal Health, Inc. (a) (b) | 172024 | &nbsp;&nbsp; 3892903 |
| Jazz Pharmaceuticals PLC (b) | 21038 | &nbsp;&nbsp; 3576460 |
|  |  | &nbsp;&nbsp; 7469363 |
| **Professional Services — 2.8%** | **Professional Services — 2.8%** | **Professional Services — 2.8%** |
| Booz Allen Hamilton Holding Corp.  | 41997 | &nbsp;&nbsp; 3542867 |
| CACI International, Inc. - Class A (b) (c) | 7645 | &nbsp;&nbsp; 4073332 |
| Concentrix Corp. (a) | 15303 | &nbsp;&nbsp; 636299 |
| ExlService Holdings, Inc. (b) | 54945 | &nbsp;&nbsp; 2331866 |
| Exponent, Inc.  | 17271 | &nbsp;&nbsp; 1199644 |
| FTI Consulting, Inc. (b) | 10478 | &nbsp;&nbsp; 1789957 |
| Genpact Ltd. (a) | 55514 | &nbsp;&nbsp; 2596945 |
| KBR, Inc.  | 43966 | &nbsp;&nbsp; 1767433 |
| Maximus, Inc.  | 19509 | &nbsp;&nbsp; 1684017 |
| Parsons Corp. (a) (b) | 18434 | &nbsp;&nbsp; 1139221 |
| Paylocity Holding Corp. (b) | 15251 | &nbsp;&nbsp; 2325778 |
| Science Applications International Corp.  | 15934 | &nbsp;&nbsp; 1603916 |
| TransUnion (a) | 67236 | &nbsp;&nbsp; 5765487 |
| UL Solutions, Inc. - Class A | 26054 | &nbsp;&nbsp; 2054618 |
|  |  | &nbsp;&nbsp; 32511380 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| Jones Lang LaSalle, Inc. (b) | 16340 | &nbsp;&nbsp; 5497920 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Residential REITs — 0.8%** | **Residential REITs — 0.8%** | **Residential REITs — 0.8%** |
| American Homes 4 Rent - Class A | 112873 | &nbsp;&nbsp; $3623223 |
| Equity LifeStyle Properties, Inc.  | 67107 | &nbsp;&nbsp; 4067355 |
| Independence Realty Trust, Inc.  | 82653 | &nbsp;&nbsp; 1444775 |
|  |  | &nbsp;&nbsp; 9135353 |
| **Retail REITs — 0.9%** | **Retail REITs — 0.9%** | **Retail REITs — 0.9%** |
| Agree Realty Corp. (a) | 39725 | &nbsp;&nbsp; 2861392 |
| Brixmor Property Group, Inc.  | 105978 | &nbsp;&nbsp; 2778743 |
| Kite Realty Group Trust | 74959 | &nbsp;&nbsp; 1796767 |
| NNN REIT, Inc.  | 65754 | &nbsp;&nbsp; 2605831 |
|  |  | &nbsp;&nbsp; 10042733 |
| **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** |
| Allegro MicroSystems, Inc. (a) (b) | 42941 | &nbsp;&nbsp; 1132783 |
| Amkor Technology, Inc.  | 39368 | &nbsp;&nbsp; 1554249 |
| Cirrus Logic, Inc. (b) | 17668 | &nbsp;&nbsp; 2093658 |
| Entegris, Inc. (a) | 52487 | &nbsp;&nbsp; 4422030 |
| Lattice Semiconductor Corp. (b) | 47358 | &nbsp;&nbsp; 3484602 |
| MACOM Technology Solutions Holdings, Inc. (b) | 22174 | &nbsp;&nbsp; 3797963 |
| MKS, Inc.  | 23255 | &nbsp;&nbsp; 3716149 |
| Onto Innovation, Inc. (b) | 16969 | &nbsp;&nbsp; 2678726 |
| Rambus, Inc. (b) | 37270 | &nbsp;&nbsp; 3424740 |
| Silicon Laboratories, Inc. (b) | 11374 | &nbsp;&nbsp; 1486582 |
| Synaptics, Inc. (b) | 13499 | &nbsp;&nbsp; 999196 |
| Universal Display Corp. (a) | 15308 | &nbsp;&nbsp; 1787668 |
|  |  | &nbsp;&nbsp; 30578346 |
| **Software — 3.5%** | **Software — 3.5%** | **Software — 3.5%** |
| Appfolio, Inc. - Class A (b) | 7989 | &nbsp;&nbsp; 1858641 |
| Bentley Systems, Inc. - Class B | 51562 | &nbsp;&nbsp; 1967864 |
| Bill Holdings, Inc. (b) | 30862 | &nbsp;&nbsp; 1683213 |
| Blackbaud, Inc. (b) | 12697 | &nbsp;&nbsp; 803974 |
| Commvault Systems, Inc. (b) | 15266 | &nbsp;&nbsp; 1913746 |
| Docusign, Inc. (b) | 69626 | &nbsp;&nbsp; 4762418 |
| Dolby Laboratories, Inc. - Class A | 21183 | &nbsp;&nbsp; 1360372 |
| Dropbox, Inc. - Class A (a) (b) | 60389 | &nbsp;&nbsp; 1678814 |
| Dynatrace, Inc. (b) | 104381 | &nbsp;&nbsp; 4523873 |
| Guidewire Software, Inc. (b) | 29436 | &nbsp;&nbsp; 5916930 |
| Manhattan Associates, Inc. (b) | 20863 | &nbsp;&nbsp; 3615767 |
| Nutanix, Inc. - Class A (b) | 93751 | &nbsp;&nbsp; 4845989 |
| Pegasystems, Inc.  | 31731 | &nbsp;&nbsp; 1894975 |
| Qualys, Inc. (b) | 12415 | &nbsp;&nbsp; 1649954 |
| UiPath, Inc. - Class A (b) | 146043 | &nbsp;&nbsp; 2393645 |
|  |  | &nbsp;&nbsp; 40870175 |
| **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** |
| CubeSmart | 78950 | &nbsp;&nbsp; 2846147 |
| EPR Properties | 26361 | &nbsp;&nbsp; 1315414 |
| Gaming & Leisure Properties, Inc.  | 97983 | &nbsp;&nbsp; 4378860 |
| Lamar Advertising Co. - Class A (a) | 30074 | &nbsp;&nbsp; 3806767 |
| National Storage Affiliates Trust (a) | 24505 | &nbsp;&nbsp; 691286 |
| PotlatchDeltic Corp.  | 24619 | &nbsp;&nbsp; 979344 |
| Rayonier, Inc. (a) | 51409 | &nbsp;&nbsp; 1113005 |
|  |  | &nbsp;&nbsp; 15130823 |

---

*See accompanying notes to financial statements.*

**BHFTII-253**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
| Abercrombie & Fitch Co. - Class A (b) | 16297 | &nbsp;&nbsp; $2051303 |
| AutoNation, Inc. (b) | 9471 | &nbsp;&nbsp; 1955572 |
| Bath & Body Works, Inc.  | 71386 | &nbsp;&nbsp; 1433431 |
| Burlington Stores, Inc. (b) | 21560 | &nbsp;&nbsp; 6227606 |
| Chewy, Inc. - Class A (b) | 77921 | &nbsp;&nbsp; 2575289 |
| Dick's Sporting Goods, Inc.  | 22887 | &nbsp;&nbsp; 4530939 |
| Five Below, Inc. (b) | 19092 | &nbsp;&nbsp; 3596169 |
| Floor & Decor Holdings, Inc. - Class A (a) (b) | 37307 | &nbsp;&nbsp; 2271623 |
| GameStop Corp. - Class A (a) (b) | 142669 | &nbsp;&nbsp; 2864793 |
| Gap, Inc.  | 78363 | &nbsp;&nbsp; 2006093 |
| Lithia Motors, Inc.  | 8396 | &nbsp;&nbsp; 2790243 |
| Murphy USA, Inc.  | 5903 | &nbsp;&nbsp; 2381979 |
| Penske Automotive Group, Inc.  | 6385 | &nbsp;&nbsp; 1010682 |
| RH (b) | 5322 | &nbsp;&nbsp; 953436 |
| Valvoline, Inc. (a) (b) | 44009 | &nbsp;&nbsp; 1278902 |
|  |  | &nbsp;&nbsp; 37928060 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| Pure Storage, Inc. - Class A (b) | 108092 | &nbsp;&nbsp; 7243245 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Capri Holdings Ltd. (b) | 41249 | &nbsp;&nbsp; 1006476 |
| Columbia Sportswear Co.  | 8769 | &nbsp;&nbsp; 483084 |
| Crocs, Inc. (b) | 17974 | &nbsp;&nbsp; 1537136 |
| PVH Corp. (a) | 16660 | &nbsp;&nbsp; 1116553 |
| VF Corp. (a) | 113633 | &nbsp;&nbsp; 2054485 |
|  |  | &nbsp;&nbsp; 6197734 |
| **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** |
| Applied Industrial Technologies, Inc.  | 13059 | &nbsp;&nbsp; 3353160 |
| Core & Main, Inc. - Class A (a) (b) | 66020 | &nbsp;&nbsp; 3431059 |
| GATX Corp.  | 12360 | &nbsp;&nbsp; 2096256 |
| MSC Industrial Direct Co., Inc. - Class A | 15839 | &nbsp;&nbsp; 1332060 |
| Watsco, Inc. (a) | 12092 | &nbsp;&nbsp; 4074399 |
| WESCO International, Inc.  | 16842 | &nbsp;&nbsp; 4120227 |
|  |  | &nbsp;&nbsp; 18407161 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| Essential Utilities, Inc.  | 97972 | &nbsp;&nbsp; 3758206 |
| Total Common Stocks <br>(Cost $854,259,238) <br>|  | &nbsp;&nbsp; 1109294255 |
| **Investment Companies—2.1%** | **Investment Companies—2.1%** | **Investment Companies—2.1%** |
| **Exchange-Traded Funds — 2.1%** | **Exchange-Traded Funds — 2.1%** | **Exchange-Traded Funds — 2.1%** |
| State Street SPDR S&P MidCap 400 ETF Trust (a) | 39700 | &nbsp;&nbsp; 23950216 |
| Total Investment Companies <br>(Cost $24,392,824) <br>|  | &nbsp;&nbsp; 23950216 |

---

&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 |  |  |
| 3.265%, 01/02/26 (e) | 925000 | &nbsp;&nbsp; 925000 |
| 3.560%, 01/15/26 (e) | 4000000 | &nbsp;&nbsp; 3994888 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bills |  |  |
| 3.583%, 01/15/26 (e) | 2500000 | &nbsp;&nbsp; $2496805 |
| 3.627%, 01/15/26 (e) | 13525000 | &nbsp;&nbsp; 13507714 |
| Total Short-Term Investments <br>(Cost $20,922,161) <br>|  | &nbsp;&nbsp; 20924407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (f)—4.4%** | **Securities Lending Reinvestments (f)—4.4%** | **Securities Lending Reinvestments (f)—4.4%** |
| **Short-Term Investment Funds—1.4%** | **Short-Term Investment Funds—1.4%** | **Short-Term Investment Funds—1.4%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (g)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (g)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (g)<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (g)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (g)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (g)<br>| 4000000 | &nbsp;&nbsp; 4000000 |
|  |  | &nbsp;&nbsp; 16000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificate of Deposit—0.1%** | **Certificate of Deposit—0.1%** | **Certificate of Deposit—0.1%** |
| Canadian Imperial Bank of Commerce (NY) |  |  |
| 4.090%, SOFR + 0.380%, 08/11/26 (h) | 1300000 | &nbsp;&nbsp; 1300797 |
| **Repurchase Agreements—2.6%** | **Repurchase Agreements—2.6%** | **Repurchase Agreements—2.6%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $5,001,047; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,568,379<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 12/31/25 at 3.810%, due on <br> 01/02/26 with a maturity value of $1,000,212; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 02/19/26 - 02/15/55, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $4,000,856; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,454,703<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $1,010,146; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,819<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,314,803; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,361,099<br>| 2314311 | &nbsp;&nbsp; 2314311 |

---

*See accompanying notes to financial statements.*

**BHFTII-254**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (f)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $3,064,359; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $3,120,375<br>| 3000000 | &nbsp;&nbsp; $3000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $3,000,652; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,701<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $1,000,214; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,232<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $7,005,281; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,785,299<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $1,000,213; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.375%, maturity dates ranging from 05/15/26 - 11/15/55, <br> and an aggregate market value of $1,020,217<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $1,003,801; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,232<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $100,020; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; 100000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 30414311 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—0.3%** | **Time Deposits—0.3%** | **Time Deposits—0.3%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; $2000000 |
| National Bank of Canada |  |  |
| 3.710%, OBFR + 0.070% 01/07/26 (h) | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments <br>(Cost $50,714,311) <br>|  | &nbsp;&nbsp; 50715108 |
| Total Investments—104.3% <br>(Cost $950,288,534) <br>|  | &nbsp;&nbsp; 1204883986 |
| Other assets and liabilities (net)—(4.3)%  |  | &nbsp;&nbsp; (50159059)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1154724927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $110,932,716 and the collateral received consisted of cash in the amount of $50,714,311 and non-cash collateral with a value of $64,216,137. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(b) Non-income producing security.

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2025, the market value of securities pledged was $3,763,840. 

(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 December 31, 2025. 

(g) The rate shown represents the annualized seven-day yield as of December 31, 2025.

(h) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| Brighthouse Financial, Inc. | &nbsp;&nbsp; $1171167 | &nbsp;&nbsp; $(254069)<br>| &nbsp;&nbsp; $84066 | &nbsp;&nbsp; $281225 | &nbsp;&nbsp; $1282389 |

---

*See accompanying notes to financial statements.*

**BHFTII-255**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Security Description** | **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| Brighthouse Financial, Inc. | &nbsp;&nbsp; 19,793 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $304441154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $467996748 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(48857765)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(48857765)<br>|
| Investment Companies | &nbsp;&nbsp; (1856546)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1856546)<br>|
| Total Borrowings | &nbsp;&nbsp; $(50714311)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(50714311)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(50714311)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| S&P Midcap 400 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 60 | USD | 19951200 | &nbsp;&nbsp; $(386438)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $386438 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $(347609)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $842405 |

---

*See accompanying notes to financial statements.*

**BHFTII-256**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $18941400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1109294255 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1109294255 |
| Total Investment Companies\* | &nbsp;&nbsp; 23950216 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23950216 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 20924407 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20924407 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16000000 |
| Certificate of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1300797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1300797 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 30414311 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30414311 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 34715108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50715108 |
| Total Investments | &nbsp;&nbsp; $1149244471 | &nbsp;&nbsp; $55639515 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1204883986 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50714311)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50714311)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $(386438)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(386438)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-257**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1203601597 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 1282389 |
| Cash | &nbsp;&nbsp; 23050 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 3181034 |
| Fund shares sold | &nbsp;&nbsp; 255564 |
| Dividends | &nbsp;&nbsp; 1102853 |
| Prepaid expenses | &nbsp;&nbsp; 4334 |
| Total Assets | &nbsp;&nbsp; 1209450821 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 50714311 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2393280 |
| Fund shares redeemed | &nbsp;&nbsp; 457282 |
| Variation margin on futures contracts | &nbsp;&nbsp; 225647 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 244829 |
| Distribution and service fees | &nbsp;&nbsp; 105033 |
| Deferred trustees' fees | &nbsp;&nbsp; 240736 |
| Other expenses | &nbsp;&nbsp; 344776 |
| Total Liabilities | &nbsp;&nbsp; 54725894 |
| **Net Assets**  | &nbsp;&nbsp; $1154724927 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $791685875 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 363039052 |
| **Net Assets**  | &nbsp;&nbsp; $1154724927 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $691348060 |
| Class B | &nbsp;&nbsp; 265180990 |
| Class E | &nbsp;&nbsp; 22975829 |
| Class G | &nbsp;&nbsp; 175220048 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 39329165 |
| Class B | &nbsp;&nbsp; 15552751 |
| Class E | &nbsp;&nbsp; 1328554 |
| Class G | &nbsp;&nbsp; 10461794 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $17.58 |
| Class B | 17.05 |
| Class E | 17.29 |
| Class G | 16.75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $949,523,171.

(b) Includes securities loaned at value of $110,932,716.

(c) Identified cost of affiliated investments was $765,363.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $17226796 |
| Interest | &nbsp;&nbsp; 799971 |
| Securities lending income | &nbsp;&nbsp; 198531 |
| Total investment income | &nbsp;&nbsp; 18225298 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2936609 |
| Administration fees | &nbsp;&nbsp; 68361 |
| Custodian and accounting fees | &nbsp;&nbsp; 67138 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 672248 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 35686 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 505972 |
| Audit and tax services | &nbsp;&nbsp; 50294 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62092 |
| Shareholder reporting | &nbsp;&nbsp; 122710 |
| Insurance | &nbsp;&nbsp; 9608 |
| Miscellaneous | &nbsp;&nbsp; 191093 |
| Total expenses | &nbsp;&nbsp; 4770303 |
| Less management fee waiver | &nbsp;&nbsp; (42464)<br>|
| Net expenses | &nbsp;&nbsp; 4727839 |
| **Net Investment Income** | &nbsp;&nbsp; 13497459 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 97343786 |
| Affiliated investments | &nbsp;&nbsp; 84066 |
| Futures contracts | &nbsp;&nbsp; (347609)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 97080243 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (33363091)<br>|
| Affiliated investments | &nbsp;&nbsp; 281225 |
| Futures contracts | &nbsp;&nbsp; 842405 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (32239461)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 64840782 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $78338241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $12,760.

*See accompanying notes to financial statements.*

**BHFTII-258**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $13497459 | &nbsp;&nbsp; $12607533 |
| Net realized gain (loss) | &nbsp;&nbsp; 97080243 | &nbsp;&nbsp; 91091522 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (32239461)<br>| &nbsp;&nbsp; 15414739 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 78338241 | &nbsp;&nbsp; 119113794 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (62029605)<br>| &nbsp;&nbsp; (35215117)<br>|
| Class B | &nbsp;&nbsp; (22732010)<br>| &nbsp;&nbsp; (18681100)<br>|
| Class E | &nbsp;&nbsp; (2010921)<br>| &nbsp;&nbsp; (1683790)<br>|
| Class G | &nbsp;&nbsp; (14451236)<br>| &nbsp;&nbsp; (11063244)<br>|
| **Total distributions** | &nbsp;&nbsp; (101223772)<br>| &nbsp;&nbsp; (66643251)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (74916255)<br>| &nbsp;&nbsp; 164955078 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (97801786)<br>| &nbsp;&nbsp; 217425621 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1252526713 | &nbsp;&nbsp; 1035101092 |
| End of period | &nbsp;&nbsp; $1154724927 | &nbsp;&nbsp; $1252526713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1960210 | &nbsp;&nbsp; $34014007 | &nbsp;&nbsp; 13937445 | &nbsp;&nbsp; $263703175 |
| Reinvestments | &nbsp;&nbsp; 3845605 | &nbsp;&nbsp; 62029605 | &nbsp;&nbsp; 2091159 | &nbsp;&nbsp; 35215117 |
| Redemptions | &nbsp;&nbsp; (9589093)<br>| &nbsp;&nbsp; (162988585)<br>| &nbsp;&nbsp; (4696019)<br>| &nbsp;&nbsp; (83431547)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3783278)<br>| &nbsp;&nbsp; $(66944973)<br>| &nbsp;&nbsp; 11332585 | &nbsp;&nbsp; $215486745 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 466553 | &nbsp;&nbsp; $7616000 | &nbsp;&nbsp; 470394 | &nbsp;&nbsp; $7941182 |
| Reinvestments | &nbsp;&nbsp; 1451597 | &nbsp;&nbsp; 22732010 | &nbsp;&nbsp; 1139091 | &nbsp;&nbsp; 18681100 |
| Redemptions | &nbsp;&nbsp; (2564332)<br>| &nbsp;&nbsp; (42919530)<br>| &nbsp;&nbsp; (3612866)<br>| &nbsp;&nbsp; (62295674)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (646182)<br>| &nbsp;&nbsp; $(12571520)<br>| &nbsp;&nbsp; (2003381)<br>| &nbsp;&nbsp; $(35673392)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 79077 | &nbsp;&nbsp; $1319600 | &nbsp;&nbsp; 37198 | &nbsp;&nbsp; $643607 |
| Reinvestments | &nbsp;&nbsp; 126632 | &nbsp;&nbsp; 2010921 | &nbsp;&nbsp; 101433 | &nbsp;&nbsp; 1683790 |
| Redemptions | &nbsp;&nbsp; (332324)<br>| &nbsp;&nbsp; (5604032)<br>| &nbsp;&nbsp; (320849)<br>| &nbsp;&nbsp; (5609111)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (126615)<br>| &nbsp;&nbsp; $(2273511)<br>| &nbsp;&nbsp; (182218)<br>| &nbsp;&nbsp; $(3281714)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1049839 | &nbsp;&nbsp; $17185216 | &nbsp;&nbsp; 469761 | &nbsp;&nbsp; $7884775 |
| Reinvestments | &nbsp;&nbsp; 939002 | &nbsp;&nbsp; 14451236 | &nbsp;&nbsp; 685455 | &nbsp;&nbsp; 11063244 |
| Redemptions | &nbsp;&nbsp; (1508390)<br>| &nbsp;&nbsp; (24762703)<br>| &nbsp;&nbsp; (1792378)<br>| &nbsp;&nbsp; (30524580)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 480451 | &nbsp;&nbsp; $6873749 | &nbsp;&nbsp; (637162)<br>| &nbsp;&nbsp; $(11576561)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(74916255)<br>|  | &nbsp;&nbsp; $164955078 |

---

*See accompanying notes to financial statements.*

**BHFTII-259**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.93 | &nbsp;&nbsp; $16.88 | &nbsp;&nbsp; $15.73 | &nbsp;&nbsp; $22.29 | &nbsp;&nbsp; $19.01 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| Total income (loss) from investment operations | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.57 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp; (1.29)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.58 | &nbsp;&nbsp; $17.93 | &nbsp;&nbsp; $16.88 | &nbsp;&nbsp; $15.73 | &nbsp;&nbsp; $22.29 |
| **Total Return (%)** (b) | 7.19 | &nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp;&nbsp;&nbsp;16.08 | &nbsp;&nbsp; (13.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.40 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net ratio of expenses to average net assets (%) (c) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Ratio of net investment income (loss) to average net assets (%) | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 33 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $691.3 | &nbsp;&nbsp; $773.2 | &nbsp;&nbsp; $536.5 | &nbsp;&nbsp; $502.7 | &nbsp;&nbsp; $624.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.44 | &nbsp;&nbsp; $16.44 | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $21.82 | &nbsp;&nbsp; $18.64 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.26 |
| Total income (loss) from investment operations | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.05 | &nbsp;&nbsp; $17.44 | &nbsp;&nbsp; $16.44 | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $21.82 |
| **Total Return (%)** (b) | 6.86 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp; (13.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.07 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net ratio of expenses to average net assets (%) (c) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Ratio of net investment income (loss) to average net assets (%) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 33 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $265.2 | &nbsp;&nbsp; $282.4 | &nbsp;&nbsp; $299.3 | &nbsp;&nbsp; $287.3 | &nbsp;&nbsp; $378.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-260**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.66 | &nbsp;&nbsp; $16.64 | &nbsp;&nbsp; $15.52 | &nbsp;&nbsp; $22.04 | &nbsp;&nbsp; $18.81 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.31 |
| Total income (loss) from investment operations | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp; (3.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp; (1.26)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.29 | &nbsp;&nbsp; $17.66 | &nbsp;&nbsp; $16.64 | &nbsp;&nbsp; $15.52 | &nbsp;&nbsp; $22.04 |
| **Total Return (%)** (b) | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;15.91 | &nbsp;&nbsp; (13.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.23 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net ratio of expenses to average net assets (%) (c) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Ratio of net investment income (loss) to average net assets (%) | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 33 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $23.0 | &nbsp;&nbsp; $25.7 | &nbsp;&nbsp; $27.3 | &nbsp;&nbsp; $26.8 | &nbsp;&nbsp; $35.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.16 | &nbsp;&nbsp; $16.20 | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $21.59 | &nbsp;&nbsp; $18.46 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.23 |
| Total income (loss) from investment operations | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.37 |
| **Less Distributions**  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.75 | &nbsp;&nbsp; $17.16 | &nbsp;&nbsp; $16.20 | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $21.59 |
| **Total Return (%)** (b) | 6.82 | &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp; (13.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.01 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net ratio of expenses to average net assets (%) (c) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Ratio of net investment income (loss) to average net assets (%) | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 33 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $175.2 | &nbsp;&nbsp; $171.2 | &nbsp;&nbsp; $172.0 | &nbsp;&nbsp; $153.9 | &nbsp;&nbsp; $192.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-261**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—97.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 6.8%** | **Australia — 6.8%** | **Australia — 6.8%** |
| ANZ Group Holdings Ltd.  | 206252 | &nbsp;&nbsp; $4987020 |
| APA Group | 93494 | &nbsp;&nbsp; 558839 |
| Aristocrat Leisure Ltd.  | 36966 | &nbsp;&nbsp; 1432471 |
| ASX Ltd.  | 14220 | &nbsp;&nbsp; 487517 |
| BHP Group Ltd.  | 348624 | &nbsp;&nbsp; 10512214 |
| Brambles Ltd.  | 98570 | &nbsp;&nbsp; 1509777 |
| CAR Group Ltd.  | 30249 | &nbsp;&nbsp; 618517 |
| Cochlear Ltd.  | 4027 | &nbsp;&nbsp; 697393 |
| Coles Group Ltd.  | 92253 | &nbsp;&nbsp; 1318972 |
| Commonwealth Bank of Australia | 115826 | &nbsp;&nbsp; 12374165 |
| Computershare Ltd.  | 33865 | &nbsp;&nbsp; 768516 |
| CSL Ltd.  | 32810 | &nbsp;&nbsp; 3777291 |
| Evolution Mining Ltd.  | 152348 | &nbsp;&nbsp; 1280742 |
| Fortescue Ltd.  | 119449 | &nbsp;&nbsp; 1745241 |
| Glencore PLC (a) | 684226 | &nbsp;&nbsp; 3713999 |
| Goodman Group (REIT) | 137108 | &nbsp;&nbsp; 2816732 |
| Insurance Australia Group Ltd.  | 145853 | &nbsp;&nbsp; 774843 |
| Lottery Corp. Ltd.  | 166590 | &nbsp;&nbsp; 572298 |
| Lynas Rare Earths Ltd. (a) | 62726 | &nbsp;&nbsp; 517039 |
| Macquarie Group Ltd.  | 24905 | &nbsp;&nbsp; 3349292 |
| Medibank Pvt Ltd.  | 205958 | &nbsp;&nbsp; 656584 |
| National Australia Bank Ltd.  | 213138 | &nbsp;&nbsp; 5997712 |
| Northern Star Resources Ltd.  | 90151 | &nbsp;&nbsp; 1597938 |
| Origin Energy Ltd.  | 118137 | &nbsp;&nbsp; 904201 |
| Pro Medicus Ltd.  | 3760 | &nbsp;&nbsp; 550164 |
| Qantas Airways Ltd.  | 55657 | &nbsp;&nbsp; 383686 |
| QBE Insurance Group Ltd.  | 108968 | &nbsp;&nbsp; 1442504 |
| REA Group Ltd.  | 3315 | &nbsp;&nbsp; 405459 |
| Rio Tinto Ltd.  | 25081 | &nbsp;&nbsp; 2456040 |
| Rio Tinto PLC | 79405 | &nbsp;&nbsp; 6321687 |
| Santos Ltd.  | 213556 | &nbsp;&nbsp; 875256 |
| Scentre Group (REIT) | 366456 | &nbsp;&nbsp; 1022585 |
| SGH Ltd.  | 17180 | &nbsp;&nbsp; 529061 |
| Sigma Healthcare Ltd.  | 330939 | &nbsp;&nbsp; 648662 |
| Sonic Healthcare Ltd.  | 38529 | &nbsp;&nbsp; 580564 |
| South32 Ltd.  | 316853 | &nbsp;&nbsp; 751665 |
| Stockland (REIT) | 179520 | &nbsp;&nbsp; 683637 |
| Suncorp Group Ltd.  | 68725 | &nbsp;&nbsp; 806667 |
| Telstra Group Ltd.  | 294228 | &nbsp;&nbsp; 953744 |
| Transurban Group | 218557 | &nbsp;&nbsp; 2065401 |
| Vicinity Ltd. (REIT) | 277971 | &nbsp;&nbsp; 472575 |
| Washington H Soul Pattinson & Co. Ltd.  | 27248 | &nbsp;&nbsp; 673317 |
| Wesfarmers Ltd.  | 77170 | &nbsp;&nbsp; 4156573 |
| Westpac Banking Corp.  | 237693 | &nbsp;&nbsp; 6099016 |
| WiseTech Global Ltd.  | 15261 | &nbsp;&nbsp; 691149 |
| Woodside Energy Group Ltd.  | 134961 | &nbsp;&nbsp; 2111722 |
| Woolworths Group Ltd.  | 89639 | &nbsp;&nbsp; 1754273 |
|  |  | &nbsp;&nbsp; 99404720 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Erste Group Bank AG | 21484 | &nbsp;&nbsp; 2583084 |
| OMV AG | 10960 | &nbsp;&nbsp; 609271 |
| Raiffeisen Bank International AG | 9111 | &nbsp;&nbsp; 407166 |
| Verbund AG | 2853 | &nbsp;&nbsp; 208138 |
|  |  | &nbsp;&nbsp; 3807659 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| Ageas SA | 10694 | &nbsp;&nbsp; $749201 |
| Anheuser-Busch InBev SA | 68952 | &nbsp;&nbsp; 4421167 |
| D'ieteren Group | 1814 | &nbsp;&nbsp; 326558 |
| Elia Group SA | 2140 | &nbsp;&nbsp; 275741 |
| Financiere de Tubize SA | 1387 | &nbsp;&nbsp; 339106 |
| Groupe Bruxelles Lambert NV | 6180 | &nbsp;&nbsp; 549715 |
| KBC Group NV | 15695 | &nbsp;&nbsp; 2038784 |
| Lotus Bakeries NV | 34 | &nbsp;&nbsp; 313467 |
| Sofina SA | 950 | &nbsp;&nbsp; 274648 |
| Syensqo SA | 4121 | &nbsp;&nbsp; 330755 |
| UCB SA | 8748 | &nbsp;&nbsp; 2438411 |
|  |  | &nbsp;&nbsp; 12057553 |
| **Brazil — 0.0%** | **Brazil — 0.0%** | **Brazil — 0.0%** |
| Yara International ASA | 11867 | &nbsp;&nbsp; 485895 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Antofagasta PLC | 26108 | &nbsp;&nbsp; 1143418 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| BOC Hong Kong Holdings Ltd.  | 251465 | &nbsp;&nbsp; 1271316 |
| Prosus NV | 89710 | &nbsp;&nbsp; 5537286 |
| SITC International Holdings Co. Ltd.  | 98000 | &nbsp;&nbsp; 350090 |
| Wharf Holdings Ltd.  | 75000 | &nbsp;&nbsp; 209482 |
| Wilmar International Ltd.  | 135200 | &nbsp;&nbsp; 323062 |
| Yangzijiang Shipbuilding Holdings Ltd.  | 188000 | &nbsp;&nbsp; 508765 |
|  |  | &nbsp;&nbsp; 8200001 |
| **Denmark — 1.8%** | **Denmark — 1.8%** | **Denmark — 1.8%** |
| Carlsberg AS - Class B (b) | 5805 | &nbsp;&nbsp; 760513 |
| Coloplast AS - Class B | 7793 | &nbsp;&nbsp; 668506 |
| Danske Bank AS | 46045 | &nbsp;&nbsp; 2295540 |
| Demant AS (a) | 5755 | &nbsp;&nbsp; 194147 |
| DSV AS | 14587 | &nbsp;&nbsp; 3668483 |
| Genmab AS (a) | 4399 | &nbsp;&nbsp; 1358511 |
| Novo Nordisk AS - Class B | 222657 | &nbsp;&nbsp; 11342401 |
| Novonesis (Novozymes) - B Shares | 25326 | &nbsp;&nbsp; 1620866 |
| Orsted AS (a) | 32957 | &nbsp;&nbsp; 632043 |
| Pandora AS | 6213 | &nbsp;&nbsp; 686777 |
| Rockwool AS - B Shares | 5710 | &nbsp;&nbsp; 200858 |
| Tryg AS | 21267 | &nbsp;&nbsp; 556270 |
| Vestas Wind Systems AS | 69290 | &nbsp;&nbsp; 1869573 |
|  |  | &nbsp;&nbsp; 25854488 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| Elisa OYJ | 10776 | &nbsp;&nbsp; 477937 |
| Fortum OYJ | 33990 | &nbsp;&nbsp; 722881 |
| Kesko OYJ - B Shares | 14036 | &nbsp;&nbsp; 317311 |
| Kone OYJ - Class B | 23227 | &nbsp;&nbsp; 1646397 |
| Metso OYJ | 45300 | &nbsp;&nbsp; 789840 |
| Neste OYJ | 26292 | &nbsp;&nbsp; 594592 |
| Nokia OYJ | 366795 | &nbsp;&nbsp; 2374224 |
| Nordea Bank Abp | 218062 | &nbsp;&nbsp; 4107920 |
| Orion OYJ - Class B | 8065 | &nbsp;&nbsp; 601859 |
| Sampo OYJ - A Shares | 169825 | &nbsp;&nbsp; 2057208 |
| Stora Enso OYJ - R Shares (b) | 41742 | &nbsp;&nbsp; 522308 |

---

*See accompanying notes to financial statements.*

**BHFTII-262**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Finland — (Continued)** | **Finland — (Continued)** | **Finland — (Continued)** |
| UPM-Kymmene OYJ | 38881 | &nbsp;&nbsp; $1126020 |
| Wartsila OYJ Abp | 32621 | &nbsp;&nbsp; 1153391 |
|  |  | &nbsp;&nbsp; 16491888 |
| **France — 8.9%** | **France — 8.9%** | **France — 8.9%** |
| Accor SA | 12658 | &nbsp;&nbsp; 716758 |
| Aeroports de Paris SA | 2924 | &nbsp;&nbsp; 381773 |
| Air Liquide SA | 39721 | &nbsp;&nbsp; 7470122 |
| Airbus SE | 41010 | &nbsp;&nbsp; 9506339 |
| Alstom SA (a) | 21673 | &nbsp;&nbsp; 641173 |
| Amundi SA | 5183 | &nbsp;&nbsp; 428383 |
| AXA SA | 120113 | &nbsp;&nbsp; 5773126 |
| BioMerieux | 3497 | &nbsp;&nbsp; 452479 |
| BNP Paribas SA | 69599 | &nbsp;&nbsp; 6581646 |
| Bollore SE | 49465 | &nbsp;&nbsp; 277983 |
| Bouygues SA | 11689 | &nbsp;&nbsp; 605565 |
| Bureau Veritas SA (b) | 21102 | &nbsp;&nbsp; 671575 |
| Capgemini SE | 10623 | &nbsp;&nbsp; 1758181 |
| Carrefour SA | 45789 | &nbsp;&nbsp; 763293 |
| Cie de Saint-Gobain SA | 30813 | &nbsp;&nbsp; 3125926 |
| Cie Generale des Etablissements Michelin SCA | 46503 | &nbsp;&nbsp; 1541236 |
| Covivio SA (REIT) | 3163 | &nbsp;&nbsp; 210074 |
| Credit Agricole SA | 68850 | &nbsp;&nbsp; 1412391 |
| Danone SA | 44885 | &nbsp;&nbsp; 4047365 |
| Dassault Aviation SA | 1308 | &nbsp;&nbsp; 418871 |
| Dassault Systemes SE | 45481 | &nbsp;&nbsp; 1269490 |
| Edenred SE | 14790 | &nbsp;&nbsp; 328358 |
| Eiffage SA | 4800 | &nbsp;&nbsp; 688012 |
| Engie SA | 125626 | &nbsp;&nbsp; 3301052 |
| EssilorLuxottica SA | 20610 | &nbsp;&nbsp; 6512191 |
| FDJ United | 6401 | &nbsp;&nbsp; 177355 |
| Gecina SA (REIT) | 3884 | &nbsp;&nbsp; 368269 |
| Getlink SE | 25538 | &nbsp;&nbsp; 471769 |
| Hermes International SCA | 2227 | &nbsp;&nbsp; 5498739 |
| Ipsen SA | 3184 | &nbsp;&nbsp; 444412 |
| Kering SA | 5313 | &nbsp;&nbsp; 1873559 |
| Klepierre SA (REIT) | 13438 | &nbsp;&nbsp; 531725 |
| Legrand SA | 17626 | &nbsp;&nbsp; 2617658 |
| L'Oreal SA | 16756 | &nbsp;&nbsp; 7192669 |
| LVMH Moet Hennessy Louis Vuitton SE | 17316 | &nbsp;&nbsp; 13046210 |
| Orange SA | 130078 | &nbsp;&nbsp; 2168989 |
| Pernod Ricard SA | 13126 | &nbsp;&nbsp; 1122986 |
| Publicis Groupe SA | 15288 | &nbsp;&nbsp; 1584984 |
| Renault SA | 12566 | &nbsp;&nbsp; 519887 |
| Rexel SA | 13179 | &nbsp;&nbsp; 517694 |
| Safran SA | 25120 | &nbsp;&nbsp; 8735708 |
| Sartorius Stedim Biotech | 2465 | &nbsp;&nbsp; 606141 |
| Societe Generale SA | 49654 | &nbsp;&nbsp; 3997965 |
| Sodexo SA | 7469 | &nbsp;&nbsp; 382394 |
| Thales SA | 6577 | &nbsp;&nbsp; 1775317 |
| TotalEnergies SE | 137516 | &nbsp;&nbsp; 8957284 |
| Unibail-Rodamco-Westfield (REIT) (a) | 7981 | &nbsp;&nbsp; 866867 |
| Veolia Environnement SA | 41478 | &nbsp;&nbsp; 1444243 |
| Vinci SA | 34977 | &nbsp;&nbsp; 4908593 |
|  |  | &nbsp;&nbsp; 128694779 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Germany — 9.1%** | **Germany — 9.1%** | **Germany — 9.1%** |
| adidas AG | 11310 | &nbsp;&nbsp; $2224940 |
| Allianz SE | 26719 | &nbsp;&nbsp; 12247341 |
| BASF SE | 60111 | &nbsp;&nbsp; 3138355 |
| Bayer AG | 69177 | &nbsp;&nbsp; 2982199 |
| Bayerische Motoren Werke AG | 20015 | &nbsp;&nbsp; 2186977 |
| Beiersdorf AG | 6955 | &nbsp;&nbsp; 764881 |
| Brenntag SE | 9903 | &nbsp;&nbsp; 576412 |
| Commerzbank AG | 50081 | &nbsp;&nbsp; 2118882 |
| Continental AG | 8186 | &nbsp;&nbsp; 653074 |
| CTS Eventim AG & Co. KGaA | 3650 | &nbsp;&nbsp; 334827 |
| Daimler Truck Holding AG | 33079 | &nbsp;&nbsp; 1449575 |
| Deutsche Bank AG | 125856 | &nbsp;&nbsp; 4892003 |
| Deutsche Boerse AG | 13379 | &nbsp;&nbsp; 3511903 |
| Deutsche Lufthansa AG | 42214 | &nbsp;&nbsp; 417163 |
| Deutsche Post AG | 66108 | &nbsp;&nbsp; 3618573 |
| Deutsche Telekom AG | 254745 | &nbsp;&nbsp; 8257982 |
| E.ON SE | 159652 | &nbsp;&nbsp; 3024577 |
| Evonik Industries AG | 21638 | &nbsp;&nbsp; 339364 |
| Fresenius Medical Care AG | 13237 | &nbsp;&nbsp; 633780 |
| Fresenius SE & Co. KGaA | 27726 | &nbsp;&nbsp; 1594762 |
| GEA Group AG | 10150 | &nbsp;&nbsp; 688679 |
| Hannover Rueck SE | 4458 | &nbsp;&nbsp; 1391983 |
| Heidelberg Materials AG | 8897 | &nbsp;&nbsp; 2328368 |
| Henkel AG & Co. KGaA | 7448 | &nbsp;&nbsp; 568638 |
| Hensoldt AG (b) | 4553 | &nbsp;&nbsp; 393208 |
| HOCHTIEF AG | 1076 | &nbsp;&nbsp; 425609 |
| Infineon Technologies AG | 89617 | &nbsp;&nbsp; 3968295 |
| Knorr-Bremse AG | 5199 | &nbsp;&nbsp; 581019 |
| LEG Immobilien SE | 6287 | &nbsp;&nbsp; 458852 |
| Mercedes-Benz Group AG | 50642 | &nbsp;&nbsp; 3571472 |
| Merck KGaA | 9517 | &nbsp;&nbsp; 1365209 |
| MTU Aero Engines AG | 3792 | &nbsp;&nbsp; 1580700 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 9053 | &nbsp;&nbsp; 5974592 |
| Nemetschek SE (b) | 4207 | &nbsp;&nbsp; 458436 |
| Rational AG | 432 | &nbsp;&nbsp; 334173 |
| Rheinmetall AG | 3185 | &nbsp;&nbsp; 5836616 |
| RWE AG | 43121 | &nbsp;&nbsp; 2293038 |
| SAP SE | 72308 | &nbsp;&nbsp; 17680918 |
| Scout24 SE | 4878 | &nbsp;&nbsp; 491368 |
| Siemens AG | 52626 | &nbsp;&nbsp; 14769852 |
| Siemens Energy AG (a) | 53665 | &nbsp;&nbsp; 7579513 |
| Siemens Healthineers AG | 21746 | &nbsp;&nbsp; 1140446 |
| Symrise AG | 9551 | &nbsp;&nbsp; 772381 |
| Talanx AG | 4700 | &nbsp;&nbsp; 626981 |
| Vonovia SE | 53072 | &nbsp;&nbsp; 1529205 |
| Zalando SE (a) | 12812 | &nbsp;&nbsp; 380159 |
|  |  | &nbsp;&nbsp; 132157280 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| AIA Group Ltd.  | 724600 | &nbsp;&nbsp; 7441959 |
| CK Asset Holdings Ltd.  | 145940 | &nbsp;&nbsp; 735037 |
| CK Infrastructure Holdings Ltd.  | 53000 | &nbsp;&nbsp; 392209 |
| CLP Holdings Ltd.  | 103377 | &nbsp;&nbsp; 923575 |
| Futu Holdings Ltd. (ADR) (a) | 3600 | &nbsp;&nbsp; 591156 |
| Hang Seng Bank Ltd.  | 53000 | &nbsp;&nbsp; 1045224 |
| Henderson Land Development Co. Ltd.  | 105311 | &nbsp;&nbsp; 379900 |

---

*See accompanying notes to financial statements.*

**BHFTII-263**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| HKT Trust & HKT Ltd.  | 266980 | &nbsp;&nbsp; $394524 |
| Hong Kong & China Gas Co. Ltd. (b) | 775531 | &nbsp;&nbsp; 697775 |
| Hong Kong Exchanges & Clearing Ltd.  | 82300 | &nbsp;&nbsp; 4299730 |
| Hongkong Land Holdings Ltd.  | 63600 | &nbsp;&nbsp; 441413 |
| Link REIT (REIT) (b) | 165849 | &nbsp;&nbsp; 738622 |
| MTR Corp. Ltd.  | 113500 | &nbsp;&nbsp; 433972 |
| Power Assets Holdings Ltd.  | 107049 | &nbsp;&nbsp; 758132 |
| Prudential PLC | 179079 | &nbsp;&nbsp; 2757109 |
| Sino Land Co. Ltd.  | 253600 | &nbsp;&nbsp; 332290 |
| Sun Hung Kai Properties Ltd.  | 98750 | &nbsp;&nbsp; 1197865 |
| Swire Pacific Ltd. - Class A | 24317 | &nbsp;&nbsp; 195549 |
| Techtronic Industries Co. Ltd.  | 94500 | &nbsp;&nbsp; 1085578 |
| WH Group Ltd.  | 577500 | &nbsp;&nbsp; 642880 |
| Wharf Real Estate Investment Co. Ltd.  | 117976 | &nbsp;&nbsp; 371702 |
|  |  | &nbsp;&nbsp; 25856201 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Jardine Matheson Holdings Ltd.  | 12400 | &nbsp;&nbsp; 845725 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| AerCap Holdings NV | 12800 | &nbsp;&nbsp; 1840128 |
| AIB Group PLC | 149400 | &nbsp;&nbsp; 1604381 |
| Bank of Ireland Group PLC | 65400 | &nbsp;&nbsp; 1250393 |
| Kerry Group PLC - Class A | 10402 | &nbsp;&nbsp; 952907 |
| Kingspan Group PLC | 10806 | &nbsp;&nbsp; 933154 |
|  |  | &nbsp;&nbsp; 6580963 |
| **Israel — 0.9%** | **Israel — 0.9%** | **Israel — 0.9%** |
| Azrieli Group Ltd.  | 2906 | &nbsp;&nbsp; 328690 |
| Bank Hapoalim BM | 89575 | &nbsp;&nbsp; 2024925 |
| Bank Leumi Le-Israel BM | 100219 | &nbsp;&nbsp; 2207365 |
| Check Point Software Technologies Ltd. (a) | 5900 | &nbsp;&nbsp; 1094804 |
| Elbit Systems Ltd.  | 1793 | &nbsp;&nbsp; 1033075 |
| ICL Group Ltd.  | 54671 | &nbsp;&nbsp; 313300 |
| Israel Discount Bank Ltd. - Class A | 93151 | &nbsp;&nbsp; 988430 |
| Mizrahi Tefahot Bank Ltd.  | 10046 | &nbsp;&nbsp; 700993 |
| Nice Ltd. (a) | 4931 | &nbsp;&nbsp; 559076 |
| Nova Ltd. (a) | 2100 | &nbsp;&nbsp; 699314 |
| Phoenix Financial Ltd.  | 16194 | &nbsp;&nbsp; 669624 |
| Teva Pharmaceutical Industries Ltd. (ADR) (a) | 82053 | &nbsp;&nbsp; 2560874 |
| Wix.com Ltd. (a) | 3000 | &nbsp;&nbsp; 311670 |
|  |  | &nbsp;&nbsp; 13492140 |
| **Italy — 3.2%** | **Italy — 3.2%** | **Italy — 3.2%** |
| Banca Mediolanum SpA | 17400 | &nbsp;&nbsp; 395950 |
| Banca Monte dei Paschi di Siena SpA | 139728 | &nbsp;&nbsp; 1486547 |
| Banco BPM SpA | 75100 | &nbsp;&nbsp; 1140020 |
| BPER Banca SpA | 100388 | &nbsp;&nbsp; 1356631 |
| Coca-Cola HBC AG | 16517 | &nbsp;&nbsp; 853520 |
| Davide Campari-Milano NV (b) | 51973 | &nbsp;&nbsp; 337234 |
| Enel SpA | 571676 | &nbsp;&nbsp; 5952560 |
| Eni SpA | 146595 | &nbsp;&nbsp; 2778859 |
| Ferrari NV | 8929 | &nbsp;&nbsp; 3322565 |
| FinecoBank Banca Fineco SpA | 42420 | &nbsp;&nbsp; 1100907 |
| Generali | 60400 | &nbsp;&nbsp; 2533731 |
| Intesa Sanpaolo SpA | 991548 | &nbsp;&nbsp; 6862981 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Italy — (Continued)** | **Italy — (Continued)** | **Italy — (Continued)** |
| Leonardo SpA | 27077 | &nbsp;&nbsp; $1550135 |
| Moncler SpA | 15568 | &nbsp;&nbsp; 999932 |
| Poste Italiane SpA | 29702 | &nbsp;&nbsp; 746754 |
| Prysmian SpA | 20086 | &nbsp;&nbsp; 2001536 |
| Recordati Industria Chimica e Farmaceutica SpA | 8827 | &nbsp;&nbsp; 502473 |
| Ryanair Holdings PLC | 58162 | &nbsp;&nbsp; 2018555 |
| Snam SpA | 137329 | &nbsp;&nbsp; 911775 |
| Telecom Italia SpA (a) | 485645 | &nbsp;&nbsp; 291142 |
| Terna - Rete Elettrica Nazionale | 98873 | &nbsp;&nbsp; 1050675 |
| UniCredit SpA | 97122 | &nbsp;&nbsp; 8057511 |
| Unipol Assicurazioni SpA | 28100 | &nbsp;&nbsp; 675499 |
|  |  | &nbsp;&nbsp; 46927492 |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |
| Endeavour Mining PLC | 13436 | &nbsp;&nbsp; 694206 |
| **Japan — 21.6%** | **Japan — 21.6%** | **Japan — 21.6%** |
| Advantest Corp.  | 53400 | &nbsp;&nbsp; 6736914 |
| Aeon Co. Ltd.  | 156300 | &nbsp;&nbsp; 2468780 |
| AGC, Inc.  | 10900 | &nbsp;&nbsp; 361388 |
| Aisin Corp.  | 32799 | &nbsp;&nbsp; 612989 |
| Ajinomoto Co., Inc.  | 65400 | &nbsp;&nbsp; 1382336 |
| ANA Holdings, Inc.  | 8100 | &nbsp;&nbsp; 153748 |
| Asahi Group Holdings Ltd.  | 107400 | &nbsp;&nbsp; 1122726 |
| Asahi Kasei Corp.  | 90000 | &nbsp;&nbsp; 798195 |
| Asics Corp.  | 49000 | &nbsp;&nbsp; 1179656 |
| Astellas Pharma, Inc.  | 133500 | &nbsp;&nbsp; 1782500 |
| Bandai Namco Holdings, Inc.  | 39200 | &nbsp;&nbsp; 1044109 |
| Bridgestone Corp. (b) | 78400 | &nbsp;&nbsp; 1762343 |
| Canon, Inc. (b) | 59600 | &nbsp;&nbsp; 1763123 |
| Capcom Co. Ltd.  | 25800 | &nbsp;&nbsp; 599848 |
| Central Japan Railway Co.  | 56600 | &nbsp;&nbsp; 1568003 |
| Chiba Bank Ltd. (b) | 46700 | &nbsp;&nbsp; 518840 |
| Chubu Electric Power Co., Inc.  | 48900 | &nbsp;&nbsp; 752236 |
| Chugai Pharmaceutical Co. Ltd.  | 45100 | &nbsp;&nbsp; 2369229 |
| Dai Nippon Printing Co. Ltd.  | 32900 | &nbsp;&nbsp; 565909 |
| Daifuku Co. Ltd.  | 23100 | &nbsp;&nbsp; 727688 |
| Dai-ichi Life Holdings, Inc.  | 248400 | &nbsp;&nbsp; 2060891 |
| Daiichi Sankyo Co. Ltd.  | 123799 | &nbsp;&nbsp; 2634862 |
| Daikin Industries Ltd.  | 18900 | &nbsp;&nbsp; 2424625 |
| Daito Trust Construction Co. Ltd.  | 25000 | &nbsp;&nbsp; 476468 |
| Daiwa House Industry Co. Ltd.  | 41700 | &nbsp;&nbsp; 1383912 |
| Daiwa Securities Group, Inc.  | 99300 | &nbsp;&nbsp; 869274 |
| Denso Corp.  | 117200 | &nbsp;&nbsp; 1615620 |
| Disco Corp.  | 6300 | &nbsp;&nbsp; 1941560 |
| East Japan Railway Co.  | 67100 | &nbsp;&nbsp; 1774598 |
| Ebara Corp.  | 32000 | &nbsp;&nbsp; 754264 |
| Eisai Co. Ltd.  | 21300 | &nbsp;&nbsp; 631500 |
| ENEOS Holdings, Inc.  | 190400 | &nbsp;&nbsp; 1344596 |
| FANUC Corp.  | 66600 | &nbsp;&nbsp; 2590315 |
| Fast Retailing Co. Ltd.  | 13200 | &nbsp;&nbsp; 4783803 |
| Fuji Electric Co. Ltd.  | 9800 | &nbsp;&nbsp; 742421 |
| FUJIFILM Holdings Corp.  | 76800 | &nbsp;&nbsp; 1639822 |
| Fujikura Ltd.  | 17000 | &nbsp;&nbsp; 1897374 |
| Fujitsu Ltd.  | 123500 | &nbsp;&nbsp; 3383805 |
| Hankyu Hanshin Holdings, Inc.  | 19400 | &nbsp;&nbsp; 487583 |

---

*See accompanying notes to financial statements.*

**BHFTII-264**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Hikari Tsushin, Inc.  | 1500 | &nbsp;&nbsp; $418882 |
| Hitachi Ltd.  | 314600 | &nbsp;&nbsp; 9753501 |
| Honda Motor Co. Ltd.  | 256000 | &nbsp;&nbsp; 2504270 |
| Hoya Corp.  | 23700 | &nbsp;&nbsp; 3587413 |
| Hulic Co. Ltd. (b) | 38200 | &nbsp;&nbsp; 417328 |
| Idemitsu Kosan Co. Ltd.  | 49440 | &nbsp;&nbsp; 372679 |
| IHI Corp.  | 66200 | &nbsp;&nbsp; 1166465 |
| Inpex Corp. (b) | 58300 | &nbsp;&nbsp; 1152954 |
| Isuzu Motors Ltd.  | 31400 | &nbsp;&nbsp; 489179 |
| ITOCHU Corp.  | 405000 | &nbsp;&nbsp; 5108744 |
| Japan Exchange Group, Inc.  | 65600 | &nbsp;&nbsp; 699702 |
| Japan Post Bank Co. Ltd.  | 116400 | &nbsp;&nbsp; 1635953 |
| Japan Post Holdings Co. Ltd.  | 122900 | &nbsp;&nbsp; 1291529 |
| Japan Post Insurance Co. Ltd.  | 16300 | &nbsp;&nbsp; 488772 |
| Japan Tobacco, Inc. (b) | 81700 | &nbsp;&nbsp; 2938172 |
| JFE Holdings, Inc.  | 32400 | &nbsp;&nbsp; 412006 |
| JX Advanced Metals Corp.  | 38700 | &nbsp;&nbsp; 485300 |
| Kajima Corp.  | 27800 | &nbsp;&nbsp; 1035983 |
| Kansai Electric Power Co., Inc.  | 62500 | &nbsp;&nbsp; 980026 |
| Kao Corp.  | 30400 | &nbsp;&nbsp; 1215668 |
| Kawasaki Heavy Industries Ltd.  | 10800 | &nbsp;&nbsp; 713924 |
| Kawasaki Kisen Kaisha Ltd. (b) | 20000 | &nbsp;&nbsp; 277901 |
| KDDI Corp.  | 203100 | &nbsp;&nbsp; 3510944 |
| Keyence Corp.  | 13500 | &nbsp;&nbsp; 4887838 |
| Kikkoman Corp.  | 48600 | &nbsp;&nbsp; 440412 |
| Kioxia Holdings Corp. (a) | 13100 | &nbsp;&nbsp; 876469 |
| Kirin Holdings Co. Ltd.  | 52800 | &nbsp;&nbsp; 793623 |
| Kobe Bussan Co. Ltd.  | 9200 | &nbsp;&nbsp; 222312 |
| Komatsu Ltd.  | 68200 | &nbsp;&nbsp; 2178689 |
| Konami Group Corp.  | 7100 | &nbsp;&nbsp; 967105 |
| Kubota Corp.  | 63600 | &nbsp;&nbsp; 897484 |
| Kyocera Corp.  | 92000 | &nbsp;&nbsp; 1290638 |
| Kyowa Kirin Co. Ltd. (b) | 15300 | &nbsp;&nbsp; 246139 |
| Lasertec Corp. (b) | 5300 | &nbsp;&nbsp; 1005189 |
| LY Corp.  | 195400 | &nbsp;&nbsp; 519931 |
| M3, Inc.  | 25900 | &nbsp;&nbsp; 350508 |
| Makita Corp.  | 14100 | &nbsp;&nbsp; 425622 |
| Marubeni Corp.  | 95900 | &nbsp;&nbsp; 2666816 |
| MatsukiyoCocokara & Co.  | 24000 | &nbsp;&nbsp; 416367 |
| Minebea Mitsumi, Inc.  | 20500 | &nbsp;&nbsp; 411442 |
| Mitsubishi Chemical Group Corp.  | 98800 | &nbsp;&nbsp; 576667 |
| Mitsubishi Corp.  | 222399 | &nbsp;&nbsp; 5092713 |
| Mitsubishi Electric Corp.  | 134800 | &nbsp;&nbsp; 3951908 |
| Mitsubishi Estate Co. Ltd.  | 72600 | &nbsp;&nbsp; 1767006 |
| Mitsubishi HC Capital, Inc.  | 68400 | &nbsp;&nbsp; 572136 |
| Mitsubishi Heavy Industries Ltd.  | 223600 | &nbsp;&nbsp; 5472734 |
| Mitsubishi UFJ Financial Group, Inc.  | 793888 | &nbsp;&nbsp; 12598736 |
| Mitsui & Co. Ltd.  | 170034 | &nbsp;&nbsp; 5022108 |
| Mitsui Fudosan Co. Ltd.  | 181400 | &nbsp;&nbsp; 2062478 |
| Mitsui OSK Lines Ltd.  | 23600 | &nbsp;&nbsp; 708061 |
| Mizuho Financial Group, Inc.  | 174250 | &nbsp;&nbsp; 6323075 |
| MonotaRO Co. Ltd.  | 21300 | &nbsp;&nbsp; 341865 |
| MS&AD Insurance Group Holdings, Inc.  | 91300 | &nbsp;&nbsp; 2148414 |
| Murata Manufacturing Co. Ltd.  | 118700 | &nbsp;&nbsp; 2462517 |
| NEC Corp.  | 87800 | &nbsp;&nbsp; 2958552 |
| Nexon Co. Ltd. (b) | 25700 | &nbsp;&nbsp; 630048 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| NIDEC Corp.  | 59800 | &nbsp;&nbsp; $809272 |
| Nintendo Co. Ltd.  | 76800 | &nbsp;&nbsp; 5184315 |
| Nippon Building Fund, Inc. (REIT) | 440 | &nbsp;&nbsp; 400870 |
| Nippon Paint Holdings Co. Ltd. (b) | 69100 | &nbsp;&nbsp; 461255 |
| Nippon Sanso Holdings Corp.  | 14700 | &nbsp;&nbsp; 438657 |
| Nippon Steel Corp.  | 349500 | &nbsp;&nbsp; 1428370 |
| Nippon Yusen KK | 27100 | &nbsp;&nbsp; 876828 |
| Nissan Motor Co. Ltd. (a) (b) | 156800 | &nbsp;&nbsp; 389197 |
| Nitori Holdings Co. Ltd. (b) | 23500 | &nbsp;&nbsp; 411095 |
| Nitto Denko Corp.  | 48900 | &nbsp;&nbsp; 1161133 |
| Nomura Holdings, Inc.  | 195500 | &nbsp;&nbsp; 1625163 |
| Nomura Research Institute Ltd.  | 26900 | &nbsp;&nbsp; 1034867 |
| NTT, Inc.  | 2070200 | &nbsp;&nbsp; 2087222 |
| Obayashi Corp.  | 42100 | &nbsp;&nbsp; 878821 |
| Obic Co. Ltd.  | 22000 | &nbsp;&nbsp; 690857 |
| Olympus Corp.  | 85200 | &nbsp;&nbsp; 1084570 |
| Oracle Corp. Japan | 3300 | &nbsp;&nbsp; 277940 |
| Oriental Land Co. Ltd.  | 74700 | &nbsp;&nbsp; 1380844 |
| ORIX Corp.  | 80800 | &nbsp;&nbsp; 2347429 |
| Osaka Gas Co. Ltd.  | 23500 | &nbsp;&nbsp; 815122 |
| Otsuka Corp.  | 19300 | &nbsp;&nbsp; 397047 |
| Otsuka Holdings Co. Ltd.  | 30300 | &nbsp;&nbsp; 1710640 |
| Pan Pacific International Holdings Corp.  | 130000 | &nbsp;&nbsp; 774181 |
| Panasonic Holdings Corp.  | 162800 | &nbsp;&nbsp; 2128327 |
| Rakuten Group, Inc. (a) | 112300 | &nbsp;&nbsp; 720045 |
| Recruit Holdings Co. Ltd.  | 97500 | &nbsp;&nbsp; 5558362 |
| Renesas Electronics Corp. (a) | 115500 | &nbsp;&nbsp; 1580745 |
| Resona Holdings, Inc.  | 154200 | &nbsp;&nbsp; 1461099 |
| Ryohin Keikaku Co. Ltd.  | 36200 | &nbsp;&nbsp; 642735 |
| Sanrio Co. Ltd.  | 14000 | &nbsp;&nbsp; 438933 |
| SBI Holdings, Inc.  | 40822 | &nbsp;&nbsp; 880402 |
| SCREEN Holdings Co. Ltd.  | 5000 | &nbsp;&nbsp; 484442 |
| Secom Co. Ltd.  | 30200 | &nbsp;&nbsp; 1072566 |
| Seibu Holdings, Inc.  | 14600 | &nbsp;&nbsp; 401140 |
| Sekisui Chemical Co. Ltd.  | 32000 | &nbsp;&nbsp; 536500 |
| Sekisui House Ltd.  | 37300 | &nbsp;&nbsp; 832030 |
| Seven & i Holdings Co. Ltd.  | 147200 | &nbsp;&nbsp; 2112511 |
| SG Holdings Co. Ltd.  | 19500 | &nbsp;&nbsp; 178662 |
| Shimadzu Corp.  | 13300 | &nbsp;&nbsp; 353968 |
| Shimano, Inc.  | 5900 | &nbsp;&nbsp; 622501 |
| Shin-Etsu Chemical Co. Ltd.  | 114300 | &nbsp;&nbsp; 3552132 |
| Shionogi & Co. Ltd.  | 52200 | &nbsp;&nbsp; 943883 |
| Shiseido Co. Ltd. (b) | 33900 | &nbsp;&nbsp; 494491 |
| SMC Corp.  | 3700 | &nbsp;&nbsp; 1287463 |
| SoftBank Corp.  | 1966200 | &nbsp;&nbsp; 2697505 |
| SoftBank Group Corp.  | 262400 | &nbsp;&nbsp; 7392698 |
| Sompo Holdings, Inc.  | 59497 | &nbsp;&nbsp; 2024206 |
| Sony Financial Group, Inc. (a) | 421900 | &nbsp;&nbsp; 446142 |
| Sony Group Corp.  | 425900 | &nbsp;&nbsp; 10878779 |
| Subaru Corp.  | 40300 | &nbsp;&nbsp; 864945 |
| Sumitomo Corp.  | 73900 | &nbsp;&nbsp; 2554107 |
| Sumitomo Electric Industries Ltd.  | 49134 | &nbsp;&nbsp; 1988052 |
| Sumitomo Metal Mining Co. Ltd.  | 14900 | &nbsp;&nbsp; 598704 |
| Sumitomo Mitsui Financial Group, Inc.  | 253800 | &nbsp;&nbsp; 8162665 |
| Sumitomo Mitsui Trust Group, Inc.  | 47152 | &nbsp;&nbsp; 1431806 |
| Sumitomo Realty & Development Co. Ltd.  | 39600 | &nbsp;&nbsp; 991744 |

---

*See accompanying notes to financial statements.*

**BHFTII-265**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Suntory Beverage & Food Ltd. (b) | 11800 | &nbsp;&nbsp; $356341 |
| Suzuki Motor Corp.  | 104400 | &nbsp;&nbsp; 1549504 |
| Sysmex Corp.  | 31300 | &nbsp;&nbsp; 308307 |
| T&D Holdings, Inc.  | 33000 | &nbsp;&nbsp; 759939 |
| Taisei Corp.  | 10600 | &nbsp;&nbsp; 1004203 |
| Takeda Pharmaceutical Co. Ltd.  | 107848 | &nbsp;&nbsp; 3348267 |
| TDK Corp.  | 134200 | &nbsp;&nbsp; 1897475 |
| Terumo Corp.  | 91800 | &nbsp;&nbsp; 1336569 |
| TIS, Inc.  | 12300 | &nbsp;&nbsp; 411446 |
| Toho Co. Ltd.  | 6500 | &nbsp;&nbsp; 331226 |
| Tokio Marine Holdings, Inc.  | 125100 | &nbsp;&nbsp; 4641334 |
| Tokyo Electron Ltd.  | 30700 | &nbsp;&nbsp; 6737742 |
| Tokyo Gas Co. Ltd.  | 22700 | &nbsp;&nbsp; 896978 |
| Tokyo Metro Co. Ltd. (b) | 24000 | &nbsp;&nbsp; 244111 |
| Tokyu Corp.  | 42400 | &nbsp;&nbsp; 495804 |
| TOPPAN Holdings, Inc.  | 12700 | &nbsp;&nbsp; 376867 |
| Toray Industries, Inc.  | 89200 | &nbsp;&nbsp; 580954 |
| Toyota Industries Corp.  | 12100 | &nbsp;&nbsp; 1373061 |
| Toyota Motor Corp.  | 656300 | &nbsp;&nbsp; 14030048 |
| Toyota Tsusho Corp.  | 49300 | &nbsp;&nbsp; 1661440 |
| Trend Micro, Inc. (b) | 8200 | &nbsp;&nbsp; 339311 |
| Tsuruha Holdings, Inc.  | 17800 | &nbsp;&nbsp; 326530 |
| Unicharm Corp. (b) | 80100 | &nbsp;&nbsp; 458793 |
| West Japan Railway Co.  | 28500 | &nbsp;&nbsp; 569527 |
| Yamaha Motor Co. Ltd. (b) | 71200 | &nbsp;&nbsp; 525521 |
| Yokogawa Electric Corp.  | 12900 | &nbsp;&nbsp; 413443 |
| Yokohama Financial Group, Inc.  | 75000 | &nbsp;&nbsp; 617750 |
| Zensho Holdings Co. Ltd.  | 8000 | &nbsp;&nbsp; 458205 |
| ZOZO, Inc.  | 30100 | &nbsp;&nbsp; 248776 |
|  |  | &nbsp;&nbsp; 312930207 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| ArcelorMittal SA | 33175 | &nbsp;&nbsp; 1509905 |
| CVC Capital Partners PLC | 17917 | &nbsp;&nbsp; 299836 |
| Eurofins Scientific SE | 8354 | &nbsp;&nbsp; 610589 |
|  |  | &nbsp;&nbsp; 2420330 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Galaxy Entertainment Group Ltd.  | 129000 | &nbsp;&nbsp; 632645 |
| Sands China Ltd.  | 204800 | &nbsp;&nbsp; 516082 |
|  |  | &nbsp;&nbsp; 1148727 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Fresnillo PLC | 15844 | &nbsp;&nbsp; 703979 |
| **Netherlands — 4.4%** | **Netherlands — 4.4%** | **Netherlands — 4.4%** |
| ABN AMRO Bank NV | 41794 | &nbsp;&nbsp; 1457890 |
| Adyen NV (a) | 1679 | &nbsp;&nbsp; 2692191 |
| Akzo Nobel NV | 11505 | &nbsp;&nbsp; 798558 |
| Argenx SE (a) | 4333 | &nbsp;&nbsp; 3644560 |
| ASM International NV | 3245 | &nbsp;&nbsp; 1954899 |
| ASML Holding NV | 26877 | &nbsp;&nbsp; 28710934 |
| ASR Nederland NV | 10316 | &nbsp;&nbsp; 731833 |
| BE Semiconductor Industries NV | 5103 | &nbsp;&nbsp; 793041 |
| Euronext NV | 5623 | &nbsp;&nbsp; 843436 |
| EXOR NV | 6328 | &nbsp;&nbsp; 535949 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Netherlands — (Continued)** | **Netherlands — (Continued)** | **Netherlands — (Continued)** |
| Heineken Holding NV | 8298 | &nbsp;&nbsp; $608297 |
| Heineken NV | 18702 | &nbsp;&nbsp; 1528874 |
| IMCD NV | 4811 | &nbsp;&nbsp; 437404 |
| ING Groep NV | 209120 | &nbsp;&nbsp; 5874863 |
| JDE Peet's NV | 11831 | &nbsp;&nbsp; 442693 |
| Koninklijke Ahold Delhaize NV | 63942 | &nbsp;&nbsp; 2620767 |
| Koninklijke KPN NV | 268759 | &nbsp;&nbsp; 1256494 |
| Koninklijke Philips NV | 55211 | &nbsp;&nbsp; 1493331 |
| Magnum Ice Cream Co. NV (a) | 33860 | &nbsp;&nbsp; 536273 |
| Nebius Group NV (a) (b) | 14700 | &nbsp;&nbsp; 1230464 |
| NN Group NV | 19683 | &nbsp;&nbsp; 1514298 |
| Randstad NV | 9162 | &nbsp;&nbsp; 348094 |
| Universal Music Group NV | 77432 | &nbsp;&nbsp; 2021660 |
| Wolters Kluwer NV | 15600 | &nbsp;&nbsp; 1618659 |
|  |  | &nbsp;&nbsp; 63695462 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Auckland International Airport Ltd.  | 82743 | &nbsp;&nbsp; 396201 |
| Contact Energy Ltd.  | 65300 | &nbsp;&nbsp; 347350 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 41247 | &nbsp;&nbsp; 893878 |
| Infratil Ltd.  | 68400 | &nbsp;&nbsp; 435727 |
| Meridian Energy Ltd.  | 91341 | &nbsp;&nbsp; 293862 |
| Xero Ltd. (a) | 11150 | &nbsp;&nbsp; 842438 |
|  |  | &nbsp;&nbsp; 3209456 |
| **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** |
| Aker BP ASA | 23020 | &nbsp;&nbsp; 585361 |
| DNB Bank ASA | 57425 | &nbsp;&nbsp; 1598130 |
| Equinor ASA | 54975 | &nbsp;&nbsp; 1298812 |
| Gjensidige Forsikring ASA | 14071 | &nbsp;&nbsp; 421254 |
| Kongsberg Gruppen ASA | 31521 | &nbsp;&nbsp; 807542 |
| Mowi ASA | 35261 | &nbsp;&nbsp; 850803 |
| Norsk Hydro ASA | 95900 | &nbsp;&nbsp; 740482 |
| Orkla ASA | 51065 | &nbsp;&nbsp; 569658 |
| Salmar ASA | 4072 | &nbsp;&nbsp; 249274 |
| Telenor ASA | 34161 | &nbsp;&nbsp; 496912 |
|  |  | &nbsp;&nbsp; 7618228 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| InPost SA (a) (b) | 16885 | &nbsp;&nbsp; 206688 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Banco Comercial Portugues SA - Class R | 595778 | &nbsp;&nbsp; 623915 |
| EDP SA | 220044 | &nbsp;&nbsp; 1010773 |
| Galp Energia SGPS SA | 28401 | &nbsp;&nbsp; 483520 |
| Jeronimo Martins SGPS SA | 16393 | &nbsp;&nbsp; 390238 |
|  |  | &nbsp;&nbsp; 2508446 |
| **Singapore — 1.7%** | **Singapore — 1.7%** | **Singapore — 1.7%** |
| CapitaLand Ascendas (REIT) | 280644 | &nbsp;&nbsp; 616572 |
| CapitaLand Integrated Commercial Trust (REIT) | 419585 | &nbsp;&nbsp; 777917 |
| CapitaLand Investment Ltd.  | 170600 | &nbsp;&nbsp; 359514 |
| DBS Group Holdings Ltd.  | 146353 | &nbsp;&nbsp; 6402058 |
| Grab Holdings Ltd. - Class A (a) | 178300 | &nbsp;&nbsp; 889717 |
| Keppel Ltd.  | 93000 | &nbsp;&nbsp; 746162 |
| Oversea-Chinese Banking Corp. Ltd.  | 226864 | &nbsp;&nbsp; 3483224 |

---

*See accompanying notes to financial statements.*

**BHFTII-266**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Singapore — (Continued)** | **Singapore — (Continued)** | **Singapore — (Continued)** |
| Sea Ltd. (ADR) (a) | 26000 | &nbsp;&nbsp; $3316820 |
| Sembcorp Industries Ltd.  | 52000 | &nbsp;&nbsp; 242637 |
| Singapore Airlines Ltd.  | 125640 | &nbsp;&nbsp; 624664 |
| Singapore Exchange Ltd.  | 65000 | &nbsp;&nbsp; 853709 |
| Singapore Technologies Engineering Ltd.  | 100700 | &nbsp;&nbsp; 656698 |
| Singapore Telecommunications Ltd.  | 530520 | &nbsp;&nbsp; 1878780 |
| STMicroelectronics NV | 48850 | &nbsp;&nbsp; 1265185 |
| United Overseas Bank Ltd.  | 85192 | &nbsp;&nbsp; 2318989 |
|  |  | &nbsp;&nbsp; 24432646 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Anglo American PLC | 77766 | &nbsp;&nbsp; 3197793 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Delivery Hero SE (a) | 15606 | &nbsp;&nbsp; 416395 |
| **Spain — 3.6%** | **Spain — 3.6%** | **Spain — 3.6%** |
| Acciona SA | 1647 | &nbsp;&nbsp; 357661 |
| ACS Actividades de Construccion y Servicios SA | 13111 | &nbsp;&nbsp; 1299507 |
| Aena SME SA | 55770 | &nbsp;&nbsp; 1560222 |
| Amadeus IT Group SA | 30609 | &nbsp;&nbsp; 2243699 |
| Banco Bilbao Vizcaya Argentaria SA | 399073 | &nbsp;&nbsp; 9328420 |
| Banco de Sabadell SA | 345943 | &nbsp;&nbsp; 1355720 |
| Banco Santander SA | 1029112 | &nbsp;&nbsp; 12068766 |
| Bankinter SA | 51077 | &nbsp;&nbsp; 845195 |
| CaixaBank SA | 267575 | &nbsp;&nbsp; 3265606 |
| Cellnex Telecom SA (a) | 34446 | &nbsp;&nbsp; 1107303 |
| EDP Renovaveis SA | 17922 | &nbsp;&nbsp; 252646 |
| Endesa SA | 20290 | &nbsp;&nbsp; 729914 |
| Grifols SA | 21632 | &nbsp;&nbsp; 270515 |
| Iberdrola SA | 437513 | &nbsp;&nbsp; 9463983 |
| Industria de Diseno Textil SA | 73881 | &nbsp;&nbsp; 4863466 |
| Mapfre SA | 63973 | &nbsp;&nbsp; 321747 |
| Naturgy Energy Group SA | 13428 | &nbsp;&nbsp; 408604 |
| Redeia Corp. SA | 24256 | &nbsp;&nbsp; 432156 |
| Repsol SA | 77223 | &nbsp;&nbsp; 1445425 |
| Telefonica SA (b) | 257913 | &nbsp;&nbsp; 1058057 |
|  |  | &nbsp;&nbsp; 52678612 |
| **Sweden — 3.2%** | **Sweden — 3.2%** | **Sweden — 3.2%** |
| AddTech AB - B Shares | 19700 | &nbsp;&nbsp; 699137 |
| Alfa Laval AB | 18509 | &nbsp;&nbsp; 934013 |
| Assa Abloy AB - Class B | 69902 | &nbsp;&nbsp; 2706447 |
| Atlas Copco AB - A Shares | 191052 | &nbsp;&nbsp; 3418275 |
| Atlas Copco AB - B Shares | 105670 | &nbsp;&nbsp; 1692412 |
| Beijer Ref AB | 30900 | &nbsp;&nbsp; 496444 |
| Boliden AB (a) | 21534 | &nbsp;&nbsp; 1190105 |
| Epiroc AB - A Shares | 42316 | &nbsp;&nbsp; 956203 |
| Epiroc AB - B Shares | 29020 | &nbsp;&nbsp; 584817 |
| EQT AB | 34329 | &nbsp;&nbsp; 1337627 |
| Essity AB - Class B | 41914 | &nbsp;&nbsp; 1205836 |
| Evolution AB | 10265 | &nbsp;&nbsp; 697662 |
| Fastighets AB Balder - B Shares (a) | 56909 | &nbsp;&nbsp; 419993 |
| H & M Hennes & Mauritz AB - B Shares (b) | 31058 | &nbsp;&nbsp; 623899 |
| Hexagon AB - B Shares | 141287 | &nbsp;&nbsp; 1668921 |
| Industrivarden AB - A Shares | 5923 | &nbsp;&nbsp; 265839 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| Industrivarden AB - C Shares | 11521 | &nbsp;&nbsp; $516007 |
| Indutrade AB | 20334 | &nbsp;&nbsp; 526319 |
| Investment AB Latour - B Shares | 12782 | &nbsp;&nbsp; 310732 |
| Investor AB - B Shares | 126297 | &nbsp;&nbsp; 4501071 |
| L E Lundbergforetagen AB - B Shares | 4748 | &nbsp;&nbsp; 262372 |
| Lifco AB - B Shares | 18022 | &nbsp;&nbsp; 680183 |
| Nibe Industrier AB - B Shares | 112778 | &nbsp;&nbsp; 432105 |
| Saab AB - Class B | 21900 | &nbsp;&nbsp; 1272142 |
| Sagax AB - Class B | 18874 | &nbsp;&nbsp; 404350 |
| Sandvik AB | 76940 | &nbsp;&nbsp; 2488776 |
| Securitas AB - B Shares | 35826 | &nbsp;&nbsp; 570096 |
| Skandinaviska Enskilda Banken AB - Class A | 101254 | &nbsp;&nbsp; 2134674 |
| Skanska AB - B Shares | 25783 | &nbsp;&nbsp; 702667 |
| SKF AB - B Shares | 24851 | &nbsp;&nbsp; 659592 |
| Svenska Cellulosa AB SCA - Class B | 36771 | &nbsp;&nbsp; 487773 |
| Svenska Handelsbanken AB - A Shares | 94364 | &nbsp;&nbsp; 1374318 |
| Swedbank AB - A Shares | 57557 | &nbsp;&nbsp; 1999690 |
| Swedish Orphan Biovitrum AB (a) | 13739 | &nbsp;&nbsp; 493334 |
| Tele2 AB - B Shares | 33741 | &nbsp;&nbsp; 565410 |
| Telefonaktiebolaget LM Ericsson - B Shares | 201129 | &nbsp;&nbsp; 1960837 |
| Telia Co. AB | 165986 | &nbsp;&nbsp; 708206 |
| Trelleborg AB - B Shares | 12900 | &nbsp;&nbsp; 545157 |
| Volvo AB - B Shares | 107603 | &nbsp;&nbsp; 3444495 |
|  |  | &nbsp;&nbsp; 45937936 |
| **Switzerland — 4.8%** | **Switzerland — 4.8%** | **Switzerland — 4.8%** |
| ABB Ltd.  | 109565 | &nbsp;&nbsp; 8097654 |
| Avolta AG | 5960 | &nbsp;&nbsp; 353406 |
| Banque Cantonale Vaudoise | 1980 | &nbsp;&nbsp; 250412 |
| Barry Callebaut AG (b) | 304 | &nbsp;&nbsp; 499515 |
| Belimo Holding AG | 705 | &nbsp;&nbsp; 686339 |
| BKW AG | 1390 | &nbsp;&nbsp; 294919 |
| Chocoladefabriken Lindt & Spruengli AG | 8 | &nbsp;&nbsp; 1171693 |
| Chocoladefabriken Lindt & Spruengli AG (Participation <br> Certificate)<br>| 68 | &nbsp;&nbsp; 994314 |
| Cie Financiere Richemont SA - Class A | 36891 | &nbsp;&nbsp; 7960168 |
| DSM-Firmenich AG | 11460 | &nbsp;&nbsp; 925495 |
| EMS-Chemie Holding AG | 597 | &nbsp;&nbsp; 413011 |
| Galderma Group AG | 10368 | &nbsp;&nbsp; 2104133 |
| Geberit AG | 2269 | &nbsp;&nbsp; 1767153 |
| Givaudan SA | 653 | &nbsp;&nbsp; 2595581 |
| Helvetia Baloise Holding AG | 4891 | &nbsp;&nbsp; 1289170 |
| Julius Baer Group Ltd.  | 14467 | &nbsp;&nbsp; 1130797 |
| Kuehne & Nagel International AG | 3237 | &nbsp;&nbsp; 697138 |
| Logitech International SA | 11035 | &nbsp;&nbsp; 1123621 |
| Lonza Group AG | 4968 | &nbsp;&nbsp; 3360500 |
| Partners Group Holding AG | 1634 | &nbsp;&nbsp; 2006841 |
| Sandoz Group AG | 27588 | &nbsp;&nbsp; 2010271 |
| Schindler Holding AG | 1453 | &nbsp;&nbsp; 514920 |
| Schindler Holding AG (Participation Certificate) | 2905 | &nbsp;&nbsp; 1094573 |
| SGS SA | 12204 | &nbsp;&nbsp; 1398856 |
| Sika AG | 10564 | &nbsp;&nbsp; 2164741 |
| Sonova Holding AG | 3661 | &nbsp;&nbsp; 944418 |
| Straumann Holding AG | 7974 | &nbsp;&nbsp; 933573 |
| Swatch Group AG (Bearer Shares) | 2004 | &nbsp;&nbsp; 425237 |
| Swiss Life Holding AG | 2032 | &nbsp;&nbsp; 2347137 |

---

*See accompanying notes to financial statements.*

**BHFTII-267**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Switzerland — (Continued)** | **Switzerland — (Continued)** | **Switzerland — (Continued)** |
| Swiss Prime Site AG | 5184 | &nbsp;&nbsp; $805392 |
| Swisscom AG | 1897 | &nbsp;&nbsp; 1378277 |
| UBS Group AG | 217508 | &nbsp;&nbsp; 10052852 |
| VAT Group AG | 1830 | &nbsp;&nbsp; 878591 |
| Zurich Insurance Group AG | 10028 | &nbsp;&nbsp; 7609983 |
|  |  | &nbsp;&nbsp; 70280681 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| NMC Health PLC (a) (c) (d) | 7569 | &nbsp;&nbsp; 0 |
| **United Kingdom — 11.0%** | **United Kingdom — 11.0%** | **United Kingdom — 11.0%** |
| 3i Group PLC | 68002 | &nbsp;&nbsp; 2952221 |
| Admiral Group PLC | 17639 | &nbsp;&nbsp; 753508 |
| Ashtead Group PLC | 30790 | &nbsp;&nbsp; 2096130 |
| Associated British Foods PLC | 21481 | &nbsp;&nbsp; 614656 |
| AstraZeneca PLC | 107393 | &nbsp;&nbsp; 19738357 |
| Auto Trader Group PLC | 59486 | &nbsp;&nbsp; 468086 |
| Aviva PLC | 205566 | &nbsp;&nbsp; 1878020 |
| BAE Systems PLC | 210890 | &nbsp;&nbsp; 4837721 |
| Barclays PLC | 967354 | &nbsp;&nbsp; 6127599 |
| Barratt Redrow PLC | 98034 | &nbsp;&nbsp; 501197 |
| British American Tobacco PLC | 151424 | &nbsp;&nbsp; 8563889 |
| BT Group PLC | 428599 | &nbsp;&nbsp; 1057548 |
| Bunzl PLC | 26370 | &nbsp;&nbsp; 734320 |
| Centrica PLC | 341641 | &nbsp;&nbsp; 776225 |
| CK Hutchison Holdings Ltd.  | 183940 | &nbsp;&nbsp; 1253056 |
| Coca-Cola Europacific Partners PLC | 13300 | &nbsp;&nbsp; 1206310 |
| Compass Group PLC | 115402 | &nbsp;&nbsp; 3663614 |
| DCC PLC | 8347 | &nbsp;&nbsp; 517656 |
| Diageo PLC | 150851 | &nbsp;&nbsp; 3242443 |
| Entain PLC | 38151 | &nbsp;&nbsp; 392006 |
| Halma PLC | 26843 | &nbsp;&nbsp; 1269366 |
| Hikma Pharmaceuticals PLC | 11270 | &nbsp;&nbsp; 234958 |
| HSBC Holdings PLC | 1192218 | &nbsp;&nbsp; 18651131 |
| Imperial Brands PLC | 53128 | &nbsp;&nbsp; 2228789 |
| Informa PLC | 87529 | &nbsp;&nbsp; 1036020 |
| InterContinental Hotels Group PLC | 10316 | &nbsp;&nbsp; 1441926 |
| International Consolidated Airlines Group SA | 94165 | &nbsp;&nbsp; 521781 |
| Intertek Group PLC | 10602 | &nbsp;&nbsp; 656098 |
| J Sainsbury PLC (b) | 121320 | &nbsp;&nbsp; 533515 |
| Kingfisher PLC | 132696 | &nbsp;&nbsp; 555212 |
| Land Securities Group PLC (REIT) | 59742 | &nbsp;&nbsp; 496134 |
| Legal & General Group PLC | 383673 | &nbsp;&nbsp; 1344312 |
| Lloyds Banking Group PLC | 4065860 | &nbsp;&nbsp; 5346627 |
| London Stock Exchange Group PLC | 31888 | &nbsp;&nbsp; 3831515 |
| M&G PLC | 166397 | &nbsp;&nbsp; 637638 |
| Marks & Spencer Group PLC | 135168 | &nbsp;&nbsp; 599980 |
| Melrose Industries PLC | 94902 | &nbsp;&nbsp; 745044 |
| National Grid PLC | 349489 | &nbsp;&nbsp; 5374426 |
| NatWest Group PLC | 556734 | &nbsp;&nbsp; 4845362 |
| Next PLC | 8218 | &nbsp;&nbsp; 1508733 |
| Pearson PLC | 37617 | &nbsp;&nbsp; 529737 |
| Phoenix Group Holdings PLC | 59189 | &nbsp;&nbsp; 582211 |
| Reckitt Benckiser Group PLC | 47611 | &nbsp;&nbsp; 3846348 |
| RELX PLC | 125791 | &nbsp;&nbsp; 5077078 |
| Rentokil Initial PLC | 171854 | &nbsp;&nbsp; 1024249 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Rolls-Royce Holdings PLC | 577525 | &nbsp;&nbsp; $8957236 |
| Sage Group PLC | 73116 | &nbsp;&nbsp; 1062400 |
| Schroders PLC | 46238 | &nbsp;&nbsp; 251462 |
| Segro PLC (REIT) | 87696 | &nbsp;&nbsp; 846512 |
| Severn Trent PLC | 17589 | &nbsp;&nbsp; 659794 |
| Smith & Nephew PLC | 56746 | &nbsp;&nbsp; 942650 |
| Smiths Group PLC | 22454 | &nbsp;&nbsp; 706027 |
| Spirax Group PLC | 4091 | &nbsp;&nbsp; 373328 |
| SSE PLC | 83590 | &nbsp;&nbsp; 2445780 |
| Standard Chartered PLC | 133949 | &nbsp;&nbsp; 3264131 |
| Tesco PLC | 470525 | &nbsp;&nbsp; 2795421 |
| Unilever PLC | 150488 | &nbsp;&nbsp; 9817935 |
| United Utilities Group PLC | 45069 | &nbsp;&nbsp; 723466 |
| Vodafone Group PLC | 1316075 | &nbsp;&nbsp; 1744926 |
| Whitbread PLC | 10686 | &nbsp;&nbsp; 364011 |
| Wise PLC - Class A (a) | 40208 | &nbsp;&nbsp; 481914 |
|  |  | &nbsp;&nbsp; 159729745 |
| **United States — 9.2%** | **United States — 9.2%** | **United States — 9.2%** |
| Aegon Ltd.  | 91558 | &nbsp;&nbsp; 706154 |
| Alcon AG | 33513 | &nbsp;&nbsp; 2661549 |
| AP Moller - Maersk AS - Class A (b) | 247 | &nbsp;&nbsp; 568484 |
| AP Moller - Maersk AS - Class B | 278 | &nbsp;&nbsp; 640373 |
| BP PLC | 1089883 | &nbsp;&nbsp; 6313135 |
| Buzzi SpA | 5570 | &nbsp;&nbsp; 338353 |
| CyberArk Software Ltd. (a) | 3495 | &nbsp;&nbsp; 1558980 |
| Experian PLC | 61779 | &nbsp;&nbsp; 2788035 |
| Ferrovial SE | 35735 | &nbsp;&nbsp; 2309678 |
| GSK PLC | 279271 | &nbsp;&nbsp; 6848468 |
| Haleon PLC | 611830 | &nbsp;&nbsp; 3089289 |
| Holcim AG | 34286 | &nbsp;&nbsp; 3360535 |
| Monday.com Ltd. (a) | 3152 | &nbsp;&nbsp; 465109 |
| Nestle SA | 178411 | &nbsp;&nbsp; 17729522 |
| Novartis AG | 131647 | &nbsp;&nbsp; 18182037 |
| Qiagen NV | 16083 | &nbsp;&nbsp; 733601 |
| Roche Holding AG | 48649 | &nbsp;&nbsp; 20101271 |
| Roche Holding AG (Bearer Shares) | 2151 | &nbsp;&nbsp; 908057 |
| Sanofi SA | 76338 | &nbsp;&nbsp; 7401416 |
| Schneider Electric SE | 38349 | &nbsp;&nbsp; 10504811 |
| Shell PLC | 401163 | &nbsp;&nbsp; 14704709 |
| Spotify Technology SA (a) | 10700 | &nbsp;&nbsp; 6213597 |
| Stellantis NV | 145038 | &nbsp;&nbsp; 1600204 |
| Swiss Re AG | 20928 | &nbsp;&nbsp; 3489167 |
| Tenaris SA | 29519 | &nbsp;&nbsp; 569063 |
|  |  | &nbsp;&nbsp; 133785597 |
| Total Common Stocks <br>(Cost $930,881,147) <br>|  | &nbsp;&nbsp; 1407595336 |
| **Investment Companies—0.6%** |  |  |
| **Exchange-Traded Funds — 0.6%** |  |  |
| iShares MSCI EAFE ETF (b) (e) | 97700 | &nbsp;&nbsp; 9382131 |
| Total Investment Companies <br>(Cost $9,056,819) <br>|  | &nbsp;&nbsp; 9382131 |

---

*See accompanying notes to financial statements.*

**BHFTII-268**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Preferred Stocks—0.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| Bayerische Motoren Werke AG | 3561 | &nbsp;&nbsp; $382472 |
| Dr. Ing hc F Porsche AG | 7885 | &nbsp;&nbsp; 422234 |
| Henkel AG & Co. KGaA | 11795 | &nbsp;&nbsp; 963381 |
| Porsche Automobil Holding SE | 8501 | &nbsp;&nbsp; 398391 |
| Sartorius AG (b) | 1463 | &nbsp;&nbsp; 422715 |
| Volkswagen AG | 13957 | &nbsp;&nbsp; 1696418 |
| Total Preferred Stocks <br>(Cost $4,121,212) <br>|  | &nbsp;&nbsp; 4285611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.9%** | **Short-Term Investments—1.9%** | **Short-Term Investments—1.9%** |
| **U.S. Treasury — 1.9%** | **U.S. Treasury — 1.9%** | **U.S. Treasury — 1.9%** |
| U.S. Treasury Bills |  |  |
| 3.265%, 01/02/26 (f) | 1925000 | &nbsp;&nbsp; 1925000 |
| 3.583%, 01/15/26 (f) | 9250000 | &nbsp;&nbsp; 9238178 |
| 3.627%, 01/15/26 (f) | 16300000 | &nbsp;&nbsp; 16279167 |
| Total Short-Term Investments <br>(Cost $27,439,627) <br>|  | &nbsp;&nbsp; 27442345 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—1.1%** | **Securities Lending Reinvestments (g)—1.1%** | **Securities Lending Reinvestments (g)—1.1%** |
| **Short-Term Investment Funds — 0.7%** |  |  |
| AB Government Money Market Portfolio, <br>Institutional Class, 3.610% (h)<br>| 300000 | &nbsp;&nbsp; 300000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 3.640% (h)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 3.650% (h)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I, 3.670% (h)<br>| 1200000 | &nbsp;&nbsp; 1200000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class, 3.710% (h)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 3.610% (h)<br>| 1200000 | &nbsp;&nbsp; 1200000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 3.680% (h)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 3.740% (h)<br>| 1200000 | &nbsp;&nbsp; 1200000 |
|  |  | &nbsp;&nbsp; 10900000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $3,601,621; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $3,673,653<br>| 3600855 | &nbsp;&nbsp; 3600855 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.840%, due on <br> 01/02/26 with a maturity value of $302,352; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 02/15/37 - 02/15/47, and an aggregate <br> market value of $308,334<br>| 302288 | &nbsp;&nbsp; 302288 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $500,109; collateralized <br> by various Common Stock with an aggregate market value of <br> $555,617<br>| 500000 | &nbsp;&nbsp; $500000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $64,392; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $65,667<br>| 64379 | &nbsp;&nbsp; 64379 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 5467522 |
| Total Securities Lending Reinvestments <br>(Cost $16,367,522) <br>|  | &nbsp;&nbsp; 16367522 |
| Total Investments—100.9% <br>(Cost $987,866,327) <br>|  | &nbsp;&nbsp; 1465072945 |
| Other assets and liabilities (net)—(0.9)%  |  | &nbsp;&nbsp; (13577142)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1451495803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $22,820,782 and the collateral received consisted of cash in the amount of $16,367,522 and non-cash collateral with a value of $7,848,040. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2025, these securities represent 0.0% of net assets. 

(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2025, the market value of securities pledged was $4,801,500. 

(f) The rate shown represents current yield to maturity.

(g) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(h) The rate shown represents the annualized seven-day yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.*

**BHFTII-269**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Banks | 14.6 |
| Pharmaceuticals | 8.1 |
| Insurance | 5.8 |
| Semiconductors & Semiconductor Equipment | 3.9 |
| Aerospace & Defense | 3.3 |
| Capital Markets | 3.1 |
| Machinery | 3.1 |
| Oil, Gas & Consumable Fuels | 3.0 |
| Metals & Mining | 2.8 |
| Electrical Equipment | 2.8 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $317234477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $641628058 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(10360005)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(10360005)<br>|
| Investment Companies | &nbsp;&nbsp; (5781021)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5781021)<br>|
| Preferred Stocks | &nbsp;&nbsp; (226496)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (226496)<br>|
| Total Borrowings | &nbsp;&nbsp; $(16367522)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(16367522)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(16367522)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| MSCI EAFE Index Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 196 | USD | 28440580 | &nbsp;&nbsp; $203432 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $203432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

*See accompanying notes to financial statements.*

**BHFTII-270**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $4663052 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $1067767 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $25200373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99404720 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99404720 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 3807659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3807659 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 12057553 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12057553 |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp; 485895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 485895 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 1143418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1143418 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 8200001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8200001 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 25854488 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25854488 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 16491888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16491888 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 128694779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128694779 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 132157280 | &nbsp;&nbsp; — | &nbsp;&nbsp; 132157280 |
| Hong Kong | &nbsp;&nbsp; 591156 | &nbsp;&nbsp; 25265045 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25856201 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 845725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 845725 |
| Ireland | &nbsp;&nbsp; 1840128 | &nbsp;&nbsp; 4740835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6580963 |
| Israel | &nbsp;&nbsp; 3967348 | &nbsp;&nbsp; 9524792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13492140 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 46927492 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46927492 |
| Ivory Coast | &nbsp;&nbsp; — | &nbsp;&nbsp; 694206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 694206 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 312930207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 312930207 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 2420330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2420330 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 1148727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1148727 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp; 703979 | &nbsp;&nbsp; — | &nbsp;&nbsp; 703979 |
| Netherlands | &nbsp;&nbsp; 1766737 | &nbsp;&nbsp; 61928725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63695462 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 3209456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3209456 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 7618228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7618228 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 206688 | &nbsp;&nbsp; — | &nbsp;&nbsp; 206688 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 2508446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2508446 |
| Singapore | &nbsp;&nbsp; 4206537 | &nbsp;&nbsp; 20226109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24432646 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 3197793 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3197793 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 416395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 416395 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 52678612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52678612 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 45937936 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45937936 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 70280681 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70280681 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| United Kingdom | &nbsp;&nbsp; 1206310 | &nbsp;&nbsp; 158523435 | &nbsp;&nbsp; — | &nbsp;&nbsp; 159729745 |

---

*See accompanying notes to financial statements.*

**BHFTII-271**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States | &nbsp;&nbsp; $8237686 | &nbsp;&nbsp; $125547911 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $133785597 |
| Total Common Stocks | &nbsp;&nbsp; 21815902 | &nbsp;&nbsp; 1385779434 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1407595336 |
| Total Investment Companies\* | &nbsp;&nbsp; 9382131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9382131 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4285611 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4285611 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 27442345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27442345 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 10900000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10900000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 5467522 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5467522 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 10900000 | &nbsp;&nbsp; 5467522 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16367522 |
| Total Investments | &nbsp;&nbsp; $42098033 | &nbsp;&nbsp; $1422974912 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1465072945 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16367522)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16367522)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $203432 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-272**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1465072945 |
| Cash | &nbsp;&nbsp; 42494 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 77486 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2480729 |
| Fund shares sold | &nbsp;&nbsp; 45506 |
| Dividends and interest | &nbsp;&nbsp; 4401924 |
| Prepaid expenses | &nbsp;&nbsp; 5654 |
| Total Assets | &nbsp;&nbsp; 1472126738 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 16367522 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 2854053 |
| Variation margin on futures contracts | &nbsp;&nbsp; 158760 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 365654 |
| Distribution and service fees | &nbsp;&nbsp; 101175 |
| Deferred trustees' fees | &nbsp;&nbsp; 241375 |
| Other expenses | &nbsp;&nbsp; 542396 |
| Total Liabilities | &nbsp;&nbsp; 20630935 |
| **Net Assets**  | &nbsp;&nbsp; $1451495803 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $817733540 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 633762263 |
| **Net Assets**  | &nbsp;&nbsp; $1451495803 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $999783531 |
| Class B | &nbsp;&nbsp; 274913520 |
| Class E | &nbsp;&nbsp; 20152668 |
| Class G | &nbsp;&nbsp; 156646084 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 53197393 |
| Class B | &nbsp;&nbsp; 15003009 |
| Class E | &nbsp;&nbsp; 1078655 |
| Class G | &nbsp;&nbsp; 8626932 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $18.79 |
| Class B | 18.32 |
| Class E | 18.68 |
| Class G | 18.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $987,866,327.

(b) Includes securities loaned at value of $22,820,782.

(c) Identified cost of cash denominated in foreign currencies was $77,557.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $41692966 |
| Interest | &nbsp;&nbsp; 950761 |
| Securities lending income | &nbsp;&nbsp; 147119 |
| Total investment income | &nbsp;&nbsp; 42790846 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4356578 |
| Administration fees | &nbsp;&nbsp; 78730 |
| Custodian and accounting fees | &nbsp;&nbsp; 205727 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 679797 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 29262 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 462862 |
| Audit and tax services | &nbsp;&nbsp; 56892 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 112688 |
| Insurance | &nbsp;&nbsp; 10616 |
| Miscellaneous | &nbsp;&nbsp; 300355 |
| Total expenses | &nbsp;&nbsp; 6404092 |
| Less management fee waiver | &nbsp;&nbsp; (70219)<br>|
| Net expenses | &nbsp;&nbsp; 6333873 |
| **Net Investment Income** | &nbsp;&nbsp; 36456973 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 132447495 |
| Futures contracts | &nbsp;&nbsp; 4663052 |
| Foreign currency transactions | &nbsp;&nbsp; 167657 |
| Net realized gain (loss) | &nbsp;&nbsp; 137278204 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 217861415 |
| Futures contracts | &nbsp;&nbsp; 1067767 |
| Foreign currency transactions | &nbsp;&nbsp; 365418 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 219294600 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 356572804 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $393029777 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $4,061,591.

*See accompanying notes to financial statements.*

**BHFTII-273**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $36456973 | &nbsp;&nbsp; $24288512 |
| Net realized gain (loss) | &nbsp;&nbsp; 137278204 | &nbsp;&nbsp; 12086309 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 219294600 | &nbsp;&nbsp; (10126150)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 393029777 | &nbsp;&nbsp; 26248671 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (26345153)<br>| &nbsp;&nbsp; (20264695)<br>|
| Class B | &nbsp;&nbsp; (6518751)<br>| &nbsp;&nbsp; (10931125)<br>|
| Class E | &nbsp;&nbsp; (476312)<br>| &nbsp;&nbsp; (784079)<br>|
| Class G | &nbsp;&nbsp; (3635105)<br>| &nbsp;&nbsp; (6047956)<br>|
| **Total distributions** | &nbsp;&nbsp; (36975321)<br>| &nbsp;&nbsp; (38027855)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (330991067)<br>| &nbsp;&nbsp; 486971743 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 25063389 | &nbsp;&nbsp; 475192559 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1426432414 | &nbsp;&nbsp; 951239855 |
| End of period | &nbsp;&nbsp; $1451495803 | &nbsp;&nbsp; $1426432414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2368557 | &nbsp;&nbsp; $40594890 | &nbsp;&nbsp; 37260885 | &nbsp;&nbsp; $554777744 |
| Reinvestments | &nbsp;&nbsp; 1547894 | &nbsp;&nbsp; 26345153 | &nbsp;&nbsp; 1317600 | &nbsp;&nbsp; 20264695 |
| Redemptions | &nbsp;&nbsp; (18438321)<br>| &nbsp;&nbsp; (311724585)<br>| &nbsp;&nbsp; (4044233)<br>| &nbsp;&nbsp; (62077770)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (14521870)<br>| &nbsp;&nbsp; $(244784542)<br>| &nbsp;&nbsp; 34534252 | &nbsp;&nbsp; $512964669 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 392461 | &nbsp;&nbsp; $6480279 | &nbsp;&nbsp; 873934 | &nbsp;&nbsp; $12864571 |
| Reinvestments | &nbsp;&nbsp; 392459 | &nbsp;&nbsp; 6518751 | &nbsp;&nbsp; 727287 | &nbsp;&nbsp; 10931125 |
| Redemptions | &nbsp;&nbsp; (4044789)<br>| &nbsp;&nbsp; (66450871)<br>| &nbsp;&nbsp; (2924050)<br>| &nbsp;&nbsp; (43949341)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3259869)<br>| &nbsp;&nbsp; $(53451841)<br>| &nbsp;&nbsp; (1322829)<br>| &nbsp;&nbsp; $(20153645)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 43716 | &nbsp;&nbsp; $733745 | &nbsp;&nbsp; 61259 | &nbsp;&nbsp; $927648 |
| Reinvestments | &nbsp;&nbsp; 28134 | &nbsp;&nbsp; 476312 | &nbsp;&nbsp; 51214 | &nbsp;&nbsp; 784079 |
| Redemptions | &nbsp;&nbsp; (264510)<br>| &nbsp;&nbsp; (4416805)<br>| &nbsp;&nbsp; (219176)<br>| &nbsp;&nbsp; (3350412)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (192660)<br>| &nbsp;&nbsp; $(3206748)<br>| &nbsp;&nbsp; (106703)<br>| &nbsp;&nbsp; $(1638685)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 415263 | &nbsp;&nbsp; $6758555 | &nbsp;&nbsp; 630908 | &nbsp;&nbsp; $9311153 |
| Reinvestments | &nbsp;&nbsp; 220711 | &nbsp;&nbsp; 3635105 | &nbsp;&nbsp; 405903 | &nbsp;&nbsp; 6047956 |
| Redemptions | &nbsp;&nbsp; (2457722)<br>| &nbsp;&nbsp; (39941596)<br>| &nbsp;&nbsp; (1317167)<br>| &nbsp;&nbsp; (19559705)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1821748)<br>| &nbsp;&nbsp; $(29547936)<br>| &nbsp;&nbsp; (280356)<br>| &nbsp;&nbsp; $(4200596)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(330991067)<br>|  | &nbsp;&nbsp; $486971743 |

---

*See accompanying notes to financial statements.*

**BHFTII-274**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $14.85 | &nbsp;&nbsp; $12.90 | &nbsp;&nbsp; $16.17 | &nbsp;&nbsp; $14.86 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) | 4.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Total income (loss) from investment operations | 4.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.79 | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $14.85 | &nbsp;&nbsp; $12.90 | &nbsp;&nbsp; $16.17 |
| **Total Return (%)** (b) | 31.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp; (14.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.72 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net ratio of expenses to average net assets (%) (c) | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Ratio of net investment income (loss) to average net assets (%) | 2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $999.8 | &nbsp;&nbsp; $996.8 | &nbsp;&nbsp; $492.6 | &nbsp;&nbsp; $506.7 | &nbsp;&nbsp; $655.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $15.81 | &nbsp;&nbsp; $14.53 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | 3.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Total income (loss) from investment operations | 4.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.32 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $15.81 |
| **Total Return (%)** (b) | 30.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;17.64 | &nbsp;&nbsp; (14.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.48 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net ratio of expenses to average net assets (%) (c) | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) | 2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $274.9 | &nbsp;&nbsp; $262.3 | &nbsp;&nbsp; $284.0 | &nbsp;&nbsp; $277.9 | &nbsp;&nbsp; $357.0 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-275**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $16.08 | &nbsp;&nbsp; $14.78 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) | 4.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Total income (loss) from investment operations | 4.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.26)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.68 | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $16.08 |
| **Total Return (%)** (b) | 30.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;17.76 | &nbsp;&nbsp; (14.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.54 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net ratio of expenses to average net assets (%) (c) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Ratio of net investment income (loss) to average net assets (%) | 2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $20.2 | &nbsp;&nbsp; $18.6 | &nbsp;&nbsp; $20.3 | &nbsp;&nbsp; $21.0 | &nbsp;&nbsp; $26.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $14.38 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.69 | &nbsp;&nbsp; $14.43 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) | 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Total income (loss) from investment operations | 4.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| **Less Distributions**  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.16 | &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $14.38 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.69 |
| **Total Return (%)** (b) | 30.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;17.58 | &nbsp;&nbsp; (14.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net ratio of expenses to average net assets (%) (c) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Ratio of net investment income (loss) to average net assets (%) | 2.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $156.6 | &nbsp;&nbsp; $148.7 | &nbsp;&nbsp; $154.3 | &nbsp;&nbsp; $144.0 | &nbsp;&nbsp; $177.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-276**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—95.5% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| AAR Corp. (a) | 12721 | &nbsp;&nbsp; $1053172 |
| AeroVironment, Inc. (a) (b) | 12280 | &nbsp;&nbsp; 2970409 |
| AerSale Corp. (a) | 11637 | &nbsp;&nbsp; 82739 |
| Archer Aviation, Inc. - Class A (a) | 205463 | &nbsp;&nbsp; 1545082 |
| Astronics Corp. (a) | 10429 | &nbsp;&nbsp; 565669 |
| Byrna Technologies, Inc. (a) (b) | 6061 | &nbsp;&nbsp; 101764 |
| Cadre Holdings, Inc.  | 9314 | &nbsp;&nbsp; 380384 |
| Ducommun, Inc. (a) | 4381 | &nbsp;&nbsp; 416764 |
| Eve Holding, Inc. (a) | 32334 | &nbsp;&nbsp; 129013 |
| Firefly Aerospace, Inc. (a) (b) | 7272 | &nbsp;&nbsp; 162675 |
| Intuitive Machines, Inc. (a) (b) | 35816 | &nbsp;&nbsp; 581294 |
| Kratos Defense & Security Solutions, Inc. (a) | 54124 | &nbsp;&nbsp; 4108553 |
| Mercury Systems, Inc. (a) | 16917 | &nbsp;&nbsp; 1235110 |
| Moog, Inc. - Class A | 9108 | &nbsp;&nbsp; 2218253 |
| National Presto Industries, Inc.  | 1752 | &nbsp;&nbsp; 187043 |
| Park Aerospace Corp.  | 6034 | &nbsp;&nbsp; 128766 |
| Redwire Corp. (a) (b) | 24597 | &nbsp;&nbsp; 186937 |
| Satellogic, Inc. - Class A (a) | 30576 | &nbsp;&nbsp; 57177 |
| V2X, Inc. (a) | 7536 | &nbsp;&nbsp; 411089 |
| Voyager Technologies, Inc. - Class A (a) | 4994 | &nbsp;&nbsp; 130543 |
| VSE Corp.  | 7485 | &nbsp;&nbsp; 1293183 |
|  |  | &nbsp;&nbsp; 17945619 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Forward Air Corp. (a) | 6761 | &nbsp;&nbsp; 169025 |
| Hub Group, Inc. - Class A | 20128 | &nbsp;&nbsp; 857654 |
| Radiant Logistics, Inc. (a) | 4284 | &nbsp;&nbsp; 27118 |
|  |  | &nbsp;&nbsp; 1053797 |
| **Automobile Components — 1.0%** | **Automobile Components — 1.0%** | **Automobile Components — 1.0%** |
| Adient PLC (a) | 26652 | &nbsp;&nbsp; 510919 |
| American Axle & Manufacturing Holdings, Inc. (a) (b) | 31660 | &nbsp;&nbsp; 202941 |
| Cooper-Standard Holdings, Inc. (a) | 5724 | &nbsp;&nbsp; 187919 |
| Dana, Inc. (b) | 38375 | &nbsp;&nbsp; 911790 |
| Dorman Products, Inc. (a) | 8954 | &nbsp;&nbsp; 1103043 |
| Fox Factory Holding Corp. (a) | 13878 | &nbsp;&nbsp; 237453 |
| Garrett Motion, Inc.  | 51788 | &nbsp;&nbsp; 902665 |
| Gentherm, Inc. (a) | 9979 | &nbsp;&nbsp; 362936 |
| Goodyear Tire & Rubber Co. (a) | 89990 | &nbsp;&nbsp; 788312 |
| Holley, Inc. (a) | 26233 | &nbsp;&nbsp; 108342 |
| LCI Industries (b) | 7714 | &nbsp;&nbsp; 936017 |
| Motorcar Parts of America, Inc. (a) | 3715 | &nbsp;&nbsp; 45843 |
| Patrick Industries, Inc. (b) | 10578 | &nbsp;&nbsp; 1146972 |
| Phinia, Inc.  | 13004 | &nbsp;&nbsp; 815221 |
| Solid Power, Inc. (a) | 41144 | &nbsp;&nbsp; 174862 |
| Standard Motor Products, Inc.  | 6963 | &nbsp;&nbsp; 256586 |
| Strattec Security Corp. (a) | 1428 | &nbsp;&nbsp; 108728 |
| Visteon Corp.  | 8930 | &nbsp;&nbsp; 849243 |
| XPEL, Inc. (a) (b) | 8016 | &nbsp;&nbsp; 400079 |
|  |  | &nbsp;&nbsp; 10049871 |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| Faraday Future Intelligent Electric, Inc. (a) (b) | 51833 | &nbsp;&nbsp; 52870 |
| Livewire Group, Inc. (a) (b) | 3996 | &nbsp;&nbsp; 17662 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Automobiles—(Continued)** | **Automobiles—(Continued)** | **Automobiles—(Continued)** |
| Winnebago Industries, Inc.  | 8929 | &nbsp;&nbsp; $361803 |
|  |  | &nbsp;&nbsp; 432335 |
| **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
| 1st Source Corp.  | 5868 | &nbsp;&nbsp; 366691 |
| ACNB Corp.  | 3760 | &nbsp;&nbsp; 181796 |
| Amalgamated Financial Corp.  | 8501 | &nbsp;&nbsp; 272287 |
| Amerant Bancorp, Inc.  | 13198 | &nbsp;&nbsp; 257493 |
| Ameris Bancorp | 21816 | &nbsp;&nbsp; 1620274 |
| Ames National Corp.  | 2972 | &nbsp;&nbsp; 68237 |
| Arrow Financial Corp.  | 5919 | &nbsp;&nbsp; 185857 |
| Associated Banc-Corp.  | 55083 | &nbsp;&nbsp; 1418938 |
| Atlantic Union Bankshares Corp. (b) | 46325 | &nbsp;&nbsp; 1635273 |
| Axos Financial, Inc. (a) | 17677 | &nbsp;&nbsp; 1523050 |
| Banc of California, Inc.  | 41903 | &nbsp;&nbsp; 808309 |
| BancFirst Corp.  | 6731 | &nbsp;&nbsp; 713621 |
| Bancorp, Inc. (a) | 13768 | &nbsp;&nbsp; 929615 |
| Bank First Corp.  | 3141 | &nbsp;&nbsp; 382637 |
| Bank of Hawaii Corp. (b) | 12604 | &nbsp;&nbsp; 861735 |
| Bank of Marin Bancorp | 5192 | &nbsp;&nbsp; 135044 |
| Bank of NT Butterfield & Son Ltd.  | 13358 | &nbsp;&nbsp; 665496 |
| Bank7 Corp.  | 1297 | &nbsp;&nbsp; 53151 |
| BankUnited, Inc.  | 24412 | &nbsp;&nbsp; 1088043 |
| Bankwell Financial Group, Inc.  | 2613 | &nbsp;&nbsp; 119728 |
| Banner Corp.  | 10863 | &nbsp;&nbsp; 680676 |
| Bar Harbor Bankshares | 5292 | &nbsp;&nbsp; 164317 |
| BayCom Corp.  | 4420 | &nbsp;&nbsp; 129948 |
| Beacon Financial Corp.  | 28280 | &nbsp;&nbsp; 745744 |
| Blue Foundry Bancorp (a) | 7608 | &nbsp;&nbsp; 94567 |
| Blue Ridge Bankshares, Inc.  | 24991 | &nbsp;&nbsp; 106712 |
| Bridgewater Bancshares, Inc. (a) | 7665 | &nbsp;&nbsp; 134367 |
| Burke & Herbert Financial Services Corp.  | 4933 | &nbsp;&nbsp; 307375 |
| Business First Bancshares, Inc.  | 10341 | &nbsp;&nbsp; 270314 |
| BV Financial, Inc. (a) | 3166 | &nbsp;&nbsp; 57431 |
| Byline Bancorp, Inc.  | 11001 | &nbsp;&nbsp; 320679 |
| C&F Financial Corp.  | 1140 | &nbsp;&nbsp; 82753 |
| Cadence Bank | 60633 | &nbsp;&nbsp; 2597518 |
| California BanCorp | 8293 | &nbsp;&nbsp; 154830 |
| Camden National Corp.  | 5866 | &nbsp;&nbsp; 254467 |
| Capital Bancorp, Inc.  | 4286 | &nbsp;&nbsp; 120737 |
| Capital City Bank Group, Inc.  | 4571 | &nbsp;&nbsp; 194587 |
| Capitol Federal Financial, Inc.  | 34596 | &nbsp;&nbsp; 235599 |
| Carter Bankshares, Inc. (a) | 6073 | &nbsp;&nbsp; 119395 |
| Cathay General Bancorp (b) | 21364 | &nbsp;&nbsp; 1033804 |
| CB Financial Services, Inc.  | 1770 | &nbsp;&nbsp; 61702 |
| Central Pacific Financial Corp.  | 9591 | &nbsp;&nbsp; 298856 |
| Chemung Financial Corp.  | 1214 | &nbsp;&nbsp; 67741 |
| ChoiceOne Financial Services, Inc.  | 5231 | &nbsp;&nbsp; 154419 |
| Citizens & Northern Corp.  | 5705 | &nbsp;&nbsp; 115070 |
| Citizens Community Bancorp, Inc.  | 3211 | &nbsp;&nbsp; 57220 |
| Citizens Financial Services, Inc.  | 1533 | &nbsp;&nbsp; 87412 |
| City Holding Co.  | 4483 | &nbsp;&nbsp; 534374 |
| Civista Bancshares, Inc.  | 4780 | &nbsp;&nbsp; 106212 |
| CNB Financial Corp.  | 9355 | &nbsp;&nbsp; 244820 |
| Coastal Financial Corp. (a) | 4245 | &nbsp;&nbsp; 486435 |
| Colony Bankcorp, Inc.  | 5248 | &nbsp;&nbsp; 93519 |

