N-CSR

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: 811-3618

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)

(Name and Address of Agent for Service)	Copy to:
Kristi Slavin -------------------------- c/o Brighthouse Investment Advisers, LLC 11225 North Community House Rd. Charlotte, NC 28277	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, 2023

Item 1:  Report to Shareholders.

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

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Managed By Baillie Gifford Overseas Limited

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Baillie Gifford International Stock Portfolio returned 18.59%, 18.36%, and 18.46%, respectively. The Portfolio’s benchmark, the MSCI All Country World ex-U.S. Index¹, returned 15.62%.

MARKET ENVIRONMENT / CONDITIONS

The state of financial markets in 2023 was characterised by the up-and-down nature of investors attempting to guess and react to the Federal Reserve’s response to economic data.

Although international equities performed strongly, recouping most of their losses from 2022, it was anything but a smooth ride, particularly for growth stocks. Higher-quality businesses, with stronger fundamentals, outperformed during the first quarter of the year and it appeared as though the wind was changing. During the third quarter, some unexpectedly stubborn inflation data caused interest rate expectations to jump, grabbing the attention of investors, and reversing share price moves from earlier in the year.

Towards the end of the year a clear picture then emerged that inflation was slowing, leading central banks across the developed world to turn more dovish, and to begin to signal an end to interest rate tightening. Sentiment shifted dramatically and growth stocks rebounded.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark, the MSCI All Country World ex-U.S. Index (the “Index”) in 2023. At the regional level, all areas outperformed except Developed Asia Pacific. Emerging Markets was the strongest relative performer, followed by Europe (ex-U.K.) and North America. In terms of sectors, stock selection in Information Technology (“IT”) was strong and the largest contributor, followed by Materials. While there was diversity among the top performers, there was a strong thematic element to the weakest names, with stock selection in Asia and Health Care featuring prominently.

At the stock level, the top contributors include MercadoLibre (Brazil), Ryanair (Ireland) and CRH (Ireland). MercadoLibre is Latin America’s leading e-commerce and digital platform business. The company recently surpassed 100 million monthly active e-commerce users for the first time, and the firm recently opened its first regional fulfilment centre in Rio de Janeiro, which should allow it to increase its same-day shipping footprint. While the stock price may fluctuate from quarter to quarter, operational performance has been remarkably consistent, and we believe it is well-positioned to deliver structural growth in the long term.

Europe’s largest airline, Ryanair, has performed well after emerging from the pandemic and has taken significant market share. Their recent results were strong, with revenues rising by 30% year-on-year, driven by higher fares and passenger volumes. Management also announced plans to pay out 25% of profit after tax through dividends in the future, a sign of confidence that was taken well by the market. We believe Ryanair is uniquely positioned as Europe’s lowest-cost airline and should continue to take market share for many years.

The detractors to performance included AIA (Hong Kong) and Shiseido (Japan). A common thread was sentiment towards Chinese holdings and those facing into Chinese demand after China’s economy did not bounce back as many expected.

AIA is an Asian life insurer. The business has fallen victim to the sentiment around the Chinese economy in 2023, and the share price has diverged from fundamentals during the period. Recent results have been solid, with new business growth up 35% year-on-year. At the same time, management remains stable, and the business is set up for long-term success. We are confident in AIA’s position as a high-quality insurance business, which is well-placed to benefit from the structural growth offered by insurance in Asia.

Shiseido, the luxury Japanese cosmetics manufacturer, has been experiencing weak operational results, with sales still below pre-COVID levels. This has led the new CEO to announce an urgent restructuring plan to reduce costs and improve operational efficiencies. Despite the slower-than-expected recovery from COVID and tourism in Japan, we remain optimistic about Shiseido’s long-term growth potential. We believe the company’s focus on high-end skincare and skew to the Asian market is particularly appealing and has the potential to generate higher margins in the future.

During the fourth quarter, we sold out of Hong Kong Exchanges and Clearing, observing that the current valuation offered little protection from heightened regulatory risks. There are also growing concerns surrounding Hong Kong’s role as an offshore venue for international companies accessing Chinese capital. We took a new position in Chinese homegrown luxury liquor brand Kweichow Moutai and French luxury conglomerate LVMH, best known for its eponymous Louis Vuitton brand.

At the end of the year, the Portfolio’s largest sector overweight positions relative to the Index were Industrials, IT, and Consumer Discretionary. The largest underweight positions were Financials, Health Care, and Energy. At the country level, the largest overweights were Ireland, Netherlands, and Germany. The largest

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Managed By Baillie Gifford Overseas Limited

Portfolio Manager Commentary*—(Continued)

underweights were the U.K., Australia, and Switzerland. Please note, these positions were a result of bottom-up stock selection, rather than top-down allocation.

Jenny Davis

Tom Walsh

Steve Vaughan

Portfolio Managers

Baillie Gifford Overseas Limited

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

¹ The MSCI All Country World ex-U.S. Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. The Index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD EX-U.S. INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Baillie Gifford International Stock Portfolio
Class A		18.59		7.15		4.72
Class B		18.36		6.88		4.46
Class E		18.46		6.98		4.56
MSCI All Country World ex-U.S. Index		15.62		7.08		3.83

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
MercadoLibre, Inc.		4.5
Taiwan Semiconductor Manufacturing Co. Ltd.		3.8
Samsung Electronics Co. Ltd.		2.9
Ryanair Holdings PLC (ADR)		2.8
SAP SE		2.8
CRH PLC		2.6
Atlas Copco AB- B Shares		2.5
AIA Group Ltd.		2.4
Scout24 SE		2.1
Kingspan Group PLC		2.1

Top Countries

	% of Net Assets
Japan		12.5
Germany		8.9
France		8.6
Ireland		7.5
China		6.6
Netherlands		5.8
Denmark		4.9
Canada		4.8
India		4.7
Brazil		4.5

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Baillie Gifford International Stock Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.76	%	$	1,000.00	$	1,031.50	$	3.89
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.37	$	3.87
Class B (a)	Actual		1.01	%	$	1,000.00	$	1,030.20	$	5.17
	Hypothetical*		1.01	%	$	1,000.00	$	1,020.11	$	5.14
Class E (a)	Actual		0.91	%	$	1,000.00	$	1,031.00	$	4.66
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.62	$	4.63

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

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

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

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—99.0% of Net Assets

Security Description	Shares		Value
Brazil—4.5%
MercadoLibre, Inc. (a)		43,210	$	67,906,243
Canada—4.8%
AbCellera Biologics, Inc. (a) (b)		545,830		3,116,689
Constellation Software, Inc.		10,235		25,376,204
Lumine Group, Inc. (a)		560,350		12,644,402
Shopify, Inc. - Class A (a)		215,803		16,811,054
Topicus.com, Inc. (a)		212,852		14,335,242
				72,283,591
China—6.6%
Alibaba Group Holding Ltd.		970,672		9,380,819
Kweichow Moutai Co. Ltd. - Class A		57,100		13,869,904
Meituan - Class B (a)		594,170		6,262,580
Ping An Insurance Group Co. of China Ltd. - Class H		1,863,500		8,429,459
Prosus NV		358,629		10,693,282
Silergy Corp.		758,000		12,338,244
Tencent Holdings Ltd.		451,100		17,042,900
Tencent Music Entertainment Group (ADR) (a)		1,759,515		15,853,230
Wuxi Biologics Cayman, Inc. (a)		1,571,500		5,936,329
				99,806,747
Denmark—4.9%
Ambu AS - Class B (a) (b)		439,317		6,842,436
Chr Hansen Holding AS		135,456		11,355,481
Demant AS (a)		339,369		14,919,417
DSV AS		132,803		23,361,585
Novozymes AS - B Shares		334,727		18,430,121
				74,909,040
Finland—1.2%
Kone Oyj - Class B		353,517		17,690,835
France—8.6%
Danone SA		450,546		29,222,994
Dassault Systemes SE		539,552		26,413,571
Edenred SE		426,916		25,633,407
Kering SA		36,731		16,300,520
LVMH Moet Hennessy Louis Vuitton SE		18,381		14,909,293
Nexans SA		86,795		7,601,020
Sartorius Stedim Biotech		41,955		11,143,320
				131,224,125
Germany—8.9%
BioNTech SE (ADR) (a) (b)		79,581		8,398,979
Deutsche Boerse AG		148,552		30,584,851
Rational AG		27,918		21,569,102
SAP SE		272,596		41,932,202
Scout24 SE		455,061		32,196,004
				134,681,138
Hong Kong—2.4%
AIA Group Ltd.		4,244,200		36,862,599
India—4.7%
HDFC Bank Ltd.		1,471,432		30,175,054
ICICI Lombard General Insurance Co. Ltd.		793,980		13,580,104
Reliance Industries Ltd.		867,558		26,944,688
				70,699,846
Ireland—7.5%
CRH PLC		573,440		39,516,951
Kingspan Group PLC		370,040		31,979,769
Ryanair Holdings PLC (ADR) (a)		321,981		42,939,386
				114,436,106
Italy—1.9%
FinecoBank Banca Fineco SpA		1,276,869		19,184,609
Technoprobe SpA (a) (b)		1,042,634		9,965,040
				29,149,649
Japan—12.5%
Denso Corp.		1,241,000		18,613,685
FANUC Corp.		637,100		18,741,979
Keyence Corp.		34,100		14,947,510
MonotaRO Co. Ltd. (b)		1,069,300		11,638,696
Nidec Corp.		216,900		8,839,022
Nihon M&A Center Holdings, Inc.		2,031,900		11,170,080
Nintendo Co. Ltd.		322,800		16,868,287
Recruit Holdings Co. Ltd.		325,100		13,879,593
Shimano, Inc. (b)		94,900		14,649,585
Shiseido Co. Ltd.		432,000		13,005,362
SMC Corp.		35,400		18,930,876
Sony Group Corp.		294,500		27,905,253
				189,189,928
Netherlands—5.8%
Adyen NV (a)		17,884		23,054,554
ASML Holding NV		30,824		23,272,526
EXOR NV		167,043		16,746,190
IMCD NV		147,254		25,693,377
				88,766,647
Norway—0.6%
Aker Carbon Capture ASA (a)		6,509,268		8,677,305
Panama—0.8%
Copa Holdings SA - Class A		119,529		12,707,128
Russia—0.0%
MMC Norilsk Nickel PJSC (a) (c) (d)		39,210		0
MMC Norilsk Nickel PJSC (ADR) (a) (c) (d)		7		0
				0
Singapore—0.5%
Sea Ltd. (ADR) (a)		181,235		7,340,018
South Africa—1.1%
Discovery Ltd.		2,202,548		17,303,180

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
South Korea—3.7%
Coupang, Inc. (a)		758,507	$	12,280,228
Samsung Electronics Co. Ltd.		722,399		43,936,246
				56,216,474
Spain—1.7%
Amadeus IT Group SA		350,325		25,125,326
Sweden—4.4%
Atlas Copco AB - B Shares		2,556,437		37,898,334
Epiroc AB - B Shares		1,309,683		22,918,096
MIPS AB		166,328		6,057,540
				66,873,970
Switzerland—3.5%
Cie Financiere Richemont SA - Class A		131,825		18,183,059
Nestle SA		261,576		30,274,119
Wizz Air Holdings PLC (a)		194,084		5,446,671
				53,903,849
Taiwan—3.8%
Taiwan Semiconductor Manufacturing Co. Ltd.		2,977,000		57,293,803
United Kingdom—3.8%
Experian PLC		575,744		23,462,587
Oxford Nanopore Technologies PLC (a)		1,868,921		4,951,914
Rio Tinto PLC		404,829		30,065,851
				58,480,352
United States—0.8%
Spotify Technology SA (a)		64,713		12,160,220
Total Common Stocks (Cost $1,302,091,518)				1,503,688,119
Warrants—0.0%
Canada—0.0%
Constellation Software, Inc. Expires 03/31/40 (a) (Cost $0)		10,541		0
Short-Term Investment—0.6%
Repurchase Agreement—0.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $9,663,508; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $9,854,138.		9,660,824		9,660,824
Total Short-Term Investments (Cost $9,660,824)				9,660,824
Securities Lending Reinvestments (e)—0.8%
Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—0.2%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $827,551; collateralized by various Common Stock with an aggregate market value of $921,165.		827,050		827,050
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $14,570; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $14,860.		14,561		14,561
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $100,061; collateralized by various Common Stock with an aggregate market value of $111,481.		100,000		100,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $656,530; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $669,267.		656,144		656,144
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $700,432; collateralized by various Common Stock with an aggregate market value of $781,210.		700,000		700,000
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $13,586; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $13,880.		13,578		13,578
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $100,059; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $102,000.		100,000		100,000
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $41,803; collateralized by various Common Stock with an aggregate market value of $46,503.		41,777		41,777
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $317,224; collateralized by various Common Stock with an aggregate market value of $349,643.		317,033		317,033
				2,770,143
Mutual Funds—0.6%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (f)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (f)		1,000,000		1,000,000

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (e)—(Continued)

Security Description	Shares		Value
Mutual Funds—(Continued)
Fidelity Investments Money Market Government Portfolio, Institutional Class 5.290% (f)		1,000,000	$	1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (f)		1,400,000		1,400,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (f)		1,400,000		1,400,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.320% (f)		1,400,000		1,400,000
STIT-Government & Agency Portfolio, Institutional Class 5.270% (f)		992,137		992,137
Western Asset Institutional Government Reserves Fund, Institutional Class 5.270% (f)		400,000		400,000
				8,592,137
Total Securities Lending Reinvestments (Cost $11,362,280)				11,362,280
Total Investments—100.4% (Cost $1,323,114,622)				1,524,711,223
Other assets and liabilities (net)—(0.4)%				(6,745,772	)
Net Assets—100.0%			$	1,517,965,451

*	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, 2023, the market value of securities loaned was $39,258,699 and the collateral received consisted of cash in the amount of $11,362,280 and non-cash collateral with a value of $29,993,923. 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, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(f)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Ten Largest Industries as of December 31, 2023 (Unaudited)	% of Net Assets
Machinery		9.1
Software		8.0
Semiconductors & Semiconductor Equipment		6.8
Broadline Retail		6.6
Insurance		5.0
Financial Services		4.3
Passenger Airlines		4.0
Food Products		3.9
Entertainment		3.4
Textiles, Apparel & Luxury Goods		3.3

Glossary of Abbreviations

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Brazil	$	67,906,243	$	—		$	—	$	67,906,243
Canada		72,283,591		—			—		72,283,591
China		15,853,230		83,953,517			—		99,806,747
Denmark		—		74,909,040			—		74,909,040
Finland		—		17,690,835			—		17,690,835
France		—		131,224,125			—		131,224,125
Germany		8,398,979		126,282,159			—		134,681,138
Hong Kong		—		36,862,599			—		36,862,599
India		—		70,699,846			—		70,699,846
Ireland		42,939,386		71,496,720			—		114,436,106
Italy		—		29,149,649			—		29,149,649
Japan		—		189,189,928			—		189,189,928
Netherlands		—		88,766,647			—		88,766,647
Norway		—		8,677,305			—		8,677,305
Panama		12,707,128		—			—		12,707,128
Russia		—		—			0		0
Singapore		7,340,018		—			—		7,340,018
South Africa		—		17,303,180			—		17,303,180
South Korea		12,280,228		43,936,246			—		56,216,474
Spain		—		25,125,326			—		25,125,326
Sweden		—		66,873,970			—		66,873,970
Switzerland		—		53,903,849			—		53,903,849
Taiwan		—		57,293,803			—		57,293,803
United Kingdom		—		58,480,352			—		58,480,352
United States		12,160,220		—			—		12,160,220
Total Common Stocks		251,869,023		1,251,819,096			0		1,503,688,119
Total Warrants*		—		0			—		0
Total Short-Term Investment*		—		9,660,824			—		9,660,824
Securities Lending Reinvestments
Repurchase Agreements		—		2,770,143			—		2,770,143
Mutual Funds		8,592,137		—			—		8,592,137
Total Securities Lending Reinvestments		8,592,137		2,770,143			—		11,362,280
Total Investments	$	260,461,160	$	1,264,250,063		$	0	$	1,524,711,223
Collateral for Securities Loaned (Liability)	$	—	$	(11,362,280	)	$	—	$	(11,362,280	)

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	1,524,711,223
Cash denominated in foreign currencies (c)		147,080
Receivable for:
Investments sold		7,019,933
Fund shares sold		5,882
Dividends and interest		3,071,493
Prepaid expenses		5,565
Total Assets		1,534,961,176
Liabilities
Collateral for securities loaned		11,362,280
Payables for:
Fund shares redeemed		3,111,420
Foreign taxes		1,165,188
Accrued Expenses:
Management fees		862,998
Distribution and service fees		53,769
Deferred trustees’ fees		192,719
Other expenses		247,351
Total Liabilities		16,995,725
Net Assets	$	1,517,965,451
Net Assets Consist of:
Paid in surplus	$	1,225,046,076
Distributable earnings (Accumulated losses) (d)		292,919,375
Net Assets	$	1,517,965,451
Net Assets
Class A	$	1,252,910,916
Class B		252,232,085
Class E		12,822,450
Capital Shares Outstanding*
Class A		119,685,967
Class B		24,641,490
Class E		1,242,652
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.47
Class B		10.24
Class E		10.32

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,323,114,622.
(b)	Includes securities loaned at value of $39,258,699.
(c)	Identified cost of cash denominated in foreign currencies was $145,961.
(d)	Includes foreign capital gains tax of $1,165,188.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	21,402,631
Interest		374,790
Securities lending income		130,464
Total investment income		21,907,885
Expenses
Management fees		11,977,893
Administration fees		70,107
Custodian and accounting fees		439,553
Distribution and service fees—Class B		605,070
Distribution and service fees—Class E		19,035
Audit and tax services		55,516
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		62,057
Insurance		13,502
Miscellaneous		112,621
Total expenses		13,448,177
Less management fee waiver		(1,740,579	)
Net expenses		11,707,598
Net Investment Income		10,200,287
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		95,299,356
Foreign currency transactions		(156,130	)
Net realized gain (loss)		95,143,226
Net change in unrealized appreciation (depreciation) on:
Investments (c)		159,320,365
Foreign currency transactions		114,876
Net change in unrealized appreciation (depreciation)		159,435,241
Net realized and unrealized gain (loss)		254,578,467
Net Increase (Decrease) in Net Assets From Operations	$	264,778,754

(a)	Net of foreign withholding taxes of $2,713,718.
(b)	Net of foreign capital gains tax of $391,467.
(c)	Includes change in foreign capital gains tax of $(326,435).

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	10,200,287		$	14,049,843
Net realized gain (loss)		95,143,226			(7,159,041	)
Net change in unrealized appreciation (depreciation)		159,435,241			(566,852,538	)
Increase (decrease) in net assets from operations		264,778,754			(559,961,736	)
From Distributions to Shareholders
Class A		(15,780,357	)		(134,239,803	)
Class B		(2,542,855	)		(26,054,352	)
Class E		(149,458	)		(1,305,016	)
Total distributions		(18,472,670	)		(161,599,171	)
Increase (decrease) in net assets from capital share transactions		(241,906,630	)		284,393,897
Total increase (decrease) in net assets		4,399,454			(437,167,010	)
Net Assets
Beginning of period		1,513,565,997			1,950,733,007
End of period	$	1,517,965,451		$	1,513,565,997

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,460,858		$	14,324,493			17,224,110		$	168,503,659
Reinvestments		1,538,046			15,780,357			15,202,696			134,239,803
Redemptions		(24,288,372	)		(241,235,816	)		(5,820,248	)		(54,499,542	)
Net increase (decrease)		(21,289,468	)	$	(211,130,966	)		26,606,558		$	248,243,920
Class B
Sales		1,245,271		$	11,508,905			3,446,318		$	34,824,334
Reinvestments		253,020			2,542,855			3,015,550			26,054,352
Redemptions		(4,512,498	)		(43,462,046	)		(2,622,705	)		(25,523,509	)
Net increase (decrease)		(3,014,207	)	$	(29,410,286	)		3,839,163		$	35,355,177
Class E
Sales		62,385		$	576,517			140,004		$	1,326,914
Reinvestments		14,754			149,458			149,830			1,305,016
Redemptions		(216,422	)		(2,091,353	)		(188,517	)		(1,837,130	)
Net increase (decrease)		(139,283	)	$	(1,365,378	)		101,317		$	794,800
Increase (decrease) derived from capital shares transactions				$	(241,906,630	)				$	284,393,897

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.94		$	14.04		$	15.78		$	13.58		$	11.02
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.07			0.09			0.14			0.09			0.25
Net realized and unrealized gain (loss)		1.59			(4.12	)		(0.16	)		3.18			3.24
Total income (loss) from investment operations		1.66			(4.03	)		(0.02	)		3.27			3.49
Less Distributions
Distributions from net investment income		(0.13	)		(0.12	)		(0.15	)		(0.27	)		(0.17	)
Distributions from net realized capital gains		0.00			(0.95	)		(1.57	)		(0.80	)		(0.76	)
Total distributions		(0.13	)		(1.07	)		(1.72	)		(1.07	)		(0.93	)
Net Asset Value, End of Period	$	10.47		$	8.94		$	14.04		$	15.78		$	13.58
Total Return (%) (b)		18.59			(28.60	)		(0.76	)		26.58			32.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86			0.85			0.84			0.84			0.84
Net ratio of expenses to average net assets (%) (c)		0.75			0.73			0.71			0.72			0.72
Ratio of net investment income (loss) to average net assets (%)		0.73			0.93			0.93			0.67			2.02
Portfolio turnover rate (%)		11			18			14			20			12
Net assets, end of period (in millions)	$	1,252.9		$	1,259.7		$	1,605.6		$	1,681.6		$	1,598.2
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.74		$	13.75		$	15.49		$	13.35		$	10.85
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.05			0.07			0.10			0.05			0.22
Net realized and unrealized gain (loss)		1.55			(4.04	)		(0.15	)		3.13			3.18
Total income (loss) from investment operations		1.60			(3.97	)		(0.05	)		3.18			3.40
Less Distributions
Distributions from net investment income		(0.10	)		(0.09	)		(0.12	)		(0.24	)		(0.14	)
Distributions from net realized capital gains		0.00			(0.95	)		(1.57	)		(0.80	)		(0.76	)
Total distributions		(0.10	)		(1.04	)		(1.69	)		(1.04	)		(0.90	)
Net Asset Value, End of Period	$	10.24		$	8.74		$	13.75		$	15.49		$	13.35
Total Return (%) (b)		18.36			(28.81	)		(0.99	)		26.26			32.41
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11			1.10			1.09			1.09			1.09
Net ratio of expenses to average net assets (%) (c)		1.00			0.98			0.96			0.97			0.97
Ratio of net investment income (loss) to average net assets (%)		0.47			0.69			0.69			0.41			1.76
Portfolio turnover rate (%)		11			18			14			20			12
Net assets, end of period (in millions)	$	252.2		$	241.7		$	327.4		$	353.2		$	315.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.81		$	13.85		$	15.59		$	13.43		$	10.91
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.06			0.08			0.12			0.07			0.23
Net realized and unrealized gain (loss)		1.56			(4.07	)		(0.16	)		3.14			3.20
Total income (loss) from investment operations		1.62			(3.99	)		(0.04	)		3.21			3.43
Less Distributions
Distributions from net investment income		(0.11	)		(0.10	)		(0.13	)		(0.25	)		(0.15	)
Distributions from net realized capital gains		0.00			(0.95	)		(1.57	)		(0.80	)		(0.76	)
Total distributions		(0.11	)		(1.05	)		(1.70	)		(1.05	)		(0.91	)
Net Asset Value, End of Period	$	10.32		$	8.81		$	13.85		$	15.59		$	13.43
Total Return (%) (b)		18.46			(28.74	)		(0.91	)		26.37			32.56
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01			1.00			0.99			0.99			0.99
Net ratio of expenses to average net assets (%) (c)		0.90			0.88			0.86			0.87			0.87
Ratio of net investment income (loss) to average net assets (%)		0.58			0.79			0.79			0.50			1.87
Portfolio turnover rate (%)		11			18			14			20			12
Net assets, end of period (in millions)	$	12.8		$	12.2		$	17.7		$	19.9		$	18.2

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust.The series included in this report is Baillie Gifford International Stock Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-13

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has 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, 2023, the Portfolio received EU tax reclaim payments in the

BHFTII-14

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

amount of $391,574 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional 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.

Dividends and Distributions to Shareholders - The Portfolio records 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. Book-tax differences are primarily due to spin-off reversal. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $9,660,824. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $2,770,143. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

BHFTII-15

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

Foreign Investment Risk: The investments by the 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 the 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.

China Investment Risk: Investments in China are subject to all of the risks described under “Foreign Investment Risk” above. In addition, 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.

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

BHFTII-16

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	167,820,077	$	0	$	412,480,472

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31,  2023	% per annum			Average daily net assets
$11,977,893		0.860	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Baillie Gifford Overseas Limited is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.080%	On amounts over $156.25 million and under $400 million
0.180%	Of the next $100 million
0.120%	Of the next to $400 million
0.150%	On amounts in excess of $900 million

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-17

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the 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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	1,334,389,710
Gross unrealized appreciation		387,312,339
Gross unrealized (depreciation)		(196,990,826	)
Net unrealized appreciation (depreciation)	$	190,321,513

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$18,472,670	$	26,355,135	$	—	$	135,244,036	$	18,472,670	$	161,599,171

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$11,503,056	$	92,356,803	$	189,252,236	$	—	$	293,112,095

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

During the year ended December 31, 2023, the Portfolio utilized accumulated short-term capital losses of $3,326,288.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-18

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Baillie Gifford International Stock Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Baillie Gifford International Stock Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-19

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-20

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-21

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-22

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-23

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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 of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2023 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2023. The Board further considered that the Portfolio underperformed its benchmark, the MSCI All Country World ex-U.S. Index, for the one-, three-, and five-year periods ended October 31, 2023. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-24

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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/Morningstar Category 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.

BHFTII-25

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the BlackRock Bond Income Portfolio returned 5.84%, 5.59%, and 5.68%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned 5.53%.

MARKET ENVIRONMENT / CONDITIONS

In mid-March, investors saw the failures of Silicon Valley Bank and Credit Suisse. A potential credit crunch and uncertainty in the U.S. banking system drove the front end of the curve to rally nearly 1.00% with the 2-Year U.S. Treasury moving the most in one-day since October 1987. On March 22nd, the Federal Reserve (the “Fed”) increased the Federal Funds Rate by 0.25%. The Consumer Price Index had a modest start to the year turning negative but picked up again in the latter half of the first quarter. The labor market set recent records with the unemployment rate dropping down to the lowest rate in more than five decades. After ten consecutive rate hikes over the past year and a half, the Fed decided on their first pause in June. Following this announcement, front-end yields initially sold off as the Fed moved its projections for the Federal Funds Rate in 2023 higher than the market expected, but then moved lower following a more dovish press conference. On the legislative front, the U.S. Senate voted to suspend the $31.4 trillion debt ceiling with support from both political parties. In the third quarter, the July Federal Open Market Committee (the “FOMC”) meeting resumed rate hikes following the June skip in rate hikes. In the final month of the quarter, Fed chair Jerome Powell announced that the Fed would hold rates steady. The meeting maintained the stance that a soft landing is a primary objective for the FOMC. In the fourth quarter, markets moved from a fear of growth to a more muted stance as economic data showed a deceleration in both inflation and growth expectations across most developed markets. In December, the FOMC meeting maintained a dovish tone. Overall, the fourth quarter demonstrated a dynamic economic landscape marked by fluctuations in inflation expectations, nuanced labor market signals, and indications of economic slowdown.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Over the year, the Portfolio outperformed the benchmark. The Portfolio’s allocation to structured products, namely Collateralized Loan Obligations and Non-Agency Mortgages was the most notable contributor to performance. Additionally, U.S. Investment Grade Credit selection and Agency Mortgage-Backed Security (“MBS”) positioning and selection contributed to performance. The Portfolio’s duration and yield curve positioning was the largest detractor, where we remained tactical throughout the year and were early to move to an overweight duration position over the summer on the view of inflation softening. Throughout most of the year, we held a short Japanese 10-year rate position, which detracted from performance albeit we did see some pullback in performance following the Bank of Japan’s decision to readjust its extremely dovish policy stance.

From an interest rate perspective, the Portfolio was extremely tactical over the year. After coming into the year overweight the front end of the U.S. curve, we moved to an underweight duration position in February after rates had rallied and given our view that inflation would stay stickier than the market expected in the spring. We moved closer to neutral ahead of the regional banking stress and held a more modest active duration position through much of the second quarter. Towards the end of the first half, we increased top-line duration to an overweight position, on the view that inflation would slow more than expected in the second half of the year. The Portfolio generally held that position into November when the market narrative finally shifted to one of more dovish monetary policy from the Fed which in our view seemed overdone. We increased these positions as rates rallied in December and the market priced in the first rate cut for as early as March 2024. The Portfolio ended the year with an effective duration of 5.95 years, 0.22 years underweight relative to the benchmark index.

From a spread sector perspective, coming into 2023, we favored high-quality markets given the lack of additional spread pickup available from moving down in quality given our view of the potential for slowing growth and market perceived risk of a recession. We started the year with an overweight to U.S. Investment Grade Credit and U.S. Agency MBS. Security selection proved essential in sectors seeing a wide array of dispersion. The Portfolio kept positions in U.S. High Yield and Emerging Market Debt to near historically low levels over the year given valuations and our macro view.

In general, the Portfolio reduced positioning in Investment Grade Credit ahead of regional banking stress in the first quarter, holding a slightly underweight position for most of the year favoring Utilities and select Industrials. While remaining tactical, the Portfolio increased its Agency Mortgage overweight in the second half of the year as spreads reached extremely attractive levels and on the view interest rate volatility would move lower. Into year end, the Portfolio added to U.S. Investment Grade Credit mainly in Financials as they had underperformed, while maintaining our overall underweight. The Portfolio remained overweight Utilities and select portions of Industrials and maintained our allocation to High Yield Credit while remaining cautious. We also modestly reduced our Agency MBS overweight given strong performance into year end. The Portfolio maintained its allocation to securitized assets over the year but trimmed at the margins, favoring select, top-of-the-capital structure, segments of the structured product market, while being cautious in non-Agency given declining fundamentals and technical headwinds.

BHFTII-1

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

The Portfolio held derivatives during the period as a part of our investment strategy. Derivatives are used as a means to manage risk and/or take outright views on interest rates, credit risk and/or foreign exchange positions. During the year, derivatives held in the Portfolio performed as expected and did not have significant impact on performance.

Rick Rieder

David Rogal

Chi Chen

Portfolio Managers

BlackRock Advisors, LLC

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

¹ The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTII-2

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
BlackRock Bond Income Portfolio
Class A		5.84		1.53		2.20
Class B		5.59		1.28		1.95
Class E		5.68		1.38		2.05
Bloomberg U.S. Aggregate Bond Index		5.53		1.10		1.81

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Sectors

	% of Net Assets
Agency Mortgage-Backed Securities		35.7
Corporate Bonds & Notes		26.3
U.S. Treasury		24.2
Asset-Backed Securities		9.8
Non-Agency Mortgage-Backed Securities		8.0
Foreign Government		2.0
Floating Rate Loans		0.7
Municipals		0.7
Equities		0.4
Purchased Options		0.1

BHFTII-3

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Bond Income Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.40	%	$	1,000.00	$	1,030.40	$	2.05
	Hypothetical*		0.40	%	$	1,000.00	$	1,023.19	$	2.04
Class B (a)	Actual		0.65	%	$	1,000.00	$	1,029.20	$	3.32
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.93	$	3.31
Class E (a)	Actual		0.55	%	$	1,000.00	$	1,029.70	$	2.81
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.43	$	2.80

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

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

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

BHFTII-4

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—59.9% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—35.7%
Federal Home Loan Mortgage Corp.
1.500%, 04/01/36		3,249,056	$	2,853,060
1.500%, 05/01/36		572,582		500,510
1.500%, 08/01/50		883,274		690,736
1.500%, 10/01/50		2,199,023		1,718,345
2.000%, 09/01/35		747,921		674,913
2.000%, 01/01/36		1,607,642		1,448,360
2.000%, 02/01/36		1,922,656		1,735,179
2.000%, 03/01/36		298,130		268,947
2.000%, 05/01/36		1,776,923		1,604,359
2.000%, 06/01/36		1,205,590		1,088,503
2.000%, 07/01/36		512,098		462,357
2.000%, 04/01/37		562,955		507,839
2.000%, 02/01/42		421,196		359,637
2.000%, 03/01/42		1,513,425		1,291,760
2.000%, 04/01/42		439,592		375,069
2.000%, 08/01/50		322,781		268,338
2.000%, 09/01/50		438,105		360,321
2.000%, 11/01/50		601,945		501,000
2.000%, 02/01/51		15,382,079		12,629,849
2.000%, 03/01/51		3,517,091		2,886,882
2.000%, 04/01/51		1,806,966		1,504,336
2.000%, 05/01/51		1,085,612		902,644
2.000%, 07/01/51		4,160,563		3,484,960
2.000%, 09/01/51		1,459,892		1,206,066
2.000%, 10/01/51		4,369,363		3,575,598
2.000%, 12/01/51		3,018,624		2,505,238
2.000%, 01/01/52		14,869,736		12,356,590
2.000%, 02/01/52		1,634,898		1,351,963
2.500%, 04/01/27		14,155		13,562
2.500%, 10/01/28		96,799		92,892
2.500%, 08/01/29		206,277		194,495
2.500%, 12/01/29		98,433		92,373
2.500%, 05/01/30		305,583		290,248
2.500%, 07/01/30		193,214		183,056
2.500%, 08/01/30		710,836		674,705
2.500%, 09/01/30		799,192		758,255
2.500%, 04/01/31		615,544		583,157
2.500%, 07/01/50		418,612		361,115
2.500%, 02/01/51		3,517,695		3,055,098
2.500%, 05/01/51		12,167,313		10,525,184
2.500%, 11/01/51		10,844,092		9,360,398
2.500%, 12/01/51		5,435,053		4,675,556
2.500%, 01/01/52		29,578,302		25,450,719
2.500%, 04/01/52		8,984,966		7,744,013
3.000%, 09/01/27		99,820		97,032
3.000%, 07/01/28		60,438		58,643
3.000%, 01/01/30		215,866		208,149
3.000%, 04/01/30		1,165,649		1,121,740
3.000%, 05/01/30		212,444		204,786
3.000%, 06/01/30		7,779		7,499
3.000%, 07/01/30		432,347		416,049
3.000%, 08/01/30		136,315		131,158
3.000%, 09/01/37		52,462		48,643
3.000%, 06/01/38		1,080,151		1,007,490
3.000%, 01/01/43		730,104		671,964
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp.
3.000%, 03/01/43		1,255,326		1,155,354
3.000%, 06/01/44		6,537,929		6,008,823
3.000%, 12/01/46		773,698		704,598
3.000%, 02/01/47		544,116		496,178
3.000%, 08/01/50		4,599,289		4,143,792
3.000%, 09/01/50		2,071,880		1,881,167
3.000%, 07/01/51		419,034		376,400
3.000%, 10/01/51		599,231		535,141
3.000%, 02/01/52		309,055		278,244
3.000%, 03/01/52		8,883,820		7,962,426
3.000%, 08/01/52		15,926,695		14,251,711
3.500%, 01/01/34		474,009		455,708
3.500%, 05/01/35		1,752,471		1,689,503
3.500%, 04/01/42		873,873		828,390
3.500%, 05/01/42		26,658		25,240
3.500%, 08/01/42		728,975		690,492
3.500%, 10/01/42		38,544		36,452
3.500%, 06/01/43		121,016		113,783
3.500%, 01/01/44		264,473		249,303
3.500%, 05/01/44		46,331		43,614
3.500%, 06/01/44		111,368		103,534
3.500%, 07/01/44		45,455		42,797
3.500%, 09/01/44		101,213		95,311
3.500%, 09/01/45		76,903		71,881
3.500%, 03/01/46		2,451,698		2,314,390
3.500%, 09/01/46		561,107		521,663
3.500%, 03/01/47		671,948		635,052
3.500%, 10/01/47		613,998		582,068
3.500%, 12/01/47		726,020		688,264
3.500%, 01/01/48		3,606,276		3,393,600
3.500%, 06/01/48		963,466		904,170
3.500%, 08/01/50		308,205		286,788
4.000%, 08/01/40		83,066		80,999
4.000%, 09/01/40		106,371		103,879
4.000%, 10/01/40		60,100		58,692
4.000%, 11/01/40		204,169		199,385
4.000%, 04/01/41		4,973		4,856
4.000%, 10/01/41		178,507		173,881
4.000%, 09/01/43		170,763		166,213
4.000%, 04/01/44		394,523		381,340
4.000%, 07/01/44		68,714		66,933
4.000%, 01/01/45		4,907,864		4,778,888
4.000%, 02/01/45		96,907		94,284
4.000%, 09/01/45		529,616		515,326
4.000%, 12/01/45		3,094,523		2,988,180
4.000%, 01/01/47		385,677		371,941
4.000%, 07/01/47		1,157,457		1,116,218
4.000%, 01/01/48		897,724		864,786
4.000%, 04/01/48		2,515,979		2,402,747
4.000%, 06/01/48		1,089,134		1,049,998
4.000%, 05/01/49		109,511		105,462
4.000%, 07/01/49		278,886		268,741
4.000%, 03/01/50		2,273,775		2,187,137
4.000%, 06/01/50		1,618,924		1,552,887
4.000%, 07/01/50		910,737		876,154

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp.
4.000%, 02/01/51		843,879	$	812,658
4.000%, 06/01/52		2,303,101		2,217,909
4.500%, 02/01/39		379,752		379,333
4.500%, 08/01/39		263,108		261,519
4.500%, 12/01/39		80,896		80,906
4.500%, 07/01/40		29,152		29,155
4.500%, 05/01/41		390,869		390,899
4.500%, 05/01/42		445,383		445,441
4.500%, 10/01/43		76,208		75,568
4.500%, 12/01/43		473,911		473,625
4.500%, 04/01/47		875,976		868,875
4.500%, 05/01/47		330,604		327,991
4.500%, 07/01/47		699,291		693,613
4.500%, 02/01/49		965,626		951,126
4.500%, 04/01/49		523,953		516,036
4.500%, 07/01/52		1,730,917		1,678,396
4.500%, 08/01/52		472,308		457,977
5.000%, 10/01/41		218,237		222,067
5.000%, 11/01/41		1,545,895		1,572,389
5.000%, 06/01/52		27,045		26,923
5.000%, 07/01/52		497,565		499,040
5.000%, 08/01/52		1,100,033		1,096,154
5.000%, 09/01/52		38,802		38,662
5.000%, 10/01/52		131,469		130,722
5.000%, 11/01/52		868,205		860,049
5.000%, 12/01/52		3,950,756		3,913,506
5.000%, 01/01/53		1,145,913		1,134,840
5.000%, 02/01/53		335,659		332,366
5.500%, 02/01/35		54,166		55,855
5.500%, 09/01/39		64,551		66,572
5.500%, 01/01/40		74,457		76,786
5.500%, 06/01/41		781,753		806,194
5.500%, 01/01/53		1,018,722		1,024,373
5.500%, 03/01/53		1,505,624		1,514,055
5.500%, 05/01/53		4,052,435		4,075,775
5.500%, 08/01/53		299,755		301,198
6.000%, 11/01/52		69,868		71,087
6.000%, 01/01/53		1,278,820		1,300,375
6.000%, 02/01/53		683,661		694,837
6.000%, 03/01/53		431,934		438,816
6.000%, 04/01/53		698,112		709,444
6.000%, 05/01/53		2,454,460		2,493,765
6.000%, 06/01/53		1,492,337		1,517,685
6.500%, 11/01/53		612,338		629,006
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates 0.803%, 05/25/29 (a) (b)		6,207,224		198,118
5.028%, 10/25/31		341,000		344,031
Federal Home Loan Mortgage Corp. REMICS 3.000%, 11/25/51 (b)		1,161,521		149,684
3.000%, 02/25/52 (b)		627,431		97,037
3.500%, 03/25/51 (b)		364,683		63,817
4.000%, 12/25/50 (b)		234,477		47,123
Federal Home Loan Mortgage Corp. STRIPS 3.000%, 10/15/52 (b)		5,055,113		835,020
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
1.500%, 12/01/35		164,745		143,968
1.500%, 03/01/36		362,691		317,713
1.500%, 05/01/36		584,427		511,940
1.500%, 06/01/36		2,077,982		1,816,427
1.500%, 12/01/36		949,501		829,643
1.500%, 02/01/37		603,180		528,326
1.500%, 11/01/41		18,640,110		15,447,517
1.500%, 12/01/41		9,498,469		7,871,589
1.500%, 10/01/50		2,300,393		1,794,752
1.500%, 11/01/50		1,997,621		1,562,233
1.500%, 03/01/51		2,683,133		2,093,192
2.000%, 10/01/31		75,313		70,066
2.000%, 11/01/31		973,639		904,278
2.000%, 12/01/31		106,065		98,563
2.000%, 03/01/32		697,118		645,513
2.000%, 06/01/35		760,996		687,108
2.000%, 09/01/35		252,580		227,856
2.000%, 02/01/36		264,714		238,809
2.000%, 03/01/36		447,389		403,602
2.000%, 04/01/36		625,733		564,980
2.000%, 05/01/36		427,390		385,886
2.000%, 07/01/36		704,808		635,831
2.000%, 09/01/36		909,090		820,639
2.000%, 11/01/36		314,004		283,404
2.000%, 01/01/37		307,236		277,297
2.000%, 02/01/37		1,126,798		1,013,748
2.000%, 03/01/37		2,903,372		2,618,015
2.000%, 04/01/37		942,105		849,832
2.000%, 10/01/40		311,707		268,338
2.000%, 12/01/40		1,370,474		1,179,781
2.000%, 12/01/41		1,345,966		1,150,304
2.000%, 02/01/42		687,277		586,946
2.000%, 03/01/42		6,647,990		5,675,426
2.000%, 04/01/42		1,030,128		879,430
2.000%, 08/01/42		4,139,993		3,539,512
2.000%, 08/01/50		744,745		613,183
2.000%, 09/01/50		1,574,113		1,294,775
2.000%, 10/01/50		2,010,010		1,653,383
2.000%, 11/01/50		367,621		302,257
2.000%, 12/01/50		2,104,028		1,750,367
2.000%, 01/01/51		13,676,557		11,242,903
2.000%, 02/01/51		1,623,410		1,332,513
2.000%, 03/01/51		1,636,035		1,360,624
2.000%, 04/01/51		3,114,042		2,589,698
2.000%, 08/01/51		12,043,514		9,885,000
2.000%, 11/01/51		20,704,321		17,003,161
2.000%, 12/01/51		6,802,184		5,630,085
2.000%, 01/01/52		7,214,205		6,000,208
2.000%, 02/01/52		11,125,552		9,193,904
2.000%, 03/01/52		4,650,053		3,855,132
2.500%, 09/01/27		56,169		54,143
2.500%, 02/01/28		7,607		7,311
2.500%, 04/01/28		19,280		18,523
2.500%, 08/01/28		59,528		57,099
2.500%, 01/01/30		360,990		338,441

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
2.500%, 02/01/30		35,686	$	34,090
2.500%, 03/01/30		67,640		64,208
2.500%, 07/01/30		219,838		207,796
2.500%, 08/01/30		761,337		722,208
2.500%, 09/01/30		482,106		456,542
2.500%, 11/01/30		900,643		852,752
2.500%, 03/01/31		37,301		35,848
2.500%, 06/01/31		278,062		262,421
2.500%, 07/01/31		150,561		142,256
2.500%, 08/01/31		21,555		20,352
2.500%, 10/01/31		1,325,311		1,251,286
2.500%, 11/01/31		827,079		780,888
2.500%, 02/01/32		39,744		37,495
2.500%, 03/01/32		150,502		141,412
2.500%, 08/01/32		904,380		852,080
2.500%, 02/01/33		1,607,709		1,522,119
2.500%, 07/01/50		8,694,225		7,526,915
2.500%, 08/01/50		6,309,358		5,457,746
2.500%, 11/01/50		2,198,886		1,916,842
2.500%, 01/01/51		431,713		372,854
2.500%, 09/01/51		5,412,750		4,651,707
2.500%, 11/01/51		8,379,171		7,166,923
2.500%, 01/01/52		28,843,673		24,826,889
2.500%, 02/01/52		6,021,420		5,188,757
3.000%, 04/01/28		44,809		42,816
3.000%, 05/01/28		52,784		51,067
3.000%, 10/01/28		105,135		101,604
3.000%, 11/01/28		737,013		712,400
3.000%, 12/01/28		181,344		173,193
3.000%, 01/01/29		97,509		93,115
3.000%, 04/01/29		352,069		334,514
3.000%, 05/01/29		534,190		507,941
3.000%, 08/01/29		517,166		491,820
3.000%, 10/01/29		146,482		141,121
3.000%, 03/01/30		315,534		303,932
3.000%, 04/01/30		263,338		253,520
3.000%, 05/01/30		407,553		392,351
3.000%, 07/01/30		311,458		298,823
3.000%, 08/01/30		1,341,708		1,288,966
3.000%, 09/01/30		365,781		351,639
3.000%, 08/01/31		1,206,407		1,156,010
3.000%, 09/01/31		167,649		161,167
3.000%, 03/01/32		299,508		286,007
3.000%, 10/01/36		42,253		39,327
3.000%, 11/01/36		472,133		439,429
3.000%, 12/01/36		758,628		706,174
3.000%, 03/01/43		4,157,585		3,812,588
3.000%, 04/01/43		2,344,961		2,155,162
3.000%, 05/01/43		1,196,314		1,099,486
3.000%, 06/01/43		40,670		37,311
3.000%, 06/01/46		24,776		22,610
3.000%, 08/01/46		32,579		29,800
3.000%, 11/01/46		1,376,983		1,251,570
3.000%, 02/01/47		341,461		310,382
3.000%, 03/01/47		1,412,228		1,279,629
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
3.000%, 03/01/50		498,762		449,609
3.000%, 08/01/50		1,968,907		1,762,714
3.000%, 11/01/51		2,416,255		2,151,201
3.000%, 12/01/51		1,067,602		954,715
3.000%, 04/01/52		350,738		314,223
3.000%, 05/01/52		550,925		491,230
3.500%, 08/01/28		90,039		86,850
3.500%, 10/01/28		798,567		770,596
3.500%, 11/01/28		763,689		736,144
3.500%, 02/01/29		1,033,911		998,642
3.500%, 04/01/29		180,350		173,753
3.500%, 05/01/29		712,733		687,640
3.500%, 07/01/29		289,375		279,289
3.500%, 09/01/29		61,135		58,929
3.500%, 08/01/30		209,555		204,266
3.500%, 11/01/32		89,740		87,238
3.500%, 01/01/33		51,571		50,630
3.500%, 01/01/42		209,668		198,749
3.500%, 04/01/42		138,734		131,237
3.500%, 05/01/42		13,519		12,770
3.500%, 06/01/42		36,019		34,077
3.500%, 07/01/42		46,772		44,152
3.500%, 02/01/45		1,418,573		1,340,120
3.500%, 05/01/47		655,501		615,181
3.500%, 11/01/47		452,563		422,359
3.500%, 12/01/47		454,014		423,443
3.500%, 01/01/48		1,334,954		1,250,548
3.500%, 02/01/48		208,459		194,546
3.500%, 03/01/48		1,162,613		1,085,017
3.500%, 04/01/48		785,218		739,999
3.500%, 06/01/49		7,713,332		7,186,569
3.500%, 01/01/51		18,319,428		16,992,254
4.000%, 08/01/33		316,606		311,124
4.000%, 10/01/33		2,170,964		2,149,978
4.000%, 01/01/41		90,672		87,416
4.000%, 01/01/42		407,818		396,696
4.000%, 02/01/42		724,748		701,041
4.000%, 05/01/42		128,339		124,839
4.000%, 12/01/44		253,246		246,339
4.000%, 08/01/45		106,338		102,726
4.000%, 11/01/46		143,059		137,918
4.000%, 04/01/47		36,765		35,444
4.000%, 06/01/47		459,829		444,946
4.000%, 07/01/47		969,863		932,328
4.000%, 08/01/47		301,526		290,658
4.000%, 09/01/47		662,890		637,323
4.000%, 10/01/47		601,346		577,635
4.000%, 01/01/48		1,927,570		1,856,138
4.000%, 04/01/48		46,214		44,501
4.000%, 05/01/48		52,698		50,542
4.000%, 06/01/48		38,721		37,139
4.000%, 07/01/48		226,426		217,960
4.000%, 08/01/48		607,544		585,422
4.000%, 09/01/48		254,074		244,293
4.000%, 10/01/48		1,085,186		1,044,458

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
4.000%, 05/01/49		2,012,458	$	1,940,140
4.000%, 09/01/49		1,012,379		968,249
4.000%, 03/01/50		2,422,935		2,324,392
4.000%, 04/01/50		240,439		230,264
4.000%, 05/01/50		940,368		903,205
4.000%, 06/01/50		575,568		550,244
4.000%, 08/01/50		632,273		608,987
4.000%, 11/01/50		541,397		521,636
4.000%, 01/01/51		3,082,462		2,953,341
4.000%, 03/01/51		2,452,317		2,355,716
4.000%, 05/01/51		10,922,506		10,465,968
4.000%, 08/01/51		1,654,393		1,592,536
4.000%, 10/01/51		6,059,808		5,800,742
4.000%, 04/01/52		1,191,823		1,138,322
4.000%, 05/01/52		5,751,464		5,533,618
4.500%, 02/01/25		8,931		8,882
4.500%, 04/01/25		4,127		4,104
4.500%, 07/01/25		6,561		6,524
4.500%, 06/01/26		88,400		87,910
4.500%, 08/01/39		354,396		353,679
4.500%, 11/01/39		309,500		309,101
4.500%, 01/01/40		13,173		13,156
4.500%, 04/01/40		25,987		25,953
4.500%, 05/01/40		63,683		63,601
4.500%, 06/01/40		63,439		63,357
4.500%, 07/01/40		132,581		132,410
4.500%, 11/01/40		262,224		261,886
4.500%, 07/01/41		56,182		56,109
4.500%, 09/01/41		233,153		232,852
4.500%, 10/01/41		67,628		67,541
4.500%, 01/01/42		54,134		54,064
4.500%, 08/01/42		311,514		311,112
4.500%, 09/01/43		245,309		242,327
4.500%, 10/01/43		557,813		551,102
4.500%, 11/01/43		1,297,714		1,282,166
4.500%, 12/01/43		537,345		533,335
4.500%, 01/01/44		478,290		474,813
4.500%, 06/01/44		1,820,373		1,806,787
4.500%, 07/01/45		513,330		509,500
4.500%, 09/01/45		259,733		257,795
4.500%, 11/01/45		947,669		940,587
4.500%, 12/01/45		350,880		348,261
4.500%, 07/01/46		1,690,124		1,677,880
4.500%, 09/01/46		298,060		295,836
4.500%, 09/01/47		27,719		27,441
4.500%, 10/01/47		206,270		202,838
4.500%, 11/01/47		1,067,724		1,056,179
4.500%, 12/01/47		36,493		35,998
4.500%, 01/01/48		1,039,666		1,027,409
4.500%, 02/01/48		53,554		52,933
4.500%, 03/01/48		97,853		96,633
4.500%, 04/01/48		557,010		552,974
4.500%, 05/01/48		5,034,302		4,978,926
4.500%, 07/01/48		73,902		73,061
4.500%, 08/01/48		1,064,358		1,052,685
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
4.500%, 11/01/48		641,628		632,609
4.500%, 02/01/49		5,610,985		5,570,327
4.500%, 05/01/49		5,109,915		5,068,106
4.500%, 07/01/52		256,708		248,919
5.000%, 11/01/32		1,790		1,819
5.000%, 09/01/35		69,316		70,433
5.000%, 06/01/39		2,966,311		3,014,146
5.000%, 04/01/41		4,990		5,000
5.000%, 07/01/41		97,139		98,595
5.000%, 08/01/41		77,546		78,803
5.000%, 01/01/42		43,499		44,150
5.000%, 07/01/52		1,032,971		1,033,854
5.000%, 12/01/52		442,509		438,148
5.000%, 01/01/53		3,606,196		3,571,230
5.500%, 11/01/32		301,164		309,968
5.500%, 12/01/32		54,471		56,090
5.500%, 01/01/33		206,968		213,120
5.500%, 12/01/33		76,003		78,263
5.500%, 05/01/34		638,760		657,772
5.500%, 08/01/37		669,125		689,050
5.500%, 02/01/38		133,449		137,433
5.500%, 03/01/38		64,452		66,377
5.500%, 06/01/38		42,033		42,854
5.500%, 12/01/38		75,239		77,097
5.500%, 01/01/39		123,381		127,059
5.500%, 08/01/39		87,566		90,181
5.500%, 12/01/39		173,097		178,270
5.500%, 04/01/40		15,463		15,925
5.500%, 04/01/41		96,704		99,596
5.500%, 01/01/53		979,692		985,911
5.500%, 05/01/53		4,958,697		4,985,128
5.500%, 06/01/53		1,431,477		1,439,254
6.000%, 02/01/34		75,387		78,329
6.000%, 08/01/34		55,370		57,675
6.000%, 04/01/35		876,723		909,968
6.000%, 06/01/36		107,735		112,536
6.000%, 02/01/38		139,646		145,805
6.000%, 03/01/38		66,922		69,899
6.000%, 05/01/38		181,116		189,150
6.000%, 10/01/38		214,487		224,024
6.000%, 12/01/38		77,941		81,419
6.000%, 04/01/40		706,407		737,744
6.000%, 09/01/40		76,928		80,243
6.000%, 06/01/41		175,711		183,549
6.000%, 11/01/52		75,748		76,912
6.000%, 01/01/53		1,759,083		1,788,011
6.000%, 04/01/53		454,240		461,955
6.000%, 05/01/53		2,177,434		2,214,522
6.000%, 07/01/53		2,373,896		2,414,217
6.000%, 08/01/53		4,450,891		4,519,971
6.500%, 05/01/40		1,032,641		1,079,061
6.500%, 08/01/53		1,980,155		2,034,052
6.500%, 10/01/53		1,495,383		1,536,085
Federal National Mortgage Association Interest STRIPS
3.000%, 03/25/50 (b)		2,045,136		349,239

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association Interest STRIPS
3.000%, 07/25/52 (b)		2,823,030	$	459,450
3.500%, 08/25/49 (b)		622,841		110,453
Federal National Mortgage Association REMICS 3.000%, 10/25/52 (b)		2,232,700		359,824
3.500%, 02/25/51 (b)		560,050		97,681
4.000%, 06/25/51 (b)		631,064		122,552
5.000%, 04/25/35		372		370
FREMF Mortgage Trust  0.100%, 01/25/29 (144A) (b)		25,179,074		93,784
4.232%, 08/25/50 (144A) (a)		304,000		290,327
Government National Mortgage Association
0.921%, 02/16/50 (a) (b)		92,656		1,608
2.000%, 08/20/50		6,820,899		5,775,576
2.000%, 11/20/50		875,234		741,110
2.000%, 01/20/51		10,225,625		8,662,248
2.000%, 02/20/51		765,117		648,029
2.500%, 04/20/51		5,954,717		5,212,417
2.500%, 10/20/51		3,527,968		3,085,104
2.500%, 12/20/51		2,410,084		2,107,523
2.500%, 05/20/52		4,950,947		4,327,978
2.500%, 06/20/52		3,865,472		3,379,121
2.500%, 07/20/52		2,641,399		2,309,921
2.500%, 12/20/52		436,041		381,389
2.500%, 01/20/53		1,853,452		1,620,325
3.000%, 12/20/44		36,791		33,903
3.000%, 02/15/45		420,132		384,609
3.000%, 09/20/47		745,125		682,796
3.000%, 03/20/49		18,104		16,556
3.000%, 05/20/50		293,006		266,865
3.000%, 01/20/51		20,843,594		18,975,929
3.500%, 01/15/42		122,092		115,321
3.500%, 02/15/42		61,773		58,346
3.500%, 04/15/42		159,378		150,537
3.500%, 05/15/42		176,907		167,102
3.500%, 08/15/42		178,899		168,975
3.500%, 11/15/42		54,719		51,683
3.500%, 12/15/42		516,644		487,983
3.500%, 01/15/43		136,779		129,225
3.500%, 02/15/43		293,157		276,925
3.500%, 03/15/43		222,776		210,419
3.500%, 04/15/43		703,844		664,794
3.500%, 04/20/43		681,422		647,222
3.500%, 05/15/43		1,010,001		953,955
3.500%, 05/20/43		374,089		355,353
3.500%, 06/15/43		296,771		280,306
3.500%, 07/15/43		830,900		784,829
3.500%, 07/20/43		28,929		27,483
3.500%, 02/20/44		730,150		692,727
3.500%, 03/20/45		26,107		24,641
3.500%, 04/20/45		38,885		36,760
3.500%, 05/20/45		158,948		150,059
3.500%, 07/20/45		28,623		26,993
3.500%, 08/20/45		38,518		36,361
3.500%, 10/20/45		72,944		68,785
3.500%, 11/20/45		26,919		25,383
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association
3.500%, 12/20/45		405,824		382,658
3.500%, 01/20/46		81,355		76,841
3.500%, 05/20/46		336,894		317,636
3.500%, 09/20/46		127,857		120,303
3.500%, 10/20/46		793,308		747,007
3.500%, 03/20/48		31,225		29,395
3.500%, 04/20/48		12,707		11,962
4.000%, 04/20/39		14,112		13,833
4.000%, 07/20/39		103,760		101,704
4.000%, 09/20/40		26,842		26,310
4.000%, 10/20/40		311,109		304,936
4.000%, 11/20/40		173,017		169,585
4.000%, 12/20/40		661,777		648,646
4.000%, 01/20/41		590,356		578,642
4.000%, 02/20/41		10,435		10,228
4.000%, 03/15/41		243,077		237,129
4.000%, 12/15/41		21,789		21,256
4.000%, 07/20/43		62,623		61,263
4.000%, 08/20/44		232,291		226,011
4.000%, 10/20/46		36,796		35,485
4.000%, 05/20/47		155,531		150,333
4.000%, 06/20/47		399,437		385,058
4.000%, 11/20/47		459,875		443,932
4.000%, 12/20/47		227,297		219,039
4.000%, 05/20/50		457,608		441,176
4.500%, 12/20/39		23,955		23,980
4.500%, 01/20/40		28,978		29,004
4.500%, 02/20/40		23,914		23,936
4.500%, 05/20/40		1,502		1,503
4.500%, 02/15/42		2,871,745		2,852,248
4.500%, 03/15/47		68,808		67,886
4.500%, 04/15/47		141,235		139,440
4.500%, 05/15/47		50,105		49,663
4.500%, 09/20/48		230,677		227,708
4.500%, 03/20/49		932,057		920,814
4.500%, 04/20/49		201,814		199,367
4.500%, 05/20/49		793,130		782,181
4.500%, 04/20/50		22,607		22,060
5.000%, 10/20/33		275,603		281,000
5.000%, 12/15/38		95,152		96,117
5.000%, 07/15/39		155,505		156,890
5.000%, 10/15/39		115,238		116,049
5.000%, 10/20/39		87,096		88,521
5.000%, 09/15/40		7,203		7,237
5.000%, 12/15/40		313,069		316,022
5.000%, 07/20/42		123,217		125,045
5.500%, 04/15/33		8,899		8,995
6.500%, 04/15/33		29,518		31,243
Government National Mortgage Association REMICS 3.000%, 08/20/50 (b)		1,566,783		237,878
3.000%, 02/20/51 (b)		1,340,889		204,255
3.000%, 05/20/51 (b)		4,621,041		696,459
3.000%, 08/20/51 (b)		1,339,154		206,347
Government National Mortgage Association, TBA
2.000%, TBA (c)		18,782,300		15,901,124

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association, TBA
2.500%, TBA (c)		12,408,369	$	10,853,476
3.000%, TBA (c)		6,010,470		5,441,339
3.500%, TBA (c)		11,989,496		11,165,218
4.000%, TBA (c)		10,055,500		9,599,885
4.500%, TBA (c)		6,883,000		6,717,395
5.000%, TBA (c)		10,155,000		10,083,610
5.500%, TBA (c)		9,174,000		9,239,961
6.000%, TBA (c)		6,823,000		6,937,339
6.500%, TBA (c)		4,864,000		4,978,950
Seasoned Credit Risk Transfer Trust Zero Coupon, 07/25/56 (144A) (n)		782,404		90,335
0.635%, 07/25/56 (144A) (a) (b)		944,696		96,579
3.074%, 05/25/57 (a)		158,619		57,405
Seasoned Loans Structured Transaction Trust 4.750%, 09/25/60 (144A) (a)		2,150,729		2,057,993
Uniform Mortgage-Backed Security, TBA 2.000%, TBA (c)		15,965,469		13,386,679
3.000%, TBA (c)		6,589,974		5,793,462
3.500%, TBA (c)		26,832,006		24,515,069
4.500%, TBA (c)		41,364,600		40,148,888
5.000%, TBA (c)		38,871,629		38,455,581
5.500%, TBA (c)		90,610,216		90,992,478
6.500%, TBA (c)		6,604,800		6,768,114
				1,004,402,719
U.S. Treasury—24.2%
U.S. Treasury Bonds 1.125%, 05/15/40		10,822,000		6,974,272
1.125%, 08/15/40		10,822,000		6,907,480
1.375%, 11/15/40		10,822,000		7,180,143
1.375%, 08/15/50		9,651,000		5,377,794
1.625%, 11/15/50		7,108,000		4,234,813
1.875%, 11/15/51		6,799,000		4,298,243
2.250%, 08/15/49		8,941,000		6,242,634
2.375%, 05/15/51		11,094,500		7,916,966
2.500%, 02/15/45		20,100,000		15,220,254
2.750%, 11/15/47		20,100,000		15,645,024
2.875%, 05/15/43		3,865,000		3,172,772
2.875%, 11/15/46		3,706,000		2,967,551
3.000%, 05/15/47		7,399,700		6,043,763
3.000%, 02/15/48 (d) (e)		23,806,000		19,399,100
3.000%, 02/15/49 (d) (e)		27,047,500		22,008,847
3.000%, 08/15/52		16,709,800		13,664,831
3.125%, 02/15/43		3,865,000		3,303,669
3.125%, 08/15/44		7,210,100		6,105,208
3.625%, 08/15/43		10,664,000		9,803,798
3.625%, 02/15/53		7,334,000		6,772,491
3.625%, 05/15/53		8,889,500		8,218,621
3.750%, 11/15/43		10,664,000		9,965,841
3.875%, 02/15/43		4,892,500		4,664,693
4.000%, 11/15/42		6,181,700		6,007,598
4.000%, 11/15/52		6,799,000		6,708,170
4.250%, 05/15/39		1,010,000		1,040,379
4.375%, 11/15/39		1,010,000		1,052,096
U.S. Treasury—(Continued)
U.S. Treasury Bonds 4.375%, 05/15/40		7,210,800		7,487,120
4.375%, 05/15/41		2,090,500		2,154,848
4.500%, 08/15/39		15,430,200		16,328,286
4.750%, 02/15/41		2,090,500		2,260,108
U.S. Treasury Inflation-Indexed Bond 1.500%, 02/15/53 (f)		3,446,750		3,121,056
U.S. Treasury Inflation-Indexed Note  1.375%, 07/15/33 (e) (f)		33,258,760		32,241,637
U.S. Treasury Notes  0.250%, 06/30/25		6,272,000		5,891,025
0.375%, 09/30/27		7,108,000		6,234,216
0.500%, 02/28/26		14,020,400		12,956,273
0.500%, 05/31/27		15,364,000		13,679,961
0.500%, 08/31/27		19,598,300		17,315,404
0.625%, 07/31/26		4,181,000		3,829,698
0.750%, 05/31/26		12,344,000		11,394,573
0.875%, 06/30/26		13,598,000		12,574,432
1.250%, 08/15/31		28,432,000		23,526,369
1.500%, 10/31/24		374,600		364,445
1.500%, 02/15/25		6,900,000		6,658,770
1.500%, 08/15/26		10,766,000		10,076,303
1.500%, 02/15/30		5,471,000		4,766,395
1.625%, 11/30/26		23,362,000		21,834,344
1.625%, 05/15/31		16,205,000		13,900,219
1.750%, 07/31/24		3,357,000		3,293,663
1.750%, 12/31/24		41,246,000		40,028,666
2.000%, 02/15/25		9,276,000		9,003,155
2.125%, 07/31/24		7,432,000		7,306,585
2.125%, 05/15/25		8,178,000		7,917,007
2.375%, 05/15/29		5,471,000		5,070,933
2.625%, 04/15/25		14,421,500		14,068,286
2.625%, 02/15/29		5,471,000		5,150,861
2.750%, 08/15/32 (e)		40,818,000		37,380,359
2.875%, 06/15/25		6,900,000		6,743,672
2.875%, 05/15/32		1,745,500		1,617,451
3.125%, 11/15/28		4,225,000		4,081,416
3.750%, 05/31/30		6,900,000		6,838,816
3.875%, 11/30/27		6,857,000		6,842,536
3.875%, 09/30/29		9,774,200		9,754,346
3.875%, 12/31/29		24,904,000		24,860,223
4.000%, 12/15/25		15,949,000		15,863,648
4.125%, 08/31/30		16,560,300		16,767,951
4.500%, 11/15/33		17,740,000		18,624,228
				680,706,335
Total U.S. Treasury & Government Agencies (Cost $1,788,913,797)				1,685,109,054
Corporate Bonds & Notes—26.3%
Aerospace/Defense—1.0%
BAE Systems PLC 3.400%, 04/15/30 (144A)		3,925,000		3,621,661
Boeing Co. 3.825%, 03/01/59		399,000		295,683