---

*See accompanying notes to financial statements.*

**BHFTII-277**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Columbia Financial, Inc. (a) | 8867 | &nbsp;&nbsp; $137793 |
| Commercial Bancgroup, Inc. (a) | 2477 | &nbsp;&nbsp; 60835 |
| Community Financial System, Inc.  | 17442 | &nbsp;&nbsp; 1001869 |
| Community Trust Bancorp, Inc.  | 5520 | &nbsp;&nbsp; 311880 |
| Community West Bancshares | 5299 | &nbsp;&nbsp; 119228 |
| ConnectOne Bancorp, Inc.  | 16661 | &nbsp;&nbsp; 436851 |
| Customers Bancorp, Inc. (a) | 10411 | &nbsp;&nbsp; 761252 |
| CVB Financial Corp.  | 41408 | &nbsp;&nbsp; 770189 |
| Dime Community Bancshares, Inc.  | 13898 | &nbsp;&nbsp; 418191 |
| Eagle Bancorp Montana, Inc.  | 2529 | &nbsp;&nbsp; 50327 |
| Eagle Bancorp, Inc.  | 9251 | &nbsp;&nbsp; 198156 |
| Eagle Financial Services, Inc.  | 1861 | &nbsp;&nbsp; 74059 |
| Eastern Bankshares, Inc.  | 73373 | &nbsp;&nbsp; 1352264 |
| Enterprise Financial Services Corp.  | 12405 | &nbsp;&nbsp; 669870 |
| Equity Bancshares, Inc. - Class A | 4628 | &nbsp;&nbsp; 206640 |
| Esquire Financial Holdings, Inc. (b) | 2403 | &nbsp;&nbsp; 245274 |
| Farmers & Merchants Bancorp, Inc.  | 4130 | &nbsp;&nbsp; 102094 |
| Farmers National Banc Corp.  | 12019 | &nbsp;&nbsp; 160093 |
| FB Bancorp, Inc. (a) | 6972 | &nbsp;&nbsp; 89590 |
| FB Financial Corp.  | 14036 | &nbsp;&nbsp; 783209 |
| Fidelity D&D Bancorp, Inc.  | 1594 | &nbsp;&nbsp; 69387 |
| Financial Institutions, Inc.  | 6714 | &nbsp;&nbsp; 209275 |
| Finwise Bancorp (a) | 3706 | &nbsp;&nbsp; 66486 |
| First BanCorp | 50310 | &nbsp;&nbsp; 1042926 |
| First Bancorp, Inc.  | 3758 | &nbsp;&nbsp; 99362 |
| First Bancorp/Southern Pines NC | 13393 | &nbsp;&nbsp; 680230 |
| First Bank | 7140 | &nbsp;&nbsp; 117524 |
| First Busey Corp.  | 27513 | &nbsp;&nbsp; 654534 |
| First Business Financial Services, Inc.  | 2763 | &nbsp;&nbsp; 150031 |
| First Capital, Inc.  | 1202 | &nbsp;&nbsp; 71158 |
| First Commonwealth Financial Corp.  | 33754 | &nbsp;&nbsp; 569092 |
| First Community Bankshares, Inc.  | 5615 | &nbsp;&nbsp; 189394 |
| First Community Corp.  | 2769 | &nbsp;&nbsp; 82101 |
| First Financial Bancorp | 31614 | &nbsp;&nbsp; 790982 |
| First Financial Bankshares, Inc.  | 43724 | &nbsp;&nbsp; 1306036 |
| First Financial Corp.  | 3977 | &nbsp;&nbsp; 240290 |
| First Foundation, Inc. (a) (b) | 14014 | &nbsp;&nbsp; 86326 |
| First Internet Bancorp | 2669 | &nbsp;&nbsp; 55702 |
| First Interstate BancSystem, Inc. - Class A | 28895 | &nbsp;&nbsp; 999767 |
| First Merchants Corp.  | 19625 | &nbsp;&nbsp; 735545 |
| First Mid Bancshares, Inc.  | 7087 | &nbsp;&nbsp; 276393 |
| First National Corp.  | 2941 | &nbsp;&nbsp; 74231 |
| First Savings Financial Group, Inc.  | 2102 | &nbsp;&nbsp; 66970 |
| First United Corp.  | 2254 | &nbsp;&nbsp; 84390 |
| First Western Financial, Inc. (a) | 2572 | &nbsp;&nbsp; 68955 |
| Firstsun Capital Bancorp (a) | 4714 | &nbsp;&nbsp; 177411 |
| Five Star Bancorp | 4888 | &nbsp;&nbsp; 174893 |
| Flagstar Bank NA | 97808 | &nbsp;&nbsp; 1231403 |
| Flushing Financial Corp.  | 10238 | &nbsp;&nbsp; 155310 |
| Franklin Financial Services Corp.  | 1582 | &nbsp;&nbsp; 79416 |
| FS Bancorp, Inc.  | 2273 | &nbsp;&nbsp; 93579 |
| Fulton Financial Corp.  | 59446 | &nbsp;&nbsp; 1149091 |
| FVCBankcorp, Inc.  | 5186 | &nbsp;&nbsp; 72137 |
| GBank Financial Holdings, Inc. (a) | 3416 | &nbsp;&nbsp; 115768 |
| German American Bancorp, Inc.  | 11888 | &nbsp;&nbsp; 465772 |
| Glacier Bancorp, Inc. (b) | 42354 | &nbsp;&nbsp; 1865694 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Great Southern Bancorp, Inc.  | 2742 | &nbsp;&nbsp; $168798 |
| Greene County Bancorp, Inc.  | 2424 | &nbsp;&nbsp; 53886 |
| Hancock Whitney Corp.  | 27533 | &nbsp;&nbsp; 1753301 |
| Hanmi Financial Corp.  | 10815 | &nbsp;&nbsp; 292329 |
| Hawthorn Bancshares, Inc.  | 2185 | &nbsp;&nbsp; 76213 |
| HBT Financial, Inc.  | 4583 | &nbsp;&nbsp; 118471 |
| Heritage Commerce Corp.  | 19644 | &nbsp;&nbsp; 235924 |
| Heritage Financial Corp.  | 12318 | &nbsp;&nbsp; 291321 |
| Hilltop Holdings, Inc.  | 15214 | &nbsp;&nbsp; 516363 |
| Hingham Institution For Savings (b) | 565 | &nbsp;&nbsp; 160437 |
| Home Bancorp, Inc.  | 2001 | &nbsp;&nbsp; 115658 |
| Home BancShares, Inc.  | 61203 | &nbsp;&nbsp; 1700219 |
| HomeTrust Bancshares, Inc.  | 5432 | &nbsp;&nbsp; 233250 |
| Hope Bancorp, Inc.  | 37037 | &nbsp;&nbsp; 405926 |
| Horizon Bancorp, Inc.  | 16449 | &nbsp;&nbsp; 278975 |
| Independent Bank Corp.  | 23699 | &nbsp;&nbsp; 1441098 |
| International Bancshares Corp.  | 18059 | &nbsp;&nbsp; 1199840 |
| Investar Holding Corp.  | 3059 | &nbsp;&nbsp; 81736 |
| John Marshall Bancorp, Inc.  | 4296 | &nbsp;&nbsp; 85877 |
| Kearny Financial Corp.  | 13318 | &nbsp;&nbsp; 98686 |
| Lakeland Financial Corp.  | 8143 | &nbsp;&nbsp; 464640 |
| LCNB Corp.  | 3768 | &nbsp;&nbsp; 61758 |
| LINKBANCORP, Inc.  | 7910 | &nbsp;&nbsp; 65337 |
| Live Oak Bancshares, Inc.  | 12435 | &nbsp;&nbsp; 427142 |
| MainStreet Bancshares, Inc.  | 2396 | &nbsp;&nbsp; 48783 |
| Mechanics Bancorp - Class A | 15901 | &nbsp;&nbsp; 232632 |
| Mercantile Bank Corp.  | 5361 | &nbsp;&nbsp; 257864 |
| Meridian Corp.  | 3388 | &nbsp;&nbsp; 59561 |
| Metrocity Bankshares, Inc.  | 6644 | &nbsp;&nbsp; 176332 |
| Metropolitan Bank Holding Corp.  | 3182 | &nbsp;&nbsp; 242978 |
| Mid Penn Bancorp, Inc.  | 7267 | &nbsp;&nbsp; 225422 |
| Middlefield Banc Corp.  | 2691 | &nbsp;&nbsp; 92947 |
| Midland States Bancorp, Inc.  | 6845 | &nbsp;&nbsp; 144909 |
| MidWestOne Financial Group, Inc.  | 5766 | &nbsp;&nbsp; 221991 |
| MVB Financial Corp.  | 3791 | &nbsp;&nbsp; 97922 |
| National Bank Holdings Corp. - Class A | 13232 | &nbsp;&nbsp; 502948 |
| National Bankshares, Inc.  | 1983 | &nbsp;&nbsp; 66490 |
| NB Bancorp, Inc.  | 13728 | &nbsp;&nbsp; 272089 |
| NBT Bancorp, Inc.  | 16987 | &nbsp;&nbsp; 705300 |
| Nicolet Bankshares, Inc.  | 4395 | &nbsp;&nbsp; 533114 |
| Northeast Bank | 2685 | &nbsp;&nbsp; 279052 |
| Northeast Community Bancorp, Inc.  | 4595 | &nbsp;&nbsp; 103893 |
| Northfield Bancorp, Inc.  | 12194 | &nbsp;&nbsp; 139377 |
| Northpointe Bancshares, Inc.  | 6999 | &nbsp;&nbsp; 117443 |
| Northrim BanCorp, Inc.  | 7532 | &nbsp;&nbsp; 200427 |
| Northwest Bancshares, Inc.  | 47289 | &nbsp;&nbsp; 567468 |
| Norwood Financial Corp.  | 2522 | &nbsp;&nbsp; 70742 |
| Oak Valley Bancorp | 2317 | &nbsp;&nbsp; 69649 |
| OceanFirst Financial Corp.  | 17922 | &nbsp;&nbsp; 321700 |
| OFG Bancorp | 14067 | &nbsp;&nbsp; 576466 |
| Ohio Valley Banc Corp.  | 1330 | &nbsp;&nbsp; 53173 |
| Old National Bancorp (b) | 113742 | &nbsp;&nbsp; 2537584 |
| Old Second Bancorp, Inc.  | 16472 | &nbsp;&nbsp; 321204 |
| OP Bancorp | 3989 | &nbsp;&nbsp; 56325 |
| Orange County Bancorp, Inc.  | 3668 | &nbsp;&nbsp; 104721 |
| Origin Bancorp, Inc.  | 9567 | &nbsp;&nbsp; 359815 |

---

*See accompanying notes to financial statements.*

**BHFTII-278**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Orrstown Financial Services, Inc.  | 5985 | &nbsp;&nbsp; $211989 |
| Park National Corp.  | 4763 | &nbsp;&nbsp; 724833 |
| Parke Bancorp, Inc.  | 3496 | &nbsp;&nbsp; 87540 |
| Pathward Financial, Inc.  | 7765 | &nbsp;&nbsp; 551315 |
| PCB Bancorp | 4027 | &nbsp;&nbsp; 87185 |
| Peapack-Gladstone Financial Corp.  | 6072 | &nbsp;&nbsp; 169105 |
| Peoples Bancorp of North Carolina, Inc.  | 1433 | &nbsp;&nbsp; 51875 |
| Peoples Bancorp, Inc.  | 12413 | &nbsp;&nbsp; 372762 |
| Peoples Financial Services Corp.  | 3009 | &nbsp;&nbsp; 146568 |
| Pioneer Bancorp, Inc. (a) | 4144 | &nbsp;&nbsp; 55861 |
| Plumas Bancorp | 1875 | &nbsp;&nbsp; 83794 |
| Ponce Financial Group, Inc. (a) | 6376 | &nbsp;&nbsp; 104248 |
| Preferred Bank (b) | 3977 | &nbsp;&nbsp; 375548 |
| Primis Financial Corp.  | 7000 | &nbsp;&nbsp; 97370 |
| Princeton Bancorp, Inc.  | 1758 | &nbsp;&nbsp; 60985 |
| Provident Financial Services, Inc.  | 41527 | &nbsp;&nbsp; 820158 |
| QCR Holdings, Inc.  | 5329 | &nbsp;&nbsp; 443906 |
| RBB Bancorp | 6012 | &nbsp;&nbsp; 124088 |
| Red River Bancshares, Inc.  | 1618 | &nbsp;&nbsp; 115574 |
| Renasant Corp.  | 31233 | &nbsp;&nbsp; 1100026 |
| Republic Bancorp, Inc. - Class A | 2983 | &nbsp;&nbsp; 205797 |
| S&T Bancorp, Inc.  | 12467 | &nbsp;&nbsp; 490576 |
| Seacoast Banking Corp. of Florida | 28694 | &nbsp;&nbsp; 901565 |
| ServisFirst Bancshares, Inc.  | 16771 | &nbsp;&nbsp; 1203990 |
| Shore Bancshares, Inc.  | 10137 | &nbsp;&nbsp; 179222 |
| Sierra Bancorp | 4701 | &nbsp;&nbsp; 153629 |
| Simmons First National Corp. - Class A | 46981 | &nbsp;&nbsp; 885592 |
| SmartFinancial, Inc.  | 5462 | &nbsp;&nbsp; 202039 |
| South Plains Financial, Inc.  | 4696 | &nbsp;&nbsp; 182205 |
| Southern First Bancshares, Inc. (a) | 2574 | &nbsp;&nbsp; 132612 |
| Southern Missouri Bancorp, Inc.  | 3422 | &nbsp;&nbsp; 202309 |
| Southside Bancshares, Inc.  | 10316 | &nbsp;&nbsp; 313503 |
| Stellar Bancorp, Inc. (b) | 16028 | &nbsp;&nbsp; 495906 |
| Stock Yards Bancorp, Inc.  | 8803 | &nbsp;&nbsp; 571755 |
| Texas Capital Bancshares, Inc. (a) | 14756 | &nbsp;&nbsp; 1336008 |
| Third Coast Bancshares, Inc. (a) | 4809 | &nbsp;&nbsp; 182790 |
| Timberland Bancorp, Inc.  | 2592 | &nbsp;&nbsp; 92794 |
| Tompkins Financial Corp.  | 4603 | &nbsp;&nbsp; 333810 |
| Towne Bank | 24101 | &nbsp;&nbsp; 804250 |
| TriCo Bancshares | 10396 | &nbsp;&nbsp; 492459 |
| Triumph Financial, Inc. (a) | 7169 | &nbsp;&nbsp; 448994 |
| TrustCo Bank Corp.  | 6683 | &nbsp;&nbsp; 276208 |
| Trustmark Corp.  | 18116 | &nbsp;&nbsp; 705618 |
| UMB Financial Corp.  | 23597 | &nbsp;&nbsp; 2714599 |
| United Bankshares, Inc.  | 45435 | &nbsp;&nbsp; 1744704 |
| United Community Banks, Inc.  | 39803 | &nbsp;&nbsp; 1242650 |
| Unity Bancorp, Inc.  | 2408 | &nbsp;&nbsp; 124542 |
| Univest Financial Corp.  | 9027 | &nbsp;&nbsp; 295544 |
| USCB Financial Holdings, Inc.  | 3750 | &nbsp;&nbsp; 69075 |
| Valley National Bancorp | 156653 | &nbsp;&nbsp; 1829707 |
| Virginia National Bankshares Corp.  | 1715 | &nbsp;&nbsp; 68343 |
| WaFd, Inc.  | 25298 | &nbsp;&nbsp; 810295 |
| Washington Trust Bancorp, Inc.  | 5188 | &nbsp;&nbsp; 153305 |
| WesBanco, Inc.  | 30785 | &nbsp;&nbsp; 1023293 |
| West BanCorp, Inc.  | 5288 | &nbsp;&nbsp; 117341 |
| Westamerica BanCorp | 8254 | &nbsp;&nbsp; 394789 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Western New England Bancorp, Inc.  | 6070 | &nbsp;&nbsp; $76603 |
| WSFS Financial Corp.  | 18545 | &nbsp;&nbsp; 1024426 |
|  |  | &nbsp;&nbsp; 94073183 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| MGP Ingredients, Inc.  | 4728 | &nbsp;&nbsp; 114890 |
| National Beverage Corp. (a) | 8501 | &nbsp;&nbsp; 271097 |
| Vita Coco Co., Inc. (a) | 15572 | &nbsp;&nbsp; 825472 |
|  |  | &nbsp;&nbsp; 1211459 |
| **Biotechnology — 8.9%** | **Biotechnology — 8.9%** | **Biotechnology — 8.9%** |
| 4D Molecular Therapeutics, Inc. (a) (b) | 14339 | &nbsp;&nbsp; 107542 |
| Abeona Therapeutics, Inc. (a) | 14654 | &nbsp;&nbsp; 77227 |
| Absci Corp. (a) (b) | 31461 | &nbsp;&nbsp; 109799 |
| ACADIA Pharmaceuticals, Inc. (a) | 42204 | &nbsp;&nbsp; 1127269 |
| ADC Therapeutics SA (a) | 29514 | &nbsp;&nbsp; 104184 |
| ADMA Biologics, Inc. (a) | 75298 | &nbsp;&nbsp; 1373436 |
| Agios Pharmaceuticals, Inc. (a) | 19125 | &nbsp;&nbsp; 520582 |
| Akebia Therapeutics, Inc. (a) | 83552 | &nbsp;&nbsp; 134519 |
| Aldeyra Therapeutics, Inc. (a) | 18077 | &nbsp;&nbsp; 93639 |
| Alkermes PLC (a) | 53636 | &nbsp;&nbsp; 1500735 |
| Allogene Therapeutics, Inc. (a) | 17932 | &nbsp;&nbsp; 24567 |
| Altimmune, Inc. (a) | 17842 | &nbsp;&nbsp; 64410 |
| Amicus Therapeutics, Inc. (a) | 96816 | &nbsp;&nbsp; 1378660 |
| AnaptysBio, Inc. (a) | 6032 | &nbsp;&nbsp; 292431 |
| Anavex Life Sciences Corp. (a) | 27727 | &nbsp;&nbsp; 98708 |
| Annexon, Inc. (a) | 22146 | &nbsp;&nbsp; 111173 |
| Apogee Therapeutics, Inc. (a) | 12565 | &nbsp;&nbsp; 948406 |
| Arbutus Biopharma Corp. (a) | 39939 | &nbsp;&nbsp; 192107 |
| Arcellx, Inc. (a) | 11301 | &nbsp;&nbsp; 736825 |
| Arcturus Therapeutics Holdings, Inc. (a) | 8583 | &nbsp;&nbsp; 52614 |
| Arcus Biosciences, Inc. (a) | 25608 | &nbsp;&nbsp; 610239 |
| Arcutis Biotherapeutics, Inc. (a) | 35427 | &nbsp;&nbsp; 1028800 |
| Ardelyx, Inc. (a) | 65579 | &nbsp;&nbsp; 382326 |
| ArriVent Biopharma, Inc. (a) (b) | 9854 | &nbsp;&nbsp; 198262 |
| Arrowhead Pharmaceuticals, Inc. (a) | 43064 | &nbsp;&nbsp; 2859019 |
| ARS Pharmaceuticals, Inc. (a) (b) | 20288 | &nbsp;&nbsp; 236355 |
| Astria Therapeutics, Inc. (a) | 12666 | &nbsp;&nbsp; 165798 |
| Aura Biosciences, Inc. (a) | 15284 | &nbsp;&nbsp; 83298 |
| Aurinia Pharmaceuticals, Inc. (a) | 38900 | &nbsp;&nbsp; 620455 |
| Avidity Biosciences, Inc. (a) | 37563 | &nbsp;&nbsp; 2709419 |
| Beam Therapeutics, Inc. (a) (b) | 32431 | &nbsp;&nbsp; 898987 |
| Benitec Biopharma, Inc. (a) | 5673 | &nbsp;&nbsp; 76415 |
| Bicara Therapeutics, Inc. (a) | 12990 | &nbsp;&nbsp; 218622 |
| BioCryst Pharmaceuticals, Inc. (a) | 68249 | &nbsp;&nbsp; 532342 |
| Biohaven Ltd. (a) | 30945 | &nbsp;&nbsp; 349369 |
| Bridgebio Pharma, Inc. (a) (b) | 51653 | &nbsp;&nbsp; 3950938 |
| Bright Minds Biosciences, Inc. (a) | 1748 | &nbsp;&nbsp; 136414 |
| Candel Therapeutics, Inc. (a) (b) | 15300 | &nbsp;&nbsp; 86445 |
| Capricor Therapeutics, Inc. (a) (b) | 13273 | &nbsp;&nbsp; 383059 |
| Cardiff Oncology, Inc. (a) (b) | 2248 | &nbsp;&nbsp; 6317 |
| CareDx, Inc. (a) | 17021 | &nbsp;&nbsp; 320676 |
| Catalyst Pharmaceuticals, Inc. (a) | 38310 | &nbsp;&nbsp; 894155 |
| Celcuity, Inc. (a) (b) | 10456 | &nbsp;&nbsp; 1042881 |
| Celldex Therapeutics, Inc. (a) | 21331 | &nbsp;&nbsp; 579350 |
| CG oncology, Inc. (a) | 19073 | &nbsp;&nbsp; 791911 |

---

*See accompanying notes to financial statements.*

**BHFTII-279**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Cidara Therapeutics, Inc. (a) | 6367 | &nbsp;&nbsp; $1406407 |
| Cogent Biosciences, Inc. (a) | 45945 | &nbsp;&nbsp; 1631966 |
| Compass Therapeutics, Inc. (a) (b) | 43621 | &nbsp;&nbsp; 234245 |
| Corvus Pharmaceuticals, Inc. (a) | 18880 | &nbsp;&nbsp; 145376 |
| CRISPR Therapeutics AG (a) | 28307 | &nbsp;&nbsp; 1484419 |
| Cullinan Therapeutics, Inc. (a) | 18364 | &nbsp;&nbsp; 190067 |
| Cytokinetics, Inc. (a) (b) | 37835 | &nbsp;&nbsp; 2404036 |
| Day One Biopharmaceuticals, Inc. (a) | 26050 | &nbsp;&nbsp; 242786 |
| Denali Therapeutics, Inc. (a) | 43824 | &nbsp;&nbsp; 723534 |
| Design Therapeutics, Inc. (a) | 8950 | &nbsp;&nbsp; 83951 |
| DiaMedica Therapeutics, Inc. (a) | 11298 | &nbsp;&nbsp; 89932 |
| Dianthus Therapeutics, Inc. (a) | 7992 | &nbsp;&nbsp; 329350 |
| Disc Medicine, Inc. (a) | 8155 | &nbsp;&nbsp; 647589 |
| Dynavax Technologies Corp. (a) | 32941 | &nbsp;&nbsp; 506633 |
| Dyne Therapeutics, Inc. (a) | 40455 | &nbsp;&nbsp; 791300 |
| Editas Medicine, Inc. (a) | 8419 | &nbsp;&nbsp; 17259 |
| Emergent BioSolutions, Inc. (a) | 18466 | &nbsp;&nbsp; 228240 |
| Enanta Pharmaceuticals, Inc. (a) | 9008 | &nbsp;&nbsp; 142056 |
| Entrada Therapeutics, Inc. (a) | 10642 | &nbsp;&nbsp; 109400 |
| Erasca, Inc. (a) | 46214 | &nbsp;&nbsp; 171916 |
| Fennec Pharmaceuticals, Inc. (a) | 7920 | &nbsp;&nbsp; 60984 |
| Foghorn Therapeutics, Inc. (a) | 12001 | &nbsp;&nbsp; 64805 |
| Geron Corp. (a) (b) | 178919 | &nbsp;&nbsp; 236173 |
| Gossamer Bio, Inc. (a) | 49398 | &nbsp;&nbsp; 153134 |
| GRAIL, Inc. (a) (b) | 11468 | &nbsp;&nbsp; 981546 |
| Heron Therapeutics, Inc. (a) | 51999 | &nbsp;&nbsp; 67599 |
| Humacyte, Inc. (a) | 4022 | &nbsp;&nbsp; 3863 |
| Ideaya Biosciences, Inc. (a) | 27246 | &nbsp;&nbsp; 941894 |
| ImmunityBio, Inc. (a) (b) | 96849 | &nbsp;&nbsp; 191761 |
| Immunome, Inc. (a) (b) | 30679 | &nbsp;&nbsp; 658985 |
| Immunovant, Inc. (a) (b) | 22826 | &nbsp;&nbsp; 580237 |
| Inhibrx Biosciences, Inc. (a) | 3158 | &nbsp;&nbsp; 249482 |
| Intellia Therapeutics, Inc. (a) | 33636 | &nbsp;&nbsp; 302388 |
| Iovance Biotherapeutics, Inc. (a) (b) | 100691 | &nbsp;&nbsp; 274886 |
| Ironwood Pharmaceuticals, Inc. (a) | 52620 | &nbsp;&nbsp; 177329 |
| Jade Biosciences, Inc.  | 15370 | &nbsp;&nbsp; 237159 |
| Janux Therapeutics, Inc. (a) (b) | 14413 | &nbsp;&nbsp; 198899 |
| KalVista Pharmaceuticals, Inc. (a) (b) | 12559 | &nbsp;&nbsp; 202828 |
| Keros Therapeutics, Inc. (a) | 9594 | &nbsp;&nbsp; 195334 |
| Kodiak Sciences, Inc. (a) | 11670 | &nbsp;&nbsp; 326293 |
| Krystal Biotech, Inc. (a) | 8194 | &nbsp;&nbsp; 2020149 |
| Kura Oncology, Inc. (a) | 26389 | &nbsp;&nbsp; 274182 |
| Kymera Therapeutics, Inc. (a) (b) | 18389 | &nbsp;&nbsp; 1430848 |
| Larimar Therapeutics, Inc. (a) | 2134 | &nbsp;&nbsp; 8131 |
| Lexeo Therapeutics, Inc. (a) (b) | 21061 | &nbsp;&nbsp; 209136 |
| Madrigal Pharmaceuticals, Inc. (a) | 6036 | &nbsp;&nbsp; 3515004 |
| MannKind Corp. (a) | 92328 | &nbsp;&nbsp; 523500 |
| MapLight Therapeutics, Inc. (a) | 5777 | &nbsp;&nbsp; 101473 |
| MeiraGTx Holdings PLC (a) | 12730 | &nbsp;&nbsp; 101203 |
| MiMedx Group, Inc. (a) | 38705 | &nbsp;&nbsp; 262033 |
| Mineralys Therapeutics, Inc. (a) | 15332 | &nbsp;&nbsp; 556398 |
| Mirum Pharmaceuticals, Inc. (a) | 13310 | &nbsp;&nbsp; 1051357 |
| Monopar Therapeutics, Inc. (a) | 1532 | &nbsp;&nbsp; 100040 |
| Monte Rosa Therapeutics, Inc. (a) | 15812 | &nbsp;&nbsp; 247932 |
| Myriad Genetics, Inc. (a) | 23223 | &nbsp;&nbsp; 142821 |
| Neurogene, Inc. (a) (b) | 3411 | &nbsp;&nbsp; 70267 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Novavax, Inc. (a) (b) | 48909 | &nbsp;&nbsp; $328668 |
| Nurix Therapeutics, Inc. (a) | 32631 | &nbsp;&nbsp; 619010 |
| Nuvalent, Inc. - Class A (a) | 16291 | &nbsp;&nbsp; 1638712 |
| Olema Pharmaceuticals, Inc. (a) | 19924 | &nbsp;&nbsp; 498100 |
| Organogenesis Holdings, Inc. (a) | 14725 | &nbsp;&nbsp; 76275 |
| ORIC Pharmaceuticals, Inc. (a) | 20325 | &nbsp;&nbsp; 166258 |
| Oruka Therapeutics, Inc. (a) (b) | 12595 | &nbsp;&nbsp; 381754 |
| Palvella Therapeutics, Inc. (a) | 2572 | &nbsp;&nbsp; 269211 |
| Perspective Therapeutics, Inc. (a) | 2634 | &nbsp;&nbsp; 7244 |
| Praxis Precision Medicines, Inc. (a) | 7325 | &nbsp;&nbsp; 2158970 |
| Precigen, Inc. (a) (b) | 59037 | &nbsp;&nbsp; 246775 |
| Prime Medicine, Inc. (a) (b) | 33943 | &nbsp;&nbsp; 117782 |
| Protagonist Therapeutics, Inc. (a) | 19241 | &nbsp;&nbsp; 1680509 |
| Protara Therapeutics, Inc. (a) | 1819 | &nbsp;&nbsp; 9695 |
| Prothena Corp. PLC (a) | 14534 | &nbsp;&nbsp; 138800 |
| PTC Therapeutics, Inc. (a) | 25687 | &nbsp;&nbsp; 1951185 |
| Puma Biotechnology, Inc. (a) | 14393 | &nbsp;&nbsp; 85638 |
| Recursion Pharmaceuticals, Inc. - Class A (a) (b) | 124710 | &nbsp;&nbsp; 510064 |
| REGENXBIO, Inc. (a) | 15149 | &nbsp;&nbsp; 218146 |
| Relay Therapeutics, Inc. (a) | 45955 | &nbsp;&nbsp; 388779 |
| Replimune Group, Inc. (a) | 18121 | &nbsp;&nbsp; 176136 |
| Rezolute, Inc. (a) | 25492 | &nbsp;&nbsp; 60161 |
| Rhythm Pharmaceuticals, Inc. (a) | 17214 | &nbsp;&nbsp; 1842587 |
| Rigel Pharmaceuticals, Inc. (a) | 6223 | &nbsp;&nbsp; 266531 |
| Rocket Pharmaceuticals, Inc. (a) | 13831 | &nbsp;&nbsp; 48547 |
| Sana Biotechnology, Inc. (a) | 54906 | &nbsp;&nbsp; 223467 |
| Savara, Inc. (a) | 46313 | &nbsp;&nbsp; 279267 |
| Scholar Rock Holding Corp. (a) | 27523 | &nbsp;&nbsp; 1212388 |
| SELLAS Life Sciences Group, Inc. (a) (b) | 13952 | &nbsp;&nbsp; 52599 |
| Sionna Therapeutics, Inc. (a) | 4849 | &nbsp;&nbsp; 199488 |
| Soleno Therapeutics, Inc. (a) | 15189 | &nbsp;&nbsp; 703251 |
| Solid Biosciences, Inc. (a) | 19575 | &nbsp;&nbsp; 110403 |
| Spyre Therapeutics, Inc. (a) | 22411 | &nbsp;&nbsp; 734184 |
| Stoke Therapeutics, Inc. (a) (b) | 14916 | &nbsp;&nbsp; 473434 |
| Syndax Pharmaceuticals, Inc. (a) | 29756 | &nbsp;&nbsp; 625174 |
| Tango Therapeutics, Inc. (a) (b) | 35194 | &nbsp;&nbsp; 311819 |
| Taysha Gene Therapies, Inc. (a) (b) | 62715 | &nbsp;&nbsp; 344932 |
| Tectonic Therapeutic, Inc. (a) | 4059 | &nbsp;&nbsp; 84671 |
| TG Therapeutics, Inc. (a) | 47172 | &nbsp;&nbsp; 1406197 |
| Tonix Pharmaceuticals Holding Corp. (a) | 2786 | &nbsp;&nbsp; 43517 |
| Travere Therapeutics, Inc. (a) | 26819 | &nbsp;&nbsp; 1024754 |
| TriSalus Life Sciences, Inc. (a) | 10692 | &nbsp;&nbsp; 74630 |
| Twist Bioscience Corp. (a) (b) | 19223 | &nbsp;&nbsp; 609754 |
| Tyra Biosciences, Inc. (a) | 9302 | &nbsp;&nbsp; 244550 |
| Upstream Bio, Inc. (a) (b) | 11081 | &nbsp;&nbsp; 300849 |
| UroGen Pharma Ltd. (a) | 14018 | &nbsp;&nbsp; 328302 |
| Vanda Pharmaceuticals, Inc. (a) | 11583 | &nbsp;&nbsp; 102162 |
| Vaxcyte, Inc. (a) (b) | 37843 | &nbsp;&nbsp; 1746076 |
| Vera Therapeutics, Inc. (a) | 18148 | &nbsp;&nbsp; 919015 |
| Veracyte, Inc. (a) | 25923 | &nbsp;&nbsp; 1091358 |
| Verastem, Inc. (a) | 17642 | &nbsp;&nbsp; 136196 |
| Vericel Corp. (a) | 16689 | &nbsp;&nbsp; 600971 |
| Vir Biotechnology, Inc. (a) | 21674 | &nbsp;&nbsp; 130694 |
| Viridian Therapeutics, Inc. (a) | 25982 | &nbsp;&nbsp; 808560 |
| Voyager Therapeutics, Inc. (a) | 4286 | &nbsp;&nbsp; 16844 |
| Xencor, Inc. (a) | 23992 | &nbsp;&nbsp; 367318 |

---

*See accompanying notes to financial statements.*

**BHFTII-280**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Xenon Pharmaceuticals, Inc. (a) | 24777 | &nbsp;&nbsp; $1110505 |
| XOMA Royalty Corp. (a) | 3457 | &nbsp;&nbsp; 91922 |
| Zenas Biopharma, Inc. (a) | 6057 | &nbsp;&nbsp; 219930 |
| Zymeworks, Inc. (a) | 17249 | &nbsp;&nbsp; 454166 |
|  |  | &nbsp;&nbsp; 87580084 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Groupon, Inc. (a) (b) | 8382 | &nbsp;&nbsp; 147607 |
| Kohl's Corp.  | 34572 | &nbsp;&nbsp; 705614 |
| Savers Value Village, Inc. (a) | 13102 | &nbsp;&nbsp; 122373 |
|  |  | &nbsp;&nbsp; 975594 |
| **Building Products — 1.4%** | **Building Products — 1.4%** | **Building Products — 1.4%** |
| American Woodmark Corp. (a) | 4886 | &nbsp;&nbsp; 263356 |
| Apogee Enterprises, Inc.  | 6681 | &nbsp;&nbsp; 243255 |
| AZZ, Inc.  | 9624 | &nbsp;&nbsp; 1031500 |
| CSW Industrials, Inc. (b) | 5361 | &nbsp;&nbsp; 1573614 |
| Gibraltar Industries, Inc. (a) | 10166 | &nbsp;&nbsp; 502607 |
| Griffon Corp.  | 12718 | &nbsp;&nbsp; 936681 |
| Insteel Industries, Inc.  | 6808 | &nbsp;&nbsp; 215609 |
| Janus International Group, Inc. (a) | 44871 | &nbsp;&nbsp; 293456 |
| JELD-WEN Holding, Inc. (a) | 13184 | &nbsp;&nbsp; 32433 |
| Masterbrand, Inc. (a) (b) | 45688 | &nbsp;&nbsp; 504396 |
| Modine Manufacturing Co. (a) | 16973 | &nbsp;&nbsp; 2266065 |
| Quanex Building Products Corp. (b) | 13830 | &nbsp;&nbsp; 212705 |
| Resideo Technologies, Inc. (a) | 41961 | &nbsp;&nbsp; 1473670 |
| Tecnoglass, Inc.  | 8912 | &nbsp;&nbsp; 448452 |
| UFP Industries, Inc.  | 18911 | &nbsp;&nbsp; 1721847 |
| Zurn Elkay Water Solutions Corp.  | 48756 | &nbsp;&nbsp; 2266667 |
|  |  | &nbsp;&nbsp; 13986313 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| Acadian Asset Management, Inc.  | 8939 | &nbsp;&nbsp; 420133 |
| AlTi Global, Inc. (a) | 5844 | &nbsp;&nbsp; 27116 |
| Artisan Partners Asset Management, Inc. - Class A | 20124 | &nbsp;&nbsp; 819852 |
| Bakkt Holdings, Inc. (a) (b) | 5238 | &nbsp;&nbsp; 52589 |
| BGC Group, Inc. - Class A | 117887 | &nbsp;&nbsp; 1052731 |
| Cohen & Steers, Inc.  | 9062 | &nbsp;&nbsp; 568912 |
| Diamond Hill Investment Group, Inc.  | 716 | &nbsp;&nbsp; 121362 |
| DigitalBridge Group, Inc.  | 57661 | &nbsp;&nbsp; 884520 |
| Donnelley Financial Solutions, Inc. (a) | 8881 | &nbsp;&nbsp; 414654 |
| Forge Global Holdings, Inc. (a) | 4009 | &nbsp;&nbsp; 178641 |
| GCM Grosvenor, Inc. - Class A | 15754 | &nbsp;&nbsp; 178335 |
| Marex Group PLC | 17637 | &nbsp;&nbsp; 676555 |
| Miami International Holdings, Inc. (a) (b) | 7773 | &nbsp;&nbsp; 344966 |
| Moelis & Co. - Class A | 24519 | &nbsp;&nbsp; 1685436 |
| Open Lending Corp. (a) | 38055 | &nbsp;&nbsp; 58985 |
| P10, Inc. - Class A | 20181 | &nbsp;&nbsp; 197976 |
| Patria Investments Ltd. - Class A | 22588 | &nbsp;&nbsp; 358923 |
| Perella Weinberg Partners | 22223 | &nbsp;&nbsp; 384458 |
| Piper Sandler Cos.  | 5647 | &nbsp;&nbsp; 1918342 |
| PJT Partners, Inc. - Class A | 7523 | &nbsp;&nbsp; 1257846 |
| StepStone Group, Inc. - Class A | 22726 | &nbsp;&nbsp; 1458327 |
| StoneX Group, Inc. (a) | 15920 | &nbsp;&nbsp; 1514470 |
| Victory Capital Holdings, Inc. - Class A (b) | 14522 | &nbsp;&nbsp; 916193 |
| Virtus Investment Partners, Inc.  | 2173 | &nbsp;&nbsp; 354525 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
| Webull Corp. (a) (b) | 89279 | &nbsp;&nbsp; $693698 |
| WisdomTree, Inc. (b) | 40345 | &nbsp;&nbsp; 491806 |
|  |  | &nbsp;&nbsp; 17031351 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| AdvanSix, Inc.  | 9088 | &nbsp;&nbsp; 157222 |
| ASP Isotopes, Inc. (a) | 31032 | &nbsp;&nbsp; 166021 |
| Aspen Aerogels, Inc. (a) (b) | 22925 | &nbsp;&nbsp; 64878 |
| Avient Corp.  | 29954 | &nbsp;&nbsp; 935763 |
| Balchem Corp.  | 10815 | &nbsp;&nbsp; 1658588 |
| Cabot Corp.  | 17325 | &nbsp;&nbsp; 1148301 |
| Chemours Co.  | 47345 | &nbsp;&nbsp; 558197 |
| Core Molding Technologies, Inc. (a) | 996 | &nbsp;&nbsp; 19970 |
| Ecovyst, Inc. (a) | 37462 | &nbsp;&nbsp; 364505 |
| Flotek Industries, Inc. (a) (b) | 5204 | &nbsp;&nbsp; 89665 |
| Hawkins, Inc.  | 6304 | &nbsp;&nbsp; 895546 |
| HB Fuller Co.  | 18000 | &nbsp;&nbsp; 1070280 |
| Ingevity Corp. (a) | 12231 | &nbsp;&nbsp; 723831 |
| Innospec, Inc.  | 8314 | &nbsp;&nbsp; 636353 |
| Intrepid Potash, Inc. (a) | 4857 | &nbsp;&nbsp; 134685 |
| Koppers Holdings, Inc.  | 6695 | &nbsp;&nbsp; 181301 |
| LSB Industries, Inc. (a) | 12904 | &nbsp;&nbsp; 109684 |
| Mativ Holdings, Inc.  | 17848 | &nbsp;&nbsp; 216853 |
| Minerals Technologies, Inc.  | 10766 | &nbsp;&nbsp; 656188 |
| Orion SA | 18768 | &nbsp;&nbsp; 99095 |
| Perimeter Solutions, Inc. (a) | 46211 | &nbsp;&nbsp; 1272189 |
| PureCycle Technologies, Inc. (a) (b) | 47118 | &nbsp;&nbsp; 404744 |
| Quaker Chemical Corp.  | 4660 | &nbsp;&nbsp; 639865 |
| Rayonier Advanced Materials, Inc. (a) | 13963 | &nbsp;&nbsp; 82242 |
| Sensient Technologies Corp.  | 14016 | &nbsp;&nbsp; 1316803 |
| Stepan Co.  | 7686 | &nbsp;&nbsp; 364009 |
| Tronox Holdings PLC | 29813 | &nbsp;&nbsp; 124320 |
|  |  | &nbsp;&nbsp; 14091098 |
| **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** |
| ABM Industries, Inc.  | 19814 | &nbsp;&nbsp; 838132 |
| ACCO Brands Corp.  | 17086 | &nbsp;&nbsp; 63731 |
| ACV Auctions, Inc. - Class A (a) | 54790 | &nbsp;&nbsp; 439416 |
| BrightView Holdings, Inc. (a) (b) | 23486 | &nbsp;&nbsp; 297568 |
| Brink's Co.  | 13817 | &nbsp;&nbsp; 1612858 |
| Casella Waste Systems, Inc. - Class A (a) (b) | 20320 | &nbsp;&nbsp; 1990141 |
| Cimpress PLC (a) | 5669 | &nbsp;&nbsp; 377499 |
| CoreCivic, Inc. (a) | 34118 | &nbsp;&nbsp; 651995 |
| Deluxe Corp.  | 15039 | &nbsp;&nbsp; 335821 |
| Ennis, Inc.  | 8460 | &nbsp;&nbsp; 152365 |
| Enviri Corp. (a) | 23895 | &nbsp;&nbsp; 428198 |
| GEO Group, Inc. (a) | 43076 | &nbsp;&nbsp; 694385 |
| Healthcare Services Group, Inc. (a) | 24186 | &nbsp;&nbsp; 462436 |
| HNI Corp.  | 21618 | &nbsp;&nbsp; 908821 |
| Interface, Inc.  | 18871 | &nbsp;&nbsp; 526878 |
| Liquidity Services, Inc. (a) | 7856 | &nbsp;&nbsp; 238115 |
| MillerKnoll, Inc.  | 22640 | &nbsp;&nbsp; 413859 |
| Montrose Environmental Group, Inc. (a) | 11341 | &nbsp;&nbsp; 281597 |
| OPENLANE, Inc. (a) | 35076 | &nbsp;&nbsp; 1044563 |
| Perma-Fix Environmental Services, Inc. (a) | 5784 | &nbsp;&nbsp; 72821 |
| Pitney Bowes, Inc. (b) | 48396 | &nbsp;&nbsp; 511546 |

---

*See accompanying notes to financial statements.*

**BHFTII-281**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** |
| Quad/Graphics, Inc.  | 2622 | &nbsp;&nbsp; $16440 |
| UniFirst Corp.  | 4762 | &nbsp;&nbsp; 918590 |
| Vestis Corp. (b) | 38290 | &nbsp;&nbsp; 255394 |
|  |  | &nbsp;&nbsp; 13533169 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| ADTRAN Holdings, Inc. (a) | 19331 | &nbsp;&nbsp; 167986 |
| Applied Optoelectronics, Inc. (a) (b) | 19405 | &nbsp;&nbsp; 676458 |
| Aviat Networks, Inc. (a) | 3369 | &nbsp;&nbsp; 72029 |
| BK Technologies Corp. (a) | 1022 | &nbsp;&nbsp; 76231 |
| Calix, Inc. (a) | 19435 | &nbsp;&nbsp; 1028695 |
| Clearfield, Inc. (a) | 4399 | &nbsp;&nbsp; 128231 |
| CommScope Holding Co., Inc. (a) | 70912 | &nbsp;&nbsp; 1285635 |
| Digi International, Inc. (a) | 11748 | &nbsp;&nbsp; 508571 |
| Extreme Networks, Inc. (a) | 42723 | &nbsp;&nbsp; 711338 |
| Harmonic, Inc. (a) | 36707 | &nbsp;&nbsp; 363032 |
| NETGEAR, Inc. (a) | 9591 | &nbsp;&nbsp; 235267 |
| NetScout Systems, Inc. (a) | 23085 | &nbsp;&nbsp; 624680 |
| Ribbon Communications, Inc. (a) | 15594 | &nbsp;&nbsp; 44911 |
| Viasat, Inc. (a) (b) | 40162 | &nbsp;&nbsp; 1383982 |
| Viavi Solutions, Inc. (a) | 70541 | &nbsp;&nbsp; 1257041 |
|  |  | &nbsp;&nbsp; 8564087 |
| **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** |
| Ameresco, Inc. - Class A (a) | 10964 | &nbsp;&nbsp; 321136 |
| Arcosa, Inc.  | 16018 | &nbsp;&nbsp; 1703034 |
| Argan, Inc.  | 4387 | &nbsp;&nbsp; 1374535 |
| Bowman Consulting Group Ltd. (a) | 5271 | &nbsp;&nbsp; 174048 |
| Centuri Holdings, Inc. (a) | 25640 | &nbsp;&nbsp; 647410 |
| Concrete Pumping Holdings, Inc.  | 7706 | &nbsp;&nbsp; 51707 |
| Construction Partners, Inc. - Class A (a) | 15437 | &nbsp;&nbsp; 1675686 |
| Dycom Industries, Inc. (a) | 9101 | &nbsp;&nbsp; 3075228 |
| Fluor Corp. (a) | 52301 | &nbsp;&nbsp; 2072689 |
| Granite Construction, Inc. (b) | 14392 | &nbsp;&nbsp; 1660117 |
| Great Lakes Dredge & Dock Corp. (a) | 21755 | &nbsp;&nbsp; 285426 |
| IES Holdings, Inc. (a) | 2989 | &nbsp;&nbsp; 1162781 |
| Legence Corp. - Class A (a) | 12156 | &nbsp;&nbsp; 523194 |
| Limbach Holdings, Inc. (a) | 3683 | &nbsp;&nbsp; 286721 |
| Matrix Service Co. (a) | 8744 | &nbsp;&nbsp; 102305 |
| MYR Group, Inc. (a) | 5088 | &nbsp;&nbsp; 1111728 |
| NWPX Infrastructure, Inc. (a) | 3497 | &nbsp;&nbsp; 218527 |
| Orion Group Holdings, Inc. (a) | 8105 | &nbsp;&nbsp; 80564 |
| Primoris Services Corp.  | 17510 | &nbsp;&nbsp; 2173691 |
| Sterling Infrastructure, Inc. (a) | 9686 | &nbsp;&nbsp; 2966144 |
| Tutor Perini Corp.  | 14391 | &nbsp;&nbsp; 964485 |
|  |  | &nbsp;&nbsp; 22631156 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Knife River Corp. (a) (b) | 18635 | &nbsp;&nbsp; 1310972 |
| Titan America SA (a) | 9226 | &nbsp;&nbsp; 152044 |
| U.S. Lime & Minerals, Inc.  | 3413 | &nbsp;&nbsp; 408673 |
|  |  | &nbsp;&nbsp; 1871689 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Atlanticus Holdings Corp. (a) | 1823 | &nbsp;&nbsp; 122050 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Consumer Finance—(Continued)** | **Consumer Finance—(Continued)** | **Consumer Finance—(Continued)** |
| Bread Financial Holdings, Inc.  | 14884 | &nbsp;&nbsp; $1101862 |
| Dave, Inc. (a) | 3391 | &nbsp;&nbsp; 750801 |
| Encore Capital Group, Inc. (a) | 7522 | &nbsp;&nbsp; 408821 |
| Enova International, Inc. (a) | 7840 | &nbsp;&nbsp; 1232448 |
| FirstCash Holdings, Inc.  | 12814 | &nbsp;&nbsp; 2042295 |
| Green Dot Corp. - Class A (a) | 17589 | &nbsp;&nbsp; 225315 |
| Jefferson Capital, Inc.  | 4395 | &nbsp;&nbsp; 98184 |
| LendingClub Corp. (a) | 36856 | &nbsp;&nbsp; 698053 |
| LendingTree, Inc. (a) | 3966 | &nbsp;&nbsp; 210555 |
| Medallion Financial Corp.  | 5511 | &nbsp;&nbsp; 56708 |
| Navient Corp. (b) | 20467 | &nbsp;&nbsp; 266071 |
| Nelnet, Inc. - Class A | 3647 | &nbsp;&nbsp; 484905 |
| NerdWallet, Inc. - Class A (a) | 14569 | &nbsp;&nbsp; 197410 |
| Oportun Financial Corp. (a) | 4764 | &nbsp;&nbsp; 25202 |
| OppFi, Inc.  | 9147 | &nbsp;&nbsp; 95678 |
| PRA Group, Inc. (a) | 10106 | &nbsp;&nbsp; 178775 |
| PROG Holdings, Inc.  | 13551 | &nbsp;&nbsp; 399619 |
| Regional Management Corp.  | 3196 | &nbsp;&nbsp; 123845 |
| Upstart Holdings, Inc. (a) (b) | 27623 | &nbsp;&nbsp; 1207954 |
| World Acceptance Corp. (a) | 925 | &nbsp;&nbsp; 129861 |
|  |  | &nbsp;&nbsp; 10056412 |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| Andersons, Inc.  | 10798 | &nbsp;&nbsp; 574130 |
| Chefs' Warehouse, Inc. (a) | 12418 | &nbsp;&nbsp; 774014 |
| Grocery Outlet Holding Corp. (a) | 29989 | &nbsp;&nbsp; 302889 |
| Ingles Markets, Inc. - Class A (b) | 5247 | &nbsp;&nbsp; 359682 |
| Natural Grocers by Vitamin Cottage, Inc.  | 4643 | &nbsp;&nbsp; 116307 |
| PriceSmart, Inc.  | 8446 | &nbsp;&nbsp; 1036071 |
| United Natural Foods, Inc. (a) | 19936 | &nbsp;&nbsp; 671245 |
| Village Super Market, Inc. - Class A | 2798 | &nbsp;&nbsp; 99035 |
| Weis Markets, Inc.  | 4513 | &nbsp;&nbsp; 289238 |
|  |  | &nbsp;&nbsp; 4222611 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Ardagh Metal Packaging SA | 46664 | &nbsp;&nbsp; 191322 |
| Greif, Inc. - Class A | 8277 | &nbsp;&nbsp; 560353 |
| Greif, Inc. - Class B | 1893 | &nbsp;&nbsp; 141388 |
| Myers Industries, Inc.  | 12512 | &nbsp;&nbsp; 234225 |
| O-I Glass, Inc. (a) | 48729 | &nbsp;&nbsp; 719240 |
| Ranpak Holdings Corp. (a) | 7890 | &nbsp;&nbsp; 42685 |
| TriMas Corp.  | 10568 | &nbsp;&nbsp; 374636 |
|  |  | &nbsp;&nbsp; 2263849 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| GigaCloud Technology, Inc. - Class A (a) | 8375 | &nbsp;&nbsp; 328970 |
| Gold.com, Inc.  | 7323 | &nbsp;&nbsp; 249348 |
| Weyco Group, Inc.  | 2058 | &nbsp;&nbsp; 62954 |
|  |  | &nbsp;&nbsp; 641272 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| Adtalem Global Education, Inc. (a) | 11563 | &nbsp;&nbsp; 1196424 |
| American Public Education, Inc. (a) | 6321 | &nbsp;&nbsp; 238934 |
| Carriage Services, Inc.  | 4959 | &nbsp;&nbsp; 209766 |
| Coursera, Inc. (a) | 44239 | &nbsp;&nbsp; 325599 |

---

*See accompanying notes to financial statements.*

**BHFTII-282**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Consumer Services—(Continued)** | **Diversified Consumer Services—(Continued)** | **Diversified Consumer Services—(Continued)** |
| Driven Brands Holdings, Inc. (a) (b) | 21813 | &nbsp;&nbsp; $323269 |
| Frontdoor, Inc. (a) | 23872 | &nbsp;&nbsp; 1377176 |
| Graham Holdings Co. - Class B | 1064 | &nbsp;&nbsp; 1168910 |
| KinderCare Learning Cos., Inc. (a) | 11518 | &nbsp;&nbsp; 49758 |
| Laureate Education, Inc. (a) | 41376 | &nbsp;&nbsp; 1393130 |
| Lincoln Educational Services Corp. (a) | 9787 | &nbsp;&nbsp; 236356 |
| Matthews International Corp. - Class A (b) | 10243 | &nbsp;&nbsp; 267547 |
| McGraw Hill, Inc. (a) | 8613 | &nbsp;&nbsp; 142115 |
| Mister Car Wash, Inc. (a) | 33220 | &nbsp;&nbsp; 184703 |
| OneSpaWorld Holdings Ltd.  | 32610 | &nbsp;&nbsp; 676331 |
| Perdoceo Education Corp.  | 20871 | &nbsp;&nbsp; 612146 |
| Phoenix Education Partners, Inc. (a) | 1785 | &nbsp;&nbsp; 54086 |
| Strategic Education, Inc.  | 7512 | &nbsp;&nbsp; 602462 |
| Stride, Inc. (a) | 13767 | &nbsp;&nbsp; 893891 |
| Udemy, Inc. (a) | 31964 | &nbsp;&nbsp; 186989 |
| Universal Technical Institute, Inc. (a) | 16362 | &nbsp;&nbsp; 427539 |
|  |  | &nbsp;&nbsp; 10567131 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| Alexander & Baldwin, Inc.  | 23806 | &nbsp;&nbsp; 491356 |
| Alpine Income Property Trust, Inc.  | 4463 | &nbsp;&nbsp; 74621 |
| American Assets Trust, Inc.  | 18823 | &nbsp;&nbsp; 356319 |
| Armada Hoffler Properties, Inc.  | 26315 | &nbsp;&nbsp; 174205 |
| Broadstone Net Lease, Inc.  | 64604 | &nbsp;&nbsp; 1122172 |
| CTO Realty Growth, Inc.  | 8585 | &nbsp;&nbsp; 158050 |
| Essential Properties Realty Trust, Inc.  | 65739 | &nbsp;&nbsp; 1949819 |
| Gladstone Commercial Corp.  | 15242 | &nbsp;&nbsp; 162632 |
| Global Net Lease, Inc.  | 64597 | &nbsp;&nbsp; 555534 |
| NexPoint Diversified Real Estate Trust | 18 | &nbsp;&nbsp; 69 |
|  |  | &nbsp;&nbsp; 5044777 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| Anterix, Inc. (a) | 3695 | &nbsp;&nbsp; 80662 |
| ATN International, Inc.  | 3399 | &nbsp;&nbsp; 77497 |
| Bandwidth, Inc. - Class A (a) (b) | 9824 | &nbsp;&nbsp; 151781 |
| Cogent Communications Holdings, Inc. (b) | 15478 | &nbsp;&nbsp; 333706 |
| Globalstar, Inc. (a) (b) | 16577 | &nbsp;&nbsp; 1011860 |
| IDT Corp. - Class B (b) | 5484 | &nbsp;&nbsp; 280836 |
| Liberty Latin America Ltd. - Class A (a) | 4177 | &nbsp;&nbsp; 30868 |
| Liberty Latin America Ltd. - Class C (a) | 36460 | &nbsp;&nbsp; 271991 |
| Lumen Technologies, Inc. (a) | 306442 | &nbsp;&nbsp; 2381054 |
| Shenandoah Telecommunications Co. (b) | 16544 | &nbsp;&nbsp; 191249 |
| Uniti Group, Inc. (b) | 54581 | &nbsp;&nbsp; 382613 |
|  |  | &nbsp;&nbsp; 5194117 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| Genie Energy Ltd. - Class B | 6875 | &nbsp;&nbsp; 94737 |
| Hawaiian Electric Industries, Inc. (a) (b) | 57679 | &nbsp;&nbsp; 709452 |
| MGE Energy, Inc.  | 12385 | &nbsp;&nbsp; 971232 |
| Oklo, Inc. (a) (b) | 35339 | &nbsp;&nbsp; 2535927 |
| Otter Tail Corp.  | 12383 | &nbsp;&nbsp; 1000670 |
| Portland General Electric Co.  | 36368 | &nbsp;&nbsp; 1745300 |
| TXNM Energy, Inc.  | 32700 | &nbsp;&nbsp; 1925376 |
|  |  | &nbsp;&nbsp; 8982694 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Allient, Inc.  | 4654 | &nbsp;&nbsp; $250153 |
| American Superconductor Corp. (a) | 15200 | &nbsp;&nbsp; 437456 |
| Amprius Technologies, Inc. (a) (b) | 35137 | &nbsp;&nbsp; 277231 |
| Array Technologies, Inc. (a) (b) | 49724 | &nbsp;&nbsp; 458455 |
| Atkore, Inc.  | 10829 | &nbsp;&nbsp; 684934 |
| Bloom Energy Corp. - Class A (a) (b) | 70935 | &nbsp;&nbsp; 6163542 |
| EnerSys | 12127 | &nbsp;&nbsp; 1779637 |
| Enovix Corp. (a) (b) | 53743 | &nbsp;&nbsp; 392861 |
| Eos Energy Enterprises, Inc. (a) (b) | 100620 | &nbsp;&nbsp; 1153105 |
| Fluence Energy, Inc. (a) | 21010 | &nbsp;&nbsp; 415578 |
| Hyliion Holdings Corp. (a) | 18430 | &nbsp;&nbsp; 33911 |
| LSI Industries, Inc.  | 9159 | &nbsp;&nbsp; 167793 |
| NANO Nuclear Energy, Inc. (a) (b) | 13184 | &nbsp;&nbsp; 316548 |
| Nextpower, Inc. - Class A (a) | 47406 | &nbsp;&nbsp; 4129537 |
| NuScale Power Corp. (a) (b) | 42966 | &nbsp;&nbsp; 608828 |
| Plug Power, Inc. (a) (b) | 366488 | &nbsp;&nbsp; 721981 |
| Powell Industries, Inc. (b) | 3196 | &nbsp;&nbsp; 1018821 |
| Power Solutions International, Inc. (a) (b) | 2810 | &nbsp;&nbsp; 160563 |
| Preformed Line Products Co.  | 876 | &nbsp;&nbsp; 181078 |
| Shoals Technologies Group, Inc. - Class A (a) | 54969 | &nbsp;&nbsp; 467237 |
| SKYX Platforms Corp. (a) | 23341 | &nbsp;&nbsp; 50650 |
| Sunrun, Inc. (a) (b) | 72711 | &nbsp;&nbsp; 1337883 |
| T1 Energy, Inc. (a) (b) | 44248 | &nbsp;&nbsp; 295577 |
| Thermon Group Holdings, Inc. (a) | 10779 | &nbsp;&nbsp; 400548 |
| Vicor Corp. (a) | 7719 | &nbsp;&nbsp; 846002 |
|  |  | &nbsp;&nbsp; 22749909 |
| **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** |
| 908 Devices, Inc. (a) | 9989 | &nbsp;&nbsp; 52442 |
| Advanced Energy Industries, Inc.  | 12238 | &nbsp;&nbsp; 2562270 |
| Aeva Technologies, Inc. (a) | 11223 | &nbsp;&nbsp; 149041 |
| Arlo Technologies, Inc. (a) | 32530 | &nbsp;&nbsp; 455095 |
| Badger Meter, Inc.  | 9782 | &nbsp;&nbsp; 1706079 |
| Bel Fuse, Inc. - Class A | 619 | &nbsp;&nbsp; 93964 |
| Bel Fuse, Inc. - Class B | 3423 | &nbsp;&nbsp; 580643 |
| Belden, Inc.  | 12722 | &nbsp;&nbsp; 1482749 |
| Benchmark Electronics, Inc.  | 11796 | &nbsp;&nbsp; 504397 |
| Climb Global Solutions, Inc.  | 1406 | &nbsp;&nbsp; 144523 |
| CTS Corp.  | 9691 | &nbsp;&nbsp; 415453 |
| Daktronics, Inc. (a) | 12816 | &nbsp;&nbsp; 253372 |
| ePlus, Inc.  | 8745 | &nbsp;&nbsp; 766936 |
| Evolv Technologies Holdings, Inc. (a) | 50396 | &nbsp;&nbsp; 360835 |
| Fabrinet (a) | 11726 | &nbsp;&nbsp; 5338613 |
| Frequency Electronics, Inc. (a) | 2433 | &nbsp;&nbsp; 130993 |
| Insight Enterprises, Inc. (a) (c) | 9646 | &nbsp;&nbsp; 785860 |
| Itron, Inc. (a) | 14896 | &nbsp;&nbsp; 1383243 |
| Kimball Electronics, Inc. (a) | 8628 | &nbsp;&nbsp; 240031 |
| Knowles Corp. (a) | 29028 | &nbsp;&nbsp; 622070 |
| Methode Electronics, Inc.  | 4388 | &nbsp;&nbsp; 29136 |
| MicroVision, Inc. (a) (b) | 100249 | &nbsp;&nbsp; 83016 |
| Mirion Technologies, Inc. (a) (b) | 77889 | &nbsp;&nbsp; 1824160 |
| Napco Security Technologies, Inc.  | 11551 | &nbsp;&nbsp; 481677 |
| nLight, Inc. (a) | 15956 | &nbsp;&nbsp; 598510 |
| Novanta, Inc. (a) | 11729 | &nbsp;&nbsp; 1395634 |
| OSI Systems, Inc. (a) | 5306 | &nbsp;&nbsp; 1353348 |
| Ouster, Inc. (a) | 18523 | &nbsp;&nbsp; 400838 |

---

*See accompanying notes to financial statements.*

**BHFTII-283**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** |
| PC Connection, Inc.  | 4171 | &nbsp;&nbsp; $240917 |
| Plexus Corp. (a) (c) | 8678 | &nbsp;&nbsp; 1275666 |
| Powerfleet, Inc. NJ (a) (b) | 32378 | &nbsp;&nbsp; 172251 |
| Red Cat Holdings, Inc. (a) (b) | 34046 | &nbsp;&nbsp; 269985 |
| Rogers Corp. (a) | 6143 | &nbsp;&nbsp; 562515 |
| Sanmina Corp. (a) | 16953 | &nbsp;&nbsp; 2544137 |
| ScanSource, Inc. (a) | 7703 | &nbsp;&nbsp; 300879 |
| TTM Technologies, Inc. (a) | 33300 | &nbsp;&nbsp; 2297700 |
| Vishay Intertechnology, Inc.  | 38038 | &nbsp;&nbsp; 551171 |
| Vishay Precision Group, Inc. (a) | 4194 | &nbsp;&nbsp; 161469 |
| Vuzix Corp. (a) (b) | 7235 | &nbsp;&nbsp; 27348 |
|  |  | &nbsp;&nbsp; 32598966 |
| **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** |
| Archrock, Inc.  | 56165 | &nbsp;&nbsp; 1461413 |
| Atlas Energy Solutions, Inc. (b) | 23620 | &nbsp;&nbsp; 222500 |
| Borr Drilling Ltd. (a) (b) | 83353 | &nbsp;&nbsp; 335913 |
| Bristow Group, Inc. (a) | 10261 | &nbsp;&nbsp; 375758 |
| Cactus, Inc. - Class A | 22182 | &nbsp;&nbsp; 1013274 |
| Core Laboratories, Inc. (b) | 14231 | &nbsp;&nbsp; 228123 |
| Expro Group Holdings NV (a) | 29140 | &nbsp;&nbsp; 389019 |
| Flowco Holdings, Inc. - Class A | 7113 | &nbsp;&nbsp; 133298 |
| Forum Energy Technologies, Inc. (a) | 3314 | &nbsp;&nbsp; 122452 |
| Helix Energy Solutions Group, Inc. (a) | 38496 | &nbsp;&nbsp; 241370 |
| Helmerich & Payne, Inc.  | 32004 | &nbsp;&nbsp; 917875 |
| Innovex International, Inc. (a) (b) | 14010 | &nbsp;&nbsp; 306399 |
| Kodiak Gas Services, Inc.  | 27971 | &nbsp;&nbsp; 1046115 |
| Liberty Energy, Inc.  | 53400 | &nbsp;&nbsp; 985764 |
| Nabors Industries Ltd. (a) (b) | 5124 | &nbsp;&nbsp; 278233 |
| National Energy Services Reunited Corp. (a) | 20802 | &nbsp;&nbsp; 325759 |
| Natural Gas Services Group, Inc.  | 3564 | &nbsp;&nbsp; 119929 |
| Noble Corp. PLC (b) | 41108 | &nbsp;&nbsp; 1160890 |
| Oceaneering International, Inc. (a) | 31886 | &nbsp;&nbsp; 766221 |
| Oil States International, Inc. (a) | 12517 | &nbsp;&nbsp; 84740 |
| Patterson-UTI Energy, Inc. (b) | 113068 | &nbsp;&nbsp; 690846 |
| ProPetro Holding Corp. (a) | 21392 | &nbsp;&nbsp; 203438 |
| Ranger Energy Services, Inc. - Class A | 6726 | &nbsp;&nbsp; 94029 |
| RPC, Inc. (b) | 29896 | &nbsp;&nbsp; 162634 |
| Seadrill Ltd. (a) | 21363 | &nbsp;&nbsp; 739160 |
| Select Water Solutions, Inc.  | 30961 | &nbsp;&nbsp; 325710 |
| Solaris Energy Infrastructure, Inc.  | 13792 | &nbsp;&nbsp; 634018 |
| TETRA Technologies, Inc. (a) | 43286 | &nbsp;&nbsp; 405590 |
| Tidewater, Inc. (a) (b) | 16289 | &nbsp;&nbsp; 822757 |
| Transocean Ltd. (a) | 302109 | &nbsp;&nbsp; 1247710 |
| Valaris Ltd. (a) | 20368 | &nbsp;&nbsp; 1026547 |
|  |  | &nbsp;&nbsp; 16867484 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| AMC Entertainment Holdings, Inc. - Class A (a) (b) | 170020 | &nbsp;&nbsp; 265231 |
| Atlanta Braves Holdings, Inc. - Class A (a) (b) | 2470 | &nbsp;&nbsp; 104950 |
| Atlanta Braves Holdings, Inc. - Class C (a) | 15480 | &nbsp;&nbsp; 610686 |
| Cinemark Holdings, Inc.  | 34294 | &nbsp;&nbsp; 796993 |
| CuriosityStream, Inc.  | 14743 | &nbsp;&nbsp; 56024 |
| Eventbrite, Inc. - Class A (a) | 14869 | &nbsp;&nbsp; 66167 |
| IMAX Corp. (a) (b) | 14180 | &nbsp;&nbsp; 524093 |
| Lionsgate Studios Corp. (a) | 68579 | &nbsp;&nbsp; 626126 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Madison Square Garden Entertainment Corp. (a) | 13230 | &nbsp;&nbsp; $712965 |
| Marcus Corp.  | 7922 | &nbsp;&nbsp; 122870 |
| Playtika Holding Corp.  | 8593 | &nbsp;&nbsp; 33942 |
| Reservoir Media, Inc. (a) (b) | 7562 | &nbsp;&nbsp; 57244 |
| Sphere Entertainment Co. (a) (b) | 9002 | &nbsp;&nbsp; 855910 |
|  |  | &nbsp;&nbsp; 4833201 |
| **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** |
| Alerus Financial Corp.  | 7660 | &nbsp;&nbsp; 172503 |
| Banco Latinoamericano de Comercio Exterior SA | 9456 | &nbsp;&nbsp; 421738 |
| Better Home & Finance Holding Co. (a) (b) | 2022 | &nbsp;&nbsp; 65877 |
| Burford Capital Ltd.  | 70415 | &nbsp;&nbsp; 628102 |
| Cannae Holdings, Inc.  | 15506 | &nbsp;&nbsp; 243909 |
| Cantaloupe, Inc. (a) | 18270 | &nbsp;&nbsp; 194027 |
| Cass Information Systems, Inc.  | 4551 | &nbsp;&nbsp; 188958 |
| Compass Diversified Holdings | 24104 | &nbsp;&nbsp; 115699 |
| Enact Holdings, Inc.  | 9297 | &nbsp;&nbsp; 368533 |
| Essent Group Ltd.  | 30780 | &nbsp;&nbsp; 2001008 |
| EVERTEC, Inc.  | 21775 | &nbsp;&nbsp; 633435 |
| Federal Agricultural Mortgage Corp. - Class C (b) | 3013 | &nbsp;&nbsp; 528992 |
| Flywire Corp. (a) | 39242 | &nbsp;&nbsp; 555667 |
| HA Sustainable Infrastructure Capital, Inc. (b) | 39705 | &nbsp;&nbsp; 1247928 |
| International Money Express, Inc. (a) | 8358 | &nbsp;&nbsp; 128379 |
| Jackson Financial, Inc. - Class A | 22526 | &nbsp;&nbsp; 2402398 |
| loanDepot, Inc. - Class A (a) | 31775 | &nbsp;&nbsp; 65774 |
| Marqeta, Inc. - Class A (a) | 118899 | &nbsp;&nbsp; 564770 |
| Merchants Bancorp | 9401 | &nbsp;&nbsp; 320198 |
| NCR Atleos Corp. (a) | 24787 | &nbsp;&nbsp; 944633 |
| NewtekOne, Inc.  | 8049 | &nbsp;&nbsp; 91356 |
| NMI Holdings, Inc. (a) | 25404 | &nbsp;&nbsp; 1036229 |
| Onity Group, Inc. (a) | 2204 | &nbsp;&nbsp; 100921 |
| Pagseguro Digital Ltd. - Class A | 62869 | &nbsp;&nbsp; 606057 |
| Payoneer Global, Inc. (a) | 91362 | &nbsp;&nbsp; 513454 |
| Paysafe Ltd. (a) (b) | 11314 | &nbsp;&nbsp; 91530 |
| Paysign, Inc. (a) | 3269 | &nbsp;&nbsp; 16835 |
| PennyMac Financial Services, Inc.  | 9682 | &nbsp;&nbsp; 1276475 |
| Priority Technology Holdings, Inc. (a) | 9357 | &nbsp;&nbsp; 50996 |
| Radian Group, Inc.  | 44050 | &nbsp;&nbsp; 1585360 |
| Remitly Global, Inc. (a) | 58400 | &nbsp;&nbsp; 805920 |
| Repay Holdings Corp. (a) | 14417 | &nbsp;&nbsp; 52622 |
| Security National Financial Corp. - Class A (a) | 5549 | &nbsp;&nbsp; 49997 |
| Sezzle, Inc. (a) (b) | 5346 | &nbsp;&nbsp; 339337 |
| StoneCo Ltd. - Class A (a) | 83160 | &nbsp;&nbsp; 1229936 |
| Velocity Financial, Inc. (a) | 5353 | &nbsp;&nbsp; 111128 |
| Walker & Dunlop, Inc.  | 10544 | &nbsp;&nbsp; 634222 |
| Waterstone Financial, Inc.  | 5072 | &nbsp;&nbsp; 83942 |
|  |  | &nbsp;&nbsp; 20468845 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Alico, Inc.  | 2158 | &nbsp;&nbsp; 78508 |
| B&G Foods, Inc. (b) | 26248 | &nbsp;&nbsp; 112866 |
| Beyond Meat, Inc. (a) (b) | 128608 | &nbsp;&nbsp; 105459 |
| Calavo Growers, Inc.  | 5820 | &nbsp;&nbsp; 126585 |
| Cal-Maine Foods, Inc. (b) | 14408 | &nbsp;&nbsp; 1146444 |
| Dole PLC | 27179 | &nbsp;&nbsp; 407413 |
| Fresh Del Monte Produce, Inc.  | 10920 | &nbsp;&nbsp; 389080 |

---

*See accompanying notes to financial statements.*

**BHFTII-284**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products—(Continued)** | **Food Products—(Continued)** | **Food Products—(Continued)** |
| J&J Snack Foods Corp.  | 4980 | &nbsp;&nbsp; $450043 |
| John B Sanfilippo & Son, Inc.  | 2445 | &nbsp;&nbsp; 172617 |
| Limoneira Co.  | 5700 | &nbsp;&nbsp; 71962 |
| Mama's Creations, Inc. (a) (b) | 11318 | &nbsp;&nbsp; 152680 |
| Marzetti Co.  | 6423 | &nbsp;&nbsp; 1056070 |
| Mission Produce, Inc. (a) | 17847 | &nbsp;&nbsp; 207025 |
| Seneca Foods Corp. - Class A (a) | 1733 | &nbsp;&nbsp; 191722 |
| Simply Good Foods Co. (a) | 31843 | &nbsp;&nbsp; 639407 |
| SunOpta, Inc. (a) | 34321 | &nbsp;&nbsp; 130420 |
| Tootsie Roll Industries, Inc. (b) | 6383 | &nbsp;&nbsp; 233809 |
| TreeHouse Foods, Inc. (a) | 17037 | &nbsp;&nbsp; 401903 |
| Utz Brands, Inc.  | 26510 | &nbsp;&nbsp; 275174 |
| Vital Farms, Inc. (a) | 11335 | &nbsp;&nbsp; 362040 |
| Westrock Coffee Co. (a) | 13107 | &nbsp;&nbsp; 53345 |
|  |  | &nbsp;&nbsp; 6764572 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| Brookfield Infrastructure Corp. - Class A (b) | 38735 | &nbsp;&nbsp; 1758569 |
| Chesapeake Utilities Corp.  | 7458 | &nbsp;&nbsp; 930460 |
| New Jersey Resources Corp.  | 32799 | &nbsp;&nbsp; 1512690 |
| Northwest Natural Holding Co.  | 13477 | &nbsp;&nbsp; 629915 |
| ONE Gas, Inc.  | 19679 | &nbsp;&nbsp; 1520203 |
| RGC Resources, Inc.  | 2683 | &nbsp;&nbsp; 57148 |
| Southwest Gas Holdings, Inc.  | 21340 | &nbsp;&nbsp; 1707627 |
| Spire, Inc.  | 18721 | &nbsp;&nbsp; 1548226 |
|  |  | &nbsp;&nbsp; 9664838 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| ArcBest Corp.  | 7753 | &nbsp;&nbsp; 575195 |
| Covenant Logistics Group, Inc.  | 4064 | &nbsp;&nbsp; 89571 |
| FTAI Infrastructure, Inc. (b) | 26700 | &nbsp;&nbsp; 123087 |
| Heartland Express, Inc.  | 14465 | &nbsp;&nbsp; 130619 |
| Hertz Global Holdings, Inc. (a) (b) | 39495 | &nbsp;&nbsp; 203004 |
| Marten Transport Ltd.  | 19116 | &nbsp;&nbsp; 217540 |
| Proficient Auto Logistics, Inc. (a) | 8522 | &nbsp;&nbsp; 82152 |
| RXO, Inc. (a) | 55467 | &nbsp;&nbsp; 701103 |
| Werner Enterprises, Inc.  | 19515 | &nbsp;&nbsp; 585645 |
|  |  | &nbsp;&nbsp; 2707916 |
| **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
| Alphatec Holdings, Inc. (a) | 38396 | &nbsp;&nbsp; 807852 |
| AngioDynamics, Inc. (a) | 12461 | &nbsp;&nbsp; 159999 |
| Anteris Technologies Global Corp. (a) | 3998 | &nbsp;&nbsp; 19950 |
| Artivion, Inc. (a) | 13713 | &nbsp;&nbsp; 625450 |
| AtriCure, Inc. (a) | 15750 | &nbsp;&nbsp; 623070 |
| Avanos Medical, Inc. (a) | 14732 | &nbsp;&nbsp; 165440 |
| Axogen, Inc. (a) | 15599 | &nbsp;&nbsp; 510555 |
| Beta Bionics, Inc. (a) | 13594 | &nbsp;&nbsp; 414209 |
| Bioventus, Inc. - Class A (a) (b) | 17502 | &nbsp;&nbsp; 130215 |
| Butterfly Network, Inc. (a) | 51881 | &nbsp;&nbsp; 197148 |
| Ceribell, Inc. (a) | 9275 | &nbsp;&nbsp; 203401 |
| Cerus Corp. (a) | 61012 | &nbsp;&nbsp; 125685 |
| ClearPoint Neuro, Inc. (a) | 8988 | &nbsp;&nbsp; 122956 |
| CONMED Corp.  | 11116 | &nbsp;&nbsp; 451310 |
| Delcath Systems, Inc. (a) | 11270 | &nbsp;&nbsp; 113827 |
| Electromed, Inc. (a) | 2583 | &nbsp;&nbsp; 75217 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| Embecta Corp.  | 19491 | &nbsp;&nbsp; $231553 |
| Enovis Corp. (a) | 18624 | &nbsp;&nbsp; 496143 |
| Glaukos Corp. (a) | 18059 | &nbsp;&nbsp; 2039042 |
| Haemonetics Corp. (a) | 15942 | &nbsp;&nbsp; 1277751 |
| ICU Medical, Inc. (a) | 7857 | &nbsp;&nbsp; 1120958 |
| Inogen, Inc. (a) | 8066 | &nbsp;&nbsp; 54204 |
| Integer Holdings Corp. (a) | 11212 | &nbsp;&nbsp; 879357 |
| Integra LifeSciences Holdings Corp. (a) | 20797 | &nbsp;&nbsp; 258299 |
| iRadimed Corp.  | 2985 | &nbsp;&nbsp; 290381 |
| iRhythm Technologies, Inc. (a) | 10527 | &nbsp;&nbsp; 1867911 |
| Kestra Medical Technologies Ltd. (a) (b) | 6589 | &nbsp;&nbsp; 174740 |
| KORU Medical Systems, Inc. (a) | 6330 | &nbsp;&nbsp; 36777 |
| Lantheus Holdings, Inc. (a) | 21771 | &nbsp;&nbsp; 1448860 |
| LeMaitre Vascular, Inc.  | 6751 | &nbsp;&nbsp; 547506 |
| LivaNova PLC (a) | 17720 | &nbsp;&nbsp; 1090312 |
| Merit Medical Systems, Inc. (a) (b) | 19243 | &nbsp;&nbsp; 1696078 |
| Neogen Corp. (a) (b) | 66148 | &nbsp;&nbsp; 462375 |
| NeuroPace, Inc. (a) | 9229 | &nbsp;&nbsp; 142496 |
| Novocure Ltd. (a) | 33137 | &nbsp;&nbsp; 428461 |
| Omnicell, Inc. (a) | 15348 | &nbsp;&nbsp; 695264 |
| OraSure Technologies, Inc. (a) | 6198 | &nbsp;&nbsp; 14999 |
| Orthofix Medical, Inc. (a) | 12737 | &nbsp;&nbsp; 193093 |
| OrthoPediatrics Corp. (a) | 5617 | &nbsp;&nbsp; 99758 |
| PROCEPT BioRobotics Corp. (a) | 17638 | &nbsp;&nbsp; 554891 |
| Pulse Biosciences, Inc. (a) (b) | 5792 | &nbsp;&nbsp; 79524 |
| QuidelOrtho Corp. (a) (b) | 22459 | &nbsp;&nbsp; 641429 |
| RxSight, Inc. (a) | 12974 | &nbsp;&nbsp; 135189 |
| SANUWAVE Health, Inc. (a) | 2710 | &nbsp;&nbsp; 80866 |
| Semler Scientific, Inc. (a) | 4410 | &nbsp;&nbsp; 67429 |
| SI-BONE, Inc. (a) | 14641 | &nbsp;&nbsp; 288721 |
| Sight Sciences, Inc. (a) | 8715 | &nbsp;&nbsp; 69110 |
| STAAR Surgical Co. (a) | 17911 | &nbsp;&nbsp; 413565 |
| Tactile Systems Technology, Inc. (a) | 7825 | &nbsp;&nbsp; 226925 |
| Tandem Diabetes Care, Inc. (a) (b) | 23352 | &nbsp;&nbsp; 513277 |
| TransMedics Group, Inc. (a) | 10991 | &nbsp;&nbsp; 1337055 |
| UFP Technologies, Inc. (a) | 2477 | &nbsp;&nbsp; 549968 |
| Utah Medical Products, Inc.  | 1293 | &nbsp;&nbsp; 72356 |
| Varex Imaging Corp. (a) | 13504 | &nbsp;&nbsp; 157322 |
|  |  | &nbsp;&nbsp; 25480229 |
| **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** |
| AdaptHealth Corp. (a) (b) | 33273 | &nbsp;&nbsp; 331399 |
| Addus HomeCare Corp. (a) | 6138 | &nbsp;&nbsp; 659160 |
| agilon health, Inc. (a) | 44451 | &nbsp;&nbsp; 30613 |
| Alignment Healthcare, Inc. (a) | 55308 | &nbsp;&nbsp; 1092333 |
| AMN Healthcare Services, Inc. (a) | 12575 | &nbsp;&nbsp; 198182 |
| Ardent Health, Inc. (a) | 8193 | &nbsp;&nbsp; 72344 |
| Astrana Health, Inc. (a) (b) | 13336 | &nbsp;&nbsp; 330866 |
| Aveanna Healthcare Holdings, Inc. (a) | 23228 | &nbsp;&nbsp; 189773 |
| BrightSpring Health Services, Inc. (a) | 36257 | &nbsp;&nbsp; 1357825 |
| Brookdale Senior Living, Inc. (a) | 75663 | &nbsp;&nbsp; 816404 |
| Castle Biosciences, Inc. (a) | 9449 | &nbsp;&nbsp; 367566 |
| Clover Health Investments Corp. (a) (b) | 117562 | &nbsp;&nbsp; 276271 |
| Community Health Systems, Inc. (a) | 42324 | &nbsp;&nbsp; 132051 |
| Concentra Group Holdings Parent, Inc.  | 39865 | &nbsp;&nbsp; 784543 |
| CorVel Corp. (a) | 9864 | &nbsp;&nbsp; 667497 |

---

*See accompanying notes to financial statements.*

**BHFTII-285**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Providers & Services—(Continued)** | **Health Care Providers & Services—(Continued)** | **Health Care Providers & Services—(Continued)** |
| Cross Country Healthcare, Inc. (a) | 10431 | &nbsp;&nbsp; $84491 |
| Enhabit, Inc. (a) | 16694 | &nbsp;&nbsp; 153919 |
| Ensign Group, Inc.  | 18236 | &nbsp;&nbsp; 3176711 |
| Fulgent Genetics, Inc. (a) | 7417 | &nbsp;&nbsp; 194845 |
| GeneDx Holdings Corp. (a) | 6434 | &nbsp;&nbsp; 836806 |
| Guardant Health, Inc. (a) | 39456 | &nbsp;&nbsp; 4030036 |
| Guardian Pharmacy Services, Inc. - Class A (a) | 7026 | &nbsp;&nbsp; 211412 |
| HealthEquity, Inc. (a) | 27705 | &nbsp;&nbsp; 2538055 |
| Hims & Hers Health, Inc. (a) (b) | 66683 | &nbsp;&nbsp; 2165197 |
| LifeStance Health Group, Inc. (a) | 54796 | &nbsp;&nbsp; 385764 |
| Nano-X Imaging Ltd. (a) (b) | 7200 | &nbsp;&nbsp; 20160 |
| National HealthCare Corp.  | 4154 | &nbsp;&nbsp; 569472 |
| National Research Corp.  | 3977 | &nbsp;&nbsp; 74648 |
| NeoGenomics, Inc. (a) | 42037 | &nbsp;&nbsp; 494355 |
| Nutex Health, Inc. (a) | 1285 | &nbsp;&nbsp; 211537 |
| Oncology Institute, Inc. (a) | 23852 | &nbsp;&nbsp; 84913 |
| OPKO Health, Inc. (a) (b) | 100984 | &nbsp;&nbsp; 127240 |
| Option Care Health, Inc. (a) (b) | 51880 | &nbsp;&nbsp; 1652897 |
| Owens & Minor, Inc. (a) | 25220 | &nbsp;&nbsp; 70616 |
| PACS Group, Inc. (a) | 14772 | &nbsp;&nbsp; 567097 |
| Pediatrix Medical Group, Inc. (a) | 28999 | &nbsp;&nbsp; 620289 |
| Pennant Group, Inc. (a) | 11790 | &nbsp;&nbsp; 331888 |
| Privia Health Group, Inc. (a) | 39196 | &nbsp;&nbsp; 929337 |
| Progyny, Inc. (a) | 24353 | &nbsp;&nbsp; 625385 |
| RadNet, Inc. (a) | 22451 | &nbsp;&nbsp; 1601879 |
| Select Medical Holdings Corp.  | 35024 | &nbsp;&nbsp; 520106 |
| Sonida Senior Living, Inc. (a) | 2068 | &nbsp;&nbsp; 67437 |
| Strata Critical Medical, Inc. (a) | 23295 | &nbsp;&nbsp; 112049 |
| Surgery Partners, Inc. (a) | 27716 | &nbsp;&nbsp; 428212 |
| Talkspace, Inc. (a) | 36555 | &nbsp;&nbsp; 132695 |
| U.S. Physical Therapy, Inc.  | 5410 | &nbsp;&nbsp; 422467 |
| Viemed Healthcare, Inc. (a) | 11408 | &nbsp;&nbsp; 84761 |
|  |  | &nbsp;&nbsp; 30833503 |
| **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** |
| American Healthcare REIT, Inc.  | 54992 | &nbsp;&nbsp; 2587923 |
| CareTrust REIT, Inc. (b) | 73002 | &nbsp;&nbsp; 2639752 |
| Community Healthcare Trust, Inc.  | 8914 | &nbsp;&nbsp; 146368 |
| Diversified Healthcare Trust | 63732 | &nbsp;&nbsp; 309100 |
| Global Medical REIT, Inc.  | 4521 | &nbsp;&nbsp; 152539 |
| LTC Properties, Inc.  | 15062 | &nbsp;&nbsp; 517832 |
| National Health Investors, Inc.  | 15310 | &nbsp;&nbsp; 1169225 |
| Sabra Health Care REIT, Inc.  | 75220 | &nbsp;&nbsp; 1424667 |
| Sila Realty Trust, Inc.  | 18233 | &nbsp;&nbsp; 425011 |
| Universal Health Realty Income Trust | 4263 | &nbsp;&nbsp; 167152 |
|  |  | &nbsp;&nbsp; 9539569 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
| Claritev Corp. (a) (b) | 2919 | &nbsp;&nbsp; 124787 |
| Evolent Health, Inc. - Class A (a) | 38664 | &nbsp;&nbsp; 154656 |
| Health Catalyst, Inc. (a) | 3002 | &nbsp;&nbsp; 7175 |
| HealthStream, Inc.  | 8897 | &nbsp;&nbsp; 205254 |
| HeartFlow, Inc. (a) (b) | 6506 | &nbsp;&nbsp; 189650 |
| OptimizeRx Corp. (a) | 5301 | &nbsp;&nbsp; 64990 |
| Phreesia, Inc. (a) | 20093 | &nbsp;&nbsp; 339974 |
| Schrodinger, Inc. (a) | 19989 | &nbsp;&nbsp; 357403 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Technology—(Continued)** | **Health Care Technology—(Continued)** | **Health Care Technology—(Continued)** |
| Simulations Plus, Inc. (a) | 5451 | &nbsp;&nbsp; $99372 |
| Teladoc Health, Inc. (a) (b) | 58057 | &nbsp;&nbsp; 406399 |
| TruBridge, Inc. (a) | 3689 | &nbsp;&nbsp; 81416 |
| Waystar Holding Corp. (a) (b) | 36357 | &nbsp;&nbsp; 1190692 |
|  |  | &nbsp;&nbsp; 3221768 |
| **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** |
| Apple Hospitality REIT, Inc.  | 72861 | &nbsp;&nbsp; 863403 |
| Braemar Hotels & Resorts, Inc.  | 3772 | &nbsp;&nbsp; 10826 |
| Chatham Lodging Trust | 15473 | &nbsp;&nbsp; 105371 |
| DiamondRock Hospitality Co.  | 64729 | &nbsp;&nbsp; 579972 |
| Pebblebrook Hotel Trust (b) | 34960 | &nbsp;&nbsp; 395747 |
| RLJ Lodging Trust | 43274 | &nbsp;&nbsp; 322391 |
| Ryman Hospitality Properties, Inc. (b) | 19941 | &nbsp;&nbsp; 1886817 |
| Service Properties Trust | 27694 | &nbsp;&nbsp; 50957 |
| Summit Hotel Properties, Inc.  | 27618 | &nbsp;&nbsp; 134500 |
| Sunstone Hotel Investors, Inc.  | 52968 | &nbsp;&nbsp; 473534 |
| Xenia Hotels & Resorts, Inc.  | 29748 | &nbsp;&nbsp; 420637 |
|  |  | &nbsp;&nbsp; 5244155 |
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| Accel Entertainment, Inc. (a) | 16972 | &nbsp;&nbsp; 193651 |
| Bally's Corp. (a) | 3462 | &nbsp;&nbsp; 57192 |
| Biglari Holdings, Inc. - Class B (a) | 274 | &nbsp;&nbsp; 91086 |
| BJ's Restaurants, Inc. (a) | 6493 | &nbsp;&nbsp; 255824 |
| Black Rock Coffee Bar, Inc. - Class A (a) | 5583 | &nbsp;&nbsp; 124222 |
| Bloomin' Brands, Inc.  | 21614 | &nbsp;&nbsp; 133358 |
| Brightstar Lottery PLC | 34208 | &nbsp;&nbsp; 529540 |
| Brinker International, Inc. (a) | 14335 | &nbsp;&nbsp; 2057359 |
| Cheesecake Factory, Inc. (b) | 15704 | &nbsp;&nbsp; 792738 |
| Cracker Barrel Old Country Store, Inc. (b) | 7974 | &nbsp;&nbsp; 202540 |
| Dave & Buster's Entertainment, Inc. (a) (b) | 9837 | &nbsp;&nbsp; 159458 |
| Denny's Corp. (a) (b) | 9538 | &nbsp;&nbsp; 59326 |
| Dine Brands Global, Inc. (b) | 5258 | &nbsp;&nbsp; 168992 |
| El Pollo Loco Holdings, Inc. (a) | 9465 | &nbsp;&nbsp; 99004 |
| First Watch Restaurant Group, Inc. (a) | 18192 | &nbsp;&nbsp; 274335 |
| Genius Sports Ltd. (a) | 74583 | &nbsp;&nbsp; 821905 |
| Global Business Travel Group I (a) (b) | 43116 | &nbsp;&nbsp; 329837 |
| Golden Entertainment, Inc.  | 7102 | &nbsp;&nbsp; 193103 |
| Hilton Grand Vacations, Inc. (a) | 19824 | &nbsp;&nbsp; 887124 |
| Inspired Entertainment, Inc. (a) | 8576 | &nbsp;&nbsp; 80271 |
| Jack in the Box, Inc. (b) | 6468 | &nbsp;&nbsp; 122569 |
| Krispy Kreme, Inc. (b) | 16798 | &nbsp;&nbsp; 67528 |
| Kura Sushi USA, Inc. - Class A (a) (b) | 2410 | &nbsp;&nbsp; 126115 |
| Life Time Group Holdings, Inc. (a) | 49253 | &nbsp;&nbsp; 1309145 |
| Lindblad Expeditions Holdings, Inc. (a) | 12510 | &nbsp;&nbsp; 180394 |
| Marriott Vacations Worldwide Corp. (b) | 9731 | &nbsp;&nbsp; 561381 |
| Monarch Casino & Resort, Inc.  | 4205 | &nbsp;&nbsp; 402419 |
| Nathan's Famous, Inc.  | 956 | &nbsp;&nbsp; 89453 |
| Navan, Inc. - Class A (a) | 12566 | &nbsp;&nbsp; 214627 |
| Papa John's International, Inc.  | 10960 | &nbsp;&nbsp; 421850 |
| Portillo's, Inc. - Class A (a) (b) | 22931 | &nbsp;&nbsp; 104107 |
| Pursuit Attractions & Hospitality, Inc. (a) | 7380 | &nbsp;&nbsp; 248558 |
| RCI Hospitality Holdings, Inc.  | 2918 | &nbsp;&nbsp; 69565 |
| Red Rock Resorts, Inc. - Class A | 15999 | &nbsp;&nbsp; 991138 |
| Rush Street Interactive, Inc. (a) (b) | 29671 | &nbsp;&nbsp; 576508 |

---

*See accompanying notes to financial statements.*

**BHFTII-286**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Sabre Corp. (a) | 90363 | &nbsp;&nbsp; $122894 |
| Serve Robotics, Inc. (a) (b) | 20867 | &nbsp;&nbsp; 216600 |
| Shake Shack, Inc. - Class A (a) | 13035 | &nbsp;&nbsp; 1058051 |
| Six Flags Entertainment Corp. (a) (b) | 34692 | &nbsp;&nbsp; 532175 |
| Super Group SGHC Ltd.  | 53228 | &nbsp;&nbsp; 636075 |
| Sweetgreen, Inc. - Class A (a) (b) | 28465 | &nbsp;&nbsp; 192423 |
| Target Hospitality Corp. (a) | 10696 | &nbsp;&nbsp; 85675 |
| United Parks & Resorts, Inc. (a) | 9762 | &nbsp;&nbsp; 354361 |
| Xponential Fitness, Inc. - Class A (a) | 8434 | &nbsp;&nbsp; 69412 |
|  |  | &nbsp;&nbsp; 16263888 |
| **Household Durables — 1.6%** | **Household Durables — 1.6%** | **Household Durables — 1.6%** |
| Beazer Homes USA, Inc. (a) | 8776 | &nbsp;&nbsp; 177890 |
| Cavco Industries, Inc. (a) | 2506 | &nbsp;&nbsp; 1480394 |
| Century Communities, Inc. (b) | 8536 | &nbsp;&nbsp; 506612 |
| Champion Homes, Inc. (a) | 18771 | &nbsp;&nbsp; 1586150 |
| Cricut, Inc. - Class A | 16766 | &nbsp;&nbsp; 82992 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 10204 | &nbsp;&nbsp; 174488 |
| Ethan Allen Interiors, Inc. (b) | 7632 | &nbsp;&nbsp; 174315 |
| Green Brick Partners, Inc. (a) | 10523 | &nbsp;&nbsp; 659371 |
| Helen of Troy Ltd. (a) | 8216 | &nbsp;&nbsp; 174590 |
| Hovnanian Enterprises, Inc. - Class A (a) | 1795 | &nbsp;&nbsp; 175084 |
| Installed Building Products, Inc. (b) | 7540 | &nbsp;&nbsp; 1955801 |
| KB Home | 20560 | &nbsp;&nbsp; 1159790 |
| La-Z-Boy, Inc.  | 13803 | &nbsp;&nbsp; 514438 |
| Legacy Housing Corp. (a) | 4120 | &nbsp;&nbsp; 80422 |
| Leggett & Platt, Inc.  | 40147 | &nbsp;&nbsp; 441617 |
| LGI Homes, Inc. (a) | 7499 | &nbsp;&nbsp; 322157 |
| Lovesac Co. (a) | 4604 | &nbsp;&nbsp; 67909 |
| M/I Homes, Inc. (a) | 8495 | &nbsp;&nbsp; 1086935 |
| Meritage Homes Corp. (c) | 22660 | &nbsp;&nbsp; 1491028 |
| Sonos, Inc. (a) | 41074 | &nbsp;&nbsp; 721259 |
| Taylor Morrison Home Corp. (a) | 31219 | &nbsp;&nbsp; 1837863 |
| Tri Pointe Homes, Inc. (a) | 28588 | &nbsp;&nbsp; 899664 |
|  |  | &nbsp;&nbsp; 15770769 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Central Garden & Pet Co. (Voting Shares) (a) | 3370 | &nbsp;&nbsp; 108345 |
| Central Garden & Pet Co. (Non-Voting Shares) - Class A (a) | 17236 | &nbsp;&nbsp; 503119 |
| Energizer Holdings, Inc. (b) | 20542 | &nbsp;&nbsp; 408580 |
| Oil-Dri Corp. of America | 3318 | &nbsp;&nbsp; 162383 |
| Spectrum Brands Holdings, Inc. (b) | 7519 | &nbsp;&nbsp; 444223 |
| WD-40 Co.  | 4438 | &nbsp;&nbsp; 873842 |
|  |  | &nbsp;&nbsp; 2500492 |
| **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; 213914 |
| Ormat Technologies, Inc. (b) | 19750 | &nbsp;&nbsp; 2181783 |
|  |  | &nbsp;&nbsp; 2395697 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Brookfield Business Corp. - Class A (b) | 7798 | &nbsp;&nbsp; 279792 |
| **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
| Industrial Logistics Properties Trust | 17783 | &nbsp;&nbsp; 98518 |
| Innovative Industrial Properties, Inc.  | 9201 | &nbsp;&nbsp; 435759 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** |
| LXP Industrial Trust | 18881 | &nbsp;&nbsp; $936120 |
| One Liberty Properties, Inc.  | 6069 | &nbsp;&nbsp; 123140 |
| Plymouth Industrial REIT, Inc.  | 14425 | &nbsp;&nbsp; 315619 |
| Terreno Realty Corp.  | 33052 | &nbsp;&nbsp; 1940483 |
|  |  | &nbsp;&nbsp; 3849639 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Abacus Global Management, Inc. (b) | 14245 | &nbsp;&nbsp; 121795 |
| American Coastal Insurance Corp. - Class C | 8122 | &nbsp;&nbsp; 102581 |
| American Integrity Insurance Group, Inc. (a) | 3088 | &nbsp;&nbsp; 64323 |
| AMERISAFE, Inc.  | 6840 | &nbsp;&nbsp; 262724 |
| Aspen Insurance Holdings Ltd. - Class A (a) | 5538 | &nbsp;&nbsp; 205460 |
| Baldwin Insurance Group, Inc. (a) (b) | 23158 | &nbsp;&nbsp; 556487 |
| Bowhead Specialty Holdings, Inc. (a) | 5692 | &nbsp;&nbsp; 162450 |
| Citizens, Inc. (a) | 7284 | &nbsp;&nbsp; 35182 |
| CNO Financial Group, Inc.  | 31209 | &nbsp;&nbsp; 1325446 |
| Crawford & Co. - Class A | 5515 | &nbsp;&nbsp; 62044 |
| Donegal Group, Inc. - Class A | 5184 | &nbsp;&nbsp; 103576 |
| Employers Holdings, Inc.  | 7312 | &nbsp;&nbsp; 315659 |
| F&G Annuities & Life, Inc.  | 12962 | &nbsp;&nbsp; 399878 |
| Fidelis Insurance Holdings Ltd.  | 18454 | &nbsp;&nbsp; 361145 |
| Genworth Financial, Inc. (a) | 129147 | &nbsp;&nbsp; 1166197 |
| Goosehead Insurance, Inc. - Class A (b) | 7950 | &nbsp;&nbsp; 585517 |
| Greenlight Capital Re Ltd. - Class A (a) | 8664 | &nbsp;&nbsp; 126321 |
| Hamilton Insurance Group Ltd. - Class B (a) | 14779 | &nbsp;&nbsp; 412334 |
| HCI Group, Inc.  | 3512 | &nbsp;&nbsp; 673215 |
| Heritage Insurance Holdings, Inc. (a) | 7545 | &nbsp;&nbsp; 220767 |
| Hippo Holdings, Inc. (a) | 6463 | &nbsp;&nbsp; 194407 |
| Horace Mann Educators Corp.  | 13684 | &nbsp;&nbsp; 631927 |
| Investors Title Co.  | 451 | &nbsp;&nbsp; 112588 |
| James River Group Holdings, Inc.  | 5392 | &nbsp;&nbsp; 34293 |
| Kingstone Cos., Inc.  | 3807 | &nbsp;&nbsp; 64072 |
| Kingsway Financial Services, Inc. (a) | 7041 | &nbsp;&nbsp; 94701 |
| Lemonade, Inc. (a) (b) | 19671 | &nbsp;&nbsp; 1400182 |
| MBIA, Inc. (a) | 9347 | &nbsp;&nbsp; 66925 |
| Mercury General Corp.  | 9033 | &nbsp;&nbsp; 849644 |
| Octave Specialty Group, Inc. (a) | 13677 | &nbsp;&nbsp; 106407 |
| Oscar Health, Inc. - Class A (a) | 64524 | &nbsp;&nbsp; 927210 |
| Palomar Holdings, Inc. (a) | 8662 | &nbsp;&nbsp; 1167291 |
| ProAssurance Corp. (a) | 16342 | &nbsp;&nbsp; 394823 |
| Root, Inc. - Class A (a) | 3876 | &nbsp;&nbsp; 279963 |
| Safety Insurance Group, Inc.  | 4673 | &nbsp;&nbsp; 364073 |
| Selective Insurance Group, Inc.  | 20017 | &nbsp;&nbsp; 1674822 |
| Selectquote, Inc. (a) | 13643 | &nbsp;&nbsp; 19237 |
| SiriusPoint Ltd. (a) | 34000 | &nbsp;&nbsp; 744260 |
| Skyward Specialty Insurance Group, Inc. (a) | 11532 | &nbsp;&nbsp; 589400 |
| Slide Insurance Holdings, Inc. (a) | 9796 | &nbsp;&nbsp; 190826 |
| Stewart Information Services Corp.  | 9084 | &nbsp;&nbsp; 638242 |
| Tiptree, Inc.  | 5662 | &nbsp;&nbsp; 103445 |
| Trupanion, Inc. (a) | 12099 | &nbsp;&nbsp; 452140 |
| United Fire Group, Inc.  | 7040 | &nbsp;&nbsp; 255904 |
| Universal Insurance Holdings, Inc.  | 9237 | &nbsp;&nbsp; 312211 |
|  |  | &nbsp;&nbsp; 18932094 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| Angi, Inc. (a) | 12152 | &nbsp;&nbsp; 157125 |

---

*See accompanying notes to financial statements.*

**BHFTII-287**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Interactive Media & Services—(Continued)** | **Interactive Media & Services—(Continued)** | **Interactive Media & Services—(Continued)** |
| Bumble, Inc. - Class A (a) | 25334 | &nbsp;&nbsp; $90442 |
| Cargurus, Inc. (a) | 27256 | &nbsp;&nbsp; 1045268 |
| Cars.com, Inc. (a) (b) | 17773 | &nbsp;&nbsp; 216831 |
| EverQuote, Inc. - Class A (a) | 9942 | &nbsp;&nbsp; 268434 |
| fuboTV, Inc. (a) | 117468 | &nbsp;&nbsp; 296019 |
| Getty Images Holdings, Inc. (a) (b) | 6262 | &nbsp;&nbsp; 8391 |
| Grindr, Inc. (a) | 12273 | &nbsp;&nbsp; 166176 |
| MediaAlpha, Inc. - Class A (a) | 13769 | &nbsp;&nbsp; 178309 |
| Nextdoor Holdings, Inc. (a) | 50725 | &nbsp;&nbsp; 106523 |
| QuinStreet, Inc. (a) | 18239 | &nbsp;&nbsp; 262095 |
| Rumble, Inc. (a) (b) | 35495 | &nbsp;&nbsp; 224328 |
| Shutterstock, Inc.  | 9001 | &nbsp;&nbsp; 171919 |
| TripAdvisor, Inc. (a) (b) | 38654 | &nbsp;&nbsp; 562802 |
| TrueCar, Inc. (a) | 5858 | &nbsp;&nbsp; 13239 |
| Webtoon Entertainment, Inc. (a) (b) | 6543 | &nbsp;&nbsp; 85255 |
| Yelp, Inc. (a) | 20699 | &nbsp;&nbsp; 629043 |
| Ziff Davis, Inc. (a) | 14114 | &nbsp;&nbsp; 496107 |
| ZipRecruiter, Inc. - Class A (a) | 13588 | &nbsp;&nbsp; 52993 |
|  |  | &nbsp;&nbsp; 5031299 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Applied Digital Corp. (a) (b) | 77367 | &nbsp;&nbsp; 1897039 |
| ASGN, Inc. (a) (c) | 14343 | &nbsp;&nbsp; 690902 |
| Backblaze, Inc. - Class A (a) | 19195 | &nbsp;&nbsp; 89449 |
| BigBear.ai Holdings, Inc. (a) (b) | 141741 | &nbsp;&nbsp; 765401 |
| Commerce.com, Inc. - Series 1 (a) | 11343 | &nbsp;&nbsp; 46733 |
| DigitalOcean Holdings, Inc. (a) (b) | 22670 | &nbsp;&nbsp; 1090880 |
| Fastly, Inc. - Class A (a) | 45508 | &nbsp;&nbsp; 463272 |
| Grid Dynamics Holdings, Inc. (a) | 21876 | &nbsp;&nbsp; 197540 |
| Hackett Group, Inc.  | 8523 | &nbsp;&nbsp; 167307 |
| Information Services Group, Inc.  | 4037 | &nbsp;&nbsp; 23334 |
| TSS, Inc. (a) (b) | 6787 | &nbsp;&nbsp; 47984 |
| Tucows, Inc. - Class A (a) | 2284 | &nbsp;&nbsp; 51207 |
| Unisys Corp. (a) | 6052 | &nbsp;&nbsp; 16704 |
| VTEX - Class A (a) | 8076 | &nbsp;&nbsp; 30366 |
| Whitefiber, Inc. (a) | 3963 | &nbsp;&nbsp; 62615 |
|  |  | &nbsp;&nbsp; 5640733 |
| **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| Acushnet Holdings Corp.  | 8918 | &nbsp;&nbsp; 711835 |
| JAKKS Pacific, Inc.  | 2462 | &nbsp;&nbsp; 41559 |
| Johnson Outdoors, Inc. - Class A | 1983 | &nbsp;&nbsp; 84178 |
| Latham Group, Inc. (a) | 13676 | &nbsp;&nbsp; 86843 |
| Malibu Boats, Inc. - Class A (a) | 6654 | &nbsp;&nbsp; 187709 |
| MasterCraft Boat Holdings, Inc. (a) | 5358 | &nbsp;&nbsp; 101320 |
| Peloton Interactive, Inc. - Class A (a) (b) | 129173 | &nbsp;&nbsp; 795706 |
| Polaris, Inc. (b) | 17646 | &nbsp;&nbsp; 1116109 |
| Smith & Wesson Brands, Inc.  | 10198 | &nbsp;&nbsp; 100654 |
| Sturm Ruger & Co., Inc.  | 5950 | &nbsp;&nbsp; 194268 |
| Topgolf Callaway Brands Corp. (a) | 39896 | &nbsp;&nbsp; 465586 |
|  |  | &nbsp;&nbsp; 3885767 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| 10X Genomics, Inc. - Class A (a) (b) | 38134 | &nbsp;&nbsp; 621966 |
| Adaptive Biotechnologies Corp. (a) | 49472 | &nbsp;&nbsp; 803425 |
| Azenta, Inc. (a) (b) | 13077 | &nbsp;&nbsp; 434941 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** |
| BioLife Solutions, Inc. (a) | 13116 | &nbsp;&nbsp; $317145 |
| CryoPort, Inc. (a) | 11317 | &nbsp;&nbsp; 108643 |
| Cytek Biosciences, Inc. (a) | 30347 | &nbsp;&nbsp; 153252 |
| Fortrea Holdings, Inc. (a) | 30646 | &nbsp;&nbsp; 528644 |
| Ginkgo Bioworks Holdings, Inc. (a) (b) | 8859 | &nbsp;&nbsp; 73618 |
| Lifecore Biomedical, Inc. (a) | 4168 | &nbsp;&nbsp; 34094 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 24463 | &nbsp;&nbsp; 79505 |
| MaxCyte, Inc. (a) | 6628 | &nbsp;&nbsp; 10273 |
| Mesa Laboratories, Inc.  | 1730 | &nbsp;&nbsp; 135805 |
| Niagen Bioscience, Inc. (a) | 17532 | &nbsp;&nbsp; 111504 |
| OmniAb, Inc. (a) | 10724 | &nbsp;&nbsp; 19839 |
| OmniAb, Inc. (a) (b) (d) (e) | 4218 | &nbsp;&nbsp; 0 |
| Pacific Biosciences of California, Inc. (a) (b) | 66658 | &nbsp;&nbsp; 124650 |
| Personalis, Inc. (a) | 10763 | &nbsp;&nbsp; 85674 |
| Quanterix Corp. (a) | 6870 | &nbsp;&nbsp; 43693 |
| Quantum-Si, Inc. (a) | 17787 | &nbsp;&nbsp; 19566 |
| Standard BioTools, Inc. (a) (b) | 71524 | &nbsp;&nbsp; 91551 |
|  |  | &nbsp;&nbsp; 3797788 |
| **Machinery — 3.7%** | **Machinery — 3.7%** | **Machinery — 3.7%** |
| 3D Systems Corp. (a) | 20080 | &nbsp;&nbsp; 35542 |
| Aebi Schmidt Holding AG | 13460 | &nbsp;&nbsp; 170269 |
| Alamo Group, Inc.  | 3383 | &nbsp;&nbsp; 567904 |
| Albany International Corp. - Class A | 9394 | &nbsp;&nbsp; 476276 |
| Alliance Laundry Holdings, Inc. (a) | 14475 | &nbsp;&nbsp; 294566 |
| Astec Industries, Inc.  | 8230 | &nbsp;&nbsp; 356524 |
| Atmus Filtration Technologies, Inc.  | 27720 | &nbsp;&nbsp; 1438945 |
| Blue Bird Corp. (a) | 10735 | &nbsp;&nbsp; 504545 |
| CECO Environmental Corp. (a) (b) | 10050 | &nbsp;&nbsp; 601492 |
| Chart Industries, Inc. (a) | 14686 | &nbsp;&nbsp; 3028694 |
| Columbus McKinnon Corp.  | 9670 | &nbsp;&nbsp; 166808 |
| Douglas Dynamics, Inc.  | 7665 | &nbsp;&nbsp; 250262 |
| Energy Recovery, Inc. (a) | 13853 | &nbsp;&nbsp; 186877 |
| Enerpac Tool Group Corp.  | 18340 | &nbsp;&nbsp; 701322 |
| Enpro, Inc.  | 6940 | &nbsp;&nbsp; 1486062 |
| ESCO Technologies, Inc.  | 8567 | &nbsp;&nbsp; 1673906 |
| Federal Signal Corp.  | 19436 | &nbsp;&nbsp; 2110555 |
| Franklin Electric Co., Inc.  | 12611 | &nbsp;&nbsp; 1204729 |
| Gorman-Rupp Co.  | 7300 | &nbsp;&nbsp; 348575 |
| Graham Corp. (a) | 3388 | &nbsp;&nbsp; 217611 |
| Greenbrier Cos., Inc. (b) | 9962 | &nbsp;&nbsp; 465624 |
| Helios Technologies, Inc. (b) | 10998 | &nbsp;&nbsp; 588283 |
| Hillenbrand, Inc.  | 23184 | &nbsp;&nbsp; 735396 |
| Hillman Solutions Corp. (a) | 65332 | &nbsp;&nbsp; 565775 |
| Hyster-Yale, Inc.  | 3736 | &nbsp;&nbsp; 110997 |
| JBT Marel Corp.  | 16959 | &nbsp;&nbsp; 2555213 |
| Kadant, Inc.  | 3900 | &nbsp;&nbsp; 1111578 |
| Kennametal, Inc.  | 24350 | &nbsp;&nbsp; 691783 |
| L.B. Foster Co. - Class A (a) | 3370 | &nbsp;&nbsp; 90822 |
| Lindsay Corp.  | 3503 | &nbsp;&nbsp; 412899 |
| Luxfer Holdings PLC | 8672 | &nbsp;&nbsp; 117332 |
| Manitowoc Co., Inc. (a) (b) | 11372 | &nbsp;&nbsp; 136350 |
| Mayville Engineering Co., Inc. (a) | 5214 | &nbsp;&nbsp; 97606 |
| Microvast Holdings, Inc. (a) | 59157 | &nbsp;&nbsp; 165640 |
| Miller Industries, Inc.  | 4021 | &nbsp;&nbsp; 150265 |
| Mueller Water Products, Inc. - Class A | 51725 | &nbsp;&nbsp; 1232089 |

---

*See accompanying notes to financial statements.*

**BHFTII-288**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Park-Ohio Holdings Corp.  | 2839 | &nbsp;&nbsp; $59449 |
| Proto Labs, Inc. (a) | 8021 | &nbsp;&nbsp; 405782 |
| REV Group, Inc.  | 16028 | &nbsp;&nbsp; 974663 |
| Richtech Robotics, Inc. - Class B (a) (b) | 51459 | &nbsp;&nbsp; 166213 |
| SPX Technologies, Inc. (a) | 15656 | &nbsp;&nbsp; 3132139 |
| Standex International Corp.  | 3967 | &nbsp;&nbsp; 861950 |
| Tennant Co.  | 6159 | &nbsp;&nbsp; 453918 |
| Terex Corp.  | 20961 | &nbsp;&nbsp; 1118898 |
| Titan International, Inc. (a) | 10509 | &nbsp;&nbsp; 82285 |
| Trinity Industries, Inc.  | 25891 | &nbsp;&nbsp; 684558 |
| Wabash National Corp.  | 8715 | &nbsp;&nbsp; 75385 |
| Watts Water Technologies, Inc. - Class A | 8913 | &nbsp;&nbsp; 2460166 |
| Worthington Enterprises, Inc.  | 10474 | &nbsp;&nbsp; 540144 |
|  |  | &nbsp;&nbsp; 36064666 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Costamare, Inc.  | 13997 | &nbsp;&nbsp; 221013 |
| Genco Shipping & Trading Ltd.  | 8659 | &nbsp;&nbsp; 159585 |
| Himalaya Shipping Ltd. (a) | 10455 | &nbsp;&nbsp; 95141 |
| Matson, Inc.  | 10217 | &nbsp;&nbsp; 1262310 |
| Pangaea Logistics Solutions Ltd.  | 3614 | &nbsp;&nbsp; 24864 |
| Safe Bulkers, Inc.  | 9069 | &nbsp;&nbsp; 43713 |
|  |  | &nbsp;&nbsp; 1806626 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| AMC Networks, Inc. - Class A (a) | 10438 | &nbsp;&nbsp; 99370 |
| Boston Omaha Corp. - Class A (a) | 7648 | &nbsp;&nbsp; 94606 |
| Cable One, Inc.  | 1743 | &nbsp;&nbsp; 196698 |
| EchoStar Corp. - Class A (a) (b) | 44015 | &nbsp;&nbsp; 4784430 |
| Entravision Communications Corp. - Class A | 6541 | &nbsp;&nbsp; 19165 |
| EW Scripps Co. - Class A (a) | 21490 | &nbsp;&nbsp; 85745 |
| Gray Media, Inc.  | 20206 | &nbsp;&nbsp; 97797 |
| Ibotta, Inc. - Class A (a) | 5644 | &nbsp;&nbsp; 128288 |
| iHeartMedia, Inc. - Class A (a) | 29269 | &nbsp;&nbsp; 121759 |
| John Wiley & Sons, Inc. - Class A | 13282 | &nbsp;&nbsp; 406828 |
| Magnite, Inc. (a) (b) | 45291 | &nbsp;&nbsp; 735073 |
| National CineMedia, Inc.  | 10118 | &nbsp;&nbsp; 39359 |
| Newsmax, Inc. (a) | 16068 | &nbsp;&nbsp; 124206 |
| Nexxen International Ltd. (a) | 12059 | &nbsp;&nbsp; 78866 |
| Optimum Communications, Inc. - Class A (a) | 59420 | &nbsp;&nbsp; 98043 |
| PubMatic, Inc. - Class A (a) | 14669 | &nbsp;&nbsp; 130114 |
| Scholastic Corp.  | 8189 | &nbsp;&nbsp; 242640 |
| Sinclair, Inc.  | 12794 | &nbsp;&nbsp; 195748 |
| Stagwell, Inc. (a) | 29742 | &nbsp;&nbsp; 145438 |
| TechTarget, Inc. (a) | 10436 | &nbsp;&nbsp; 56354 |
| TEGNA, Inc.  | 53249 | &nbsp;&nbsp; 1033563 |
| Thryv Holdings, Inc. (a) | 13096 | &nbsp;&nbsp; 79231 |
| USA TODAY Co., Inc. (a) | 38750 | &nbsp;&nbsp; 199563 |
|  |  | &nbsp;&nbsp; 9192884 |
| **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** |
| Alpha Metallurgical Resources, Inc. (a) | 3927 | &nbsp;&nbsp; 784929 |
| American Battery Technology Co. (a) (b) | 38284 | &nbsp;&nbsp; 127869 |
| Caledonia Mining Corp. PLC | 5467 | &nbsp;&nbsp; 143071 |
| Century Aluminum Co. (a) | 17253 | &nbsp;&nbsp; 675972 |
| Coeur Mining, Inc. (a) | 207976 | &nbsp;&nbsp; 3708212 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
| Commercial Metals Co.  | 36185 | &nbsp;&nbsp; $2504726 |
| Compass Minerals International, Inc. (a) | 11696 | &nbsp;&nbsp; 229709 |
| Constellium SE (a) | 44734 | &nbsp;&nbsp; 843236 |
| Contango ORE, Inc. (a) | 3375 | &nbsp;&nbsp; 89134 |
| Critical Metals Corp. (a) (b) | 15524 | &nbsp;&nbsp; 107737 |
| Dakota Gold Corp. (a) (b) | 21359 | &nbsp;&nbsp; 121319 |
| Ferroglobe PLC (b) | 30173 | &nbsp;&nbsp; 140003 |
| Hecla Mining Co. (b) | 206451 | &nbsp;&nbsp; 3961795 |
| Idaho Strategic Resources, Inc. (a) | 4989 | &nbsp;&nbsp; 201057 |
| Ivanhoe Electric, Inc. (a) (b) | 34977 | &nbsp;&nbsp; 558932 |
| Kaiser Aluminum Corp.  | 5295 | &nbsp;&nbsp; 608184 |
| Materion Corp.  | 6618 | &nbsp;&nbsp; 822750 |
| Metallus, Inc. (a) | 14231 | &nbsp;&nbsp; 244204 |
| NioCorp Developments Ltd. (a) | 35870 | &nbsp;&nbsp; 190111 |
| Novagold Resources, Inc. (a) | 98706 | &nbsp;&nbsp; 919940 |
| Olympic Steel, Inc.  | 3243 | &nbsp;&nbsp; 138752 |
| Perpetua Resources Corp. (a) | 27797 | &nbsp;&nbsp; 672965 |
| Ramaco Resources, Inc. - Class A (a) | 13642 | &nbsp;&nbsp; 245556 |
| Ryerson Holding Corp. (b) | 9128 | &nbsp;&nbsp; 229660 |
| SSR Mining, Inc. (a) | 67593 | &nbsp;&nbsp; 1481638 |
| SunCoke Energy, Inc.  | 27950 | &nbsp;&nbsp; 201240 |
| Tredegar Corp. (a) | 9205 | &nbsp;&nbsp; 66092 |
| U.S. Antimony Corp. (a) (b) | 39503 | &nbsp;&nbsp; 198305 |
| U.S. Gold Corp. (a) (b) | 4725 | &nbsp;&nbsp; 91712 |
| USA Rare Earth, Inc. (a) (b) | 28997 | &nbsp;&nbsp; 345064 |
| Vox Royalty Corp.  | 20497 | &nbsp;&nbsp; 97156 |
| Warrior Met Coal, Inc. (b) | 16941 | &nbsp;&nbsp; 1493688 |
| Worthington Steel, Inc.  | 11781 | &nbsp;&nbsp; 407858 |
|  |  | &nbsp;&nbsp; 22652576 |
| **Mortgage Real Estate Investment Trusts — 0.8%** | **Mortgage Real Estate Investment Trusts — 0.8%** | **Mortgage Real Estate Investment Trusts — 0.8%** |
| ACRES Commercial Realty Corp. (a) | 2102 | &nbsp;&nbsp; 44857 |
| Adamas Trust, Inc.  | 22178 | &nbsp;&nbsp; 161899 |
| Apollo Commercial Real Estate Finance, Inc.  | 44102 | &nbsp;&nbsp; 426907 |
| Arbor Realty Trust, Inc. (b) | 63354 | &nbsp;&nbsp; 491627 |
| ARES Commercial Real Estate Corp.  | 9164 | &nbsp;&nbsp; 43804 |
| ARMOUR Residential REIT, Inc. (b) | 38805 | &nbsp;&nbsp; 686460 |
| Blackstone Mortgage Trust, Inc. - Class A (b) | 51520 | &nbsp;&nbsp; 985578 |
| BrightSpire Capital, Inc.  | 35120 | &nbsp;&nbsp; 196672 |
| Chicago Atlantic Real Estate Finance, Inc.  | 5740 | &nbsp;&nbsp; 70372 |
| Chimera Investment Corp.  | 25288 | &nbsp;&nbsp; 314330 |
| Claros Mortgage Trust, Inc. (a) (b) | 31727 | &nbsp;&nbsp; 97085 |
| Dynex Capital, Inc.  | 47850 | &nbsp;&nbsp; 670379 |
| Ellington Financial, Inc.  | 31864 | &nbsp;&nbsp; 432713 |
| Franklin BSP Realty Trust, Inc.  | 27121 | &nbsp;&nbsp; 272024 |
| Invesco Mortgage Capital, Inc. (b) | 23543 | &nbsp;&nbsp; 197997 |
| KKR Real Estate Finance Trust, Inc.  | 18188 | &nbsp;&nbsp; 149505 |
| Ladder Capital Corp.  | 37273 | &nbsp;&nbsp; 409630 |
| MFA Financial, Inc.  | 29481 | &nbsp;&nbsp; 274468 |
| Orchid Island Capital, Inc. (b) | 50074 | &nbsp;&nbsp; 360533 |
| PennyMac Mortgage Investment Trust | 28493 | &nbsp;&nbsp; 357587 |
| Ready Capital Corp. (b) | 35152 | &nbsp;&nbsp; 76631 |
| Redwood Trust, Inc. (b) | 36270 | &nbsp;&nbsp; 200573 |
| Seven Hills Realty Trust | 8022 | &nbsp;&nbsp; 71396 |
| TPG Mortgage Investment Trust, Inc.  | 4240 | &nbsp;&nbsp; 36125 |
| TPG RE Finance Trust, Inc.  | 22146 | &nbsp;&nbsp; 190677 |

---

*See accompanying notes to financial statements.*

**BHFTII-289**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**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)** |
| Two Harbors Investment Corp.  | 34089 | &nbsp;&nbsp; $357935 |
|  |  | &nbsp;&nbsp; 7577764 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Avista Corp.  | 27299 | &nbsp;&nbsp; 1052103 |
| Black Hills Corp.  | 23850 | &nbsp;&nbsp; 1655667 |
| Northwestern Energy Group, Inc.  | 20395 | &nbsp;&nbsp; 1316293 |
| Unitil Corp.  | 5731 | &nbsp;&nbsp; 277610 |
|  |  | &nbsp;&nbsp; 4301673 |
| **Office REITs — 0.5%** | **Office REITs — 0.5%** | **Office REITs — 0.5%** |
| Brandywine Realty Trust | 42200 | &nbsp;&nbsp; 123224 |
| City Office REIT, Inc.  | 6512 | &nbsp;&nbsp; 45519 |
| COPT Defense Properties | 36101 | &nbsp;&nbsp; 1003608 |
| Douglas Emmett, Inc.  | 49494 | &nbsp;&nbsp; 543939 |
| Easterly Government Properties, Inc.  | 13938 | &nbsp;&nbsp; 295346 |
| Empire State Realty Trust, Inc. - Class A (b) | 45769 | &nbsp;&nbsp; 298414 |
| Hudson Pacific Properties, Inc. (a) (b) | 16139 | &nbsp;&nbsp; 174785 |
| JBG SMITH Properties (b) | 21817 | &nbsp;&nbsp; 371107 |
| NET Lease Office Properties | 5003 | &nbsp;&nbsp; 129027 |
| Peakstone Realty Trust | 12370 | &nbsp;&nbsp; 177510 |
| Piedmont Realty Trust, Inc. - Class A | 35770 | &nbsp;&nbsp; 298322 |
| Postal Realty Trust, Inc. - Class A | 7808 | &nbsp;&nbsp; 126021 |
| SL Green Realty Corp. (b) | 23163 | &nbsp;&nbsp; 1062487 |
|  |  | &nbsp;&nbsp; 4649309 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| Ardmore Shipping Corp.  | 10132 | &nbsp;&nbsp; 107298 |
| BKV Corp. (a) | 7460 | &nbsp;&nbsp; 202539 |
| California Resources Corp.  | 24397 | &nbsp;&nbsp; 1090790 |
| Calumet, Inc. (a) (b) | 22673 | &nbsp;&nbsp; 450513 |
| Centrus Energy Corp. - Class A (a) (b) | 5480 | &nbsp;&nbsp; 1330325 |
| Clean Energy Fuels Corp. (a) | 37223 | &nbsp;&nbsp; 78168 |
| CNX Resources Corp. (a) | 42399 | &nbsp;&nbsp; 1559011 |
| Comstock Resources, Inc. (a) (b) | 24559 | &nbsp;&nbsp; 569278 |
| Core Natural Resources, Inc.  | 16561 | &nbsp;&nbsp; 1465814 |
| Crescent Energy Co. - Class A | 73353 | &nbsp;&nbsp; 615432 |
| CVR Energy, Inc. (a) | 10391 | &nbsp;&nbsp; 264347 |
| Delek U.S. Holdings, Inc.  | 19230 | &nbsp;&nbsp; 570362 |
| DHT Holdings, Inc.  | 44063 | &nbsp;&nbsp; 538009 |
| Diversified Energy Co.  | 20180 | &nbsp;&nbsp; 292206 |
| Dorian LPG Ltd.  | 13115 | &nbsp;&nbsp; 319219 |
| Encore Energy Corp. (a) | 63287 | &nbsp;&nbsp; 156952 |
| Energy Fuels, Inc. (a) (b) | 74392 | &nbsp;&nbsp; 1081660 |
| Excelerate Energy, Inc. - Class A | 8493 | &nbsp;&nbsp; 238229 |
| FLEX LNG Ltd. (a) | 11155 | &nbsp;&nbsp; 278317 |
| Gevo, Inc. (a) | 55453 | &nbsp;&nbsp; 110906 |
| Golar LNG Ltd.  | 31769 | &nbsp;&nbsp; 1182124 |
| Granite Ridge Resources, Inc. (b) | 18785 | &nbsp;&nbsp; 88290 |
| Green Plains, Inc. (a) | 22076 | &nbsp;&nbsp; 216345 |
| Gulfport Energy Corp. (a) | 5274 | &nbsp;&nbsp; 1096939 |
| Infinity Natural Resources, Inc. - Class A (a) | 4799 | &nbsp;&nbsp; 70689 |
| International Seaways, Inc. (b) | 13477 | &nbsp;&nbsp; 654308 |
| Kinetik Holdings, Inc.  | 14659 | &nbsp;&nbsp; 528457 |
| Kosmos Energy Ltd. (a) (b) | 157029 | &nbsp;&nbsp; 142488 |
| Lightbridge Corp. (a) (b) | 9132 | &nbsp;&nbsp; 115428 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| Magnolia Oil & Gas Corp. - Class A (b) | 58849 | &nbsp;&nbsp; $1288205 |
| Murphy Oil Corp.  | 43944 | &nbsp;&nbsp; 1373250 |
| NACCO Industries, Inc. - Class A | 1471 | &nbsp;&nbsp; 72138 |
| Navigator Holdings Ltd.  | 8398 | &nbsp;&nbsp; 145453 |
| New Fortress Energy, Inc. (a) (b) | 20904 | &nbsp;&nbsp; 23831 |
| NextDecade Corp. (a) (b) | 36492 | &nbsp;&nbsp; 192313 |
| Nordic American Tankers Ltd. (b) | 54281 | &nbsp;&nbsp; 186727 |
| Northern Oil & Gas, Inc. (b) | 31231 | &nbsp;&nbsp; 670530 |
| Par Pacific Holdings, Inc. (a) (b) | 17200 | &nbsp;&nbsp; 604408 |
| PBF Energy, Inc. - Class A | 28436 | &nbsp;&nbsp; 771184 |
| Peabody Energy Corp. (b) | 40495 | &nbsp;&nbsp; 1202701 |
| REX American Resources Corp. (a) | 9108 | &nbsp;&nbsp; 294371 |
| Riley Exploration Permian, Inc.  | 4955 | &nbsp;&nbsp; 130812 |
| Sable Offshore Corp. (a) (b) | 25396 | &nbsp;&nbsp; 229072 |
| SandRidge Energy, Inc.  | 9767 | &nbsp;&nbsp; 140938 |
| Scorpio Tankers, Inc.  | 14953 | &nbsp;&nbsp; 760061 |
| SFL Corp. Ltd.  | 39642 | &nbsp;&nbsp; 309604 |
| SM Energy Co.  | 36165 | &nbsp;&nbsp; 676285 |
| Summit Midstream Corp. (a) | 3808 | &nbsp;&nbsp; 101597 |
| Talos Energy, Inc. (a) | 42610 | &nbsp;&nbsp; 469562 |
| Teekay Corp. Ltd.  | 12303 | &nbsp;&nbsp; 111096 |
| Teekay Tankers Ltd. - Class A | 7763 | &nbsp;&nbsp; 414699 |
| Uranium Energy Corp. (a) (b) | 155181 | &nbsp;&nbsp; 1812514 |
| VAALCO Energy, Inc.  | 20859 | &nbsp;&nbsp; 75927 |
| Viper Energy, Inc. - Class A | 1 | &nbsp;&nbsp; 39 |
| Vitesse Energy, Inc. (b) | 10875 | &nbsp;&nbsp; 209452 |
| W&T Offshore, Inc.  | 6333 | &nbsp;&nbsp; 10323 |
| World Kinect Corp.  | 19210 | &nbsp;&nbsp; 450090 |
|  |  | &nbsp;&nbsp; 28141625 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Clearwater Paper Corp. (a) | 5381 | &nbsp;&nbsp; 93629 |
| Magnera Corp. (a) | 8369 | &nbsp;&nbsp; 126707 |
| Sylvamo Corp.  | 11568 | &nbsp;&nbsp; 556999 |
|  |  | &nbsp;&nbsp; 777335 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| Allegiant Travel Co. (a) | 4799 | &nbsp;&nbsp; 409211 |
| Frontier Group Holdings, Inc. (a) (b) | 19671 | &nbsp;&nbsp; 92650 |
| JetBlue Airways Corp. (a) (b) | 85566 | &nbsp;&nbsp; 389325 |
| Joby Aviation, Inc. (a) (b) | 158242 | &nbsp;&nbsp; 2088794 |
| SkyWest, Inc. (a) | 13148 | &nbsp;&nbsp; 1320191 |
| Sun Country Airlines Holdings, Inc. (a) | 18930 | &nbsp;&nbsp; 272403 |
|  |  | &nbsp;&nbsp; 4572574 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Beauty Health Co. (a) | 11258 | &nbsp;&nbsp; 15649 |
| Edgewell Personal Care Co.  | 13913 | &nbsp;&nbsp; 237217 |
| Herbalife Ltd. (a) | 30464 | &nbsp;&nbsp; 392681 |
| Honest Co., Inc. (a) | 16303 | &nbsp;&nbsp; 42062 |
| Interparfums, Inc.  | 5954 | &nbsp;&nbsp; 505078 |
| Nature's Sunshine Products, Inc. (a) | 6239 | &nbsp;&nbsp; 134638 |
| Nu Skin Enterprises, Inc. - Class A | 12041 | &nbsp;&nbsp; 115834 |
| Olaplex Holdings, Inc. (a) (b) | 15481 | &nbsp;&nbsp; 20744 |

---

*See accompanying notes to financial statements.*

**BHFTII-290**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Personal Care Products—(Continued)** | **Personal Care Products—(Continued)** | **Personal Care Products—(Continued)** |
| USANA Health Sciences, Inc. (a) | 3610 | &nbsp;&nbsp; $70864 |
|  |  | &nbsp;&nbsp; 1534767 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Aardvark Therapeutics, Inc. (a) | 4569 | &nbsp;&nbsp; 59968 |
| Aclaris Therapeutics, Inc. (a) | 13773 | &nbsp;&nbsp; 41457 |
| Alumis, Inc. (a) | 19069 | &nbsp;&nbsp; 186113 |
| Amneal Pharmaceuticals, Inc. (a) | 46080 | &nbsp;&nbsp; 580608 |
| Amphastar Pharmaceuticals, Inc. (a) | 11871 | &nbsp;&nbsp; 317905 |
| Amylyx Pharmaceuticals, Inc. (a) | 29276 | &nbsp;&nbsp; 353654 |
| ANI Pharmaceuticals, Inc. (a) (b) | 6205 | &nbsp;&nbsp; 489823 |
| Aquestive Therapeutics, Inc. (a) | 34291 | &nbsp;&nbsp; 221520 |
| Arvinas, Inc. (a) | 18191 | &nbsp;&nbsp; 215745 |
| Atea Pharmaceuticals, Inc. (a) (b) | 12334 | &nbsp;&nbsp; 44032 |
| Avadel Pharmaceuticals PLC (a) | 29825 | &nbsp;&nbsp; 642729 |
| Axsome Therapeutics, Inc. (a) | 13375 | &nbsp;&nbsp; 2442810 |
| BioAge Labs, Inc. (a) | 8414 | &nbsp;&nbsp; 111317 |
| Collegium Pharmaceutical, Inc. (a) | 10622 | &nbsp;&nbsp; 491799 |
| CorMedix, Inc. (a) (b) | 24622 | &nbsp;&nbsp; 286354 |
| Crinetics Pharmaceuticals, Inc. (a) (b) | 29372 | &nbsp;&nbsp; 1367267 |
| Edgewise Therapeutics, Inc. (a) | 22579 | &nbsp;&nbsp; 560298 |
| Enliven Therapeutics, Inc. (a) | 14692 | &nbsp;&nbsp; 226257 |
| Esperion Therapeutics, Inc. (a) | 76490 | &nbsp;&nbsp; 283013 |
| Eton Pharmaceuticals, Inc. (a) | 9379 | &nbsp;&nbsp; 158599 |
| Evolus, Inc. (a) | 17168 | &nbsp;&nbsp; 114167 |
| EyePoint, Inc. (a) | 24644 | &nbsp;&nbsp; 450246 |
| Fulcrum Therapeutics, Inc. (a) | 12855 | &nbsp;&nbsp; 145390 |
| Harmony Biosciences Holdings, Inc. (a) | 14622 | &nbsp;&nbsp; 547155 |
| Harrow, Inc. (a) (b) | 11055 | &nbsp;&nbsp; 541695 |
| Indivior PLC (a) | 39504 | &nbsp;&nbsp; 1417403 |
| Innoviva, Inc. (a) | 22731 | &nbsp;&nbsp; 454393 |
| LB Pharmaceuticals, Inc. (a) | 6547 | &nbsp;&nbsp; 145736 |
| LENZ Therapeutics, Inc. (a) | 5451 | &nbsp;&nbsp; 87216 |
| Ligand Pharmaceuticals, Inc. (a) | 6309 | &nbsp;&nbsp; 1192843 |
| Liquidia Corp. (a) | 21765 | &nbsp;&nbsp; 750675 |
| Maze Therapeutics, Inc. (a) | 7061 | &nbsp;&nbsp; 292537 |
| MBX Biosciences, Inc. (a) (b) | 9444 | &nbsp;&nbsp; 297864 |
| MediWound Ltd. (a) | 3483 | &nbsp;&nbsp; 64296 |
| Mind Medicine MindMed, Inc. (a) | 31000 | &nbsp;&nbsp; 415090 |
| Nuvation Bio, Inc. (a) | 83271 | &nbsp;&nbsp; 746108 |
| Ocular Therapeutix, Inc. (a) | 60513 | &nbsp;&nbsp; 734628 |
| Omeros Corp. (a) (b) | 21621 | &nbsp;&nbsp; 371341 |
| Pacira BioSciences, Inc. (a) (b) | 14581 | &nbsp;&nbsp; 377356 |
| Phathom Pharmaceuticals, Inc. (a) | 15814 | &nbsp;&nbsp; 262354 |
| Phibro Animal Health Corp. - Class A | 6746 | &nbsp;&nbsp; 252031 |
| Prestige Consumer Healthcare, Inc. (a) | 16009 | &nbsp;&nbsp; 987595 |
| Rapport Therapeutics, Inc. (a) | 9431 | &nbsp;&nbsp; 286137 |
| Scilex Holding Co. (a) | 627 | &nbsp;&nbsp; 7649 |
| Septerna, Inc. (a) | 8261 | &nbsp;&nbsp; 230317 |
| SIGA Technologies, Inc.  | 13700 | &nbsp;&nbsp; 83707 |
| Supernus Pharmaceuticals, Inc. (a) | 18296 | &nbsp;&nbsp; 909311 |
| Tarsus Pharmaceuticals, Inc. (a) | 12660 | &nbsp;&nbsp; 1036601 |
| Terns Pharmaceuticals, Inc. (a) | 28477 | &nbsp;&nbsp; 1150471 |
| Theravance Biopharma, Inc. (a) | 12613 | &nbsp;&nbsp; 235989 |
| Third Harmonic Bio, Inc. (a) (d) (e) | 10177 | &nbsp;&nbsp; 0 |
| Trevi Therapeutics, Inc. (a) | 29636 | &nbsp;&nbsp; 371043 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| WaVe Life Sciences Ltd. (a) | 38177 | &nbsp;&nbsp; $649009 |
| Xeris Biopharma Holdings, Inc. (a) | 50127 | &nbsp;&nbsp; 393497 |
| Zevra Therapeutics, Inc. (a) (b) | 18364 | &nbsp;&nbsp; 164541 |
|  |  | &nbsp;&nbsp; 25247659 |
| **Professional Services — 1.7%** | **Professional Services — 1.7%** | **Professional Services — 1.7%** |
| Alight, Inc. - Class A | 142830 | &nbsp;&nbsp; 278518 |
| Asure Software, Inc. (a) | 8442 | &nbsp;&nbsp; 79524 |
| Barrett Business Services, Inc.  | 9231 | &nbsp;&nbsp; 334255 |
| BlackSky Technology, Inc. (a) (b) | 11134 | &nbsp;&nbsp; 208763 |
| CBIZ, Inc. (a) (b) | 16245 | &nbsp;&nbsp; 819560 |
| Conduent, Inc. (a) | 27027 | &nbsp;&nbsp; 51892 |
| CRA International, Inc.  | 2120 | &nbsp;&nbsp; 425473 |
| CSG Systems International, Inc.  | 9217 | &nbsp;&nbsp; 706852 |
| Exponent, Inc.  | 16822 | &nbsp;&nbsp; 1168456 |
| Falcon's Beyond Global, Inc. - Class A (a) | 5125 | &nbsp;&nbsp; 76926 |
| First Advantage Corp. (a) (b) | 28836 | &nbsp;&nbsp; 418987 |
| Franklin Covey Co. (a) | 3849 | &nbsp;&nbsp; 64586 |
| Huron Consulting Group, Inc. (a) | 5643 | &nbsp;&nbsp; 975731 |
| IBEX Holdings Ltd. (a) | 3785 | &nbsp;&nbsp; 144511 |
| ICF International, Inc.  | 6190 | &nbsp;&nbsp; 528007 |
| Innodata, Inc. (a) (b) | 10301 | &nbsp;&nbsp; 524836 |
| Insperity, Inc.  | 11759 | &nbsp;&nbsp; 455308 |
| Kelly Services, Inc. - Class A | 10203 | &nbsp;&nbsp; 89786 |
| Kforce, Inc.  | 5889 | &nbsp;&nbsp; 182088 |
| Korn Ferry | 17107 | &nbsp;&nbsp; 1129404 |
| Legalzoom.com, Inc. (a) | 41824 | &nbsp;&nbsp; 415312 |
| Maximus, Inc.  | 18592 | &nbsp;&nbsp; 1604861 |
| Mistras Group, Inc. (a) | 4218 | &nbsp;&nbsp; 53358 |
| Planet Labs PBC (a) | 77662 | &nbsp;&nbsp; 1531495 |
| Resolute Holdings Management, Inc. (a) (b) | 1437 | &nbsp;&nbsp; 296640 |
| Resources Connection, Inc.  | 2143 | &nbsp;&nbsp; 10801 |
| Spire Global, Inc. (a) | 3975 | &nbsp;&nbsp; 29813 |
| TIC Solutions, Inc. (a) (b) | 65326 | &nbsp;&nbsp; 660446 |
| TriNet Group, Inc. (b) | 10058 | &nbsp;&nbsp; 594730 |
| Upwork, Inc. (a) (b) | 41778 | &nbsp;&nbsp; 828040 |
| Verra Mobility Corp. (a) | 52864 | &nbsp;&nbsp; 1184682 |
| Willdan Group, Inc. (a) | 4552 | &nbsp;&nbsp; 471860 |
|  |  | &nbsp;&nbsp; 16345501 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
| Anywhere Real Estate, Inc. (a) | 32742 | &nbsp;&nbsp; 463627 |
| Compass, Inc. - Class A (a) | 159714 | &nbsp;&nbsp; 1688177 |
| Cushman & Wakefield Ltd. (a) | 75258 | &nbsp;&nbsp; 1218427 |
| Douglas Elliman, Inc. (a) | 8041 | &nbsp;&nbsp; 19057 |
| eXp World Holdings, Inc. (b) | 24598 | &nbsp;&nbsp; 222612 |
| Forestar Group, Inc. (a) | 6691 | &nbsp;&nbsp; 164799 |
| FRP Holdings, Inc. (a) | 2497 | &nbsp;&nbsp; 56907 |
| Kennedy-Wilson Holdings, Inc.  | 35445 | &nbsp;&nbsp; 342753 |
| Marcus & Millichap, Inc.  | 8432 | &nbsp;&nbsp; 230109 |
| Newmark Group, Inc. - Class A | 48160 | &nbsp;&nbsp; 835095 |
| Real Brokerage, Inc. (a) | 44482 | &nbsp;&nbsp; 162359 |
| RMR Group, Inc. - Class A | 4666 | &nbsp;&nbsp; 69523 |
| Seaport Entertainment Group, Inc. (a) (b) | 3029 | &nbsp;&nbsp; 59883 |
| St. Joe Co.  | 12774 | &nbsp;&nbsp; 758392 |
| Stratus Properties, Inc. (a) | 2264 | &nbsp;&nbsp; 54744 |

---

*See accompanying notes to financial statements.*

**BHFTII-291**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** |
| Tejon Ranch Co. (a) | 6848 | &nbsp;&nbsp; $107993 |
|  |  | &nbsp;&nbsp; 6454457 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| Apartment Investment & Management Co. - Class A | 43272 | &nbsp;&nbsp; 257036 |
| BRT Apartments Corp.  | 3996 | &nbsp;&nbsp; 58741 |
| Centerspace | 5894 | &nbsp;&nbsp; 393248 |
| Elme Communities | 28672 | &nbsp;&nbsp; 498893 |
| Independence Realty Trust, Inc.  | 77068 | &nbsp;&nbsp; 1347148 |
| NexPoint Residential Trust, Inc.  | 8616 | &nbsp;&nbsp; 259341 |
| UMH Properties, Inc.  | 26204 | &nbsp;&nbsp; 416906 |
| Veris Residential, Inc.  | 21776 | &nbsp;&nbsp; 324027 |
|  |  | &nbsp;&nbsp; 3555340 |
| **Retail REITs — 1.1%** | **Retail REITs — 1.1%** | **Retail REITs — 1.1%** |
| Acadia Realty Trust | 42521 | &nbsp;&nbsp; 873381 |
| Alexander's, Inc. (b) | 759 | &nbsp;&nbsp; 165417 |
| CBL & Associates Properties, Inc.  | 6812 | &nbsp;&nbsp; 252044 |
| Curbline Properties Corp.  | 32459 | &nbsp;&nbsp; 753373 |
| FrontView REIT, Inc.  | 7089 | &nbsp;&nbsp; 104634 |
| Getty Realty Corp. (b) | 17066 | &nbsp;&nbsp; 467096 |
| InvenTrust Properties Corp.  | 26020 | &nbsp;&nbsp; 734024 |
| Kite Realty Group Trust (b) | 70682 | &nbsp;&nbsp; 1694248 |
| Macerich Co. (b) | 80523 | &nbsp;&nbsp; 1486455 |
| NETSTREIT Corp. (b) | 27425 | &nbsp;&nbsp; 483777 |
| Phillips Edison & Co., Inc.  | 41437 | &nbsp;&nbsp; 1473914 |
| Saul Centers, Inc.  | 5210 | &nbsp;&nbsp; 164271 |
| SITE Centers Corp.  | 16684 | &nbsp;&nbsp; 107111 |
| Tanger, Inc.  | 37017 | &nbsp;&nbsp; 1235257 |
| Urban Edge Properties | 43229 | &nbsp;&nbsp; 829565 |
| Whitestone REIT | 13758 | &nbsp;&nbsp; 191099 |
|  |  | &nbsp;&nbsp; 11015666 |
| **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** |
| ACM Research, Inc. - Class A (a) | 17102 | &nbsp;&nbsp; 674674 |
| Aehr Test Systems (a) | 9978 | &nbsp;&nbsp; 201456 |
| Aeluma, Inc. (a) | 3822 | &nbsp;&nbsp; 65624 |
| Alpha & Omega Semiconductor Ltd. (a) | 8473 | &nbsp;&nbsp; 167850 |
| Ambarella, Inc. (a) | 13449 | &nbsp;&nbsp; 952727 |
| Axcelis Technologies, Inc. (a) | 10021 | &nbsp;&nbsp; 805087 |
| Blaize Holdings, Inc. (a) (b) | 3570 | &nbsp;&nbsp; 6962 |
| CEVA, Inc. (a) | 8407 | &nbsp;&nbsp; 180919 |
| Cohu, Inc. (a) | 14277 | &nbsp;&nbsp; 332226 |
| Credo Technology Group Holding Ltd. (a) | 49814 | &nbsp;&nbsp; 7167736 |
| Diodes, Inc. (a) | 15451 | &nbsp;&nbsp; 762352 |
| FormFactor, Inc. (a) (c) | 25312 | &nbsp;&nbsp; 1411903 |
| Ichor Holdings Ltd. (a) | 11886 | &nbsp;&nbsp; 219059 |
| Impinj, Inc. (a) (b) | 8762 | &nbsp;&nbsp; 1524676 |
| indie Semiconductor, Inc. - Class A (a) (b) | 65210 | &nbsp;&nbsp; 230191 |
| Kopin Corp. (a) | 33353 | &nbsp;&nbsp; 78046 |
| Kulicke & Soffa Industries, Inc.  | 16579 | &nbsp;&nbsp; 755339 |
| MaxLinear, Inc. (a) | 26211 | &nbsp;&nbsp; 456858 |
| Navitas Semiconductor Corp. (a) (b) | 52691 | &nbsp;&nbsp; 376214 |
| NVE Corp.  | 1605 | &nbsp;&nbsp; 95225 |
| PDF Solutions, Inc. (a) | 11198 | &nbsp;&nbsp; 319479 |
| Penguin Solutions, Inc. (a) (b) | 18743 | &nbsp;&nbsp; 366613 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
| Photronics, Inc. (a) | 18180 | &nbsp;&nbsp; $581760 |
| Power Integrations, Inc.  | 19332 | &nbsp;&nbsp; 687059 |
| Rambus, Inc. (a) | 35032 | &nbsp;&nbsp; 3219090 |
| Rigetti Computing, Inc. (a) | 105782 | &nbsp;&nbsp; 2343071 |
| Semtech Corp. (a) | 28164 | &nbsp;&nbsp; 2075405 |
| Silicon Laboratories, Inc. (a) | 10544 | &nbsp;&nbsp; 1378101 |
| SiTime Corp. (a) | 7051 | &nbsp;&nbsp; 2490343 |
| SkyWater Technology, Inc. (a) (b) | 10442 | &nbsp;&nbsp; 189627 |
| Synaptics, Inc. (a) | 12689 | &nbsp;&nbsp; 939240 |
| Ultra Clean Holdings, Inc. (a) | 15886 | &nbsp;&nbsp; 402392 |
| Veeco Instruments, Inc. (a) | 19960 | &nbsp;&nbsp; 570457 |
|  |  | &nbsp;&nbsp; 32027761 |
| **Software — 5.4%** | **Software — 5.4%** | **Software — 5.4%** |
| 8x8, Inc. (a) | 22133 | &nbsp;&nbsp; 43602 |
| A10 Networks, Inc. (b) | 22440 | &nbsp;&nbsp; 396964 |
| ACI Worldwide, Inc. (a) | 33619 | &nbsp;&nbsp; 1607324 |
| Adeia, Inc.  | 35438 | &nbsp;&nbsp; 611306 |
| Agilysys, Inc. (a) (b) | 8495 | &nbsp;&nbsp; 1009546 |
| Alarm.com Holdings, Inc. (a) | 15379 | &nbsp;&nbsp; 784637 |
| Alkami Technology, Inc. (a) (b) | 22607 | &nbsp;&nbsp; 521544 |
| Amplitude, Inc. - Class A (a) | 30453 | &nbsp;&nbsp; 352646 |
| Appian Corp. - Class A (a) | 13081 | &nbsp;&nbsp; 463329 |
| Arteris, Inc. (a) | 9551 | &nbsp;&nbsp; 148041 |
| Asana, Inc. - Class A (a) | 30484 | &nbsp;&nbsp; 417936 |
| AvePoint, Inc. (a) | 48087 | &nbsp;&nbsp; 667928 |
| Bit Digital, Inc. (a) (b) | 106159 | &nbsp;&nbsp; 200641 |
| Bitdeer Technologies Group - Class A (a) | 32837 | &nbsp;&nbsp; 368103 |
| Blackbaud, Inc. (a) | 12669 | &nbsp;&nbsp; 802201 |
| BlackLine, Inc. (a) (c) | 17249 | &nbsp;&nbsp; 953697 |
| Blend Labs, Inc. - Class A (a) (b) | 55844 | &nbsp;&nbsp; 169766 |
| Box, Inc. - Class A (a) | 45655 | &nbsp;&nbsp; 1365541 |
| Braze, Inc. - Class A (a) | 27847 | &nbsp;&nbsp; 954874 |
| C3.ai, Inc. - Class A (a) (b) | 43771 | &nbsp;&nbsp; 590033 |
| Cerence, Inc. (a) | 13894 | &nbsp;&nbsp; 148527 |
| Chaince Digital Holdings, Inc. (a) | 13617 | &nbsp;&nbsp; 67677 |
| Cipher Mining, Inc. (a) (b) | 105657 | &nbsp;&nbsp; 1559497 |
| Cleanspark, Inc. (a) (b) | 94412 | &nbsp;&nbsp; 955449 |
| Clear Secure, Inc. - Class A | 27838 | &nbsp;&nbsp; 976557 |
| Clearwater Analytics Holdings, Inc. - Class A (a) (b) | 90794 | &nbsp;&nbsp; 2189951 |
| Commvault Systems, Inc. (a) | 14761 | &nbsp;&nbsp; 1850439 |
| Consensus Cloud Solutions, Inc. (a) | 6453 | &nbsp;&nbsp; 140804 |
| Core Scientific, Inc. (a) | 96624 | &nbsp;&nbsp; 1406845 |
| CS Disco, Inc. (a) | 8665 | &nbsp;&nbsp; 67240 |
| Daily Journal Corp. (a) (b) | 399 | &nbsp;&nbsp; 194441 |
| Digital Turbine, Inc. (a) | 26443 | &nbsp;&nbsp; 132215 |
| Domo, Inc. - Class B (a) (b) | 11156 | &nbsp;&nbsp; 94045 |
| D-Wave Quantum, Inc. (a) (b) | 108844 | &nbsp;&nbsp; 2846271 |
| eGain Corp. (a) | 1520 | &nbsp;&nbsp; 15641 |
| EverCommerce, Inc. (a) | 5239 | &nbsp;&nbsp; 63444 |
| Five9, Inc. (a) | 25226 | &nbsp;&nbsp; 505781 |
| Freshworks, Inc. - Class A (a) | 65645 | &nbsp;&nbsp; 804151 |
| Hut 8 Corp. (a) (b) | 31279 | &nbsp;&nbsp; 1436957 |
| I3 Verticals, Inc. - Class A (a) (b) | 8394 | &nbsp;&nbsp; 211445 |
| Intapp, Inc. (a) | 18837 | &nbsp;&nbsp; 863111 |
| InterDigital, Inc. (b) | 8411 | &nbsp;&nbsp; 2677894 |

---

*See accompanying notes to financial statements.*

**BHFTII-292**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Jamf Holding Corp. (a) | 24498 | &nbsp;&nbsp; $318719 |
| Kaltura, Inc. (a) | 6060 | &nbsp;&nbsp; 9938 |
| Life360, Inc. (a) (b) | 6744 | &nbsp;&nbsp; 432560 |
| LiveRamp Holdings, Inc. (a) | 21447 | &nbsp;&nbsp; 629898 |
| MARA Holdings, Inc. (a) (b) | 117191 | &nbsp;&nbsp; 1052375 |
| Mitek Systems, Inc. (a) | 14653 | &nbsp;&nbsp; 154589 |
| N-able, Inc. (a) | 22730 | &nbsp;&nbsp; 170020 |
| NCR Voyix Corp. (a) (b) | 45339 | &nbsp;&nbsp; 462458 |
| NextNav, Inc. (a) (b) | 32050 | &nbsp;&nbsp; 533312 |
| ON24, Inc. (a) | 13180 | &nbsp;&nbsp; 104913 |
| OneSpan, Inc.  | 11885 | &nbsp;&nbsp; 152603 |
| Ooma, Inc. (a) | 8425 | &nbsp;&nbsp; 98825 |
| Pagaya Technologies Ltd. - Class A (a) (b) | 16142 | &nbsp;&nbsp; 337368 |
| PagerDuty, Inc. (a) | 29158 | &nbsp;&nbsp; 382261 |
| PAR Technology Corp. (a) | 13092 | &nbsp;&nbsp; 474978 |
| Porch Group, Inc. (a) | 29594 | &nbsp;&nbsp; 270193 |
| Progress Software Corp. (a) | 14150 | &nbsp;&nbsp; 607884 |
| Q2 Holdings, Inc. (a) | 20215 | &nbsp;&nbsp; 1458714 |
| Qualys, Inc. (a) | 12072 | &nbsp;&nbsp; 1604369 |
| Rapid7, Inc. (a) | 21144 | &nbsp;&nbsp; 321389 |
| Red Violet, Inc.  | 4110 | &nbsp;&nbsp; 234065 |
| ReposiTrak, Inc. (b) | 3885 | &nbsp;&nbsp; 48057 |
| Rezolve AI PLC (a) (b) | 29331 | &nbsp;&nbsp; 75381 |
| Rimini Street, Inc. (a) | 4962 | &nbsp;&nbsp; 19253 |
| Riot Platforms, Inc. (a) | 111548 | &nbsp;&nbsp; 1413313 |
| SEMrush Holdings, Inc. - Class A (a) | 17232 | &nbsp;&nbsp; 204888 |
| SoundHound AI, Inc. - Class A (a) (b) | 124414 | &nbsp;&nbsp; 1240408 |
| Sprinklr, Inc. - Class A (a) | 34370 | &nbsp;&nbsp; 267399 |
| Sprout Social, Inc. - Class A (a) | 16242 | &nbsp;&nbsp; 183047 |
| SPS Commerce, Inc. (a) | 12323 | &nbsp;&nbsp; 1098349 |
| Telos Corp. (a) | 18441 | &nbsp;&nbsp; 94049 |
| Tenable Holdings, Inc. (a) | 41203 | &nbsp;&nbsp; 969507 |
| Terawulf, Inc. (a) (b) | 98752 | &nbsp;&nbsp; 1134660 |
| Varonis Systems, Inc. (a) | 37419 | &nbsp;&nbsp; 1227343 |
| Vertex, Inc. - Class A (a) | 23561 | &nbsp;&nbsp; 470513 |
| Via Transportation, Inc. - Class A (a) | 3524 | &nbsp;&nbsp; 102231 |
| Viant Technology, Inc. - Class A (a) | 5049 | &nbsp;&nbsp; 60790 |
| Weave Communications, Inc. (a) | 20544 | &nbsp;&nbsp; 155929 |
| Workiva, Inc. (a) | 16331 | &nbsp;&nbsp; 1408549 |
| Xperi, Inc. (a) | 15888 | &nbsp;&nbsp; 93104 |
| Yext, Inc. (a) | 28214 | &nbsp;&nbsp; 227405 |
| Zeta Global Holdings Corp. - Class A (a) (b) | 61885 | &nbsp;&nbsp; 1259360 |
|  |  | &nbsp;&nbsp; 53203007 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| Farmland Partners, Inc.  | 12849 | &nbsp;&nbsp; 124507 |
| Four Corners Property Trust, Inc. (b) | 33916 | &nbsp;&nbsp; 782103 |
| Gladstone Land Corp.  | 11340 | &nbsp;&nbsp; 103761 |
| Outfront Media, Inc.  | 47341 | &nbsp;&nbsp; 1140918 |
| PotlatchDeltic Corp.  | 25025 | &nbsp;&nbsp; 995494 |
| Safehold, Inc.  | 17256 | &nbsp;&nbsp; 236235 |
| Smartstop Self Storage REIT, Inc.  | 11012 | &nbsp;&nbsp; 340711 |
|  |  | &nbsp;&nbsp; 3723729 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| Abercrombie & Fitch Co. - Class A (a) | 15119 | &nbsp;&nbsp; 1903028 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| Academy Sports & Outdoors, Inc.  | 21545 | &nbsp;&nbsp; $1076388 |
| Advance Auto Parts, Inc. (b) | 19800 | &nbsp;&nbsp; 778140 |
| American Eagle Outfitters, Inc.  | 51692 | &nbsp;&nbsp; 1363118 |
| America's Car-Mart, Inc. (a) | 2589 | &nbsp;&nbsp; 65398 |
| Arhaus, Inc. (a) | 17118 | &nbsp;&nbsp; 191893 |
| Arko Corp.  | 21290 | &nbsp;&nbsp; 96657 |
| Asbury Automotive Group, Inc. (a) | 6263 | &nbsp;&nbsp; 1456335 |
| Bed Bath & Beyond, Inc. (a) (b) | 22934 | &nbsp;&nbsp; 125220 |
| Boot Barn Holdings, Inc. (a) (c) | 10180 | &nbsp;&nbsp; 1796465 |
| Buckle, Inc. (b) | 10268 | &nbsp;&nbsp; 548516 |
| Build-A-Bear Workshop, Inc. (b) | 4280 | &nbsp;&nbsp; 262236 |
| Caleres, Inc.  | 11033 | &nbsp;&nbsp; 134272 |
| Camping World Holdings, Inc. - Class A | 19975 | &nbsp;&nbsp; 194357 |
| Citi Trends, Inc. (a) | 1363 | &nbsp;&nbsp; 56646 |
| Designer Brands, Inc. - Class A | 5298 | &nbsp;&nbsp; 39364 |
| EVgo, Inc. (a) | 28846 | &nbsp;&nbsp; 83942 |
| Genesco, Inc. (a) | 3397 | &nbsp;&nbsp; 84144 |
| Group 1 Automotive, Inc.  | 4003 | &nbsp;&nbsp; 1574380 |
| Haverty Furniture Cos., Inc.  | 4960 | &nbsp;&nbsp; 115866 |
| MarineMax, Inc. (a) (b) | 5442 | &nbsp;&nbsp; 131860 |
| Monro, Inc. (b) | 9893 | &nbsp;&nbsp; 198256 |
| National Vision Holdings, Inc. (a) | 25427 | &nbsp;&nbsp; 656525 |
| Outdoor Holding Co. (a) | 32143 | &nbsp;&nbsp; 54964 |
| Petco Health & Wellness Co., Inc. (a) (b) | 12575 | &nbsp;&nbsp; 35336 |
| RealReal, Inc. (a) | 32897 | &nbsp;&nbsp; 519115 |
| Revolve Group, Inc. (a) | 13899 | &nbsp;&nbsp; 419611 |
| Sally Beauty Holdings, Inc. (a) | 33630 | &nbsp;&nbsp; 479564 |
| Shoe Carnival, Inc.  | 6132 | &nbsp;&nbsp; 103508 |
| Signet Jewelers Ltd.  | 13463 | &nbsp;&nbsp; 1115813 |
| Sleep Number Corp. (a) | 1091 | &nbsp;&nbsp; 9230 |
| Sonic Automotive, Inc. - Class A (b) | 5254 | &nbsp;&nbsp; 325012 |
| Stitch Fix, Inc. - Class A (a) | 27212 | &nbsp;&nbsp; 142863 |
| ThredUp, Inc. - Class A (a) | 32590 | &nbsp;&nbsp; 208250 |
| Upbound Group, Inc.  | 17251 | &nbsp;&nbsp; 302927 |
| Urban Outfitters, Inc. (a) | 19907 | &nbsp;&nbsp; 1498201 |
| Victoria's Secret & Co. (a) (b) | 23017 | &nbsp;&nbsp; 1246831 |
| Warby Parker, Inc. - Class A (a) | 31715 | &nbsp;&nbsp; 691070 |
| Winmark Corp.  | 1051 | &nbsp;&nbsp; 425592 |
| Zumiez, Inc. (a) | 4911 | &nbsp;&nbsp; 127931 |
|  |  | &nbsp;&nbsp; 20638824 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| CompoSecure, Inc. - Class A (a) | 18925 | &nbsp;&nbsp; 364874 |
| Corsair Gaming, Inc. (a) | 16097 | &nbsp;&nbsp; 95616 |
| Diebold Nixdorf, Inc. (a) | 8447 | &nbsp;&nbsp; 573467 |
| Eastman Kodak Co. (a) | 15438 | &nbsp;&nbsp; 130606 |
| Immersion Corp.  | 2317 | &nbsp;&nbsp; 15756 |
| IonQ, Inc. (a) (b) | 109907 | &nbsp;&nbsp; 4931527 |
| Quantum Computing, Inc. (a) (b) | 65967 | &nbsp;&nbsp; 676821 |
| Turtle Beach Corp. (a) | 5280 | &nbsp;&nbsp; 74078 |
| Xerox Holdings Corp. (b) | 21929 | &nbsp;&nbsp; 51972 |
|  |  | &nbsp;&nbsp; 6914717 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Capri Holdings Ltd. (a) | 39531 | &nbsp;&nbsp; 964556 |
| Carter's, Inc.  | 12860 | &nbsp;&nbsp; 417050 |

---

*See accompanying notes to financial statements.*

**BHFTII-293**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Textiles, Apparel & Luxury Goods—(Continued)** | **Textiles, Apparel & Luxury Goods—(Continued)** | **Textiles, Apparel & Luxury Goods—(Continued)** |
| Ermenegildo Zegna NV (b) | 22908 | &nbsp;&nbsp; $234807 |
| Figs, Inc. - Class A (a) | 30924 | &nbsp;&nbsp; 351297 |
| G-III Apparel Group Ltd.  | 11927 | &nbsp;&nbsp; 345406 |
| Kontoor Brands, Inc.  | 17846 | &nbsp;&nbsp; 1090212 |
| Movado Group, Inc.  | 4696 | &nbsp;&nbsp; 96831 |
| Oxford Industries, Inc. (b) | 5343 | &nbsp;&nbsp; 182731 |
| Rocky Brands, Inc.  | 2393 | &nbsp;&nbsp; 70187 |
| Steven Madden Ltd.  | 23788 | &nbsp;&nbsp; 990532 |
| Wolverine World Wide, Inc.  | 25779 | &nbsp;&nbsp; 467889 |
|  |  | &nbsp;&nbsp; 5211498 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Turning Point Brands, Inc.  | 5507 | &nbsp;&nbsp; 596959 |
| Universal Corp.  | 7807 | &nbsp;&nbsp; 411819 |
|  |  | &nbsp;&nbsp; 1008778 |
| **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** |
| BlueLinx Holdings, Inc. (a) | 2908 | &nbsp;&nbsp; 178638 |
| Boise Cascade Co. (b) | 12529 | &nbsp;&nbsp; 922134 |
| Custom Truck One Source, Inc. (a) | 12322 | &nbsp;&nbsp; 70975 |
| Distribution Solutions Group, Inc. (a) | 3388 | &nbsp;&nbsp; 92797 |
| DNOW, Inc. (a) | 60889 | &nbsp;&nbsp; 806779 |
| DXP Enterprises, Inc. (a) | 4505 | &nbsp;&nbsp; 494604 |
| GATX Corp.  | 11599 | &nbsp;&nbsp; 1967190 |
| Global Industrial Co.  | 4971 | &nbsp;&nbsp; 145253 |
| Herc Holdings, Inc. (b) | 10615 | &nbsp;&nbsp; 1575054 |
| Hudson Technologies, Inc. (a) | 12792 | &nbsp;&nbsp; 87625 |
| Karat Packaging, Inc.  | 3249 | &nbsp;&nbsp; 73330 |
| McGrath RentCorp | 7879 | &nbsp;&nbsp; 826744 |
| NPK International, Inc. (a) | 26722 | &nbsp;&nbsp; 318526 |
| Rush Enterprises, Inc. - Class A | 20226 | &nbsp;&nbsp; 1090991 |
| Rush Enterprises, Inc. - Class B | 3214 | &nbsp;&nbsp; 180820 |
| Titan Machinery, Inc. (a) | 6828 | &nbsp;&nbsp; 102693 |
| Transcat, Inc. (a) | 3255 | &nbsp;&nbsp; 184656 |
| Willis Lease Finance Corp. (b) | 972 | &nbsp;&nbsp; 131842 |
| Xometry, Inc. - Class A (a) (b) | 14455 | &nbsp;&nbsp; 859639 |
|  |  | &nbsp;&nbsp; 10110290 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| Sky Harbour Group Corp. (a) (b) | 8295 | &nbsp;&nbsp; 74406 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| American States Water Co.  | 12562 | &nbsp;&nbsp; 910494 |
| Cadiz, Inc. (a) (b) | 9187 | &nbsp;&nbsp; 51539 |
| California Water Service Group | 19331 | &nbsp;&nbsp; 837612 |
| Consolidated Water Co. Ltd.  | 5040 | &nbsp;&nbsp; 177862 |
| H2O America | 10789 | &nbsp;&nbsp; 528553 |
| Middlesex Water Co.  | 6337 | &nbsp;&nbsp; 319511 |
| Pure Cycle Corp. (a) | 6837 | &nbsp;&nbsp; 75139 |
| York Water Co.  | 5110 | &nbsp;&nbsp; 162702 |
|  |  | &nbsp;&nbsp; 3063412 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Gogo, Inc. (a) | 25524 | &nbsp;&nbsp; 118942 |
| Spok Holdings, Inc.  | 6673 | &nbsp;&nbsp; 88017 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Wireless Telecommunication Services—(Continued)** | **Wireless Telecommunication Services—(Continued)** | **Wireless Telecommunication Services—(Continued)** |
| Telephone & Data Systems, Inc.  | 32871 | &nbsp;&nbsp; $1347711 |
|  |  | &nbsp;&nbsp; 1554670 |
| Total Common Stocks <br>(Cost $651,903,768) <br>|  | &nbsp;&nbsp; 942748095 |
| **Investment Companies—2.3%** | **Investment Companies—2.3%** | **Investment Companies—2.3%** |
| **Exchange-Traded Funds — 2.3%** | **Exchange-Traded Funds — 2.3%** | **Exchange-Traded Funds — 2.3%** |
| iShares Russell 2000 ETF (b) | 91600 | &nbsp;&nbsp; 22548256 |
| Total Investment Companies <br>(Cost $21,010,198) <br>|  | &nbsp;&nbsp; 22548256 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Akero Therapeutics, Inc., Expires 06/30/31 (a) | 23693 | &nbsp;&nbsp; 15400 |
| Cartesian Therapeutics, Inc. (a) (b) (d) (e) | 39548 | &nbsp;&nbsp; 5395 |
| Chinook Therapeutics, Inc. (a) (d) (e) | 19453 | &nbsp;&nbsp; 0 |
| Icosavax, Inc. (a) (d) (e) | 9579 | &nbsp;&nbsp; 2970 |
| Tobira Therapeutics, Inc. (a) (d) (e) | 4660 | &nbsp;&nbsp; 37094 |
| Total Rights <br>(Cost $24,872) <br>|  | &nbsp;&nbsp; 60859 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Nabors Industries Ltd., Expires 06/11/26 (a) <br>(Cost $0)<br>| 882 | &nbsp;&nbsp; 157 |

---

&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 |  |  |
| 3.265%, 01/02/26 (f) | 575000 | &nbsp;&nbsp; 575000 |
| 3.538%, 01/15/26 (f) | 2900000 | &nbsp;&nbsp; 2896294 |
| 3.627%, 01/15/26 (f) | 17125000 | &nbsp;&nbsp; 17103113 |
| Total Short-Term Investments <br>(Cost $20,571,800) <br>|  | &nbsp;&nbsp; 20574407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—8.4%** | **Securities Lending Reinvestments (g)—8.4%** | **Securities Lending Reinvestments (g)—8.4%** |
| **Short-Term Investment Funds—2.0%** | **Short-Term Investment Funds—2.0%** | **Short-Term Investment Funds—2.0%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (h)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (h)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (h)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (h)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (h)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (h)<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-294**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (g)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (h)<br>| 3000000 | &nbsp;&nbsp; $3000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (h)<br>| 4000000 | &nbsp;&nbsp; 4000000 |
|  |  | &nbsp;&nbsp; 20000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (i) | 1000000 | &nbsp;&nbsp; 1000343 |
| Mizuho Bank Ltd. |  |  |
| 3.990%, SOFR + 0.220%, 04/10/26 (i) | 1000000 | &nbsp;&nbsp; 999883 |
| 4.010%, SOFR + 0.240%, 01/13/26 (i) | 1500000 | &nbsp;&nbsp; 1500006 |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (i) | 1000000 | &nbsp;&nbsp; 1000191 |
|  |  | &nbsp;&nbsp; 4500423 |
| **Repurchase Agreements—5.3%** | **Repurchase Agreements—5.3%** | **Repurchase Agreements—5.3%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $7,001,466; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,795,730<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $4,000,856; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,454,703<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,759,813; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,815,009<br>| 2759226 | &nbsp;&nbsp; 2759226 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $6,128,718; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $6,240,751<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $9,001,955; collateralized <br> by various Common Stock with an aggregate market value of <br> $10,001,103<br>| 9000000 | &nbsp;&nbsp; 9000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $6,001,287; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,689,263<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $4,000,858; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,444,928<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $7,005,281; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,785,299<br>| 7000000 | &nbsp;&nbsp; 7000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $4,015,206; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,444,927<br>| 4000000 | &nbsp;&nbsp; $4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $100,020; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; 100000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $2,000,416; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,200,457<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 51859226 |
| **Time Deposits—0.6%** | **Time Deposits—0.6%** | **Time Deposits—0.6%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| 3.710%, OBFR + 0.070% 01/07/26 (i) | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 6000000 |
| Total Securities Lending Reinvestments <br>(Cost $82,359,226) <br>|  | &nbsp;&nbsp; 82359649 |
| Total Investments—108.3% <br>(Cost $775,869,864) <br>|  | &nbsp;&nbsp; 1068291423 |
| Other assets and liabilities (net)—(8.3)%  |  | &nbsp;&nbsp; (81531545)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $986759878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $166,002,110 and the collateral received consisted of cash in the amount of $82,359,225 and non-cash collateral with a value of $89,026,070. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2025, the market value of securities pledged was $4,750,317. 

(d) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2025, these securities represent 0.0% of net assets. 

(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 December 31, 2025. 

(h) The rate shown represents the annualized seven-day yield as of December 31, 2025.

(i) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the 

*See accompanying notes to financial statements.*

**BHFTII-295**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or

prepayments of principal. These securities do not indicate a reference index and spread in their description above.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $273581261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $376774115 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(82350725)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(82350725)<br>|
| Rights | &nbsp;&nbsp; (8500)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8500)<br>|
| Total Borrowings | &nbsp;&nbsp; $(82359225)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(82359225)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(82359225)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 161 | USD | 20108900 | &nbsp;&nbsp; $(690980)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $690980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $722688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $877940 |

---

*See accompanying notes to financial statements.*

**BHFTII-296**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $20037999 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $17945619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17945619 |
| Air Freight & Logistics | &nbsp;&nbsp; 1053797 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1053797 |
| Automobile Components | &nbsp;&nbsp; 10049871 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10049871 |
| Automobiles | &nbsp;&nbsp; 432335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 432335 |
| Banks | &nbsp;&nbsp; 94073183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 94073183 |
| Beverages | &nbsp;&nbsp; 1211459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1211459 |
| Biotechnology | &nbsp;&nbsp; 87580084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87580084 |
| Broadline Retail | &nbsp;&nbsp; 975594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 975594 |
| Building Products | &nbsp;&nbsp; 13986313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13986313 |
| Capital Markets | &nbsp;&nbsp; 17031351 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17031351 |
| Chemicals | &nbsp;&nbsp; 14091098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14091098 |
| Commercial Services & Supplies | &nbsp;&nbsp; 13533169 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13533169 |
| Communications Equipment | &nbsp;&nbsp; 8564087 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8564087 |
| Construction & Engineering | &nbsp;&nbsp; 22631156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22631156 |
| Construction Materials | &nbsp;&nbsp; 1871689 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1871689 |
| Consumer Finance | &nbsp;&nbsp; 10056412 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10056412 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 4222611 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4222611 |
| Containers & Packaging | &nbsp;&nbsp; 2263849 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2263849 |
| Distributors | &nbsp;&nbsp; 641272 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 641272 |
| Diversified Consumer Services | &nbsp;&nbsp; 10567131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10567131 |
| Diversified REITs | &nbsp;&nbsp; 5044777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5044777 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 5194117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5194117 |
| Electric Utilities | &nbsp;&nbsp; 8982694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8982694 |
| Electrical Equipment | &nbsp;&nbsp; 22749909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22749909 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 32598966 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32598966 |
| Energy Equipment & Services | &nbsp;&nbsp; 16867484 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16867484 |
| Entertainment | &nbsp;&nbsp; 4833201 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4833201 |
| Financial Services | &nbsp;&nbsp; 20468845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20468845 |
| Food Products | &nbsp;&nbsp; 6764572 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6764572 |
| Gas Utilities | &nbsp;&nbsp; 9664838 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9664838 |
| Ground Transportation | &nbsp;&nbsp; 2707916 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2707916 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 25480229 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25480229 |
| Health Care Providers & Services | &nbsp;&nbsp; 30833503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30833503 |
| Health Care REITs | &nbsp;&nbsp; 9539569 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9539569 |
| Health Care Technology | &nbsp;&nbsp; 3221768 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3221768 |
| Hotel & Resort REITs | &nbsp;&nbsp; 5244155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5244155 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 16263888 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16263888 |
| Household Durables | &nbsp;&nbsp; 15770769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15770769 |
| Household Products | &nbsp;&nbsp; 2500492 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2500492 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 2395697 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2395697 |
| Industrial Conglomerates | &nbsp;&nbsp; 279792 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 279792 |
| Industrial REITs | &nbsp;&nbsp; 3849639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3849639 |
| Insurance | &nbsp;&nbsp; 18932094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18932094 |
| Interactive Media & Services | &nbsp;&nbsp; 5031299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5031299 |
| IT Services | &nbsp;&nbsp; 5640733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5640733 |
| Leisure Products | &nbsp;&nbsp; 3885767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3885767 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 3797788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 3797788 |
| Machinery | &nbsp;&nbsp; 36064666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36064666 |
| Marine Transportation | &nbsp;&nbsp; 1806626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1806626 |
| Media | &nbsp;&nbsp; 9192884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9192884 |

---

*See accompanying notes to financial statements.*

**BHFTII-297**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Metals & Mining | &nbsp;&nbsp; $22652576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22652576 |
| Mortgage Real Estate Investment Trusts | &nbsp;&nbsp; 7577764 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7577764 |
| Multi-Utilities | &nbsp;&nbsp; 4301673 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4301673 |
| Office REITs | &nbsp;&nbsp; 4649309 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4649309 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 28141625 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28141625 |
| Paper & Forest Products | &nbsp;&nbsp; 777335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 777335 |
| Passenger Airlines | &nbsp;&nbsp; 4572574 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4572574 |
| Personal Care Products | &nbsp;&nbsp; 1534767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1534767 |
| Pharmaceuticals | &nbsp;&nbsp; 25247659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 25247659 |
| Professional Services | &nbsp;&nbsp; 16345501 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16345501 |
| Real Estate Management & Development | &nbsp;&nbsp; 6454457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6454457 |
| Residential REITs | &nbsp;&nbsp; 3555340 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3555340 |
| Retail REITs | &nbsp;&nbsp; 11015666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11015666 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 32027761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32027761 |
| Software | &nbsp;&nbsp; 53203007 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53203007 |
| Specialized REITs | &nbsp;&nbsp; 3723729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3723729 |
| Specialty Retail | &nbsp;&nbsp; 20638824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20638824 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 6914717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6914717 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 5211498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5211498 |
| Tobacco | &nbsp;&nbsp; 1008778 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1008778 |
| Trading Companies & Distributors | &nbsp;&nbsp; 10110290 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10110290 |
| Transportation Infrastructure | &nbsp;&nbsp; 74406 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74406 |
| Water Utilities | &nbsp;&nbsp; 3063412 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3063412 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 1554670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1554670 |
| Total Common Stocks | &nbsp;&nbsp; 942748095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 942748095 |
| Total Investment Companies\* | &nbsp;&nbsp; 22548256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22548256 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 45459 | &nbsp;&nbsp; 60859 |
| Total Warrants\* | &nbsp;&nbsp; 157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 157 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 20574407 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20574407 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 4500423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4500423 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 51859226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51859226 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 62359649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82359649 |
| Total Investments | &nbsp;&nbsp; $985296508 | &nbsp;&nbsp; $82949456 | &nbsp;&nbsp; $45459 | &nbsp;&nbsp; $1068291423 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(82359225)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(82359225)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $(690980)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(690980)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

During the period ended December 31, 2025, transfers into Level 3 in the amount of $93,625 were due to no vendors or brokers providing prices based on market indications which resulted in a lack of significant observable inputs.

*See accompanying notes to financial statements.*

**BHFTII-298**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1068291423 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 146 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1506609 |
| Fund shares sold | &nbsp;&nbsp; 230658 |
| Dividends | &nbsp;&nbsp; 899204 |
| Prepaid expenses | &nbsp;&nbsp; 3377 |
| Total Assets | &nbsp;&nbsp; 1070931417 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 185638 |
| Collateral for securities loaned | &nbsp;&nbsp; 82359225 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 615822 |
| Variation margin on futures contracts | &nbsp;&nbsp; 158539 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 212051 |
| Distribution and service fees | &nbsp;&nbsp; 86409 |
| Deferred trustees' fees | &nbsp;&nbsp; 240736 |
| Other expenses | &nbsp;&nbsp; 313119 |
| Total Liabilities | &nbsp;&nbsp; 84171539 |
| **Net Assets**  | &nbsp;&nbsp; $986759878 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $641985947 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 344773931 |
| **Net Assets**  | &nbsp;&nbsp; $986759878 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $619873141 |
| Class B | &nbsp;&nbsp; 164213921 |
| Class E | &nbsp;&nbsp; 15920105 |
| Class G | &nbsp;&nbsp; 186752711 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 31877346 |
| Class B | &nbsp;&nbsp; 8846418 |
| Class E | &nbsp;&nbsp; 827767 |
| Class G | &nbsp;&nbsp; 10162301 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $19.45 |
| Class B | 18.56 |
| Class E | 19.23 |
| Class G | 18.38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $775,869,864.

(b) Includes securities loaned at value of $166,002,110.

(c) Identified cost of cash denominated in foreign currencies was $142.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $11662457 |
| Interest | &nbsp;&nbsp; 845300 |
| Securities lending income | &nbsp;&nbsp; 822411 |
| Total investment income | &nbsp;&nbsp; 13330168 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2403338 |
| Administration fees | &nbsp;&nbsp; 60395 |
| Custodian and accounting fees | &nbsp;&nbsp; 57102 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 407755 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 23392 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 542161 |
| Audit and tax services | &nbsp;&nbsp; 54217 |
| Legal | &nbsp;&nbsp; 48519 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 114005 |
| Insurance | &nbsp;&nbsp; 7649 |
| Miscellaneous | &nbsp;&nbsp; 106048 |
| Total expenses | &nbsp;&nbsp; 3886674 |
| Less management fee waiver | &nbsp;&nbsp; (23252)<br>|
| Net expenses | &nbsp;&nbsp; 3863422 |
| **Net Investment Income** | &nbsp;&nbsp; 9466746 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 59773193 |
| Futures contracts | &nbsp;&nbsp; 722688 |
| Net realized gain (loss) | &nbsp;&nbsp; 60495881 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 47296306 |
| Futures contracts | &nbsp;&nbsp; 877940 |
| Foreign currency transactions | &nbsp;&nbsp; 11 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 48174257 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 108670138 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $118136884 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $23,835.

*See accompanying notes to financial statements.*

**BHFTII-299**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $9466746 | &nbsp;&nbsp; $10661101 |
| Net realized gain (loss) | &nbsp;&nbsp; 60495881 | &nbsp;&nbsp; 46941684 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 48174257 | &nbsp;&nbsp; 24454714 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 118136884 | &nbsp;&nbsp; 82057499 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (38595801)<br>| &nbsp;&nbsp; (23174262)<br>|
| Class B | &nbsp;&nbsp; (10538596)<br>| &nbsp;&nbsp; (8481415)<br>|
| Class E | &nbsp;&nbsp; (982620)<br>| &nbsp;&nbsp; (784903)<br>|
| Class G | &nbsp;&nbsp; (11862107)<br>| &nbsp;&nbsp; (8760417)<br>|
| **Total distributions** | &nbsp;&nbsp; (61979124)<br>| &nbsp;&nbsp; (41200997)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (57817851)<br>| &nbsp;&nbsp; 74022322 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (1660091)<br>| &nbsp;&nbsp; 114878824 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 988419969 | &nbsp;&nbsp; 873541145 |
| End of period | &nbsp;&nbsp; $986759878 | &nbsp;&nbsp; $988419969 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1423519 | &nbsp;&nbsp; $25035406 | &nbsp;&nbsp; 8659952 | &nbsp;&nbsp; $169009892 |
| Reinvestments | &nbsp;&nbsp; 2308361 | &nbsp;&nbsp; 38595801 | &nbsp;&nbsp; 1369637 | &nbsp;&nbsp; 23174262 |
| Redemptions | &nbsp;&nbsp; (5446810)<br>| &nbsp;&nbsp; (99320743)<br>| &nbsp;&nbsp; (4180336)<br>| &nbsp;&nbsp; (74983931)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1714930)<br>| &nbsp;&nbsp; $(35689536)<br>| &nbsp;&nbsp; 5849253 | &nbsp;&nbsp; $117200223 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 463803 | &nbsp;&nbsp; $7604259 | &nbsp;&nbsp; 418079 | &nbsp;&nbsp; $7137968 |
| Reinvestments | &nbsp;&nbsp; 659487 | &nbsp;&nbsp; 10538596 | &nbsp;&nbsp; 522899 | &nbsp;&nbsp; 8481415 |
| Redemptions | &nbsp;&nbsp; (1935549)<br>| &nbsp;&nbsp; (33856842)<br>| &nbsp;&nbsp; (2338812)<br>| &nbsp;&nbsp; (40272701)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (812259)<br>| &nbsp;&nbsp; $(15713987)<br>| &nbsp;&nbsp; (1397834)<br>| &nbsp;&nbsp; $(24653318)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 42761 | &nbsp;&nbsp; $714610 | &nbsp;&nbsp; 71444 | &nbsp;&nbsp; $1266558 |
| Reinvestments | &nbsp;&nbsp; 59373 | &nbsp;&nbsp; 982620 | &nbsp;&nbsp; 46832 | &nbsp;&nbsp; 784903 |
| Redemptions | &nbsp;&nbsp; (159806)<br>| &nbsp;&nbsp; (2860398)<br>| &nbsp;&nbsp; (281552)<br>| &nbsp;&nbsp; (4980830)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (57672)<br>| &nbsp;&nbsp; $(1163168)<br>| &nbsp;&nbsp; (163276)<br>| &nbsp;&nbsp; $(2929369)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1082473 | &nbsp;&nbsp; $17954177 | &nbsp;&nbsp; 456679 | &nbsp;&nbsp; $7800983 |
| Reinvestments | &nbsp;&nbsp; 749817 | &nbsp;&nbsp; 11862107 | &nbsp;&nbsp; 544802 | &nbsp;&nbsp; 8760417 |
| Redemptions | &nbsp;&nbsp; (2016395)<br>| &nbsp;&nbsp; (35067444)<br>| &nbsp;&nbsp; (1871277)<br>| &nbsp;&nbsp; (32156614)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (184105)<br>| &nbsp;&nbsp; $(5251160)<br>| &nbsp;&nbsp; (869796)<br>| &nbsp;&nbsp; $(15595214)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(57817851)<br>|  | &nbsp;&nbsp; $74022322 |

---

*See accompanying notes to financial statements.*

**BHFTII-300**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $17.45 | &nbsp;&nbsp; $15.40 | &nbsp;&nbsp; $24.24 | &nbsp;&nbsp; $22.47 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp; (5.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| Total income (loss) from investment operations | 2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp; (5.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (1.27)<br>|
| Total distributions | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp; (1.52)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $19.45 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $17.45 | &nbsp;&nbsp; $15.40 | &nbsp;&nbsp; $24.24 |
| **Total Return (%)** (b) | 12.66 | &nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;16.80 | &nbsp;&nbsp; (20.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.52 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net ratio of expenses to average net assets (%) (c) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Ratio of net investment income (loss) to average net assets (%) | 1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $619.9 | &nbsp;&nbsp; $620.3 | &nbsp;&nbsp; $484.2 | &nbsp;&nbsp; $444.6 | &nbsp;&nbsp; $592.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $16.74 | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $23.45 | &nbsp;&nbsp; $21.79 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp; (5.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total income (loss) from investment operations | 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (1.27)<br>|
| Total distributions | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.47)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.56 | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $16.74 | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $23.45 |
| **Total Return (%)** (b) | 12.33 | &nbsp;&nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp; (20.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.23 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net ratio of expenses to average net assets (%) (c) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Ratio of net investment income (loss) to average net assets (%) | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $164.2 | &nbsp;&nbsp; $170.7 | &nbsp;&nbsp; $185.1 | &nbsp;&nbsp; $172.1 | &nbsp;&nbsp; $234.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-301**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.27 | &nbsp;&nbsp; $17.28 | &nbsp;&nbsp; $15.25 | &nbsp;&nbsp; $24.03 | &nbsp;&nbsp; $22.30 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| Total income (loss) from investment operations | 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp; (4.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.22 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (1.27)<br>|
| Total distributions | &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp; (1.49)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $19.23 | &nbsp;&nbsp; $18.27 | &nbsp;&nbsp; $17.28 | &nbsp;&nbsp; $15.25 | &nbsp;&nbsp; $24.03 |
| **Total Return (%)** (b) | 12.49 | &nbsp;&nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp; (20.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.31 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net ratio of expenses to average net assets (%) (c) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Ratio of net investment income (loss) to average net assets (%) | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $15.9 | &nbsp;&nbsp; $16.2 | &nbsp;&nbsp; $18.1 | &nbsp;&nbsp; $18.0 | &nbsp;&nbsp; $24.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $23.30 | &nbsp;&nbsp; $21.66 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp; (5.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Total income (loss) from investment operations | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp; (4.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 |
| **Less Distributions**  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (1.27)<br>|
| Total distributions | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (1.47)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.38 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $23.30 |
| **Total Return (%)** (b) | 12.37 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;16.47 | &nbsp;&nbsp; (20.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.19 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net ratio of expenses to average net assets (%) (c) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Ratio of net investment income (loss) to average net assets (%) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $186.8 | &nbsp;&nbsp; $181.2 | &nbsp;&nbsp; $186.2 | &nbsp;&nbsp; $161.9 | &nbsp;&nbsp; $206.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-302**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—98.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Axon Enterprise, Inc. (a) (b) | 12297 | &nbsp;&nbsp; $6983835 |
| Boeing Co. (b) | 122022 | &nbsp;&nbsp; 26493417 |
| General Dynamics Corp.  | 39508 | &nbsp;&nbsp; 13300763 |
| General Electric Co.  | 164371 | &nbsp;&nbsp; 50631199 |
| Howmet Aerospace, Inc.  | 62653 | &nbsp;&nbsp; 12845118 |
| Huntington Ingalls Industries, Inc. (a) | 6115 | &nbsp;&nbsp; 2079528 |
| L3Harris Technologies, Inc.  | 29148 | &nbsp;&nbsp; 8556978 |
| Lockheed Martin Corp.  | 31732 | &nbsp;&nbsp; 15347817 |
| Northrop Grumman Corp. (a) | 20906 | &nbsp;&nbsp; 11920810 |
| RTX Corp.  | 208931 | &nbsp;&nbsp; 38317945 |
| Textron, Inc.  | 27460 | &nbsp;&nbsp; 2393688 |
| TransDigm Group, Inc.  | 8777 | &nbsp;&nbsp; 11672094 |
|  |  | &nbsp;&nbsp; 200543192 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| CH Robinson Worldwide, Inc. (a) | 18409 | &nbsp;&nbsp; 2959431 |
| Expeditors International of Washington, Inc. (a) | 20884 | &nbsp;&nbsp; 3111925 |
| FedEx Corp.  | 33827 | &nbsp;&nbsp; 9771267 |
| United Parcel Service, Inc. - Class B | 115156 | &nbsp;&nbsp; 11422324 |
|  |  | &nbsp;&nbsp; 27264947 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Aptiv PLC (b) | 33671 | &nbsp;&nbsp; 2562026 |
| **Automobiles — 2.3%** | **Automobiles — 2.3%** | **Automobiles — 2.3%** |
| Ford Motor Co.  | 609860 | &nbsp;&nbsp; 8001363 |
| General Motors Co.  | 145366 | &nbsp;&nbsp; 11821163 |
| Tesla, Inc. (b) | 437871 | &nbsp;&nbsp; 196919346 |
|  |  | &nbsp;&nbsp; 216741872 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| Bank of America Corp.  | 1046906 | &nbsp;&nbsp; 57579830 |
| Citigroup, Inc.  | 278825 | &nbsp;&nbsp; 32536089 |
| Citizens Financial Group, Inc.  | 66926 | &nbsp;&nbsp; 3909148 |
| Fifth Third Bancorp (a) | 103004 | &nbsp;&nbsp; 4821617 |
| Huntington Bancshares, Inc. (a) | 244990 | &nbsp;&nbsp; 4250576 |
| JPMorgan Chase & Co.  | 424208 | &nbsp;&nbsp; 136688302 |
| KeyCorp | 144762 | &nbsp;&nbsp; 2987888 |
| M&T Bank Corp. (a) | 23949 | &nbsp;&nbsp; 4825245 |
| PNC Financial Services Group, Inc.  | 61109 | &nbsp;&nbsp; 12755282 |
| Regions Financial Corp. (a) | 136642 | &nbsp;&nbsp; 3702998 |
| Truist Financial Corp. (a) | 199343 | &nbsp;&nbsp; 9809669 |
| U.S. Bancorp (a) | 242226 | &nbsp;&nbsp; 12925179 |
| Wells Fargo & Co.  | 489160 | &nbsp;&nbsp; 45589712 |
|  |  | &nbsp;&nbsp; 332381535 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Brown-Forman Corp. - Class B (a) | 27440 | &nbsp;&nbsp; 715086 |
| Coca-Cola Co. (a) | 603284 | &nbsp;&nbsp; 42175584 |
| Constellation Brands, Inc. - Class A (a) | 21967 | &nbsp;&nbsp; 3030567 |
| Keurig Dr. Pepper, Inc.  | 211706 | &nbsp;&nbsp; 5929885 |
| Molson Coors Beverage Co. - Class B (a) | 26382 | &nbsp;&nbsp; 1231512 |
| Monster Beverage Corp. (b) | 111141 | &nbsp;&nbsp; 8521181 |
| PepsiCo, Inc.  | 213071 | &nbsp;&nbsp; 30579950 |
|  |  | &nbsp;&nbsp; 92183765 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| AbbVie, Inc.  | 275410 | &nbsp;&nbsp; $62928431 |
| Amgen, Inc.  | 83911 | &nbsp;&nbsp; 27464910 |
| Biogen, Inc. (b) | 22860 | &nbsp;&nbsp; 4023131 |
| Gilead Sciences, Inc.  | 193334 | &nbsp;&nbsp; 23729815 |
| Incyte Corp. (b) | 25697 | &nbsp;&nbsp; 2538093 |
| Moderna, Inc. (a) (b) | 54182 | &nbsp;&nbsp; 1597827 |
| Regeneron Pharmaceuticals, Inc.  | 15705 | &nbsp;&nbsp; 12122218 |
| Vertex Pharmaceuticals, Inc. (b) | 39537 | &nbsp;&nbsp; 17924494 |
|  |  | &nbsp;&nbsp; 152328919 |
| **Broadline Retail — 3.9%** | **Broadline Retail — 3.9%** | **Broadline Retail — 3.9%** |
| Amazon.com, Inc. (b) | 1515921 | &nbsp;&nbsp; 349904885 |
| eBay, Inc.  | 70434 | &nbsp;&nbsp; 6134802 |
|  |  | &nbsp;&nbsp; 356039687 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| A.O. Smith Corp. (a) | 17666 | &nbsp;&nbsp; 1181502 |
| Allegion PLC | 13406 | &nbsp;&nbsp; 2134503 |
| Builders FirstSource, Inc. (b) | 17231 | &nbsp;&nbsp; 1772898 |
| Carrier Global Corp.  | 123366 | &nbsp;&nbsp; 6518659 |
| Johnson Controls International PLC | 95232 | &nbsp;&nbsp; 11404032 |
| Lennox International, Inc. (a) | 4974 | &nbsp;&nbsp; 2415275 |
| Masco Corp. (a) | 32365 | &nbsp;&nbsp; 2053883 |
| Trane Technologies PLC | 34553 | &nbsp;&nbsp; 13448028 |
|  |  | &nbsp;&nbsp; 40928780 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| Ameriprise Financial, Inc.  | 14478 | &nbsp;&nbsp; 7099142 |
| ARES Management Corp. - Class A | 32102 | &nbsp;&nbsp; 5188646 |
| Bank of New York Mellon Corp.  | 108667 | &nbsp;&nbsp; 12615152 |
| Blackrock, Inc.  | 22485 | &nbsp;&nbsp; 24066595 |
| Blackstone, Inc.  | 115072 | &nbsp;&nbsp; 17737198 |
| Cboe Global Markets, Inc.  | 16307 | &nbsp;&nbsp; 4093057 |
| Charles Schwab Corp.  | 260284 | &nbsp;&nbsp; 26004974 |
| CME Group, Inc.  | 56191 | &nbsp;&nbsp; 15344638 |
| Coinbase Global, Inc. - Class A (b) | 35554 | &nbsp;&nbsp; 8040181 |
| FactSet Research Systems, Inc. (a) | 5837 | &nbsp;&nbsp; 1693839 |
| Franklin Resources, Inc. (a) | 47897 | &nbsp;&nbsp; 1144259 |
| Goldman Sachs Group, Inc.  | 46738 | &nbsp;&nbsp; 41082702 |
| Interactive Brokers Group, Inc. - Class A | 69400 | &nbsp;&nbsp; 4463114 |
| Intercontinental Exchange, Inc.  | 88850 | &nbsp;&nbsp; 14390146 |
| Invesco Ltd.  | 69358 | &nbsp;&nbsp; 1822035 |
| KKR & Co., Inc.  | 106952 | &nbsp;&nbsp; 13634241 |
| Moody's Corp.  | 23908 | &nbsp;&nbsp; 12213402 |
| Morgan Stanley | 188222 | &nbsp;&nbsp; 33415052 |
| MSCI, Inc.  | 11709 | &nbsp;&nbsp; 6717805 |
| Nasdaq, Inc.  | 70292 | &nbsp;&nbsp; 6827462 |
| Northern Trust Corp.  | 29469 | &nbsp;&nbsp; 4025171 |
| Raymond James Financial, Inc. (a) | 27474 | &nbsp;&nbsp; 4412050 |
| Robinhood Markets, Inc. - Class A (b) | 122537 | &nbsp;&nbsp; 13858935 |
| S&P Global, Inc.  | 48307 | &nbsp;&nbsp; 25244755 |
| State Street Corp.  | 43524 | &nbsp;&nbsp; 5615031 |
| T. Rowe Price Group, Inc. (a) | 34007 | &nbsp;&nbsp; 3481637 |
|  |  | &nbsp;&nbsp; 314231219 |

---

*See accompanying notes to financial statements.*

**BHFTII-303**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Air Products & Chemicals, Inc.  | 34680 | &nbsp;&nbsp; $8566653 |
| Albemarle Corp. (a) | 18340 | &nbsp;&nbsp; 2594010 |
| CF Industries Holdings, Inc. (a) | 24305 | &nbsp;&nbsp; 1879749 |
| Corteva, Inc.  | 105298 | &nbsp;&nbsp; 7058125 |
| Dow, Inc. (a) | 110758 | &nbsp;&nbsp; 2589522 |
| DuPont de Nemours, Inc.  | 65288 | &nbsp;&nbsp; 2624578 |
| Ecolab, Inc.  | 39723 | &nbsp;&nbsp; 10428082 |
| International Flavors & Fragrances, Inc. (a) | 39907 | &nbsp;&nbsp; 2689333 |
| Linde PLC | 72764 | &nbsp;&nbsp; 31025842 |
| LyondellBasell Industries NV - Class A (a) | 40125 | &nbsp;&nbsp; 1737412 |
| Mosaic Co.  | 49461 | &nbsp;&nbsp; 1191515 |
| PPG Industries, Inc.  | 34968 | &nbsp;&nbsp; 3582821 |
| Sherwin-Williams Co.  | 35925 | &nbsp;&nbsp; 11640778 |
|  |  | &nbsp;&nbsp; 87608420 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Cintas Corp.  | 53229 | &nbsp;&nbsp; 10010778 |
| Copart, Inc. (b) | 138751 | &nbsp;&nbsp; 5432101 |
| Republic Services, Inc.  | 31355 | &nbsp;&nbsp; 6645065 |
| Rollins, Inc.  | 45736 | &nbsp;&nbsp; 2745075 |
| Veralto Corp.  | 38691 | &nbsp;&nbsp; 3860588 |
| Waste Management, Inc.  | 57756 | &nbsp;&nbsp; 12689571 |
|  |  | &nbsp;&nbsp; 41383178 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| Arista Networks, Inc. (b) | 160911 | &nbsp;&nbsp; 21084168 |
| Cisco Systems, Inc.  | 614079 | &nbsp;&nbsp; 47302506 |
| F5, Inc. (b) | 8989 | &nbsp;&nbsp; 2294532 |
| Motorola Solutions, Inc.  | 25954 | &nbsp;&nbsp; 9948687 |
|  |  | &nbsp;&nbsp; 80629893 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Comfort Systems USA, Inc.  | 5484 | &nbsp;&nbsp; 5118163 |
| EMCOR Group, Inc.  | 6976 | &nbsp;&nbsp; 4267847 |
| Quanta Services, Inc. (a) | 23237 | &nbsp;&nbsp; 9807408 |
|  |  | &nbsp;&nbsp; 19193418 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| CRH PLC | 104447 | &nbsp;&nbsp; 13034985 |
| Martin Marietta Materials, Inc.  | 9398 | &nbsp;&nbsp; 5851759 |
| Vulcan Materials Co.  | 20590 | &nbsp;&nbsp; 5872680 |
|  |  | &nbsp;&nbsp; 24759424 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co.  | 83728 | &nbsp;&nbsp; 30975173 |
| Capital One Financial Corp. (a) | 99066 | &nbsp;&nbsp; 24009636 |
| Synchrony Financial | 56125 | &nbsp;&nbsp; 4682509 |
|  |  | &nbsp;&nbsp; 59667318 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Costco Wholesale Corp.  | 69061 | &nbsp;&nbsp; 59554063 |
| Dollar General Corp.  | 34298 | &nbsp;&nbsp; 4553745 |
| Dollar Tree, Inc. (a) (b) | 29559 | &nbsp;&nbsp; 3636053 |
| Kroger Co. (a) | 95003 | &nbsp;&nbsp; 5935787 |
| Sysco Corp.  | 74620 | &nbsp;&nbsp; 5498748 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Consumer Staples Distribution & Retail—(Continued)** | **Consumer Staples Distribution & Retail—(Continued)** | **Consumer Staples Distribution & Retail—(Continued)** |
| Target Corp.  | 70808 | &nbsp;&nbsp; $6921482 |
| Walmart, Inc.  | 683321 | &nbsp;&nbsp; 76128793 |
|  |  | &nbsp;&nbsp; 162228671 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor PLC (a) | 359709 | &nbsp;&nbsp; 2999973 |
| Avery Dennison Corp.  | 12044 | &nbsp;&nbsp; 2190563 |
| Ball Corp.  | 41760 | &nbsp;&nbsp; 2212027 |
| International Paper Co. (a) | 82283 | &nbsp;&nbsp; 3241127 |
| Packaging Corp. of America | 13926 | &nbsp;&nbsp; 2871959 |
| Smurfit WestRock PLC | 81371 | &nbsp;&nbsp; 3146617 |
|  |  | &nbsp;&nbsp; 16662266 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| Genuine Parts Co. (a) | 21677 | &nbsp;&nbsp; 2665404 |
| Pool Corp. (a) | 5108 | &nbsp;&nbsp; 1168455 |
|  |  | &nbsp;&nbsp; 3833859 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc.  | 1104742 | &nbsp;&nbsp; 27441791 |
| Verizon Communications, Inc. (a) | 657041 | &nbsp;&nbsp; 26761280 |
|  |  | &nbsp;&nbsp; 54203071 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Alliant Energy Corp. (a) | 40056 | &nbsp;&nbsp; 2604041 |
| American Electric Power Co., Inc.  | 83410 | &nbsp;&nbsp; 9618007 |
| Constellation Energy Corp.  | 48664 | &nbsp;&nbsp; 17191531 |
| Duke Energy Corp.  | 121182 | &nbsp;&nbsp; 14203742 |
| Edison International (a) | 59961 | &nbsp;&nbsp; 3598859 |
| Entergy Corp. (a) | 69592 | &nbsp;&nbsp; 6432389 |
| Evergy, Inc.  | 35874 | &nbsp;&nbsp; 2600506 |
| Eversource Energy | 58465 | &nbsp;&nbsp; 3936448 |
| Exelon Corp. (a) | 157432 | &nbsp;&nbsp; 6862461 |
| FirstEnergy Corp. (a) | 81015 | &nbsp;&nbsp; 3627041 |
| NextEra Energy, Inc.  | 324531 | &nbsp;&nbsp; 26053349 |
| NRG Energy, Inc. (a) | 29862 | &nbsp;&nbsp; 4755225 |
| PG&E Corp.  | 342498 | &nbsp;&nbsp; 5503943 |
| Pinnacle West Capital Corp. (a) | 18651 | &nbsp;&nbsp; 1654344 |
| PPL Corp.  | 115272 | &nbsp;&nbsp; 4036825 |
| Southern Co.  | 171584 | &nbsp;&nbsp; 14962125 |
| Xcel Energy, Inc.  | 92179 | &nbsp;&nbsp; 6808341 |
|  |  | &nbsp;&nbsp; 134449177 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| AMETEK, Inc. (a) | 35872 | &nbsp;&nbsp; 7364880 |
| Eaton Corp. PLC | 60524 | &nbsp;&nbsp; 19277499 |
| Emerson Electric Co.  | 87544 | &nbsp;&nbsp; 11618840 |
| GE Vernova, Inc.  | 42280 | &nbsp;&nbsp; 27632940 |
| Generac Holdings, Inc. (b) | 9144 | &nbsp;&nbsp; 1246967 |
| Hubbell, Inc. (a) | 8282 | &nbsp;&nbsp; 3678119 |
| Rockwell Automation, Inc.  | 17496 | &nbsp;&nbsp; 6807169 |
|  |  | &nbsp;&nbsp; 77626414 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp. - Class A | 190743 | &nbsp;&nbsp; 25777009 |

---

*See accompanying notes to financial statements.*

**BHFTII-304**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**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.  | 20288 | &nbsp;&nbsp; $2763226 |
| Corning, Inc.  | 121577 | &nbsp;&nbsp; 10645282 |
| Jabil, Inc.  | 16648 | &nbsp;&nbsp; 3796077 |
| Keysight Technologies, Inc. (b) | 26780 | &nbsp;&nbsp; 5441428 |
| TE Connectivity PLC | 45843 | &nbsp;&nbsp; 10429741 |
| Teledyne Technologies, Inc. (a) (b) | 7317 | &nbsp;&nbsp; 3737012 |
| Trimble, Inc. (a) (b) | 37075 | &nbsp;&nbsp; 2904826 |
| Zebra Technologies Corp. - Class A (b) | 7894 | &nbsp;&nbsp; 1916821 |
|  |  | &nbsp;&nbsp; 67411422 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. (a) | 153768 | &nbsp;&nbsp; 7002595 |
| Halliburton Co.  | 131150 | &nbsp;&nbsp; 3706299 |
| SLB Ltd.  | 232796 | &nbsp;&nbsp; 8934710 |
|  |  | &nbsp;&nbsp; 19643604 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Electronic Arts, Inc.  | 34978 | &nbsp;&nbsp; 7147055 |
| Live Nation Entertainment, Inc. (a) (b) | 24605 | &nbsp;&nbsp; 3506212 |
| Netflix, Inc. (b) | 660298 | &nbsp;&nbsp; 61909540 |
| Take-Two Interactive Software, Inc. (b) | 27066 | &nbsp;&nbsp; 6929708 |
| TKO Group Holdings, Inc. (a) | 10330 | &nbsp;&nbsp; 2158970 |
| Walt Disney Co.  | 278200 | &nbsp;&nbsp; 31650814 |
| Warner Bros Discovery, Inc. (b) | 386140 | &nbsp;&nbsp; 11128555 |
|  |  | &nbsp;&nbsp; 124430854 |
| **Financial Services — 3.8%** | **Financial Services — 3.8%** | **Financial Services — 3.8%** |
| Apollo Global Management, Inc. (a) | 72357 | &nbsp;&nbsp; 10474399 |
| Berkshire Hathaway, Inc. - Class B (b) | 285750 | &nbsp;&nbsp; 143632238 |
| Block, Inc. (a) (b) | 85342 | &nbsp;&nbsp; 5554911 |
| Corpay, Inc. (b) | 10901 | &nbsp;&nbsp; 3280438 |
| Fidelity National Information Services, Inc.  | 80696 | &nbsp;&nbsp; 5363056 |
| Fiserv, Inc. (b) | 83813 | &nbsp;&nbsp; 5629719 |
| Global Payments, Inc.  | 36891 | &nbsp;&nbsp; 2855364 |
| Jack Henry & Associates, Inc.  | 11278 | &nbsp;&nbsp; 2058010 |
| Mastercard, Inc. - Class A | 127773 | &nbsp;&nbsp; 72943050 |
| PayPal Holdings, Inc.  | 145801 | &nbsp;&nbsp; 8511862 |
| Visa, Inc. - Class A (a) | 262982 | &nbsp;&nbsp; 92230417 |
|  |  | &nbsp;&nbsp; 352533464 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Archer-Daniels-Midland Co. (a) | 74886 | &nbsp;&nbsp; 4305196 |
| Bunge Global SA (a) | 21091 | &nbsp;&nbsp; 1878786 |
| Campbell's Co. (a) | 30617 | &nbsp;&nbsp; 853296 |
| Conagra Brands, Inc. (a) | 74541 | &nbsp;&nbsp; 1290305 |
| General Mills, Inc. (a) | 83121 | &nbsp;&nbsp; 3865127 |
| Hershey Co. (a) | 23089 | &nbsp;&nbsp; 4201736 |
| Hormel Foods Corp. (a) | 45424 | &nbsp;&nbsp; 1076549 |
| J.M. Smucker Co.  | 16624 | &nbsp;&nbsp; 1625993 |
| Kraft Heinz Co. (a) | 132802 | &nbsp;&nbsp; 3220449 |
| Lamb Weston Holdings, Inc.  | 21715 | &nbsp;&nbsp; 909641 |
| McCormick & Co., Inc.  | 39462 | &nbsp;&nbsp; 2687757 |
| Mondelez International, Inc. - Class A (a) | 201075 | &nbsp;&nbsp; 10823867 |
| Tyson Foods, Inc. - Class A | 44106 | &nbsp;&nbsp; 2585494 |
|  |  | &nbsp;&nbsp; 39324196 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| Atmos Energy Corp. (a) | 25014 | &nbsp;&nbsp; $4193097 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| CSX Corp.  | 290175 | &nbsp;&nbsp; 10518844 |
| JB Hunt Transport Services, Inc. (a) | 11722 | &nbsp;&nbsp; 2278053 |
| Norfolk Southern Corp.  | 34966 | &nbsp;&nbsp; 10095384 |
| Old Dominion Freight Line, Inc. (a) | 28673 | &nbsp;&nbsp; 4495926 |
| Uber Technologies, Inc. (b) | 323786 | &nbsp;&nbsp; 26456554 |
| Union Pacific Corp.  | 92432 | &nbsp;&nbsp; 21381370 |
|  |  | &nbsp;&nbsp; 75226131 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| Abbott Laboratories | 270966 | &nbsp;&nbsp; 33949330 |
| Align Technology, Inc. (b) | 10398 | &nbsp;&nbsp; 1623648 |
| Baxter International, Inc. (a) | 80104 | &nbsp;&nbsp; 1530787 |
| Becton Dickinson & Co.  | 44665 | &nbsp;&nbsp; 8668136 |
| Boston Scientific Corp. (b) | 231007 | &nbsp;&nbsp; 22026517 |
| Cooper Cos., Inc. (a) (b) | 30980 | &nbsp;&nbsp; 2539121 |
| Dexcom, Inc. (b) | 60775 | &nbsp;&nbsp; 4033637 |
| Edwards Lifesciences Corp. (b) | 90427 | &nbsp;&nbsp; 7708902 |
| GE HealthCare Technologies, Inc.  | 70983 | &nbsp;&nbsp; 5822026 |
| Hologic, Inc. (b) | 34682 | &nbsp;&nbsp; 2583462 |
| IDEXX Laboratories, Inc. (b) | 12443 | &nbsp;&nbsp; 8418063 |
| Insulet Corp. (b) | 10962 | &nbsp;&nbsp; 3115839 |
| Intuitive Surgical, Inc. (b) | 55241 | &nbsp;&nbsp; 31286293 |
| Medtronic PLC | 199868 | &nbsp;&nbsp; 19199320 |
| ResMed, Inc. (a) | 22746 | &nbsp;&nbsp; 5478829 |
| Solventum Corp. (b) | 22974 | &nbsp;&nbsp; 1820460 |
| STERIS PLC | 15294 | &nbsp;&nbsp; 3877335 |
| Stryker Corp.  | 53634 | &nbsp;&nbsp; 18850742 |
| Zimmer Biomet Holdings, Inc. (a) | 30882 | &nbsp;&nbsp; 2776909 |
|  |  | &nbsp;&nbsp; 185309356 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cardinal Health, Inc.  | 37024 | &nbsp;&nbsp; 7608432 |
| Cencora, Inc.  | 30212 | &nbsp;&nbsp; 10204103 |
| Centene Corp. (b) | 72763 | &nbsp;&nbsp; 2994197 |
| Cigna Group | 41626 | &nbsp;&nbsp; 11456724 |
| CVS Health Corp.  | 197814 | &nbsp;&nbsp; 15698519 |
| DaVita, Inc. (a) (b) | 5500 | &nbsp;&nbsp; 624855 |
| Elevance Health, Inc.  | 34631 | &nbsp;&nbsp; 12139897 |
| HCA Healthcare, Inc.  | 24892 | &nbsp;&nbsp; 11621079 |
| Henry Schein, Inc. (a) (b) | 15593 | &nbsp;&nbsp; 1178519 |
| Humana, Inc.  | 18742 | &nbsp;&nbsp; 4800389 |
| Labcorp Holdings, Inc. (a) | 12918 | &nbsp;&nbsp; 3240868 |
| McKesson Corp.  | 19234 | &nbsp;&nbsp; 15777458 |
| Molina Healthcare, Inc. (b) | 8009 | &nbsp;&nbsp; 1389882 |
| Quest Diagnostics, Inc. (a) | 17334 | &nbsp;&nbsp; 3007969 |
| UnitedHealth Group, Inc.  | 141156 | &nbsp;&nbsp; 46597007 |
| Universal Health Services, Inc. - Class B | 8607 | &nbsp;&nbsp; 1876498 |
|  |  | &nbsp;&nbsp; 150216396 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. (a) | 24238 | &nbsp;&nbsp; 1186208 |
| Healthpeak Properties, Inc. (a) | 108293 | &nbsp;&nbsp; 1741351 |
| Ventas, Inc. (a) | 73198 | &nbsp;&nbsp; 5664061 |

---

*See accompanying notes to financial statements.*

**BHFTII-305**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** |
| Welltower, Inc.  | 106950 | &nbsp;&nbsp; $19850990 |
|  |  | &nbsp;&nbsp; 28442610 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Host Hotels & Resorts, Inc.  | 99660 | &nbsp;&nbsp; 1766972 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| Airbnb, Inc. - Class A (b) | 66273 | &nbsp;&nbsp; 8994572 |
| Booking Holdings, Inc.  | 5023 | &nbsp;&nbsp; 26899823 |
| Carnival Corp. (b) | 169201 | &nbsp;&nbsp; 5167399 |
| Chipotle Mexican Grill, Inc. (b) | 206049 | &nbsp;&nbsp; 7623813 |
| Darden Restaurants, Inc. (a) | 18125 | &nbsp;&nbsp; 3335363 |
| Domino's Pizza, Inc. (a) | 4844 | &nbsp;&nbsp; 2019076 |
| DoorDash, Inc. - Class A (b) | 58253 | &nbsp;&nbsp; 13193139 |
| Expedia Group, Inc.  | 18233 | &nbsp;&nbsp; 5165591 |
| Hilton Worldwide Holdings, Inc.  | 36220 | &nbsp;&nbsp; 10404195 |
| Las Vegas Sands Corp.  | 47411 | &nbsp;&nbsp; 3085982 |
| Marriott International, Inc. - Class A (a) | 34708 | &nbsp;&nbsp; 10767810 |
| McDonald's Corp.  | 110974 | &nbsp;&nbsp; 33916984 |
| MGM Resorts International (a) (b) | 31965 | &nbsp;&nbsp; 1166403 |
| Norwegian Cruise Line Holdings Ltd. (a) (b) | 70942 | &nbsp;&nbsp; 1583425 |
| Royal Caribbean Cruises Ltd. (a) | 39522 | &nbsp;&nbsp; 11023476 |
| Starbucks Corp.  | 177162 | &nbsp;&nbsp; 14918812 |
| Wynn Resorts Ltd. (a) | 13155 | &nbsp;&nbsp; 1582941 |
| Yum! Brands, Inc.  | 43266 | &nbsp;&nbsp; 6545280 |
|  |  | &nbsp;&nbsp; 167394084 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| DR Horton, Inc.  | 42675 | &nbsp;&nbsp; 6146480 |
| Garmin Ltd.  | 25475 | &nbsp;&nbsp; 5167604 |
| Lennar Corp. - Class A | 33620 | &nbsp;&nbsp; 3456136 |
| NVR, Inc. (b) | 443 | &nbsp;&nbsp; 3230697 |
| PulteGroup, Inc.  | 30373 | &nbsp;&nbsp; 3561538 |
|  |  | &nbsp;&nbsp; 21562455 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Church & Dwight Co., Inc.  | 37419 | &nbsp;&nbsp; 3137583 |
| Clorox Co.  | 19008 | &nbsp;&nbsp; 1916577 |
| Colgate-Palmolive Co.  | 125608 | &nbsp;&nbsp; 9925544 |
| Kimberly-Clark Corp. (a) | 51713 | &nbsp;&nbsp; 5217324 |
| Procter & Gamble Co.  | 364131 | &nbsp;&nbsp; 52183614 |
|  |  | &nbsp;&nbsp; 72380642 |
| **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.  | 110969 | &nbsp;&nbsp; 1591295 |
| Vistra Corp.  | 49630 | &nbsp;&nbsp; 8006808 |
|  |  | &nbsp;&nbsp; 9598103 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co.  | 82780 | &nbsp;&nbsp; 13253078 |
| Honeywell International, Inc.  | 98934 | &nbsp;&nbsp; 19301034 |
|  |  | &nbsp;&nbsp; 32554112 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. (a) | 144744 | &nbsp;&nbsp; 18478019 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Aflac, Inc. (a) | 73505 | &nbsp;&nbsp; $8105396 |
| Allstate Corp. (a) | 40777 | &nbsp;&nbsp; 8487733 |
| American International Group, Inc.  | 84081 | &nbsp;&nbsp; 7193130 |
| Aon PLC - Class A | 33493 | &nbsp;&nbsp; 11819010 |
| Arch Capital Group Ltd. (b) | 56269 | &nbsp;&nbsp; 5397323 |
| Arthur J Gallagher & Co. (a) | 40018 | &nbsp;&nbsp; 10356258 |
| Assurant, Inc.  | 7804 | &nbsp;&nbsp; 1879593 |
| Brown & Brown, Inc. (a) | 45754 | &nbsp;&nbsp; 3646594 |
| Chubb Ltd.  | 57034 | &nbsp;&nbsp; 17801452 |
| Cincinnati Financial Corp.  | 24312 | &nbsp;&nbsp; 3970636 |
| Erie Indemnity Co. - Class A (a) | 3959 | &nbsp;&nbsp; 1134847 |
| Everest Group Ltd. (a) | 6541 | &nbsp;&nbsp; 2219688 |
| Globe Life, Inc.  | 12404 | &nbsp;&nbsp; 1734823 |
| Hartford Insurance Group, Inc. (a) | 43421 | &nbsp;&nbsp; 5983414 |
| Loews Corp.  | 26406 | &nbsp;&nbsp; 2780816 |
| Marsh & McLennan Cos., Inc.  | 76342 | &nbsp;&nbsp; 14162968 |
| MetLife, Inc. (c) | 86246 | &nbsp;&nbsp; 6808259 |
| Principal Financial Group, Inc.  | 31153 | &nbsp;&nbsp; 2748006 |
| Progressive Corp.  | 91378 | &nbsp;&nbsp; 20808598 |
| Prudential Financial, Inc.  | 54540 | &nbsp;&nbsp; 6156475 |
| Travelers Cos., Inc.  | 34760 | &nbsp;&nbsp; 10082486 |
| W.R. Berkley Corp. (a) | 46782 | &nbsp;&nbsp; 3280354 |
| Willis Towers Watson PLC (a) | 14921 | &nbsp;&nbsp; 4903041 |
|  |  | &nbsp;&nbsp; 161460900 |
| **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** |
| Alphabet, Inc. - Class A | 906614 | &nbsp;&nbsp; 283770182 |
| Alphabet, Inc. - Class C (d) | 724609 | &nbsp;&nbsp; 227382304 |
| Match Group, Inc.  | 36786 | &nbsp;&nbsp; 1187820 |
| Meta Platforms, Inc. - Class A | 339379 | &nbsp;&nbsp; 224020684 |
|  |  | &nbsp;&nbsp; 736360990 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Accenture PLC - Class A | 96636 | &nbsp;&nbsp; 25927439 |
| Akamai Technologies, Inc. (b) | 22418 | &nbsp;&nbsp; 1955970 |
| Cognizant Technology Solutions Corp. - Class A | 75210 | &nbsp;&nbsp; 6242430 |
| EPAM Systems, Inc. (a) (b) | 8608 | &nbsp;&nbsp; 1763607 |
| Gartner, Inc. (b) | 11232 | &nbsp;&nbsp; 2833609 |
| GoDaddy, Inc. - Class A (b) | 21059 | &nbsp;&nbsp; 2613001 |
| International Business Machines Corp.  | 145659 | &nbsp;&nbsp; 43145652 |
| VeriSign, Inc.  | 13001 | &nbsp;&nbsp; 3158593 |
|  |  | &nbsp;&nbsp; 87640301 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Hasbro, Inc.  | 20775 | &nbsp;&nbsp; 1703550 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Agilent Technologies, Inc.  | 44177 | &nbsp;&nbsp; 6011164 |
| Bio-Techne Corp. (a) | 24280 | &nbsp;&nbsp; 1427907 |
| Charles River Laboratories International, Inc. (b) | 7669 | &nbsp;&nbsp; 1529812 |
| Danaher Corp.  | 97962 | &nbsp;&nbsp; 22425461 |
| IQVIA Holdings, Inc. (b) | 26537 | &nbsp;&nbsp; 5981705 |
| Mettler-Toledo International, Inc. (b) | 3184 | &nbsp;&nbsp; 4439101 |
| Revvity, Inc.  | 17667 | &nbsp;&nbsp; 1709282 |
| Thermo Fisher Scientific, Inc. (a) | 58546 | &nbsp;&nbsp; 33924480 |
| Waters Corp. (a) (b) | 9277 | &nbsp;&nbsp; 3523683 |

---

*See accompanying notes to financial statements.*

**BHFTII-306**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** |
| West Pharmaceutical Services, Inc.  | 11211 | &nbsp;&nbsp; $3084595 |
|  |  | &nbsp;&nbsp; 84057190 |
| **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
| Caterpillar, Inc.  | 72925 | &nbsp;&nbsp; 41776545 |
| Cummins, Inc.  | 21510 | &nbsp;&nbsp; 10979780 |
| Deere & Co. (a) | 39177 | &nbsp;&nbsp; 18239636 |
| Dover Corp.  | 21372 | &nbsp;&nbsp; 4172669 |
| Fortive Corp. (a) | 49493 | &nbsp;&nbsp; 2732509 |
| IDEX Corp.  | 11663 | &nbsp;&nbsp; 2075314 |
| Illinois Tool Works, Inc. (a) | 41137 | &nbsp;&nbsp; 10132043 |
| Ingersoll Rand, Inc. (a) | 56028 | &nbsp;&nbsp; 4438538 |
| Nordson Corp.  | 8317 | &nbsp;&nbsp; 1999656 |
| Otis Worldwide Corp. (a) | 60729 | &nbsp;&nbsp; 5304678 |
| PACCAR, Inc. (a) | 81842 | &nbsp;&nbsp; 8962517 |
| Parker-Hannifin Corp.  | 19664 | &nbsp;&nbsp; 17283870 |
| Pentair PLC | 25500 | &nbsp;&nbsp; 2655570 |
| Snap-on, Inc. (a) | 8104 | &nbsp;&nbsp; 2792638 |
| Stanley Black & Decker, Inc. (a) | 24135 | &nbsp;&nbsp; 1792748 |
| Westinghouse Air Brake Technologies Corp. (a) | 26640 | &nbsp;&nbsp; 5686308 |
| Xylem, Inc.  | 37939 | &nbsp;&nbsp; 5166533 |
|  |  | &nbsp;&nbsp; 146191552 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications, Inc. - Class A (b) | 13712 | &nbsp;&nbsp; 2862380 |
| Comcast Corp. - Class A | 566353 | &nbsp;&nbsp; 16928291 |
| Fox Corp. - Class A | 32468 | &nbsp;&nbsp; 2372437 |
| Fox Corp. - Class B | 23127 | &nbsp;&nbsp; 1501636 |
| News Corp. - Class A | 58354 | &nbsp;&nbsp; 1524206 |
| News Corp. - Class B (a) | 19235 | &nbsp;&nbsp; 569933 |
| Omnicom Group, Inc.  | 49706 | &nbsp;&nbsp; 4013760 |
| Paramount Skydance Corp. - Class B (a) | 48429 | &nbsp;&nbsp; 648949 |
| Trade Desk, Inc. - Class A (b) | 68614 | &nbsp;&nbsp; 2604587 |
|  |  | &nbsp;&nbsp; 33026179 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Freeport-McMoRan, Inc.  | 223759 | &nbsp;&nbsp; 11364720 |
| Newmont Corp.  | 170050 | &nbsp;&nbsp; 16979492 |
| Nucor Corp. (a) | 35662 | &nbsp;&nbsp; 5816829 |
| Steel Dynamics, Inc. (a) | 21391 | &nbsp;&nbsp; 3624705 |
|  |  | &nbsp;&nbsp; 37785746 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp. (a) | 42151 | &nbsp;&nbsp; 4209199 |
| CenterPoint Energy, Inc. (a) | 101735 | &nbsp;&nbsp; 3900520 |
| CMS Energy Corp.  | 47421 | &nbsp;&nbsp; 3316150 |
| Consolidated Edison, Inc.  | 56244 | &nbsp;&nbsp; 5586154 |
| Dominion Energy, Inc.  | 133064 | &nbsp;&nbsp; 7796220 |
| DTE Energy Co.  | 32363 | &nbsp;&nbsp; 4174180 |
| NiSource, Inc. (a) | 74361 | &nbsp;&nbsp; 3105315 |
| Public Service Enterprise Group, Inc. (a) | 77782 | &nbsp;&nbsp; 6245895 |
| Sempra (a) | 101706 | &nbsp;&nbsp; 8979623 |
| WEC Energy Group, Inc. (a) | 50690 | &nbsp;&nbsp; 5345767 |
|  |  | &nbsp;&nbsp; 52659023 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| BXP, Inc. (a) | 22965 | &nbsp;&nbsp; $1549678 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| APA Corp. (a) | 55267 | &nbsp;&nbsp; 1351831 |
| Chevron Corp.  | 294939 | &nbsp;&nbsp; 44951653 |
| ConocoPhillips | 192560 | &nbsp;&nbsp; 18025542 |
| Coterra Energy, Inc.  | 118644 | &nbsp;&nbsp; 3122710 |
| Devon Energy Corp.  | 97751 | &nbsp;&nbsp; 3580619 |
| Diamondback Energy, Inc.  | 29021 | &nbsp;&nbsp; 4362727 |
| EOG Resources, Inc.  | 84552 | &nbsp;&nbsp; 8878806 |
| EQT Corp.  | 97247 | &nbsp;&nbsp; 5212439 |
| Expand Energy Corp.  | 37113 | &nbsp;&nbsp; 4095791 |
| Exxon Mobil Corp. (a) | 657157 | &nbsp;&nbsp; 79082273 |
| Kinder Morgan, Inc.  | 305080 | &nbsp;&nbsp; 8386649 |
| Marathon Petroleum Corp. (a) | 46842 | &nbsp;&nbsp; 7617914 |
| Occidental Petroleum Corp. (a) | 112072 | &nbsp;&nbsp; 4608401 |
| ONEOK, Inc. (a) | 98052 | &nbsp;&nbsp; 7206822 |
| Phillips 66 Co. (a) | 62786 | &nbsp;&nbsp; 8101905 |
| Targa Resources Corp.  | 33450 | &nbsp;&nbsp; 6171525 |
| Texas Pacific Land Corp. (a) | 9024 | &nbsp;&nbsp; 2591873 |
| Valero Energy Corp. (a) | 47529 | &nbsp;&nbsp; 7737246 |
| Williams Cos., Inc.  | 190301 | &nbsp;&nbsp; 11438993 |
|  |  | &nbsp;&nbsp; 236525719 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc.  | 101076 | &nbsp;&nbsp; 7014674 |
| Southwest Airlines Co. (a) | 80587 | &nbsp;&nbsp; 3330661 |
| United Airlines Holdings, Inc. (b) | 50447 | &nbsp;&nbsp; 5640984 |
|  |  | &nbsp;&nbsp; 15986319 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Cos., Inc. - Class A | 38311 | &nbsp;&nbsp; 4011928 |
| Kenvue, Inc.  | 298537 | &nbsp;&nbsp; 5149763 |
|  |  | &nbsp;&nbsp; 9161691 |
| **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |
| Bristol-Myers Squibb Co.  | 317229 | &nbsp;&nbsp; 17111332 |
| Eli Lilly & Co.  | 123748 | &nbsp;&nbsp; 132989501 |
| Johnson & Johnson | 375438 | &nbsp;&nbsp; 77696894 |
| Merck & Co., Inc.  | 386771 | &nbsp;&nbsp; 40711515 |
| Pfizer, Inc.  | 885999 | &nbsp;&nbsp; 22061375 |
| Viatris, Inc.  | 179479 | &nbsp;&nbsp; 2234514 |
| Zoetis, Inc.  | 68672 | &nbsp;&nbsp; 8640311 |
|  |  | &nbsp;&nbsp; 301445442 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Automatic Data Processing, Inc.  | 63025 | &nbsp;&nbsp; 16211921 |
| Broadridge Financial Solutions, Inc.  | 18189 | &nbsp;&nbsp; 4059239 |
| Dayforce, Inc. (b) | 24938 | &nbsp;&nbsp; 1724712 |
| Equifax, Inc.  | 19072 | &nbsp;&nbsp; 4138243 |
| Jacobs Solutions, Inc.  | 18627 | &nbsp;&nbsp; 2467332 |
| Leidos Holdings, Inc.  | 19923 | &nbsp;&nbsp; 3594109 |
| Paychex, Inc. (a) | 50473 | &nbsp;&nbsp; 5662061 |
| Paycom Software, Inc. (a) | 7614 | &nbsp;&nbsp; 1213367 |

---

*See accompanying notes to financial statements.*

**BHFTII-307**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Professional Services—(Continued)** | **Professional Services—(Continued)** | **Professional Services—(Continued)** |
| Verisk Analytics, Inc.  | 21718 | &nbsp;&nbsp; $4858100 |
|  |  | &nbsp;&nbsp; 43929084 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Group, Inc. - Class A (b) | 45679 | &nbsp;&nbsp; 7344727 |
| CoStar Group, Inc. (b) | 66043 | &nbsp;&nbsp; 4440731 |
|  |  | &nbsp;&nbsp; 11785458 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| AvalonBay Communities, Inc. (a) | 22038 | &nbsp;&nbsp; 3995710 |
| Camden Property Trust | 16579 | &nbsp;&nbsp; 1825016 |
| Equity Residential | 53953 | &nbsp;&nbsp; 3401197 |
| Essex Property Trust, Inc. (a) | 10036 | &nbsp;&nbsp; 2626221 |
| Invitation Homes, Inc.  | 87884 | &nbsp;&nbsp; 2442296 |
| Mid-America Apartment Communities, Inc.  | 18244 | &nbsp;&nbsp; 2534274 |
| UDR, Inc. (a) | 46864 | &nbsp;&nbsp; 1718972 |
|  |  | &nbsp;&nbsp; 18543686 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| Federal Realty Investment Trust (a) | 12233 | &nbsp;&nbsp; 1233086 |
| Kimco Realty Corp. (a) | 105526 | &nbsp;&nbsp; 2139012 |
| Realty Income Corp. (a) | 143348 | &nbsp;&nbsp; 8080527 |
| Regency Centers Corp. (a) | 25651 | &nbsp;&nbsp; 1770689 |
| Simon Property Group, Inc.  | 50872 | &nbsp;&nbsp; 9416916 |
|  |  | &nbsp;&nbsp; 22640230 |
| **Semiconductors & Semiconductor Equipment — 14.0%** | **Semiconductors & Semiconductor Equipment — 14.0%** | **Semiconductors & Semiconductor Equipment — 14.0%** |
| Advanced Micro Devices, Inc. (b) | 253696 | &nbsp;&nbsp; 54331535 |
| Analog Devices, Inc.  | 76661 | &nbsp;&nbsp; 20790463 |
| Applied Materials, Inc.  | 124140 | &nbsp;&nbsp; 31902739 |
| Broadcom, Inc.  | 735882 | &nbsp;&nbsp; 254688760 |
| First Solar, Inc. (b) | 16722 | &nbsp;&nbsp; 4368288 |
| Intel Corp. (b) | 698706 | &nbsp;&nbsp; 25782252 |
| KLA Corp.  | 20475 | &nbsp;&nbsp; 24878763 |
| Lam Research Corp.  | 195726 | &nbsp;&nbsp; 33504377 |
| Microchip Technology, Inc.  | 84217 | &nbsp;&nbsp; 5366307 |
| Micron Technology, Inc.  | 174913 | &nbsp;&nbsp; 49921919 |
| Monolithic Power Systems, Inc. (a) | 7466 | &nbsp;&nbsp; 6766884 |
| NVIDIA Corp.  | 3786648 | &nbsp;&nbsp; 706209852 |
| NXP Semiconductors NV | 39218 | &nbsp;&nbsp; 8512659 |
| ON Semiconductor Corp. (a) (b) | 62702 | &nbsp;&nbsp; 3395313 |
| Qnity Electronics, Inc. - Class W/I | 32635 | &nbsp;&nbsp; 2664648 |
| QUALCOMM, Inc.  | 166893 | &nbsp;&nbsp; 28547048 |
| Skyworks Solutions, Inc.  | 23168 | &nbsp;&nbsp; 1469083 |
| Teradyne, Inc. (a) | 24404 | &nbsp;&nbsp; 4723638 |
| Texas Instruments, Inc.  | 141590 | &nbsp;&nbsp; 24564449 |
|  |  | &nbsp;&nbsp; 1292388977 |
| **Software — 10.1%** | **Software — 10.1%** | **Software — 10.1%** |
| Adobe, Inc. (b) | 65230 | &nbsp;&nbsp; 22829848 |
| AppLovin Corp. - Class A (b) | 42181 | &nbsp;&nbsp; 28422401 |
| Autodesk, Inc. (b) | 33192 | &nbsp;&nbsp; 9825164 |
| Cadence Design Systems, Inc. (b) | 42417 | &nbsp;&nbsp; 13258706 |
| Crowdstrike Holdings, Inc. - Class A (b) | 39106 | &nbsp;&nbsp; 18331328 |
| Datadog, Inc. - Class A (a) (b) | 50713 | &nbsp;&nbsp; 6896461 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Fair Isaac Corp. (b) | 3695 | &nbsp;&nbsp; $6246841 |
| Fortinet, Inc. (b) | 98499 | &nbsp;&nbsp; 7821806 |
| Gen Digital, Inc. (a) | 87453 | &nbsp;&nbsp; 2377847 |
| Intuit, Inc. (a) | 43446 | &nbsp;&nbsp; 28779499 |
| Microsoft Corp.  | 1158181 | &nbsp;&nbsp; 560119495 |
| Oracle Corp.  | 262099 | &nbsp;&nbsp; 51085716 |
| Palantir Technologies, Inc. - Class A (b) | 355965 | &nbsp;&nbsp; 63272779 |
| Palo Alto Networks, Inc. (b) | 106584 | &nbsp;&nbsp; 19632773 |
| PTC, Inc. (a) (b) | 18667 | &nbsp;&nbsp; 3251978 |
| Roper Technologies, Inc.  | 16773 | &nbsp;&nbsp; 7466165 |
| Salesforce, Inc.  | 148349 | &nbsp;&nbsp; 39299134 |
| ServiceNow, Inc. (b) | 161658 | &nbsp;&nbsp; 24764389 |
| Synopsys, Inc. (a) (b) | 28945 | &nbsp;&nbsp; 13596045 |
| Tyler Technologies, Inc. (b) | 6705 | &nbsp;&nbsp; 3043735 |
| Workday, Inc. - Class A (b) | 33815 | &nbsp;&nbsp; 7262786 |
|  |  | &nbsp;&nbsp; 937584896 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| American Tower Corp.  | 72951 | &nbsp;&nbsp; 12808007 |
| Crown Castle, Inc.  | 67860 | &nbsp;&nbsp; 6030718 |
| Digital Realty Trust, Inc. (a) | 50315 | &nbsp;&nbsp; 7784234 |
| Equinix, Inc.  | 15301 | &nbsp;&nbsp; 11723014 |
| Extra Space Storage, Inc.  | 33074 | &nbsp;&nbsp; 4306896 |
| Iron Mountain, Inc.  | 46061 | &nbsp;&nbsp; 3820760 |
| Public Storage | 24608 | &nbsp;&nbsp; 6385776 |
| SBA Communications Corp.  | 16603 | &nbsp;&nbsp; 3211518 |
| VICI Properties, Inc. (a) | 166551 | &nbsp;&nbsp; 4683414 |
| Weyerhaeuser Co. (a) | 112331 | &nbsp;&nbsp; 2661122 |
|  |  | &nbsp;&nbsp; 63415459 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| AutoZone, Inc. (b) | 2592 | &nbsp;&nbsp; 8790768 |
| Best Buy Co., Inc.  | 30448 | &nbsp;&nbsp; 2037885 |
| Carvana Co. (a) (b) | 22038 | &nbsp;&nbsp; 9300477 |
| Home Depot, Inc.  | 155110 | &nbsp;&nbsp; 53373351 |
| Lowe's Cos., Inc.  | 87393 | &nbsp;&nbsp; 21075696 |
| O'Reilly Automotive, Inc. (b) | 131536 | &nbsp;&nbsp; 11997398 |
| Ross Stores, Inc.  | 50679 | &nbsp;&nbsp; 9129315 |
| TJX Cos., Inc.  | 173428 | &nbsp;&nbsp; 26640275 |
| Tractor Supply Co. (a) | 82340 | &nbsp;&nbsp; 4117823 |
| Ulta Beauty, Inc. (b) | 6987 | &nbsp;&nbsp; 4227205 |
| Williams-Sonoma, Inc.  | 18978 | &nbsp;&nbsp; 3389281 |
|  |  | &nbsp;&nbsp; 154079474 |
| **Technology Hardware, Storage & Peripherals — 7.2%** | **Technology Hardware, Storage & Peripherals — 7.2%** | **Technology Hardware, Storage & Peripherals — 7.2%** |
| Apple, Inc.  | 2302587 | &nbsp;&nbsp; 625981302 |
| Dell Technologies, Inc. - Class C (a) | 46966 | &nbsp;&nbsp; 5912080 |
| Hewlett Packard Enterprise Co.  | 205608 | &nbsp;&nbsp; 4938704 |
| HP, Inc.  | 145653 | &nbsp;&nbsp; 3245149 |
| NetApp, Inc. (a) | 31106 | &nbsp;&nbsp; 3331141 |
| Sandisk Corp. (b) | 21695 | &nbsp;&nbsp; 5149959 |
| Seagate Technology Holdings PLC (a) | 33951 | &nbsp;&nbsp; 9349766 |
| Super Micro Computer, Inc. (a) (b) | 78141 | &nbsp;&nbsp; 2287187 |
| Western Digital Corp. (a) | 53277 | &nbsp;&nbsp; 9178029 |
|  |  | &nbsp;&nbsp; 669373317 |

---

*See accompanying notes to financial statements.*

**BHFTII-308**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Deckers Outdoor Corp. (b) | 22711 | &nbsp;&nbsp; $2354449 |
| Lululemon Athletica, Inc. (b) | 16816 | &nbsp;&nbsp; 3494533 |
| NIKE, Inc. - Class B | 185329 | &nbsp;&nbsp; 11807311 |
| Ralph Lauren Corp.  | 6040 | &nbsp;&nbsp; 2135805 |
| Tapestry, Inc.  | 31890 | &nbsp;&nbsp; 4074585 |
|  |  | &nbsp;&nbsp; 23866683 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc.  | 261586 | &nbsp;&nbsp; 15083049 |
| Philip Morris International, Inc.  | 242569 | &nbsp;&nbsp; 38908067 |
|  |  | &nbsp;&nbsp; 53991116 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Fastenal Co.  | 178897 | &nbsp;&nbsp; 7179137 |
| United Rentals, Inc.  | 9916 | &nbsp;&nbsp; 8025217 |
| WW Grainger, Inc.  | 6817 | &nbsp;&nbsp; 6878694 |
|  |  | &nbsp;&nbsp; 22083048 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| American Water Works Co., Inc. (a) | 30406 | &nbsp;&nbsp; 3967983 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile U.S., Inc.  | 74947 | &nbsp;&nbsp; 15217239 |
| Total Common Stocks <br>(Cost $3,105,467,265) <br>|  | &nbsp;&nbsp; 9106337498 |
| **Investment Companies—0.9%** | **Investment Companies—0.9%** | **Investment Companies—0.9%** |
| **Exchange-Traded Funds — 0.9%** | **Exchange-Traded Funds — 0.9%** | **Exchange-Traded Funds — 0.9%** |
| State Street SPDR S&P 500 ETF Trust | 123800 | &nbsp;&nbsp; 84421696 |
| Total Investment Companies <br>(Cost $84,172,722) <br>|  | &nbsp;&nbsp; 84421696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** |
| **U.S. Treasury—0.7%** | **U.S. Treasury—0.7%** | **U.S. Treasury—0.7%** |
| U.S. Treasury Bills |  |  |
| 3.265%, 01/02/26 (e) | 4500000 | &nbsp;&nbsp; 4500000 |
| 3.560%, 01/15/26 (e) | 2900000 | &nbsp;&nbsp; 2896294 |
| 3.583%, 01/15/26 (e) | 10000000 | &nbsp;&nbsp; 9987219 |
| 3.627%, 01/15/26 (e) | 41625000 | &nbsp;&nbsp; 41571800 |
| Total Short-Term Investments <br>(Cost $58,949,111) <br>|  | &nbsp;&nbsp; 58955313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (f)—4.4%** | **Securities Lending Reinvestments (f)—4.4%** | **Securities Lending Reinvestments (f)—4.4%** |
| **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (g)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (g)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (g)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (g)<br>| 10000000 | &nbsp;&nbsp; 10000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (g)<br>| 5000000 | &nbsp;&nbsp; $5000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (g)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (g)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 38000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.4%** | **Certificates of Deposit—0.4%** | **Certificates of Deposit—0.4%** |
| Bank of America NA |  |  |
| 4.170%, SOFR + 0.400%, 03/31/26 (h) | 3000000 | &nbsp;&nbsp; 3001290 |
| Bank of Montreal |  |  |
| 4.090%, SOFR + 0.380%, 11/19/26 (h) | 2000000 | &nbsp;&nbsp; 1999994 |
| 4.100%, SOFR + 0.390%, 05/05/26 (h) | 3000000 | &nbsp;&nbsp; 3001284 |
| 4.120%, SOFR + 0.350%, 05/14/26 (h) | 6000000 | &nbsp;&nbsp; 6000149 |
| Bank of Nova Scotia |  |  |
| 4.040%, SOFR + 0.330%, 07/22/26 (h) | 3000000 | &nbsp;&nbsp; 3000266 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 3.930%, SOFR + 0.220%, 03/17/26 (h) | 2000000 | &nbsp;&nbsp; 1999976 |
| Mizuho Bank Ltd. |  |  |
| 3.990%, SOFR + 0.220%, 04/10/26 (h) | 3000000 | &nbsp;&nbsp; 2999649 |
| National Bank of Canada |  |  |
| 3.970%, SOFR + 0.200%, 02/11/26 (h) | 3000000 | &nbsp;&nbsp; 3001120 |
| Royal Bank of Canada |  |  |
| 4.090%, SOFR + 0.380%, 05/01/26 (h) | 3000000 | &nbsp;&nbsp; 3001359 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (h) | 1000000 | &nbsp;&nbsp; 1000278 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 3.940%, SOFR + 0.230%, 01/30/26 (h) | 3000000 | &nbsp;&nbsp; 3000258 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.110%, 01/22/26 | 2000000 | &nbsp;&nbsp; 2000560 |
| 4.140%, 01/14/26 | 2000000 | &nbsp;&nbsp; 2000400 |
| Toronto-Dominion Bank |  |  |
| 4.220%, SOFR + 0.450%, 04/23/26 (h) | 1000000 | &nbsp;&nbsp; 1000705 |
|  |  | &nbsp;&nbsp; 37007288 |
| **Commercial Paper—0.1%** | **Commercial Paper—0.1%** | **Commercial Paper—0.1%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 3000000 | &nbsp;&nbsp; 2998368 |
| Old Line Funding LLC |  |  |
| 3.930%, SOFR + 0.160%, 02/10/26 (h) | 3000000 | &nbsp;&nbsp; 2999967 |
| Westpac Banking Corp. |  |  |
| 4.110%, SOFR + 0.400%, 04/10/26 (h) | 2000000 | &nbsp;&nbsp; 2001134 |
|  |  | &nbsp;&nbsp; 7999469 |
| **Repurchase Agreements—3.3%** | **Repurchase Agreements—3.3%** | **Repurchase Agreements—3.3%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $20,004,189; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,252,477<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $50,010,472; <br> collateralized by various Common Stock with an aggregate <br> market value of $55,683,786<br>| 50000000 | &nbsp;&nbsp; 50000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-309**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (f)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $5,001,069; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,568,379<br>| 5000000 | &nbsp;&nbsp; $5000000 |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due on <br> 04/02/26 with a maturity value of $2,020,291; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,227,637<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,266,976; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,312,315<br>| 2266493 | &nbsp;&nbsp; 2266493 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $20,429,061; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 6.000%, maturity dates ranging from <br> 01/15/26 - 06/30/26, and various Common Stock with an <br> aggregate market value of $20,802,502<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $33,007,168; <br> collateralized by various Common Stock with an aggregate <br> market value of $36,670,710<br>| 33000000 | &nbsp;&nbsp; 33000000 |
| Jefferies LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/02/26 with a maturity value of $2,000,443; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,225,917<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $20,004,289; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,224,642<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $52,039,231; <br> collateralized by various Common Stock with an aggregate <br> market value of $57,833,646<br>| 52000000 | &nbsp;&nbsp; 52000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/07/26 with a maturity value of $37,028,130; <br> collateralized by various Common Stock with an aggregate <br> market value of $41,252,226<br>| 37000000 | &nbsp;&nbsp; 37000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $10,002,128; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.375%, maturity dates ranging from <br> 05/15/26 - 11/15/55, and an aggregate market value of <br> $10,202,171<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 02/04/26 with a maturity value of $6,022,808; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,667,391<br>| 6000000 | &nbsp;&nbsp; 6000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $1,000,203; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $1,020,002<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $35,007,272; <br> collateralized by various Common Stock with an aggregate <br> market value of $38,508,001<br>| 35000000 | &nbsp;&nbsp; 35000000 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $10,007,758; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,112,641<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 305266493 |
| **Time Deposits—0.2%** | **Time Deposits—0.2%** | **Time Deposits—0.2%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 5000000 | &nbsp;&nbsp; 5000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 10000000 | &nbsp;&nbsp; 10000000 |
| National Bank of Canada |  |  |
| 3.710%, OBFR + 0.070% 01/07/26 (h) | 6000000 | &nbsp;&nbsp; 6000000 |
|  |  | &nbsp;&nbsp; 21000000 |
| Total Securities Lending Reinvestments <br>(Cost $409,265,465) <br>|  | &nbsp;&nbsp; 409273250 |
| Total Investments—104.4% <br>(Cost $3,657,854,563) <br>|  | &nbsp;&nbsp; 9658987757 |
| Other assets and liabilities (net)—(4.4)%  |  | &nbsp;&nbsp; (405018045)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $9253969712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $475,063,646 and the collateral received consisted of cash in the amount of $409,236,353 and non-cash collateral with a value of $81,150,254. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(b) Non-income producing security.