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Aerospace/Defense—(Continued)
Boeing Co. 3.950%, 08/01/59		1,132,000	$	866,057
5.930%, 05/01/60		1,260,000		1,304,717
L3Harris Technologies, Inc.
1.800%, 01/15/31		1,612,000		1,324,012
2.900%, 12/15/29		1,061,000		958,771
3.850%, 12/15/26		1,477,000		1,447,651
4.400%, 06/15/28		1,058,000		1,045,742
5.400%, 07/31/33 (g)		2,000,000		2,079,488
Lockheed Martin Corp. 3.600%, 03/01/35		1,906,000		1,745,286
4.450%, 05/15/28		936,000		940,960
4.500%, 05/15/36		287,000		283,946
Northrop Grumman Corp. 4.700%, 03/15/33		1,304,000		1,315,077
4.950%, 03/15/53		1,202,000		1,190,520
RTX Corp. 2.820%, 09/01/51		3,741,000		2,473,124
4.125%, 11/16/28		2,648,000		2,587,028
4.200%, 12/15/44		425,000		345,665
5.150%, 02/27/33		1,057,000		1,077,236
6.100%, 03/15/34		1,780,000		1,931,736
7.000%, 11/01/28		805,000		869,538
				27,703,898
Agriculture—0.5%
Altria Group, Inc. 2.450%, 02/04/32		683,000		556,966
4.250%, 08/09/42		1,627,000		1,321,485
4.500%, 05/02/43		691,000		576,265
4.800%, 02/14/29		1,622,000		1,616,818
6.200%, 11/01/28		260,000		272,675
6.875%, 11/01/33		2,009,000		2,211,292
BAT Capital Corp. 4.758%, 09/06/49		1,151,000		912,276
7.081%, 08/02/53		2,521,000		2,695,092
Frigorifico Concepcion SA 7.700%, 07/21/28 (144A)		220,000		185,735
Philip Morris International, Inc. 5.125%, 11/17/27		713,000		725,703
Reynolds American, Inc. 5.850%, 08/15/45		1,988,000		1,860,880
				12,935,187
Airlines—0.2%
ABRA Global Finance 11.500%, 5.500% PIK, 03/02/28 (144A) (h)		355,919		267,232
Air Canada Pass-Through Trust  3.700%, 07/15/27 (144A)		5,106		4,832
Allegiant Travel Co. 7.250%, 08/15/27 (144A)		175,000		171,227
American Airlines Pass-Through Trust  3.150%, 08/15/33		871,713		762,092
Avianca Midco 2 PLC 9.000%, 12/01/28 (144A)		211,534		185,759
Airlines—(Continued)
Azul Secured Finance LLP 11.930%, 08/28/28 (144A)		395,000		408,498
Delta Air Lines Pass-Through Trust  3.204%, 10/25/25		2,258,000		2,239,801
Turkish Airlines Pass-Through Trust  4.200%, 09/15/28 (144A)		608,413		565,649
United Airlines Pass-Through Trust  2.700%, 11/01/33		15,002		12,686
2.875%, 04/07/30		366,624		327,572
3.100%, 01/07/30		11,618		10,591
3.650%, 04/07/27		41,319		38,821
4.000%, 10/11/27		160,517		153,304
4.875%, 07/15/27		386,080		373,969
				5,522,033
Apparel—0.0%
Tapestry, Inc. 7.850%, 11/27/33		455,000		485,431
William Carter Co. 5.625%, 03/15/27 (144A)		21,000		20,738
				506,169
Auto Manufacturers—0.1%
Ford Motor Co. 3.250%, 02/12/32 (g)		105,000		87,329
Ford Motor Credit Co. LLC 7.122%, 11/07/33		1,588,000		1,710,967
				1,798,296
Auto Parts & Equipment—0.0%
Dana, Inc. 4.250%, 09/01/30		73,000		64,702
Metalsa Sapi de CV 3.750%, 05/04/31		209,000		171,961
Tenneco, Inc. 8.000%, 11/17/28 (144A)		410,000		350,038
Tupy Overseas SA 4.500%, 02/16/31		209,000		179,745
				766,446
Banks—6.8%
Bangkok Bank PCL 5.500%, 09/21/33 (144A)		200,000		205,299
Bank of America Corp. 2.572%, SOFR + 1.210%, 10/20/32 (a)		884,000		732,899
3.419%, 3M TSFR + 1.302%, 12/20/28 (a)		2,350,000		2,213,533
3.970%, 3M TSFR + 1.332%, 03/05/29 (a)		932,000		890,165
4.571%, SOFR + 1.830%, 04/27/33 (a)		3,448,000		3,286,570
5.288%, SOFR + 1.910%, 04/25/34 (a)		881,000		883,027
5.819%, SOFR + 1.570%, 09/15/29 (a)		7,387,000		7,625,407
5.872%, SOFR + 1.840%, 09/15/34 (a) (g)		5,438,000		5,692,336
Barclays PLC 9.625%, 5Y USD SOFR ICE Swap + 5.775%, 12/15/29 (a)		2,047,000		2,126,321

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Citigroup, Inc.
1.462%, SOFR + 0.770%, 06/09/27 (a)		778,000	$	711,980
3.057%, SOFR + 1.351%, 01/25/33 (a)		3,822,000		3,260,861
3.070%, SOFR + 1.280%, 02/24/28 (a)		1,531,000		1,442,627
3.520%, 3M TSFR + 1.413%, 10/27/28 (a)		1,944,000		1,838,565
3.887%, 3M TSFR + 1.825%, 01/10/28 (a)		748,000		723,307
4.150%, 5Y H15 + 3.000%, 11/15/26 (a)		64,000		54,927
4.658%, SOFR + 1.887%, 05/24/28 (a)		1,161,000		1,151,735
6.270%, SOFR + 2.338%, 11/17/33 (a) (g)		4,283,000		4,582,857
Credit Suisse AG 0.250%, 09/01/28 (EUR)		900,000		862,644
3.625%, 09/09/24		1,586,000		1,563,509
3.700%, 02/21/25		4,712,000		4,615,067
4.750%, 08/09/24		1,598,000		1,588,102
5.000%, 07/09/27		2,859,000		2,859,605
7.500%, 02/15/28		3,873,000		4,241,733
7.950%, 01/09/25		3,370,000		3,444,212
Deutsche Bank AG 5.371%, 09/09/27		2,582,000		2,618,322
Goldman Sachs Group, Inc. 1.948%, SOFR + 0.913%, 10/21/27 (a)		1,977,000		1,808,600
2.615%, SOFR + 1.281%, 04/22/32 (a) (g)		2,598,000		2,180,784
2.650%, SOFR + 1.264%, 10/21/32 (a)		5,677,000		4,730,712
3.102%, SOFR + 1.410%, 02/24/33 (a)		1,279,000		1,097,912
3.814%, 3M TSFR + 1.420%, 04/23/29 (a)		751,000		712,976
4.223%, 3M TSFR + 1.563%, 05/01/29 (a)		2,093,000		2,024,615
4.482%, SOFR + 1.725%, 08/23/28 (a)		2,852,000		2,801,649
5.923%, SOFR + 0.505%, 09/10/24 (a)		2,198,000		2,194,479
6.484%, SOFR + 1.770%, 10/24/29 (a)		2,475,000		2,626,093
6.561%, SOFR + 1.950%, 10/24/34 (a)		5,484,000		6,026,436
JPMorgan Chase & Co. 1.953%, SOFR + 1.065%, 02/04/32 (a)		1,437,000		1,168,130
2.580%, 3M TSFR + 1.250%, 04/22/32 (a)		742,000		627,610
2.963%, SOFR + 1.260%, 01/25/33 (a)		1,984,000		1,699,965
3.650%, 5Y H15 + 2.850%, 06/01/26 (a)		64,000		58,569
4.565%, SOFR + 1.750%, 06/14/30 (a)		1,220,000		1,193,844
5.299%, SOFR + 1.450%, 07/24/29 (a)		772,000		783,357
6.070%, SOFR + 1.330%, 10/22/27 (a)		875,000		900,123
6.254%, SOFR + 1.810%, 10/23/34 (a)		9,641,000		10,450,719
Morgan Stanley 1.794%, SOFR + 1.034%, 02/13/32 (a)		691,000		551,779
2.239%, SOFR + 1.178%, 07/21/32 (a)		1,931,000		1,576,163
2.511%, SOFR + 1.200%, 10/20/32 (a)		4,751,000		3,934,011
2.699%, SOFR + 1.143%, 01/22/31 (a) (g)		3,485,000		3,046,505
3.772%, 3M TSFR + 1.402%, 01/24/29 (a)		2,687,000		2,562,544
4.431%, 3M TSFR + 1.890%, 01/23/30 (a)		350,000		340,892
5.164%, SOFR + 1.590%, 04/20/29 (a)		2,535,000		2,549,491
5.250%, SOFR + 1.870%, 04/21/34 (a)		1,557,000		1,556,841
5.424%, SOFR + 1.880%, 07/21/34 (a) (g)		6,052,000		6,142,041
5.449%, SOFR + 1.630%, 07/20/29 (a)		6,634,000		6,759,725
6.407%, SOFR + 1.830%, 11/01/29 (a)		9,674,000		10,252,356
6.627%, SOFR + 2.050%, 11/01/34 (a)		8,386,000		9,283,751
Morgan Stanley Bank NA 4.754%, 04/21/26		540,000		539,636
UBS Group AG
0.650%, 1Y EUR Swap + 0.770%, 01/14/28 (EUR) (a)		500,000		504,228
Banks—(Continued)
UBS Group AG
1.305%, SOFR + 0.980%, 02/02/27 (144A) (a)		2,312,000		2,116,003
2.746%, 1Y H15 + 1.100%, 02/11/33 (144A) (a)		360,000		295,281
3.750%, 03/26/25		664,000		650,486
6.301%, 1Y H15 + 2.000%, 09/22/34 (144A) (a)		1,946,000		2,060,081
6.442%, SOFR + 3.700%, 08/11/28 (144A) (a)		493,000		511,980
9.016%, SOFR + 5.020%, 11/15/33 (144A) (a)		1,396,000		1,716,013
9.250%, 5Y H15 + 4.758%, 11/13/33 (144A) (a)		275,000		304,773
Wells Fargo & Co. 5.389%, SOFR + 2.020%, 04/24/34 (a)		276,000		277,199
5.557%, SOFR + 1.990%, 07/25/34 (a)		7,053,000		7,180,721
5.574%, SOFR + 1.740%, 07/25/29 (a)		3,476,000		3,549,233
6.303%, SOFR + 1.790%, 10/23/29 (a)		3,975,000		4,189,339
6.491%, SOFR + 2.060%, 10/23/34 (a)		9,231,000		10,042,293
Wells Fargo Bank NA 5.450%, 08/07/26		5,985,000		6,082,514
				190,878,062
Biotechnology—0.6%
Amgen, Inc. 4.050%, 08/18/29		2,441,000		2,389,739
4.400%, 02/22/62		3,100,000		2,617,117
5.250%, 03/02/30		3,833,000		3,940,310
5.750%, 03/02/63		2,275,000		2,386,803
Gilead Sciences, Inc. 1.650%, 10/01/30		1,957,000		1,639,699
2.600%, 10/01/40		806,000		593,564
4.500%, 02/01/45		2,427,000		2,244,661
5.650%, 12/01/41		447,000		477,150
				16,289,043
Building Materials—0.0%
Owens Corning 3.875%, 06/01/30		649,000		608,768
3.950%, 08/15/29		307,000		292,383
				901,151
Chemicals—0.1%
Braskem Netherlands Finance BV 7.250%, 02/13/33 (144A)		200,000		168,417
Eastman Chemical Co. 5.750%, 03/08/33		552,000		570,336
MEGlobal BV 2.625%, 04/28/28 (144A)		200,000		179,730
OCP SA 3.750%, 06/23/31		200,000		171,800
Olympus Water U.S. Holding Corp. 9.750%, 11/15/28 (144A)		1,024,000		1,086,866
Rain Carbon, Inc. 12.250%, 09/01/29 (144A)		41,000		40,078
Sasol Financing USA LLC 5.875%, 03/27/24		654,000		649,994
8.750%, 05/03/29 (144A)		200,000		203,925
				3,071,146

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—0.2%
DP World Salaam 6.000%, 5Y H15 + 5.750%, 10/01/25 (a)		200,000	$	199,196
Garda World Security Corp. 7.750%, 02/15/28 (144A)		62,000		64,146
9.500%, 11/01/27 (144A)		109,000		109,888
Global Payments, Inc. 2.150%, 01/15/27		450,000		414,269
5.300%, 08/15/29		961,000		967,280
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV 8.500%, 01/15/31 (144A) (GBP)		102,000		140,415
GXO Logistics, Inc. 2.650%, 07/15/31		418,000		342,742
Moody’s Corp. 3.250%, 01/15/28		291,000		277,689
4.250%, 02/01/29		933,000		923,488
RELX Capital, Inc. 4.750%, 05/20/32		288,000		290,263
S&P Global, Inc. 2.900%, 03/01/32		635,000		566,788
5.250%, 09/15/33 (144A) (g)		2,732,000		2,858,263
				7,154,427
Computers—0.2%
Booz Allen Hamilton, Inc. 5.950%, 08/04/33		289,000		305,299
Dell International LLC/EMC Corp. 4.900%, 10/01/26		3,398,000		3,403,407
6.020%, 06/15/26		317,000		324,484
Hewlett Packard Enterprise Co. 5.250%, 07/01/28		771,000		788,178
				4,821,368
Diversified Financial Services—0.2%
ASG Finance Designated Activity Co. 7.875%, 12/03/24 (144A)		254,000		245,745
Nasdaq, Inc. 5.550%, 02/15/34		2,457,000		2,552,456
6.100%, 06/28/63		1,078,000		1,163,787
Nationstar Mortgage Holdings, Inc. 5.125%, 12/15/30 (144A)		260,000		235,074
5.500%, 08/15/28 (144A)		295,000		283,666
5.750%, 11/15/31 (144A) (g)		128,000		119,348
6.000%, 01/15/27 (144A)		65,000		64,513
PennyMac Financial Services, Inc. 7.875%, 12/15/29 (144A)		207,000		213,079
United Wholesale Mortgage LLC 5.500%, 11/15/25 (144A)		820,000		814,816
				5,692,484
Electric—2.7%
AEP Texas, Inc. 3.450%, 05/15/51		1,039,000		741,968
3.800%, 10/01/47		1,082,000		819,007
3.950%, 06/01/28		1,104,000		1,062,207
Electric—(Continued)
AEP Texas, Inc. 5.250%, 05/15/52		766,000		739,822
5.400%, 06/01/33		1,371,000		1,391,897
AEP Transmission Co. LLC 2.750%, 08/15/51		678,000		438,788
3.150%, 09/15/49		674,000		483,413
3.650%, 04/01/50		528,000		415,887
3.800%, 06/15/49		851,000		675,986
AES Panama Generation Holdings SRL 4.375%, 05/31/30		196,419		164,992
Alabama Power Co. 3.000%, 03/15/52		411,000		287,230
3.125%, 07/15/51		602,000		425,938
3.750%, 03/01/45		339,000		275,411
3.850%, 12/01/42		380,000		320,172
4.150%, 08/15/44		435,000		372,515
5.200%, 06/01/41		450,000		443,657
5.500%, 03/15/41		285,000		284,678
Ameren Illinois Co. 2.900%, 06/15/51		513,000		348,345
3.700%, 12/01/47		699,000		570,509
American Transmission Systems, Inc. 2.650%, 01/15/32 (144A)		1,923,000		1,626,935
Baltimore Gas & Electric Co. 2.900%, 06/15/50		411,000		279,130
3.200%, 09/15/49		407,000		295,994
3.500%, 08/15/46		573,000		438,149
3.750%, 08/15/47		954,000		754,683
4.250%, 09/15/48		622,000		537,323
5.400%, 06/01/53 (g)		661,000		682,046
CenterPoint Energy Houston Electric LLC 3.950%, 03/01/48		849,000		720,542
4.850%, 10/01/52		551,000		536,418
Commonwealth Edison Co. 2.750%, 09/01/51		1,072,000		696,191
3.125%, 03/15/51		928,000		656,905
3.200%, 11/15/49		1,306,000		936,889
Consumers Energy Co. 3.100%, 08/15/50		631,000		464,238
3.750%, 02/15/50		982,000		807,985
4.200%, 09/01/52		513,000		451,319
4.625%, 05/15/33		281,000		280,524
Dominion Energy South Carolina, Inc. 6.250%, 10/15/53		415,000		478,439
DTE Electric Co. 3.250%, 04/01/51		809,000		591,879
4.050%, 05/15/48		1,373,000		1,162,662
Duke Energy Carolinas LLC 3.200%, 08/15/49		1,195,000		867,094
3.450%, 04/15/51		1,269,000		955,915
3.700%, 12/01/47		462,000		362,238
3.875%, 03/15/46		871,000		705,324
3.950%, 03/15/48		814,000		669,683
Duke Energy Florida LLC 2.500%, 12/01/29		1,896,000		1,690,442
3.000%, 12/15/51		1,266,000		863,840
5.950%, 11/15/52		1,610,000		1,761,534

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Duke Energy Ohio, Inc. 5.650%, 04/01/53		276,000	$	289,065
Duke Energy Progress LLC 2.500%, 08/15/50		1,651,000		1,037,130
3.450%, 03/15/29		1,483,000		1,414,368
4.000%, 04/01/52		750,000		616,290
5.350%, 03/15/53		1,077,000		1,090,983
Edison International 4.950%, 04/15/25		337,000		334,626
5.250%, 11/15/28		1,183,000		1,190,272
5.750%, 06/15/27		1,470,000		1,501,021
6.950%, 11/15/29		1,891,000		2,052,152
Entergy Arkansas LLC 2.650%, 06/15/51		469,000		294,858
Eversource Energy 5.450%, 03/01/28 (g)		1,132,000		1,163,485
FirstEnergy Corp. 2.050%, 03/01/25		272,000		262,480
2.250%, 09/01/30		849,000		715,111
3.400%, 03/01/50		850,000		599,066
4.150%, 07/15/27		1,223,000		1,176,287
FirstEnergy Transmission LLC 4.550%, 04/01/49 (144A)		1,418,000		1,225,405
Florida Power & Light Co. 2.875%, 12/04/51		592,000		410,072
3.150%, 10/01/49		798,000		585,426
5.300%, 04/01/53		272,000		284,339
Generacion Mediterranea SA/Central Termica Roca SA 9.875%, 12/01/27 (144A)		161,979		141,894
Georgia Power Co. 5.125%, 05/15/52 (g)		637,000		630,175
MidAmerican Energy Co. 4.250%, 05/01/46		338,000		293,827
5.850%, 09/15/54		297,000		328,572
Northern States Power Co. 3.200%, 04/01/52		1,310,000		965,440
4.000%, 08/15/45		471,000		389,673
5.100%, 05/15/53		795,000		801,472
Ohio Power Co. 1.625%, 01/15/31		1,570,000		1,274,221
2.600%, 04/01/30		800,000		700,568
2.900%, 10/01/51		1,309,000		886,458
4.000%, 06/01/49		1,169,000		949,981
5.000%, 06/01/33 (g)		1,744,000		1,753,893
Oncor Electric Delivery Co. LLC 3.100%, 09/15/49		928,000		663,801
Pacific Gas & Electric Co. 3.500%, 08/01/50		2,931,000		2,023,491
3.950%, 12/01/47		910,000		665,299
4.250%, 03/15/46		474,000		364,297
4.950%, 07/01/50		1,514,000		1,293,244
6.700%, 04/01/53		320,000		347,199
PECO Energy Co. 2.800%, 06/15/50		1,205,000		811,115
2.850%, 09/15/51		846,000		568,819
3.000%, 09/15/49		467,000		331,957
Electric—(Continued)
PECO Energy Co. 3.050%, 03/15/51		1,079,000		763,244
3.700%, 09/15/47		353,000		283,671
Public Service Co. of New Hampshire 5.150%, 01/15/53		1,050,000		1,062,813
Public Service Electric & Gas Co. 2.050%, 08/01/50		563,000		326,033
3.150%, 01/01/50		602,000		443,190
San Diego Gas & Electric Co. 3.320%, 04/15/50		1,096,000		779,681
4.100%, 06/15/49		435,000		357,912
5.350%, 04/01/53		997,000		1,008,655
Southern California Edison Co. 2.250%, 06/01/30		1,850,000		1,587,625
2.500%, 06/01/31		1,051,000		899,903
2.850%, 08/01/29		305,000		277,945
5.625%, 02/01/36		613,000		624,149
5.650%, 10/01/28		2,276,000		2,372,192
5.950%, 11/01/32		1,386,000		1,489,009
Union Electric Co. 5.450%, 03/15/53		440,000		453,642
Virginia Electric & Power Co. 4.000%, 01/15/43		655,000		558,666
4.450%, 02/15/44		314,000		279,905
4.650%, 08/15/43		627,000		573,649
				77,106,459
Energy-Alternate Sources—0.0%
Continuum Energy Levanter Pte. Ltd. 4.500%, 02/09/27 (144A)		178,250		167,248
SCC Power PLC 4.000%, 4.444% PIK, 05/17/32 (144A) (h)		685,086		114,752
8.000%, 4.000% PIK, 12/31/28 (144A) (h)		1,264,774		564,721
				846,721
Entertainment—0.2%
Affinity Interactive 6.875%, 12/15/27 (144A)		194,000		172,899
Caesars Entertainment, Inc. 8.125%, 07/01/27 (144A)		433,000		443,868
Churchill Downs, Inc. 5.750%, 04/01/30 (144A)		155,000		151,124
HR Ottawa LP 11.000%, 03/31/31 (144A)		3,772,000		3,592,830
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875%, 05/01/29 (144A)		310,000		288,300
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/29 (144A)		316,000		298,236
				4,947,257
Environmental Control—0.1%
Clean Harbors, Inc. 4.875%, 07/15/27 (144A)		72,000		70,552
Covanta Holding Corp. 4.875%, 12/01/29 (144A)		135,000		117,948

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Environmental Control—(Continued)
Republic Services, Inc. 5.000%, 04/01/34		550,000	$	563,200
Waste Management, Inc. 4.875%, 02/15/34		1,069,000		1,090,425
				1,842,125
Food—0.0%
Pilgrim’s Pride Corp. 6.250%, 07/01/33		436,000		448,611
Gas—0.3%
AmeriGas Partners LP/AmeriGas Finance Corp. 9.375%, 06/01/28 (144A)		309,000		319,097
Atmos Energy Corp. 3.375%, 09/15/49		393,000		299,502
4.125%, 03/15/49		368,000		316,101
CenterPoint Energy Resources Corp. 4.000%, 04/01/28		282,000		274,537
5.250%, 03/01/28		663,000		679,872
NiSource, Inc. 3.490%, 05/15/27		2,322,000		2,235,500
5.250%, 03/30/28		1,266,000		1,290,834
5.400%, 06/30/33		1,702,000		1,754,894
Piedmont Natural Gas Co., Inc. 2.500%, 03/15/31		558,000		476,452
Promigas SA ESP/Gases del Pacifico SAC 3.750%, 10/16/29 (144A)		207,000		184,072
				7,830,861
Healthcare-Products—0.1%
Agilent Technologies, Inc. 2.100%, 06/04/30		334,000		287,665
Bausch & Lomb Escrow Corp. 8.375%, 10/01/28 (144A)		32,000		33,758
Thermo Fisher Scientific, Inc. 4.950%, 11/21/32		1,306,000		1,347,726
5.086%, 08/10/33		2,108,000		2,197,139
				3,866,288
Healthcare-Services—0.6%
Elevance Health, Inc. 3.600%, 03/15/51		885,000		693,416
4.550%, 05/15/52 (g)		315,000		287,388
4.850%, 08/15/54		521,000		459,027
HCA, Inc. 3.500%, 09/01/30		2,871,000		2,602,637
5.250%, 04/15/25		1,126,000		1,124,692
5.875%, 02/15/26		3,693,000		3,724,409
5.875%, 02/01/29		2,813,000		2,903,721
7.690%, 06/15/25		259,000		267,475
Select Medical Corp. 6.250%, 08/15/26 (144A)		1,082,000		1,087,382
UnitedHealth Group, Inc.
3.125%, 05/15/60		547,000		388,668
3.250%, 05/15/51		399,000		302,169
Healthcare-Services—(Continued)
UnitedHealth Group, Inc.
3.750%, 10/15/47		570,000		469,401
4.250%, 04/15/47		549,000		489,669
4.750%, 05/15/52		950,000		913,288
5.200%, 04/15/63 (g)		807,000		823,598
6.050%, 02/15/63		319,000		367,850
				16,904,790
Home Builders—0.3%
Ashton Woods USA LLC/Ashton Woods Finance Co. 4.625%, 08/01/29 (144A)		103,000		91,593
4.625%, 04/01/30 (144A)		254,000		227,531
6.625%, 01/15/28 (144A)		727,000		705,507
Beazer Homes USA, Inc. 7.250%, 10/15/29		1,030,000		1,038,851
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC 5.000%, 06/15/29 (144A)		135,000		119,832
Forestar Group, Inc. 3.850%, 05/15/26 (144A)		141,000		134,313
5.000%, 03/01/28 (144A)		383,000		368,450
Homes By West Bay LLC 9.500%, 04/30/27 (i) (j)		1,259,000		1,189,755
Landsea Homes Corp. 11.000%, 07/17/28 † (i) (j)		3,104,000		3,014,915
LGI Homes, Inc. 8.750%, 12/15/28 (144A)		530,000		563,788
M/I Homes, Inc. 4.950%, 02/01/28		598,000		575,489
Mattamy Group Corp. 4.625%, 03/01/30 (144A)		337,000		312,316
5.250%, 12/15/27 (144A)		328,000		318,882
New Home Co., Inc. 8.250%, 10/15/27 (144A)		110,000		102,575
Tri Pointe Homes, Inc. 5.700%, 06/15/28		35,000		34,519
Weekley Homes LLC/Weekley Finance Corp. 4.875%, 09/15/28 (144A)		175,000		163,047
				8,961,363
Insurance—0.1%
Ambac Assurance Corp. 5.100%, (144A) (k)		162,922		211,798
Aon Corp./Aon Global Holdings PLC 2.050%, 08/23/31		613,000		500,744
2.600%, 12/02/31		332,000		281,517
Hartford Financial Services Group, Inc. 4.400%, 03/15/48		337,000		294,771
Marsh & McLennan Cos., Inc. 2.900%, 12/15/51		506,000		340,308
5.450%, 03/15/53		319,000		333,468
				1,962,606

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Internet—0.1%
EquipmentShare.com, Inc. 9.000%, 05/15/28 (144A) (g)		1,150,000	$	1,183,177
Meta Platforms, Inc. 4.650%, 08/15/62		1,249,000		1,162,810
Rakuten Group, Inc. 3.546%, 11/27/24		1,900,000		1,823,999
10.250%, 11/30/24 (144A)		200,000		204,000
				4,373,986
Iron/Steel—0.0%
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/29 (144A)		269,000		274,267
Mineral Resources Ltd. 9.250%, 10/01/28 (144A)		343,000		364,873
				639,140
Lodging—0.1%
Full House Resorts, Inc. 8.250%, 02/15/28 (144A) (g)		129,000		121,260
Grupo Posadas SAB de CV 7.000%, 12/30/27 (h) (l)		205,810		171,337
Sands China Ltd. 5.650%, 08/08/28		200,000		198,330
Sonder Holdings, Inc. 13.500%, SOFR + 9.000%, 01/19/27 † (a) (h) (i) (j)		1,515,329		1,320,306
				1,811,233
Machinery-Diversified—0.1%
CNH Industrial Capital LLC 4.200%, 01/15/24		1,862,000		1,860,566
5.450%, 10/14/25		693,000		696,017
GrafTech Global Enterprises, Inc. 9.875%, 12/15/28 (144A)		63,000		48,589
Otis Worldwide Corp. 5.250%, 08/16/28		957,000		983,577
TK Elevator U.S. Newco, Inc. 5.250%, 07/15/27 (144A)		471,000		462,690
				4,051,439
Media—0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 3.700%, 04/01/51		1,486,000		966,538
3.900%, 06/01/52		3,691,000		2,481,755
3.950%, 06/30/62		1,581,000		994,627
4.800%, 03/01/50		510,000		394,777
5.375%, 05/01/47		699,000		594,026
Comcast Corp. 1.500%, 02/15/31		340,000		278,639
2.937%, 11/01/56		3,049,000		2,005,388
2.987%, 11/01/63		1,001,000		645,203
3.250%, 11/01/39		394,000		319,140
4.800%, 05/15/33		1,442,000		1,459,818
Cox Communications, Inc. 3.150%, 08/15/24 (144A)		190,000		186,810
Media—(Continued)
CSC Holdings LLC 5.250%, 06/01/24		1,043,000		1,020,999
5.500%, 04/15/27 (144A)		400,000		369,719
DISH DBS Corp. 5.875%, 11/15/24		570,000		534,525
FactSet Research Systems, Inc. 3.450%, 03/01/32		2,231,000		1,997,923
Nexstar Media, Inc. 4.750%, 11/01/28 (144A) (g)		349,000		321,597
				14,571,484
Mining—0.1%
FMG Resources August 2006 Pty. Ltd. 4.375%, 04/01/31 (144A)		234,000		213,996
Freeport Indonesia PT 4.763%, 04/14/27		200,000		196,500
Glencore Funding LLC 2.625%, 09/23/31 (144A)		927,000		786,572
6.375%, 10/06/30 (144A)		1,775,000		1,905,647
Newmont Corp. 2.250%, 10/01/30		1,052,000		907,983
Vedanta Resources Finance II PLC 8.950%, 03/11/25 (144A)		412,000		306,425
				4,317,123
Miscellaneous Manufacturing—0.1%
Textron, Inc. 2.450%, 03/15/31		1,079,000		919,348
3.900%, 09/17/29		1,538,000		1,462,112
				2,381,460
Oil & Gas—2.0%
Antero Resources Corp. 5.375%, 03/01/30 (144A) (g)		1,864,000		1,786,571
7.625%, 02/01/29 (144A) (g)		1,388,000		1,424,264
Apache Corp. 4.750%, 04/15/43		475,000		373,840
5.250%, 02/01/42		1,463,000		1,224,312
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.750%, 07/15/28 (144A)		522,000		518,508
Civitas Resources, Inc.
5.000%, 10/15/26 (144A)		294,000		285,122
8.375%, 07/01/28 (144A)		638,000		666,037
Devon Energy Corp. 4.500%, 01/15/30		1,155,000		1,108,939
Diamondback Energy, Inc. 3.125%, 03/24/31		7,135,000		6,341,756
3.250%, 12/01/26		8,219,000		7,959,980
3.500%, 12/01/29		11,200,000		10,401,656
Ecopetrol SA 4.125%, 01/16/25		42,000		41,038
8.875%, 01/13/33		71,000		77,140
EDO Sukuk Ltd. 5.875%, 09/21/33 (144A)		250,000		257,500

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Empresa Nacional del Petroleo 3.750%, 08/05/26		200,000	$	189,649
Energian Israel Finance Ltd. 8.500%, 09/30/33		20,591		19,639
EQT Corp. 3.125%, 05/15/26 (144A)		1,663,000		1,577,870
3.625%, 05/15/31 (144A)		1,274,000		1,137,771
3.900%, 10/01/27 (g)		3,175,000		3,037,352
5.000%, 01/15/29 (g)		1,411,000		1,397,767
5.700%, 04/01/28		1,030,000		1,045,262
7.000%, 02/01/30 (g)		777,000		833,907
Hess Corp. 5.600%, 02/15/41		295,000		309,799
6.000%, 01/15/40		287,000		312,092
Leviathan Bond Ltd. 6.750%, 06/30/30 (144A)		2,998		2,729
MC Brazil Downstream Trading Sarl 7.250%, 06/30/31 (144A)		220,329		172,683
Northern Oil & Gas, Inc. 8.750%, 06/15/31 (144A)		107,000		111,451
Ovintiv, Inc. 5.650%, 05/15/28 (g)		945,000		964,222
Permian Resources Operating LLC 5.875%, 07/01/29 (144A)		134,000		130,645
7.000%, 01/15/32 (144A)		140,000		144,434
8.000%, 04/15/27 (144A)		358,000		371,094
Petroleos Mexicanos 4.875%, 01/18/24		181,000		180,449
6.500%, 03/13/27		765,000		713,080
6.875%, 08/04/26		957,000		929,266
7.190%, 09/12/24 (MXN)		4,225,600		237,352
8.750%, 06/02/29		69,800		67,859
Petrorio Luxembourg Trading SARL 6.125%, 06/09/26 (144A)		186,000		182,567
Pioneer Midco LLC 11.625% PIK, 11/18/30 (144A) † (h) (i) (j)		1,117,728		1,117,728
Pioneer Natural Resources Co. 2.150%, 01/15/31		584,000		496,136
Shelf Drilling Holdings Ltd. 9.625%, 04/15/29 (144A) (g)		1,295,000		1,267,239
Shelf Drilling North Sea Holdings Ltd. 10.250%, 10/31/25 (144A)		548,000		545,328
Sitio Royalties Operating Partnership LP/Sitio Finance Corp. 7.875%, 11/01/28 (144A)		200,000		207,244
Sunoco LP/Sunoco Finance Corp. 4.500%, 04/30/30		314,000		290,705
Transocean Titan Financing Ltd. 8.375%, 02/01/28 (144A)		110,000		114,124
Transocean, Inc. 8.750%, 02/15/30 (144A)		110,200		115,133
Vantage Drilling International 9.500%, 02/15/28 (144A)		343,000		337,860
Viper Energy, Inc. 5.375%, 11/01/27 (144A) (g)		2,858,000		2,806,033
7.375%, 11/01/31 (144A)		1,040,000		1,076,400
Oil & Gas—(Continued)
YPF SA 7.000%, 12/15/47 (144A)		111,000		83,851
8.500%, 06/27/29		28,000		25,902
				55,019,285
Packaging & Containers—0.1%
Amcor Finance USA, Inc. 5.625%, 05/26/33		275,000		285,919
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.250%, 09/01/28 (144A)		376,000		328,934
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.250%, 04/30/25 (144A) (g)		376,000		365,668
5.250%, 08/15/27 (144A) (g)		200,000		155,373
Berry Global, Inc. 5.500%, 04/15/28 (144A)		388,000		392,252
Clydesdale Acquisition Holdings, Inc. 8.750%, 04/15/30 (144A)		192,000		179,014
Mauser Packaging Solutions Holding Co. 7.875%, 08/15/26 (144A)		736,000		749,013
Trivium Packaging Finance BV 5.500%, 08/15/26 (144A)		317,000		311,012
				2,767,185
Pharmaceuticals—0.8%
AbbVie, Inc. 4.500%, 05/14/35		3,716,000		3,634,365
4.550%, 03/15/35		3,556,000		3,487,208
Bayer U.S. Finance LLC 6.375%, 11/21/30 (144A) (g)		2,752,000		2,831,420
CVS Health Corp. 2.700%, 08/21/40		629,000		448,431
5.125%, 07/20/45		298,000		281,933
5.625%, 02/21/53		1,531,000		1,551,831
Pfizer Investment Enterprises Pte. Ltd. 4.750%, 05/19/33		2,924,000		2,930,564
5.300%, 05/19/53		4,788,000		4,887,993
Takeda Pharmaceutical Co. Ltd. 2.050%, 03/31/30		1,906,000		1,633,204
				21,686,949
Pipelines—3.4%
Buckeye Partners LP 4.125%, 03/01/25 (144A)		130,000		126,014
4.350%, 10/15/24		500,000		489,989
Cameron LNG LLC 3.302%, 01/15/35 (144A)		3,003,000		2,556,962
3.402%, 01/15/38 (144A)		1,949,000		1,644,046
Cheniere Corpus Christi Holdings LLC 2.742%, 12/31/39		1,822,000		1,451,566
3.700%, 11/15/29		2,777,000		2,622,800
5.125%, 06/30/27		5,713,000		5,740,740
5.875%, 03/31/25		4,223,000		4,232,000
Cheniere Energy Partners LP
3.250%, 01/31/32		4,680,000		3,987,509

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Cheniere Energy Partners LP
4.000%, 03/01/31		1,431,000	$	1,300,983
4.500%, 10/01/29 (g)		4,093,000		3,914,819
5.950%, 06/30/33 (144A)		1,035,000		1,062,676
El Paso Natural Gas Co. LLC 8.375%, 06/15/32		174,000		202,747
Energy Transfer LP 4.900%, 03/15/35		298,000		283,643
4.950%, 01/15/43		375,000		326,030
5.000%, 05/15/50 (g)		3,241,000		2,889,580
5.150%, 02/01/43		492,000		437,532
5.300%, 04/15/47		763,000		699,553
5.400%, 10/01/47		1,815,000		1,691,185
5.625%, 05/01/27 (144A)		100,000		99,659
5.750%, 04/01/25		1,114,000		1,114,446
6.000%, 02/01/29 (144A)		508,000		512,564
6.100%, 02/15/42		353,000		353,867
6.125%, 12/15/45		335,000		337,411
6.400%, 12/01/30		161,000		172,141
7.375%, 02/01/31 (144A) (g)		6,270,000		6,589,367
Kinder Morgan Energy Partners LP 4.700%, 11/01/42		653,000		559,915
5.800%, 03/15/35		562,000		572,199
Kinder Morgan, Inc. 4.300%, 03/01/28		1,120,000		1,104,296
5.200%, 06/01/33 (g)		648,000		644,098
NGPL PipeCo LLC 3.250%, 07/15/31 (144A)		2,904,000		2,521,492
4.875%, 08/15/27 (144A)		1,672,000		1,640,700
7.768%, 12/15/37 (144A)		387,000		430,402
Northwest Pipeline LLC 4.000%, 04/01/27		2,901,000		2,864,113
ONEOK, Inc. 4.450%, 09/01/49		367,000		306,987
6.625%, 09/01/53 (g)		1,130,000		1,264,625
Sabine Pass Liquefaction LLC 5.000%, 03/15/27 (g)		2,923,000		2,935,613
5.625%, 03/01/25		6,525,000		6,537,485
5.750%, 05/15/24		220,000		219,872
5.875%, 06/30/26		6,215,000		6,326,847
5.900%, 09/15/37 (g)		680,000		716,521
Targa Resources Corp. 4.200%, 02/01/33		2,296,000		2,111,020
5.200%, 07/01/27		1,434,000		1,440,884
6.150%, 03/01/29		799,000		835,512
6.500%, 03/30/34 (g)		825,000		890,397
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.000%, 01/15/32		874,000		798,076
4.875%, 02/01/31		1,602,000		1,556,199
5.000%, 01/15/28		2,787,000		2,752,447
5.500%, 03/01/30		2,248,000		2,247,595
Texas Eastern Transmission LP 3.500%, 01/15/28 (144A)		2,623,000		2,473,177
Transcontinental Gas Pipe Line Co. LLC
3.950%, 05/15/50		592,000		477,681
Pipelines—(Continued)
Transcontinental Gas Pipe Line Co. LLC
4.000%, 03/15/28		1,812,000		1,755,310
4.600%, 03/15/48		1,753,000		1,578,444
7.850%, 02/01/26		2,334,000		2,443,962
Venture Global LNG, Inc. 8.125%, 06/01/28 (144A)		466,000		470,612
Western Midstream Operating LP 4.750%, 08/15/28		2,000		1,952
6.350%, 01/15/29		251,000		262,147
				95,580,409
Real Estate—0.2%
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/25 (144A) (g)		470,000		465,300
Howard Hughes Corp. 5.375%, 08/01/28 (144A)		416,000		399,828
Lessen, Inc. 12.580%, SOFR + 8.500%, 01/05/28 † (a) (i) (j)		1,727,283		1,578,391
Resort Communities Loanco LP 12.000%, 2.000% PIK, 11/21/28 (h) (i) (j)		4,248,000		4,120,560
				6,564,079
Real Estate Investment Trusts—1.2%
American Tower Corp. 1.875%, 10/15/30		1,989,000		1,630,351
2.100%, 06/15/30		1,202,000		1,008,252
2.300%, 09/15/31 †		428,000		353,882
2.700%, 04/15/31		1,781,000		1,529,360
4.050%, 03/15/32		302,000		282,753
Crown Castle, Inc. 2.100%, 04/01/31		1,111,000		904,862
3.100%, 11/15/29		1,778,000		1,590,776
3.300%, 07/01/30		2,357,000		2,113,160
Equinix, Inc. 2.000%, 05/15/28		315,000		280,946
2.150%, 07/15/30		660,000		559,172
2.500%, 05/15/31		333,000		282,658
3.200%, 11/18/29		978,000		898,227
Extra Space Storage LP 5.500%, 07/01/30 (g)		610,000		623,815
GLP Capital LP/GLP Financing II, Inc. 3.250%, 01/15/32		3,648,000		3,079,832
4.000%, 01/15/30		2,544,000		2,321,350
4.000%, 01/15/31 (g)		1,848,000		1,664,371
5.300%, 01/15/29		1,547,000		1,538,055
5.750%, 06/01/28		2,350,000		2,371,103
6.750%, 12/01/33		790,000		852,276
NNN REIT, Inc. 3.100%, 04/15/50		473,000		315,098
3.500%, 04/15/51		889,000		642,128
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, 05/15/29 (144A)		454,000		420,239
Realty Income Corp. 3.100%, 12/15/29		486,000		445,461
3.250%, 01/15/31 (g)		685,000		622,365

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
Service Properties Trust  4.500%, 03/15/25		237,000	$	231,371
5.500%, 12/15/27		71,000		65,005
7.500%, 09/15/25		680,000		687,557
8.625%, 11/15/31 (144A)		419,000		438,874
VICI Properties LP 4.750%, 02/15/28 (g)		2,147,000		2,101,831
4.950%, 02/15/30		4,039,000		3,919,122
VICI Properties LP/VICI Note Co., Inc. 3.750%, 02/15/27 (144A)		786,000		741,948
XHR LP 4.875%, 06/01/29 (144A) (g)		70,000		64,434
				34,580,634
Retail—0.1%
Lowe’s Cos., Inc. 2.800%, 09/15/41		2,294,000		1,675,711
4.250%, 09/15/44		352,000		288,994
4.500%, 04/15/30		930,000		924,599
				2,889,304
Semiconductors—0.3%
Broadcom, Inc. 3.137%, 11/15/35 (144A)		2,917,000		2,394,810
3.187%, 11/15/36 (144A)		1,510,000		1,223,635
3.419%, 04/15/33 (144A)		808,000		709,672
3.469%, 04/15/34 (144A)		918,000		798,664
Intel Corp. 3.200%, 08/12/61		394,000		271,072
KLA Corp. 4.950%, 07/15/52		605,000		611,199
5.000%, 03/15/49		318,000		315,283
5.250%, 07/15/62		380,000		396,337
NXP BV/NXP Funding LLC/NXP USA, Inc. 4.300%, 06/18/29		1,407,000		1,366,932
				8,087,604
Shipbuilding—0.2%
Huntington Ingalls Industries, Inc. 2.043%, 08/16/28		2,739,000		2,407,700
3.483%, 12/01/27		1,997,000		1,887,865
4.200%, 05/01/30		598,000		569,900
				4,865,465
Software—0.5%
Autodesk, Inc. 2.400%, 12/15/31		326,000		278,920
Cloud Software Group, Inc. 9.000%, 09/30/29 (144A)		77,000		73,185
MSCI, Inc.
3.250%, 08/15/33 (144A)		1,411,000		1,179,295
3.625%, 09/01/30 (144A)		676,000		611,641
3.625%, 11/01/31 (144A)		1,116,000		982,235
3.875%, 02/15/31 (144A)		2,220,000		2,028,371
4.000%, 11/15/29 (144A)		851,000		799,836
Software—(Continued)
Oracle Corp. 3.600%, 04/01/40		4,533,000		3,614,634
3.600%, 04/01/50		414,000		306,652
3.950%, 03/25/51		1,804,000		1,412,650
4.000%, 07/15/46		1,575,000		1,262,430
4.500%, 07/08/44		925,000		806,629
Playtika Holding Corp. 4.250%, 03/15/29 (144A)		82,000		71,549
				13,428,027
Telecommunications—1.8%
AT&T, Inc. 3.550%, 09/15/55		482,000		346,547
3.650%, 09/15/59		3,682,000		2,638,861
3.800%, 12/01/57		5,901,000		4,386,464
4.500%, 05/15/35		1,076,000		1,019,209
5.400%, 02/15/34		2,476,000		2,553,561
CommScope Technologies LLC 6.000%, 06/15/25 (144A)		130,000		105,950
Digicel Group Holdings Ltd.
Zero Coupon, 12/31/30 (144A) (m)		242,322		55,735
Digicel International Finance Ltd./Digicel international Holdings Ltd. 8.000%, 12/31/26 (144A) † (m)		48,530		971
8.750%, 05/25/24 (144A)		121,567		113,723
13.000%, 12/31/25 (144A)		73,953		49,918
Kenbourne Invest SA 4.700%, 01/22/28 (144A)		210,000		111,000
6.875%, 11/26/24 (144A)		310,000		214,489
Level 3 Financing, Inc. 4.625%, 09/15/27 (144A) †		426,000		255,600
Level 3 New Money TSA 11.000%, 11/15/29 (i) (j)		1,046,137		1,046,137
Motorola Solutions, Inc. 2.750%, 05/24/31		3,030,000		2,589,740
5.500%, 09/01/44		1,134,000		1,126,340
5.600%, 06/01/32		2,486,000		2,564,575
Sprint LLC 7.125%, 06/15/24		3,629,000		3,644,739
7.625%, 02/15/25		6,236,000		6,345,043
7.625%, 03/01/26		398,000		415,799
T-Mobile USA, Inc. 3.875%, 04/15/30		3,087,000		2,927,407
Verizon Communications, Inc.
1.750%, 01/20/31 (g)		2,704,000		2,223,984
2.355%, 03/15/32		9,517,000		7,915,968
2.550%, 03/21/31		947,000		816,550
2.650%, 11/20/40		965,000		695,301
2.850%, 09/03/41		439,000		324,317
3.000%, 11/20/60		911,000		597,176
3.150%, 03/22/30		1,255,000		1,147,084
4.400%, 11/01/34 (g)		2,965,000		2,852,579
5.850%, 09/15/35		293,000		314,116
				49,398,883

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—0.4%
Burlington Northern Santa Fe LLC 3.050%, 02/15/51		458,000	$	330,876
3.300%, 09/15/51		1,338,000		1,016,397
4.550%, 09/01/44		634,000		591,560
5.200%, 04/15/54		785,000		816,992
CSX Corp. 2.500%, 05/15/51		810,000		522,120
4.250%, 11/01/66		537,000		457,315
4.500%, 03/15/49		400,000		365,651
4.500%, 11/15/52		680,000		631,031
Norfolk Southern Corp. 3.050%, 05/15/50		2,510,000		1,785,268
4.050%, 08/15/52		451,000		380,940
5.350%, 08/01/54		887,000		921,805
Ryder System, Inc. 5.250%, 06/01/28		544,000		551,073
Union Pacific Corp. 2.973%, 09/16/62		582,000		391,442
3.750%, 02/05/70		1,260,000		971,532
3.839%, 03/20/60		499,000		407,056
3.850%, 02/14/72		690,000		547,989
Union Pacific Railroad Co. Pass-Through Trust  3.227%, 05/14/26		575,106		553,440
				11,242,487
Total Corporate Bonds & Notes (Cost $722,805,273)				741,012,967
Asset-Backed Securities—9.8%
Asset-Backed - Credit Card—0.0%
BA Credit Card Trust  4.980%, 11/15/28		1,308,000		1,323,220
Asset-Backed - Home Equity—0.9%
Ace Securities Corp.
Zero Coupon, 08/15/30		614,343		530,718
ACE Securities Corp. Home Equity Loan Trust  5.730%, 1M TSFR + 0.374%, 05/25/37 (a)		1,007,533		169,924
Argent Mortgage Loan Trust  5.950%, 1M TSFR + 0.594%, 05/25/35 (a)		1,768,882		1,337,992
Bayview Financial Revolving Asset Trust  6.471%, 1M TSFR + 1.114%, 05/28/39 (144A) (a)		3,421,268		2,874,259
6.471%, 1M TSFR + 1.114%, 12/28/40 (144A) (a)		134,216		136,986
Bear Stearns Asset-Backed Securities I Trust  5.820%, 1M TSFR + 0.464%, 04/25/37 (a)		2,511,121		2,633,785
6.250%, 12/25/35 (l)		1,196,497		1,025,906
6.250%, 02/25/36 (l)		1,461,182		1,077,725
7.195%, 1M TSFR + 1.839%, 08/25/34 (a)		8,609		8,207
Bear Stearns Asset-Backed Securities Trust  6.030%, 1M TSFR + 0.674%, 04/25/36 (a)		2,034,389		1,840,973
7.111%, 1M TSFR + 5.364%, 06/25/35 (a)		2,142,000		2,153,782
Bear Stearns Structured Products Trust  7.470%, 1M TSFR + 2.114%, 03/25/37 (144A) (a)		1,341,117		1,316,217
Asset-Backed - Home Equity—(Continued)
Citigroup Mortgage Loan Trust, Inc. 5.670%, 1M TSFR + 0.314%, 05/25/37 (a)		1,633,805		1,058,891
5.740%, 1M TSFR + 0.384%, 05/25/37 (a)		742,146		481,547
CSMC Trust  2.465%, 09/27/66 (144A) (a)		3,007,542		2,973,783
CWHEQ Home Equity Loan Trust  6.155%, 06/25/35		35,709		42,948
Home Equity Mortgage Loan Asset-Backed Trust  4.031%, 1M TSFR + 2.139%, 07/25/34 (a)		114,613		110,304
Home Equity Mortgage Trust  5.867%, 07/25/36 (l)		463,945		50,733
Irwin Home Equity Loan Trust  6.530%, 09/25/37 (144A) (l)		38,982		36,875
MASTR Asset-Backed Securities Trust  5.750%, 1M TSFR + 0.394%, 05/25/37 (a)		621,846		477,239
5.990%, 1M TSFR + 0.634%, 06/25/36 (144A) (a)		320,223		280,577
Morgan Stanley Mortgage Loan Trust  6.463%, 01/25/47 (l)		3,264,290		1,181,150
Option One Mortgage Loan Trust  5.680%, 1M TSFR + 0.324%, 03/25/37 (a)		930,000		749,117
5.820%, 03/25/37 (l)		769,770		681,130
5.866%, 01/25/37 (l)		2,284,419		1,883,596
Yale Mortgage Loan Trust  5.870%, 1M TSFR + 0.514%, 06/25/37 (144A) (a)		714,278		227,665
				25,342,029
Asset-Backed - Manufactured Housing—0.4%
Bank of America Manufactured Housing Contract Trust  7.070%, 02/10/22 (a)		470,000		98,185
7.315%, 12/10/25 (a)		4,000,000		674,105
BCMSC Trust  7.575%, 06/15/30 (a)		1,270,292		142,245
7.830%, 06/15/30 (a)		1,178,847		136,449
8.290%, 06/15/30 (a)		850,435		104,219
Cascade MH Asset Trust  4.000%, 11/25/44 (144A) (a)		1,631,453		1,562,406
Conseco Finance Corp. 6.830%, 04/01/30 (a)		1,465,503		1,380,320
7.500%, 03/01/30 (a)		356,756		123,476
7.860%, 03/01/30 (a)		333,130		120,150
Conseco Finance Securitizations Corp. 7.960%, 05/01/31		878,314		238,311
8.060%, 09/01/29 (a)		586,391		108,313
8.200%, 05/01/31		1,604,918		448,589
Credit Suisse First Boston Mortgage Securities Corp. 8.100%, 09/25/31 (a)		259,736		259,067
Credit-Based Asset Servicing & Securitization LLC 6.750%, 10/25/36 (144A) (l)		3,983,201		3,020,855
Greenpoint Manufactured Housing 8.290%, 12/15/29 (a)		56,535		56,412
9.230%, 12/15/29 (a)		358,373		340,526
Lehman ABS Manufactured Housing Contract Trust  6.630%, 04/15/40 (a)		683,850		688,219

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Manufactured Housing—(Continued)
Oakwood Mortgage Investors, Inc. 6.930%, 09/15/31 (a)		158,340	$	82,316
7.620%, 06/15/32 (a)		806,728		783,638
Origen Manufactured Housing Contract Trust  6.676%, 1M TSFR + 1.314%, 10/15/37 (144A) (a)		161,838		157,375
7.820%, 03/15/32 (a)		200,504		194,900
				10,720,076
Asset-Backed - Other—7.7%
510 Loan Acquisition Trust  8.107%, 09/25/60 (144A) (l)		757,816		755,044
522 Funding CLO Ltd. 8.077%, 3M TSFR + 2.662%, 04/20/30 (144A) (a)		625,000		624,994
9.327%, 3M TSFR + 3.912%, 04/20/30 (144A) (a)		360,000		360,016
AGL CLO 12 Ltd. 6.837%, 3M TSFR + 1.422%, 07/20/34 (144A) (a)		1,310,000		1,309,147
AGL CLO 14 Ltd. 6.824%, 3M TSFR + 1.412%, 12/02/34 (144A) (a)		1,330,000		1,329,943
AGL Core CLO 15 Ltd. 6.827%, 3M TSFR + 1.412%, 01/20/35 (144A) (a)		250,000		249,615
AGL Core CLO 4 Ltd. 6.747%, 3M TSFR + 1.332%, 04/20/33 (144A) (a)		860,000		857,940
AIMCO CLO 6.756%, 3M TSFR + 1.362%, 01/15/32 (144A) (a)		940,000		939,504
7.264%, 3M TSFR + 1.862%, 10/17/34 (144A) (a)		250,000		246,427
Allegro CLO II-S Ltd. 6.754%, 3M TSFR + 1.342%, 10/21/28 (144A) (a)		502,699		502,495
ALM Ltd. 7.506%, 3M TSFR + 2.112%, 10/15/29 (144A) (a)		1,220,000		1,218,336
ALME Loan Funding V DAC 9.375%, 3M EURIBOR + 5.410%, 07/15/31 (144A) (EUR) (a)		270,000		293,955
AMMC CLO XIII Ltd. 6.710%, 3M TSFR + 1.312%, 07/24/29 (144A) (a)		72,716		72,716
Anchorage Capital CLO 17 Ltd. 6.826%, 3M TSFR + 1.432%, 07/15/34 (144A) (a)		1,890,000		1,881,391
Anchorage Capital CLO 3-R Ltd. 7.152%, 3M TSFR + 1.762%, 01/28/31 (144A) (a)		1,270,000		1,263,901
7.502%, 3M TSFR + 2.112%, 01/28/31 (144A) (a)		250,000		244,526
Anchorage Capital CLO 6 Ltd. 6.706%, 3M TSFR + 1.312%, 07/15/30 (144A) (a)		594,869		594,845
Anchorage Capital CLO 7 Ltd. 6.742%, 3M TSFR + 1.352%, 01/28/31 (144A) (a)		730,980		730,230
7.402%, 3M TSFR + 2.012%, 01/28/31 (144A) (a)		1,480,000		1,479,945
9.152%, 3M TSFR + 3.762%, 01/28/31 (144A) (a)		250,000		244,919
Anchorage Capital CLO 8 Ltd. 7.449%, 3M TSFR + 2.062%, 10/27/34 (144A) (a)		1,050,000		1,049,535
Anchorage Capital CLO Ltd. 6.905%, 3M TSFR + 1.512%, 10/13/30 (144A) (a)		544,291		544,772
7.805%, 3M TSFR + 2.412%, 10/13/30 (144A) (a)		590,000		587,448
Apidos CLO XXII Ltd. 7.177%, 3M TSFR + 1.762%, 04/20/31 (144A) (a)		250,000		249,171
Apidos CLO XXVI Ltd. 7.607%, 3M TSFR + 2.212%, 07/18/29 (144A) (a)		250,000		248,117
Asset-Backed - Other—(Continued)
ARES European CLO XII DAC 5.693%, 3M EURIBOR + 1.700%, 04/20/32 (144A) (EUR) (a)		297,000		321,182
ARES LII CLO Ltd. 6.724%, 3M TSFR + 1.312%, 04/22/31 (144A) (a)		1,330,000		1,326,421
ARES LIX CLO Ltd. 6.670%, 3M TSFR + 1.292%, 04/25/34 (144A) (a)		250,000		247,690
ARES LVI CLO Ltd. 6.800%, 3M TSFR + 1.422%, 10/25/34 (144A) (a)		350,000		349,565
ARES XXXVII CLO Ltd. 6.826%, 3M TSFR + 1.432%, 10/15/30 (144A) (a)		346,357		346,347
Arm Master Trust LLC Agricultural Loan Backed Notes  2.430%, 11/15/27 (144A)		370,000		354,642
Armada Euro CLO III DAC 7.265%, 3M EURIBOR + 3.300%, 07/15/31 (144A) (EUR) (a)		250,000		271,903
ASSURANT CLO Ltd. 6.717%, 3M TSFR + 1.302%, 04/20/31 (144A) (a)		472,445		471,762
Avoca CLO XXII DAC 5.265%, 3M EURIBOR + 1.300%, 04/15/35 (EUR) (a)		150,000		158,249
6.865%, 3M EURIBOR + 2.900%, 04/15/35 (144A) (EUR) (a)		250,000		254,905
Bain Capital Credit CLO Ltd. 7.177%, 3M TSFR + 1.762%, 07/20/30 (144A) (a)		250,000		247,222
7.258%, 3M TSFR + 1.862%, 07/19/31 (144A) (a)		250,000		247,581
8.760%, 3M TSFR + 3.362%, 07/24/34 (144A) (a)		250,000		243,516
Ballyrock CLO Ltd. 11.827%, 3M TSFR + 6.412%, 10/20/31 (144A) (a)		250,000		248,115
Bankers Healthcare Group Securitization Trust  5.170%, 09/17/31 (144A)		100,000		95,752
Bardot CLO Ltd. 8.674%, 3M TSFR + 3.262%, 10/22/32 (144A) (a)		250,000		245,988
Barings CLO Ltd. 6.747%, 3M TSFR + 1.332%, 04/20/31 (144A) (a)		250,000		249,438
6.867%, 3M TSFR + 1.452%, 10/20/30 (144A) (a)		684,312		684,719
7.077%, 3M TSFR + 1.662%, 01/20/31 (144A) (a)		250,000		246,982
Battalion CLO 18 Ltd. 7.406%, 3M TSFR + 2.012%, 10/15/36 (144A) (a)		298,000		296,174
Battalion CLO VIII Ltd. 6.727%, 3M TSFR + 1.332%, 07/18/30 (144A) (a)		1,105,230		1,104,655
7.207%, 3M TSFR + 1.812%, 07/18/30 (144A) (a)		642,000		640,878
Battalion CLO XI Ltd. 7.380%, 3M TSFR + 1.982%, 04/24/34 (144A) (a)		250,000		246,207
Battalion CLO XX Ltd. 6.836%, 3M TSFR + 1.442%, 07/15/34 (144A) (a)		730,000		726,070
Benefit Street Partners CLO III Ltd. 7.327%, 3M TSFR + 1.912%, 07/20/29 (144A) (a)		290,000		289,716
Benefit Street Partners CLO V-B Ltd. 6.767%, 3M TSFR + 1.352%, 04/20/31 (144A) (a)		992,749		990,795
Benefit Street Partners CLO VIII Ltd. 6.777%, 3M TSFR + 1.362%, 01/20/31 (144A) (a)		1,689,877		1,689,020
Benefit Street Partners CLO XII Ltd. 7.656%, 3M TSFR + 2.262%, 10/15/30 (144A) (a)		270,000		266,247
Benefit Street Partners CLO XX Ltd. 12.406%, 3M TSFR + 7.012%, 07/15/34 (144A) (a)		250,000		247,508

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
BHG Securitization Trust  2.240%, 10/17/34 (144A)		130,000	$	112,093
BlueMountain CLO Ltd. 6.854%, 3M TSFR + 1.442%, 10/22/30 (144A) (a)		524,845		525,027
BlueMountain CLO XXII Ltd. 7.156%, 3M TSFR + 1.762%, 07/15/31 (144A) (a)		660,000		655,000
BlueMountain CLO XXVIII Ltd. 6.916%, 3M TSFR + 1.522%, 04/15/34 (144A) (a)		100,000		99,952
BlueMountain EUR CLO DAC 5.715%, 3M EURIBOR + 1.750%, 10/15/35 (144A) (EUR) (a)		560,000		597,572
Bridge Street CLO II Ltd. 6.907%, 3M TSFR + 1.492%, 07/20/34 (144A) (a)		250,000		249,527
Buttermilk Park CLO Ltd. 6.756%, 3M TSFR + 1.362%, 10/15/31 (144A) (a)		250,000		249,947
C-BASS Trust  5.790%, 1M TSFR + 0.434%, 10/25/36 (a)		155,255		97,251
Canyon Capital CLO Ltd. 6.756%, 3M TSFR + 1.362%, 04/15/32 (144A) (a)		460,000		459,126
Canyon CLO Ltd. 7.356%, 3M TSFR + 1.962%, 01/15/34 (144A) (a)		290,000		286,833
Carlyle Global Market Strategies CLO Ltd. 6.634%, 3M TSFR + 1.232%, 04/17/31 (144A) (a)		923,210		920,796
Carlyle U.S. CLO Ltd. 6.816%, 3M TSFR + 1.422%, 07/15/34 (144A) (a)		610,000		609,980
6.836%, 3M TSFR + 1.442%, 01/15/30 (144A) (a)		1,346,644		1,345,976
Carrington Mortgage Loan Trust  5.630%, 1M TSFR + 0.274%, 10/25/36 (a)		126,404		122,311
CBAM Ltd. 6.927%, 3M TSFR + 1.512%, 07/20/30 (144A) (a)		1,509,964		1,510,085
Cedar Funding II CLO Ltd. 6.757%, 3M TSFR + 1.342%, 04/20/34 (144A) (a)		535,000		532,650
7.027%, 3M TSFR + 1.612%, 04/20/34 (144A) (a)		510,000		499,332
Cedar Funding IX CLO Ltd. 6.657%, 3M TSFR + 1.242%, 04/20/31 (144A) (a)		373,779		373,041
Cedar Funding V CLO Ltd. 6.764%, 3M TSFR + 1.362%, 07/17/31 (144A) (a)		770,000		769,592
Cedar Funding VI CLO Ltd. 6.727%, 3M TSFR + 1.312%, 04/20/34 (144A) (a)		3,020,000		3,003,302
Cedar Funding XI CLO Ltd. 7.005%, 3M TSFR + 1.612%, 05/29/32 (144A) (a)		250,000		248,113
Chase Funding Trust  6.333%, 04/25/32 (l)		19,738		19,625
CIFC Funding Ltd.
6.657%, 3M TSFR + 1.262%, 04/18/31 (144A) (a)		1,265,327		1,265,351
6.684%, 3M TSFR + 1.272%, 04/23/29 (144A) (a)		725,266		725,236
6.706%, 3M TSFR + 1.312%, 07/15/33 (144A) (a)		1,100,000		1,099,972
6.796%, 3M TSFR + 1.402%, 07/15/34 (144A) (a)		280,000		279,866
6.806%, 3M TSFR + 1.412%, 07/15/36 (144A) (a)		250,000		249,989
6.807%, 3M TSFR + 1.392%, 10/20/34 (144A) (a)		1,190,000		1,189,559
7.249%, 3M TSFR + 1.862%, 04/27/31 (144A) (a)		250,000		249,058
7.406%, 3M TSFR + 2.012%, 07/16/30 (144A) (a)		250,000		249,996
Citigroup Mortgage Loan Trust, Inc. 5.640%, 1M TSFR + 0.284%, 07/25/45 (a)		564,114		384,940
Clear Creek CLO Ltd. 6.877%, 3M TSFR + 1.462%, 10/20/30 (144A) (a)		149,019		148,946
Asset-Backed - Other—(Continued)
Clontarf Park CLO DAC 7.024%, 3M EURIBOR + 3.050%, 08/05/30 (EUR) (a)		310,000		334,664
Clover CLO LLC 6.797%, 3M TSFR + 1.382%, 04/20/32 (144A) (a)		250,000		249,872
Countrywide Asset-Backed Certificates Trust  4.519%, 04/25/36 (a)		698,726		606,875
5.790%, 1M TSFR + 0.434%, 09/25/46 (a)		1,065		1,063
Credit-Based Asset Servicing & Securitization LLC 3.072%, 12/25/36 (l)		140,087		116,009
CVC Cordatus Loan Fund IV DAC 5.262%, 3M EURIBOR + 1.300%, 02/22/34 (EUR) (a)		250,000		262,898
CWHEQ Revolving Home Equity Loan Resuritization Trust  5.776%, 1M TSFR + 0.414%, 12/15/33 (144A) (a)		21,328		21,315
CWHEQ Revolving Home Equity Loan Trust  5.626%, 1M TSFR + 0.264%, 11/15/36 (a)		119,752		117,920
5.656%, 1M TSFR + 0.294%, 05/15/35 (a)		44,991		44,777
Diameter Capital CLO 1 Ltd. 6.896%, 3M TSFR + 1.502%, 07/15/36 (144A) (a)		250,000		249,172
Dryden 43 Senior Loan Fund  6.717%, 3M TSFR + 1.302%, 04/20/34 (144A) (a)		910,000		906,882
Dryden 45 Senior Loan Fund  7.356%, 3M TSFR + 1.962%, 10/15/30 (144A) (a)		540,000		534,598
Dryden 53 CLO Ltd. 6.776%, 3M TSFR + 1.382%, 01/15/31 (144A) (a)		5,642,183		5,642,533
Dryden 65 CLO Ltd. 7.257%, 3M TSFR + 1.862%, 07/18/30 (144A) (a)		250,000		247,953
Dryden 77 CLO Ltd. 6.749%, 3M TSFR + 1.382%, 05/20/34 (144A) (a)		610,000		609,966
Dryden 87 CLO Ltd. 6.729%, 3M TSFR + 1.362%, 05/20/34 (144A) (a)		400,000		399,035
Dryden XXVIII Senior Loan Fund  6.852%, 3M TSFR + 1.462%, 08/15/30 (144A) (a)		1,939,219		1,938,339
Eaton Vance CLO Ltd. 7.856%, 3M TSFR + 2.462%, 10/15/30 (144A) (a)		710,000		704,862
Elmwood CLO II Ltd. 6.827%, 3M TSFR + 1.412%, 04/20/34 (144A) (a)		750,000		749,956
7.327%, 3M TSFR + 1.912%, 04/20/34 (144A) (a)		250,000		249,988
12.477%, 3M TSFR + 7.062%, 04/20/34 (144A) (a)		250,000		248,192
Elmwood CLO X Ltd. 6.717%, 3M TSFR + 1.302%, 10/20/34 (144A) (a)		1,220,000		1,219,930
7.627%, 3M TSFR + 2.212%, 10/20/34 (144A) (a)		250,000		247,475
Elmwood CLO XII Ltd. 6.827%, 3M TSFR + 1.412%, 01/20/35 (144A) (a)		250,000		249,864
Equity One Mortgage Pass-Through Trust  5.459%, 12/25/33 (a)		2,987,903		2,342,867
Euro-Galaxy III CLO DAC 7.219%, 3M EURIBOR + 3.250%, 04/24/34 (144A) (EUR) (a)		290,000		310,563
Fairstone Financial Issuance Trust I 3.735%, 10/20/39 (144A) (CAD)		323,000		233,331
Fidelity Grand Harbour CLO DAC 7.565%, 3M EURIBOR + 3.600%, 10/15/34 (144A) (EUR) (a)		250,000		262,148
First Franklin Mortgage Loan Trust
5.620%, 1M TSFR + 0.264%, 12/25/36 (a)		1,495,317		1,239,383
5.710%, 1M TSFR + 0.354%, 10/25/36 (a)		139,544		92,060

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
First Franklin Mortgage Loan Trust
5.750%, 1M TSFR + 0.394%, 12/25/36 (a)		3,742,533	$	1,498,806
5.890%, 1M TSFR + 0.534%, 12/25/36 (a)		6,884,623		2,780,244
Flatiron CLO 18 Ltd. 6.614%, 3M TSFR + 1.212%, 04/17/31 (144A) (a)		230,368		230,307
Flatiron CLO 21 Ltd. 6.768%, 3M TSFR + 1.372%, 07/19/34 (144A) (a)		2,390,000		2,389,904
Foundation Finance Trust  2.190%, 01/15/42 (144A)		593,071		538,067
Fremont Home Loan Trust  5.750%, 1M TSFR + 0.394%, 02/25/37 (a)		647,619		491,754
FS Rialto Issuer LLC 6.723%, 1M TSFR + 1.364%, 11/16/36 (144A) (a)		566,000		556,265
Galaxy XXII CLO Ltd. 6.856%, 3M TSFR + 1.462%, 04/16/34 (144A) (a)		660,000		660,125
Galaxy XXVIII CLO Ltd. 6.756%, 3M TSFR + 1.362%, 07/15/31 (144A) (a)		243,284		243,363
Generate CLO 6 Ltd. 9.174%, 3M TSFR + 3.762%, 01/22/35 (144A) (a)		250,000		250,030
Gilbert Park CLO Ltd. 8.606%, 3M TSFR + 3.212%, 10/15/30 (144A) (a)		861,000		851,541
GoldenTree Loan Management U.S. CLO 1 Ltd. 6.807%, 3M TSFR + 1.392%, 10/20/34 (144A) (a)		910,000		909,965
Goldman Home Improvement Trust Issuer Trust  1.970%, 06/25/51 (144A)		403,000		367,775
Grippen Park CLO Ltd. 8.977%, 3M TSFR + 3.562%, 01/20/30 (144A) (a)		250,000		248,750
Henley CLO IV DAC 5.306%, 3M EURIBOR + 1.350%, 04/25/34 (EUR) (a)		100,000		105,760
Highbridge Loan Management 6.837%, 3M TSFR + 1.442%, 07/18/29 (144A) (a)		260,336		260,288
Home Partners of America Trust  3.799%, 12/17/26 (144A)		1,362,531		1,189,271
HPS Loan Management Ltd. 6.654%, 3M TSFR + 1.262%, 02/05/31 (144A) (a)		958,141		956,756
6.817%, 3M TSFR + 1.402%, 04/20/34 (144A) (a)		1,160,000		1,159,994
Invesco Euro CLO V DAC 7.765%, 3M EURIBOR + 3.800%, 01/15/34 (EUR) (a)		100,000		105,518
Knollwood CDO Ltd. 8.868%, 3M TSFR + 3.462%, 01/10/39 (144A) † (a)		1,176,180		118
LCM 26 Ltd. 6.747%, 3M TSFR + 1.332%, 01/20/31 (144A) (a)		1,910,117		1,908,182
LCM 29 Ltd. 6.726%, 3M TSFR + 1.332%, 04/15/31 (144A) (a)		250,000		248,583
Lehman ABS Mortgage Loan Trust  5.560%, 1M TSFR + 0.204%, 06/25/37 (144A) (a)		125,864		79,499
Loanpal Solar Loan Ltd. 2.290%, 01/20/48 (144A)		806,057		627,088
2.750%, 07/20/47 (144A)		853,576		673,804
Logan CLO I Ltd. 6.837%, 3M TSFR + 1.422%, 07/20/34 (144A) (a)		730,000		729,606
Long Beach Mortgage Loan Trust  5.770%, 1M TSFR + 0.414%, 06/25/36 (a)		453,869		208,390
5.790%, 1M TSFR + 0.434%, 08/25/36 (a)		510,941		199,353
Asset-Backed - Other—(Continued)
Madison Park Euro Funding XVI DAC 7.165%, 3M EURIBOR + 3.200%, 05/25/34 (144A) (EUR) (a)		250,000	$	257,251
Madison Park Funding XIII Ltd. 6.608%, 3M TSFR + 1.212%, 04/19/30 (144A) (a)		983,712		983,366
Madison Park Funding XIX Ltd.
6.918%, 3M TSFR + 1.600%, 01/22/37 (144A) (a)		1,094,000		1,094,000
6.594%, 3M TSFR + 1.182%, 01/22/28 (144A) (a)		772,572		772,186
Madison Park Funding XLV Ltd. 6.776%, 3M TSFR + 1.382%, 07/15/34 (144A) (a)		790,000		790,007
Madison Park Funding XVIII Ltd. 6.614%, 3M TSFR + 1.202%, 10/21/30 (144A) (a)		4,887,464		4,882,812
Madison Park Funding XXIII Ltd. 7.649%, 3M TSFR + 2.262%, 07/27/31 (144A) (a)		250,000		247,276
Madison Park Funding XXV Ltd. 7.290%, 3M TSFR + 1.912%, 04/25/29 (144A) (a)		250,000		249,559
Madison Park Funding XXVI Ltd. 6.852%, 3M TSFR + 1.462%, 07/29/30 (144A) (a)		1,957,550		1,957,523
Madison Park Funding XXXVII Ltd. 6.726%, 3M TSFR + 1.332%, 07/15/33 (144A) (a)		350,000		348,721
Madison Park Funding XXXVIII Ltd. 6.784%, 3M TSFR + 1.382%, 07/17/34 (144A) (a)		860,000		859,089
Marble Point CLO XI Ltd. 6.837%, 3M TSFR + 1.442%, 12/18/30 (144A) (a)		491,895		491,940
Mariner CLO LLC 6.664%, 3M TSFR + 1.252%, 07/23/29 (144A) (a)		125,423		125,233
7.174%, 3M TSFR + 1.762%, 07/23/29 (144A) (a)		522,000		520,242
7.724%, 3M TSFR + 2.312%, 07/23/29 (144A) (a)		1,015,000		1,010,599
Mariner Finance Issuance Trust  3.510%, 07/20/32 (144A)		137,089		136,788
4.010%, 07/20/32 (144A)		490,000		485,858
4.680%, 11/20/36 (144A)		400,000		328,402
Merrill Lynch First Franklin Mortgage Loan Trust  5.950%, 1M TSFR + 0.594%, 05/25/37 (a)		7,451,036		5,431,831
Mill City Solar Loan Ltd. 3.690%, 07/20/43 (144A)		971,011		856,897
Mosaic Solar Loan Trust  2.100%, 04/20/46 (144A)		131,729		115,001
2.880%, 09/20/40 (144A)		110,553		98,211
MP CLO III Ltd. 6.927%, 3M TSFR + 1.512%, 10/20/30 (144A) (a)		769,837		769,271
Neuberger Berman CLO XVI-S Ltd. 6.696%, 3M TSFR + 1.302%, 04/15/34 (144A) (a)		440,000		437,603
Neuberger Berman Loan Advisers CLO 26 Ltd. 6.577%, 3M TSFR + 1.182%, 10/18/30 (144A) (a)		1,702,504		1,701,974
Neuberger Berman Loan Advisers CLO 37 Ltd. 7.127%, 3M TSFR + 1.712%, 07/20/31 (144A) (a)		250,000		248,759
Neuberger Berman Loan Advisers CLO 42 Ltd. 6.756%, 3M TSFR + 1.362%, 07/16/35 (144A) (a)		680,000		680,006
Nomura Asset Acceptance Corp. Alternative Loan Trust  5.870%, 1M TSFR + 0.514%, 10/25/36 (144A) (a)		65,082		74,546
Oak Hill European Credit Partners V DAC 5.902%, 3M EURIBOR + 1.900%, 01/21/35 (144A) (EUR) (a)		250,000		268,214

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Oceana Australian Fixed Income Trust  12.000%, 08/31/25 (AUD) † (i) (j)		304,000	$	206,912
12.500%, 08/31/26 (AUD) † (i) (j)		456,000		310,928
12.500%, 08/31/27 (AUD) † (i) (j)		759,000		517,893
OCP CLO Ltd. 6.668%, 3M TSFR + 1.262%, 04/10/33 (144A) (a)		250,000		249,087
6.721%, 3M TSFR + 1.342%, 04/26/31 (144A) (a)		155,793		155,666
6.767%, 3M TSFR + 1.352%, 07/20/32 (144A) (a)		500,000		499,741
6.857%, 3M TSFR + 1.442%, 12/02/34 (144A) (a)		330,000		328,549
7.041%, 3M TSFR + 1.662%, 04/26/31 (144A) (a)		180,000		176,827
7.560%, 3M TSFR + 2.162%, 04/24/29 (144A) (a)		911,000		911,151
7.579%, 3M TSFR + 2.212%, 11/20/30 (144A) (a)		250,000		248,502
Octagon Investment Partners 18-R Ltd. 6.616%, 3M TSFR + 1.222%, 04/16/31 (144A) (a)		2,083,837		2,079,561
Octagon Investment Partners 33 Ltd. 6.867%, 3M TSFR + 1.452%, 01/20/31 (144A) (a)		224,603		224,485
Octagon Investment Partners 37 Ltd. 7.220%, 3M TSFR + 1.842%, 07/25/30 (144A) (a)		250,000		248,483
Octagon Investment Partners 51 Ltd. 6.827%, 3M TSFR + 1.412%, 07/20/34 (144A) (a)		1,170,000		1,169,946
Octagon Investment Partners XV Ltd. 7.008%, 3M TSFR + 1.612%, 07/19/30 (144A) (a)		250,000		248,099
Octagon Investment Partners XVI Ltd. 6.684%, 3M TSFR + 1.282%, 07/17/30 (144A) (a)		3,342,149		3,335,966
Octagon Investment Partners XVII Ltd. 6.640%, 3M TSFR + 1.262%, 01/25/31 (144A) (a)		3,310,968		3,305,237
OHA Credit Funding 2 Ltd. 6.824%, 3M TSFR + 1.412%, 04/21/34 (144A) (a)		2,340,000		2,339,979
OHA Credit Funding 3 Ltd. 6.817%, 3M TSFR + 1.402%, 07/02/35 (144A) (a)		550,000		549,806
7.327%, 3M TSFR + 1.912%, 07/02/35 (144A) (a)		343,000		342,668
OHA Credit Funding 4 Ltd. 6.824%, 3M TSFR + 1.412%, 10/22/36 (144A) (a)		250,000		249,878
OHA Loan Funding Ltd. 6.680%, 3M TSFR + 1.302%, 05/23/31 (144A) (a)		5,603,977		5,604,571
OneMain Financial Issuance Trust  3.140%, 10/14/36 (144A)		3,280,000		3,068,295
OZLM Funding IV Ltd. 6.924%, 3M TSFR + 1.512%, 10/22/30 (144A) (a)		6,194,354		6,191,381
OZLM XVIII Ltd. 6.676%, 3M TSFR + 1.282%, 04/15/31 (144A) (a)		479,900		479,341
OZLM XXI Ltd. 7.577%, 3M TSFR + 2.162%, 01/20/31 (144A) (a)		320,000		316,327
OZLM XXII Ltd. 6.734%, 3M TSFR + 1.332%, 01/17/31 (144A) (a)		205,055		204,900
Palmer Square CLO Ltd. 6.664%, 3M TSFR + 1.262%, 10/17/31 (144A) (a)		560,000		559,091
6.687%, 3M TSFR + 1.292%, 04/18/31 (144A) (a)		811,424		811,015
6.756%, 3M TSFR + 1.362%, 07/16/31 (144A) (a)		1,148,097		1,148,108
6.759%, 3M TSFR + 1.392%, 05/21/34 (144A) (a)		4,195,000		4,194,773
6.794%, 3M TSFR + 1.392%, 01/17/31 (144A) (a)		851,387		851,409
6.806%, 3M TSFR + 1.412%, 01/15/35 (144A) (a)		250,000		249,813
7.025%, 3M TSFR + 1.650%, 11/15/36 (144A) (a)		250,000		250,000
7.329%, 3M TSFR + 1.962%, 05/21/34 (144A) (a)		250,000		249,877
11.256%, 3M TSFR + 5.862%, 07/16/31 (144A) (a)		250,000		242,672
Asset-Backed - Other—(Continued)
Palmer Square Loan Funding Ltd. 10.656%, 3M TSFR + 5.262%, 10/15/29 (144A) (a)		270,000		269,987
Pikes Peak CLO 1 6.840%, 3M TSFR + 1.442%, 07/24/31 (144A) (a)		250,000		250,116
Pikes Peak CLO 8 6.847%, 3M TSFR + 1.432%, 07/20/34 (144A) (a)		1,180,000		1,174,926
Post CLO Ltd. 8.606%, 3M TSFR + 3.212%, 04/16/31 (144A) (a)		250,000		246,874
PRET LLC 2.487%, 07/25/51 (144A) (l)		1,082,537		1,067,516
8.112%, 11/25/53 (144A) (l)		1,174,012		1,191,812
Prima Capital CRE Securitization Ltd. 4.000%, 08/24/40 (144A)		1,740,000		1,633,863
4.000%, 08/24/49 (144A)		177,987		168,429
Progress Residential Trust  2.757%, 04/17/38 (144A)		500,000		446,108
3.395%, 04/19/38 (144A)		967,000		865,742
3.407%, 05/17/38 (144A)		1,340,000		1,196,017
3.436%, 05/17/26 (144A)		1,070,000		957,996
3.666%, 12/17/40 (144A)		345,518		298,925
4.053%, 11/17/40 (144A)		221,000		183,241
4.608%, 12/17/40 (144A)		1,395,972		1,208,716
Race Point IX CLO Ltd. 6.596%, 3M TSFR + 1.202%, 10/15/30 (144A) (a)		691,495		689,864
Rad CLO 15 Ltd. 6.767%, 3M TSFR + 1.352%, 01/20/34 (144A) (a)		250,000		249,567
Rad CLO 2 Ltd. 6.736%, 3M TSFR + 1.342%, 10/15/31 (144A) (a)		540,000		539,986
Rad CLO 3 Ltd. 7.206%, 3M TSFR + 1.812%, 04/15/32 (144A) (a)		250,000		249,085
8.406%, 3M TSFR + 3.012%, 04/15/32 (144A) (a)		250,000		245,391
Rad CLO 4 Ltd. 8.440%, 3M TSFR + 3.062%, 04/25/32 (144A) (a)		250,000		250,020
Redwood Funding Trust  7.500%, 07/25/59 (144A) (l)		798,212		788,628
Regatta VI Funding Ltd. 6.837%, 3M TSFR + 1.422%, 04/20/34 (144A) (a)		760,000		759,477
Regatta VII Funding Ltd. 6.782%, 3M TSFR + 1.412%, 06/20/34 (144A) (a)		280,000		279,856
Regatta XVI Funding Ltd. 7.706%, 3M TSFR + 2.312%, 01/15/33 (144A) (a)		250,000		249,796
Regional Management Issuance Trust  1.900%, 08/15/33 (144A)		173,000		153,043
3.875%, 10/17/33 (i) (j)		3,710,000		3,278,898
Riserva CLO Ltd. 6.717%, 3M TSFR + 1.322%, 01/18/34 (144A) (a)		940,000		934,760
Rockford Tower CLO Ltd. 6.777%, 3M TSFR + 1.362%, 04/20/34 (144A) (a)		856,000		852,755
6.867%, 3M TSFR + 1.452%, 10/20/30 (144A) (a)		2,961,605		2,960,148
7.156%, 3M TSFR + 1.762%, 10/15/29 (144A) (a)		1,781,000		1,778,679
7.279%, 3M TSFR + 1.912%, 08/20/32 (144A) (a)		250,000		249,600
8.506%, 3M TSFR + 3.112%, 10/15/29 (144A) (a)		939,000		933,171
Romark WM-R Ltd. 6.707%, 3M TSFR + 1.292%, 04/20/31 (144A) (a)		234,395		234,123
RR 1 LLC 6.806%, 3M TSFR + 1.412%, 07/15/35 (144A) (a)		1,620,000		1,619,464

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
RR 3 Ltd. 6.746%, 3M TSFR + 1.352%, 01/15/30 (144A) (a)		691,151	$	690,794
RR 5 Ltd. 7.306%, 3M TSFR + 1.912%, 10/15/31 (144A) (a)		250,000		249,757
RRX 4 Ltd. 6.856%, 3M TSFR + 1.462%, 07/15/34 (144A) (a)		1,860,000		1,860,004
RRX 5 Ltd. 7.456%, 3M TSFR + 2.062%, 07/15/34 (144A) (a)		250,000		248,461
Service Experts Issuer LLC 2.670%, 02/02/32 (144A)		729,714		678,043
SG Mortgage Securities Trust  5.680%, 1M TSFR + 0.324%, 10/25/36 (a)		570,000		402,117
Signal Peak CLO 1 Ltd. 6.824%, 3M TSFR + 1.422%, 04/17/34 (144A) (a)		1,750,000		1,742,144
7.464%, 3M TSFR + 2.062%, 04/17/34 (144A) (a)		490,000		486,239
Signal Peak CLO 2 LLC 7.177%, 3M TSFR + 1.762%, 04/20/29 (144A) (a)		1,412,000		1,412,031
Silver Creek CLO Ltd. 6.917%, 3M TSFR + 1.502%, 07/20/30 (144A) (a)		724,440		724,508
Sixth Street CLO XIX Ltd. 6.777%, 3M TSFR + 1.362%, 07/20/34 (144A) (a)		2,890,000		2,885,922
Sound Point CLO II Ltd. 6.711%, 3M TSFR + 1.332%, 01/26/31 (144A) (a)		436,560		436,051
Sound Point CLO XII Ltd. 7.727%, 3M TSFR + 2.312%, 10/20/28 (144A) (a)		780,000		780,183
Sound Point CLO XV Ltd.
6.574%, 3M TSFR + 1.162%, 01/23/29 (144A) (a)		37,912		37,903
Sound Point CLO XXVIII Ltd. 6.920%, 3M TSFR + 1.542%, 01/25/32 (144A) (a)		350,000		349,825
Soundview Home Loan Trust  6.265%, 1M TSFR + 0.909%, 01/25/35 (a)		13,865		11,888
Steele Creek CLO Ltd. 6.906%, 3M TSFR + 1.512%, 10/15/30 (144A) (a)		573,971		573,956
Symphony CLO XXIII Ltd. 7.256%, 3M TSFR + 1.862%, 01/15/34 (144A) (a)		250,000		249,031
Symphony CLO XXVI Ltd. 6.757%, 3M TSFR + 1.342%, 04/20/33 (144A) (a)		398,000		396,463
TCI-Flatiron CLO Ltd. 6.591%, 3M TSFR + 1.222%, 11/18/30 (144A) (a)		470,808		470,187
TCW CLO AMR Ltd. 6.872%, 3M TSFR + 1.482%, 08/16/34 (144A) (a)		250,000		249,074
TIAA CLO III Ltd. 6.806%, 3M TSFR + 1.412%, 01/16/31 (144A) (a)		484,714		484,458
TICP CLO VI Ltd. 6.776%, 3M TSFR + 1.382%, 01/15/34 (144A) (a)		820,000		817,838
TICP CLO XII Ltd. 6.826%, 3M TSFR + 1.432%, 07/15/34 (144A) (a)		250,000		249,997
Trestles CLO IV Ltd. 6.844%, 3M TSFR + 1.432%, 07/21/34 (144A) (a)		1,170,000		1,169,417
Trestles CLO Ltd. 8.540%, 3M TSFR + 3.162%, 04/25/32 (144A) (a)		250,000		244,587
Tricon American Homes Trust  4.564%, 05/17/37 (144A)		260,000		252,894
4.960%, 05/17/37 (144A)		180,000		175,576
Tricon Residential Trust
3.692%, 07/17/38 (144A)		795,000		712,616
Asset-Backed - Other—(Continued)
Tricon Residential Trust
4.133%, 07/17/38 (144A)		639,000		570,376
Trinitas CLO IV Ltd. 7.057%, 3M TSFR + 1.662%, 10/18/31 (144A) (a)		160,000		157,788
Trinitas CLO XIV Ltd. 7.640%, 3M TSFR + 2.262%, 01/25/34 (144A) (a)		560,000		553,705
Venture 32 CLO Ltd. 6.727%, 3M TSFR + 1.332%, 07/18/31 (144A) (a)		417,084		416,538
VOLT CVI LLC 2.734%, 12/26/51 (144A) (l)		1,580,069		1,505,321
Voya CLO Ltd. 6.716%, 3M TSFR + 1.322%, 04/15/31 (144A) (a)		1,708,511		1,707,408
6.717%, 3M TSFR + 1.302%, 04/20/34 (144A) (a)		357,000		354,099
6.786%, 3M TSFR + 1.392%, 10/15/30 (144A) (a)		798,833		798,844
Voya Euro CLO V DAC 5.715%, 3M EURIBOR + 1.750%, 04/15/35 (144A) (EUR) (a)		340,000		363,522
7.065%, 3M EURIBOR + 3.100%, 04/15/35 (144A) (EUR) (a)		250,000		259,675
Washington Mutual Asset-Backed Certificates WMABS Trust  4.486%, 1M TSFR + 0.424%, 10/25/36 (a)		512,509		380,529
5.830%, 1M TSFR + 0.474%, 09/25/36 (a)		1,677,857		458,772
Whitebox CLO I Ltd. 8.710%, 3M TSFR + 3.312%, 07/24/32 (144A) (a)		500,000		499,338
12.060%, 3M TSFR + 6.662%, 07/24/32 (144A) (a)		250,000		230,607
Whitebox CLO III Ltd.
9.006%, 3M TSFR + 3.612%, 10/15/34 (144A) (a)		250,000		250,015
12.506%, 3M TSFR + 7.112%, 10/15/34 (144A) (a)		250,000		244,776
				215,615,779
Asset-Backed - Student Loan—0.8%
College Avenue Student Loans LLC 2.420%, 06/25/52 (144A)		146,137		128,161
2.720%, 06/25/52 (144A)		89,611		79,642
4.110%, 07/26/55 (144A)		100,000		86,620
Navient Private Education Loan Trust  6.376%, 1M TSFR + 1.014%, 11/15/68 (144A) (a)		281,573		277,503
Navient Private Education Refi Loan Trust  2.610%, 04/15/60 (144A)		280,000		257,362
2.690%, 07/15/69 (144A)		450,000		358,330
3.480%, 04/15/60 (144A)		710,000		628,247
4.000%, 04/15/60 (144A)		230,000		208,816
Nelnet Student Loan Trust  2.530%, 04/20/62 (144A)		2,102,119		1,694,398
2.680%, 04/20/62 (144A)		3,120,000		2,556,626
2.850%, 04/20/62 (144A)		3,661,000		2,985,873
2.900%, 04/20/62 (144A)		1,640,000		1,367,583
3.360%, 04/20/62 (144A)		110,000		88,821
3.500%, 04/20/62 (144A)		170,000		132,222
3.570%, 04/20/62 (144A)		142,000		115,949
3.750%, 04/20/62 (144A)		277,000		224,264
4.380%, 04/20/62 (144A)		100,000		77,867
4.440%, 04/20/62 (144A)		160,000		131,674
4.750%, 04/20/62 (144A)		260,000		216,739
4.930%, 04/20/62 (144A)		374,000		311,262
7.574%, SOFR30A + 2.250%, 11/25/53 (144A) (a)		800,000		797,584

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Student Loan—(Continued)
Prodigy Finance Ltd. 6.720%, 1M TSFR + 1.364%, 07/25/51 (144A) (a)		374,258	$	371,035
7.970%, 1M TSFR + 2.614%, 07/25/51 (144A) (a)		86,204		85,706
Scholar Funding Trust  6.103%, SOFR30A + 0.764%, 01/30/45 (144A) (a)		2,570,487		2,524,952
SLM Private Education Loan Trust  10.226%, 1M TSFR + 4.864%, 10/15/41 (144A) (a)		2,391,869		2,515,444
SMB Private Education Loan Trust  2.300%, 01/15/53 (144A)		150,000		137,869
2.990%, 01/15/53 (144A)		1,339,466		1,138,511
3.000%, 01/15/53 (144A)		90,613		77,714
3.500%, 12/17/40 (144A)		1,142,870		1,106,009
3.860%, 01/15/53 (144A)		751,346		675,690
3.930%, 01/15/53 (144A)		88,378		81,660
				21,440,133
Total Asset-Backed Securities (Cost $287,161,703)				274,441,237
Mortgage-Backed Securities—8.0%
Collateralized Mortgage Obligations—3.6%
Agate Bay Mortgage Trust  3.499%, 06/25/45 (144A) (a)		104,000		64,147
3.534%, 04/25/45 (144A) (a)		150,000		98,636
3.655%, 01/25/45 (144A) (a)		130,000		85,202
Ajax Mortgage Loan Trust
Zero Coupon, 12/25/57 (144A) (a)		21,826		9,204
Zero Coupon, 11/25/58 (144A)		7,232		4,714
1.740%, 12/25/60 (144A) (a)		3,835,409		3,335,906
1.875%, 06/25/61 (144A) (a)		12,526,365		11,937,918
2.000%, 03/25/60 (144A) (l)		3,817,908		3,661,723
2.115%, 01/25/61 (144A) (l)		1,661,438		1,608,102
2.250%, 06/25/60 (144A) (l)		550,575		542,589
2.250%, 09/27/60 (144A) (l)		53,959		53,289
2.693%, 12/25/60 (144A) (a)		744,000		619,190
2.940%, 12/25/60 (144A) (a)		293,000		241,291
3.729%, 12/25/60 (144A) (a)		449,000		376,350
American Home Mortgage Assets Trust  5.952%, 12M MTA + 0.940%, 10/25/46 (a)		311,824		210,725
American Home Mortgage Investment Trust  5.660%, 1M TSFR + 0.304%, 05/25/47 (a)		3,776,336		2,016,722
Angel Oak Mortgage Trust  4.800%, 11/25/67 (144A) (l)		1,840,000		1,786,061
APS Resecuritization Trust  8.320%, 1M TSFR + 2.964%, 09/27/46 (144A) (a)		171,736		171,637
Banc of America Alternative Loan Trust  5.500%, 10/25/33		683,205		661,973
Barclays Mortgage Trust  2.000%, 11/25/51 (144A) (l)		2,843,835		2,624,915
Chase Mortgage Finance Trust  4.726%, 02/25/37 (a)		1,303,339		1,254,511
6.000%, 12/25/37		6,240,709		2,625,423
CHL Mortgage Pass-Through Trust  5.972%, 12M MTA + 0.960%, 04/25/46 (a)		3,102,478		944,701
Collateralized Mortgage Obligations—(Continued)
CHL Mortgage Pass-Through Trust  6.000%, 05/25/37		2,881,808		1,293,639
6.000%, 08/25/37		5,614,273		2,478,672
6.000%, 01/25/38		938,104		429,940
Countrywide Alternative Loan Trust  5.420%, 1M TSFR + 0.464%, 06/25/35 (a)		856,945		709,155
5.500%, 04/25/37		529,032		273,987
5.662%, 1M TSFR + 0.304%, 03/20/47 (a)		829,678		675,335
5.672%, 1M TSFR + 0.314%, 07/20/46 (a)		1,364,234		1,086,138
5.750%, 1M TSFR + 0.394%, 04/25/47 (a)		393,718		344,494
5.762%, 1M TSFR + 0.404%, 12/20/46 (a)		3,545,107		3,055,539
5.850%, 1M TSFR + 0.494%, 10/25/46 (a)		534,829		480,590
5.930%, 1M TSFR + 0.574%, 11/25/36 (a)		527,322		426,439
5.932%, 1M TSFR + 0.574%, 05/20/46 (a)		2,236,340		1,881,386
5.970%, 1M TSFR + 0.614%, 07/25/46 (a)		2,424,212		2,035,693
6.000%, 04/25/37		89,900		43,039
6.000%, 05/25/37		1,947,139		962,312
6.030%, 1M TSFR + 0.394%, 08/25/35 (a)		4,846,518		4,406,386
6.742%, 12M MTA + 1.730%, 11/25/46 (a)		1,586,462		1,219,433
Countrywide Home Reperforming Loan REMIC Trust  5.810%, 1M TSFR + 0.454%, 06/25/35 (144A) (a)		191,381		178,849
Cross Mortgage Trust  7.135%, 11/25/68 (144A) (l)		498,026		506,138
CSFB Mortgage-Backed Pass-Through Certificates 6.250%, 1M TSFR + 1.464%, 11/25/35 (a)		409,170		96,010
CSMC Trust  4.265%, 03/25/67 (144A) (a)		560,000		519,898
9.441%, 12/25/67 (144A) (a)		2,142,073		2,213,631
CSMC Trust Capital Certificates 2.436%, 02/25/61 (144A) (a)		1,704,388		1,635,273
6.500%, 10/27/37 (144A)		2,614,596		1,051,858
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust  5.810%, 1M TSFR + 0.454%, 08/25/47 (a)		271,788		241,394
GreenPoint Mortgage Funding Trust  7.012%, 12M MTA + 2.000%, 03/25/36 (a)		89,034		78,072
GS Mortgage-Backed Securities Corp. Trust  4.382%, 11/25/49 (144A) (a)		251,897		214,278
GSR Mortgage Loan Trust  6.000%, 07/25/37		367,062		235,457
HarborView Mortgage Loan Trust  5.880%, 1M TSFR + 0.524%, 12/19/36 (a)		1,090,908		866,021
Impac Secured Assets Trust  5.810%, 1M TSFR + 0.454%, 11/25/36 (a)		144,269		127,999
IndyMac INDX Mortgage Loan Trust  3.685%, 09/25/37 (a)		624,694		416,947
JP Morgan Alternative Loan Trust  4.762%, 05/25/37 (a)		129,419		116,040
5.890%, 1M TSFR + 0.534%, 03/25/37 (a)		635,444		588,294
JP Morgan Mortgage Trust
0.269%, 02/25/52 (144A) (a) (b)		8,749,179		114,298
0.500%, 02/25/52 (144A) (a) (b)		8,749,936		238,512
2.500%, 02/25/52 (144A) (a)		6,828,000		5,499,192
3.203%, 02/25/52 (144A) (a)		124,505		49,629
3.269%, 02/25/52 (144A) (a)		959,306		757,918
6.500%, 08/25/36		182,661		61,471
Legacy Mortgage Asset Trust  1.750%, 04/25/61 (144A) (l)		2,787,911		2,691,468

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Legacy Mortgage Asset Trust  3.375%, 02/25/59 (144A) (a)		795,112	$	757,298
5.734%, 01/25/60 (144A) (l)		52,726		52,681
MASTR Resecuritization Trust  6.013%, 08/25/37 (144A) (a)		216,857		95,247
Merrill Lynch Mortgage Investors Trust  4.291%, 05/25/36 (a)		434,137		303,776
MFA Trust  3.514%, 04/25/65 (144A) (a)		540,000		415,910
Morgan Stanley Resecuritization Trust  4.338%, 12M MTA + 0.710%, 12/27/46 (144A) (a)		3,641,341		3,093,018
Mortgage Loan Resecuritization Trust  5.797%, 1M LIBOR + 0.340%, 04/16/36 (144A) (a)		728,733		694,588
New Residential Mortgage Loan Trust  4.250%, 12/25/57 (144A) (a)		197,131		189,535
Nomura Asset Acceptance Corp. Alternative Loan Trust  7.134%, 05/25/36 (l)		217,215		41,043
NYMT Loan Trust  5.944%, 10/25/60 (144A) (a)		1,846,373		1,838,042
Preston Ridge Partners Mortgage LLC 5.951%, 10/25/25 (144A) (l)		924,368		921,379
Residential Asset Securitization Trust  0.980%, -1x 1M TSFR + 6.336%, 09/25/37 (a) (b)		11,326,874		1,449,326
6.020%, 1M TSFR + 0.664%, 09/25/37 (a)		11,326,874		3,333,375
6.250%, 12/25/36		3,603,353		2,538,006
RFMSI Trust  5.363%, 08/25/36 (a)		774,425		542,949
RMF Buyout Issuance Trust  3.690%, 11/25/31 (144A) (a)		509,000		449,469
Sequoia Mortgage Trust  3.917%, 07/20/37 (a)		148,138		108,331
Structured Adjustable Rate Mortgage Loan Trust  3.813%, 04/25/36 (a)		165,762		92,192
4.236%, 04/25/47 (a)		509,889		237,819
Structured Asset Mortgage Investments II Trust  5.850%, 1M TSFR + 0.494%, 06/25/36 (a)		771,705		650,992
5.890%, 1M TSFR + 0.534%, 05/25/46 (a)		135,255		93,494
5.930%, 1M TSFR + 0.574%, 02/25/36 (a)		537,077		453,073
Visio Trust  3.910%, 11/25/54 (144A) (a)		169,000		127,504
Vista Point Securitization Trust  4.900%, 04/25/65 (144A) (a)		100,000		88,434
Voyager OPTONE Delaware Trust  5.739%, 02/25/38 (144A) (a) (b)		2,937,548		678,255
WaMu Mortgage Pass-Through Certificates Trust
3.325%, 04/25/37 (a)		4,113,054		3,561,897
5.762%, 12M MTA + 0.750%, 06/25/47 (a)		1,366,856		1,093,027
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust  4.157%, 10/25/36 (l)		893,849		308,452
5.712%, 12M MTA + 0.700%, 01/25/47 (a)		2,185,178		1,735,765
5.990%, 1M TSFR + 0.634%, 12/25/35 (a)		1,862,518		1,540,660
				102,721,290
Commercial Mortgage-Backed Securities—4.4%
1211 Avenue of the Americas Trust  4.142%, 08/10/35 (144A) (a)		230,000		197,685
245 Park Avenue Trust  0.149%, 06/05/37 (144A) (a) (b)		5,000,000		27,930
3.657%, 06/05/37 (144A) (a)		207,000		165,770
280 Park Avenue Mortgage Trust  7.195%, 1M TSFR + 1.836%, 09/15/34 (144A) (a)		500,000		455,000
7.777%, 1M TSFR + 2.419%, 09/15/34 (144A) (a)		1,473,000		1,323,478
ALEN Mortgage Trust  8.577%, 1M TSFR + 3.214%, 04/15/34 (144A) (a)		453,000		274,949
Arbor Multifamily Mortgage Securities Trust  1.750%, 05/15/53 (144A)		126,000		69,724
Ashford Hospitality Trust  7.634%, 1M TSFR + 2.272%, 04/15/35 (144A) (a)		138,000		132,109
Atrium Hotel Portfolio Trust  7.609%, 1M TSFR + 2.247%, 12/15/36 (144A) (a)		1,041,000		903,373
BAMLL Commercial Mortgage Securities Trust  3.596%, 04/14/33 (144A) (a)		250,000		221,899
6.809%, 1M TSFR + 1.447%, 11/15/33 (144A) † (a)		510,000		450,515
6.909%, 1M TSFR + 1.547%, 11/15/32 (144A) † (a)		300,000		251,068
7.409%, 1M TSFR + 2.047%, 11/15/32 (144A) † (a)		630,000		537,558
Bank 0.366%, 09/15/62 (a) (b)		8,619,000		156,343
Bank of America Merrill Lynch Commercial Mortgage Trust  0.585%, 02/15/50 (a) (b)		4,070,000		67,133
1.241%, 02/15/50 (144A) (a) (b)		2,000,000		66,339
Bayview Commercial Asset Trust  5.845%, 1M TSFR + 0.489%, 10/25/36 (144A) (a)		76,369		71,596
5.875%, 1M TSFR + 0.519%, 03/25/37 (144A) (a)		116,359		106,804
5.920%, 1M TSFR + 0.564%, 01/25/36 (144A) (a)		56,947		51,965
5.920%, 1M TSFR + 0.564%, 10/25/36 (144A) (a)		77,709		73,022
6.010%, 1M TSFR + 0.654%, 04/25/36 (144A) (a)		65,105		59,670
6.145%, 1M TSFR + 0.789%, 01/25/36 (144A) (a)		42,394		38,941
6.970%, 1M TSFR + 1.614%, 12/25/37 (144A) (a)		957,016		816,417
BB-UBS Trust  0.596%, 11/05/36 (144A) (a) (b)		85,480,000		322,815
4.026%, 11/05/36 (144A) (a)		330,000		281,946
BBCMS Mortgage Trust  6.281%, 1M TSFR + 0.919%, 03/15/37 (144A) (a)		280,000		259,700
Beast Mortgage Trust
6.227%, 1M TSFR + 0.864%, 04/15/36 (144A) (a)		5,500,000		5,393,035
6.577%, 1M TSFR + 1.214%, 04/15/36 (144A) (a)		604,000		583,524
6.827%, 1M TSFR + 1.464%, 04/15/36 (144A) (a)		751,000		724,840
7.077%, 1M TSFR + 1.714%, 04/15/36 (144A) (a)		697,000		667,211
7.577%, 1M TSFR + 2.214%, 04/15/36 (144A) (a)		589,000		556,055
8.377%, 1M TSFR + 3.014%, 04/15/36 (144A) (a)		576,000		544,991
9.277%, 1M TSFR + 3.914%, 04/15/36 (144A) (a)		778,000		725,017
10.379%, 1M TSFR + 5.017%, 04/15/36 (144A) (a)		555,000		516,098
Benchmark Mortgage Trust  1.016%, 03/15/52 (a) (b)		3,439,348		133,042
1.267%, 02/15/54 (a) (b)		5,085,597		308,076
BFLD Trust  9.177%, 1M TSFR + 3.814%, 10/15/35 (144A) (a)		663,000		67,164
BHMS Mortgage Trust  6.909%, 1M TSFR + 1.547%, 07/15/35 (144A) (a)		3,160,000		3,135,559

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
BPR Trust  9.077%, 1M TSFR + 3.714%, 09/15/38 (144A) (a)		492,000	$	469,558
BWAY Mortgage Trust  3.446%, 03/10/33 (144A)		1,495,000		1,373,560
3.454%, 03/10/33 (144A)		1,206,304		1,132,427
3.633%, 03/10/33 (144A)		600,000		528,169
BX Commercial Mortgage Trust  2.843%, 03/09/44 (144A) (a)		2,162,100		1,848,288
6.387%, 1M TSFR + 1.024%, 02/15/33 (144A) (a)		2,391,915		2,342,685
7.121%, 1M TSFR + 1.761%, 12/09/40 (144A) (a)		845,000		845,523
7.627%, 1M TSFR + 2.264%, 02/15/33 (144A) (a)		1,466,417		1,436,634
7.776%, 1M TSFR + 2.414%, 10/15/36 (144A) † (a)		3,944,000		3,883,847
8.126%, 1M TSFR + 2.764%, 10/15/36 (144A) † (a)		2,955,292		2,907,054
8.277%, 1M TSFR + 2.914%, 06/15/38 (144A) (a)		641,141		612,245
8.949%, 1M TSFR + 3.589%, 12/09/40 (144A) (a)		1,154,000		1,153,638
9.727%, 1M TSFR + 4.364%, 02/15/33 (144A) (a)		979,005		959,372
BX Trust  3.202%, 12/09/41 (144A)		4,738,000		4,182,267
3.944%, 12/09/41 (144A) (a)		2,772,000		2,388,056
6.212%, 1M TSFR + 0.850%, 01/15/39 (144A) (a)		1,260,000		1,233,149
6.376%, 1M TSFR + 1.014%, 10/15/36 (144A) (a)		3,857,000		3,769,839
7.372%, 1M TSFR + 2.010%, 10/15/36 (144A) (a)		344,000		327,591
7.527%, 1M TSFR + 2.165%, 08/15/39 (144A) (a)		755,000		755,710
7.727%, 1M TSFR + 2.364%, 01/15/34 (144A) (a)		214,553		207,044
7.877%, 1M TSFR + 2.514%, 02/15/36 (144A) (a)		1,742,188		1,645,054
8.052%, 1M TSFR + 2.690%, 05/15/38 (144A) (a)		5,434,000		5,444,211
8.477%, 1M TSFR + 3.114%, 01/15/34 (144A) (a)		329,493		319,032
8.477%, 1M TSFR + 3.114%, 02/15/36 (144A) (a)		893,170		832,383
8.575%, 1M TSFR + 3.213%, 08/15/42 (144A) (a)		943,000		943,886
8.619%, 1M TSFR + 3.257%, 10/15/36 (144A) (a)		302,000		282,797
BXP Trust  2.776%, 01/15/44 (144A) (a)		327,000		201,381
3.552%, 08/13/37 (144A) (a)		760,000		532,840
Cassia SRL 6.462%, 3M EURIBOR + 2.500%, 05/22/34 (144A) (EUR) (a)		1,267,640		1,352,843
CD Mortgage Trust  3.631%, 02/10/50		350,000		324,811
3.956%, 08/15/50 (a)		363,000		313,078
CENT Trust  7.982%, 1M TSFR + 2.620%, 09/15/38 (144A) (a)		2,110,000		2,120,574
CFCRE Commercial Mortgage Trust  0.692%, 05/10/58 (a) (b)		2,370,000		33,917
CFK Trust  4.637%, 01/15/39 (144A) (a)		728,000		643,792
Citigroup Commercial Mortgage Trust  0.801%, 11/10/42 (144A) (a) (b)		7,730,000		345,808
Cold Storage Trust  6.372%, 1M TSFR + 1.014%, 11/15/37 (144A) (a)		2,948,972		2,935,053
8.238%, 1M TSFR + 2.880%, 11/15/37 (144A) (a)		1,582,615		1,570,775
COMM Mortgage Trust  0.060%, 02/10/35 (144A) (a) (b)		60,958,000		47,580
3.179%, 10/10/36 (144A) (a)		270,000		212,882
CRSO Trust  7.121%, 07/12/40		5,522,122		5,749,073
Commercial Mortgage-Backed Securities—(Continued)
CSAIL Commercial Mortgage Trust  0.174%, 11/15/50 (a) (b)		3,940,000		37,976
0.536%, 09/15/52 (a) (b)		4,150,000		109,125
1.320%, 09/15/52 (a) (b)		3,005,689		159,344
1.543%, 06/15/52 (a) (b)		7,025,352		437,639
4.237%, 06/15/52 (a)		70,000		55,567
CSMC Trust  3.778%, 11/10/32 (144A) (a)		301,000		138,405
6.359%, 1M TSFR + 0.997%, 12/15/30 (144A) (a)		280,000		264,934
8.505%, 1M TSFR + 3.143%, 09/09/24 (144A) (a)		3,058,000		3,090,573
8.977%, 1M TSFR + 3.614%, 11/15/38 (144A) (a)		191,000		185,431
10.589%, 1M TSFR + 5.226%, 10/15/37 (144A) (a)		587,000		525,048
DBJPM Mortgage Trust  1.000%, 06/10/50 (a) (b)		2,060,000		57,713
3.276%, 05/10/49		240,000		227,972
DBUBS Mortgage Trust  3.530%, 10/10/34 (144A) (a)		1,257,563		924,345
ELP Commercial Mortgage Trust  8.593%, 1M TSFR + 3.230%, 11/15/38 (144A) (a)		411,663		384,915
Extended Stay America Trust  7.727%, 1M TSFR + 2.364%, 07/15/38 (144A) (a)		700,080		687,770
8.327%, 1M TSFR + 2.964%, 07/15/38 (144A) (a)		1,260,144		1,236,404
9.177%, 1M TSFR + 3.814%, 07/15/38 (144A) (a)		3,778,565		3,697,324
GCT Commercial Mortgage Trust  7.827%, 1M TSFR + 2.464%, 02/15/38 (144A) (a)		100,000		20,179
GS Mortgage Securities Corp. Trust  2.856%, 05/10/34 (144A)		687,964		482,125
7.453%, 1M TSFR + 2.091%, 03/15/28 (144A) (a)		130,000		129,511
GS Mortgage Securities Corportation II 5.366%, 05/03/32 (144A)		840,000		822,636
GS Mortgage Securities Trust  1.715%, 12/12/53 (144A) (a) (b)		3,095,344		255,549
3.805%, 10/10/35 (144A) (a)		200,000		157,188
3.806%, 11/10/52 (a)		60,000		46,206
4.401%, 07/10/48 (a)		110,000		99,462
4.529%, 04/10/47 (a)		50,000		48,570
HMH Trust  3.062%, 07/05/31 (144A)		1,210,000		1,050,119
HONO Mortgage Trust  8.827%, 1M TSFR + 3.464%, 10/15/36 (144A) (a)		287,000		265,981
9.877%, 1M TSFR + 4.514%, 10/15/36 (144A) (a)		263,000		239,767
Hudson Yards Mortgage Trust  2.943%, 12/10/41 (144A) (a)		662,050		472,636
IMT Trust  3.478%, 06/15/34 (144A)		540,000		531,170
3.497%, 06/15/34 (144A) (a)		570,000		555,980
INTOWN Mortgage Trust  7.851%, 1M TSFR + 2.489%, 08/15/39 (144A) (a)		1,100,000		1,103,447
JP Morgan Chase Commercial Mortgage Securities Trust  0.505%, 04/15/46 (a) (b)		4,900,000		164
0.750%, 08/15/49 (144A) (a) (b)		5,300,000		87,039
6.619%, 1M TSFR + 1.257%, 06/15/35 (144A) (a)		310,107		276,584
7.177%, 1M TSFR + 1.814%, 04/15/38 (144A) (a)		787,000		775,108
7.569%, 1M TSFR + 2.207%, 07/15/36 (144A) (a)		570,000		549,228
7.927%, 1M TSFR + 2.564%, 04/15/38 (144A) (a)		1,030,000		996,317

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
JP Morgan Chase Commercial Mortgage Securities Trust  8.427%, 1M TSFR + 3.064%, 04/15/38 (144A) (a)		450,000	$	435,212
8.497%, 1M TSFR + 3.134%, 10/15/33 (144A) (a)		180,000		145,616
8.901%, 1M TSFR + 3.540%, 04/15/37 (144A) (a)		899,153		611,897
JPMBB Commercial Mortgage Securities Trust  0.544%, 05/15/48 (a) (b)		538,543		2,963
0.781%, 09/15/47 (a) (b)		1,069,575		2,086
4.136%, 12/15/48 (144A) (a)		300,000		246,031
JPMDB Commercial Mortgage Securities Trust  0.750%, 12/15/49 (144A) (a) (b)		2,067,000		36,121
KNDL Mortgage Trust  7.358%, 1M TSFR + 1.996%, 05/15/36 (144A) (a)		865,000		852,740
KSL Commercial Mortgage Trust  7.640%, 1M TSFR + 2.290%, 12/15/36 (144A) (a)		745,000		744,689
9.637%, 1M TSFR + 4.287%, 12/15/36 (144A) (a)		2,340,000		2,341,433
Lehman Brothers Small Balance Commercial Mortgage Trust  5.920%, 1M TSFR + 0.564%, 09/25/36 (144A) (a)		201,897		191,783
LSTAR Commercial Mortgage Trust  0.824%, 03/10/50 (144A) (a) (b)		608,400		10,047
3.134%, 04/20/48 (144A) (a)		34,422		33,535
LUXE Trust  8.235%, 1M TSFR + 2.864%, 10/15/38 (144A) (a)		100,000		97,505
Med Trust  9.477%, 1M TSFR + 4.114%, 11/15/38 (144A) (a)		388,933		377,396
10.727%, 1M TSFR + 5.364%, 11/15/38 (144A) (a)		3,660,167		3,501,251
MF1 Trust  9.582%, 1M TSFR + 4.220%, 12/15/34 (144A) (a)		163,000		151,124
MFT Mortgage Trust  3.477%, 02/10/42 (144A) (a)		350,781		193,605
MHC Commercial Mortgage Trust  7.577%, 1M TSFR + 2.215%, 04/15/38 (144A) (a)		1,443,698		1,420,272
8.077%, 1M TSFR + 2.715%, 04/15/38 (144A) (a)		178,041		173,128
Morgan Stanley Bank of America Merrill Lynch Trust  1.181%, 12/15/47 (144A) (a) (b)		1,810,000		20,564
4.517%, 10/15/48 (a)		170,000		142,234
Morgan Stanley Capital I Trust  1.002%, 03/15/52 (a) (b)		2,324,053		92,445
2.150%, 06/15/50 (144A) (a) (b)		1,190,000		71,611
8.209%, 1M TSFR + 2.851%, 07/15/35 (144A) (a)		10,000		9,605
MSWF Commercial Mortgage Trust  1.141%, 12/15/56 (a) (b)		8,250,000		548,892
6.014%, 12/15/56 (a)		490,000		527,727
Natixis Commercial Mortgage Securities Trust  4.404%, 06/17/38 (144A)		265,000		252,663
8.500%, 06/15/35 (144A) (a)		34,769		32,102
NJ Trust  6.697%, 01/06/29 (144A) (a)		350,000		364,894
Olympic Tower Mortgage Trust  0.379%, 05/10/39 (144A) (a) (b)		13,300,000		152,076
3.945%, 05/10/39 (144A) (a)		1,049,000		649,806
One Bryant Park Trust  2.516%, 09/15/54 (144A)		128,000		108,369
One Market Plaza Trust
Zero Coupon, 02/10/32 (144A) (a) (b)		21,110,000		211
0.090%, 02/10/32 (144A) (a) (b)		4,222,000		7,304
Commercial Mortgage-Backed Securities—(Continued)
One New York Plaza Trust  8.227%, 1M TSFR + 2.864%, 01/15/36 (144A) (a)		160,000		122,977
SREIT Trust  8.095%, 1M TSFR + 2.733%, 11/15/36 (144A) (a)		672,700		640,618
8.101%, 1M TSFR + 2.739%, 11/15/38 (144A) (a)		851,608		811,234
TYSN Mortgage Trust  6.799%, 12/10/33 (144A) (a)		320,000		333,058
UBS Commercial Mortgage Trust  1.007%, 12/15/52 (a) (b)		7,079,824		278,571
1.457%, 10/15/52 (a) (b)		6,748,225		414,505
Velocity Commercial Capital Loan Trust  2.520%, 12/26/51 (144A) (a)		2,499,193		2,016,329
2.980%, 02/25/50 (144A) (a)		123,651		99,428
4.240%, 11/25/47 (144A) (a)		66,639		56,408
4.480%, 12/26/51 (144A) (a)		279,662		202,950
5.000%, 11/25/47 (144A) (a)		39,173		31,927
Wells Fargo Commercial Mortgage Trust  1.012%, 12/15/48 (a) (b)		889,136		12,939
1.246%, 08/15/49 (144A) (a) (b)		1,430,000		38,000
1.410%, 05/15/52 (a) (b)		4,758,485		251,507
3.580%, 02/15/48		1,342,000		1,286,281
3.749%, 06/15/36 (144A) (a)		170,000		148,125
4.904%, 01/15/52 (a)		622,000		563,605
7.567%, 1M TSFR + 2.204%, 02/15/37 (144A) (a)		300,000		293,155
8.217%, 1M TSFR + 2.854%, 02/15/37 (144A) (a)		260,000		253,702
				122,536,494
Total Mortgage-Backed Securities (Cost $250,230,504)				225,257,784
Foreign Government—2.0%
Banks—0.0%
Bank Gospodarstwa Krajowego 6.250%, 10/31/28 (144A)		200,000		211,000
Corp. Financiera de Desarrollo SA 4.750%, 07/15/25		200,000		197,000
				408,000
Sovereign—2.0%
Argentina Republic Government International Bonds 3.625%, 07/09/35 (l)		215,000		73,383
4.250%, 01/09/38 (l)		193,000		76,124
Bahrain Government International Bond 7.500%, 09/20/47		200,000		188,058
Benin Government International Bond 4.875%, 01/19/32 (EUR)		139,000		125,303
Brazil Letras do Tesouro Nacional
Zero Coupon, 04/01/24 (BRL)		4,000,000		802,304
Chile Government International Bond 4.340%, 03/07/42		200,000		178,568
Colombia Government International Bonds 3.875%, 04/25/27		200,000		190,533
4.125%, 05/15/51		400,000		265,426
8.000%, 04/20/33		361,000		393,770

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Colombia TES 5.750%, 11/03/27 (COP)		2,338,000,000	$	533,983
6.000%, 04/28/28 (COP)		4,106,500,000		933,763
7.500%, 08/26/26 (COP)		6,791,600,000		1,675,056
7.750%, 09/18/30 (COP)		2,499,100,000		586,705
Dominican Republic International Bonds 4.500%, 01/30/30 (144A)		150,000		138,000
5.950%, 01/25/27		100,000		100,205
6.875%, 01/29/26		100,000		101,665
Egypt Government International Bonds 7.500%, 02/16/61		200,000		116,430
7.625%, 05/29/32		200,000		138,667
8.500%, 01/31/47		200,000		123,983
European Union 2.500%, 10/04/52 (EUR)		2,020,000		1,979,290
3.000%, 03/04/53 (EUR)		5,755,000		6,232,649
Guatemala Government Bonds 4.875%, 02/13/28		558,000		542,097
5.250%, 08/10/29 (144A)		73,000		71,467
6.600%, 06/13/36 (144A)		200,000		205,800
Hungary Government International Bond 5.250%, 06/16/29 (144A)		200,000		200,909
Indonesia Government International Bonds 2.850%, 02/14/30		662,000		599,552
3.050%, 03/12/51		1,965,000		1,494,332
6.750%, 01/15/44		200,000		246,088
Indonesia Treasury Bonds 5.500%, 04/15/26 (IDR)		3,382,000,000		215,210
7.000%, 05/15/27 (IDR)		15,307,000,000		1,009,186
8.375%, 09/15/26 (IDR)		5,620,000,000		382,205
Ivory Coast Government International Bond 4.875%, 01/30/32 (EUR)		100,000		92,807
Mexican Bonos 7.500%, 06/03/27 (MXN)		13,600,000		758,239
8.500%, 03/01/29 (MXN)		77,570,000		4,445,349
8.500%, 05/31/29 (MXN)		138,097,000		7,954,992
8.500%, 11/18/38 (MXN)		13,835,400		776,961
Mexico Government International Bonds 2.659%, 05/24/31		2,305,000		1,948,483
4.500%, 01/31/50		4,504,000		3,676,107
Morocco Government International Bond 6.500%, 09/08/33 (144A)		200,000		210,812
Nigeria Government International Bonds 7.375%, 09/28/33		200,000		170,260
8.375%, 03/24/29 (144A)		200,000		191,518
Oman Government International Bond 6.500%, 03/08/47		200,000		203,624
Panama Government International Bonds 3.160%, 01/23/30		721,000		613,030
3.875%, 03/17/28		1,279,000		1,178,718
4.500%, 04/01/56		1,811,000		1,213,082
6.400%, 02/14/35		451,000		439,755
6.853%, 03/28/54		200,000		186,883
Peru Government International Bonds 1.862%, 12/01/32		80,000		62,645
Sovereign—(Continued)
Peru Government International Bonds 2.783%, 01/23/31		21,000		18,287
3.550%, 03/10/51		1,587,000		1,201,121
Philippines Government International Bonds 3.000%, 02/01/28		1,834,000		1,728,593
3.200%, 07/06/46		2,044,000		1,578,990
Qatar Government International Bond 4.625%, 06/02/46		566,000		539,115
Republic of Poland Government Bond 2.750%, 10/25/29 (PLN)		5,693,000		1,291,807
4.250%, 02/14/43 (EUR)		26,000		30,177
Republic of South Africa Government International Bond 5.000%, 10/12/46		200,000		147,712
7.000%, 02/28/31 (ZAR)		25,715,700		1,175,956
Romania Government International Bonds 2.124%, 07/16/31 (EUR)		37,000		32,475
2.125%, 03/07/28 (EUR)		209,000		209,095
2.500%, 02/08/30 (EUR)		31,000		29,582
2.875%, 03/11/29 (EUR)		29,000		28,948
5.250%, 11/25/27 (144A)		14,000		13,888
Russia Federal Bond - OFZ 6.100%, 07/18/35 (RUB) (m)		59,043,000		201,772
Saudi Government International Bonds 3.450%, 02/02/61		309,000		217,018
4.500%, 04/17/30		200,000		200,096
Ukraine Government International Bonds 4.375%, 01/27/32 (EUR) (m)		194,000		43,369
7.253%, 03/15/35 (m)		485,000		113,975
7.375%, 09/25/34 (144A) (m)		274,000		63,732
7.375%, 09/25/34 (m)		557,000		129,558
7.750%, 09/01/28 (m)		100,000		27,460
7.750%, 09/01/29 (m)		294,000		79,708
1.258%, 08/01/41 (a) (m)		253,000		113,028
Uruguay Government International Bonds 4.375%, 10/27/27		1,266,587		1,275,073
5.100%, 06/18/50		1,118,733		1,121,909
5.750%, 10/28/34		64,385		69,568
				55,725,988
Total Foreign Government (Cost $59,377,973)				56,133,988
Floating Rate Loans (o)—0.7%
Agriculture—0.0%
Hydrofarm Holdings LLC
2021 Term Loan, 11.150%, 3M TSFR + 5.500%, 10/25/28		371,420		306,422
Airlines—0.0%
Kestrel Bidco, Inc. Term Loan B, 8.455%, 1M TSFR + 3.000%, 12/11/26		522		522
Apparel—0.0%
Fanatics Commerce Intermediate Holdco LLC Term Loan B, 8.720%, 1M TSFR + 3.250%, 11/24/28		138,039		138,039

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Floating Rate Loans (o)—(Continued)

Security Description	Principal Amount*		Value
Auto Parts & Equipment—0.0%
Emerald Technologies Acquisitionco, Inc. Term Loan, 11.788%, 3M TSFR + 6.250%, 12/29/27		265,148	$	241,285
Beverages—0.0%
City Brewing Co. LLC
Closing Date Term Loan, 9.164%, 1M TSFR + 3.500%, 04/05/28		343,103		272,552
Naked Juice LLC
2nd Lien Term Loan, 11.448%, 3M TSFR + 6.000%, 01/24/30		75,000		61,500
Triton Water Holdings, Inc. Term Loan, 8.860%, 3M TSFR + 3.250%, 03/31/28		166,266		165,008
				499,060
Chemicals—0.1%
Aruba Investments, Inc.
2020 USD Term Loan, 9.456%, 1M TSFR + 4.000%, 11/24/27		182,932		181,408
Eastman Chemical Co.
2021 Term Loan B, 10.860%, 3M TSFR + 5.250%, 11/01/28		394,965		387,066
SCIH Salt Holdings, Inc.
2021 Incremental Term Loan B, 9.356%, 1M TSFR + 4.000%, 03/16/27		367,021		367,853
				936,327
Commercial Services—0.1%
Allied Universal Holdco LLC
2021 USD Incremental Term Loan B, 9.206%, 1M TSFR + 3.750%, 05/12/28		605,072		602,520
American Auto Auction Group LLC
2021 Term Loan B, 10.498%, 3M TSFR + 5.000%, 12/30/27		249,757		246,843
Digital Room Holdings, Inc.
2021 Term Loan, 10.606%, 1M TSFR + 5.250%, 12/21/28		507,953		465,623
Interface Security Systems LLC Term Loan, 12.356%, 1M TSFR + 7.000%, PIK, 08/07/24 (h) (i) (j)		1,590,148		1,180,685
Signal Parent, Inc. Term Loan B, 8.956%, 1M TSFR + 3.500%, 04/03/28		546,000		495,495
Vaco Holdings LLC
2022 Term Loan, 10.434%, 3M TSFR + 5.000%, 01/21/29		273,951		271,325
				3,262,491
Computers—0.1%
Alorica, Inc.
First Lien 2022 Term Loan, 12.231%, 1M TSFR + 6.875%, 12/21/27 † (i) (j)		853,580		836,508
Coreweave Compute Acquisition Co. II LLC
Delayed Draw Term Loan, 14.098% - 14.148%, 3M TSFR + 8.750%, 06/30/28 † (i) (j) (p)		2,512,000		2,471,306
				3,307,814
Cosmetics/Personal Care—0.0%
Conair Holdings LLC Term Loan B, 9.220%, 1M TSFR + 3.750%, 05/17/28		94,621		93,044
Euro Parfums Fze
Facility A Term Loan, 10.780%, SOFR + 6.750%, 06/23/28 (i) (j)		222,000		217,005
				310,049
Engineering & Construction—0.1%
Orion Group Holdco LLC
2022 1st Amendment Term Loan, 11.860%, 3M TSFR + 6.500%, 03/19/27 † (i) (j)		35,562		35,562
2022 First A&R Amendment Incremental DDTL, 11.860%, 3M TSFR + 6.500%, 03/19/27 † (i) (j)		159,039		159,039
2023 Delayed Draw Term Loan, 11.646%, 3M TSFR + 6.250%, 03/19/27 † (i) (j)		683,384		679,147
2023 Term Loan B, 11.610%, 3M TSFR + 6.250%, 03/19/27 † (i) (j)		186,667		185,510
Delayed Draw Term Loan, 11.110%, 3M TSFR + 6.000%, 03/19/27 † (i) (j)		60,077		59,326
First Lien Delayed Draw Term Loan, 11.348%, 3M TSFR + 6.000%, 03/19/27 † (i) (j)		356,095		356,095
First Lien Term Loan, 11.610%, 3M TSFR + 6.000%, 03/19/27 † (i) (j)		30,411		30,411
Term Loan, 11.610%, 3M TSFR + 6.000%, 03/19/27 † (i) (j)		6,001		5,926
				1,511,016
Entertainment—0.1%
Bally’s Corp.
2021 Term Loan B, 8.927%, 3M TSFR + 3.250%, 10/02/28		1,311,292		1,247,203
ECL Entertainment LLC
2023 Term Loan B, 10.110%, 3M TSFR + 4.750%, 08/31/30		737,153		739,303
J&J Ventures Gaming LLC Term Loan, 9.610%, 3M TSFR + 4.000%, 04/26/28		316,583		314,456
Maverick Gaming LLC Term Loan B, 13.150%, 3M TSFR + 7.500%, 09/03/26		478,131		360,988
				2,661,950
Food—0.1%
BCPE North Star U.S. HoldCo 2, Inc. Term Loan, 9.356%, 1M TSFR + 4.000%, 06/09/28		784,708		708,199
Shearer’s Foods, Inc.
2021 Term Loan, 8.970%, 1M TSFR + 3.500%, 09/23/27		161,585		161,989
				870,188
Hand/Machine Tools—0.0%
Apex Tool Group LLC
2022 Term Loan, 10.707%, 1M TSFR + 5.250%, 02/08/29		478,790		422,446

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Floating Rate Loans (o)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—0.0%
Medical Solutions Holdings, Inc.
2021 2nd Lien Term Loan, 12.456%, 1M TSFR + 7.000%, 11/01/29		274,000	$	234,955
Household Products/Wares—0.0%
Kronos Acquisition Holdings, Inc.
2021 1st Lien Term Loan, 11.538%, 3M TSFR + 6.000%, 12/22/26		121,903		122,360
Housewares—0.0%
Springs Windows Fashions LLC
2021 Term Loan B, 9.470%, 1M TSFR + 4.000%, 10/06/28		336,998		301,023
Lodging—0.1%
Aimbridge Acquisition Co., Inc.
2019 Term Loan B, 9.220%, 1M TSFR + 3.750%, 02/02/26		368,497		344,487
2020 Incremental Term Loan B, 10.220%, 1M TSFR + 4.750%, 02/02/26		149,676		140,072
Fertitta Entertainment LLC
2022 Term Loan B, 9.356%, 1M TSFR + 4.000%, 01/27/29		53,164		53,242
Spectacle Gary Holdings LLC
2021 Term Loan B, 9.748%, 3M TSFR + 4.250%, 12/11/28		1,367,378		1,340,885
				1,878,686
Machinery-Diversified—0.0%
Davis-Standard LLC Term Loan, 11.206%, 1M TSFR + 5.750%, 12/10/28 †		339,928		340,460
Media—0.0%
DirecTV Financing LLC Term Loan, 10.650%, 3M TSFR + 5.000%, 08/02/27		317,807		318,999
Gray Television, Inc.
2021 Term Loan D, 8.457%, 1M TSFR + 3.000%, 12/01/28		811		806
				319,805
Mining—0.0%
American Rock Salt Co. LLC
2021 Term Loan, 9.470%, 1M TSFR + 4.000%, 06/09/28		96,143		91,015
Oil & Gas—0.0%
Ecopetrol SA
2023 Term Loan, 10.127%, 3M TSFR + 4.750%, 09/06/30 (i) (j)		350,000		347,375
Pipelines—0.0%
DT Midstream, Inc. Term Loan B, 7.470%, 1M TSFR + 2.000%, 06/26/28		129,511		130,253
Retail—0.0%
Park River Holdings, Inc. Term Loan, 8.907%, 3M TSFR + 3.250%, 12/28/27		89,085		87,062
WOOF Holdings, Inc.
1st Lien Term Loan, 9.360%, 3M TSFR + 3.750%, 12/21/27		140,326		114,541
				201,603
Software—0.0%
ConnectWise LLC
2021 Term Loan B, 8.970%, 1M TSFR + 3.500%, 09/29/28		182,446		182,035
Telecommunications—0.0%
Connect Finco Sarl
2021 Term Loan B, 8.856%, 1M TSFR + 3.500%, 12/11/26		526,319		527,159
Level 3 Financing, Inc.
2019 Term Loan B, 7.220%, 1M TSFR + 1.750%, 03/01/27 †		200,000		190,167
				717,326
Total Floating Rate Loans (Cost $20,454,860)				19,334,505
Municipals—0.7%
American Municipal Power, Inc. 8.084%, 02/15/50		510,000		689,289
Bay Area Toll Authority 7.043%, 04/01/50		1,215,000		1,537,925
City of San Antonio Electric & Gas Systems Revenue 5.808%, 02/01/41		875,000		939,262
Los Angeles Community College District, General Obligation Unlimited 6.600%, 08/01/42		785,000		938,763
Los Angeles Unified School District, General Obligation Unlimited 6.758%, 07/01/34		2,020,000		2,281,667
Massachusetts Housing Finance Agency 4.500%, 12/01/48		115,000		110,459
Metropolitan Transportation Authority 6.668%, 11/15/39		170,000		187,324
6.814%, 11/15/40		330,000		365,631
Municipal Electric Authority of Georgia 6.637%, 04/01/57		455,000		519,193
New Jersey Turnpike Authority 7.414%, 01/01/40		492,000		613,019
New York City Municipal Water Finance Authority 5.882%, 06/15/44		270,000		300,537
New York State Dormitory Authority 5.389%, 03/15/40		355,000		367,016
Port Authority of New York & New Jersey 4.960%, 08/01/46		1,350,000		1,314,833
State of California, General Obligation Unlimited 4.600%, 04/01/38		3,765,000		3,629,833
7.550%, 04/01/39		780,000		984,835

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Municipals—(Continued)

Security Description	Shares/ Principal Amount*		Value
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		3,010,000	$	2,978,214
State of Texas, General Obligation Unlimited 5.517%, 04/01/39		820,000		878,200
University of California 4.858%, 05/15/2112		239,000		224,991
Total Municipals (Cost $21,561,391)				18,860,991
Common Stocks—0.2%
Chemicals—0.0%
Element Solutions, Inc.		13,168		304,708
Energy Equipment & Services—0.0%
Transocean Ltd. (g) (q)		83,817		532,238
Financial Services—0.0%
Mr. Cooper Group, Inc. (q)		4,073		265,234
Health Care Providers & Services—0.0%
HCA Healthcare, Inc.		576		155,912
Hotel & Resort REITs—0.0%
DiamondRock Hospitality Co. (g)		19,436		182,504
Park Hotels & Resorts, Inc.		10,415		159,349
Service Properties Trust		33,695		287,755
Sunstone Hotel Investors, Inc. (e)		11,698		125,520
Xenia Hotels & Resorts, Inc. (g)		7,166		97,601
				852,729
Hotels, Restaurants & Leisure—0.1%
Boyd Gaming Corp.		1,711		107,126
Caesars Entertainment, Inc. (q)		2,213		103,745
Genius Sports Ltd. (g) (q)		118,626		733,109
Golden Entertainment, Inc.		3,057		122,066
				1,066,046
Machinery—0.0%
Sarcos Technology & Robotics Corp. (g) (q)		1,162		838
Oil, Gas & Consumable Fuels—0.1%
California Resources Corp.		6,165		337,102
Cheniere Energy, Inc.		1,526		260,503
Chesapeake Energy Corp. (g)		1,311		100,868
Green Plains, Inc. (e) (q)		11,216		282,868
Marathon Petroleum Corp.		1,868		277,137
Phillips 66		2,678		356,549
Valero Energy Corp.		1,020		132,600
				1,747,627
Real Estate Management & Development—0.0%
Forestar Group, Inc. (g) (q)		7,291		241,113
Total Common Stocks (Cost $5,192,130)				5,166,445
Preferred Stocks—0.2%
Home Builders—0.1%
Dream Finders Homes, Inc., 9.000% † (i) (j)		2,628		2,493,315
IT Services—0.1%
Versa Networks, Inc. - Series E , 12.000% PIK † (h) (i) (j)		678,151		2,210,772
Software—0.0%
Lessen Holdings, Inc. † (i) (j) (q)		23,458		152,606
Total Preferred Stocks (Cost $4,884,399)				4,856,693
Convertible Bonds—0.1%
Automobiles—0.1%
FreeWire Technologies, Inc. 14.140%, 7.070% PIK † (a) (h) (i) (j)		1,429,736		1,504,797
Energy-Alternate Sources—0.0%
Stem, Inc. 0.500%, 12/01/28		102,000		51,807
Media—0.0%
DISH Network Corp.
Zero Coupon, 12/15/25		320,000		198,400
Total Convertible Bonds (Cost $1,748,176)				1,755,004
Warrants—0.0%
Automobiles—0.0%
FreeWire Technologies, Inc. Tranche A † (i) (j) (q)		136,947		8,217
FreeWire Technologies, Inc. Tranche B † (i) (j) (q)		6,847		411
FreeWire Technologies, Inc. Tranche B (Unvested) † (i) (j) (q)		130,100		1
				8,629
Health Care Providers & Services—0.0%
Cano Health, Inc. (q)		29,597		21
Health Care Technology—0.0%
Pear Therapeutics, Inc. (q)		10,748		0
Hotels, Restaurants & Leisure—0.0%
Sonder Holdings, Inc. (i) (j) (q)		20,820		0

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Warrants—(Continued)

Security Description	Shares/ Principal Amount*		Value
IT Services—0.0%
Versa Networks, Inc. † (i) (j) (q)		83,584	$	235,707
Machinery—0.0%
Sarcos Technology & Robotics Corp. (q)		102,425		553
Software—0.0%
Aurora Innovation, Inc. (q)		2,636		1,361
Latch, Inc. (q)		6,439		0
				1,361
Specialty Retail—0.0%
EVgo, Inc. (q)		12,581		3,787
Total Warrants (Cost $328,905)				250,058
Escrow Shares—0.0%
Oil & Gas—0.0%
Chesapeake Energy Corp. (i) (j) (q)		100,000		0
Savings & Loans—0.0%
Washington Mutual, Inc. (i) (j) (m)		1,247,000		0
Washington Mutual, Inc. (i) (j) (m)		3,780,000		0
Washington Mutual, Inc. (i) (j) (m)		1,310,000		0
Washington Mutual, Inc. (i) (j) (m)		2,440,000		0
				0
Total Escrow Shares (Cost $0)				0
Short-Term Investment—2.4%
Repurchase Agreement—2.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $68,098,058; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $69,440,733.		68,079,147		68,079,147
Total Short-Term Investments (Cost $68,079,147)				68,079,147
Securities Lending Reinvestments (r)—0.2%
Repurchase Agreements—0.1%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $120,073; collateralized by various Common Stock with an aggregate market value of $133,656.		120,000		120,000
Repurchase Agreements—(Continued)
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $8; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $8.		8		8
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $99,544; collateralized by various Common Stock with an aggregate market value of $110,906.		99,484		99,484
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $537,904; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $548,339.		537,587		537,587
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $200,123; collateralized by various Common Stock with an aggregate market value of $223,203.		200,000		200,000
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $200,118; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $204,453.		200,000		200,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $850,512; collateralized by various Common Stock with an aggregate market value of $937,432.		850,000		850,000
				2,007,079
Mutual Funds—0.1%
Allspring Government Money Market Fund, Select Class 5.280% (s)		1,000,000		1,000,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.320% (s)		1,000,000		1,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.270% (s)		1,000,000		1,000,000

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (r)—(Continued)

Security Description	Shares		Value
Mutual Funds—(Continued)
Western Asset Institutional Government Reserves Fund, Institutional Class 5.270% (s)		150,000	$	150,000
				3,150,000
Total Securities Lending Reinvestments (Cost $5,157,079)				5,157,079
Total Purchased Options—0.1% (t) (Cost $2,911,083)				3,578,237
Total Investments—110.6% (Cost $3,238,806,420)				3,108,993,189
Unfunded Loan Commitments—(0.0)% (Cost $(1,171,829))				(1,171,829	)
Net Investments—110.6% (Cost $3,237,634,591)				3,107,821,360
Other assets and liabilities (net)—(10.6)%				(296,494,975	)
Net Assets—100.0%			$	2,811,326,385

*	Principal and notional amounts 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 registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2023, the market value of restricted securities was $28,662,969, which is 1.0% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	Interest only security.
(c)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2023, the market value of securities pledged was $7,034,464.
(e)	All or a portion of the security was pledged as collateral against open OTC swap contracts, open OTC option contracts and forward foreign currency exchange contracts. As of December 31, 2023, the market value of securities pledged was $7,086,951.
(f)	Principal amount of security is adjusted for inflation.
(g)	All or a portion of the security was held on loan. As of December 31, 2023, the market value of securities loaned was $40,984,559 and the collateral received consisted of cash in the amount of $5,157,079 and non-cash collateral with a value of $37,213,500. 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.
(h)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(i)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(j)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2023, these securities represent 1.1% of net assets.
(k)	Perpetual bond with no specified maturity date.
(l)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(m)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(n)	Principal only security.
(o)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(p)	Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(q)	Non-income producing security.
(r)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(s)	The rate shown represents the annualized seven-day yield as of December 31, 2023.
(t)	For a breakout of open positions, see details shown in the Purchased Options table that follows.
(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, 2023, the market value of 144A securities was $490,321,568, which is 17.4% of net assets.