(c) 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 December 31, 2025, the market value of securities pledged was $37,656,000. 

(e) The rate shown represents current yield to maturity.

(f) Represents investment of cash collateral received from securities on loan as of December 31, 2025. 

(g) The rate shown represents the annualized seven-day yield as of December 31, 2025.

(h) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed 

*See accompanying notes to financial statements.*

**BHFTII-310**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their

description above.

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $8337677 | &nbsp;&nbsp; $119495 | &nbsp;&nbsp; $(1369721)<br>| &nbsp;&nbsp; $678025 | &nbsp;&nbsp; $(957217)<br>| &nbsp;&nbsp; $6808259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $215259 | &nbsp;&nbsp; 86246 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1399674276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2433973151 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(409236353)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(409236353)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(409236353)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 160 | USD | 55140000 | &nbsp;&nbsp; $(460605)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-311**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $460605 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $4867716 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $1224165 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $49933563 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $9106337498 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9106337498 |
| Total Investment Companies\* | &nbsp;&nbsp; 84421696 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84421696 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 58955313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58955313 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 38000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 37007288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37007288 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 7999469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7999469 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 305266493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 305266493 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 21000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 38000000 | &nbsp;&nbsp; 371273250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 409273250 |
| Total Investments | &nbsp;&nbsp; $9228759194 | &nbsp;&nbsp; $430228563 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9658987757 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(409236353)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(409236353)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $(460605)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(460605)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-312**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $9652179498 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 6808259 |
| Cash | &nbsp;&nbsp; 992 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 8864928 |
| Fund shares sold | &nbsp;&nbsp; 350284 |
| Dividends and interest | &nbsp;&nbsp; 5009695 |
| Prepaid expenses | &nbsp;&nbsp; 32384 |
| Total Assets | &nbsp;&nbsp; 9673246040 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 409236353 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 5348184 |
| Variation margin on futures contracts | &nbsp;&nbsp; 413986 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1875494 |
| Distribution and service fees | &nbsp;&nbsp; 464419 |
| Deferred trustees' fees | &nbsp;&nbsp; 256302 |
| Other expenses | &nbsp;&nbsp; 1681590 |
| Total Liabilities | &nbsp;&nbsp; 419276328 |
| **Net Assets**  | &nbsp;&nbsp; $9253969712 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2228059171 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 7025910541 |
| **Net Assets**  | &nbsp;&nbsp; $9253969712 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $7011097217 |
| Class B | &nbsp;&nbsp; 2051625390 |
| Class D | &nbsp;&nbsp; 47704831 |
| Class E | &nbsp;&nbsp; 133168013 |
| Class G | &nbsp;&nbsp; 10374261 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 94301668 |
| Class B | &nbsp;&nbsp; 29845077 |
| Class D | &nbsp;&nbsp; 644585 |
| Class E | &nbsp;&nbsp; 1815526 |
| Class G | &nbsp;&nbsp; 150977 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $74.35 |
| Class B | 68.74 |
| Class D | 74.01 |
| Class E | 73.35 |
| Class G | 68.71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $3,654,323,892.

(b) Includes securities loaned at value $475,063,646.

(c) Identified cost of affiliated investments was $3,530,671.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $112324313 |
| Dividends from affiliated investments | &nbsp;&nbsp; 215259 |
| Interest | &nbsp;&nbsp; 2148729 |
| Securities lending income | &nbsp;&nbsp; 941969 |
| Total investment income | &nbsp;&nbsp; 115630270 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 22336775 |
| Administration fees | &nbsp;&nbsp; 358264 |
| Custodian and accounting fees | &nbsp;&nbsp; 361023 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 5071440 |
| Distribution and service fees—Class D | &nbsp;&nbsp; 45765 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 193947 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 29954 |
| Audit and tax services | &nbsp;&nbsp; 50284 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 318183 |
| Insurance | &nbsp;&nbsp; 71907 |
| Miscellaneous | &nbsp;&nbsp; 1381873 |
| Total expenses | &nbsp;&nbsp; 30330000 |
| Less management fee waiver | &nbsp;&nbsp; (1165207)<br>|
| Net expenses | &nbsp;&nbsp; 29164793 |
| **Net Investment Income** | &nbsp;&nbsp; 86465477 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 1021755014 |
| Affiliated investments | &nbsp;&nbsp; 678025 |
| Futures contracts | &nbsp;&nbsp; 4867716 |
| Net realized gain (loss) | &nbsp;&nbsp; 1027300755 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 347752140 |
| Affiliated investments | &nbsp;&nbsp; (957217)<br>|
| Futures contracts | &nbsp;&nbsp; 1224165 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 348019088 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 1375319843 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $1461785320 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $25,246.

*See accompanying notes to financial statements.*

**BHFTII-313**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $86465477 | &nbsp;&nbsp; $85364018 |
| Net realized gain (loss) | &nbsp;&nbsp; 1027300755 | &nbsp;&nbsp; 796231365 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 348019088 | &nbsp;&nbsp; 842169257 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 1461785320 | &nbsp;&nbsp; 1723764640 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (643605178)<br>| &nbsp;&nbsp; (410262383)<br>|
| Class B | &nbsp;&nbsp; (209437807)<br>| &nbsp;&nbsp; (155761066)<br>|
| Class D | &nbsp;&nbsp; (4459177)<br>| &nbsp;&nbsp; (3213729)<br>|
| Class E | &nbsp;&nbsp; (12682308)<br>| &nbsp;&nbsp; (9424870)<br>|
| Class G | &nbsp;&nbsp; (1010340)<br>| &nbsp;&nbsp; (754733)<br>|
| **Total distributions** | &nbsp;&nbsp; (871194810)<br>| &nbsp;&nbsp; (579416781)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (236128422)<br>| &nbsp;&nbsp; 316006328 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 354462088 | &nbsp;&nbsp; 1460354187 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 8899507624 | &nbsp;&nbsp; 7439153437 |
| End of period | &nbsp;&nbsp; $9253969712 | &nbsp;&nbsp; $8899507624 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 6575255 | &nbsp;&nbsp; $447877515 | &nbsp;&nbsp; 13696708 | &nbsp;&nbsp; $963419660 |
| Reinvestments | &nbsp;&nbsp; 9892487 | &nbsp;&nbsp; 643605178 | &nbsp;&nbsp; 6378457 | &nbsp;&nbsp; 410262383 |
| Redemptions | &nbsp;&nbsp; (16895537)<br>| &nbsp;&nbsp; (1190733990)<br>| &nbsp;&nbsp; (12006738)<br>| &nbsp;&nbsp; (801407309)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (427795)<br>| &nbsp;&nbsp; $(99251297)<br>| &nbsp;&nbsp; 8068427 | &nbsp;&nbsp; $572274734 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1053444 | &nbsp;&nbsp; $66709156 | &nbsp;&nbsp; 862185 | &nbsp;&nbsp; $53482764 |
| Reinvestments | &nbsp;&nbsp; 3476723 | &nbsp;&nbsp; 209437807 | &nbsp;&nbsp; 2595153 | &nbsp;&nbsp; 155761066 |
| Redemptions | &nbsp;&nbsp; (6228431)<br>| &nbsp;&nbsp; (406385445)<br>| &nbsp;&nbsp; (7082577)<br>| &nbsp;&nbsp; (440078067)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1698264)<br>| &nbsp;&nbsp; $(130238482)<br>| &nbsp;&nbsp; (3625239)<br>| &nbsp;&nbsp; $(230834237)<br>|
| **Class D** |  |  |  |  |
| Sales | &nbsp;&nbsp; 4592 | &nbsp;&nbsp; $330925 | &nbsp;&nbsp; 4544 | &nbsp;&nbsp; $295651 |
| Reinvestments | &nbsp;&nbsp; 68814 | &nbsp;&nbsp; 4459177 | &nbsp;&nbsp; 50144 | &nbsp;&nbsp; 3213729 |
| Redemptions | &nbsp;&nbsp; (81540)<br>| &nbsp;&nbsp; (5650521)<br>| &nbsp;&nbsp; (139519)<br>| &nbsp;&nbsp; (9083513)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (8134)<br>| &nbsp;&nbsp; $(860419)<br>| &nbsp;&nbsp; (84831)<br>| &nbsp;&nbsp; $(5574133)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 48053 | &nbsp;&nbsp; $3258114 | &nbsp;&nbsp; 25651 | &nbsp;&nbsp; $1699401 |
| Reinvestments | &nbsp;&nbsp; 197421 | &nbsp;&nbsp; 12682308 | &nbsp;&nbsp; 148213 | &nbsp;&nbsp; 9424870 |
| Redemptions | &nbsp;&nbsp; (310547)<br>| &nbsp;&nbsp; (21519121)<br>| &nbsp;&nbsp; (414631)<br>| &nbsp;&nbsp; (27253059)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (65073)<br>| &nbsp;&nbsp; $(5578699)<br>| &nbsp;&nbsp; (240767)<br>| &nbsp;&nbsp; $(16128788)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 6094 | &nbsp;&nbsp; $381241 | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; $102657 |
| Reinvestments | &nbsp;&nbsp; 16775 | &nbsp;&nbsp; 1010340 | &nbsp;&nbsp; 12579 | &nbsp;&nbsp; 754733 |
| Redemptions | &nbsp;&nbsp; (24349)<br>| &nbsp;&nbsp; (1591106)<br>| &nbsp;&nbsp; (74381)<br>| &nbsp;&nbsp; (4588638)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1480)<br>| &nbsp;&nbsp; $(199525)<br>| &nbsp;&nbsp; (60161)<br>| &nbsp;&nbsp; $(3731248)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(236128422)<br>|  | &nbsp;&nbsp; $316006328 |

---

*See accompanying notes to financial statements.*

**BHFTII-314**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $70.20 | &nbsp;&nbsp; $60.66 | &nbsp;&nbsp; $52.23 | &nbsp;&nbsp; $71.87 | &nbsp;&nbsp; $60.62 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net realized and unrealized gain (loss) | 10.60 | &nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 | &nbsp;&nbsp; (14.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.72 |
| Total income (loss) from investment operations | 11.32 | &nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp;13.09 | &nbsp;&nbsp; (13.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.49 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.04)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>|
| Total distributions | &nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp; (4.97)<br>| &nbsp;&nbsp; (4.66)<br>| &nbsp;&nbsp; (6.36)<br>| &nbsp;&nbsp; (5.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $74.35 | &nbsp;&nbsp; $70.20 | &nbsp;&nbsp; $60.66 | &nbsp;&nbsp; $52.23 | &nbsp;&nbsp; $71.87 |
| **Total Return (%)** (b) | 17.59 | &nbsp;&nbsp;&nbsp;&nbsp;24.67 | &nbsp;&nbsp;&nbsp;&nbsp;25.94 | &nbsp;&nbsp; (18.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.36 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net ratio of expenses to average net assets (%) (c) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Ratio of net investment income (loss) to average net assets (%) | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $7011.1 | &nbsp;&nbsp; $6650.0 | &nbsp;&nbsp; $5256.7 | &nbsp;&nbsp; $4597.2 | &nbsp;&nbsp; $6147.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $65.42 | &nbsp;&nbsp; $56.83 | &nbsp;&nbsp; $49.18 | &nbsp;&nbsp; $68.09 | &nbsp;&nbsp; $57.69 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net realized and unrealized gain (loss) | 9.81 | &nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp; (13.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.92 |
| Total income (loss) from investment operations | 10.32 | &nbsp;&nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;&nbsp;12.17 | &nbsp;&nbsp; (12.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.50 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.90)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>|
| Total distributions | &nbsp;&nbsp; (7.00)<br>| &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (6.19)<br>| &nbsp;&nbsp; (5.10)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $68.74 | &nbsp;&nbsp; $65.42 | &nbsp;&nbsp; $56.83 | &nbsp;&nbsp; $49.18 | &nbsp;&nbsp; $68.09 |
| **Total Return (%)** (b) | 17.28 | &nbsp;&nbsp;&nbsp;&nbsp;24.37 | &nbsp;&nbsp;&nbsp;&nbsp;25.63 | &nbsp;&nbsp; (18.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.04 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net ratio of expenses to average net assets (%) (c) | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Ratio of net investment income (loss) to average net assets (%) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2051.6 | &nbsp;&nbsp; $2063.5 | &nbsp;&nbsp; $1998.6 | &nbsp;&nbsp; $1803.1 | &nbsp;&nbsp; $2415.9 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-315**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $69.91 | &nbsp;&nbsp; $60.43 | &nbsp;&nbsp; $52.04 | &nbsp;&nbsp; $71.62 | &nbsp;&nbsp; $60.43 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net realized and unrealized gain (loss) | 10.55 | &nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;12.25 | &nbsp;&nbsp; (14.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.66 |
| Total income (loss) from investment operations | 11.20 | &nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp; (13.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.36 |
| **Less Distributions**  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.97)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>|
| Total distributions | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (4.91)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (6.29)<br>| &nbsp;&nbsp; (5.17)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $74.01 | &nbsp;&nbsp; $69.91 | &nbsp;&nbsp; $60.43 | &nbsp;&nbsp; $52.04 | &nbsp;&nbsp; $71.62 |
| **Total Return (%)** (b) | 17.46 | &nbsp;&nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp;25.80 | &nbsp;&nbsp; (18.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.23 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net ratio of expenses to average net assets (%) (c) | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Ratio of net investment income (loss) to average net assets (%) | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $47.7 | &nbsp;&nbsp; $45.6 | &nbsp;&nbsp; $44.6 | &nbsp;&nbsp; $39.5 | &nbsp;&nbsp; $55.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $69.34 | &nbsp;&nbsp; $59.98 | &nbsp;&nbsp; $51.68 | &nbsp;&nbsp; $71.17 | &nbsp;&nbsp; $60.08 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gain (loss) | 10.46 | &nbsp;&nbsp;&nbsp;&nbsp;13.60 | &nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp; (13.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.57 |
| Total income (loss) from investment operations | 11.07 | &nbsp;&nbsp;&nbsp;&nbsp;14.24 | &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp; (13.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.24 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.95)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>|
| Total distributions | &nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (6.25)<br>| &nbsp;&nbsp; (5.15)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $73.35 | &nbsp;&nbsp; $69.34 | &nbsp;&nbsp; $59.98 | &nbsp;&nbsp; $51.68 | &nbsp;&nbsp; $71.17 |
| **Total Return (%)** (b) | 17.41 | &nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp; (18.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.17 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net ratio of expenses to average net assets (%) (c) | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Ratio of net investment income (loss) to average net assets (%) | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $133.2 | &nbsp;&nbsp; $130.4 | &nbsp;&nbsp; $127.2 | &nbsp;&nbsp; $118.1 | &nbsp;&nbsp; $159.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.*

**BHFTII-316**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $65.38 | &nbsp;&nbsp; $56.76 | &nbsp;&nbsp; $49.11 | &nbsp;&nbsp; $67.87 | &nbsp;&nbsp; $57.51 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net realized and unrealized gain (loss) | 9.81 | &nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp; (13.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.89 |
| Total income (loss) from investment operations | 10.28 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp; (12.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.43 |
| **Less Distributions**  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.87)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>|
| Total distributions | &nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp; (4.75)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (6.05)<br>| &nbsp;&nbsp; (5.07)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $68.71 | &nbsp;&nbsp; $65.38 | &nbsp;&nbsp; $56.76 | &nbsp;&nbsp; $49.11 | &nbsp;&nbsp; $67.87 |
| **Total Return (%)** (b) | 17.22 | &nbsp;&nbsp;&nbsp;&nbsp;24.31 | &nbsp;&nbsp;&nbsp;&nbsp;25.56 | &nbsp;&nbsp; (18.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.99 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net ratio of expenses to average net assets (%) (c) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Ratio of net investment income (loss) to average net assets (%) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $10.4 | &nbsp;&nbsp; $10.0 | &nbsp;&nbsp; $12.1 | &nbsp;&nbsp; $11.7 | &nbsp;&nbsp; $17.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-317**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—58.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| Boeing Co. (a) | 6357 | &nbsp;&nbsp; $1380232 |
| General Dynamics Corp.  | 10536 | &nbsp;&nbsp; 3547050 |
| L3Harris Technologies, Inc.  | 15889 | &nbsp;&nbsp; 4664533 |
|  |  | &nbsp;&nbsp; 9591815 |
| **Automobile Components — 1.7%** | **Automobile Components — 1.7%** | **Automobile Components — 1.7%** |
| Aptiv PLC (a) | 69020 | &nbsp;&nbsp; 5251732 |
| Lear Corp. (b) | 40411 | &nbsp;&nbsp; 4631100 |
|  |  | &nbsp;&nbsp; 9882832 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| Bank of America Corp.  | 195625 | &nbsp;&nbsp; 10759375 |
| JPMorgan Chase & Co.  | 22874 | &nbsp;&nbsp; 7370460 |
| PNC Financial Services Group, Inc.  | 25825 | &nbsp;&nbsp; 5390452 |
| Wells Fargo & Co.  | 32387 | &nbsp;&nbsp; 3018469 |
|  |  | &nbsp;&nbsp; 26538756 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Constellation Brands, Inc. - Class A (b) | 20229 | &nbsp;&nbsp; 2790793 |
| Diageo PLC | 90400 | &nbsp;&nbsp; 1947279 |
|  |  | &nbsp;&nbsp; 4738072 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| Johnson Controls International PLC | 30128 | &nbsp;&nbsp; 3607828 |
| Masco Corp.  | 77955 | &nbsp;&nbsp; 4947024 |
|  |  | &nbsp;&nbsp; 8554852 |
| **Capital Markets — 6.3%** | **Capital Markets — 6.3%** | **Capital Markets — 6.3%** |
| Charles Schwab Corp.  | 154142 | &nbsp;&nbsp; 15400327 |
| CME Group, Inc.  | 14461 | &nbsp;&nbsp; 3949010 |
| Goldman Sachs Group, Inc.  | 5658 | &nbsp;&nbsp; 4973382 |
| Morgan Stanley | 24477 | &nbsp;&nbsp; 4345402 |
| Northern Trust Corp.  | 57370 | &nbsp;&nbsp; 7836168 |
|  |  | &nbsp;&nbsp; 36504289 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Air Products & Chemicals, Inc.  | 4345 | &nbsp;&nbsp; 1073302 |
| Axalta Coating Systems Ltd. (a) | 79136 | &nbsp;&nbsp; 2556884 |
| DuPont de Nemours, Inc.  | 20026 | &nbsp;&nbsp; 805045 |
| PPG Industries, Inc.  | 36176 | &nbsp;&nbsp; 3706593 |
|  |  | &nbsp;&nbsp; 8141824 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Albertsons Cos., Inc. - Class A | 64960 | &nbsp;&nbsp; 1115363 |
| Target Corp.  | 22148 | &nbsp;&nbsp; 2164967 |
| U.S. Foods Holding Corp. (a) | 17257 | &nbsp;&nbsp; 1299798 |
|  |  | &nbsp;&nbsp; 4580128 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| Avery Dennison Corp.  | 6614 | &nbsp;&nbsp; 1202955 |
| Smurfit WestRock PLC | 50260 | &nbsp;&nbsp; 1943554 |
|  |  | &nbsp;&nbsp; 3146509 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Distributors — 0.5%** | **Distributors — 0.5%** | **Distributors — 0.5%** |
| LKQ Corp. (b) | 101348 | &nbsp;&nbsp; $3060710 |
| **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** |
| Duke Energy Corp.  | 36764 | &nbsp;&nbsp; 4309108 |
| Exelon Corp.  | 51350 | &nbsp;&nbsp; 2238347 |
| PG&E Corp.  | 375087 | &nbsp;&nbsp; 6027648 |
|  |  | &nbsp;&nbsp; 12575103 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| Eaton Corp. PLC | 5515 | &nbsp;&nbsp; 1756583 |
| Regal Rexnord Corp. (b) | 18930 | &nbsp;&nbsp; 2656257 |
|  |  | &nbsp;&nbsp; 4412840 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| SLB Ltd.  | 23057 | &nbsp;&nbsp; 884928 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Electronic Arts, Inc.  | 19436 | &nbsp;&nbsp; 3971358 |
| Warner Bros Discovery, Inc. (a) | 96758 | &nbsp;&nbsp; 2788566 |
|  |  | &nbsp;&nbsp; 6759924 |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** |
| Fidelity National Information Services, Inc.  | 34225 | &nbsp;&nbsp; 2274593 |
| Fiserv, Inc. (a) | 21940 | &nbsp;&nbsp; 1473710 |
|  |  | &nbsp;&nbsp; 3748303 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Union Pacific Corp.  | 23529 | &nbsp;&nbsp; 5442728 |
| **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** |
| Becton Dickinson & Co.  | 64639 | &nbsp;&nbsp; 12544491 |
| Medtronic PLC | 115151 | &nbsp;&nbsp; 11061405 |
|  |  | &nbsp;&nbsp; 23605896 |
| **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** |
| Cigna Group | 29182 | &nbsp;&nbsp; 8031762 |
| Humana, Inc.  | 9008 | &nbsp;&nbsp; 2307219 |
| McKesson Corp.  | 1393 | &nbsp;&nbsp; 1142664 |
|  |  | &nbsp;&nbsp; 11481645 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| Airbnb, Inc. - Class A (a) | 11856 | &nbsp;&nbsp; 1609096 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Mohawk Industries, Inc. (a) (b) | 12999 | &nbsp;&nbsp; 1420791 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| Honeywell International, Inc.  | 15272 | &nbsp;&nbsp; 2979415 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| Aon PLC - Class A | 21539 | &nbsp;&nbsp; 7600682 |
| Chubb Ltd.  | 22696 | &nbsp;&nbsp; 7083876 |
| Principal Financial Group, Inc.  | 12346 | &nbsp;&nbsp; 1089041 |
| Travelers Cos., Inc.  | 6337 | &nbsp;&nbsp; 1838110 |
| Willis Towers Watson PLC (b) | 19574 | &nbsp;&nbsp; 6432016 |
|  |  | &nbsp;&nbsp; 24043725 |

---

*See accompanying notes to financial statements.*

**BHFTII-318**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** |
| Accenture PLC - Class A | 8609 | &nbsp;&nbsp; $2309795 |
| Amdocs Ltd. (b) | 21594 | &nbsp;&nbsp; 1738533 |
| Cognizant Technology Solutions Corp. - Class A | 32335 | &nbsp;&nbsp; 2683805 |
|  |  | &nbsp;&nbsp; 6732133 |
| **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** |
| Agilent Technologies, Inc.  | 21182 | &nbsp;&nbsp; 2882235 |
| ICON PLC (a) (b) | 18979 | &nbsp;&nbsp; 3458353 |
| Waters Corp. (a) | 4612 | &nbsp;&nbsp; 1751776 |
|  |  | &nbsp;&nbsp; 8092364 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| AGCO Corp. (b) | 18439 | &nbsp;&nbsp; 1923556 |
| Flowserve Corp.  | 18328 | &nbsp;&nbsp; 1271597 |
| Techtronic Industries Co. Ltd.  | 85000 | &nbsp;&nbsp; 976546 |
|  |  | &nbsp;&nbsp; 4171699 |
| **Media — 2.8%** | **Media — 2.8%** | **Media — 2.8%** |
| Comcast Corp. - Class A | 233879 | &nbsp;&nbsp; 6990643 |
| Omnicom Group, Inc. (b) | 113593 | &nbsp;&nbsp; 9172635 |
|  |  | &nbsp;&nbsp; 16163278 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Glencore PLC (a) | 282238 | &nbsp;&nbsp; 1535300 |
| **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** |
| National Grid PLC | 267967 | &nbsp;&nbsp; 4129672 |
| **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** |
| Chevron Corp.  | 24616 | &nbsp;&nbsp; 3751725 |
| ConocoPhillips | 78689 | &nbsp;&nbsp; 7366077 |
| Diamondback Energy, Inc.  | 13221 | &nbsp;&nbsp; 1987513 |
| Exxon Mobil Corp.  | 48250 | &nbsp;&nbsp; 5806405 |
| Suncor Energy, Inc.  | 90717 | &nbsp;&nbsp; 4026432 |
|  |  | &nbsp;&nbsp; 22938152 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Delta Air Lines, Inc.  | 22645 | &nbsp;&nbsp; 1571563 |
| **Personal Care Products — 1.5%** | **Personal Care Products — 1.5%** | **Personal Care Products — 1.5%** |
| Kenvue, Inc.  | 518064 | &nbsp;&nbsp; 8936604 |
| **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** |
| Johnson & Johnson | 53864 | &nbsp;&nbsp; 11147155 |
| Organon & Co. (b) | 35316 | &nbsp;&nbsp; 253216 |
| Pfizer, Inc.  | 386136 | &nbsp;&nbsp; 9614786 |
| Roche Holding AG | 9336 | &nbsp;&nbsp; 3858271 |
|  |  | &nbsp;&nbsp; 24873428 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Leidos Holdings, Inc.  | 6271 | &nbsp;&nbsp; 1131288 |
| **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** |
| Intel Corp. (a) | 113848 | &nbsp;&nbsp; 4200991 |
| NXP Semiconductors NV | 20750 | &nbsp;&nbsp; 4503995 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
| Qnity Electronics, Inc. - Class W/I | 14474 | &nbsp;&nbsp; $1181802 |
|  |  | &nbsp;&nbsp; 9886788 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| Microsoft Corp.  | 18820 | &nbsp;&nbsp; 9101728 |
| **Tobacco — 1.4%** | **Tobacco — 1.4%** | **Tobacco — 1.4%** |
| Altria Group, Inc.  | 22970 | &nbsp;&nbsp; 1324450 |
| Philip Morris International, Inc.  | 44281 | &nbsp;&nbsp; 7102673 |
|  |  | &nbsp;&nbsp; 8427123 |
| Total Common Stocks <br>(Cost $266,290,198) <br>|  | &nbsp;&nbsp; 341395301 |

---

&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 |  |  |
| 3.400%, 04/15/30 (144A) (b) | 336000 | &nbsp;&nbsp; 324788 |
| Boeing Co. |  |  |
| 5.805%, 05/01/50 (b) | 231000 | &nbsp;&nbsp; 227210 |
| 6.858%, 05/01/54 | 202000 | &nbsp;&nbsp; 226874 |
|  |  | &nbsp;&nbsp; 778872 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| BAT International Finance PLC |  |  |
| 4.448%, 03/16/28 | 1275000 | &nbsp;&nbsp; 1284905 |
| Philip Morris International, Inc. |  |  |
| 5.125%, 11/17/27 (b) | 233000 | &nbsp;&nbsp; 238038 |
| 5.125%, 02/15/30 (b) | 282000 | &nbsp;&nbsp; 291497 |
| 5.625%, 11/17/29 (b) | 101000 | &nbsp;&nbsp; 106179 |
| 5.750%, 11/17/32 (b) | 445000 | &nbsp;&nbsp; 475586 |
|  |  | &nbsp;&nbsp; 2396205 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Stellantis Finance U.S., Inc. |  |  |
| 2.691%, 09/15/31 (144A) (b) | 1012000 | &nbsp;&nbsp; 887311 |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| Bank of America Corp. |  |  |
| 2.572%, SOFR + 1.210%, 10/20/32 (c) | 900000 | &nbsp;&nbsp; 811713 |
| Barclays PLC |  |  |
| 2.894%, 1Y H15 + 1.300%, 11/24/32 (b) (c) | 259000 | &nbsp;&nbsp; 236000 |
| 7.437%, 1Y H15 + 3.500%, 11/02/33 (c) | 774000 | &nbsp;&nbsp; 885034 |
| Deutsche Bank AG |  |  |
| 2.311%, SOFR + 1.219%, 11/16/27 (c) | 258000 | &nbsp;&nbsp; 253817 |
| 6.720%, SOFR + 3.180%, 01/18/29 (b) (c) | 628000 | &nbsp;&nbsp; 657478 |
| 7.146%, SOFR + 2.520%, 07/13/27 (b) (c) | 239000 | &nbsp;&nbsp; 242647 |
| Goldman Sachs Group, Inc. |  |  |
| 2.383%, SOFR + 1.248%, 07/21/32 (b) (c) | 834000 | &nbsp;&nbsp; 746940 |
| 2.600%, 02/07/30 (b) | 623000 | &nbsp;&nbsp; 585415 |
| HSBC Holdings PLC |  |  |
| 4.000%, 5Y H15 + 3.222%, 03/09/26 (c) | 200000 | &nbsp;&nbsp; 199549 |
| 4.700%, 5Y H15 + 3.250%, 03/09/31 (c) | 332000 | &nbsp;&nbsp; 315357 |
| JPMorgan Chase & Co. |  |  |
| 2.545%, SOFR + 1.180%, 11/08/32 (b) (c) | 1358000 | &nbsp;&nbsp; 1225455 |

---

*See accompanying notes to financial statements.*

**BHFTII-319**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| JPMorgan Chase & Co. |  |  |
| 2.963%, SOFR + 1.260%, 01/25/33 (c) | 518000 | &nbsp;&nbsp; $475358 |
| 3.897%, 3M TSFR + 1.482%, 01/23/49 (c) | 297000 | &nbsp;&nbsp; 236479 |
| 5.766%, SOFR + 1.490%, 04/22/35 (b) (c) | 781000 | &nbsp;&nbsp; 832227 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 2.852%, 1Y H15 + 1.100%, 01/19/33 (c) | 920000 | &nbsp;&nbsp; 834400 |
| Morgan Stanley |  |  |
| 2.699%, SOFR + 1.143%, 01/22/31 (c) | 672000 | &nbsp;&nbsp; 630334 |
| 2.943%, SOFR + 1.290%, 01/21/33 (c) | 860000 | &nbsp;&nbsp; 784916 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.472%, 01/14/29 (b) | 1536000 | &nbsp;&nbsp; 1464592 |
| UBS Group AG |  |  |
| 2.095%, 1Y H15 + 1.000%, 02/11/32 (144A) (c) | 1883000 | &nbsp;&nbsp; 1668968 |
|  |  | &nbsp;&nbsp; 13086679 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.375%, 04/15/38 (b) | 194000 | &nbsp;&nbsp; 184523 |
| 8.000%, 11/15/39 | 813000 | &nbsp;&nbsp; 1032134 |
| Diageo Capital PLC |  |  |
| 2.375%, 10/24/29 | 835000 | &nbsp;&nbsp; 784853 |
| Keurig Dr. Pepper, Inc. |  |  |
| 3.200%, 05/01/30 | 86000 | &nbsp;&nbsp; 81694 |
|  |  | &nbsp;&nbsp; 2083204 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Martin Marietta Materials, Inc. |  |  |
| 2.500%, 03/15/30 | 52000 | &nbsp;&nbsp; 48497 |
| Masco Corp. |  |  |
| 2.000%, 02/15/31 (b) | 1141000 | &nbsp;&nbsp; 1008900 |
| Vulcan Materials Co. |  |  |
| 3.500%, 06/01/30 | 106000 | &nbsp;&nbsp; 102681 |
|  |  | &nbsp;&nbsp; 1160078 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| RPM International, Inc. |  |  |
| 2.950%, 01/15/32 (b) | 413000 | &nbsp;&nbsp; 374339 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| Ashtead Capital, Inc. |  |  |
| 5.500%, 08/11/32 (144A) | 1117000 | &nbsp;&nbsp; 1153352 |
| ERAC USA Finance LLC |  |  |
| 7.000%, 10/15/37 (144A) (b) | 201000 | &nbsp;&nbsp; 232787 |
| Experian Finance PLC |  |  |
| 4.250%, 02/01/29 (144A) | 533000 | &nbsp;&nbsp; 534245 |
| Global Payments, Inc. |  |  |
| 2.900%, 11/15/31 | 215000 | &nbsp;&nbsp; 192688 |
| Verisk Analytics, Inc. |  |  |
| 4.125%, 03/15/29 (b) | 533000 | &nbsp;&nbsp; 531944 |
| 5.750%, 04/01/33 | 387000 | &nbsp;&nbsp; 409357 |
|  |  | &nbsp;&nbsp; 3054373 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Kenvue, Inc. |  |  |
| 4.900%, 03/22/33 (b) | 216000 | &nbsp;&nbsp; 220408 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 2.450%, 10/29/26 | 1534000 | &nbsp;&nbsp; $1513150 |
| 3.650%, 07/21/27 | 320000 | &nbsp;&nbsp; 317943 |
| Avolon Holdings Funding Ltd. |  |  |
| 3.250%, 02/15/27 (144A) | 599000 | &nbsp;&nbsp; 592342 |
| 4.375%, 05/01/26 (144A) | 215000 | &nbsp;&nbsp; 215065 |
| Capital One Financial Corp. |  |  |
| 3.273%, SOFR + 1.790%, 03/01/30 (b) (c) | 1286000 | &nbsp;&nbsp; 1247874 |
| Charles Schwab Corp. |  |  |
| 5.853%, SOFR + 2.500%, 05/19/34 (b) (c) | 1175000 | &nbsp;&nbsp; 1258654 |
| Intercontinental Exchange, Inc. |  |  |
| 2.100%, 06/15/30 | 614000 | &nbsp;&nbsp; 565083 |
| LPL Holdings, Inc. |  |  |
| 4.375%, 05/15/31 (144A) (b) | 1048000 | &nbsp;&nbsp; 1019044 |
|  |  | &nbsp;&nbsp; 6729155 |
| **Electric — 1.1%** | **Electric — 1.1%** | **Electric — 1.1%** |
| American Electric Power Co., Inc. |  |  |
| 5.950%, 11/01/32 (b) | 344000 | &nbsp;&nbsp; 369187 |
| Brazos Securitization LLC |  |  |
| 5.243%, 03/01/43 (144A) | 448000 | &nbsp;&nbsp; 447754 |
| Consumers Securitization Funding LLC |  |  |
| 5.550%, 03/01/28 | 164134 | &nbsp;&nbsp; 165902 |
| Duke Energy Carolinas LLC |  |  |
| 4.950%, 01/15/33 (b) | 1078000 | &nbsp;&nbsp; 1110313 |
| Duke Energy Corp. |  |  |
| 4.500%, 08/15/32 (b) | 818000 | &nbsp;&nbsp; 815299 |
| Electricite de France SA |  |  |
| 6.900%, 05/23/53 (144A) (b) | 200000 | &nbsp;&nbsp; 220322 |
| Empire District Bondco LLC |  |  |
| 4.943%, 01/01/35 | 299817 | &nbsp;&nbsp; 304770 |
| Exelon Corp. |  |  |
| 4.050%, 04/15/30 (b) | 498000 | &nbsp;&nbsp; 493069 |
| Georgia Power Co. |  |  |
| 3.700%, 01/30/50 | 40000 | &nbsp;&nbsp; 29901 |
| Jersey Central Power & Light Co. |  |  |
| 2.750%, 03/01/32 (144A) | 256000 | &nbsp;&nbsp; 229956 |
| 5.100%, 01/15/35 (b) | 176000 | &nbsp;&nbsp; 177977 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.750%, 03/15/29 (b) | 605000 | &nbsp;&nbsp; 632606 |
| Pacific Gas & Electric Co. |  |  |
| 2.100%, 08/01/27 (b) | 135000 | &nbsp;&nbsp; 130876 |
| 2.500%, 02/01/31 | 435000 | &nbsp;&nbsp; 391483 |
| 3.000%, 06/15/28 (b) | 390000 | &nbsp;&nbsp; 378160 |
| 3.300%, 08/01/40 | 283000 | &nbsp;&nbsp; 214218 |
| Virginia Power Fuel Securitization LLC |  |  |
| 5.088%, 05/01/29 | 182772 | &nbsp;&nbsp; 183988 |
| Xcel Energy, Inc. |  |  |
| 3.400%, 06/01/30 (b) | 297000 | &nbsp;&nbsp; 285613 |
|  |  | &nbsp;&nbsp; 6581394 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Arrow Electronics, Inc. |  |  |
| 2.950%, 02/15/32 (b) | 701000 | &nbsp;&nbsp; 626745 |

---

*See accompanying notes to financial statements.*

**BHFTII-320**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| Republic Services, Inc. |  |  |
| 1.450%, 02/15/31 | 253000 | &nbsp;&nbsp; $220505 |
| Waste Management, Inc. |  |  |
| 4.875%, 02/15/34 (b) | 1541000 | &nbsp;&nbsp; 1580838 |
|  |  | &nbsp;&nbsp; 1801343 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Mars, Inc. |  |  |
| 5.200%, 03/01/35 (144A) (b) | 566000 | &nbsp;&nbsp; 581751 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| East Ohio Gas Co. |  |  |
| 2.000%, 06/15/30 (144A) (b) | 340000 | &nbsp;&nbsp; 307808 |
| NiSource, Inc. |  |  |
| 5.650%, 02/01/45 | 136000 | &nbsp;&nbsp; 135057 |
|  |  | &nbsp;&nbsp; 442865 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Alcon Finance Corp. |  |  |
| 2.600%, 05/27/30 (144A) | 200000 | &nbsp;&nbsp; 185948 |
| Boston Scientific Corp. |  |  |
| 2.650%, 06/01/30 (b) | 439000 | &nbsp;&nbsp; 413084 |
|  |  | &nbsp;&nbsp; 599032 |
| **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
| Adventist Health System |  |  |
| 5.430%, 03/01/32 (b) | 731000 | &nbsp;&nbsp; 748594 |
| Cigna Group |  |  |
| 3.200%, 03/15/40 | 148000 | &nbsp;&nbsp; 116910 |
| HCA, Inc. |  |  |
| 5.125%, 06/15/39 | 488000 | &nbsp;&nbsp; 471267 |
| Humana, Inc. |  |  |
| 5.875%, 03/01/33 (b) | 370000 | &nbsp;&nbsp; 388654 |
| Northwell Healthcare, Inc. |  |  |
| 3.979%, 11/01/46 | 51000 | &nbsp;&nbsp; 40233 |
| 4.260%, 11/01/47 (b) | 379000 | &nbsp;&nbsp; 311190 |
| UnitedHealth Group, Inc. |  |  |
| 5.000%, 04/15/34 (b) | 555000 | &nbsp;&nbsp; 563955 |
|  |  | &nbsp;&nbsp; 2640803 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| AIA Group Ltd. |  |  |
| 3.375%, 04/07/30 (144A) | 804000 | &nbsp;&nbsp; 782346 |
| Aon Corp. |  |  |
| 4.500%, 12/15/28 | 528000 | &nbsp;&nbsp; 534293 |
| Brown & Brown, Inc. |  |  |
| 4.200%, 03/17/32 | 578000 | &nbsp;&nbsp; 559294 |
| 5.550%, 06/23/35 | 136000 | &nbsp;&nbsp; 139448 |
| Corebridge Financial, Inc. |  |  |
| 3.900%, 04/05/32 (b) | 894000 | &nbsp;&nbsp; 848539 |
| 5.750%, 01/15/34 (b) | 328000 | &nbsp;&nbsp; 342921 |
| Fairfax Financial Holdings Ltd. |  |  |
| 5.625%, 08/16/32 (b) | 1094000 | &nbsp;&nbsp; 1141270 |
| 6.000%, 12/07/33 | 24000 | &nbsp;&nbsp; 25449 |
| Liberty Mutual Group, Inc. |  |  |
| 3.951%, 10/15/50 (144A) | 306000 | &nbsp;&nbsp; 226281 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Sammons Financial Group, Inc. |  |  |
| 4.750%, 04/08/32 (144A) (b) | 171000 | &nbsp;&nbsp; $166362 |
| 6.875%, 04/15/34 (144A) (b) | 853000 | &nbsp;&nbsp; 934006 |
|  |  | &nbsp;&nbsp; 5700209 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Las Vegas Sands Corp. |  |  |
| 3.900%, 08/08/29 (b) | 257000 | &nbsp;&nbsp; 250491 |
| Marriott International, Inc. |  |  |
| 2.750%, 10/15/33 (b) | 443000 | &nbsp;&nbsp; 386746 |
| 2.850%, 04/15/31 | 2000 | &nbsp;&nbsp; 1854 |
| 4.625%, 06/15/30 (b) | 544000 | &nbsp;&nbsp; 552120 |
|  |  | &nbsp;&nbsp; 1191211 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 4.700%, 09/15/28 | 618000 | &nbsp;&nbsp; 625571 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.500%, 06/01/41 (b) | 577000 | &nbsp;&nbsp; 410414 |
| 5.250%, 04/01/53 | 86000 | &nbsp;&nbsp; 68013 |
| 5.375%, 05/01/47 | 82000 | &nbsp;&nbsp; 67547 |
| 6.384%, 10/23/35 (b) | 290000 | &nbsp;&nbsp; 299296 |
| Time Warner Cable Enterprises LLC |  |  |
| 8.375%, 07/15/33 | 554000 | &nbsp;&nbsp; 639280 |
|  |  | &nbsp;&nbsp; 1484550 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| Anglo American Capital PLC |  |  |
| 2.625%, 09/10/30 (144A) (b) | 1340000 | &nbsp;&nbsp; 1235070 |
| 3.875%, 03/16/29 (144A) (b) | 200000 | &nbsp;&nbsp; 197354 |
| 5.625%, 04/01/30 (144A) (b) | 524000 | &nbsp;&nbsp; 547182 |
| Glencore Funding LLC |  |  |
| 2.500%, 09/01/30 (144A) (b) | 469000 | &nbsp;&nbsp; 429737 |
| 2.850%, 04/27/31 (144A) (b) | 194000 | &nbsp;&nbsp; 178950 |
|  |  | &nbsp;&nbsp; 2588293 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| BP Capital Markets America, Inc. |  |  |
| 2.721%, 01/12/32 | 1148000 | &nbsp;&nbsp; 1045567 |
| Diamondback Energy, Inc. |  |  |
| 5.400%, 04/18/34 (b) | 352000 | &nbsp;&nbsp; 360421 |
| Eni SpA |  |  |
| 4.750%, 09/12/28 (144A) (b) | 1046000 | &nbsp;&nbsp; 1062751 |
| EQT Corp. |  |  |
| 5.750%, 02/01/34 (b) | 785000 | &nbsp;&nbsp; 820046 |
| Phillips 66 |  |  |
| 2.150%, 12/15/30 (b) | 846000 | &nbsp;&nbsp; 758684 |
| Santos Finance Ltd. |  |  |
| 5.750%, 11/13/35 (144A) | 223000 | &nbsp;&nbsp; 221761 |
|  |  | &nbsp;&nbsp; 4269230 |

---

*See accompanying notes to financial statements.*

**BHFTII-321**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| Enbridge, Inc. |  |  |
| 5.625%, 04/05/34 (b) | 768000 | &nbsp;&nbsp; $801734 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 3.800%, 09/15/30 (b) | 503000 | &nbsp;&nbsp; 488251 |
| 5.700%, 09/15/34 | 221000 | &nbsp;&nbsp; 227901 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.500%, 05/15/30 (b) | 137000 | &nbsp;&nbsp; 137555 |
| Spectra Energy Partners LP |  |  |
| 3.375%, 10/15/26 | 220000 | &nbsp;&nbsp; 219006 |
| Targa Resources Corp. |  |  |
| 4.200%, 02/01/33 (b) | 201000 | &nbsp;&nbsp; 192429 |
| 6.125%, 03/15/33 | 606000 | &nbsp;&nbsp; 648225 |
|  |  | &nbsp;&nbsp; 2715101 |
| **Real Estate Investment Trusts — 0.7%** | **Real Estate Investment Trusts — 0.7%** | **Real Estate Investment Trusts — 0.7%** |
| Boston Properties LP |  |  |
| 2.550%, 04/01/32 (b) | 363000 | &nbsp;&nbsp; 316671 |
| Brixmor Operating Partnership LP |  |  |
| 4.050%, 07/01/30 (b) | 479000 | &nbsp;&nbsp; 472232 |
| 4.125%, 05/15/29 | 47000 | &nbsp;&nbsp; 46809 |
| Crown Castle, Inc. |  |  |
| 3.650%, 09/01/27 | 789000 | &nbsp;&nbsp; 782721 |
| Equinix, Inc. |  |  |
| 1.800%, 07/15/27 (b) | 397000 | &nbsp;&nbsp; 383528 |
| 2.500%, 05/15/31 (b) | 505000 | &nbsp;&nbsp; 457016 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.300%, 01/15/29 | 480000 | &nbsp;&nbsp; 488355 |
| Public Storage Operating Co. |  |  |
| 5.100%, 08/01/33 (b) | 1143000 | &nbsp;&nbsp; 1182952 |
| Realty Income Corp. |  |  |
| 3.250%, 01/15/31 | 142000 | &nbsp;&nbsp; 135188 |
|  |  | &nbsp;&nbsp; 4265472 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| Alimentation Couche-Tard, Inc. |  |  |
| 3.439%, 05/13/41 (144A) (b) | 619000 | &nbsp;&nbsp; 483949 |
| Genuine Parts Co. |  |  |
| 2.750%, 02/01/32 (b) | 1005000 | &nbsp;&nbsp; 888996 |
|  |  | &nbsp;&nbsp; 1372945 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Broadcom, Inc. |  |  |
| 4.300%, 11/15/32 (b) | 369000 | &nbsp;&nbsp; 363989 |
| 4.926%, 05/15/37 (144A) | 194000 | &nbsp;&nbsp; 191479 |
|  |  | &nbsp;&nbsp; 555468 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Fiserv, Inc. |  |  |
| 2.650%, 06/01/30 | 184000 | &nbsp;&nbsp; 169623 |
| Oracle Corp. |  |  |
| 4.900%, 02/06/33 | 199000 | &nbsp;&nbsp; 191516 |
| 5.200%, 09/26/35 (b) | 623000 | &nbsp;&nbsp; 596884 |
| Roper Technologies, Inc. |  |  |
| 2.000%, 06/30/30 (b) | 394000 | &nbsp;&nbsp; 356434 |
|  |  | &nbsp;&nbsp; 1314457 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
| NTT Finance Corp. |  |  |
| 5.502%, 07/16/35 (144A) (b) | 1133000 | &nbsp;&nbsp; $1173151 |
| Rogers Communications, Inc. |  |  |
| 3.800%, 03/15/32 | 1418000 | &nbsp;&nbsp; 1335993 |
| T-Mobile USA, Inc. |  |  |
| 2.050%, 02/15/28 | 520000 | &nbsp;&nbsp; 499174 |
| Verizon Communications, Inc. |  |  |
| 3.150%, 03/22/30 | 289000 | &nbsp;&nbsp; 276759 |
| 4.812%, 03/15/39 | 535000 | &nbsp;&nbsp; 507725 |
| Vodafone Group PLC |  |  |
| 5.625%, 02/10/53 (b) | 199000 | &nbsp;&nbsp; 190522 |
|  |  | &nbsp;&nbsp; 3983324 |
| Total Corporate Bonds & Notes <br>(Cost $76,388,090) <br>|  | &nbsp;&nbsp; 74110388 |
| **Agency Sponsored Mortgage-Backed Securities—10.0%** | **Agency Sponsored Mortgage-Backed Securities—10.0%** | **Agency Sponsored Mortgage-Backed Securities—10.0%** |
| **Agency Collateralized Mortgage Obligations — 0.2%** | **Agency Collateralized Mortgage Obligations — 0.2%** | **Agency Collateralized Mortgage Obligations — 0.2%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 3.000%, 07/15/39 | 23927 | &nbsp;&nbsp; 23092 |
| 3.500%, 08/15/42 | 99676 | &nbsp;&nbsp; 94993 |
| 4.500%, 12/15/40 (d) | 3989 | &nbsp;&nbsp; 370 |
| 5.000%, 01/15/40 | 32595 | &nbsp;&nbsp; 33375 |
| 5.500%, 02/15/36 (d) | 11003 | &nbsp;&nbsp; 1692 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust<br>|  |  |
| 3.000%, 02/25/59 | 87676 | &nbsp;&nbsp; 77721 |
| 3.500%, 10/25/58 | 82347 | &nbsp;&nbsp; 78989 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 4.874%, SOFR30A + 1.000%, 02/25/45 (144A) (c) | 203613 | &nbsp;&nbsp; 203926 |
| Federal National Mortgage Association REMICS |  |  |
| 2.000%, 04/25/46 | 36319 | &nbsp;&nbsp; 34035 |
| 3.000%, 02/25/33 (d) | 38998 | &nbsp;&nbsp; 2627 |
| 3.250%, 05/25/40 | 17951 | &nbsp;&nbsp; 17229 |
| 4.000%, 10/25/40 | 23979 | &nbsp;&nbsp; 23908 |
| 4.000%, 07/25/46 (d) | 65991 | &nbsp;&nbsp; 12055 |
| Government National Mortgage Association REMICS |  |  |
| 3.948%, 1M TSFR + 0.214%, 09/20/41 (c) | 178448 | &nbsp;&nbsp; 175127 |
| 4.000%, 07/20/41 | 35697 | &nbsp;&nbsp; 35217 |
| 4.500%, 09/20/41 | 22570 | &nbsp;&nbsp; 22800 |
|  |  | &nbsp;&nbsp; 837156 |
| **Agency Mortgage-Backed Securities — 9.8%** | **Agency Mortgage-Backed Securities — 9.8%** | **Agency Mortgage-Backed Securities — 9.8%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 03/01/51 | 90077 | &nbsp;&nbsp; 69878 |
| 1.500%, 10/01/51 | 153293 | &nbsp;&nbsp; 118370 |
| 2.000%, 02/01/42 | 384996 | &nbsp;&nbsp; 333436 |
| 2.000%, 08/01/51 | 425795 | &nbsp;&nbsp; 347179 |
| 2.000%, 02/01/52 | 706197 | &nbsp;&nbsp; 574180 |
| 2.500%, 04/01/48 | 52325 | &nbsp;&nbsp; 45542 |
| 2.500%, 10/01/51 | 235814 | &nbsp;&nbsp; 202755 |
| 2.500%, 12/01/51 | 2076243 | &nbsp;&nbsp; 1760162 |
| 2.500%, 03/01/52 | 203051 | &nbsp;&nbsp; 172518 |
| 2.500%, 04/01/52 | 460510 | &nbsp;&nbsp; 391521 |

---

*See accompanying notes to financial statements.*

**BHFTII-322**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.500%, 09/01/52 | 52872 | &nbsp;&nbsp; $45001 |
| 3.000%, 01/01/38 | 143011 | &nbsp;&nbsp; 135397 |
| 3.000%, 10/01/42 | 189091 | &nbsp;&nbsp; 174873 |
| 3.000%, 04/01/43 | 439450 | &nbsp;&nbsp; 406640 |
| 3.000%, 05/01/43 | 377108 | &nbsp;&nbsp; 348784 |
| 3.000%, 05/01/46 | 156805 | &nbsp;&nbsp; 143305 |
| 3.000%, 10/01/46 | 353704 | &nbsp;&nbsp; 323290 |
| 3.000%, 11/01/46 | 376605 | &nbsp;&nbsp; 343374 |
| 3.000%, 03/01/48 | 32650 | &nbsp;&nbsp; 29433 |
| 3.000%, 07/01/50 | 16521 | &nbsp;&nbsp; 14964 |
| 3.000%, 04/01/52 | 146746 | &nbsp;&nbsp; 130111 |
| 3.000%, 05/01/52 | 339183 | &nbsp;&nbsp; 300354 |
| 3.000%, 06/01/52 | 694766 | &nbsp;&nbsp; 615648 |
| 3.500%, 11/01/37 | 96597 | &nbsp;&nbsp; 93574 |
| 3.500%, 02/01/42 | 150459 | &nbsp;&nbsp; 144276 |
| 3.500%, 04/01/42 | 80804 | &nbsp;&nbsp; 77633 |
| 3.500%, 12/01/42 | 262041 | &nbsp;&nbsp; 251609 |
| 3.500%, 04/01/43 | 35877 | &nbsp;&nbsp; 34518 |
| 3.500%, 07/01/43 | 13060 | &nbsp;&nbsp; 12464 |
| 3.500%, 08/01/43 | 160080 | &nbsp;&nbsp; 152641 |
| 3.500%, 12/01/45 | 88048 | &nbsp;&nbsp; 83553 |
| 3.500%, 12/01/46 | 423541 | &nbsp;&nbsp; 400053 |
| 3.500%, 05/01/52 | 71841 | &nbsp;&nbsp; 67080 |
| 4.000%, 08/01/37 | 26336 | &nbsp;&nbsp; 25994 |
| 4.000%, 11/01/40 | 119868 | &nbsp;&nbsp; 117586 |
| 4.000%, 01/01/41 | 251028 | &nbsp;&nbsp; 245057 |
| 4.000%, 04/01/44 | 92755 | &nbsp;&nbsp; 90016 |
| 4.000%, 08/01/47 | 154301 | &nbsp;&nbsp; 148656 |
| 4.500%, 04/01/35 | 8789 | &nbsp;&nbsp; 8876 |
| 4.500%, 03/01/39 | 152741 | &nbsp;&nbsp; 152899 |
| 4.500%, 07/01/39 | 44483 | &nbsp;&nbsp; 44920 |
| 4.500%, 09/01/39 | 24003 | &nbsp;&nbsp; 24238 |
| 4.500%, 10/01/39 | 13720 | &nbsp;&nbsp; 13853 |
| 4.500%, 12/01/39 | 22431 | &nbsp;&nbsp; 22638 |
| 4.500%, 05/01/42 | 40940 | &nbsp;&nbsp; 41266 |
| 4.500%, 10/01/52 | 414942 | &nbsp;&nbsp; 406689 |
| 5.000%, 09/01/33 | 33035 | &nbsp;&nbsp; 33593 |
| 5.000%, 03/01/34 | 10455 | &nbsp;&nbsp; 10500 |
| 5.000%, 04/01/34 | 6424 | &nbsp;&nbsp; 6532 |
| 5.000%, 08/01/35 | 7305 | &nbsp;&nbsp; 7505 |
| 5.000%, 10/01/35 | 18582 | &nbsp;&nbsp; 19088 |
| 5.000%, 11/01/35 | 16126 | &nbsp;&nbsp; 16595 |
| 5.000%, 12/01/36 | 10122 | &nbsp;&nbsp; 10408 |
| 5.000%, 07/01/39 | 68897 | &nbsp;&nbsp; 70931 |
| 5.000%, 08/01/52 | 422367 | &nbsp;&nbsp; 423496 |
| 5.000%, 02/01/53 | 608245 | &nbsp;&nbsp; 608946 |
| 5.000%, 09/01/53 | 84649 | &nbsp;&nbsp; 84687 |
| 5.000%, 04/01/55 | 49918 | &nbsp;&nbsp; 49813 |
| 5.500%, 12/01/33 | 41444 | &nbsp;&nbsp; 42256 |
| 5.500%, 01/01/34 | 30589 | &nbsp;&nbsp; 31434 |
| 5.500%, 04/01/34 | 3562 | &nbsp;&nbsp; 3630 |
| 5.500%, 11/01/34 | 5416 | &nbsp;&nbsp; 5561 |
| 5.500%, 05/01/35 | 2847 | &nbsp;&nbsp; 2955 |
| 5.500%, 09/01/35 | 5374 | &nbsp;&nbsp; 5566 |
| 5.500%, 10/01/35 | 13582 | &nbsp;&nbsp; 13944 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.500%, 03/01/53 | 421645 | &nbsp;&nbsp; $429492 |
| 5.500%, 04/01/53 | 152322 | &nbsp;&nbsp; 156684 |
| 6.000%, 04/01/34 | 26861 | &nbsp;&nbsp; 27586 |
| 6.000%, 07/01/34 | 10332 | &nbsp;&nbsp; 10648 |
| 6.000%, 08/01/34 | 50928 | &nbsp;&nbsp; 52480 |
| 6.000%, 09/01/34 | 1667 | &nbsp;&nbsp; 1732 |
| 6.000%, 07/01/35 | 8810 | &nbsp;&nbsp; 9328 |
| 6.000%, 08/01/35 | 9802 | &nbsp;&nbsp; 10373 |
| 6.000%, 11/01/35 | 9192 | &nbsp;&nbsp; 9690 |
| 6.000%, 03/01/36 | 5404 | &nbsp;&nbsp; 5585 |
| 6.000%, 10/01/36 | 4243 | &nbsp;&nbsp; 4362 |
| 6.000%, 05/01/37 | 22489 | &nbsp;&nbsp; 23818 |
| 6.000%, 06/01/37 | 5722 | &nbsp;&nbsp; 5982 |
| 6.000%, 12/01/52 | 81989 | &nbsp;&nbsp; 85485 |
| 6.000%, 02/01/55 | 403098 | &nbsp;&nbsp; 419141 |
| 6.500%, 05/01/34 | 2666 | &nbsp;&nbsp; 2769 |
| 6.500%, 06/01/34 | 14222 | &nbsp;&nbsp; 14770 |
| 6.500%, 08/01/34 | 3060 | &nbsp;&nbsp; 3184 |
| 6.500%, 10/01/34 | 14354 | &nbsp;&nbsp; 15037 |
| 6.500%, 11/01/34 | 28471 | &nbsp;&nbsp; 29968 |
| 6.500%, 05/01/37 | 12277 | &nbsp;&nbsp; 12950 |
| 6.500%, 07/01/37 | 10445 | &nbsp;&nbsp; 11043 |
| 6.500%, 09/01/54 | 1062914 | &nbsp;&nbsp; 1106343 |
| 6.500%, 11/01/54 | 188468 | &nbsp;&nbsp; 196683 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 0.195%, 11/25/27 (c) (d) | 5207000 | &nbsp;&nbsp; 18903 |
| 0.248%, 12/25/27 (c) (d) | 3235000 | &nbsp;&nbsp; 16190 |
| 0.276%, 11/25/27 (c) (d) | 3440735 | &nbsp;&nbsp; 14695 |
| 0.279%, 09/25/27 (c) (d) | 3341000 | &nbsp;&nbsp; 18324 |
| 0.286%, 11/25/32 (c) (d) | 2532634 | &nbsp;&nbsp; 36105 |
| 0.313%, 12/25/27 (c) (d) | 3579000 | &nbsp;&nbsp; 21659 |
| 0.316%, 11/25/27 (c) (d) | 3122129 | &nbsp;&nbsp; 16005 |
| 0.320%, 01/25/31 (c) (d) | 1555960 | &nbsp;&nbsp; 19458 |
| 0.326%, 08/25/27 (c) (d) | 3107000 | &nbsp;&nbsp; 18470 |
| 0.349%, 11/25/31 (c) (d) | 2325421 | &nbsp;&nbsp; 41675 |
| 0.362%, 12/25/27 (c) (d) | 5199197 | &nbsp;&nbsp; 33434 |
| 0.404%, 08/25/27 (c) (d) | 1932639 | &nbsp;&nbsp; 11678 |
| 0.496%, 12/25/31 (c) (d) | 2074891 | &nbsp;&nbsp; 52600 |
| 0.506%, 08/25/31 (c) (d) | 482595 | &nbsp;&nbsp; 11727 |
| 0.509%, 03/25/31 (c) (d) | 1249049 | &nbsp;&nbsp; 27023 |
| 0.536%, 09/25/31 (c) (d) | 1578796 | &nbsp;&nbsp; 42999 |
| 0.561%, 07/25/27 (c) (d) | 3597475 | &nbsp;&nbsp; 24866 |
| 0.567%, 12/25/31 (c) (d) | 3517256 | &nbsp;&nbsp; 99368 |
| 0.637%, 06/25/27 (c) (d) | 4356000 | &nbsp;&nbsp; 44010 |
| 0.726%, 06/25/27 (c) (d) | 1346010 | &nbsp;&nbsp; 10473 |
| 0.731%, 03/25/31 (c) (d) | 539591 | &nbsp;&nbsp; 18631 |
| 0.779%, 01/25/31 (c) (d) | 658188 | &nbsp;&nbsp; 23414 |
| 0.855%, 09/25/31 (c) (d) | 453515 | &nbsp;&nbsp; 19024 |
| 0.935%, 01/25/31 (c) (d) | 441180 | &nbsp;&nbsp; 18397 |
| 0.938%, 07/25/31 (c) (d) | 361575 | &nbsp;&nbsp; 16958 |
| 1.080%, 11/25/30 (c) (d) | 400945 | &nbsp;&nbsp; 18869 |
| 1.082%, 07/25/29 (c) (d) | 247780 | &nbsp;&nbsp; 8358 |
| 1.135%, 08/25/29 (c) (d) | 1546209 | &nbsp;&nbsp; 54197 |
| 1.168%, 09/25/30 (c) (d) | 229735 | &nbsp;&nbsp; 11292 |

---

*See accompanying notes to financial statements.*

**BHFTII-323**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 1.214%, 05/25/31 (c) (d) | 240722 | &nbsp;&nbsp; $13629 |
| 1.341%, 06/25/30 (c) (d) | 396103 | &nbsp;&nbsp; 21148 |
| 1.597%, 08/25/30 (c) (d) | 357560 | &nbsp;&nbsp; 23300 |
| 1.666%, 05/25/30 (c) (d) | 384386 | &nbsp;&nbsp; 25167 |
| 1.797%, 04/25/30 (c) (d) | 300000 | &nbsp;&nbsp; 20348 |
| 1.798%, 05/25/30 (c) (d) | 1002928 | &nbsp;&nbsp; 71143 |
| 1.838%, 04/25/30 (c) (d) | 808011 | &nbsp;&nbsp; 57146 |
| Federal National Mortgage Association |  |  |
| 1.500%, 02/01/42 | 27422 | &nbsp;&nbsp; 23112 |
| 1.500%, 09/01/51 | 849505 | &nbsp;&nbsp; 657208 |
| 2.000%, 02/01/42 | 557876 | &nbsp;&nbsp; 484544 |
| 2.000%, 03/01/42 | 349903 | &nbsp;&nbsp; 303691 |
| 2.000%, 04/01/42 | 594982 | &nbsp;&nbsp; 516404 |
| 2.000%, 08/01/50 | 191029 | &nbsp;&nbsp; 155866 |
| 2.000%, 02/01/51 | 64058 | &nbsp;&nbsp; 52856 |
| 2.000%, 04/01/51 | 159524 | &nbsp;&nbsp; 129954 |
| 2.000%, 10/01/51 | 64215 | &nbsp;&nbsp; 52152 |
| 2.000%, 12/01/51 | 57484 | &nbsp;&nbsp; 46649 |
| 2.000%, 02/01/52 | 334802 | &nbsp;&nbsp; 271468 |
| 2.000%, 04/01/52 | 89544 | &nbsp;&nbsp; 72442 |
| 2.500%, 11/01/31 | 10808 | &nbsp;&nbsp; 10461 |
| 2.500%, 07/01/37 | 185784 | &nbsp;&nbsp; 176227 |
| 2.500%, 03/01/42 | 267004 | &nbsp;&nbsp; 238405 |
| 2.500%, 04/01/42 | 421102 | &nbsp;&nbsp; 372998 |
| 2.500%, 01/01/50 | 407232 | &nbsp;&nbsp; 348482 |
| 2.500%, 02/01/50 | 145414 | &nbsp;&nbsp; 125321 |
| 2.500%, 03/01/50 | 217343 | &nbsp;&nbsp; 187078 |
| 2.500%, 06/01/50 | 29499 | &nbsp;&nbsp; 25596 |
| 2.500%, 07/01/50 | 232521 | &nbsp;&nbsp; 201195 |
| 2.500%, 10/01/50 | 275314 | &nbsp;&nbsp; 238157 |
| 2.500%, 02/01/51 | 250896 | &nbsp;&nbsp; 213200 |
| 2.500%, 05/01/51 | 1188119 | &nbsp;&nbsp; 1005935 |
| 2.500%, 06/01/51 | 846584 | &nbsp;&nbsp; 717162 |
| 2.500%, 08/01/51 | 102106 | &nbsp;&nbsp; 88048 |
| 2.500%, 10/01/51 | 39987 | &nbsp;&nbsp; 34066 |
| 2.500%, 12/01/51 | 904553 | &nbsp;&nbsp; 773829 |
| 2.500%, 01/01/52 | 767443 | &nbsp;&nbsp; 658937 |
| 2.500%, 02/01/52 | 224077 | &nbsp;&nbsp; 190648 |
| 2.500%, 03/01/52 | 503737 | &nbsp;&nbsp; 432250 |
| 2.500%, 04/01/52 | 598230 | &nbsp;&nbsp; 508609 |
| 2.500%, 06/01/52 | 20552 | &nbsp;&nbsp; 17480 |
| 2.500%, 07/01/52 | 567774 | &nbsp;&nbsp; 481116 |
| 3.000%, 11/01/28 | 16334 | &nbsp;&nbsp; 16141 |
| 3.000%, 09/01/30 | 14126 | &nbsp;&nbsp; 13879 |
| 3.000%, 08/01/33 | 10594 | &nbsp;&nbsp; 10334 |
| 3.000%, 10/01/33 | 306472 | &nbsp;&nbsp; 296729 |
| 3.000%, 12/01/33 | 21524 | &nbsp;&nbsp; 20889 |
| 3.000%, 07/01/37 | 41386 | &nbsp;&nbsp; 39258 |
| 3.000%, 11/01/37 | 74136 | &nbsp;&nbsp; 69876 |
| 3.000%, 09/01/46 | 67771 | &nbsp;&nbsp; 61871 |
| 3.000%, 04/01/51 | 20907 | &nbsp;&nbsp; 18577 |
| 3.000%, 06/01/51 | 89951 | &nbsp;&nbsp; 81502 |
| 3.000%, 12/01/51 | 539189 | &nbsp;&nbsp; 482228 |
| 3.000%, 01/01/52 | 241423 | &nbsp;&nbsp; 217830 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.000%, 03/01/52 | 956852 | &nbsp;&nbsp; $847763 |
| 3.000%, 05/01/52 | 860955 | &nbsp;&nbsp; 762663 |
| 3.000%, 07/01/52 | 329856 | &nbsp;&nbsp; 292653 |
| 3.000%, 08/01/52 | 290988 | &nbsp;&nbsp; 257816 |
| 3.000%, 09/01/52 | 21081 | &nbsp;&nbsp; 18799 |
| 3.500%, 04/01/38 | 69325 | &nbsp;&nbsp; 66922 |
| 3.500%, 11/01/41 | 11611 | &nbsp;&nbsp; 11068 |
| 3.500%, 01/01/42 | 178722 | &nbsp;&nbsp; 171697 |
| 3.500%, 01/01/43 | 68940 | &nbsp;&nbsp; 65738 |
| 3.500%, 04/01/43 | 223282 | &nbsp;&nbsp; 212890 |
| 3.500%, 05/01/43 | 195420 | &nbsp;&nbsp; 186366 |
| 3.500%, 07/01/43 | 279021 | &nbsp;&nbsp; 265862 |
| 3.500%, 08/01/43 | 111687 | &nbsp;&nbsp; 106513 |
| 3.500%, 09/01/43 | 395931 | &nbsp;&nbsp; 377256 |
| 3.500%, 02/01/45 | 311487 | &nbsp;&nbsp; 296749 |
| 3.500%, 09/01/45 | 272044 | &nbsp;&nbsp; 258221 |
| 3.500%, 10/01/45 | 224230 | &nbsp;&nbsp; 212850 |
| 3.500%, 01/01/46 | 78364 | &nbsp;&nbsp; 74351 |
| 3.500%, 05/01/46 | 86282 | &nbsp;&nbsp; 81730 |
| 3.500%, 07/01/46 | 279285 | &nbsp;&nbsp; 264202 |
| 3.500%, 05/01/52 | 180616 | &nbsp;&nbsp; 167389 |
| 4.000%, 09/01/40 | 186932 | &nbsp;&nbsp; 183317 |
| 4.000%, 11/01/40 | 56430 | &nbsp;&nbsp; 55259 |
| 4.000%, 12/01/40 | 127583 | &nbsp;&nbsp; 124482 |
| 4.000%, 02/01/41 | 69856 | &nbsp;&nbsp; 68446 |
| 4.000%, 06/01/41 | 128664 | &nbsp;&nbsp; 125941 |
| 4.000%, 11/01/41 | 58158 | &nbsp;&nbsp; 56915 |
| 4.000%, 01/01/42 | 405143 | &nbsp;&nbsp; 396231 |
| 4.000%, 04/01/42 | 39241 | &nbsp;&nbsp; 38390 |
| 4.000%, 10/01/42 | 49726 | &nbsp;&nbsp; 48647 |
| 4.000%, 12/01/42 | 49577 | &nbsp;&nbsp; 48502 |
| 4.000%, 01/01/43 | 60869 | &nbsp;&nbsp; 59464 |
| 4.000%, 04/01/43 | 12940 | &nbsp;&nbsp; 12655 |
| 4.000%, 05/01/43 | 113520 | &nbsp;&nbsp; 111010 |
| 4.000%, 06/01/43 | 51576 | &nbsp;&nbsp; 50441 |
| 4.000%, 07/01/43 | 45314 | &nbsp;&nbsp; 44246 |
| 4.000%, 04/01/44 | 30290 | &nbsp;&nbsp; 29623 |
| 4.000%, 05/01/44 | 102102 | &nbsp;&nbsp; 99856 |
| 4.000%, 11/01/44 | 38735 | &nbsp;&nbsp; 37535 |
| 4.000%, 06/01/47 | 131829 | &nbsp;&nbsp; 127942 |
| 4.500%, 08/01/33 | 29673 | &nbsp;&nbsp; 29733 |
| 4.500%, 03/01/34 | 86150 | &nbsp;&nbsp; 86015 |
| 4.500%, 07/01/38 | 166253 | &nbsp;&nbsp; 166553 |
| 4.500%, 01/01/40 | 28614 | &nbsp;&nbsp; 28790 |
| 4.500%, 08/01/40 | 6077 | &nbsp;&nbsp; 6124 |
| 4.500%, 02/01/41 | 35607 | &nbsp;&nbsp; 35915 |
| 4.500%, 04/01/41 | 109832 | &nbsp;&nbsp; 110518 |
| 4.500%, 11/01/42 | 26087 | &nbsp;&nbsp; 26245 |
| 4.500%, 01/01/43 | 66483 | &nbsp;&nbsp; 66880 |
| 4.500%, 04/01/44 | 418341 | &nbsp;&nbsp; 420838 |
| 4.500%, 06/01/44 | 37923 | &nbsp;&nbsp; 38097 |
| 4.500%, 09/01/52 | 350804 | &nbsp;&nbsp; 344623 |
| 5.000%, 11/01/33 | 16842 | &nbsp;&nbsp; 17106 |
| 5.000%, 03/01/34 | 14835 | &nbsp;&nbsp; 15060 |
| 5.000%, 05/01/34 | 4818 | &nbsp;&nbsp; 4893 |

---

*See accompanying notes to financial statements.*

**BHFTII-324**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.000%, 08/01/34 | 5964 | &nbsp;&nbsp; $6032 |
| 5.000%, 09/01/34 | 23563 | &nbsp;&nbsp; 23928 |
| 5.000%, 06/01/35 | 15373 | &nbsp;&nbsp; 15780 |
| 5.000%, 07/01/35 | 49590 | &nbsp;&nbsp; 50722 |
| 5.000%, 08/01/35 | 16095 | &nbsp;&nbsp; 16521 |
| 5.000%, 09/01/35 | 11188 | &nbsp;&nbsp; 11489 |
| 5.000%, 10/01/35 | 42441 | &nbsp;&nbsp; 43545 |
| 5.000%, 07/01/39 | 23305 | &nbsp;&nbsp; 23929 |
| 5.000%, 10/01/39 | 24606 | &nbsp;&nbsp; 25334 |
| 5.000%, 11/01/39 | 12876 | &nbsp;&nbsp; 13240 |
| 5.000%, 11/01/40 | 22145 | &nbsp;&nbsp; 22729 |
| 5.000%, 03/01/41 | 17177 | &nbsp;&nbsp; 17625 |
| 5.000%, 02/01/53 | 384492 | &nbsp;&nbsp; 384766 |
| 5.500%, 02/01/33 | 1170 | &nbsp;&nbsp; 1186 |
| 5.500%, 05/01/33 | 507 | &nbsp;&nbsp; 514 |
| 5.500%, 06/01/33 | 35752 | &nbsp;&nbsp; 36560 |
| 5.500%, 07/01/33 | 27348 | &nbsp;&nbsp; 28069 |
| 5.500%, 11/01/33 | 17208 | &nbsp;&nbsp; 17662 |
| 5.500%, 01/01/34 | 10405 | &nbsp;&nbsp; 10634 |
| 5.500%, 02/01/34 | 22546 | &nbsp;&nbsp; 23083 |
| 5.500%, 03/01/34 | 8499 | &nbsp;&nbsp; 8616 |
| 5.500%, 04/01/34 | 11234 | &nbsp;&nbsp; 11390 |
| 5.500%, 05/01/34 | 33676 | &nbsp;&nbsp; 34175 |
| 5.500%, 06/01/34 | 66954 | &nbsp;&nbsp; 67884 |
| 5.500%, 07/01/34 | 17624 | &nbsp;&nbsp; 17984 |
| 5.500%, 09/01/34 | 98124 | &nbsp;&nbsp; 101332 |
| 5.500%, 10/01/34 | 83348 | &nbsp;&nbsp; 84537 |
| 5.500%, 11/01/34 | 134713 | &nbsp;&nbsp; 137836 |
| 5.500%, 12/01/34 | 39673 | &nbsp;&nbsp; 40669 |
| 5.500%, 01/01/35 | 73999 | &nbsp;&nbsp; 77365 |
| 5.500%, 04/01/35 | 17848 | &nbsp;&nbsp; 18591 |
| 5.500%, 09/01/35 | 49317 | &nbsp;&nbsp; 51561 |
| 5.500%, 11/01/52 | 1132196 | &nbsp;&nbsp; 1151537 |
| 5.500%, 11/01/53 | 447005 | &nbsp;&nbsp; 454045 |
| 5.500%, 01/01/55 | 243206 | &nbsp;&nbsp; 246661 |
| 5.500%, 05/01/55 | 72944 | &nbsp;&nbsp; 73980 |
| 6.000%, 02/01/32 | 23725 | &nbsp;&nbsp; 24603 |
| 6.000%, 03/01/34 | 6147 | &nbsp;&nbsp; 6306 |
| 6.000%, 04/01/34 | 64007 | &nbsp;&nbsp; 66569 |
| 6.000%, 06/01/34 | 56966 | &nbsp;&nbsp; 58614 |
| 6.000%, 07/01/34 | 29062 | &nbsp;&nbsp; 30220 |
| 6.000%, 08/01/34 | 53687 | &nbsp;&nbsp; 55623 |
| 6.000%, 10/01/34 | 21984 | &nbsp;&nbsp; 22553 |
| 6.000%, 11/01/34 | 6149 | &nbsp;&nbsp; 6375 |
| 6.000%, 12/01/34 | 3278 | &nbsp;&nbsp; 3397 |
| 6.000%, 08/01/35 | 4312 | &nbsp;&nbsp; 4478 |
| 6.000%, 09/01/35 | 11236 | &nbsp;&nbsp; 11813 |
| 6.000%, 10/01/35 | 22333 | &nbsp;&nbsp; 23410 |
| 6.000%, 12/01/35 | 23229 | &nbsp;&nbsp; 24378 |
| 6.000%, 02/01/36 | 21316 | &nbsp;&nbsp; 22250 |
| 6.000%, 04/01/36 | 13870 | &nbsp;&nbsp; 14492 |
| 6.000%, 06/01/36 | 2319 | &nbsp;&nbsp; 2446 |
| 6.000%, 07/01/37 | 15717 | &nbsp;&nbsp; 16380 |
| 6.000%, 02/01/54 | 159366 | &nbsp;&nbsp; 163944 |
| 6.000%, 03/01/54 | 420298 | &nbsp;&nbsp; 432101 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.000%, 04/01/54 | 462358 | &nbsp;&nbsp; $475066 |
| 6.500%, 06/01/31 | 4194 | &nbsp;&nbsp; 4353 |
| 6.500%, 09/01/31 | 7910 | &nbsp;&nbsp; 8207 |
| 6.500%, 02/01/32 | 3348 | &nbsp;&nbsp; 3473 |
| 6.500%, 07/01/32 | 14615 | &nbsp;&nbsp; 15327 |
| 6.500%, 08/01/32 | 9750 | &nbsp;&nbsp; 10116 |
| 6.500%, 01/01/33 | 8245 | &nbsp;&nbsp; 8555 |
| 6.500%, 04/01/34 | 20853 | &nbsp;&nbsp; 21745 |
| 6.500%, 06/01/34 | 5630 | &nbsp;&nbsp; 5911 |
| 6.500%, 04/01/36 | 8406 | &nbsp;&nbsp; 8831 |
| 6.500%, 05/01/36 | 12618 | &nbsp;&nbsp; 13295 |
| 6.500%, 02/01/37 | 30226 | &nbsp;&nbsp; 31817 |
| 6.500%, 07/01/37 | 12799 | &nbsp;&nbsp; 13417 |
| 6.500%, 12/01/53 | 77763 | &nbsp;&nbsp; 80781 |
| 6.500%, 05/01/54 | 143476 | &nbsp;&nbsp; 149040 |
| 6.500%, 11/01/55 | 322293 | &nbsp;&nbsp; 334787 |
| Government National Mortgage Association |  |  |
| 2.000%, 11/20/50 | 305133 | &nbsp;&nbsp; 252807 |
| 2.000%, 01/20/52 | 960776 | &nbsp;&nbsp; 795947 |
| 2.500%, 08/20/51 | 215488 | &nbsp;&nbsp; 185974 |
| 2.500%, 09/20/51 | 877639 | &nbsp;&nbsp; 757431 |
| 2.500%, 02/20/52 | 860256 | &nbsp;&nbsp; 742426 |
| 3.000%, 04/20/45 | 63598 | &nbsp;&nbsp; 58137 |
| 3.000%, 04/20/46 | 28920 | &nbsp;&nbsp; 26320 |
| 3.000%, 08/20/46 | 31802 | &nbsp;&nbsp; 28943 |
| 3.000%, 09/20/46 | 71975 | &nbsp;&nbsp; 65653 |
| 3.000%, 11/20/47 | 338718 | &nbsp;&nbsp; 308420 |
| 3.000%, 01/20/48 | 482509 | &nbsp;&nbsp; 438229 |
| 3.000%, 02/20/48 | 28456 | &nbsp;&nbsp; 25871 |
| 3.000%, 04/20/48 | 9762 | &nbsp;&nbsp; 8888 |
| 3.000%, 11/20/51 | 134244 | &nbsp;&nbsp; 120779 |
| 3.000%, 05/20/52 | 298599 | &nbsp;&nbsp; 268649 |
| 3.000%, 06/20/52 | 654565 | &nbsp;&nbsp; 588911 |
| 3.000%, 11/20/52 | 359530 | &nbsp;&nbsp; 323706 |
| 3.500%, 12/15/41 | 163285 | &nbsp;&nbsp; 152536 |
| 3.500%, 02/15/42 | 24049 | &nbsp;&nbsp; 22451 |
| 3.500%, 06/20/43 | 164361 | &nbsp;&nbsp; 154887 |
| 3.500%, 07/20/43 | 205236 | &nbsp;&nbsp; 193527 |
| 3.500%, 11/20/47 | 27680 | &nbsp;&nbsp; 25774 |
| 3.500%, 03/20/48 | 320975 | &nbsp;&nbsp; 297787 |
| 3.500%, 05/20/55 | 597168 | &nbsp;&nbsp; 543816 |
| 4.000%, 01/20/41 | 176548 | &nbsp;&nbsp; 171736 |
| 4.000%, 02/20/41 | 43728 | &nbsp;&nbsp; 42533 |
| 4.000%, 04/20/41 | 34970 | &nbsp;&nbsp; 34008 |
| 4.000%, 02/20/42 | 46114 | &nbsp;&nbsp; 44825 |
| 4.000%, 07/20/52 | 171438 | &nbsp;&nbsp; 163437 |
| 4.000%, 09/20/52 | 77944 | &nbsp;&nbsp; 74250 |
| 4.000%, 10/20/52 | 473138 | &nbsp;&nbsp; 450080 |
| 4.500%, 07/20/33 | 2133 | &nbsp;&nbsp; 2129 |
| 4.500%, 09/15/33 | 13523 | &nbsp;&nbsp; 13447 |
| 4.500%, 09/20/33 | 1704 | &nbsp;&nbsp; 1700 |
| 4.500%, 12/20/34 | 1315 | &nbsp;&nbsp; 1327 |
| 4.500%, 03/20/35 | 8154 | &nbsp;&nbsp; 8133 |
| 4.500%, 11/15/39 | 36322 | &nbsp;&nbsp; 36417 |
| 4.500%, 03/15/40 | 66871 | &nbsp;&nbsp; 66730 |

---

*See accompanying notes to financial statements.*

**BHFTII-325**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.500%, 04/15/40 | 63189 | &nbsp;&nbsp; $62619 |
| 4.500%, 06/15/40 | 21347 | &nbsp;&nbsp; 21207 |
| 4.500%, 01/20/41 | 49373 | &nbsp;&nbsp; 49719 |
| 4.500%, 09/20/52 | 1177374 | &nbsp;&nbsp; 1155513 |
| 4.500%, 11/20/52 | 525638 | &nbsp;&nbsp; 515797 |
| 4.500%, 12/20/52 | 574151 | &nbsp;&nbsp; 563120 |
| 5.000%, 07/20/33 | 6444 | &nbsp;&nbsp; 6526 |
| 5.000%, 03/15/34 | 5154 | &nbsp;&nbsp; 5230 |
| 5.000%, 06/15/34 | 13453 | &nbsp;&nbsp; 13652 |
| 5.000%, 12/15/34 | 2022 | &nbsp;&nbsp; 2025 |
| 5.000%, 06/15/35 | 4775 | &nbsp;&nbsp; 4899 |
| 5.000%, 01/20/53 | 37474 | &nbsp;&nbsp; 37526 |
| 5.000%, 03/20/53 | 424176 | &nbsp;&nbsp; 424427 |
| 5.000%, 05/20/53 | 1169273 | &nbsp;&nbsp; 1169737 |
| 5.500%, 11/15/32 | 10018 | &nbsp;&nbsp; 10122 |
| 5.500%, 08/15/33 | 22462 | &nbsp;&nbsp; 22783 |
| 5.500%, 12/15/33 | 25267 | &nbsp;&nbsp; 26097 |
| 5.500%, 09/15/34 | 17467 | &nbsp;&nbsp; 17697 |
| 5.500%, 10/15/35 | 5694 | &nbsp;&nbsp; 5893 |
| 5.500%, 02/20/53 | 420096 | &nbsp;&nbsp; 427313 |
| 5.500%, 05/20/54 | 503096 | &nbsp;&nbsp; 508943 |
| 5.500%, 03/20/55 | 599358 | &nbsp;&nbsp; 606270 |
| 6.000%, 12/15/28 | 3981 | &nbsp;&nbsp; 4041 |
| 6.000%, 12/15/31 | 3678 | &nbsp;&nbsp; 3742 |
| 6.000%, 10/15/32 | 34521 | &nbsp;&nbsp; 35950 |
| 6.000%, 01/15/33 | 172 | &nbsp;&nbsp; 175 |
| 6.000%, 02/15/33 | 694 | &nbsp;&nbsp; 714 |
| 6.000%, 04/15/33 | 31419 | &nbsp;&nbsp; 32799 |
| 6.000%, 08/15/33 | 118 | &nbsp;&nbsp; 120 |
| 6.000%, 07/15/34 | 14371 | &nbsp;&nbsp; 14777 |
| 6.000%, 09/15/34 | 11481 | &nbsp;&nbsp; 11637 |
| 6.000%, 01/20/35 | 8982 | &nbsp;&nbsp; 9426 |
| 6.000%, 02/20/35 | 4677 | &nbsp;&nbsp; 4856 |
| 6.000%, 04/20/35 | 8424 | &nbsp;&nbsp; 8840 |
| 6.000%, 01/15/38 | 35819 | &nbsp;&nbsp; 37575 |
| 6.000%, 03/20/55 | 1179858 | &nbsp;&nbsp; 1203180 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.000%, TBA (e) | 2475000 | &nbsp;&nbsp; 2000100 |
| 2.500%, TBA (e) | 400000 | &nbsp;&nbsp; 338094 |
| 3.000%, TBA (e) | 25000 | &nbsp;&nbsp; 22108 |
| 3.500%, TBA (e) | 700000 | &nbsp;&nbsp; 647090 |
|  |  | &nbsp;&nbsp; 57093654 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $62,015,383) <br>|  | &nbsp;&nbsp; 57930810 |
| **U.S. Treasury & Government Agencies—9.0%** | **U.S. Treasury & Government Agencies—9.0%** | **U.S. Treasury & Government Agencies—9.0%** |
| **U.S. Treasury — 9.0%** | **U.S. Treasury — 9.0%** | **U.S. Treasury — 9.0%** |
| U.S. Treasury Bonds |  |  |
| 1.875%, 11/15/51 | 650000 | &nbsp;&nbsp; 359277 |
| 2.250%, 08/15/46 (b) | 11800000 | &nbsp;&nbsp; 7765414 |
| 2.250%, 02/15/52 | 2200000 | &nbsp;&nbsp; 1334781 |
| 2.500%, 02/15/45 | 68000 | &nbsp;&nbsp; 48158 |
| 2.875%, 05/15/43 (b) | 2550000 | &nbsp;&nbsp; 1979537 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bonds |  |  |
| 2.875%, 11/15/46 | 2439000 | &nbsp;&nbsp; $1801049 |
| 4.000%, 11/15/42 | 900000 | &nbsp;&nbsp; 824906 |
| 4.000%, 11/15/52 (b) | 1100000 | &nbsp;&nbsp; 953863 |
| 4.125%, 08/15/53 | 1100000 | &nbsp;&nbsp; 973758 |
| 4.250%, 02/15/54 | 5320000 | &nbsp;&nbsp; 4809613 |
| 4.500%, 02/15/44 | 1400000 | &nbsp;&nbsp; 1354391 |
| 4.500%, 11/15/54 | 1900000 | &nbsp;&nbsp; 1792086 |
| 4.750%, 11/15/53 (b) | 3200000 | &nbsp;&nbsp; 3141375 |
| U.S. Treasury Notes |  |  |
| 4.250%, 06/30/29 | 7200000 | &nbsp;&nbsp; 7352156 |
| 4.250%, 11/15/34 | 7000000 | &nbsp;&nbsp; 7073555 |
| 4.500%, 04/15/27 (b) (f) | 6850000 | &nbsp;&nbsp; 6934287 |
| 4.500%, 05/31/29 | 3860000 | &nbsp;&nbsp; 3970975 |
| Total U.S. Treasury & Government Agencies <br>(Cost $56,152,719) <br>|  | &nbsp;&nbsp; 52469181 |
| **Asset-Backed Securities—4.1%** | **Asset-Backed Securities—4.1%** | **Asset-Backed Securities—4.1%** |
| **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** |
| AmeriCredit Automobile Receivables Trust |  |  |
| 4.220%, 03/19/29 (144A) | 157000 | &nbsp;&nbsp; 157241 |
| ARI Fleet Lease Trust |  |  |
| 6.050%, 07/15/32 (144A) | 43369 | &nbsp;&nbsp; 43701 |
| Chesapeake Funding II LLC |  |  |
| 5.650%, 05/15/35 (144A) | 172977 | &nbsp;&nbsp; 173785 |
| Credit Acceptance Auto Loan Trust |  |  |
| 6.390%, 08/15/33 (144A) | 90528 | &nbsp;&nbsp; 90979 |
| Enterprise Fleet Financing LLC |  |  |
| 4.690%, 07/20/27 (144A) | 134504 | &nbsp;&nbsp; 134972 |
| 6.400%, 03/20/30 (144A) | 166207 | &nbsp;&nbsp; 168251 |
| GLS Auto Select Receivables Trust |  |  |
| 6.370%, 06/15/28 (144A) | 15149 | &nbsp;&nbsp; 15218 |
| Hyundai Auto Lease Securitization Trust |  |  |
| 4.580%, 09/15/27 (144A) | 336683 | &nbsp;&nbsp; 337932 |
| Nissan Master Owner Trust Receivables |  |  |
| 4.654%, SOFR30A + 0.670%, 02/15/28 (144A) (c) | 408876 | &nbsp;&nbsp; 409001 |
| Santander Drive Auto Receivables Trust |  |  |
| 4.760%, 08/16/27 | 104994 | &nbsp;&nbsp; 105017 |
| Stellantis Financial Underwritten Enhanced Lease Trust |  |  |
| 4.630%, 07/20/27 (144A) | 378459 | &nbsp;&nbsp; 379744 |
|  |  | &nbsp;&nbsp; 2015841 |
| **Asset-Backed - Home Equity — 0.0%** | **Asset-Backed - Home Equity — 0.0%** | **Asset-Backed - Home Equity — 0.0%** |
| Bayview Financial Revolving Asset Trust |  |  |
| 5.442%, 1M TSFR + 1.714%, 12/28/40 (144A) (c) | 67233 | &nbsp;&nbsp; 164697 |
| GMACM Home Equity Loan Trust |  |  |
| 5.805%, 10/25/36 (c) | 15590 | &nbsp;&nbsp; 15519 |
| Home Equity Loan Trust |  |  |
| 3.402%, 12/25/35 (c) | 20344 | &nbsp;&nbsp; 290 |
|  |  | &nbsp;&nbsp; 180506 |
| **Asset-Backed - Other — 3.7%** | **Asset-Backed - Other — 3.7%** | **Asset-Backed - Other — 3.7%** |
| Affirm Asset Securitization Trust |  |  |
| 5.080%, 04/15/30 (144A) | 55179 | &nbsp;&nbsp; 55259 |

---

*See accompanying notes to financial statements.*

**BHFTII-326**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Arbor Realty Commercial Real Estate Notes Ltd. |  |  |
| 6.084%, SOFR30A + 2.100%, 01/15/37 (144A) (c) | 1466500 | &nbsp;&nbsp; $1468333 |
| BDS LLC |  |  |
| 5.400%, 1M TSFR + 1.400%, 07/19/43 (144A) (c) | 937757 | &nbsp;&nbsp; 938052 |
| BSPRT Issuer Ltd. |  |  |
| 6.034%, SOFR30A + 2.050%, 02/15/37 (144A) (c) | 524000 | &nbsp;&nbsp; 522624 |
| Business Jet Securities LLC |  |  |
| 6.197%, 05/15/39 (144A) | 206675 | &nbsp;&nbsp; 211513 |
| Dryden 55 CLO Ltd. |  |  |
| 5.186%, 3M TSFR + 1.282%, 04/15/31 (144A) (c) | 356758 | &nbsp;&nbsp; 356773 |
| Dryden 86 CLO Ltd. |  |  |
| 5.482%, 3M TSFR + 1.600%, 07/17/34 (144A) (c) | 1450285 | &nbsp;&nbsp; 1450898 |
| Dryden XXVI Senior Loan Fund |  |  |
| 5.066%, 3M TSFR + 1.162%, 04/15/29 (144A) (c) | 39523 | &nbsp;&nbsp; 39513 |
| LoanCore Issuer Ltd. |  |  |
| 5.615%, 1M TSFR + 1.864%, 07/15/36 (144A) (c) | 879791 | &nbsp;&nbsp; 878807 |
| 5.765%, 1M TSFR + 2.014%, 11/15/38 (144A) (c) | 3913500 | &nbsp;&nbsp; 3915648 |
| MF1 LLC |  |  |
| 5.434%, 1M TSFR + 1.700%, 02/18/43 (144A) (c) | 1180000 | &nbsp;&nbsp; 1181471 |
| MF1 Ltd. |  |  |
| 5.681%, 1M TSFR + 1.950%, 02/19/37 (144A) (c) | 650507 | &nbsp;&nbsp; 648099 |
| Neuberger Berman CLO XX Ltd. |  |  |
| 5.055%, 3M TSFR + 1.150%, 04/15/39 (144A) (c) | 600000 | &nbsp;&nbsp; 599644 |
| OCP CLO Ltd. |  |  |
| 5.508%, 3M TSFR + 1.650%, 01/26/38 (144A) (c) | 4041128 | &nbsp;&nbsp; 4051607 |
| OneMain Financial Issuance Trust |  |  |
| 5.940%, 05/15/34 (144A) | 108317 | &nbsp;&nbsp; 108707 |
| Palmer Square Loan Funding Ltd. |  |  |
| 5.515%, 3M TSFR + 1.650%, 08/08/32 (144A) (c) | 1329638 | &nbsp;&nbsp; 1330589 |
| Parallel Ltd. |  |  |
| 5.684%, 3M TSFR + 1.800%, 07/20/36 (144A) (c) | 523330 | &nbsp;&nbsp; 523969 |
| Starwood Ltd. |  |  |
| 5.784%, SOFR30A + 1.800%, 11/15/38 (144A) (c) | 1507000 | &nbsp;&nbsp; 1493307 |
| TRTX Issuer Ltd. |  |  |
| 5.534%, 1M TSFR + 1.450%, 06/18/43 (144A) (c) | 1276419 | &nbsp;&nbsp; 1276819 |
| Voya Ltd. |  |  |
| 5.616%, 3M TSFR + 1.712%, 10/15/30 (144A) (c) | 584168 | &nbsp;&nbsp; 584373 |
|  |  | &nbsp;&nbsp; 21636005 |
| Total Asset-Backed Securities <br>(Cost $23,742,342) <br>|  | &nbsp;&nbsp; 23832352 |
| **Non-Agency Mortgage-Backed Securities—2.7%** | **Non-Agency Mortgage-Backed Securities—2.7%** | **Non-Agency Mortgage-Backed Securities—2.7%** |
| **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** |
| Angel Oak Mortgage Trust |  |  |
| 4.960%, 09/25/70 (144A) (c) | 207592 | &nbsp;&nbsp; 207823 |
| 5.138%, 09/25/69 (144A) (g) | 368537 | &nbsp;&nbsp; 369542 |
| 5.348%, 10/25/69 (144A) (g) | 681983 | &nbsp;&nbsp; 685223 |
| 5.653%, 10/25/69 (144A) (g) | 587669 | &nbsp;&nbsp; 592682 |
| COLT Mortgage Loan Trust |  |  |
| 5.123%, 08/25/69 (144A) (g) | 407536 | &nbsp;&nbsp; 408319 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 5.152%, 07/25/70 (144A) (c) | 651293 | &nbsp;&nbsp; 653534 |
| 5.241%, 11/25/70 (144A) (g) | 193116 | &nbsp;&nbsp; 193971 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 5.021%, 10/25/65 (144A) (c) | 283339 | &nbsp;&nbsp; $284119 |
| 5.316%, 10/25/64 (144A) (g) | 238434 | &nbsp;&nbsp; 239818 |
| 5.441%, 05/25/65 (144A) (c) | 283331 | &nbsp;&nbsp; 285797 |
| 5.547%, 12/25/64 (144A) (c) | 324892 | &nbsp;&nbsp; 327548 |
| Rate Mortgage Trust |  |  |
| 5.424%, SOFR30A + 1.550%, 11/25/55 (144A) (c) | 806734 | &nbsp;&nbsp; 806371 |
| Verus Securitization Trust |  |  |
| 4.935%, 10/27/70 (144A) (c) | 134597 | &nbsp;&nbsp; 134755 |
| 5.364%, 10/25/69 (144A) (c) | 149269 | &nbsp;&nbsp; 150050 |
|  |  | &nbsp;&nbsp; 5339552 |
| **Commercial Mortgage-Backed Securities — 1.8%** | **Commercial Mortgage-Backed Securities — 1.8%** | **Commercial Mortgage-Backed Securities — 1.8%** |
| ARDN Mortgage Trust |  |  |
| 5.500%, 1M TSFR + 1.750%, 06/15/35 (144A) (c) | 1112000 | &nbsp;&nbsp; 1113730 |
| AREIT Trust |  |  |
| 5.787%, SOFR30A + 1.850%, 01/20/37 (144A) (c) | 892000 | &nbsp;&nbsp; 888357 |
| Bank |  |  |
| 5.745%, 08/15/56 | 533187 | &nbsp;&nbsp; 562187 |
| Bank5 |  |  |
| 5.225%, 11/15/58 | 524095 | &nbsp;&nbsp; 540344 |
| Benchmark Mortgage Trust |  |  |
| 5.184%, 10/15/58 | 505432 | &nbsp;&nbsp; 520496 |
| 6.363%, 07/15/56 (c) | 38197 | &nbsp;&nbsp; 39940 |
| BX Commercial Mortgage Trust |  |  |
| 5.130%, 1M TSFR + 1.380%, 08/15/42 (144A) (c) | 681341 | &nbsp;&nbsp; 682189 |
| BXMT Ltd. |  |  |
| 5.150%, 1M TSFR + 1.414%, 05/15/38 (144A) (c) | 1532500 | &nbsp;&nbsp; 1524032 |
| Dwight Issuer LLC |  |  |
| 5.397%, 1M TSFR + 1.662%, 06/18/42 (144A) (c) | 638500 | &nbsp;&nbsp; 640096 |
| ELM Trust |  |  |
| 5.995%, 06/10/39 (144A) (c) | 668793 | &nbsp;&nbsp; 672300 |
| MF1 Trust |  |  |
| 5.276%, 1M TSFR + 1.541%, 11/18/39 (144A) (c) | 1364066 | &nbsp;&nbsp; 1365769 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 3.536%, 11/15/52 | 519442 | &nbsp;&nbsp; 512738 |
| MSWF Commercial Mortgage Trust |  |  |
| 6.014%, 12/15/56 (c) | 591406 | &nbsp;&nbsp; 638064 |
| PRM Trust |  |  |
| 4.480%, 07/05/33 (144A) (c) | 366561 | &nbsp;&nbsp; 366141 |
| Ready Capital Mortgage Financing LLC |  |  |
| 5.646%, 1M TSFR + 1.914%, 11/25/36 (144A) (c) | 320000 | &nbsp;&nbsp; 319428 |
|  |  | &nbsp;&nbsp; 10385811 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $15,675,055) <br>|  | &nbsp;&nbsp; 15725363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Preferred Stocks—1.0%** | **Preferred Stocks—1.0%** | **Preferred Stocks—1.0%** |
| **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| Henkel AG & Co. KGaA | 40029 | &nbsp;&nbsp; 3271538 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| Samsung Electronics Co. Ltd.  | 37483 | &nbsp;&nbsp; 2300274 |
| Total Preferred Stocks <br>(Cost $4,959,217) <br>|  | &nbsp;&nbsp; 5571812 |

---

*See accompanying notes to financial statements.*

**BHFTII-327**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Municipals—0.5%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| Massachusetts Educational Financing Authority |  |  |
| 6.352%, 07/01/49 | 780000 | &nbsp;&nbsp; $806785 |
| New Jersey Turnpike Authority |  |  |
| 7.414%, 01/01/40 | 1050000 | &nbsp;&nbsp; 1258470 |
| Rhode Island Student Loan Authority |  |  |
| 6.081%, 12/01/42 | 600000 | &nbsp;&nbsp; 609050 |
| State Board of Administration Finance Corp. |  |  |
| 2.154%, 07/01/30 | 314000 | &nbsp;&nbsp; 288914 |
| Total Municipals <br>(Cost $2,774,006) <br>|  | &nbsp;&nbsp; 2963219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Boeing Co., 6.000%, 10/15/27 <br>(Cost $1,317,650)<br>| 26353 | &nbsp;&nbsp; 1819938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** |
| **Discount Note—1.2%** | **Discount Note—1.2%** | **Discount Note—1.2%** |
| Federal Home Loan Bank |  |  |
| 3.500%, 01/02/26 (h) | 6973000 | &nbsp;&nbsp; 6971640 |
| **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $1,343; collateralized by <br> U.S. Treasury Note at 4.500%, maturing 05/15/27, with a <br> market value of $1,487<br>| 1343 | &nbsp;&nbsp; 1343 |
| Total Short-Term Investments <br>(Cost $6,973,665) <br>|  | &nbsp;&nbsp; 6972983 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (i)—3.9%** | **Securities Lending Reinvestments (i)—3.9%** | **Securities Lending Reinvestments (i)—3.9%** |
| **Short-Term Investment Funds—2.5%** | **Short-Term Investment Funds—2.5%** | **Short-Term Investment Funds—2.5%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (j)<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (j)<br>| 2500000 | &nbsp;&nbsp; 2500000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (j)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 3.710% (j)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (j)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (j)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 3.690% (j)<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (j)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 14500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—1.4%** | **Repurchase Agreements—1.4%** | **Repurchase Agreements—1.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.810%, due on <br> 01/02/26 with a maturity value of $1,500,318; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 02/19/26 - 02/15/55, <br> and an aggregate market value of $1,530,000<br>| 1500000 | &nbsp;&nbsp; $1500000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,676,744; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,730,279<br>| 2676175 | &nbsp;&nbsp; 2676175 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $3,000,652; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,701<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $1,000,213; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.375%, maturity dates ranging from 05/15/26 - 11/15/55, <br> and an aggregate market value of $1,020,217<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $100,020; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp; 8276175 |
| Total Securities Lending Reinvestments <br>(Cost $22,776,175) <br>|  | &nbsp;&nbsp; 22776175 |
| Total Investments—104.2% <br>(Cost $539,064,500) <br>|  | &nbsp;&nbsp; 605567522 |
| Other assets and liabilities (net)—(4.2)%  |  | &nbsp;&nbsp; (24480115)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $581087407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $59,314,133 and the collateral received consisted of cash in the amount of $22,776,175 and non-cash collateral with a value of $38,606,237. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Variable or floating rate security. The stated rate represents the rate at December 31, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference 

*See accompanying notes to financial statements.*

**BHFTII-328**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
|  | index and spread in their description above. |
| (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> December 31, 2025, the market value of securities pledged was $241,941.<br>|
| (g) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (h) | The rate shown represents current yield to maturity. |
| (i) | Represents investment of cash collateral received from securities on loan as of December 31,  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate shown represents the annualized seven-day yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the market value of 144A securities was $53,258,866, which is 9.2% of net assets.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $110322095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80993952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $112 <br>,481591<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136804808 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78145679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75233924 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(15595499)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(15595499)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (7180676)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7180676)<br>|
| Total Borrowings | &nbsp;&nbsp; $(22776175)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(22776175)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(22776175)<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; 03/31/26 | &nbsp;&nbsp; 90 | USD | 18791016 | &nbsp;&nbsp; $(13846)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 35 | USD | 3825664 | &nbsp;&nbsp; (15163)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 15 | USD | 1725234 | &nbsp;&nbsp; (7555)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 8 | USD | 944000 | &nbsp;&nbsp; (22530)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(59094)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-329**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Interest Rate | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $59094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $237968 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $(38862)<br>|

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $24976545 |
| Futures contracts short | &nbsp;&nbsp; (1782000)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $9591815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9591815 |
| Automobile Components | &nbsp;&nbsp; 9882832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9882832 |
| Banks | &nbsp;&nbsp; 26538756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26538756 |
| Beverages | &nbsp;&nbsp; 2790793 | &nbsp;&nbsp; 1947279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4738072 |
| Building Products | &nbsp;&nbsp; 8554852 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8554852 |
| Capital Markets | &nbsp;&nbsp; 36504289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36504289 |
| Chemicals | &nbsp;&nbsp; 8141824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8141824 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 4580128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4580128 |
| Containers & Packaging | &nbsp;&nbsp; 3146509 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3146509 |
| Distributors | &nbsp;&nbsp; 3060710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3060710 |
| Electric Utilities | &nbsp;&nbsp; 12575103 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12575103 |
| Electrical Equipment | &nbsp;&nbsp; 4412840 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4412840 |
| Energy Equipment & Services | &nbsp;&nbsp; 884928 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 884928 |
| Entertainment | &nbsp;&nbsp; 6759924 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6759924 |
| Financial Services | &nbsp;&nbsp; 3748303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3748303 |
| Ground Transportation | &nbsp;&nbsp; 5442728 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5442728 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 23605896 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23605896 |
| Health Care Providers & Services | &nbsp;&nbsp; 11481645 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11481645 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1609096 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1609096 |
| Household Durables | &nbsp;&nbsp; 1420791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1420791 |
| Industrial Conglomerates | &nbsp;&nbsp; 2979415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2979415 |
| Insurance | &nbsp;&nbsp; 24043725 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24043725 |
| IT Services | &nbsp;&nbsp; 6732133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6732133 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 8092364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8092364 |
| Machinery | &nbsp;&nbsp; 3195153 | &nbsp;&nbsp; 976546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4171699 |

---

*See accompanying notes to financial statements.*

**BHFTII-330**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Media | &nbsp;&nbsp; $16163278 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16163278 |
| Metals & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 1535300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1535300 |
| Multi-Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; 4129672 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4129672 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 22938152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22938152 |
| Passenger Airlines | &nbsp;&nbsp; 1571563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1571563 |
| Personal Care Products | &nbsp;&nbsp; 8936604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8936604 |
| Pharmaceuticals | &nbsp;&nbsp; 21015157 | &nbsp;&nbsp; 3858271 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24873428 |
| Professional Services | &nbsp;&nbsp; 1131288 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1131288 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 9886788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9886788 |
| Software | &nbsp;&nbsp; 9101728 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9101728 |
| Tobacco | &nbsp;&nbsp; 8427123 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8427123 |
| Total Common Stocks | &nbsp;&nbsp; 328948233 | &nbsp;&nbsp; 12447068 | &nbsp;&nbsp; — | &nbsp;&nbsp; 341395301 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 74110388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74110388 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 57930810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57930810 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 52469181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52469181 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 23832352 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23832352 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15725363 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15725363 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5571812 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5571812 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2963219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2963219 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; 1819938 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1819938 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6972983 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6972983 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 14500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14500000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 8276175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8276175 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 14500000 | &nbsp;&nbsp; 8276175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22776175 |
| Total Investments | &nbsp;&nbsp; $345268171 | &nbsp;&nbsp; $260299351 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $605567522 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22776175)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22776175)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $(59094)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59094)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-331**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $605567522 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 7 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 28803 |
| Dividends and interest | &nbsp;&nbsp; 2406528 |
| Prepaid expenses | &nbsp;&nbsp; 2086 |
| Total Assets | &nbsp;&nbsp; 608004946 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 1078 |
| Collateral for securities loaned | &nbsp;&nbsp; 22776175 |
| Payable for: |  |
| TBA securities purchased | &nbsp;&nbsp; 3009069 |
| Fund shares redeemed | &nbsp;&nbsp; 210497 |
| Variation margin on futures contracts | &nbsp;&nbsp; 16194 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 271542 |
| Distribution and service fees | &nbsp;&nbsp; 76380 |
| Deferred trustees' fees | &nbsp;&nbsp; 240456 |
| Other expenses | &nbsp;&nbsp; 316148 |
| Total Liabilities | &nbsp;&nbsp; 26917539 |
| **Net Assets**  | &nbsp;&nbsp; $581087407 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $465430927 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 115656480 |
| **Net Assets**  | &nbsp;&nbsp; $581087407 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $159866777 |
| Class B | &nbsp;&nbsp; 130144075 |
| Class E | &nbsp;&nbsp; 17421916 |
| Class F | &nbsp;&nbsp; 273654639 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 1053921 |
| Class B | &nbsp;&nbsp; 880057 |
| Class E | &nbsp;&nbsp; 116012 |
| Class F | &nbsp;&nbsp; 1833435 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $151.69 |
| Class B | 147.88 |
| Class E | 150.17 |
| Class F | 149.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $539,064,500.

(b) Includes securities loaned at value of $59,314,133.

(c) Identified cost of cash denominated in foreign currencies was $7.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $8217716 |
| Interest | &nbsp;&nbsp; 10617683 |
| Securities lending income | &nbsp;&nbsp; 44035 |
| Other income | &nbsp;&nbsp; 4324 |
| Total investment income | &nbsp;&nbsp; 18883758 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3340854 |
| Administration fees | &nbsp;&nbsp; 53764 |
| Custodian and accounting fees | &nbsp;&nbsp; 102409 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 334222 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 27117 |
| Distribution and service fees—Class F | &nbsp;&nbsp; 550438 |
| Audit and tax services | &nbsp;&nbsp; 71269 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 61883 |
| Insurance | &nbsp;&nbsp; 5117 |
| Miscellaneous | &nbsp;&nbsp; 24175 |
| Total expenses | &nbsp;&nbsp; 4681833 |
| Less management fee waiver | &nbsp;&nbsp; (127350)<br>|
| Net expenses | &nbsp;&nbsp; 4554483 |
| **Net Investment Income** | &nbsp;&nbsp; 14329275 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 37659495 |
| Futures contracts | &nbsp;&nbsp; 237968 |
| Foreign currency transactions | &nbsp;&nbsp; 205 |
| Net realized gain (loss) | &nbsp;&nbsp; 37897668 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 8375323 |
| Futures contracts | &nbsp;&nbsp; (38862)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 15189 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 8351650 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 46249318 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $60578593 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $79,517.