Restricted Securities	Acquisition Date		Shares/ Principal Amount		Cost		Value
Alorica, Inc., 12.231%, 12/21/27		01/26/23		853,580	$	846,662	$	836,508
American Tower Corp., 2.300%, 09/15/31		08/14/23		428,000		336,246		353,882
BAMLL Commercial Mortgage Securities Trust, 7.409%, 11/15/32		12/04/17		630,000		630,000		537,558
BAMLL Commercial Mortgage Securities Trust, 6.909%, 11/15/32		12/04/17		300,000		300,000		251,068
BAMLL Commercial Mortgage Securities Trust, 6.809%, 11/15/33		06/20/19		510,000		509,283		450,515
BX Commercial Mortgage Trust, 7.776%, 10/15/36		10/09/19-01/21/21		3,944,000		3,944,651		3,883,847
BX Commercial Mortgage Trust, 8.126%, 10/15/36		10/09/19-01/19/21		2,955,292		2,944,213		2,907,054
Coreweave Compute Acquisition Co. II LLC, 14.098%-14.148%, 06/30/28		07/31/23		2,512,000		2,510,200		2,471,306
Davis-Standard LLC, 11.206%, 12/10/28		12/10/21		339,928		332,632		340,460
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.000%, 12/31/26		05/20/20		48,530		39,743		971
Dream Finders Homes, Inc.		09/29/21		2,628		2,601,720		2,493,315
FreeWire Technologies, Inc., 14.140%, 03/31/25		04/27/22-09/29/23		1,429,736		1,411,361		1,504,797
FreeWire Technologies, Inc. 04/26/27		04/27/22		136,947		—		8,217
FreeWire Technologies, Inc. 04/26/29		05/03/23		6,847		—		411
FreeWire Technologies, Inc. 04/26/29		05/03/23		130,100		—		1

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Restricted Securities	Acquisition Date		Shares/ Principal Amount		Cost		Value
Knollwood CDO Ltd., 8.868%, 01/10/39		02/10/04		1,176,180	$	1,176,180	$	118
Landsea Homes Corp., 11.000%, 07/17/28		07/17/23		3,104,000		3,010,880		3,014,915
Lessen Holdings, Inc		01/05/23		23,458		303,694		152,606
Lessen, Inc., 12.580%, 01/05/28		01/05/23		1,727,283		1,669,375		1,578,391
Level 3 Financing, Inc., 4.625%, 09/15/27		11/01/23-11/09/23		426,000		253,682		255,600
Level 3 Financing, Inc., 7.220%, 03/01/27		08/23/23-09/25/23		200,000		188,715		190,167
Oceana Australian Fixed Income Trust, 12.500%, 08/31/27		08/31/23		759,000		491,794		517,893
Oceana Australian Fixed Income Trust, 12.500%, 08/31/26		08/31/23		456,000		295,465		310,928
Oceana Australian Fixed Income Trust, 12.000%, 08/31/25		08/31/23		304,000		196,977		206,912
Orion Group Holdco LLC, 11.860%, 03/19/27		09/06/23		35,562		35,293		35,562
Orion Group Holdco LLC, 11.860%, 03/19/27		09/06/23		159,039		157,839		159,039
Orion Group Holdco LLC, 11.110%, 03/19/27		09/06/23		60,077		59,723		59,326
Orion Group Holdco LLC, 11.348%, 03/19/27		09/06/23		356,095		353,709		356,095
Orion Group Holdco LLC, 11.610%, 03/19/27		09/06/23		30,411		30,221		30,411
Orion Group Holdco LLC, 11.610%, 03/19/27		09/06/23		6,001		5,966		5,926
Orion Group Holdco LLC, 11.610%, 03/19/27		09/06/23		186,667		184,121		185,510
Orion Group Holdco LLC, 11.646%, 03/19/27		09/06/23-11/17/23		683,384		681,971		679,147
Pioneer Midco, 11.625%, 11/18/30		01/27/23-09/28/23		1,117,728		1,099,773		1,117,728
Sonder Holdings, Inc., 13.500%, 01/19/27		01/19/22-09/29/23		1,515,329		1,488,648		1,320,306
Versa Networks, Inc. 10/07/32		10/14/22		83,584		—		235,707
Versa Networks, Inc. - Series E		10/14/22		678,151		1,978,985		2,210,772
							$	28,662,969

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Uniform Mortgage-Backed Security		1.500	%		TBA	$	(3,996,762	)	$	(3,172,613	)	$	(3,274,910	)
Uniform Mortgage-Backed Security		2.500	%		TBA		(11,591,800	)		(8,800,479	)		(9,477,925	)
Uniform Mortgage-Backed Security		4.000	%		TBA		(33,026,300	)		(30,545,072	)		(31,265,546	)
Uniform Mortgage-Backed Security		6.000	%		TBA		(4,516,100	)		(4,446,314	)		(4,585,253	)
Totals									$	(46,964,478	)	$	(48,603,634	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	307,000	BBP		01/18/24		USD	201,732	$	7,574
AUD	312,000	BBP		01/18/24		USD	205,517		7,199
AUD	415,000	BBP		01/18/24		USD	280,339		2,599
AUD	408,000	DBAG		01/18/24		USD	274,092		4,075
AUD	412,000	JPMC		01/18/24		USD	263,544		17,350
AUD	412,000	JPMC		01/18/24		USD	263,544		17,350
AUD	202,000	MSIP		01/18/24		USD	134,496		3,223
AUD	202,000	MSIP		01/18/24		USD	134,496		3,223
AUD	408,000	UBSA		01/18/24		USD	273,878		4,288
BRL	1,942,201	BNP		01/03/24		USD	395,000		4,827
BRL	674,040	CBNA		01/03/24		USD	139,227		(467	)
BRL	674,040	CBNA		01/03/24		USD	139,227		(467	)
BRL	1,002,660	CBNA		01/03/24		USD	204,000		2,411
BRL	1,002,660	CBNA		01/03/24		USD	204,000		2,411
BRL	503,819	GSI		01/03/24		USD	102,000		1,718
BRL	503,819	GSI		01/03/24		USD	102,000		1,718

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	998,837	GSI		01/03/24		USD	203,000	$	2,624
BRL	998,837	GSI		01/03/24		USD	203,000		2,624
BRL	1,943,550	GSI		01/03/24		USD	401,452		(1,347	)
BRL	1,812,384	MSIP		01/03/24		USD	374,359		(1,256	)
BRL	1,812,384	MSIP		01/03/24		USD	374,359		(1,256	)
BRL	1,820,103	MSIP		02/02/24		USD	372,000		2,084
BRL	1,820,103	MSIP		02/02/24		USD	372,000		2,084
CAD	293,424	HSBC		01/18/24		USD	213,000		8,496
CAD	373,263	MSIP		01/18/24		USD	280,000		1,764
CAD	434,032	MSIP		01/18/24		USD	321,000		6,636
CAD	475,948	MSIP		01/18/24		USD	352,000		7,277
CHF	117,095	CBNA		01/18/24		USD	136,000		3,428
CLP	120,902,500	BNP		01/18/24		USD	137,000		127
CLP	174,519,100	BNP		01/18/24		USD	203,000		(5,062	)
CLP	117,619,600	CBNA		01/18/24		USD	136,000		(2,597	)
CLP	117,619,600	CBNA		01/18/24		USD	136,000		(2,597	)
CLP	119,265,200	CBNA		01/18/24		USD	136,000		(730	)
CLP	119,265,200	CBNA		01/18/24		USD	136,000		(730	)
COP	535,258,500	CBNA		01/18/24		USD	133,000		4,705
COP	535,258,500	CBNA		01/18/24		USD	133,000		4,705
COP	544,978,000	CBNA		01/18/24		USD	134,000		6,205
COP	549,869,000	CBNA		01/18/24		USD	134,000		7,463
COP	533,469,650	GSI		01/18/24		USD	133,000		4,244
COP	533,469,650	GSI		01/18/24		USD	133,000		4,244
COP	1,616,206,320	GSI		01/18/24		USD	408,000		7,797
COP	1,923,651,360	BNP		08/15/24		USD	444,867		30,646
COP	748,086,640	BBP		08/15/24		USD	175,638		9,284
COP	2,771,224,000	MSIP		08/15/24		USD	641,042		43,985
EUR	191,000	BNP		01/18/24		USD	210,086		892
EUR	250,000	BNP		01/18/24		USD	273,365		2,784
EUR	123,000	BBP		01/18/24		USD	134,016		1,849
EUR	534,000	TDB		01/18/24		USD	573,097		16,756
EUR	927,000	TDB		01/18/24		USD	994,871		29,088
EUR	256,000	UBSA		01/18/24		USD	275,502		7,274
GBP	164,000	BNP		01/18/24		USD	209,400		(341	)
GBP	107,000	BBP		01/18/24		USD	132,741		3,658
GBP	107,000	BBP		01/18/24		USD	132,741		3,658
GBP	255,000	UBSA		01/18/24		USD	313,081		11,981
GBP	255,000	UBSA		01/18/24		USD	313,081		11,981
HUF	26,676,983	BNP		01/18/24		USD	75,000		1,736
HUF	77,185,403	BNP		01/18/24		USD	217,000		5,023
HUF	48,834,366	BBP		01/18/24		USD	140,000		472
IDR	3,975,490,200	BBP		01/18/24		USD	253,000		5,162
IDR	3,975,490,200	BBP		01/18/24		USD	253,000		5,162
IDR	2,099,840,000	CBNA		01/18/24		USD	136,000		360
IDR	2,099,840,000	CBNA		01/18/24		USD	136,000		360
IDR	77,716,119	CBNA		01/31/24		USD	5,004		42
IDR	11,137,506,328	CBNA		01/31/24		USD	717,161		6,005
IDR	29,498,747,434	CBNA		03/20/24		USD	1,895,307		18,899
INR	17,350,840	BOA		01/18/24		USD	208,000		409
INR	17,350,840	BOA		01/18/24		USD	208,000		409
JPY	15,075,893	BNP		01/18/24		USD	105,000		2,140
JPY	19,773,314	BNP		01/18/24		USD	134,000		6,523
JPY	19,795,581	BNP		01/18/24		USD	134,000		6,681
JPY	20,007,940	BNP		01/18/24		USD	134,000		8,190
JPY	9,800,926	BBP		01/18/24		USD	68,000		1,652
JPY	9,800,926	BBP		01/18/24		USD	68,000		1,652

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	19,814,566	BBP		01/18/24		USD	134,000	$	6,816
JPY	29,377,641	BBP		01/18/24		USD	205,000		3,778
JPY	19,734,025	CBNA		01/18/24		USD	135,000		5,244
JPY	19,734,025	CBNA		01/18/24		USD	135,000		5,244
JPY	19,642,885	GSI		01/18/24		USD	134,000		5,596
JPY	34,659,794	UBSA		01/18/24		USD	231,000		15,317
JPY	36,008,760	UBSA		01/18/24		USD	240,000		15,903
KRW	171,975,600	CBNA		01/18/24		USD	134,000		(350	)
KRW	171,975,600	CBNA		01/18/24		USD	134,000		(350	)
KRW	176,392,000	CBNA		01/18/24		USD	136,000		1,082
KRW	176,392,000	CBNA		01/18/24		USD	136,000		1,082
KRW	177,177,400	MSIP		01/18/24		USD	136,000		1,692
MXN	4,717,631	BNP		01/18/24		USD	269,000		8,162
MXN	2,411,568	BBP		01/18/24		USD	139,000		2,680
MXN	3,506,913	BBP		01/18/24		USD	201,000		5,032
MXN	3,574,269	BBP		01/18/24		USD	204,000		5,989
MXN	1,787,224	GSI		01/18/24		USD	102,000		3,000
MXN	1,787,224	GSI		01/18/24		USD	102,000		3,000
MXN	2,332,687	GSI		01/18/24		USD	133,000		4,046
MXN	2,332,687	GSI		01/18/24		USD	133,000		4,046
MXN	3,445,777	GSI		01/18/24		USD	196,000		6,440
MXN	3,445,777	GSI		01/18/24		USD	196,000		6,440
MXN	3,599,976	GSI		01/18/24		USD	206,000		5,499
MXN	1,120,699	UBSA		01/18/24		USD	63,000		2,841
MXN	1,120,704	UBSA		01/18/24		USD	63,000		2,842
MXN	22,790,406	UBSA		01/18/24		USD	1,300,249		38,691
MYR	1,314,799	BBP		01/18/24		USD	281,000		5,420
MYR	1,314,799	BBP		01/18/24		USD	281,000		5,420
NOK	1,440,156	CBNA		01/18/24		USD	134,000		7,802
NOK	2,998,476	GSI		01/18/24		USD	275,000		20,239
PLN	535,719	BOA		01/18/24		USD	134,000		2,126
PLN	535,719	BOA		01/18/24		USD	134,000		2,126
PLN	554,570	CBNA		01/18/24		USD	140,000		916
PLN	812,591	CBNA		01/18/24		USD	199,000		7,479
PLN	812,591	CBNA		01/18/24		USD	199,000		7,479
PLN	1,083,517	CBNA		01/18/24		USD	270,000		5,321
PLN	1,084,896	CBNA		01/18/24		USD	269,000		6,672
PLN	529,506	UBSA		01/18/24		USD	134,000		547
PLN	529,506	UBSA		01/18/24		USD	134,000		547
PLN	811,294	UBSA		01/18/24		USD	201,000		5,149
PLN	811,294	UBSA		01/18/24		USD	201,000		5,150
PLN	819,373	UBSA		01/18/24		USD	204,000		4,202
PLN	1,588,036	UBSA		01/18/24		USD	392,000		11,519
THB	14,425,385	JPMC		01/18/24		USD	403,000		20,169
THB	14,425,385	JPMC		01/18/24		USD	403,000		20,169
TRY	1,635,700	BBP		12/04/24		USD	41,971		(755	)
TRY	1,619,343	GSI		12/04/24		USD	42,203		(1,399	)
TRY	1,635,700	GSI		12/04/24		USD	41,828		(612	)
TRY	3,271,400	GSI		12/04/24		USD	84,044		(1,611	)
TRY	4,907,100	GSI		12/04/24		USD	125,968		(2,320	)
ZAR	3,921,813	BOA		01/18/24		USD	210,000		4,128
ZAR	2,458,917	BBP		01/18/24		USD	133,000		1,255
ZAR	2,458,917	BBP		01/18/24		USD	133,000		1,255
ZAR	4,945,712	BBP		01/18/24		USD	269,000		1,032
ZAR	4,945,712	BBP		01/18/24		USD	269,000		1,032
ZAR	2,473,095	CBNA		01/18/24		USD	133,000		2,029
ZAR	2,473,095	CBNA		01/18/24		USD	133,000		2,029

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ZAR	2,508,171	CBNA		01/18/24		USD	134,000	$	2,944
ZAR	3,711,334	CBNA		01/18/24		USD	200,000		2,636
ZAR	3,888,950	CBNA		01/18/24		USD	205,000		7,333
ZAR	4,840,303	CBNA		01/18/24		USD	262,000		2,276
ZAR	3,299,271	DBAG		01/18/24		USD	175,500		4,637
ZAR	3,675,256	DBAG		01/18/24		USD	195,500		5,166
Contracts to Deliver
AUD	307,000	BNP		01/18/24		USD	203,588		(5,718	)
AUD	206,000	BBP		01/18/24		USD	136,923		(3,524	)
AUD	206,000	BBP		01/18/24		USD	136,923		(3,524	)
AUD	416,000	GSI		01/18/24		USD	273,423		(10,197	)
AUD	312,000	GSI		01/18/24		USD	205,528		(7,187	)
AUD	204,000	MSIP		01/18/24		USD	132,951		(6,132	)
AUD	204,000	MSIP		01/18/24		USD	132,951		(6,132	)
AUD	1,692,000	CIBC		03/20/24		USD	1,141,561		(14,119	)
BRL	1,942,201	BNP		01/03/24		USD	401,173		1,346
BRL	1,002,660	CBNA		01/03/24		USD	207,105		695
BRL	1,002,660	CBNA		01/03/24		USD	207,106		695
BRL	674,040	CBNA		01/03/24		USD	137,000		(1,760	)
BRL	674,040	CBNA		01/03/24		USD	137,000		(1,760	)
BRL	1,943,550	GSI		01/03/24		USD	395,000		(5,105	)
BRL	998,837	GSI		01/03/24		USD	206,316		692
BRL	998,837	GSI		01/03/24		USD	206,316		692
BRL	503,819	GSI		01/03/24		USD	104,067		349
BRL	503,819	GSI		01/03/24		USD	104,067		349
BRL	1,812,384	MSIP		01/03/24		USD	372,000		(1,103	)
BRL	1,812,384	MSIP		01/03/24		USD	372,000		(1,103	)
BRL	3,796,586	SSBT		04/02/24		USD	724,844		(50,306	)
CAD	551,170	MSIP		01/18/24		USD	400,000		(16,059	)
CAD	300,388	MSIP		01/18/24		USD	218,000		(8,752	)
CAD	184,275	UBSA		01/18/24		USD	134,000		(5,103	)
CAD	184,275	UBSA		01/18/24		USD	134,000		(5,103	)
CAD	1,542,000	DBAG		03/20/24		USD	1,153,430		(11,526	)
CHF	118,887	GSI		01/18/24		USD	136,000		(5,561	)
CLP	118,472,080	BNP		01/18/24		USD	134,000		(370	)
CLP	118,472,080	BNP		01/18/24		USD	134,000		(370	)
CLP	35,035,620	BBP		01/18/24		USD	38,000		(1,737	)
CLP	35,035,620	BBP		01/18/24		USD	38,000		(1,737	)
CLP	117,933,400	CBNA		01/18/24		USD	134,000		241
CLP	117,933,400	CBNA		01/18/24		USD	134,000		241
CLP	176,788,640	MSIP		01/18/24		USD	203,000		2,488
CLP	119,651,690	MSIP		01/18/24		USD	137,000		1,292
CNH	960,711	CBNA		01/18/24		USD	135,000		37
CNH	960,711	CBNA		01/18/24		USD	135,000		37
CNH	485,793	UBSA		01/18/24		USD	68,000		(246	)
CNH	485,793	UBSA		01/18/24		USD	68,000		(246	)
COP	1,923,651,360	BNP		01/09/24		USD	465,369		(30,434	)
COP	748,086,640	BBP		01/09/24		USD	183,839		(8,973	)
COP	2,771,224,000	CBNA		01/09/24		USD	680,832		(33,425	)
COP	1,454,191,718	BNP		01/18/24		USD	356,498		(17,618	)
COP	546,604,400	BNP		01/18/24		USD	136,000		(4,624	)
COP	541,226,000	BOA		01/18/24		USD	134,000		(5,240	)
COP	552,714,880	CBNA		01/18/24		USD	136,000		(6,196	)
COP	550,043,840	GSI		01/18/24		USD	136,000		(5,508	)
COP	537,474,000	GSI		01/18/24		USD	134,000		(4,275	)

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
COP	537,474,000	GSI		01/18/24		USD	134,000	$	(4,275	)
COP	597,870,000	SCB		01/18/24		USD	146,000		(7,813	)
COP	597,870,000	SCB		01/18/24		USD	146,000		(7,813	)
COP	548,730,000	SCB		01/18/24		USD	134,000		(7,170	)
COP	6,156,491,196	CBNA		03/20/24		USD	1,507,658		(56,780	)
COP	6,156,491,196	GSI		03/20/24		USD	1,509,684		(54,754	)
COP	1,071,650,610	GSI		03/20/24		USD	262,707		(9,612	)
EUR	322,000	BNP		01/18/24		USD	349,582		(6,097	)
EUR	322,000	BNP		01/18/24		USD	349,582		(6,097	)
EUR	202,000	BNP		01/18/24		USD	216,836		(6,292	)
EUR	124,000	BNP		01/18/24		USD	135,273		(1,697	)
EUR	124,000	BNP		01/18/24		USD	135,273		(1,697	)
EUR	228,000	BNY		01/18/24		USD	244,694		(7,153	)
EUR	250,000	BBP		01/18/24		USD	274,905		(1,244	)
EUR	123,000	BBP		01/18/24		USD	134,935		(930	)
EUR	123,000	BBP		01/18/24		USD	134,706		(1,159	)
EUR	123,000	BBP		01/18/24		USD	134,706		(1,159	)
EUR	185,000	GSI		01/18/24		USD	203,444		(906	)
EUR	185,000	GSI		01/18/24		USD	203,444		(906	)
EUR	123,000	GSI		01/18/24		USD	135,082		(783	)
EUR	123,000	GSI		01/18/24		USD	135,082		(783	)
EUR	256,000	UBSA		01/18/24		USD	277,097		(5,679	)
EUR	108,430	CBNA		02/06/24		USD	117,352		(2,508	)
EUR	79,897	CBNA		02/06/24		USD	86,471		(1,848	)
EUR	38,315	CBNA		02/06/24		USD	41,468		(886	)
EUR	263,574	BBP		03/14/24		USD	284,629		(7,166	)
EUR	25,957	BBP		03/14/24		USD	28,031		(706	)
EUR	12,000	TDB		03/20/24		USD	13,243		(45	)
EUR	11,746,000	UBSA		03/20/24		USD	12,889,062		(117,804	)
GBP	215,000	BBP		01/18/24		USD	269,827		(4,245	)
GBP	215,000	BBP		01/18/24		USD	269,827		(4,245	)
GBP	164,000	BBP		01/18/24		USD	205,387		(3,673	)
IDR	9,268,630,561	BNP		01/18/24		USD	596,207		(5,684	)
IDR	5,441,348,398	BNP		01/18/24		USD	350,761		(2,592	)
IDR	5,184,537,223	BBP		01/18/24		USD	335,851		(825	)
IDR	3,822,208,940	BBP		01/18/24		USD	246,594		(1,614	)
IDR	1,229,921,472	BBP		01/18/24		USD	79,427		(443	)
IDR	11,215,222,447	CBNA		01/31/24		USD	727,128		(1,084	)
JPY	29,756,127	BNP		01/18/24		USD	203,000		(8,468	)
JPY	29,230,347	BNP		01/18/24		USD	205,000		(2,731	)
JPY	19,712,480	BNP		01/18/24		USD	134,000		(6,091	)
JPY	29,171,827	BBP		01/18/24		USD	199,000		(8,315	)
JPY	19,675,340	GSI		01/18/24		USD	134,000		(5,827	)
JPY	31,806,652	MSIP		01/18/24		USD	212,000		(14,040	)
KRW	176,244,848	UBSA		01/18/24		USD	136,000		(968	)
MXN	16,682,635	BBP		01/18/24		USD	953,697		(26,411	)
MXN	58,989,372	CBNA		01/18/24		USD	3,274,677		(190,959	)
MXN	4,668,210	CBNA		01/18/24		USD	269,000		(5,258	)
MXN	4,094,569	CBNA		01/18/24		USD	227,302		(13,255	)
MXN	3,574,193	CBNA		01/18/24		USD	201,000		(8,984	)
MXN	2,406,604	CBNA		01/18/24		USD	139,000		(2,388	)
MXN	2,412,920	GSI		01/18/24		USD	137,000		(4,760	)
MXN	2,412,920	GSI		01/18/24		USD	137,000		(4,760	)
MXN	3,588,351	MSIP		01/18/24		USD	206,000		(4,816	)
MXN	3,552,047	MSIP		01/18/24		USD	204,000		(4,683	)
MXN	4,472,124	TDB		01/18/24		USD	256,656		(6,082	)
NOK	1,426,683	MSIP		01/18/24		USD	134,000		(6,476	)

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
NOK	3,022,705	UBSA		01/18/24		USD	275,000	$	(22,625	)
NOK	1,454,351	UBSA		01/18/24		USD	139,000		(4,200	)
PLN	2,404,787	BNP		01/18/24		USD	580,505		(30,550	)
PLN	1,621,098	BNP		01/18/24		USD	392,000		(19,920	)
PLN	823,730	BNP		01/18/24		USD	205,000		(4,310	)
PLN	575,387	BNP		01/18/24		USD	139,000		(7,206	)
PLN	574,718	BNP		01/18/24		USD	139,000		(7,036	)
PLN	1,081,580	CBNA		01/18/24		USD	269,000		(5,829	)
PLN	2,647,936	DBAG		01/18/24		USD	657,413		(15,427	)
PLN	1,082,882	GSI		01/18/24		USD	269,000		(6,160	)
PLN	557,069	UBSA		01/18/24		USD	140,000		(1,551	)
TWD	6,901,109	MSIP		01/17/24		USD	214,500		(10,742	)
TWD	6,901,109	MSIP		01/17/24		USD	214,500		(10,742	)
TWD	3,271,800	CBNA		01/18/24		USD	105,000		(1,800	)
ZAR	2,541,602	BOA		01/18/24		USD	135,000		(3,769	)
ZAR	2,541,602	BOA		01/18/24		USD	135,000		(3,769	)
ZAR	3,853,067	BBP		01/18/24		USD	210,000		(374	)
ZAR	3,693,470	CBNA		01/18/24		USD	200,000		(1,660	)
ZAR	2,567,484	CBNA		01/18/24		USD	135,000		(5,182	)
ZAR	2,567,484	CBNA		01/18/24		USD	135,000		(5,182	)
ZAR	2,557,238	CBNA		01/18/24		USD	135,000		(4,623	)
ZAR	2,557,238	CBNA		01/18/24		USD	135,000		(4,623	)
ZAR	2,508,349	CBNA		01/18/24		USD	134,000		(2,954	)
ZAR	2,461,781	CBNA		01/18/24		USD	134,000		(411	)
ZAR	2,461,781	CBNA		01/18/24		USD	134,000		(411	)
ZAR	4,925,407	DBAG		01/18/24		USD	262,000		(6,923	)
ZAR	3,857,383	HSBC		01/18/24		USD	205,000		(5,610	)
ZAR	20,979,601	DBAG		02/05/24		USD	1,107,162		(36,576	)
Cross Currency Contracts to Buy
COP	599,778,000	SCB		01/18/24		GBP	120,000		1,333
COP	599,778,000	SCB		01/18/24		GBP	120,000		1,333
EUR	95,000	GSI		01/18/24		MXN	1,782,672		204
EUR	95,000	GSI		01/18/24		MXN	1,782,672		204
EUR	511,000	BNP		01/18/24		GBP	442,750		50
EUR	127,000	BNP		01/18/24		MXN	2,396,914		(536	)
EUR	127,000	BNP		01/18/24		MXN	2,396,914		(536	)
EUR	124,000	MSIP		01/18/24		MXN	2,341,936		(619	)
EUR	124,000	MSIP		01/18/24		MXN	2,341,936		(619	)
EUR	127,000	BNP		01/18/24		MXN	2,404,163		(961	)
EUR	127,000	BNP		01/18/24		MXN	2,404,163		(962	)
EUR	126,000	BNP		01/18/24		MXN	2,388,438		(1,142	)
EUR	126,000	BNP		01/18/24		MXN	2,388,438		(1,142	)
EUR	244,000	BNP		01/18/24		NOK	2,754,772		(1,722	)
EUR	244,000	BNP		01/18/24		NOK	2,754,772		(1,722	)
EUR	125,000	BNP		01/18/24		PLN	555,509		(3,080	)
EUR	125,000	BNP		01/18/24		PLN	555,509		(3,080	)
EUR	124,000	UBSA		01/18/24		PLN	552,252		(3,357	)
EUR	124,000	UBSA		01/18/24		PLN	552,252		(3,357	)
EUR	92,000	GSI		01/18/24		NOK	1,071,283		(3,859	)
EUR	92,000	GSI		01/18/24		NOK	1,071,283		(3,859	)
HUF	47,699,556	BNP		01/18/24		EUR	125,000		(867	)
HUF	47,699,556	BNP		01/18/24		EUR	125,000		(867	)
MXN	2,374,662	GSI		01/18/24		EUR	124,000		2,542
MXN	2,374,662	GSI		01/18/24		EUR	124,000		2,542
MXN	2,400,697	GSI		01/18/24		EUR	126,000		1,862

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Forward Foreign Currency Exchange Contracts—(Continued)

Cross Currency Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
MXN	2,400,697	GSI		01/18/24		EUR	126,000	$	1,862
MXN	2,418,207	CBNA		01/18/24		EUR	127,000		1,787
MXN	2,418,207	CBNA		01/18/24		EUR	127,000		1,787
MXN	1,793,892	CBNA		01/18/24		EUR	95,000		455
MXN	1,793,892	CBNA		01/18/24		EUR	95,000		455
NOK	1,358,324	BBP		01/18/24		EUR	115,456		6,213
NOK	1,358,324	BBP		01/18/24		EUR	115,456		6,213
NOK	1,079,459	UBSA		01/18/24		EUR	92,000		4,664
NOK	1,079,459	UBSA		01/18/24		EUR	92,000		4,664
NOK	1,357,480	BNP		01/18/24		EUR	118,000		3,319
NOK	1,357,480	BNP		01/18/24		EUR	118,000		3,319
NOK	3,598,147	BNP		01/18/24		EUR	320,000		814
NOK	124,069	CBNA		01/18/24		EUR	10,544		569
NOK	124,069	CBNA		01/18/24		EUR	10,544		569
ZAR	2,723,929	DBAG		01/18/24		EUR	135,000		(396	)
ZAR	2,723,875	DBAG		01/18/24		EUR	135,000		(399	)
Net Unrealized Depreciation								$	(455,940	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
3 Month SOFR Futures		06/18/24		528			USD	125,419,800		$	264,472
3 Month SONIA Futures		03/18/25		23			GBP	5,542,138			9,004
Australian 10 Year Treasury Bond Futures		03/15/24		112			AUD	13,066,561			250,182
U.S. Treasury Long Bond Futures		03/19/24		329			USD	41,104,438			1,372,788
U.S. Treasury Note 5 Year Futures		03/28/24		2,000			USD	217,546,876			3,842,922
U.S. Treasury Ultra Long Bond Futures		03/19/24		13			USD	1,736,719			(1,154	)
Futures Contracts—Short
3 Month SOFR Futures		09/17/24		(14	)		USD	(3,341,975	)		(18,227	)
3 Month SOFR Futures		06/17/25		(556	)		USD	(134,246,200	)		(659,726	)
3 Month SOFR Futures		12/17/24		(1,076	)		USD	(257,984,450	)		(1,146,788	)
Canada Government Bond 10 Year Futures		03/19/24		(411	)		CAD	(51,037,980	)		(1,858,012	)
Euro STOXX 50 Index Futures		03/15/24		(37	)		EUR	(1,680,910	)		15,245
Euro STOXX Banks Index Futures		03/15/24		(234	)		EUR	(1,394,640	)		15,158
Euro-Bobl Futures		03/07/24		(8	)		EUR	(954,240	)		(15,904	)
Euro-Buxl 30 Year Bond Futures		03/07/24		(71	)		EUR	(10,062,120	)		(720,059	)
Japanese Government 10 Year Bond Futures		03/13/24		(1	)		JPY	(146,710,000	)		(6,157	)
Russell 2000 Index E-Mini Futures		03/15/24		(31	)		USD	(3,173,935	)		(219,799	)
U.S. Treasury Note 10 Year Futures		03/19/24		(162	)		USD	(18,288,281	)		(266,930	)
U.S. Treasury Note 2 Year Futures		03/28/24		(1,066	)		USD	(219,504,390	)		(548,506	)
U.S. Treasury Note Ultra 10 Year Futures		03/19/24		(302	)		USD	(35,640,719	)		(199,643	)
Net Unrealized Appreciation										$	108,866

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Purchased Options

Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
BRL Call/USD Put	BRL	4.890	GSI		01/04/24		408,000		USD	408,000	$	5,201	$	3,990	$	(1,211	)
EUR Call/CZK Put	CZK	24.900	GSI		01/08/24		870,000		EUR	870,000		5,280		865		(4,415	)
KRW Call/USD Put	KRW	1,280.000	GSI		02/22/24		350,000		USD	350,000		3,053		3,220		167
MXN Call/USD Put	MXN	16.980	GSI		01/15/24		934,000		USD	934,000		3,475		6,679		3,204
PLN Call/EUR Put	PLN	4.280	BOA		02/02/24		74,000		EUR	74,000		5,923		15,395		9,472
USD Call/EUR Put	USD	1.035	BNP		01/12/24		74,000		EUR	74,000		8,864		—		(8,864	)
USD Call/EUR Put	USD	1.095	BOA		01/25/24		509,000		EUR	509,000		3,091		2,038		(1,053	)
USD Call/EUR Put	USD	1.095	BNP		01/31/24		634,000		EUR	634,000		2,486		2,901		415
USD Call/EUR Put	USD	1.054	BOA		03/27/24		64,000		EUR	64,000		7,026		4,464		(2,562	)
Totals											$	44,399	$	39,552	$	(4,847	)

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate		Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - OTC - 5 Yr IRS	4.235%	CBNA	SOFR		Pay		03/26/24		56,337,000		USD	56,337,000	$	867,589	$	2,069,016	$	1,201,427
Put - OTC - 5 Yr. IRS	4.235%	CBNA	SOFR		Receive		03/26/24		56,337,000		USD	56,337,000		867,590		78,222		(789,368	)
Put - OTC - 10 Yr. IRS	2.834%	JPMC	6M EURIBOR		Receive		03/12/24		41,586,000		EUR	41,586,000		438,490		249,259		(189,231	)
Totals													$	2,173,669	$	2,396,497	$	222,828

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date	Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - 3 Month SOFR Futures	USD	94.938	03/15/24		2,761		USD	6,902,500	$	654,692	$	1,121,657	$	466,965
Put - U.S. Treasury Note 2 Year Futures	USD	102.500	01/26/24		27		USD	54,000		13,542		5,906		(7,636	)
Put - U.S. Treasury Note 2 Year Futures	USD	102.500	02/23/24		36		USD	72,000		24,781		14,625		(10,156	)
Totals									$	693,015	$	1,142,188	$	449,173

Written Options

Foreign Currency Options	Strike Price			Counterparty	Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
EUR Call/CZK Put		CZK	25.350	GSI		01/08/24		(1,118,000	)		EUR	(1,118,000	)	$	(2,656	)	$	(90	)	$	2,566
USD Call/BRL Put		BRL	5.050	GSI		01/04/24		(408,000	)		USD	(408,000	)		(1,932	)		(9	)		1,923
USD Call/EUR Put		USD	1.083	BOA		01/25/24		(509,000	)		EUR	(509,000	)		(1,262	)		(734	)		528
USD Call/KRW Put		KRW	1,330.000	GSI		02/22/24		(350,000	)		USD	(350,000	)		(2,182	)		(1,653	)		529
USD Call/MXN Put		MXN	19.000	UBSA		01/04/24		(392,000	)		USD	(392,000	)		(2,168	)		—			2,168
Totals														$	(10,200	)	$	(2,486	)	$	7,714

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - OTC - 10 Yr. IRS	3.360%	BOA	SOFR		Receive		12/22/25		(251,472	)		USD	(251,472	)	$	(11,223	)	$	(11,266	)	$	(43	)
Call - OTC - 10 Yr. IRS	4.538%	JPMC	SOFR		Receive		10/20/25		(183,444	)		USD	(183,444	)		(9,402	)		(19,879	)		(10,477	)
Call - OTC - 10 Yr. IRS	4.170%	JPMC	SOFR		Receive		09/28/26		(297,317	)		USD	(297,317	)		(16,129	)		(26,006	)		(9,877	)
Call - OTC - 10 Yr. IRS	4.481%	JPMC	SOFR		Receive		10/20/25		(366,967	)		USD	(366,967	)		(18,807	)		(38,430	)		(19,623	)
Call - OTC - 10 Yr. IRS	3.956%	CBNA	SOFR		Receive		11/28/25		(645,408	)		USD	(645,408	)		(29,624	)		(47,513	)		(17,889	)
Call - OTC - 10 Yr. IRS	3.956%	DBAG	SOFR		Receive		11/17/25		(742,192	)		USD	(742,192	)		(34,401	)		(54,546	)		(20,145	)
Call - OTC - 10 Yr. IRS	3.965%	CBNA	SOFR		Receive		11/20/25		(1,095,107	)		USD	(1,095,107	)		(50,923	)		(81,070	)		(30,147	)
Call - OTC - 10 Yr. IRS	4.000%	BOA	SOFR		Receive		11/17/25		(1,257,993	)		USD	(1,257,993	)		(58,968	)		(95,543	)		(36,575	)
Call - OTC - 10 Yr. IRS	3.403%	MSIP	SOFR		Receive		12/15/25		(7,801,000	)		USD	(7,801,000	)		(350,655	)		(362,902	)		(12,247	)

See accompanying notes to financial statements.

BHFTII-43

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Written Options—(Continued)

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - OTC - 5 Yr. IRS	3.903%	DBAG	SOFR		Receive		11/14/24		(37,760,488	)		USD	(37,760,488	)	$	(838,283	)	$	(1,399,372	)	$	(561,089	)
Call - OTC - 5 Yr. IRS	3.958%	BBP	SOFR		Receive		03/14/24		(56,337,500	)		USD	(56,337,500	)		(795,767	)		(1,416,227	)		(620,460	)
Call - OTC - 5 Yr. IRS	3.750%	CBNA	SOFR		Receive		06/12/24		(140,843,750	)		USD	(140,843,750	)		(2,238,675	)		(3,504,763	)		(1,266,088	)
Put - OTC - 10 Yr. IRS	3.234%	JPMC	6M EURIBOR		Pay		03/12/24		(41,586,000	)		EUR	(41,586,000	)		(135,755	)		(73,540	)		62,215
Put - OTC - 10 Yr. IRS	4.538%	JPMC	SOFR		Pay		10/20/25		(183,444	)		USD	(183,444	)		(9,402	)		(2,931	)		6,471
Put - OTC - 10 Yr. IRS	4.481%	JPMC	SOFR		Pay		10/20/25		(366,967	)		USD	(366,967	)		(18,807	)		(6,155	)		12,652
Put - OTC - 10 Yr. IRS	4.170%	JPMC	SOFR		Pay		09/28/26		(297,317	)		USD	(297,317	)		(16,129	)		(8,809	)		7,320
Put - OTC - 10 Yr. IRS	3.360%	BOA	SOFR		Pay		12/22/25		(251,472	)		USD	(251,472	)		(10,768	)		(11,455	)		(687	)
Put - OTC - 10 Yr. IRS	3.956%	CBNA	SOFR		Pay		11/28/25		(645,408	)		USD	(645,408	)		(29,624	)		(17,735	)		11,889
Put - OTC - 10 Yr. IRS	3.956%	DBAG	SOFR		Pay		11/17/25		(742,192	)		USD	(742,192	)		(34,401	)		(20,169	)		14,232
Put - OTC - 10 Yr. IRS	3.965%	CBNA	SOFR		Pay		11/20/25		(1,095,107	)		USD	(1,095,107	)		(50,923	)		(29,641	)		21,282
Put - OTC - 10 Yr. IRS	4.000%	BOA	SOFR		Pay		11/17/25		(1,257,993	)		USD	(1,257,993	)		(58,968	)		(32,939	)		26,029
Put - OTC - 10 Yr. IRS	3.403%	MSIP	SOFR		Pay		12/15/25		(7,801,000	)		USD	(7,801,000	)		(350,655	)		(341,986	)		8,669
Put - OTC - 5 Yr. IRS	3.958%	BBP	SOFR		Pay		03/14/24		(56,337,500	)		USD	(56,337,500	)		(795,767	)		(152,458	)		643,309
Put - OTC - 5 Yr. IRS	3.903%	DBAG	SOFR		Pay		11/14/24		(37,760,488	)		USD	(37,760,488	)		(838,283	)		(332,890	)		505,393
Put - OTC - 5 Yr. IRS	3.750%	CBNA	SOFR		Pay		06/12/24		(140,843,750	)		USD	(140,843,750	)		(2,162,089	)		(1,088,404	)		1,073,685
Totals															$	(8,964,428	)	$	(9,176,629	)	$	(212,201	)

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date	Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - 1 Year Mid-Curve SOFR Futures	USD	96.500	03/15/24		(1,381	)		USD	(3,452,500	)	$	(618,395	)	$	(1,165,219	)	$	(546,824	)
Call - U.S. Treasury Note 2 Year Futures	USD	104.500	02/23/24		(18	)		USD	(36,000	)		(1,941	)		(2,250	)		(309	)
Put - U.S. Treasury Note 2 Year Futures	USD	102.000	01/26/24		(54	)		USD	(108,000	)		(8,354	)		(2,531	)		5,823
Put - U.S. Treasury Note 2 Year Futures	USD	102.000	02/23/24		(36	)		USD	(72,000	)		(10,632	)		(5,625	)		5,007
Totals											$	(639,322	)	$	(1,175,625	)	$	(536,303	)

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Market Value		Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	12M CPTFE		Maturity		2.512	%		Maturity		12/15/53		EUR	2,170,000	$	50,864	$	104		$	50,760
Pay	12M SOFR		Annually		3.331	%		Annually		06/17/29		USD	11,241,768		8,747		106			8,641
Pay	12M SOFR		Annually		3.363	%		Annually		06/17/29		USD	8,431,138		18,638		79			18,559
Pay	12M SOFR		Annually		3.425	%		Annually		06/17/29		USD	6,323,449		31,529		59			31,470
Pay	12M SOFR		Annually		3.439	%		Annually		06/17/29		USD	8,431,279		47,512		79			47,433
Pay	12M SOFR		Annually		3.408	%		Annually		06/17/29		USD	16,862,700		71,623		158			71,465
Pay	1M TIIE		Monthly		11.700	%		Monthly		02/12/24		MXN	38,764,000		554		(1	)		555
Pay	1M TIIE		Monthly		11.720	%		Monthly		02/14/24		MXN	23,117,000		382		—			382
Pay	1M TIIE		Monthly		8.950	%		Monthly		11/08/28		MXN	14,718,000		12,910		8			12,902
Pay	1M TIIE		Monthly		9.685	%		Monthly		10/25/28		MXN	15,240,000		39,095		8			39,087
Pay	3M KCOD		Quarterly		3.188	%		Quarterly		09/20/26		KRW	788,915,870		1,202		5			1,197
Pay	3M KCOD		Quarterly		3.330	%		Quarterly		09/20/26		KRW	773,676,291		3,427		5			3,422
Pay	3M KCOD		Quarterly		3.380	%		Quarterly		09/20/26		KRW	773,792,354		4,217		5			4,212
Pay	3M KCOD		Quarterly		3.383	%		Quarterly		09/20/26		KRW	773,792,355		4,256		5			4,251
Pay	6M CDOR		Semi-Annually		3.540	%		Semi-Annually		06/15/33		CAD	9,276,034		270,245		113			270,132
Pay	6M CDOR		Semi-Annually		4.002	%		Semi-Annually		09/21/33		CAD	2,265,000		132,703		28			132,675
Pay	6M EURIBOR		Semi-Annually		3.151	%		Semi-Annually		07/21/28		EUR	937,000		31,122		9			31,113
Pay	6M EURIBOR		Semi-Annually		3.216	%		Semi-Annually		11/08/33		EUR	5,438,257		372,280		99			372,181
Pay	6M EURIBOR		Semi-Annually		3.224	%		Semi-Annually		11/08/33		EUR	5,438,256		376,470		99			376,371
Pay	6M EURIBOR		Semi-Annually		3.529	%		Semi-Annually		11/08/25		EUR	24,069,750		288,448		113			288,335

See accompanying notes to financial statements.

BHFTII-44

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay	6M EURIBOR		Semi-Annually		3.535	%		Semi-Annually		11/08/25		EUR	24,069,750	$	291,530		$	113	$	291,417
Receive	1M TIIE		Monthly		11.245	%		Monthly		11/07/24		MXN	66,865,000		(9,923	)		6		(9,929	)
Receive	1M TIIE		Monthly		10.950	%		Monthly		12/03/24		MXN	67,453,000		(2,917	)		7		(2,924	)
Receive	6M CDOR		Semi-Annually		3.404	%		Semi-Annually		06/15/53		CAD	4,122,000		(261,464	)		109		(261,573	)
Receive	6M CDOR		Semi-Annually		3.722	%		Semi-Annually		09/21/53		CAD	990,000		(109,886	)		26		(109,912	)
Receive	6M EURIBOR		Annually		3.157	%		Annually		11/08/28		EUR	20,082,375		(701,842	)		204		(702,046	)
Receive	6M EURIBOR		Annually		3.165	%		Annually		11/08/28		EUR	20,082,375		(709,377	)		204		(709,581	)
Receive	6M PRIBOR		Semi-Annually		4.098	%		Semi-Annually		03/20/26		CZK	20,900,000		(4,329	)		4		(4,333	)
Receive	6M WIBOR		Annually		5.135	%		Annually		12/20/25		PLN	3,744,000		(3,115	)		4		(3,119	)
Totals														$	254,901		$	1,758	$	253,143

OTC Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Counterparty		Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation) (1)
Pay	1-Day CDI		Maturity		10.108	%		Maturity		01/02/26		GSI		BRL	1,931,920	$	1,130		$	—	$	1,130
Pay	1-Day CDI		Maturity		9.980	%		Maturity		01/02/26		HSBC		BRL	6,147,000		222			—		222
Pay	1-Day CDI		Maturity		11.745	%		Maturity		01/02/26		CBNA		BRL	5,106,000		37,290			—		37,290
Pay	1-Day CDI		Maturity		11.800	%		Maturity		01/02/26		CBNA		BRL	5,263,226		40,177			—		40,177
Pay	1-Day CDI		Maturity		11.865	%		Maturity		01/02/25		BOA		BRL	5,259,958		12,177			—		12,177
Pay	1-Day CDI		Maturity		10.345	%		Maturity		01/04/27		CBNA		BRL	5,535,000		21,175			—		21,175
Pay	1-Day CDI		Maturity		10.575	%		Maturity		01/02/26		CBNA		BRL	8,064,000		29,031			—		29,031
Pay	1-Day CDI		Maturity		11.103	%		Maturity		01/02/25		BBP		BRL	7,703,000		12,072			—		12,072
Receive	1-Day CDI		Maturity		12.615	%		Maturity		01/02/24		CBNA		BRL	27,165,140		(88	)		—		(88	)
Receive	12M COIRR		Maturity		10.176	%		Maturity		06/20/25		CBNA		COP	3,997,331,802		(8,723	)		—		(8,723	)
Receive	12M COIRR		Maturity		8.620	%		Maturity		11/05/25		JPMC		COP	7,068,327,000		(19,946	)		—		(19,946	)
Totals																$	124,517		$	—	$	124,517

Centrally Cleared Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency	Maturity Date	Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)		Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.41.V2		(5.000	%)	Quarterly	12/20/28		3.563	%	USD	6,020,090	$	(351,134	)	$	(34,861	)	$	(316,273	)
ITRX.EUR.40.V1		(1.000	%)	Quarterly	12/20/28		0.579	%	EUR	2,890,000		(62,275	)		(34,705	)		(27,570	)
ITRX.FINSR.40.V1		(1.000	%)	Quarterly	12/20/28		0.669	%	EUR	9,090,000		(153,494	)		(62,799	)		(90,695	)
ITRX.EUR.XOVER.40.V1		(5.000	%)	Quarterly	12/20/28		3.090	%	EUR	2,163,623		(191,386	)		(44,678	)		(146,708	)
Totals											$	(758,289	)	$	(177,043	)	$	(581,246	)

Centrally Cleared Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)			Market Value		Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.40.V2		5.000	%		Quarterly		06/20/28		3.363	%		USD	6,523,110	$	400,017	$	(14,568	)	$	414,585

See accompanying notes to financial statements.

BHFTII-45

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

OTC Credit Default Swaps on Corporate and Sovereign Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Abbott Laboratories 3.400% due on 11/30/23		(1.000	%)		Quarterly		12/20/28	JPMC		0.467	%		USD	1,238,000	$	(29,855	)	$	(23,232	)	$	(6,623	)
American Electric Power Co. Inc. 3.200% due on 11/13/27		(1.000	%)		Quarterly		12/20/28	BOA		0.392	%		USD	1,266,659		(35,264	)		(28,840	)		(6,424	)
American Electric Power Co. Inc. 3.200% due on 11/13/27		(1.000	%)		Quarterly		12/20/28	DBAG		0.392	%		USD	1,587,341		(44,191	)		(31,943	)		(12,248	)
American Electric Power Co. Inc. 3.200% due on 11/13/27		(1.000	%)		Quarterly		12/20/28	GSI		0.392	%		USD	3,000,000		(82,686	)		(72,253	)		(10,433	)
American Express Co. 4.050% due on 05/03/29		(1.000	%)		Quarterly		12/20/28	CBNA		0.407	%		USD	3,000,000		(80,553	)		(63,933	)		(16,620	)
Avis Budget Group, Inc. 5.250%, due 03/15/25		(5.000	%)		Quarterly		12/20/24	JPMC		0.803	%		USD	460,000		(18,450	)		7,496			(25,946	)
Avis Budget Group, Inc. 5.250%, due 03/15/25		(5.000	%)		Quarterly		06/20/25	JPMC		1.224	%		USD	480,000		(25,763	)		17,539			(43,302	)
Beazer Homes USA, Inc. 6.750%, due 03/15/25		(5.000	%)		Quarterly		06/20/24	BNP		0.398	%		USD	250,000		(5,445	)		(1,383	)		(4,062	)
Beazer Homes USA, Inc. 6.750%, due 03/15/25		(5.000	%)		Quarterly		06/20/24	BNP		0.398	%		USD	250,000		(5,445	)		(1,493	)		(3,952	)
Beazer Homes USA, Inc. 6.750%, due 03/15/25		(5.000	%)		Quarterly		06/20/24	BBP		0.398	%		USD	250,000		(5,445	)		(1,567	)		(3,878	)
Boeing Co. 8.750%, due 08/15/21		(1.000	%)		Quarterly		12/20/24	BNP		0.261	%		USD	460,000		(3,261	)		(1,782	)		(1,479	)
Boeing Co. 8.750%, due 08/15/21		(1.000	%)		Quarterly		12/20/24	MSIP		0.261	%		USD	1,185,000		(8,400	)		(2,720	)		(5,680	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.279	%		USD	314,000		(2,175	)		1,512			(3,687	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.279	%		USD	520,000		(3,602	)		2,552			(6,154	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.279	%		USD	524,000		(3,629	)		2,571			(6,200	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.279	%		USD	525,000		(3,636	)		2,576			(6,212	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.279	%		USD	526,000		(3,643	)		2,532			(6,175	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.279	%		USD	740,000		(5,125	)		3,562			(8,687	)
Brazil Government International Bond 4.250% due 01/07/25		(1.000	%)		Quarterly		12/20/28	GSI		1.314	%		USD	659,500		9,226			27,041			(17,815	)
Colombia Government International Bond 10.375% due 01/28/33		(1.000	%)		Quarterly		12/20/28	JPMC		1.556	%		USD	781,000		19,278			37,570			(18,292	)
Deutsche Bank AG 5.125%, due 08/31/17		(1.000	%)		Quarterly		06/20/28	JPMC		1.143	%		EUR	600,000		3,922			44,887			(40,965	)
Deutsche Bank AG 5.125%, due 08/31/17		(1.000	%)		Quarterly		06/20/28	JPMC		1.143	%		EUR	352,000		2,301			17,056			(14,755	)
Deutsche Bank AG 5.125%, due 08/31/17		(1.000	%)		Quarterly		06/20/28	JPMC		1.143	%		EUR	131,000		856			6,704			(5,848	)
Deutsche Bank AG 5.125%, due 08/31/17		(1.000	%)		Quarterly		06/20/28	JPMC		1.143	%		EUR	117,000		765			5,669			(4,904	)
Dominion Energy, Inc. 4.250%, due 06/01/28		(1.000	%)		Quarterly		12/20/28	BOA		0.565	%		USD	663,056		(13,183	)		(10,130	)		(3,053	)
Dominion Energy, Inc. 4.250%, due 06/01/28		(1.000	%)		Quarterly		12/20/28	BOA		0.565	%		USD	1,266,703		(25,185	)		(20,393	)		(4,792	)
Dominion Energy, Inc. 4.250%, due 06/01/28		(1.000	%)		Quarterly		12/20/28	BBP		0.565	%		USD	319,704		(6,356	)		(4,998	)		(1,358	)
Dominion Energy, Inc. 4.250%, due 06/01/28		(1.000	%)		Quarterly		12/20/28	CBNA		0.565	%		USD	629,537		(12,516	)		(9,344	)		(3,172	)

See accompanying notes to financial statements.

BHFTII-46

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

OTC Credit Default Swaps on Corporate and Sovereign Issues—Buy Protection (a)—(Continued)

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		12/20/28	BNP		0.883	%		USD	305,000	$	(1,606	)	$	3,083		$	(4,689	)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		12/20/28	BNP		0.883	%		USD	310,000		(1,632	)		2,869			(4,501	)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		12/20/28	BNP		0.883	%		USD	310,000		(1,632	)		3,200			(4,832	)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		12/20/28	BNP		0.883	%		USD	314,000		(1,653	)		3,241			(4,894	)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		12/20/28	JPMC		0.883	%		USD	251,900		(1,326	)		2,493			(3,819	)
Mexico Government International Bond 4.150% due 03/28/27		(1.000	%)		Quarterly		12/20/28	BBP		0.883	%		USD	1,142,816		(6,016	)		8,961			(14,977	)
Republic of South Africa Government International Bond 5.875% due 09/16/25		(1.000	%)		Quarterly		12/20/28	BBP		2.039	%		USD	303,196		13,801			23,465			(9,664	)
Republic of South Africa Government International Bond 5.875% due 09/16/25		(1.000	%)		Quarterly		12/20/28	BBP		2.039	%		USD	274,247		12,483			21,329			(8,846	)
Republic of South Africa Government International Bond 5.875% due 09/16/25		(1.000	%)		Quarterly		12/20/28	BBP		2.039	%		USD	242,557		11,041			18,957			(7,916	)
Tenet Healthcare Corp. 6.875%, due 11/15/31		(5.000	%)		Quarterly		06/20/24	BBP		0.397	%		USD	499,000		(10,869	)		(551	)		(10,318	)
UBS Group AG 0.250%, 01/29/26		(1.000	%)		Quarterly		06/20/28	BNP		0.687	%		EUR	134,000		(1,949	)		5,409			(7,358	)
UBS Group AG 0.250%, 01/29/26		(1.000	%)		Quarterly		06/20/28	JPMC		0.687	%		EUR	37,000		(538	)		1,837			(2,375	)
UBS Group AG 0.250%, 01/29/26		(1.000	%)		Quarterly		06/20/28	JPMC		0.687	%		EUR	112,000		(1,629	)		5,341			(6,970	)
UBS Group AG 0.250%, 01/29/26		(1.000	%)		Quarterly		06/20/28	JPMC		0.687	%		EUR	117,000		(1,702	)		6,275			(7,977	)
UBS Group AG 0.250%, 01/29/26		(1.000	%)		Quarterly		06/20/28	JPMC		0.687	%		EUR	1,000,000		(14,545	)		31,972			(46,517	)
Totals															$	(395,232	)	$	43,137		$	(438,369	)

OTC Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CMBX.NA.6.AAA		(0.500	%)		Monthly		05/11/63	DBAG		0.500	%		USD	1,001,000	$	—		$	145		$	(145	)
CMBX.NA.6.AAA		(0.500	%)		Monthly		05/11/63	DBAG		0.500	%		USD	2,340,000		—			(883	)		883
CMBX.NA.9.AAA		(0.500	%)		Monthly		09/17/58	MSIP		0.469	%		USD	21,858		(11	)		295			(306	)
CMBX.NA.9.AAA		(0.500	%)		Monthly		09/17/58	MSIP		0.469	%		USD	1,090,000		(539	)		13,409			(13,948	)
CMBX.NA.9.BBB-		(3.000	%)		Monthly		09/17/58	CBNA		14.758	%		USD	500,000		87,406			15,545			71,861
CMBX.NA.9.BBB-		(3.000	%)		Monthly		09/17/58	MSIP		14.758	%		USD	105,000		18,355			5,346			13,009
Totals															$	105,211		$	33,857		$	71,354

See accompanying notes to financial statements.

BHFTII-47

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CMBX.NA.10.BBB-		3.000	%		Monthly		11/17/59	JPMC		13.993	%		USD	40,000	$	(9,593	)	$	(3,575	)	$	(6,018	)
CMBX.NA.14.BBB-		3.000	%		Monthly		12/16/72	GSI		7.231	%		USD	186,000		(36,642	)		(30,792	)		(5,850	)
CMBX.NA.9.BBB-		3.000	%		Monthly		09/17/58	DBAG		14.758	%		USD	467,000		(81,637	)		(57,312	)		(24,325	)
CMBX.NA.9.BBB-		3.000	%		Monthly		09/17/58	MSIP		14.758	%		USD	138,000		(24,124	)		(168	)		(23,956	)
Totals															$	(151,996	)	$	(91,847	)	$	(60,149	)

(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.

(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.

(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.

(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.

(1) There was no upfront premium paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

Securities in the amount of $10,378 have been received at the custodian bank as collateral for OTC swap contracts, and forward foreign currency exchange contracts.

Glossary of Abbreviations

Counterparties 

(BBP)—	Barclays Bank PLC
(BNP)—	BNP Paribas SA
(BNY)—	Bank of New York Mellon
(BOA)—	Bank of America NA
(CBNA)—	Citibank NA
(CIBC)—	Canadian Imperial Bank of Commerce
(DBAG)—	Deutsche Bank AG
(GSI)—	Goldman Sachs International
(HSBC)—	HSBC Bank PLC
(JPMC)—	JPMorgan Chase Bank NA
(MSIP)—	Morgan Stanley & Co. International PLC
(SCB)—	Standard Chartered Bank
(SSBT)—	State Street Bank and Trust
(TDB)—	Toronto Dominion Bank
(UBSA)—	UBS AG

Currencies 

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(CLP)—	Chilean Peso
(CNH)—	Chinese Renminbi
(COP)—	Colombian Peso
(CZK)—	Czech Koruna
(EUR)—	Euro
(GBP)—	British Pound
(HUF)—	Hungarian Forint
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(NOK)—	Norwegian Krone
(PLN)—	Polish Zloty
(RUB)—	Russian Ruble
(THB)—	Thai Baht
(TRY)—	Turkish Lira
(TWD)—	Taiwanese Dollar
(USD)—	United States Dollar
(ZAR)—	South African Rand

See accompanying notes to financial statements.

BHFTII-48

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Glossary of Abbreviations—(Continued)

Index Abbreviations

(CDI)—	Brazil Interbank Deposit Rate
(CDOR)—	Canadian Dollar Offered Rate
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(CMBX.NA.AAA)—	Markit North America AAA Rated CMBS Index
(CMBX.NA.BBB-)—	Markit North America BBB- Rated CMBS Index
(COIRR) —	Colombia Overnight Interbank Reference Rate
(CPTFE)—	Eurozone Harmonized Index of Consumer Prices ex-Tobacco
(EURIBOR)—	Euro InterBank Offered Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(ITRX.EUR)—	Markit iTraxx Europe CDS Index
(ITRX.EUR.XOVER)—	Markit iTraxx Europe Crossover CDS Index
(ITRX.FINSR)—	Markit iTraxx Europe Senior Financial CDS Index
(KCOD)—	South Korean Certificate of Deposit Rate
(LIBOR)—	London Interbank Offered Rate
(MTA)—	Monthly Treasury Average Index
(PRIBOR)—	Prague Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(SONIA)—	Sterling Overnight Index Average Deposit Rate
(TIIE)—	Mexican Interbank Equilibrium Interest Rate
(TSFR)—	Term Secured Overnight Financing Rate
(WIBOR)—	Warsaw Interbank Offered Rate

Other Abbreviations

(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(DAC)—	Designated Activity Company
(ICE)—	Intercontinental Exchange, Inc.
(IRS)—	Interest Rate Swap
(REMIC)—	Real Estate Mortgage Investment Conduit

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,685,109,054	$	—	$	1,685,109,054
Corporate Bonds & Notes
Aerospace/Defense		—		27,703,898		—		27,703,898
Agriculture		—		12,935,187		—		12,935,187
Airlines		—		5,522,033		—		5,522,033
Apparel		—		506,169		—		506,169
Auto Manufacturers		—		1,798,296		—		1,798,296
Auto Parts & Equipment		—		766,446		—		766,446
Banks		—		190,878,062		—		190,878,062
Biotechnology		—		16,289,043		—		16,289,043
Building Materials		—		901,151		—		901,151
Chemicals		—		3,071,146		—		3,071,146
Commercial Services		—		7,154,427		—		7,154,427
Computers		—		4,821,368		—		4,821,368
Diversified Financial Services		—		5,692,484		—		5,692,484
Electric		—		77,106,459		—		77,106,459
Energy-Alternate Sources		—		846,721		—		846,721
Entertainment		—		4,947,257		—		4,947,257
Environmental Control		—		1,842,125		—		1,842,125
Food		—		448,611		—		448,611
Gas		—		7,830,861		—		7,830,861
Healthcare-Products		—		3,866,288		—		3,866,288

See accompanying notes to financial statements.

BHFTII-49

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Healthcare-Services	$	—	$	16,904,790	$	—	$	16,904,790
Home Builders		—		4,756,693		4,204,670		8,961,363
Insurance		—		1,962,606		—		1,962,606
Internet		—		4,373,986		—		4,373,986
Iron/Steel		—		639,140		—		639,140
Lodging		—		490,927		1,320,306		1,811,233
Machinery-Diversified		—		4,051,439		—		4,051,439
Media		—		14,571,484		—		14,571,484
Mining		—		4,317,123		—		4,317,123
Miscellaneous Manufacturing		—		2,381,460		—		2,381,460
Oil & Gas		—		53,901,557		1,117,728		55,019,285
Packaging & Containers		—		2,767,185		—		2,767,185
Pharmaceuticals		—		21,686,949		—		21,686,949
Pipelines		—		95,580,409		—		95,580,409
Real Estate		—		865,128		5,698,951		6,564,079
Real Estate Investment Trusts		—		34,580,634		—		34,580,634
Retail		—		2,889,304		—		2,889,304
Semiconductors		—		8,087,604		—		8,087,604
Shipbuilding		—		4,865,465		—		4,865,465
Software		—		13,428,027		—		13,428,027
Telecommunications		—		48,352,746		1,046,137		49,398,883
Transportation		—		11,242,487		—		11,242,487
Total Corporate Bonds & Notes		—		727,625,175		13,387,792		741,012,967
Asset-Backed Securities
Asset-Backed - Credit Card		—		1,323,220		—		1,323,220
Asset-Backed - Home Equity		—		25,342,029		—		25,342,029
Asset-Backed - Manufactured Housing		—		10,720,076		—		10,720,076
Asset-Backed - Other		—		211,301,148		4,314,631		215,615,779
Asset-Backed - Student Loan		—		21,440,133		—		21,440,133
Total Asset-Backed Securities		—		270,126,606		4,314,631		274,441,237
Total Mortgage-Backed Securities*		—		225,257,784		—		225,257,784
Total Foreign Government*		—		56,133,988		—		56,133,988
Floating Rate Loans
Agriculture		—		306,422		—		306,422
Airlines		—		522		—		522
Apparel		—		138,039		—		138,039
Auto Parts & Equipment		—		241,285		—		241,285
Beverages		—		499,060		—		499,060
Chemicals		—		936,327		—		936,327
Commercial Services		—		2,081,806		1,180,685		3,262,491
Computers (Less Unfunded Loan Commitments of $1,171,829)		—		—		2,135,985		2,135,985
Cosmetics/Personal Care		—		93,044		217,005		310,049
Engineering & Construction		—		—		1,511,016		1,511,016
Entertainment		—		2,661,950		—		2,661,950
Food		—		870,188		—		870,188
Hand/Machine Tools		—		422,446		—		422,446
Healthcare-Services		—		234,955		—		234,955
Household Products/Wares		—		122,360		—		122,360
Housewares		—		301,023		—		301,023
Lodging		—		1,878,686		—		1,878,686
Machinery-Diversified		—		340,460		—		340,460
Media		—		319,805		—		319,805
Mining		—		91,015		—		91,015
Oil & Gas		—		—		347,375		347,375
Pipelines		—		130,253		—		130,253
Retail		—		201,603		—		201,603
Software		—		182,035		—		182,035
Telecommunications		—		717,326		—		717,326
Total Floating Rate Loans (Less Unfunded Loan Commitments of $1,171,829)		—		12,770,610		5,392,066		18,162,676
Total Municipals*		—		18,860,991		—		18,860,991

See accompanying notes to financial statements.