*See accompanying notes to financial statements.*

**BHFTII-332**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14329275 | &nbsp;&nbsp; $14599214 |
| Net realized gain (loss) | &nbsp;&nbsp; 37897668 | &nbsp;&nbsp; 42673115 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 8351650 | &nbsp;&nbsp; (11576028)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 60578593 | &nbsp;&nbsp; 45696301 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (15178865)<br>| &nbsp;&nbsp; (11589098)<br>|
| Class B | &nbsp;&nbsp; (12785288)<br>| &nbsp;&nbsp; (10667877)<br>|
| Class E | &nbsp;&nbsp; (1740129)<br>| &nbsp;&nbsp; (1410263)<br>|
| Class F | &nbsp;&nbsp; (26307039)<br>| &nbsp;&nbsp; (20767987)<br>|
| **Total distributions** | &nbsp;&nbsp; (56011321)<br>| &nbsp;&nbsp; (44435225)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (17429825)<br>| &nbsp;&nbsp; (28253652)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (12862553)<br>| &nbsp;&nbsp; (26992576)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 593949960 | &nbsp;&nbsp; 620942536 |
| End of period | &nbsp;&nbsp; $581087407 | &nbsp;&nbsp; $593949960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 33218 | &nbsp;&nbsp; $4989380 | &nbsp;&nbsp; 30125 | &nbsp;&nbsp; $4586910 |
| Reinvestments | &nbsp;&nbsp; 107545 | &nbsp;&nbsp; 15178865 | &nbsp;&nbsp; 79623 | &nbsp;&nbsp; 11589098 |
| Redemptions | &nbsp;&nbsp; (129216)<br>| &nbsp;&nbsp; (19372781)<br>| &nbsp;&nbsp; (122402)<br>| &nbsp;&nbsp; (18749282)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 11547 | &nbsp;&nbsp; $795464 | &nbsp;&nbsp; (12654)<br>| &nbsp;&nbsp; $(2573274)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 25369 | &nbsp;&nbsp; $3690429 | &nbsp;&nbsp; 16970 | &nbsp;&nbsp; $2519011 |
| Reinvestments | &nbsp;&nbsp; 92788 | &nbsp;&nbsp; 12785288 | &nbsp;&nbsp; 74920 | &nbsp;&nbsp; 10667877 |
| Redemptions | &nbsp;&nbsp; (171123)<br>| &nbsp;&nbsp; (25046149)<br>| &nbsp;&nbsp; (179855)<br>| &nbsp;&nbsp; (26857541)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (52966)<br>| &nbsp;&nbsp; $(8570432)<br>| &nbsp;&nbsp; (87965)<br>| &nbsp;&nbsp; $(13670653)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3146 | &nbsp;&nbsp; $463118 | &nbsp;&nbsp; 16809 | &nbsp;&nbsp; $2551858 |
| Reinvestments | &nbsp;&nbsp; 12443 | &nbsp;&nbsp; 1740129 | &nbsp;&nbsp; 9771 | &nbsp;&nbsp; 1410263 |
| Redemptions | &nbsp;&nbsp; (22148)<br>| &nbsp;&nbsp; (3280816)<br>| &nbsp;&nbsp; (34756)<br>| &nbsp;&nbsp; (5266157)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (6559)<br>| &nbsp;&nbsp; $(1077569)<br>| &nbsp;&nbsp; (8176)<br>| &nbsp;&nbsp; $(1304036)<br>|
| **Class F** |  |  |  |  |
| Sales | &nbsp;&nbsp; 47917 | &nbsp;&nbsp; $7087310 | &nbsp;&nbsp; 77064 | &nbsp;&nbsp; $11621789 |
| Reinvestments | &nbsp;&nbsp; 189218 | &nbsp;&nbsp; 26307039 | &nbsp;&nbsp; 144654 | &nbsp;&nbsp; 20767987 |
| Redemptions | &nbsp;&nbsp; (284372)<br>| &nbsp;&nbsp; (41971637)<br>| &nbsp;&nbsp; (285825)<br>| &nbsp;&nbsp; (43095465)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (47237)<br>| &nbsp;&nbsp; $(8577288)<br>| &nbsp;&nbsp; (64107)<br>| &nbsp;&nbsp; $(10705689)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(17429825)<br>|  | &nbsp;&nbsp; $(28253652)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-333**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $151.19 | &nbsp;&nbsp; $151.38 | &nbsp;&nbsp; $147.81 | &nbsp;&nbsp; $186.11 | &nbsp;&nbsp; $176.57 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 3.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| Net realized and unrealized gain (loss) | 11.76 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp; (21.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.69 |
| Total income (loss) from investment operations | 15.67 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp; (18.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.39 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; (3.57)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.69)<br>| &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; (11.28)<br>|
| Total distributions | &nbsp;&nbsp; (15.17)<br>| &nbsp;&nbsp; (11.53)<br>| &nbsp;&nbsp; (11.04)<br>| &nbsp;&nbsp; (19.53)<br>| &nbsp;&nbsp; (14.85)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $151.69 | &nbsp;&nbsp; $151.19 | &nbsp;&nbsp; $151.38 | &nbsp;&nbsp; $147.81 | &nbsp;&nbsp; $186.11 |
| **Total Return (%)** (b) | 11.11 | &nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp; (9.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.22 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net ratio of expenses to average net assets (%) (c) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Ratio of net investment income (loss) to average net assets (%) | 2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 <br>(d)<br>| &nbsp;&nbsp; 34 <br>(d)<br>| &nbsp;&nbsp; 32 <br>(d)<br>| &nbsp;&nbsp; 62 <br>(d)<br>| &nbsp;&nbsp; 92 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $159.9 | &nbsp;&nbsp; $157.6 | &nbsp;&nbsp; $159.7 | &nbsp;&nbsp; $158.6 | &nbsp;&nbsp; $188.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $147.71 | &nbsp;&nbsp; $148.12 | &nbsp;&nbsp; $144.80 | &nbsp;&nbsp; $182.66 | &nbsp;&nbsp; $173.56 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 3.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Net realized and unrealized gain (loss) | 11.48 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp; (21.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.32 |
| Total income (loss) from investment operations | 14.92 | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp; (18.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.52 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp; (3.14)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.69)<br>| &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; (11.28)<br>|
| Total distributions | &nbsp;&nbsp; (14.75)<br>| &nbsp;&nbsp; (11.13)<br>| &nbsp;&nbsp; (10.63)<br>| &nbsp;&nbsp; (19.04)<br>| &nbsp;&nbsp; (14.42)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $147.88 | &nbsp;&nbsp; $147.71 | &nbsp;&nbsp; $148.12 | &nbsp;&nbsp; $144.80 | &nbsp;&nbsp; $182.66 |
| **Total Return (%)** (b) | 10.83 | &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp; (9.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.93 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net ratio of expenses to average net assets (%) (c) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Ratio of net investment income (loss) to average net assets (%) | 2.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 <br>(d)<br>| &nbsp;&nbsp; 34 <br>(d)<br>| &nbsp;&nbsp; 32 <br>(d)<br>| &nbsp;&nbsp; 62 <br>(d)<br>| &nbsp;&nbsp; 92 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $130.1 | &nbsp;&nbsp; $137.8 | &nbsp;&nbsp; $151.2 | &nbsp;&nbsp; $154.9 | &nbsp;&nbsp; $196.7 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-334**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $149.80 | &nbsp;&nbsp; $150.08 | &nbsp;&nbsp; $146.61 | &nbsp;&nbsp; $184.72 | &nbsp;&nbsp; $175.35 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Net realized and unrealized gain (loss) | 11.64 | &nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp; (21.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.55 |
| Total income (loss) from investment operations | 15.29 | &nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp; (18.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.96 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp; (3.31)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.69)<br>| &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; (11.28)<br>|
| Total distributions | &nbsp;&nbsp; (14.92)<br>| &nbsp;&nbsp; (11.29)<br>| &nbsp;&nbsp; (10.79)<br>| &nbsp;&nbsp; (19.25)<br>| &nbsp;&nbsp; (14.59)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $150.17 | &nbsp;&nbsp; $149.80 | &nbsp;&nbsp; $150.08 | &nbsp;&nbsp; $146.61 | &nbsp;&nbsp; $184.72 |
| **Total Return (%)** (b) | 10.94 | &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp; (9.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.05 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net ratio of expenses to average net assets (%) (c) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Ratio of net investment income (loss) to average net assets (%) | 2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 <br>(d)<br>| &nbsp;&nbsp; 34 <br>(d)<br>| &nbsp;&nbsp; 32 <br>(d)<br>| &nbsp;&nbsp; 62 <br>(d)<br>| &nbsp;&nbsp; 92 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $17.4 | &nbsp;&nbsp; $18.4 | &nbsp;&nbsp; $19.6 | &nbsp;&nbsp; $20.7 | &nbsp;&nbsp; $23.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class F** | **Class F** | **Class F** | **Class F** | **Class F** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $148.97 | &nbsp;&nbsp; $149.31 | &nbsp;&nbsp; $145.89 | &nbsp;&nbsp; $183.89 | &nbsp;&nbsp; $174.64 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| Net realized and unrealized gain (loss) | 11.59 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp; (21.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.45 |
| Total income (loss) from investment operations | 15.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.13 | &nbsp;&nbsp; (18.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.76 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (3.23)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.69)<br>| &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; (11.28)<br>|
| Total distributions | &nbsp;&nbsp; (14.85)<br>| &nbsp;&nbsp; (11.22)<br>| &nbsp;&nbsp; (10.71)<br>| &nbsp;&nbsp; (19.14)<br>| &nbsp;&nbsp; (14.51)<br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; $149.26 | &nbsp;&nbsp; $148.97 | &nbsp;&nbsp; $149.31 | &nbsp;&nbsp; $145.89 | &nbsp;&nbsp; $183.89 |
| **Total Return (%)** (b) | 10.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.57 | &nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp; (9.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.99 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net ratio of expenses to average net assets (%) (c) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ratio of net investment income (loss) to average net assets (%) | 2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 <br>(d)<br>| &nbsp;&nbsp; 34 <br>(d)<br>| &nbsp;&nbsp; 32 <br>(d)<br>| &nbsp;&nbsp; 62 <br>(d)<br>| &nbsp;&nbsp; 92 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $273.7 | &nbsp;&nbsp; $280.2 | &nbsp;&nbsp; $290.4 | &nbsp;&nbsp; $294.3 | &nbsp;&nbsp; $366.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 20%, 28%, 22%, 30%, and 29% for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTII-335**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—99.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 8.6%** | **Aerospace & Defense — 8.6%** | **Aerospace & Defense — 8.6%** |
| Boeing Co. (a) | 301057 | &nbsp;&nbsp; $65365496 |
| General Dynamics Corp.  | 165878 | &nbsp;&nbsp; 55844487 |
| Northrop Grumman Corp.  | 57898 | &nbsp;&nbsp; 33014019 |
| RTX Corp.  | 385973 | &nbsp;&nbsp; 70787448 |
|  |  | &nbsp;&nbsp; 225011450 |
| **Banks — 10.3%** | **Banks — 10.3%** | **Banks — 10.3%** |
| Citigroup, Inc.  | 446013 | &nbsp;&nbsp; 52045257 |
| JPMorgan Chase & Co.  | 391950 | &nbsp;&nbsp; 126294129 |
| PNC Financial Services Group, Inc.  | 226040 | &nbsp;&nbsp; 47181329 |
| Wells Fargo & Co.  | 450828 | &nbsp;&nbsp; 42017170 |
|  |  | &nbsp;&nbsp; 267537885 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| Coca-Cola Europacific Partners PLC (b) | 130331 | &nbsp;&nbsp; 11821022 |
| Diageo PLC | 330264 | &nbsp;&nbsp; 7114118 |
| PepsiCo, Inc.  | 195275 | &nbsp;&nbsp; 28025868 |
|  |  | &nbsp;&nbsp; 46961008 |
| **Biotechnology — 1.5%** | **Biotechnology — 1.5%** | **Biotechnology — 1.5%** |
| AbbVie, Inc.  | 174890 | &nbsp;&nbsp; 39960616 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Trane Technologies PLC | 18299 | &nbsp;&nbsp; 7121971 |
| **Capital Markets — 8.6%** | **Capital Markets — 8.6%** | **Capital Markets — 8.6%** |
| ARES Management Corp. - Class A | 62569 | &nbsp;&nbsp; 10113027 |
| Blackrock, Inc.  | 37297 | &nbsp;&nbsp; 39920471 |
| KKR & Co., Inc.  | 346064 | &nbsp;&nbsp; 44116239 |
| LPL Financial Holdings, Inc.  | 49635 | &nbsp;&nbsp; 17728133 |
| Morgan Stanley | 353719 | &nbsp;&nbsp; 62795734 |
| Nasdaq, Inc. (b) | 524460 | &nbsp;&nbsp; 50940800 |
|  |  | &nbsp;&nbsp; 225614404 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| Sherwin-Williams Co.  | 30756 | &nbsp;&nbsp; 9965867 |
| **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
| CRH PLC (b) | 183865 | &nbsp;&nbsp; 22946352 |
| **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** |
| American Express Co.  | 165540 | &nbsp;&nbsp; 61241523 |
| **Electric Utilities — 7.0%** | **Electric Utilities — 7.0%** | **Electric Utilities — 7.0%** |
| American Electric Power Co., Inc.  | 106035 | &nbsp;&nbsp; 12226896 |
| Duke Energy Corp.  | 425840 | &nbsp;&nbsp; 49912706 |
| Exelon Corp.  | 427289 | &nbsp;&nbsp; 18625528 |
| PG&E Corp.  | 1895790 | &nbsp;&nbsp; 30465345 |
| Southern Co.  | 418787 | &nbsp;&nbsp; 36518226 |
| Xcel Energy, Inc. (b) | 459274 | &nbsp;&nbsp; 33921978 |
|  |  | &nbsp;&nbsp; 181670679 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| Eaton Corp. PLC | 78449 | &nbsp;&nbsp; 24986791 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Nestle SA | 168330 | &nbsp;&nbsp; $16730894 |
| **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** |
| Canadian National Railway Co.  | 78602 | &nbsp;&nbsp; 7769807 |
| Union Pacific Corp.  | 184965 | &nbsp;&nbsp; 42786104 |
|  |  | &nbsp;&nbsp; 50555911 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |
| Abbott Laboratories | 300163 | &nbsp;&nbsp; 37607422 |
| Medline, Inc. - Class A (a) (b) | 102097 | &nbsp;&nbsp; 4288074 |
|  |  | &nbsp;&nbsp; 41895496 |
| **Health Care Providers & Services — 7.8%** | **Health Care Providers & Services — 7.8%** | **Health Care Providers & Services — 7.8%** |
| Cigna Group | 277351 | &nbsp;&nbsp; 76335316 |
| Elevance Health, Inc.  | 74724 | &nbsp;&nbsp; 26194498 |
| Humana, Inc.  | 83835 | &nbsp;&nbsp; 21472658 |
| McKesson Corp.  | 95833 | &nbsp;&nbsp; 78610852 |
|  |  | &nbsp;&nbsp; 202613324 |
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| Marriott International, Inc. - Class A | 134044 | &nbsp;&nbsp; 41585811 |
| **Household Products — 1.5%** | **Household Products — 1.5%** | **Household Products — 1.5%** |
| Kimberly-Clark Corp. (b) | 203012 | &nbsp;&nbsp; 20481881 |
| Reckitt Benckiser Group PLC | 223512 | &nbsp;&nbsp; 18095797 |
|  |  | &nbsp;&nbsp; 38577678 |
| **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** |
| Honeywell International, Inc.  | 156303 | &nbsp;&nbsp; 30493152 |
| **Industrial REITs — 1.8%** | **Industrial REITs — 1.8%** | **Industrial REITs — 1.8%** |
| Prologis, Inc.  | 376842 | &nbsp;&nbsp; 48107650 |
| **Insurance — 10.7%** | **Insurance — 10.7%** | **Insurance — 10.7%** |
| Aon PLC - Class A | 129313 | &nbsp;&nbsp; 45631971 |
| Chubb Ltd. (b) | 148573 | &nbsp;&nbsp; 46372605 |
| Marsh & McLennan Cos., Inc.  | 257510 | &nbsp;&nbsp; 47773255 |
| Progressive Corp.  | 388960 | &nbsp;&nbsp; 88573971 |
| Travelers Cos., Inc.  | 170625 | &nbsp;&nbsp; 49491488 |
|  |  | &nbsp;&nbsp; 277843290 |
| **IT Services — 1.9%** | **IT Services — 1.9%** | **IT Services — 1.9%** |
| Accenture PLC - Class A | 183626 | &nbsp;&nbsp; 49266856 |
| **Machinery — 3.1%** | **Machinery — 3.1%** | **Machinery — 3.1%** |
| Caterpillar, Inc.  | 29691 | &nbsp;&nbsp; 17009083 |
| Illinois Tool Works, Inc. (b) | 107070 | &nbsp;&nbsp; 26371341 |
| Otis Worldwide Corp.  | 78278 | &nbsp;&nbsp; 6837584 |
| PACCAR, Inc.  | 290565 | &nbsp;&nbsp; 31819773 |
|  |  | &nbsp;&nbsp; 82037781 |
| **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** |
| Dominion Energy, Inc. (b) | 778478 | &nbsp;&nbsp; 45611026 |
| **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** |
| Chevron Corp.  | 233566 | &nbsp;&nbsp; 35597794 |

---

*See accompanying notes to financial statements.*

**BHFTII-336**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| ConocoPhillips | 492903 | &nbsp;&nbsp; $46140650 |
| EOG Resources, Inc.  | 155512 | &nbsp;&nbsp; 16330315 |
| Exxon Mobil Corp.  | 439358 | &nbsp;&nbsp; 52872342 |
|  |  | &nbsp;&nbsp; 150941101 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc.  | 377610 | &nbsp;&nbsp; 6513772 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| Johnson & Johnson | 328939 | &nbsp;&nbsp; 68073926 |
| Merck & Co., Inc.  | 136370 | &nbsp;&nbsp; 14354306 |
| Pfizer, Inc.  | 801606 | &nbsp;&nbsp; 19959990 |
|  |  | &nbsp;&nbsp; 102388222 |
| **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
| Equifax, Inc.  | 131932 | &nbsp;&nbsp; 28626605 |
| **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** |
| Analog Devices, Inc. (b) | 208409 | &nbsp;&nbsp; 56520521 |
| KLA Corp.  | 35867 | &nbsp;&nbsp; 43581274 |
| NXP Semiconductors NV | 180075 | &nbsp;&nbsp; 39087080 |
| Texas Instruments, Inc.  | 185109 | &nbsp;&nbsp; 32114560 |
|  |  | &nbsp;&nbsp; 171303435 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| Public Storage | 25879 | &nbsp;&nbsp; 6715600 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| Lowe's Cos., Inc.  | 197551 | &nbsp;&nbsp; 47641399 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| Philip Morris International, Inc.  | 124390 | &nbsp;&nbsp; 19952156 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| WW Grainger, Inc.  | 13391 | &nbsp;&nbsp; 13512189 |
| Total Common Stocks <br>(Cost $1,741,746,925) <br>|  | &nbsp;&nbsp; 2585931894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.8%** | **Short-Term Investments—0.8%** | **Short-Term Investments—0.8%** |
| **Discount Note—0.8%** | **Discount Note—0.8%** | **Discount Note—0.8%** |
| Federal Home Loan Bank |  |  |
| 3.500%, 01/02/26 (c) | 20717000 | &nbsp;&nbsp; 20712960 |
| Total Short-Term Investments <br>(Cost $20,714,986) <br>|  | &nbsp;&nbsp; 20712960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (d)—3.0%** | **Securities Lending Reinvestments (d)—3.0%** | **Securities Lending Reinvestments (d)—3.0%** |
| **Short-Term Investment Funds—1.6%** | **Short-Term Investment Funds—1.6%** | **Short-Term Investment Funds—1.6%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (e)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (e)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (e)<br>| 10000000 | &nbsp;&nbsp; 10000000 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 3.710% (e)<br>| 3000000 | &nbsp;&nbsp; $3000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (e)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (e)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (e)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 42000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—1.2%** | **Repurchase Agreements—1.2%** | **Repurchase Agreements—1.2%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $5,001,069; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,568,379<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $4,000,849; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% - <br> 4.375%, maturity dates ranging from 06/30/31 - 05/15/34, <br> and an aggregate market value of $4,080,003<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,160,292; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,203,498<br>| 2159832 | &nbsp;&nbsp; 2159832 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $1,000,217; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,234<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $8,001,716; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,889,857<br>| 8000000 | &nbsp;&nbsp; 8000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $5,001,064; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.375%, maturity dates ranging from 05/15/26 - 11/15/55, <br> and an aggregate market value of $5,101,085<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $300,061; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $306,000<br>| 300000 | &nbsp;&nbsp; 300000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $5,001,039; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,501,143<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-337**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (d)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $1,000,776; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,264<br>| 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 31459832 |
| **Time Deposits—0.2%** | **Time Deposits—0.2%** | **Time Deposits—0.2%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments <br>(Cost $77,459,832) <br>|  | &nbsp;&nbsp; 77459832 |
| Total Investments—102.9% <br>(Cost $1,839,921,743) <br>|  | &nbsp;&nbsp; 2684104686 |
| Other assets and liabilities (net)—(2.9)%  |  | &nbsp;&nbsp; (75793236)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2608311450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $183,505,116 and the collateral received consisted of cash in the amount <br> of $77,459,832 and non-cash collateral with a value of $111,599,053. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | The rate shown represents current yield to maturity. |
| (d) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (e) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $302999011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $586711394 |

---

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $5,723,153 in purchases and $690,272 in sales of investments, which are included above, and resulted in net realized losses of $83,172.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(77459832)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(77459832)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(77459832)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $225011450 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $225011450 |

---

*See accompanying notes to financial statements.*

**BHFTII-338**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Banks | &nbsp;&nbsp; $267537885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $267537885 |
| Beverages | &nbsp;&nbsp; 39846890 | &nbsp;&nbsp; 7114118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46961008 |
| Biotechnology | &nbsp;&nbsp; 39960616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39960616 |
| Building Products | &nbsp;&nbsp; 7121971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7121971 |
| Capital Markets | &nbsp;&nbsp; 225614404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 225614404 |
| Chemicals | &nbsp;&nbsp; 9965867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9965867 |
| Construction Materials | &nbsp;&nbsp; 22946352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22946352 |
| Consumer Finance | &nbsp;&nbsp; 61241523 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61241523 |
| Electric Utilities | &nbsp;&nbsp; 181670679 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 181670679 |
| Electrical Equipment | &nbsp;&nbsp; 24986791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24986791 |
| Food Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 16730894 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16730894 |
| Ground Transportation | &nbsp;&nbsp; 50555911 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50555911 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 41895496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41895496 |
| Health Care Providers & Services | &nbsp;&nbsp; 202613324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 202613324 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 41585811 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41585811 |
| Household Products | &nbsp;&nbsp; 20481881 | &nbsp;&nbsp; 18095797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38577678 |
| Industrial Conglomerates | &nbsp;&nbsp; 30493152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30493152 |
| Industrial REITs | &nbsp;&nbsp; 48107650 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48107650 |
| Insurance | &nbsp;&nbsp; 277843290 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 277843290 |
| IT Services | &nbsp;&nbsp; 49266856 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49266856 |
| Machinery | &nbsp;&nbsp; 82037781 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82037781 |
| Multi-Utilities | &nbsp;&nbsp; 45611026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45611026 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 150941101 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 150941101 |
| Personal Care Products | &nbsp;&nbsp; 6513772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6513772 |
| Pharmaceuticals | &nbsp;&nbsp; 102388222 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 102388222 |
| Professional Services | &nbsp;&nbsp; 28626605 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28626605 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 171303435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 171303435 |
| Specialized REITs | &nbsp;&nbsp; 6715600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6715600 |
| Specialty Retail | &nbsp;&nbsp; 47641399 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47641399 |
| Tobacco | &nbsp;&nbsp; 19952156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19952156 |
| Trading Companies & Distributors | &nbsp;&nbsp; 13512189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13512189 |
| Total Common Stocks | &nbsp;&nbsp; 2543991085 | &nbsp;&nbsp; 41940809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2585931894 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 20712960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20712960 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 42000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 31459832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31459832 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 42000000 | &nbsp;&nbsp; 35459832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77459832 |
| Total Investments | &nbsp;&nbsp; $2585991085 | &nbsp;&nbsp; $98113601 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2684104686 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(77459832)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(77459832)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-339**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2684104686 |
| Cash | &nbsp;&nbsp; 67328 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2131945 |
| Fund shares sold | &nbsp;&nbsp; 154032 |
| Dividends | &nbsp;&nbsp; 3825668 |
| Prepaid expenses | &nbsp;&nbsp; 9396 |
| Total Assets | &nbsp;&nbsp; 2690293055 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 77459832 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1491038 |
| Fund shares redeemed | &nbsp;&nbsp; 761985 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1241291 |
| Distribution and service fees | &nbsp;&nbsp; 173450 |
| Deferred trustees' fees | &nbsp;&nbsp; 371615 |
| Other expenses | &nbsp;&nbsp; 482394 |
| Total Liabilities | &nbsp;&nbsp; 81981605 |
| **Net Assets**  | &nbsp;&nbsp; $2608311450 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1544980769 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 1063330681 |
| **Net Assets**  | &nbsp;&nbsp; $2608311450 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1749811285 |
| Class B | &nbsp;&nbsp; 747484215 |
| Class D | &nbsp;&nbsp; 9192202 |
| Class E | &nbsp;&nbsp; 101823748 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 128396895 |
| Class B | &nbsp;&nbsp; 56381231 |
| Class D | &nbsp;&nbsp; 679553 |
| Class E | &nbsp;&nbsp; 7577067 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $13.63 |
| Class B | 13.26 |
| Class D | 13.53 |
| Class E | 13.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,839,921,743.

(b) Includes securities loaned at value of $183,505,116.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $59661441 |
| Interest | &nbsp;&nbsp; 746252 |
| Securities lending income | &nbsp;&nbsp; 87800 |
| Other income | &nbsp;&nbsp; 31545 |
| Total investment income | &nbsp;&nbsp; 60527038 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 16189225 |
| Administration fees | &nbsp;&nbsp; 120299 |
| Custodian and accounting fees | &nbsp;&nbsp; 100278 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1887040 |
| Distribution and service fees—Class D | &nbsp;&nbsp; 9431 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 154247 |
| Audit and tax services | &nbsp;&nbsp; 50265 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 145128 |
| Insurance | &nbsp;&nbsp; 23061 |
| Miscellaneous | &nbsp;&nbsp; 26885 |
| Total expenses | &nbsp;&nbsp; 18816444 |
| Less management fee waiver | &nbsp;&nbsp; (1614871)<br>|
| Net expenses | &nbsp;&nbsp; 17201573 |
| **Net Investment Income** | &nbsp;&nbsp; 43325465 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 181317564 |
| Foreign currency transactions | &nbsp;&nbsp; 56548 |
| Net realized gain (loss) | &nbsp;&nbsp; 181374112 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 101167167 |
| Foreign currency transactions | &nbsp;&nbsp; 172070 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 101339237 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 282713349 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $326038814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $333,455.

*See accompanying notes to financial statements.*

**BHFTII-340**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $43325465 | &nbsp;&nbsp; $45493022 |
| Net realized gain (loss) | &nbsp;&nbsp; 181374112 | &nbsp;&nbsp; 294013613 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 101339237 | &nbsp;&nbsp; (24213399)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 326038814 | &nbsp;&nbsp; 315293236 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (228948846)<br>| &nbsp;&nbsp; (200128014)<br>|
| Class B | &nbsp;&nbsp; (98946019)<br>| &nbsp;&nbsp; (88427932)<br>|
| Class D | &nbsp;&nbsp; (1245880)<br>| &nbsp;&nbsp; (1082227)<br>|
| Class E | &nbsp;&nbsp; (13367673)<br>| &nbsp;&nbsp; (12279332)<br>|
| **Total distributions** | &nbsp;&nbsp; (342508418)<br>| &nbsp;&nbsp; (301917505)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 4879872 | &nbsp;&nbsp; (175060306)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (11589732)<br>| &nbsp;&nbsp; (161684575)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2619901182 | &nbsp;&nbsp; 2781585757 |
| End of period | &nbsp;&nbsp; $2608311450 | &nbsp;&nbsp; $2619901182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1728423 | &nbsp;&nbsp; $23505153 | &nbsp;&nbsp; 1674044 | &nbsp;&nbsp; $23747817 |
| Reinvestments | &nbsp;&nbsp; 18113042 | &nbsp;&nbsp; 228948846 | &nbsp;&nbsp; 15172708 | &nbsp;&nbsp; 200128014 |
| Redemptions | &nbsp;&nbsp; (17289706)<br>| &nbsp;&nbsp; (236158146)<br>| &nbsp;&nbsp; (23721193)<br>| &nbsp;&nbsp; (339871609)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2551759 | &nbsp;&nbsp; $16295853 | &nbsp;&nbsp; (6874441)<br>| &nbsp;&nbsp; $(115995778)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1471507 | &nbsp;&nbsp; $19433955 | &nbsp;&nbsp; 1303850 | &nbsp;&nbsp; $18022171 |
| Reinvestments | &nbsp;&nbsp; 8037857 | &nbsp;&nbsp; 98946019 | &nbsp;&nbsp; 6860196 | &nbsp;&nbsp; 88427932 |
| Redemptions | &nbsp;&nbsp; (9555391)<br>| &nbsp;&nbsp; (126916780)<br>| &nbsp;&nbsp; (11175225)<br>| &nbsp;&nbsp; (155874910)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (46027)<br>| &nbsp;&nbsp; $(8536806)<br>| &nbsp;&nbsp; (3011179)<br>| &nbsp;&nbsp; $(49424807)<br>|
| **Class D** |  |  |  |  |
| Sales | &nbsp;&nbsp; 19910 | &nbsp;&nbsp; $263805 | &nbsp;&nbsp; 15171 | &nbsp;&nbsp; $214724 |
| Reinvestments | &nbsp;&nbsp; 99273 | &nbsp;&nbsp; 1245880 | &nbsp;&nbsp; 82550 | &nbsp;&nbsp; 1082227 |
| Redemptions | &nbsp;&nbsp; (129323)<br>| &nbsp;&nbsp; (1717845)<br>| &nbsp;&nbsp; (127989)<br>| &nbsp;&nbsp; (1816303)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (10140)<br>| &nbsp;&nbsp; $(208160)<br>| &nbsp;&nbsp; (30268)<br>| &nbsp;&nbsp; $(519352)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 193237 | &nbsp;&nbsp; $2540064 | &nbsp;&nbsp; 231667 | &nbsp;&nbsp; $3243759 |
| Reinvestments | &nbsp;&nbsp; 1071987 | &nbsp;&nbsp; 13367673 | &nbsp;&nbsp; 941667 | &nbsp;&nbsp; 12279332 |
| Redemptions | &nbsp;&nbsp; (1380567)<br>| &nbsp;&nbsp; (18578752)<br>| &nbsp;&nbsp; (1749817)<br>| &nbsp;&nbsp; (24643460)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (115343)<br>| &nbsp;&nbsp; $(2671015)<br>| &nbsp;&nbsp; (576483)<br>| &nbsp;&nbsp; $(9120369)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $4879872 |  | &nbsp;&nbsp; $(175060306)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-341**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp; $15.63 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69 |
| Total income (loss) from investment operations | 1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total distributions | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (0.46)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $19.12 |
| **Total Return (%)** (b) | 13.29 | &nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp; (5.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.54 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net ratio of expenses to average net assets (%) (c) | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | 1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1749.8 | &nbsp;&nbsp; $1742.6 | &nbsp;&nbsp; $1847.9 | &nbsp;&nbsp; $1876.1 | &nbsp;&nbsp; $2396.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.52 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $14.63 | &nbsp;&nbsp; $18.81 | &nbsp;&nbsp; $15.38 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 |
| Total income (loss) from investment operations | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total distributions | &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.26 | &nbsp;&nbsp; $13.52 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $14.63 | &nbsp;&nbsp; $18.81 |
| **Total Return (%)** (b) | 13.00 | &nbsp;&nbsp;&nbsp;&nbsp;11.66 | &nbsp;&nbsp;&nbsp;&nbsp;7.85 | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.30 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net ratio of expenses to average net assets (%) (c) | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Ratio of net investment income (loss) to average net assets (%) | 1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $747.5 | &nbsp;&nbsp; $762.6 | &nbsp;&nbsp; $809.8 | &nbsp;&nbsp; $831.3 | &nbsp;&nbsp; $1030.7 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-342**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $15.56 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.67 |
| Total income (loss) from investment operations | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.91 |
| **Less Distributions**  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total distributions | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (0.44)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.53 | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $19.03 |
| **Total Return (%)** (b) | 13.18 | &nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp; (6.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.42 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Net ratio of expenses to average net assets (%) (c) | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Ratio of net investment income (loss) to average net assets (%) | 1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $9.2 | &nbsp;&nbsp; $9.5 | &nbsp;&nbsp; $10.0 | &nbsp;&nbsp; $10.6 | &nbsp;&nbsp; $12.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $14.77 | &nbsp;&nbsp; $18.96 | &nbsp;&nbsp; $15.50 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| Total income (loss) from investment operations | 1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.89 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total distributions | &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $14.77 | &nbsp;&nbsp; $18.96 |
| **Total Return (%)** (b) | 13.11 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.40 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net ratio of expenses to average net assets (%) (c) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Ratio of net investment income (loss) to average net assets (%) | 1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $101.8 | &nbsp;&nbsp; $105.2 | &nbsp;&nbsp; $113.9 | &nbsp;&nbsp; $117.8 | &nbsp;&nbsp; $140.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-343**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—98.8% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| VSE Corp.  | 41903 | &nbsp;&nbsp; $7239581 |
| **Banks — 10.0%** | **Banks — 10.0%** | **Banks — 10.0%** |
| Community Financial System, Inc.  | 219217 | &nbsp;&nbsp; 12591825 |
| Cullen/Frost Bankers, Inc.  | 45746 | &nbsp;&nbsp; 5792816 |
| First Financial Bankshares, Inc.  | 184221 | &nbsp;&nbsp; 5502681 |
| Glacier Bancorp, Inc.  | 236159 | &nbsp;&nbsp; 10402804 |
| Lakeland Financial Corp.  | 108386 | &nbsp;&nbsp; 6184505 |
| Prosperity Bancshares, Inc.  | 182798 | &nbsp;&nbsp; 12633170 |
| Stock Yards Bancorp, Inc.  | 65512 | &nbsp;&nbsp; 4255004 |
| UMB Financial Corp.  | 101646 | &nbsp;&nbsp; 11693356 |
| United Community Banks, Inc.  | 302572 | &nbsp;&nbsp; 9446298 |
|  |  | &nbsp;&nbsp; 78502459 |
| **Building Products — 4.0%** | **Building Products — 4.0%** | **Building Products — 4.0%** |
| Armstrong World Industries, Inc.  | 53845 | &nbsp;&nbsp; 10289780 |
| CSW Industrials, Inc.  | 23946 | &nbsp;&nbsp; 7028869 |
| Hayward Holdings, Inc. (a) | 444838 | &nbsp;&nbsp; 6872747 |
| Simpson Manufacturing Co., Inc.  | 42481 | &nbsp;&nbsp; 6859407 |
|  |  | &nbsp;&nbsp; 31050803 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Hamilton Lane, Inc. - Class A | 36013 | &nbsp;&nbsp; 4836906 |
| Houlihan Lokey, Inc.  | 37796 | &nbsp;&nbsp; 6583685 |
| MarketAxess Holdings, Inc.  | 30460 | &nbsp;&nbsp; 5520875 |
|  |  | &nbsp;&nbsp; 16941466 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| Element Solutions, Inc.  | 311983 | &nbsp;&nbsp; 7796455 |
| **Commercial Services & Supplies — 4.0%** | **Commercial Services & Supplies — 4.0%** | **Commercial Services & Supplies — 4.0%** |
| Brady Corp. - Class A | 139561 | &nbsp;&nbsp; 10937396 |
| Casella Waste Systems, Inc. - Class A (a) | 56762 | &nbsp;&nbsp; 5559270 |
| Rollins, Inc.  | 93962 | &nbsp;&nbsp; 5639599 |
| Tetra Tech, Inc.  | 286288 | &nbsp;&nbsp; 9602100 |
|  |  | &nbsp;&nbsp; 31738365 |
| **Construction & Engineering — 3.3%** | **Construction & Engineering — 3.3%** | **Construction & Engineering — 3.3%** |
| Arcosa, Inc.  | 104143 | &nbsp;&nbsp; 11072484 |
| Valmont Industries, Inc.  | 37705 | &nbsp;&nbsp; 15169475 |
|  |  | &nbsp;&nbsp; 26241959 |
| **Construction Materials — 1.3%** | **Construction Materials — 1.3%** | **Construction Materials — 1.3%** |
| Eagle Materials, Inc.  | 33045 | &nbsp;&nbsp; 6829740 |
| Knife River Corp. (a) | 52791 | &nbsp;&nbsp; 3713847 |
|  |  | &nbsp;&nbsp; 10543587 |
| **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** |
| AptarGroup, Inc.  | 60440 | &nbsp;&nbsp; 7371262 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| Bright Horizons Family Solutions, Inc. (a) | 85927 | &nbsp;&nbsp; 8712998 |
| **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** |
| IDACORP, Inc.  | 76454 | &nbsp;&nbsp; 9676018 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| Preformed Line Products Co.  | 2716 | &nbsp;&nbsp; $561424 |
| **Electronic Equipment, Instruments & Components — 4.0%** | **Electronic Equipment, Instruments & Components — 4.0%** | **Electronic Equipment, Instruments & Components — 4.0%** |
| Advanced Energy Industries, Inc.  | 40848 | &nbsp;&nbsp; 8552346 |
| Badger Meter, Inc.  | 20702 | &nbsp;&nbsp; 3610636 |
| Knowles Corp. (a) | 341702 | &nbsp;&nbsp; 7322674 |
| Littelfuse, Inc.  | 48322 | &nbsp;&nbsp; 12221600 |
|  |  | &nbsp;&nbsp; 31707256 |
| **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** |
| Archrock, Inc.  | 78138 | &nbsp;&nbsp; 2033151 |
| Oceaneering International, Inc. (a) | 206686 | &nbsp;&nbsp; 4966664 |
| TerraVest Industries, Inc.  | 24375 | &nbsp;&nbsp; 2921519 |
| Tidewater, Inc. (a) | 189919 | &nbsp;&nbsp; 9592809 |
|  |  | &nbsp;&nbsp; 19514143 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Jack Henry & Associates, Inc.  | 61965 | &nbsp;&nbsp; 11307373 |
| Shift4 Payments, Inc. - Class A (a) | 53140 | &nbsp;&nbsp; 3346226 |
|  |  | &nbsp;&nbsp; 14653599 |
| **Gas Utilities — 2.0%** | **Gas Utilities — 2.0%** | **Gas Utilities — 2.0%** |
| Chesapeake Utilities Corp.  | 63331 | &nbsp;&nbsp; 7901176 |
| UGI Corp.  | 211949 | &nbsp;&nbsp; 7933251 |
|  |  | &nbsp;&nbsp; 15834427 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Saia, Inc. (a) | 16538 | &nbsp;&nbsp; 5399988 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| Haemonetics Corp. (a) | 138908 | &nbsp;&nbsp; 11133476 |
| UFP Technologies, Inc. (a) | 18970 | &nbsp;&nbsp; 4211909 |
|  |  | &nbsp;&nbsp; 15345385 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| Chemed Corp.  | 23916 | &nbsp;&nbsp; 10232700 |
| **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** |
| Texas Roadhouse, Inc.  | 66816 | &nbsp;&nbsp; 11091456 |
| **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| Installed Building Products, Inc.  | 26220 | &nbsp;&nbsp; 6801206 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| AMERISAFE, Inc.  | 103300 | &nbsp;&nbsp; 3967753 |
| Hagerty, Inc. - Class A (a) | 425496 | &nbsp;&nbsp; 5718666 |
| Stewart Information Services Corp.  | 116144 | &nbsp;&nbsp; 8160278 |
| White Mountains Insurance Group Ltd.  | 6943 | &nbsp;&nbsp; 14427762 |
|  |  | &nbsp;&nbsp; 32274459 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Acushnet Holdings Corp.  | 24629 | &nbsp;&nbsp; 1965887 |
| **Life Sciences Tools & Services — 3.1%** | **Life Sciences Tools & Services — 3.1%** | **Life Sciences Tools & Services — 3.1%** |
| Bio-Techne Corp.  | 176818 | &nbsp;&nbsp; 10398667 |
| Revvity, Inc.  | 43742 | &nbsp;&nbsp; 4232038 |

---

*See accompanying notes to financial statements.*

**BHFTII-344**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** |
| Stevanato Group SpA | 222223 | &nbsp;&nbsp; $4471127 |
| West Pharmaceutical Services, Inc.  | 18902 | &nbsp;&nbsp; 5200696 |
|  |  | &nbsp;&nbsp; 24302528 |
| **Machinery — 15.3%** | **Machinery — 15.3%** | **Machinery — 15.3%** |
| Crane Co.  | 34156 | &nbsp;&nbsp; 6299391 |
| Enerpac Tool Group Corp.  | 239622 | &nbsp;&nbsp; 9163145 |
| Enpro, Inc.  | 20249 | &nbsp;&nbsp; 4335918 |
| Esab Corp.  | 97531 | &nbsp;&nbsp; 10896163 |
| ESCO Technologies, Inc.  | 39071 | &nbsp;&nbsp; 7634083 |
| Federal Signal Corp.  | 78490 | &nbsp;&nbsp; 8523229 |
| Gates Industrial Corp. PLC (a) | 444796 | &nbsp;&nbsp; 9549770 |
| Graco, Inc.  | 66963 | &nbsp;&nbsp; 5488957 |
| Kadant, Inc.  | 24465 | &nbsp;&nbsp; 6973014 |
| Lindsay Corp.  | 56669 | &nbsp;&nbsp; 6679575 |
| Miller Industries, Inc.  | 61080 | &nbsp;&nbsp; 2282560 |
| RBC Bearings, Inc. (a) | 29378 | &nbsp;&nbsp; 13173977 |
| SPX Technologies, Inc. (a) | 45021 | &nbsp;&nbsp; 9006901 |
| Standex International Corp.  | 49113 | &nbsp;&nbsp; 10671273 |
| Toro Co.  | 106909 | &nbsp;&nbsp; 8415877 |
| Watts Water Technologies, Inc. - Class A | 4585 | &nbsp;&nbsp; 1265552 |
|  |  | &nbsp;&nbsp; 120359385 |
| **Marine Transportation — 1.7%** | **Marine Transportation — 1.7%** | **Marine Transportation — 1.7%** |
| Kirby Corp. (a) | 123801 | &nbsp;&nbsp; 13640394 |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| John Wiley & Sons, Inc. - Class A | 177451 | &nbsp;&nbsp; 5435324 |
| Nexstar Media Group, Inc.  | 57993 | &nbsp;&nbsp; 11775479 |
|  |  | &nbsp;&nbsp; 17210803 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| CNX Resources Corp. (a) | 308190 | &nbsp;&nbsp; 11332146 |
| Viper Energy, Inc. - Class A | 263943 | &nbsp;&nbsp; 10196118 |
|  |  | &nbsp;&nbsp; 21528264 |
| **Professional Services — 1.4%** | **Professional Services — 1.4%** | **Professional Services — 1.4%** |
| CRA International, Inc.  | 23586 | &nbsp;&nbsp; 4733592 |
| Exponent, Inc.  | 88941 | &nbsp;&nbsp; 6177842 |
|  |  | &nbsp;&nbsp; 10911434 |
| **Real Estate Management & Development — 2.5%** | **Real Estate Management & Development — 2.5%** | **Real Estate Management & Development — 2.5%** |
| Colliers International Group, Inc.  | 62723 | &nbsp;&nbsp; 9220908 |
| FirstService Corp.  | 67638 | &nbsp;&nbsp; 10519738 |
|  |  | &nbsp;&nbsp; 19740646 |
| **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** |
| Lattice Semiconductor Corp. (a) | 156721 | &nbsp;&nbsp; 11531531 |
| MKS, Inc.  | 72793 | &nbsp;&nbsp; 11632322 |
| Power Integrations, Inc.  | 234995 | &nbsp;&nbsp; 8351722 |
|  |  | &nbsp;&nbsp; 31515575 |
| **Software — 7.3%** | **Software — 7.3%** | **Software — 7.3%** |
| BlackLine, Inc. (a) | 124225 | &nbsp;&nbsp; 6868400 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| CCC Intelligent Solutions Holdings, Inc. (a) | 741331 | &nbsp;&nbsp; $5893582 |
| Commvault Systems, Inc. (a) | 38287 | &nbsp;&nbsp; 4799658 |
| Computer Modelling Group Ltd.  | 297727 | &nbsp;&nbsp; 1133447 |
| Fair Isaac Corp. (a) | 3071 | &nbsp;&nbsp; 5191894 |
| Manhattan Associates, Inc. (a) | 55043 | &nbsp;&nbsp; 9539502 |
| Qualys, Inc. (a) | 48674 | &nbsp;&nbsp; 6468775 |
| SPS Commerce, Inc. (a) | 81358 | &nbsp;&nbsp; 7251439 |
| Tyler Technologies, Inc. (a) | 15016 | &nbsp;&nbsp; 6816513 |
| Vertex, Inc. - Class A (a) | 172892 | &nbsp;&nbsp; 3452653 |
|  |  | &nbsp;&nbsp; 57415863 |
| **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** |
| Asbury Automotive Group, Inc. (a) | 22240 | &nbsp;&nbsp; 5171467 |
| Floor & Decor Holdings, Inc. - Class A (a) | 64620 | &nbsp;&nbsp; 3934712 |
| Murphy USA, Inc.  | 9214 | &nbsp;&nbsp; 3718033 |
| Tractor Supply Co.  | 129657 | &nbsp;&nbsp; 6484146 |
| Valvoline, Inc. (a) | 127862 | &nbsp;&nbsp; 3715670 |
| Winmark Corp.  | 18657 | &nbsp;&nbsp; 7554966 |
|  |  | &nbsp;&nbsp; 30578994 |
| **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** |
| SiteOne Landscape Supply, Inc. (a) | 36142 | &nbsp;&nbsp; 4501848 |
| Transcat, Inc. (a) | 45936 | &nbsp;&nbsp; 2605949 |
| Watsco, Inc.  | 17541 | &nbsp;&nbsp; 5910440 |
|  |  | &nbsp;&nbsp; 13018237 |
| **Water Utilities — 1.9%** | **Water Utilities — 1.9%** | **Water Utilities — 1.9%** |
| American States Water Co.  | 141560 | &nbsp;&nbsp; 10260269 |
| Middlesex Water Co.  | 90134 | &nbsp;&nbsp; 4544556 |
|  |  | &nbsp;&nbsp; 14804825 |
| Total Common Stocks <br>(Cost $587,655,405) <br>|  | &nbsp;&nbsp; 776223831 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** |
| **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $8,724,878; collateralized <br> by U.S. Treasury Note at 4.500%, maturing 05/15/27, with a <br> market value of $8,898,161<br>| 8723667 | &nbsp;&nbsp; 8723667 |
| Total Short-Term Investments <br>(Cost $8,723,667) <br>|  | &nbsp;&nbsp; 8723667 |
| Total Investments—99.9% <br>(Cost $596,379,072) <br>|  | &nbsp;&nbsp; 784947498 |
| Other assets and liabilities (net)—0.1%  |  | &nbsp;&nbsp; 399782 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $785347280 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

*See accompanying notes to financial statements.*

**BHFTII-345**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $194750318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $240829384 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $776223831 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $776223831 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 8723667 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8723667 |
| Total Investments | &nbsp;&nbsp; $776223831 | &nbsp;&nbsp; $8723667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $784947498 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-346**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $784947498 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1162350 |
| Dividends and interest | &nbsp;&nbsp; 675134 |
| Prepaid expenses | &nbsp;&nbsp; 2876 |
| Total Assets | &nbsp;&nbsp; 786787858 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 75225 |
| Fund shares redeemed | &nbsp;&nbsp; 282213 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 521576 |
| Distribution and service fees | &nbsp;&nbsp; 54939 |
| Deferred trustees' fees | &nbsp;&nbsp; 263189 |
| Other expenses | &nbsp;&nbsp; 243436 |
| Total Liabilities | &nbsp;&nbsp; 1440578 |
| **Net Assets**  | &nbsp;&nbsp; $785347280 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $497189633 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 288157647 |
| **Net Assets**  | &nbsp;&nbsp; $785347280 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $512074244 |
| Class B | &nbsp;&nbsp; 222905391 |
| Class E | &nbsp;&nbsp; 50367645 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 33878781 |
| Class B | &nbsp;&nbsp; 15644372 |
| Class E | &nbsp;&nbsp; 3452573 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $15.11 |
| Class B | 14.25 |
| Class E | 14.59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $596,379,072.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $8569737 |
| Interest | &nbsp;&nbsp; 360167 |
| Total investment income | &nbsp;&nbsp; 8929904 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 6778119 |
| Administration fees | &nbsp;&nbsp; 50110 |
| Custodian and accounting fees | &nbsp;&nbsp; 48194 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 589088 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 80555 |
| Audit and tax services | &nbsp;&nbsp; 48141 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 104324 |
| Insurance | &nbsp;&nbsp; 7398 |
| Miscellaneous | &nbsp;&nbsp; 17030 |
| Total expenses | &nbsp;&nbsp; 7833544 |
| Less management fee waiver | &nbsp;&nbsp; (533008)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (20998)<br>|
| Net expenses | &nbsp;&nbsp; 7279538 |
| **Net Investment Income** | &nbsp;&nbsp; 1650366 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 98517860 |
| Foreign currency transactions | &nbsp;&nbsp; (630)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 98517230 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (139407215)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (6)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (139407221)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (40889991)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(39239625)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $22,863.

*See accompanying notes to financial statements.*

**BHFTII-347**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1650366 | &nbsp;&nbsp; $772144 |
| Net realized gain (loss) | &nbsp;&nbsp; 98517230 | &nbsp;&nbsp; 107649489 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (139407221)<br>| &nbsp;&nbsp; (24954212)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (39239625)<br>| &nbsp;&nbsp; 83467421 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (68725081)<br>| &nbsp;&nbsp; (56575893)<br>|
| Class B | &nbsp;&nbsp; (32380361)<br>| &nbsp;&nbsp; (26527607)<br>|
| Class E | &nbsp;&nbsp; (7138100)<br>| &nbsp;&nbsp; (6124704)<br>|
| **Total distributions** | &nbsp;&nbsp; (108243542)<br>| &nbsp;&nbsp; (89228204)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 60519163 | &nbsp;&nbsp; (54540347)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (86964004)<br>| &nbsp;&nbsp; (60301130)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 872311284 | &nbsp;&nbsp; 932612414 |
| End of period | &nbsp;&nbsp; $785347280 | &nbsp;&nbsp; $872311284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1329330 | &nbsp;&nbsp; $21535639 | &nbsp;&nbsp; 713783 | &nbsp;&nbsp; $13131893 |
| Reinvestments | &nbsp;&nbsp; 4539306 | &nbsp;&nbsp; 68725081 | &nbsp;&nbsp; 3260858 | &nbsp;&nbsp; 56575893 |
| Redemptions | &nbsp;&nbsp; (2771786)<br>| &nbsp;&nbsp; (44709470)<br>| &nbsp;&nbsp; (5350087)<br>| &nbsp;&nbsp; (101320891)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3096850 | &nbsp;&nbsp; $45551250 | &nbsp;&nbsp; (1375446)<br>| &nbsp;&nbsp; $(31613105)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1074777 | &nbsp;&nbsp; $16554966 | &nbsp;&nbsp; 415103 | &nbsp;&nbsp; $7313998 |
| Reinvestments | &nbsp;&nbsp; 2265946 | &nbsp;&nbsp; 32380361 | &nbsp;&nbsp; 1604816 | &nbsp;&nbsp; 26527607 |
| Redemptions | &nbsp;&nbsp; (2290768)<br>| &nbsp;&nbsp; (34633564)<br>| &nbsp;&nbsp; (2901866)<br>| &nbsp;&nbsp; (51650418)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1049955 | &nbsp;&nbsp; $14301763 | &nbsp;&nbsp; (881947)<br>| &nbsp;&nbsp; $(17808813)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 138635 | &nbsp;&nbsp; $2110540 | &nbsp;&nbsp; 69492 | &nbsp;&nbsp; $1239553 |
| Reinvestments | &nbsp;&nbsp; 488242 | &nbsp;&nbsp; 7138100 | &nbsp;&nbsp; 363700 | &nbsp;&nbsp; 6124704 |
| Redemptions | &nbsp;&nbsp; (547375)<br>| &nbsp;&nbsp; (8582490)<br>| &nbsp;&nbsp; (692122)<br>| &nbsp;&nbsp; (12482686)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 79502 | &nbsp;&nbsp; $666150 | &nbsp;&nbsp; (258930)<br>| &nbsp;&nbsp; $(5118429)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $60519163 |  | &nbsp;&nbsp; $(54540347)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-348**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.20 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $26.57 | &nbsp;&nbsp; $24.01 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.26 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp; (5.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.25 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.02)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>|
| Total distributions | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.69)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $18.20 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $26.57 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;15.53 | &nbsp;&nbsp; (19.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.41 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net ratio of expenses to average net assets (%) (c) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Ratio of net investment income (loss) to average net assets (%) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (0.04)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $512.1 | &nbsp;&nbsp; $560.1 | &nbsp;&nbsp; $593.9 | &nbsp;&nbsp; $566.6 | &nbsp;&nbsp; $767.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.31 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $16.84 | &nbsp;&nbsp; $25.79 | &nbsp;&nbsp; $23.39 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp; (5.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.14 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp; (5.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>|
| Total distributions | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.25 | &nbsp;&nbsp; $17.31 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $16.84 | &nbsp;&nbsp; $25.79 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (4.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;15.20 | &nbsp;&nbsp; (19.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.12 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Net ratio of expenses to average net assets (%) (c) | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Ratio of net investment income (loss) to average net assets (%) | 0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.29)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $222.9 | &nbsp;&nbsp; $252.6 | &nbsp;&nbsp; $273.5 | &nbsp;&nbsp; $259.4 | &nbsp;&nbsp; $356.0 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-349**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.65 | &nbsp;&nbsp; $17.97 | &nbsp;&nbsp; $17.08 | &nbsp;&nbsp; $26.07 | &nbsp;&nbsp; $23.61 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp; (5.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.13 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>|
| Total distributions | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.59 | &nbsp;&nbsp; $17.65 | &nbsp;&nbsp; $17.97 | &nbsp;&nbsp; $17.08 | &nbsp;&nbsp; $26.07 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;15.35 | &nbsp;&nbsp; (19.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.21 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net ratio of expenses to average net assets (%) (c) | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Ratio of net investment income (loss) to average net assets (%) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.19)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $50.4 | &nbsp;&nbsp; $59.5 | &nbsp;&nbsp; $65.3 | &nbsp;&nbsp; $65.0 | &nbsp;&nbsp; $91.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net investment income (loss) was less than $0.01.

*See accompanying notes to financial statements.*

**BHFTII-350**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—97.9% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
| Boeing Co. (a) | 35315 | &nbsp;&nbsp; $7667593 |
| General Electric Co.  | 135392 | &nbsp;&nbsp; 41704798 |
| Howmet Aerospace, Inc.  | 75300 | &nbsp;&nbsp; 15438006 |
| TransDigm Group, Inc.  | 7623 | &nbsp;&nbsp; 10137446 |
|  |  | &nbsp;&nbsp; 74947843 |
| **Automobiles — 3.2%** | **Automobiles — 3.2%** | **Automobiles — 3.2%** |
| Ferrari NV (b) | 6628 | &nbsp;&nbsp; 2449443 |
| Tesla, Inc. (a) | 151640 | &nbsp;&nbsp; 68195541 |
|  |  | &nbsp;&nbsp; 70644984 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| Argenx SE (ADR) (a) | 11561 | &nbsp;&nbsp; 9722223 |
| Natera, Inc. (a) | 39553 | &nbsp;&nbsp; 9061197 |
|  |  | &nbsp;&nbsp; 18783420 |
| **Broadline Retail — 6.8%** | **Broadline Retail — 6.8%** | **Broadline Retail — 6.8%** |
| Amazon.com, Inc. (a) | 501547 | &nbsp;&nbsp; 115767078 |
| Coupang, Inc. (a) | 261882 | &nbsp;&nbsp; 6177796 |
| MercadoLibre, Inc. (a) | 9945 | &nbsp;&nbsp; 20031816 |
| Sea Ltd. (ADR) (a) | 73867 | &nbsp;&nbsp; 9423213 |
|  |  | &nbsp;&nbsp; 151399903 |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| ARES Management Corp. - Class A | 52057 | &nbsp;&nbsp; 8413973 |
| Charles Schwab Corp.  | 44352 | &nbsp;&nbsp; 4431209 |
| Tradeweb Markets, Inc. - Class A | 15408 | &nbsp;&nbsp; 1656976 |
|  |  | &nbsp;&nbsp; 14502158 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Linde PLC | 26517 | &nbsp;&nbsp; 11306584 |
| Sherwin-Williams Co.  | 7900 | &nbsp;&nbsp; 2559837 |
|  |  | &nbsp;&nbsp; 13866421 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| Arista Networks, Inc. (a) | 129873 | &nbsp;&nbsp; 17017259 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Costco Wholesale Corp.  | 4430 | &nbsp;&nbsp; 3820166 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| GE Vernova, Inc.  | 7000 | &nbsp;&nbsp; 4574990 |
| **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** |
| Amphenol Corp. - Class A | 195815 | &nbsp;&nbsp; 26462439 |
| Fabrinet (a) | 11000 | &nbsp;&nbsp; 5008080 |
| Teledyne Technologies, Inc. (a) | 9592 | &nbsp;&nbsp; 4898922 |
|  |  | &nbsp;&nbsp; 36369441 |
| **Entertainment — 2.5%** | **Entertainment — 2.5%** | **Entertainment — 2.5%** |
| Netflix, Inc. (a) | 397120 | &nbsp;&nbsp; 37233971 |
| Spotify Technology SA (a) | 33220 | &nbsp;&nbsp; 19291186 |
|  |  | &nbsp;&nbsp; 56525157 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Financial Services — 4.9%** | **Financial Services — 4.9%** | **Financial Services — 4.9%** |
| Adyen NV (a) | 2555 | &nbsp;&nbsp; $4099427 |
| Mastercard, Inc. - Class A | 83087 | &nbsp;&nbsp; 47432706 |
| Visa, Inc. - Class A (b) | 164428 | &nbsp;&nbsp; 57666544 |
|  |  | &nbsp;&nbsp; 109198677 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| Intuitive Surgical, Inc. (a) | 51687 | &nbsp;&nbsp; 29273449 |
| Medline, Inc. - Class A (a) (b) | 46584 | &nbsp;&nbsp; 1956528 |
| Stryker Corp.  | 26529 | &nbsp;&nbsp; 9324148 |
|  |  | &nbsp;&nbsp; 40554125 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| UnitedHealth Group, Inc.  | 18221 | &nbsp;&nbsp; 6014934 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| Welltower, Inc.  | 47300 | &nbsp;&nbsp; 8779353 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Booking Holdings, Inc.  | 2082 | &nbsp;&nbsp; 11149797 |
| Chipotle Mexican Grill, Inc. (a) | 274198 | &nbsp;&nbsp; 10145326 |
| DoorDash, Inc. - Class A (a) | 80150 | &nbsp;&nbsp; 18152372 |
| Hilton Worldwide Holdings, Inc. (b) | 37800 | &nbsp;&nbsp; 10858050 |
| Wingstop, Inc. (b) | 12681 | &nbsp;&nbsp; 3024292 |
|  |  | &nbsp;&nbsp; 53329837 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Chubb Ltd.  | 16000 | &nbsp;&nbsp; 4993920 |
| **Interactive Media & Services — 11.9%** | **Interactive Media & Services — 11.9%** | **Interactive Media & Services — 11.9%** |
| Alphabet, Inc. - Class A | 524386 | &nbsp;&nbsp; 164132818 |
| Alphabet, Inc. - Class C | 11116 | &nbsp;&nbsp; 3488201 |
| Meta Platforms, Inc. - Class A | 147710 | &nbsp;&nbsp; 97501894 |
|  |  | &nbsp;&nbsp; 265122913 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Shopify, Inc. - Class A (a) | 68019 | &nbsp;&nbsp; 10949018 |
| Stripe, Inc. - Class B † (a) (c) (d) | 63278 | &nbsp;&nbsp; 2620975 |
|  |  | &nbsp;&nbsp; 13569993 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Danaher Corp.  | 38954 | &nbsp;&nbsp; 8917350 |
| Thermo Fisher Scientific, Inc.  | 22176 | &nbsp;&nbsp; 12849883 |
|  |  | &nbsp;&nbsp; 21767233 |
| **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** |
| Eli Lilly & Co.  | 73197 | &nbsp;&nbsp; 78663352 |
| **Semiconductors & Semiconductor Equipment — 21.1%** | **Semiconductors & Semiconductor Equipment — 21.1%** | **Semiconductors & Semiconductor Equipment — 21.1%** |
| Advanced Micro Devices, Inc. (a) | 81535 | &nbsp;&nbsp; 17461535 |
| ASML Holding NV (NY Registry Shares) | 10337 | &nbsp;&nbsp; 11059143 |
| Broadcom, Inc.  | 315667 | &nbsp;&nbsp; 109252349 |
| Lam Research Corp.  | 46100 | &nbsp;&nbsp; 7891398 |
| NVIDIA Corp.  | 1660830 | &nbsp;&nbsp; 309744795 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 52319 | &nbsp;&nbsp; 15899221 |
|  |  | &nbsp;&nbsp; 471308441 |

---

**BHFTII-351**

------

**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 December 31, 2025** 

**Common Stocks—(Continued)**

**Investment Companies—0.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software — 16.4%** | **Software — 16.4%** | **Software — 16.4%** |
| AppLovin Corp. - Class A (a) | 34652 | &nbsp;&nbsp; $23349211 |
| Crowdstrike Holdings, Inc. - Class A (a) | 26595 | &nbsp;&nbsp; 12466672 |
| Epic Games, Inc. † (a) (c) (d) | 7488 | &nbsp;&nbsp; 3872344 |
| HubSpot, Inc. (a) | 9539 | &nbsp;&nbsp; 3828001 |
| Intuit, Inc.  | 16106 | &nbsp;&nbsp; 10668937 |
| Magic Leap, Inc. - Class A † (a) (c) (d) | 10914 | &nbsp;&nbsp; 0 |
| Microsoft Corp.  | 532828 | &nbsp;&nbsp; 257686277 |
| Oracle Corp.  | 87738 | &nbsp;&nbsp; 17101014 |
| Palantir Technologies, Inc. - Class A (a) | 46300 | &nbsp;&nbsp; 8229825 |
| Roper Technologies, Inc.  | 1594 | &nbsp;&nbsp; 709537 |
| Samsara, Inc. - Class A (a) | 154451 | &nbsp;&nbsp; 5475288 |
| ServiceNow, Inc. (a) | 143571 | &nbsp;&nbsp; 21993641 |
|  |  | &nbsp;&nbsp; 365380747 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| Carvana Co. (a) | 57692 | &nbsp;&nbsp; 24347178 |
| **Technology Hardware, Storage & Peripherals — 11.2%** | **Technology Hardware, Storage & Peripherals — 11.2%** | **Technology Hardware, Storage & Peripherals — 11.2%** |
| Apple, Inc.  | 920623 | &nbsp;&nbsp; 250280569 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| T-Mobile U.S., Inc.  | 57092 | &nbsp;&nbsp; 11591960 |
| Total Common Stocks <br>(Cost $1,103,506,720) <br>|  | &nbsp;&nbsp; 2187354974 |
| **Convertible Preferred Stocks—1.6%** | **Convertible Preferred Stocks—1.6%** | **Convertible Preferred Stocks—1.6%** |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| Nuro, Inc. - Series C † (a) (c) (d) | 179741 | &nbsp;&nbsp; 2714089 |
| Sila Nanotechnologies, Inc. - Series F † (a) (c) (d) | 52110 | &nbsp;&nbsp; 949444 |
| Sila Nanotechnologies, Inc. - Series G † (a) (c) (d) | 109913 | &nbsp;&nbsp; 1744319 |
| Waymo LLC - Series A-2 † (a) (c) (d) | 26511 | &nbsp;&nbsp; 4113447 |
|  |  | &nbsp;&nbsp; 9521299 |
| **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; 5204953 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Rappi, Inc.- Series E † (a) (c) (d) | 52748 | &nbsp;&nbsp; 937332 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| Form Energy, Inc.- Series F † (a) (c) (d) | 89634 | &nbsp;&nbsp; 2193344 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| KoBold Metals Co.- Series C-1 † (a) (c) (d) | 26380 | &nbsp;&nbsp; 2970694 |
| **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; 1447035 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Celonis SE - Series D † (a) (c) (d) | 1177 | &nbsp;&nbsp; 210495 |
| Databricks, Inc. - Series I † (a) (c) (d) | 68560 | &nbsp;&nbsp; 13026400 |
|  |  | &nbsp;&nbsp; 13236895 |
| Total Convertible Preferred Stocks <br>(Cost $28,253,394) <br>|  | &nbsp;&nbsp; 35511552 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Exchange-Traded Funds — 0.3%** | **Exchange-Traded Funds — 0.3%** | **Exchange-Traded Funds — 0.3%** |
| iShares Russell 1000 Growth ETF (b) | 14365 | &nbsp;&nbsp; $6798955 |
| Total Investment Companies <br>(Cost $6,864,450) <br>|  | &nbsp;&nbsp; 6798955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.1%** | **Short-Term Investments—0.1%** | **Short-Term Investments—0.1%** |
| **Short-Term Investment Funds—0.1%** |  |  |
| T. Rowe Price Government Reserve Fund |  |  |
| 3.764% (e) (f) | 2240067 | &nbsp;&nbsp; 2240067 |
| Total Short-Term Investments <br>(Cost $2,240,067) <br>|  | &nbsp;&nbsp; 2240067 |

---

&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—0.1%** | **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (f)<br>| 100000 | &nbsp;&nbsp; 100000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (f)<br>| 100000 | &nbsp;&nbsp; 100000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (f)<br>| 200000 | &nbsp;&nbsp; 200000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 200000 | &nbsp;&nbsp; 200000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (f)<br>| 100000 | &nbsp;&nbsp; 100000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 2700000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $400,084; collateralized <br> by various Common Stock with an aggregate market value of <br> $445,470<br>| 400000 | &nbsp;&nbsp; 400000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $1,000,212; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% - <br> 4.375%, maturity dates ranging from 06/30/31 - 05/15/34, <br> and an aggregate market value of $1,020,001<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,192,296; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,236,142<br>| 2191829 | &nbsp;&nbsp; 2191829 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.840%, due on <br> 01/02/26 with a maturity value of $1,161,932; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 02/15/37 - 02/15/47, and an aggregate <br> market value of $1,184,918<br>| 1161684 | &nbsp;&nbsp; 1161684 |

---

**BHFTII-352**

------

**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 December 31, 2025** 

**Securities Lending Reinvestments (g)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $500,106; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.375%, maturity dates ranging from 05/15/26 - 11/15/55, <br> and an aggregate market value of $510,109<br>| 500000 | &nbsp;&nbsp; $500000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $9,349; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $9,534<br>| 9347 | &nbsp;&nbsp; 9347 |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due on <br> 01/07/26 with a maturity value of $2,001,552; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,222,528<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 7262860 |
| Total Securities Lending Reinvestments <br>(Cost $9,962,860) <br>|  | &nbsp;&nbsp; 9962860 |
| Total Investments—100.4% <br>(Cost $1,150,827,491) <br>|  | &nbsp;&nbsp; 2241868408 |
| Other assets and liabilities (net)—(0.4)%  |  | &nbsp;&nbsp; (8448612)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2233419796 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal  |

---

---

| | |
|:---|:---|
|  | restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of December 31, 2025, the market value of restricted securities was $42,004,871, <br> which is 1.9% of net assets. See details shown in the Restricted Securities table that follows.<br>|
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of December 31, 2025, the market value of <br> securities loaned was $76,410,635 and the collateral received consisted of cash in the amount of <br> $9,962,860 and non-cash collateral with a value of $68,978,936. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 1.9% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.) |
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (g) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|

---

&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; $210495 |
| Databricks, Inc. - Series I | 09/14/23 | &nbsp;&nbsp; 68560 | &nbsp;&nbsp; 5039160 | &nbsp;&nbsp; 13026400 |
| 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; 2193344 |
| KoBold Metals Co. - Series C-1 | 09/20/24 | &nbsp;&nbsp; 26380 | &nbsp;&nbsp; 2241052 | &nbsp;&nbsp; 2970694 |
| 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; 2714089 |
| Rappi, Inc. - Series E | 09/08/20-09/24/20 | &nbsp;&nbsp; 52748 | &nbsp;&nbsp; 3151484 | &nbsp;&nbsp; 937332 |
| 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; 2620975 |
| Waymo LLC - Series A-2 | 05/08/20 | &nbsp;&nbsp; 26511 | &nbsp;&nbsp; 2276425 | &nbsp;&nbsp; 4113447 |
|  |  |  |  | &nbsp;&nbsp; $42004871 |

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $23800124 | &nbsp;&nbsp; $290119153 | &nbsp;&nbsp; $(311679210)<br>| &nbsp;&nbsp; $2240067 |

---

**BHFTII-353**

------

**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 December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $485686 | &nbsp;&nbsp; 2240067 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $725249034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1086245760 |

---

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $3,917,847 in sales of investments, which are included above, and resulted in net realized gains of $521,434.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(3687010)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3687010)<br>|
| Investment Companies | &nbsp;&nbsp; (6275850)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6275850)<br>|
| Total Borrowings | &nbsp;&nbsp; $(9962860)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9962860)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(9962860)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $74947843 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74947843 |
| Automobiles | &nbsp;&nbsp; 70644984 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70644984 |
| Biotechnology | &nbsp;&nbsp; 18783420 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18783420 |
| Broadline Retail | &nbsp;&nbsp; 151399903 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 151399903 |
| Capital Markets | &nbsp;&nbsp; 14502158 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14502158 |
| Chemicals | &nbsp;&nbsp; 13866421 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13866421 |
| Communications Equipment | &nbsp;&nbsp; 17017259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17017259 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 3820166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3820166 |
| Electrical Equipment | &nbsp;&nbsp; 4574990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4574990 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 36369441 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36369441 |
| Entertainment | &nbsp;&nbsp; 56525157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56525157 |
| Financial Services | &nbsp;&nbsp; 105099250 | &nbsp;&nbsp; 4099427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109198677 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 40554125 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40554125 |
| Health Care Providers & Services | &nbsp;&nbsp; 6014934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6014934 |
| Health Care REITs | &nbsp;&nbsp; 8779353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8779353 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 53329837 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53329837 |
| Insurance | &nbsp;&nbsp; 4993920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4993920 |
| Interactive Media & Services | &nbsp;&nbsp; 265122913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 265122913 |
| IT Services | &nbsp;&nbsp; 10949018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2620975 | &nbsp;&nbsp; 13569993 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 21767233 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21767233 |
| Pharmaceuticals | &nbsp;&nbsp; 78663352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78663352 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 471308441 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 471308441 |
| Software | &nbsp;&nbsp; 361508403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3872344 | &nbsp;&nbsp; 365380747 |
| Specialty Retail | &nbsp;&nbsp; 24347178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24347178 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 250280569 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 250280569 |

---

**BHFTII-354**

------

**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 December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Wireless Telecommunication Services | &nbsp;&nbsp; $11591960 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11591960 |
| Total Common Stocks | &nbsp;&nbsp; 2176762228 | &nbsp;&nbsp; 4099427 | &nbsp;&nbsp; 6493319 | &nbsp;&nbsp; 2187354974 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35511552 | &nbsp;&nbsp; 35511552 |
| Total Investment Companies\* | &nbsp;&nbsp; 6798955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6798955 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 2240067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2240067 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2700000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 7262860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7262860 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 7262860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9962860 |
| Total Investments | &nbsp;&nbsp; $2188501250 | &nbsp;&nbsp; $11362287 | &nbsp;&nbsp; $42004871 | &nbsp;&nbsp; $2241868408 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9962860)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9962860)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance as of** <br>**December 31, 2024**<br>| **Sales** | **Realized Gain/** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Balance as of** <br>**December 31, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**from investments** <br>**Held at** <br>**December 31, 2025**<br>|
| Common Stocks |  |  |  |  |  |  |
| IT Services | &nbsp;&nbsp; $1740778<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $880197<br>| &nbsp;&nbsp; $2620975<br>| &nbsp;&nbsp; $880197 |
| Software | &nbsp;&nbsp; 4770680<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (898336) <br>| &nbsp;&nbsp; 3872344 | &nbsp;&nbsp; (898336)<br>|
| Convertible Preferred Stocks |  |  |  |  |  |  |
| Automobiles  | &nbsp;&nbsp; 6431657<br>| &nbsp;&nbsp; (735375)<br>| &nbsp;&nbsp; (2843450) <br>| &nbsp;&nbsp; 6668467 | &nbsp;&nbsp; 9521299 | &nbsp;&nbsp; 3285742 |
| Commercial Services & Supplies  | &nbsp;&nbsp; 6554017<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1349064)<br>| &nbsp;&nbsp; 5204953<br>| &nbsp;&nbsp; (1349064)<br>|
| Consumer Staples Distribution & Retail  | &nbsp;&nbsp; 1150434<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (213102) <br>| &nbsp;&nbsp; 937332 | &nbsp;&nbsp; (213102) <br>|
| Electrical Equipment  | &nbsp;&nbsp; 2167700<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25644 | &nbsp;&nbsp; 2193344 | &nbsp;&nbsp; 25644<br>|
| Metals & Mining  | &nbsp;&nbsp; 2241052<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 729642<br>| &nbsp;&nbsp; 2970694 | &nbsp;&nbsp; 729642<br>|
| Semiconductors & Semiconductor Equipment  | &nbsp;&nbsp; 1362153<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84882 | &nbsp;&nbsp; 1447035<br>| &nbsp;&nbsp; 84882<br>|
| Software  | &nbsp;&nbsp; 6579425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6657470<br>| &nbsp;&nbsp; 13236895<br>| &nbsp;&nbsp; 6657470<br>|
|  | &nbsp;&nbsp; $32997896<br>| &nbsp;&nbsp; $(735375)<br>| &nbsp;&nbsp; $(2843450)<br>| &nbsp;&nbsp; $12585800 | &nbsp;&nbsp; $42004871<br>| &nbsp;&nbsp; $9203075<br>|

---

**BHFTII-355**

------

**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 December 31, 2025** 

The following table summarizes the valuation techniques and unobservable inputs utilized to determine fair value of the Level 3 assets as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**December 31,** <br>**2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Range** | **Weighted** <br>**Average**<br>| **Relationship** <br>**Between Fair** <br>**Value and** <br>**Input; if input** <br>**value increases** <br>**then Fair Value:**<br>|
| Common Stock |  |  |  |  |  |  |  |
| IT Services | &nbsp;&nbsp; $2620975<br>| Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $41.42<br>| &nbsp;&nbsp; $41.42<br>| &nbsp;&nbsp; $41.42<br>| &nbsp;&nbsp; Increase |
| Software | &nbsp;&nbsp; 3,872,344 (a)<br>| 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  | Recovery Value  | &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; Increase<br>|
| Convertible Preferred Stocks |  |  |  |  |  |  |  |
| Automobiles | &nbsp;&nbsp; 2,714,089 (b)<br>| Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $12.79 | &nbsp;&nbsp; $12.79 | &nbsp;&nbsp; $12.79 | &nbsp;&nbsp; Increase |
|  |  | Calibration Model  | Calculated Enterprise Value/Revenue  | &nbsp;&nbsp; 1.2x | &nbsp;&nbsp; 16.9x<br>| &nbsp;&nbsp; 5.9x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Discount Rate  | 28.70<br> %<br>| 34.70<br> % <br>| 32.00<br> % <br>| &nbsp;&nbsp; Decrease |
|  | &nbsp;&nbsp; 2,693,763<br> (c)<br>| 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; 4,113,447 (d)<br>| Comparable Company Analysis | Calculated Enterprise Value/Revenue  | &nbsp;&nbsp; 9.4x | &nbsp;&nbsp; 21.2x<br>| &nbsp;&nbsp; 15.3x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Calculated Enterprise Value/EBITDA  | &nbsp;&nbsp; 6.9x | &nbsp;&nbsp; 20.2x<br>| &nbsp;&nbsp; 13.6x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Discount Rate  | 30.00<br> % <br>| 30.00<br> % <br>| 30.00<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Calculated Enterprise Value/EBITDA  | &nbsp;&nbsp; 10.4x | &nbsp;&nbsp; 10.4x<br>| &nbsp;&nbsp; 10.4x<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 |
| Commercial Services & Supplies | &nbsp;&nbsp; 5,204,953<br> (e)<br>| 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 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 937,332 (b)<br>| Comparable Company Analysis | Enterprise Value/GMV | &nbsp;&nbsp; 0.3x | &nbsp;&nbsp; 0.3x | &nbsp;&nbsp; 0.3x | &nbsp;&nbsp; Increase |
|  |  | Option Pricing Method | Volatility Rate | 55.00<br> %<br>| 55.00<br> %<br>| 55.00<br> %<br>| &nbsp;&nbsp; Increase |
|  |  |  | Risk-Free Rate  | 3.68<br> %<br>| 3.68<br> %<br>| 3.68<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Time to Liquidity (years) | 1.13 | 1.13<br>| 1.13<br>| &nbsp;&nbsp; Decrease |
| Electrical Equipment | &nbsp;&nbsp; 2193344 | Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $27.20 | &nbsp;&nbsp; $27.20 | &nbsp;&nbsp; $27.20 | &nbsp;&nbsp; Increase |
|  |  |  | Discount for Lack of Certainty  | 10.00<br> %<br>| 10.00<br> %<br>| 10.00<br> %<br>| &nbsp;&nbsp; Decrease |
| Metals & Mining | &nbsp;&nbsp; 2970694<br>| Market Transaction Method  | Precedent Transaction  | &nbsp;&nbsp; $112.67<br>| &nbsp;&nbsp; $112.67<br>| &nbsp;&nbsp; $112.67<br>| &nbsp;&nbsp; Increase |
| Semiconductors & Semiconductor <br> Equipment<br>| &nbsp;&nbsp; 1,447,035<br> (f) <br>| Market Transaction Method  | Dollar Volume Weighted Transactions  | &nbsp;&nbsp; $50.14<br>| &nbsp;&nbsp; $75.00<br>| &nbsp;&nbsp; $70.86<br>| &nbsp;&nbsp; Increase |
|  |  | Comparable Company Analysis  | Calculated Enterprise Value/Revenue  | &nbsp;&nbsp; 7.7x | &nbsp;&nbsp; 7.7x | &nbsp;&nbsp; 7.7x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Calculated Enterprise Value/Gross Profit  | &nbsp;&nbsp; 11.5x | &nbsp;&nbsp; 11.5x | &nbsp;&nbsp; 11.5x | &nbsp;&nbsp; Increase<br>|
|  |  |  | Calculated Enterprise Value/Net Income  | &nbsp;&nbsp; 23.5x | &nbsp;&nbsp; 23.5x<br>| &nbsp;&nbsp; 23.5x | &nbsp;&nbsp; Increase |
|  |  |  | 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<br>|
| Software | &nbsp;&nbsp; 210495 | Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $190.00 | &nbsp;&nbsp; $190.00 | &nbsp;&nbsp; $190.00 | &nbsp;&nbsp; Increase |
|  |  | Comparable Company Analysis | Enterprise Value/Revenue | &nbsp;&nbsp; 8.4x | &nbsp;&nbsp; 10.1x | &nbsp;&nbsp; 9.3x | &nbsp;&nbsp; Increase |
|  |  |  | Enterprise Value/Gross Profit | &nbsp;&nbsp; 10.7x | &nbsp;&nbsp; 12.8x | &nbsp;&nbsp; 11.8x | &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; 13026400 | Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $190.00 | &nbsp;&nbsp; $190.00 | &nbsp;&nbsp; $190.00 | &nbsp;&nbsp; Increase |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the year ended December 31, 2025, the valuation technique for investments amounting to $3,872,344 changed to a comparable company analysis. The investments were previously valued utilizing a multi-tiered approach. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

&nbsp;&nbsp;&nbsp;&nbsp;(b) For the year ended December 31, 2025, the valuation technique for investments amounting to $3,651,421 changed to a multi-tiered approach. The investments were previously valued utilizing only a comparable company analysis. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the year ended December 31, 2025, the valuation technique for investments amounting to $2,693,763 changed to a calibration model. The investments were previously valued utilizing only a market transaction approach. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For the year ended December 31, 2025, the valuation technique for investments amounting to $4,113,447 changed to a comparable company analysis. The investments were previously valued utilizing a market transaction approach. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

&nbsp;&nbsp;&nbsp;&nbsp;(e) For the year ended December 31, 2025, the valuation technique for investments amounting to $5,204,953 changed to an option-pricing approach. The investments were previously valued utilizing a multi-tiered approach. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

&nbsp;&nbsp;&nbsp;&nbsp;(f) For the year ended December 31, 2025, the valuation technique for investments amounting to $1,447,035 changed to multi-tiered approach. The investments were previously valued utilizing a market transaction approach. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

**BHFTII-356**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2239628341 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 2240067 |
| Cash | &nbsp;&nbsp; 2432962 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 23 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1649905 |
| Fund shares sold | &nbsp;&nbsp; 118541 |
| Dividends | &nbsp;&nbsp; 224131 |
| Dividends on affiliated investments | &nbsp;&nbsp; 66373 |
| Prepaid expenses | &nbsp;&nbsp; 7933 |
| Total Assets | &nbsp;&nbsp; 2246368276 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 9962860 |
| Payable for: |  |
| Affiliated investments purchased | &nbsp;&nbsp; 13791 |
| Fund shares redeemed | &nbsp;&nbsp; 1092296 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 987637 |
| Distribution and service fees | &nbsp;&nbsp; 215756 |
| Deferred trustees' fees | &nbsp;&nbsp; 263189 |
| Other expenses | &nbsp;&nbsp; 412951 |
| Total Liabilities | &nbsp;&nbsp; 12948480 |
| **Net Assets**  | &nbsp;&nbsp; $2233419796 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $780240577 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 1453179219 |
| **Net Assets**  | &nbsp;&nbsp; $2233419796 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1212548896 |
| Class B | &nbsp;&nbsp; 984536978 |
| Class E | &nbsp;&nbsp; 36333922 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 47635788 |
| Class B | &nbsp;&nbsp; 41476719 |
| Class E | &nbsp;&nbsp; 1478518 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $25.45 |
| Class B | 23.74 |
| Class E | 24.57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,148,587,424.

(b) Includes securities loaned at value of $76,410,635.

(c) Identified cost of affiliated investments was $2,240,067.

(d) Identified cost of cash denominated in foreign currencies was $23.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $8508254 |
| Dividends from affiliated investments | &nbsp;&nbsp; 485686 |
| Securities lending income | &nbsp;&nbsp; 95033 |
| Total investment income | &nbsp;&nbsp; 9088973 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 13290652 |
| Administration fees | &nbsp;&nbsp; 104689 |
| Custodian and accounting fees | &nbsp;&nbsp; 94295 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2474906 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 53768 |
| Audit and tax services | &nbsp;&nbsp; 61271 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 101986 |
| Insurance | &nbsp;&nbsp; 19000 |
| Miscellaneous | &nbsp;&nbsp; 25339 |
| Total expenses | &nbsp;&nbsp; 16336491 |
| Less management fee waiver | &nbsp;&nbsp; (1854819)<br>|
| Net expenses | &nbsp;&nbsp; 14481672 |
| **Net Investment Loss** | &nbsp;&nbsp; (5392699)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 373756702 |
| Foreign currency transactions | &nbsp;&nbsp; 5100 |
| Net realized gain (loss) | &nbsp;&nbsp; 373761802 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (40384584)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 807 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (40383777)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 333378025 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $327985326 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $76,577.

**BHFTII-357**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(5392699)<br>| &nbsp;&nbsp; $(4353889)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 373761802 | &nbsp;&nbsp; 320075160 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (40383777)<br>| &nbsp;&nbsp; 280159590 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 327985326 | &nbsp;&nbsp; 595880861 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (164125205)<br>| &nbsp;&nbsp; (67002647)<br>|
| Class B | &nbsp;&nbsp; (145626400)<br>| &nbsp;&nbsp; (59811108)<br>|
| Class E | &nbsp;&nbsp; (5076410)<br>| &nbsp;&nbsp; (2068961)<br>|
| **Total distributions** | &nbsp;&nbsp; (314828015)<br>| &nbsp;&nbsp; (128882716)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (59305266)<br>| &nbsp;&nbsp; (326792925)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (46147955)<br>| &nbsp;&nbsp; 140205220 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2279567751 | &nbsp;&nbsp; 2139362531 |
| End of period | &nbsp;&nbsp; $2233419796 | &nbsp;&nbsp; $2279567751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 853170 | &nbsp;&nbsp; $20496364 | &nbsp;&nbsp; 1129015 | &nbsp;&nbsp; $26156926 |
| Reinvestments | &nbsp;&nbsp; 7291213 | &nbsp;&nbsp; 164125205 | &nbsp;&nbsp; 2846332 | &nbsp;&nbsp; 67002647 |
| Redemptions | &nbsp;&nbsp; (7881098)<br>| &nbsp;&nbsp; (195071875)<br>| &nbsp;&nbsp; (12306266)<br>| &nbsp;&nbsp; (291660016)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 263285 | &nbsp;&nbsp; $(10450306)<br>| &nbsp;&nbsp; (8330919)<br>| &nbsp;&nbsp; $(198500443)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1529357 | &nbsp;&nbsp; $34405660 | &nbsp;&nbsp; 1707378 | &nbsp;&nbsp; $37946618 |
| Reinvestments | &nbsp;&nbsp; 6927992 | &nbsp;&nbsp; 145626400 | &nbsp;&nbsp; 2688140 | &nbsp;&nbsp; 59811108 |
| Redemptions | &nbsp;&nbsp; (9887683)<br>| &nbsp;&nbsp; (227851892)<br>| &nbsp;&nbsp; (9920082)<br>| &nbsp;&nbsp; (221529345)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1430334)<br>| &nbsp;&nbsp; $(47819832)<br>| &nbsp;&nbsp; (5524564)<br>| &nbsp;&nbsp; $(123771619)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 47318 | &nbsp;&nbsp; $1105781 | &nbsp;&nbsp; 40202 | &nbsp;&nbsp; $930690 |
| Reinvestments | &nbsp;&nbsp; 233398 | &nbsp;&nbsp; 5076410 | &nbsp;&nbsp; 90387 | &nbsp;&nbsp; 2068961 |
| Redemptions | &nbsp;&nbsp; (304435)<br>| &nbsp;&nbsp; (7217319)<br>| &nbsp;&nbsp; (326771)<br>| &nbsp;&nbsp; (7520514)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (23719)<br>| &nbsp;&nbsp; $(1035128)<br>| &nbsp;&nbsp; (196182)<br>| &nbsp;&nbsp; $(4520863)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(59305266)<br>|  | &nbsp;&nbsp; $(326792925)<br>|

---

**BHFTII-358**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $25.52 | &nbsp;&nbsp; $20.70 | &nbsp;&nbsp; $14.10 | &nbsp;&nbsp; $30.81 | &nbsp;&nbsp; $28.79 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) | 3.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp; (12.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.55 |
| Total income (loss) from investment operations | 3.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp; (12.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.49 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $25.45 | &nbsp;&nbsp; $25.52 | &nbsp;&nbsp; $20.70 | &nbsp;&nbsp; $14.10 | &nbsp;&nbsp; $30.81 |
| **Total Return (%)** (d) | 15.70 | &nbsp;&nbsp;&nbsp;&nbsp;30.31 | &nbsp;&nbsp;&nbsp;&nbsp;46.81 | &nbsp;&nbsp; (40.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.22 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.21)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 21 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1212.5 | &nbsp;&nbsp; $1208.8 | &nbsp;&nbsp; $1153.2 | &nbsp;&nbsp; $941.0 | &nbsp;&nbsp; $1503.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $24.09 | &nbsp;&nbsp; $19.65 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $29.74 | &nbsp;&nbsp; $27.96 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized and unrealized gain (loss) | 3.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp; (11.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.39 |
| Total income (loss) from investment operations | 3.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp; (11.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.25 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $23.74 | &nbsp;&nbsp; $24.09 | &nbsp;&nbsp; $19.65 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $29.74 |
| **Total Return (%)** (d) | 15.45 | &nbsp;&nbsp;&nbsp;&nbsp;29.98 | &nbsp;&nbsp;&nbsp;&nbsp; 46.42 <br>(g)<br>| &nbsp;&nbsp; (40.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.95 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.46)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 21 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $984.5 | &nbsp;&nbsp; $1033.6 | &nbsp;&nbsp; $951.9 | &nbsp;&nbsp; $757.9 | &nbsp;&nbsp; $1266.1 |

---

*Please see following page for Financial Highlights footnote legend.* 

**BHFTII-359**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $24.79 | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $30.29 | &nbsp;&nbsp; $28.39 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized and unrealized gain (loss) | 3.46 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp; (11.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.48 |
| Total income (loss) from investment operations | 3.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp; (12.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.37 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $24.57 | &nbsp;&nbsp; $24.79 | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $30.29 |
| **Total Return (%)** (d) | 15.54 | &nbsp;&nbsp;&nbsp;&nbsp;30.04 | &nbsp;&nbsp;&nbsp;&nbsp;46.66 | &nbsp;&nbsp; (40.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.08 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.36)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 21 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $36.3 | &nbsp;&nbsp; $37.2 | &nbsp;&nbsp; $34.3 | &nbsp;&nbsp; $26.6 | &nbsp;&nbsp; $53.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions from return of capital were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The effect of the voluntary portion of the waiver on the net ratio of expenses to average net assets was 0.02% for the years ended December 31, 2025, 2024, 2023 and 2022, and 0.03% for the year ended December 31, 2021 (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

**BHFTII-360**

------

**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 December 31, 2025** 

**Common Stocks—99.8% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
| Archer Aviation, Inc. - Class A (a) (b) | 55900 | &nbsp;&nbsp; $420368 |
| ATI, Inc. (b) | 40091 | &nbsp;&nbsp; 4600843 |
| Beta Technologies, Inc. - Class A (b) | 22406 | &nbsp;&nbsp; 632073 |
| BWX Technologies, Inc.  | 16037 | &nbsp;&nbsp; 2771835 |
| Carpenter Technology Corp.  | 11820 | &nbsp;&nbsp; 3721409 |
| Curtiss-Wright Corp.  | 7042 | &nbsp;&nbsp; 3882043 |
| Hexcel Corp. (a) | 50758 | &nbsp;&nbsp; 3751016 |
| Karman Holdings, Inc. (a) (b) | 75976 | &nbsp;&nbsp; 5559164 |
| Kratos Defense & Security Solutions, Inc. (b) | 41900 | &nbsp;&nbsp; 3180629 |
| Leonardo DRS, Inc.  | 69650 | &nbsp;&nbsp; 2374369 |
| Moog, Inc. - Class A | 11337 | &nbsp;&nbsp; 2761126 |
| VSE Corp.  | 3381 | &nbsp;&nbsp; 584136 |
| Woodward, Inc.  | 13350 | &nbsp;&nbsp; 4035972 |
|  |  | &nbsp;&nbsp; 38274983 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| GXO Logistics, Inc. (b) | 33204 | &nbsp;&nbsp; 1747859 |
| **Automobile Components — 0.6%** | **Automobile Components — 0.6%** | **Automobile Components — 0.6%** |
| Dorman Products, Inc. (a) (b) | 29403 | &nbsp;&nbsp; 3622156 |
| Visteon Corp.  | 33242 | &nbsp;&nbsp; 3161314 |
|  |  | &nbsp;&nbsp; 6783470 |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| Bancorp, Inc. (b) | 76411 | &nbsp;&nbsp; 5159271 |
| First BanCorp (a) | 299031 | &nbsp;&nbsp; 6198913 |
| International Bancshares Corp.  | 22619 | &nbsp;&nbsp; 1502806 |
| Popular, Inc.  | 37989 | &nbsp;&nbsp; 4730390 |
| UMB Financial Corp.  | 23900 | &nbsp;&nbsp; 2749456 |
| Webster Financial Corp.  | 80151 | &nbsp;&nbsp; 5044704 |
|  |  | &nbsp;&nbsp; 25385540 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Coca-Cola Consolidated, Inc.  | 19695 | &nbsp;&nbsp; 3019244 |
| **Biotechnology — 12.5%** | **Biotechnology — 12.5%** | **Biotechnology — 12.5%** |
| ACADIA Pharmaceuticals, Inc. (b) | 51579 | &nbsp;&nbsp; 1377675 |
| ADMA Biologics, Inc. (a) (b) | 202333 | &nbsp;&nbsp; 3690554 |
| Alkermes PLC (b) | 141718 | &nbsp;&nbsp; 3965270 |
| Apogee Therapeutics, Inc. (a) (b) | 33408 | &nbsp;&nbsp; 2521636 |
| Arcellx, Inc. (b) | 41560 | &nbsp;&nbsp; 2709712 |
| Arcutis Biotherapeutics, Inc. (b) | 33248 | &nbsp;&nbsp; 965522 |
| Arrowhead Pharmaceuticals, Inc. (b) | 28712 | &nbsp;&nbsp; 1906190 |
| Ascendis Pharma AS (ADR) (b) | 10746 | &nbsp;&nbsp; 2291477 |
| Beam Therapeutics, Inc. (a) (b) | 110555 | &nbsp;&nbsp; 3064585 |
| Bicara Therapeutics, Inc. (b) | 38300 | &nbsp;&nbsp; 644589 |
| Biohaven Ltd. (b) | 84222 | &nbsp;&nbsp; 950866 |
| Bridgebio Pharma, Inc. (a) (b) | 119780 | &nbsp;&nbsp; 9161972 |
| Caris Life Sciences, Inc. (a) (b) | 18175 | &nbsp;&nbsp; 490362 |
| Catalyst Pharmaceuticals, Inc. (b) | 68247 | &nbsp;&nbsp; 1592885 |
| Celcuity, Inc. (b) | 15458 | &nbsp;&nbsp; 1541781 |
| Celldex Therapeutics, Inc. (b) | 53309 | &nbsp;&nbsp; 1447872 |
| Centessa Pharmaceuticals PLC (ADR) (a) (b) | 50186 | &nbsp;&nbsp; 1255152 |
| CG oncology, Inc. (b) | 81190 | &nbsp;&nbsp; 3371009 |
| Cogent Biosciences, Inc. (b) | 82543 | &nbsp;&nbsp; 2931927 |
| Cytokinetics, Inc. (a) (b) | 27291 | &nbsp;&nbsp; 1734070 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Denali Therapeutics, Inc. (b) | 147291 | &nbsp;&nbsp; $2431774 |
| Dianthus Therapeutics, Inc. (b) | 12898 | &nbsp;&nbsp; 531527 |
| Disc Medicine, Inc. (b) | 34697 | &nbsp;&nbsp; 2755289 |
| Dyne Therapeutics, Inc. (b) | 78426 | &nbsp;&nbsp; 1534013 |
| GRAIL, Inc. (a) (b) | 5700 | &nbsp;&nbsp; 487863 |
| Halozyme Therapeutics, Inc. (b) | 11830 | &nbsp;&nbsp; 796159 |
| Ideaya Biosciences, Inc. (b) | 15000 | &nbsp;&nbsp; 518550 |
| Immunome, Inc. (b) | 30416 | &nbsp;&nbsp; 653336 |
| Immunovant, Inc. (a) (b) | 14800 | &nbsp;&nbsp; 376216 |
| Insmed, Inc. (b) | 10409 | &nbsp;&nbsp; 1811582 |
| Ionis Pharmaceuticals, Inc. (b) | 30107 | &nbsp;&nbsp; 2381765 |
| Janux Therapeutics, Inc. (b) | 17200 | &nbsp;&nbsp; 237360 |
| Krystal Biotech, Inc. (b) | 8919 | &nbsp;&nbsp; 2198890 |
| Kymera Therapeutics, Inc. (a) (b) | 76334 | &nbsp;&nbsp; 5939549 |
| Madrigal Pharmaceuticals, Inc. (b) | 9851 | &nbsp;&nbsp; 5736631 |
| Mineralys Therapeutics, Inc. (b) | 46961 | &nbsp;&nbsp; 1704215 |
| Mirum Pharmaceuticals, Inc. (b) | 42880 | &nbsp;&nbsp; 3387091 |
| Monte Rosa Therapeutics, Inc. (b) | 76100 | &nbsp;&nbsp; 1193248 |
| Natera, Inc. (b) | 23372 | &nbsp;&nbsp; 5354291 |
| Neurocrine Biosciences, Inc. (b) | 15520 | &nbsp;&nbsp; 2201202 |
| Nurix Therapeutics, Inc. (a) (b) | 65163 | &nbsp;&nbsp; 1236142 |
| Nuvalent, Inc. - Class A (b) | 47926 | &nbsp;&nbsp; 4820876 |
| ORIC Pharmaceuticals, Inc. (b) | 69859 | &nbsp;&nbsp; 571447 |
| Praxis Precision Medicines, Inc. (b) | 11980 | &nbsp;&nbsp; 3530985 |
| Protagonist Therapeutics, Inc. (b) | 12805 | &nbsp;&nbsp; 1118389 |
| PTC Therapeutics, Inc. (b) | 40823 | &nbsp;&nbsp; 3100915 |
| Replimune Group, Inc. (b) | 191701 | &nbsp;&nbsp; 1863334 |
| Revolution Medicines, Inc. (b) | 32614 | &nbsp;&nbsp; 2597705 |
| Rhythm Pharmaceuticals, Inc. (b) | 40627 | &nbsp;&nbsp; 4348714 |
| Roivant Sciences Ltd. (b) | 50700 | &nbsp;&nbsp; 1100190 |
| Scholar Rock Holding Corp. (b) | 105811 | &nbsp;&nbsp; 4660975 |
| Soleno Therapeutics, Inc. (b) | 52960 | &nbsp;&nbsp; 2452048 |
| Spyre Therapeutics, Inc. (b) | 36165 | &nbsp;&nbsp; 1184765 |
| Stoke Therapeutics, Inc. (a) (b) | 29318 | &nbsp;&nbsp; 930553 |
| TG Therapeutics, Inc. (b) | 48345 | &nbsp;&nbsp; 1441164 |
| Travere Therapeutics, Inc. (b) | 31934 | &nbsp;&nbsp; 1220198 |
| Ultragenyx Pharmaceutical, Inc. (b) | 40423 | &nbsp;&nbsp; 929729 |
| Vaxcyte, Inc. (b) | 20316 | &nbsp;&nbsp; 937380 |
| Vera Therapeutics, Inc. (b) | 90626 | &nbsp;&nbsp; 4589301 |
| Viridian Therapeutics, Inc. (b) | 79020 | &nbsp;&nbsp; 2459102 |
| Xencor, Inc. (b) | 79417 | &nbsp;&nbsp; 1215874 |
| Xenon Pharmaceuticals, Inc. (b) | 20407 | &nbsp;&nbsp; 914642 |
|  |  | &nbsp;&nbsp; 137070085 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Ollie's Bargain Outlet Holdings, Inc. (b) | 20500 | &nbsp;&nbsp; 2247005 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| AAON, Inc. (a) | 20025 | &nbsp;&nbsp; 1526906 |
| AZZ, Inc.  | 24819 | &nbsp;&nbsp; 2660100 |
| CSW Industrials, Inc. (a) | 13679 | &nbsp;&nbsp; 4015197 |
| Griffon Corp.  | 37384 | &nbsp;&nbsp; 2753332 |
| Modine Manufacturing Co. (b) | 53598 | &nbsp;&nbsp; 7155869 |
| Simpson Manufacturing Co., Inc. (a) | 24253 | &nbsp;&nbsp; 3916132 |
|  |  | &nbsp;&nbsp; 22027536 |

---

*See accompanying notes to financial statements.*

**BHFTII-361**

------

**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 December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets — 2.7%** | **Capital Markets — 2.7%** | **Capital Markets — 2.7%** |
| Affiliated Managers Group, Inc.  | 11934 | &nbsp;&nbsp; $3440333 |
| Galaxy Digital, Inc. - Class A (a) (b) | 56400 | &nbsp;&nbsp; 1261104 |
| Hamilton Lane, Inc. - Class A | 6000 | &nbsp;&nbsp; 805860 |
| Lazard, Inc.  | 39512 | &nbsp;&nbsp; 1918703 |
| Marex Group PLC | 141655 | &nbsp;&nbsp; 5433886 |
| Moelis & Co. - Class A | 32889 | &nbsp;&nbsp; 2260790 |
| StepStone Group, Inc. - Class A | 49387 | &nbsp;&nbsp; 3169164 |
| StoneX Group, Inc. (b) | 99557 | &nbsp;&nbsp; 9470857 |
| TPG, Inc.  | 32800 | &nbsp;&nbsp; 2093952 |
|  |  | &nbsp;&nbsp; 29854649 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Axalta Coating Systems Ltd. (b) | 93025 | &nbsp;&nbsp; 3005638 |
| Balchem Corp.  | 14759 | &nbsp;&nbsp; 2263440 |
| Cabot Corp.  | 44616 | &nbsp;&nbsp; 2957148 |
| Element Solutions, Inc.  | 43829 | &nbsp;&nbsp; 1095287 |
| NewMarket Corp.  | 5622 | &nbsp;&nbsp; 3863776 |
| RPM International, Inc.  | 35652 | &nbsp;&nbsp; 3707808 |
|  |  | &nbsp;&nbsp; 16893097 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Brink's Co.  | 46844 | &nbsp;&nbsp; 5468100 |
| **Construction & Engineering — 3.3%** | **Construction & Engineering — 3.3%** | **Construction & Engineering — 3.3%** |
| API Group Corp. (b) | 133687 | &nbsp;&nbsp; 5114865 |
| Argan, Inc.  | 4500 | &nbsp;&nbsp; 1409940 |
| Dycom Industries, Inc. (b) | 13018 | &nbsp;&nbsp; 4398782 |
| EMCOR Group, Inc.  | 1826 | &nbsp;&nbsp; 1117128 |
| Fluor Corp. (b) | 26400 | &nbsp;&nbsp; 1046232 |
| Granite Construction, Inc. (a) | 8300 | &nbsp;&nbsp; 957405 |
| IES Holdings, Inc. (b) | 5400 | &nbsp;&nbsp; 2100708 |
| Primoris Services Corp.  | 41471 | &nbsp;&nbsp; 5148210 |
| Sterling Infrastructure, Inc. (b) | 31279 | &nbsp;&nbsp; 9578568 |
| Valmont Industries, Inc.  | 12612 | &nbsp;&nbsp; 5074060 |
|  |  | &nbsp;&nbsp; 35945898 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Eagle Materials, Inc.  | 10295 | &nbsp;&nbsp; 2127771 |
| Knife River Corp. (a) (b) | 51627 | &nbsp;&nbsp; 3631959 |
|  |  | &nbsp;&nbsp; 5759730 |
| **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
| Enova International, Inc. (b) | 32125 | &nbsp;&nbsp; 5050050 |
| FirstCash Holdings, Inc.  | 49505 | &nbsp;&nbsp; 7890107 |
|  |  | &nbsp;&nbsp; 12940157 |
| **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; 2659640 |
| Performance Food Group Co. (b) | 11443 | &nbsp;&nbsp; 1028955 |
| PriceSmart, Inc.  | 19944 | &nbsp;&nbsp; 2446530 |
| Sprouts Farmers Market, Inc. (b) | 9692 | &nbsp;&nbsp; 772162 |
|  |  | &nbsp;&nbsp; 6907287 |
| **Diversified Consumer Services — 2.3%** | **Diversified Consumer Services — 2.3%** | **Diversified Consumer Services — 2.3%** |
| Adtalem Global Education, Inc. (b) | 42293 | &nbsp;&nbsp; 4376057 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Consumer Services—(Continued)** | **Diversified Consumer Services—(Continued)** | **Diversified Consumer Services—(Continued)** |
| Duolingo, Inc. (b) | 7795 | &nbsp;&nbsp; $1368022 |
| Frontdoor, Inc. (b) | 79064 | &nbsp;&nbsp; 4561202 |
| Grand Canyon Education, Inc. (b) | 17782 | &nbsp;&nbsp; 2957324 |
| H&R Block, Inc.  | 51650 | &nbsp;&nbsp; 2250907 |
| Laureate Education, Inc. (b) | 120177 | &nbsp;&nbsp; 4046360 |
| Stride, Inc. (b) | 49247 | &nbsp;&nbsp; 3197608 |
| Universal Technical Institute, Inc. (b) | 91540 | &nbsp;&nbsp; 2391940 |
|  |  | &nbsp;&nbsp; 25149420 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Bloom Energy Corp. - Class A (a) (b) | 77800 | &nbsp;&nbsp; 6760042 |
| Eos Energy Enterprises, Inc. (a) (b) | 34700 | &nbsp;&nbsp; 397662 |
| Fluence Energy, Inc. (a) (b) | 31800 | &nbsp;&nbsp; 629004 |
| Nextpower, Inc. - Class A (b) | 120869 | &nbsp;&nbsp; 10528899 |
| nVent Electric PLC | 55464 | &nbsp;&nbsp; 5655664 |
| Powell Industries, Inc. (a) | 2700 | &nbsp;&nbsp; 860706 |
| Shoals Technologies Group, Inc. - Class A (a) (b) | 87568 | &nbsp;&nbsp; 744328 |
|  |  | &nbsp;&nbsp; 25576305 |
| **Electronic Equipment, Instruments & Components — 5.9%** | **Electronic Equipment, Instruments & Components — 5.9%** | **Electronic Equipment, Instruments & Components — 5.9%** |
| Badger Meter, Inc.  | 17863 | &nbsp;&nbsp; 3115486 |
| Bel Fuse, Inc. - Class B | 35893 | &nbsp;&nbsp; 6088530 |
| Belden, Inc.  | 79088 | &nbsp;&nbsp; 9217706 |
| Cognex Corp.  | 132441 | &nbsp;&nbsp; 4765227 |
| ePlus, Inc.  | 22622 | &nbsp;&nbsp; 1983949 |
| Fabrinet (a) (b) | 41853 | &nbsp;&nbsp; 19054834 |
| Itron, Inc. (b) | 45432 | &nbsp;&nbsp; 4218815 |
| Novanta, Inc. (a) (b) | 25344 | &nbsp;&nbsp; 3015683 |
| OSI Systems, Inc. (b) | 23766 | &nbsp;&nbsp; 6061756 |
| Teledyne Technologies, Inc. (b) | 14816 | &nbsp;&nbsp; 7566976 |
|  |  | &nbsp;&nbsp; 65088962 |
| **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** |
| TechnipFMC PLC | 198514 | &nbsp;&nbsp; 8845784 |
| Tidewater, Inc. (a) (b) | 21700 | &nbsp;&nbsp; 1096067 |
| Weatherford International PLC | 76240 | &nbsp;&nbsp; 5966542 |
|  |  | &nbsp;&nbsp; 15908393 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| IMAX Corp. (a) (b) | 52500 | &nbsp;&nbsp; 1940400 |
| Liberty Live Holdings, Inc. - Class C (b) | 38669 | &nbsp;&nbsp; 3215714 |
| TKO Group Holdings, Inc. (a) | 5674 | &nbsp;&nbsp; 1185866 |
|  |  | &nbsp;&nbsp; 6341980 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| Equitable Holdings, Inc.  | 115546 | &nbsp;&nbsp; 5505767 |
| Euronet Worldwide, Inc. (b) | 13856 | &nbsp;&nbsp; 1054580 |
| EVERTEC, Inc.  | 62684 | &nbsp;&nbsp; 1823478 |
| Marqeta, Inc. - Class A (b) | 484667 | &nbsp;&nbsp; 2302168 |
| Payoneer Global, Inc. (b) | 861243 | &nbsp;&nbsp; 4840186 |
| Sezzle, Inc. (a) (b) | 37855 | &nbsp;&nbsp; 2402846 |
| Shift4 Payments, Inc. - Class A (a) (b) | 24128 | &nbsp;&nbsp; 1519340 |
|  |  | &nbsp;&nbsp; 19448365 |

---

*See accompanying notes to financial statements.*

**BHFTII-362**

------

**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 December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Simply Good Foods Co. (b) | 57638 | &nbsp;&nbsp; $1157371 |
| Vital Farms, Inc. (b) | 65499 | &nbsp;&nbsp; 2092038 |
|  |  | &nbsp;&nbsp; 3249409 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Saia, Inc. (b) | 14497 | &nbsp;&nbsp; 4733561 |
| **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
| CONMED Corp.  | 14369 | &nbsp;&nbsp; 583381 |
| Globus Medical, Inc. - Class A (b) | 54864 | &nbsp;&nbsp; 4790176 |
| Haemonetics Corp. (b) | 32767 | &nbsp;&nbsp; 2626275 |
| Inspire Medical Systems, Inc. (b) | 8821 | &nbsp;&nbsp; 813561 |
| iRhythm Technologies, Inc. (b) | 4600 | &nbsp;&nbsp; 816224 |
| Lantheus Holdings, Inc. (b) | 74676 | &nbsp;&nbsp; 4969688 |
| LeMaitre Vascular, Inc. (a) | 28912 | &nbsp;&nbsp; 2344763 |
| Merit Medical Systems, Inc. (b) | 58766 | &nbsp;&nbsp; 5179635 |
| Penumbra, Inc. (b) | 16726 | &nbsp;&nbsp; 5200281 |
| PROCEPT BioRobotics Corp. (b) | 17379 | &nbsp;&nbsp; 546743 |
| STERIS PLC | 9965 | &nbsp;&nbsp; 2526327 |
| TransMedics Group, Inc. (a) (b) | 27841 | &nbsp;&nbsp; 3386858 |
| UFP Technologies, Inc. (b) | 17363 | &nbsp;&nbsp; 3855107 |
|  |  | &nbsp;&nbsp; 37639019 |
| **Health Care Providers & Services — 5.6%** | **Health Care Providers & Services — 5.6%** | **Health Care Providers & Services — 5.6%** |
| Addus HomeCare Corp. (b) | 23314 | &nbsp;&nbsp; 2503690 |
| Billiontoone, Inc. - Class A (b) | 5144 | &nbsp;&nbsp; 420985 |
| BrightSpring Health Services, Inc. (b) | 210126 | &nbsp;&nbsp; 7869219 |
| Concentra Group Holdings Parent, Inc.  | 91727 | &nbsp;&nbsp; 1805187 |
| CorVel Corp. (b) | 19706 | &nbsp;&nbsp; 1333505 |
| Encompass Health Corp.  | 52757 | &nbsp;&nbsp; 5599628 |
| Ensign Group, Inc.  | 55263 | &nbsp;&nbsp; 9626815 |
| Guardant Health, Inc. (b) | 90609 | &nbsp;&nbsp; 9254803 |
| HealthEquity, Inc. (b) | 60652 | &nbsp;&nbsp; 5556330 |
| Hims & Hers Health, Inc. (a) (b) | 42440 | &nbsp;&nbsp; 1378027 |
| Option Care Health, Inc. (a) (b) | 151427 | &nbsp;&nbsp; 4824464 |
| RadNet, Inc. (b) | 52755 | &nbsp;&nbsp; 3764069 |
| Tenet Healthcare Corp. (b) | 38965 | &nbsp;&nbsp; 7743125 |
|  |  | &nbsp;&nbsp; 61679847 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| American Healthcare REIT, Inc.  | 83380 | &nbsp;&nbsp; 3923863 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| HeartFlow, Inc. (a) (b) | 18178 | &nbsp;&nbsp; 529889 |
| Waystar Holding Corp. (b) | 120486 | &nbsp;&nbsp; 3945916 |
|  |  | &nbsp;&nbsp; 4475805 |
| **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** |
| Ryman Hospitality Properties, Inc.  | 32748 | &nbsp;&nbsp; 3098616 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Boyd Gaming Corp.  | 49646 | &nbsp;&nbsp; 4231825 |
| Brinker International, Inc. (b) | 18273 | &nbsp;&nbsp; 2622541 |
| Cava Group, Inc. (a) (b) | 12000 | &nbsp;&nbsp; 704280 |
| Churchill Downs, Inc.  | 16855 | &nbsp;&nbsp; 1917762 |
| Dutch Bros, Inc. - Class A (b) | 52749 | &nbsp;&nbsp; 3229294 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Navan, Inc. - Class A (b) | 40915 | &nbsp;&nbsp; $698828 |
| Planet Fitness, Inc. - Class A (b) | 46889 | &nbsp;&nbsp; 5086050 |
| Travel & Leisure Co.  | 32463 | &nbsp;&nbsp; 2289615 |
| United Parks & Resorts, Inc. (a) (b) | 22088 | &nbsp;&nbsp; 801794 |
| Wingstop, Inc. (a) | 15285 | &nbsp;&nbsp; 3645320 |
|  |  | &nbsp;&nbsp; 25227309 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
| Cavco Industries, Inc. (b) | 9959 | &nbsp;&nbsp; 5883180 |
| Green Brick Partners, Inc. (b) | 57549 | &nbsp;&nbsp; 3606020 |
| Installed Building Products, Inc. (a) | 19544 | &nbsp;&nbsp; 5069518 |
| SharkNinja, Inc. (b) | 9300 | &nbsp;&nbsp; 1040670 |
| TopBuild Corp. (a) (b) | 6121 | &nbsp;&nbsp; 2553620 |
|  |  | &nbsp;&nbsp; 18153008 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| Rexford Industrial Realty, Inc.  | 29421 | &nbsp;&nbsp; 1139181 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| Oscar Health, Inc. - Class A (b) | 73000 | &nbsp;&nbsp; 1049010 |
| Palomar Holdings, Inc. (b) | 26888 | &nbsp;&nbsp; 3623427 |
| Primerica, Inc.  | 12757 | &nbsp;&nbsp; 3295898 |
| Skyward Specialty Insurance Group, Inc. (b) | 100197 | &nbsp;&nbsp; 5121069 |
|  |  | &nbsp;&nbsp; 13089404 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Cargurus, Inc. (b) | 31123 | &nbsp;&nbsp; 1193567 |
| Cars.com, Inc. (a) (b) | 67990 | &nbsp;&nbsp; 829478 |
| Pinterest, Inc. - Class A (b) | 95400 | &nbsp;&nbsp; 2469906 |
|  |  | &nbsp;&nbsp; 4492951 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Applied Digital Corp. (a) (b) | 24500 | &nbsp;&nbsp; 600740 |
| Okta, Inc. (b) | 24464 | &nbsp;&nbsp; 2115402 |
|  |  | &nbsp;&nbsp; 2716142 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Adaptive Biotechnologies Corp. (b) | 145152 | &nbsp;&nbsp; 2357269 |
| Medpace Holdings, Inc. (b) | 6062 | &nbsp;&nbsp; 3404722 |
| Repligen Corp. (b) | 15843 | &nbsp;&nbsp; 2596034 |
|  |  | &nbsp;&nbsp; 8358025 |
| **Machinery — 6.5%** | **Machinery — 6.5%** | **Machinery — 6.5%** |
| Alamo Group, Inc.  | 3300 | &nbsp;&nbsp; 553971 |
| Allison Transmission Holdings, Inc.  | 27729 | &nbsp;&nbsp; 2714669 |
| Atmus Filtration Technologies, Inc.  | 156086 | &nbsp;&nbsp; 8102424 |
| Crane Co.  | 15747 | &nbsp;&nbsp; 2904219 |
| Esab Corp. (a) | 71409 | &nbsp;&nbsp; 7977814 |
| ESCO Technologies, Inc.  | 12600 | &nbsp;&nbsp; 2461914 |
| Federal Signal Corp.  | 69147 | &nbsp;&nbsp; 7508673 |
| JBT Marel Corp.  | 25400 | &nbsp;&nbsp; 3827018 |
| Kadant, Inc. (a) | 18983 | &nbsp;&nbsp; 5410535 |
| Mueller Industries, Inc.  | 58275 | &nbsp;&nbsp; 6689970 |
| RBC Bearings, Inc. (b) | 3156 | &nbsp;&nbsp; 1415245 |
| SPX Technologies, Inc. (b) | 49347 | &nbsp;&nbsp; 9872361 |

---

*See accompanying notes to financial statements.*

**BHFTII-363**

------

**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 December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Toro Co.  | 39279 | &nbsp;&nbsp; $3092043 |
| Watts Water Technologies, Inc. - Class A | 31715 | &nbsp;&nbsp; 8753974 |
|  |  | &nbsp;&nbsp; 71284830 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| Kirby Corp. (b) | 30174 | &nbsp;&nbsp; 3324571 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| DoubleVerify Holdings, Inc. (b) | 197358 | &nbsp;&nbsp; 2257775 |
| Magnite, Inc. (a) (b) | 60573 | &nbsp;&nbsp; 983100 |
| Nexstar Media Group, Inc.  | 14213 | &nbsp;&nbsp; 2885950 |
|  |  | &nbsp;&nbsp; 6126825 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| Alamos Gold, Inc. - Class A | 26700 | &nbsp;&nbsp; 1031001 |
| Alpha Metallurgical Resources, Inc. (b) | 10285 | &nbsp;&nbsp; 2055766 |
| Coeur Mining, Inc. (a) (b) | 335700 | &nbsp;&nbsp; 5985531 |
| Ivanhoe Electric, Inc. (b) | 82648 | &nbsp;&nbsp; 1320715 |
| MP Materials Corp. (a) (b) | 29775 | &nbsp;&nbsp; 1504233 |
| Warrior Met Coal, Inc.  | 57803 | &nbsp;&nbsp; 5096490 |
|  |  | &nbsp;&nbsp; 16993736 |
| **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** |
| Centrus Energy Corp. - Class A (a) (b) | 15783 | &nbsp;&nbsp; 3831481 |
| Energy Fuels, Inc. (a) (b) | 20400 | &nbsp;&nbsp; 296616 |
| Gulfport Energy Corp. (b) | 12000 | &nbsp;&nbsp; 2495880 |
| Matador Resources Co.  | 35900 | &nbsp;&nbsp; 1523596 |
| Permian Resources Corp.  | 312748 | &nbsp;&nbsp; 4387855 |
| Range Resources Corp.  | 99408 | &nbsp;&nbsp; 3505126 |
| Uranium Energy Corp. (a) (b) | 547262 | &nbsp;&nbsp; 6392020 |
| Viper Energy, Inc. - Class A | 89429 | &nbsp;&nbsp; 3454642 |
|  |  | &nbsp;&nbsp; 25887216 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Louisiana-Pacific Corp.  | 19603 | &nbsp;&nbsp; 1583138 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Sun Country Airlines Holdings, Inc. (b) | 127956 | &nbsp;&nbsp; 1841287 |
| **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
| elf Beauty, Inc. (b) | 46944 | &nbsp;&nbsp; 3569622 |
| Interparfums, Inc.  | 20287 | &nbsp;&nbsp; 1720946 |
|  |  | &nbsp;&nbsp; 5290568 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| Axsome Therapeutics, Inc. (b) | 45178 | &nbsp;&nbsp; 8251310 |
| Crinetics Pharmaceuticals, Inc. (a) (b) | 107709 | &nbsp;&nbsp; 5013854 |
| LENZ Therapeutics, Inc. (b) | 18329 | &nbsp;&nbsp; 293264 |
| Prestige Consumer Healthcare, Inc. (b) | 47263 | &nbsp;&nbsp; 2915654 |
| WaVe Life Sciences Ltd. (b) | 137133 | &nbsp;&nbsp; 2331261 |
|  |  | &nbsp;&nbsp; 18805343 |
| **Professional Services — 2.8%** | **Professional Services — 2.8%** | **Professional Services — 2.8%** |
| Booz Allen Hamilton Holding Corp.  | 31745 | &nbsp;&nbsp; 2678008 |
| Broadridge Financial Solutions, Inc.  | 4615 | &nbsp;&nbsp; 1029930 |
| CACI International, Inc. - Class A (b) | 2359 | &nbsp;&nbsp; 1256899 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Professional Services—(Continued)** | **Professional Services—(Continued)** | **Professional Services—(Continued)** |
| ExlService Holdings, Inc. (b) | 83173 | &nbsp;&nbsp; $3529862 |
| FTI Consulting, Inc. (b) | 16664 | &nbsp;&nbsp; 2846711 |
| Genpact Ltd.  | 80925 | &nbsp;&nbsp; 3785672 |
| Huron Consulting Group, Inc. (b) | 19054 | &nbsp;&nbsp; 3294627 |
| Legalzoom.com, Inc. (b) | 161600 | &nbsp;&nbsp; 1604688 |
| Upwork, Inc. (a) (b) | 457609 | &nbsp;&nbsp; 9069810 |
| Verra Mobility Corp. (b) | 57628 | &nbsp;&nbsp; 1291443 |
|  |  | &nbsp;&nbsp; 30387650 |
| **Semiconductors & Semiconductor Equipment — 6.4%** | **Semiconductors & Semiconductor Equipment — 6.4%** | **Semiconductors & Semiconductor Equipment — 6.4%** |
| Astera Labs, Inc. (a) (b) | 4900 | &nbsp;&nbsp; 815164 |
| Axcelis Technologies, Inc. (b) | 36617 | &nbsp;&nbsp; 2941810 |
| Cirrus Logic, Inc. (b) | 21753 | &nbsp;&nbsp; 2577731 |
| Credo Technology Group Holding Ltd. (b) | 77283 | &nbsp;&nbsp; 11120251 |
| Entegris, Inc.  | 37725 | &nbsp;&nbsp; 3178331 |
| Impinj, Inc. (a) (b) | 17600 | &nbsp;&nbsp; 3062576 |
| Lattice Semiconductor Corp. (b) | 77821 | &nbsp;&nbsp; 5726069 |
| MACOM Technology Solutions Holdings, Inc. (b) | 29041 | &nbsp;&nbsp; 4974142 |
| MKS, Inc.  | 28585 | &nbsp;&nbsp; 4567883 |
| Monolithic Power Systems, Inc.  | 3611 | &nbsp;&nbsp; 3272866 |
| Onto Innovation, Inc. (b) | 20985 | &nbsp;&nbsp; 3312692 |
| Photronics, Inc. (b) | 90434 | &nbsp;&nbsp; 2893888 |
| Power Integrations, Inc.  | 24800 | &nbsp;&nbsp; 881392 |
| Rambus, Inc. (b) | 162485 | &nbsp;&nbsp; 14930747 |
| Rigetti Computing, Inc. (b) | 64237 | &nbsp;&nbsp; 1422850 |
| SiTime Corp. (b) | 11022 | &nbsp;&nbsp; 3892860 |
| Synaptics, Inc. (b) | 16749 | &nbsp;&nbsp; 1239761 |
|  |  | &nbsp;&nbsp; 70811013 |
| **Software — 8.6%** | **Software — 8.6%** | **Software — 8.6%** |
| A10 Networks, Inc.  | 123488 | &nbsp;&nbsp; 2184503 |
| ACI Worldwide, Inc. (b) | 96162 | &nbsp;&nbsp; 4597505 |
| Agilysys, Inc. (a) (b) | 39648 | &nbsp;&nbsp; 4711768 |
| Alarm.com Holdings, Inc. (b) | 34856 | &nbsp;&nbsp; 1778353 |
| Appfolio, Inc. - Class A (b) | 26104 | &nbsp;&nbsp; 6073096 |
| Bill Holdings, Inc. (b) | 93290 | &nbsp;&nbsp; 5088037 |
| BlackLine, Inc. (b) | 22500 | &nbsp;&nbsp; 1244025 |
| CCC Intelligent Solutions Holdings, Inc. (a) (b) | 647018 | &nbsp;&nbsp; 5143793 |
| Clearwater Analytics Holdings, Inc. - Class A (a) (b) | 209207 | &nbsp;&nbsp; 5046073 |
| Commvault Systems, Inc. (b) | 36872 | &nbsp;&nbsp; 4622274 |
| Core Scientific, Inc. (b) | 39600 | &nbsp;&nbsp; 576576 |
| CyberArk Software Ltd. (b) | 2372 | &nbsp;&nbsp; 1058054 |
| Descartes Systems Group, Inc. (b) | 63698 | &nbsp;&nbsp; 5583767 |
| Freshworks, Inc. - Class A (b) | 145300 | &nbsp;&nbsp; 1779925 |
| Gitlab, Inc. - Class A (a) (b) | 32900 | &nbsp;&nbsp; 1234737 |
| HubSpot, Inc. (b) | 5700 | &nbsp;&nbsp; 2287410 |
| InterDigital, Inc. (a) | 43018 | &nbsp;&nbsp; 13696071 |
| JFrog Ltd. (b) | 17100 | &nbsp;&nbsp; 1068066 |
| Manhattan Associates, Inc. (b) | 14408 | &nbsp;&nbsp; 2497050 |
| Monday.com Ltd. (b) | 6440 | &nbsp;&nbsp; 950286 |
| nCino, Inc. (b) | 25800 | &nbsp;&nbsp; 661512 |
| Pegasystems, Inc.  | 54434 | &nbsp;&nbsp; 3250798 |
| Procore Technologies, Inc. (b) | 26400 | &nbsp;&nbsp; 1920336 |
| PTC, Inc. (b) | 31425 | &nbsp;&nbsp; 5474549 |
| Q2 Holdings, Inc. (b) | 46182 | &nbsp;&nbsp; 3332493 |
| Qualys, Inc. (b) | 15364 | &nbsp;&nbsp; 2041876 |

---

*See accompanying notes to financial statements.*

**BHFTII-364**

------

**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 December 31, 2025** 

**Common Stocks—(Continued)**

**Securities Lending Reinvestments (g)—4.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| SPS Commerce, Inc. (b) | 19621 | &nbsp;&nbsp; $1748820 |
| Teradata Corp. (b) | 29400 | &nbsp;&nbsp; 894936 |
| Workiva, Inc. (b) | 42524 | &nbsp;&nbsp; 3667695 |
|  |  | &nbsp;&nbsp; 94214384 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| Lamar Advertising Co. - Class A (a) | 21563 | &nbsp;&nbsp; 2729444 |
| Smartstop Self Storage REIT, Inc.  | 50837 | &nbsp;&nbsp; 1572897 |
|  |  | &nbsp;&nbsp; 4302341 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| Abercrombie & Fitch Co. - Class A (b) | 52155 | &nbsp;&nbsp; 6564750 |
| Asbury Automotive Group, Inc. (b) | 6361 | &nbsp;&nbsp; 1479123 |
| Boot Barn Holdings, Inc. (b) | 28842 | &nbsp;&nbsp; 5089748 |
| Build-A-Bear Workshop, Inc. (a) | 31110 | &nbsp;&nbsp; 1906110 |
| Group 1 Automotive, Inc.  | 8561 | &nbsp;&nbsp; 3367041 |
| Urban Outfitters, Inc. (b) | 7116 | &nbsp;&nbsp; 535550 |
|  |  | &nbsp;&nbsp; 18942322 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| IonQ, Inc. (a) (b) | 108864 | &nbsp;&nbsp; 4884728 |
| Pure Storage, Inc. - Class A (b) | 14147 | &nbsp;&nbsp; 947990 |
|  |  | &nbsp;&nbsp; 5832718 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| Birkenstock Holding PLC (a) (b) | 75796 | &nbsp;&nbsp; 3100057 |
| Crocs, Inc. (b) | 21275 | &nbsp;&nbsp; 1819438 |
| Deckers Outdoor Corp. (b) | 14181 | &nbsp;&nbsp; 1470144 |
| Kontoor Brands, Inc.  | 25214 | &nbsp;&nbsp; 1540323 |
|  |  | &nbsp;&nbsp; 7929962 |
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| Applied Industrial Technologies, Inc.  | 19341 | &nbsp;&nbsp; 4966188 |
| FTAI Aviation Ltd.  | 12448 | &nbsp;&nbsp; 2450389 |
| SiteOne Landscape Supply, Inc. (b) | 38050 | &nbsp;&nbsp; 4739508 |
|  |  | &nbsp;&nbsp; 12156085 |
| Total Common Stocks <br>(Cost $904,335,246) <br>|  | &nbsp;&nbsp; 1095528194 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| GCI Liberty, Inc. (b) (c) (d) <br>(Cost $0)<br>| 89469 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.1%** | **Short-Term Investments—0.1%** | **Short-Term Investments—0.1%** |
| **Short-Term Investment Funds—0.1%** |  |  |
| T. Rowe Price Government Reserve Fund |  |  |
| 3.764% (e) (f) | 1575193 | &nbsp;&nbsp; 1575193 |
| Total Short-Term Investments <br>(Cost $1,575,193) <br>|  | &nbsp;&nbsp; 1575193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—2.0%** | **Short-Term Investment Funds—2.0%** | **Short-Term Investment Funds—2.0%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (f)<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (f)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 3.710% (f)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (f)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 3.690% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 22000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** |
| Bank of Montreal |  |  |
| 4.080%, SOFR + 0.370%, 08/07/26 (h) | 2000000 | &nbsp;&nbsp; 2000598 |
| Canadian Imperial Bank of Commerce (NY) |  |  |
| 4.090%, SOFR + 0.380%, 08/11/26 (h) | 1300000 | &nbsp;&nbsp; 1300797 |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (h) | 1000000 | &nbsp;&nbsp; 1000343 |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (h) | 1000000 | &nbsp;&nbsp; 1000191 |
|  |  | &nbsp;&nbsp; 5301929 |
| **Repurchase Agreements—1.5%** | **Repurchase Agreements—1.5%** | **Repurchase Agreements—1.5%** |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $1,000,212; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% - <br> 4.375%, maturity dates ranging from 06/30/31 - 05/15/34, <br> and an aggregate market value of $1,020,001<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,467,806; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,517,162<br>| 2467281 | &nbsp;&nbsp; 2467281 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $4,085,812; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $4,160,500<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $4,000,869; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,444,935<br>| 4000000 | &nbsp;&nbsp; 4000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-365**

------

**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 December 31, 2025** 

**Securities Lending Reinvestments (g)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $4,003,018; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,448,742<br>| 4000000 | &nbsp;&nbsp; $4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $100,020; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; 100000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $1,000,208; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,229<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 16567281 |
| **Time Deposits—0.3%** | **Time Deposits—0.3%** | **Time Deposits—0.3%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments <br>(Cost $46,867,281) <br>|  | &nbsp;&nbsp; 46869210 |
| Total Investments—104.2% <br>(Cost $952,777,720) <br>|  | &nbsp;&nbsp; 1143972597 |
| Other assets and liabilities (net)—(4.2)%  |  | &nbsp;&nbsp; (45907874)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1098064723 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $121,559,681 and the collateral received consisted of cash in the amount <br> of $46,867,281 and non-cash collateral with a value of $78,613,300. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.) |
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (g) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (h) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>|

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the year ended December 31, 2025 is as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**December 31, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $3940251 | &nbsp;&nbsp; $182927197 | &nbsp;&nbsp; $(185292255)<br>| &nbsp;&nbsp; $1575193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**December 31, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $238867 | &nbsp;&nbsp; 1575193 |

---

*See accompanying notes to financial statements.*

**BHFTII-366**

------

**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 December 31, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $541943044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $671590241 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(46867281)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(46867281)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(46867281)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1095528194 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1095528194 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 1575193 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1575193 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 22000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 5301929 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5301929 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 16567281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16567281 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 22000000 | &nbsp;&nbsp; 24869210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46869210 |
| Total Investments | &nbsp;&nbsp; $1119103387 | &nbsp;&nbsp; $24869210 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1143972597 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(46867281)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(46867281)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-367**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1142397404 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 1575193 |
| Cash | &nbsp;&nbsp; 1412452 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 705693 |
| Fund shares sold | &nbsp;&nbsp; 59105 |
| Dividends | &nbsp;&nbsp; 256749 |
| Dividends on affiliated investments | &nbsp;&nbsp; 68893 |
| Prepaid expenses | &nbsp;&nbsp; 3770 |
| Total Assets | &nbsp;&nbsp; 1146479259 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 46867281 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 238161 |
| Affiliated investments purchased | &nbsp;&nbsp; 8775 |
| Fund shares redeemed | &nbsp;&nbsp; 295713 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 430497 |
| Distribution and service fees | &nbsp;&nbsp; 63857 |
| Deferred trustees' fees | &nbsp;&nbsp; 240736 |
| Other expenses | &nbsp;&nbsp; 269516 |
| Total Liabilities | &nbsp;&nbsp; 48414536 |
| **Net Assets**  | &nbsp;&nbsp; $1098064723 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $773493655 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 324571068 |
| **Net Assets**  | &nbsp;&nbsp; $1098064723 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $801264064 |
| Class B | &nbsp;&nbsp; 284710421 |
| Class E | &nbsp;&nbsp; 10222954 |
| Class G | &nbsp;&nbsp; 1867284 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 43006677 |
| Class B | &nbsp;&nbsp; 18837216 |
| Class E | &nbsp;&nbsp; 625364 |
| Class G | &nbsp;&nbsp; 138451 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $18.63 |
| Class B | 15.11 |
| Class E | 16.35 |
| Class G | 13.49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $951,202,527.