BHFTII-50

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	5,166,445		$	—		$	—	$	5,166,445
Total Preferred Stocks*		—			—			4,856,693		4,856,693
Convertible Bonds
Automobiles		—			—			1,504,797		1,504,797
Energy-Alternate Sources		—			51,807			—		51,807
Media		—			198,400			—		198,400
Total Convertible Bonds		—			250,207			1,504,797		1,755,004
Warrants
Automobiles		—			—			8,629		8,629
Health Care Providers & Services		21			—			—		21
Health Care Technology		0			—			—		0
Hotels, Restaurants & Leisure		—			—			0		0
IT Services		—			—			235,707		235,707
Machinery		553			—			—		553
Software		1,361			—			—		1,361
Specialty Retail		3,787			—			—		3,787
Total Warrants		5,722			—			244,336		250,058
Total Escrow Shares*		—			—			0		0
Total Short-Term Investment*		—			68,079,147			—		68,079,147
Securities Lending Reinvestments
Repurchase Agreements		—			2,007,079			—		2,007,079
Mutual Funds		3,150,000			—			—		3,150,000
Total Securities Lending Reinvestments		3,150,000			2,007,079			—		5,157,079
Purchased Options
Foreign Currency Options at Value		—			39,552			—		39,552
Interest Rate Swaptions at Value		—			2,396,497			—		2,396,497
Options on Exchange-Traded Futures Contracts at Value		1,142,188			—			—		1,142,188
Total Purchased Options		1,142,188			2,436,049			—		3,578,237
Total Net Investments	$	9,464,355		$	3,068,656,690		$	29,700,315	$	3,107,821,360
Collateral for Securities Loaned (Liability)	$	—		$	(5,157,079	)	$	—	$	(5,157,079	)
TBA Forward Sales Commitments (Liability)	$	—		$	(48,603,634	)	$	—	$	(48,603,634	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	793,766		$	—	$	793,766
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(1,249,706	)		—		(1,249,706	)
Total Forward Contracts	$	—		$	(455,940	)	$	—	$	(455,940	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	5,769,771		$	—		$	—	$	5,769,771
Futures Contracts (Unrealized Depreciation)		(5,660,905	)		—			—		(5,660,905	)
Total Futures Contracts	$	108,866		$	—		$	—	$	108,866
Written Options
Foreign Currency Options at Value	$	—		$	(2,486	)	$	—	$	(2,486	)
Interest Rate Swaptions at Value		—			(9,176,629	)		—		(9,176,629	)
Options on Exchange-Traded Futures Contracts at Value		(1,175,625	)		—			—		(1,175,625	)
Total Written Options	$	(1,175,625	)	$	(9,179,115	)	$	—	$	(10,354,740	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	2,471,145		$	—	$	2,471,145
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(2,384,663	)		—		(2,384,663	)
Total Centrally Cleared Swap Contracts	$	—		$	86,482		$	—	$	86,482
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	332,708		$	—	$	332,708
OTC Swap Contracts at Value (Liabilities)		—			(650,208	)		—		(650,208	)
Total OTC Swap Contracts	$	—		$	(317,500	)	$	—	$	(317,500	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-51

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

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 December 31, 2022		Purchases		Sales			Realized Gain/ (Loss)		Transfers In		Amortization Prem/Desc		Change in Unrealized Appreciation/ (Depreciation)			Balance as of December 31, 2023		Change in Unrealized Appreciation/ (Depreciation) from Investments Held at December 31, 2023
Corporate Bonds
Home Builders	$	1,144,179	$	3,010,880	$	—		$	—	$	—	$	3,822	$	45,789		$	4,204,670	$	45,789
Lodging		1,346,113		274,169		(288,335	)		42,146		—		8,348		(62,135	)		1,320,306		(62,135	)
Oil & Gas		1,953,719		1,099,773		(1,990,950	)		39,819		—		—		15,367			1,117,728		17,955
Real Estate		1,115,229		5,778,752		(1,192,407	)		34,428		—		26,716		(63,767	)		5,698,951		(90,984	)
Telecommunications		—		1,046,137		—			—		—		—		—			1,046,137		—
Asset-Backed Securities
Asset-Backed - Other		—		984,236		—			—		3,166,485		—		163,910			4,314,631		163,910
Floating Rate Loans
Commercial Services		1,214,558		339,703		—			—		—		702		(374,278	)		1,180,685		(374,278	)
Computers*		—		2,200,516		(17,420	)		156		—		1,781		(49,048	)		2,135,985		(49,048	)
Cosmetics/Personal Care		—		215,340		—			—		—		191		1,474			217,005		1,474
Engineering & Construction		—		1,852,618		(344,216	)		17		—		424		2,173			1,511,016		2,173
Oil & Gas		—		347,375		—			—		—		28		(28	)		347,375		(28	)
Preferred Stocks
Home Builders		2,394,765		—		—			—		—		—		98,550			2,493,315		98,550
IT Services		1,810,663		—		—			—		—		—		400,109			2,210,772		400,109
Software		—		303,694		—			—		—		—		(151,088	)		152,606		(151,088	)
Convertible Bonds
Automobiles		1,123,937		204,736		—			—		—		—		176,124			1,504,797		176,124
Warants
Automobiles		106,819		—		—			—		—		—		(98,190	)		8,629		(98,190	)
Hotels, Restaurants & Leisure		208		—		—			—		—		—		(208	)		—		(208	)
IT Services		215,647		—		—			—		—		—		20,060			235,707		20,060
Escrow Shares
Savings & Loans		1		—		—			—		—		—		(1	)		—		(1	)
	$	12,425,838	$	17,657,929	$	(3,833,328	)	$	116,566	$	3,166,485	$	42,012	$	124,813		$	29,700,315	$	100,184

* Values are net of unfunded loan commitments.

	Fair Value at December 31, 2023		Valuation Technique(s)		Unobservable Input		Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Corporate Bonds
Home Builders	$	4,204,670		Market Yield Analysis		Midpoint Yield Spread		7.11	%		7.53	%		7.41	%		Decrease
						Reference Index Spread		4.27	%		4.39	%		4.30	%		Decrease
Lodging		1,320,306		Market Yield Analysis		Midpoint Yield Spread		14.25	%		14.25	%		14.25	%		Decrease
						Reference Index Spread		4.50	%		4.50	%		4.50	%		Decrease
Oil & Gas		1,117,728		Market Yield Analysis		Midpoint Yield Spread		7.75	%		7.75	%		7.75	%		Decrease
						Reference Index Spread		4.24	%		4.24	%		4.24	%		Decrease
Real Estate		5,698,951		Market Yield Analysis		Midpoint Yield Spread		11.54	%		11.54	%		11.54	%		Decrease
						Reference Index Spread		4.08	%		4.08	%		4.08	%		Decrease
				Market Transaction		Transaction Price	$	97.00		$	97.00		$	97.00			Increase
Telecommunications		1,046,137		Market Transaction		Transaction Price	$	100.00		$	100.00		$	100.00			Increase
Asset-Backed Securities
Asset-Backed - Other		4,314,631		Market Yield Analysis		Midpoint Yield Spread		4.08	%		8.51	%		5.12	%		Decrease
						Reference Index Spread		3.94	%		4.46	%		4.35	%		Decrease

See accompanying notes to financial statements.

BHFTII-52

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

	Fair Value at December 31, 2023		Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Floating Rate Loans
Commercial Services	$	1,180,685	EV Coverage Analysis	EV/EBITDA Multiple		14.50x			14.50x			14.50x			Increase
				Loan/EV Coverage Ratio		0.74x			0.74x			0.74x			Increase
Computers*		2,135,985	Market Yield Analysis	Midpoint Yield Spread		7.50	%		9.63	%		9.09	%		Decrease
				Reference Index Spread		4.92	%		5.25	%		5.17	%		Decrease
Cosmetics/Personal Care		217,005	Market Yield Analysis	Midpoint Yield Spread		7.50	%		7.50	%		7.50	%		Decrease
				Reference Index Spread		4.03	%		4.03	%		4.03	%		Decrease
Engineering & Construction		1,511,016	Market Yield Analysis	Midpoint Yield Spread		6.50	%		6.50	%		6.50	%		Decrease
				Reference Index Spread		4.47	%		4.47	%		4.47	%		Decrease
Oil & Gas		347,375	Market Transaction	Transaction Price	$	99.25		$	99.25		$	99.25			Increase
Preferred Stock
Home Builders		2,493,315	Market Yield Analysis	Midpoint Yield Spread		6.34	%		6.34	%		6.34	%		Decrease
				Reference Index Spread		4.09	%		4.09	%		4.09	%		Decrease
IT Services		2,210,772	Comparable Company Analysis	EV/Revenue Multiple		9.50x			9.50x			9.50x			Increase
				Accrued Dividend/Share	$	0.43		$	0.43		$	0.43			Increase
Software		152,606	Comparable Company Analysis	EV/Gross Profit Multiple		4.50x			4.50x			4.50x			Increase
Convertible Bonds
Automobiles		1,504,797	Scenario Analysis	EV/Revenue Multiple		4.22x			4.22x			4.22x			Increase
				Years to Conversion		0.50			1.32			0.83			Decrease
				Discount Rate		55.76	%		55.76	%		55.76	%		Decrease
Warrants
Automobiles		8,629	Black-Scholes Model	Strike Price	$	3.35		$	3.35		$	3.35			Decrease
				Volatility Rate		60.00	%		60.00	%		60.00	%		Increase
				Risk Free Rate		4.82	%		5.33	%		4.84	%		Decrease
Hotels, Restaurants & Leisure		0	Black-Scholes Model	Strike Price	$	230.00		$	230.00		$	230.00			Decrease
				Volatility Rate		44.00	%		44.00	%		44.00	%		Increase
				Risk Free Rate		4.42	%		4.42	%		4.42	%		Decrease
IT Services		235,707	Comparable Company Analysis	EV/Revenue Multiple		9.50x			9.50x			9.50x			Increase

* Market values are net of unfunded loan commitments.

See accompanying notes to financial statements.

BHFTII-53

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b) (c)	$	3,107,821,360
Cash		1,707,789
Cash denominated in foreign currencies (d)		8,101,276
Cash collateral (e)		3,633,520
OTC swap contracts at market value (f)		332,708
Unrealized appreciation on forward foreign currency exchange contracts		793,766
Receivable for:
Investments sold		706,022
TBA securities sold (g)		217,514,683
Fund shares sold		876,935
Dividends and interest		23,180,205
Interest on OTC swap contracts		841
Variation margin on futures contracts		117,134
Variation margin on centrally cleared swap contracts		19,780
Prepaid expenses		10,626
Other assets		178,199
Total Assets		3,364,994,844
Liabilities
Written options at value (h)		10,354,740
TBA Forward sales commitments, at value		48,603,634
OTC swap contracts at market value (i)		650,208
Cash collateral (j)		215,100
Unrealized depreciation on forward foreign currency exchange contracts		1,249,706
Collateral for securities loaned		5,157,079
Payables for:
Investments purchased		7,881,277
TBA securities purchased (g)		477,420,329
Premium on purchased options		2,486
Fund shares redeemed		319,193
Foreign taxes		7,325
Interest on forward sales commitments		214,661
Interest on OTC swap contracts		12,852
Accrued Expenses:
Management fees		803,164
Distribution and service fees		97,885
Deferred trustees’ fees		169,190
Other expenses		509,630
Total Liabilities		553,668,459
Net Assets	$	2,811,326,385
Net Assets Consist of:
Paid in surplus	$	3,260,292,125
Distributable earnings (Accumulated losses) (k)		(448,965,740	)
Net Assets	$	2,811,326,385
Net Assets
Class A	$	2,314,203,460
Class B		422,700,505
Class E		74,422,420
Capital Shares Outstanding*
Class A		25,081,948
Class B		4,682,295
Class E		815,291
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	92.27
Class B		90.28
Class E		91.28

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $3,237,634,591.
(b)	Includes securities loaned at value of $40,984,559.
(c)	Investments at value is net of unfunded loan commitments of $1,171,829.
(d)	Identified cost of cash denominated in foreign currencies was $8,036,881.
(e)	Includes collateral of $847,000 for OTC swap contracts, OTC option contracts, and forward foreign currency exchange contracts and $2,786,520 for centrally cleared swap contracts.
(f)	Net premium paid on OTC swap contracts was $222,831.
(g)	Included within TBA securities sold is $99,131,576 related to TBA forward sale commitments and included within TBA securities purchased is $52,073,360 related to TBA forward sale commitments.
(h)	Premiums received on written options were $9,613,950.
(i)	Net premium received on OTC swap contracts was $237,684.
(j)	Includes collateral of $95,100 for OTC swap contracts, OTC option contracts, and forward foreign currency exchange contracts and $120,000 for TBAs.
(k)	Includes foreign capital gains tax of $7,325.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends	$	341,849
Interest (a)		121,190,756
Securities lending income		48,492
Total investment income		121,581,097
Expenses
Management fees		9,921,521
Administration fees		131,665
Custodian and accounting fees		860,005
Distribution and service fees—Class B		1,035,164
Distribution and service fees—Class E		112,010
Audit and tax services		138,739
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		99,074
Insurance		26,986
Miscellaneous		48,661
Total expenses		12,466,649
Less management fee waiver		(348,207	)
Net expenses		12,118,442
Net Investment Income		109,462,655
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		(94,873,059	)
Purchased options		(3,589,383	)
Futures contracts		3,943,632
Written options		(2,518,681	)
Swap contracts		(2,213,459	)
Foreign currency transactions		343,399
Forward foreign currency transactions		(1,578,257	)
Net realized gain (loss)		(100,485,808	)
Net change in unrealized appreciation (depreciation) on:
Investments (c)		149,030,061
Purchased options		(2,509,921	)
Futures contracts		(1,451,801	)
Written options		4,818,590
Swap contracts		(2,767,136	)
Foreign currency transactions		113,370
Forward foreign currency transactions		(479,208	)
Net change in unrealized appreciation (depreciation)		146,753,955
Net realized and unrealized gain (loss)		46,268,147
Net Increase (Decrease) in Net Assets From Operations	$	155,730,802

(a)	Net of foreign withholding taxes of $16,118.
(b)	Net of foreign capital gains tax of $1,611.
(c)	Includes change in foreign capital gains tax of $(7,325).

See accompanying notes to financial statements.

BHFTII-54

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	109,462,655		$	78,952,028
Net realized gain (loss)		(100,485,808	)		(292,564,852	)
Net change in unrealized appreciation (depreciation)		146,753,955			(291,166,063	)
Increase (decrease) in net assets from operations		155,730,802			(504,778,887	)
From Distributions to Shareholders
Class A		(72,850,562	)		(79,174,618	)
Class B		(11,997,790	)		(12,754,723	)
Class E		(2,239,363	)		(2,489,604	)
Total distributions		(87,087,715	)		(94,418,945	)
Increase (decrease) in net assets from capital share transactions		(98,659,860	)		(224,190,087	)
Total increase (decrease) in net assets		(30,016,773	)		(823,387,919	)
Net Assets
Beginning of period		2,841,343,158			3,664,731,077
End of period	$	2,811,326,385		$	2,841,343,158

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		462,273		$	42,101,151			828,712		$	81,045,920
Reinvestments		814,883			72,850,562			864,540			79,174,618
Redemptions		(2,356,487	)		(211,363,083	)		(3,500,402	)		(335,535,124	)
Net increase (decrease)		(1,079,331	)	$	(96,411,370	)		(1,807,150	)	$	(175,314,586	)
Class B
Sales		417,169		$	36,754,794			289,179		$	27,400,438
Reinvestments		136,977			11,997,790			142,098			12,754,723
Redemptions		(529,916	)		(46,635,838	)		(872,740	)		(82,239,899	)
Net increase (decrease)		24,230		$	2,116,746			(441,463	)	$	(42,084,738	)
Class E
Sales		56,223		$	5,010,538			46,302		$	4,481,669
Reinvestments		25,298			2,239,363			27,452			2,489,604
Redemptions		(129,944	)		(11,615,137	)		(146,119	)		(13,762,036	)
Net increase (decrease)		(48,423	)	$	(4,365,236	)		(72,365	)	$	(6,790,763	)
Increase (decrease) derived from capital shares transactions				$	(98,659,860	)				$	(224,190,087	)

See accompanying notes to financial statements.

BHFTII-55

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	89.99		$	108.15		$	113.91		$	108.84		$	102.94
Income (Loss) from Investment Operations
Net investment income (loss) (a)		3.55			2.45			2.04			2.67			3.39
Net realized and unrealized gain (loss)		1.61			(17.68	)		(2.58	)		6.54			6.56
Total income (loss) from investment operations		5.16			(15.23	)		(0.54	)		9.21			9.95
Less Distributions
Distributions from net investment income		(2.88	)		(2.81	)		(3.05	)		(4.14	)		(4.05	)
Distributions from net realized capital gains		0.00			(0.12	)		(2.17	)		0.00			0.00
Total distributions		(2.88	)		(2.93	)		(5.22	)		(4.14	)		(4.05	)
Net Asset Value, End of Period	$	92.27		$	89.99		$	108.15		$	113.91		$	108.84
Total Return (%) (b)		5.84			(14.15	)		(0.43	)		8.60			9.83
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.40			0.39			0.37			0.39			0.39
Gross ratio of expenses to average net assets excluding interest expense (%)		0.40			0.39			0.37			0.39			0.38
Net ratio of expenses to average net assets (%) (c)		0.39			0.38			0.37			0.39			0.39
Net ratio of expenses to average net assets excluding interest expense (%) (c)		0.39			0.38			0.37			0.39			0.38
Ratio of net investment income (loss) to average net assets (%)		3.93			2.55			1.86			2.40			3.18
Portfolio turnover rate (%)		435	(d)		376	(d)		486	(d)		437	(d)		482	(d)
Net assets, end of period (in millions)	$	2,314.2		$	2,354.2		$	3,024.7		$	2,797.7		$	2,846.1
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	88.08		$	105.87		$	111.65		$	106.74		$	101.01
Income (Loss) from Investment Operations
Net investment income (loss) (a)		3.26			2.16			1.73			2.34			3.06
Net realized and unrealized gain (loss)		1.57			(17.30	)		(2.54	)		6.42			6.44
Total income (loss) from investment operations		4.83			(15.14	)		(0.81	)		8.76			9.50
Less Distributions
Distributions from net investment income		(2.63	)		(2.53	)		(2.80	)		(3.85	)		(3.77	)
Distributions from net realized capital gains		0.00			(0.12	)		(2.17	)		0.00			0.00
Total distributions		(2.63	)		(2.65	)		(4.97	)		(3.85	)		(3.77	)
Net Asset Value, End of Period	$	90.28		$	88.08		$	105.87		$	111.65		$	106.74
Total Return (%) (b)		5.59			(14.36	)		(0.69	)		8.34			9.55
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65			0.64			0.62			0.64			0.64
Gross ratio of expenses to average net assets excluding interest expense (%)		0.65			0.64			0.62			0.64			0.63
Net ratio of expenses to average net assets (%) (c)		0.64			0.63			0.62			0.64			0.64
Net ratio of expenses to average net assets excluding interest expense (%) (c)		0.64			0.63			0.62			0.64			0.63
Ratio of net investment income (loss) to average net assets (%)		3.69			2.30			1.61			2.14			2.93
Portfolio turnover rate (%)		435	(d)		376	(d)		486	(d)		437	(d)		482	(d)
Net assets, end of period (in millions)	$	422.7		$	410.3		$	539.9		$	516.4		$	468.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-56

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	89.04		$	107.01		$	112.78		$	107.78		$	101.96
Income (Loss) from Investment Operations
Net investment income (loss) (a)		3.38			2.28			1.86			2.48			3.20
Net realized and unrealized gain (loss)		1.58			(17.48	)		(2.57	)		6.48			6.49
Total income (loss) from investment operations		4.96			(15.20	)		(0.71	)		8.96			9.69
Less Distributions
Distributions from net investment income		(2.72	)		(2.65	)		(2.89	)		(3.96	)		(3.87	)
Distributions from net realized capital gains		0.00			(0.12	)		(2.17	)		0.00			0.00
Total distributions		(2.72	)		(2.77	)		(5.06	)		(3.96	)		(3.87	)
Net Asset Value, End of Period	$	91.28		$	89.04		$	107.01		$	112.78		$	107.78
Total Return (%) (b)		5.68			(14.27	)		(0.60	)		8.44			9.66
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55			0.54			0.52			0.54			0.54
Gross ratio of expenses to average net assets excluding interest expense (%)		0.55			0.54			0.52			0.54			0.53
Net ratio of expenses to average net assets (%) (c)		0.54			0.53			0.52			0.54			0.54
Net ratio of expenses to average net assets excluding interest expense (%) (c)		0.54			0.53			0.52			0.54			0.53
Ratio of net investment income (loss) to average net assets (%)		3.78			2.40			1.71			2.25			3.03
Portfolio turnover rate (%)		435	(d)		376	(d)		486	(d)		437	(d)		482	(d)
Net assets, end of period (in millions)	$	74.4		$	76.9		$	100.2		$	93.6		$	95.5

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(d)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 130%, 64%, 82%, 93%, and 81%, for the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively.

See accompanying notes to financial statements.

BHFTII-57

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust.The series included in this report is BlackRock Bond Income Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

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

BHFTII-58

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The 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 are valued at 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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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

BHFTII-59

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

High-Yield Debt Securities - The Portfolio 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 - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The 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.

The 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 participations 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.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the 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 - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of December 31, 2023, the Portfolio had open unfunded loan commitments of $1,171,829. At December 31, 2023, the Portfolio had sufficient cash and/or securities to cover these commitments.

BHFTII-60

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Inflation-Indexed Bonds - The Portfolio 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 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.

Collateralized Obligations - The Portfolio 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 - The Portfolio 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 of 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 the Statement of Operations of the Portfolio. 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 the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its 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 - The Portfolio 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, the 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.

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Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

TBA Purchase and Forward Sale Commitments - The Portfolio 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 the 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 - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The 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.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $68,079,147. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $2,007,079. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(19,696	)	$	—	$	—	$	—	$	(19,696	)
Corporate Bonds & Notes		(5,137,383	)		—		—		—		(5,137,383	)
Total Borrowings	$	(5,157,079	)	$	—	$	—	$	—	$	(5,157,079	)
Gross amount of recognized liabilities for securities lending transactions										$	(5,157,079	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the 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 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 Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable or unwilling to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The 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 - The Portfolio 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. 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 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 Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the 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 the 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 the

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Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio 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. The 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 the 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 the 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 the 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 the 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 the 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 the 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 the 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.

An Option on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

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.

Swap Agreements - The Portfolio may enter into swap agreements in which the 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”). The 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 Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. The 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 Statement of Operations. A liquidation payment received

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or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the 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 Portfolio 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. The 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 Portfolio is not a member of a clearinghouse and only members of a clearinghouse (“clearing members” or “clearing brokers”) can participate directly in the clearinghouse, the Portfolio holds cleared swaps through accounts at a clearing member. The 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: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The 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.

The 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

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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 the 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, 2023, for which the Portfolio is the seller of protection, are disclosed in the 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: The 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. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the 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. The 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: The 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 the 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 the Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

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The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2023 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a) (b)	$	3,538,685
	OTC swap contracts at market value (c)		153,274	OTC swap contracts at market value (c)	$	28,757
	Unrealized appreciation on centrally cleared swap contracts (d) (e)		2,056,560	Unrealized depreciation on centrally cleared swap contracts (d) (e)		1,803,417
	Unrealized appreciation on futures contracts (e) (f)		5,739,368	Unrealized depreciation on futures contracts (e) (f)		5,441,106
				Written options at value (g)		10,352,254
Credit	OTC swap contracts at market value (c)		179,434	OTC swap contracts at market value (c)		621,451
	Unrealized appreciation on centrally cleared swap contracts (d) (e)		414,585	Unrealized depreciation on centrally cleared swap contracts (d) (e)		581,246
Equity	Unrealized appreciation on futures contracts (e) (f)		30,403	Unrealized depreciation on futures contracts (e) (f)		219,799
Foreign Exchange	Investments at market value (a)		39,552
	Unrealized appreciation on forward foreign currency exchange contracts		793,766	Unrealized depreciation on forward foreign currency exchange contracts		1,249,706
				Written options at value		2,486
Total		$	12,945,627		$	20,300,222

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Includes exchange-traded options with a value of $1,142,188 that are not subject to a master netting agreements.
(c)	Excludes OTC swap interest receivable of $841 and OTC swap interest payable of $12,852.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(e)	Financial instrument not subject to a master netting agreement.
(f)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(g)	Includes exchange-traded options with a value of $1,175,625 that are not subject to a master netting agreements.

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, 2023.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America NA	$	43,272	$	(43,272	)	$	—		$	—
Barclays Bank PLC		151,453		(151,453	)		—			—
BNP Paribas SA		89,480		(89,480	)		—			—
Citibank NA		2,494,447		(2,494,447	)		—			—
Deutsche Bank AG		13,878		(13,878	)		—			—
Goldman Sachs International		119,683		(119,683	)		—			—
HSBC Bank PLC		8,718		(5,610	)		(3,108	)		—
JPMorgan Chase Bank NA		351,419		(299,097	)		—			52,322
Morgan Stanley & Co. International PLC		94,103		(94,103	)		—			—
Standard Chartered Bank		2,666		(2,666	)		—			—
Toronto Dominion Bank		45,844		(6,127	)		—			39,717
UBS AG		147,560		(147,560	)		—			—
	$	3,562,523	$	(3,467,376	)	$	(3,108	)	$	92,039

BHFTII-67

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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, 2023.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America NA	$	238,347	$	(43,272	)	$	(195,075	)	$	—
Bank of New York Mellon		7,153		—			—			7,153
Barclays Bank PLC		1,701,940		(151,453	)		(1,550,487	)		—
BNP Paribas SA		220,245		(89,480	)		(65,962	)		64,803
Canadian Imperial Bank of Commerce		14,119		—			—			14,119
Citibank NA		5,239,060		(2,494,447	)		(2,744,613	)		—
Deutsche Bank AG		2,004,052		(13,878	)		(1,990,174	)		—
Goldman Sachs International		267,446		(119,683	)		(147,763	)		—
HSBC Bank PLC		5,610		(5,610	)		—			—
JPMorgan Chase Bank NA		299,097		(299,097	)		—			—
Morgan Stanley & Co. International PLC		832,492		(94,103	)		(738,389	)		—
Standard Chartered Bank		22,796		(2,666	)		—			20,130
State Street Bank and Trust		50,306		—			—			50,306
Toronto Dominion Bank		6,127		(6,127	)		—			—
UBS AG		170,239		(147,560	)		(9,821	)		12,858
	$	11,079,029	$	(3,467,376	)	$	(7,442,284	)	$	169,369

*	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, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options	$	(1,853,973	)	$	—		$	(216,847	)	$	(1,518,563	)	$	(3,589,383	)
Forward foreign currency transactions		—			—			—			(1,578,257	)		(1,578,257	)
Swap contracts		(1,582,951	)		(591,509	)		(38,999	)		—			(2,213,459	)
Futures contracts		5,541,754			—			(1,598,122	)		—			3,943,632
Written options		(2,977,305	)		—			72,612			386,012			(2,518,681	)
	$	(872,475	)	$	(591,509	)	$	(1,781,356	)	$	(2,710,808	)	$	(5,956,148	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options	$	(2,550,516	)	$	—		$	—		$	40,595		$	(2,509,921	)
Forward foreign currency transactions		—			—			—			(479,208	)		(479,208	)
Swap contracts		(2,719,974	)		(47,162	)		—			—			(2,767,136	)
Futures contracts		(915,392	)		—			(536,409	)		—			(1,451,801	)
Written options		4,827,346			—			—			(8,756	)		4,818,590
	$	(1,358,536	)	$	(47,162	)	$	(536,409	)	$	(447,369	)	$	(2,389,476	)

For the year ended December 31, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	858,575,724
Forward foreign currency transactions		74,079,003
Futures contracts long		628,219,548
Futures contracts short		(427,926,435	)
Swap contracts		340,549,559
Written options		(1,061,674,340	)

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

BHFTII-68

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

4. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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 the 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 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 the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the 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 the 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. The 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 the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and

BHFTII-69

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

Foreign Investment Risk: The investments by the 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 the 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.

LIBOR Replacement Risk: LIBOR was the offered rate at which major international banks could obtain wholesale, unsecured funding. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. Alternative reference rates to LIBOR have been established in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. The full impact of the transition on the Portfolio, the financial instruments in which the Portfolio invests and financial markets more generally cannot yet be fully determined.

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

5. 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, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$10,772,610,714	$	1,814,031,303	$	10,438,574,657	$	1,873,961,398

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2023 were as follows:

Purchases	Sales
$9,025,999,000	$	8,938,691,007

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$9,921,521		0.400	%	Of the first $1 billion
		0.350	%	Of the next $1 billion
		0.300	%	Of the next $1 billion
		0.250	%	On amounts in excess of $3 billion

BHFTII-70

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.030%	Of the first $	1 billion
0.025%	Of the next $	1 billion

Any reductions in total advisory fees paid by the Portfolio due to these waivers may be reduced or eliminated by changes in the advisory fee structure at higher asset levels. Brighthouse Investment Advisers will receive advisory fees equal to 0.325% of the Portfolio’s average daily net assets for amounts over $2 billion but less than $3 billion (0.025% over the contractual advisory fee rate) and 0.325% for amounts over $3 billion but less than $3.4 billion (0.075% over the contractual advisory fee rate). As a result, the dollar amount of the waiver will be reduced as assets grow beyond $2 billion up to $3.4 billion, but the advisory fee net of waivers will never exceed the contractual dollar amount that would otherwise be payable under the advisory fee.

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

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

BHFTII-71

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	3,253,619,639
Gross unrealized appreciation		42,537,247
Gross unrealized (depreciation)		(190,312,408	)
Net unrealized appreciation (depreciation)	$	(147,775,161	)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$87,087,715	$	90,815,649	$	—	$	3,603,296	$	87,087,715	$	94,418,945

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$113,778,658	$	—	$	(149,337,909	)	$	(413,237,297	)	$	(448,796,548	)

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had accumulated short-term capital losses of $174,044,463 and accumulated long-term capital losses of $239,192,834.

9. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-72

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the BlackRock Bond Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Bond Income Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, 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 23, 2024

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

BHFTII-73

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-74

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-75

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-76

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-77

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. 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, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category 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.

BHFTII-78

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Annual Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the BlackRock Capital Appreciation Portfolio returned 49.61%, 49.23%, and 49.33%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 42.68%.

MARKET ENVIRONMENT / CONDITIONS

The final quarter of the year began with relatively low expectations as rising interest rates remained. By October, U.S. equity markets reached new lows as investor sentiment and confidence continued to wane. Inflation data softened faster than expected, keeping the Federal Reserve quite neutral on monetary policy, and simultaneously increasing investor confidence. Slowly but surely, as positive economic data and better-than expected corporate earnings were released, markets began to turn. Consumer spending and economic growth remained strong in the fourth quarter thanks to a resilient jobs market, indicating that the U.S. consumer remains relatively healthy. The majority of 2023 was certainly difficult to navigate with inflation, recession fears, and heightened volatility, yet in the end, we experienced a powerful rally in the U.S. equity market to close out the year. In terms of style, growth stocks outperformed value stocks as the Russell 1000 Growth Index returned 42.68% and the Russell 1000 Value Index returned 11.46% during the fourth quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark, the Russell 1000 Growth Index, during 2023. Stock selection in the Information Technology (“IT”) sector was the largest contributor to relative returns. Sector positioning in the Consumer Staples sector and both stock selection and sector positioning in Industrials were the next largest contributors to relative performance. Stock selection in Communication Services, as well as Portfolio’s cash position, were the largest detractors from relative returns.

At the sector level, IT was the largest contributor to relative performance driven by an overweight to the Semiconductors & Semiconductor Equipment industries. Notably, overweight positions in NVIDIA Corp. and Broadcom, Inc. added to returns as both companies benefited from potential tailwinds from growth in Artificial Intelligence (“AI”). Additionally, within IT services, an off-benchmark position in Shopify, Inc. proved beneficial as the company saw double-digit revenue growth and better-than-expected results, driven by an increase in enterprise merchant base and growth in the Point-of-Sale categories and the Shop Pay checkout solution. Elsewhere in IT, an overweight position in Intuit, Inc. was a notable contributor. Intuit, Inc. offers financial management and compliance software for small businesses, accountants, and consumers. Shares of the stock outperformed during the period as the company reiterated its full-year guidance, signaling confidence in its strategic direction and market position. Next, underweight positioning in Consumer Staples was beneficial due to our decision to not invest in beverages companies given the limited growth and mounting competitive threats. The next key contributor was Industrials where security selection among Aerospace and Defense names contributed to return. Most notably, an off-benchmark position in TransDigm Group boosted performance. In addition to the above-mentioned contributors, an overweight position in Amazon.com, Inc. within Consumer Discretionary proved beneficial.

The largest detractor to relative performance was stock selection in Communication Services, driven by an underweight to companies in the Interactive Media & Services sub-industry. Specifically, an underweight position in Meta Platforms, Inc. detracted from relative returns. The stock rose after reporting AI improvements in monetization across their social media platforms. Additionally, the company unveiled a new mixed reality headset, along with new AI features of its WhatsApp platform. Additionally, an overweight position in Match Group, Inc. detracted from relative returns. Shares of Match Group struggled during the year as the company posted disappointing earnings amid the deteriorating macro-economic conditions. Next, the Portfolio’s cash position proved costly amid rising stock prices. Elsewhere in the Portfolio, an off-benchmark position in Danaher Corp. and an overweight position in Thermo Fisher Scientific, Inc. within Health Care negatively impacted performance. Shares of the life sciences and medical diagnostics company, Danaher Corp, remained under pressure after management was forced to lower expectations for one of its key businesses. Similarly, Thermo Fisher Scientific shares suffered losses amid stagnant revenue and a recently slashed growth forecast driven by declining sales of its Life Sciences segment due to lower COVID-19-related demand.

BHFTII-1

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Annual Commentary*—(Continued)

The largest sector overweight in the Portfolio at year-end was Financials, followed by Health Care. Consumer Staples and Communication Services where the largest Portfolio underweights.

Phil Ruvinsky

Caroline Bottinelli

Portfolio Managers

BlackRock Advisors, LLC

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

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

BHFTII-2

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
BlackRock Capital Appreciation Portfolio
Class A		49.61		16.15		12.88
Class B		49.23		15.86		12.60
Class E		49.33		15.98		12.71
Russell 1000 Growth Index		42.68		19.50		14.86

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
Microsoft Corp.		9.7
Amazon.com, Inc.		8.7
Apple, Inc.		8.7
NVIDIA Corp.		6.3
Intuit, Inc.		4.5
Alphabet, Inc. - Class A		4.3
Visa, Inc. - Class A		4.1
Broadcom, Inc.		3.8
ASML Holding NV		3.1
Tesla, Inc.		2.8

Top Sectors

	% of Net Assets
Information Technology		45.9
Health Care		13.7
Consumer Discretionary		13.6
Financials		11.3
Communication Services		8.7
Industrials		4.3
Materials		1.1
Energy		0.8
Real Estate		0.6

BHFTII-3

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Capital Appreciation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.57	%	$	1,000.00	$	1,116.80	$	3.04
	Hypothetical*		0.57	%	$	1,000.00	$	1,022.33	$	2.91
Class B (a)	Actual		0.82	%	$	1,000.00	$	1,115.20	$	4.37
	Hypothetical*		0.82	%	$	1,000.00	$	1,021.07	$	4.18
Class E (a)	Actual		0.72	%	$	1,000.00	$	1,116.00	$	3.84
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.58	$	3.67

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

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

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

BHFTII-4

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—99.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
TransDigm Group, Inc.		33,325	$	33,711,570
Automobiles—2.8%
Tesla, Inc. (a)		183,786		45,667,145
Broadline Retail—8.7%
Amazon.com, Inc. (a)		939,761		142,787,286
Capital Markets—5.4%
Blackstone, Inc.		175,066		22,919,641
MSCI, Inc.		61,719		34,911,352
S&P Global, Inc.		71,621		31,550,483
				89,381,476
Chemicals—1.1%
Sherwin-Williams Co.		58,460		18,233,674
Commercial Services & Supplies—2.3%
Cintas Corp.		5,220		3,145,885
Copart, Inc. (a)		441,238		21,620,662
Veralto Corp. (b)		98		8,061
Waste Connections, Inc.		86,540		12,917,826
				37,692,434
Entertainment—2.4%
Netflix, Inc. (a)		80,771		39,325,785
Financial Services—5.8%
Mastercard, Inc. - Class A		67,111		28,623,513
Visa, Inc. - Class A (b)		257,955		67,158,584
				95,782,097
Health Care Equipment & Supplies—4.6%
Align Technology, Inc. (a)		31,326		8,583,324
Boston Scientific Corp. (a)		273,493		15,810,630
IDEXX Laboratories, Inc. (a)		35,907		19,930,180
Intuitive Surgical, Inc. (a)		91,760		30,956,154
				75,280,288
Health Care Providers & Services—2.6%
UnitedHealth Group, Inc.		80,167		42,205,521
Hotels, Restaurants & Leisure—0.3%
Chipotle Mexican Grill, Inc. (a)		1,824		4,171,415
Interactive Media & Services—5.8%
Alphabet, Inc. - Class A (a)		509,044		71,108,356
Meta Platforms, Inc. - Class A (a)		69,490		24,596,681
				95,705,037
IT Services—1.8%
MongoDB, Inc. (a)		20,689		8,458,697
Shopify, Inc. - Class A (a)		270,202		21,048,736
				29,507,433
Life Sciences Tools & Services—3.0%
Danaher Corp.		103,438		23,929,347
Thermo Fisher Scientific, Inc.		46,371		24,613,263
				48,542,610
Oil, Gas & Consumable Fuels—0.7%
Cheniere Energy, Inc.		72,189		12,323,384
Pharmaceuticals—3.6%
Eli Lilly & Co.		76,509		44,598,626
Zoetis, Inc.		74,451		14,694,394
				59,293,020
Real Estate Management & Development—0.6%
CoStar Group, Inc. (a)		116,844		10,210,997
Semiconductors & Semiconductor Equipment—14.6%
ASML Holding NV		66,799		50,561,499
Broadcom, Inc.		55,922		62,422,933
KLA Corp.		38,949		22,641,054
NVIDIA Corp.		210,470		104,228,953
				239,854,439
Software—20.8%
Cadence Design Systems, Inc. (a)		127,051		34,604,881
Intuit, Inc.		117,280		73,303,518
Microsoft Corp.		421,583		158,532,071
Palo Alto Networks, Inc. (a)		73,257		21,602,024
Roper Technologies, Inc.		50,336		27,441,677
ServiceNow, Inc. (a)		37,405		26,426,259
				341,910,430
Specialty Retail—0.6%
Ross Stores, Inc.		69,010		9,550,294
Technology Hardware, Storage & Peripherals—8.7%
Apple, Inc.		738,771		142,235,581
Textiles, Apparel & Luxury Goods—1.3%
LVMH Moet Hennessy Louis Vuitton SE		26,159		21,218,226
Total Common Stocks (Cost $1,054,021,919)				1,634,590,142
Preferred Stock—0.5%
Interactive Media & Services—0.5%
Bytedance Ltd. - Series E-1 † (a) (c) (d) (Cost $5,371,984)		49,026		8,000,878

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of December 31, 2023

Short-Term Investment—0.1%

Security Description	Principal Amount*		Value
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $1,288,962; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $1,314,451.		1,288,605	$	1,288,605
Total Short-Term Investments (Cost $1,288,605)				1,288,605
Securities Lending Reinvestments(e)—0.0%
Repurchase Agreements—0.0%
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,107; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $1,129.		1,106		1,106
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $516; collateralized by various Common Stock with an aggregate market value of $575.		516		516
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $8; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24 - 11/20/73, and an aggregate market value of $8.		8		8
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $1,623; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $1,655.		1,622		1,622
HSBC Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $1,623; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.125%, maturity dates ranging from 11/15/24 - 02/15/53, and an aggregate market value of $1,655.		1,622		1,622
ING Financial Markets LLC Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $1,623; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.352%, maturity dates ranging from 01/15/24 - 11/15/53, and an aggregate market value of $1,655.		1,622		1,622
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $878; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $895.		877		877
				7,373
Total Securities Lending Reinvestments (Cost $7,373)				7,373
Total Investments - 100.1% (Cost $1,060,689,881)				1,643,886,998
Other assets and liabilities (net) - (0.1)%				(1,916,755	)
Net Assets—100.0%			$	1,641,970,243

* 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 registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2023, the market value of restricted securities was $8,000,878, which is 0.5% of net assets. See details shown in the Restricted Securities table that follows.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2023, the market value of securities loaned was $24,738,063 and the collateral received consisted of cash in the amount of $7,373 and non-cash collateral with a value of $25,267,915. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

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

(d) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2023, these securities represent 0.5% of net assets.

(e) Represents investment of cash collateral received from securities on loan as of December 31, 2023.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Bytedance Ltd. - Series E-1		12/10/20		49,026	$	5,371,984	$	8,000,878

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	33,711,570	$	—		$	—	$	33,711,570
Automobiles		45,667,145		—			—		45,667,145
Broadline Retail		142,787,286		—			—		142,787,286
Capital Markets		89,381,476		—			—		89,381,476
Chemicals		18,233,674		—			—		18,233,674
Commercial Services & Supplies		37,692,434		—			—		37,692,434
Entertainment		39,325,785		—			—		39,325,785
Financial Services		95,782,097		—			—		95,782,097
Health Care Equipment & Supplies		75,280,288		—			—		75,280,288
Health Care Providers & Services		42,205,521		—			—		42,205,521
Hotels, Restaurants & Leisure		4,171,415		—			—		4,171,415
Interactive Media & Services		95,705,037		—			—		95,705,037
IT Services		29,507,433		—			—		29,507,433
Life Sciences Tools & Services		48,542,610		—			—		48,542,610
Oil, Gas & Consumable Fuels		12,323,384		—			—		12,323,384
Pharmaceuticals		59,293,020		—			—		59,293,020
Real Estate Management & Development		10,210,997		—			—		10,210,997
Semiconductors & Semiconductor Equipment		239,854,439		—			—		239,854,439
Software		341,910,430		—			—		341,910,430
Specialty Retail		9,550,294		—			—		9,550,294
Technology Hardware, Storage & Peripherals		142,235,581		—			—		142,235,581
Textiles, Apparel & Luxury Goods		—		21,218,226			—		21,218,226
Total Common Stocks		1,613,371,916		21,218,226			—		1,634,590,142
Total Preferred Stock*		—		—			8,000,878		8,000,878
Total Short-Term Investment*		—		1,288,605			—		1,288,605
Total Securities Lending Reinvestments*		—		7,373			—		7,373
Total Investments	$	1,613,371,916	$	22,514,204		$	8,000,878	$	1,643,886,998
Collateral for Securities Loaned (Liability)	$	—	$	(7,373	)	$	—	$	(7,373	)

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	1,643,886,998
Receivable for:
Fund shares sold		186,235
Dividends and interest		73,097
Prepaid expenses		5,967
Total Assets		1,644,152,297
Liabilities
Collateral for securities loaned		7,373
Payables for:
Fund shares redeemed		1,061,589
Accrued Expenses:
Management fees		736,334
Distribution and service fees		63,682
Deferred trustees’ fees		171,105
Other expenses		141,971
Total Liabilities		2,182,054
Net Assets	$	1,641,970,243
Net Assets Consist of:
Paid in surplus	$	954,898,117
Distributable earnings (Accumulated losses)		687,072,126
Net Assets	$	1,641,970,243
Net Assets
Class A	$	1,320,739,777
Class B		277,076,819
Class E		44,153,647
Capital Shares Outstanding*
Class A		36,441,394
Class B		8,519,723
Class E		1,285,306
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	36.24
Class B		32.52
Class E		34.35

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,060,689,881.
(b)	Includes securities loaned at value of $24,738,063.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	10,613,610
Interest		47,281
Securities lending income		75,166
Total investment income		10,736,057
Expenses
Management fees		10,691,577
Administration fees		71,321
Custodian and accounting fees		118,208
Distribution and service fee—Class B		626,004
Distribution and service fees—Class E		57,990
Audit and tax services		49,026
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		70,207
Insurance		13,508
Miscellaneous		31,430
Total expenses		11,822,095
Less management fee waiver		(2,333,620	)
Net expenses		9,488,475
Net Investment Income		1,247,582
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		105,190,281
Foreign currency transactions		(47,298	)
Net realized gain (loss)		105,142,983
Net change in unrealized appreciation (depreciation) on:
Investments		500,027,834
Foreign currency transactions		4,021
Net change in unrealized appreciation (depreciation)		500,031,855
Net realized and unrealized gain (loss)		605,174,838
Net Increase (Decrease) in Net Assets From Operations	$	606,422,420

(a) Net of foreign withholding taxes of $229,705.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	1,247,582		$	586,473
Net realized gain (loss)		105,142,983			28,995,964
Net change in unrealized appreciation (depreciation)		500,031,855			(817,775,118	)
Increase (decrease) in net assets from operations		606,422,420			(788,192,681	)
From Distributions to Shareholders
Class A		(24,750,989	)		(342,728,460	)
Class B		(5,413,650	)		(72,719,560	)
Class E		(781,635	)		(10,974,815	)
Total distributions		(30,946,274	)		(426,422,835	)
Increase (decrease) in net assets from capital share transactions		(247,151,205	)		432,788,786
Total increase (decrease) in net assets		328,324,941			(781,826,730	)
Net Assets
Beginning of period		1,313,645,302			2,095,472,032
End of period	$	1,641,970,243		$	1,313,645,302

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		704,723		$	21,495,617			2,073,985		$	75,245,501
Reinvestments		777,355			24,750,989			12,928,271			342,728,460
Redemptions		(8,261,069	)		(260,161,256	)		(2,091,770	)		(71,487,091	)
Net increase (decrease)		(6,778,991	)	$	(213,914,650	)		12,910,486		$	346,486,870
Class B
Sales		567,948		$	15,974,499			1,213,218		$	38,839,865
Reinvestments		189,222			5,413,650			3,040,115			72,719,560
Redemptions		(1,874,754	)		(52,470,571	)		(1,037,865	)		(33,008,809	)
Net increase (decrease)		(1,117,584	)	$	(31,082,422	)		3,215,468		$	78,550,616
Class E
Sales		186,039		$	5,487,594			125,002		$	4,240,294
Reinvestments		25,882			781,635			435,509			10,974,815
Redemptions		(286,171	)		(8,423,362	)		(227,543	)		(7,463,809	)
Net increase (decrease)		(74,250	)	$	(2,154,133	)		332,968		$	7,751,300
Increase (decrease) derived from capital shares transactions				$	(247,151,205	)				$	432,788,786

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	24.69		$	56.20		$	53.39		$	43.16		$	38.83
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.04			0.03			(0.09	)		(0.07	)		(0.00	)(b)
Net realized and unrealized gain (loss)		12.12			(20.40	)		10.57			16.02			12.03
Total income (loss) from investment operations		12.16			(20.37	)		10.48			15.95			12.03
Less Distributions
Distributions from net investment income		(0.01	)		0.00			0.00			0.00			(0.10	)
Distributions from net realized capital gains		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.60	)
Total distributions		(0.61	)		(11.14	)		(7.67	)		(5.72	)		(7.70	)
Net Asset Value, End of Period	$	36.24		$	24.69		$	56.20		$	53.39		$	43.16
Total Return (%) (c)		49.61			(37.61	)		21.20			40.66			32.85
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73			0.73			0.71			0.72			0.72
Net ratio of expenses to average net assets (%) (d)		0.58			0.63			0.62			0.63			0.63
Ratio of net investment income (loss) to average net assets (%)		0.13			0.08			(0.17	)		(0.14	)		(0.00	)(e)
Portfolio turnover rate (%)		22			65			41			37			43
Net assets, end of period (in millions)	$	1,320.7		$	1,067.3		$	1,703.3		$	1,651.2		$	1,526.1
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	22.25		$	52.39		$	50.37		$	41.11		$	37.29
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.05	)		(0.22	)		(0.17	)		(0.10	)
Net realized and unrealized gain (loss)		10.90			(18.95	)		9.91			15.15			11.52
Total income (loss) from investment operations		10.87			(19.00	)		9.69			14.98			11.42
Less Distributions
Distributions from net realized capital gains		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.60	)
Total distributions		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.60	)
Net Asset Value, End of Period	$	32.52		$	22.25		$	52.39		$	50.37		$	41.11
Total Return (%) (c)		49.23			(37.75	)		20.88			40.31			32.52
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98			0.98			0.96			0.97			0.97
Net ratio of expenses to average net assets (%) (d)		0.83			0.88			0.87			0.88			0.88
Ratio of net investment income (loss) to average net assets (%)		(0.12	)		(0.17	)		(0.42	)		(0.39	)		(0.25	)
Portfolio turnover rate (%)		22			65			41			37			43
Net assets, end of period (in millions)	$	277.1		$	214.5		$	336.4		$	294.1		$	220.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	23.46		$	54.28		$	51.88		$	42.15		$	38.06
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.02	)		(0.17	)		(0.13	)		(0.06	)
Net realized and unrealized gain (loss)		11.50			(19.66	)		10.24			15.58			11.78
Total income (loss) from investment operations		11.49			(19.68	)		10.07			15.45			11.72
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.03	)
Distributions from net realized capital gains		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.60	)
Total distributions		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.63	)
Net Asset Value, End of Period	$	34.35		$	23.46		$	54.28		$	51.88		$	42.15
Total Return (%) (c)		49.33			(37.68	)		21.02			40.44			32.66
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88			0.88			0.86			0.87			0.87
Net ratio of expenses to average net assets (%) (d)		0.73			0.78			0.77			0.78			0.78
Ratio of net investment income (loss) to average net assets (%)		(0.02	)		(0.07	)		(0.32	)		(0.29	)		(0.15	)
Portfolio turnover rate (%)		22			65			41			37			43
Net assets, end of period (in millions)	$	44.2		$	31.9		$	55.7		$	52.8		$	42.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(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.
(d)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(e)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock Capital Appreciation Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-12

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has 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, 2023, the Portfolio received EU tax reclaim payments in the amount of $54,141 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional 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.

Dividends and Distributions to Shareholders - The Portfolio records 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.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Income Taxes - It is the Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $1,288,605. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $7,373. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases				Sales
U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
$	0	$	336,650,160	$	0	$	611,419,691

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average daily net assets
$10,691,577		0.730	%	Of the first $1 billion
		0.650	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.115%	Of the first $350 million
0.165%	On the next $350 million
0.225%	On the next $300 million
0.160%	On amounts in excess of $1 billion

An identical expense agreement was in place for the period March 1, 2023 to April 30, 2023.

Prior to March 1, 2023, the Adviser had agreed, for the period April 29, 2022 to February 28, 2023 to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.115%	Of the first $1 billion
0.050%	On the next $500 million
0.090%	On the next $1 billion
0.110%	On amounts in excess of $2.5 billion

Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the 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.

BHFTII-16

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	1,062,674,077
Gross unrealized appreciation		589,628,547
Gross unrealized (depreciation)		(8,415,627	)
Net unrealized appreciation (depreciation)	$	581,212,920

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2023		2022		2023		2022		2023		2022
$	524,044	$	174,966	$	30,422,230	$	426,247,869	$	30,946,274	$	426,422,835

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$	25,398,102	$	80,629,419	$	581,215,710	$	—	$	687,243,231

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-17

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the BlackRock Capital Appreciation Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Capital Appreciation Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-18

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-19

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-20

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-21

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-22

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2023 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the three-and five-year periods ended June 30, 2023. The Board further considered that the Portfolio outperformed its benchmark, the Russell 1000 Growth Index, for the one-year period ended October 31, 2023 and underperformed the same benchmark for the three-and five-year periods ended October 31, 2023. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. In

BHFTII-23

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

addition, the Board considered that the Adviser had negotiated reductions to the Portfolio’s sub-advisory fee schedule and that the Adviser agreed to waive a portion of its advisory fee in order for contract holders to benefit from the lower sub-advisory fee effective March 1, 2023.

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/Morningstar Category 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.

BHFTII-24

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the BlackRock Ultra-Short Term Bond Portfolio returned 5.05%, 4.80%, and 4.90%, respectively. The Portfolio’s benchmark, the Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index¹, returned 5.01%.

MARKET ENVIRONMENT / CONDITIONS

To stem stubborn inflationary pressures, the Federal Reserve (the “Fed”) continued their hiking cycle in 2023 by raising rates a total of 1.00% through their July 2023 meeting. This brought the total amount of hikes over the course of this entire cycle, from March 2022 through July 2023, to 5.25%. As data showed more durable signs of disinflation and labor markets showed evidence of cooling, Fed commentary turned to indicate satisfaction that rate hikes to date were having their desired effect. The Fed opted to maintain rates in the 5.25% to 5.50% range at their September, November, and December meetings. U.S. Treasury bills outstanding increased by approximately $2 trillion while the Fed reverse repo facility, which is predominantly utilized by U.S. Government money market funds as an outlet for excess liquidity, decreased by approximately $1.5 trillion during the year. The 3-month U.S. Treasury bill yield ended the period at 5.33%, up from 4.31% at the start of the year. 3-month tier one commercial paper yields started the year at 4.65%, reached a peak of 5.64% on October 25th and ended December at 5.54%. The Secured Overnight Financing Rate (“SOFR”), which began the year at 4.30%, ended 2023 at 5.38%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Portfolio positioning at December 31, 2023 reflected our outlook that the next move by the Fed will be to cut their benchmark rate, likely during the first half of 2024. As of December 31, 2023, federal funds futures contract pricing implied nearly 1.60% in cuts over 2024 with more than 0.75% of easing implied through the Fed’s June meeting. The Portfolio’s positioning has shifted away from maintaining a very short duration bias towards a longer duration bias through the purchase of fixed rate securities with maturities of 9 months to 1 year. Floating rate securities indexed to SOFR were added as they represented better value in our view than very short-term fixed rate investments. Repurchase agreements continued to make up a substantial amount of the Portfolio at year-end.

Weighted Average Maturity (the average amount of time until the securities in the Portfolio mature or the coupon resets and describes interest rate sensitivity) increased significantly-from 16 days at the beginning of the year to 50 days to end December. The Weighted Average Life (the average amount of time until the securities in the Portfolio mature and describes credit sensitivity) increased from 59 days to 60 days over the period. Fixed rate investments with final maturities of up to 1 year were added at yields as high as 6.00%. Our allocation to floating rate instruments decreased to 15% and was comprised of securities indexed to SOFR and the federal funds effective rate. These contributed 0.86% to gross yield while fixed rate investments contributed the balance. We continued to focus our investments within the issues of the top two to five systemically important issuers domiciled in each of a select group of countries.

Eric Hiatt

Edward Ingold

Portfolio Managers

BlackRock Advisors, LLC

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

¹ The Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index is composed of a single 90-day Treasury Bill issue, or potentially a seasoned 6-month or 1-year Treasury Bill issue, that is replaced on a monthly basis.

BHFTII-1

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE BANK OF AMERICA/MERRILL LYNCH 3-MONTH U.S. TREASURY BILL INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
BlackRock Ultra-Short Term Bond Portfolio
Class A		5.05		1.76		1.18
Class B		4.80		1.50		0.98
Class E		4.90		1.60		1.06
Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index		5.01		1.88		1.25

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Issuers

	% of Net Assets
BofA Securities, Inc.		12.8
JPMorgan Securities LLC		8.5
Bank of America NA		3.6
U.S. Treasury Bill		3.2
Royal Bank of Canada		2.8
Britannia Funding Co. LLC		2.6
Citibank NA		2.6
Alinghi Funding Co. LLC		2.4
Aquitaine Funding Co. LLC		2.1
DNB Bank ASA		2.0

BHFTII-2

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Ultra-Short Term Bond Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.36	%	$	1,000.00	$	1,026.80	$	1.84
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.39	$	1.84
Class B (a)	Actual		0.61	%	$	1,000.00	$	1,025.60	$	3.11
	Hypothetical*		0.61	%	$	1,000.00	$	1,022.13	$	3.11
Class E (a)	Actual		0.51	%	$	1,000.00	$	1,026.00	$	2.60
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.64	$	2.60

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

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

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 4 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—0.5% of Net Assets

Security Description	Principal Amount*		Value
Auto Manufacturers—0.3%
Toyota Motor Credit Corp. 5.771%, SOFR + 0.380%, 02/22/24 (a)		2,270,000	$	2,270,250
Beverages—0.2%
PepsiCo, Inc. 5.796%, SOFR + 0.400%, 11/12/24 (a)		1,580,000		1,582,445
Total Corporate Bonds & Notes (Cost $3,850,000)				3,852,695
Short-Term Investments—99.2%
Certificate of Deposit—21.8%
Bank of America NA
6.030%, SOFR + 0.640%, 07/15/24 (a)		2,000,000		2,003,650
5.250%, 01/31/24		5,000,000		4,997,179
5.440%, 02/06/24		4,597,000		4,595,429
5.750%, 01/09/24		5,000,000		5,000,294
5.750%, 11/14/24		3,000,000		3,014,094
5.900%, 05/14/24		5,000,000		5,005,344
6.000%, 08/21/24		3,000,000		3,011,698
Bank of Montreal 5.600%, 11/29/24		3,000,000		3,009,879
Bank of Nova Scotia 5.800%, SOFR + 0.490%, 01/26/24 (a)		2,000,000		2,000,510
5.800%, 11/08/24		2,000,000		2,009,107
5.820%, 06/13/24		3,000,000		3,003,161
BNP Paribas SA 5.250%, 01/31/24		4,000,000		3,998,759
5.720%, 08/19/24		3,000,000		3,007,102
5.940%, SOFR + 0.630%, 02/05/24 (a)		3,000,000		3,001,638
Canadian Imperial Bank of Commerce 5.400%, 02/08/24		4,000,000		3,999,060
5.600%, 03/04/24		3,000,000		2,999,396
5.930%, 06/28/24		3,000,000		3,006,804
Citibank NA 5.800%, 02/26/24		1,450,000		1,450,447
5.800%, 03/04/24		3,000,000		3,000,744
5.800%, 03/18/24		4,000,000		4,002,018
5.880%, 05/08/24		4,500,000		4,504,400
5.890%, 05/10/24		3,000,000		3,003,157
5.920%, 06/20/24		4,000,000		4,008,602
Commonwealth Bank of Australia 5.700%, 11/27/24		2,500,000		2,512,676
Credit Industriel et Commercial 5.460%, 06/17/24		2,000,000		2,001,131
HSBC Bank USA NA 5.900%, 05/09/24		4,000,000		4,004,912
Korea Development Bank 5.820%, 02/16/24		3,000,000		3,001,068
Mitsubishi UFJ Trust & Banking Corp. 5.710%, SOFR + 0.400%, 02/14/24 (a)		6,500,000		6,502,161
Mizuho Bank Ltd. 5.800%, SOFR + 0.410%, 02/20/24 (a)		7,000,000		7,002,849
5.820%, SOFR + 0.430%, 01/31/24 (a)		7,000,000		7,001,985
Nordea Bank Abp 5.780%, SOFR + 0.470%, 07/24/24 (a)		2,000,000		2,002,936
5.820%, SOFR + 0.510%, 04/12/24 (a)		4,500,000		4,504,129
5.830%, SOFR + 0.520%, 04/18/24 (a)		5,000,000		5,004,895
Standard Chartered Bank 5.630%, 03/01/24		4,000,000		4,000,017
State Street Bank & Trust Co. 5.810%, SOFR + 0.500%, 03/28/24 (a)		5,000,000		5,004,747
Sumitomo Mitsui Banking Corp. 5.710%, SOFR + 0.400%, 02/20/24 (a)		7,490,000		7,492,781
Sumitomo Mitsui Trust Bank Ltd. 5.810%, SOFR + 0.420%, 01/29/24 (a)		8,000,000		8,002,192
Svenska Handelsbanken AB 5.860%, SOFR + 0.550%, 04/29/24 (a)		3,000,000		3,003,725
Toronto-Dominion Bank 5.270%, 01/24/24		3,000,000		2,999,320
5.810%, 01/29/24		5,000,000		5,001,552
6.000%, 10/02/24		2,000,000		2,009,886
Wells Fargo Bank NA 5.810%, SOFR + 0.500%, 01/22/24 (a)		5,000,000		5,001,340
5.950%, SOFR + 0.640%, 07/17/24 (a)		2,000,000		2,003,826
Westpac Banking Corp. 5.890%, SOFR + 0.580%, 05/17/24 (a)		3,000,000		3,003,784
				168,694,384
Commercial Paper—49.0%
Alinghi Funding Co. LLC 5.053%, 01/09/24 (b)		12,000,000		11,980,292
5.752%, 03/28/24 (b)		2,000,000		1,972,900
5.913%, 05/14/24 (b)		5,000,000		4,898,866
Aquitaine Funding Co. LLC 5.204%, 01/17/24 (b)		7,000,000		6,980,067
5.314%, 01/26/24 (b)		9,000,000		8,962,040
ASB Bank Ltd. 4.751%, 01/08/24 (b)		15,000,000		14,977,829
Australia & New Zealand Banking Group Ltd. 5.744%, 08/29/24 (b)		3,000,000		2,898,291
5.789%, 07/30/24 (b)		3,000,000		2,908,606
5.810%, SOFR + 0.500%, 04/02/24 (a)		2,000,000		2,001,830
Autobahn Funding Co. LLC 4.796%, 01/08/24 (144A) (b)		7,000,000		6,989,609
Bank of Montreal 4.778%, 01/08/24 (144A) (b)		3,000,000		2,995,579
5.736%, 11/07/24 (b)		4,000,000		3,826,581
5.813%, 11/06/24 (b)		2,500,000		2,391,924
Barton Capital SA 5.278%, 01/16/24 (b)		7,000,000		6,981,208
Bedford Row Funding Corp. 3.617%, 01/03/24 (144A) (b)		8,000,000		7,994,084
Bennington Stark Capital Co. LLC 4.070%, 01/04/24 (144A) (b)		6,000,000		5,994,637
BNZ International Funding Ltd. 5.520%, 03/13/24 (144A) (b)		4,500,000		4,449,516
BPCE SA 5.610%, 02/07/24 (144A) (b)		7,250,000		7,206,742

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of December 31, 2023

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Britannia Funding Co. LLC 5.365%, 01/30/24 (b)		10,000,000	$	9,951,970
5.505%, 02/22/24 (b)		2,500,000		2,479,216
5.537%, 02/16/24 (b)		8,000,000		7,940,855
Cabot Trail Funding LLC 2.697%, 01/02/24 (b)		3,300,000		3,298,049
Caisse d’Amortissement de la Dette Sociale 5.465%, 02/26/24 (b)		15,000,000		14,868,045
CDP Financial, Inc. 5.415%, 05/29/24 (b)		4,000,000		3,911,291
5.670%, SOFR + 0.360%, 01/08/24 (a)		4,000,000		4,000,236
5.760%, 07/23/24 (b)		4,000,000		3,881,603
Chariot Funding LLC 4.934%, 01/10/24 (144A) (b)		15,000,000		14,973,269
Columbia Funding Co. LLC 5.567%, 02/01/24 (b)		8,000,000		7,959,376
5.698%, 03/05/24 (b)		2,000,000		1,979,613
Commonwealth Bank of Australia 5.400%, 02/16/24 (144A) (b)		5,000,000		4,998,286
Compass Group PLC 3.631%, 01/03/24 (144A) (b)		5,500,000		5,495,933
Concord Minutemen Capital Co. LLC 5.600%, 03/18/24 (144A)		4,000,000		4,000,414
Credit Industriel et Commercial 5.550%, 02/09/24 (b)		6,000,000		5,962,592
DNB Bank ASA 5.583%, 12/05/24 (144A) (b)		4,000,000		3,813,960
5.657%, 05/28/24 (144A) (b)		6,000,000		5,868,598
5.790%, SOFR + 0.480%, 04/29/24 (a)		3,250,000		3,253,360
5.843%, 07/30/24 (144A) (b)		3,000,000		2,908,855
Federation des Caisses Desjardins du Quebec 3.638%, 01/03/24 (b)		15,000,000		14,988,908
FMS Wertmanagement 5.626%, 05/02/24 (b)		2,000,000		1,963,505
5.627%, 05/03/24 (b)		2,000,000		1,963,237
Gotham Funding Corp. 5.451%, 01/24/24 (b)		3,000,000		2,988,377
Great Bear Funding LLC 3.604%, 01/03/24 (144A) (b)		6,000,000		5,995,549
HSBC Bank PLC 5.960%, SOFR + 0.650%, 07/25/24 (a)		5,000,000		5,009,107
ING U.S. Funding LLC 5.694%, 09/03/24 (b)		2,000,000		1,929,064
5.792%, 05/01/24 (b)		5,500,000		5,398,618
5.822%, 07/01/24 (b)		2,000,000		1,946,293
Kreditanstalt fuer Wiederaufbau 5.662%, 05/02/24 (b)		5,000,000		4,908,999
Macquarie Bank Ltd. 5.241%, 02/12/24 (b)		4,000,000		3,972,925
5.697%, 04/08/24 (b)		1,920,000		1,890,288
5.740%, SOFR + 0.420%, 01/16/24 (144A) (a)		8,000,000		8,001,309
5.774%, 04/18/24 (b)		5,000,000		4,915,310
National Bank of Canada 5.639%, 02/23/24 (144A) (b)		3,553,000		3,523,247
Natixis SA 5.575%, 02/07/24 (b)		5,000,000		4,970,478
Nieuw Amsterdam Receivables Corp. BV 5.439%, 02/14/24 (144A) (b)		10,000,000		9,929,652
Old Line Funding LLC 5.700%, SOFR + 0.380%, 01/08/24 (a)		6,000,000		6,000,454
Ontario Teachers’ Finance Trust 5.693%, 05/06/24 (b)		4,000,000		3,925,034
Podium Funding Trust 5.345%, 01/16/24 (b)		9,000,000		8,975,995
Province of British Columbia Canada 5.439%, 03/25/24 (b)		8,000,000		7,896,393
5.512%, 02/21/24 (b)		5,000,000		4,959,950
Royal Bank of Canada 5.813%, 11/06/24 (b)		3,000,000		2,869,392
5.910%, SOFR + 0.600%, 05/23/24 (a)		3,550,000		3,555,594
Starbird Funding Corp. 5.761%, 05/10/24 (b)		7,000,000		6,861,628
Sumitomo Mitsui Trust Bank Ltd. 5.454%, 01/30/24 (b)		5,000,000		4,976,346
Svenska Handelsbanken AB 5.791%, 08/01/24 (b)		3,000,000		2,907,401
5.811%, 06/03/24 (b)		2,000,000		1,953,837
Swedbank AB 5.706%, 03/14/24 (b)		3,000,000		2,966,370
UBS AG 5.776%, 03/08/24 (b)		3,000,000		2,968,306
Versailles Commercial Paper LLC 2.865%, 01/02/24 (b)		5,000,000		4,997,032
Westpac Banking Corp. 5.541%, 03/13/24 (b)		3,000,000		2,966,756
5.725%, 11/07/24 (b)		2,000,000		1,913,480
5.731%, 11/14/24 (144A) (b)		3,000,000		2,867,464
5.791%, 09/12/24 (b)		2,500,000		2,409,940
5.830%, SOFR + 0.520%, 04/19/24 (a)		2,000,000		2,001,976
				380,224,336
Repurchase Agreements—23.2%
BofA Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.340%, due on 01/02/24 with a maturity value of $99,058,740; collateralized by U.S. Government Agency Obligations with rates ranging from 4.500% -7.000%, with maturity dates ranging from 09/20/52 - 12/20/71, and an aggregate market value of $100,567,885.		99,000,000		99,000,000
JPMorgan Securities LLC Repurchase Agreement dated 12/29/23 at 5.340%, due on 01/02/24 with a maturity value of $66,239,279; collateralized by U.S. Government Agency Obligations with rates ranging from 3.000% - 7.500%, with maturity dates ranging from 11/20/37 - 12/20/63, and an aggregate market value of $67,288,279.		66,200,000		66,200,000

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of December 31, 2023

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
TD Securities (USA) LLC Repurchase Agreement dated 12/29/23 at 5.350%, due on 01/02/24 with a maturity value of $15,008,917; collateralized by U.S. Government Agency Obligations with rates ranging from 6.000%-8.000%, with maturity dates ranging from 12/20/52-12/20/53, and an aggregate market value of $15,230,057.		15,000,000	$	15,000,000
				180,200,000
U.S. Treasury—3.2%
U.S. Treasury Bill 5.030%, 01/16/24 (b)		25,000,000		24,948,885
Time Deposit—2.0%
Royal Bank of Canada 5.320%, 01/02/24		15,000,000		15,000,000
Total Short-Term Investments (Cost $768,836,695)				769,067,605
Total Investments—99.7% (Cost $772,686,695)				772,920,300
Other assets and liabilities (net)—0.3%				2,690,651
Net Assets—100.0%			$	775,610,951

*	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, 2023. 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, 2023, the market value of 144A securities was $108,006,703, which is 13.9% of net assets.

Glossary of Abbreviations

Index Abbreviations

(SOFR)— Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Total Corporate Bonds & Notes*	$	—	$	3,852,695	$	—	$	3,852,695
Total Short-Term Investments*		—		769,067,605		—		769,067,605
Total Investments	$	—	$	772,920,300	$	—	$	772,920,300

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a)	$	592,720,300
Repurchase Agreements at value which equals cost		180,200,000
Cash		261,546
Receivable for:
Fund shares sold		461,115
Interest		3,285,096
Prepaid expenses		3,343
Total Assets		776,931,400
Liabilities
Payables for:
Fund shares redeemed		731,613
Accrued Expenses:
Management fees		217,998
Distribution and service fees		92,077
Deferred trustees’ fees		169,184
Other expenses		109,577
Total Liabilities		1,320,449
Net Assets	$	775,610,951
Net Assets Consist of:
Paid in surplus	$	730,809,662
Distributable earnings (Accumulated losses)		44,801,289
Net Assets	$	775,610,951
Net Assets
Class A	$	315,970,555
Class B		389,752,275
Class E		69,888,121
Capital Shares Outstanding*
Class A		3,020,943
Class B		3,739,314
Class E		669,203
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	104.59
Class B		104.23
Class E		104.43

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

(a) Identified cost of investments, excluding repurchase agreements, was $592,486,695.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Interest	$	49,303,171
Payments by affiliates (a)		71,108
Total investment income		49,374,279
Expenses
Management fees		3,269,400
Administration fees		49,923
Custodian and accounting fees		84,167
Distribution and service fees—Class B		1,010,167
Distribution and service fees—Class E		111,552
Audit and tax services		44,396
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		51,791
Insurance		8,733
Miscellaneous		21,455
Total expenses		4,744,407
Less management fee waiver		(223,935	)
Net expenses		4,520,472
Net Investment Income		44,853,807
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		13,558
Net change in unrealized appreciation on investments		400,602
Net realized and unrealized gain (loss)		414,160
Net Increase (Decrease) in Net Assets From Operations	$	45,267,967

(a) See Note 4 of the Notes to Financial Statements.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	44,853,807		$	13,738,733
Net realized gain (loss)		13,558			1,410
Net change in unrealized appreciation (depreciation)		400,602			(114,591	)
Increase (decrease) in net assets from operations		45,267,967			13,625,552
From Distributions to Shareholders
Class A		(7,042,474	)		0
Class B		(5,670,280	)		0
Class E		(1,148,518	)		0
Total distributions		(13,861,272	)		0
Increase (decrease) in net assets from capital share transactions		(226,262,674	)		(97,548,844	)
Total increase (decrease) in net assets		(194,855,979	)		(83,923,292	)
Net Assets
Beginning of period		970,466,930			1,054,390,222
End of period	$	775,610,951		$	970,466,930

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		5,591,315		$	571,728,225			1,343,555		$	134,616,181
Reinvestments		69,275			7,042,474			0			0
Redemptions		(7,280,326	)		(748,500,901	)		(2,381,726	)		(239,273,664	)
Net increase (decrease)		(1,619,736	)	$	(169,730,202	)		(1,038,171	)	$	(104,657,483	)
Class B
Sales		963,322		$	98,330,432			1,731,329		$	172,978,838
Reinvestments		55,898			5,670,280			0			0
Redemptions		(1,454,800	)		(148,765,455	)		(1,624,592	)		(162,260,675	)
Net increase (decrease)		(435,580	)	$	(44,764,743	)		106,737		$	10,718,163
Class E
Sales		70,271		$	7,208,726			179,641		$	17,969,425
Reinvestments		11,307			1,148,518			0			0
Redemptions		(196,308	)		(20,124,973	)		(215,777	)		(21,578,949	)
Net increase (decrease)		(114,730	)	$	(11,767,729	)		(36,136	)	$	(3,609,524	)
Increase (decrease) derived from capital shares transactions				$	(226,262,674	)				$	(97,548,844	)

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	101.26		$	99.82		$	100.35		$	101.88		$	101.58
Income (Loss) from Investment Operations
Net investment income (loss) (a)		5.03			1.41			(0.20	)		0.40			2.12
Net realized and unrealized gain (loss)		0.04			0.03			0.01			0.04			0.02
Total income (loss) from investment operations		5.07			1.44			(0.19	)		0.44			2.14
Less Distributions
Distributions from net investment income		(1.74	)		0.00			(0.34	)		(1.97	)		(1.84	)
Distributions from net realized capital gains		(0.00	)(b)		0.00			0.00			0.00			0.00
Total distributions		(1.74	)		0.00			(0.34	)		(1.97	)		(1.84	)
Net Asset Value, End of Period	$	104.59		$	101.26		$	99.82		$	100.35		$	101.88
Total Return (%) (c)		5.05			1.44			(0.19	)		0.43			2.13
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.39			0.38			0.38			0.39			0.39
Net ratio of expenses to average net assets (%) (d)		0.36			0.36			0.36			0.36			0.37
Ratio of net investment income (loss) to average net assets (%)		4.89			1.41			(0.20	)		0.40			2.08
Portfolio turnover rate (%)		0	(e)		0	(e)		0	(e)		0	(e)		0	(e)
Net assets, end of period (in millions)	$	316.0		$	469.9		$	566.9		$	377.4		$	320.7
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	100.91		$	99.72		$	100.24		$	101.77		$	101.46
Income (Loss) from Investment Operations
Net investment income (loss) (a)		4.75			1.23			(0.44	)		0.16			1.87
Net realized and unrealized gain (loss)		0.05			(0.04	)		(0.01	)		0.04			0.02
Total income (loss) from investment operations		4.80			1.19			(0.45	)		0.20			1.89
Less Distributions
Distributions from net investment income		(1.48	)		0.00			(0.07	)		(1.73	)		(1.58	)
Distributions from net realized capital gains		(0.00	)(b)		0.00			0.00			0.00			0.00
Total distributions		(1.48	)		0.00			(0.07	)		(1.73	)		(1.58	)
Net Asset Value, End of Period	$	104.23		$	100.91		$	99.72		$	100.24		$	101.77
Total Return (%) (c)		4.80			1.18			(0.45	)		0.19			1.88
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64			0.63			0.63			0.64			0.64
Net ratio of expenses to average net assets (%) (d)		0.61			0.61			0.61			0.61			0.62
Ratio of net investment income (loss) to average net assets (%)		4.64			1.23			(0.44	)		0.16			1.84
Portfolio turnover rate (%)		0	(e)		0	(e)		0	(e)		0	(e)		0	(e)
Net assets, end of period (in millions)	$	389.8		$	421.3		$	405.7		$	446.3		$	391.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Financial Highlights

Selected per share data

	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	101.10		$	99.81		$	100.33		$	101.85		$	101.53
Income (Loss) from Investment Operations
Net investment income (loss) (a)		4.85			1.28			(0.34	)		0.31			1.97
Net realized and unrealized gain (loss)		0.05			0.01			0.00			(0.02	)		0.02
Total income (loss) from investment operations		4.90			1.29			(0.34	)		0.29			1.99
Less Distributions
Distributions from net investment income		(1.57	)		0.00			(0.18	)		(1.81	)		(1.67	)
Distributions from net realized capital gains		(0.00	)(b)		0.00			0.00			0.00			0.00
Total distributions		(1.57	)		0.00			(0.18	)		(1.81	)		(1.67	)
Net Asset Value, End of Period	$	104.43		$	101.10		$	99.81		$	100.33		$	101.85
Total Return (%) (c)		4.90			1.28			(0.34	)		0.29			1.98
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54			0.53			0.53			0.54			0.54
Net ratio of expenses to average net assets (%) (d)		0.51			0.51			0.51			0.51			0.52
Ratio of net investment income (loss) to average net assets (%)		4.73			1.28			(0.34	)		0.30			1.94
Portfolio turnover rate (%)		0	(e)		0	(e)		0	(e)		0	(e)		0	(e)
Net assets, end of period (in millions)	$	69.9		$	79.3		$	81.8		$	90.2		$	96.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from net realized capital gains were less than $0.01 per share.
(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.
(d)	Includes the effects of management fee waivers (see Note 4 of the Notes to Financial Statements).
(e)	There were no long term transactions during the years ended December 31, 2023 , 2022, 2021, 2020 and 2019.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock Ultra-Short Term Bond Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodology 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the Portfolio, the Custodian, a pricing service, market maker and/or broker for

BHFTII-12

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had investments in repurchase agreements with a gross value of $180,200,000, which is reflected as Repurchase agreements on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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

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

4. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31,2023	% per annum			Average daily net assets
$3,269,400		0.350	%	Of the first $1 billion
		0.300	%	Of amount in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” as follows:

% per annum reduction	Average daily net assets
0.025%	Of the first $1 billion

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

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.

During the year ended December 31, 2023, the Subadviser voluntarily reimbursed the Portfolio for a loss of interest income that occurred as a result of an operational error. The error did not result in a breach of regulatory or investment guidelines for the Portfolio. This reimbursement is reflected as payments by affiliates in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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

5. 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.

6. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	772,686,697
Gross unrealized appreciation		334,535
Gross unrealized (depreciation)		(100,932	)
Net unrealized appreciation (depreciation)	$	233,603

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$13,861,272	$	—	$	—	$	—	$	13,861,272	$	—

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$44,736,871	$	—	$	233,603	$	—	$	44,970,474

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

7. Regulatory Updates

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolios until the 2024 semiannual shareholder reports.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the BlackRock Ultra-Short Term Bond Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Ultra-Short Term Bond Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-16

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-17

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-18

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTII-19

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

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 Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-20

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. The Board further considered that the Portfolio outperformed its benchmark, the Bank of America/Merrill Lynch 3-Month Treasury Bill Index, for the one-year period ended October 31, 2023 and underperformed the same benchmark for the three- and five-year periods ended October 31, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-21

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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/Morningstar Category 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.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A and B shares of the Brighthouse Asset Allocation 20 Portfolio returned 8.08% and 7.83%, respectively. The Portfolio’s benchmark, the Dow Jones Conservative Portfolio Index¹, returned 6.93%.

MARKET ENVIRONMENT / CONDITIONS

Markets carried the momentum of late 2022 and ended the first quarter of 2023 on a positive note. After a string of seven consecutive rate hikes by the U.S. Federal Reserve (the “Fed”) in 2022, signs of high inflation began to wane, and speculation arose monetary tightening may soon end. At its February and March meetings, the Fed scaled back the magnitude of rate hikes and implemented increases of 0.25%, respectively. In March, the Fed moved quicky to inject liquidity into the banking sector after a few well-publicized bank failures surfaced. Bond and equity investors cheered the decisive action to quell the risk.

Investor enthusiasm began to falter in the second quarter of 2023. Bond markets were being pressured by central bank actions to raise rates as inflationary concerns continued to exist. In May, the Fed enacted its tenth consecutive rate hike before it voted to hold rates in check at its June meeting. The yield on the 10-year U.S. Treasury Bond rose throughout the quarter and negatively impacted government and investment grade credit bonds. In June, economic growth, as measured by the real gross domestic product (“GDP”) rate was positive as the first quarter 2023 real GDP growth rate reported a 2% annual gain. However, it marked the third straight quarter of decelerating GDP levels and raised doubts over the strength of the economy.

Conditions deteriorated in the third quarter with broad market declines amid a global equity correction and a worsening bond slump over the last two quarters. Equities pulled back after having established gains in the first half of the year. The possibility rates may remain higher and with central bank comments absent any definitive near-term relief, markets retreated. Globally, the European Union lowered its growth forecast and concern over China’s property sector pressured markets with Moody’s downgrading China’s property sector outlook to negative. The resilience of core bonds held up in the early part of the third quarter before prices declined sharply in the final two months of the quarter. The 10-Year U.S. Treasury yield moved aggressively over the period and rose 78 basis points (“bps”) and 50 bps in September alone. Though the Fed paused hiking rates at its September meeting, economic data showed a relatively healthy economy and kept hawkish monetary policies at the forefront.

The final two months of the year witnessed a robust turnaround for bonds and equities. Inflationary fears subsided and investors rejoiced that the cycle of rate hikes and aggressive monetary policies appeared to have levelled off and central banks may have their eyes focused instead on potential interest rate cuts for 2024. In the U.S., Fed officials kept their hands on the pause button during the fourth quarter and maintained the Federal Fund Rate at a range of 5.25% to 5.50%. Bond prices surged as the 10-Year U.S. Treasury yield fell 100 bps between October and the end of the year. Not to be outdone, several major broad-based equity markets had double-digit gains during the quarter.

For the full year ended 2023, the S&P 500 Index returned 26.29%. International stocks, as measured by the MSCI EAFE Index, gained 18.24%, and emerging market stocks, as measured by the MSCI Emerging Markets Index, returned 9.83%. Within fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 5.53% for the year ended December 31, 2023.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Brighthouse Asset Allocation 20 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 20% to equities and 80% to fixed income.

Over the twelve-month period, the Portfolio outperformed the Dow Jones Conservative Portfolio Index. Performance strength within the underlying fixed income and mid cap equity portfolios offset weakness within the underlying large cap equity and international equity portfolios.

On an absolute return basis, the top performing underlying fixed income portfolios were the BlackRock High Yield Portfolio and the Brighthouse/Eaton Vance Floating Rate Portfolio as below investment grade bonds (“high yield”) performed well relative to higher credit quality rated bonds. The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 3.9%. Allocations to high yield bonds and bank loans were primary contributors. Exposures to non-agency mortgage-backed securities (“MBS”) and emerging market debt aided returns. The PIMCO Total Return Portfolio exceeded its benchmark by 0.7%. The Portfolio’s yield curve positioning and duration management made positive contributions. Overweight exposures to both non-agency MBS, particularly collateralized loan obligations (“CLOs”) and agency MBS and security selection to investment grade bonds lifted relative results. The PIMCO Inflation Protected Bond Portfolio underperformed its benchmark by 0.2%. An overweight to U.S. inflation expectations detracted as inflationary pressures moderated over the period. The Brighthouse/Templeton International Bond Portfolio underperformed its benchmark by 2.1%. Currency positioning in the euro, Japanese yen, and South Korean won were the primary detractors from relative results during the period.

Performance from the underlying domestic equity portfolios was mixed for the period. Large cap and small cap portfolios underperformed, while mid cap portfolios were positive contributors. In large cap, the Brighthouse/Wellington Core Equity Opportunities Portfolio underperformed its benchmark by 18.9%. Negative security selection in the Industrials, Consumer Discretionary, and

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Information Technology (“IT”) sectors were key detractors during the year. An underweight position in the IT and Communication Services sectors, and an overweight in the Consumer Discretionary sector further pressured results. The MFS Value Portfolio underperformed its benchmark by 3.3%. Security selection weakness in the Industrials and Communication Services sectors, along with an underweight to Communication Services drove the relative underperformance. On the positive side, the BlackRock Capital Appreciation Portfolio beat its benchmark by 6.9%. Contributions in security selection were made primarily in the IT, Health Care, and Financials sectors. An underweight to Consumer Staples also helped relative outperformance. Within mid cap, the Brighthouse/Artisan Mid Cap Value Portfolio outperformed its benchmark by 5.8%. Security selection in the Financials, IT, and Consumer Discretionary sectors were the largest relative contributors to results. The T. Rowe Price Mid Cap Growth Portfolio’s absolute performance lifted overall mid cap results. In small cap, the Brighthouse Small Cap Value Portfolio underperformed its benchmark by 0.4%. Negative security selection in the IT and Energy sectors detracted from relative results. The T. Rowe Price Small Cap Growth Portfolio’s absolute performance benefited overall results.

The underlying non-U.S. equity portfolios underperformed over the period. Within developed markets, VanEck Global Natural Resources Portfolio’s negative absolute performance was a detractor to overall international equity results. Security selection weakness in the Materials sector to the diversified metals & mining and copper sub-industries negatively impacted performance. The MFS Research International Portfolio underperformed its benchmark by 5.2%. Security selection weakness in the Financials, Consumer Discretionary, and Consumer Staples sectors were leading detractors over the period. On the positive side, the Harris Oakmark International Portfolio outperformed its benchmark by 1.0%. Positive security selection in the Industrials, Communication Services, and Consumer Staples sectors benefited results. From a country perspective, an overweight position in Germany and an underweight to Hong Kong positively impacted performance. In emerging markets, the Brighthouse/abrdn Emerging Markets Equity Portfolio underperformed its benchmark by 3.2%. Negative security selection in the Consumer Discretionary, IT, and Health Care sectors were leading detractors to relative performance.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The Dow Jones Conservative Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Conservative Portfolio Index level is set to 20% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES CONSERVATIVE PORTFOLIO INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Brighthouse Asset Allocation 20 Portfolio
Class A		8.08		3.88		3.31
Class B		7.83		3.62		3.05
Dow Jones Conservative Portfolio Index		6.93		1.57		1.90

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
Western Asset Management U.S. Government Portfolio (Class A)		13.0
PIMCO Total Return Portfolio (Class A)		12.5
BlackRock Bond Income Portfolio (Class A)		12.3
TCW Core Fixed Income Portfolio (Class A)		9.5
PIMCO Inflation Protected Bond Portfolio (Class A)		8.5
JPMorgan Core Bond Portfolio (Class A)		7.8
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)		2.3
Invesco Comstock Portfolio (Class A)		2.0

Asset Allocation

	% of Net Assets
Investment Grade Fixed Income		68.6
U.S. Large Cap Equities		10.8
High Yield Fixed Income		7.5
International Developed Market Equities		3.8
International Fixed Income		3.5
U.S. Small Cap Equities		3.2
Global Equities		1.5
Real Estate Equities		0.5
U.S. Mid Cap Equities		0.4
Emerging Market Equities		0.3

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 20 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a) (b)	Actual		0.64	%	$	1,000.00	$	1,041.50	$	3.29
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.98	$	3.26
Class B (a) (b)	Actual		0.89	%	$	1,000.00	$	1,040.70	$	4.58
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.72	$	4.53

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

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

(a) The annualized expense ratio shown reflects an expense limitation agreement between Brighthouse Investment Advisers, LLC and the Portfolio as described in Note 5 of the Notes to Financial Statements.

(b) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Schedule of Investments as of December 31, 2023

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.1%
AB International Bond Portfolio (Class A) (a)		938,855	$	7,492,067
Baillie Gifford International Stock Portfolio (Class A) (b)		360,153		3,770,798
BlackRock Bond Income Portfolio (Class A) (b)		496,480		45,805,220
BlackRock Capital Appreciation Portfolio (Class A) (b)		77,320		2,802,066
BlackRock High Yield Portfolio (Class A) (a)		381,878		2,814,442
Brighthouse Small Cap Value Portfolio (Class A) (a)		263,922		3,708,104
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		106,918		944,090
Brighthouse/Artisan International Portfolio (Class A) (a)		273,301		2,812,265
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		4,304		935,487
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		654,464		6,492,281
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		2,110,654		18,552,650
Brighthouse/Templeton International Bond Portfolio (Class A) (a) (c)		719,522		5,648,249
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		230,613		6,577,074
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		271,338		3,749,893
CBRE Global Real Estate Portfolio (Class A) (a)		178,033		1,876,468
Harris Oakmark International Portfolio (Class A) (a)		285,609		3,747,189
Invesco Comstock Portfolio (Class A) (a)		588,147		7,492,989
Invesco Global Equity Portfolio (Class A) (a)		39,129		936,749
Jennison Growth Portfolio (Class A) (b) (c)		195,420		2,800,375
JPMorgan Core Bond Portfolio (Class A) (a)		3,193,951		28,969,139
JPMorgan Small Cap Value Portfolio (Class A) (a)		163,885		1,850,266
Loomis Sayles Small Cap Growth Portfolio (Class A) (b) (c)		87,200		926,063
MFS Research International Portfolio (Class A) (a)		310,313		3,754,782
MFS Value Portfolio (Class A) (b)		607,107		8,450,934
Neuberger Berman Genesis Portfolio (Class A) (b)		100,191		1,850,531
Affiliated Investment Companies—(Continued)
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		3,330,604		31,640,735
PIMCO Total Return Portfolio (Class A) (a)		4,712,672		46,749,711
T. Rowe Price Large Cap Growth Portfolio (Class A) (b) (c)		135,524		2,805,343
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		213,624		5,628,986
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		98,224		934,106
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		186,227		3,705,922
TCW Core Fixed Income Portfolio (Class A) (a)		3,988,519		35,537,702
VanEck Global Natural Resources Portfolio (Class A) (b)		389,114		4,626,560
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		1,708,811		18,745,651
Western Asset Management U.S. Government Portfolio (Class A) (b)		4,613,895		48,630,458
Total Mutual Funds (Cost $408,602,296)				373,765,345
Total Investments—100.1% (Cost $408,602,296)				373,765,345
Other assets and liabilities (net)—(0.1)%				(284,629	)
Net Assets—100.0%			$	373,480,716

(a)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	373,765,345	$	—	$	—	$	373,765,345
Total Investments	$	373,765,345	$	—	$	—	$	373,765,345

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Affiliated investments at value (a)	$	373,765,345
Receivable for:
Affiliated investments sold		20,721
Fund shares sold		112,332
Due from investment adviser		28,381
Total Assets		373,926,779
Liabilities
Payables for:
Affiliated investments purchased		28,149
Fund shares redeemed		104,904
Accrued Expenses:
Management fees		31,551
Distribution and service fees		74,190
Deferred trustees’ fees		169,435
Other expenses		37,834
Total Liabilities		446,063
Net Assets	$	373,480,716
Net Assets Consist of:
Paid in surplus	$	414,161,120
Distributable earnings (Accumulated losses)		(40,680,404	)
Net Assets	$	373,480,716
Net Assets
Class A	$	22,300,494
Class B		351,180,222
Capital Shares Outstanding*
Class A		2,339,750
Class B		37,181,309
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.53
Class B		9.45

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $408,602,296.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends from affiliated investments	$	11,296,165
Total investment income		11,296,165
Expenses
Management fees		389,299
Administration fees		30,250
Custodian and accounting fees		27,625
Distribution and service fees—Class B		917,587
Audit and tax services		35,076
Legal		46,604
Trustees’ fees and expenses		46,220
Miscellaneous		10,661
Total expenses		1,503,322
Less expenses reimbursed by the Adviser		(196,436	)
Net expenses		1,306,886
Net Investment Income		9,989,279
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investments		(10,690,993	)
Capital gain distributions from affiliated investments		5,400,738
Net realized gain (loss)		(5,290,255	)
Net change in unrealized appreciation on affiliated investments		23,620,274
Net realized and unrealized gain (loss)		18,330,019
Net Increase (Decrease) in Net Assets From Operations	$	28,319,298

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	9,989,279		$	12,337,874
Net realized gain (loss)		(5,290,255	)		8,987,133
Net change in unrealized appreciation (depreciation)		23,620,274			(87,544,388	)
Increase (decrease) in net assets from operations		28,319,298			(66,219,381	)
From Distributions to Shareholders
Class A		(1,314,562	)		(1,631,574	)
Class B		(21,134,058	)		(27,018,620	)
Total distributions		(22,448,620	)		(28,650,194	)
Increase (decrease) in net assets from capital share transactions		(31,973,191	)		(45,486,317	)
Total increase (decrease) in net assets		(26,102,513	)		(140,355,892	)
Net Assets
Beginning of period		399,583,229			539,939,121
End of period	$	373,480,716		$	399,583,229

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		372,477		$	3,487,210			200,276		$	2,033,937
Reinvestments		144,141			1,314,562			172,836			1,631,574
Redemptions		(589,151	)		(5,504,463	)		(476,811	)		(4,786,365	)
Net increase (decrease)		(72,533	)	$	(702,691	)		(103,699	)	$	(1,120,854	)
Class B
Sales		2,871,278		$	26,875,162			2,815,223		$	28,467,864
Reinvestments		2,335,255			21,134,058			2,883,524			27,018,620
Redemptions		(8,613,342	)		(79,279,720	)		(10,047,452	)		(99,851,947	)
Net increase (decrease)		(3,406,809	)	$	(31,270,500	)		(4,348,705	)	$	(44,365,463	)
Increase (decrease) derived from capital shares transactions				$	(31,973,191	)				$	(45,486,317	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.37		$	11.48		$	11.55		$	11.11		$	10.35
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.26			0.30			0.22			0.35			0.33
Net realized and unrealized gain (loss)		0.47			(1.74	)		0.24			0.68			0.91
Total income (loss) from investment operations		0.73			(1.44	)		0.46			1.03			1.24
Less Distributions
Distributions from net investment income		(0.36	)		(0.35	)		(0.38	)		(0.34	)		(0.27	)
Distributions from net realized capital gains		(0.21	)		(0.32	)		(0.15	)		(0.25	)		(0.21	)
Total distributions		(0.57	)		(0.67	)		(0.53	)		(0.59	)		(0.48	)
Net Asset Value, End of Period	$	9.53		$	9.37		$	11.48		$	11.55		$	11.11
Total Return (%) (b)		8.08			(12.54	)		4.01			9.70			12.14
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.15			0.13			0.13			0.13			0.13
Net ratio of expenses to average net assets (%) (c) (d)		0.10			0.10			0.10			0.10			0.10
Ratio of net investment income (loss) to average net assets (%) (e)		2.76			2.95			1.90			3.17			3.05
Portfolio turnover rate (%)		9			9			8			14			13
Net assets, end of period (in millions)	$	22.3		$	22.6		$	28.9		$	31.3		$	34.0
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.29		$	11.37		$	11.45		$	11.01		$	10.27
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.24			0.27			0.19			0.32			0.30
Net realized and unrealized gain (loss)		0.46			(1.71	)		0.23			0.69			0.89
Total income (loss) from investment operations		0.70			(1.44	)		0.42			1.01			1.19
Less Distributions
Distributions from net investment income		(0.33	)		(0.32	)		(0.35	)		(0.32	)		(0.24	)
Distributions from net realized capital gains		(0.21	)		(0.32	)		(0.15	)		(0.25	)		(0.21	)
Total distributions		(0.54	)		(0.64	)		(0.50	)		(0.57	)		(0.45	)
Net Asset Value, End of Period	$	9.45		$	9.29		$	11.37		$	11.45		$	11.01
Total Return (%) (b)		7.83			(12.69	)		3.69			9.52			11.74
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.40			0.38			0.38			0.38			0.38
Net ratio of expenses to average net assets (%) (c) (d)		0.35			0.35			0.35			0.35			0.35
Ratio of net investment income (loss) to average net assets (%) (e)		2.55			2.69			1.62			2.96			2.82
Portfolio turnover rate (%)		9			9			8			14			13
Net assets, end of period (in millions)	$	351.2		$	377.0		$	511.1		$	568.2		$	525.9

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(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.
(d)	Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).
(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-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 20 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares of the Portfolio 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.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation 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 the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Asset Allocation Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows 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 Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Asset Allocation 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 Asset Allocation 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 the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation 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 Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records 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 Asset Allocation Portfolio’s 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. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation 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, 2023, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake 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.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. 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, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	34,914,647	$	0	$	73,974,694

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$389,299		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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.

Expense Limitation Agreement - Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, Brighthouse Investment Advisers has contractually agreed, from May 1, 2023 to April 30, 2024, to waive a portion of its advisory fees or

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 Asset Allocation Portfolio, this subsidy, and identical subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation 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 Asset Allocation Portfolio is obligated to repay any expense paid by Brighthouse Investment Advisers more than five years after the end of the fiscal year in which such expense was incurred. The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from May 1, 2023 to April 30, 2024 are 0.10% and 0.35% for Class A and B, respectively.

As of December 31, 2023, the amount of expenses deferred in 2019 subject to repayment until December 31, 2024 was $187,177. The amount of expenses deferred in 2020 subject to repayment until December 31, 2025 was $180,341. The amount of expenses deferred in 2021 subject to repayment until December 31, 2026 was $172,017. The amount of expenses deferred in 2022 subject to repayment until December 31, 2027 was $151,581. The amount of expenses deferred in 2023 subject to repayment until December 31, 2028 was $196,436.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

6. 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, 2023 were as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2023
AB International Bond Portfolio (Class A)	$	8,038,634	$	577,016	$	(1,382,795	)	$	(428,152	)	$	687,364		$	7,492,067
Baillie Gifford International Stock Portfolio (Class A)		4,942,699		600,189		(2,535,593	)		(428,045	)		1,191,548			3,770,798
BlackRock Bond Income Portfolio (Class A)		48,974,793		2,616,436		(6,862,688	)		(1,699,393	)		2,776,072			45,805,220
BlackRock Capital Appreciation Portfolio (Class A)		2,915,546		216,516		(1,480,818	)		(652,711	)		1,803,533			2,802,066
BlackRock High Yield Portfolio (Class A)		2,002,992		1,359,026		(703,933	)		(22,217	)		178,574			2,814,442
Brighthouse Small Cap Value Portfolio (Class A)		3,949,496		973,396		(1,387,200	)		266,876			(94,464	)		3,708,104
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		1,001,075		123,374		(234,964	)		(46,569	)		101,174			944,090
Brighthouse/Artisan International Portfolio (Class A)		3,007,815		157,832		(705,905	)		(101,433	)		453,956			2,812,265
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		983,691		213,587		(295,092	)		43,919			(10,618	)		935,487
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		8,055,508		726,339		(2,647,575	)		(111,561	)		469,570			6,492,281
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		20,123,127		1,648,043		(3,573,714	)		(572,212	)		927,406			18,552,650
Brighthouse/Templeton International Bond Portfolio (Class A)		6,053,494		263,582		(866,170	)		(308,944	)		506,287			5,648,249
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		7,030,208		1,106,648		(1,207,908	)		(196,787	)		(155,087	)		6,577,074
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		3,960,447		367,766		(1,237,204	)		(37,389	)		696,273			3,749,893
CBRE Global Real Estate Portfolio (Class A)		1,998,299		258,205		(567,649	)		5,969			181,644			1,876,468
Harris Oakmark International Portfolio (Class A)		4,009,661		429,058		(1,335,543	)		538,464			105,549			3,747,189
Invesco Comstock Portfolio (Class A)		7,984,596		2,036,658		(1,893,463	)		568,881			(1,203,683	)		7,492,989
Invesco Global Equity Portfolio (Class A)		983,156		101,807		(389,058	)		38,328			202,516			936,749
Jennison Growth Portfolio (Class A)		2,908,781		208,638		(1,600,055	)		(982,105	)		2,265,116			2,800,375
JPMorgan Core Bond Portfolio (Class A)		31,015,567		1,709,127		(4,491,000	)		(722,583	)		1,458,028			28,969,139
JPMorgan Small Cap Value Portfolio (Class A)		1,963,910		559,842		(741,765	)		41,911			26,368			1,850,266
Loomis Sayles Small Cap Growth Portfolio (Class A)		990,143		106,849		(286,838	)		(60,196	)		176,105			926,063
MFS Research International Portfolio (Class A)		3,008,098		1,389,656		(888,624	)		(705	)		246,357			3,754,782
MFS Value Portfolio (Class A)		9,020,191		1,508,954		(1,521,042	)		(155,045	)		(402,124	)		8,450,934
Neuberger Berman Genesis Portfolio (Class A)		1,956,771		408,527		(634,739	)		20,257			99,715			1,850,531
PIMCO Inflation Protected Bond Portfolio (Class A)		36,172,230		1,992,853		(6,936,770	)		(862,785	)		1,275,207			31,640,735
PIMCO Total Return Portfolio (Class A)		48,070,166		3,839,501		(6,386,677	)		(1,742,846	)		2,969,567			46,749,711
T. Rowe Price Large Cap Growth Portfolio (Class A)		2,907,452		184,413		(1,443,884	)		(438,065	)		1,595,427			2,805,343
T. Rowe Price Large Cap Value Portfolio (Class A)		5,997,413		1,370,612		(1,289,083	)		(10,081	)		(439,875	)		5,628,986
T. Rowe Price Mid Cap Growth Portfolio (Class A)		987,964		113,013		(301,057	)		(13,683	)		147,869			934,106
T. Rowe Price Small Cap Growth Portfolio (Class A)		3,953,583		411,354		(1,345,876	)		(101,873	)		788,734			3,705,922
TCW Core Fixed Income Portfolio (Class A)		37,904,804		2,094,334		(5,337,351	)		(781,323	)		1,657,238			35,537,702
VanEck Global Natural Resources Portfolio (Class A)		4,825,517		996,681		(896,261	)		432,420			(731,797	)		4,626,560
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		20,000,819		1,600,902		(3,269,785	)		(698,186	)		1,111,901			18,745,651
Western Asset Management U.S. Government Portfolio (Class A)		52,197,465		2,643,913		(7,296,615	)		(1,473,129	)		2,558,824			48,630,458
	$	399,896,111	$	34,914,647	$	(73,974,694	)	$	(10,690,993	)	$	23,620,274		$	373,765,345

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2023
AB International Bond Portfolio (Class A)	$	—	$	409,530		938,855
Baillie Gifford International Stock Portfolio (Class A)		—		49,648		360,153
BlackRock Bond Income Portfolio (Class A)		—		1,511,025		496,480
BlackRock Capital Appreciation Portfolio (Class A)		56,184		1,215		77,320
BlackRock High Yield Portfolio (Class A)		—		161,541		381,878
Brighthouse Small Cap Value Portfolio (Class A)		329,891		49,597		263,922
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		—		12,341		106,918
Brighthouse/Artisan International Portfolio (Class A)		—		52,350		273,301
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		127,292		8,392		4,304
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		397,454		654,464
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		722,175		2,110,654
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		719,522
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		738,166		99,989		230,613

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2023
Brighthouse/Wellington Large Cap Research Portfolio (Class A)	$	213,267	$	32,532		271,338
CBRE Global Real Estate Portfolio (Class A)		—		54,512		178,033
Harris Oakmark International Portfolio (Class A)		—		82,662		285,609
Invesco Comstock Portfolio (Class A)		1,388,867		175,820		588,147
Invesco Global Equity Portfolio (Class A)		55,658		3,598		39,129
Jennison Growth Portfolio (Class A)		—		—		195,420
JPMorgan Core Bond Portfolio (Class A)		—		944,464		3,193,951
JPMorgan Small Cap Value Portfolio (Class A)		166,574		26,941		163,885
Loomis Sayles Small Cap Growth Portfolio (Class A)		—		—		87,200
MFS Research International Portfolio (Class A)		75,693		67,829		310,313
MFS Value Portfolio (Class A)		1,062,062		168,074		607,107
Neuberger Berman Genesis Portfolio (Class A)		171,495		2,525		100,191
PIMCO Inflation Protected Bond Portfolio (Class A)		—		796,968		3,330,604
PIMCO Total Return Portfolio (Class A)		—		1,528,431		4,712,672
T. Rowe Price Large Cap Growth Portfolio (Class A)		—		—		135,524
T. Rowe Price Large Cap Value Portfolio (Class A)		873,651		125,341		213,624
T. Rowe Price Mid Cap Growth Portfolio (Class A)		48,679		—		98,224
T. Rowe Price Small Cap Growth Portfolio (Class A)		93,259		2,134		186,227
TCW Core Fixed Income Portfolio (Class A)		—		1,157,111		3,988,519
VanEck Global Natural Resources Portfolio (Class A)		—		153,168		389,114
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		1,304,770		1,708,811
Western Asset Management U.S. Government Portfolio (Class A)		—		1,194,028		4,613,895
	$	5,400,738	$	11,296,165

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	420,761,958
Gross unrealized appreciation		2,801,134
Gross unrealized (depreciation)		(49,797,747	)
Net unrealized appreciation (depreciation)	$	(46,996,613	)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$13,830,052	$	14,563,737	$	8,618,568	$	14,086,457	$	22,448,620	$	28,650,194

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$9,778,675	$	—	$	(46,996,613	)	$	(3,293,030	)	$	(40,510,968	)

The Asset Allocation Portfolio utilizes 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.

As of December 31, 2023, the Asset Allocation Portfolio had accumulated long-term capital losses of $3,293,030.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

9. Regulatory Updates

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Brighthouse Asset Allocation 20 Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Asset Allocation 20 Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-15

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-16

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-17

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with Brighthouse Investment Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process.

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 during the September Meeting to review 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 supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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.

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. 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 has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolios”) and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the “American Funds of Funds”). 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), actions taken with respect to regulatory developments, compliance programs and personnel, and risk management programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser

BHFTII-18

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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 compliance policies and procedures. The Board also noted that the Adviser’s investment, compliance, and legal staff reviews and assesses the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. 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 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 Trusts (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 and the American Funds of Funds, including asset allocations and performance metrics.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 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”). In particular, the Board reviewed comparisons of each Portfolio’s contractual management fees with its Expense Group and total expenses with its Expense Universe and 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.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses.

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 in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. 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 contain breakpoints that reduce the fee rate above specified asset levels.

The Board considered the effective fees under the Advisory Agreement 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.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

* * * * *

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 median of its Performance Universe and the average of its Morningstar category for the one-year period ended June 30, 2023 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2023. The Board further considered that the Portfolio underperformed the Brighthouse AA 20 Narrow Index for the one-year period ended October 31, 2023 and outperformed the same index for the three- and five-year periods ended October 31, 2023. The Board also took into account that the Portfolio underperformed its benchmark, the Dow Jones Conservative Portfolio Index, for the one-year period ended October 31, 2023 and outperformed the same benchmark for the three- and five-year periods ended October 31, 2023. The Board also noted the presence of the expense cap in effect for the Portfolio.

The Board considered that the Portfolio’s actual management fees were equal to the Expense Group median and below the Expense Universe median. The Board also considered that the Portfolio’s total expenses (inclusive of underlying fund expenses and exclusive of 12b-l 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/Morningstar Category selected by Broadridge at the Portfolio’s current size.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A and B shares of the Brighthouse Asset Allocation 40 Portfolio returned 10.82% and 10.52%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Conservative Portfolio Index¹, returned 9.81%.

MARKET ENVIRONMENT / CONDITIONS

Markets carried the momentum of late 2022 and ended the first quarter of 2023 on a positive note. After a string of seven consecutive rate hikes by the U.S. Federal Reserve (the “Fed”) in 2022, signs of high inflation began to wane, and speculation arose monetary tightening may soon end. At its February and March meetings, the Fed scaled back the magnitude of rate hikes and implemented increases of 0.25%, respectively. In March, the Fed moved quicky to inject liquidity into the banking sector after a few well-publicized bank failures surfaced. Bond and equity investors cheered the decisive action to quell the risk.

Investor enthusiasm began to falter in the second quarter of 2023. Bond markets were being pressured by central bank actions to raise rates as inflationary concerns continued to exist. In May, the Fed enacted its tenth consecutive rate hike before it voted to hold rates in check at its June meeting. The yield on the 10-year U.S. Treasury Bond rose throughout the quarter and negatively impacted government and investment grade credit bonds. In June, economic growth, as measured by the real gross domestic product (“GDP”) rate was positive as the first quarter 2023 real GDP growth rate reported a 2% annual gain. However, it marked the third straight quarter of decelerating GDP levels and raised doubts over the strength of the economy.

Conditions deteriorated in the third quarter with broad market declines amid a global equity correction and a worsening bond slump over the last two quarters. Equities pulled back after having established gains in the first half of the year. The possibility rates may remain higher and with central bank comments absent any definitive near-term relief, markets retreated. Globally, the European Union lowered its growth forecast and concern over China’s property sector pressured markets with Moody’s downgrading China’s property sector outlook to negative. The resilience of core bonds held up in the early part of the third quarter before prices declined sharply in the final two months of the quarter. The 10-Year U.S. Treasury yield moved aggressively over the period and rose 78 basis points (“bps”) and 50 bps in September alone. Though the Fed paused hiking rates at its September meeting, economic data showed a relatively healthy economy and kept hawkish monetary policies at the forefront.

The final two months of the year witnessed a robust turnaround for bonds and equities. Inflationary fears subsided and investors rejoiced that the cycle of rate hikes and aggressive monetary policies appeared to have levelled off and central banks may have their eyes focused instead on potential interest rate cuts for 2024. In the U.S., Fed officials kept their hands on the pause button during the fourth quarter and maintained the Federal Fund Rate at a range of 5.25% to 5.50%. Bond prices surged as the 10-Year U.S. Treasury yield fell 100 bps between October and the end of the year. Not to be outdone, several major broad-based equity markets had double-digit gains during the quarter.

For the full year ended 2023, the S&P 500 Index returned 26.29%. International stocks, as measured by the MSCI EAFE Index, gained 18.24%, and emerging market stocks, as measured by the MSCI Emerging Markets Index, returned 9.83%. Within fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 5.53% for the year ended December 31, 2023.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Brighthouse Asset Allocation 40 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 40% to equities and 60% to fixed income.

Over the twelve-month period, the Portfolio outperformed the Dow Jones Moderately Conservative Portfolio Index. Performance strength within the underlying fixed income and mid cap equity portfolios offset weakness within the underlying large cap equity and non-U.S. equity portfolios.

On an absolute return basis, the top performing underlying fixed income portfolios were the BlackRock High Yield Portfolio and the Brighthouse/Eaton Vance Floating Rate Portfolio as below investment grade bonds (“high yield”) performed well relative to higher credit quality rated bonds. The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 3.9%. Allocations to high yield bonds and bank loans were primary contributors. Exposures to non-agency mortgage-backed securities (“MBS”) and emerging market debt aided returns. The PIMCO Total Return Portfolio exceeded its benchmark by 0.7%. The Portfolio’s yield curve positioning and duration management made positive contributions. Overweight exposures to both non-agency MBS, particularly collateralized loan obligations (“CLOs”) and agency MBS and security selection to investment grade bonds lifted relative results. The PIMCO Inflation Protected Bond Portfolio underperformed its benchmark by 0.2%. An overweight to U.S. inflation expectations detracted as inflationary pressures moderated over the period. The Brighthouse/Templeton International Bond Portfolio underperformed its benchmark by 2.1%. Currency positioning in the euro, Japanese yen, and South Korean won were the primary detractors from relative results during the period.

Performance from the underlying domestic equity portfolios was mixed for the period. Large cap and small cap portfolios underperformed, while mid cap portfolios were positive contributors. In large cap, the Brighthouse/Wellington Core Equity Opportunities Portfolio underperformed its benchmark by 18.9%. Negative security selection in the Industrials, Consumer Discretionary, and Information Technology

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

(“IT”) sectors were key detractors during the year. An underweight position in the IT and Communication Services sectors, and an overweight in the Consumer Discretionary sector further pressured results. The MFS Value Portfolio underperformed its benchmark by 3.3%. Security selection weakness in the Industrials and Communication Services sectors, along with an underweight to Communication Services drove the relative underperformance. On the positive side, the BlackRock Capital Appreciation Portfolio beat its benchmark by 6.9%. Contributions in security selection were made primarily in the IT, Health Care, and Financials sectors. An underweight to Consumer Staples also helped relative outperformance. Within mid cap, the Brighthouse/Artisan Mid Cap Value Portfolio outperformed its benchmark by 5.8%. Security selection in the Financials, IT, and Consumer Discretionary sectors were the largest relative contributors to results. The T. Rowe Price Mid Cap Growth Portfolio’s absolute performance lifted overall mid cap results. In small cap, the Brighthouse Small Cap Value Portfolio underperformed its benchmark by 0.4%. Negative security selection in the IT and Energy sectors detracted from relative results. The JPMorgan Small Cap Value Portfolio underperformed its benchmark by 1.4%. Security selection in the Health Care and IT sectors and an underweight to the Energy sector weighed negatively on relative results.

The underlying non-U.S. equity portfolios underperformed over the period. Within developed markets, VanEck Global Natural Resources Portfolio’s negative absolute performance was a detractor to overall international equity results. Security selection weakness in the Materials sector to the diversified metals & mining and copper sub-industries negatively impacted performance. The Brighthouse/Artisan International Portfolio underperformed its benchmark by 1.0%. Security selection weakness in the Consumer Staples sector and an underweight to the IT sector detracted over the period. On a country basis, positioning in Japan was a key detractor. On the positive side, the Invesco Global Equity Portfolio outperformed its benchmark by 12.8%. Overweight positions in the IT and Communication Services sector and an underweight to Consumer Staples, as well as positive security selection in the Communication Services, Real Estate, and Health Care sectors were major contributors to results. In emerging markets, the Brighthouse/abrdn Emerging Markets Equity Portfolio underperformed its benchmark by 3.2%. Negative security selection in the Consumer Discretionary, IT, and Health Care sectors were leading detractors to relative performance. At the country level, exposures in China and Hong Kong detracted during the period. Conversely, the SSGA Emerging Markets Enhanced Index Portfolio outperformed its benchmark by 3.0%. Positive security selection in the IT, Financials, Utilities, and Industrials sectors were top relative contributors. At the country level, security selection was strongest in India, Taiwan, and China.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The The Dow Jones Moderately Conservative Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderately Conservative Portfolio Index level is set to 40% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY CONSERVATIVE PORTFOLIO INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Brighthouse Asset Allocation 40 Portfolio
Class A		10.82		5.87		4.60
Class B		10.52		5.60		4.34
Dow Jones Moderately Conservative Portfolio Index		9.81		4.35		3.82

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
PIMCO Total Return Portfolio (Class A)		9.5
BlackRock Bond Income Portfolio (Class A)		9.5
Western Asset Management U.S. Government Portfolio (Class A)		8.0
TCW Core Fixed Income Portfolio (Class A)		7.3
PIMCO Inflation Protected Bond Portfolio (Class A)		5.4
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		4.0
MFS Value Portfolio (Class A)		3.8
JPMorgan Core Bond Portfolio (Class A)		3.8
T. Rowe Price Large Cap Value Portfolio (Class A)		3.5
AB International Bond Portfolio (Class A)		3.5

Asset Allocation

	% of Net Assets
Investment Grade Fixed Income		46.4
U.S. Large Cap Equities		21.8
International Developed Market Equities		8.9
High Yield Fixed Income		6.5
International Fixed Income		6.0
U.S. Small Cap Equities		4.3
Global Equities		2.9
Emerging Market Equities		1.5
U.S. Mid Cap Equities		0.9
Real Estate Equities		0.8

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 40 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.64	%	$	1,000.00	$	1,047.70	$	3.30
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.98	$	3.26
Class B (a)	Actual		0.89	%	$	1,000.00	$	1,046.10	$	4.59
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.72	$	4.53

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

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

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Schedule of Investments as of December 31, 2023

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
AB International Bond Portfolio (Class A) (a)		16,022,712	$	127,861,243
Allspring Mid Cap Value Portfolio (Class A) (a)		816,006		9,163,750
Baillie Gifford International Stock Portfolio (Class A) (b)		8,773,637		91,859,984
BlackRock Bond Income Portfolio (Class A) (b)		3,757,505		346,667,373
BlackRock Capital Appreciation Portfolio (Class A) (b)		1,766,449		64,016,115
BlackRock High Yield Portfolio (Class A) (a)		3,724,543		27,449,885
Brighthouse Small Cap Value Portfolio (Class A) (a)		3,227,020		45,339,627
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		3,093,387		27,314,604
Brighthouse/Artisan International Portfolio (Class A) (a)		6,245,774		64,269,012
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		42,112		9,153,818
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		6,191,020		61,414,917
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		12,016,992		105,629,356
Brighthouse/Templeton International Bond Portfolio (Class A) (a) (c)		11,701,900		91,859,914
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		4,158,229		118,592,693
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		5,976,545		82,595,851
CBRE Global Real Estate Portfolio (Class A) (a)		2,595,879		27,360,570
Harris Oakmark International Portfolio (Class A) (a)		7,692,657		100,927,658
Invesco Comstock Portfolio (Class A) (a)		9,347,203		119,083,366
Invesco Global Equity Portfolio (Class A) (a)		1,532,733		36,693,637
Invesco Small Cap Growth Portfolio (Class A) (a) (c)		2,219,068		18,196,356
Jennison Growth Portfolio (Class A) (b) (c)		3,186,465		45,662,043
JPMorgan Core Bond Portfolio (Class A) (a)		15,072,801		136,710,302
JPMorgan Small Cap Value Portfolio (Class A) (a)		2,406,515		27,169,558
Loomis Sayles Growth Portfolio (Class A) (a)		2,358,480		36,580,024
Loomis Sayles Small Cap Growth Portfolio (Class A) (b) (c)		852,945		9,058,275
MFS Research International Portfolio (Class A) (a)		5,314,202		64,301,840
Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (b)		9,894,581		137,732,562
Neuberger Berman Genesis Portfolio (Class A) (b)		980,002		18,100,628
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		20,750,166		197,126,582
PIMCO Total Return Portfolio (Class A) (a)		34,990,550		347,106,255
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a)		2,806,975		27,424,142
T. Rowe Price Large Cap Growth Portfolio (Class A) (b) (c)		2,644,366		54,738,381
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		4,877,487		128,521,790
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		1,923,378		18,291,325
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		2,281,413		45,400,120
TCW Core Fixed Income Portfolio (Class A) (a)		29,746,513		265,041,430
VanEck Global Natural Resources Portfolio (Class A) (b)		5,775,109		68,666,043
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		13,366,230		146,627,541
Western Asset Management U.S. Government Portfolio (Class A) (b)		27,512,750		289,984,386
Total Mutual Funds (Cost $3,913,792,714)				3,639,692,956
Total Investments—100.0% (Cost $3,913,792,714)				3,639,692,956
Other assets and liabilities (net)—0.0%				(1,216,921	)
Net Assets—100.0%			$	3,638,476,035

(a)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	3,639,692,956	$	—	$	—	$	3,639,692,956
Total Investments	$	3,639,692,956	$	—	$	—	$	3,639,692,956

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Affiliated investments at value (a)	$	3,639,692,956
Receivable for:
Affiliated investments sold		1,287,159
Fund shares sold		493,739
Total Assets		3,641,473,854
Liabilities
Payables for:
Fund shares redeemed		1,780,898
Accrued Expenses:
Management fees		184,576
Distribution and service fees		751,126
Deferred trustees’ fees		243,261
Other expenses		37,958
Total Liabilities		2,997,819
Net Assets	$	3,638,476,035
Net Assets Consist of:
Paid in surplus	$	3,880,866,966
Distributable earnings (Accumulated losses)		(242,390,931	)
Net Assets	$	3,638,476,035
Net Assets
Class A	$	59,706,439
Class B		3,578,769,596
Capital Shares Outstanding*
Class A		6,178,245
Class B		375,386,964
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.66
Class B		9.53

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $3,913,792,714.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends from affiliated investments	$	93,977,561
Total investment income		93,977,561
Expenses
Management fees		2,218,259
Administration fees		30,250
Custodian and accounting fees		27,625
Distribution and service fees—Class B		9,067,394
Audit and tax services		35,076
Legal		46,604
Trustees’ fees and expenses		46,220
Miscellaneous		13,561
Total expenses		11,484,989
Net Investment Income		82,492,572
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investments		(91,785,643	)
Capital gain distributions from affiliated investments		94,047,279
Net realized gain (loss)		2,261,636
Net change in unrealized appreciation on affiliated investments		285,025,927
Net realized and unrealized gain (loss)		287,287,563
Net Increase (Decrease) in Net Assets From Operations	$	369,780,135

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	82,492,572		$	101,969,680
Net realized gain (loss)		2,261,636			213,876,496
Net change in unrealized appreciation (depreciation)		285,025,927			(988,037,005	)
Increase (decrease) in net assets from operations		369,780,135			(672,190,829	)
From Distributions to Shareholders
Class A		(5,241,886	)		(5,460,511	)
Class B		(315,438,785	)		(332,950,156	)
Total distributions		(320,680,671	)		(338,410,667	)
Increase (decrease) in net assets from capital share transactions		(192,207,553	)		(225,146,277	)
Total increase (decrease) in net assets		(143,108,089	)		(1,235,747,773	)
Net Assets
Beginning of period		3,781,584,124			5,017,331,897
End of period	$	3,638,476,035		$	3,781,584,124

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		415,259		$	3,988,606			246,521		$	2,578,682
Reinvestments		571,012			5,241,886			572,981			5,460,511
Redemptions		(1,123,741	)		(10,704,277	)		(854,544	)		(8,693,683	)
Net increase (decrease)		(137,470	)	$	(1,473,785	)		(35,042	)	$	(654,490	)
Class B
Sales		4,961,476		$	47,298,754			3,574,700		$	36,098,792
Reinvestments		34,778,256			315,438,785			35,345,027			332,950,156
Redemptions		(59,092,822	)		(553,471,307	)		(58,011,666	)		(593,540,735	)
Net increase (decrease)		(19,353,090	)	$	(190,733,768	)		(19,091,939	)	$	(224,491,787	)
Increase (decrease) derived from capital shares transactions				$	(192,207,553	)				$	(225,146,277	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.55		$	12.09		$	11.98		$	11.66		$	10.85
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.28			0.19			0.32			0.31
Net realized and unrealized gain (loss)		0.76			(1.93	)		0.71			0.88			1.37
Total income (loss) from investment operations		0.99			(1.65	)		0.90			1.20			1.68
Less Distributions
Distributions from net investment income		(0.37	)		(0.31	)		(0.36	)		(0.34	)		(0.29	)
Distributions from net realized capital gains		(0.51	)		(0.58	)		(0.43	)		(0.54	)		(0.58	)
Total distributions		(0.88	)		(0.89	)		(0.79	)		(0.88	)		(0.87	)
Net Asset Value, End of Period	$	9.66		$	9.55		$	12.09		$	11.98		$	11.66
Total Return (%) (b)		10.82			(13.63	)		7.68			11.31			15.94
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.07			0.06			0.06			0.06			0.06
Ratio of net investment income (loss) to average net assets (%) (d)		2.47			2.67			1.60			2.88			2.69
Portfolio turnover rate (%)		6			10			7			9			11
Net assets, end of period (in millions)	$	59.7		$	60.3		$	76.8		$	75.7		$	74.5
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.43		$	11.94		$	11.84		$	11.53		$	10.74
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.21			0.25			0.16			0.29			0.27
Net realized and unrealized gain (loss)		0.74			(1.90	)		0.70			0.87			1.35
Total income (loss) from investment operations		0.95			(1.65	)		0.86			1.16			1.62
Less Distributions
Distributions from net investment income		(0.34	)		(0.28	)		(0.33	)		(0.31	)		(0.25	)
Distributions from net realized capital gains		(0.51	)		(0.58	)		(0.43	)		(0.54	)		(0.58	)
Total distributions		(0.85	)		(0.86	)		(0.76	)		(0.85	)		(0.83	)
Net Asset Value, End of Period	$	9.53		$	9.43		$	11.94		$	11.84		$	11.53
Total Return (%) (b)		10.52			(13.84	)		7.42			11.04			15.60
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.32			0.31			0.31			0.31			0.31
Ratio of net investment income (loss) to average net assets (%) (d)		2.23			2.42			1.34			2.63			2.44
Portfolio turnover rate (%)		6			10			7			9			11
Net assets, end of period (in millions)	$	3,578.8		$	3,721.3		$	4,940.6		$	5,241.0		$	5,311.0

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(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.
(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-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 40 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares of the Portfolio 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.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation 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 the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Asset Allocation Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows 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 Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Asset Allocation 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 Asset Allocation 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 the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation 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 Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records 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 Asset Allocation Portfolio’s 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. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation 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, 2023, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake 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.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. 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, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	221,397,164	$	0	$	557,809,284

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$2,218,259		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. 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, 2023 were as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2023
AB International Bond Portfolio (Class A)	$	133,583,365	$	6,829,891	$	(17,017,226	)	$	(5,332,953	)	$	9,798,166		$	127,861,243
Allspring Mid Cap Value Portfolio (Class A)		9,526,484		1,541,534		(1,370,874	)		115,324			(648,718	)		9,163,750
Baillie Gifford International Stock Portfolio (Class A)		103,687,984		1,842,455		(30,150,555	)		(3,455,904	)		19,936,004			91,859,984
BlackRock Bond Income Portfolio (Class A)		361,877,370		11,190,236		(34,960,857	)		(7,877,883	)		16,438,507			346,667,373
BlackRock Capital Appreciation Portfolio (Class A)		61,609,306		1,313,483		(24,081,490	)		(5,844,510	)		31,019,326			64,016,115
BlackRock High Yield Portfolio (Class A)		18,972,342		10,166,869		(3,235,055	)		(567,282	)		2,113,011			27,449,885
Brighthouse Small Cap Value Portfolio (Class A)		46,920,769		6,430,136		(10,060,723	)		1,925,675			123,770			45,339,627
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		28,442,571		494,532		(3,160,921	)		454,187			1,084,235			27,314,604
Brighthouse/Artisan International Portfolio (Class A)		66,707,754		1,183,483		(11,527,673	)		(682,243	)		8,587,691			64,269,012
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		9,305,872		1,412,743		(1,887,030	)		42,140			280,093			9,153,818
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		75,905,148		3,880,823		(21,748,033	)		(1,192,067	)		4,569,046			61,414,917
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		114,130,802		4,268,044		(14,831,158	)		(2,359,643	)		4,421,311			105,629,356
Brighthouse/Templeton International Bond Portfolio (Class A)		95,512,235		39,050		(6,923,716	)		(3,404,031	)		6,636,376			91,859,914
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		124,065,411		14,737,364		(14,298,208	)		(127,955	)		(5,783,919	)		118,592,693
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		84,947,422		5,282,870		(21,759,885	)		(1,044,754	)		15,170,198			82,595,851
CBRE Global Real Estate Portfolio (Class A)		28,490,412		1,279,730		(5,102,352	)		(705,684	)		3,398,464			27,360,570
Harris Oakmark International Portfolio (Class A)		104,476,162		3,562,327		(24,117,863	)		(4,084,554	)		21,091,586			100,927,658
Invesco Comstock Portfolio (Class A)		123,850,607		25,711,794		(20,789,643	)		(4,000,641	)		(5,688,751	)		119,083,366
Invesco Global Equity Portfolio (Class A)		37,314,772		2,287,602		(12,039,817	)		1,602,284			7,528,796			36,693,637
Invesco Small Cap Growth Portfolio (Class A)		18,477,079		261,297		(2,782,190	)		(2,110,017	)		4,350,187			18,196,356
Jennison Growth Portfolio (Class A)		42,706,490		46,338		(17,000,097	)		(4,542,083	)		24,451,395			45,662,043
JPMorgan Core Bond Portfolio (Class A)		142,884,002		4,367,947		(14,147,498	)		(2,181,806	)		5,787,657			136,710,302
JPMorgan Small Cap Value Portfolio (Class A)		27,823,369		4,185,387		(5,791,804	)		(2,655,161	)		3,607,767			27,169,558
Loomis Sayles Growth Portfolio (Class A)		36,886,768		2,143,045		(16,436,295	)		(2,577,480	)		16,563,986			36,580,024
Loomis Sayles Small Cap Growth Portfolio (Class A)		9,426,843		159,988		(1,629,195	)		(362,409	)		1,463,048			9,058,275
MFS Research International Portfolio (Class A)		57,031,204		8,829,183		(6,562,884	)		1,429,660			3,574,677			64,301,840
MFS Value Portfolio (Class A)		143,147,343		20,118,810		(16,929,173	)		(1,750,507	)		(6,853,911	)		137,732,562

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2023
Neuberger Berman Genesis Portfolio (Class A)	$	18,494,073	$	1,845,311	$	(3,360,465	)	$	(108,090	)	$	1,229,799		$	18,100,628
PIMCO Inflation Protected Bond Portfolio (Class A)		227,954,341		5,094,555		(38,752,276	)		(8,509,299	)		11,339,261			197,126,582
PIMCO Total Return Portfolio (Class A)		343,295,896		12,823,146		(19,063,498	)		(4,319,787	)		14,370,498			347,106,255
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		28,541,428		968,816		(4,596,311	)		(249,410	)		2,759,619			27,424,142
T. Rowe Price Large Cap Growth Portfolio (Class A)		51,075,483		415,173		(18,193,250	)		(5,122,482	)		26,563,457			54,738,381
T. Rowe Price Large Cap Value Portfolio (Class A)		133,606,976		23,783,341		(19,167,298	)		(4,858,667	)		(4,842,562	)		128,521,790
T. Rowe Price Mid Cap Growth Portfolio (Class A)		18,816,635		962,017		(4,049,699	)		(589,172	)		3,151,544			18,291,325
T. Rowe Price Small Cap Growth Portfolio (Class A)		47,006,077		1,544,061		(11,355,395	)		(4,020,421	)		12,225,798			45,400,120
TCW Core Fixed Income Portfolio (Class A)		275,726,126		8,426,782		(26,026,230	)		(3,930,880	)		10,845,632			265,041,430
VanEck Global Natural Resources Portfolio (Class A)		73,093,724		4,916,871		(4,826,959	)		1,216,353			(5,733,946	)		68,666,043
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		152,375,575		9,893,507		(19,040,052	)		(5,049,397	)		8,447,908			146,627,541
Western Asset Management U.S. Government Portfolio (Class A)		305,168,572		7,156,623		(29,035,636	)		(4,954,094	)		11,648,921			289,984,386
	$	3,782,864,792	$	221,397,164	$	(557,809,284	)	$	(91,785,643	)	$	285,025,927		$	3,639,692,956

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2023
AB International Bond Portfolio (Class A)	$	—	$	6,799,817		16,022,712
Allspring Mid Cap Value Portfolio (Class A)		1,268,751		120,141		816,006
Baillie Gifford International Stock Portfolio (Class A)		—		1,191,801		8,773,637
BlackRock Bond Income Portfolio (Class A)		—		11,067,544		3,757,505
BlackRock Capital Appreciation Portfolio (Class A)		1,256,707		27,183		1,766,449
BlackRock High Yield Portfolio (Class A)		—		1,506,471		3,724,543
Brighthouse Small Cap Value Portfolio (Class A)		3,903,525		586,870		3,227,020
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		—		351,964		3,093,387
Brighthouse/Artisan International Portfolio (Class A)		—		1,143,272		6,245,774
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		1,212,052		79,904		42,112
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		3,784,440		6,191,020
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		4,102,816		12,016,992
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		11,701,900
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		12,882,159		1,744,962		4,158,229
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		4,575,720		697,991		5,976,545
CBRE Global Real Estate Portfolio (Class A)		—		767,931		2,595,879
Harris Oakmark International Portfolio (Class A)		—		2,157,299		7,692,657
Invesco Comstock Portfolio (Class A)		21,455,304		2,716,078		9,347,203
Invesco Global Equity Portfolio (Class A)		2,129,363		137,646		1,532,733
Invesco Small Cap Growth Portfolio (Class A)		—		—		2,219,068
Jennison Growth Portfolio (Class A)		—		—		3,186,465
JPMorgan Core Bond Portfolio (Class A)		—		4,313,068		15,072,801
JPMorgan Small Cap Value Portfolio (Class A)		2,362,337		382,069		2,406,515
Loomis Sayles Growth Portfolio (Class A)		2,134,278		—		2,358,480
Loomis Sayles Small Cap Growth Portfolio (Class A)		—		—		852,945
MFS Research International Portfolio (Class A)		1,197,874		1,073,419		5,314,202
MFS Value Portfolio (Class A)		16,748,114		2,650,439		9,894,581
Neuberger Berman Genesis Portfolio (Class A)		1,628,938		23,984		980,002
PIMCO Inflation Protected Bond Portfolio (Class A)		—		4,891,374		20,750,166
PIMCO Total Return Portfolio (Class A)		—		10,606,508		34,990,550
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		934,145		2,806,975
T. Rowe Price Large Cap Growth Portfolio (Class A)		—		—		2,644,366
T. Rowe Price Large Cap Value Portfolio (Class A)		19,251,819		2,762,019		4,877,487
T. Rowe Price Mid Cap Growth Portfolio (Class A)		928,683		—		1,923,378
T. Rowe Price Small Cap Growth Portfolio (Class A)		1,111,655		25,438		2,281,413
TCW Core Fixed Income Portfolio (Class A)		—		8,323,962		29,746,513
VanEck Global Natural Resources Portfolio (Class A)		—		2,191,040		5,775,109
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		9,875,722		13,366,230
Western Asset Management U.S. Government Portfolio (Class A)		—		6,940,244		27,512,750
	$	94,047,279	$	93,977,561

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	3,970,148,460
Gross unrealized appreciation		76,335,647
Gross unrealized (depreciation)		(406,791,151	)
Net unrealized appreciation (depreciation)	$	(330,455,504	)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$128,146,172	$	109,123,662	$	192,534,499	$	229,287,005	$	320,680,671	$	338,410,667

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$82,946,483	$	5,361,352	$	(330,455,504	)	$	—	$	(242,147,669	)

The Asset Allocation Portfolio utilizes 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.

As of December 31, 2023, the Asset Allocation Portfolio had no accumulated capital losses.

9. Regulatory Updates

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Brighthouse Asset Allocation 40 Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Asset Allocation 40 Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-14

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-15

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-16

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with Brighthouse Investment Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process.

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 during the September Meeting to review 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 supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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.

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. 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 has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolios”) and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the “American Funds of Funds”). 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), actions taken with respect to regulatory developments, compliance programs and personnel, and risk management programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser

BHFTII-17

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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 compliance policies and procedures. The Board also noted that the Adviser’s investment, compliance, and legal staff reviews and assesses the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. 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 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 Trusts (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 and the American Funds of Funds, including asset allocations and performance metrics.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 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”). In particular, the Board reviewed comparisons of each Portfolio’s contractual management fees with its Expense Group and total expenses with its Expense Universe and 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.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses.

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 in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. 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 contain breakpoints that reduce the fee rate above specified asset levels.

The Board considered the effective fees under the Advisory Agreement 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.

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Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

* * * * *

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 median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. The Board further considered that the Portfolio underperformed the Brighthouse AA 40 Narrow Index for the one- and five-year periods ended October 31, 2023 and outperformed the same index for the three-year period ended October 31, 2023. 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, 2023.

The Board also considered that the Portfolio’s actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l 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/Morningstar Category selected by Broadridge at the Portfolio’s current size.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A and B shares of the Brighthouse Asset Allocation 60 Portfolio returned 13.93% and 13.59%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned 12.70%.