(b) Includes securities loaned at value of $121,559,681.

(c) Identified cost of affiliated investments was $1,575,193.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $4955172 |
| Dividends from affiliated investments | &nbsp;&nbsp; 238867 |
| Interest | &nbsp;&nbsp; 3 |
| Securities lending income | &nbsp;&nbsp; 295861 |
| Total investment income | &nbsp;&nbsp; 5489903 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5167705 |
| Administration fees | &nbsp;&nbsp; 63501 |
| Custodian and accounting fees | &nbsp;&nbsp; 54110 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 719350 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 15643 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 5966 |
| Audit and tax services | &nbsp;&nbsp; 50265 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 85112 |
| Insurance | &nbsp;&nbsp; 9631 |
| Miscellaneous | &nbsp;&nbsp; 20572 |
| Total expenses | &nbsp;&nbsp; 6302440 |
| Less management fee waiver | &nbsp;&nbsp; (234053)<br>|
| Net expenses | &nbsp;&nbsp; 6068387 |
| **Net Investment Loss** | &nbsp;&nbsp; (578484)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 138546691 |
| Foreign currency transactions | &nbsp;&nbsp; 18553 |
| Net realized gain (loss) | &nbsp;&nbsp; 138565244 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (29450941)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 109114303 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $108535819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $34,389.

*See accompanying notes to financial statements.*

**BHFTII-368**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(578484)<br>| &nbsp;&nbsp; $(342404)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 138565244 | &nbsp;&nbsp; 236070416 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (29450941)<br>| &nbsp;&nbsp; (77539569)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 108535819 | &nbsp;&nbsp; 158188443 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (166253732)<br>| &nbsp;&nbsp; (44284254)<br>|
| Class B | &nbsp;&nbsp; (69850870)<br>| &nbsp;&nbsp; (18570718)<br>|
| Class E | &nbsp;&nbsp; (2393390)<br>| &nbsp;&nbsp; (625451)<br>|
| Class G | &nbsp;&nbsp; (560585)<br>| &nbsp;&nbsp; (136247)<br>|
| **Total distributions** | &nbsp;&nbsp; (239058577)<br>| &nbsp;&nbsp; (63616670)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 105514850 | &nbsp;&nbsp; (193670467)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (25007908)<br>| &nbsp;&nbsp; (99098694)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1123072631 | &nbsp;&nbsp; 1222171325 |
| End of period | &nbsp;&nbsp; $1098064723 | &nbsp;&nbsp; $1123072631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 782837 | &nbsp;&nbsp; $15280402 | &nbsp;&nbsp; 668889 | &nbsp;&nbsp; $14242823 |
| Reinvestments | &nbsp;&nbsp; 9937461 | &nbsp;&nbsp; 166253732 | &nbsp;&nbsp; 2171861 | &nbsp;&nbsp; 44284254 |
| Redemptions | &nbsp;&nbsp; (5362323)<br>| &nbsp;&nbsp; (100872066)<br>| &nbsp;&nbsp; (9827365)<br>| &nbsp;&nbsp; (212349790)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 5357975 | &nbsp;&nbsp; $80662068 | &nbsp;&nbsp; (6986615)<br>| &nbsp;&nbsp; $(153822713)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 482585 | &nbsp;&nbsp; $7806898 | &nbsp;&nbsp; 407789 | &nbsp;&nbsp; $7421299 |
| Reinvestments | &nbsp;&nbsp; 5139873 | &nbsp;&nbsp; 69850870 | &nbsp;&nbsp; 1069126 | &nbsp;&nbsp; 18570718 |
| Redemptions | &nbsp;&nbsp; (3421117)<br>| &nbsp;&nbsp; (53633802)<br>| &nbsp;&nbsp; (3528564)<br>| &nbsp;&nbsp; (63883181)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2201341 | &nbsp;&nbsp; $24023966 | &nbsp;&nbsp; (2051649)<br>| &nbsp;&nbsp; $(37891164)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 21591 | &nbsp;&nbsp; $395810 | &nbsp;&nbsp; 28005 | &nbsp;&nbsp; $546015 |
| Reinvestments | &nbsp;&nbsp; 162926 | &nbsp;&nbsp; 2393390 | &nbsp;&nbsp; 33918 | &nbsp;&nbsp; 625451 |
| Redemptions | &nbsp;&nbsp; (122854)<br>| &nbsp;&nbsp; (2067615)<br>| &nbsp;&nbsp; (150179)<br>| &nbsp;&nbsp; (2871895)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 61663 | &nbsp;&nbsp; $721585 | &nbsp;&nbsp; (88256)<br>| &nbsp;&nbsp; $(1700429)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 5171 | &nbsp;&nbsp; $78041 | &nbsp;&nbsp; 4437 | &nbsp;&nbsp; $77013 |
| Reinvestments | &nbsp;&nbsp; 46215 | &nbsp;&nbsp; 560585 | &nbsp;&nbsp; 8531 | &nbsp;&nbsp; 136247 |
| Redemptions | &nbsp;&nbsp; (40662)<br>| &nbsp;&nbsp; (531395)<br>| &nbsp;&nbsp; (28031)<br>| &nbsp;&nbsp; (469421)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 10724 | &nbsp;&nbsp; $107231 | &nbsp;&nbsp; (15063)<br>| &nbsp;&nbsp; $(256161)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $105514850 |  | &nbsp;&nbsp; $(193670467)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-369**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $21.43 | &nbsp;&nbsp; $19.90 | &nbsp;&nbsp; $16.77 | &nbsp;&nbsp; $27.02 | &nbsp;&nbsp; $27.04 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp; (6.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Total income (loss) from investment operations | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>|
| Total distributions | &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp; (3.00)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.63 | &nbsp;&nbsp; $21.43 | &nbsp;&nbsp; $19.90 | &nbsp;&nbsp; $16.77 | &nbsp;&nbsp; $27.02 |
| **Total Return (%)** (c) | 10.30 | &nbsp;&nbsp;&nbsp;&nbsp;13.47 | &nbsp;&nbsp;&nbsp;&nbsp;21.57 | &nbsp;&nbsp; (22.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net ratio of expenses to average net assets (%) (d) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Ratio of net investment income (loss) to average net assets (%) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (0.04)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $801.3 | &nbsp;&nbsp; $806.8 | &nbsp;&nbsp; $888.3 | &nbsp;&nbsp; $837.2 | &nbsp;&nbsp; $1152.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.23 | &nbsp;&nbsp; $17.11 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $24.09 | &nbsp;&nbsp; $24.47 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp; (5.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| Total income (loss) from investment operations | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp; (5.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.00 ) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>|
| Total distributions | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $18.23 | &nbsp;&nbsp; $17.11 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $24.09 |
| **Total Return (%)** (c) | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;21.28 | &nbsp;&nbsp; (22.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.36 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net ratio of expenses to average net assets (%) (d) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.29)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $284.7 | &nbsp;&nbsp; $303.3 | &nbsp;&nbsp; $319.8 | &nbsp;&nbsp; $294.1 | &nbsp;&nbsp; $423.9 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-370**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.35 | &nbsp;&nbsp; $18.09 | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $25.09 | &nbsp;&nbsp; $25.34 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp; (5.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| Total income (loss) from investment operations | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp; (5.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>|
| Total distributions | &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.35 | &nbsp;&nbsp; $19.35 | &nbsp;&nbsp; $18.09 | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $25.09 |
| **Total Return (%)** (c) | 10.17 | &nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;21.42 | &nbsp;&nbsp; (22.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.49 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net ratio of expenses to average net assets (%) (d) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.00 ) (f)<br>| &nbsp;&nbsp; (0.19)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $10.2 | &nbsp;&nbsp; $10.9 | &nbsp;&nbsp; $11.8 | &nbsp;&nbsp; $11.2 | &nbsp;&nbsp; $17.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $16.75 | &nbsp;&nbsp; $15.82 | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $22.74 | &nbsp;&nbsp; $23.26 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| Total income (loss) from investment operations | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| **Less Distributions**  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.00 ) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>|
| Total distributions | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.49 | &nbsp;&nbsp; $16.75 | &nbsp;&nbsp; $15.82 | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $22.74 |
| **Total Return (%)** (c) | 10.04 | &nbsp;&nbsp;&nbsp;&nbsp;13.07 | &nbsp;&nbsp;&nbsp;&nbsp;21.24 | &nbsp;&nbsp; (22.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.34 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net ratio of expenses to average net assets (%) (d) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.34)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1.9 | &nbsp;&nbsp; $2.1 | &nbsp;&nbsp; $2.3 | &nbsp;&nbsp; $2.3 | &nbsp;&nbsp; $3.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributions from net investment income were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio of net investment income (loss) to average net assets was less than 0.01%.

*See accompanying notes to financial statements.*

**BHFTII-371**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—98.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals — 5.8%** | **Chemicals — 5.8%** | **Chemicals — 5.8%** |
| Corteva, Inc.  | 127233 | &nbsp;&nbsp; $8528428 |
| Mosaic Co.  | 407200 | &nbsp;&nbsp; 9809448 |
| Neo Performance Materials, Inc.  | 297800 | &nbsp;&nbsp; 3376029 |
| Nutrien Ltd. (a) | 356623 | &nbsp;&nbsp; 22010771 |
|  |  | &nbsp;&nbsp; 43724676 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| MasTec, Inc. (b) | 22600 | &nbsp;&nbsp; 4912562 |
| **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
| Titan America SA (a) (b) | 378600 | &nbsp;&nbsp; 6239328 |
| **Containers & Packaging — 4.0%** | **Containers & Packaging — 4.0%** | **Containers & Packaging — 4.0%** |
| Graphic Packaging Holding Co. (a) | 224900 | &nbsp;&nbsp; 3386994 |
| International Paper Co. (a) | 194000 | &nbsp;&nbsp; 7641660 |
| Packaging Corp. of America | 46200 | &nbsp;&nbsp; 9527826 |
| Smurfit WestRock PLC | 246200 | &nbsp;&nbsp; 9520554 |
|  |  | &nbsp;&nbsp; 30077034 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| Nexans SA | 61170 | &nbsp;&nbsp; 8995380 |
| **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** |
| Solaris Energy Infrastructure, Inc. (a) | 277433 | &nbsp;&nbsp; 12753595 |
| WaterBridge Infrastructure LLC - Class A (b) | 101800 | &nbsp;&nbsp; 2037018 |
|  |  | &nbsp;&nbsp; 14790613 |
| **Food Products — 6.1%** | **Food Products — 6.1%** | **Food Products — 6.1%** |
| Archer-Daniels-Midland Co. (a) | 220200 | &nbsp;&nbsp; 12659298 |
| Hormel Foods Corp. (a) | 195000 | &nbsp;&nbsp; 4621500 |
| JBS NV - Class A (b) | 1425750 | &nbsp;&nbsp; 20559315 |
| Tyson Foods, Inc. - Class A | 134100 | &nbsp;&nbsp; 7860942 |
|  |  | &nbsp;&nbsp; 45701055 |
| **Independent Power and Renewable Electricity Producers — 2.5%** | **Independent Power and Renewable Electricity Producers — 2.5%** | **Independent Power and Renewable Electricity Producers — 2.5%** |
| Ormat Technologies, Inc. (a) | 169700 | &nbsp;&nbsp; 18746759 |
| **Marine Transportation — 1.4%** | **Marine Transportation — 1.4%** | **Marine Transportation — 1.4%** |
| Kirby Corp. † (a) (b) | 93831 | &nbsp;&nbsp; 10338300 |
| **Metals & Mining — 41.8%** | **Metals & Mining — 41.8%** | **Metals & Mining — 41.8%** |
| Agnico Eagle Mines Ltd. (a) | 137333 | &nbsp;&nbsp; 23282063 |
| Alamos Gold, Inc. - Class A | 218200 | &nbsp;&nbsp; 8418156 |
| Alcoa Corp. (a) | 173000 | &nbsp;&nbsp; 9193220 |
| Anglo American PLC | 575482 | &nbsp;&nbsp; 23715263 |
| ArcelorMittal SA (NY Registry Shares) (a) | 182300 | &nbsp;&nbsp; 8307411 |
| Barrick Mining Corp.  | 634035 | &nbsp;&nbsp; 27612224 |
| Capstone Copper Corp. (b) | 1086200 | &nbsp;&nbsp; 10905130 |
| Commercial Metals Co.  | 138700 | &nbsp;&nbsp; 9600814 |
| First Quantum Minerals Ltd. (b) | 445800 | &nbsp;&nbsp; 11952526 |
| Franco-Nevada Corp.  | 77200 | &nbsp;&nbsp; 16002016 |
| Freeport-McMoRan, Inc.  | 172803 | &nbsp;&nbsp; 8776664 |
| Glencore PLC (b) | 3830500 | &nbsp;&nbsp; 20836911 |
| Gold Fields Ltd. (ADR) | 372300 | &nbsp;&nbsp; 16254618 |
| Hudbay Minerals, Inc.  | 438100 | &nbsp;&nbsp; 8696285 |
| Ivanhoe Electric, Inc. (a) (b) | 561890 | &nbsp;&nbsp; 8979002 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
| Kinross Gold Corp.  | 820100 | &nbsp;&nbsp; $23094016 |
| Lynas Rare Earths Ltd. (b) | 355600 | &nbsp;&nbsp; 2933345 |
| Newmont Corp.  | 255417 | &nbsp;&nbsp; 25503387 |
| NGEx Minerals Ltd. (a) (b) | 221200 | &nbsp;&nbsp; 4125693 |
| Northam Platinum Holdings Ltd.  | 530600 | &nbsp;&nbsp; 10844763 |
| Pan American Silver Corp.  | 306600 | &nbsp;&nbsp; 15884946 |
| Steel Dynamics, Inc. (a) | 65500 | &nbsp;&nbsp; 11098975 |
| Valterra Platinum Ltd. (a) | 117622 | &nbsp;&nbsp; 9768167 |
|  |  | &nbsp;&nbsp; 315785595 |
| **Oil, Gas & Consumable Fuels — 28.1%** | **Oil, Gas & Consumable Fuels — 28.1%** | **Oil, Gas & Consumable Fuels — 28.1%** |
| Cameco Corp.  | 66900 | &nbsp;&nbsp; 6120681 |
| Cenovus Energy, Inc.  | 179600 | &nbsp;&nbsp; 3038832 |
| Chevron Corp.  | 97100 | &nbsp;&nbsp; 14799011 |
| ConocoPhillips | 49222 | &nbsp;&nbsp; 4607671 |
| Diamondback Energy, Inc.  | 22678 | &nbsp;&nbsp; 3409184 |
| Energy Fuels, Inc. (a) (b) | 134100 | &nbsp;&nbsp; 1949814 |
| EQT Corp.  | 202300 | &nbsp;&nbsp; 10843280 |
| Expand Energy Corp.  | 97500 | &nbsp;&nbsp; 10760100 |
| Exxon Mobil Corp.  | 256158 | &nbsp;&nbsp; 30826054 |
| Marathon Petroleum Corp.  | 39900 | &nbsp;&nbsp; 6488937 |
| Permian Resources Corp. (a) | 240470 | &nbsp;&nbsp; 3373794 |
| PetroChina Co. Ltd. - Class H | 8600000 | &nbsp;&nbsp; 9239783 |
| Phillips 66 Co.  | 108100 | &nbsp;&nbsp; 13949224 |
| Shell PLC (ADR) (a) | 438500 | &nbsp;&nbsp; 32220980 |
| Suncor Energy, Inc.  | 261500 | &nbsp;&nbsp; 11606557 |
| TotalEnergies SE | 308400 | &nbsp;&nbsp; 20100854 |
| Uranium Energy Corp. (a) (b) | 273500 | &nbsp;&nbsp; 3194480 |
| Valero Energy Corp. (a) | 97500 | &nbsp;&nbsp; 15872025 |
| Yellow Cake PLC (b) | 1223900 | &nbsp;&nbsp; 9688056 |
|  |  | &nbsp;&nbsp; 212089317 |
| **Paper & Forest Products — 2.5%** | **Paper & Forest Products — 2.5%** | **Paper & Forest Products — 2.5%** |
| Suzano SA | 1317400 | &nbsp;&nbsp; 12341018 |
| West Fraser Timber Co. Ltd. (a) | 108800 | &nbsp;&nbsp; 6656177 |
|  |  | &nbsp;&nbsp; 18997195 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| First Solar, Inc. (b) | 15300 | &nbsp;&nbsp; 3996819 |
| **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** |
| Weyerhaeuser Co. (a) | 413200 | &nbsp;&nbsp; 9788708 |
| Total Common Stocks <br>(Cost $589,331,627) <br>|  | &nbsp;&nbsp; 744183341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.4%** | **Short-Term Investments—1.4%** | **Short-Term Investments—1.4%** |
| **Short-Term Investment Funds—1.4%** |  |  |
| Invesco Treasury Portfolio, Institutional Class |  |  |
| 3.640% (c) | 10801061 | &nbsp;&nbsp; 10801061 |
| Total Short-Term Investments <br>(Cost $10,801,061) <br>|  | &nbsp;&nbsp; 10801061 |

---

*See accompanying notes to financial statements.*

**BHFTII-372**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (d)—10.8%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—2.4%** | **Short-Term Investment Funds—2.4%** | **Short-Term Investment Funds—2.4%** |
| Allspring Government Money Market Fund, <br>Select Class 3.710% (c)<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (c)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 3.650% (c)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Class I 3.670% (c)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 3.710% (c)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (c)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (c)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 3.690% (c)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 3.740% (c)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 18000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** |
| Bank of Montreal |  |  |
| 4.080%, SOFR + 0.370%, 08/07/26 (e) | 2000000 | &nbsp;&nbsp; 2000598 |
| Canadian Imperial Bank of Commerce (NY) |  |  |
| 4.090%, SOFR + 0.380%, 08/11/26 (e) | 1000000 | &nbsp;&nbsp; 1000613 |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (e) | 1000000 | &nbsp;&nbsp; 1000191 |
|  |  | &nbsp;&nbsp; 4001402 |
| **Repurchase Agreements—7.5%** | **Repurchase Agreements—7.5%** | **Repurchase Agreements—7.5%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due on <br> 01/02/26 with a maturity value of $4,000,838; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,450,495<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.850%, due on <br> 01/02/26 with a maturity value of $10,002,139; collateralized <br> by various Common Stock with an aggregate market value of <br> $11,136,757<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.820%, due on <br> 01/02/26 with a maturity value of $1,500,318; collateralized <br> by U.S. Treasury Obligations with rates ranging from 4.250% - <br> 4.375%, maturity dates ranging from 06/30/31 - 05/15/34, <br> and an aggregate market value of $1,530,001<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $2,327,320; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.750%, maturity dates ranging from 02/05/26 - 11/15/55, <br> and an aggregate market value of $2,373,867<br>| 2326825 | &nbsp;&nbsp; 2326825 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due on <br> 07/06/26 with a maturity value of $5,107,265; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 6.000%, maturity dates ranging from 01/15/26 - 06/30/26, <br> and various Common Stock with an aggregate market value of <br> $5,200,625<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due on <br> 01/02/26 with a maturity value of $4,000,869; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,444,935<br>| 4000000 | &nbsp;&nbsp; $4000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due on <br> 01/02/26 with a maturity value of $7,001,501; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,786,308<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due on <br> 01/07/26 with a maturity value of $7,005,281; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,785,299<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due on <br> 01/02/26 with a maturity value of $10,002,128; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.375%, maturity dates ranging from 05/15/26 - 11/15/55, <br> and an aggregate market value of $10,202,171<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due on <br> 01/02/26 with a maturity value of $300,061; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 02/26/26 - 02/15/55, <br> and an aggregate market value of $306,000<br>| 300000 | &nbsp;&nbsp; 300000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due on <br> 01/02/26 with a maturity value of $5,001,039; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,501,143<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 56126825 |
| **Time Deposits—0.4%** | **Time Deposits—0.4%** | **Time Deposits—0.4%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments <br>(Cost $81,126,825) <br>|  | &nbsp;&nbsp; 81128227 |
| Total Investments—110.8% <br>(Cost $681,259,513) <br>|  | &nbsp;&nbsp; 836112629 |
| Other assets and liabilities (net)—(10.8)%  |  | &nbsp;&nbsp; (81240583)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $754872046 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of December 31, 2025, the market value of restricted securities was $10,338,300, <br> which is 1.4% of net assets. See details shown in the Restricted Securities table that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of December 31, 2025, the market value of <br> securities loaned was $176,028,446 and the collateral received consisted of cash in the amount <br> of $81,126,825 and non-cash collateral with a value of $100,709,979. The cash collateral <br>|

---

*See accompanying notes to financial statements.*

**BHFTII-373**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
|  | investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | The rate shown represents the annualized seven-day yield as of December 31, 2025. |
| (d) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (e) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification as of** <br>**December 31, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| United States | 50.6 |
| Canada | 25.3 |
| South Africa | 8.0 |
| France | 3.9 |
| Australia | 3.2 |
| Brazil | 1.6 |
| Zambia | 1.6 |
| United Kingdom | 1.3 |
| China | 1.2 |
| Luxembourg | 1.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Kirby Corp. | 02/28/22-07/31/25 | &nbsp;&nbsp; 93831 | &nbsp;&nbsp; $7667295 | &nbsp;&nbsp; $10338300 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $307097077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $502403731 |

---

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(81126825)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(81126825)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(81126825)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Chemicals | &nbsp;&nbsp; $43724676 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43724676 |
| Construction & Engineering | &nbsp;&nbsp; 4912562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4912562 |
| Construction Materials | &nbsp;&nbsp; 6239328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6239328 |
| Containers & Packaging | &nbsp;&nbsp; 30077034 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30077034 |
| Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 8995380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8995380 |
| Energy Equipment & Services | &nbsp;&nbsp; 14790613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14790613 |
| Food Products | &nbsp;&nbsp; 45701055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45701055 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 18746759 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18746759 |
| Marine Transportation | &nbsp;&nbsp; 10338300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10338300 |
| Metals & Mining | &nbsp;&nbsp; 247687146 | &nbsp;&nbsp; 68098449 | &nbsp;&nbsp; — | &nbsp;&nbsp; 315785595 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 173060624 | &nbsp;&nbsp; 39028693 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212089317 |
| Paper & Forest Products | &nbsp;&nbsp; 6656177 | &nbsp;&nbsp; 12341018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18997195 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 3996819 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3996819 |

---

*See accompanying notes to financial statements.*

**BHFTII-374**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Specialized REITs | &nbsp;&nbsp; $9788708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9788708 |
| Total Common Stocks | &nbsp;&nbsp; 615719801 | &nbsp;&nbsp; 128463540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 744183341 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 10801061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10801061 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 4001402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4001402 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 56126825 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56126825 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; 63128227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81128227 |
| Total Investments | &nbsp;&nbsp; $644520862 | &nbsp;&nbsp; $191591767 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $836112629 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(81126825)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(81126825)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-375**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $836112629 |
| Cash | &nbsp;&nbsp; 91985 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 161755 |
| Fund shares sold | &nbsp;&nbsp; 106 |
| Dividends and interest | &nbsp;&nbsp; 856132 |
| Prepaid expenses | &nbsp;&nbsp; 2735 |
| Total Assets | &nbsp;&nbsp; 837225342 |
| **Liabilities** |  |
| Due to custodian denominated in foreign currencies (c) | &nbsp;&nbsp; 112872 |
| Collateral for securities loaned | &nbsp;&nbsp; 81126825 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 165396 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 469888 |
| Distribution and service fees | &nbsp;&nbsp; 16286 |
| Deferred trustees' fees | &nbsp;&nbsp; 239594 |
| Other expenses | &nbsp;&nbsp; 222435 |
| Total Liabilities | &nbsp;&nbsp; 82353296 |
| **Net Assets**  | &nbsp;&nbsp; $754872046 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $511838279 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 243033767 |
| **Net Assets**  | &nbsp;&nbsp; $754872046 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $678711903 |
| Class B | &nbsp;&nbsp; 76160143 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 48004564 |
| Class B | &nbsp;&nbsp; 5428323 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $14.14 |
| Class B | 14.03 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $681,259,513.

(b) Includes securities loaned at value of $176,028,446.

(c) Identified cost of cash due to bank denominated in foreign currencies was $111,909.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $22264817 |
| Securities lending income | &nbsp;&nbsp; 234361 |
| Total investment income | &nbsp;&nbsp; 22499178 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5953102 |
| Administration fees | &nbsp;&nbsp; 50108 |
| Custodian and accounting fees | &nbsp;&nbsp; 54202 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 186823 |
| Audit and tax services | &nbsp;&nbsp; 49965 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 26645 |
| Insurance | &nbsp;&nbsp; 6987 |
| Miscellaneous | &nbsp;&nbsp; 23466 |
| Total expenses | &nbsp;&nbsp; 6461883 |
| Less management fee waiver | &nbsp;&nbsp; (445058)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (5182)<br>|
| Net expenses | &nbsp;&nbsp; 6011643 |
| **Net Investment Income** | &nbsp;&nbsp; 16487535 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; 74904832 |
| Foreign currency transactions | &nbsp;&nbsp; (33964)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 74870868 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 149785364 |
| Foreign currency transactions | &nbsp;&nbsp; 44548 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 149829912 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 224700780 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $241188315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $864,577.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $76,800.

*See accompanying notes to financial statements.*

**BHFTII-376**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $16487535 | &nbsp;&nbsp; $25197448 |
| Net realized gain (loss) | &nbsp;&nbsp; 74870868 | &nbsp;&nbsp; 17748826 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 149829912 | &nbsp;&nbsp; (53543047)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 241188315 | &nbsp;&nbsp; (10596773)<br>|
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (34381366)<br>| &nbsp;&nbsp; (46623629)<br>|
| Class B | &nbsp;&nbsp; (3489240)<br>| &nbsp;&nbsp; (4789110)<br>|
| **Total distributions** | &nbsp;&nbsp; (37870606)<br>| &nbsp;&nbsp; (51412739)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (177359812)<br>| &nbsp;&nbsp; (41439250)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 25957897 | &nbsp;&nbsp; (103448762)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 728914149 | &nbsp;&nbsp; 832362911 |
| End of period | &nbsp;&nbsp; $754872046 | &nbsp;&nbsp; $728914149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1675899 | &nbsp;&nbsp; $19202460 | &nbsp;&nbsp; 5367966 | &nbsp;&nbsp; $61794686 |
| Reinvestments | &nbsp;&nbsp; 2966468 | &nbsp;&nbsp; 34381366 | &nbsp;&nbsp; 4036678 | &nbsp;&nbsp; 46623629 |
| Redemptions | &nbsp;&nbsp; (17186083)<br>| &nbsp;&nbsp; (216466514)<br>| &nbsp;&nbsp; (12221754)<br>| &nbsp;&nbsp; (147874040)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (12543716)<br>| &nbsp;&nbsp; $(162882688)<br>| &nbsp;&nbsp; (2817110)<br>| &nbsp;&nbsp; $(39455725)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 179914 | &nbsp;&nbsp; $2061432 | &nbsp;&nbsp; 763113 | &nbsp;&nbsp; $8593438 |
| Reinvestments | &nbsp;&nbsp; 302885 | &nbsp;&nbsp; 3489240 | &nbsp;&nbsp; 417170 | &nbsp;&nbsp; 4789110 |
| Redemptions | &nbsp;&nbsp; (1620130)<br>| &nbsp;&nbsp; (20027796)<br>| &nbsp;&nbsp; (1271895)<br>| &nbsp;&nbsp; (15366073)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1137331)<br>| &nbsp;&nbsp; $(14477124)<br>| &nbsp;&nbsp; (91612)<br>| &nbsp;&nbsp; $(1983525)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(177359812)<br>|  | &nbsp;&nbsp; $(41439250)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-377**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $10.29 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 3.60 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Total income (loss) from investment operations | 3.87 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.14 | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $12.08 |
| **Total Return (%)** (b) | 36.78 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;18.82 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net ratio of expenses to average net assets (%) (c) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Ratio of net investment income (loss) to average net assets (%) | 2.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 23 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $678.7 | &nbsp;&nbsp; $658.1 | &nbsp;&nbsp; $753.7 | &nbsp;&nbsp; $741.5 | &nbsp;&nbsp; $1012.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $10.21 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 3.58 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Total income (loss) from investment operations | 3.81 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.12)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.03 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $11.98 |
| **Total Return (%)** (b) | 36.40 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;18.51 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net ratio of expenses to average net assets (%) (c) | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Ratio of net investment income (loss) to average net assets (%) | 1.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 23 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $76.2 | &nbsp;&nbsp; $70.8 | &nbsp;&nbsp; $78.6 | &nbsp;&nbsp; $80.4 | &nbsp;&nbsp; $100.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-378**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—49.4% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Advertising — 0.5%** | **Advertising — 0.5%** | **Advertising — 0.5%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.125%, 02/15/31 (144A) (a) | 2030000 | &nbsp;&nbsp; $2125701 |
| 7.500%, 06/01/29 (144A) (a) | 5896000 | &nbsp;&nbsp; 5854441 |
| Neptune Bidco U.S., Inc. |  |  |
| 10.375%, 05/15/31 (144A) (a) | 1870000 | &nbsp;&nbsp; 1917388 |
|  |  | &nbsp;&nbsp; 9897530 |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| AAR Escrow Issuer LLC |  |  |
| 6.750%, 03/15/29 (144A) (a) | 1120000 | &nbsp;&nbsp; 1159021 |
| Bombardier, Inc. |  |  |
| 6.750%, 06/15/33 (144A) (a) | 1050000 | &nbsp;&nbsp; 1109835 |
| 7.000%, 06/01/32 (144A) | 3540000 | &nbsp;&nbsp; 3740509 |
| 7.250%, 07/01/31 (144A) (a) | 1226000 | &nbsp;&nbsp; 1306485 |
|  |  | &nbsp;&nbsp; 7315850 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Altria Group, Inc. |  |  |
| 5.950%, 02/14/49 (a) | 1630000 | &nbsp;&nbsp; 1629658 |
| **Airlines — 0.8%** | **Airlines — 0.8%** | **Airlines — 0.8%** |
| American Airlines, Inc. |  |  |
| 7.250%, 02/15/28 (144A) (a) | 1590000 | &nbsp;&nbsp; 1625458 |
| 8.500%, 05/15/29 (144A) (a) | 2590000 | &nbsp;&nbsp; 2708860 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| 5.750%, 04/20/29 (144A) (a) | 2970000 | &nbsp;&nbsp; 3024467 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| 9.875%, 09/20/31 (144A) (a) | 4370000 | &nbsp;&nbsp; 4402606 |
| Latam Airlines Group SA |  |  |
| 7.875%, 04/15/30 (144A) (a) | 2330000 | &nbsp;&nbsp; 2450624 |
|  |  | &nbsp;&nbsp; 14212015 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| JB Poindexter & Co., Inc. |  |  |
| 8.750%, 12/15/31 (144A) (a) | 2870000 | &nbsp;&nbsp; 3006256 |
| Nissan Motor Co. Ltd. |  |  |
| 4.810%, 09/17/30 (144A) (a) | 2070000 | &nbsp;&nbsp; 1950977 |
| PM General Purchaser LLC |  |  |
| 9.500%, 10/01/28 (144A) | 10020000 | &nbsp;&nbsp; 8617200 |
|  |  | &nbsp;&nbsp; 13574433 |
| **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** |
| American Axle & Manufacturing, Inc. |  |  |
| 6.375%, 10/15/32 (144A) (a) | 660000 | &nbsp;&nbsp; 672183 |
| 7.750%, 10/15/33 (144A) (a) | 3170000 | &nbsp;&nbsp; 3228894 |
| Qnity Electronics, Inc. |  |  |
| 5.750%, 08/15/32 (144A) | 2280000 | &nbsp;&nbsp; 2331177 |
| 6.250%, 08/15/33 (144A) (a) | 1920000 | &nbsp;&nbsp; 1990179 |
| ZF North America Capital, Inc. |  |  |
| 6.750%, 04/23/30 (144A) (a) | 4440000 | &nbsp;&nbsp; 4387481 |
| 6.875%, 04/23/32 (144A) (a) | 1810000 | &nbsp;&nbsp; 1770063 |
| 7.125%, 04/14/30 (144A) (a) | 3850000 | &nbsp;&nbsp; 3879757 |
| 7.500%, 03/24/31 (144A) | 2220000 | &nbsp;&nbsp; 2243880 |
|  |  | &nbsp;&nbsp; 20503614 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| Banco Mercantil del Norte SA |  |  |
| 7.625%, 10Y H15 + 5.353%, 01/10/28 (144A) (b) | 2150000 | &nbsp;&nbsp; $2210176 |
| Bank of Nova Scotia |  |  |
| 8.000%, 5Y H15 + 4.017%, 01/27/84 (b) | 3340000 | &nbsp;&nbsp; 3576542 |
| 8.625%, 5Y H15 + 4.389%, 10/27/82 (b) | 900000 | &nbsp;&nbsp; 955845 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo <br> Financiero BBVA Mexico<br>|  |  |
| 5.125%, 5Y H15 + 2.650%, 01/18/33 (144A) (b) | 5480000 | &nbsp;&nbsp; 5387114 |
| BNP Paribas SA |  |  |
| 7.750%, 5Y H15 + 4.899%, 08/16/29 (144A) (b) | 530000 | &nbsp;&nbsp; 559775 |
| 8.000%, 5Y H15 + 3.727%, 08/22/31 (144A) (a) (b) | 1920000 | &nbsp;&nbsp; 2071836 |
| Citigroup, Inc. |  |  |
| 6.625%, 5Y H15 + 3.001%, 02/15/31 (a) (b) | 4615000 | &nbsp;&nbsp; 4690094 |
| Intesa Sanpaolo SpA |  |  |
| 7.800%, 11/28/53 (144A) | 8720000 | &nbsp;&nbsp; 10652204 |
| Lloyds Banking Group PLC |  |  |
| 8.000%, 5Y H15 + 3.913%, 09/27/29 (b) | 2600000 | &nbsp;&nbsp; 2812745 |
| 8.500%, 5Y UKG + 5.143%, 03/27/28 (GBP) (b) | 4580000 | &nbsp;&nbsp; 6524929 |
| NatWest Group PLC |  |  |
| 4.500%, 5Y UKG + 3.992%, 03/31/28 (GBP) (b) | 6600000 | &nbsp;&nbsp; 8617213 |
| PNC Financial Services Group, Inc. |  |  |
| 5.068%, SOFR + 1.933%, 01/24/34 (b) | 1810000 | &nbsp;&nbsp; 1851858 |
| Toronto-Dominion Bank |  |  |
| 8.125%, 5Y H15 + 4.075%, 10/31/82 (b) | 2812000 | &nbsp;&nbsp; 2965377 |
| Truist Financial Corp. |  |  |
| 5.867%, SOFR + 2.361%, 06/08/34 (a) (b) | 1730000 | &nbsp;&nbsp; 1840884 |
| UBS Group AG |  |  |
| 7.000%, 5Y USD SOFR ICE Swap + 3.077%, 02/10/30 <br> (144A) (a) (b)<br>| 2890000 | &nbsp;&nbsp; 2953297 |
| 7.125%, 5Y USD SOFR ICE Swap + 3.179%, 08/10/34 <br> (144A) (b)<br>| 3000000 | &nbsp;&nbsp; 3074294 |
| 7.750%, 5Y USD SOFR ICE Swap + 4.160%, 04/12/31 <br> (144A) (a) (b)<br>| 2500000 | &nbsp;&nbsp; 2695080 |
| 9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (b) | 4090000 | &nbsp;&nbsp; 4487748 |
|  |  | &nbsp;&nbsp; 67927011 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |
| 6.250%, 04/01/29 (144A) (a) | 1730000 | &nbsp;&nbsp; 1738363 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| Builders FirstSource, Inc. |  |  |
| 4.250%, 02/01/32 (144A) (a) | 2184000 | &nbsp;&nbsp; 2079630 |
| Quikrete Holdings, Inc. |  |  |
| 6.375%, 03/01/32 (144A) | 4720000 | &nbsp;&nbsp; 4912953 |
|  |  | &nbsp;&nbsp; 6992583 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Celanese U.S. Holdings LLC |  |  |
| 7.000%, 02/15/31 | 600000 | &nbsp;&nbsp; 614318 |
| Cerdia Finanz GmbH |  |  |
| 9.375%, 10/03/31 (144A) (a) | 3685000 | &nbsp;&nbsp; 3809369 |
| Minerals Technologies, Inc. |  |  |
| 5.000%, 07/01/28 (144A) (a) | 1690000 | &nbsp;&nbsp; 1673100 |

---

*See accompanying notes to financial statements.*

**BHFTII-379**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| OCP SA |  |  |
| 6.750%, 05/02/34 (144A) (a) | 5100000 | &nbsp;&nbsp; $5493513 |
|  |  | &nbsp;&nbsp; 11590300 |
| **Commercial Services — 2.3%** | **Commercial Services — 2.3%** | **Commercial Services — 2.3%** |
| Block, Inc. |  |  |
| 6.000%, 08/15/33 (144A) (a) | 3850000 | &nbsp;&nbsp; 3952444 |
| Carriage Services, Inc. |  |  |
| 4.250%, 05/15/29 (144A) (a) | 4800000 | &nbsp;&nbsp; 4616831 |
| CoreCivic, Inc. |  |  |
| 4.750%, 10/15/27 | 8126000 | &nbsp;&nbsp; 8078605 |
| 8.250%, 04/15/29 (a) | 1150000 | &nbsp;&nbsp; 1208963 |
| EquipmentShare.com, Inc. |  |  |
| 8.625%, 05/15/32 (144A) (a) | 3330000 | &nbsp;&nbsp; 3517386 |
| 9.000%, 05/15/28 (144A) | 2840000 | &nbsp;&nbsp; 2951274 |
| GEO Group, Inc. |  |  |
| 10.250%, 04/15/31 | 3500000 | &nbsp;&nbsp; 3831391 |
| Herc Holdings, Inc. |  |  |
| 7.250%, 06/15/33 (144A) | 2710000 | &nbsp;&nbsp; 2873641 |
| Metropolitan Museum of Art |  |  |
| 3.400%, 07/01/45 | 2025000 | &nbsp;&nbsp; 1540856 |
| RR Donnelley & Sons Co. |  |  |
| 9.500%, 08/01/29 (144A) | 4030000 | &nbsp;&nbsp; 4152915 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| 5.500%, 05/15/33 (144A) (EUR) | 810000 | &nbsp;&nbsp; 974833 |
| 6.750%, 08/15/32 (144A) | 2030000 | &nbsp;&nbsp; 2095959 |
| United Rentals North America, Inc. |  |  |
| 6.000%, 12/15/29 (144A) | 1840000 | &nbsp;&nbsp; 1890348 |
| Vortex Opco LLC |  |  |
| 8.000%, 04/30/30 (144A) † (c) | 2837802 | &nbsp;&nbsp; 28378 |
|  |  | &nbsp;&nbsp; 41713824 |
| **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
| Vericast Corp./Harland Clarke/Checks in the Mail/Valassis <br> Comm/Valassis Direct<br>|  |  |
| 13.000%, 10.000% PIK, 12/15/30 (144A) (d) | 263781 | &nbsp;&nbsp; 324451 |
| **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 6.950%, 5Y H15 + 2.720%, 03/10/55 (a) (b) | 1360000 | &nbsp;&nbsp; 1425057 |
| B3 SA - Brasil Bolsa Balcao |  |  |
| 4.125%, 09/20/31 (144A) | 3800000 | &nbsp;&nbsp; 3567250 |
| Eagle Funding Luxco SARL |  |  |
| 5.500%, 08/17/30 (144A) | 2770000 | &nbsp;&nbsp; 2821494 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.125%, 11/01/32 (144A) (a) | 1890000 | &nbsp;&nbsp; 1923188 |
| 6.750%, 05/01/33 (144A) (a) | 1580000 | &nbsp;&nbsp; 1649198 |
| 7.125%, 04/30/31 (144A) | 2369000 | &nbsp;&nbsp; 2489265 |
| LD Holdings Group LLC |  |  |
| 6.125%, 04/01/28 (144A) (a) | 1630000 | &nbsp;&nbsp; 1516387 |
| LPL Holdings, Inc. |  |  |
| 4.000%, 03/15/29 (144A) (a) | 2610000 | &nbsp;&nbsp; 2566401 |
| Mcclatchy Media Co. LLC |  |  |
| 8.500%, 10.000% PIK, 09/01/27 (144A) † (d) | 4 | &nbsp;&nbsp; 5 |
| 11.000%, 12.500% PIK, 12/01/31 (144A) † (d) | 31888408 | &nbsp;&nbsp; 36113622 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Midcap Financial Issuer Trust |  |  |
| 6.500%, 05/01/28 (144A) (a) | 2165000 | &nbsp;&nbsp; $2161210 |
| 7.840%, 01/12/56 | 4500000 | &nbsp;&nbsp; 4500000 |
| Rocket Cos., Inc. |  |  |
| 6.125%, 08/01/30 (144A) (a) | 360000 | &nbsp;&nbsp; 372125 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| 3.625%, 03/01/29 (144A) (a) | 4370000 | &nbsp;&nbsp; 4220866 |
| Stonex Escrow Issuer LLC |  |  |
| 6.875%, 07/15/32 (144A) | 1600000 | &nbsp;&nbsp; 1659571 |
| VFH Parent LLC/Valor Co-Issuer, Inc. |  |  |
| 7.500%, 06/15/31 (144A) (a) | 850000 | &nbsp;&nbsp; 890360 |
|  |  | &nbsp;&nbsp; 67875999 |
| **Electric — 2.4%** | **Electric — 2.4%** | **Electric — 2.4%** |
| AES Andes SA |  |  |
| 6.250%, 03/14/32 (144A) | 1000000 | &nbsp;&nbsp; 1042128 |
| Alpha Generation LLC |  |  |
| 6.750%, 10/15/32 (144A) (a) | 4857000 | &nbsp;&nbsp; 5027916 |
| FirstEnergy Corp. |  |  |
| 2.650%, 03/01/30 | 1000000 | &nbsp;&nbsp; 932381 |
| Lightning Power LLC |  |  |
| 7.250%, 08/15/32 (144A) | 7985000 | &nbsp;&nbsp; 8490858 |
| NRG Energy, Inc. |  |  |
| 5.750%, 01/15/34 (144A) (a) | 1730000 | &nbsp;&nbsp; 1747594 |
| 6.000%, 01/15/36 (144A) (a) | 8420000 | &nbsp;&nbsp; 8531509 |
| 6.250%, 11/01/34 (144A) (a) | 2010000 | &nbsp;&nbsp; 2064300 |
| Pampa Energia SA |  |  |
| 7.875%, 12/16/34 (144A) | 950000 | &nbsp;&nbsp; 955605 |
| 7.950%, 09/10/31 (144A) | 2410000 | &nbsp;&nbsp; 2494109 |
| Panoche Energy Center LLC |  |  |
| 6.885%, 07/31/29 (144A) | 289294 | &nbsp;&nbsp; 250239 |
| Southern California Edison Co. |  |  |
| 3.900%, 03/15/43 | 827000 | &nbsp;&nbsp; 635739 |
| Talen Energy Supply LLC |  |  |
| 6.500%, 02/01/36 (144A) | 3070000 | &nbsp;&nbsp; 3174655 |
| TransAlta Corp. |  |  |
| 6.500%, 03/15/40 (a) | 3619000 | &nbsp;&nbsp; 3629793 |
| Vistra Operations Co. LLC |  |  |
| 4.375%, 05/01/29 (144A) (a) | 1930000 | &nbsp;&nbsp; 1905768 |
| 6.875%, 04/15/32 (144A) (a) | 2940000 | &nbsp;&nbsp; 3097056 |
|  |  | &nbsp;&nbsp; 43979650 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| Alta Wind Holdings LLC |  |  |
| 7.000%, 06/30/35 (144A) | 740139 | &nbsp;&nbsp; 706334 |
| **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
| Railworks Holdings LP/Railworks Rally, Inc. |  |  |
| 8.250%, 11/15/28 (144A) | 3230000 | &nbsp;&nbsp; 3248217 |
| TopBuild Corp. |  |  |
| 4.125%, 02/15/32 (144A) (a) | 90000 | &nbsp;&nbsp; 85476 |
| 5.625%, 01/31/34 (144A) (a) | 4460000 | &nbsp;&nbsp; 4511676 |
| Tutor Perini Corp. |  |  |
| 11.875%, 04/30/29 (144A) | 8802000 | &nbsp;&nbsp; 9771581 |
|  |  | &nbsp;&nbsp; 17616950 |

---

*See accompanying notes to financial statements.*

**BHFTII-380**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Allen Media LLC/Allen Media Co-Issuer, Inc. |  |  |
| 10.500%, 02/15/28 (144A) | 3590000 | &nbsp;&nbsp; $1543700 |
| Brightstar Lottery PLC/Brightstar Global Solutions Corp. |  |  |
| 5.750%, 01/15/33 (144A) | 2080000 | &nbsp;&nbsp; 2065097 |
| Flutter Treasury DAC |  |  |
| 5.875%, 06/04/31 (144A) | 4650000 | &nbsp;&nbsp; 4714635 |
| Light & Wonder International, Inc. |  |  |
| 6.250%, 10/01/33 (144A) (a) | 2420000 | &nbsp;&nbsp; 2450003 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. |  |  |
| 6.250%, 10/15/30 (144A) | 2750000 | &nbsp;&nbsp; 2807005 |
| Warnermedia Holdings, Inc. |  |  |
| 4.279%, 03/15/32 (a) | 2365000 | &nbsp;&nbsp; 2076044 |
| 5.050%, 03/15/42 | 2500000 | &nbsp;&nbsp; 1759375 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| 7.125%, 02/15/31 (144A) (a) | 2970000 | &nbsp;&nbsp; 3213801 |
|  |  | &nbsp;&nbsp; 20629660 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Clean Harbors, Inc. |  |  |
| 5.125%, 07/15/29 (144A) (a) | 2098000 | &nbsp;&nbsp; 2100053 |
| GFL Environmental, Inc. |  |  |
| 4.000%, 08/01/28 (144A) | 2120000 | &nbsp;&nbsp; 2091166 |
| 6.750%, 01/15/31 (144A) | 2010000 | &nbsp;&nbsp; 2108836 |
| Wrangler Holdco Corp. |  |  |
| 6.625%, 04/01/32 (144A) (a) | 3180000 | &nbsp;&nbsp; 3333349 |
|  |  | &nbsp;&nbsp; 9633404 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| Co-Operative Group Holdings Ltd. |  |  |
| 7.500%, 07/08/26 (GBP) (e) | 2410000 | &nbsp;&nbsp; 3285300 |
| **Food Service — 0.4%** | **Food Service — 0.4%** | **Food Service — 0.4%** |
| TKC Holdings, Inc. |  |  |
| 6.875%, 05/15/28 (144A) | 4120000 | &nbsp;&nbsp; 4160166 |
| 10.500%, 05/15/29 (144A) | 2120000 | &nbsp;&nbsp; 2178493 |
|  |  | &nbsp;&nbsp; 6338659 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Suzano Austria GmbH |  |  |
| 3.125%, 01/15/32 (a) | 2190000 | &nbsp;&nbsp; 1959040 |
| **Gas — 0.7%** | **Gas — 0.7%** | **Gas — 0.7%** |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.125%, 12/15/30 (144A) | 380000 | &nbsp;&nbsp; 386971 |
| 6.500%, 06/15/34 (144A) (a) | 160000 | &nbsp;&nbsp; 163485 |
| 6.750%, 01/15/36 (144A) (a) | 11195000 | &nbsp;&nbsp; 11466930 |
|  |  | &nbsp;&nbsp; 12017386 |
| **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** |
| Medline Borrower LP |  |  |
| 5.250%, 10/01/29 (144A) (a) | 3070000 | &nbsp;&nbsp; 3086596 |
| Medline Borrower LP/Medline Co-Issuer, Inc. |  |  |
| 6.250%, 04/01/29 (144A) (a) | 2300000 | &nbsp;&nbsp; 2377651 |
|  |  | &nbsp;&nbsp; 5464247 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** |
| Akumin, Inc. |  |  |
| 9.000%, 10.000% PIK, 08/01/27 (144A) (d) | 4802000 | &nbsp;&nbsp; $4681950 |
| CHS/Community Health Systems, Inc. |  |  |
| 5.250%, 05/15/30 (144A) (a) | 3910000 | &nbsp;&nbsp; 3672243 |
| 6.125%, 04/01/30 (144A) | 880000 | &nbsp;&nbsp; 705081 |
| 6.875%, 04/15/29 (144A) (a) | 5290000 | &nbsp;&nbsp; 4708100 |
| 9.750%, 01/15/34 (144A) (a) | 4350000 | &nbsp;&nbsp; 4568930 |
| LifePoint Health, Inc. |  |  |
| 9.875%, 08/15/30 (144A) | 4800000 | &nbsp;&nbsp; 5168126 |
| Sotera Health Holdings LLC |  |  |
| 7.375%, 06/01/31 (144A) (a) | 5020000 | &nbsp;&nbsp; 5265084 |
| U.S. Renal Care, Inc. |  |  |
| 10.625%, 06/28/28 (144A) | 1375850 | &nbsp;&nbsp; 1172912 |
|  |  | &nbsp;&nbsp; 29942426 |
| **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
| Stena International SA |  |  |
| 7.250%, 01/15/31 (144A) | 1866000 | &nbsp;&nbsp; 1902212 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| Dream Finders Homes, Inc. |  |  |
| 6.875%, 09/15/30 (144A) (a) | 2870000 | &nbsp;&nbsp; 2886187 |
| Empire Communities Corp. |  |  |
| 9.750%, 05/01/29 (144A) (a) | 1950000 | &nbsp;&nbsp; 2011357 |
|  |  | &nbsp;&nbsp; 4897544 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC<br>|  |  |
| 7.875%, 11/01/29 (144A) (a) | 740000 | &nbsp;&nbsp; 747388 |
| Asurion LLC & Asurion Co-Issuer, Inc. |  |  |
| 8.000%, 12/31/32 (144A) (a) | 6060000 | &nbsp;&nbsp; 6287925 |
| Massachusetts Mutual Life Insurance Co. |  |  |
| 4.900%, 04/01/77 (144A) | 5795000 | &nbsp;&nbsp; 4661098 |
|  |  | &nbsp;&nbsp; 11696411 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| Gen Digital, Inc. |  |  |
| 6.250%, 04/01/33 (144A) (a) | 2880000 | &nbsp;&nbsp; 2969945 |
| Getty Images, Inc. |  |  |
| 10.500%, 11/15/30 (144A) (a) | 1490000 | &nbsp;&nbsp; 1502312 |
| 11.250%, 02/21/30 (144A) | 1140000 | &nbsp;&nbsp; 1068949 |
| MercadoLibre, Inc. |  |  |
| 4.900%, 01/15/33 | 2600000 | &nbsp;&nbsp; 2574231 |
| Meta Platforms, Inc. |  |  |
| 5.500%, 11/15/45 (a) | 5680000 | &nbsp;&nbsp; 5515388 |
|  |  | &nbsp;&nbsp; 13630825 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Vertiv Group Corp. |  |  |
| 4.125%, 11/15/28 (144A) | 2820000 | &nbsp;&nbsp; 2785342 |
| **Leisure Time — 1.7%** | **Leisure Time — 1.7%** | **Leisure Time — 1.7%** |
| Carnival Corp. |  |  |
| 5.125%, 05/01/29 (144A) (a) | 2340000 | &nbsp;&nbsp; 2365949 |
| 6.125%, 02/15/33 (144A) (a) | 3980000 | &nbsp;&nbsp; 4109708 |

---

*See accompanying notes to financial statements.*

**BHFTII-381**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Leisure Time—(Continued)** | **Leisure Time—(Continued)** | **Leisure Time—(Continued)** |
| NCL Corp. Ltd. |  |  |
| 5.875%, 01/15/31 (144A) (a) | 760000 | &nbsp;&nbsp; $757124 |
| 6.250%, 09/15/33 (144A) (a) | 520000 | &nbsp;&nbsp; 519781 |
| 6.750%, 02/01/32 (144A) (a) | 4110000 | &nbsp;&nbsp; 4208321 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.625%, 09/30/31 (144A) | 1020000 | &nbsp;&nbsp; 1042763 |
| 6.000%, 02/01/33 (144A) (a) | 2980000 | &nbsp;&nbsp; 3061790 |
| 6.250%, 03/15/32 (144A) (a) | 4990000 | &nbsp;&nbsp; 5163414 |
| Viking Cruises Ltd. |  |  |
| 5.875%, 10/15/33 (144A) (a) | 3430000 | &nbsp;&nbsp; 3483038 |
| 9.125%, 07/15/31 (144A) (a) | 5340000 | &nbsp;&nbsp; 5718286 |
|  |  | &nbsp;&nbsp; 30430174 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| Full House Resorts, Inc. |  |  |
| 8.250%, 02/15/28 (144A) (a) | 7715000 | &nbsp;&nbsp; 6702406 |
| Melco Resorts Finance Ltd. |  |  |
| 6.500%, 09/24/33 (144A) (a) | 2310000 | &nbsp;&nbsp; 2315917 |
| 7.625%, 04/17/32 (144A) (a) | 2540000 | &nbsp;&nbsp; 2671591 |
| Sands China Ltd. |  |  |
| 2.300%, 03/08/27 | 200000 | &nbsp;&nbsp; 195081 |
| 2.850%, 03/08/29 | 1240000 | &nbsp;&nbsp; 1174875 |
| 3.250%, 08/08/31 | 470000 | &nbsp;&nbsp; 433595 |
| 5.400%, 08/08/28 | 1020000 | &nbsp;&nbsp; 1038455 |
|  |  | &nbsp;&nbsp; 14531920 |
| **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.250%, 07/15/27 (144A) (a) | 5885000 | &nbsp;&nbsp; 5886383 |
| **Media — 2.6%** | **Media — 2.6%** | **Media — 2.6%** |
| AMC Networks, Inc. |  |  |
| 10.250%, 01/15/29 (144A) (a) | 1080000 | &nbsp;&nbsp; 1132501 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.250%, 02/01/31 (144A) | 4630000 | &nbsp;&nbsp; 4254276 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 5.375%, 04/01/38 | 1130000 | &nbsp;&nbsp; 1041860 |
| CSC Holdings LLC |  |  |
| 6.500%, 02/01/29 (144A) | 5950000 | &nbsp;&nbsp; 3943187 |
| 11.750%, 01/31/29 (144A) (a) | 10880000 | &nbsp;&nbsp; 8083268 |
| Directv Financing LLC |  |  |
| 8.875%, 02/01/30 (144A) (a) | 2570000 | &nbsp;&nbsp; 2600310 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 10.000%, 02/15/31 (144A) (a) | 1970000 | &nbsp;&nbsp; 2013442 |
| DISH DBS Corp. |  |  |
| 5.250%, 12/01/26 (144A) † | 140000 | &nbsp;&nbsp; 135765 |
| 5.750%, 12/01/28 (144A) † | 2570000 | &nbsp;&nbsp; 2523104 |
| DISH Network Corp. |  |  |
| 11.750%, 11/15/27 (144A) † | 4260000 | &nbsp;&nbsp; 4433723 |
| Gray Media, Inc. |  |  |
| 7.250%, 08/15/33 (144A) (a) | 2070000 | &nbsp;&nbsp; 2115186 |
| 9.625%, 07/15/32 (144A) (a) | 4040000 | &nbsp;&nbsp; 4192584 |
| Grupo Televisa SAB |  |  |
| 5.000%, 05/13/45 (a) | 2690000 | &nbsp;&nbsp; 1780383 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| iHeartCommunications, Inc. |  |  |
| 9.125%, 05/01/29 (144A) (a) | 855000 | &nbsp;&nbsp; $823459 |
| Time Warner Cable LLC |  |  |
| 5.875%, 11/15/40 | 1702000 | &nbsp;&nbsp; 1574951 |
| 6.750%, 06/15/39 (a) | 1970000 | &nbsp;&nbsp; 1992576 |
| Univision Communications, Inc. |  |  |
| 9.375%, 08/01/32 (144A) (a) | 1540000 | &nbsp;&nbsp; 1655212 |
| Versant Media Group, Inc. |  |  |
| 7.250%, 01/30/31 (144A) (a) | 1760000 | &nbsp;&nbsp; 1815773 |
| Virgin Media Finance PLC |  |  |
| 5.000%, 07/15/30 (144A) (a) | 1080000 | &nbsp;&nbsp; 952136 |
| VZ Secured Financing BV |  |  |
| 7.500%, 01/15/33 (144A) | 1180000 | &nbsp;&nbsp; 1195373 |
|  |  | &nbsp;&nbsp; 48259069 |
| **Metal Fabricate/Hardware — 0.4%** | **Metal Fabricate/Hardware — 0.4%** | **Metal Fabricate/Hardware — 0.4%** |
| Advanced Drainage Systems, Inc. |  |  |
| 5.000%, 09/30/27 (144A) (a) | 2273000 | &nbsp;&nbsp; 2274127 |
| Park-Ohio Industries, Inc. |  |  |
| 8.500%, 08/01/30 (144A) (a) | 4540000 | &nbsp;&nbsp; 4661763 |
|  |  | &nbsp;&nbsp; 6935890 |
| **Mining — 1.5%** | **Mining — 1.5%** | **Mining — 1.5%** |
| ACN 113 874 712 Pty. Ltd. |  |  |
| 13.250%, 02/15/18 (144A) † (c) (f) (g) | 931574 | &nbsp;&nbsp; 0 |
| Capstone Copper Corp. |  |  |
| 6.750%, 03/31/33 (144A) (a) | 1370000 | &nbsp;&nbsp; 1421986 |
| First Quantum Minerals Ltd. |  |  |
| 7.250%, 02/15/34 (144A) (a) | 2590000 | &nbsp;&nbsp; 2722879 |
| 8.000%, 03/01/33 (144A) (a) | 4040000 | &nbsp;&nbsp; 4314506 |
| 8.625%, 06/01/31 (144A) (a) | 2980000 | &nbsp;&nbsp; 3135985 |
| 9.375%, 03/01/29 (144A) | 3250000 | &nbsp;&nbsp; 3422293 |
| Freeport Minerals Corp. |  |  |
| 7.125%, 11/01/27 | 4240000 | &nbsp;&nbsp; 4420697 |
| Freeport-McMoRan, Inc. |  |  |
| 5.450%, 03/15/43 (a) | 5181000 | &nbsp;&nbsp; 5015421 |
| Hudbay Minerals, Inc. |  |  |
| 6.125%, 04/01/29 (144A) (a) | 2014000 | &nbsp;&nbsp; 2040467 |
| Northwest Acquisitions ULC/Dominion Finco, Inc. |  |  |
| 7.125%, 11/01/22 (144A) † (c) | 8475000 | &nbsp;&nbsp; 85 |
| Teck Resources Ltd. |  |  |
| 6.000%, 08/15/40 | 1774000 | &nbsp;&nbsp; 1810812 |
|  |  | &nbsp;&nbsp; 28305131 |
| **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
| Axon Enterprise, Inc. |  |  |
| 6.125%, 03/15/30 (144A) | 1990000 | &nbsp;&nbsp; 2054365 |
| 6.250%, 03/15/33 (144A) (a) | 970000 | &nbsp;&nbsp; 1009117 |
|  |  | &nbsp;&nbsp; 3063482 |
| **Multi-National — 1.1%** | **Multi-National — 1.1%** | **Multi-National — 1.1%** |
| Inter-American Development Bank |  |  |
| 7.350%, 10/06/30 (INR) | 1730000000 | &nbsp;&nbsp; 19696493 |

---

*See accompanying notes to financial statements.*

**BHFTII-382**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas — 5.7%** | **Oil & Gas — 5.7%** | **Oil & Gas — 5.7%** |
| Chord Energy Corp. |  |  |
| 6.000%, 10/01/30 (144A) (a) | 1800000 | &nbsp;&nbsp; $1822073 |
| 6.750%, 03/15/33 (144A) (a) | 2510000 | &nbsp;&nbsp; 2595634 |
| Crescent Energy Finance LLC |  |  |
| 7.375%, 01/15/33 (144A) | 2170000 | &nbsp;&nbsp; 2059225 |
| 8.375%, 01/15/34 (144A) (a) | 2470000 | &nbsp;&nbsp; 2453550 |
| Devon Energy Corp. |  |  |
| 5.600%, 07/15/41 (a) | 4300000 | &nbsp;&nbsp; 4159663 |
| Ecopetrol SA |  |  |
| 8.375%, 01/19/36 | 5570000 | &nbsp;&nbsp; 5730309 |
| Expand Energy Corp. |  |  |
| 4.750%, 02/01/32 | 1880000 | &nbsp;&nbsp; 1854632 |
| Granite Ridge Resources, Inc. |  |  |
| 8.875%, 11/05/29 (144A) † | 5550000 | &nbsp;&nbsp; 5364131 |
| KazMunayGas National Co. JSC |  |  |
| 5.375%, 04/24/30 (144A) | 300000 | &nbsp;&nbsp; 306161 |
| 6.375%, 10/24/48 (144A) | 1060000 | &nbsp;&nbsp; 1066757 |
| Nabors Industries, Inc. |  |  |
| 8.875%, 08/15/31 (144A) (a) | 4410000 | &nbsp;&nbsp; 4278106 |
| Noble Finance II LLC |  |  |
| 8.000%, 04/15/30 (144A) | 2150000 | &nbsp;&nbsp; 2233664 |
| Northern Oil & Gas, Inc. |  |  |
| 7.875%, 10/15/33 (144A) (a) | 2860000 | &nbsp;&nbsp; 2784652 |
| Occidental Petroleum Corp. |  |  |
| 4.400%, 08/15/49 | 1630000 | &nbsp;&nbsp; 1220463 |
| 6.450%, 09/15/36 | 1472000 | &nbsp;&nbsp; 1568748 |
| 7.150%, 05/15/28 | 6482000 | &nbsp;&nbsp; 6881939 |
| 7.950%, 06/15/39 | 8859000 | &nbsp;&nbsp; 10411159 |
| Pan American Energy LLC |  |  |
| 8.500%, 04/30/32 (144A) | 1330000 | &nbsp;&nbsp; 1408138 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 6.000%, 02/15/28 (a) | 2520000 | &nbsp;&nbsp; 2496024 |
| Permian Resources Operating LLC |  |  |
| 5.875%, 07/01/29 (144A) (a) | 1310000 | &nbsp;&nbsp; 1317678 |
| 6.250%, 02/01/33 (144A) (a) | 680000 | &nbsp;&nbsp; 697521 |
| 7.000%, 01/15/32 (144A) | 6840000 | &nbsp;&nbsp; 7129581 |
| 8.000%, 04/15/27 (144A) (a) | 700000 | &nbsp;&nbsp; 709142 |
| 9.875%, 07/15/31 (144A) (a) | 1895000 | &nbsp;&nbsp; 2036611 |
| Petrobras Global Finance BV |  |  |
| 5.750%, 02/01/29 | 700000 | &nbsp;&nbsp; 712741 |
| 6.850%, 06/05/2115 (a) | 6170000 | &nbsp;&nbsp; 5779848 |
| Puma International Financing SA |  |  |
| 7.750%, 04/25/29 (144A) | 3680000 | &nbsp;&nbsp; 3793012 |
| Range Resources Corp. |  |  |
| 4.750%, 02/15/30 (144A) | 2820000 | &nbsp;&nbsp; 2783083 |
| 8.250%, 01/15/29 (a) | 4610000 | &nbsp;&nbsp; 4701354 |
| Sunoco LP |  |  |
| 5.625%, 03/15/31 (144A) (a) | 2870000 | &nbsp;&nbsp; 2891029 |
| 7.875%, 5Y H15 + 4.230%, 09/18/30 (144A) (b) | 4774000 | &nbsp;&nbsp; 4904211 |
| Vermilion Energy, Inc. |  |  |
| 7.250%, 02/15/33 (144A) | 3930000 | &nbsp;&nbsp; 3702846 |
| YPF SA |  |  |
| 6.950%, 07/21/27 (144A) | 3160000 | &nbsp;&nbsp; 3185071 |
|  |  | &nbsp;&nbsp; 105038756 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| WBI Operating LLC |  |  |
| 6.500%, 10/15/33 (144A) | 2460000 | &nbsp;&nbsp; $2450683 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| 1261229 BC Ltd. |  |  |
| 10.000%, 04/15/32 (144A) (a) | 5120000 | &nbsp;&nbsp; 5324887 |
| Bausch Health Cos., Inc. |  |  |
| 6.250%, 02/15/29 (144A) | 580000 | &nbsp;&nbsp; 466900 |
| 7.000%, 01/15/28 (144A) | 2160000 | &nbsp;&nbsp; 1954800 |
| 11.000%, 09/30/28 (144A) | 1300000 | &nbsp;&nbsp; 1346592 |
| Teva Pharmaceutical Finance Co. LLC |  |  |
| 6.150%, 02/01/36 (a) | 1658000 | &nbsp;&nbsp; 1740732 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 4.100%, 10/01/46 | 7590000 | &nbsp;&nbsp; 5739593 |
| 6.000%, 12/01/32 | 400000 | &nbsp;&nbsp; 419803 |
| Teva Pharmaceutical Finance Netherlands IV BV |  |  |
| 5.750%, 12/01/30 | 3070000 | &nbsp;&nbsp; 3184279 |
|  |  | &nbsp;&nbsp; 20177586 |
| **Pipelines — 3.5%** | **Pipelines — 3.5%** | **Pipelines — 3.5%** |
| Antero Midstream Partners LP/Antero Midstream Finance <br> Corp.<br>|  |  |
| 5.750%, 10/15/33 (144A) (a) | 1992000 | &nbsp;&nbsp; 2004030 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| 7.250%, 07/15/32 (144A) (a) | 2580000 | &nbsp;&nbsp; 2738083 |
| El Paso Natural Gas Co. LLC |  |  |
| 8.375%, 06/15/32 | 190000 | &nbsp;&nbsp; 228116 |
| Energy Transfer LP |  |  |
| 5.350%, 05/15/45 (a) | 5000000 | &nbsp;&nbsp; 4521872 |
| 6.250%, 04/15/49 | 550000 | &nbsp;&nbsp; 544343 |
| Enterprise Products Operating LLC |  |  |
| 5.375%, 3M TSFR + 2.832%, 02/15/78 (a) (b) | 11670000 | &nbsp;&nbsp; 11593616 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 1.750%, 09/30/27 | 590724 | &nbsp;&nbsp; 576034 |
| Howard Midstream Energy Partners LLC |  |  |
| 6.625%, 01/15/34 (144A) | 2140000 | &nbsp;&nbsp; 2198496 |
| 7.375%, 07/15/32 (144A) (a) | 2070000 | &nbsp;&nbsp; 2184211 |
| Plains All American Pipeline LP |  |  |
| 8.223%, 3M TSFR + 4.372%, 01/30/26 (b) | 4228000 | &nbsp;&nbsp; 4239995 |
| Rockies Express Pipeline LLC |  |  |
| 6.875%, 04/15/40 (144A) (a) | 3160000 | &nbsp;&nbsp; 3266704 |
| 7.500%, 07/15/38 (144A) (a) | 1200000 | &nbsp;&nbsp; 1305481 |
| Southern Natural Gas Co. LLC |  |  |
| 8.000%, 03/01/32 | 25000 | &nbsp;&nbsp; 28862 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| 6.000%, 12/31/30 (144A) | 1030000 | &nbsp;&nbsp; 1038329 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.875%, 11/01/33 (144A) (a) | 2200000 | &nbsp;&nbsp; 1886306 |
| 4.125%, 08/15/31 (144A) | 3210000 | &nbsp;&nbsp; 2921013 |
| Venture Global LNG, Inc. |  |  |
| 9.000%, 5Y H15 + 5.440%, 09/30/29 (144A) (b) | 2770000 | &nbsp;&nbsp; 2187554 |
| 9.500%, 02/01/29 (144A) (a) | 7300000 | &nbsp;&nbsp; 7566282 |
| 9.875%, 02/01/32 (144A) (a) | 2240000 | &nbsp;&nbsp; 2314082 |
| Western Midstream Operating LP |  |  |
| 5.300%, 03/01/48 | 3460000 | &nbsp;&nbsp; 2983332 |

---

*See accompanying notes to financial statements.*

**BHFTII-383**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Western Midstream Operating LP |  |  |
| 5.450%, 04/01/44 (a) | 9160000 | &nbsp;&nbsp; $8345290 |
|  |  | &nbsp;&nbsp; 64672031 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| Country Garden Holdings Co. Ltd. |  |  |
| 5.000%, 2.500% PIK, 12/31/32 (d) | 410581 | &nbsp;&nbsp; 26622 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.750%, 05/15/28 (144A) (a) | 1869000 | &nbsp;&nbsp; 1878922 |
| Five Point Operating Co. LP |  |  |
| 8.000%, 10/01/30 (144A) | 2520000 | &nbsp;&nbsp; 2632846 |
|  |  | &nbsp;&nbsp; 4538390 |
| **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** |
| Arbor Realty SR, Inc. |  |  |
| 7.875%, 07/15/30 (144A) (a) | 2390000 | &nbsp;&nbsp; 2283610 |
| 8.500%, 12/15/28 (144A) (a) | 1230000 | &nbsp;&nbsp; 1225085 |
| Diversified Healthcare Trust |  |  |
| 7.250%, 10/15/30 (144A) (a) | 1930000 | &nbsp;&nbsp; 1973402 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.<br>|  |  |
| 7.000%, 07/15/31 (144A) (a) | 1940000 | &nbsp;&nbsp; 2056891 |
| Millrose Properties, Inc. |  |  |
| 6.250%, 09/15/32 (144A) (a) | 1130000 | &nbsp;&nbsp; 1140151 |
| 6.375%, 08/01/30 (144A) (a) | 3880000 | &nbsp;&nbsp; 3970109 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 3.692%, 06/05/28 (GBP) | 820000 | &nbsp;&nbsp; 940896 |
| 5.000%, 10/15/27 (a) | 5073000 | &nbsp;&nbsp; 4897380 |
| 8.500%, 02/15/32 (144A) (a) | 2040000 | &nbsp;&nbsp; 2178584 |
| Starwood Property Trust, Inc. |  |  |
| 7.250%, 04/01/29 (144A) | 1660000 | &nbsp;&nbsp; 1753129 |
| Trust 2401 |  |  |
| 4.869%, 01/15/30 (144A) | 1398000 | &nbsp;&nbsp; 1376107 |
| Trust Fibra Uno |  |  |
| 4.869%, 01/15/30 (144A) | 722000 | &nbsp;&nbsp; 706545 |
|  |  | &nbsp;&nbsp; 24501889 |
| **Retail — 1.1%** | **Retail — 1.1%** | **Retail — 1.1%** |
| FirstCash, Inc. |  |  |
| 5.625%, 01/01/30 (144A) (a) | 3060000 | &nbsp;&nbsp; 3071374 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 11.500%, 08/15/29 (144A) (a) | 7420000 | &nbsp;&nbsp; 7770181 |
| Marks & Spencer PLC |  |  |
| 7.125%, 12/01/37 (144A) | 1595000 | &nbsp;&nbsp; 1753126 |
| Michaels Cos., Inc. |  |  |
| 5.250%, 05/01/28 (144A) (a) | 1830000 | &nbsp;&nbsp; 1759285 |
| SGUS LLC |  |  |
| 11.000%, 12/15/29 (144A) (a) | 1165273 | &nbsp;&nbsp; 431151 |
| Suburban Propane Partners LP/Suburban Energy Finance <br> Corp.<br>|  |  |
| 5.000%, 06/01/31 (144A) | 2210000 | &nbsp;&nbsp; 2121660 |
| Superior Plus LP/Superior General Partner, Inc. |  |  |
| 4.500%, 03/15/29 (144A) (a) | 2320000 | &nbsp;&nbsp; 2264688 |
|  |  | &nbsp;&nbsp; 19171465 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Intel Corp. |  |  |
| 5.700%, 02/10/53 (a) | 980000 | &nbsp;&nbsp; $912338 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Citrix Systems, Inc. |  |  |
| 4.500%, 12/01/27 | 1800000 | &nbsp;&nbsp; 1683024 |
| Cloud Software Group, Inc. |  |  |
| 6.625%, 08/15/33 (144A) (a) | 1680000 | &nbsp;&nbsp; 1664976 |
| 8.250%, 06/30/32 (144A) (a) | 2960000 | &nbsp;&nbsp; 3093319 |
| CoreWeave, Inc. |  |  |
| 9.250%, 06/01/30 (144A) (a) | 3580000 | &nbsp;&nbsp; 3328586 |
|  |  | &nbsp;&nbsp; 9769905 |
| **Telecommunications — 2.2%** | **Telecommunications — 2.2%** | **Telecommunications — 2.2%** |
| Altice Financing SA |  |  |
| 5.750%, 08/15/29 (144A) | 8730000 | &nbsp;&nbsp; 6052331 |
| Altice France Lux 3/Altice Holdings 1 |  |  |
| 10.000%, 01/15/33 (144A) | 954000 | &nbsp;&nbsp; 874511 |
| Altice France SA |  |  |
| 6.500%, 04/15/32 (144A) (a) | 731595 | &nbsp;&nbsp; 701367 |
| 6.875%, 07/15/32 (144A) (a) | 2633742 | &nbsp;&nbsp; 2525599 |
| APLD ComputeCo LLC |  |  |
| 9.250%, 12/15/30 (144A) (a) | 3360000 | &nbsp;&nbsp; 3295825 |
| CommScope LLC |  |  |
| 9.500%, 12/15/31 (144A) (a) | 4350000 | &nbsp;&nbsp; 4393675 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| 9.000%, 09/15/29 (144A) (a) | 2100000 | &nbsp;&nbsp; 2227552 |
| EchoStar Corp. |  |  |
| 10.750%, 11/30/29 † (a) | 5266400 | &nbsp;&nbsp; 5823592 |
| Level 3 Financing, Inc. |  |  |
| 6.875%, 06/30/33 (144A) | 1810000 | &nbsp;&nbsp; 1852133 |
| 8.500%, 01/15/36 (144A) (a) | 1470000 | &nbsp;&nbsp; 1505255 |
| Millicom International Cellular SA |  |  |
| 4.500%, 04/27/31 (144A) (a) | 3930000 | &nbsp;&nbsp; 3660618 |
| 6.250%, 03/25/29 (144A) (a) | 1215000 | &nbsp;&nbsp; 1226024 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 6.750%, 01/15/33 (144A) | 1850000 | &nbsp;&nbsp; 1833415 |
| WULF Compute LLC |  |  |
| 7.750%, 10/15/30 (144A) (a) | 3840000 | &nbsp;&nbsp; 3956154 |
|  |  | &nbsp;&nbsp; 39928051 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
| Carriage Purchaser, Inc. |  |  |
| 7.875%, 10/15/29 (144A) | 6363000 | &nbsp;&nbsp; 6080597 |
| Total Corporate Bonds & Notes <br>(Cost $906,545,403) <br>|  | &nbsp;&nbsp; 906131254 |
| **Non-Agency Mortgage-Backed Securities—13.2%** | **Non-Agency Mortgage-Backed Securities—13.2%** | **Non-Agency Mortgage-Backed Securities—13.2%** |
| **Collateralized Mortgage Obligations — 4.9%** | **Collateralized Mortgage Obligations — 4.9%** | **Collateralized Mortgage Obligations — 4.9%** |
| Angel Oak Mortgage Trust |  |  |
| 4.120%, 01/25/67 (144A) (b) | 3133030 | &nbsp;&nbsp; 2943894 |
| Banc of America Funding Corp. |  |  |
| 5.521%, 02/27/37 (144A) (b) | 13305854 | &nbsp;&nbsp; 11644120 |

---

*See accompanying notes to financial statements.*

**BHFTII-384**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Banc of America Funding Trust |  |  |
| 3.054%, 1M TSFR + 0.279%, 09/29/36 (144A) (b) | 8463339 | &nbsp;&nbsp; $7146367 |
| Banc of America Mortgage Trust |  |  |
| 5.066%, 09/25/35 (b) | 16135 | &nbsp;&nbsp; 14394 |
| BCAP LLC Trust |  |  |
| 4.203%, 05/26/47 (144A) (b) | 2239440 | &nbsp;&nbsp; 2009670 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| 19.584%, -4.33x 1M TSFR + 35.754%, 07/25/36 (b) | 137603 | &nbsp;&nbsp; 175047 |
| BRAVO Residential Funding Trust |  |  |
| 6.435%, 05/25/63 (144A) (e) | 2465623 | &nbsp;&nbsp; 2473792 |
| 7.103%, 10/25/63 (144A) (e) | 2308146 | &nbsp;&nbsp; 2332727 |
| CIM Trust |  |  |
| 5.000%, 05/25/62 (144A) (b) | 1004900 | &nbsp;&nbsp; 1004251 |
| COLT Mortgage Loan Trust |  |  |
| 6.303%, 07/25/69 (144A) (e) | 2881201 | &nbsp;&nbsp; 2911000 |
| 6.586%, 02/25/69 (144A) (b) | 1580000 | &nbsp;&nbsp; 1595962 |
| CoreVest American Finance Ltd. |  |  |
| 7.553%, 12/28/30 (144A) (e) | 4010000 | &nbsp;&nbsp; 4010000 |
| Countrywide Alternative Loan Trust |  |  |
| 5.750%, 01/25/37 | 1317027 | &nbsp;&nbsp; 628021 |
| 6.000%, 01/25/37 | 979318 | &nbsp;&nbsp; 584590 |
| 13.215%, -4x 1M TSFR + 28.142%, 07/25/36 (b) | 1353787 | &nbsp;&nbsp; 1385413 |
| Countrywide Alternative Loan Trust Resecuritization |  |  |
| 3.724%, 08/25/37 (b) | 1848891 | &nbsp;&nbsp; 792932 |
| GreenPoint MTA Trust |  |  |
| 4.286%, 1M TSFR + 0.554%, 06/25/45 (b) | 273418 | &nbsp;&nbsp; 246453 |
| GSMPS Mortgage Loan Trust |  |  |
| 4.246%, 1M TSFR + 0.514%, 04/25/36 (144A) (b) | 562823 | &nbsp;&nbsp; 487204 |
| HarborView Mortgage Loan Trust |  |  |
| 5.846%, 1M TSFR + 2.114%, 10/25/37 (b) | 429963 | &nbsp;&nbsp; 406579 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| 4.566%, 1M TSFR + 0.834%, 01/25/35 (b) | 467832 | &nbsp;&nbsp; 362295 |
| Lehman XS Trust |  |  |
| 4.246%, 1M TSFR + 0.514%, 08/25/46 (b) | 537875 | &nbsp;&nbsp; 533129 |
| LHOME Mortgage Trust |  |  |
| 7.017%, 01/25/29 (144A) (e) | 4360000 | &nbsp;&nbsp; 4376230 |
| MASTR Seasoned Securitization Trust |  |  |
| 5.533%, 10/25/32 (b) | 894 | &nbsp;&nbsp; 876 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 5.625%, 08/25/33 (b) | 99563 | &nbsp;&nbsp; 93021 |
| MFA Trust |  |  |
| 6.784%, 12/25/68 (144A) (e) | 2036180 | &nbsp;&nbsp; 2055445 |
| New Residential Mortgage Loan Trust |  |  |
| 3.500%, 12/25/57 (144A) (b) | 2860000 | &nbsp;&nbsp; 2476578 |
| 3.500%, 12/25/58 (144A) (b) | 1796968 | &nbsp;&nbsp; 1690152 |
| 3.750%, 11/25/58 (144A) (b) | 1540849 | &nbsp;&nbsp; 1492290 |
| 3.986%, 04/25/62 (144A) (b) | 3501659 | &nbsp;&nbsp; 3236276 |
| 4.250%, 09/25/56 (144A) (b) | 3497245 | &nbsp;&nbsp; 3441256 |
| NYMT Loan Trust |  |  |
| 7.154%, 02/25/29 (144A) (e) | 2650000 | &nbsp;&nbsp; 2657749 |
| OBX Trust |  |  |
| 5.949%, 02/25/63 (144A) (e) | 663236 | &nbsp;&nbsp; 663101 |
| PRKCM Trust |  |  |
| 7.304%, 02/25/58 (144A) (e) | 2854099 | &nbsp;&nbsp; 2849719 |
| RALI Trust |  |  |
| 4.080%, 11/25/37 (b) | 1602343 | &nbsp;&nbsp; 1335215 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Reperforming Loan Trust REMICS |  |  |
| 2.069%, 03/25/35 (144A) (b) (h) | 1046121 | &nbsp;&nbsp; $50707 |
| Sequoia Mortgage Trust |  |  |
| 3.726%, 07/25/45 (144A) (b) | 2348 | &nbsp;&nbsp; 2312 |
| 4.908%, 6M TSFR + 1.108%, 06/20/33 (b) | 12854 | &nbsp;&nbsp; 12662 |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| 5.487%, 1M TSFR + 1.614%, 09/25/37 (b) | 938631 | &nbsp;&nbsp; 888514 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.406%, 1M TSFR + 0.674%, 02/25/36 (b) | 972923 | &nbsp;&nbsp; 831985 |
| Towd Point Mortgage Trust |  |  |
| 3.645%, 06/25/57 (144A) (b) | 2900000 | &nbsp;&nbsp; 2460179 |
| 6.096%, 1M TSFR + 2.364%, 05/25/58 (144A) (b) | 1220000 | &nbsp;&nbsp; 1225049 |
| Verus Securitization Trust |  |  |
| 5.774%, 05/25/65 (144A) (e) | 3679710 | &nbsp;&nbsp; 3710628 |
| 6.118%, 01/25/69 (144A) (e) | 2665438 | &nbsp;&nbsp; 2677226 |
| 6.845%, 04/25/69 (144A) (e) | 2314770 | &nbsp;&nbsp; 2341784 |
| 6.968%, 12/25/68 (144A) (e) | 1305930 | &nbsp;&nbsp; 1318575 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 4.386%, 1M TSFR + 0.654%, 12/25/45 (b) | 99536 | &nbsp;&nbsp; 100248 |
| 4.482%, 09/25/36 (b) | 199792 | &nbsp;&nbsp; 188439 |
| 4.806%, 1M TSFR + 1.074%, 12/25/45 (b) | 3517200 | &nbsp;&nbsp; 3710700 |
| 4.827%, 12M MTA + 0.798%, 03/25/47 (b) | 527070 | &nbsp;&nbsp; 500104 |
| 5.243%, 08/25/33 (b) | 312731 | &nbsp;&nbsp; 303545 |
|  |  | &nbsp;&nbsp; 90378405 |
| **Commercial Mortgage-Backed Securities — 8.3%** | **Commercial Mortgage-Backed Securities — 8.3%** | **Commercial Mortgage-Backed Securities — 8.3%** |
| 280 Park Avenue Mortgage Trust |  |  |
| 5.615%, 1M TSFR + 1.836%, 09/15/34 (144A) (b) | 1640000 | &nbsp;&nbsp; 1624356 |
| ARES Commercial Mortgage Trust |  |  |
| 5.193%, 1M TSFR + 1.443%, 10/15/34 (144A) (b) | 2360000 | &nbsp;&nbsp; 2361455 |
| Bank |  |  |
| 4.000%, 11/15/32 (144A) (b) | 4930000 | &nbsp;&nbsp; 3520172 |
| 4.000%, 02/15/56 (144A) | 3400000 | &nbsp;&nbsp; 2494982 |
| 5.053%, 10/15/57 | 5240000 | &nbsp;&nbsp; 5327564 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| 3.250%, 02/15/50 (144A) | 2250000 | &nbsp;&nbsp; 2079837 |
| Bank5 |  |  |
| 4.802%, 12/15/57 (b) | 3200000 | &nbsp;&nbsp; 2542403 |
| Benchmark Mortgage Trust |  |  |
| 3.666%, 01/15/51 (b) | 1210000 | &nbsp;&nbsp; 1197018 |
| 6.363%, 07/15/56 (b) | 1120000 | &nbsp;&nbsp; 1171092 |
| BFLD Commercial Mortgage Trust |  |  |
| 6.441%, 1M TSFR + 2.691%, 11/15/41 (144A) (b) | 3180000 | &nbsp;&nbsp; 3191818 |
| 7.390%, 1M TSFR + 3.640%, 11/15/41 (144A) (b) | 3180000 | &nbsp;&nbsp; 3185054 |
| BWAY Mortgage Trust |  |  |
| 3.927%, 03/10/33 (144A) (b) | 3200000 | &nbsp;&nbsp; 2715872 |
| BX Commercial Mortgage Trust |  |  |
| 3.549%, 03/11/44 (144A) (b) | 9066697 | &nbsp;&nbsp; 8280423 |
| 5.946%, 1M TSFR + 2.196%, 04/15/34 (144A) (b) | 7780000 | &nbsp;&nbsp; 7653438 |
| 7.438%, 1M TSFR + 3.688%, 05/15/34 (144A) (b) | 4086206 | &nbsp;&nbsp; 4101511 |
| 7.440%, 1M TSFR + 3.690%, 04/15/40 (144A) (b) | 4850535 | &nbsp;&nbsp; 4874775 |
| 7.713%, 08/13/41 (144A) (b) | 3110000 | &nbsp;&nbsp; 3027963 |
| BX Trust |  |  |
| 6.440%, 1M TSFR + 2.690%, 04/15/41 (144A) (b) | 3937812 | &nbsp;&nbsp; 3957300 |
| Citigroup Commercial Mortgage Trust |  |  |
| 3.225%, 09/15/48 (144A) | 245631 | &nbsp;&nbsp; 237646 |

---

*See accompanying notes to financial statements.*

**BHFTII-385**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Citigroup Commercial Mortgage Trust |  |  |
| 5.820%, 10/12/40 (144A) (b) | 1120000 | &nbsp;&nbsp; $1154221 |
| CSMC Trust |  |  |
| 3.160%, 12/15/41 (144A) | 5560000 | &nbsp;&nbsp; 5246550 |
| 8.044%, PRIME + 1.294%, 07/15/32 (144A) (b) | 700000 | &nbsp;&nbsp; 696359 |
| 11.044%, PRIME + 4.294%, 07/15/32 (144A) (b) | 6685000 | &nbsp;&nbsp; 6412976 |
| Dwight Issuer LLC |  |  |
| 5.397%, 1M TSFR + 1.662%, 06/18/42 (144A) (b) | 4800000 | &nbsp;&nbsp; 4811999 |
| Extended Stay America Trust |  |  |
| 6.350%, 1M TSFR + 2.600%, 10/15/42 (144A) (b) | 3570000 | &nbsp;&nbsp; 3592297 |
| Greystone CRE Notes |  |  |
| 9.083%, 1M TSFR + 5.333%, 03/15/41 (144A) (b) | 2180000 | &nbsp;&nbsp; 2194615 |
| GS Mortgage Securities Corp. II |  |  |
| 8.965%, 03/10/41 (144A) (b) | 5880000 | &nbsp;&nbsp; 6097061 |
| HIH Trust |  |  |
| 9.187%, 1M TSFR + 5.437%, 10/15/41 (144A) (b) | 4236591 | &nbsp;&nbsp; 4257575 |
| HIT Trust |  |  |
| 12.872%, 1M TSFR + 9.122%, 07/15/39 (144A) (b) | 2560000 | &nbsp;&nbsp; 2572223 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 4.780%, 01/15/49 (b) | 568000 | &nbsp;&nbsp; 511769 |
| KIND Trust |  |  |
| 6.170%, 1M TSFR + 2.414%, 08/15/38 (144A) (b) | 1309248 | &nbsp;&nbsp; 1295287 |
| 7.120%, 1M TSFR + 3.364%, 08/15/38 (144A) (b) | 2687927 | &nbsp;&nbsp; 2661513 |
| MF1 Trust |  |  |
| 5.276%, 1M TSFR + 1.541%, 11/18/39 (144A) (b) | 4910000 | &nbsp;&nbsp; 4916131 |
| MIC Trust |  |  |
| 8.437%, 12/05/38 (144A) (b) | 1080000 | &nbsp;&nbsp; 1168403 |
| Morgan Stanley Capital I Trust |  |  |
| 4.386%, 12/15/48 (b) | 1083635 | &nbsp;&nbsp; 1051126 |
| 5.314%, 1M TSFR + 1.563%, 12/15/38 (144A) (b) | 5350000 | &nbsp;&nbsp; 4989167 |
| MSWF Commercial Mortgage Trust |  |  |
| 5.472%, 05/15/56 | 2210000 | &nbsp;&nbsp; 2295929 |
| 7.018%, 12/15/56 (b) | 2260000 | &nbsp;&nbsp; 2385379 |
| Multifamily Trust |  |  |
| 26.468%, 04/25/46 (144A) (b) | 1720993 | &nbsp;&nbsp; 1681713 |
| NYC Commercial Mortgage Trust |  |  |
| 8.130%, 11/05/38 (144A) (b) | 1900000 | &nbsp;&nbsp; 1914987 |
| 9.321%, 11/05/38 (144A) (b) | 4600000 | &nbsp;&nbsp; 4575986 |
| One Market Plaza Trust |  |  |
| 3.845%, 02/10/32 (144A) | 1250000 | &nbsp;&nbsp; 1181554 |
| RIDE |  |  |
| 6.747%, 02/14/47 (144A) (b) | 3030000 | &nbsp;&nbsp; 3097683 |
| SMR Mortgage Trust |  |  |
| 9.750%, 1M TSFR + 6.000%, 02/15/39 (144A) (b) | 3543671 | &nbsp;&nbsp; 3463848 |
| SMRT Commercial Mortgage Trust |  |  |
| 5.701%, 1M TSFR + 1.950%, 01/15/39 (144A) (b) | 2290000 | &nbsp;&nbsp; 2283062 |
| 7.101%, 1M TSFR + 3.350%, 01/15/39 (144A) (b) | 5070000 | &nbsp;&nbsp; 4994139 |
| SWCH Commercial Mortgage Trust |  |  |
| 7.090%, 1M TSFR + 3.340%, 02/15/42 (144A) (b) | 4860000 | &nbsp;&nbsp; 4826092 |
| UBS Commercial Mortgage Trust |  |  |
| 3.418%, 12/15/50 | 856963 | &nbsp;&nbsp; 847765 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| WB Commercial Mortgage Trust |  |  |
| 8.011%, 03/15/40 (144A) (b) | 1100000 | &nbsp;&nbsp; $1102962 |
|  |  | &nbsp;&nbsp; 151825050 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $237,647,888) <br>|  | &nbsp;&nbsp; 242203455 |
| **Floating Rate Loans (i)—13.1%** | **Floating Rate Loans (i)—13.1%** | **Floating Rate Loans (i)—13.1%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| CB Poly U.S. Holdings, Inc. |  |  |
| Term Loan B, 9.172%, 3M TSFR + 5.500%, 05/18/29 | 2969309 | &nbsp;&nbsp; 2803028 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| Spirit Airlines, Inc. |  |  |
| 2025 DIP New Money Term Loan, 11.959%, 1M TSFR + <br> 8.000%, 07/14/26 †<br>| 1303585 | &nbsp;&nbsp; 1299511 |
| 2025 Roll-Up Term Loan, 07/14/26 † (c) | 5974210 | &nbsp;&nbsp; 2435686 |
| 2025 Second DIP New Money Term Loan, 07/14/26 † (j) <br>| 323298 | &nbsp;&nbsp; 279509 |
| 2025 Third DIP New Money Term Loan, 07/14/26 (j) | 638525 | &nbsp;&nbsp; 636529 |
|  |  | &nbsp;&nbsp; 4651235 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2025 Delayed Draw Term Loan, 5.966%, 1M TSFR + <br> 2.250%, 02/13/32<br>| 2893750 | &nbsp;&nbsp; 2899537 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 05/06/30<br>| 1971832 | &nbsp;&nbsp; 1979473 |
| 2025 USD Term Loan B, 6.466%, 1M TSFR + 2.750%, <br> 01/28/32<br>| 977550 | &nbsp;&nbsp; 981216 |
| First Brands Group LLC |  |  |
| 2021 Term Loan, 10.987%, 1M TSFR + 7.000%, <br> 03/30/27<br>| 205495 | &nbsp;&nbsp; 1108 |
| 2022 Incremental Term Loan, 10.987%, 1M TSFR + <br> 7.110%, 03/30/27<br>| 1797923 | &nbsp;&nbsp; 13484 |
| 2025 DIP Term Loan, 5.393%, 1M TSFR + 1.550%, <br> 8.450% PIK, 06/29/26 (d)<br>| 528018 | &nbsp;&nbsp; 112204 |
| 2025 PIK DIP Roll-Up Term Loan B, 10.843%, 1M TSFR + <br> 7.000%, 06/29/26 (d)<br>| 692226 | &nbsp;&nbsp; 19613 |
|  |  | &nbsp;&nbsp; 3107098 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Celsius Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.172%, 3M TSFR + 2.500%, <br> 04/01/32<br>| 2242588 | &nbsp;&nbsp; 2260107 |
| Primo Brands Corp. |  |  |
| 2025 Term Loan B, 5.922%, 3M TSFR + 2.250%, <br> 03/31/28<br>| 1980000 | &nbsp;&nbsp; 1986874 |
|  |  | &nbsp;&nbsp; 4246981 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 7.672%, 3M TSFR + 4.000%, <br> 02/20/32<br>| 2039750 | &nbsp;&nbsp; 2034651 |

---

*See accompanying notes to financial statements.*

**BHFTII-386**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (i)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| A-AP Buyer, Inc. |  |  |
| Term Loan B, 6.466%, 1M TSFR + 2.750%, 09/09/31 | 1802997 | &nbsp;&nbsp; $1812012 |
| Hexion Holdings Corp. |  |  |
| 2024 Term Loan B, 7.734%, 1M TSFR + 4.000%, <br> 03/15/29<br>| 1742480 | &nbsp;&nbsp; 1684917 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.216%, 1M TSFR + 5.500%, <br> 03/29/30<br>| 1594531 | &nbsp;&nbsp; 1610477 |
|  |  | &nbsp;&nbsp; 5107406 |
| **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** |
| Boost Newco Borrower LLC |  |  |
| 2025 USD Term Loan B2, 5.672%, 3M TSFR + 2.000%, <br> 01/31/31<br>| 2504748 | &nbsp;&nbsp; 2511322 |
| DS Parent, Inc. |  |  |
| Term Loan B, 9.172%, 3M TSFR + 5.500%, 01/31/31 | 4757550 | &nbsp;&nbsp; 4368026 |
| Prime Security Services Borrower LLC |  |  |
| 2024 1st Lien Term Loan B, 6.129%, 6M TSFR + 2.000%, <br> 10/13/30<br>| 1990705 | &nbsp;&nbsp; 1995992 |
| Pye-Barker Fire & Safety LLC |  |  |
| 2025 Delayed Draw Term Loan, 12/16/32 (k) | 271700 | &nbsp;&nbsp; 273695 |
| 2025 Term Loan, 6.205%, 3M TSFR + 2.500%, <br> 12/16/32<br>| 1818300 | &nbsp;&nbsp; 1831654 |
| Ryan LLC |  |  |
| 2025 Term Loan, 7.216%, 1M TSFR + 3.500%, <br> 11/05/32<br>| 2980094 | &nbsp;&nbsp; 2942843 |
| WW International, Inc. |  |  |
| 2025 Takeback Term Loan, 10.489%, 3M TSFR + <br> 6.800%, 06/24/30<br>| 3065676 | &nbsp;&nbsp; 2715999 |
|  |  | &nbsp;&nbsp; 16639531 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Nielsen Consumer, Inc. |  |  |
| 2025 USD 1st Lien Term Loan, 5.966%, 1M TSFR + <br> 2.250%, 10/31/30<br>| 994944 | &nbsp;&nbsp; 998675 |
| UST Holdings Ltd. |  |  |
| Term Loan, 6.734%, 1M TSFR + 3.000%, 11/20/28 | 1907136 | &nbsp;&nbsp; 1916672 |
| X Corp. |  |  |
| 2025 Fixed Term Loan, 9.500%, 10/26/29 | 3160000 | &nbsp;&nbsp; 3154732 |
| Term Loan, 10.448%, 3M TSFR + 6.500%, 10/26/29 | 1979592 | &nbsp;&nbsp; 1949191 |
|  |  | &nbsp;&nbsp; 8019270 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.966%, 1M TSFR + 3.250%, <br> 12/11/30<br>| 987519 | &nbsp;&nbsp; 978966 |
| **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** |
| AqGen Island Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.716%, 1M TSFR + 3.000%, <br> 11/24/32<br>| 4587145 | &nbsp;&nbsp; 4587145 |
| Blackhawk Network Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.672%, 3M TSFR + 4.000%, <br> 03/12/29<br>| 1709037 | &nbsp;&nbsp; 1719566 |
| CFC Bidco Ltd. |  |  |
| Term Loan B, 7.735%, 3M TSFR + 3.750%, 07/01/32 | 4060000 | &nbsp;&nbsp; 3963575 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 5.672%, 3M TSFR + 2.000%, <br> 10/31/31<br>| 2873144 | &nbsp;&nbsp; $2891101 |
| Focus Financial Partners LLC |  |  |
| 2025 Incremental Term Loan B, 6.216%, 1M TSFR + <br> 2.500%, 09/15/31<br>| 3343892 | &nbsp;&nbsp; 3353559 |
| Greystone Select Financial LLC |  |  |
| Term Loan B, 9.119%, 3M TSFR + 5.000%, 06/16/28 | 1333135 | &nbsp;&nbsp; 1323136 |
| Jane Street Group LLC |  |  |
| 2024 Term Loan B1, 5.822%, 3M TSFR + 2.000%, <br> 12/15/31<br>| 3990639 | &nbsp;&nbsp; 3977546 |
| VFH Parent LLC |  |  |
| 2025 Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 06/21/31<br>| 3170000 | &nbsp;&nbsp; 3181888 |
|  |  | &nbsp;&nbsp; 24997516 |
| **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 5.716%, 1M TSFR + 2.000%, 09/30/31 | 2221875 | &nbsp;&nbsp; 2231596 |
| Talen Energy Supply LLC |  |  |
| 2025 Term Loan B, 5.672%, 3M TSFR + 2.000%, <br> 11/25/32<br>| 1550000 | &nbsp;&nbsp; 1554682 |
|  |  | &nbsp;&nbsp; 3786278 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 06/23/28 (j) | 1651670 | &nbsp;&nbsp; 1619411 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| Allen Media LLC |  |  |
| 2021 Term Loan B, 9.322%, 3M TSFR + 5.500%, <br> 02/10/27<br>| 2603810 | &nbsp;&nbsp; 1848705 |
| Catawba Nation Gaming Authority |  |  |
| Term Loan B, 8.466%, 1M TSFR + 4.750%, 03/29/32 | 2150000 | &nbsp;&nbsp; 2144625 |
| EOC Borrower LLC |  |  |
| Term Loan B, 6.716%, 1M TSFR + 3.000%, 03/24/32 | 3840700 | &nbsp;&nbsp; 3866506 |
| Peninsula Pacific Entertainment LLC |  |  |
| 2025 Delayed Draw Term Loan, 10/01/32 (k) | 777934 | &nbsp;&nbsp; 782796 |
| 2025 Term Loan B, 8.422%, 3M TSFR + 4.750%, <br> 10/01/32<br>| 3330066 | &nbsp;&nbsp; 3334228 |
| TKO Worldwide Holdings LLC |  |  |
| 2025 Term Loan, 5.868%, 3M TSFR + 2.000%, <br> 11/21/31<br>| 3923592 | &nbsp;&nbsp; 3945117 |
|  |  | &nbsp;&nbsp; 15921977 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| LRS Holdings LLC |  |  |
| Term Loan B, 8.081%, 1M TSFR + 4.250%, 08/31/28 | 3456205 | &nbsp;&nbsp; 3417323 |
| Madison IAQ LLC |  |  |
| 2025 Repriced Term Loan, 6.637%, 3M TSFR + 2.750%, <br> 11/08/32<br>| 2473053 | &nbsp;&nbsp; 2491215 |
|  |  | &nbsp;&nbsp; 5908538 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| Dynamo Newco II GmbH |  |  |
| 2025 USD Term Loan B, 7.093%, 1M TSFR + 3.250%, <br> 09/30/31<br>| 2970000 | &nbsp;&nbsp; 2996914 |

---

*See accompanying notes to financial statements.*

**BHFTII-387**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (i)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| Medline Borrower LP |  |  |
| 2025 Term Loan B, 5.466%, 1M TSFR + 1.750%, <br> 10/23/28<br>| 688662 | &nbsp;&nbsp; $691416 |
| **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
| Aveanna Healthcare LLC |  |  |
| 2025 Term Loan B, 7.466%, 1M TSFR + 3.750%, <br> 09/17/32<br>| 2733150 | &nbsp;&nbsp; 2753435 |
| Global Medical Response, Inc. |  |  |
| 2025 Term Loan B, 7.384%, 3M TSFR + 3.500%, <br> 10/01/32<br>| 3171081 | &nbsp;&nbsp; 3194297 |
| Knight Health Holdings LLC |  |  |
| Term Loan B, 9.081%, 1M TSFR + 5.250%, 12/23/28 † <br>| 1384131 | &nbsp;&nbsp; 460224 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.655%, 3M TSFR + 3.750%, <br> 05/19/31<br>| 2868820 | &nbsp;&nbsp; 2880175 |
| 2024 Incremental Term Loan B1, 7.335%, 1M TSFR + <br> 3.500%, 05/19/31<br>| 1293658 | &nbsp;&nbsp; 1297481 |
| MPH Acquisition Holdings LLC |  |  |
| 2025 Second Out Term Loan, 8.702%, 3M TSFR + <br> 4.600%, 12/31/30<br>| 1948688 | &nbsp;&nbsp; 1834203 |
| Phoenix Guarantor, Inc. |  |  |
| 2024 Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 02/21/31<br>| 1122509 | &nbsp;&nbsp; 1129384 |
| Sotera Health Holdings LLC |  |  |
| 2025 Term Loan B, 6.340%, 3M TSFR + 2.500%, <br> 05/30/31<br>| 2126578 | &nbsp;&nbsp; 2142527 |
| Team Services Group |  |  |
| 2024 Term Loan B, 9.090%, 3M TSFR + 5.250%, <br> 12/20/27<br>| 871200 | &nbsp;&nbsp; 871200 |
| Term Loan, 9.102%, 3M TSFR + 5.000%, 12/20/27 | 1230620 | &nbsp;&nbsp; 1230236 |
|  |  | &nbsp;&nbsp; 17793162 |
| **Holding Companies-Diversified — 0.2%** | **Holding Companies-Diversified — 0.2%** | **Holding Companies-Diversified — 0.2%** |
| GC Ferry Acquisition I, Inc. |  |  |
| Delayed Draw Term Loan, 08/16/32 (k) | 463750 | &nbsp;&nbsp; 463576 |
| Term Loan, 7.172%, 3M TSFR + 3.500%, 08/16/32 | 2716250 | &nbsp;&nbsp; 2715232 |
|  |  | &nbsp;&nbsp; 3178808 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.854% - 6.873%, 1M TSFR <br> + 3.000%, 3M TSFR + 3.000%, 07/31/28 (l)<br>| 1310881 | &nbsp;&nbsp; 1315342 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Acrisure LLC |  |  |
| 2024 1st Lien Term Loan B6, 6.716%, 1M TSFR + <br> 3.000%, 11/06/30<br>| 2415455 | &nbsp;&nbsp; 2416964 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 5.966%, 1M TSFR + 2.250%, <br> 01/30/32<br>| 3825093 | &nbsp;&nbsp; 3841350 |
| Asurion LLC |  |  |
| 2021 Second Lien Term Loan B4, 9.081%, 1M TSFR + <br> 5.250%, 01/20/29<br>| 1450000 | &nbsp;&nbsp; 1427525 |
| Hyperion Insurance Group Ltd. |  |  |
| 2025 Term Loan B, 6.486%, 3M TSFR + 2.750%, <br> 04/18/30<br>| 916500 | &nbsp;&nbsp; 920051 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.216%, 1M TSFR + 2.500%, <br> 07/31/31<br>| 3251466 | &nbsp;&nbsp; $3266368 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 6.422%, 3M TSFR + 2.750%, <br> 05/06/31<br>| 1769758 | &nbsp;&nbsp; 1776395 |
|  |  | &nbsp;&nbsp; 13648653 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| NEXUS Buyer LLC |  |  |
| 2025 Incremental Term Loan, 7.716%, 1M TSFR + <br> 4.000%, 07/31/31<br>| 1376550 | &nbsp;&nbsp; 1367373 |
| 2025 Term Loan B, 7.216%, 1M TSFR + 3.500%, <br> 07/31/31<br>| 3132569 | &nbsp;&nbsp; 3093412 |
|  |  | &nbsp;&nbsp; 4460785 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| Kingpin Intermediate Holdings LLC |  |  |
| 2025 Term Loan B, 6.966%, 1M TSFR + 3.250%, <br> 09/22/32<br>| 5520000 | &nbsp;&nbsp; 5423400 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Gray Television, Inc. |  |  |
| 2021 Term Loan D, 6.987%, 1M TSFR + 3.000%, <br> 12/01/28<br>| 1067650 | &nbsp;&nbsp; 1070320 |
| 2024 Term Loan B, 9.123%, 1M TSFR + 5.250%, <br> 06/04/29<br>| 30200 | &nbsp;&nbsp; 30249 |
| Learfield Communications LLC |  |  |
| 2024 Term Loan B, 8.466%, 1M TSFR + 4.750%, <br> 06/30/28<br>| 1975248 | &nbsp;&nbsp; 1981729 |
| Univision Communications, Inc. |  |  |
| 2024 Term Loan B, 7.331%, 1M TSFR + 3.500%, <br> 01/31/29<br>| 600850 | &nbsp;&nbsp; 600474 |
| Versant Media Group, Inc. |  |  |
| Term Loan B, 10/23/30 (j) | 2780000 | &nbsp;&nbsp; 2785212 |
|  |  | &nbsp;&nbsp; 6467984 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.966%, 1M TSFR + 3.250%, <br> 04/01/32<br>| 3927778 | &nbsp;&nbsp; 3929212 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Bausch Health Cos., Inc. |  |  |
| 2025 Term Loan B, 9.966%, 1M TSFR + 6.250%, <br> 10/08/30<br>| 1492500 | &nbsp;&nbsp; 1460411 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 7.772%, 3M TSFR + 4.000%, 10/01/27 | 1547781 | &nbsp;&nbsp; 1523597 |
|  |  | &nbsp;&nbsp; 2984008 |
| **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** |
| KREF Holdings X LLC |  |  |
| 2025 Term Loan, 6.250%, 1M TSFR + 2.500%, <br> 03/05/32<br>| 3218825 | &nbsp;&nbsp; 3238943 |
| Starwood Property Trust, Inc. |  |  |
| 2025 Repriced Term Loan B, 5.466%, 1M TSFR + <br> 1.750%, 11/18/27<br>| 1912583 | &nbsp;&nbsp; 1914973 |

---

*See accompanying notes to financial statements.*

**BHFTII-388**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Floating Rate Loans (i)—(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)** |
| Starwood Property Trust, Inc. |  |  |
| 2025 Term Loan B, 5.966%, 1M TSFR + 2.250%, <br> 09/24/32<br>| 2044875 | &nbsp;&nbsp; $2048709 |
|  |  | &nbsp;&nbsp; 7202625 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| Harbor Freight Tools USA, Inc. |  |  |
| 2024 Term Loan B, 5.966%, 1M TSFR + 2.250%, <br> 06/11/31<br>| 980038 | &nbsp;&nbsp; 971853 |
| Peer Holding III B.V. |  |  |
| 2025 USD Term Loan B, 5.922%, 3M TSFR + 2.250%, <br> 09/29/32<br>| 1160000 | &nbsp;&nbsp; 1164350 |
| 2025 USD Term Loan B4B, 6.172%, 3M TSFR + 2.500%, <br> 10/28/30<br>| 1912437 | &nbsp;&nbsp; 1923592 |
| 2025 USD Term Loan B5B, 6.172%, 3M TSFR + 2.500%, <br> 07/01/31<br>| 2623500 | &nbsp;&nbsp; 2637163 |
| Spencer Spirit IH LLC |  |  |
| 2024 Term Loan B, 8.522%, 1M TSFR + 4.750%, <br> 07/15/31<br>| 2966064 | &nbsp;&nbsp; 2979663 |
| Thermostat Purchaser III, Inc. |  |  |
| 2024 Term Loan B, 7.922%, 3M TSFR + 4.250%, <br> 08/31/28<br>| 2291681 | &nbsp;&nbsp; 2287385 |
|  |  | &nbsp;&nbsp; 11964006 |
| **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** |
| Calabrio, Inc. |  |  |
| 2025 First Out Term Loan, 7.822%, 3M TSFR + 4.000%, <br> 11/26/32<br>| 1360000 | &nbsp;&nbsp; 1285200 |
| Cloudera, Inc. |  |  |
| 2021 Term Loan, 7.566%, 1M TSFR + 3.750%, <br> 10/08/28<br>| 2511279 | &nbsp;&nbsp; 2410828 |
| Cotiviti Corp. |  |  |
| 2024 Term Loan, 6.623%, 1M TSFR + 2.750%, <br> 05/01/31<br>| 3805094 | &nbsp;&nbsp; 3669538 |
| 2025 2nd Amendment Term Loan, 6.623%, 1M TSFR + <br> 2.750%, 03/26/32<br>| 4019800 | &nbsp;&nbsp; 3876595 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 7.185%, 3M TSFR + 3.250%, <br> 10/09/31<br>| 2933252 | &nbsp;&nbsp; 2948376 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan, 08/20/32 (j) | 4840000 | &nbsp;&nbsp; 4830320 |
| 2025 Term Loan B, 5.840%, 3M TSFR + 2.000%, <br> 03/01/31<br>| 1156898 | &nbsp;&nbsp; 1156898 |
| DCert Buyer, Inc. |  |  |
| 2021 2nd Lien Term Loan, 10.716%, 1M TSFR + 7.000%, <br> 02/19/29<br>| 1927036 | &nbsp;&nbsp; 1740755 |
| Evertec Group LLC |  |  |
| 2023 Term Loan B, 5.966%, 1M TSFR + 2.250%, <br> 10/30/30<br>| 2531265 | &nbsp;&nbsp; 2537593 |
| Modena Buyer LLC |  |  |
| Term Loan, 8.090%, 3M TSFR + 4.500%, 07/01/31 | 3101156 | &nbsp;&nbsp; 3089205 |
| Planview Parent, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.172%, 3M TSFR + 3.500%, <br> 12/17/27<br>| 1480557 | &nbsp;&nbsp; 1424728 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.922%, 3M TSFR + 3.250%, <br> 10/26/30<br>| 346491 | &nbsp;&nbsp; 346292 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Red Planet Borrower LLC |  |  |
| 2025 Term Loan B, 7.716%, 1M TSFR + 4.000%, <br> 09/08/32<br>| 3740000 | &nbsp;&nbsp; $3751299 |
| SolarWinds Holdings, Inc. |  |  |
| 2025 Term Loan, 7.701%, 3M TSFR + 4.000%, <br> 04/16/32<br>| 4805545 | &nbsp;&nbsp; 4808548 |
| SS&C Technologies, Inc. |  |  |
| 2024 Term Loan B8, 5.716%, 1M TSFR + 2.000%, <br> 05/09/31<br>| 2348099 | &nbsp;&nbsp; 2364775 |
| X.AI Corp. |  |  |
| Fixed Term Loan, 12.500%, 06/28/30 | 4845650 | &nbsp;&nbsp; 5103584 |
| Term Loan, 10.845%, 6M TSFR + 7.250%, 06/28/30 | 6377950 | &nbsp;&nbsp; 6314744 |
|  |  | &nbsp;&nbsp; 51659278 |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
| QualityTech LP |  |  |
| Term Loan B, 7.284%, 1M TSFR + 3.500%, 10/30/31 | 4128800 | &nbsp;&nbsp; 4141723 |
| Total Floating Rate Loans <br>(Cost $244,664,533) <br>|  | &nbsp;&nbsp; 240578739 |
| **Asset-Backed Securities—10.4%** | **Asset-Backed Securities—10.4%** | **Asset-Backed Securities—10.4%** |
| **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| 3.710%, 08/20/27 (144A) | 7750000 | &nbsp;&nbsp; 7683843 |
| **Asset-Backed - Home Equity — 0.2%** | **Asset-Backed - Home Equity — 0.2%** | **Asset-Backed - Home Equity — 0.2%** |
| WaMu Asset-Backed Certificates WaMu Trust |  |  |
| 4.016%, 1M TSFR + 0.284%, 07/25/47 (b) | 5632063 | &nbsp;&nbsp; 4270058 |
| **Asset-Backed - Manufactured Housing — 0.3%** | **Asset-Backed - Manufactured Housing — 0.3%** | **Asset-Backed - Manufactured Housing — 0.3%** |
| Conseco Finance Corp. |  |  |
| 7.020%, 05/01/31 (b) | 14986799 | &nbsp;&nbsp; 3676530 |
| 7.700%, 05/01/31 (b) | 6741661 | &nbsp;&nbsp; 1788217 |
| Origen Manufactured Housing Contract Trust |  |  |
| 5.973%, 04/15/37 (b) | 130935 | &nbsp;&nbsp; 121655 |
| UCFC Manufactured Housing Contract |  |  |
| 7.095%, 04/15/29 (b) | 284961 | &nbsp;&nbsp; 273104 |
|  |  | &nbsp;&nbsp; 5859506 |
| **Asset-Backed - Other — 9.0%** | **Asset-Backed - Other — 9.0%** | **Asset-Backed - Other — 9.0%** |
| 1988 CLO 5 Ltd. |  |  |
| 7.205%, 3M TSFR + 3.300%, 07/15/37 (144A) (b) | 1200000 | &nbsp;&nbsp; 1203502 |
| 720 East CLO VII Ltd. |  |  |
| 8.634%, 3M TSFR + 4.750%, 04/20/37 (144A) (b) | 2010000 | &nbsp;&nbsp; 1946096 |
| Abry Liquid Credit CLO Ltd. |  |  |
| 6.835%, 3M TSFR + 3.150%, 01/15/39 (144A) (b) | 3140000 | &nbsp;&nbsp; 3141159 |
| AGL CLO 17 Ltd. |  |  |
| 8.520%, 3M TSFR + 4.650%, 01/21/35 (144A) (b) | 2570000 | &nbsp;&nbsp; 2484771 |
| AGL CLO 44 Ltd. |  |  |
| 8.703%, 3M TSFR + 4.750%, 10/22/37 (144A) (b) | 3630000 | &nbsp;&nbsp; 3569669 |
| AIMCO CLO |  |  |
| 6.482%, 3M TSFR + 2.600%, 10/17/38 (144A) (b) | 3500000 | &nbsp;&nbsp; 3512022 |
| AMMC CLO 27 Ltd. |  |  |
| 6.584%, 3M TSFR + 2.700%, 01/20/37 (144A) (b) | 1580000 | &nbsp;&nbsp; 1582021 |

---

*See accompanying notes to financial statements.*

**BHFTII-389**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| AMMC CLO 30 Ltd. |  |  |
| 8.405%, 3M TSFR + 4.500%, 01/15/37 (144A) (b) | 1800000 | &nbsp;&nbsp; $1804806 |
| Apex Credit CLO LLC |  |  |
| 7.634%, 3M TSFR + 3.750%, 10/20/34 (144A) (b) | 2375000 | &nbsp;&nbsp; 2352001 |
| Applebee's Funding LLC/IHOP Funding LLC |  |  |
| 7.824%, 03/05/53 (144A) | 2000000 | &nbsp;&nbsp; 2029638 |
| Arini U.S. CLO III Ltd. |  |  |
| 9.170%, 3M TSFR + 5.250%, 01/15/39 (144A) (b) | 2490000 | &nbsp;&nbsp; 2490665 |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| 6.000%, 10/25/36 | 891786 | &nbsp;&nbsp; 264762 |
| Black Diamond CLO Ltd. |  |  |
| 5.508%, 3M TSFR + 1.650%, 10/25/37 (144A) (b) | 5000000 | &nbsp;&nbsp; 5009750 |
| 7.757%, 3M TSFR + 3.900%, 11/22/34 (144A) (b) | 3720000 | &nbsp;&nbsp; 3718445 |
| Blueberry Park CLO Ltd. |  |  |
| 6.784%, 3M TSFR + 2.900%, 10/20/37 (144A) (b) | 2640000 | &nbsp;&nbsp; 2647355 |
| Capital Four U.S. CLO Ltd. |  |  |
| 7.008%, 3M TSFR + 3.250%, 10/18/38 (144A) (b) | 3130000 | &nbsp;&nbsp; 3142019 |
| Captree Park CLO Ltd. |  |  |
| 7.134%, 3M TSFR + 3.250%, 07/20/37 (144A) (b) | 2220000 | &nbsp;&nbsp; 2228194 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| 7.096%, 3M TSFR + 3.212%, 07/20/31 (144A) (b) | 1500000 | &nbsp;&nbsp; 1505757 |
| CarVal CLO XI C Ltd. |  |  |
| 6.884%, 3M TSFR + 3.000%, 10/20/37 (144A) (b) | 3820000 | &nbsp;&nbsp; 3826051 |
| CIFC Funding Ltd. |  |  |
| 7.584%, 3M TSFR + 3.700%, 04/20/37 (144A) (b) | 1340000 | &nbsp;&nbsp; 1345668 |
| Columbia Cent CLO 35 Ltd. |  |  |
| 7.822%, 3M TSFR + 3.500%, 07/25/36 (144A) (b) | 2400000 | &nbsp;&nbsp; 2407682 |
| Dividend Solar Loans LLC |  |  |
| 3.670%, 08/22/39 (144A) | 1808194 | &nbsp;&nbsp; 1684501 |
| Dryden 113 CLO Ltd. |  |  |
| 6.905%, 3M TSFR + 3.000%, 10/15/37 (144A) (b) | 3250000 | &nbsp;&nbsp; 3253071 |
| Flatiron CLO 28 Ltd. |  |  |
| 8.505%, 3M TSFR + 4.600%, 07/15/36 (144A) (b) | 1540000 | &nbsp;&nbsp; 1522483 |
| Fortress Credit BSL XII Ltd. |  |  |
| 11.296%, 3M TSFR + 7.392%, 10/15/34 (144A) (b) | 2000000 | &nbsp;&nbsp; 1879608 |
| Golub Capital Partners CLO 53B Ltd. |  |  |
| 8.584%, 3M TSFR + 4.700%, 07/20/34 (144A) (b) | 2500000 | &nbsp;&nbsp; 2414102 |
| Greystone CRE Notes HC-4 LLC |  |  |
| 5.990%, 1M TSFR + 2.240%, 10/15/42 (144A) (b) | 4800000 | &nbsp;&nbsp; 4791004 |
| Greywolf CLO IV Ltd. |  |  |
| 7.382%, 3M TSFR + 3.500%, 04/17/34 (144A) (b) | 1860000 | &nbsp;&nbsp; 1856393 |
| HalseyPoint CLO 3 Ltd. |  |  |
| 5.318%, 3M TSFR + 1.480%, 07/30/37 (144A) (b) | 2110000 | &nbsp;&nbsp; 2116594 |
| Hartwick Park CLO Ltd. |  |  |
| 8.734%, 3M TSFR + 4.850%, 01/20/37 (144A) (b) | 1435000 | &nbsp;&nbsp; 1411785 |
| Hayfin U.S. XV Ltd. |  |  |
| 8.119%, 3M TSFR + 4.260%, 04/28/37 (144A) (b) | 2970000 | &nbsp;&nbsp; 2994161 |
| Jamestown CLO IX Ltd. |  |  |
| 7.108%, 3M TSFR + 3.250%, 07/25/34 (144A) (b) | 2660000 | &nbsp;&nbsp; 2657517 |
| Kestrel Aircraft Funding Ltd. |  |  |
| 4.250%, 12/15/38 (144A) | 313584 | &nbsp;&nbsp; 313738 |
| LFS LLC |  |  |
| 8.250%, 07/15/35 (144A) | 1000000 | &nbsp;&nbsp; 1000476 |
| Lighthouse Park CLO Ltd. |  |  |
| 8.571%, 3M TSFR + 4.650%, 10/24/37 (144A) (b) | 1860000 | &nbsp;&nbsp; 1859117 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Madison Park Funding XXIV Ltd. |  |  |
| 6.834%, 3M TSFR + 2.950%, 10/20/29 (144A) (b) | 2460000 | &nbsp;&nbsp; $2465291 |
| Magnetite XXII Ltd. |  |  |
| 6.805%, 3M TSFR + 2.900%, 07/15/36 (144A) (b) | 1830000 | &nbsp;&nbsp; 1829993 |
| Magnetite XXXII Ltd. |  |  |
| 8.782%, 3M TSFR + 4.600%, 10/15/37 (144A) (b) | 3980000 | &nbsp;&nbsp; 3980971 |
| MF1 LLC |  |  |
| 5.055%, 1M TSFR + 1.320%, 02/18/40 (144A) (b) | 3860000 | &nbsp;&nbsp; 3860726 |
| 6.476%, 1M TSFR + 2.741%, 02/18/40 (144A) (b) | 1410000 | &nbsp;&nbsp; 1410823 |
| 7.225%, 1M TSFR + 3.490%, 02/18/40 (144A) (b) | 1340000 | &nbsp;&nbsp; 1341107 |
| Mountain View CLO XIX Ltd. |  |  |
| 7.228%, 3M TSFR + 3.400%, 10/17/38 (144A) (b) | 2610000 | &nbsp;&nbsp; 2620886 |
| Navesink CLO 2 Ltd. |  |  |
| 7.322%, 3M TSFR + 3.650%, 01/15/36 (144A) (b) | 3000000 | &nbsp;&nbsp; 3000000 |
| New Mountain CLO 5 Ltd. |  |  |
| 7.034%, 3M TSFR + 3.150%, 07/20/36 (144A) (b) | 2690000 | &nbsp;&nbsp; 2694853 |
| Obra CLO 3 Ltd. |  |  |
| 6.859%, 3M TSFR + 3.200%, 01/20/39 (144A) (b) | 2550000 | &nbsp;&nbsp; 2551153 |
| Ocean Trails CLO X |  |  |
| 5.205%, 3M TSFR + 1.300%, 10/15/34 (144A) (b) | 5500000 | &nbsp;&nbsp; 5495105 |
| 11.736%, 3M TSFR + 7.832%, 10/15/34 (144A) (b) | 4000000 | &nbsp;&nbsp; 3932880 |
| Octagon Investment Partners 47 Ltd. |  |  |
| 9.857%, 3M TSFR + 6.000%, 01/22/38 (144A) (b) | 2680000 | &nbsp;&nbsp; 2671405 |
| OHA Credit Funding 11 Ltd. |  |  |
| 6.734%, 3M TSFR + 2.850%, 07/19/37 (144A) (b) | 3150000 | &nbsp;&nbsp; 3157787 |
| OHA Credit Funding 19 Ltd. |  |  |
| 6.784%, 3M TSFR + 2.900%, 07/20/37 (144A) (b) | 1000000 | &nbsp;&nbsp; 1001307 |
| Palmer Square CLO Ltd. |  |  |
| 6.834%, 3M TSFR + 2.950%, 07/20/37 (144A) (b) | 4460000 | &nbsp;&nbsp; 4471123 |
| Palmer Square Loan Funding Ltd. |  |  |
| 6.905%, 3M TSFR + 3.000%, 04/15/31 (144A) (b) | 3230000 | &nbsp;&nbsp; 3238017 |
| 8.805%, 3M TSFR + 4.900%, 10/15/32 (144A) (b) | 2250000 | &nbsp;&nbsp; 2240739 |
| Pioneer Aircraft Finance Ltd. |  |  |
| 3.967%, 06/15/44 (144A) | 1191350 | &nbsp;&nbsp; 1183733 |
| Point Broadband Funding LLC |  |  |
| 8.156%, 07/20/55 (144A) | 1500000 | &nbsp;&nbsp; 1531157 |
| RR 18 Ltd. |  |  |
| 8.805%, 3M TSFR + 4.900%, 07/15/40 (144A) (b) | 3913000 | &nbsp;&nbsp; 3924680 |
| Structured Asset Securities Corp. Mortgage Loan Trust |  |  |
| 4.066%, 1M TSFR + 0.334%, 02/25/36 (144A) (b) | 2521475 | &nbsp;&nbsp; 43862 |
| Symphony CLO XIX Ltd. |  |  |
| 5.115%, 3M TSFR + 1.222%, 04/16/31 (144A) (b) | 733425 | &nbsp;&nbsp; 733692 |
| TCI-Symphony CLO Ltd. |  |  |
| 7.273%, 3M TSFR + 3.362%, 10/13/32 (144A) (b) | 1720000 | &nbsp;&nbsp; 1720227 |
| 10.923%, 3M TSFR + 7.012%, 10/13/32 (144A) (b) | 6440000 | &nbsp;&nbsp; 5818076 |
| Thrust Engine Leasing DAC |  |  |
| 4.163%, 07/15/40 (144A) | 2859584 | &nbsp;&nbsp; 2822026 |
| Trinitas CLO XXVII Ltd. |  |  |
| 8.184%, 3M TSFR + 4.300%, 04/18/37 (144A) (b) | 3660000 | &nbsp;&nbsp; 3686996 |
| Valley Stream Park CLO Ltd. |  |  |
| 6.584%, 3M TSFR + 2.700%, 01/20/37 (144A) (b) | 2425000 | &nbsp;&nbsp; 2422645 |
| Warwick Capital CLO 3 Ltd. |  |  |
| 8.384%, 3M TSFR + 4.500%, 04/20/37 (144A) (b) | 2000000 | &nbsp;&nbsp; 2007814 |
| Wellesley Park CLO Ltd. |  |  |
| 8.508%, 3M TSFR + 4.600%, 01/24/39 (144A) (b) | 1860000 | &nbsp;&nbsp; 1860080 |

---

*See accompanying notes to financial statements.*

**BHFTII-390**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Whitebox CLO V Ltd. |  |  |
| 7.104%, 3M TSFR + 2.850%, 07/20/38 (144A) (b) | 2680000 | &nbsp;&nbsp; $2690693 |
|  |  | &nbsp;&nbsp; 164376430 |
| **Asset-Backed - Student Loan — 0.5%** | **Asset-Backed - Student Loan — 0.5%** | **Asset-Backed - Student Loan — 0.5%** |
| Bayview Opportunity Master Fund VII LLC |  |  |
| 6.124%, SOFR30A + 2.250%, 07/27/48 (144A) (b) | 4001158 | &nbsp;&nbsp; 4001143 |
| College Avenue Student Loans LLC |  |  |
| 6.060%, 05/25/55 (144A) | 2238810 | &nbsp;&nbsp; 2292891 |
| National Collegiate Student Loan Trust |  |  |
| 4.136%, 1M TSFR + 0.404%, 01/25/33 (b) | 933839 | &nbsp;&nbsp; 919018 |
| SMB Private Education Loan Trust |  |  |
| 3.860%, 01/15/53 (144A) | 2113885 | &nbsp;&nbsp; 1922978 |
|  |  | &nbsp;&nbsp; 9136030 |
| Total Asset-Backed Securities <br>(Cost $194,926,364) <br>|  | &nbsp;&nbsp; 191325867 |
| **Agency Sponsored Mortgage-Backed Securities—6.1%** | **Agency Sponsored Mortgage-Backed Securities—6.1%** | **Agency Sponsored Mortgage-Backed Securities—6.1%** |
| **Agency Collateralized Mortgage Obligations — 3.4%** | **Agency Collateralized Mortgage Obligations — 3.4%** | **Agency Collateralized Mortgage Obligations — 3.4%** |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| 4.250%, 11/25/59 (144A) (b) | 3899224 | &nbsp;&nbsp; 3781779 |
| 4.250%, 05/25/60 (144A) (b) | 4710000 | &nbsp;&nbsp; 4587195 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 6.874%, SOFR30A + 3.000%, 12/25/50 (144A) (b) | 8290000 | &nbsp;&nbsp; 8851130 |
| 6.924%, SOFR30A + 3.050%, 01/25/34 (144A) (b) | 4750000 | &nbsp;&nbsp; 5045319 |
| 7.624%, SOFR30A + 3.750%, 02/25/42 (144A) (b) | 2717000 | &nbsp;&nbsp; 2797872 |
| 8.624%, SOFR30A + 4.750%, 02/25/42 (144A) (b) | 1090000 | &nbsp;&nbsp; 1132905 |
| 9.624%, SOFR30A + 5.750%, 09/25/42 (144A) (b) | 3780000 | &nbsp;&nbsp; 4072387 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 6.374%, SOFR30A + 2.500%, 10/25/43 (144A) (b) | 1810000 | &nbsp;&nbsp; 1839974 |
| 6.374%, SOFR30A + 2.500%, 02/25/44 (144A) (b) | 1100000 | &nbsp;&nbsp; 1119945 |
| 6.574%, SOFR30A + 2.700%, 01/25/44 (144A) (b) | 4650000 | &nbsp;&nbsp; 4758915 |
| 6.974%, SOFR30A + 3.100%, 10/25/41 (144A) (b) | 7990000 | &nbsp;&nbsp; 8118505 |
| 7.389%, SOFR30A + 3.514%, 10/25/39 (144A) (b) | 8663803 | &nbsp;&nbsp; 8791575 |
| 7.774%, SOFR30A + 3.900%, 07/25/43 (144A) (b) | 1470000 | &nbsp;&nbsp; 1547430 |
| 8.089%, SOFR30A + 4.214%, 07/25/39 (144A) (b) | 2552133 | &nbsp;&nbsp; 2588807 |
| 10.874%, SOFR30A + 7.000%, 04/25/42 (144A) (b) | 3470000 | &nbsp;&nbsp; 3696591 |
| Federal National Mortgage Association REMICS |  |  |
| 4.339%, SOFR30A + 0.464%, 05/25/34 (b) | 21912 | &nbsp;&nbsp; 21780 |
|  |  | &nbsp;&nbsp; 62752109 |
| **Agency Mortgage-Backed Securities — 2.7%** | **Agency Mortgage-Backed Securities — 2.7%** | **Agency Mortgage-Backed Securities — 2.7%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 05/01/41 | 619518 | &nbsp;&nbsp; 527272 |
| 1.500%, 07/01/41 | 490282 | &nbsp;&nbsp; 416179 |
| 3.000%, 06/01/35 | 1761077 | &nbsp;&nbsp; 1689159 |
| 4.000%, 07/01/49 | 2618125 | &nbsp;&nbsp; 2528049 |
| 4.500%, 02/01/47 | 1077632 | &nbsp;&nbsp; 1073429 |
| 4.500%, 10/01/52 | 711330 | &nbsp;&nbsp; 697181 |
| 5.000%, 09/01/52 | 3191190 | &nbsp;&nbsp; 3201037 |
| 6.000%, 09/01/53 | 2435422 | &nbsp;&nbsp; 2517442 |
| 6.500%, 05/01/53 | 593760 | &nbsp;&nbsp; 624764 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Credit Risk<br>|  |  |
| 6.624%, SOFR30A + 2.750%, 11/25/45 (144A) (b) | 4510000 | &nbsp;&nbsp; $4510382 |
| Federal National Mortgage Association |  |  |
| 2.000%, 08/01/41 | 3435189 | &nbsp;&nbsp; 3000739 |
| 2.000%, 08/01/51 | 2036726 | &nbsp;&nbsp; 1683509 |
| 2.500%, 07/01/41 | 1842482 | &nbsp;&nbsp; 1650794 |
| 2.500%, 09/01/51 | 189434 | &nbsp;&nbsp; 165373 |
| 2.500%, 10/01/51 | 1056636 | &nbsp;&nbsp; 913575 |
| 2.500%, 03/01/52 | 2303537 | &nbsp;&nbsp; 1982597 |
| 4.500%, 04/01/48 | 829169 | &nbsp;&nbsp; 823543 |
| 4.500%, 04/01/49 | 33063 | &nbsp;&nbsp; 32770 |
| 4.500%, 10/01/49 | 18199 | &nbsp;&nbsp; 18057 |
| 4.500%, 08/01/58 | 57756 | &nbsp;&nbsp; 56399 |
| 7.000%, 07/01/30 | 104 | &nbsp;&nbsp; 110 |
| 7.000%, 07/01/31 | 628 | &nbsp;&nbsp; 660 |
| 7.000%, 09/01/31 | 416 | &nbsp;&nbsp; 437 |
| 7.000%, 10/01/31 | 442 | &nbsp;&nbsp; 464 |
| 7.000%, 11/01/31 | 8712 | &nbsp;&nbsp; 9148 |
| 7.000%, 01/01/32 | 3172 | &nbsp;&nbsp; 3331 |
| 7.500%, 02/01/30 | 122 | &nbsp;&nbsp; 122 |
| 7.500%, 06/01/30 | 12 | &nbsp;&nbsp; 12 |
| 7.500%, 08/01/30 | 30 | &nbsp;&nbsp; 30 |
| 7.500%, 11/01/30 | 4622 | &nbsp;&nbsp; 4690 |
| 8.000%, 07/01/30 | 85 | &nbsp;&nbsp; 88 |
| 8.000%, 09/01/30 | 199 | &nbsp;&nbsp; 204 |
| FREMF Mortgage Trust |  |  |
| 10.409%, SOFR30A + 6.400%, 07/25/31 (144A) (b) | 1714205 | &nbsp;&nbsp; 1576340 |
| Government National Mortgage Association |  |  |
| 2.000%, 10/20/50 | 1163804 | &nbsp;&nbsp; 964514 |
| 2.000%, 02/20/51 | 705314 | &nbsp;&nbsp; 579022 |
| 2.500%, 03/20/51 | 2209916 | &nbsp;&nbsp; 1907271 |
| 2.500%, 05/20/51 | 236449 | &nbsp;&nbsp; 202604 |
| 3.500%, 12/20/50 | 2050016 | &nbsp;&nbsp; 1888327 |
| 4.000%, 10/20/52 | 1487982 | &nbsp;&nbsp; 1415464 |
| 4.500%, 11/20/50 | 756992 | &nbsp;&nbsp; 750336 |
| 4.500%, 12/20/50 | 131664 | &nbsp;&nbsp; 130158 |
| 4.500%, 04/20/53 | 1155100 | &nbsp;&nbsp; 1132250 |
| 5.000%, 09/20/52 | 1834243 | &nbsp;&nbsp; 1839253 |
| 5.000%, 09/20/53 | 1259522 | &nbsp;&nbsp; 1262016 |
| 5.500%, 01/15/34 | 9911 | &nbsp;&nbsp; 10211 |
| 5.500%, 03/20/34 | 1658 | &nbsp;&nbsp; 1718 |
| 5.500%, 04/15/34 | 3627 | &nbsp;&nbsp; 3696 |
| 5.500%, 07/15/34 | 17009 | &nbsp;&nbsp; 17596 |
| 5.500%, 10/15/34 | 16929 | &nbsp;&nbsp; 17425 |
| 5.500%, 04/20/53 | 1872589 | &nbsp;&nbsp; 1902736 |
| 5.750%, 10/15/38 | 20732 | &nbsp;&nbsp; 21695 |
| 6.000%, 05/20/32 | 1886 | &nbsp;&nbsp; 1970 |
| 6.000%, 02/15/33 | 385 | &nbsp;&nbsp; 397 |
| 6.000%, 03/15/33 | 1169 | &nbsp;&nbsp; 1205 |
| 6.000%, 06/15/33 | 741 | &nbsp;&nbsp; 757 |
| 6.000%, 07/15/33 | 1088 | &nbsp;&nbsp; 1108 |
| 6.000%, 09/15/33 | 454 | &nbsp;&nbsp; 463 |
| 6.000%, 10/15/33 | 717 | &nbsp;&nbsp; 733 |
| 6.000%, 11/20/33 | 2771 | &nbsp;&nbsp; 2891 |
| 6.500%, 02/15/32 | 118 | &nbsp;&nbsp; 121 |

---

*See accompanying notes to financial statements.*

**BHFTII-391**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 6.500%, 03/15/32 | 108 | &nbsp;&nbsp; $111 |
| 6.500%, 11/15/32 | 281 | &nbsp;&nbsp; 292 |
| Government National Mortgage Association REMICS |  |  |
| 0.496%, 07/16/58 (b) (h) | 645672 | &nbsp;&nbsp; 15109 |
| Multifamily Connecticut Avenue Securities Trust |  |  |
| 7.239%, SOFR30A + 3.364%, 10/25/49 (144A) (b) | 2077450 | &nbsp;&nbsp; 2110899 |
| 7.739%, SOFR30A + 3.864%, 03/25/50 (144A) (b) | 3355871 | &nbsp;&nbsp; 3422970 |
|  |  | &nbsp;&nbsp; 49313204 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $113,392,322) <br>|  | &nbsp;&nbsp; 112065313 |
| **Foreign Government—4.4%** | **Foreign Government—4.4%** | **Foreign Government—4.4%** |
| **Regional Government — 0.4%** | **Regional Government — 0.4%** | **Regional Government — 0.4%** |
| Provincia de Buenos Aires/Government Bonds |  |  |
| 6.625%, 09/01/37 (144A) (e) | 5102621 | &nbsp;&nbsp; 3910802 |
| Provincia de Cordoba |  |  |
| 9.750%, 07/02/32 (144A) | 2733000 | &nbsp;&nbsp; 2876482 |
|  |  | &nbsp;&nbsp; 6787284 |
| **Sovereign — 4.0%** | **Sovereign — 4.0%** | **Sovereign — 4.0%** |
| Angola Government International Bonds |  |  |
| 8.000%, 11/26/29 (144A) | 2100000 | &nbsp;&nbsp; 2049450 |
| 8.750%, 04/14/32 (144A) (a) | 1520000 | &nbsp;&nbsp; 1481041 |
| 9.125%, 11/26/49 | 1710000 | &nbsp;&nbsp; 1469538 |
| Bahamas Government International Bonds |  |  |
| 8.250%, 06/24/36 (144A) | 3000000 | &nbsp;&nbsp; 3345210 |
| Brazil Government International Bonds |  |  |
| 6.000%, 04/07/26 | 2770000 | &nbsp;&nbsp; 2777479 |
| Brazil Letras do Tesouro Nacional |  |  |
| Zero Coupon, 01/01/26 (BRL) | 4784000 | &nbsp;&nbsp; 873033 |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.000%, 01/01/31 (BRL) | 56781000 | &nbsp;&nbsp; 9099634 |
| Dominican Republic International Bonds |  |  |
| 4.500%, 01/30/30 | 900000 | &nbsp;&nbsp; 877725 |
| 4.875%, 09/23/32 | 4020000 | &nbsp;&nbsp; 3864024 |
| 5.500%, 02/22/29 (144A) | 2100000 | &nbsp;&nbsp; 2123310 |
| Egypt Government International Bonds |  |  |
| 5.875%, 02/16/31 | 510000 | &nbsp;&nbsp; 509714 |
| 7.053%, 01/15/32 | 1940000 | &nbsp;&nbsp; 2017680 |
| El Salvador Government International Bonds |  |  |
| 9.250%, 04/17/30 (144A) | 1180000 | &nbsp;&nbsp; 1282660 |
| 9.650%, 11/21/54 (144A) | 2370000 | &nbsp;&nbsp; 2707725 |
| Ethiopia International Bonds |  |  |
| 6.625%, 12/11/24 | 1500000 | &nbsp;&nbsp; 1607070 |
| Ghana Government International Bonds |  |  |
| Zero Coupon, 07/03/26 (144A) | 22720 | &nbsp;&nbsp; 22302 |
| 5.000%, 07/03/29 (144A) (e) | 646140 | &nbsp;&nbsp; 633650 |
| 5.000%, 07/03/35 (144A) (e) | 929160 | &nbsp;&nbsp; 848887 |
| Ivory Coast Government International Bonds |  |  |
| 7.625%, 01/30/33 (144A) | 6250000 | &nbsp;&nbsp; 6756663 |
| 8.250%, 01/30/37 (144A) | 1720000 | &nbsp;&nbsp; 1869278 |
| Jamaica Government International Bonds |  |  |
| 9.625%, 11/03/30 (JMD) | 227000000 | &nbsp;&nbsp; 1510619 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Jordan Government International Bonds |  |  |
| 7.500%, 01/13/29 | 2340000 | &nbsp;&nbsp; $2462114 |
| 7.750%, 01/15/28 (144A) | 3150000 | &nbsp;&nbsp; 3281545 |
| Mexico Government International Bonds |  |  |
| 6.000%, 05/07/36 | 4330000 | &nbsp;&nbsp; 4386290 |
| Mozambique International Bonds |  |  |
| 9.000%, 09/15/31 (e) | 1240000 | &nbsp;&nbsp; 1061522 |
| Nigeria Government International Bonds |  |  |
| 7.143%, 02/23/30 | 2600000 | &nbsp;&nbsp; 2691857 |
| Republic of Kenya Government International Bonds |  |  |
| 6.300%, 01/23/34 | 1220000 | &nbsp;&nbsp; 1115794 |
| 9.750%, 02/16/31 (144A) | 2610000 | &nbsp;&nbsp; 2854822 |
| Republic of Uzbekistan International Bonds |  |  |
| 3.900%, 10/19/31 | 1650000 | &nbsp;&nbsp; 1524048 |
| Romania Government International Bonds |  |  |
| 7.500%, 02/10/37 (144A) | 2190000 | &nbsp;&nbsp; 2422343 |
| Senegal Government International Bonds |  |  |
| 6.250%, 05/23/33 | 1520000 | &nbsp;&nbsp; 880118 |
| Sri Lanka Government International Bonds |  |  |
| 3.100%, 01/15/30 (144A) (e) | 163672 | &nbsp;&nbsp; 155767 |
| 3.350%, 03/15/33 (144A) (e) | 321040 | &nbsp;&nbsp; 276070 |
| 3.600%, 06/15/35 (144A) (e) | 216776 | &nbsp;&nbsp; 164750 |
| 3.600%, 05/15/36 (144A) (e) | 150447 | &nbsp;&nbsp; 136702 |
| 3.600%, 02/15/38 (144A) (e) | 301021 | &nbsp;&nbsp; 274308 |
| 4.000%, 04/15/28 (144A) | 152952 | &nbsp;&nbsp; 146582 |
| Ukraine Government International Bonds |  |  |
| Zero Coupon, 02/01/30 (e) | 23994 | &nbsp;&nbsp; 14199 |
| 3.000%, 02/01/34 (e) | 612820 | &nbsp;&nbsp; 291125 |
| 3.000%, 02/01/35 (e) | 517876 | &nbsp;&nbsp; 292944 |
| 3.000%, 02/01/36 (e) | 431563 | &nbsp;&nbsp; 245052 |
| 4.500%, 02/01/34 (e) | 600436 | &nbsp;&nbsp; 366450 |
| 4.500%, 02/01/35 (e) | 1050764 | &nbsp;&nbsp; 628705 |
| 4.500%, 02/01/36 (e) | 1350982 | &nbsp;&nbsp; 795384 |
| Uruguay Government International Bonds |  |  |
| 3.400%, 05/16/45 (UYU) (m) | 9400775 | &nbsp;&nbsp; 247325 |
|  |  | &nbsp;&nbsp; 74442508 |
| Total Foreign Government <br>(Cost $75,934,059) <br>|  | &nbsp;&nbsp; 81229792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Wells Fargo & Co.- Series L, 7.500% <br>(Cost $5,598,292)<br>| 4965 | &nbsp;&nbsp; 6017580 |
| **Common Stocks—0.1%** | **Common Stocks—0.1%** | **Common Stocks—0.1%** |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Lear Corp.  | 399 | &nbsp;&nbsp; 45725 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| LyondellBasell Industries NV - Class A | 23 | &nbsp;&nbsp; 996 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| Luxco Co. Ltd. (n) | 61672 | &nbsp;&nbsp; 1086139 |

---

*See accompanying notes to financial statements.*

**BHFTII-392**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Cengage Learning, Inc. (n) | 10995 | &nbsp;&nbsp; $215777 |
| **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) (n) | 13995 | &nbsp;&nbsp; 27990 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Spirit Aviation Holdings, Inc. † (a) (n) | 82316 | &nbsp;&nbsp; 20661 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| Country Garden Holdings Co. Ltd. (n) | 3330 | &nbsp;&nbsp; 178 |
| Total Common Stocks <br>(Cost $3,396,720) <br>|  | &nbsp;&nbsp; 1397466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Super Micro Computer, Inc. |  |  |
| 3.500%, 03/01/29 | 1184000 | &nbsp;&nbsp; 1052221 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| Country Garden Holdings Co. Ltd. |  |  |
| Zero Coupon, 12/31/31 | 833605 | &nbsp;&nbsp; 98007 |
| Total Convertible Bonds <br>(Cost $1,393,068) <br>|  | &nbsp;&nbsp; 1150228 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
| Altice Holdings 1 SARL † (n) <br>(Cost $0)<br>| 3989 | &nbsp;&nbsp; 63872 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Sino Forest Corp. (f) (g) (n) <br>(Cost $0)<br>| 1746000 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** |
| **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due <br> on 01/02/26, with a maturity value of $17,388,129; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $17,733,600<br>| 17385714 | &nbsp;&nbsp; 17385714 |
| Total Short-Term Investments <br>(Cost $17,385,714) <br>|  | &nbsp;&nbsp; 17385714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (o)—13.8%** | **Securities Lending Reinvestments (o)—13.8%** | **Securities Lending Reinvestments (o)—13.8%** |
| **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 3.640% (p)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.610% (p)<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 3.680% (p)<br>| 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 4000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—1.7%** | **Certificates of Deposit—1.7%** | **Certificates of Deposit—1.7%** |
| Bank of America NA |  |  |
| 4.170%, SOFR + 0.400%, 03/31/26 (b) | 2000000 | &nbsp;&nbsp; 2000860 |
| Bank of Montreal |  |  |
| 4.090%, SOFR + 0.380%, 11/19/26 (b) | 2000000 | &nbsp;&nbsp; 1999994 |
| 4.100%, SOFR + 0.390%, 05/05/26 (b) | 2000000 | &nbsp;&nbsp; 2000856 |
| Bank of Nova Scotia |  |  |
| 4.040%, SOFR + 0.330%, 07/22/26 (b) | 2000000 | &nbsp;&nbsp; 2000177 |
| Commonwealth Bank of Australia |  |  |
| 4.090%, SOFR + 0.380%, 04/13/26 (b) | 3000000 | &nbsp;&nbsp; 3001029 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 3.930%, SOFR + 0.220%, 03/17/26 (b) | 1000000 | &nbsp;&nbsp; 999988 |
| Mizuho Bank Ltd. |  |  |
| 3.990%, SOFR + 0.220%, 04/10/26 (b) | 3000000 | &nbsp;&nbsp; 2999649 |
| 4.010%, SOFR + 0.240%, 01/13/26 (b) | 1500000 | &nbsp;&nbsp; 1500006 |
| National Bank of Canada |  |  |
| 3.970%, SOFR + 0.200%, 02/11/26 (b) | 1000000 | &nbsp;&nbsp; 1000373 |
| Royal Bank of Canada |  |  |
| 4.090%, SOFR + 0.380%, 05/01/26 (b) | 2000000 | &nbsp;&nbsp; 2000906 |
| Standard Chartered Bank |  |  |
| 3.980%, SOFR + 0.270%, 05/07/26 (b) | 1000000 | &nbsp;&nbsp; 1000278 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 3.940%, SOFR + 0.230%, 01/30/26 (b) | 2000000 | &nbsp;&nbsp; 2000172 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.110%, 01/22/26 | 2000000 | &nbsp;&nbsp; 2000560 |
| 4.140%, 01/14/26 | 2000000 | &nbsp;&nbsp; 2000400 |
| Toronto-Dominion Bank |  |  |
| 4.060%, SOFR + 0.290%, 03/20/26 (b) | 2000000 | &nbsp;&nbsp; 2000382 |
| 4.220%, SOFR + 0.450%, 04/23/26 (b) | 2000000 | &nbsp;&nbsp; 2001410 |
|  |  | &nbsp;&nbsp; 30507040 |
| **Commercial Paper—0.3%** | **Commercial Paper—0.3%** | **Commercial Paper—0.3%** |
| Ionic Funding LLC |  |  |
| 4.110%, 01/05/26 | 3000000 | &nbsp;&nbsp; 2998368 |
| Old Line Funding LLC |  |  |
| 3.930%, SOFR + 0.160%, 02/10/26 (b) | 2000000 | &nbsp;&nbsp; 1999978 |
|  |  | &nbsp;&nbsp; 4998346 |
| **Repurchase Agreements—11.4%** | **Repurchase Agreements—11.4%** | **Repurchase Agreements—11.4%** |
| Bank of Montreal |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due <br> on 01/02/26 with a maturity value of $4,000,838; <br> collateralized by various Common Stock with an aggregate <br> market value of $4,450,495<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 12/31/25 at 3.770%, due <br> on 01/02/26 with a maturity value of $20,004,189; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,273,514<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Repurchase Agreement dated 12/31/25 at 3.850%, due <br> on 01/02/26 with a maturity value of $20,004,278; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,273,514<br>| 20000000 | &nbsp;&nbsp; 20000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-393**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Securities Lending Reinvestments (o)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Barclays Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.970%, due <br> on 04/02/26 with a maturity value of $1,010,146; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,113,819<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.830%, due <br> on 01/02/26 with a maturity value of $5,957,378; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.750%, maturity dates ranging <br> from 02/05/26 - 11/15/55, and an aggregate market <br> value of $6,076,526<br>| 5956111 | &nbsp;&nbsp; 5956111 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 4.130%, due <br> on 07/06/26 with a maturity value of $10,214,531; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.125% - 6.000%, maturity dates ranging <br> from 01/15/26 - 06/30/26, and various Common Stock <br> with an aggregate market value of $10,401,251<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| HSBC Bank PLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due <br> on 01/02/26 with a maturity value of $25,005,431; <br> collateralized by various Common Stock with an aggregate <br> market value of $27,780,841<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due <br> on 01/02/26 with a maturity value of $3,000,643; <br> collateralized by various Common Stock with an aggregate <br> market value of $3,344,632<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 12/31/25 at 3.860%, due <br> on 01/02/26 with a maturity value of $12,002,573; <br> collateralized by various Common Stock with an aggregate <br> market value of $13,350,153<br>| 12000000 | &nbsp;&nbsp; 12000000 |
| Repurchase Agreement dated 12/31/25 at 3.880%, due <br> on 01/07/26 with a maturity value of $40,030,178; <br> collateralized by various Common Stock with an aggregate <br> market value of $44,487,420<br>| 40000000 | &nbsp;&nbsp; 40000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 12/31/25 at 3.910%, due <br> on 01/07/26 with a maturity value of $50,038,014; <br> collateralized by various Common Stock with an aggregate <br> market value of $55,746,251<br>| 50000000 | &nbsp;&nbsp; 50000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 12/31/25 at 3.650%, due <br> on 01/02/26 with a maturity value of $300,061; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.625%, maturity dates ranging <br> from 02/26/26 - 02/15/55, and an aggregate market <br> value of $306,000<br>| 300000 | &nbsp;&nbsp; 300000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.740%, due <br> on 01/02/26 with a maturity value of $16,003,324; <br> collateralized by various Common Stock with an aggregate <br> market value of $17,603,658<br>| 16000000 | &nbsp;&nbsp; 16000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Virtu Americas LLC |  |  |
| Repurchase Agreement dated 12/31/25 at 3.990%, due <br> on 01/07/26 with a maturity value of $3,002,328; <br> collateralized by various Common Stock with an aggregate <br> market value of $3,333,792<br>| 3000000 | &nbsp;&nbsp; $3000000 |
|  |  | &nbsp;&nbsp; 210256111 |
| **Time Deposits—0.2%** | **Time Deposits—0.2%** | **Time Deposits—0.2%** |
| Banco Santander SA |  |  |
| 3.620%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 3.590%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments <br>(Cost $253,755,083) <br>|  | &nbsp;&nbsp; 253761497 |
| Total Purchased Options—0.0% (q) <br>(Cost $239,960) <br>|  | &nbsp;&nbsp; 364207 |
| Total Investments—111.9% <br>(Cost $2,054,879,406)<br>|  | &nbsp;&nbsp; 2053674984 |
| Unfunded Loan Commitments—(0.1)% <br>(Cost $(1513384))<br>|  | &nbsp;&nbsp; (1513384)<br>|
| Net Investments—111.8% <br>(Cost $2,053,366,022) <br>|  | &nbsp;&nbsp; 2052161600 |
| Other assets and liabilities (net)—(11.8)%  |  | &nbsp;&nbsp; (217275899)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1834885701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of December 31, 2025, the market value of restricted securities was <br> $59,009,858, which is 3.2% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of December 31, 2025, the market value <br> of securities loaned was $300,222,860 and the collateral received consisted of cash in the <br> amount of $253,725,970 and non-cash collateral with a value of $58,224,495. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (b) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (c) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (d) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (e) | Security is a "step up" bond where coupon increases or steps up at a predetermined date.  |

---

*See accompanying notes to financial statements.*

**BHFTII-394**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

---

| | |
|:---|:---|
|  | Rate shown is current coupon rate. |
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of December 31, 2025, these securities represent 0.0% of net assets.<br>|
| (g) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (h) | 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 December 31, 2025, at which time the interest rate will be <br> determined.<br>|
| (k) | Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain  |

---

---

| | |
|:---|:---|
|  | credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to <br> fund these commitments at the borrower's discretion.<br>|
| (l) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of December 31, 2025.<br>|
| (m) | Principal amount of security is adjusted for inflation. |
| (n) | Non-income producing security. |
| (o) | Represents investment of cash collateral received from securities on loan as of December 31, <br> 2025.<br>|
| (p) | The rate shown represents the annualized seven-day yield as of December 31, 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 December 31, 2025, the market value of 144A securities was <br> $1,188,804,742, which is 64.8% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares/** <br>**Principal** <br>**Amount** | **Shares/** <br>**Principal** <br>**Amount** | **Cost** | **Value** |
| ACN 113 874 712 Pty. Ltd., 13.250%, 02/15/18 | 05/24/11 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 931574 | &nbsp;&nbsp; $960686 | &nbsp;&nbsp; $0 |
| Altice Holdings 1 SARL | 10/01/25 |  | &nbsp;&nbsp; 3989 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 63872 |
| Ascent CNR Corp. - Class A | 04/18/16 |  | &nbsp;&nbsp; 13995 | &nbsp;&nbsp; 27991 | &nbsp;&nbsp; 27990 |
| DISH DBS Corp., 5.250%, 12/01/26 | 01/10/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 130766 | &nbsp;&nbsp; 135765 |
| DISH DBS Corp., 5.750%, 12/01/28 | 11/10/21-12/01/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2570000 | &nbsp;&nbsp; 2568301 | &nbsp;&nbsp; 2523104 |
| DISH Network Corp., 11.750%, 11/15/27 | 09/18/23-01/10/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4260000 | &nbsp;&nbsp; 4294269 | &nbsp;&nbsp; 4433723 |
| EchoStar Corp., 10.750%, 11/30/29 | 11/07/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5266400 | &nbsp;&nbsp; 5202620 | &nbsp;&nbsp; 5823592 |
| Granite Ridge Resources, Inc., 8.875%, 11/05/29 | 10/31/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5550000 | &nbsp;&nbsp; 5335306 | &nbsp;&nbsp; 5364131 |
| Knight Health Holdings LLC, 9.081%, 12/23/28 | 12/17/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1384131 | &nbsp;&nbsp; 1340932 | &nbsp;&nbsp; 460224 |
| Mcclatchy Media Co. LLC, 8.500%, 09/01/27 | 09/03/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 |
| Mcclatchy Media Co. LLC, 11.000%, 12/01/31 | 12/11/24-12/02/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 31888408 | &nbsp;&nbsp; 30621160 | &nbsp;&nbsp; 36113622 |
| 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 Airlines, Inc., 07/14/26 | 11/21/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 323298 | &nbsp;&nbsp; 310274 | &nbsp;&nbsp; 279509 |
| Spirit Airlines, Inc., 07/14/26 | 11/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5974210 | &nbsp;&nbsp; 3101934 | &nbsp;&nbsp; 2435686 |
| Spirit Airlines, Inc., 11.959%, 07/14/26 | 12/09/25-12/15/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1303585 | &nbsp;&nbsp; 1269364 | &nbsp;&nbsp; 1299511 |
| Spirit Aviation Holdings, Inc. | 09/02/20-04/01/25 |  | &nbsp;&nbsp; 82316 | &nbsp;&nbsp; 1829186 | &nbsp;&nbsp; 20661 |
| Vortex Opco LLC, 8.000%, 04/30/30 | 09/03/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2837802 | &nbsp;&nbsp; 1344080 | &nbsp;&nbsp; 28378 |
|  |  |  |  |  | &nbsp;&nbsp; $59009858 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $706139584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $875443529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $763 <br>,268649<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1000975783 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $602961765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $606286915 |

---

*See accompanying notes to financial statements.*

**BHFTII-395**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of December 31, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(253472220)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(253472220)<br>|
| Foreign Government | &nbsp;&nbsp; (253750)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (253750)<br>|
| Total Borrowings | &nbsp;&nbsp; $(253725970)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(253725970)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(253725970)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 3314452 | BNP | 01/16/26 | USD | 2194264 | &nbsp;&nbsp; $17807 |
| AUD | &nbsp;&nbsp; 3450000 | BNP | 01/16/26 | USD | 2282432 | &nbsp;&nbsp; 20105 |
| AUD | &nbsp;&nbsp; 2879627 | CBNA | 01/16/26 | USD | 1885010 | &nbsp;&nbsp; 36859 |
| AUD | &nbsp;&nbsp; 3059017 | CBNA | 01/16/26 | USD | 1999312 | &nbsp;&nbsp; 42281 |
| AUD | &nbsp;&nbsp; 2856723 | CBNA | 01/16/26 | USD | 1854358 | &nbsp;&nbsp; 52224 |
| AUD | &nbsp;&nbsp; 11300240 | CBNA | 01/16/26 | USD | 7406573 | &nbsp;&nbsp; 135229 |
| BRL | &nbsp;&nbsp; 43683329 | BOA | 01/05/26 | USD | 8064118 | &nbsp;&nbsp; (92344)<br>|
| BRL | &nbsp;&nbsp; 43683329 | CBNA | 01/05/26 | USD | 7938959 | &nbsp;&nbsp; 32815 |
| CAD | &nbsp;&nbsp; 2140000 | BOA | 01/16/26 | USD | 1525877 | &nbsp;&nbsp; 34265 |
| CAD | &nbsp;&nbsp; 2150000 | BOA | 01/16/26 | USD | 1532799 | &nbsp;&nbsp; 34634 |
| CAD | &nbsp;&nbsp; 2307451 | BOA | 01/16/26 | USD | 1644955 | &nbsp;&nbsp; 37265 |
| CAD | &nbsp;&nbsp; 4320000 | BOA | 01/16/26 | USD | 3080225 | &nbsp;&nbsp; 69221 |
| CAD | &nbsp;&nbsp; 4220000 | BOA | 01/16/26 | USD | 2998024 | &nbsp;&nbsp; 78518 |
| CNH | &nbsp;&nbsp; 11297761 | CBNA | 01/16/26 | USD | 1591606 | &nbsp;&nbsp; 28987 |
| CNH | &nbsp;&nbsp; 48563690 | CBNA | 01/16/26 | USD | 6842173 | &nbsp;&nbsp; 123984 |
| EUR | &nbsp;&nbsp; 5126055 | CBNA | 01/16/26 | USD | 5959977 | &nbsp;&nbsp; 67303 |
| JPY | &nbsp;&nbsp; 1392938439 | JPMC | 01/16/26 | USD | 9307515 | &nbsp;&nbsp; (406778)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 2519786 | CBNA | 01/16/26 | USD | 1663301 | &nbsp;&nbsp; (18409)<br>|
| AUD | &nbsp;&nbsp; 2770310 | CBNA | 01/16/26 | USD | 1833627 | &nbsp;&nbsp; (15283)<br>|
| AUD | &nbsp;&nbsp; 2703144 | CBNA | 01/16/26 | USD | 1794466 | &nbsp;&nbsp; (9618)<br>|
| AUD | &nbsp;&nbsp; 4140586 | CBNA | 01/16/26 | USD | 2757727 | &nbsp;&nbsp; (5708)<br>|
| AUD | &nbsp;&nbsp; 2574020 | CBNA | 01/16/26 | USD | 1717923 | &nbsp;&nbsp; 17 |
| BRL | &nbsp;&nbsp; 43683329 | BOA | 01/05/26 | USD | 7938959 | &nbsp;&nbsp; (32815)<br>|
| BRL | &nbsp;&nbsp; 43683329 | BOA | 03/03/26 | USD | 7954862 | &nbsp;&nbsp; 86847 |
| BRL | &nbsp;&nbsp; 43683329 | CBNA | 01/05/26 | USD | 8120575 | &nbsp;&nbsp; 148801 |
| CAD | &nbsp;&nbsp; 4350682 | BOA | 01/16/26 | USD | 3130007 | &nbsp;&nbsp; (41807)<br>|
| CAD | &nbsp;&nbsp; 4190000 | BOA | 01/16/26 | USD | 3014664 | &nbsp;&nbsp; (40007)<br>|
| CAD | &nbsp;&nbsp; 6603678 | CBNA | 01/16/26 | USD | 4730871 | &nbsp;&nbsp; (83463)<br>|
| CAD | &nbsp;&nbsp; 4302957 | CBNA | 01/16/26 | USD | 3099242 | &nbsp;&nbsp; (37779)<br>|
| CNH | &nbsp;&nbsp; 23045279 | JPMC | 01/16/26 | USD | 3244000 | &nbsp;&nbsp; (61701)<br>|
| CNH | &nbsp;&nbsp; 23032595 | JPMC | 01/16/26 | USD | 3244000 | &nbsp;&nbsp; (59881)<br>|
| EUR | &nbsp;&nbsp; 1275495 | BOA | 01/16/26 | USD | 1505539 | &nbsp;&nbsp; 5796 |
| EUR | &nbsp;&nbsp; 1250000 | BOA | 01/16/26 | USD | 1477088 | &nbsp;&nbsp; 7322 |
| EUR | &nbsp;&nbsp; 9087000 | BOA | 02/05/26 | USD | 10520929 | &nbsp;&nbsp; (173807)<br>|
| EUR | &nbsp;&nbsp; 757688 | CBNA | 01/16/26 | USD | 883533 | &nbsp;&nbsp; (7366)<br>|
| EUR | &nbsp;&nbsp; 3095099 | CBNA | 01/16/26 | USD | 3638935 | &nbsp;&nbsp; (322)<br>|
| GBP | &nbsp;&nbsp; 20570102 | BNP | 01/16/26 | USD | 27665161 | &nbsp;&nbsp; (61996)<br>|
| INR | &nbsp;&nbsp; 1798940000 | CBNA | 01/16/26 | USD | 20154610 | &nbsp;&nbsp; 158941 |

---

*See accompanying notes to financial statements.*

**BHFTII-396**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| JPY | &nbsp;&nbsp; 238535807 | BNP | 01/16/26 | USD | 1554236 | &nbsp;&nbsp; $30016 |
| JPY | &nbsp;&nbsp; 43228777 | CBNA | 01/16/26 | USD | 277539 | &nbsp;&nbsp; 1312 |
| JPY | &nbsp;&nbsp; 244520000 | CBNA | 01/16/26 | USD | 1569877 | &nbsp;&nbsp; 7419 |
| JPY | &nbsp;&nbsp; 286979615 | CBNA | 01/16/26 | USD | 1853518 | &nbsp;&nbsp; 19747 |
| JPY | &nbsp;&nbsp; 285658151 | JPMC | 01/16/26 | USD | 1833814 | &nbsp;&nbsp; 8487 |
| JPY | &nbsp;&nbsp; 294016089 | JPMC | 01/16/26 | USD | 1911809 | &nbsp;&nbsp; 33076 |
| MXN | &nbsp;&nbsp; 38726179 | BOA | 01/16/26 | USD | 2086394 | &nbsp;&nbsp; (61950)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $108244 |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp; 330 | AUD | 36129740 | &nbsp;&nbsp; $88749 |
| Euro-Bund Futures | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 80 | EUR | 10205600 | &nbsp;&nbsp; (105411)<br>|
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 67 | GBP | 6121790 | &nbsp;&nbsp; 113211 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 807 | USD | 93284156 | &nbsp;&nbsp; (1003099)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 2003 | USD | 418204491 | &nbsp;&nbsp; 224194 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 1617 | USD | 176745680 | &nbsp;&nbsp; (86828)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 1255 | USD | 141109063 | &nbsp;&nbsp; (440133)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 125 | USD | 14376953 | &nbsp;&nbsp; (19747)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 254 | USD | 29972000 | &nbsp;&nbsp; (541408)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| 3 Month SOFR Futures | &nbsp;&nbsp; 03/16/27 | &nbsp;&nbsp; (160)<br>| USD | (38756000)<br>| &nbsp;&nbsp; (14336)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(1784808)<br>|

---

**Purchased Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| EUR Call/USD Put | USD | 1.158 | 02/03/26 | BOA | 20970000 | EUR | 20970000 | $239960 | $364207 | $124247 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | 28-Day TIIE | Monthly | 8.825<br> %<br>| Monthly | 11/19/29 | MXN | 340550000 | $799171 | $— | $799171 |
| Pay | 28-Day TIIE | Monthly | 8.902<br> %<br>| Monthly | 11/16/29 | MXN | 513290000 | 1277087 |  | 1277087 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $2076258 | $— | $2076258 |

---

*See accompanying notes to financial statements.*

**BHFTII-397**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**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 | $(3048047)<br>| $— | $(3048047)<br>|
| Pay | 1-Day CDI | Maturity | 11.030% | Maturity | 01/02/26 | BOA | BRL | 268936000 | (1404608)<br>|  | (1404608)<br>|
| Receive | 1-Day CDI | Maturity | 13.250% | Maturity | 01/02/31 | JPMC | BRL | 72695000 | 20479 |  | 20479 |
| Receive | 1-Day CDI | Maturity | 13.300% | Maturity | 01/02/31 | JPMC | BRL | 112800000 | 6843 |  | 6843 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(4425333)<br>| $— | $(4425333)<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.45.V1 | (5.000%) | Quarterly | 12/20/30 | 3.155% | USD | 17446600 | $(1333007) | $(1267323) | $(65684) |

---

**Centrally Cleared Credit Default Swap Contracts on Corporate Issues— Buy Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**(Pay) Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| MGM Resorts International | (5.000<br> %)<br>| Quarterly | 06/20/30 | 1.583<br> %<br>| USD | 2756000 | $(379487)<br>| $(332304)<br>| $(47183)<br>|
| Transocean, Inc. | (1.000<br> %)<br>| Quarterly | 06/20/29 | 3.522<br> %<br>| USD | 1476000 | 115701 | 130784 | (15083)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(263786)<br>| $(201520)<br>| $(62266)<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>|
| American Airlines Group, Inc. | 5.000<br> %<br>| Quarterly | 12/20/29 | 3.442<br> %<br>| USD | 2300000 | $121529 | $82497 | $39032 |
| Caesars Entertainment, Inc. | 5.000<br> %<br>| Quarterly | 06/20/30 | 2.514<br> %<br>| USD | 2756000 | 271174 | 271628 | (454)<br>|
| Nabors Industries, Inc. | 1.000<br> %<br>| Quarterly | 06/20/29 | 3.566<br> %<br>| USD | 1476000 | (112663)<br>| (186654)<br>| 73991 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $280040 | $167471 | $112569 |

---

**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 | 01/08/26 | JPMC | WAM EM Frontier Custom Basket Index | USD | 13203000 | $1174664 | $— | $1174664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

*See accompanying notes to financial statements.*

**BHFTII-398**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $1174664 |  |  |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 113023 | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; $128404 |
| Foreign Exchange | Investments at market value (d) <br>| &nbsp;&nbsp; 364207 |  |  |
|  | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 1319278 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 1211034 |
| Interest Rate | OTC swap contracts at market value | &nbsp;&nbsp; 27322 | OTC swap contracts at market value | &nbsp;&nbsp; 4452655 |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 2076258 |  |  |
|  | Unrealized appreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 426154 | Unrealized depreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 2210962 |
| Total |  | &nbsp;&nbsp; $5500906 |  | &nbsp;&nbsp; $8003055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest payable of $132,544.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $718075 | &nbsp;&nbsp;&nbsp;&nbsp; $(718075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 67928 | &nbsp;&nbsp;&nbsp;&nbsp; (61996)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5932 |
| Citibank NA | &nbsp;&nbsp; 855919 | &nbsp;&nbsp;&nbsp;&nbsp; (177948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (340000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 337971 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 1243549 | &nbsp;&nbsp;&nbsp;&nbsp; (1243549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2885471 | &nbsp;&nbsp;&nbsp;&nbsp; $(2201568)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(340000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $343903 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $1847338 | &nbsp;&nbsp;&nbsp;&nbsp; $(718075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $129263 |
| BNP Paribas SA | &nbsp;&nbsp; 61996 | &nbsp;&nbsp;&nbsp;&nbsp; (61996)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 177948 | &nbsp;&nbsp;&nbsp;&nbsp; (177948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 3576407 | &nbsp;&nbsp;&nbsp;&nbsp; (1243549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2050000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 282858 |
|  | &nbsp;&nbsp; $5663689 | &nbsp;&nbsp;&nbsp;&nbsp; $(2201568)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3050000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $412121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Net amount represents the net amount receivable from the counterparty in the event of default.

\*\* Net amount represents the net amount payable due to the counterparty in the event of default.

*See accompanying notes to financial statements.*

**BHFTII-399**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $150080 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(15298)<br>| &nbsp;&nbsp;&nbsp; $(385098)<br>| &nbsp;&nbsp;&nbsp; $(250316)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 338243 | &nbsp;&nbsp;&nbsp; 338243 |
| Futures contracts | &nbsp;&nbsp; 2540900 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2540900 |
| Swap contracts | &nbsp;&nbsp; (757058)<br>| &nbsp;&nbsp;&nbsp; (2395)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (759453)<br>|
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 275362 | &nbsp;&nbsp;&nbsp; 275362 |
|  | &nbsp;&nbsp; $1933922 | &nbsp;&nbsp;&nbsp; $(2395)<br>| &nbsp;&nbsp;&nbsp; $(15298)<br>| &nbsp;&nbsp;&nbsp; $228507 | &nbsp;&nbsp;&nbsp; $2144736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $49239 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $146947 | &nbsp;&nbsp;&nbsp; $196186 |
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2890797)<br>| &nbsp;&nbsp;&nbsp; (2890797)<br>|
| Futures contracts | &nbsp;&nbsp; 9545064 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9545064 |
| Swap contracts | &nbsp;&nbsp; 3953877 | &nbsp;&nbsp;&nbsp; 935551 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4889428 |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (95843)<br>| &nbsp;&nbsp;&nbsp; (95843)<br>|
|  | &nbsp;&nbsp; $13548180 | &nbsp;&nbsp;&nbsp; $935551 | &nbsp;&nbsp;&nbsp; $(2839693)<br>| &nbsp;&nbsp;&nbsp; $11644038 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $29925175 |
| Forward foreign currency transactions | &nbsp;&nbsp; 232821868 |
| Futures contracts long | &nbsp;&nbsp; 943998978 |
| Futures contracts short | &nbsp;&nbsp; (30309037)<br>|
| Swap contracts | &nbsp;&nbsp; 205323594 |
| Written options | &nbsp;&nbsp; (23148062)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds & Notes |  |  |  |  |
| Advertising | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9897530 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9897530 |
| Aerospace/Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 7315850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7315850 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 1629658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1629658 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 14212015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14212015 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 13574433 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13574433 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 20503614 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20503614 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 67927011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67927011 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 1738363 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1738363 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 6992583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6992583 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 11590300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11590300 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 41713824 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41713824 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 324451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 324451 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 67875999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67875999 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 43979650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43979650 |
| Energy-Alternate Sources | &nbsp;&nbsp; — | &nbsp;&nbsp; 706334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 706334 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 17616950 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17616950 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 20629660 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20629660 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 9633404 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9633404 |

---

*See accompanying notes to financial statements.*

**BHFTII-400**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Food | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3285300 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3285300 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 6338659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6338659 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 1959040 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1959040 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 12017386 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12017386 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 5464247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5464247 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 29942426 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29942426 |
| Holding Companies-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 1902212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1902212 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 4897544 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4897544 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 11696411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11696411 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 13630825 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13630825 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 2785342 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2785342 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 30430174 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30430174 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 14531920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14531920 |
| Machinery-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 5886383 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5886383 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 48259069 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48259069 |
| Metal Fabricate/Hardware | &nbsp;&nbsp; — | &nbsp;&nbsp; 6935890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6935890 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 28305131 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 28305131 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 3063482 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3063482 |
| Multi-National | &nbsp;&nbsp; — | &nbsp;&nbsp; 19696493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19696493 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 105038756 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105038756 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 2450683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2450683 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 20177586 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20177586 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 64672031 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64672031 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 4538390 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4538390 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 24501889 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24501889 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 19171465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19171465 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 912338 | &nbsp;&nbsp; — | &nbsp;&nbsp; 912338 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 9769905 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9769905 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 39928051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39928051 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 6080597 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6080597 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 906131254 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 906131254 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 242203455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 242203455 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $1,513,384)\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 239065355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 239065355 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 191325867 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191325867 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 112065313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112065313 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 81229792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81229792 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; 6017580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6017580 |
| Common Stocks |  |  |  |  |
| Automobile Components | &nbsp;&nbsp; 45725 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45725 |
| Chemicals | &nbsp;&nbsp; 996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 996 |
| Diversified Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1086139 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1086139 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 215777 | &nbsp;&nbsp; — | &nbsp;&nbsp; 215777 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27990 | &nbsp;&nbsp; 27990 |
| Passenger Airlines | &nbsp;&nbsp; 20661 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20661 |
| Real Estate Management & Development | &nbsp;&nbsp; 178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 178 |
| Total Common Stocks | &nbsp;&nbsp; 67560 | &nbsp;&nbsp; 1301916 | &nbsp;&nbsp; 27990 | &nbsp;&nbsp; 1397466 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1150228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1150228 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 63872 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63872 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 17385714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17385714 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 30507040 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30507040 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 4998346 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4998346 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 210256111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210256111 |

---

*See accompanying notes to financial statements.*

**BHFTII-401**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Time Deposits | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 249761497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253761497 |
| Total Purchased Options at Value\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 364207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 364207 |
| Total Net Investments | &nbsp;&nbsp; $10085140 | &nbsp;&nbsp; $2042048470 | &nbsp;&nbsp; $27990 | &nbsp;&nbsp; $2052161600 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(253725970)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(253725970)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1319278 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1319278 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1211034)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1211034)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108244 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108244 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $426154 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $426154 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (2210962)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2210962)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(1784808)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1784808)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2189281 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2189281 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (128404)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (128404)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2060877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2060877 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1201986 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1201986 |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; — | &nbsp;&nbsp; (4452655)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4452655)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3250669)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3250669)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-402**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) (c) | &nbsp;&nbsp; $2052161600 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 17159223 |
| Cash collateral (e) | &nbsp;&nbsp; 20385255 |
| OTC swap contracts at market value | &nbsp;&nbsp; 1201986 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 1319278 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 302641 |
| Fund shares sold | &nbsp;&nbsp; 175278 |
| Interest | &nbsp;&nbsp; 23834672 |
| Variation margin on futures contracts | &nbsp;&nbsp; 568003 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 53983 |
| Prepaid expenses | &nbsp;&nbsp; 6591 |
| Total Assets | &nbsp;&nbsp; 2117168510 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 622094 |
| OTC swap contracts at market value | &nbsp;&nbsp; 4452655 |
| Cash collateral for OTC derivative contracts | &nbsp;&nbsp; 340000 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 1211034 |
| Collateral for securities loaned | &nbsp;&nbsp; 253725970 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 18659453 |
| Fund shares redeemed | &nbsp;&nbsp; 1050187 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 132544 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 831017 |
| Distribution and service fees | &nbsp;&nbsp; 152817 |
| Deferred trustees' fees | &nbsp;&nbsp; 372478 |
| Other expenses | &nbsp;&nbsp; 732560 |
| Total Liabilities | &nbsp;&nbsp; 282282809 |
| **Net Assets**  | &nbsp;&nbsp; $1834885701 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2370280158 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (535394457)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1834885701 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1070338315 |
| Class B | &nbsp;&nbsp; 650134003 |
| Class E | &nbsp;&nbsp; 114413383 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 99912082 |
| Class B | &nbsp;&nbsp; 61408654 |
| Class E | &nbsp;&nbsp; 10751854 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.71 |
| Class B | 10.59 |
| Class E | 10.64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,053,366,022.

(b) Investments at value is net of unfunded loan commitments of $1,513,384.

(c) Includes securities loaned at value of $300,222,860.

(d) Identified cost of cash denominated in foreign currencies was $16,946,708.

(e) Includes collateral of $11,891,055 for futures contracts, $3,050,000 for OTC derivative contracts, $300,000 for TBA securities, and $5,144,200 for centrally cleared swap contracts. 

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $416110 |
| Interest | &nbsp;&nbsp; 144296017 |
| Securities lending income | &nbsp;&nbsp; 998118 |
| Total investment income | &nbsp;&nbsp; 145710245 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 10969422 |
| Administration fees | &nbsp;&nbsp; 105481 |
| Custodian and accounting fees | &nbsp;&nbsp; 302298 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1652057 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 179043 |
| Audit and tax services | &nbsp;&nbsp; 108985 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 133324 |
| Insurance | &nbsp;&nbsp; 17034 |
| Miscellaneous | &nbsp;&nbsp; 29293 |
| Total expenses | &nbsp;&nbsp; 13607522 |
| Less management fee waiver | &nbsp;&nbsp; (852487)<br>|
| Net expenses | &nbsp;&nbsp; 12755035 |
| **Net Investment Income** | &nbsp;&nbsp; 132955210 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (38183880)<br>|
| Purchased options | &nbsp;&nbsp; (250316)<br>|
| Futures contracts | &nbsp;&nbsp; 2540900 |
| Written options | &nbsp;&nbsp; 275362 |
| Swap contracts | &nbsp;&nbsp; (759453)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 699287 |
| Forward foreign currency transactions | &nbsp;&nbsp; 338243 |
| Net realized gain (loss) | &nbsp;&nbsp; (35339857)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 52778505 |
| Purchased options | &nbsp;&nbsp; 196186 |
| Futures contracts | &nbsp;&nbsp; 9545064 |
| Written options | &nbsp;&nbsp; (95843)<br>|
| Swap contracts | &nbsp;&nbsp; 4889428 |
| Foreign currency transactions | &nbsp;&nbsp; 1089810 |
| Forward foreign currency transactions | &nbsp;&nbsp; (2890797)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 65512353 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 30172496 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $163127706 |

---

*See accompanying notes to financial statements.*

**BHFTII-403**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $132955210 | &nbsp;&nbsp; $159162441 |
| Net realized gain (loss) | &nbsp;&nbsp; (35339857)<br>| &nbsp;&nbsp; (54754927)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 65512353 | &nbsp;&nbsp; (5164552)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 163127706 | &nbsp;&nbsp; 99242962 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (84438654)<br>| &nbsp;&nbsp; (98888456)<br>|
| Class B | &nbsp;&nbsp; (49554178)<br>| &nbsp;&nbsp; (50052283)<br>|
| Class E | &nbsp;&nbsp; (9050357)<br>| &nbsp;&nbsp; (9707898)<br>|
| **Total distributions** | &nbsp;&nbsp; (143043189)<br>| &nbsp;&nbsp; (158648637)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (201015132)<br>| &nbsp;&nbsp; (130032589)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (180930615)<br>| &nbsp;&nbsp; (189438264)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2015816316 | &nbsp;&nbsp; 2205254580 |
| End of period | &nbsp;&nbsp; $1834885701 | &nbsp;&nbsp; $2015816316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2997353 | &nbsp;&nbsp; $32110763 | &nbsp;&nbsp; 2001113 | &nbsp;&nbsp; $21625171 |
| Reinvestments | &nbsp;&nbsp; 8319079 | &nbsp;&nbsp; 84438654 | &nbsp;&nbsp; 9628866 | &nbsp;&nbsp; 98888456 |
| Redemptions | &nbsp;&nbsp; (25568687)<br>| &nbsp;&nbsp; (274330243)<br>| &nbsp;&nbsp; (22088199)<br>| &nbsp;&nbsp; (236528941)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (14252255)<br>| &nbsp;&nbsp; $(157780826)<br>| &nbsp;&nbsp; (10458220)<br>| &nbsp;&nbsp; $(116015314)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3074728 | &nbsp;&nbsp; $32139301 | &nbsp;&nbsp; 3877553 | &nbsp;&nbsp; $41432613 |
| Reinvestments | &nbsp;&nbsp; 4930764 | &nbsp;&nbsp; 49554178 | &nbsp;&nbsp; 4921562 | &nbsp;&nbsp; 50052283 |
| Redemptions | &nbsp;&nbsp; (10666898)<br>| &nbsp;&nbsp; (112553356)<br>| &nbsp;&nbsp; (9050888)<br>| &nbsp;&nbsp; (96207240)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2661406)<br>| &nbsp;&nbsp; $(30859877)<br>| &nbsp;&nbsp; (251773)<br>| &nbsp;&nbsp; $(4722344)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 282445 | &nbsp;&nbsp; $2952690 | &nbsp;&nbsp; 424221 | &nbsp;&nbsp; $4543452 |
| Reinvestments | &nbsp;&nbsp; 896963 | &nbsp;&nbsp; 9050357 | &nbsp;&nbsp; 950823 | &nbsp;&nbsp; 9707898 |
| Redemptions | &nbsp;&nbsp; (2299314)<br>| &nbsp;&nbsp; (24377476)<br>| &nbsp;&nbsp; (2204873)<br>| &nbsp;&nbsp; (23546281)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1119906)<br>| &nbsp;&nbsp; $(12374429)<br>| &nbsp;&nbsp; (829829)<br>| &nbsp;&nbsp; $(9294931)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(201015132)<br>|  | &nbsp;&nbsp; $(130032589)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-404**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $13.87 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total income (loss) from investment operations | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.52)<br>|
| Total distributions | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $13.73 |
| **Total Return (%)** (b) | 9.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp; 9.64 <br>(c)<br>| &nbsp;&nbsp; (16.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net ratio of expenses to average net assets (%) (d) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Ratio of net investment income (loss) to average net assets (%) | 7.08 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 85 <br>(e)<br>| &nbsp;&nbsp; 53 <br>(e)<br>| &nbsp;&nbsp; 47 <br>(e)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 69 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1070.3 | &nbsp;&nbsp; $1215.6 | &nbsp;&nbsp; $1367.9 | &nbsp;&nbsp; $1387.4 | &nbsp;&nbsp; $1934.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $10.86 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $13.73 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (0.23)<br>|
| Total income (loss) from investment operations | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $10.86 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $13.59 |
| **Total Return (%)** (b) | 8.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp; (16.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (d) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ratio of net investment income (loss) to average net assets (%) | 6.83 | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 85 <br>(e)<br>| &nbsp;&nbsp; 53 <br>(e)<br>| &nbsp;&nbsp; 47 <br>(e)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 69 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $650.1 | &nbsp;&nbsp; $674.6 | &nbsp;&nbsp; $698.7 | &nbsp;&nbsp; $689.6 | &nbsp;&nbsp; $913.2 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-405**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $10.91 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $13.65 | &nbsp;&nbsp; $13.79 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total income (loss) from investment operations | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.50)<br>|
| Total distributions | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.50)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $10.91 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $13.65 |
| **Total Return (%)** (b) | 8.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp; (16.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net ratio of expenses to average net assets (%) (d) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | 6.93 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 85 <br>(e)<br>| &nbsp;&nbsp; 53 <br>(e)<br>| &nbsp;&nbsp; 47 <br>(e)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 69 <br>(e)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $114.4 | &nbsp;&nbsp; $125.6 | &nbsp;&nbsp; $138.6 | &nbsp;&nbsp; $143.3 | &nbsp;&nbsp; $198.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 53%, 52%, 46%, and 69% for the years ended December 31, 2025, 2024, 2023, and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTII-406**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

**U.S. Treasury & Government Agencies—55.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Federal Agencies — 31.4%** | **Federal Agencies — 31.4%** | **Federal Agencies — 31.4%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 0.590%, 02/17/26 | 7900000 | &nbsp;&nbsp; $7867595 |
| 1.240%, 09/03/30 | 8000000 | &nbsp;&nbsp; 7144881 |
| 1.680%, 09/17/35 | 1195000 | &nbsp;&nbsp; 943304 |
| 2.600%, 04/05/27 | 10000000 | &nbsp;&nbsp; 9886098 |
| 2.700%, 10/26/27 | 10000000 | &nbsp;&nbsp; 9851325 |
| 3.750%, 07/03/28 | 10000000 | &nbsp;&nbsp; 10055929 |
| 4.750%, 05/02/31 | 8000000 | &nbsp;&nbsp; 8343863 |
| 5.480%, 06/27/42 | 3000000 | &nbsp;&nbsp; 2958798 |
| Federal Home Loan Banks |  |  |
| 1.000%, 03/23/26 | 9979125 | &nbsp;&nbsp; 9921954 |
| 1.020%, 02/24/27 | 9990000 | &nbsp;&nbsp; 9709467 |
| 1.250%, 10/26/26 | 15000000 | &nbsp;&nbsp; 14719464 |
| 2.010%, 02/17/27 | 20000000 | &nbsp;&nbsp; 19668602 |
| 2.250%, 03/04/36 | 15000000 | &nbsp;&nbsp; 12135874 |
| 4.000%, 03/10/27 | 2500000 | &nbsp;&nbsp; 2514429 |
| 4.125%, 01/15/27 | 4000000 | &nbsp;&nbsp; 4025609 |
| Federal Home Loan Mortgage Corp. |  |  |
| Zero Coupon, 12/14/29 | 7443000 | &nbsp;&nbsp; 6401867 |
| Zero Coupon, 12/17/29 | 5562000 | &nbsp;&nbsp; 4809869 |
| Zero Coupon, 09/15/36 | 10000000 | &nbsp;&nbsp; 6072303 |
| Zero Coupon, 12/15/36 | 24765000 | &nbsp;&nbsp; 14864672 |
| Federal Home Loan Mortgage Corp. Coupon STRIPS |  |  |
| Zero Coupon, 07/15/28 | 5400000 | &nbsp;&nbsp; 4923417 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| Zero Coupon, 07/15/32 | 9000000 | &nbsp;&nbsp; 6966042 |
| Federal National Mortgage Association Principal STRIPS |  |  |
| Zero Coupon, 05/15/30 | 30000000 | &nbsp;&nbsp; 25362430 |
| Resolution Funding Corp. Interest STRIPS |  |  |
| Zero Coupon, 01/15/26 | 14517000 | &nbsp;&nbsp; 14497424 |
| Zero Coupon, 07/15/26 | 4230000 | &nbsp;&nbsp; 4145778 |
| Zero Coupon, 04/15/28 | 10000000 | &nbsp;&nbsp; 9194679 |
| Zero Coupon, 07/15/29 | 14000000 | &nbsp;&nbsp; 12229330 |
| Resolution Funding Corp. Principal STRIPS |  |  |
| Zero Coupon, 01/15/30 | 51000000 | &nbsp;&nbsp; 43671342 |
| Zero Coupon, 04/15/30 | 69000000 | &nbsp;&nbsp; 58411439 |
| Tennessee Valley Authority |  |  |
| 3.875%, 03/15/28 | 15000000 | &nbsp;&nbsp; 15106011 |
| 4.875%, 05/15/35 | 20000000 | &nbsp;&nbsp; 20692511 |
| U.S. International Development Finance Corp. |  |  |
| 1.110%, 05/15/29 | 7000000 | &nbsp;&nbsp; 6636328 |
| 3.540%, 06/15/30 | 5294443 | &nbsp;&nbsp; 5225192 |
|  |  | &nbsp;&nbsp; 388957826 |
| **U.S. Treasury — 23.6%** | **U.S. Treasury — 23.6%** | **U.S. Treasury — 23.6%** |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.125%, 01/15/30 (a) | 4049408 | &nbsp;&nbsp; 3840434 |
| 1.875%, 07/15/34 (a) | 10375900 | &nbsp;&nbsp; 10416709 |
| 1.875%, 07/15/35 (a) | 10139500 | &nbsp;&nbsp; 10112352 |
| 2.125%, 01/15/35 (a) | 9284940 | &nbsp;&nbsp; 9448852 |
| U.S. Treasury Notes |  |  |
| 3.750%, 05/15/28 | 25000000 | &nbsp;&nbsp; 25135742 |
| 3.875%, 09/30/32 | 30000 | &nbsp;&nbsp; 29907 |
| 4.000%, 07/31/32 | 11000000 | &nbsp;&nbsp; 11057578 |
| 4.125%, 08/31/30 | 30000000 | &nbsp;&nbsp; 30527344 |
| 4.250%, 01/31/26 (b) | 70000000 | &nbsp;&nbsp; 70027973 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 4.500%, 05/15/27 (b) | 60000000 | &nbsp;&nbsp; $60796875 |
| 4.625%, 05/31/31 | 58100000 | &nbsp;&nbsp; 60473930 |
|  |  | &nbsp;&nbsp; 291867696 |
| Total U.S. Treasury & Government Agencies <br>(Cost $689,775,575) <br>|  | &nbsp;&nbsp; 680825522 |
| **Agency Sponsored Mortgage-Backed Securities—39.8%** | **Agency Sponsored Mortgage-Backed Securities—39.8%** | **Agency Sponsored Mortgage-Backed Securities—39.8%** |
| **Agency Collateralized Mortgage Obligations — 4.4%** | **Agency Collateralized Mortgage Obligations — 4.4%** | **Agency Collateralized Mortgage Obligations — 4.4%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 2.000%, 01/25/51 (c) | 1448269 | &nbsp;&nbsp; 192922 |
| 2.000%, 02/25/51 (c) | 3616470 | &nbsp;&nbsp; 475907 |
| 2.000%, 03/25/51 (c) | 6212817 | &nbsp;&nbsp; 814657 |
| 2.500%, 05/25/50 (c) | 2413205 | &nbsp;&nbsp; 366631 |
| 2.500%, 01/25/51 (c) | 19933235 | &nbsp;&nbsp; 3288248 |
| 2.500%, 04/25/51 (c) | 2047597 | &nbsp;&nbsp; 316488 |
| 2.500%, 10/25/51 (c) | 2963832 | &nbsp;&nbsp; 438339 |
| 2.500%, 12/25/51 (c) | 7163556 | &nbsp;&nbsp; 876541 |
| 3.000%, 01/25/50 (c) | 1178496 | &nbsp;&nbsp; 202138 |
| 3.000%, 11/25/50 (c) | 1032150 | &nbsp;&nbsp; 167593 |
| 3.000%, 07/25/51 (c) | 1196038 | &nbsp;&nbsp; 236494 |
| 3.000%, 11/25/51 (c) | 1228868 | &nbsp;&nbsp; 179641 |
| 3.500%, 04/25/52 (c) | 1243410 | &nbsp;&nbsp; 212129 |
| 4.000%, 11/25/49 (c) | 493026 | &nbsp;&nbsp; 81252 |
| 4.000%, 02/25/50 (c) | 882612 | &nbsp;&nbsp; 187022 |
| 4.500%, 10/25/49 (c) | 813692 | &nbsp;&nbsp; 176981 |
| 4.500%, 06/25/50 (c) | 2533180 | &nbsp;&nbsp; 594467 |
| 4.500%, 12/25/50 (c) | 1587174 | &nbsp;&nbsp; 347033 |
| 4.500%, 11/25/51 (c) | 1229674 | &nbsp;&nbsp; 267564 |
| 5.174%, SOFR30A + 1.300%, 12/25/54 (d) | 1174846 | &nbsp;&nbsp; 1181841 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 5.124%, SOFR30A + 1.250%, 05/25/44 (144A) (d) | 675559 | &nbsp;&nbsp; 677919 |
| 5.174%, SOFR30A + 1.300%, 02/25/42 (144A) (d) | 65679 | &nbsp;&nbsp; 65704 |
| 5.374%, SOFR30A + 1.500%, 10/25/41 (144A) (d) | 1815967 | &nbsp;&nbsp; 1821137 |
| 5.974%, SOFR30A + 2.100%, 10/25/33 (144A) (d) | 742568 | &nbsp;&nbsp; 755971 |
| 6.174%, SOFR30A + 2.300%, 08/25/33 (144A) (d) | 1084685 | &nbsp;&nbsp; 1101592 |
| 6.274%, SOFR30A + 2.400%, 02/25/42 (144A) (d) | 3420000 | &nbsp;&nbsp; 3469180 |
| 7.224%, SOFR30A + 3.350%, 05/25/42 (144A) (d) | 620000 | &nbsp;&nbsp; 639766 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| 4.000%, 11/15/52 (c) | 433086 | &nbsp;&nbsp; 108043 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 5.674%, SOFR30A + 1.800%, 01/25/44 (144A) (d) | 1950000 | &nbsp;&nbsp; 1961236 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| 2.000%, 03/25/50 (c) | 2145541 | &nbsp;&nbsp; 273322 |
| 2.000%, 10/25/52 (c) | 4696668 | &nbsp;&nbsp; 607290 |
| 3.500%, 11/25/41 (c) | 458673 | &nbsp;&nbsp; 66878 |
| 4.000%, 04/25/42 (c) | 664103 | &nbsp;&nbsp; 117739 |
| 4.500%, 11/25/39 (c) | 365431 | &nbsp;&nbsp; 61726 |
| 4.500%, 10/25/53 (c) | 2563044 | &nbsp;&nbsp; 566536 |
| Federal National Mortgage Association REMICS |  |  |
| Zero Coupon, 03/25/42 (e) | 69280 | &nbsp;&nbsp; 63589 |
| 2.000%, 10/25/50 (c) | 4259474 | &nbsp;&nbsp; 518816 |
| 2.161%, -1x SOFR30A + 6.036%, 03/25/42 (c) (d) | 1126953 | &nbsp;&nbsp; 56811 |

---

*See accompanying notes to financial statements.*

**BHFTII-407**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal National Mortgage Association REMICS |  |  |
| 2.161%, -1x SOFR30A + 6.036%, 12/25/42 (c) (d) | 185246 | &nbsp;&nbsp; $21837 |
| 2.500%, 10/25/47 (c) | 2283000 | &nbsp;&nbsp; 330751 |
| 2.500%, 12/25/47 (c) | 892160 | &nbsp;&nbsp; 122575 |
| 2.500%, 04/25/48 (c) | 739278 | &nbsp;&nbsp; 108634 |
| 2.500%, 08/25/50 (c) | 17007834 | &nbsp;&nbsp; 2858983 |
| 2.500%, 09/25/50 (c) | 2162272 | &nbsp;&nbsp; 362555 |
| 2.500%, 12/25/50 (c) | 681086 | &nbsp;&nbsp; 92055 |
| 2.500%, 02/25/51 (c) | 1857270 | &nbsp;&nbsp; 279987 |
| 2.500%, 09/25/51 (c) | 753708 | &nbsp;&nbsp; 79986 |
| 2.500%, 10/25/51 (c) | 8592010 | &nbsp;&nbsp; 1216942 |
| 2.561%, -1x SOFR30A + 6.436%, 10/25/41 (c) (d) | 912584 | &nbsp;&nbsp; 80253 |
| 2.661%, -1x SOFR30A + 6.536%, 03/25/42 (c) (d) | 272501 | &nbsp;&nbsp; 15010 |
| 3.000%, 08/25/50 (c) | 1232893 | &nbsp;&nbsp; 194535 |
| 3.000%, 02/25/51 (c) | 570085 | &nbsp;&nbsp; 98421 |
| 3.000%, 10/25/51 (c) | 2825312 | &nbsp;&nbsp; 492921 |
| 3.500%, 10/25/48 | 26427 | &nbsp;&nbsp; 24775 |
| 3.500%, 09/25/50 (c) | 1604104 | &nbsp;&nbsp; 253947 |
| 3.500%, 03/25/51 (c) | 466169 | &nbsp;&nbsp; 100585 |
| 4.000%, 07/25/50 (c) | 425228 | &nbsp;&nbsp; 82134 |
| 4.000%, 11/25/51 (c) | 868058 | &nbsp;&nbsp; 182193 |
| 5.500%, 07/25/41 | 2091191 | &nbsp;&nbsp; 2174796 |
| 5.500%, 04/25/42 | 442124 | &nbsp;&nbsp; 458011 |
| 6.000%, 05/25/42 | 270137 | &nbsp;&nbsp; 285665 |
| 6.500%, 07/25/42 | 528345 | &nbsp;&nbsp; 563424 |
| Federal National Mortgage Association REMICS Trust |  |  |
| 5.006%, 01/25/43 (d) | 83497 | &nbsp;&nbsp; 82040 |
| Government National Mortgage Association REMICS |  |  |
| 1.232%, -1x SOFR30A + 5.150%, 07/20/55 (c) (d) | 7899794 | &nbsp;&nbsp; 363948 |
| 1.882%, -1x SOFR30A + 5.800%, 05/20/55 (c) (d) | 11762535 | &nbsp;&nbsp; 961564 |
| 1.932%, -1x SOFR30A + 5.850%, 08/20/55 (c) (d) | 7645502 | &nbsp;&nbsp; 676448 |
| 1.962%, -1x SOFR30A + 5.880%, 06/20/55 (c) (d) | 10277278 | &nbsp;&nbsp; 875940 |
| 2.000%, 01/20/52 | 136962 | &nbsp;&nbsp; 114469 |
| 2.032%, -1x SOFR30A + 5.950%, 03/20/55 (c) (d) | 9462967 | &nbsp;&nbsp; 824824 |
| 2.132%, -1x SOFR30A + 6.050%, 09/20/54 (c) (d) | 871119 | &nbsp;&nbsp; 78875 |
| 2.251%, -1x 1M TSFR + 5.986%, 08/16/42 (c) (d) | 267288 | &nbsp;&nbsp; 27782 |
| 2.500%, 06/20/51 (c) | 915306 | &nbsp;&nbsp; 85546 |
| 2.652%, -1x SOFR30A + 6.570%, 09/20/55 (c) (d) | 8709204 | &nbsp;&nbsp; 978984 |
| 3.000%, 07/20/49 | 434020 | &nbsp;&nbsp; 393141 |
| 3.000%, 09/20/50 (c) | 1299614 | &nbsp;&nbsp; 183760 |
| 3.000%, 07/20/51 (c) | 769570 | &nbsp;&nbsp; 103577 |
| 3.500%, 11/20/49 (c) | 646136 | &nbsp;&nbsp; 126796 |
| 4.000%, 08/20/47 (c) | 1548112 | &nbsp;&nbsp; 292525 |
| 4.000%, 08/20/48 | 33978 | &nbsp;&nbsp; 33075 |
| 4.494%, 1M TSFR + 0.494%, 12/20/60 (d) | 2182889 | &nbsp;&nbsp; 2179762 |
| 4.500%, 10/20/47 (c) | 1125303 | &nbsp;&nbsp; 207654 |
| 4.514%, 1M TSFR + 0.514%, 12/20/60 (d) | 468089 | &nbsp;&nbsp; 467618 |
| 4.514%, 1M TSFR + 0.514%, 08/20/70 (d) | 16844 | &nbsp;&nbsp; 16811 |
| 4.544%, 1M TSFR + 0.544%, 10/20/64 (d) | 901749 | &nbsp;&nbsp; 901020 |
| 4.564%, 1M TSFR + 0.564%, 07/20/70 (d) | 3663274 | &nbsp;&nbsp; 3636019 |
| 4.594%, 1M TSFR + 0.594%, 03/20/61 (d) | 326833 | &nbsp;&nbsp; 326873 |
| 4.614%, 1M TSFR + 0.614%, 12/20/60 (d) | 3519928 | &nbsp;&nbsp; 3520704 |
| 4.614%, 1M TSFR + 0.614%, 07/20/70 (d) | 333840 | &nbsp;&nbsp; 331908 |
| 4.732%, 12M TSFR + 0.965%, 10/20/68 (d) | 895034 | &nbsp;&nbsp; 900869 |
| 5.264%, 1M TSFR + 1.264%, 05/20/70 (d) | 1205766 | &nbsp;&nbsp; 1225755 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Government National Mortgage Association REMICS |  |  |
| 5.364%, 1M TSFR + 1.364%, 04/20/70 (d) | 50513 | &nbsp;&nbsp; $51236 |
|  |  | &nbsp;&nbsp; 53987641 |
| **Agency Mortgage-Backed Securities — 35.4%** | **Agency Mortgage-Backed Securities — 35.4%** | **Agency Mortgage-Backed Securities — 35.4%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 05/01/41 | 3235262 | &nbsp;&nbsp; 2753529 |
| 1.500%, 07/01/41 | 2381370 | &nbsp;&nbsp; 2021442 |
| 1.500%, 10/01/41 | 575304 | &nbsp;&nbsp; 485311 |
| 1.500%, 11/01/41 | 72875 | &nbsp;&nbsp; 61452 |
| 2.000%, 09/01/40 | 302934 | &nbsp;&nbsp; 265495 |
| 2.000%, 10/01/40 | 1881318 | &nbsp;&nbsp; 1644111 |
| 2.000%, 03/01/41 | 2962491 | &nbsp;&nbsp; 2586195 |
| 2.000%, 06/01/41 | 199621 | &nbsp;&nbsp; 174582 |
| 2.000%, 07/01/41 | 1894989 | &nbsp;&nbsp; 1640746 |
| 2.000%, 08/01/41 | 1372451 | &nbsp;&nbsp; 1193401 |
| 2.000%, 09/01/41 | 522825 | &nbsp;&nbsp; 457246 |
| 2.000%, 11/01/41 | 1131786 | &nbsp;&nbsp; 985834 |
| 2.000%, 12/01/41 | 2734517 | &nbsp;&nbsp; 2377074 |
| 2.000%, 01/01/42 | 2067751 | &nbsp;&nbsp; 1797235 |
| 2.000%, 02/01/42 | 366663 | &nbsp;&nbsp; 317558 |
| 2.000%, 04/01/42 | 75558 | &nbsp;&nbsp; 65532 |
| 2.000%, 05/01/42 | 432532 | &nbsp;&nbsp; 375945 |
| 2.000%, 08/01/42 | 2128559 | &nbsp;&nbsp; 1848766 |
| 2.000%, 11/01/50 | 714194 | &nbsp;&nbsp; 590905 |
| 2.000%, 02/01/51 | 1826083 | &nbsp;&nbsp; 1503637 |
| 2.000%, 03/01/51 | 1814793 | &nbsp;&nbsp; 1495884 |
| 2.000%, 04/01/51 | 1397722 | &nbsp;&nbsp; 1152562 |
| 2.000%, 05/01/51 | 3006811 | &nbsp;&nbsp; 2474367 |
| 2.000%, 06/01/51 | 2321241 | &nbsp;&nbsp; 1909665 |
| 2.000%, 11/01/51 | 431548 | &nbsp;&nbsp; 355971 |
| 2.000%, 02/01/52 | 78296 | &nbsp;&nbsp; 64544 |
| 2.500%, 04/01/41 | 116723 | &nbsp;&nbsp; 104779 |
| 2.500%, 04/01/42 | 1196491 | &nbsp;&nbsp; 1068756 |
| 2.500%, 10/01/50 | 902057 | &nbsp;&nbsp; 781366 |
| 2.500%, 11/01/50 | 2928258 | &nbsp;&nbsp; 2536511 |
| 2.500%, 12/01/50 | 3273583 | &nbsp;&nbsp; 2831694 |
| 2.500%, 01/01/51 | 31693 | &nbsp;&nbsp; 27316 |
| 2.500%, 03/01/51 | 178201 | &nbsp;&nbsp; 154317 |
| 2.500%, 05/01/51 | 129500 | &nbsp;&nbsp; 113053 |
| 2.500%, 07/01/51 | 3817206 | &nbsp;&nbsp; 3279105 |
| 2.500%, 08/01/51 | 2463503 | &nbsp;&nbsp; 2125689 |
| 2.500%, 09/01/51 | 1232791 | &nbsp;&nbsp; 1063388 |
| 2.500%, 11/01/51 | 703452 | &nbsp;&nbsp; 610193 |
| 2.500%, 01/01/52 | 11216916 | &nbsp;&nbsp; 9686611 |
| 2.500%, 02/01/52 | 983388 | &nbsp;&nbsp; 847685 |
| 2.500%, 03/01/52 | 527084 | &nbsp;&nbsp; 453360 |
| 3.000%, 09/01/32 | 104187 | &nbsp;&nbsp; 101859 |
| 3.000%, 04/01/38 | 258774 | &nbsp;&nbsp; 245805 |
| 3.000%, 10/01/46 | 205852 | &nbsp;&nbsp; 187356 |
| 3.000%, 04/01/47 | 377533 | &nbsp;&nbsp; 342820 |
| 3.000%, 09/01/48 | 846117 | &nbsp;&nbsp; 771765 |
| 3.000%, 09/01/49 | 2563095 | &nbsp;&nbsp; 2314519 |
| 3.000%, 11/01/49 | 560738 | &nbsp;&nbsp; 506261 |
| 3.000%, 01/01/50 | 37326 | &nbsp;&nbsp; 33757 |
| 3.000%, 03/01/50 | 46689 | &nbsp;&nbsp; 42239 |

---

*See accompanying notes to financial statements.*

**BHFTII-408**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.000%, 05/01/50 | 144152 | &nbsp;&nbsp; $130745 |
| 3.000%, 03/01/52 | 451835 | &nbsp;&nbsp; 401180 |
| 3.000%, 04/01/52 | 665224 | &nbsp;&nbsp; 590643 |
| 3.000%, 08/01/52 | 5091270 | &nbsp;&nbsp; 4589119 |
| 3.008%, 1Y RFUCCT + 1.627%, 11/01/48 (d) | 2446768 | &nbsp;&nbsp; 2443353 |
| 3.089%, 1Y RFUCCT + 1.621%, 02/01/50 (d) | 1165183 | &nbsp;&nbsp; 1185011 |
| 3.452%, 5Y H15 + 1.288%, 03/01/47 (d) | 183145 | &nbsp;&nbsp; 179473 |
| 3.500%, 04/01/33 | 940501 | &nbsp;&nbsp; 931287 |
| 3.500%, 01/01/38 | 950231 | &nbsp;&nbsp; 917838 |
| 3.500%, 10/01/42 | 307921 | &nbsp;&nbsp; 292450 |
| 3.500%, 02/01/44 | 119684 | &nbsp;&nbsp; 113668 |
| 3.500%, 06/01/46 | 190550 | &nbsp;&nbsp; 180765 |
| 3.500%, 03/01/47 | 151465 | &nbsp;&nbsp; 143150 |
| 3.500%, 07/01/47 | 3201411 | &nbsp;&nbsp; 3010944 |
| 3.500%, 04/01/52 | 1322934 | &nbsp;&nbsp; 1237744 |
| 4.000%, 04/01/43 | 431436 | &nbsp;&nbsp; 420569 |
| 4.000%, 07/01/43 | 1098307 | &nbsp;&nbsp; 1074264 |
| 4.000%, 08/01/43 | 919587 | &nbsp;&nbsp; 897968 |
| 4.000%, 07/01/50 | 335226 | &nbsp;&nbsp; 324773 |
| 4.500%, 06/01/38 | 306877 | &nbsp;&nbsp; 307475 |
| 4.500%, 04/01/47 | 212926 | &nbsp;&nbsp; 210598 |
| 4.500%, 05/01/47 | 231773 | &nbsp;&nbsp; 230473 |
| 4.500%, 06/01/47 | 292076 | &nbsp;&nbsp; 291391 |
| 4.500%, 04/01/49 | 175817 | &nbsp;&nbsp; 174759 |
| 4.500%, 06/01/52 | 3301598 | &nbsp;&nbsp; 3248668 |
| 4.500%, 05/01/53 | 1154162 | &nbsp;&nbsp; 1140287 |
| 4.500%, 07/01/53 | 3631707 | &nbsp;&nbsp; 3598472 |
| 4.600%, 03/01/35 | 3100000 | &nbsp;&nbsp; 3091962 |
| 5.000%, 08/01/33 | 5511 | &nbsp;&nbsp; 5564 |
| 5.000%, 06/01/41 | 793185 | &nbsp;&nbsp; 810010 |
| 5.000%, 04/01/44 | 15628 | &nbsp;&nbsp; 15926 |
| 5.000%, 07/01/52 | 1456037 | &nbsp;&nbsp; 1458746 |
| 5.000%, 09/01/52 | 227942 | &nbsp;&nbsp; 228646 |
| 5.000%, 10/01/52 | 3055843 | &nbsp;&nbsp; 3082670 |
| 5.000%, 12/01/52 | 295235 | &nbsp;&nbsp; 295324 |
| 5.000%, 01/01/53 | 845578 | &nbsp;&nbsp; 850832 |
| 5.000%, 03/01/53 | 467112 | &nbsp;&nbsp; 470273 |
| 5.000%, 04/01/53 | 641799 | &nbsp;&nbsp; 644177 |
| 5.000%, 05/01/53 | 948986 | &nbsp;&nbsp; 956553 |
| 5.002%, 1Y RFUCCT + 1.618%, 11/01/47 (d) | 585691 | &nbsp;&nbsp; 603663 |
| 5.500%, 04/01/53 | 741243 | &nbsp;&nbsp; 754506 |
| 5.500%, 07/01/53 | 304352 | &nbsp;&nbsp; 310340 |
| 5.500%, 08/01/53 | 2470486 | &nbsp;&nbsp; 2521582 |
| 5.500%, 09/01/53 | 403948 | &nbsp;&nbsp; 412530 |
| 5.500%, 11/01/53 | 2069297 | &nbsp;&nbsp; 2107434 |
| 5.500%, 04/01/54 | 336005 | &nbsp;&nbsp; 345139 |
| 6.000%, 07/01/41 | 151723 | &nbsp;&nbsp; 158164 |
| 6.000%, 07/01/53 | 150952 | &nbsp;&nbsp; 157301 |
| 6.000%, 09/01/53 | 769512 | &nbsp;&nbsp; 799412 |
| 6.000%, 04/01/54 | 1689886 | &nbsp;&nbsp; 1752823 |
| 6.000%, 05/01/54 | 904514 | &nbsp;&nbsp; 939868 |
| 6.000%, 06/01/54 | 831758 | &nbsp;&nbsp; 855492 |
| 6.000%, 07/01/54 | 558096 | &nbsp;&nbsp; 580480 |
| 6.000%, 02/01/55 | 423582 | &nbsp;&nbsp; 436858 |
| 6.500%, 09/01/39 | 61234 | &nbsp;&nbsp; 64689 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.500%, 07/01/53 | 146397 | &nbsp;&nbsp; $154563 |
| 8.000%, 09/01/30 | 401 | &nbsp;&nbsp; 419 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 0.340%, 12/25/28 (c) (d) | 58032841 | &nbsp;&nbsp; 565124 |
| 0.480%, 01/25/34 (c) (d) | 51851125 | &nbsp;&nbsp; 1440979 |
| 0.505%, 01/25/29 (c) (d) | 82396685 | &nbsp;&nbsp; 1185664 |
| 0.722%, 09/25/27 (c) (d) | 16226672 | &nbsp;&nbsp; 163039 |
| 0.868%, 11/25/30 (c) (d) | 75367352 | &nbsp;&nbsp; 2638317 |
| Federal National Mortgage Association |  |  |
| 1.500%, 04/01/41 | 338079 | &nbsp;&nbsp; 288014 |
| 1.500%, 11/01/41 | 2974771 | &nbsp;&nbsp; 2508521 |
| 1.500%, 03/01/42 | 1282835 | &nbsp;&nbsp; 1081764 |
| 2.000%, 08/01/40 | 54127 | &nbsp;&nbsp; 47801 |
| 2.000%, 10/01/40 | 1548010 | &nbsp;&nbsp; 1356553 |
| 2.000%, 11/01/41 | 3276106 | &nbsp;&nbsp; 2811017 |
| 2.000%, 12/01/41 | 426645 | &nbsp;&nbsp; 370832 |
| 2.000%, 02/01/42 | 2951342 | &nbsp;&nbsp; 2563392 |
| 2.000%, 04/01/42 | 1055861 | &nbsp;&nbsp; 916416 |
| 2.000%, 05/01/42 | 1568793 | &nbsp;&nbsp; 1361086 |
| 2.000%, 06/01/42 | 3108621 | &nbsp;&nbsp; 2699997 |
| 2.000%, 08/01/42 | 1236112 | &nbsp;&nbsp; 1074466 |
| 2.000%, 06/01/50 | 4589873 | &nbsp;&nbsp; 3751959 |
| 2.000%, 08/01/50 | 102847 | &nbsp;&nbsp; 84931 |
| 2.000%, 09/01/50 | 52394 | &nbsp;&nbsp; 43391 |
| 2.000%, 01/01/51 | 5020973 | &nbsp;&nbsp; 4144092 |
| 2.000%, 02/01/51 | 1288701 | &nbsp;&nbsp; 1059672 |
| 2.000%, 03/01/51 | 4740059 | &nbsp;&nbsp; 3910374 |
| 2.000%, 04/01/51 | 258378 | &nbsp;&nbsp; 212896 |
| 2.000%, 08/01/51 | 816697 | &nbsp;&nbsp; 669402 |
| 2.000%, 10/01/51 | 1625394 | &nbsp;&nbsp; 1340800 |
| 2.000%, 02/01/52 | 814069 | &nbsp;&nbsp; 668439 |
| 2.000%, 03/01/52 | 2154581 | &nbsp;&nbsp; 1777530 |
| 2.500%, 10/01/40 | 2258212 | &nbsp;&nbsp; 2042338 |
| 2.500%, 03/01/41 | 365182 | &nbsp;&nbsp; 328962 |
| 2.500%, 04/01/41 | 441708 | &nbsp;&nbsp; 397672 |
| 2.500%, 05/01/41 | 1469946 | &nbsp;&nbsp; 1328313 |
| 2.500%, 03/01/42 | 2346257 | &nbsp;&nbsp; 2106639 |
| 2.500%, 04/01/42 | 219927 | &nbsp;&nbsp; 194803 |
| 2.500%, 05/01/42 | 149442 | &nbsp;&nbsp; 134036 |
| 2.500%, 06/01/50 | 349863 | &nbsp;&nbsp; 301264 |
| 2.500%, 10/01/50 | 1270908 | &nbsp;&nbsp; 1083790 |
| 2.500%, 11/01/50 | 337920 | &nbsp;&nbsp; 291640 |
| 2.500%, 12/01/50 | 116653 | &nbsp;&nbsp; 100711 |
| 2.500%, 01/01/51 | 257593 | &nbsp;&nbsp; 222171 |
| 2.500%, 02/01/51 | 148521 | &nbsp;&nbsp; 128233 |
| 2.500%, 03/01/51 | 307364 | &nbsp;&nbsp; 265848 |
| 2.500%, 04/01/51 | 494510 | &nbsp;&nbsp; 428168 |
| 2.500%, 05/01/51 | 1319283 | &nbsp;&nbsp; 1118987 |
| 2.500%, 06/01/51 | 2105433 | &nbsp;&nbsp; 1820645 |
| 2.500%, 07/01/51 | 2027723 | &nbsp;&nbsp; 1755882 |
| 2.500%, 08/01/51 | 675487 | &nbsp;&nbsp; 583545 |
| 2.500%, 09/01/51 | 1815897 | &nbsp;&nbsp; 1570957 |
| 2.500%, 10/01/51 | 2691749 | &nbsp;&nbsp; 2320906 |
| 2.500%, 11/01/51 | 1163514 | &nbsp;&nbsp; 1006626 |

---

*See accompanying notes to financial statements.*

**BHFTII-409**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.500%, 12/01/51 | 5414851 | &nbsp;&nbsp; $4667387 |
| 2.500%, 01/01/52 | 2869965 | &nbsp;&nbsp; 2464668 |
| 2.500%, 02/01/52 | 2461795 | &nbsp;&nbsp; 2118161 |
| 2.500%, 03/01/52 | 2389758 | &nbsp;&nbsp; 2056212 |
| 2.500%, 04/01/52 | 302501 | &nbsp;&nbsp; 259628 |
| 2.500%, 09/01/61 | 4176152 | &nbsp;&nbsp; 3438663 |
| 3.000%, 07/01/35 | 289178 | &nbsp;&nbsp; 276346 |
| 3.000%, 04/01/36 | 340648 | &nbsp;&nbsp; 325969 |
| 3.000%, 08/01/36 | 3892627 | &nbsp;&nbsp; 3714018 |
| 3.000%, 10/01/36 | 1557150 | &nbsp;&nbsp; 1483575 |
| 3.000%, 12/01/36 | 1294357 | &nbsp;&nbsp; 1234442 |
| 3.000%, 12/01/37 | 293015 | &nbsp;&nbsp; 276811 |
| 3.000%, 06/01/38 | 394131 | &nbsp;&nbsp; 375488 |
| 3.000%, 09/01/42 | 822028 | &nbsp;&nbsp; 760520 |
| 3.000%, 06/01/43 | 133940 | &nbsp;&nbsp; 123339 |
| 3.000%, 07/01/43 | 321605 | &nbsp;&nbsp; 296150 |
| 3.000%, 10/01/43 | 299017 | &nbsp;&nbsp; 275318 |
| 3.000%, 01/01/45 | 268812 | &nbsp;&nbsp; 247724 |
| 3.000%, 08/01/46 | 287676 | &nbsp;&nbsp; 261518 |
| 3.000%, 09/01/46 | 211657 | &nbsp;&nbsp; 192258 |
| 3.000%, 02/01/47 | 63068 | &nbsp;&nbsp; 58261 |
| 3.000%, 08/01/47 | 31034 | &nbsp;&nbsp; 28333 |
| 3.000%, 11/01/48 | 2889622 | &nbsp;&nbsp; 2625717 |
| 3.000%, 01/01/50 | 74485 | &nbsp;&nbsp; 67548 |
| 3.000%, 02/01/50 | 8619354 | &nbsp;&nbsp; 7819079 |
| 3.000%, 03/01/50 | 4520951 | &nbsp;&nbsp; 4086958 |
| 3.000%, 08/01/50 | 277377 | &nbsp;&nbsp; 248765 |
| 3.000%, 11/01/50 | 381714 | &nbsp;&nbsp; 343833 |
| 3.000%, 06/01/51 | 293638 | &nbsp;&nbsp; 265648 |
| 3.000%, 08/01/51 | 1439691 | &nbsp;&nbsp; 1301846 |
| 3.000%, 09/01/51 | 256298 | &nbsp;&nbsp; 230165 |
| 3.000%, 11/01/51 | 328138 | &nbsp;&nbsp; 296463 |
| 3.000%, 12/01/51 | 531395 | &nbsp;&nbsp; 478960 |
| 3.000%, 01/01/52 | 1146451 | &nbsp;&nbsp; 1034739 |
| 3.000%, 03/01/52 | 3318327 | &nbsp;&nbsp; 2999181 |
| 3.000%, 05/01/52 | 240289 | &nbsp;&nbsp; 212957 |
| 3.000%, 06/01/52 | 4962521 | &nbsp;&nbsp; 4448949 |
| 3.500%, 02/01/37 | 105329 | &nbsp;&nbsp; 102174 |
| 3.500%, 12/01/37 | 113560 | &nbsp;&nbsp; 109062 |
| 3.500%, 08/01/39 | 109514 | &nbsp;&nbsp; 106060 |
| 3.500%, 02/01/40 | 445452 | &nbsp;&nbsp; 427923 |
| 3.500%, 06/01/42 | 1868851 | &nbsp;&nbsp; 1799901 |
| 3.500%, 08/01/42 | 2040441 | &nbsp;&nbsp; 1937929 |
| 3.500%, 09/01/42 | 149941 | &nbsp;&nbsp; 142408 |
| 3.500%, 10/01/42 | 1070954 | &nbsp;&nbsp; 1017146 |
| 3.500%, 12/01/42 | 115252 | &nbsp;&nbsp; 109960 |
| 3.500%, 03/01/43 | 761243 | &nbsp;&nbsp; 726989 |
| 3.500%, 12/01/46 | 1243907 | &nbsp;&nbsp; 1184370 |
| 3.500%, 03/01/47 | 109118 | &nbsp;&nbsp; 102869 |
| 3.500%, 11/01/48 | 316345 | &nbsp;&nbsp; 299834 |
| 3.500%, 06/01/49 | 7823907 | &nbsp;&nbsp; 7367494 |
| 3.500%, 03/01/50 | 118853 | &nbsp;&nbsp; 111464 |
| 3.500%, 01/01/52 | 621439 | &nbsp;&nbsp; 582194 |
| 3.500%, 03/01/52 | 1039339 | &nbsp;&nbsp; 972409 |
| 3.500%, 05/01/52 | 2518306 | &nbsp;&nbsp; 2361802 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 4.000%, 02/01/40 | 256968 | &nbsp;&nbsp; $252955 |
| 4.000%, 06/01/42 | 1587301 | &nbsp;&nbsp; 1554032 |
| 4.000%, 07/01/42 | 519996 | &nbsp;&nbsp; 508719 |
| 4.000%, 10/01/42 | 585510 | &nbsp;&nbsp; 570094 |
| 4.000%, 11/01/42 | 384559 | &nbsp;&nbsp; 374435 |
| 4.000%, 05/01/43 | 4118675 | &nbsp;&nbsp; 4028936 |
| 4.000%, 07/01/43 | 14522 | &nbsp;&nbsp; 14140 |
| 4.000%, 08/01/43 | 349127 | &nbsp;&nbsp; 339934 |
| 4.000%, 10/01/43 | 2225578 | &nbsp;&nbsp; 2174304 |
| 4.000%, 05/01/48 | 2594085 | &nbsp;&nbsp; 2507125 |
| 4.000%, 10/01/48 | 176338 | &nbsp;&nbsp; 169641 |
| 4.230%, 10/01/32 | 100000 | &nbsp;&nbsp; 98685 |
| 4.350%, 10/01/34 | 1700000 | &nbsp;&nbsp; 1684148 |
| 4.360%, 12/01/35 | 2000000 | &nbsp;&nbsp; 1959540 |
| 4.500%, 11/01/31 | 102874 | &nbsp;&nbsp; 103769 |
| 4.500%, 12/01/31 | 140656 | &nbsp;&nbsp; 141779 |
| 4.500%, 10/01/44 | 406522 | &nbsp;&nbsp; 408816 |
| 4.500%, 01/01/45 | 30955 | &nbsp;&nbsp; 31046 |
| 4.500%, 06/01/47 | 131618 | &nbsp;&nbsp; 130866 |
| 4.500%, 07/01/47 | 468286 | &nbsp;&nbsp; 465109 |
| 4.500%, 08/01/47 | 37262 | &nbsp;&nbsp; 37213 |
| 4.500%, 06/01/48 | 164395 | &nbsp;&nbsp; 163859 |
| 4.500%, 07/01/48 | 353810 | &nbsp;&nbsp; 351409 |
| 4.500%, 08/01/48 | 596799 | &nbsp;&nbsp; 592627 |
| 4.500%, 11/01/48 | 300644 | &nbsp;&nbsp; 298542 |
| 4.500%, 02/01/49 | 129876 | &nbsp;&nbsp; 128781 |
| 4.500%, 08/01/49 | 133318 | &nbsp;&nbsp; 132413 |
| 4.500%, 09/01/49 | 1559474 | &nbsp;&nbsp; 1548894 |
| 4.500%, 11/01/49 | 462129 | &nbsp;&nbsp; 461088 |
| 4.500%, 04/01/50 | 84926 | &nbsp;&nbsp; 83404 |
| 4.500%, 07/01/52 | 1079510 | &nbsp;&nbsp; 1064991 |
| 4.500%, 09/01/53 | 975881 | &nbsp;&nbsp; 969749 |
| 4.500%, 08/01/58 | 606442 | &nbsp;&nbsp; 592194 |
| 4.500%, 01/01/59 | 1271917 | &nbsp;&nbsp; 1238492 |
| 5.000%, 01/01/39 | 2391 | &nbsp;&nbsp; 2459 |
| 5.000%, 12/01/39 | 3795 | &nbsp;&nbsp; 3902 |
| 5.000%, 05/01/40 | 11909 | &nbsp;&nbsp; 12236 |
| 5.000%, 07/01/40 | 8192 | &nbsp;&nbsp; 8424 |
| 5.000%, 11/01/40 | 193410 | &nbsp;&nbsp; 198893 |
| 5.000%, 01/01/41 | 13190 | &nbsp;&nbsp; 13351 |
| 5.000%, 02/01/41 | 15168 | &nbsp;&nbsp; 15537 |
| 5.000%, 04/01/41 | 21481 | &nbsp;&nbsp; 22026 |
| 5.000%, 05/01/41 | 481790 | &nbsp;&nbsp; 495454 |
| 5.000%, 06/01/41 | 34090 | &nbsp;&nbsp; 34959 |
| 5.000%, 12/01/47 | 913284 | &nbsp;&nbsp; 939132 |
| 5.000%, 06/01/52 | 349581 | &nbsp;&nbsp; 352671 |
| 5.000%, 07/01/52 | 1056041 | &nbsp;&nbsp; 1071921 |
| 5.000%, 10/01/52 | 487419 | &nbsp;&nbsp; 488452 |
| 5.000%, 11/01/52 | 503329 | &nbsp;&nbsp; 505817 |
| 5.000%, 01/01/53 | 405569 | &nbsp;&nbsp; 406121 |
| 5.000%, 02/01/53 | 74447 | &nbsp;&nbsp; 74607 |
| 5.000%, 06/01/53 | 671223 | &nbsp;&nbsp; 676738 |
| 5.000%, 07/01/53 | 612794 | &nbsp;&nbsp; 621576 |
| 5.500%, 08/01/52 | 132743 | &nbsp;&nbsp; 134884 |
| 5.500%, 10/01/52 | 132542 | &nbsp;&nbsp; 134921 |