MARKET ENVIRONMENT / CONDITIONS

Markets carried the momentum of late 2022 and ended the first quarter of 2023 on a positive note. After a string of seven consecutive rate hikes by the U.S. Federal Reserve (the “Fed”) in 2022, signs of high inflation began to wane, and speculation arose monetary tightening may soon end. At its February and March meetings, the Fed scaled back the magnitude of rate hikes and implemented increases of 0.25%, respectively. In March, the Fed moved quicky to inject liquidity into the banking sector after a few well-publicized bank failures surfaced. Bond and equity investors cheered the decisive action to quell the risk.

Investor enthusiasm began to falter in the second quarter of 2023. Bond markets were being pressured by central bank actions to raise rates as inflationary concerns continued to exist. In May, the Fed enacted its tenth consecutive rate hike before it voted to hold rates in check at its June meeting. The yield on the 10-year U.S. Treasury Bond rose throughout the quarter and negatively impacted government and investment grade credit bonds. In June, economic growth, as measured by the real gross domestic product (“GDP”) rate was positive as the first quarter 2023 real GDP growth rate reported a 2% annual gain. However, it marked the third straight quarter of decelerating GDP levels and raised doubts over the strength of the economy.

Conditions deteriorated in the third quarter with broad market declines amid a global equity correction and a worsening bond slump over the last two quarters. Equities pulled back after having established gains in the first half of the year. The possibility rates may remain higher and with central bank comments absent any definitive near-term relief, markets retreated. Globally, the European Union lowered its growth forecast and concern over China’s property sector pressured markets with Moody’s downgrading China’s property sector outlook to negative. The resilience of core bonds held up in the early part of the third quarter before prices declined sharply in the final two months of the quarter. The 10-Year U.S. Treasury yield moved aggressively over the period and rose 78 basis points (“bps”) and 50 bps in September alone. Though the Fed paused hiking rates at its September meeting, economic data showed a relatively healthy economy and kept hawkish monetary policies at the forefront.

The final two months of the year witnessed a robust turnaround for bonds and equities. Inflationary fears subsided and investors rejoiced that the cycle of rate hikes and aggressive monetary policies appeared to have levelled off and central banks may have their eyes focused instead on potential interest rate cuts for 2024. In the U.S., Fed officials kept their hands on the pause button during the fourth quarter and maintained the Federal Fund Rate at a range of 5.25% to 5.50%. Bond prices surged as the 10-Year U.S. Treasury yield fell 100 bps between October and the end of the year. Not to be outdone, several major broad-based equity markets had double-digit gains during the quarter.

For the full year ended 2023, the S&P 500 Index returned 26.29%. International stocks, as measured by the MSCI EAFE Index, gained 18.24%, and emerging market stocks, as measured by the MSCI Emerging Markets Index, returned 9.83%. Within fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 5.53% for the year ended December 31, 2023.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Brighthouse Asset Allocation 60 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 60% to equities and 40% to fixed income.

Over the twelve-month period, the Portfolio outperformed the Dow Jones Moderate Portfolio Index. Performance strength within the underlying fixed income and mid cap portfolios offset performance weakness within the underlying large cap, small cap, and international equity portfolios.

On an absolute return basis, the top performing underlying fixed income portfolios were the BlackRock High Yield Portfolio and the Brighthouse/Eaton Vance Floating Rate Portfolio as below investment grade bonds (“high yield”) performed well relative to higher credit quality rated bonds. The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 3.9%. Allocations to high yield bonds and bank loans were primary contributors. Exposures to non-agency mortgage-backed securities (“MBS”) and emerging market debt aided returns. The BlackRock Bond Income Portfolio exceeded its benchmark by 0.3%. The Portfolio’s allocation to collateralized loan obligations (“CLOs”) and non-agency MBS drove its relative results. Contributions were made by positive security selections within U.S. investment grade credit bonds and Agency MBS. The Brighthouse/Templeton International Bond Portfolio underperformed its benchmark by 2.1%. Currency positioning in the euro, Japanese yen, and South Korean won were the primary detractors from relative results during the period.

Performance from the underlying domestic equity portfolios was mixed for the period. Large cap and small cap portfolios underperformed, while mid cap portfolios were positive contributors. In large cap, the Brighthouse/Wellington Core Equity Opportunities Portfolio underperformed its benchmark by 18.9%. Negative security selection in the Industrials, Consumer Discretionary, and Information Technology (“IT”) sectors were key detractors during the year. An underweight position in the IT and Communication Services sectors, and an overweight in the Consumer Discretionary sector further pressured results. The T. Rowe Price Large Cap Value Portfo-

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Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

lio underperformed its benchmark by 1.6%. Relative performance was hurt by an overweight in the Health Care, Consumer Staples, and Utilities sectors and an underweight in the Communication Services sector. On a positive note, the Jennison Growth Portfolio beat its benchmark by 10.6%. Security selection was the main driver of the relative outperformance. Selection in the IT sector had the largest positive impact on results. Both security selection and an underweight to the Industrials and Consumer Staples sectors contributed to performance. Within mid cap, the Brighthouse/Artisan Mid Cap Value Portfolio outperformed its benchmark by 5.8%. Security selection in the Financials, IT, and Consumer Discretionary sectors were the largest relative contributors to results. The T. Rowe Price Mid Cap Growth Portfolio’s absolute performance lifted overall mid cap results. In small cap, the Invesco Small Cap Growth Portfolio underperformed its benchmark by 6.3%. Negative security selection in the Health Care, IT, and Consumer Discretionary sectors were the major detractors to results. The JPMorgan Small Cap Value Portfolio underperformed its benchmark by 1.4%. Security selection in the Health Care and IT sectors and an underweight to the Energy sector weighed negatively on relative results.

The underlying non-U.S. equity portfolios underperformed over the period. Within developed markets, VanEck Global Natural Resources Portfolio’s negative absolute performance was a detractor to overall international equity results. Security selection weakness in the Materials sector to the diversified metals & mining and copper sub-industries negatively impacted performance. The MFS Research International Portfolio underperformed its benchmark by 5.2%. Security selection weakness in the Financials, Consumer Discretionary, and Consumer Staples sectors were leading detractors over the period. On the positive side, the Harris Oakmark International Portfolio outperformed its benchmark by 1.0%. Positive security selection in the Industrials, Communication Services, and Consumer Staples sectors benefited results. From a country perspective, an overweight position in Germany and an underweight to Hong Kong positively impacted performance. In emerging markets, the Brighthouse/abrdn Emerging Markets Equity Portfolio underperformed its benchmark by 3.2%. Negative security selection in the Consumer Discretionary, IT, and Health Care sectors were leading detractors to relative performance. At the country level, exposures in China and Hong Kong detracted during the period. Conversely, the SSGA Emerging Markets Enhanced Index Portfolio outperformed its benchmark by 3.0%. Positive security selection in the IT, Financials, Utilities, and Industrials sectors were top relative contributors. At the country level, security selection was strongest in India, Taiwan, and China.

Investment Committee

Brighthouse Investment Advisers, LLC

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

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

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Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Brighthouse Asset Allocation 60 Portfolio
Class A		13.93		8.00		5.93
Class B		13.59		7.72		5.67
Dow Jones Moderate Portfolio Index		12.70		6.89		5.49

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		7.0
PIMCO Total Return Portfolio (Class A)		6.2
TCW Core Fixed Income Portfolio (Class A)		5.2
MFS Value Portfolio (Class A)		5.0
T. Rowe Price Large Cap Value Portfolio (Class A)		4.5
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		4.2
Harris Oakmark International Portfolio (Class A)		4.0
Invesco Comstock Portfolio (Class A)		4.0
Western Asset Management U.S. Government Portfolio (Class A)		4.0
Baillie Gifford International Stock Portfolio (Class A)		3.5

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		31.0
Investment Grade Fixed Income		29.5
International Developed Market Equities		14.1
U.S. Small Cap Equities		7.0
International Fixed Income		4.8
High Yield Fixed Income		4.6
Global Equities		4.0
Emerging Market Equities		2.5
Real Estate Equities		1.5
U.S. Mid Cap Equities		1.0

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Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 60 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.66	%	$	1,000.00	$	1,054.30	$	3.42
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.88	$	3.36
Class B (a)	Actual		0.91	%	$	1,000.00	$	1,052.40	$	4.71
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.62	$	4.63

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

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

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

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Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Schedule of Investments as of December 31, 2023

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
AB International Bond Portfolio (Class A) (a)		29,908,287	$	238,668,128
Allspring Mid Cap Value Portfolio (Class A) (a)		2,145,423		24,093,099
Baillie Gifford International Stock Portfolio (Class A) (b)		32,281,776		337,990,195
BlackRock Bond Income Portfolio (Class A) (b)		7,230,541		667,089,669
BlackRock Capital Appreciation Portfolio (Class A) (b)		6,577,659		238,374,372
BlackRock High Yield Portfolio (Class A) (a)		11,037,229		81,344,379
Brighthouse Small Cap Value Portfolio (Class A) (a)		11,909,718		167,331,531
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		16,402,825		144,836,948
Brighthouse/Artisan International Portfolio (Class A) (a)		27,872,638		286,809,442
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		110,742		24,071,898
Brighthouse/Dimensional International Small Company Portfolio (Class A) (b)		9,589,735		96,568,627
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		16,558,515		164,260,464
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		21,382,839		187,955,153
Brighthouse/Templeton International Bond Portfolio (Class A) (a) (c)		27,678,906		217,279,411
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		14,124,313		402,825,402
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		20,793,313		287,363,592
CBRE Global Real Estate Portfolio (Class A) (a)		13,650,168		143,872,774
Harris Oakmark International Portfolio (Class A) (a)		29,410,936		385,871,485
Invesco Comstock Portfolio (Class A) (a)		30,263,118		385,552,120
Invesco Global Equity Portfolio (Class A) (a)		4,029,819		96,473,866
Invesco Small Cap Growth Portfolio (Class A) (a) (c)		14,600,754		119,726,183
Jennison Growth Portfolio (Class A) (b) (c)		18,282,226		261,984,294
JPMorgan Core Bond Portfolio (Class A) (a)		26,258,067		238,160,672
JPMorgan Small Cap Value Portfolio (Class A) (a)		6,345,671		71,642,627
Loomis Sayles Growth Portfolio (Class A) (a)		17,065,521		264,686,225
Loomis Sayles Small Cap Growth Portfolio (Class A) (b) (c)		6,748,225		71,666,153
MFS Research International Portfolio (Class A) (a)		19,880,996		240,560,058
MFS Value Portfolio (Class A) (b)		34,351,512		478,173,048
Affiliated Investment Companies—(Continued)
Neuberger Berman Genesis Portfolio (Class A) (b)		3,875,542		71,581,269
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		27,421,873		260,507,792
PIMCO Total Return Portfolio (Class A) (a)		60,136,773		596,556,786
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a)		9,883,756		96,564,299
T. Rowe Price Large Cap Growth Portfolio (Class A) (b) (c)		10,329,935		213,829,648
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		16,482,922		434,324,996
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		5,058,006		48,101,632
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		8,404,252		167,244,622
TCW Core Fixed Income Portfolio (Class A) (a)		55,294,857		492,677,177
VanEck Global Natural Resources Portfolio (Class A) (b)		24,034,536		285,770,630
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		17,499,239		191,966,649
Western Asset Management U.S. Government Portfolio (Class A) (b)		35,992,737		379,363,443
Total Mutual Funds (Cost $10,082,102,539)				9,563,720,758
Total Investments—100.0% (Cost $10,082,102,539)				9,563,720,758
Other assets and liabilities (net)—0.0%				(2,598,482	)
Net Assets—100.0%			$	9,561,122,276

(a)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	9,563,720,758	$	—	$	—	$	9,563,720,758
Total Investments	$	9,563,720,758	$	—	$	—	$	9,563,720,758

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Affiliated investments at value (a)	$	9,563,720,758
Receivable for:
Affiliated investments sold		4,287,377
Fund shares sold		208,531
Total Assets		9,568,216,666
Liabilities
Payables for:
Fund shares redeemed		4,495,908
Accrued Expenses:
Management fees		429,472
Distribution and service fees		1,924,679
Deferred trustees’ fees		206,348
Other expenses		37,983
Total Liabilities		7,094,390
Net Assets	$	9,561,122,276
Net Assets Consist of:
Paid in surplus	$	9,836,869,193
Distributable earnings (Accumulated losses)		(275,746,917	)
Net Assets	$	9,561,122,276
Net Assets
Class A	$	302,571,666
Class B		9,258,550,610
Capital Shares Outstanding*
Class A		30,534,065
Class B		941,161,285
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.91
Class B		9.84

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $10,082,102,539.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends from affiliated investments	$	200,005,097
Total investment income		200,005,097
Expenses
Management fees		5,061,559
Administration fees		30,250
Custodian and accounting fees		27,625
Distribution and service fees—Class B		22,695,855
Audit and tax services		35,076
Legal		46,604
Trustees’ fees and expenses		46,220
Miscellaneous		17,561
Total expenses		27,960,750
Net Investment Income		172,044,347
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investments		(168,518,311	)
Capital gain distributions from affiliated investments		314,500,154
Net realized gain (loss)		145,981,843
Net change in unrealized appreciation on affiliated investments		881,964,825
Net realized and unrealized gain (loss)		1,027,946,668
Net Increase (Decrease) in Net Assets From Operations	$	1,199,991,015

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	172,044,347		$	198,397,685
Net realized gain (loss)		145,981,843			857,766,817
Net change in unrealized appreciation (depreciation)		881,964,825			(2,924,278,898	)
Increase (decrease) in net assets from operations		1,199,991,015			(1,868,114,396	)
From Distributions to Shareholders
Class A		(34,030,387	)		(31,316,809	)
Class B		(1,029,809,947	)		(986,071,675	)
Total distributions		(1,063,840,334	)		(1,017,388,484	)
Increase (decrease) in net assets from capital share transactions		22,926,574			(180,447,658	)
Total increase (decrease) in net assets		159,077,255			(3,065,950,538	)
Net Assets
Beginning of period		9,402,045,021			12,467,995,559
End of period	$	9,561,122,276		$	9,402,045,021

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		949,534		$	9,306,239			717,156		$	7,636,905
Reinvestments		3,639,614			34,030,387			3,221,894			31,316,809
Redemptions		(3,421,030	)		(33,298,152	)		(2,908,461	)		(30,839,009	)
Net increase (decrease)		1,168,118		$	10,038,474			1,030,589		$	8,114,705
Class B
Sales		21,653,001		$	206,627,377			6,780,407		$	72,246,244
Reinvestments		110,851,447			1,029,809,947			101,972,252			986,071,675
Redemptions		(126,560,195	)		(1,223,549,224	)		(116,595,920	)		(1,246,880,282	)
Net increase (decrease)		5,944,253		$	12,888,100			(7,843,261	)	$	(188,562,363	)
Increase (decrease) derived from capital shares transactions				$	22,926,574					$	(180,447,658	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.81		$	12.92		$	12.55		$	12.17		$	11.30
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.20			0.23			0.17			0.28			0.26
Net realized and unrealized gain (loss)		1.10			(2.20	)		1.20			1.22			1.88
Total income (loss) from investment operations		1.30			(1.97	)		1.37			1.50			2.14
Less Distributions
Distributions from net investment income		(0.35	)		(0.28	)		(0.31	)		(0.29	)		(0.28	)
Distributions from net realized capital gains		(0.85	)		(0.86	)		(0.69	)		(0.83	)		(0.99	)
Total distributions		(1.20	)		(1.14	)		(1.00	)		(1.12	)		(1.27	)
Net Asset Value, End of Period	$	9.91		$	9.81		$	12.92		$	12.55		$	12.17
Total Return (%) (b)		13.93			(15.17	)		11.17			14.09			19.85
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.06			0.06			0.05			0.05			0.05
Ratio of net investment income (loss) to average net assets (%) (d)		2.08			2.16			1.33			2.43			2.21
Portfolio turnover rate (%)		8			14			9			10			13
Net assets, end of period (in millions)	$	302.6		$	288.1		$	366.2		$	343.6		$	327.6
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.75		$	12.83		$	12.47		$	12.09		$	11.24
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.20			0.14			0.25			0.23
Net realized and unrealized gain (loss)		1.08			(2.18	)		1.19			1.22			1.85
Total income (loss) from investment operations		1.26			(1.98	)		1.33			1.47			2.08
Less Distributions
Distributions from net investment income		(0.32	)		(0.24	)		(0.28	)		(0.26	)		(0.24	)
Distributions from net realized capital gains		(0.85	)		(0.86	)		(0.69	)		(0.83	)		(0.99	)
Total distributions		(1.17	)		(1.10	)		(0.97	)		(1.09	)		(1.23	)
Net Asset Value, End of Period	$	9.84		$	9.75		$	12.83		$	12.47		$	12.09
Total Return (%) (b)		13.59			(15.33	)		10.90			13.85			19.42
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.31			0.31			0.30			0.30			0.30
Ratio of net investment income (loss) to average net assets (%) (d)		1.83			1.90			1.08			2.18			1.98
Portfolio turnover rate (%)		8			14			9			10			13
Net assets, end of period (in millions)	$	9,258.6		$	9,113.9		$	12,101.8		$	12,299.1		$	12,158.4

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(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.
(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-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 60 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares of the Portfolio 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.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation 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 the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Asset Allocation Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows 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 Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Asset Allocation 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 Asset Allocation 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 the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation 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 Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records 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 Asset Allocation Portfolio’s 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. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation 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, 2023, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake 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.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. 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, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	718,507,342	$	0	$	1,272,929,093

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$5,061,559		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. 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, 2023 were as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2023
AB International Bond Portfolio (Class A)	$	238,012,589	$	15,107,626	$	(22,721,486	)	$	(7,293,946	)	$	15,563,345		$	238,668,128
Allspring Mid Cap Value Portfolio (Class A)		24,020,584		3,678,941		(2,293,219	)		(125,398	)		(1,187,809	)		24,093,099
Baillie Gifford International Stock Portfolio (Class A)		356,399,230		5,898,987		(81,557,734	)		11,262,829			45,986,883			337,990,195
BlackRock Bond Income Portfolio (Class A)		661,196,454		28,806,742		(39,262,397	)		(8,075,902	)		24,424,772			667,089,669
BlackRock Capital Appreciation Portfolio (Class A)		216,061,354		4,849,000		(73,331,379	)		(16,131,026	)		106,926,423			238,374,372
BlackRock High Yield Portfolio (Class A)		56,753,133		24,531,968		(4,676,938	)		(836,575	)		5,572,791			81,344,379
Brighthouse Small Cap Value Portfolio (Class A)		165,404,593		22,743,948		(28,261,665	)		(4,828,685	)		12,273,340			167,331,531
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		142,841,489		6,986,071		(12,958,770	)		(1,384,922	)		9,353,080			144,836,948
Brighthouse/Artisan International Portfolio (Class A)		287,810,301		5,577,003		(41,072,694	)		(811,436	)		35,306,268			286,809,442
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		23,464,028		3,487,928		(3,713,349	)		127,674			705,617			24,071,898
Brighthouse/Dimensional International Small Company Portfolio (Class A)		97,065,984		7,057,953		(14,606,954	)		(6,458,911	)		13,510,555			96,568,627
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		188,810,057		16,417,766		(49,609,166	)		(3,255,097	)		11,896,904			164,260,464
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		188,913,317		14,661,226		(19,208,423	)		(3,235,849	)		6,824,882			187,955,153
Brighthouse/Templeton International Bond Portfolio (Class A)		218,891,130		4,166,132		(13,466,219	)		(8,461,348	)		16,149,716			217,279,411
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		407,555,796		49,427,040		(34,797,979	)		(2,369,190	)		(16,990,265	)		402,825,402
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		283,735,584		18,701,935		(62,770,858	)		(2,613,038	)		50,309,969			287,363,592
CBRE Global Real Estate Portfolio (Class A)		141,330,594		4,994,568		(16,112,260	)		(15,531	)		13,675,403			143,872,774
Harris Oakmark International Portfolio (Class A)		383,747,870		12,643,056		(73,028,208	)		6,021,805			56,486,962			385,871,485
Invesco Comstock Portfolio (Class A)		383,153,318		78,028,735		(45,947,559	)		(6,790,182	)		(22,892,192	)		385,552,120
Invesco Global Equity Portfolio (Class A)		93,011,230		6,134,043		(25,768,764	)		(430,075	)		23,527,432			96,473,866
Invesco Small Cap Growth Portfolio (Class A)		115,438,043		1,491,873		(11,266,857	)		(6,569,471	)		20,632,595			119,726,183
Jennison Growth Portfolio (Class A)		231,899,722		4,686,201		(85,781,387	)		(24,307,329	)		135,487,087			261,984,294
JPMorgan Core Bond Portfolio (Class A)		235,439,248		10,632,544		(14,135,047	)		(2,275,541	)		8,499,468			238,160,672
JPMorgan Small Cap Value Portfolio (Class A)		69,758,558		10,379,177		(10,909,548	)		(3,863,622	)		6,278,062			71,642,627
Loomis Sayles Growth Portfolio (Class A)		252,955,367		17,781,953		(103,501,087	)		(12,184,970	)		109,634,962			264,686,225
Loomis Sayles Small Cap Growth Portfolio (Class A)		71,003,198		1,420,143		(9,080,186	)		(1,324,920	)		9,647,918			71,666,153
MFS Research International Portfolio (Class A)		216,056,767		25,678,759		(20,680,976	)		2,285,799			17,219,709			240,560,058

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2023
MFS Value Portfolio (Class A)	$	479,249,425	$	68,013,480	$	(40,655,425	)	$	(9,449,701	)	$	(18,984,731	)	$	478,173,048
Neuberger Berman Genesis Portfolio (Class A)		69,763,127		6,931,939		(9,359,187	)		1,933,406			2,311,984			71,581,269
PIMCO Inflation Protected Bond Portfolio (Class A)		281,203,277		14,381,555		(38,819,515	)		(7,196,638	)		10,939,113			260,507,792
PIMCO Total Return Portfolio (Class A)		567,330,604		28,553,534		(16,542,321	)		(3,846,807	)		21,061,776			596,556,786
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		94,375,591		5,601,929		(11,896,034	)		(672,835	)		9,155,648			96,564,299
T. Rowe Price Large Cap Growth Portfolio (Class A)		189,383,527		6,386,712		(63,531,151	)		(17,483,358	)		99,073,918			213,829,648
T. Rowe Price Large Cap Value Portfolio (Class A)		430,629,718		74,224,477		(39,554,230	)		(10,954,577	)		(20,020,392	)		434,324,996
T. Rowe Price Mid Cap Growth Portfolio (Class A)		47,316,826		2,480,201		(8,199,538	)		(1,897,746	)		8,401,889			48,101,632
T. Rowe Price Small Cap Growth Portfolio (Class A)		165,128,960		4,429,564		(31,470,991	)		(5,148,391	)		34,305,480			167,244,622
TCW Core Fixed Income Portfolio (Class A)		485,642,185		21,797,822		(27,578,640	)		(4,236,664	)		17,052,474			492,677,177
VanEck Global Natural Resources Portfolio (Class A)		276,985,369		48,450,900		(24,768,294	)		2,093,114			(16,990,459	)		285,770,630
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		189,006,694		15,000,776		(16,469,722	)		(4,147,315	)		8,576,216			191,966,649
Western Asset Management U.S. Government Portfolio (Class A)		377,951,154		16,283,135		(23,562,936	)		(3,565,942	)		12,258,032			379,363,443
	$	9,404,695,995	$	718,507,342	$	(1,272,929,093	)	$	(168,518,311	)	$	881,964,825		$	9,563,720,758

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2023
AB International Bond Portfolio (Class A)	$	—	$	12,287,913		29,908,287
Allspring Mid Cap Value Portfolio (Class A)		3,174,144		300,567		2,145,423
Baillie Gifford International Stock Portfolio (Class A)		—		4,254,565		32,281,776
BlackRock Bond Income Portfolio (Class A)		—		20,611,680		7,230,541
BlackRock Capital Appreciation Portfolio (Class A)		4,655,029		100,691		6,577,659
BlackRock High Yield Portfolio (Class A)		—		4,188,708		11,037,229
Brighthouse Small Cap Value Portfolio (Class A)		13,766,326		2,069,680		11,909,718
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		—		1,792,036		16,402,825
Brighthouse/Artisan International Portfolio (Class A)		—		4,976,857		27,872,638
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		3,067,168		202,201		110,742
Brighthouse/Dimensional International Small Company Portfolio (Class A)		3,018,264		2,422,180		9,589,735
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		9,541,863		16,558,515
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		6,914,808		21,382,839
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		27,678,906
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		42,659,579		5,778,482		14,124,313
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		15,612,594		2,381,582		20,793,313
CBRE Global Real Estate Portfolio (Class A)		—		3,838,743		13,650,168
Harris Oakmark International Portfolio (Class A)		—		7,964,387		29,410,936
Invesco Comstock Portfolio (Class A)		66,503,898		8,418,885		30,263,118
Invesco Global Equity Portfolio (Class A)		5,467,846		353,451		4,029,819
Invesco Small Cap Growth Portfolio (Class A)		—		—		14,600,754
Jennison Growth Portfolio (Class A)		—		—		18,282,226
JPMorgan Core Bond Portfolio (Class A)		—		7,265,218		26,258,067
JPMorgan Small Cap Value Portfolio (Class A)		5,949,567		962,245		6,345,671
Loomis Sayles Growth Portfolio (Class A)		15,285,384		—		17,065,521
Loomis Sayles Small Cap Growth Portfolio (Class A)		—		—		6,748,225
MFS Research International Portfolio (Class A)		4,268,174		3,824,727		19,880,996
MFS Value Portfolio (Class A)		56,350,218		8,917,590		34,351,512
Neuberger Berman Genesis Portfolio (Class A)		6,191,907		91,169		3,875,542
PIMCO Inflation Protected Bond Portfolio (Class A)		—		6,179,795		27,421,873
PIMCO Total Return Portfolio (Class A)		—		17,747,156		60,136,773
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		3,189,175		9,883,756
T. Rowe Price Large Cap Growth Portfolio (Class A)		—		—		10,329,935
T. Rowe Price Large Cap Value Portfolio (Class A)		62,181,351		8,921,030		16,482,922
T. Rowe Price Mid Cap Growth Portfolio (Class A)		2,370,643		—		5,058,006
T. Rowe Price Small Cap Growth Portfolio (Class A)		3,978,062		91,031		8,404,252
TCW Core Fixed Income Portfolio (Class A)		—		14,939,180		55,294,857
VanEck Global Natural Resources Portfolio (Class A)		—		8,238,160		24,034,536
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		12,474,648		17,499,239
Western Asset Management U.S. Government Portfolio (Class A)		—		8,764,694		35,992,737
	$	314,500,154	$	200,005,097

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	10,169,736,973
Gross unrealized appreciation		237,425,727
Gross unrealized (depreciation)		(843,441,942	)
Net unrealized appreciation (depreciation)	$	(606,016,215	)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$292,562,238	$	221,924,534	$	771,278,096	$	795,463,950	$	1,063,840,334	$	1,017,388,484

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$174,018,450	$	156,457,197	$	(606,016,215	)	$	—	$	(275,540,568	)

The Asset Allocation Portfolio utilizes 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.

As of December 31, 2023, the Asset Allocation Portfolio had no accumulated capital losses.

9. Regulatory Updates

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Brighthouse Asset Allocation 60 Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Asset Allocation 60 Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-14

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-15

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-16

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with Brighthouse Investment Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process.

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 during the September Meeting to review 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 supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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.

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. 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 has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolios”) and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the “American Funds of Funds”). 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), actions taken with respect to regulatory developments, compliance programs and personnel, and risk management programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser

BHFTII-17

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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 compliance policies and procedures. The Board also noted that the Adviser’s investment, compliance, and legal staff reviews and assesses the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. 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 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 Trusts (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 and the American Funds of Funds, including asset allocations and performance metrics.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 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”). In particular, the Board reviewed comparisons of each Portfolio’s contractual management fees with its Expense Group and total expenses with its Expense Universe and 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.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses.

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 in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. 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 contain breakpoints that reduce the fee rate above specified asset levels.

The Board considered the effective fees under the Advisory Agreement 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.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

* * * * *

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 of its Performance Universe and the average of its Morningstar Category for the one- and three-year periods ended June 30, 2023 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the five-year period ended June 30, 2023. The Board further considered that the Portfolio underperformed the Brighthouse AA 60 Narrow Index for the one- and five-year periods ended October 31, 2023 and outperformed the same index for the three-year period ended October 31, 2023. The Board also noted that the Portfolio outperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2023.

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 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/Morningstar Category selected by Broadridge at the Portfolio’s current size.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A and B shares of the Brighthouse Asset Allocation 80 Portfolio returned 17.51% and 17.30%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Portfolio Index¹, returned 15.59%.

MARKET ENVIRONMENT / CONDITIONS

Markets carried the momentum of late 2022 and ended the first quarter of 2023 on a positive note. After a string of seven consecutive rate hikes by the U.S. Federal Reserve (the “Fed”) in 2022, signs of high inflation began to wane, and speculation arose monetary tightening may soon end. At its February and March meetings, the Fed scaled back the magnitude of rate hikes and implemented increases of 0.25%, respectively. In March, the Fed moved quicky to inject liquidity into the banking sector after a few well-publicized bank failures surfaced. Bond and equity investors cheered the decisive action to quell the risk.

Investor enthusiasm began to falter in the second quarter of 2023. Bond markets were being pressured by central bank actions to raise rates as inflationary concerns continued to exist. In May, the Fed enacted its tenth consecutive rate hike before it voted to hold rates in check at its June meeting. The yield on the 10-year U.S. Treasury Bond rose throughout the quarter and negatively impacted government and investment grade credit bonds. In June, economic growth, as measured by the real gross domestic product (“GDP”) rate was positive as the first quarter 2023 real GDP growth rate reported a 2% annual gain. However, it marked the third straight quarter of decelerating GDP levels and raised doubts over the strength of the economy.

Conditions deteriorated in the third quarter with broad market declines amid a global equity correction and a worsening bond slump over the last two quarters. Equities pulled back after having established gains in the first half of the year. The possibility rates may remain higher and with central bank comments absent any definitive near-term relief, markets retreated. Globally, the European Union lowered its growth forecast and concern over China’s property sector pressured markets with Moody’s downgrading China’s property sector outlook to negative. The resilience of core bonds held up in the early part of the third quarter before prices declined sharply in the final two months of the quarter. The 10-Year U.S. Treasury yield moved aggressively over the period and rose 78 basis points (“bps”) and 50 bps in September alone. Though the Fed paused hiking rates at its September meeting, economic data showed a relatively healthy economy and kept hawkish monetary policies at the forefront.

The final two months of the year witnessed a robust turnaround for bonds and equities. Inflationary fears subsided and investors rejoiced that the cycle of rate hikes and aggressive monetary policies appeared to have levelled off and central banks may have their eyes focused instead on potential interest rate cuts for 2024. In the U.S., Fed officials kept their hands on the pause button during the fourth quarter and maintained the Federal Fund Rate at a range of 5.25% to 5.50%. Bond prices surged as the 10-Year U.S. Treasury yield fell 100 bps between October and the end of the year. Not to be outdone, several major broad-based equity markets had double-digit gains during the quarter.

For the full year ended 2023, the S&P 500 Index returned 26.29%. International stocks, as measured by the MSCI EAFE Index, gained 18.24%, and emerging market stocks, as measured by the MSCI Emerging Markets Index, returned 9.83%. Within fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 5.53% for the year ended December 31, 2023.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Brighthouse Asset Allocation 80 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 80% to equities and 20% to fixed income.

Over the twelve-month period, the Portfolio outperformed the Dow Jones Moderately Aggressive Portfolio Index. Performance strength within the underlying fixed income and mid cap equity portfolios offset weakness within the underlying large cap, small cap, and international equity portfolios.

On an absolute return basis, the top performing underlying fixed income portfolios were the BlackRock High Yield Portfolio and the Brighthouse/Eaton Vance Floating Rate Portfolio as below investment grade bonds (“high yield”) performed well relative to higher credit quality rated bonds. The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 3.9%. Allocations to high yield bonds and bank loans were primary contributors. Exposures to non-agency mortgage-backed securities (“MBS”) and emerging market debt aided returns. The BlackRock Bond Income Portfolio exceeded its benchmark by 0.3%. The Portfolio’s allocation to collateralized loan obligations (“CLOs”) and non-agency MBS drove its relative results. Contributions were made by positive security selections within U.S. investment grade credit bonds and Agency MBS. The Brighthouse/Templeton International Bond Portfolio underperformed its benchmark by 2.1%. Currency positioning in the euro, Japanese yen, and South Korean won were the primary detractors from relative results during the period.

Performance from the underlying domestic equity portfolios was mixed for the period. Large cap and small cap portfolios underperformed, while mid cap portfolios were positive contributors. In large cap, the Brighthouse/Wellington Core Equity Opportunities Portfolio underperformed its benchmark by 18.9%. Negative security selection in the Industrials, Consumer Discretionary, and Information Technology (“IT”) sectors were key detractors during the year. An underweight position in the IT and Communication Services sectors, and an overweight in the Consumer Discretionary sector

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

further pressured results. The MFS Value Portfolio underperformed its benchmark by 3.3%. Security selection weakness in the Industrials and Communication Services sectors, along with an underweight to Communication Services drove the relative underperformance. On a positive note, the Jennison Growth Portfolio beat its benchmark by 10.6%. Security selection was the main driver of the relative outperformance. Selection in the IT sector had the largest positive impact on results. Both security selection and an underweight to the Industrials and Consumer Staples sectors contributed to performance. Within mid cap, the Morgan Stanley Discovery Portfolio outperformed its benchmark by 15.4%. Security selection in the Financials and Consumer Discretionary sectors were the largest contributors to relative results. Overweight allocations to the IT and Communication Services sectors and lack of exposure to Energy further aided results. The T. Rowe Price Mid Cap Growth Portfolio’s absolute performance lifted overall mid cap results. In small cap, the Invesco Small Cap Growth Portfolio underperformed its benchmark by 6.3%. Negative security selection in the Health Care, IT, and Consumer Discretionary sectors were the major detractors to results. The Loomis Sayles Small Cap Growth Portfolio underperformed its benchmark by 6.8%. Negative security selection primarily in Health Care, IT, and Industrials were the main detractors on relative results.

The underlying non-U.S. equity portfolios underperformed over the period. Within developed markets, VanEck Global Natural Resources Portfolio’s negative absolute performance was a detractor to overall international equity results. Security selection weakness in the Materials sector to the diversified metals & mining and copper sub-industries negatively impacted performance. The MFS Research International Portfolio underperformed its benchmark by 5.2%. Security selection weakness in the Financials, Consumer Discretionary, and Consumer Staples sectors were leading detractors over the period. On the positive side, the Harris Oakmark International Portfolio outperformed its benchmark by 1.0%. Positive security selection in the Industrials, Communication Services, and Consumer Staples sectors benefited results. From a country perspective, an overweight position in Germany and an underweight to Hong Kong positively impacted performance. In emerging markets, the Brighthouse/abrdn Emerging Markets Equity Portfolio underperformed its benchmark by 3.2%. Negative security selection in the Consumer Discretionary, IT, and Health Care sectors were leading detractors to relative performance. At the country level, exposures in China and Hong Kong detracted during the period. Conversely, the SSGA Emerging Markets Enhanced Index Portfolio outperformed its benchmark by 3.0%. Positive security selection in the IT, Financials, Utilities, and Industrials sectors were top relative contributors. At the country level, security selection was strongest in India, Taiwan, and China.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The Dow Jones Moderately Aggressive Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderately Aggressive Portfolio Index level is set to 80% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY AGGRESSIVE PORTFOLIO INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Brighthouse Asset Allocation 80 Portfolio
Class A		17.51		10.02		7.17
Class B		17.30		9.75		6.91
Dow Jones Moderately Aggressive Portfolio Index		15.59		9.31		6.94

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
MFS Value Portfolio (Class A)		5.8
T. Rowe Price Large Cap Value Portfolio (Class A)		5.1
Invesco Comstock Portfolio (Class A)		5.0
Harris Oakmark International Portfolio (Class A)		4.8
Baillie Gifford International Stock Portfolio (Class A)		4.6
Loomis Sayles Growth Portfolio (Class A)		4.5
Jennison Growth Portfolio (Class A)		4.5
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		4.5
Brighthouse/Artisan International Portfolio (Class A)		4.0
T. Rowe Price Large Cap Growth Portfolio (Class A)		4.0

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		39.9
International Developed Market Equities		18.8
Investment Grade Fixed Income		12.8
U.S. Small Cap Equities		10.1
Global Equities		4.5
Emerging Market Equities		3.5
High Yield Fixed Income		3.2
U.S. Mid Cap Equities		2.5
Real Estate Equities		2.5
International Fixed Income		2.2

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 80 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.70	%	$	1,000.00	$	1,059.60	$	3.63
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.68	$	3.57
Class B (a)	Actual		0.95	%	$	1,000.00	$	1,059.00	$	4.93
	Hypothetical*		0.95	%	$	1,000.00	$	1,020.42	$	4.84

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

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

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Schedule of Investments as of December 31, 2023

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
AB International Bond Portfolio (Class A) (a)		7,799,914	$	62,243,310
Allspring Mid Cap Value Portfolio (Class A) (a)		5,673,550		63,713,970
Baillie Gifford International Stock Portfolio (Class A) (b)		36,667,064		383,904,156
BlackRock Bond Income Portfolio (Class A) (b)		3,589,328		331,151,359
BlackRock Capital Appreciation Portfolio (Class A) (b)		6,982,872		253,059,281
BlackRock High Yield Portfolio (Class A) (a)		8,450,442		62,279,758
Brighthouse Small Cap Value Portfolio (Class A) (a)		15,020,322		211,035,527
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		19,173,419		169,301,292
Brighthouse/Artisan International Portfolio (Class A) (a)		32,829,727		337,817,894
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		97,568		21,208,298
Brighthouse/Dimensional International Small Company Portfolio (Class A) (b)		16,932,384		170,509,109
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		8,179,055		81,136,221
Brighthouse/Templeton International Bond Portfolio (Class A) (a) (c)		16,108,084		126,448,462
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		13,183,084		375,981,542
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		21,419,789		296,021,480
CBRE Global Real Estate Portfolio (Class A) (a)		20,140,702		212,283,000
Frontier Mid Cap Growth Portfolio (Class A) (b) (c)		1,686,810		42,355,797
Harris Oakmark International Portfolio (Class A) (a)		30,558,816		400,931,668
Invesco Comstock Portfolio (Class A) (a)		33,288,382		424,093,992
Invesco Global Equity Portfolio (Class A) (a)		5,325,631		127,495,600
Invesco Small Cap Growth Portfolio (Class A) (a) (c)		23,192,255		190,176,492
Jennison Growth Portfolio (Class A) (b) (c)		26,450,847		379,040,643
JPMorgan Core Bond Portfolio (Class A) (a)		15,949,999		144,666,492
JPMorgan Small Cap Value Portfolio (Class A) (a)		11,201,825		126,468,607
Loomis Sayles Growth Portfolio (Class A) (a)		24,584,798		381,310,220
Loomis Sayles Small Cap Growth Portfolio (Class A) (b) (c)		13,903,356		147,653,646
MFS Research International Portfolio (Class A) (a)		24,084,768		291,425,698
Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (b)		34,787,135		484,236,916
Morgan Stanley Discovery Portfolio (Class A) (a) (c)		3,659,853		20,934,360
Neuberger Berman Genesis Portfolio (Class A) (b)		1,140,750		21,069,652
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		10,797,371		102,575,021
PIMCO Total Return Portfolio (Class A) (a)		27,183,066		269,656,011
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a)		12,931,748		126,343,174
T. Rowe Price Large Cap Growth Portfolio (Class A) (b) (c)		16,179,836		334,922,596
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		16,127,510		424,959,879
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		4,458,787		42,403,066
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		7,427,391		147,805,077
TCW Core Fixed Income Portfolio (Class A) (a)		25,649,437		228,536,482
VanEck Global Natural Resources Portfolio (Class A) (b)		21,186,262		251,904,650
Victory Sycamore Mid Cap Value Portfolio (Class A) (a)		1,091,802		21,202,795
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		11,422,950		125,309,764
Total Mutual Funds (Cost $8,669,046,767)				8,415,572,957
Total Investments—100.0% (Cost $8,669,046,767)				8,415,572,957
Other assets and liabilities (net)—0.0%				(2,311,253	)
Net Assets—100.0%			$	8,413,261,704

(a)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	8,415,572,957	$	—	$	—	$	8,415,572,957
Total Investments	$	8,415,572,957	$	—	$	—	$	8,415,572,957

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Affiliated investments at value (a)	$	8,415,572,957
Receivable for:
Affiliated investments sold		3,084,781
Fund shares sold		449,839
Total Assets		8,419,107,577
Liabilities
Payables for:
Fund shares redeemed		3,534,619
Accrued Expenses:
Management fees		382,154
Distribution and service fees		1,659,363
Deferred trustees’ fees		231,759
Other expenses		37,978
Total Liabilities		5,845,873
Net Assets	$	8,413,261,704
Net Assets Consist of:
Paid in surplus	$	8,458,969,648
Distributable earnings (Accumulated losses)		(45,707,944	)
Net Assets	$	8,413,261,704
Net Assets
Class A	$	440,109,193
Class B		7,973,152,511
Capital Shares Outstanding*
Class A		41,268,150
Class B		753,030,457
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.66
Class B		10.59

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $8,669,046,767.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends from affiliated investments	$	137,902,870
Total investment income		137,902,870
Expenses
Management fees		4,461,813
Administration fees		30,250
Custodian and accounting fees		27,625
Distribution and service fees—Class B		19,364,397
Audit and tax services		35,076
Legal		46,604
Trustees’ fees and expenses		46,220
Miscellaneous		16,661
Total expenses		24,028,646
Net Investment Income		113,874,224
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investments		(166,100,681	)
Capital gain distributions from affiliated investments		335,479,639
Net realized gain (loss)		169,378,958
Net change in unrealized appreciation on affiliated investments		1,023,923,591
Net realized and unrealized gain (loss)		1,193,302,549
Net Increase (Decrease) in Net Assets From Operations	$	1,307,176,773

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	113,874,224		$	122,477,177
Net realized gain (loss)		169,378,958			1,075,265,324
Net change in unrealized appreciation (depreciation)		1,023,923,591			(3,101,268,321	)
Increase (decrease) in net assets from operations		1,307,176,773			(1,903,525,820	)
From Distributions to Shareholders
Class A		(63,726,018	)		(50,275,861	)
Class B		(1,136,911,895	)		(943,317,777	)
Total distributions		(1,200,637,913	)		(993,593,638	)
Increase (decrease) in net assets from capital share transactions		292,332,472			54,355,090
Total increase (decrease) in net assets		398,871,332			(2,842,764,368	)
Net Assets
Beginning of period		8,014,390,372			10,857,154,740
End of period	$	8,413,261,704		$	8,014,390,372

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		870,173		$	9,136,688			876,857		$	10,286,189
Reinvestments		6,385,373			63,726,018			4,811,087			50,275,861
Redemptions		(4,701,173	)		(48,895,424	)		(2,553,348	)		(29,925,719	)
Net increase (decrease)		2,554,373		$	23,967,282			3,134,596		$	30,636,331
Class B
Sales		8,334,892		$	86,368,913			4,989,874		$	57,789,390
Reinvestments		114,608,054			1,136,911,895			90,703,632			943,317,777
Redemptions		(91,459,986	)		(954,915,618	)		(83,177,128	)		(977,388,408	)
Net increase (decrease)		31,482,960		$	268,365,190			12,516,378		$	23,718,759
Increase (decrease) derived from capital shares transactions				$	292,332,472					$	54,355,090

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	10.61		$	14.67		$	13.91		$	13.48		$	12.36
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.17			0.19			0.16			0.25			0.24
Net realized and unrealized gain (loss)		1.57			(2.81	)		1.86			1.68			2.57
Total income (loss) from investment operations		1.74			(2.62	)		2.02			1.93			2.81
Less Distributions
Distributions from net investment income		(0.37	)		(0.26	)		(0.28	)		(0.27	)		(0.28	)
Distributions from net realized capital gains		(1.32	)		(1.18	)		(0.98	)		(1.23	)		(1.41	)
Total distributions		(1.69	)		(1.44	)		(1.26	)		(1.50	)		(1.69	)
Net Asset Value, End of Period	$	10.66		$	10.61		$	14.67		$	13.91		$	13.48
Total Return (%) (b)		17.51			(17.71	)		14.87			17.01			24.04
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.06			0.06			0.06			0.06			0.06
Ratio of net investment income (loss) to average net assets (%) (d)		1.64			1.62			1.08			2.01			1.82
Portfolio turnover rate (%)		8			14			10			12			13
Net assets, end of period (in millions)	$	440.1		$	410.6		$	522.1		$	484.8		$	439.2
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	10.54		$	14.58		$	13.82		$	13.41		$	12.30
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.14			0.16			0.12			0.22			0.21
Net realized and unrealized gain (loss)		1.57			(2.80	)		1.87			1.66			2.55
Total income (loss) from investment operations		1.71			(2.64	)		1.99			1.88			2.76
Less Distributions
Distributions from net investment income		(0.34	)		(0.22	)		(0.25	)		(0.24	)		(0.24	)
Distributions from net realized capital gains		(1.32	)		(1.18	)		(0.98	)		(1.23	)		(1.41	)
Total distributions		(1.66	)		(1.40	)		(1.23	)		(1.47	)		(1.65	)
Net Asset Value, End of Period	$	10.59		$	10.54		$	14.58		$	13.82		$	13.41
Total Return (%) (b)		17.30			(17.97	)		14.71			16.59			23.73
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.31			0.31			0.31			0.31			0.31
Ratio of net investment income (loss) to average net assets (%) (d)		1.38			1.37			0.83			1.76			1.58
Portfolio turnover rate (%)		8			14			10			12			13
Net assets, end of period (in millions)	$	7,973.2		$	7,603.8		$	10,335.0		$	10,204.2		$	9,862.7

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(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.
(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-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 80 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares of the Portfolio 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.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation 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 the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Asset Allocation Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows 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 Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Asset Allocation 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 Asset Allocation 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 the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation 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 Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records 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 Asset Allocation Portfolio’s 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. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation 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, 2023, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake 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.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. 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, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	614,942,033	$	0	$	1,073,876,074

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$4,461,813		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. 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, 2023 were as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2023
AB International Bond Portfolio (Class A)	$	60,878,089	$	3,219,134	$	(4,019,408	)	$	(1,327,995	)	$	3,493,490		$	62,243,310
Allspring Mid Cap Value Portfolio (Class A)		82,786,743		8,986,402		(24,826,757	)		(218,700	)		(3,013,718	)		63,713,970
Baillie Gifford International Stock Portfolio (Class A)		366,667,917		5,065,021		(47,993,775	)		6,938,271			53,226,722			383,904,156
BlackRock Bond Income Portfolio (Class A)		319,902,101		10,656,083		(7,615,443	)		(1,484,985	)		9,693,603			331,151,359
BlackRock Capital Appreciation Portfolio (Class A)		219,189,246		5,998,536		(66,747,066	)		(8,566,036	)		103,184,601			253,059,281
BlackRock High Yield Portfolio (Class A)		40,377,760		21,294,525		(2,921,239	)		(556,318	)		4,085,030			62,279,758
Brighthouse Small Cap Value Portfolio (Class A)		203,265,084		24,153,282		(25,322,085	)		(4,845,911	)		13,785,157			211,035,527
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		162,565,082		4,838,893		(7,019,556	)		(772,520	)		9,689,393			169,301,292
Brighthouse/Artisan International Portfolio (Class A)		331,491,076		5,789,707		(39,460,920	)		(879,856	)		40,877,887			337,817,894
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		20,174,549		2,846,004		(2,527,441	)		(46,638	)		761,824			21,208,298
Brighthouse/Dimensional International Small Company Portfolio (Class A)		167,751,321		9,452,557		(18,959,635	)		(9,899,783	)		22,164,649			170,509,109
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		80,303,249		7,093,960		(10,101,755	)		(817,940	)		4,658,707			81,136,221
Brighthouse/Templeton International Bond Portfolio (Class A)		145,861,576		68,935		(24,106,484	)		(11,494,723	)		16,119,158			126,448,462
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		371,828,653		44,506,227		(22,752,253	)		(1,498,799	)		(16,102,286	)		375,981,542
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		283,557,371		18,431,514		(54,206,610	)		(3,926,611	)		52,165,816			296,021,480
CBRE Global Real Estate Portfolio (Class A)		199,267,779		5,698,764		(12,326,185	)		(2,999,811	)		22,642,453			212,283,000
Frontier Mid Cap Growth Portfolio (Class A)		39,715,577		46,868		(4,383,206	)		(2,184,846	)		9,161,404			42,355,797
Harris Oakmark International Portfolio (Class A)		413,118,840		8,742,713		(88,271,090	)		(15,658,773	)		82,999,978			400,931,668
Invesco Comstock Portfolio (Class A)		412,052,170		81,256,071		(37,106,134	)		(6,745,599	)		(25,362,516	)		424,093,992
Invesco Global Equity Portfolio (Class A)		118,411,002		7,717,017		(28,522,874	)		3,334,776			26,555,679			127,495,600
Invesco Small Cap Growth Portfolio (Class A)		177,469,077		195,743		(9,175,585	)		(5,215,498	)		26,902,755			190,176,492
Jennison Growth Portfolio (Class A)		323,594,745		10,154,311		(113,406,792	)		(30,001,739	)		188,700,118			379,040,643
JPMorgan Core Bond Portfolio (Class A)		139,562,871		5,087,291		(3,794,202	)		(635,672	)		4,446,204			144,666,492
JPMorgan Small Cap Value Portfolio (Class A)		119,952,862		15,710,292		(13,231,722	)		(6,184,295	)		10,221,470			126,468,607
Loomis Sayles Growth Portfolio (Class A)		353,599,546		22,381,670		(132,737,632	)		(252,468	)		138,319,104			381,310,220
Loomis Sayles Small Cap Growth Portfolio (Class A)		142,176,620		198,273		(11,350,816	)		(3,473,756	)		20,103,325			147,653,646
MFS Research International Portfolio (Class A)		270,045,144		20,135,421		(23,192,488	)		5,316,873			19,120,748			291,425,698
MFS Value Portfolio (Class A)		474,463,843		64,657,675		(27,157,991	)		(11,453,654	)		(16,272,957	)		484,236,916

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2023
Morgan Stanley Discovery Portfolio (Class A)	$	15,858,278	$	3,165,353	$	(5,090,953	)	$	(19,583,392	)	$	26,585,074		$	20,934,360
Neuberger Berman Genesis Portfolio (Class A)		19,977,964		1,835,566		(1,942,968	)		109,491			1,089,599			21,069,652
PIMCO Inflation Protected Bond Portfolio (Class A)		119,448,646		4,272,267		(22,894,201	)		(1,309,087	)		3,057,396			102,575,021
PIMCO Total Return Portfolio (Class A)		240,892,804		27,611,152		(6,275,823	)		(1,623,298	)		9,051,176			269,656,011
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		120,566,907		5,009,953		(10,045,751	)		(663,120	)		11,475,185			126,343,174
T. Rowe Price Large Cap Growth Portfolio (Class A)		287,332,637		10,354,770		(89,187,601	)		(13,381,171	)		139,803,961			334,922,596
T. Rowe Price Large Cap Value Portfolio (Class A)		410,991,461		68,297,506		(24,814,214	)		(8,257,994	)		(21,256,880	)		424,959,879
T. Rowe Price Mid Cap Growth Portfolio (Class A)		40,639,923		2,082,669		(5,962,596	)		(1,496,766	)		7,139,836			42,403,066
T. Rowe Price Small Cap Growth Portfolio (Class A)		141,644,615		3,583,813		(22,706,880	)		(3,994,742	)		29,278,271			147,805,077
TCW Core Fixed Income Portfolio (Class A)		220,378,476		8,067,664		(5,887,144	)		(818,555	)		6,796,041			228,536,482
VanEck Global Natural Resources Portfolio (Class A)		238,546,020		36,062,025		(9,286,970	)		2,114,276			(15,530,701	)		251,904,650
Victory Sycamore Mid Cap Value Portfolio (Class A)		—		22,127,976		(525,234	)		(41,684	)		(358,263	)		21,202,795
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		120,376,464		8,088,430		(6,018,595	)		(1,601,633	)		4,465,098			125,309,764
	$	8,016,684,088	$	614,942,033	$	(1,073,876,074	)	$	(166,100,681	)	$	1,023,923,591		$	8,415,572,957

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2023
AB International Bond Portfolio (Class A)	$	—	$	3,180,577		7,799,914
Allspring Mid Cap Value Portfolio (Class A)		8,200,110		776,488		5,673,550
Baillie Gifford International Stock Portfolio (Class A)		—		4,770,898		36,667,064
BlackRock Bond Income Portfolio (Class A)		—		10,117,157		3,589,328
BlackRock Capital Appreciation Portfolio (Class A)		4,979,376		107,707		6,982,872
BlackRock High Yield Portfolio (Class A)		—		3,189,463		8,450,442
Brighthouse Small Cap Value Portfolio (Class A)		17,027,760		2,560,015		15,020,322
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		—		2,066,638		19,173,419
Brighthouse/Artisan International Portfolio (Class A)		—		5,776,189		32,829,727
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		2,669,001		175,952		97,568
Brighthouse/Dimensional International Small Company Portfolio (Class A)		5,241,717		4,206,519		16,932,384
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		4,752,264		8,179,055
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		16,108,084
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		39,129,415		5,300,302		13,183,084
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		15,990,788		2,439,273		21,419,789
CBRE Global Real Estate Portfolio (Class A)		—		5,523,519		20,140,702
Frontier Mid Cap Growth Portfolio (Class A)		—		—		1,686,810
Harris Oakmark International Portfolio (Class A)		—		8,324,216		30,558,816
Invesco Comstock Portfolio (Class A)		72,100,844		9,127,416		33,288,382
Invesco Global Equity Portfolio (Class A)		7,246,708		468,440		5,325,631
Invesco Small Cap Growth Portfolio (Class A)		—		—		23,192,255
Jennison Growth Portfolio (Class A)		—		—		26,450,847
JPMorgan Core Bond Portfolio (Class A)		—		4,363,984		15,949,999
JPMorgan Small Cap Value Portfolio (Class A)		10,306,139		1,666,849		11,201,825
Loomis Sayles Growth Portfolio (Class A)		22,372,237		—		24,584,798
Loomis Sayles Small Cap Growth Portfolio (Class A)		—		—		13,903,356
MFS Research International Portfolio (Class A)		5,170,510		4,633,314		24,084,768
MFS Value Portfolio (Class A)		55,777,681		8,826,984		34,787,135
Morgan Stanley Discovery Portfolio (Class A)		—		—		3,659,853
Neuberger Berman Genesis Portfolio (Class A)		1,801,044		26,518		1,140,750
PIMCO Inflation Protected Bond Portfolio (Class A)		—		2,427,235		10,797,371
PIMCO Total Return Portfolio (Class A)		—		7,903,375		27,183,066
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		4,153,916		12,931,748
T. Rowe Price Large Cap Growth Portfolio (Class A)		—		—		16,179,836
T. Rowe Price Large Cap Value Portfolio (Class A)		59,684,351		8,562,791		16,127,510
T. Rowe Price Mid Cap Growth Portfolio (Class A)		2,074,905		—		4,458,787
T. Rowe Price Small Cap Growth Portfolio (Class A)		3,492,656		79,923		7,427,391
TCW Core Fixed Income Portfolio (Class A)		—		6,860,861		25,649,437
VanEck Global Natural Resources Portfolio (Class A)		—		7,129,241		21,186,262
Victory Sycamore Mid Cap Value Portfolio (Class A)		2,214,397		331,573		1,091,802
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		8,073,273		11,422,950
	$	335,479,639	$	137,902,870

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	8,744,900,870
Gross unrealized appreciation		253,560,448
Gross unrealized (depreciation)		(582,888,361	)
Net unrealized appreciation (depreciation)	$	(329,327,913	)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$248,138,575	$	159,297,210	$	952,499,338	$	834,296,428	$	1,200,637,913	$	993,593,638

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$116,297,212	$	167,554,517	$	(329,327,913	)	$	—	$	(45,476,184	)

The Asset Allocation Portfolio utilizes 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.

As of December 31, 2023, the Asset Allocation Portfolio had no accumulated capital losses.

9. Regulatory Updates

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Brighthouse Asset Allocation 80 Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Asset Allocation 80 Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-14

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-15

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-16

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with Brighthouse Investment Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process.

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 during the September Meeting to review 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 supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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.

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. 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 has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolios”) and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the “American Funds of Funds”). 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), actions taken with respect to regulatory developments, compliance programs and personnel, and risk management programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser

BHFTII-17

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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 compliance policies and procedures. The Board also noted that the Adviser’s investment, compliance, and legal staff reviews and assesses the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. 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 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 Trusts (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 and the American Funds of Funds, including asset allocations and performance metrics.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 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”). In particular, the Board reviewed comparisons of each Portfolio’s contractual management fees with its Expense Group and total expenses with its Expense Universe and 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.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses.

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 in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. 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 contain breakpoints that reduce the fee rate above specified asset levels.

The Board considered the effective fees under the Advisory Agreement 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

BHFTII-18

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

* * * * *

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 of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. 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, 2023. The Board also took into account that the Portfolio outperformed its benchmark, the Dow Jones Moderately Aggressive Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2023.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and below the Expense Universe median. The Board also considered that the Portfolio’s total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median 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/Morningstar Category selected by Broadridge at the Portfolio’s current size.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Managed By Artisan Partners Limited Partnership

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Brighthouse/Artisan Mid Cap Value Portfolio returned 18.53%, 18.24%, and 18.35%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 12.71%.

MARKET ENVIRONMENT / CONDITIONS

United States (“U.S.”) stocks closed out 2023 strongly with a huge rally in the final two months of the year sparked by a big drop in long-term U.S. Treasury yields. The Russell Midcap Value Index (the “Index”) surged 20% from its October lows to finish at its high of the year. The Index’s fourth quarter gain of 12.11% constituted the bulk of its 2023 calendar year return of 12.71%. The rally kicked off in late October just days after high profile investors Bill Ackman and Bill Gross acknowledged they had covered their U.S. Treasuries shorts and also coinciding with the U.S. Treasury department’s shift in issuance from long-dated bonds in favor of shorter term debt. At that time, the market was pricing what may prove to be a cycle-peak cost of capital and was also grappling with fears an aggressive Federal Reserve (the “Fed”) would tip the economy into recession. As inflation continued easing and economic growth remained resilient, investors sensed rates had likely peaked and the threat of a significant recession had faded. The revival of animal spirits was also supported by improved corporate fundamentals as earnings growth turned positive after a few quarters of modest weakness. Yields continued to decline into year-end as inflation neared more comfortable levels, leading to increased bets of a dovish pivot by the Fed in the first half of 2024.

Up until the final two months of the year, the story of 2023 for U.S. equities was extremely narrow leadership. Through three quarters, nearly all the Standard & Poor’s 500 year-to-date gains were generated by the “Magnificent Seven”, as the largest seven U.S. stocks were dubbed. Narrow breadth was also evident in dispersion of returns by market cap, sector and style as large-cap, cyclicals and growth stocks were big winners by wide margins in comparison to small caps, defensive sectors and value stocks. Market breadth meaningfully improved in the fourth quarter as many left-behind stocks benefited from soft landing/no landing hopes and substantial easing in financial conditions as the 10-Year Treasury yield declined more than 100bps to fall below 4%. Full-year returns were led by large-caps over mid and small caps, and growth stocks led value stocks. The top-performing sectors in the Index in 2023 were Industrials, Consumer Discretionary and Information Technology (“IT”). Defensive sectors trailed, with Consumer Staples, Utilities and Health Care sectors generating negative returns.

PORTFOLIO REVIEW / PERIOD ENDING POSITIONING

During the reporting period, the Portfolio outperformed the Index, driven by positive stock selection. Financials, Consumer Discretionary and IT holdings were key sources of relative strength. Key contributors in these sectors were banks First Citizens BancShares and Fifth Third Bancorp, investment bank Moelis & Co., mobility infrastructure technology company Vontier, and travel and leisure companies Expedia Group and Marriott International. On the downside, the Portfolio’s Industrials, Consumer Staples and Communication Services underperformed. The biggest individual detractors were Cable One, a small cable company operating in rural U.S. markets; Liberty SiriusXM, tracking stocks for Liberty Media’s stakes in Sirius XM Holdings and Live Nation Entertainment; Dollar General, a discount retail chain in the U.S.; Northern Trust, a provider of asset servicing and investment management; and Baxter International, a medical technology company.

During the reporting period, the largest sector weighting changes were increases to Health Care and Real Estate and decreases to Communication Services and Real Estate. At period end, the Portfolio maintained above-benchmark weightings in the Communications Services, Consumer Discretionary and Health Care sectors. Conversely, the largest sector underweights were Industrials, Materials and Utilities.

Daniel L. Kane

Thomas Reynolds

Craig Inman

Portfolio Managers

Artisan Partners Limited Partnership

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

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

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Brighthouse/Artisan Mid Cap Value Portfolio
Class A		18.53		11.56		6.75
Class B		18.24		11.28		6.48
Class E		18.35		11.39		6.59
Russell Midcap Value Index		12.71		11.16		8.26

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
First Citizens BancShares, Inc. - Class A		4.4
Analog Devices, Inc.		3.9
U-Haul Holding Co. (Non-Voting Shares)		3.4
Vontier Corp.		3.1
Marriott International, Inc. - Class A		3.1
Globe Life, Inc.		3.0
Expedia Group, Inc.		3.0
Lamar Advertising Co. - Class A		2.6
NOV, Inc.		2.6
Fifth Third Bancorp		2.5

Top Sectors

	% of Net Assets
Financials		22.0
Consumer Discretionary		12.4
Industrials		11.5
Communication Services		11.3
Health Care		11.0
Information Technology		9.9
Real Estate		7.6
Consumer Staples		6.5
Energy		2.6
Utilities		2.1

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Artisan Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.77	%	$	1,000.00	$	1,081.00	$	4.04
	Hypothetical*		0.77	%	$	1,000.00	$	1,021.32	$	3.92
Class B (a)	Actual		1.02	%	$	1,000.00	$	1,079.70	$	5.35
	Hypothetical*		1.02	%	$	1,000.00	$	1,020.06	$	5.19
Class E (a)	Actual		0.92	%	$	1,000.00	$	1,080.20	$	4.82
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.57	$	4.69

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

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

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

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—96.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.7%
CAE, Inc. (a)		606,618	$	13,096,883
Air Freight & Logistics—2.0%
Expeditors International of Washington, Inc.		125,650		15,982,680
Automobile Components—3.1%
BorgWarner, Inc.		236,916		8,493,439
Gentex Corp. (b)		494,888		16,163,042
				24,656,481
Banks—11.2%
Fifth Third Bancorp		571,909		19,725,142
First Citizens BancShares, Inc. - Class A		24,490		34,750,575
M&T Bank Corp. (b)		132,229		18,125,951
WaFd, Inc.		466,954		15,390,804
				87,992,472
Capital Markets—2.2%
Moelis & Co. - Class A (b)		302,515		16,980,167
Consumer Staples Distribution & Retail—4.6%
Dollar General Corp.		71,072		9,662,238
Kroger Co.		310,241		14,181,116
Sysco Corp.		164,830		12,054,018
				35,897,372
Electric Utilities—2.1%
OGE Energy Corp. (b)		478,692		16,720,712
Electrical Equipment—2.2%
nVent Electric PLC		294,984		17,430,604
Electronic Equipment, Instruments & Components—3.1%
Vontier Corp.		713,660		24,656,953
Energy Equipment & Services—2.6%
NOV, Inc.		997,986		20,239,156
Entertainment—3.3%
Electronic Arts, Inc.		101,920		13,943,675
Warner Bros. Discovery, Inc. (a) (b)		1,066,847		12,140,719
				26,084,394
Financial Services—2.1%
Corebridge Financial, Inc. (b)		755,712		16,368,722
Food Products—2.0%
Tyson Foods, Inc. - Class A (b)		288,257		15,493,814
Ground Transportation—3.8%
U-Haul Holding Co. (a) (b)		43,469		3,121,074
U-Haul Holding Co. (Non-Voting Shares)		380,075		26,772,483
				29,893,557
Health Care Equipment & Supplies—4.6%
Baxter International, Inc.		458,880		17,740,301
Dentsply Sirona, Inc. (b)		527,744		18,782,409
				36,522,710
Health Care Providers & Services—2.3%
Centene Corp. (a)		244,501		18,144,419
Hotels, Restaurants & Leisure—7.7%
Expedia Group, Inc. (a)		155,037		23,533,066
Marriott International, Inc. - Class A		108,502		24,468,286
Vail Resorts, Inc. (b)		59,244		12,646,817
				60,648,169
Insurance—6.6%
Arch Capital Group Ltd. (a)		239,688		17,801,628
Globe Life, Inc.		195,123		23,750,371
Progressive Corp.		65,622		10,452,272
				52,004,271
Interactive Media & Services—1.7%
IAC, Inc. (a)		262,196		13,733,826
Life Sciences Tools & Services—4.0%
Bio-Rad Laboratories, Inc. - Class A (a)		42,009		13,564,286
Waters Corp. (a) (b)		55,142		18,154,401
				31,718,687
Machinery—1.8%
Otis Worldwide Corp. (b)		155,000		13,867,850
Media—6.3%
Cable One, Inc. (b)		29,034		16,160,034
News Corp. - Class A (b)		800,296		19,647,267
Omnicom Group, Inc.		158,728		13,731,559
				49,538,860
Real Estate Management & Development —1.4%
Jones Lang LaSalle, Inc. (a) (b)		56,145		10,604,106
Retail REITs—1.9%
NNN REIT, Inc.		355,297		15,313,301
Semiconductors & Semiconductor Equipment—3.9%
Analog Devices, Inc.		154,921		30,761,114
Software—1.7%
Check Point Software Technologies Ltd. (a) (b)		85,954		13,132,912
Specialized REITs—4.3%
Lamar Advertising Co. - Class A (b)		192,972		20,509,064
Public Storage		43,055		13,131,775
				33,640,839
Specialty Retail—1.5%
AutoNation, Inc. (a) (b)		79,986		12,012,297
Technology Hardware, Storage & Peripherals—1.2%
NetApp, Inc.		111,199		9,803,304
Total Common Stocks (Cost $535,999,210)				762,940,632
Escrow Shares—0.0%
Wireless Telecommunication Services—0.0%
GCI Liberty, Inc. (a) (c) (d) (Cost $0)		108,185		0

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2023

Short-Term Investment—3.2%

Security Description	Principal Amount*		Value
Repurchase Agreement—3.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $25,034,517; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $25,528,158.		25,027,565	$	25,027,565
Total Short-Term Investments (Cost $25,027,565)				25,027,565
Securities Lending Reinvestments (e)—10.5%
Certificates of Deposit—0.4%
Mizuho Bank Ltd. 5.790%, SOFR + 0.400%, 04/18/24 (f)		1,000,000		1,000,453
Royal Bank of Canada 5.880%, FEDEFF PRV + 0.550%, 09/20/24 (f)		1,000,000		1,000,620
Sumitomo Mitsui Trust Bank Ltd. 5.800%, SOFR + 0.400%, 04/24/24 (f)		1,000,000		1,000,595
				3,001,668
Commercial Paper—0.2%
Australia & New Zealand Banking Group Ltd. 5.640%, 04/18/24		1,000,000		983,338
5.730%, SOFR + 0.330%, 04/18/24 (f)		1,000,000		1,000,224
				1,983,562
Repurchase Agreements—5.7%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $6,303,815; collateralized by various Common Stock with an aggregate market value of $7,016,914.		6,300,000		6,300,000
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,300,770; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24-05/15/48, and an aggregate market value of $1,326,727.		1,300,000		1,300,000
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $1,500,908; collateralized by various Common Stock with an aggregate market value of $1,672,218.		1,500,000		1,500,000
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $10,006,000; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24- 11/20/73, and an aggregate market value of $10,200,000.		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.620%, due on 02/02/24 with a maturity value of $4,021,856; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.750%, maturity dates ranging from 01/15/30 - 08/15/32, and various Common Stock with an aggregate market value of $4,080,004.		4,000,000		4,000,000
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $2,060,331; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $2,040,009.		2,000,000		2,000,000
ING Financial Markets LLC Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $6,796,651; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.352%, maturity dates ranging from 01/15/24 - 11/15/53, and an aggregate market value of $6,928,490.		6,792,636		6,792,636
National Bank of Canada Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $8,008,478; collateralized by various Common Stock with an aggregate market value of $8,927,914.		8,000,000		8,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $1,300,802; collateralized by various Common Stock with an aggregate market value of $1,450,818.		1,300,000		1,300,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/29/23 at 5.590%, due on 02/02/24 with a maturity value of $1,005,435; collateralized by various Common Stock with an aggregate market value of $1,111,284.		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,200,711; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $1,226,718.		1,200,000		1,200,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,000,592; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $193,084; collateralized by various Common Stock with an aggregate market value of $212,816.		192,967		192,967
				44,585,603
Time Deposits—0.6%
DZ Bank AG (NY) 5.300%, 01/02/24		2,000,000		2,000,000
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		3,000,000		3,000,000
			5,000,000

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (e)—(Continued)

Security Description	Shares		Value
Mutual Funds—3.6%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (g)		5,000,000	$	5,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (g)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (g)		5,000,000		5,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (g)		2,000,000		2,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.200% (g)		2,000,000		2,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (g)		2,000,000		2,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.270% (g)		5,000,000		5,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.270% (g)		2,000,000		2,000,000
				28,000,000
Total Securities Lending Reinvestments (Cost $82,568,840)				82,570,833
Total Investments—110.6% (Cost $643,595,615)				870,539,030
Other assets and liabilities (net)—(10.6)%				(83,274,540	)
Net Assets—100.0%			$	787,264,490

*	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, 2023, the market value of securities loaned was $87,026,196 and the collateral received consisted of cash in the amount of $82,556,934 and non-cash collateral with a value of $7,168,442. 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, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(f)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. 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.
(g)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)— Effective Federal Funds Rate

(SOFR)— Secured Overnight Financing Rate

Other Abbreviations

(REIT)— Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	762,940,632	$	—		$	—	$	762,940,632
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		—		25,027,565			—		25,027,565
Securities Lending Reinvestments
Certificates of Deposit		—		3,001,668			—		3,001,668
Commercial Paper		—		1,983,562			—		1,983,562
Repurchase Agreements		—		44,585,603			—		44,585,603
Time Deposits		—		5,000,000			—		5,000,000
Mutual Funds		28,000,000		—			—		28,000,000
Total Securities Lending Reinvestments		28,000,000		54,570,833			—		82,570,833
Total Investments	$	790,940,632	$	79,598,398		$	0	$	870,539,030
Collateral for Securities Loaned (Liability)	$	—	$	(82,556,934	)	$	—	$	(82,556,934	)

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Statement of Assets and Liabilities
December 31, 2023
Assets
Investments at value (a) (b)	$	870,539,030
Receivable for:
Fund shares sold		85,568
Dividends and interest		864,419
Prepaid expenses		2,705
Total Assets		871,491,722
Liabilities
Due to custodian		217,803
Collateral for securities loaned		82,556,934
Payables for:
Fund shares redeemed		639,621
Accrued Expenses:
Management fees		474,629
Distribution and service fees		62,852
Deferred trustees’ fees		169,240
Other expenses		106,153
Total Liabilities		84,227,232
Net Assets	$	787,264,490
Net Assets Consist of:
Paid in surplus	$	484,222,324
Distributable earnings (Accumulated losses)		303,042,166
Net Assets	$	787,264,490
Net Assets
Class A	$	465,658,645
Class B		270,655,348
Class E		50,950,497
Capital Shares Outstanding*
Class A		2,142,182
Class B		1,322,611
Class E		241,582
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	217.38
Class B		204.64
Class E		210.90

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $643,595,615.
(b)	Includes securities loaned at value of $87,026,196.