---

*See accompanying notes to financial statements.*

**BHFTII-410**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.500%, 11/01/52 | 1631315 | &nbsp;&nbsp; $1666495 |
| 5.500%, 07/01/53 | 1117107 | &nbsp;&nbsp; 1146111 |
| 5.500%, 08/01/53 | 839171 | &nbsp;&nbsp; 856798 |
| 5.500%, 06/01/54 | 348861 | &nbsp;&nbsp; 356342 |
| 6.000%, 07/01/41 | 128899 | &nbsp;&nbsp; 136254 |
| 6.000%, 12/01/52 | 942089 | &nbsp;&nbsp; 969660 |
| 6.000%, 03/01/53 | 619439 | &nbsp;&nbsp; 644490 |
| 6.000%, 06/01/53 | 4360830 | &nbsp;&nbsp; 4536736 |
| 6.000%, 07/01/53 | 203775 | &nbsp;&nbsp; 211113 |
| 6.000%, 11/01/53 | 481095 | &nbsp;&nbsp; 499728 |
| 6.000%, 03/01/54 | 1573971 | &nbsp;&nbsp; 1624377 |
| 6.000%, 05/01/54 | 1241390 | &nbsp;&nbsp; 1275542 |
| 6.500%, 03/01/26 | 22 | &nbsp;&nbsp; 22 |
| 6.500%, 04/01/29 | 9371 | &nbsp;&nbsp; 9722 |
| 6.500%, 05/01/32 | 1818 | &nbsp;&nbsp; 1872 |
| 6.500%, 03/01/54 | 318615 | &nbsp;&nbsp; 332450 |
| 6.500%, 04/01/54 | 1755357 | &nbsp;&nbsp; 1830873 |
| 7.000%, 11/01/37 | 11028 | &nbsp;&nbsp; 11580 |
| 7.000%, 12/01/37 | 5036 | &nbsp;&nbsp; 5300 |
| 7.000%, 02/01/38 | 1918 | &nbsp;&nbsp; 2014 |
| 7.000%, 11/01/38 | 23532 | &nbsp;&nbsp; 24762 |
| 8.000%, 05/01/28 | 115 | &nbsp;&nbsp; 117 |
| 8.000%, 07/01/32 | 481 | &nbsp;&nbsp; 495 |
| Government National Mortgage Association |  |  |
| 2.000%, 08/20/50 | 103404 | &nbsp;&nbsp; 85701 |
| 2.000%, 02/20/51 | 6772107 | &nbsp;&nbsp; 5540076 |
| 2.000%, 03/20/51 | 2751640 | &nbsp;&nbsp; 2243600 |
| 2.000%, 04/20/51 | 1573181 | &nbsp;&nbsp; 1281733 |
| 2.500%, 10/20/49 | 304242 | &nbsp;&nbsp; 264082 |
| 2.500%, 04/20/51 | 3309380 | &nbsp;&nbsp; 2856267 |
| 2.500%, 06/20/51 | 69148 | &nbsp;&nbsp; 59293 |
| 2.500%, 08/20/51 | 66981 | &nbsp;&nbsp; 57538 |
| 2.500%, 10/20/51 | 274486 | &nbsp;&nbsp; 235638 |
| 2.500%, 12/20/51 | 139367 | &nbsp;&nbsp; 119615 |
| 2.500%, 08/20/52 | 4197933 | &nbsp;&nbsp; 3638917 |
| 3.000%, 09/15/42 | 239379 | &nbsp;&nbsp; 220265 |
| 3.000%, 10/15/42 | 1273857 | &nbsp;&nbsp; 1170239 |
| 3.000%, 11/15/42 | 467346 | &nbsp;&nbsp; 423968 |
| 3.000%, 11/20/46 | 129977 | &nbsp;&nbsp; 118556 |
| 3.000%, 09/20/47 | 41034 | &nbsp;&nbsp; 37319 |
| 3.000%, 11/20/47 | 86839 | &nbsp;&nbsp; 79071 |
| 3.000%, 12/20/47 | 549722 | &nbsp;&nbsp; 500386 |
| 3.000%, 01/20/50 | 523685 | &nbsp;&nbsp; 463664 |
| 3.000%, 06/20/51 | 892517 | &nbsp;&nbsp; 793255 |
| 3.000%, 11/20/51 | 622128 | &nbsp;&nbsp; 552636 |
| 3.000%, 01/20/52 | 83251 | &nbsp;&nbsp; 74012 |
| 3.000%, 02/20/52 | 2015265 | &nbsp;&nbsp; 1797798 |
| 3.000%, 03/20/52 | 1467180 | &nbsp;&nbsp; 1311846 |
| 3.000%, 04/20/52 | 1716336 | &nbsp;&nbsp; 1536150 |
| 3.500%, 06/20/44 | 493369 | &nbsp;&nbsp; 460081 |
| 3.500%, 03/20/45 | 39108 | &nbsp;&nbsp; 36469 |
| 3.500%, 01/20/46 | 103624 | &nbsp;&nbsp; 96542 |
| 3.500%, 03/20/46 | 545343 | &nbsp;&nbsp; 508071 |
| 3.500%, 04/20/46 | 287178 | &nbsp;&nbsp; 267550 |
| 3.500%, 05/20/46 | 132923 | &nbsp;&nbsp; 123838 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 3.500%, 06/20/46 | 228085 | &nbsp;&nbsp; $212448 |
| 3.500%, 07/20/46 | 137364 | &nbsp;&nbsp; 127083 |
| 3.500%, 09/20/46 | 12543 | &nbsp;&nbsp; 11678 |
| 3.500%, 05/20/47 | 1821684 | &nbsp;&nbsp; 1692994 |
| 3.500%, 02/20/48 | 812468 | &nbsp;&nbsp; 744902 |
| 3.500%, 06/15/48 | 1558255 | &nbsp;&nbsp; 1456733 |
| 3.500%, 09/20/48 | 343922 | &nbsp;&nbsp; 318721 |
| 3.500%, 02/20/49 | 10855 | &nbsp;&nbsp; 10037 |
| 3.500%, 10/20/49 | 80918 | &nbsp;&nbsp; 73683 |
| 3.500%, 01/20/50 | 731365 | &nbsp;&nbsp; 653793 |
| 3.500%, 02/20/50 | 127648 | &nbsp;&nbsp; 116238 |
| 3.500%, 05/15/50 | 252154 | &nbsp;&nbsp; 230547 |
| 3.500%, 07/20/50 | 133624 | &nbsp;&nbsp; 123167 |
| 3.500%, 02/20/52 | 1225836 | &nbsp;&nbsp; 1124856 |
| 3.500%, 03/20/52 | 418293 | &nbsp;&nbsp; 374679 |
| 3.500%, 06/20/52 | 357693 | &nbsp;&nbsp; 321279 |
| 4.000%, 09/20/45 | 97885 | &nbsp;&nbsp; 94149 |
| 4.000%, 11/20/45 | 2206033 | &nbsp;&nbsp; 2109857 |
| 4.000%, 08/20/46 | 1484963 | &nbsp;&nbsp; 1433218 |
| 4.000%, 06/20/47 | 648725 | &nbsp;&nbsp; 625243 |
| 4.000%, 07/20/47 | 109307 | &nbsp;&nbsp; 105538 |
| 4.000%, 11/20/47 | 309849 | &nbsp;&nbsp; 298354 |
| 4.000%, 12/20/47 | 121771 | &nbsp;&nbsp; 117231 |
| 4.000%, 02/20/48 | 122397 | &nbsp;&nbsp; 117811 |
| 4.000%, 03/20/48 | 874008 | &nbsp;&nbsp; 841099 |
| 4.000%, 04/20/48 | 106264 | &nbsp;&nbsp; 101962 |
| 4.000%, 05/20/48 | 88443 | &nbsp;&nbsp; 85256 |
| 4.000%, 08/20/48 | 1217944 | &nbsp;&nbsp; 1169555 |
| 4.000%, 09/20/48 | 337110 | &nbsp;&nbsp; 324060 |
| 4.000%, 03/20/49 | 185270 | &nbsp;&nbsp; 177565 |
| 4.000%, 04/20/49 | 160041 | &nbsp;&nbsp; 153290 |
| 4.000%, 11/20/49 | 52753 | &nbsp;&nbsp; 50314 |
| 4.000%, 01/20/50 | 87254 | &nbsp;&nbsp; 81606 |
| 4.000%, 02/20/50 | 78830 | &nbsp;&nbsp; 75188 |
| 4.000%, 03/15/50 | 25227 | &nbsp;&nbsp; 24057 |
| 4.000%, 03/20/50 | 56525 | &nbsp;&nbsp; 53914 |
| 4.000%, 04/20/50 | 303135 | &nbsp;&nbsp; 287677 |
| 4.000%, 06/20/52 | 537247 | &nbsp;&nbsp; 510318 |
| 4.500%, 01/20/40 | 147299 | &nbsp;&nbsp; 148363 |
| 4.500%, 05/20/40 | 183816 | &nbsp;&nbsp; 185143 |
| 4.500%, 09/20/40 | 4044 | &nbsp;&nbsp; 4071 |
| 4.500%, 01/20/41 | 34047 | &nbsp;&nbsp; 34286 |
| 4.500%, 07/20/41 | 229842 | &nbsp;&nbsp; 231385 |
| 4.500%, 08/20/47 | 217747 | &nbsp;&nbsp; 216532 |
| 4.500%, 04/20/48 | 312431 | &nbsp;&nbsp; 310269 |
| 4.500%, 05/20/48 | 583338 | &nbsp;&nbsp; 577457 |
| 4.500%, 06/20/48 | 582289 | &nbsp;&nbsp; 577347 |
| 4.500%, 07/20/48 | 43234 | &nbsp;&nbsp; 42878 |
| 4.500%, 08/20/48 | 1466829 | &nbsp;&nbsp; 1455209 |
| 4.500%, 09/20/48 | 127597 | &nbsp;&nbsp; 126531 |
| 4.500%, 10/20/48 | 306319 | &nbsp;&nbsp; 303624 |
| 4.500%, 12/20/48 | 141072 | &nbsp;&nbsp; 139769 |
| 4.500%, 01/20/49 | 1195729 | &nbsp;&nbsp; 1185120 |
| 4.500%, 02/20/49 | 436257 | &nbsp;&nbsp; 432140 |
| 4.500%, 03/20/49 | 1133138 | &nbsp;&nbsp; 1122443 |

---

*See accompanying notes to financial statements.*

**BHFTII-411**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.500%, 04/20/49 | 141813 | &nbsp;&nbsp; $141018 |
| 4.500%, 02/20/50 | 192423 | &nbsp;&nbsp; 190479 |
| 4.500%, 03/20/50 | 122255 | &nbsp;&nbsp; 120875 |
| 4.500%, 12/20/50 | 185529 | &nbsp;&nbsp; 183406 |
| 4.500%, 08/20/52 | 777086 | &nbsp;&nbsp; 759651 |
| 4.500%, 09/20/52 | 947799 | &nbsp;&nbsp; 927110 |
| 5.000%, 07/20/40 | 143551 | &nbsp;&nbsp; 147703 |
| 5.000%, 05/20/48 | 94143 | &nbsp;&nbsp; 95715 |
| 5.000%, 10/20/48 | 495780 | &nbsp;&nbsp; 504695 |
| 5.000%, 11/20/48 | 269156 | &nbsp;&nbsp; 273485 |
| 5.000%, 03/20/49 | 58638 | &nbsp;&nbsp; 59534 |
| 5.000%, 04/20/49 | 51036 | &nbsp;&nbsp; 51931 |
| 5.000%, 09/20/49 | 84782 | &nbsp;&nbsp; 86199 |
| 5.000%, 11/20/49 | 129949 | &nbsp;&nbsp; 132120 |
| 5.000%, 12/20/49 | 86259 | &nbsp;&nbsp; 87700 |
| 5.000%, 01/20/50 | 223746 | &nbsp;&nbsp; 227477 |
| 5.000%, 04/20/50 | 48168 | &nbsp;&nbsp; 48971 |
| 5.000%, 09/20/52 | 375387 | &nbsp;&nbsp; 377262 |
| 5.000%, 01/20/53 | 672397 | &nbsp;&nbsp; 676181 |
| 5.000%, 08/20/53 | 2037046 | &nbsp;&nbsp; 2045462 |
| 5.500%, 06/15/36 | 100647 | &nbsp;&nbsp; 105147 |
| 5.500%, 11/20/52 | 1228183 | &nbsp;&nbsp; 1251568 |
| 5.500%, 02/20/53 | 1220367 | &nbsp;&nbsp; 1236051 |
| 5.500%, 03/20/53 | 1947397 | &nbsp;&nbsp; 1980806 |
| 5.500%, 04/20/53 | 2427430 | &nbsp;&nbsp; 2466509 |
| 5.500%, 05/20/53 | 844312 | &nbsp;&nbsp; 861394 |
| 5.500%, 07/20/53 | 561042 | &nbsp;&nbsp; 571632 |
| 5.500%, 08/20/53 | 3043451 | &nbsp;&nbsp; 3106528 |
| 6.000%, 03/15/33 | 245810 | &nbsp;&nbsp; 252024 |
| 6.000%, 11/20/34 | 371 | &nbsp;&nbsp; 392 |
| 6.000%, 06/20/35 | 584 | &nbsp;&nbsp; 612 |
| 6.000%, 07/20/36 | 29450 | &nbsp;&nbsp; 31255 |
| 6.000%, 09/20/36 | 1425 | &nbsp;&nbsp; 1496 |
| 6.000%, 07/20/38 | 86128 | &nbsp;&nbsp; 92065 |
| 6.000%, 09/20/38 | 212107 | &nbsp;&nbsp; 226561 |
| 6.000%, 06/20/39 | 1054 | &nbsp;&nbsp; 1109 |
| 6.000%, 05/20/40 | 16312 | &nbsp;&nbsp; 17118 |
| 6.000%, 06/20/40 | 51484 | &nbsp;&nbsp; 54123 |
| 6.000%, 08/20/40 | 28968 | &nbsp;&nbsp; 30446 |
| 6.000%, 09/20/40 | 73816 | &nbsp;&nbsp; 77696 |
| 6.000%, 10/20/40 | 29395 | &nbsp;&nbsp; 30849 |
| 6.000%, 11/20/40 | 54742 | &nbsp;&nbsp; 56780 |
| 6.000%, 01/20/41 | 29573 | &nbsp;&nbsp; 30412 |
| 6.000%, 03/20/41 | 203062 | &nbsp;&nbsp; 213317 |
| 6.000%, 07/20/41 | 49102 | &nbsp;&nbsp; 51529 |
| 6.000%, 12/20/41 | 24643 | &nbsp;&nbsp; 25938 |
| 6.000%, 09/20/53 | 567237 | &nbsp;&nbsp; 587654 |
| 6.000%, 01/20/54 | 522278 | &nbsp;&nbsp; 541860 |
| 6.000%, 02/20/54 | 1156276 | &nbsp;&nbsp; 1199657 |
| 6.500%, 08/15/34 | 49382 | &nbsp;&nbsp; 50683 |
| 6.500%, 10/20/37 | 82125 | &nbsp;&nbsp; 89370 |
| 7.500%, 09/15/29 | 210 | &nbsp;&nbsp; 213 |
| Government National Mortgage Association REMICS |  |  |
| 0.051%, 10/16/54 (c) (d) | 9758093 | &nbsp;&nbsp; 8814 |
| 0.165%, 02/16/48 (c) (d) | 711375 | &nbsp;&nbsp; 2857 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association REMICS |  |  |
| 0.193%, 04/16/54 (c) (d) | 5137187 | &nbsp;&nbsp; $4143 |
| 0.516%, 11/16/56 (c) (d) | 6863672 | &nbsp;&nbsp; 185840 |
| 0.542%, 12/16/58 (c) (d) | 5990939 | &nbsp;&nbsp; 164824 |
| 0.587%, 09/16/55 (c) (d) | 5555647 | &nbsp;&nbsp; 128013 |
| 0.590%, 10/16/58 (c) (d) | 9776151 | &nbsp;&nbsp; 308321 |
| 0.618%, 03/16/60 (c) (d) | 1343476 | &nbsp;&nbsp; 50741 |
| 0.640%, 02/16/61 (c) (d) | 1295989 | &nbsp;&nbsp; 58483 |
| 0.703%, 12/16/59 (c) (d) | 25201284 | &nbsp;&nbsp; 1069971 |
| 0.792%, 05/16/62 (c) (d) | 15816039 | &nbsp;&nbsp; 957079 |
| 0.816%, 04/16/61 (c) (d) | 4797860 | &nbsp;&nbsp; 288559 |
| 0.833%, 02/16/63 (c) (d) | 3966968 | &nbsp;&nbsp; 240204 |
| 0.886%, 06/16/62 (c) (d) | 3501508 | &nbsp;&nbsp; 218623 |
| 0.965%, 05/16/62 (c) (d) | 4083915 | &nbsp;&nbsp; 271208 |
| 0.971%, 06/16/61 (c) (d) | 3126808 | &nbsp;&nbsp; 222059 |
| 0.981%, 07/16/63 (c) (d) | 2861759 | &nbsp;&nbsp; 197359 |
| 1.000%, 07/16/60 | 513736 | &nbsp;&nbsp; 362867 |
| 1.112%, 01/16/61 (c) (d) | 4292505 | &nbsp;&nbsp; 344466 |
| 1.113%, 06/16/61 (c) (d) | 2800078 | &nbsp;&nbsp; 228050 |
| 1.144%, 06/16/61 (c) (d) | 5036379 | &nbsp;&nbsp; 410780 |
| 1.169%, 04/16/62 (c) (d) | 2942468 | &nbsp;&nbsp; 237951 |
| 1.271%, 09/16/60 (c) (d) | 2697828 | &nbsp;&nbsp; 238060 |
| 1.332%, 06/16/63 (c) (d) | 2548443 | &nbsp;&nbsp; 234062 |
| 1.433%, 06/16/61 (c) (d) | 1975979 | &nbsp;&nbsp; 184266 |
| 1.500%, 06/16/63 | 2489437 | &nbsp;&nbsp; 1849986 |
| 1.602%, 09/16/63 (c) (d) | 3244936 | &nbsp;&nbsp; 379534 |
| 1.615%, 05/16/60 (c) (d) | 4251322 | &nbsp;&nbsp; 469689 |
| Government National Mortgage Association, TBA |  |  |
| 2.500%, TBA (f) | 5300000 | &nbsp;&nbsp; 4570836 |
| 3.000%, TBA (f) | 1000000 | &nbsp;&nbsp; 898398 |
| 3.500%, TBA (f) | 600000 | &nbsp;&nbsp; 545929 |
| 4.500%, TBA (f) | 1700000 | &nbsp;&nbsp; 1655641 |
| 6.000%, TBA (f) | 8500000 | &nbsp;&nbsp; 8655723 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 4.500%, TBA (f) | 8500000 | &nbsp;&nbsp; 8297208 |
| 5.000%, TBA (f) | 5100000 | &nbsp;&nbsp; 5085656 |
| 5.500%, TBA (f) | 18000000 | &nbsp;&nbsp; 18251687 |
| 6.000%, TBA (f) | 15000000 | &nbsp;&nbsp; 15400912 |
|  |  | &nbsp;&nbsp; 438162468 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $521,723,139) <br>|  | &nbsp;&nbsp; 492150109 |
| **Non-Agency Mortgage-Backed Securities—4.5%** | **Non-Agency Mortgage-Backed Securities—4.5%** | **Non-Agency Mortgage-Backed Securities—4.5%** |
| **Collateralized Mortgage Obligations — 2.2%** | **Collateralized Mortgage Obligations — 2.2%** | **Collateralized Mortgage Obligations — 2.2%** |
| Angel Oak Mortgage Trust |  |  |
| 5.920%, 04/25/70 (144A) (g) | 1696464 | &nbsp;&nbsp; 1713772 |
| Banc of America Mortgage Trust |  |  |
| 5.597%, 07/25/35 (d) | 6986 | &nbsp;&nbsp; 6655 |
| BRAVO Residential Funding Trust |  |  |
| 7.535%, 09/25/63 (144A) (g) | 445006 | &nbsp;&nbsp; 449810 |
| CIM Trust |  |  |
| 1.425%, 07/25/61 (144A) (d) | 1531630 | &nbsp;&nbsp; 1421087 |
| 5.000%, 05/25/62 (144A) (d) | 2065629 | &nbsp;&nbsp; 2064293 |

---

*See accompanying notes to financial statements.*

**BHFTII-412**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Countrywide Alternative Loan Trust |  |  |
| 4.248%, 1M TSFR + 0.514%, 07/20/46 (d) | 670702 | &nbsp;&nbsp; $587364 |
| CSMC Trust |  |  |
| 0.830%, 03/25/56 (144A) (d) | 462974 | &nbsp;&nbsp; 396385 |
| 0.938%, 05/25/66 (144A) (d) | 781763 | &nbsp;&nbsp; 667000 |
| 1.169%, 03/25/56 (144A) (d) | 398560 | &nbsp;&nbsp; 344924 |
| 1.756%, 10/25/66 (144A) (d) | 452795 | &nbsp;&nbsp; 405725 |
| Ellington Financial Mortgage Trust |  |  |
| 3.001%, 01/25/67 (144A) (d) | 950000 | &nbsp;&nbsp; 719021 |
| GCAT Trust |  |  |
| 6.500%, 09/25/54 (144A) (d) | 370992 | &nbsp;&nbsp; 380726 |
| GMACM Mortgage Loan Trust |  |  |
| 3.693%, 11/19/35 (d) | 65369 | &nbsp;&nbsp; 53417 |
| GS Mortgage-Backed Securities Trust |  |  |
| 3.750%, 10/25/57 (144A) | 993341 | &nbsp;&nbsp; 979682 |
| 4.000%, 05/25/62 (144A) (d) | 585599 | &nbsp;&nbsp; 548097 |
| JP Morgan Mortgage Trust |  |  |
| 3.500%, 10/25/48 (144A) (d) | 320381 | &nbsp;&nbsp; 290321 |
| Legacy Mortgage Asset Trust |  |  |
| 5.750%, 07/25/61 (144A) (g) | 712448 | &nbsp;&nbsp; 712491 |
| 6.250%, 07/25/67 (144A) (g) | 549621 | &nbsp;&nbsp; 550062 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| 3.755%, 02/25/34 (d) | 88381 | &nbsp;&nbsp; 79357 |
| MASTR Reperforming Loan Trust |  |  |
| 3.872%, 05/25/35 (144A) (d) | 1628420 | &nbsp;&nbsp; 702894 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| 3.550%, 07/25/35 (d) | 43199 | &nbsp;&nbsp; 38618 |
| 3.986%, 1M TSFR + 0.254%, 06/25/36 (d) | 394095 | &nbsp;&nbsp; 69951 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 6.500%, 06/25/54 (144A) (d) | 1749119 | &nbsp;&nbsp; 1795102 |
| New Residential Mortgage Loan Trust |  |  |
| 1.156%, 11/27/56 (144A) (d) | 378309 | &nbsp;&nbsp; 341882 |
| 2.750%, 07/25/59 (144A) (d) | 718386 | &nbsp;&nbsp; 696433 |
| 3.250%, 09/25/56 (144A) (d) | 754786 | &nbsp;&nbsp; 718267 |
| 4.000%, 02/25/57 (144A) (d) | 605340 | &nbsp;&nbsp; 591387 |
| 4.000%, 05/25/57 (144A) (d) | 971446 | &nbsp;&nbsp; 941281 |
| OBX Trust |  |  |
| 1.054%, 07/25/61 (144A) (d) | 516698 | &nbsp;&nbsp; 425230 |
| 5.755%, 02/25/55 (144A) (g) | 2239886 | &nbsp;&nbsp; 2252059 |
| 5.949%, 02/25/63 (144A) (g) | 432288 | &nbsp;&nbsp; 432200 |
| PRKCM Trust |  |  |
| 1.510%, 08/25/56 (144A) (d) | 1183685 | &nbsp;&nbsp; 1006086 |
| 2.071%, 11/25/56 (144A) (d) | 656247 | &nbsp;&nbsp; 587932 |
| 6.431%, 05/25/59 (144A) (g) | 560398 | &nbsp;&nbsp; 567383 |
| Reperforming Loan Trust REMICS |  |  |
| 4.266%, 1M TSFR + 0.534%, 07/25/36 (144A) (d) | 103698 | &nbsp;&nbsp; 98272 |
| SACO I Trust |  |  |
| 4.268%, 06/25/21 (144A) (d) | 1004 | &nbsp;&nbsp; 735 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.206%, 1M TSFR + 0.474%, 07/25/46 (d) | 63134 | &nbsp;&nbsp; 55494 |
| Structured Asset Securities Corp. |  |  |
| 4.196%, 1M TSFR + 0.464%, 04/25/35 (144A) (d) | 966053 | &nbsp;&nbsp; 879088 |
| 4.476%, 06/25/35 (144A) (d) | 33364 | &nbsp;&nbsp; 30285 |
| Towd Point Mortgage Trust |  |  |
| 1.636%, 04/25/60 (144A) (d) | 571440 | &nbsp;&nbsp; 524117 |
| 3.000%, 04/25/60 (144A) (d) | 940000 | &nbsp;&nbsp; 744545 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Verus Securitization Trust |  |  |
| 5.238%, 07/25/67 (144A) (g) | 970000 | &nbsp;&nbsp; $971904 |
| 6.845%, 04/25/69 (144A) (g) | 430655 | &nbsp;&nbsp; 435681 |
|  |  | &nbsp;&nbsp; 27277015 |
| **Commercial Mortgage-Backed Securities — 2.3%** | **Commercial Mortgage-Backed Securities — 2.3%** | **Commercial Mortgage-Backed Securities — 2.3%** |
| Bank |  |  |
| 2.470%, 09/15/64 | 2770000 | &nbsp;&nbsp; 2477843 |
| 2.643%, 04/15/54 (d) | 860000 | &nbsp;&nbsp; 786415 |
| 3.538%, 11/15/54 | 1564885 | &nbsp;&nbsp; 1544486 |
| Bank5 |  |  |
| 5.779%, 04/15/56 | 415370 | &nbsp;&nbsp; 424424 |
| Benchmark Mortgage Trust |  |  |
| 5.525%, 04/15/56 | 2700000 | &nbsp;&nbsp; 2821441 |
| BLP Commercial Mortgage Trust |  |  |
| 5.442%, 1M TSFR + 1.692%, 03/15/40 (144A) (d) | 4207681 | &nbsp;&nbsp; 4212876 |
| BX Trust |  |  |
| 4.600%, 1M TSFR + 0.850%, 01/15/39 (144A) (d) | 3000000 | &nbsp;&nbsp; 2998177 |
| 4.666%, 1M TSFR + 0.914%, 02/15/36 (144A) (d) | 585199 | &nbsp;&nbsp; 584724 |
| Citigroup Commercial Mortgage Trust |  |  |
| 5.820%, 10/12/40 (144A) (d) | 1520000 | &nbsp;&nbsp; 1566442 |
| Extended Stay America Trust |  |  |
| 5.050%, 1M TSFR + 1.300%, 10/15/42 (144A) (d) | 1200000 | &nbsp;&nbsp; 1201874 |
| GS Mortgage Securities Trust |  |  |
| 2.911%, 02/13/53 | 3414000 | &nbsp;&nbsp; 3215592 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 3.459%, 12/15/49 | 3129700 | &nbsp;&nbsp; 3111619 |
| MTN Commercial Mortgage Trust |  |  |
| 5.157%, 1M TSFR + 1.397%, 03/15/39 (144A) (d) | 2980000 | &nbsp;&nbsp; 2978145 |
|  |  | &nbsp;&nbsp; 27924058 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $56,484,007) <br>|  | &nbsp;&nbsp; 55201073 |
| **Foreign Government—3.4%** | **Foreign Government—3.4%** | **Foreign Government—3.4%** |
| **Sovereign — 3.4%** | **Sovereign — 3.4%** | **Sovereign — 3.4%** |
| Indonesia Government International Bonds |  |  |
| 4.750%, 02/11/29 | 6280000 | &nbsp;&nbsp; 6379821 |
| Israel Government AID Bonds |  |  |
| 5.500%, 09/18/33 | 10047000 | &nbsp;&nbsp; 10897583 |
| Israel Government International Bonds |  |  |
| 5.500%, 03/12/34 | 7000000 | &nbsp;&nbsp; 7251204 |
| Mexico Government International Bonds |  |  |
| 5.850%, 07/02/32 | 12000000 | &nbsp;&nbsp; 12328920 |
| Peru Government International Bonds |  |  |
| 6.550%, 03/14/37 | 320000 | &nbsp;&nbsp; 353632 |
| Republic of Poland Government International Bonds |  |  |
| 3.250%, 04/06/26 (b) | 5010000 | &nbsp;&nbsp; 5000691 |
| Total Foreign Government <br>(Cost $41,699,747) <br>|  | &nbsp;&nbsp; 42211851 |

---

*See accompanying notes to financial statements.*

**BHFTII-413**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Corporate Bonds & Notes—0.8%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| EQUATE Petrochemical Co. KSC |  |  |
| 4.250%, 11/03/26 (144A) | 1540000 | &nbsp;&nbsp; $1536635 |
| **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
| Enel Chile SA |  |  |
| 4.875%, 06/12/28 | 4000000 | &nbsp;&nbsp; 4056004 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| 5.450%, 05/21/28 (144A) | 4000000 | &nbsp;&nbsp; 4096764 |
|  |  | &nbsp;&nbsp; 8152768 |
| Total Corporate Bonds & Notes <br>(Cost $9,543,165) <br>|  | &nbsp;&nbsp; 9689403 |
| **Asset-Backed Securities—0.0%** | **Asset-Backed Securities—0.0%** | **Asset-Backed Securities—0.0%** |
| **Asset-Backed - Other — 0.0%** | **Asset-Backed - Other — 0.0%** | **Asset-Backed - Other — 0.0%** |
| Structured Asset Securities Corp. Mortgage Loan Trust |  |  |
| 4.066%, 1M TSFR + 0.334%, 02/25/36 (144A) (d) <br>(Cost $1,962,546)<br>| 4521265 | &nbsp;&nbsp; 78649 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** |
| **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 12/31/25 at 2.500%, due on <br> 01/02/26, with a maturity value of $14,157,299; <br> collateralized by U.S. Treasury Note at 4.500%, maturing <br> 05/15/27, with a market value of $14,438,581<br>| 14155333 | &nbsp;&nbsp; 14155333 |
| Total Short-Term Investments <br>(Cost $14,155,333) <br>|  | &nbsp;&nbsp; 14155333 |
| Total Investments—104.6% <br>(Cost $1,335,343,512) <br>|  | &nbsp;&nbsp; 1294311940 |
| Other assets and liabilities (net)—(4.6)%  |  | &nbsp;&nbsp; (57170814)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1237141126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Principal amount of security is adjusted for inflation.

(b) All or a portion of the security was held on loan. As of December 31, 2025, the market value of securities loaned was $99,699,922 and the collateral received consisted of non-cash collateral with a value of $103,181,562. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party 

---

| | |
|:---|:---|
|  | custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (c) | Interest only security. |
| (d) | Variable or floating rate security. The stated rate represents the rate at December 31, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (e) | Principal only security. |
| (f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (g) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of December 31, 2025, the market value of 144A securities was <br> $56,132,950, which is 4.5% of net assets.<br>|

---

Securities in the amount of $9,322 have been received at the custodian bank as collateral for TBA securities.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2339297904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18717201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 <br>,468913633<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83914991 |

---

*See accompanying notes to financial statements.*

**BHFTII-414**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1661663757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1683403427 |

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 562 | USD | 61429235 | &nbsp;&nbsp; $58856 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Interest Rate | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $58856 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $(552271)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $15417 |

---

For the year ended December 31, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $20144214 |
| Futures contracts short | &nbsp;&nbsp; (7596406)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

*See accompanying notes to financial statements.*

**BHFTII-415**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of December 31, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $680825522 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $680825522 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 492150109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 492150109 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 55201073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55201073 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 42211851 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42211851 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 9689403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9689403 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 78649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78649 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 14155333 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14155333 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1294311940 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1294311940 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $58856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58856 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-416**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Statement of Assets and Liabilities**

------

**December 31, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1294311940 |
| Cash | &nbsp;&nbsp; 2577 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 733083 |
| Receivable for: |  |
| TBA securities sold | &nbsp;&nbsp; 32528658 |
| Fund shares sold | &nbsp;&nbsp; 177200 |
| Principal paydowns | &nbsp;&nbsp; 44832 |
| Interest | &nbsp;&nbsp; 6714291 |
| Prepaid expenses | &nbsp;&nbsp; 4526 |
| Total Assets | &nbsp;&nbsp; 1334517107 |
| **Liabilities** |  |
| Payable for: |  |
| TBA securities purchased | &nbsp;&nbsp; 95772965 |
| Fund shares redeemed | &nbsp;&nbsp; 327613 |
| Variation margin on futures contracts | &nbsp;&nbsp; 65857 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 491273 |
| Distribution and service fees | &nbsp;&nbsp; 60193 |
| Deferred trustees' fees | &nbsp;&nbsp; 240632 |
| Other expenses | &nbsp;&nbsp; 417448 |
| Total Liabilities | &nbsp;&nbsp; 97375981 |
| **Net Assets**  | &nbsp;&nbsp; $1237141126 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1465484368 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (228343242)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1237141126 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $951113363 |
| Class B | &nbsp;&nbsp; 275533507 |
| Class E | &nbsp;&nbsp; 10494256 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 88577404 |
| Class B | &nbsp;&nbsp; 25785464 |
| Class E | &nbsp;&nbsp; 980107 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.74 |
| Class B | 10.69 |
| Class E | 10.71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,335,343,512.

(b) Includes securities loaned at value of $99,699,922.

**Statement of Operations**

------

**Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $51498068 |
| Securities lending income | &nbsp;&nbsp; 11380 |
| Total investment income | &nbsp;&nbsp; 51509448 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 6204124 |
| Administration fees | &nbsp;&nbsp; 78751 |
| Custodian and accounting fees | &nbsp;&nbsp; 130776 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 707622 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 16717 |
| Audit and tax services | &nbsp;&nbsp; 77089 |
| Legal | &nbsp;&nbsp; 48492 |
| Trustees' fees and expenses | &nbsp;&nbsp; 62093 |
| Shareholder reporting | &nbsp;&nbsp; 61011 |
| Insurance | &nbsp;&nbsp; 11344 |
| Miscellaneous | &nbsp;&nbsp; 24159 |
| Total expenses | &nbsp;&nbsp; 7422178 |
| Less management fee waiver | &nbsp;&nbsp; (298591)<br>|
| Net expenses | &nbsp;&nbsp; 7123587 |
| **Net Investment Income** | &nbsp;&nbsp; 44385861 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (2140878)<br>|
| Futures contracts | &nbsp;&nbsp; (552271)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (2693149)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 44498982 |
| Futures contracts | &nbsp;&nbsp; 15417 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 44514399 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 41821250 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $86207111 |

---

*See accompanying notes to financial statements.*

**BHFTII-417**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $44385861 | &nbsp;&nbsp; $46012849 |
| Net realized gain (loss) | &nbsp;&nbsp; (2693149)<br>| &nbsp;&nbsp; (8873956)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 44514399 | &nbsp;&nbsp; (5303747)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 86207111 | &nbsp;&nbsp; 31835146 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (39746284)<br>| &nbsp;&nbsp; (33324740)<br>|
| Class B | &nbsp;&nbsp; (10658052)<br>| &nbsp;&nbsp; (8311675)<br>|
| Class E | &nbsp;&nbsp; (441219)<br>| &nbsp;&nbsp; (363412)<br>|
| **Total distributions** | &nbsp;&nbsp; (50845555)<br>| &nbsp;&nbsp; (41999827)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (104447215)<br>| &nbsp;&nbsp; (104874557)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (69085659)<br>| &nbsp;&nbsp; (115039238)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1306226785 | &nbsp;&nbsp; 1421266023 |
| End of period | &nbsp;&nbsp; $1237141126 | &nbsp;&nbsp; $1306226785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2210745 | &nbsp;&nbsp; $23531296 | &nbsp;&nbsp; 2314713 | &nbsp;&nbsp; $24227939 |
| Reinvestments | &nbsp;&nbsp; 3855120 | &nbsp;&nbsp; 39746284 | &nbsp;&nbsp; 3251194 | &nbsp;&nbsp; 33324740 |
| Redemptions | &nbsp;&nbsp; (13372643)<br>| &nbsp;&nbsp; (141905529)<br>| &nbsp;&nbsp; (14851704)<br>| &nbsp;&nbsp; (155507859)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7306778)<br>| &nbsp;&nbsp; $(78627949)<br>| &nbsp;&nbsp; (9285797)<br>| &nbsp;&nbsp; $(97955180)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2514464 | &nbsp;&nbsp; $26456456 | &nbsp;&nbsp; 3650051 | &nbsp;&nbsp; $38112409 |
| Reinvestments | &nbsp;&nbsp; 1037785 | &nbsp;&nbsp; 10658052 | &nbsp;&nbsp; 814072 | &nbsp;&nbsp; 8311675 |
| Redemptions | &nbsp;&nbsp; (5811974)<br>| &nbsp;&nbsp; (61464926)<br>| &nbsp;&nbsp; (4973990)<br>| &nbsp;&nbsp; (51801266)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2259725)<br>| &nbsp;&nbsp; $(24350418)<br>| &nbsp;&nbsp; (509867)<br>| &nbsp;&nbsp; $(5377182)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 43926 | &nbsp;&nbsp; $464602 | &nbsp;&nbsp; 145995 | &nbsp;&nbsp; $1523034 |
| Reinvestments | &nbsp;&nbsp; 42878 | &nbsp;&nbsp; 441219 | &nbsp;&nbsp; 35524 | &nbsp;&nbsp; 363412 |
| Redemptions | &nbsp;&nbsp; (224559)<br>| &nbsp;&nbsp; (2374669)<br>| &nbsp;&nbsp; (328610)<br>| &nbsp;&nbsp; (3428641)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (137755)<br>| &nbsp;&nbsp; $(1468848)<br>| &nbsp;&nbsp; (147091)<br>| &nbsp;&nbsp; $(1542195)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(104447215)<br>|  | &nbsp;&nbsp; $(104874557)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-418**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $12.08 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total income (loss) from investment operations | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.32)<br>|
| Total distributions | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.74 | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $11.58 |
| **Total Return (%)** (b) | 7.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; (1.52)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net ratio of expenses to average net assets (%) (c) | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Ratio of net investment income (loss) to average net assets (%) | 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 185 <br>(d)<br>| &nbsp;&nbsp; 161 <br>(d)<br>| &nbsp;&nbsp; 86 <br>(d)<br>| &nbsp;&nbsp; 103 <br>(d)<br>| &nbsp;&nbsp; 167 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $951.1 | &nbsp;&nbsp; $1002.7 | &nbsp;&nbsp; $1108.4 | &nbsp;&nbsp; $1150.8 | &nbsp;&nbsp; $1525.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $12.01 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total income (loss) from investment operations | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.29)<br>|
| Total distributions | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $11.51 |
| **Total Return (%)** (b) | 6.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp; (9.17)<br>| &nbsp;&nbsp; (1.77)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net ratio of expenses to average net assets (%) (c) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Ratio of net investment income (loss) to average net assets (%) | 3.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 185 <br>(d)<br>| &nbsp;&nbsp; 161 <br>(d)<br>| &nbsp;&nbsp; 86 <br>(d)<br>| &nbsp;&nbsp; 103 <br>(d)<br>| &nbsp;&nbsp; 167 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $275.5 | &nbsp;&nbsp; $291.8 | &nbsp;&nbsp; $299.5 | &nbsp;&nbsp; $295.4 | &nbsp;&nbsp; $384.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-419**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $12.03 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.27)<br>|
| Total income (loss) from investment operations | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Less Distributions** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.30)<br>|
| Total distributions | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $11.54 |
| **Total Return (%)** (b) | 6.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp; (9.12)<br>| &nbsp;&nbsp; (1.60)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net ratio of expenses to average net assets (%) (c) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Ratio of net investment income (loss) to average net assets (%) | 3.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 185 <br>(d)<br>| &nbsp;&nbsp; 161 <br>(d)<br>| &nbsp;&nbsp; 86 <br>(d)<br>| &nbsp;&nbsp; 103 <br>(d)<br>| &nbsp;&nbsp; 167 <br>(d)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $10.5 | &nbsp;&nbsp; $11.7 | &nbsp;&nbsp; $13.3 | &nbsp;&nbsp; $14.2 | &nbsp;&nbsp; $17.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 58%, 36%, 39%, 43% and 70% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.

*See accompanying notes to financial statements.*

**BHFTII-420**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **Organization** 

Brighthouse Funds Trust II (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers twenty-nine series (each a "Portfolio," and collectively the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust and each of which is diversified. The MetLife Stock Index Portfolio intends to be diversified in approximately the same proportion as the S&P 500 Index is diversified. The MetLife Stock Index Portfolio may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing certain Portfolios, as indicated in the table below (see also Note 5). Shares of the Portfolios are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

On November 6, 2025, Brighthouse Financial, Inc. ("Brighthouse Financial") and affiliates of Aquarian Capital LLC ("Aquarian"), a diversified global holding company with a strategic portfolio of insurance and asset management solutions, providing investment opportunities to millions of people, entered into a definitive agreement under which Aquarian will, directly or indirectly through one or more subsidiaries, acquire Brighthouse Financial in an all cash transaction (the "Transaction"). On February 12, 2026, Brighthouse Financial's common stockholders approved the merger agreement. The Transaction is expected to close in 2026 and is subject to customary closing conditions, including antitrust clearance and the receipt of insurance regulatory approvals. The Adviser's continued service as investment adviser to the Trust following the Transaction is expected to be the subject of a proxy statement that is expected to be filed with the Securities and Exchange Commission and mailed to shareholders of the Portfolios in 2026.

Each Portfolio has registered and offers various classes of shares as shown in the respective Portfolio's Statement of Assets and Liabilities. Shares of each class of a Portfolio represent an equal pro rata interest in a Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of a Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the net assets of each class relative to the net assets of a Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

The table below lists each Portfolio offered and the Portfolio's subadviser, if applicable, as of December 31, 2025.

---

| | |
|:---|:---|
| **Portfolio**  | **Subadviser** |
| Baillie Gifford International Stock Portfolio | Baillie Gifford Overseas Limited |
| BlackRock Bond Income Portfolio | BlackRock Advisors, LLC |
| BlackRock Capital Appreciation Portfolio | BlackRock Advisors, LLC |
| BlackRock Ultra-Short Term Bond Portfolio | BlackRock Advisors, LLC |
| Brighthouse Asset Allocation 20 Portfolio | N/A |
| Brighthouse Asset Allocation 40 Portfolio | N/A |
| Brighthouse Asset Allocation 60 Portfolio | N/A |
| Brighthouse Asset Allocation 80 Portfolio | N/A |
| Brighthouse/Artisan Mid Cap Value Portfolio | Artisan Partners Limited Partnership |
| Brighthouse/Dimensional International Small Company Portfolio | Dimensional Fund Advisors LP |
| Brighthouse/Wellington Balanced Portfolio | Wellington Management Company LLP |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | Wellington Management Company LLP |
| Frontier Mid Cap Growth Portfolio | Frontier Capital Management Company, LLC |
| Jennison Growth Portfolio | Jennison Associates LLC |
| Loomis Sayles Small Cap Core Portfolio | Loomis, Sayles & Company, L.P. |
| Loomis Sayles Small Cap Growth Portfolio | Loomis, Sayles & Company, L.P. |
| MetLife Aggregate Bond Index Portfolio | MetLife Investment Management, LLC |
| MetLife Mid Cap Stock Index Portfolio | MetLife Investment Management, LLC |
| MetLife MSCI EAFE<sup>®</sup> Index Portfolio | MetLife Investment Management, LLC |
| MetLife Russell 2000<sup>®</sup> Index Portfolio | MetLife Investment Management, LLC |
| MetLife Stock Index Portfolio | MetLife Investment Management, LLC |
| MFS<sup>®</sup> Total Return Portfolio | Massachusetts Financial Services Company |
| MFS<sup>®</sup> Value Portfolio | Massachusetts Financial Services Company |
| Neuberger Berman Genesis Portfolio | Neuberger Berman Investment Advisers LLC |
| T. Rowe Price Large Cap Growth Portfolio | T. Rowe Price Associates, Inc. |
| T. Rowe Price Small Cap Growth Portfolio | T. Rowe Price Associates, Inc. |
| VanEck Global Natural Resources Portfolio | Van Eck Associates Corporation |
| Western Asset Management Strategic Bond Opportunities Portfolio | Western Asset Management Company, LLC |
| Western Asset Management U.S. Government Portfolio | Western Asset Management Company, LLC |

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**BHFTII-421**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

The Brighthouse Asset Allocation 20, 40, 60 and 80 Portfolios (the "Asset Allocation Portfolios") operate under a "fund of funds" structure, investing substantially all of their assets in other Portfolios advised by Brighthouse Investment Advisers (each, an "Underlying BIA Portfolio," and, collectively, the "Underlying BIA Portfolios").

**2.** **Significant Accounting Policies**

The preparation of a Portfolio's financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2025, through the date the financial statements were issued.

The Portfolios are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946-Financial Services-Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements.

**Investment Valuation and Fair Value Measurements -** Each Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time a Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

GAAP defines fair market value as the price that a Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities held by a Portfolio, if any, will be disclosed following the fair value hierarchy table in the Portfolio's Schedule of Investments.

Debt securities, including corporate, convertible, and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign

**BHFTII-422**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

exchanges that close before the time as of which a Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. A Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies (including the Underlying BIA Portfolios) are valued at the reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions") and currencies, and synthetic futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps listed or traded on a multilateral or trade facility platform) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with fair valuation procedures adopted by the Adviser. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board" or "Trustees") of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as each Portfolio's "valuation designee" to perform the Portfolio's fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of each Portfolio's investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of a Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Investment Transactions and Related Investment Income -** Each Portfolio's security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on an accrual basis. Realized gains and losses on

**BHFTII-423**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying BIA Portfolios are recorded as net realized gain in the applicable Portfolio's Statement of Operations. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with each Portfolio's understanding of the applicable countries' tax rules and rates.

In consideration of recent decisions rendered by European courts, certain Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2025, the following Portfolios received EU tax reclaim payments that were not previously accrued for due to uncertainty of collectability.

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| | |
|:---|:---|
| **Portfolio**  | **Tax Reclaim Payments** |
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $241742 |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 126316 |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 35050 |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 17863 |

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Such amounts are included in dividends on the applicable Portfolio's Statement of Operations. No other amounts for additional EU tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

**Foreign Currency Translation -** The books and records of the Portfolios are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by a Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by a Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Dividends and Distributions to Shareholders -** The Portfolios record dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolios' policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. Each Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. Each Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2025, no Portfolios had uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Due to Custodian -** Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to a Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian will have a lien on the Portfolio's assets to the extent of any overdraft. At December 31, 2025, the following Portfolios had a payment due to the Custodian pursuant to the foregoing arrangement.

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| | |
|:---|:---|
| **Portfolio**  | **Due to Custodian** |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; $95676 |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 126347 |
| Jennison Growth Portfolio | &nbsp;&nbsp; 560 |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 185638 |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 1078 |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 112872 |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 622094 |

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**BHFTII-424**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2025. None of the Portfolios had significant average overdraft advances during the year ended December 31, 2025.

Each significant accounting policy described below does not necessarily apply to each Portfolio, unless otherwise noted. For more information on the investment practices in which a particular Portfolio may engage, please refer to the Portfolio's prospectus.

**High-Yield Debt Securities -** Certain Portfolios may invest in high-yield debt securities, or "junk bonds," which are securities that are rated below "investment grade" or, if not rated, are of equivalent quality. A Portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a Portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio's subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

**Floating Rate Loans** - Certain Portfolios may invest in loans arranged through private negotiation between one or more financial institutions. A Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

A Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participation in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

A Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Unfunded Loan Commitments** - Certain Portfolios may enter into unfunded loan commitments, which are contractual obligations for future funding at the option of the borrower at any point in time, up to the maturity date of the issue. Unfunded loan commitments represent a future obligation, in full, even though a percentage of the committed amount may not be utilized by the borrower. Market risk exists with these commitments to the same extent as if the securities were owned on a settled basis. Unfunded loan commitments are marked-to-market daily, and losses may arise due to changes in the value of these commitments. Open unfunded loan commitments, if any, are disclosed below and in the Portfolio's Schedule of Investments and any unrealized appreciation (depreciation) is included in the Portfolio's Statement of Assets & Liabilities and Statement of Operations. At December 31, 2025 the Portfolios had sufficient cash and/or securities to cover these commitments.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Security Description** | **Commitment Amount** | **Value** |
| BlackRock Bond Income Portfolio | Coreweave Compute Acquisition Co. IV LLC 2025 5th Amendment Delayed Draw Term Loan | $94855 | $90586 |
|  | Peninsula Pacific Entertainment LLC 2025 Delayed Draw Term Loan | 113621 | 114331 |
|  | Total | $208476 | $204917 |
| Western Asset Management Strategic Bond Opportunities Portfolio | GC Ferry Acquisition I, Inc. Delayed Draw Term Loan | $463750 | $463576 |
|  | Peninsula Pacific Entertainment LLC 2025 Delayed Draw Term Loan | 777934 | 782796 |
|  | Pye-Barker Fire & Safety LLC 2025 Delayed Draw Term Loan | 271700 | 273695 |
|  | Total | $1513384 | $1520067 |

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**Inflation-Indexed Bonds -** Certain Portfolios may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the applicable Portfolio's Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Stripped Securities** - Certain Portfolios may invest in "stripped securities," a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities ("POs"), which are debt obligations that have been stripped of unmatured

**BHFTII-425**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

interest coupons or interest only securities ("IOs"), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity. The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, a Portfolio may not fully recoup the initial investment in IOs.

**Collateralized Obligations** - Certain Portfolios may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** Certain Portfolios may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on a Portfolio's Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by a Portfolio are included in the Portfolio's Schedule of Investments.

Certain Portfolios may invest a significant portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Mortgage Dollar Rolls** - Certain Portfolios may enter into mortgage "dollar rolls" in which a Portfolio sells to-be-announced ("TBA") mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, a Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that a Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

**BHFTII-426**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

**TBA Purchase and Forward Sale Commitments** - Certain Portfolios may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of a Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**When-Issued and Delayed-Delivery Securities** - Certain Portfolios may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. A Portfolio may purchase securities under such conditions only with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Short Sales -** Certain Portfolios may enter into a "short sale" of securities in circumstances in which, at the time the short position is open, a Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one "against the box," may be entered into by a Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

Certain Portfolios may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, a Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. In addition, when a Portfolio engages in short sales, a lender may request, or market conditions may dictate that securities sold short be returned to the lender on short notice, and the Portfolio may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Portfolio may be reduced or eliminated or the short sale may result in a loss. No more than one third of a Portfolio's net assets will be deposited as collateral for the obligation to replace securities borrowed to effect short sales.

**Repurchase Agreements** - Certain Portfolios may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which a Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolios' policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

**Secured Borrowing Transactions** -Certain Portfolios may enter into transactions consisting of a transfer of a security by a Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the "price drop," is included in net investment income. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Portfolio's Statement of Operations or Consolidated Statement of Operations. In periods of increased demand for the security, the Portfolio may also receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The cost of the secured borrowing transaction is recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. These secured borrowing transactions are subject to a Master Securities Forward Transaction Agreement ("MFSTA"). The MSFTA is a master netting agreement which provides both parties with the rights to set-off in the event of default by either party.

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**Notes to Financial Statements — December 31, 2025— (Continued)**

A detailed breakdown of a Portfolio's open transactions accounted for as secured borrowings, if any, are disclosed following the Portfolio's Schedule of Investments.

**Securities Lending** - Certain Portfolios may lend their portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, a Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on a Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The Portfolios retain effective control over the transferred securities, therefore accounting for the transaction as a secured borrowing. The market value of investments made with cash collateral received is disclosed in the Portfolio's Schedule of Investments and the valuation techniques are described in this Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by a Portfolio in securities lending transactions during the year ended December 31, 2025 is reflected as securities lending income on the Portfolio's Statement of Operations. The values of any securities loaned by a Portfolio and the related collateral at December 31, 2025 are disclosed in the Portfolio's footnotes to the Schedule of Investments. The value of the related collateral received by each Portfolio exceeded the value of the Portfolio's securities out on loan at December 31, 2025.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent a Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify each Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

**Directed Brokerage Agreement** - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, certain Portfolios may direct certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to a Portfolio, if any, are shown separately as broker commission recapture on the Portfolio's Statement of Operations. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Portfolio's Financial Highlights for each share class.

**3.** **Investments in Derivative Instruments**

Each derivative instrument described below does not necessarily apply to each Portfolio. For more information on the derivative instruments in which a particular Portfolio may enter into, please refer to the Portfolio's prospectus.

**Forward Foreign Currency Exchange Contracts -** Certain Portfolios may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, a Portfolio agrees to buy or sell a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Portfolio's Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Portfolio's Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Portfolio's Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that

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**Notes to Financial Statements — December 31, 2025— (Continued)**

might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable or unwilling to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. A Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** Certain Portfolios may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolios' investments in futures were used for either hedging or investment exposure purposes. Futures contracts are standardized agreements to buy or sell a security or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Portfolio's Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Portfolio's Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Portfolio's Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the futures contract or option may not correlate perfectly with changes in the value of the underlying asset. The exchange's clearinghouse, as counterparty to all futures, guarantees the futures contracts against default.

**Options Contracts** - An option contract purchased by a Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period or on a specified date. Call options written by a Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by a Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

Certain Portfolios may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class, or to enhance return. When the Portfolio owns the underlying instrument, writing puts or buying calls tend to increase the Portfolio's exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio's exposure to the underlying instrument. Options can also be used to hedge other Portfolio investments. For options used to hedge the Portfolio's investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. A Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option on an underlying instrument that a Portfolio owns is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When a Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that a Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When a Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When a Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When a Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by a Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

An option on exchange-traded futures contracts is an option contract in which the underlying instrument is a single futures contract.

**Swap Agreements -** Certain Portfolios may enter into swap agreements in which a Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered swap execution facility ("centrally cleared swaps"). A Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Portfolio's Schedule of Investments and restricted cash, if any, is reflected on the Portfolio's Statement of Assets and Liabilities.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on a Portfolio's Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on a Portfolio's Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on a Portfolio's Statement of Assets and Liabilities and as a component of unrealized appreciation/ depreciation on the Portfolio's Statement of Operations. A Portfolio may pay or receive an upfront payment upon entering into a swap agreement. Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Portfolio's Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Portfolio's Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Portfolio's Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in a Portfolio's Statement of Assets and Liabilities. Such risks include the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolios may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the clearinghouse. A party to a cleared swap is subject to the credit risk of the clearinghouse and the clearing member through which it holds its cleared position.

*Centrally Cleared Swaps:* Certain swaps are required to be (or are capable of being) cleared through a regulated clearinghouse. Since the Portfolios are not members of a clearinghouse and only members of a clearinghouse ("clearing members" or "clearing brokers") can participate directly in the clearinghouse, the Portfolios hold cleared swaps through accounts at a clearing member. A Portfolio typically will be required to post margin required by the clearinghouse and/or its clearing member; the margin required by a clearinghouse and/or clearing member may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

*Credit Default Swaps*: A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. A Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which it is not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying security comprising the relevant component of the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying security comprising the relevant component of the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

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A Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying security comprising the relevant component of the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying security comprising the relevant component of the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity's weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the Portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2025, for which the Portfolio is the seller of protection, are disclosed in the Portfolio's Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

*Interest Rate Swaps*: A Portfolio may enter into interest rate swaps to manage its exposure to interest rates, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. A Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because a Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money market reference rates. A Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

*Total Return Swaps*: A Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the

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underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

**4.** **Certain Risks**

In the normal course of business, the Portfolios invest in securities and enter into transactions where risks exist. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Portfolio. For a description of the principal risks associated with investing in a particular Portfolio, please refer to the Portfolio's prospectus.

*Market Risk:* The value of securities held by a Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations; rapid technological developments, such as artificial intelligence, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events, including trade policy changes or disputes, within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.

*Foreign Investment Risk:* The investments by a Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject a Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts. Civil unrest, geopolitical tensions, armed conflicts, wars, and acts of terrorism are other potential risks that could adversely affect an investment in a foreign security or in foreign markets or issuers generally.

*Natural Resource Risk*: The VanEck Global Natural Resources Portfolio may concentrate its investments in companies which are significantly engaged in the exploration, development, production and distribution of gold and other natural resources such as strategic and other metals, minerals, forest products, oil, natural gas and coal and by investing in gold bullion and coins. Since the VanEck Global Natural Resources Portfolio may concentrate its investments, it may be subject to greater risks and market fluctuations than other more diversified portfolios. The production and marketing of gold and other natural resources may be affected by actions and changes in governments. In addition, gold and natural resources may be cyclical in nature.

*China Investment Risk*: Investments in China are subject to all of the risks described under "Foreign Investment Risk" above. In addition, under China's political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. The Chinese government may intervene or seek to control the operations, structure, or ownership of Chinese companies, including with respect to foreign investors of such companies. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which a Portfolio invests. Furthermore, U.S. or foreign government sanctions, restrictions on investments in Chinese companies or other intervention could negatively affect the implementation of the Portfolio's investment strategies, such as by precluding the Portfolio from making certain investments in Chinese issuers or causing the Portfolio to sell investments at disadvantageous times. For example, pursuant to Executive Order 14032 (issued on June 3, 2021), U.S. persons are prohibited from purchasing or investing in publicly-traded securities of companies designated to the "Non-SDN Chinese Military-Industrial Complex Companies List," a list which can change from time to time ("Chinese Military Companies Sanctions"). The Chinese Military Companies Sanctions or other similar actions targeting investment in China could impair the market value of the Portfolio's investments and limit the Portfolio's ability to buy, sell, receive or deliver certain securities. As a result, the Portfolio may incur losses.

*Credit and Counterparty Risk*: A Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled, or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in a Portfolio's financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. A Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser or a Portfolio's subadviser, as applicable, may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve

**BHFTII-432**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

certain safeguards for non-standard settlement trades, a Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives a Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Portfolio's Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of a Portfolio under derivative contracts, if any, will be reported separately in the Portfolio's Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Portfolio's Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements ("MSFTA") govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between a Portfolio and select counterparties. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse. A Portfolio's clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio's clearing broker. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. Each Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5.** **Investment Management Fees and Other Transactions with Affiliates**

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolios. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to each of the Portfolios. For

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

providing investment management services to the Portfolios, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the** <br>**the year ended** <br>**December 31, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $11002069 | 0.860<br> %<br>| Of the first $500 million |
|  |  | 0.800<br> %<br>| Of the next $500 million |
|  |  | 0.750<br> %<br>| On amounts in excess of $1 billion |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 9152834 | 0.400<br> %<br>| Of the first $1 billion |
|  |  | 0.350<br> %<br>| Of the next $1 billion |
|  |  | 0.300<br> %<br>| Of the next $1 billion |
|  |  | 0.250<br> %<br>| On amounts in excess of $3 billion |
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; 12316196 | 0.730<br> %<br>| Of the first $1 billion |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 2696532 | 0.350<br> %<br>| Of the first $1 billion |
|  |  | 0.300<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; 313735 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Asset Allocation 40 Portfolio | &nbsp;&nbsp; 1969560 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Asset Allocation 60 Portfolio | &nbsp;&nbsp; 4768792 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Asset Allocation 80 Portfolio | &nbsp;&nbsp; 4419736 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 5371778 | 0.820<br> %<br>| Of the first $1 billion |
|  |  | 0.780<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 3821817 | 0.850<br> %<br>| Of the first $100 million |
|  |  | 0.800<br> %<br>| On amounts in excess of $100 million |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 5459784 | 0.500<br> %<br>| Of the first $500 million |
|  |  | 0.450<br> %<br>| Of the next $500 million |
|  |  | 0.400<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 20488453 | 0.750<br> %<br>| Of the first $1 billion |
|  |  | 0.700<br> %<br>| On the next $2 billion |
|  |  | 0.650<br> %<br>| On amounts in excess of $3 billion |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; 7235468 | 0.750<br> %<br>| Of the first $500 million |
|  |  | 0.700<br> %<br>| Of the next $500 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| Jennison Growth Portfolio | &nbsp;&nbsp; 17150715 | 0.700<br> %<br>| Of the first $200 million |
|  |  | 0.650<br> %<br>| Of the next $300 million |
|  |  | 0.600<br> %<br>| Of the next $1.5 billion |
|  |  | 0.550<br> %<br>| On amounts in excess of $2 billion |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 3176877 | 0.900<br> %<br>| Of the first $500 million |
|  |  | 0.850<br> %<br>| On amounts in excess of $500 million |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; 2949871 | 0.900<br> %<br>| Of the first $500 million |
|  |  | 0.850<br> %<br>| On amounts in excess of $500 million |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 8681783 | 0.250<br> %<br>| All Assets |
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 2936609 | 0.250<br> %<br>| All Assets |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 4356578 | 0.300<br> %<br>| All Assets |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 2403338 | 0.250<br> %<br>| All Assets |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 22336775 | 0.250<br> %<br>| All Assets |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 3340854 | 0.600<br> %<br>| Of the first $250 million |
|  |  | 0.550<br> %<br>| Of the next $500 million |
|  |  | 0.500<br> %<br>| On amounts in excess of $750 million |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 16189225 | 0.700<br> %<br>| Of the first $250 million |
|  |  | 0.650<br> %<br>| Of the next $500 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $750 million |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; 6778119 | 0.850<br> %<br>| Of the first $500 million |
|  |  | 0.800<br> %<br>| Of the next $500 million |
|  |  | 0.750<br> %<br>| On amounts in excess of $1 billion |

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**Notes to Financial Statements — December 31, 2025— (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the**<br> **the year ended**<br> **December 31, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; $13290652 | 0.650<br> %<br>| Of the first $50 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $50 million |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 5167705 | 0.550<br> %<br>| Of the first $100 million |
|  |  | 0.500<br> %<br>| Of the next $300 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $400 million |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 5953102 | 0.800<br> %<br>| Of the first $250 million |
|  |  | 0.775<br> %<br>| Of the next $750 million |
|  |  | 0.750<br> %<br>| On amounts in excess of $1 billion |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 10969422 | 0.650<br> %<br>| Of the first $500 million |
|  |  | 0.550<br> %<br>| On amounts in excess of $500 million |
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 6204124 | 0.550<br> %<br>| Of the first $500 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $500 million |

---

Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing certain of the Portfolios. The subadvisers are compensated by Brighthouse Investment Advisers to provide subadvisory services for the applicable Portfolios. See Note 1 for a list of each Portfolio's respective subadviser.

For providing subadvisory services to the MetLife Aggregate Bond Index, MetLife Mid Cap Stock Index, MetLife MSCI EAFE Index, MetLife Russell 2000 Index, and MetLife Stock Index Portfolios, the Adviser has agreed to pay MetLife Investment Management, LLC an investment subadvisory fee for each class of the Portfolios based upon annual rates applied to the respective Portfolios' average daily net assets as follows:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the** <br>**year ended** <br>**December 31, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; $647271 | 0.040<br> %<br>| On the first $500 million |
|  |  | 0.030<br> %<br>| Of the next $500 million |
|  |  | 0.015<br> %<br>| Of the next $1 billion |
|  |  | 0.010<br> %<br>| On amounts in excess of $2 billion |
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 267464 | 0.030<br> %<br>| On the first $500 million |
|  |  | 0.020<br> %<br>| Of the next $500 million |
|  |  | 0.010<br> %<br>| On amounts in excess of $1 billion |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 540439 | 0.050<br> %<br>| On the first $500 million |
|  |  | 0.040<br> %<br>| Of the next $500 million |
|  |  | 0.020<br> %<br>| On amounts in excess of $1 billion |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 337845 | 0.040<br> %<br>| On the first $500 million |
|  |  | 0.030<br> %<br>| Of the next $500 million |
|  |  | 0.015<br> %<br>| On amounts in excess of $1 billion |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 621735 | 0.020<br> %<br>| On the first $500 million |
|  |  | 0.015<br> %<br>| Of the next $500 million |
|  |  | 0.010<br> %<br>| Of the next $1 billion |
|  |  | 0.005<br> %<br>| On amounts in excess of $2 billion |

---

**Management Fee Waiver -** Pursuant to management fee waiver agreements, the Adviser has agreed, for the period May 1, 2025 to April 30, 2026, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of certain Portfolios as follows in the table below. Except as footnoted, identical contractual fee waivers were in effect during the period prior to May 1, 2025. Amounts waived for the year ended December 31, 2025 are included in the table below and in the amount shown as a management fee waiver in the Portfolios' Statement of Operations.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the** <br>**the year ended** <br>**December 31, 2025**<br>| **% per Annum** <br>**Reduction**<br>| **Average Daily Net Assets** |
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $1545414 | 0.080<br> %<br>| $156.25 million to $400 million |
|  |  | 0.180<br> %<br>| $400 million to $500 million |
|  |  | 0.120<br> %<br>| $500 million to $900 million |
|  |  | 0.150<br> %<br>| On amounts in excess of $900 million |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 412264 | 0.030<br> %<br>| Of the first $1 billion |
|  |  | 0.025<br> %<br>| Of the next $1 billion |
|  |  | &nbsp;&nbsp; (0.025)%<br>| Of the next $1 billion |
|  |  | &nbsp;&nbsp; (0.075)%<br>| Of the next $400 million |

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**Notes to Financial Statements — December 31, 2025— (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the**<br> **the year ended**<br> **December 31, 2025**<br>| **% per Annum**<br> **Reduction**<br>| **Average Daily Net Assets** |
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; $2889756 | 0.115<br> %<br>| Of the first $350 million |
|  |  | 0.165<br> %<br>| Of the next $350 million |
|  |  | 0.225<br> %<br>| Of the next $300 million |
|  |  | 0.160<br> %<br>| On amounts in excess of $1 billion |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 192609 | 0.025<br> %<br>| Of the first $1 billion |
| Brighthouse/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 620604 | 0.090<br> %<br>| Of the first $500 million |
|  |  | 0.110<br> %<br>| Of the next $500 million |
|  |  | 0.130<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 757216 | 0.200<br> %<br>| Of the first $100 million |
|  |  | 0.150<br> %<br>| On amounts in excess of $100 million |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 0 | 0.020<br> %<br>| Of the first $500 million |
|  |  | &nbsp;&nbsp; (0.030)%<br>| Of the next $250 million |
|  |  | &nbsp;&nbsp; (0.010)%<br>| Of the next $250 million |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 3551544 | 0.120<br> %<br>| Of the first $500 million |
|  |  | 0.145<br> %<br>| Of the next $500 million |
|  |  | 0.120<br> %<br>| Of the next $2 billion |
|  |  | 0.080<br> %<br>| Of the next $1.5 billion |
|  |  | 0.105<br> %<br>| On amounts in excess of $4.5 billion |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; 739413 | 0.125<br> %<br>| Of the first $500 million |
|  |  | 0.025<br> %<br>| $500 million to $1 billion |
|  |  | &nbsp;&nbsp; (0.025)%<br>| $1 billion to $1.15 billion |
| Jennison Growth Portfolio | &nbsp;&nbsp; 2298286 | 0.100<br> %<br>| Of the first $200 million |
|  |  | 0.050<br> %<br>| Of the next $800 million |
|  |  | 0.100<br> %<br>| Of the next $1 billion |
|  |  | 0.080<br> %<br>| On amounts in excess of $2 billion |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 295486 | 0.130<br> %<br>| Of the first $25 million |
|  |  | 0.080<br> %<br>| Of the next $75 million |
|  |  | 0.050<br> %<br>| Of the next $100 million |
|  |  | 0.100<br> %<br>| Of the next $300 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $500 million |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; 307764 | 0.080<br> %<br>| Of the first $100 million |
|  |  | 0.100<br> %<br>| Of the next $400 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $500 million |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 419543 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.020<br> %<br>| On amounts in excess of $2 billion |
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 42464 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $2 billion |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 70219 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $2 billion |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 23252 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $2 billion |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 1165207 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $2 billion |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 127350 | 0.070<br> %<br>| $200 million to $250 million |
|  |  | 0.020<br> %<br>| $250 million to $500 million |
|  |  | 0.050<br> %<br>| $500 million to $1 billion |
|  |  | 0.075<br> %<br>| $1 billion to $1.25 billion |
|  |  | 0.025<br> %<br>| $1.25 billion to $1.5 billion |
|  |  | &nbsp;&nbsp; (0.025)%<br>| $1.5 billion to $3.84 billion |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 1614871 | 0.100<br> %<br>| Of the first $100 million |
|  |  | 0.050<br> %<br>| Of the next $100 million |
|  |  | 0.075<br> %<br>| Of the next $50 million |
|  |  | 0.025<br> %<br>| Of the next $250 million |
|  |  | 0.050<br> %<br>| Of the next $250 million |
|  |  | 0.025<br> %<br>| $1 billion to $1.5 billion |
|  |  | 0.100<br> %<br>| Of the next $1.5 billion |
|  |  | 0.125<br> %<br>| On amounts in excess of $3 billion |

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**Notes to Financial Statements — December 31, 2025— (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the**<br> **the year ended**<br> **December 31, 2025**<br>| **% per Annum**<br> **Reduction**<br>| **Average Daily Net Assets** |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; $533008 | 0.075<br> %<br>| Of the first $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $500 million |
| T. Rowe Price Large Cap Growth Portfolio (a) | &nbsp;&nbsp; 1351122 | 0.090<br> %<br>| Of the first $50 million |
|  |  | 0.060<br> %<br>| Of the next $50 million |
|  |  | 0.070<br> %<br>| Of the next $900 million |
|  |  | 0.045<br> %<br>| Of the next $500 million |
|  |  | 0.060<br> %<br>| Of the next $1.5 billion |
|  |  | 0.075<br> %<br>| On amounts in excess of $3 billion |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 445058 | 0.050<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| On amounts in excess of $500 million |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 852487 | 0.055<br> %<br>| Of the first $500 million |
|  |  | 0.025<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| Of the next $1 billion |
|  |  | 0.075<br> %<br>| On amounts in excess of $2 billion |
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 206758 | 0.030<br> %<br>| Of the first $100 million |
|  |  | 0.050<br> %<br>| $200 million to $500 million |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.030<br> %<br>| On amounts in excess of $2 billion |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fee waiver schedule applies provided the Portfolio's average daily net assets exceed $2 billion. If average daily net assets fall below $2 billion, a different fee schedule will apply.

Additionally, for the Western Asset Management U.S. Government Portfolio (the "Western U.S. Government Portfolio"), for the period May 1, 2025 to April 30, 2026, Brighthouse Investment Advisers has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Western U.S. Government Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Western U.S. Government Portfolio and those of Western Asset Management Government Income Portfolio, a series of Brighthouse Funds Trust I also advised by the Subadviser. An identical agreement was in place during the period prior to May 1, 2025. $91,833 was waived for the year ended December 31, 2025 and is included in the amount shown as a management fee waiver in the Western U.S. Government Portfolio's Statement of Operations.

Certain subadvisers have voluntarily agreed to waive a portion of their subadvisory fees payable by the Adviser to the subadviser for managing the Portfolios. The Adviser has agreed to reduce its advisory fees to reflect a portion of the amount waived by the subadvisers for managing the Portfolios pursuant to these voluntary subadvisory fee waivers. Fees waived in the aggregate for the year ended December 31, 2025 are disclosed in the table below and are included in the total amount shown as a management fee waiver in the applicable Portfolio's Statement of Operations.

---

| | |
|:---|:---|
| **Portfolio** | **Fees voluntarily waived** <br>**for the year ended** <br>**December 31, 2025**<br>|
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; $318997 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 832349 |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; 503697 |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 234053 |

---

During the year ended December 31, 2025 Massachusetts Financial Services Company, ("MFS") the subadviser to the Portfolios, voluntarily reimbursed the MFS Total Return and MFS Value Portfolios for certain trading costs. These reimbursements amounted to $4,324 and $31,545 respectively and are reflected in the amount shown as Other income in each Portfolio's Statement of Operations and had no impact on the total return of each Portfolio.

**Expense Limitation Agreement** - Pursuant to an expense agreement relating to each class of the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Investment Advisers has contractually agreed, from May 1, 2025 to April 30, 2026, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including acquired fund fees and expenses, brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio's then-current fiscal year). For the Brighthouse Asset Allocation 20 Portfolio, this subsidy, and identical subsidies in effect in earlier periods, are subject to the obligation of each class of the Portfolio to repay Brighthouse Investment Advisers in future years, if any, when a class' expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class' stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Brighthouse Asset Allocation 20 Portfolio is obligated to repay any expense paid by Brighthouse

**BHFTII-437**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

Investment Advisers more than five years after the end of the fiscal year in which such expense was incurred. The expense limits (annual rates as a percentage of each class of the Portfolio's net average daily net assets) in effect from May 1, 2025 to April 30, 2026 are 0.10% and 0.35% for Class A and B, respectively.

As of December 31, 2025, the amount of expenses deferred in 2021 subject to repayment until December 31, 2026 was $172,017. The amount of expenses deferred in 2022 subject to repayment until December 31, 2027 was $151,581. The amount of expenses deferred in 2023 subject to repayment until December 31, 2028 was $196,436. The amount of expenses deferred in 2024 subject to repayment until December 31, 2029 was $210,059. The amount of expenses deferred in 2025 subject to repayment until December 31, 2030 was $201,546.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement** - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees** – The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.25% of each Portfolio's average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by each Portfolio for the year ended December 31, 2025 are shown as Distribution and service fees in the Portfolio's Statement of Operations.

**Deferred Trustee Compensation** - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain Portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in each Portfolio's Statement of Operations. The portion of the accrued obligations allocated to each Portfolio under the Plan is reflected as Deferred trustees' fees in each Portfolio's Statement of Assets and Liabilities.

**6.** **Contractual Obligations**

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7.** **Commitments and Contingent Liabilities**

A Portfolio may enter into commitments, or agreements, to acquire an investment at a future date (subject to certain conditions) in connection with a potential public or non-public offering. Such agreements are subject to certain rights of the issuer's and ultimately, issuer approval, and may obligate the Portfolio to make future cash payments. At December 31, 2025, the BlackRock Bond Income Portfolio had an outstanding commitment of $81,459 to purchase a corporate bond issued by New Generation Gas Gathering LLC. Unrealized appreciation (depreciation) on any commitments outstanding at December 31, 2025 is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, if applicable. Outstanding commitments would be considered Level 3 in the fair value hierarchy at December 31, 2025.

**8.** **Operating Segments** 

The Trust has adopted Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Trust's President and Chief Executive Officer acts as the Portfolios' chief operating decision maker ("CODM"). Each Portfolio operates as a single reportable segment, which

**BHFTII-438**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

reflects how the CODM monitors and manages the operating results of each Portfolio. The CODM manages the allocation of resources in accordance with each Portfolio's objective and the terms of its prospectus and evaluates the total return of the Portfolio versus its comparative benchmark(s). The Adviser or Subadviser implements the investment objective and program by selecting securities and determining asset allocation ranges. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios,changes in net assets from operations and portfolio composition is consistent with that presented within each Portfolio's financial statements and financial highlights.

**9.** **Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Cost Basis of Investments** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $1049703054 | &nbsp;&nbsp; $418520527 | &nbsp;&nbsp; $(91364188)<br>| &nbsp;&nbsp; $327156339 |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 3101838926 | &nbsp;&nbsp; 41582426 | &nbsp;&nbsp; (143051724)<br>| &nbsp;&nbsp; (101469298)<br>|
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; 1122100659 | &nbsp;&nbsp; 700439325 | &nbsp;&nbsp; (15728168)<br>| &nbsp;&nbsp; 684711157 |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 753391460 | &nbsp;&nbsp; 285642 | &nbsp;&nbsp; (8463)<br>| &nbsp;&nbsp; 277179 |
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; 330960846 | &nbsp;&nbsp; 6195179 | &nbsp;&nbsp; (33664726)<br>| &nbsp;&nbsp; (27469547)<br>|
| Brighthouse Asset Allocation 40 Portfolio | &nbsp;&nbsp; 3197428148 | &nbsp;&nbsp; 155378088 | &nbsp;&nbsp; (255283393)<br>| &nbsp;&nbsp; (99905305)<br>|
| Brighthouse Asset Allocation 60 Portfolio | &nbsp;&nbsp; 8575173729 | &nbsp;&nbsp; 639844108 | &nbsp;&nbsp; (520035440)<br>| &nbsp;&nbsp; 119808668 |
| Brighthouse Asset Allocation 80 Portfolio | &nbsp;&nbsp; 7663019398 | &nbsp;&nbsp; 742404631 | &nbsp;&nbsp; (288763068)<br>| &nbsp;&nbsp; 453641563 |
| Brighthouse/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 638587872 | &nbsp;&nbsp; 153916415 | &nbsp;&nbsp; (23622768)<br>| &nbsp;&nbsp; 130293647 |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 405653364 | &nbsp;&nbsp; 172956946 | &nbsp;&nbsp; (78679541)<br>| &nbsp;&nbsp; 94277405 |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 1169146084 | &nbsp;&nbsp; 164397332 | &nbsp;&nbsp; (62366497)<br>| &nbsp;&nbsp; 102030835 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 2187906636 | &nbsp;&nbsp; 682194063 | &nbsp;&nbsp; (49071161)<br>| &nbsp;&nbsp; 633122902 |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; 980146809 | &nbsp;&nbsp; 166207813 | &nbsp;&nbsp; (52968158)<br>| &nbsp;&nbsp; 113239655 |
| Jennison Growth Portfolio | &nbsp;&nbsp; 1528768402 | &nbsp;&nbsp; 1392054979 | &nbsp;&nbsp; (40460408)<br>| &nbsp;&nbsp; 1351594571 |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 260825036 | &nbsp;&nbsp; 104836462 | &nbsp;&nbsp; (10773639)<br>| &nbsp;&nbsp; 94062823 |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; 245306315 | &nbsp;&nbsp; 91939777 | &nbsp;&nbsp; (7462730)<br>| &nbsp;&nbsp; 84477047 |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 3696051933 | &nbsp;&nbsp; 57621170 | &nbsp;&nbsp; (186250574)<br>| &nbsp;&nbsp; (128629404)<br>|
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 953003763 | &nbsp;&nbsp; 317358998 | &nbsp;&nbsp; (65478774)<br>| &nbsp;&nbsp; 251880224 |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 1011986866 | &nbsp;&nbsp; 496848540 | &nbsp;&nbsp; (43762462)<br>| &nbsp;&nbsp; 453086078 |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 806612508 | &nbsp;&nbsp; 355816432 | &nbsp;&nbsp; (94137516)<br>| &nbsp;&nbsp; 261678916 |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 3746022112 | &nbsp;&nbsp; 6118771840 | &nbsp;&nbsp; (205806195)<br>| &nbsp;&nbsp; 5912965645 |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 541776269 | &nbsp;&nbsp; 92143471 | &nbsp;&nbsp; (28352217)<br>| &nbsp;&nbsp; 63791254 |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 1844333299 | &nbsp;&nbsp; 890661128 | &nbsp;&nbsp; (50889741)<br>| &nbsp;&nbsp; 839771387 |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; 596483455 | &nbsp;&nbsp; 212236090 | &nbsp;&nbsp; (23772047)<br>| &nbsp;&nbsp; 188464043 |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; 1154163984 | &nbsp;&nbsp; 1129091892 | &nbsp;&nbsp; (41387468)<br>| &nbsp;&nbsp; 1087704424 |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 954364347 | &nbsp;&nbsp; 244619973 | &nbsp;&nbsp; (55011724)<br>| &nbsp;&nbsp; 189608249 |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 686346229 | &nbsp;&nbsp; 176834371 | &nbsp;&nbsp; (27067971)<br>| &nbsp;&nbsp; 149766400 |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 2059294304 | &nbsp;&nbsp; 55169077 | &nbsp;&nbsp; (63402822)<br>| &nbsp;&nbsp; (8233745)<br>|
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 1336950745 | &nbsp;&nbsp; 12307204 | &nbsp;&nbsp; (54946010)<br>| &nbsp;&nbsp; (42638806)<br>|

---

**BHFTII-439**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

The tax character of distributions paid for the years ended December 31, 2025, and December 31, 2024 for each Portfolio, as applicable, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Portfolio**  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>| **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>|
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $8776696 | &nbsp;&nbsp; $55570088 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11678996 | &nbsp;&nbsp; $92485066 | &nbsp;&nbsp; $— |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 137901174 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 114091303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; 5900352 | &nbsp;&nbsp; 234051890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25616623 | &nbsp;&nbsp; 80768052 | &nbsp;&nbsp; — |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 38398155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44882459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; 10083743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9969043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 40 Portfolio | &nbsp;&nbsp; 85581351 | &nbsp;&nbsp; 36834271 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83161264 | &nbsp;&nbsp; 5700291 | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 60 Portfolio | &nbsp;&nbsp; 194144843 | &nbsp;&nbsp; 229892200 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174877611 | &nbsp;&nbsp; 156795463 | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 80 Portfolio | &nbsp;&nbsp; 136837059 | &nbsp;&nbsp; 286039934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116744455 | &nbsp;&nbsp; 167891449 | &nbsp;&nbsp; — |
| Brighthouse/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 10060804 | &nbsp;&nbsp; 122040724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8773853 | &nbsp;&nbsp; 68089626 | &nbsp;&nbsp; — |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 16722827 | &nbsp;&nbsp; 24720435 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15628211 | &nbsp;&nbsp; 8192987 | &nbsp;&nbsp; — |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 41604710 | &nbsp;&nbsp; 116193268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22599586 | &nbsp;&nbsp; 37508661 | &nbsp;&nbsp; — |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 41802832 | &nbsp;&nbsp; 354607706 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42791151 | &nbsp;&nbsp; 107942995 | &nbsp;&nbsp; — |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 52339955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2291733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jennison Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 512556380 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 331919887 | &nbsp;&nbsp; — |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 506491 | &nbsp;&nbsp; 42492112 | &nbsp;&nbsp; — | &nbsp;&nbsp; 359393 | &nbsp;&nbsp; 25997043 | &nbsp;&nbsp; — |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 37804147 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3302812 | &nbsp;&nbsp; — |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 70588961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56509638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 34289675 | &nbsp;&nbsp; 66934097 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18157196 | &nbsp;&nbsp; 48486055 | &nbsp;&nbsp; — |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 26545174 | &nbsp;&nbsp; 10430147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29150225 | &nbsp;&nbsp; 8877630 | &nbsp;&nbsp; — |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 11125245 | &nbsp;&nbsp; 50853879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11820018 | &nbsp;&nbsp; 29380979 | &nbsp;&nbsp; — |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 111539618 | &nbsp;&nbsp; 759655192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98736991 | &nbsp;&nbsp; 480679790 | &nbsp;&nbsp; — |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 16044201 | &nbsp;&nbsp; 39967120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15087099 | &nbsp;&nbsp; 29348126 | &nbsp;&nbsp; — |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 45431556 | &nbsp;&nbsp; 297076862 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49396123 | &nbsp;&nbsp; 252521382 | &nbsp;&nbsp; — |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; 1074333 | &nbsp;&nbsp; 107169209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 852138 | &nbsp;&nbsp; 88376066 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 314828015 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 128882716 | &nbsp;&nbsp; — |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 42819068 | &nbsp;&nbsp; 196239509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 444864 | &nbsp;&nbsp; 63171806 | &nbsp;&nbsp; — |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 24671070 | &nbsp;&nbsp; 13199536 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21227812 | &nbsp;&nbsp; 30184927 | &nbsp;&nbsp; — |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 143043189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158648637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 50845555 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41999827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2025, the components of distributable earnings (accumulated losses) on a federal income tax basis for each Portfolio were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Accumulated** <br>**Capital Losses**<br>|
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $8164559 | &nbsp;&nbsp; $108055468 | &nbsp;&nbsp; $324562081 | &nbsp;&nbsp; $— |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 116060239 | &nbsp;&nbsp; — | &nbsp;&nbsp; (101452626)<br>| &nbsp;&nbsp; (475600369)<br>|
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 374196195 | &nbsp;&nbsp; 684712549 | &nbsp;&nbsp; — |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 30027615 | &nbsp;&nbsp; — | &nbsp;&nbsp; 277179 | &nbsp;&nbsp; (307)<br>|
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; 12507537 | &nbsp;&nbsp; — | &nbsp;&nbsp; (27469547)<br>| &nbsp;&nbsp; (3719135)<br>|
| Brighthouse Asset Allocation 40 Portfolio | &nbsp;&nbsp; 110190625 | &nbsp;&nbsp; 84764478 | &nbsp;&nbsp; (99905305)<br>| &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 60 Portfolio | &nbsp;&nbsp; 242296253 | &nbsp;&nbsp; 469206834 | &nbsp;&nbsp; 119808668 | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 80 Portfolio | &nbsp;&nbsp; 163885347 | &nbsp;&nbsp; 675831941 | &nbsp;&nbsp; 453641563 | &nbsp;&nbsp; — |
| Brighthouse/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 8068342 | &nbsp;&nbsp; 6356387 | &nbsp;&nbsp; 130293647 | &nbsp;&nbsp; — |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 18551840 | &nbsp;&nbsp; 25722277 | &nbsp;&nbsp; 94413043 | &nbsp;&nbsp; — |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 41501551 | &nbsp;&nbsp; 76137921 | &nbsp;&nbsp; 102009893 | &nbsp;&nbsp; — |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 44253593 | &nbsp;&nbsp; 288405939 | &nbsp;&nbsp; 633127197 | &nbsp;&nbsp; — |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; 31360673 | &nbsp;&nbsp; 112814313 | &nbsp;&nbsp; 113239655 | &nbsp;&nbsp; — |
| Jennison Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 467712649 | &nbsp;&nbsp; 1351594919 | &nbsp;&nbsp; — |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 2375181 | &nbsp;&nbsp; 25171844 | &nbsp;&nbsp; 94062822 | &nbsp;&nbsp; — |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 24160111 | &nbsp;&nbsp; 84477047 | &nbsp;&nbsp; — |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 136979773 | &nbsp;&nbsp; — | &nbsp;&nbsp; (128629404)<br>| &nbsp;&nbsp; (181581378)<br>|
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 14049349 | &nbsp;&nbsp; 97350216 | &nbsp;&nbsp; 251880224 | &nbsp;&nbsp; — |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 55823662 | &nbsp;&nbsp; 124735957 | &nbsp;&nbsp; 453444022 | &nbsp;&nbsp; — |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 16726105 | &nbsp;&nbsp; 66609643 | &nbsp;&nbsp; 261678920 | &nbsp;&nbsp; — |

---

**BHFTII-440**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — December 31, 2025— (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| **Undistributed**<br> **Long-Term**<br> **Capital Gains**<br>| **Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Accumulated**<br> **Capital Losses**<br>|
| MetLife Stock Index Portfolio | &nbsp;&nbsp; $107799858 | &nbsp;&nbsp; $1005401341 | &nbsp;&nbsp; $5912965645 | &nbsp;&nbsp; $— |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 15833316 | &nbsp;&nbsp; 36258905 | &nbsp;&nbsp; 63804716 | &nbsp;&nbsp; — |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 43046041 | &nbsp;&nbsp; 180703805 | &nbsp;&nbsp; 839952450 | &nbsp;&nbsp; — |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; 1535308 | &nbsp;&nbsp; 98421487 | &nbsp;&nbsp; 188464041 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; 17594520 | &nbsp;&nbsp; 348142943 | &nbsp;&nbsp; 1087704945 | &nbsp;&nbsp; — |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 11490966 | &nbsp;&nbsp; 123712591 | &nbsp;&nbsp; 189608249 | &nbsp;&nbsp; — |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 30006718 | &nbsp;&nbsp; 63497219 | &nbsp;&nbsp; 149769425 | &nbsp;&nbsp; — |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 128627138 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8110345)<br>| &nbsp;&nbsp; (655538771)<br>|
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 48056166 | &nbsp;&nbsp; — | &nbsp;&nbsp; (42638806)<br>| &nbsp;&nbsp; (233519971)<br>|

---

The Portfolios utilize the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

The accumulated capital losses carried forward as of December 31, 2025 and prior years accumulated capital losses utilized for each Portfolio, as applicable, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Accumulated Losses Carried Forward** | **Accumulated Losses Carried Forward** | **Accumulated** <br>**Losses Utilized** |
| **Portfolio** | **Short-Term** | **Long-Term** | **Accumulated** <br>**Losses Utilized** |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; $164485212 | &nbsp;&nbsp; $311115157 | &nbsp;&nbsp; $— |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 307 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 3719135 | &nbsp;&nbsp; 1078091 |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 20304109 | &nbsp;&nbsp; 161277269 | &nbsp;&nbsp; — |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 161591151 | &nbsp;&nbsp; 493947620 | &nbsp;&nbsp; — |
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 31030993 | &nbsp;&nbsp; 202488978 | &nbsp;&nbsp; — |

---

**BHFTII-441**

------

**Brighthouse Funds Trust II**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Brighthouse Funds Trust II and the Shareholders of the Portfolios:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Portfolios listed in the table below (the "Portfolios"), each a portfolio of Brighthouse Funds Trust II, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolios as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Portfolios** | **Portfolios** |
| Baillie Gifford International Stock Portfolio | Loomis Sayles Small Cap Growth Portfolio |
| BlackRock Bond Income Portfolio | MetLife Aggregate Bond Index Portfolio |
| BlackRock Capital Appreciation Portfolio | MetLife Mid Cap Stock Index Portfolio |
| BlackRock Ultra-Short Term Bond Portfolio | MetLife MSCI EAFE® Index Portfolio |
| Brighthouse Asset Allocation 20 Portfolio | MetLife Russell 2000® Index Portfolio |
| Brighthouse Asset Allocation 40 Portfolio | MetLife Stock Index Portfolio |
| Brighthouse Asset Allocation 60 Portfolio | MFS® Total Return Portfolio |
| Brighthouse Asset Allocation 80 Portfolio | MFS® Value Portfolio |
| Brighthouse/Artisan Mid Cap Value Portfolio | Neuberger Berman Genesis Portfolio |
| Brighthouse/Dimensional International Small Company Portfolio | T. Rowe Price Large Cap Growth Portfolio |
| Brighthouse/Wellington Balanced Portfolio | T. Rowe Price Small Cap Growth Portfolio |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | VanEck Global Natural Resources Portfolio |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; Western Asset Management Strategic Bond Opportunities <br> Portfolio<br>|
| Jennison Growth Portfolio | Western Asset Management U.S. Government Portfolio |
| Loomis Sayles Small Cap Core Portfolio |  |

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of

**BHFTII-442**

------

**Brighthouse Funds Trust II**

**Report of Independent Registered Public Accounting Firm**

December 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2026

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTII-443**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements (Item 11)**

At a meeting held on November 20-21, 2025 (the "November Meeting"), the Board of Trustees (the "Board") of Brighthouse Funds Trust II (the "Trust"), including a majority of the Trustees who are not "interested persons" of the Trust (the "Independent Trustees") under the Investment Company Act of 1940 (the "1940 Act"), approved the continuation of the Trust's advisory agreements (each an "Advisory Agreement") with Brighthouse Investment Advisers, LLC (the "Adviser") for the series of the Trust (each a "Portfolio," and collectively, the "Portfolios"). At the November Meeting, the Board, including a majority of the Independent Trustees, also approved the continuation of the sub-advisory agreements (each a "Sub-Advisory Agreement" and collectively with each Advisory Agreement, the "Agreements") between the Adviser and the investment sub-advisers and sub-sub-advisers (each a "Sub-Adviser," and collectively, the "Sub-Advisers") for the Portfolios that had engaged a Sub-Adviser (each, a "Sub-Advised Portfolio" and collectively, the "Sub-Advised Portfolios"). Each Agreement was approved for the annual contract renewal period from January 1, 2026 through December 31, 2026.

The Board met with personnel of the Adviser on September 29-30, 2025 (the "September Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements for each Portfolio, and the Board reviewed and discussed specific information that the Adviser and Sub-Advisers, as applicable, had provided at the request of the Independent Trustees. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser provided at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the "Meetings"). The Board has five regularly scheduled meetings each year, including the September Meeting, and takes into account throughout the year matters bearing on the Agreements. During the contract renewal process, and throughout the year, the Independent Trustees were advised by independent legal counsel, and they met with independent legal counsel in executive sessions outside of the presence of management on a number of occasions to discuss, among other things, the renewal of the Agreements.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process and that were provided to and discussed with the Board throughout the year. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset valuation. Information about the Adviser and each Sub-Adviser, as applicable, included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers. The Board considered the potential effect on the Adviser's day-to-day management of the Portfolios of the acquisition of Brighthouse Financial, Inc., the parent company of the Adviser, by Aquarian Capital LLC, which had been recently announced. The Board acknowledged that the acquisition could result in an assignment of the Portfolios' Agreements, which the Board would formally address in 2026.In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("Broadridge"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("JDL"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("JDL Report"). The Independent Trustees met in executive session with representatives of JDL at the time of the September Meeting to discuss the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the applicable Agreements. The Board also concluded that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser and to each Sub-Adviser, as applicable, appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser, respectively. Further, the Board concluded that the Adviser's profitability in providing services under each Advisory Agreement did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information provided to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio through the exercise of its business judgment. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services*. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as applicable, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the Portfolios, including information with respect to investment programs and personnel, succession management of key personnel, oversight of transition management (as applicable), compliance programs and personnel, and risk management programs, among other things. The Board considered the Adviser's services as investment manager to the Sub-Advised Portfolios, including its services relating

**BHFTII-444**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

to the oversight of the Sub-Advisers and, in particular, each Sub-Adviser's investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management programs, among other things. The Adviser's services in coordinating and overseeing the activities of the Trust's other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements, including related to liquidity, valuation, and derivatives risk management, as relevant. The Board considered information received from the Trust's Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Adviser's and Sub-Advisers' compliance policies and procedures, as applicable. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to review and assess the services that are provided to the Portfolios, including for the Sub-Advised Portfolios, to conduct periodic meetings with the Sub-Advisers throughout the year, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above. With respect to the services provided by each of the Sub-Advisers for the Sub-Advised Portfolios, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process, each Sub-Adviser's overall organization and business plans and the investment performance experienced by the Sub-Advised Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Sub-Advised Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's staffing with respect to the management of the Sub-Advised Portfolio and other information relating to the Sub-Adviser's business and operations. The Board also considered the Sub-Adviser's overall resources and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the Sub-Adviser's personnel who provide services to the Sub-Advised Portfolios. The Board also considered, among other things, information about each Sub-Adviser's compliance and risk management programs, including regarding any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year, as well as the Sub-Adviser's trading practices and the Adviser's assessment of the financial condition of each Sub-Adviser.

With respect to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio and Brighthouse Asset Allocation 80 Portfolio (the "Asset Allocation Portfolios"), the Board noted that the Adviser employs at its own expense an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and investments in other Portfolios of the Trust and Brighthouse Funds Trust I (the "Underlying Portfolios"). Additionally, the Board considered that a committee, consisting of investment professionals from the Adviser, meets regularly to review the management of the Asset Allocation Portfolios, including asset allocations and performance metrics.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the Portfolio's investment objectives and strategies and the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's periodic presentations to the Board of detailed information about each Portfolio's performance results in light of relevant market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "Performance Universe"), and the JDL Report. The Board also compared the performance of each Sub-Advised Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was provided. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer group members.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Sub-Advised Portfolios.

*Fees and Expenses*. The Board gave consideration to the levels and structures of the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included various comparisons of the Portfolio's fees (at December 31, 2024 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds ("Expense Universe") and a narrower group of peer funds ("Expense Group"), and, for the Sub-Advised Portfolios, also a broad group of peer sub-advised funds ("Sub-advised Expense Universe") and a narrower group of peer sub-advised funds ("Sub-advised Expense Group"). In particular, the Board reviewed,

**BHFTII-445**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

as applicable, comparisons of each Portfolio's actual management fees and/or actual total expenses with its Expense Universe, Expense Group, and Sub-advised Expense Universe, and contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group. The Board considered that Broadridge selected the peer funds, which were funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility. In addition, for the Sub-Advised Portfolios, the Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was provided, including the Sub-Adviser's explanation of differences among the funds and other accounts where relevant. For the Sub-Advised Portfolios, the Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into agreements with certain of the Portfolios to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses or passing through the benefit of a subadvisory fee concession to a Portfolio, as applicable.

*Profitability*. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser's analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust and Brighthouse Funds Trust I in which the Asset Allocation Portfolios invest. For the Sub-Advised Portfolios, the Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Sub-Advised Portfolios, to the extent provided, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale*. The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement, as applicable, for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors*. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trust. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trust, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Sub-Advised Portfolio. In addition, for the Sub-Advised Portfolios, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Sub-Advised Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trust and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers, as applicable, pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \* \*

*Baillie Gifford International Stock Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Baillie Gifford Overseas Limited regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one- and three-year periods ended June 30, 2025, and underperformed the median and average of its Performance Universe for the five-year period ended June 30, 2025. The Board further considered that the Portfolio

**BHFTII-446**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

underperformed its benchmark, the MSCI All Country World ex-U.S. Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*BlackRock Bond Income Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and BlackRock Advisors, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*BlackRock Capital Appreciation Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and BlackRock Advisors, LLC regarding the Portfolio:Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one- and five-year periods ended June 30, 2025, and outperformed the median and average of its Performance Universe for the three-year period ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Growth Index, for the one- and five-year periods ended October 31, 2025, and outperformed the same benchmark for the three-year period ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*BlackRock Ultra-Short Term Bond Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and BlackRock Advisors, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-year period ended June 30, 2025, and outperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Bank of America/Merrill Lynch 3-Month T-Bill Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below

**BHFTII-447**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Brighthouse/Artisan Mid Cap Value Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Artisan Partners Limited Partnership regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell Midcap Value Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median, the Expense Universe median and the Sub-advised Expense Universe median. The Board further considered that the Portfolio's total expenses (exclusive of 12b-1 fees) below the Expense Group median, equal to the Expense Universe median, and above the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Brighthouse/Dimensional International Small Company Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Dimensional Fund Advisors LP regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the MSCI World ex-U.S. Small Cap Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median. The Board also noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Brighthouse/Wellington Balanced Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Wellington Management Company LLP regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-year period ended June 30, 2025, and outperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its blended benchmark, the S&P 500 Index (60%) & Bloomberg U.S. Aggregate Bond Index (40%), for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fee and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Universe and the Sub-advised Expense Group at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Brighthouse/Wellington Core Equity Opportunities Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Wellington Management Company LLP regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance and additional information with respect to the Portfolio's performance, including in light of its investment strategies and prevailing market conditions.

**BHFTII-448**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

The Board also considered that the Portfolio's actual management fees were below the Expense Universe median and the Expense Group median, and above the Sub-advised Expense Universe median. The Board considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were below the Expense Universe median, the Expense Group median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Universe and the Sub-advised Expense Group at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Brighthouse Asset Allocation 20 Portfolio*. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the average and median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed the Brighthouse AA 20 Narrow Index for the one- and three-year periods ended October 31, 2025, and outperformed the same index for the five-year period ended October 31, 2025. The Board also took into account that the Portfolio outperformed its benchmark, the Dow Jones Conservative Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees were below the Expense Group median and the Expense Universe median. The Board also considered that the Portfolio's total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were equal to the Expense Group median and above the Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted the presence of the expense cap in effect for the Portfolio.

*Brighthouse Asset Allocation 40 Portfolio*. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the average of its Performance Universe for the one- and five-year periods ended June 30, 2025, and underperformed the average of its Performance Universe for the three-year period ended June 30, 2025. The Board also considered that the Portfolio underperformed the median of its Performance Universe for the one- and three-year periods ending June 30, 2025, and outperformed the median of its Performance Universe for the five-year period ended June 30, 2025. The Board further considered that the Portfolio underperformed the Brighthouse AA 40 Narrow Index for the one-, three-, and five-year periods ended October 31, 2025. In addition, the Board noted that the Portfolio outperformed its benchmark, the Dow Jones Moderately Conservative Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees were below the Expense Group median and the Expense Universe median. The Board also considered that the total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median and above the Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size.

*Brighthouse Asset Allocation 60 Portfolio*. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-year period ended June 30, 2025, and underperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed the Brighthouse AA 60 Narrow Index for the one-, three-, and five-year periods ended October 31, 2025. The Board also noted that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-year period ended October 31, 2025, and outperformed the same benchmark for the three- and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees were below the Expense Group median and the Expense Universe median. The Board also considered that the total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below

**BHFTII-449**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

the Expense Group median and above the Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size.

*Brighthouse Asset Allocation 80 Portfolio*. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed the Brighthouse AA 80 Narrow Index for the one-, three-, and five-year periods ended October 31, 2025. The Board also took into account that the Portfolio underperformed its benchmark, the Dow Jones Moderately Aggressive Portfolio Index, for the one- and five-year periods ended October 31, 2025, and outperformed the same benchmark for the three-year period ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size.

*Frontier Mid Cap Growth Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Frontier Capital Management Company, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell Midcap Growth Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Universe and the Sub-advised Expense Group at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. In addition, the Board considered that the Adviser had negotiated a waiver to the Portfolio's sub-advisory fee schedule and that the Adviser agreed to waive a portion of its advisory fee in order for contract holders to benefit from the sub-advisory fee waiver from January 1, 2025 through April 30, 2027.

*Jennison Growth Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Jennison Associates LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the average of its Performance Universe for the one- and five-year periods ended June 30, 2025 and outperformed the average of its Performance Universe for the three-year period ended June 30, 2025. The Board also considered that the Portfolio outperformed the median of its Performance Universe for one- and three-year periods ended June 30, 2025 and underperformed the median of its Performance Universe for the five-year period ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Growth Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the average of the Sub-advised Expense Universe and above the average of the Sub-advised Expense Group, each at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Loomis Sayles Small Cap Core Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio:

**BHFTII-450**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of one of its Performance Universes for the one-year period ended June 30, 2025 and outperformed the median and average of that same Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further noted that the Portfolio underperformed the median and average of its second Performance Universe for the one-year period ended June 30, 2025 and outperformed the median and average of that same Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Loomis Sayles Small Cap Growth Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the average of its Performance Universe for the one-year period ended June 30, 2025 and outperformed the average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board also considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Growth Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*MetLife Aggregate Bond Index Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median and the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board further considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were above the Expense Group median and the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*MetLife Mid Cap Stock Index Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-year period ended June 30, 2025, and outperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the S&P MidCap 400 Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

**BHFTII-451**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*MetLife MSCI EAFE Index Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board also considered that the Portfolio underperformed the median of its Performance Universe for the one-year period ended June 30, 2025 and outperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board took into account that the Portfolio outperformed its benchmark, the MSCI EAFE Index, for the one-year period ended October 31, 2025 and underperformed that same benchmark for the three- and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were below the Expense Group median and above the Expense Universe median and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*MetLife Russell 2000 Index Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one- and three-year periods ended June 30, 2025, and underperformed the median and average of its Performance Universe for the five-year period ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board also considered that the Portfolio's actual management fees were below the Expense Group median and above the Expense Universe median and the Sub-advised Expense Universe median.

The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*MetLife Stock Index Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the S&P 500 Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*MFS Total Return Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Massachusetts Financial Services Company regarding the Portfolio:

**BHFTII-452**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its blended benchmark, the S&P 500 Index (60%) and Bloomberg U.S. Aggregate Bond Index (40%), for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees were below the Expense Group median and the Sub-advised Expense Universe median, and above the Expense Universe median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*MFS Value Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Massachusetts Financial Services Company regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Value Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board took into account that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Neuberger Berman Genesis Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Neuberger Berman Investment Advisers LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median and average of one of its Performance Universes for the one- and three-year periods ended June 30, 2025, and outperformed the median and average of that same Performance Universe for the five-year period ended June 30, 2025. The Board also considered that the Portfolio underperformed the median and average of its second Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*T. Rowe Price Large Cap Growth Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the average of its Performance Universe for the one- and five-year periods ended June 30, 2025, and outperformed the average of its Performance Universe for the three-year period ended June 30, 2025. The Board also considered that the Portfolio underperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board also considered that the Portfolio underperformed its benchmark, the Russell 1000 Growth Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

**BHFTII-453**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*T. Rowe Price Small Cap Growth Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the average of its Performance Universe for the one-year period ended June 30, 2025, and outperformed the average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board also considered that the Portfolio underperformed its benchmark, the MSCI U.S. Small Cap Growth Index, for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*VanEck Global Natural Resources Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Van Eck Associates Corporation regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one- and five-year periods ended June 30, 2025 and underperformed the median and average of its Performance Universe for the three-year period ended June 30, 2025. The Board also considered that the Portfolio outperformed its benchmark, the S&P Global Natural Resources Index, for the one-year period ended October 31, 2025 and underperformed that same benchmark for the three- and five-year periods ended October 31, 2025. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were equal to the Expense Group median and the Sub-advised Expense Universe median, and above the Expense Universe median. The Board further noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

*Western Asset Management Strategic Bond Opportunities Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser, Western Asset Management Company, LLC, Western Asset Management Company Limited and Western Asset Management Company Pte. Ltd. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median and average of its Performance Universe for the one-year period ended June 30, 2025 and underperformed the median and average of its Performance Universe for the three- and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2025. The Board also considered that the Portfolio outperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTII-454**

------

**Brighthouse Funds Trust II**

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)**

*Western Asset Management U.S. Government Portfolio*. The Board also considered the following information in relation to the Agreements with the Adviser and Western Asset Management Company, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board also considered that the Portfolio outperformed the average of its Performance Universe for the one- and three-year periods ended June 30, 2025 and underperformed the average of its Performance Universe for the five-year period ended June 30, 2025. The Board also considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2025. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Intermediate Government Bond Index for the one-, three-, and five-year periods ended October 31, 2025. The Board also considered that the Portfolio outperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2025.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Objective group selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were equal to the average of the Sub-advised Expense Group and below the Sub-advised Expense Universe, each at the Portfolio's current size. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTII-455**

------

**Quarterly Portfolio Schedule**

The Trust files its complete schedule of portfolio holdings as an attachment to Form N-PORT for the first and third quarters of each fiscal year. The Trust's Form N-PORT filings are available on the Securities and Exchange Commission's website at http://www.sec.gov. Once filed, the most recent Form N-PORT will be available without charge, upon request, by calling (800) 848-3854.

**Proxy Voting Policies and Procedures**

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission's website at http://www.sec.gov.

**Proxy Voting Record**

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending December 31 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission's website at http://www.sec.gov.

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to the registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders
The registrant does not have procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

------

#### Item 16. Controls and Procedures
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
(a) Not applicable.

(b) Not applicable.

#### Item 19. Exhibits
(a)(1) [Code of Ethics is attached hereto.](d31699dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d31699dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [The certifications required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d31699dex99906cert.htm)

(101) Inline Interactive Data File—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### BRIGHTHOUSE FUNDS TRUST II

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |
| Date: | March 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |
| Date: | March 6, 2026 |
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |
| Date: | March 6, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**BRIGHTHOUSE FUNDS:** 

**Brighthouse Funds Trust I** 

**Brighthouse Funds Trust II** 

**Code of Ethics Pursuant to Section 406** 

**Of the Sarbanes-Oxley Act of 2002** 

**<u>For Principal Executive and Senior Financial Officers</u>** 

**I. Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by each Trust and applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or persons performing similar functions ("Covered Officers," as set forth in <u>Exhibit A</u>) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with,
or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

**II. Covered Officers Should Handle Conflicts of Interest Ethically** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not engage in certain transactions (such as the purchase or sale of portfolio securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trusts and, as applicable, BIA, the Subadvisers, and the Trusts' principal underwriter, administrator, and transfer agent ("Service Providers"; each of BIA and the Trusts' principal underwriter and transfer agent, respectively, shall be referred to herein as the "Affiliated Service Providers") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trusts and an Affiliated Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers shall, in the normal course of their duties (whether for the Trusts or for an Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that shall have different effects on the Affiliated Service Providers and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Trusts and their Affiliated Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, other applicable laws and the Trusts' organizational documents, such activities shall be deemed to have been handled ethically and not to have involved any violation of this Code. In addition, it is recognized by the Board that the Covered Officers may also be directors, officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest or to a violation of this Code.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use the Covered Officer's personal influence or personal relationships to influence investment decisions or
financial reporting by the Trusts whereby the Covered Officer, or a member of the Covered Officer's family, would knowingly benefit personally to the detriment of the Trusts and their shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use the Covered Officer's position with the Trust for private economic gain to the Covered Officer, the
Covered Officer's family or any other person, or in a manner detrimental to the interests of the Trust and its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise inappropriate influence in connection with the Covered Officer's official duties that causes the
Trusts to violate applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer, or a member of the Covered Officer's family, rather than the benefit of the Trusts; or retaliate against any other person or entity doing business with the Trusts for reports of potential violations of this Code or applicable laws
that are made in good faith.

There are some relationships that should always be disclosed to the CCO of the Trusts ("Code Officer"). These relationships are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the Trusts, other than an Affiliated Service Provider or an affiliate of an Affiliated Service Provider. This disclosure requirement shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered
Officer's ownership does not exceed $50,000 of the outstanding securities of the relevant class; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with an Affiliated Service Provider or its affiliates. This disclosure requirement shall not apply to or
otherwise limit (i) the ownership of publicly traded securities so long as the Covered Officer's ownership does not exceed $50,000 of the particular class of security outstanding or (ii) the receipt by an Affiliated Service Provider
or its affiliate of research or other benefits in exchange for "soft dollars."

**III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should review the relevant disclosure pertaining to the Trusts and disclosure requirements
generally applicable to the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts
to others, whether within or outside the Trusts, including to the Board and auditors, and to governmental regulators and self- regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility,
consult with other officers and employees of the Trusts, the Affiliated Service Providers, auditors, other entities doing business with the Trust or with counsel to the Trust with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Trusts file with, or submit to, the SEC (which for the sake of clarity, does not include any sales literature; or omitting prospectuses or "tombstone" advertising prepared by the Trusts'
principal underwriter) and in other public communications made by the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations by (i) adhering personally to such standards and restrictions and (ii) encouraging and counseling other persons involved with the Trusts to adhere to such standards and restrictions.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Trusts that the Covered Officer has received, read, and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Trusts that the Covered Officer has complied with the requirements of this
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire as well as with
respect to any supplemental request for information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Code Officer promptly if the Covered Officer knows of any material violation of this Code. Failure to
do so is itself a violation of this Code.

The Code Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Code Officer may consult with internal or external counsel or accountants to assist with the application and interpretation of this Code.

Requests for waivers from this Code shall be submitted in writing to the Code Officer. The Audit Committee of the Board shall be authorized to grant waivers, as it deems appropriate. Any changes to or waivers of this Code shall, to the extent required, be disclosed as provided by SEC rules.

The Trusts shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Code Officer shall take all appropriate action to investigate any potential material violations reported to
the Code Officer, which may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Code Officer believes that no material violation has occurred, the Code Officer
is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Code Officer believes is a material violation shall be reported to the President of the
applicable Trust (if the violation is by someone other than the President) and the Audit Committee of the Board (together, the "Committee");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that a material violation has occurred, it shall consider appropriate action, which may
include disclosure to the full Board of the affected Trust, review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of an Affiliated Service Provider or its board; and/or disciplinary
action (which may include the dismissal of the Covered Officer as an officer or employee of the Trusts);

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Trusts and their Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board.

**VII. Internal Use** 

The Code is intended solely for internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Board, the Covered Officers, the Code Officer, the Service Providers and their affiliates, outside audit firms, legal counsel to the Trusts, and legal counsel to the Independent Trustees.

------

---

| | |
|:---|:---|
| **EFFECTIVE AS OF:** | May 22, 2012 |
| **REVISED AS OF:** | May 25, 2016; January 3, 2017; January 2, 2018; May 19, 2021 |

---

------

**<u>Exhibit A</u>**

<u>Persons Covered by this Code of Ethics</u>

---

| | | | |
|:---|:---|:---|:---|
| **Trust** | **Principal Executive**<br> **Officer** | **Principal Financial**<br> **Officer** | **Principal**<br> **Accounting Officer** |
| Brighthouse<br> Funds Trust I | Kristi Slavin, President and<br> Chief Executive Officer | Alan R. Otis, CFO and<br> Treasurer | Alan R. Otis, CFO and<br> Treasurer |
| Brighthouse<br> Funds Trust II | Kristi Slavin, President and<br> Chief Executive Officer | Alan R. Otis, CFO and<br> Treasurer | Alan R. Otis, CFO and<br> Treasurer |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Kristi Slavin, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust
II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 6, 2026

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

---

------

I, Alan R. Otis, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust
II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

Date: March 6, 2026

---

| | |
|:---|:---|
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**SECTION 906 CERTIFICATION** 

Kristi Slavin, and Alan R. Otis, of Brighthouse Funds Trust II (the "Trust") each certify that:

1. This Form N-CSR filing for the Trust (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |
| Date: | March 6, 2026 |
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |
| Date: | March 6, 2026 |

---