Statement of Operations
Year Ended December 31, 2023
Investment Income
Dividends	$	15,139,207
Interest		311,206
Securities lending income		157,467
Total investment income		15,607,880
Expenses
Management fees		6,259,971
Administration fees		43,472
Custodian and accounting fees		48,566
Distribution and service fees—Class B		655,111
Distribution and service fees—Class E		74,396
Audit and tax services		49,026
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		64,197
Insurance		7,080
Miscellaneous		16,790
Total expenses		7,311,433
Less management fee waiver		(739,752	)
Net expenses		6,571,681
Net Investment Income		9,036,199
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		68,910,923
Net change in unrealized appreciation on investments		52,226,660
Net realized and unrealized gain (loss)		121,137,583
Net Increase (Decrease) in Net Assets From Operations	$	130,173,782

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	9,036,199		$	6,876,244
Net realized gain (loss)		68,910,923			99,659,665
Net change in unrealized appreciation (depreciation)		52,226,660			(225,784,953	)
Increase (decrease) in net assets from operations		130,173,782			(119,249,044	)
From Distributions to Shareholders
Class A		(62,025,079	)		(77,121,043	)
Class B		(37,339,491	)		(45,576,841	)
Class E		(6,880,844	)		(8,681,396	)
Total distributions		(106,245,414	)		(131,379,280	)
Increase (decrease) in net assets from capital share transactions		7,615,109			10,876,023
Total increase (decrease) in net assets		31,543,477			(239,752,301	)
Net Assets
Beginning of period		755,721,013			995,473,314
End of period	$	787,264,490		$	755,721,013

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		27,853		$	5,759,736			25,791		$	6,409,072
Reinvestments		314,784			62,025,079			370,098			77,121,043
Redemptions		(311,887	)		(65,909,261	)		(312,371	)		(77,879,258	)
Net increase (decrease)		30,750		$	1,875,554			83,518		$	5,650,857
Class B
Sales		28,325		$	5,709,537			40,367		$	9,529,397
Reinvestments		201,020			37,339,491			230,163			45,576,841
Redemptions		(186,662	)		(37,034,794	)		(214,871	)		(50,620,534	)
Net increase (decrease)		42,683		$	6,014,234			55,659		$	4,485,704
Class E
Sales		2,019		$	416,738			1,437		$	331,304
Reinvestments		35,963			6,880,844			42,738			8,681,396
Redemptions		(37,066	)		(7,572,261	)		(34,537	)		(8,273,238	)
Net increase (decrease)		916		$	(274,679	)		9,638		$	739,462
Increase (decrease) derived from capital shares transactions				$	7,615,109					$	10,876,023

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	212.25		$	290.67		$	236.08		$	229.44		$	211.86
Income (Loss) from Investment Operations
Net investment income (loss) (a)		2.69			2.19			2.42			2.44			2.34
Net realized and unrealized gain (loss)		33.45			(39.64	)		60.63			10.26			45.48
Total income (loss) from investment operations		36.14			(37.45	)		63.05			12.70			47.82
Less Distributions
Distributions from net investment income		(1.92	)		(2.54	)		(2.58	)		(1.90	)		(1.85	)
Distributions from net realized capital gains		(29.09	)		(38.43	)		(5.88	)		(4.16	)		(28.39	)
Total distributions		(31.01	)		(40.97	)		(8.46	)		(6.06	)		(30.24	)
Net Asset Value, End of Period	$	217.38		$	212.25		$	290.67		$	236.08		$	229.44
Total Return (%)(b)		18.53			(12.62	)		26.91			6.25			23.75
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86			0.85			0.85			0.87			0.86
Net ratio of expenses to average net assets (%) (c)		0.77			0.76			0.77			0.78			0.81
Ratio of net investment income (loss) to average net assets (%)		1.28			0.91			0.88			1.25			1.03
Portfolio turnover rate (%)		21			20			12			44			15
Net assets, end of period (in millions)	$	465.7		$	448.2		$	589.4		$	564.1		$	546.9
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	201.42		$	278.02		$	226.22		$	220.07		$	204.18
Income (Loss) from Investment Operations
Net investment income (loss) (a)		2.05			1.51			1.65			1.88			1.70
Net realized and unrealized gain (loss)		31.59			(37.89	)		58.07			9.79			43.77
Total income (loss) from investment operations		33.64			(36.38)			59.72			11.67			45.47
Less Distributions
Distributions from net investment income		(1.33	)		(1.79	)		(2.04	)		(1.36	)		(1.19	)
Distributions from net realized capital gains		(29.09	)		(38.43	)		(5.88	)		(4.16	)		(28.39	)
Total distributions		(30.42)			(40.22)			(7.92)			(5.52)			(29.58)
Net Asset Value, End of Period		$204.64			$201.42			$278.02			$226.22			$220.07
Total Return (%) (b)		18.24			(12.84)			26.59			5.98			23.44
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11			1.10			1.10			1.12			1.11
Net ratio of expenses to average net assets (%) (c)		1.02			1.01			1.02			1.03			1.06
Ratio of net investment income (loss) to average net assets (%)		1.03			0.66			0.63			1.00			0.78
Portfolio turnover rate (%)		21			20			12			44			15
Net assets, end of period (in millions)	$	270.7		$	257.8		$	340.4		$	318.9		$	323.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Financial Highlights

	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	206.73		$	284.18		$	231.04		$	224.61		$	207.89
Income (Loss) from Investment Operations
Net investment income (loss)(a)		2.31			1.79			1.95			2.12			1.95
Net realized and unrealized gain (loss)		32.50			(38.74	)		59.32			10.02			44.61
Total income (loss) from investment operations		34.81			(36.95	)		61.27			12.14			46.56
Less Distributions
Distributions from net investment income		(1.55	)		(2.07	)		(2.25	)		(1.55	)		(1.45	)
Distributions from net realized capital gains		(29.09	)		(38.43	)		(5.88	)		(4.16	)		(28.39	)
Total distributions		(30.64	)		(40.50	)		(8.13	)		(5.71	)		(29.84	)
Net Asset Value, End of Period	$	210.90		$	206.73		$	284.18		$	231.04		$	224.61
Total Return (%)(b)		18.35			(12.75	)		26.71			6.09			23.56
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01			1.00			1.00			1.02			1.01
Net ratio of expenses to average net assets (%)(c)		0.92			0.91			0.92			0.93			0.96
Ratio of net investment income (loss) to average net assets (%)		1.13			0.76			0.73			1.10			0.88
Portfolio turnover rate (%)		21			20			12			44			15
Net assets, end of period (in millions)	$	51.0		$	49.8		$	65.7		$	64.3		$	65.8

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Artisan Mid Cap Value Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Due to Custodian - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the 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 has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2023, the Portfolio had a payment of $217,803 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2023. The Portfolio’s average overdraft advances during the year ended December 31, 2023 were not significant.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $25,027,565. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $44,585,603. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	154,790,828	$	0	$	246,629,262

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$6,259,971		0.820	%	Of the first $1 billion
		0.780	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Artisan Partners Limited Partnership is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.090%	First $500 million
0.110%	$500 million to $1 billion
0.130%	Over of $1 billion

An identical agreement was in place for the period from April 29, 2022 through April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the 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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	644,174,995
Gross unrealized appreciation		252,374,536
Gross unrealized (depreciation)		(26,010,501	)
Net unrealized appreciation (depreciation)	$	226,364,035

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$5,815,567	$	14,116,238	$	100,429,847	$	117,263,042	$	106,245,414	$	131,379,280

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain	Net Unrealized Appreciation (Depreciation)	Accumulated Capital Losses	Total
$8,739,135	$68,108,234	$226,364,037	$—	$303,211,406

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Brighthouse/Artisan Mid Cap Value Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Artisan Mid Cap Value Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-18

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-19

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

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 Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2023 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the three-and five-year periods ended June 30, 2023. The Board further considered that the Portfolio outperformed its benchmark, the Russell Midcap Value Index, for the one-, three-, and five-year periods ended October 31, 2023. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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 Group median and above the Expense Universe median and the Sub-advised Expense Universe median. The Board also considered that the 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/Morningstar Category 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.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Managed By Dimensional Fund Advisors LP

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A and B shares of the Brighthouse/Dimensional International Small Company Portfolio returned 13.70% and 13.52%, respectively. The Portfolio’s benchmark, the MSCI World ex-U.S. Small Cap Index¹, returned 12.62%.

MARKET ENVIRONMENT / CONDITIONS

In U.S. dollar terms, developed ex-U.S. markets had positive performance for the one-year period ended December 31, 2023, trailing the U.S. market but outperforming emerging markets. The MSCI World ex-USA Investable Market Index (net dividends) returned +17.2%, as compared to +26.0% for the Russell 3000 Index and +11.7% for the MSCI Emerging Markets Investable Market Index (net dividends).

During the year, some of the major developed ex-U.S. market currencies, such as the Swiss franc, appreciated relative to the U.S. dollar, while others, such as the Japanese yen, depreciated. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of the developed ex-U.S. market.

Along the market capitalization dimension, small caps (MSCI World ex-U.S. Small Cap Index, net dividends) underperformed large caps (MSCI World ex-U.S. Index, net dividends) by 5.3%. Midcaps (MSCI World ex-U.S. Mid Cap Index, net dividends), a subset of the MSCI World ex-U.S. Index universe, outperformed small caps by 3.9% and underperformed large caps by 1.4%.

Along the relative price dimension, large cap value stocks (MSCI World ex-U.S. Value Index, net dividends) outperformed large cap growth stocks (MSCI World ex-U.S. Growth Index, net dividends) by 1.0%, and small cap value stocks (MSCI World ex-U.S. Small Cap Value Index, net dividends) outperformed small cap growth stocks (MSCI World ex-U.S. Small Cap Growth Index, net dividends) by 4.1%.

Along the profitability dimension, stocks with higher profitability underperformed stocks with lower profitability within both large and small caps.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark during the reporting period. 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 exclusion of real estate investment trusts also contributed positively to relative performance, as these stocks underperformed. Conversely, differences in small cap definitions by country resulted in a lower weight to Sweden and detracted from relative performance, as these stocks outperformed.

The Portfolio held more than 3,600 securities as of December 31, 2023, and was diversified across countries and sectors. Dimensional designs the Portfolio to provide broad exposure to small cap securities within non-U.S. developed markets. As a result of the Portfolio’s diversified investment approach, performance is determined principally by broad trends in non-U.S. developed equity markets rather than by the behavior of a limited group of securities in a particular industry, country, or asset class.

Jed Fogdall

Arun Keswani

Joel Schneider

Portfolio Managers

Dimensional Fund Advisors LP

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

¹ The MSCI World ex-U.S. Small Cap Index is an unmanaged index that measures the performance of stocks with market capitalizations between US $200 million and $800 million across 23 developed markets, excluding the United States. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI WORLD EX-U.S. SMALL CAP INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Brighthouse/Dimensional International Small Company Portfolio
Class A		13.70		7.58		4.67
Class B		13.52		7.32		4.42
MSCI World ex-U.S. Small Cap Index		12.62		7.05		4.63

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
BE Semiconductor Industries NV		0.4
Banco BPM SpA		0.4
Leonardo SpA		0.3
Banco de Sabadell SA		0.3
PSP Swiss Property AG		0.3
Swiss Prime Site AG		0.3
Georg Fischer AG		0.3
Helvetia Holding AG		0.3
Belimo Holding AG		0.3
Temenos AG		0.3

Top Countries

	% of Net Assets
Japan		24.4
United Kingdom		12.1
Canada		10.9
Switzerland		8.0
Australia		6.6
Germany		6.4
France		4.8
Italy		4.3
Sweden		2.5
Denmark		2.5

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Dimensional International Small Company Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.81	%	$	1,000.00	$	1,067.90	$	4.22
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13
Class B (a)	Actual		1.06	%	$	1,000.00	$	1,066.20	$	5.52
	Hypothetical*		1.06	%	$	1,000.00	$	1,019.86	$	5.40

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

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

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

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—99.4% of Net Assets

Security Description	Shares		Value
Australia—6.6%
A2B Australia Ltd.		55,813	$	80,935
Accent Group Ltd.		97,699		128,809
Adairs Ltd.		41,549		51,062
Adbri Ltd. (a)		108,171		220,911
Ainsworth Game Technology Ltd. (a)		51,616		46,058
Alkane Resources Ltd. (a)		122,642		54,846
Alliance Aviation Services Ltd. (a)		6,026		13,218
Altium Ltd.		5,983		190,345
Alumina Ltd. (a)		273,675		167,622
AMA Group Ltd. (a)		332,422		15,838
AMP Ltd.		476,602		300,839
Ansell Ltd.		22,008		376,672
Appen Ltd. (a)		21,547		9,215
Arafura Rare Earths Ltd. (a)		376,915		42,248
ARB Corp. Ltd.		22,263		543,288
Argosy Minerals Ltd. (a)		61,527		5,637
ARN Media Ltd.		82,651		56,230
Articore Group Ltd. (a)		43,202		20,306
AUB Group Ltd.		26,288		496,077
Audinate Group Ltd. (a)		12,334		135,762
Aurelia Metals Ltd. (a)		407,982		30,520
Aussie Broadband Ltd. (a)		37,649		99,771
Austal Ltd.		105,389		145,659
Australian Agricultural Co. Ltd. (a)		78,371		74,495
Australian Clinical Labs Ltd.		26,737		52,590
Australian Ethical Investment Ltd.		7,596		27,954
Australian Finance Group Ltd.		54,872		58,311
Australian Strategic Materials Ltd. (a)		36,700		31,720
Auswide Bank Ltd.		11,499		40,254
AVJennings Ltd.		14,202		3,014
AVZ Minerals Ltd. (a) (b) (c)		403,512		42,308
Baby Bunting Group Ltd.		24,951		33,943
Bank of Queensland Ltd.		121,805		503,669
Bapcor Ltd.		85,877		322,716
Beach Energy Ltd.		317,481		345,760
Bega Cheese Ltd.		82,207		197,964
Bellevue Gold Ltd. (a)		246,272		282,535
Black Rock Mining Ltd. (a)		70,006		3,995
Boral Ltd. (a)		77,809		285,235
Boss Energy Ltd. (a)		62,940		172,297
Bravura Solutions Ltd. (a)		144,124		83,753
Breville Group Ltd.		25,536		472,511
Brickworks Ltd.		12,229		232,583
Bubs Australia Ltd. (a)		46,469		4,104
BWX Ltd. (a) (b) (c)		32,748		1,674
Calidus Resources Ltd. (a)		42,447		6,224
Capitol Health Ltd.		260,324		41,528
Capral Ltd.		5,292		34,465
Capricorn Metals Ltd. (a)		63,797		205,385
Carnarvon Energy Ltd. (a)		136,527		21,318
Cash Converters International Ltd.		152,939		22,406
Catapult Group International Ltd. (a)		33,605		31,564
Cedar Woods Properties Ltd.		19,138		65,009
Centrebet International Ltd. (a)		9,600		0
Cettire Ltd. (a)		5,836		11,494
Challenger Ltd.		61,694		272,351
Champion Iron Ltd.		70,983		403,997
Australia—(Continued)
City Chic Collective Ltd. (a)		43,372		15,808
Clinuvel Pharmaceuticals Ltd.		9,453		102,844
Clover Corp. Ltd.		39,945		22,477
Coast Entertainment Holdings Ltd. (a)		113,950		35,602
Codan Ltd.		31,190		181,463
Collins Foods Ltd.		30,579		246,041
Cooper Energy Ltd. (a)		753,059		66,723
Core Lithium Ltd. (a)		66,314		11,272
Corporate Travel Management Ltd.		28,366		376,713
Costa Group Holdings Ltd.		130,158		276,912
Credit Corp. Group Ltd.		20,160		221,611
CSR Ltd.		156,422		701,929
Data#3 Ltd.		49,016		281,286
De Grey Mining Ltd. (a)		318,679		273,775
Deep Yellow Ltd. (a)		17,263		12,766
Deterra Royalties Ltd.		29,128		104,348
Dicker Data Ltd.		13,151		107,053
Domain Holdings Australia Ltd.		72,641		170,365
Domino’s Pizza Enterprises Ltd.		10,721		429,026
Downer EDI Ltd.		150,888		450,618
Eagers Automotive Ltd.		35,943		353,466
Earlypay Ltd. (a)		54,160		9,597
Elanor Investor Group		5,934		5,484
Elders Ltd.		46,965		240,632
Elixir Energy Ltd. (a)		29,923		1,689
Emeco Holdings Ltd.		105,907		48,350
Emerald Resources NL (a)		48,199		99,506
EML Payments Ltd. (a)		62,760		33,654
Energy Transition Minerals Ltd. (a)		349,524		9,276
Energy World Corp. Ltd. (a)		472,609		8,657
EQT Holdings Ltd.		5,157		89,429
Euroz Hartleys Group Ltd.		24,476		14,673
EVT Ltd.		28,526		237,028
Fiducian Group Ltd.		3,121		13,160
Finbar Group Ltd. (a)		6,909		3,389
Firefinch Ltd. (a) (b) (c)		39,761		1,016
FleetPartners Group Ltd. (a)		82,973		171,845
Fleetwood Ltd.		35,042		42,945
Flight Centre Travel Group Ltd.		32,473		449,107
Frontier Digital Ventures Ltd. (a)		10,683		4,003
G8 Education Ltd.		241,144		193,672
Galan Lithium Ltd. (a)		30,176		14,081
Gold Road Resources Ltd.		245,281		329,718
GR Engineering Services Ltd.		5,075		7,671
GrainCorp Ltd. - Class A		58,664		290,947
Grange Resources Ltd.		120,000		37,878
GUD Holdings Ltd.		43,884		357,780
GWA Group Ltd.		64,632		98,553
Hansen Technologies Ltd.		51,497		178,559
Harvey Norman Holdings Ltd.		65,742		187,824
Hastings Technology Metals Ltd. (a)		7,646		3,830
Healius Ltd. (a)		195,166		217,615
Helia Group Ltd.		88,585		262,113
HUB24 Ltd.		19,005		464,812
Humm Group Ltd.		115,759		38,994
IDM International Ltd. (a) (b) (c)		1,969		0
Iluka Resources Ltd.		32,765		146,896

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
Imdex Ltd.		138,217	$	177,104
Immutep Ltd. (ADR) (a)		8,886		21,326
Infomedia Ltd.		109,692		107,555
Inghams Group Ltd.		86,621		233,394
Insignia Financial Ltd.		184,126		292,242
Integral Diagnostics Ltd.		46,301		60,258
Integrated Research Ltd. (a)		28,972		7,100
ioneer Ltd. (a)		304,527		31,002
IPH Ltd.		62,534		272,489
IRESS Ltd.		52,976		293,122
IVE Group Ltd.		19,754		26,918
JB Hi-Fi Ltd.		5,852		211,089
Johns Lyng Group Ltd.		45,109		187,442
Jumbo Interactive Ltd.		12,118		114,753
Jupiter Mines Ltd.		439,415		49,279
Karoon Energy Ltd. (a)		216,834		299,472
Kelsian Group Ltd.		24,039		114,310
Kogan.com Ltd. (a)		16,956		60,328
Lendlease Corp. Ltd.		2,657		13,472
Leo Lithium Ltd. (a) (b) (c)		28,400		7,335
Lifestyle Communities Ltd.		20,891		258,340
Link Administration Holdings Ltd.		158,207		234,075
Lovisa Holdings Ltd.		13,735		227,816
Lycopodium Ltd.		6,179		49,279
MA Financial Group Ltd.		14,408		54,127
Macmahon Holdings Ltd.		380,170		47,935
Macquarie Technology Group Ltd. (a)		972		45,333
Mader Group Ltd.		3,508		16,314
Magellan Financial Group Ltd.		22,860		144,263
Mayne Pharma Group Ltd.		22,607		94,511
McMillan Shakespeare Ltd.		22,386		243,168
McPherson’s Ltd.		39,600		16,348
Megaport Ltd. (a)		15,193		94,715
Mesoblast Ltd. (a)		66,849		14,057
Metals X Ltd. (a)		147,577		29,132
Metcash Ltd.		152,970		363,370
MMA Offshore Ltd. (a)		78,350		99,525
Monadelphous Group Ltd.		32,335		326,168
Monash IVF Group Ltd.		52,109		46,182
Morning Star Gold NL (a) (b) (c)		33,455		0
Mount Gibson Iron Ltd. (a)		158,334		59,296
Myer Holdings Ltd.		234,884		95,625
MyState Ltd.		25,651		54,859
Nanosonics Ltd. (a)		62,508		186,575
Navigator Global Investments Ltd.		52,466		45,268
Netwealth Group Ltd.		28,212		294,919
New Hope Corp. Ltd.		120,389		423,271
Newcrest Mining Ltd. (a)		6,654		110,176
nib holdings Ltd.		121,489		610,464
Nick Scali Ltd.		21,771		182,441
Nickel Industries Ltd.		203,875		96,198
Nine Entertainment Co. Holdings Ltd.		208,760		286,623
Novonix Ltd. (a)		53,945		26,318
NRW Holdings Ltd.		134,771		272,572
Nufarm Ltd.		95,753		339,570
Nuix Ltd. (a)		8,673		11,176
Objective Corp. Ltd.		2,117		18,058
Australia—(Continued)
OceanaGold Corp.		194,311		372,476
OFX Group Ltd. (a)		76,506		78,368
Omni Bridgeway Ltd. (a)		75,128		69,320
oOh!media Ltd.		130,777		147,209
Orora Ltd.		395,438		699,624
Pacific Current Group Ltd.		12,733		76,085
Pacific Smiles Group Ltd.		13,431		13,379
Pact Group Holdings Ltd. (a)		50,886		29,666
Paladin Energy Ltd. (a)		599,035		400,647
Panoramic Resources Ltd. (a) (b) (c)		278,314		6,638
Pantoro Ltd. (a)		210,078		8,155
Peet Ltd.		88,199		76,002
PeopleIN Ltd.		9,237		7,856
Perenti Ltd. (a)		204,417		144,677
Perpetual Ltd.		29,231		505,674
Perseus Mining Ltd.		340,886		431,598
PEXA Group Ltd. (a)		21,038		158,329
Pinnacle Investment Management Group Ltd.		20,949		143,213
Platinum Asset Management Ltd.		124,443		112,295
PointsBet Holdings Ltd.		9,123		5,711
Poseidon Nickel Ltd. (a)		238,025		1,942
Praemium Ltd. (a)		98,955		26,316
Premier Investments Ltd.		17,241		323,095
Propel Funeral Partners Ltd.		8,061		28,319
PSC Insurance Group Ltd.		21,994		69,938
PWR Holdings Ltd.		16,772		111,686
QANTM Intellectual Property Ltd.		14,173		9,147
Qube Holdings Ltd.		40,723		89,600
Ramelius Resources Ltd.		236,020		272,171
Red 5 Ltd. (a)		667,508		140,618
Regis Healthcare Ltd.		26,109		57,603
Regis Resources Ltd. (a)		214,118		319,269
Reject Shop Ltd.		12,421		46,056
Resolute Mining Ltd. (a)		677,338		205,946
Retail Food Group Ltd. (a)		218,228		10,426
Ridley Corp. Ltd.		96,057		179,584
RPMGlobal Holdings Ltd. (a)		32,785		39,050
Sandfire Resources Ltd. (a)		122,571		610,085
Select Harvests Ltd. (a)		34,996		69,033
Servcorp Ltd.		21,215		48,679
Service Stream Ltd.		154,571		98,986
Seven West Media Ltd. (a)		319,979		58,676
SG Fleet Group Ltd.		27,529		44,053
Shaver Shop Group Ltd.		18,090		13,468
Sierra Rutile Holdings Ltd. (a)		66,772		4,370
Sigma Healthcare Ltd.		498,984		341,579
Silver Lake Resources Ltd. (a)		202,549		164,861
Silver Mines Ltd. (a)		80,623		8,767
SmartGroup Corp. Ltd.		33,331		197,354
SolGold PLC (a)		36,239		4,390
Solvar Ltd.		54,558		48,983
Southern Cross Media Group Ltd.		76,997		51,992
SRG Global Ltd.		42,479		19,346
St Barbara Ltd. (a)		208,312		29,877
Star Entertainment Group Ltd. (a)		653,049		228,010
Strandline Resources Ltd. (a) (b) (c)		43,753		2,832
Strike Energy Ltd. (a)		245,153		79,992

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
Sunland Group Ltd. (a) (b) (c)		40,150	$	1,997
Super Retail Group Ltd.		47,270		506,576
Superloop Ltd. (a)		59,252		27,009
Symbio Holdings Ltd.		4,332		8,766
Syrah Resources Ltd. (a)		163,680		71,676
Tabcorp Holdings Ltd.		406,397		230,773
Technology One Ltd.		36,580		381,947
Temple & Webster Group Ltd. (a)		14,313		84,593
Ten Sixty Four Ltd. (a) (b) (c)		60,972		8,725
Terracom Ltd.		54,002		15,445
Tribune Resources Ltd.		2,377		4,777
Tyro Payments Ltd. (a)		64,496		48,338
Ventia Services Group Pty. Ltd.		93,490		199,942
Virgin Australia Holdings Pty. Ltd. (a) (b) (c)		968,773		1
Vista Group International Ltd. (a)		33,201		34,573
Viva Energy Group Ltd.		217,302		515,206
Vulcan Energy Resources Ltd. (a)		9,635		18,664
Webjet Ltd. (a)		84,765		422,778
West African Resources Ltd. (a)		238,805		154,384
Westgold Resources Ltd. (a)		123,130		183,427
Zip Co. Ltd. (a)		40,088		17,209
				34,955,359
Austria—1.5%
A-TEC Industries AG (a) (b) (c)		1		0
Agrana Beteiligungs AG		4,073		63,429
ams-OSRAM AG (a)		219,841		554,899
ANDRITZ AG		17,117		1,069,395
AT&S Austria Technologie & Systemtechnik AG (d)		5,424		157,866
BAWAG Group AG		19,071		1,012,906
CA Immobilien Anlagen AG		8,328		298,424
DO & Co. AG		2,066		306,648
Eurotelesites AG (a)		6,880		27,554
EVN AG		6,679		210,098
FACC AG (a)		6,291		40,494
Kapsch TrafficCom AG (a)		1,870		18,481
Kontron AG		14,178		336,543
Lenzing AG (a) (d)		4,153		162,980
Mayr Melnhof Karton AG		2,085		291,592
Oesterreichische Post AG		4,583		165,459
Palfinger AG		4,392		122,191
POLYTEC Holding AG (d)		6,228		24,113
Porr Ag		2,768		38,821
Raiffeisen Bank International AG (d)		21,261		438,450
Rosenbauer International AG (a) (d)		1,414		44,905
Schoeller-Bleckmann Oilfield Equipment AG		2,803		136,825
Semperit AG Holding		2,077		32,465
Telekom Austria AG		27,521		232,452
UBM Development AG		1,083		25,233
UNIQA Insurance Group AG		31,178		256,795
Vienna Insurance Group AG Wiener Versicherung Gruppe		7,619		222,669
voestalpine AG		25,493		804,205
Wienerberger AG		26,096		870,858
Zumtobel Group AG (d)		8,536		59,175
				8,025,925
Belgium—1.7%
Ackermans & van Haaren NV (d)		5,779		1,014,737
Ageas SA		2,951		128,305
AGFA-Gevaert NV (a)		40,080		65,048
Atenor (d)		7,906		65,190
Azelis Group NV		3,464		84,922
Barco NV		19,609		359,031
Bekaert SA		9,919		509,537
Biocartis Group NV (a) (b) (c) (d)		16,240		5,199
bpost SA		18,928		97,518
Cie d’Entreprises CFE		2,249		18,955
Colruyt Group NV		11,650		525,590
Deceuninck NV		27,313		68,681
Deme Group NV		2,052		252,516
Econocom Group SA		24,064		68,329
Euronav NV		50,769		895,339
EVS Broadcast Equipment SA		3,873		123,340
Fagron		14,385		263,755
Galapagos NV (a)		9,086		369,935
Gimv NV		5,220		255,254
Greenyard NV		5,819		38,288
Immobel SA (d)		1,276		41,968
Ion Beam Applications (d)		6,507		82,926
Jensen-Group NV		1,035		38,023
Kinepolis Group NV (d)		3,776		186,965
Lotus Bakeries NV		92		835,785
MDxHealth SA (a) (d)		843		3,321
Melexis NV		5,164		521,985
Mithra Pharmaceuticals SA (a) (d)		506		701
Ontex Group NV (a) (d)		16,729		140,434
Orange Belgium SA (a)		4,348		64,916
Proximus SADP		28,286		265,865
Recticel SA		11,526		134,911
Roularta Media Group NV		1,629		22,834
Shurgard Self Storage Ltd.		443		21,998
Sipef NV		1,593		93,204
Solvay SA		5,063		155,042
Tessenderlo Group SA		5,859		182,777
Umicore SA (d)		13,893		381,828
Van de Velde NV		1,970		73,392
VGP NV		1,667		192,934
Viohalco SA		22,715		132,764
What’s Cooking BV		153		11,215
X-Fab Silicon Foundries SE (a)		14,349		161,630
				8,956,887
Cambodia—0.0%
NagaCorp Ltd. (a)		254,719		100,074
Canada—10.9%
5N Plus, Inc. (a)		33,732		96,228
Acadian Timber Corp.		3,800		49,183
Advantage Energy Ltd. (a) (d)		47,525		305,942
Aecon Group, Inc.		17,346		171,097
Africa Oil Corp.		57,099		107,299
Ag Growth International, Inc. (d)		5,820		221,898
AGF Management Ltd. - Class B		16,613		96,665

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Aimia, Inc. (a)		24,635	$	58,192
AirBoss of America Corp.		3,761		13,880
Alamos Gold, Inc. - Class A		82,437		1,108,658
Alaris Equity Partners Income		5,355		65,834
Algoma Central Corp. (d)		4,710		53,141
Altius Minerals Corp. (d)		12,660		176,182
Altus Group Ltd. (d)		11,988		381,249
Americas Gold & Silver Corp. (a)		4,400		1,096
Amerigo Resources Ltd.		35,000		36,716
Andlauer Healthcare Group, Inc.		2,269		70,174
Andrew Peller Ltd. - Class A (d)		11,417		39,721
Aritzia, Inc. (a) (d)		24,317		504,673
Ascot Resources Ltd. (a)		16,500		6,102
Atco Ltd. - Class I (d)		19,446		567,508
Athabasca Oil Corp. (a) (d)		144,824		455,769
ATS Corp. (a) (d)		20,733		893,598
Aurora Cannabis, Inc. (a)		8,729		4,157
AutoCanada, Inc. (a)		6,228		107,635
B2Gold Corp.		292,601		924,769
Badger Infrastructure Solution (d)		9,962		306,066
Ballard Power Systems, Inc. (a) (d)		37,678		139,409
Baytex Energy Corp. (d)		123,447		408,058
Birchcliff Energy Ltd. (d)		68,088		297,007
Bird Construction, Inc.		18,612		202,266
Black Diamond Group Ltd.		19,812		122,157
BlackBerry Ltd. (a) (d)		74,728		264,537
BMTC Group, Inc.		5,387		50,738
Bombardier, Inc. - Class A (a)		584		23,549
Bombardier, Inc. - Class B (a) (d)		21,454		861,528
Boralex, Inc. - Class A (d)		25,118		638,447
Boyd Group Services, Inc. (d)		5,283		1,110,345
Bridgemarq Real Estate Services (d)		3,500		34,787
Brookfield Infrastructure Corp. - Class A		3,980		140,391
Calian Group Ltd.		2,846		123,050
Canaccord Genuity Group, Inc.		27,412		157,225
Canada Goose Holdings, Inc. (a) (d)		14,525		172,262
Canadian Western Bank (d)		24,440		569,384
Canfor Corp. (a)		15,511		208,952
Canfor Pulp Products, Inc. (a)		11,097		15,075
Capital Power Corp. (d)		31,332		894,761
Capstone Copper Corp. (a)		122,839		597,948
Cardinal Energy Ltd. (d)		32,459		153,838
Cascades, Inc.		20,426		196,236
Celestica, Inc. (a) (d)		29,280		857,580
Centerra Gold, Inc.		50,985		304,359
CES Energy Solutions Corp.		73,142		190,438
CI Financial Corp.		47,012		527,224
Cineplex, Inc. (a)		6,558		41,425
Clairvest Group, Inc.		200		11,509
Cogeco Communications, Inc.		3,980		178,267
Cogeco, Inc.		1,609		69,421
Colliers International Group, Inc. (d)		5,004		633,066
Computer Modelling Group Ltd.		28,920		221,093
Converge Technology Solutions Corp.		3,570		11,154
Corby Spirit & Wine Ltd.		3,957		39,031
Corus Entertainment, Inc. - B Shares		61,870		33,152
Crescent Point Energy Corp. (d)		149,673		1,037,734
Canada—(Continued)
Crew Energy, Inc. (a) (d)		41,970		143,801
Cronos Group, Inc. (a)		15,221		31,812
Definity Financial Corp.		8,090		229,198
Denison Mines Corp. (a)		181,271		317,383
Dexterra Group, Inc.		11,442		49,738
Doman Building Materials Group Ltd. (d)		19,304		120,773
Dorel Industries, Inc. - Class B (a)		8,626		40,687
DREAM Unlimited Corp. - Class A (d)		6,072		103,793
Dundee Precious Metals, Inc.		45,872		293,570
Dye & Durham Ltd.		3,429		37,161
E-L Financial Corp. Ltd.		677		535,561
ECN Capital Corp.		39,318		89,019
Eldorado Gold Corp. (a) (d)		51,016		662,220
Endeavour Silver Corp. (a)		34,348		67,397
Enerflex Ltd.		29,289		135,498
Enerplus Corp. (d)		60,454		926,674
Enghouse Systems Ltd.		12,678		335,835
Ensign Energy Services, Inc. (a)		39,626		64,894
EQB, Inc. (d)		8,098		533,103
Equinox Gold Corp. (a)		56,499		275,427
ERO Copper Corp. (a) (d)		13,490		213,287
Evertz Technologies Ltd. (d)		8,149		85,669
Exchange Income Corp.		5,351		182,129
Exco Technologies Ltd.		7,732		45,982
Extendicare, Inc. (d)		23,362		128,354
Fiera Capital Corp.		22,157		101,835
Finning International, Inc.		38,632		1,117,224
Firm Capital Mortgage Investment Corp. (d)		9,574		78,323
First Majestic Silver Corp. (d)		54,590		335,079
First Mining Gold Corp. (a) (d)		50,000		5,094
First National Financial Corp.		4,907		142,131
Fission Uranium Corp. (a)		114,725		93,508
Fortuna Silver Mines, Inc. (a)		79,418		305,673
Freehold Royalties Ltd. (d)		35,012		361,733
Galiano Gold, Inc. (a)		23,027		21,375
Gamehost, Inc.		4,952		35,429
GDI Integrated Facility Services, Inc. (a)		3,200		88,341
Gibson Energy, Inc. (d)		40,325		612,613
goeasy Ltd. (d)		3,895		464,619
GoGold Resources, Inc. (a)		28,473		29,009
GoldMoney, Inc. (a) (d)		2,199		12,961
Guardian Capital Group Ltd. - Class A		5,200		173,693
Hanfeng Evergreen, Inc. (a) (b) (c)		12,100		0
Headwater Exploration, Inc. (d)		48,021		226,506
Heroux-Devtek, Inc. (a)		9,253		106,144
High Liner Foods, Inc. (d)		6,007		53,585
HudBay Minerals, Inc. (d)		84,922		467,214
IAMGOLD Corp. (a)		118,555		298,837
Imperial Metals Corp. (a) (d)		19,966		32,848
Information Services Corp.		2,900		48,543
Innergex Renewable Energy, Inc.		35,108		243,495
InPlay Oil Corp.		5,900		9,840
Interfor Corp. (a)		13,232		234,472
International Petroleum Corp. (a)		17,308		207,818
International Tower Hill Mines Ltd. (a)		21,604		12,554
Jamieson Wellness, Inc. (d)		12,357		295,904
Journey Energy, Inc. (a)		100		291

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
K-Bro Linen, Inc. (d)		3,219	$	80,168
K92 Mining, Inc. (a)		27,548		135,344
Karora Resources, Inc. (a)		28,791		105,817
Kelt Exploration Ltd. (a)		46,751		201,816
Kinaxis, Inc. (a)		719		80,693
Knight Therapeutics, Inc. (a)		23,952		93,816
KP Tissue, Inc.		1,400		9,530
Labrador Iron Ore Royalty Corp. (d)		16,600		399,638
Largo, Inc. (a) (d)		8,317		19,144
Lassonde Industries, Inc. - Class A		900		95,261
Laurentian Bank of Canada (d)		11,504		241,966
Leon’s Furniture Ltd.		7,239		99,212
Lightspeed Commerce, Inc. (a)		32,213		676,151
Lightstream Resources Ltd. (a) (b) (c)		108,373		0
Linamar Corp.		10,944		528,761
Logan Energy Corp. (a) (d)		8,450		5,102
Logistec Corp. - Class B		600		30,338
Lucara Diamond Corp. (a)		110,136		32,001
Lundin Gold, Inc.		11,400		142,301
MAG Silver Corp. (a)		7,165		74,588
Magellan Aerospace Corp.		5,794		34,325
Mainstreet Equity Corp. (a) (d)		1,561		172,022
Major Drilling Group International, Inc. (a)		22,977		159,706
Manitok Energy, Inc. (a) (b) (c)		122		0
Maple Leaf Foods, Inc.		21,240		404,587
Martinrea International, Inc.		19,001		205,633
Maxim Power Corp. (a)		2,800		9,467
MDF Commerce, Inc. (a) (d)		4,176		13,111
Medical Facilities Corp.		9,161		62,085
MEG Energy Corp. (a)		48,740		870,666
Melcor Developments Ltd.		3,120		26,513
Methanex Corp.		15,340		726,429
Morguard Corp.		1,400		111,975
MTY Food Group, Inc. (d)		5,720		243,943
Mullen Group Ltd.		23,154		245,336
Neo Performance Materials, Inc.		4,300		24,761
New Gold, Inc. (a)		172,247		249,586
NFI Group, Inc. (a) (d)		13,975		144,385
North American Construction Group Ltd.		8,546		178,331
North West Co., Inc. (d)		13,971		414,053
Nuvei Corp.		5,221		137,103
NuVista Energy Ltd. (a) (d)		44,817		373,405
Obsidian Energy Ltd. (a)		5,354		36,300
Onex Corp. (d)		6,456		450,831
Organigram Holdings, Inc. (a)		9,249		12,116
Orla Mining Ltd. (a) (d)		25,466		82,764
Osisko Gold Royalties Ltd.		42,731		609,866
Osisko Mining, Inc. (a)		54,809		110,441
Paramount Resources Ltd. - Class A		20,590		402,927
Parex Resources, Inc.		28,559		537,751
Park Lawn Corp.		8,256		122,994
Parkland Corp.		37,412		1,205,891
Pason Systems, Inc.		24,116		294,295
Peyto Exploration & Development Corp. (d)		48,991		445,154
PHX Energy Services Corp.		12,350		75,495
Pizza Pizza Royalty Corp. (d)		6,998		77,741
Polaris Renewable Energy, Inc.		5,300		52,918
Canada—(Continued)
Pollard Banknote Ltd. (d)		2,690		65,024
PrairieSky Royalty Ltd. (d)		56,452		988,405
Precision Drilling Corp. (a)		3,394		184,319
Premium Brands Holdings Corp. (d)		11,855		841,271
Primo Water Corp.		42,105		634,252
Pulse Seismic, Inc. (d)		13,500		18,950
Quarterhill, Inc. (d)		37,345		54,958
Questerre Energy Corp. - Class A (a) (d)		83,569		11,352
Real Matters, Inc. (a)		16,705		79,425
RF Capital Group, Inc. (a) (d)		1,730		9,818
Richelieu Hardware Ltd. (d)		14,790		535,545
Rogers Sugar, Inc. (d)		32,139		130,492
Russel Metals, Inc.		18,222		619,250
Savaria Corp.		10,600		121,355
Seabridge Gold, Inc. (a)		12,210		148,107
Secure Energy Services, Inc.		69,364		493,644
Shawcor Ltd. (a)		21,791		249,313
Sienna Senior Living, Inc. (d)		22,176		192,296
SilverCrest Metals, Inc. (a)		11,918		78,129
Sleep Country Canada Holdings, Inc.		10,704		206,882
SNC-Lavalin Group, Inc.		41,913		1,349,390
SNDL, Inc. (a)		11,204		18,375
Spartan Delta Corp. (d)		16,736		37,639
Spin Master Corp.		8,748		230,146
Sprott, Inc. (d)		6,042		204,645
SSR Mining, Inc.		49,993		536,508
Stelco Holdings, Inc.		9,844		372,869
Stella-Jones, Inc.		16,794		977,437
Steppe Gold Ltd. (a)		6,300		3,566
StorageVault Canada, Inc.		9,319		36,782
SunOpta, Inc. (a) (d)		15,592		85,076
Superior Plus Corp.		46,786		340,024
Surge Energy, Inc. (d)		12,100		59,174
Tamarack Valley Energy Ltd. (d)		85,898		199,017
Taseko Mines Ltd. (a) (d)		93,786		131,649
TECSYS, Inc.		172		4,259
TerraVest Industries, Inc. (d)		1,600		53,432
Tidewater Midstream & Infrastructure Ltd. (d)		79,200		63,358
Timbercreek Financial Corp. (d)		21,651		108,986
Topaz Energy Corp.		7,015		102,600
Torex Gold Resources, Inc. (a)		22,294		245,982
Total Energy Services, Inc.		11,886		67,815
TransAlta Corp.		61,878		514,619
Transcontinental, Inc. - Class A		19,220		198,720
Trevali Mining Corp. (a) (b) (c)		9,060		0
Trican Well Service Ltd. (d)		66,213		205,877
Tricon Residential, Inc. (d)		63,428		577,293
Triple Flag Precious Metals Corp.		3,866		51,459
Trisura Group Ltd. (a)		10,823		277,712
Vecima Networks, Inc.		2,500		30,848
Vermilion Energy, Inc. (d)		40,554		488,827
VersaBank (d)		2,000		21,946
Wajax Corp.		7,185		164,137
Well Health Technologies Corp. (a) (d)		8,517		24,747
Wesdome Gold Mines Ltd. (a) (d)		43,307		251,988
Western Forest Products, Inc.		105,262		56,402
Westshore Terminals Investment Corp. (d)		13,051		270,072

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Whitecap Resources, Inc. (d)		80,158	$	536,585
WildBrain Ltd. (a) (d)		28,340		23,313
Winpak Ltd.		8,452		260,886
Yellow Pages Ltd. (d)		3,727		31,699
Zenith Capital Corp. (a) (b) (c)		12,830		1,540
				57,483,230
China—0.2%
AustAsia Group Ltd. (a)		19,734		4,699
Bund Center Investment Ltd.		107,700		33,459
China Gold International Resources Corp. Ltd.		79,013		332,736
China Sunsine Chemical Holdings Ltd.		70,000		20,936
CITIC Telecom International Holdings Ltd.		438,000		184,362
First Sponsor Group Ltd.		9,490		8,773
Fountain SET Holdings Ltd. (a)		280,000		13,969
Guotai Junan International Holdings Ltd.		806,600		61,870
KRP Development Holdings Ltd.		35,000		4,030
Neo-Neon Holdings Ltd. (a)		322,500		17,346
SITC International Holdings Co. Ltd.		165,000		284,454
Theme International Holdings Ltd. (a)		170,000		10,518
TI Fluid Systems PLC		28,317		55,350
				1,032,502
Colombia—0.0%
Canacol Energy Ltd. (d)		7,932		41,664
Frontera Energy Corp. (a)		10,147		61,033
Gran Tierra Energy, Inc. (a) (d)		11,221		63,004
				165,701
Denmark—2.5%
ALK-Abello AS (a) (d)		35,460		531,236
Alm Brand AS		214,470		379,916
Ambu AS - Class B (a) (d)		25,326		394,457
Bang & Olufsen AS (a)		30,627		43,724
Bavarian Nordic AS (a)		19,123		504,307
Better Collective AS (a) (d)		4,469		113,695
cBrain AS		939		37,407
Chemometec AS (d)		3,943		228,049
Columbus AS		20,865		21,938
D/S Norden AS		5,677		269,872
Dfds AS		9,415		310,873
FLSmidth & Co. AS		12,789		543,741
GN Store Nord AS (a)		19,401		493,278
H Lundbeck AS		44,313		215,277
H Lundbeck AS - A Shares		2,530		10,756
H+H International AS - Class B (a)		4,441		58,402
Harboes Bryggeri AS - Class B (a)		1,454		14,730
ISS AS		36,366		694,211
Jeudan AS		2,360		80,007
Jyske Bank AS		11,298		809,230
Matas AS		9,436		161,253
Netcompany Group AS (a)		7,774		259,664
Nilfisk Holding AS (a)		3,340		58,450
NKT AS (a)		13,077		897,932
NNIT AS (a)		2,656		33,073
Denmark—(Continued)
North Media AS (d)		679		6,537
NTG Nordic Transport Group AS - Class A (a)		2,118		92,188
Parken Sport & Entertainment AS		2,351		46,656
Per Aarsleff Holding AS		5,304		253,275
Ringkjoebing Landbobank AS		6,894		1,012,042
Rockwool AS - A Shares		216		63,223
Rockwool AS - B Shares		1,328		388,493
Royal Unibrew AS		13,170		879,432
RTX AS (a) (d)		2,486		25,402
Scandinavian Tobacco Group AS - Class A		14,284		248,126
Schouw & Co. AS		3,487		285,556
Solar AS - B Shares		1,534		105,611
SP Group AS		716		23,168
Spar Nord Bank AS		20,052		316,433
Sparekassen Sjaelland-Fyn AS		1,358		40,251
Sydbank AS		16,079		700,723
TCM Group AS (a)		502		3,382
Tivoli AS (d)		844		87,975
Topdanmark AS		11,821		564,344
UIE PLC		6,060		168,718
Vestjysk Bank AS (d)		23,730		13,691
Zealand Pharma AS (a)		8,958		495,100
				12,985,804
Faeroe Islands—0.0%
BankNordik P		1,109		27,013
Finland—2.1%
Aktia Bank OYJ		11,350		118,019
Alma Media OYJ		10,487		111,412
Anora Group OYJ		1,398		6,730
Apetit OYJ		1,205		17,492
Aspo OYJ		7,386		48,745
Atria OYJ		3,290		37,988
Bittium OYJ (d)		8,034		42,685
Cargotec OYJ - B Shares		8,074		469,913
Citycon OYJ (d)		21,486		123,408
Digia OYJ		6,625		39,461
Enento Group OYJ		3,892		83,725
eQ OYJ		382		6,595
F-Secure OYJ		26,373		59,270
Finnair OYJ (a)		3,944,116		174,047
Fiskars OYJ Abp		6,971		137,441
Harvia OYJ (d)		2,955		88,778
HKScan OYJ - A Shares (a)		6,704		6,164
Huhtamaki OYJ		22,314		904,929
Ilkka OYJ		5,725		20,231
Kamux Corp.		4,328		26,786
Kemira OYJ		27,235		504,619
Kesko OYJ - A Shares		1,003		19,954
Kesko OYJ - B Shares		19,522		386,895
Kojamo OYJ		26,601		353,209
Konecranes OYJ		15,630		704,097
Lassila & Tikanoja OYJ		8,464		91,544
Marimekko OYJ		1,890		27,766
Metsa Board OYJ - Class B (d)		33,424		265,375

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Finland—(Continued)
Musti Group OYJ		5,196	$	149,939
Nokian Renkaat OYJ		28,967		264,252
Olvi OYJ - A Shares		4,019		124,452
Oriola OYJ		4,196		5,192
Oriola OYJ - B Shares		32,135		38,765
Orion OYJ - Class A		7,027		304,110
Orion OYJ - Class B		14,294		619,771
Outokumpu OYJ		83,940		413,825
Ponsse OYJ		3,208		80,126
QT Group OYJ (a)		2,738		195,148
Raisio OYJ - V Shares		35,039		76,473
Rapala VMC OYJ		8,902		29,524
Revenio Group OYJ		5,309		159,212
Sanoma OYJ		20,268		155,437
Stockmann OYJ Abp - B Shares (a)		3,752		12,033
Talenom OYJ (d)		2,085		14,268
Teleste OYJ (a)		2,149		6,405
Terveystalo OYJ		14,772		126,252
TietoEVRY OYJ		21,451		511,056
Tokmanni Group Corp.		13,877		224,073
Vaisala OYJ - A Shares		5,454		239,291
Valmet OYJ (d)		33,362		962,434
Wartsila OYJ Abp		93,038		1,355,200
WithSecure OYJ (a)		26,373		30,185
YIT OYJ		27,133		59,456
				11,034,157
France—4.8%
ABC arbitrage		2,865		15,219
AKWEL SADIR		2,629		46,889
ALD SA		29,256		208,818
Altamir (d)		7,426		195,246
Alten SA		6,873		1,026,943
Arkema SA		3,897		443,293
Assystem SA (d)		1,779		97,209
Atos SE (a) (d)		18,990		148,875
Aubay		803		36,983
Axway Software SA		2,132		62,020
Bastide le Confort Medical (a)		938		27,752
Beneteau SACA		11,313		156,092
Bigben Interactive (a) (d)		4,507		17,220
Boiron SA		1,382		61,386
Bonduelle SCA		4,120		49,769
Catana Group		2,793		17,718
CBo Territoria		2,864		11,573
Cegedim SA (a)		2,295		45,279
CGG SA (a)		189,243		125,304
Chargeurs SA (d)		5,575		71,926
Cie des Alpes		6,924		108,058
Cie Plastic Omnium SE		15,132		201,591
Clariane SE (d)		19,303		51,242
Coface SA		31,535		412,816
Derichebourg SA		22,712		128,096
Ekinops SAS (a) (d)		1,670		10,864
Electricite de Strasbourg SA		329		36,093
Elior Group SA (a) (d)		29,385		95,283
France—(Continued)
Elis SA		50,853		1,063,964
Equasens		582		39,410
Eramet SA		2,619		207,705
Esso SA Francaise		753		45,656
Etablissements Maurel et Prom SA		12,067		81,162
Eurazeo SE		9,383		746,058
Eutelsat Communications SACA (a) (d)		47,150		221,738
Exel Industries SA - A Shares		618		36,818
Fnac Darty SA (d)		3,765		114,518
Foraco International SA (a)		17,535		27,129
Forvia SE (a)		34,097		774,685
Gaztransport Et Technigaz SA		6,342		840,211
GEA (d)		165		18,211
GL Events SACA		3,124		67,677
Groupe Crit SA		1,062		92,150
Guerbet (d)		1,201		25,865
Guillemot Corp.		770		5,774
Haulotte Group SA (a) (d)		5,337		14,902
ID Logistics Group SACA (a)		796		269,110
Imerys SA		7,588		238,664
Infotel SA		342		20,017
Interparfums SA		742		41,477
IPSOS SA		12,147		763,595
Jacquet Metals SACA		2,954		64,048
JCDecaux SE (a)		13,978		281,444
Kaufman & Broad SA		3,970		132,451
La Francaise De L’energie SACA (a) (d)		252		14,248
La Francaise des Jeux SAEM		12,793		464,390
Laurent-Perrier		1,255		167,683
Lectra		1,731		59,873
LISI SA		1,686		44,025
LNA Sante SA		1,534		34,044
Lumibird (a) (d)		562		7,556
Maisons du Monde SA		7,475		47,015
Manitou BF SA		3,242		83,074
Mersen SA		7,440		289,312
Metropole Television SA		6,596		94,327
Nacon SA (a)		2,928		5,391
Neoen SA		9,011		302,836
Nexans SA		6,166		539,984
Nexity SA (d)		9,433		176,365
NRJ Group		9,690		78,532
Oeneo SA (d)		2,122		30,221
Plastiques Du Val De Loire (a)		1,576		6,418
Prodways Group SA (a)		657		696
Quadient SA		9,003		191,344
Recylex SA (a) (b) (c)		3,335		0
Rexel SA		51,005		1,402,000
Robertet SA (d)		19		17,435
Rubis SCA		22,814		566,805
Samse SACA (d)		107		23,883
Savencia SA		1,728		104,957
SCOR SE		40,311		1,180,077
SEB SA		4,310		538,183
Seche Environnement SACA		1,198		145,488
SMCP SA (a)		1,230		4,651
Societe BIC SA		5,989		415,614

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
France—(Continued)
Societe LDC SADIR		280	$	43,273
Societe pour l’Informatique Industrielle		1,887		145,439
SOITEC (a)		5,577		1,001,268
Sopra Steria Group SACA		4,352		952,792
SPIE SA		31,212		978,923
Stef SA		1,051		132,500
Sword Group		1,364		60,145
Synergie SE		3,366		131,077
Technip Energies NV		30,538		712,758
Television Francaise 1 SA		9,749		77,053
Thermador Groupe (d)		1,800		168,699
Tikehau Capital SCA (d)		7,508		170,760
Totalenergies EP Gabon		324		56,160
Trigano SA		2,659		437,545
Ubisoft Entertainment SA (a)		18,776		480,548
Valeo SE		49,990		772,930
Vallourec SACA (a)		36,022		558,945
Vantiva SA (a) (d)		29,526		3,806
Verallia SA		15,618		603,654
Vetoquinol SA		376		42,504
Vicat SACA		4,477		162,393
VIEL & Cie SA		4,205		39,462
Virbac SACA		526		208,950
Voltalia SA (a)		1,924		22,190
Vranken-Pommery Monopole SA		958		16,948
Wavestone		1,052		68,499
				25,229,644
Georgia—0.1%
Bank of Georgia Group PLC		13,336		675,639
Germany—6.0%
1&1 AG		13,083		262,412
7C Solarparken AG		12,415		49,698
Adesso SE (d)		561		66,520
Adtran Networks SE (a)		908		20,049
All for One Group SE		498		26,009
Allgeier SE (d)		2,942		69,916
Amadeus Fire AG		1,153		156,545
Aroundtown SA (a) (d)		96,737		264,360
Atoss Software AG		1,110		256,155
Aurubis AG		9,219		755,875
Auto1 Group SE (a)		9,285		66,379
Basler AG		3,660		47,299
BayWa AG (d)		4,695		165,098
Bechtle AG		19,131		958,566
Bertrandt AG		2,127		120,626
Bijou Brigitte AG		1,351		59,897
Bilfinger SE		9,729		374,010
Borussia Dortmund GmbH & Co. KGaA (a)		26,685		106,080
BRANICKS Group AG (d)		13,461		50,149
CANCOM SE (d)		10,426		340,320
Ceconomy AG (a)		47,148		128,792
CENIT AG		3,413		46,220
Cewe Stiftung & Co. KGAA		1,828		204,245
CompuGroup Medical SE & Co. KgaA		7,186		300,649
Germany—(Continued)
CropEnergies AG (d)		9,235		117,225
CTS Eventim AG & Co. KGaA		13,878		958,882
Data Modul AG Produktion Und Vertrieb Von Elektronischen Systemen		138		6,762
Dermapharm Holding SE		3,957		184,996
Deutsche Beteiligungs AG (d)		4,577		148,318
Deutsche Pfandbriefbank AG (d)		43,005		294,148
Deutz AG		26,653		141,254
Dr Hoenle AG (a) (d)		2,084		40,253
Draegerwerk AG & Co. KGaA		1,062		52,458
Duerr AG		15,842		374,020
DWS Group GmbH & Co. KGaA		5,057		194,296
Eckert & Ziegler Strahlen- und Medizintechnik AG (d)		3,953		180,248
Elmos Semiconductor SE		1,709		139,635
ElringKlinger AG (d)		8,918		54,460
Encavis AG (a) (d)		28,569		491,588
Energiekontor AG (d)		1,621		147,965
EuroEyes International Eye Clinic Ltd. - Class C		10,000		6,685
Evotec SE (a)		956		22,457
Fielmann Group AG		6,684		358,910
flatexDEGIRO AG (a)		11,582		142,811
FORTEC Elektronik AG		253		6,712
Fraport AG Frankfurt Airport Services Worldwide (a)		8,815		532,962
Freenet AG		33,937		948,990
FUCHS SE		8,457		302,919
GEA Group AG		25,168		1,047,488
Gerresheimer AG		9,767		1,017,300
Gesco SE		2,953		60,645
GFT Technologies SE		5,130		176,847
Grand City Properties SA (a)		31,748		356,839
Grenke AG		1,610		44,526
H&R GmbH & Co. KGaA		4,195		21,670
Hamburger Hafen und Logistik AG (a) (d)		8,624		159,373
Hawesko Holding SE		223		7,804
Heidelberger Druckmaschinen AG (a)		84,200		115,190
HelloFresh SE (a) (d)		30,689		486,097
Hensoldt AG		8,436		227,359
HOCHTIEF AG		5,762		638,055
Hornbach Holding AG & Co. KGaA		2,658		193,667
Hugo Boss AG		18,161		1,352,758
Indus Holding AG		6,490		160,126
Init Innovation in Traffic Systems SE		1,794		60,351
Instone Real Estate Group SE		9,568		77,125
IVU Traffic Technologies AG (d)		1,432		22,035
Jenoptik AG		16,935		532,051
JOST Werke SE		2,840		138,576
K&S AG		39,216		619,429
KION Group AG		11,631		496,691
Kloeckner & Co. SE (d)		21,296		225,695
Knaus Tabbert AG		160		8,300
Koenig & Bauer AG (a)		4,373		58,442
Krones AG		4,577		565,015
KSB SE & Co. KGaA		82		60,290
KWS Saat SE & Co. KGaA		3,725		221,056
Lanxess AG		22,664		709,523
LEG Immobilien SE (a)		14,068		1,231,949
Leifheit AG		2,964		53,214

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Manz AG (a) (d)		1,272	$	17,332
Medigene AG (a)		2,446		4,123
METRO AG (a) (d)		25,342		176,541
MLP SE		22,156		135,497
Mutares SE & Co. KGaA (d)		633		24,740
Nagarro SE (a) (d)		2,942		284,073
New Work SE		895		77,856
Nexus AG		254		16,320
Nordex SE (a) (d)		6,378		73,211
Norma Group SE		10,153		179,675
OHB SE (a)		1,607		76,224
Patrizia SE		15,140		137,041
Pfeiffer Vacuum Technology AG		337		57,374
PNE AG (d)		6,909		105,728
ProSiebenSat.1 Media SE (d)		44,354		270,986
PSI Software SE (d)		2,032		56,754
PVA TePla AG (a)		3,712		83,613
PWO AG		822		27,229
q.beyond AG (a)		24,973		16,459
R Stahl AG (a)		1,594		36,716
Rational AG		143		110,480
SAF-Holland SE		9,928		166,662
Salzgitter AG		8,260		255,362
Scout24 SE		1,244		88,014
Secunet Security Networks AG		391		63,266
SGL Carbon SE (a) (d)		8,945		64,236
Siltronic AG (d)		4,688		457,757
Sirius Real Estate Ltd.		241,184		289,202
Sixt SE (d)		4,289		479,228
SMA Solar Technology AG (a) (d)		2,279		152,370
Softwareone Holding AG		16,598		323,912
Stabilus SE		6,982		475,698
STRATEC SE		1,280		64,369
Stroeer SE & Co. KGaA (d)		8,363		496,222
Suedzucker AG		18,380		287,993
SUESS MicroTec SE		6,216		190,126
Surteco Group SE		2,209		39,539
Synlab AG (a) (d)		2,964		32,394
TAG Immobilien AG (a)		52,366		762,819
Takkt AG (d)		10,920		162,882
TeamViewer SE (a)		34,398		532,600
Technotrans SE		2,191		52,742
thyssenkrupp AG		116,223		810,970
TUI AG (a)		4,243		32,976
United Internet AG		8,616		219,055
Verbio Vereinigte Bioenergie AG (d)		6,932		228,653
Vitesco Technologies Group AG - Class A (a)		2,649		274,802
Vossloh AG		3,146		145,686
Wacker Chemie AG		2,017		254,550
Wacker Neuson SE (d)		8,944		180,327
Washtec AG		3,673		129,759
Westwing Group SE (a) (d)		1,155		11,270
Wuestenrot & Wuerttembergische AG		4,932		72,765
Zeal Network SE		1,619		59,518
				31,716,005
Ghana—0.1%
Tullow Oil PLC (a) (d)		415,488		205,591
Greece—0.0%
Okeanis Eco Tankers Corp. (a)		1,254		33,243
Greenland—0.0%
GronlandsBANKEN AS		140		12,958
Guernsey, Channel Islands—0.0%
Raven Property Group Ltd. (a) (b) (c)		112,611		0
Hong Kong—1.8%
Aceso Life Science Group Ltd. (a)		1,001,000		14,453
Aeon Credit Service Asia Co. Ltd.		44,000		30,692
Aidigong Maternal & Child Health Ltd. (a)		180,000		6,220
Allied Group Ltd.		382,000		76,806
APAC Resources Ltd.		84,990		10,340
Apollo Future Mobility Group Ltd. (a)		17,400		1,783
Applied Development Holdings Ltd. (a)		150,000		1,153
Asia Financial Holdings Ltd.		88,000		39,895
Asia Standard International Group Ltd. (a)		296,000		16,111
ASMPT Ltd.		62,100		589,675
Associated International Hotels Ltd.		14,000		10,399
Bank of East Asia Ltd.		103,823		127,985
Bel Global Resources Holdings Ltd. (a) (b) (c)		520,000		0
BOCOM International Holdings Co. Ltd. (a)		117,000		5,723
Brightoil Petroleum Holdings Ltd. (a) (b) (c)		591,000		0
Build King Holdings Ltd.		160,000		23,547
Burwill Holdings Ltd. (a) (b) (c)		1,566,000		0
C-Mer Eye Care Holdings Ltd. (a)		74,000		32,717
Cadeler AS (a) (d)		3,200		14,766
Cafe de Coral Holdings Ltd.		94,000		108,443
Century City International Holdings Ltd. (a)		616,000		20,143
Chen Hsong Holdings		150,000		27,336
Cheuk Nang Holdings Ltd.		108,566		22,524
Chevalier International Holdings Ltd.		75,139		49,365
China Baoli Technologies Holdings Ltd. (a)		2,850		285
China Best Group Holding Ltd. (a)		63,000		1,683
China Energy Development Holdings Ltd. (a)		3,376,000		34,050
China Motor Bus Co. Ltd.		4,800		36,145
China Solar (a) (b) (c)		162,000		0
China Star Entertainment Ltd. (a)		378,000		38,670
Chinese Estates Holdings Ltd. (a)		151,000		23,509
Chinney Investments Ltd.		8,000		994
Chow Sang Sang Holdings International Ltd.		94,000		108,085
Chuang’s China Investments Ltd. (a)		511,500		9,040
Chuang’s Consortium International Ltd. (a)		382,357		21,790
CK Life Sciences International Holdings, Inc.		304,000		24,118
CMBC Capital Holdings Ltd. (a)		19,000		766
CNT Group Ltd.		246,000		10,239
Convenience Retail Asia Ltd.		36,000		3,133
Convoy, Inc. (a) (b) (c)		1,314,000		5,267
Cowell e Holdings, Inc. (a)		39,000		115,687
Crystal International Group Ltd.		29,500		10,947
CSC Holdings Ltd. (a)		4,927,500		18,344
CSI Properties Ltd.		2,274,023		27,994
Dah Sing Banking Group Ltd.		112,271		72,385

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Dah Sing Financial Holdings Ltd.		41,460	$	84,847
Dickson Concepts International Ltd.		87,500		52,059
DMX Technologies Group Ltd. (a) (b) (c)		186,000		0
Dynamic Holdings Ltd.		20,000		23,362
Eagle Nice International Holdings Ltd.		80,000		43,313
EC Healthcare		59,000		13,129
EcoGreen International Group Ltd. (a) (b) (c)		118,800		5,421
Emperor International Holdings Ltd.		529,250		26,112
Emperor Watch & Jewellery Ltd.		1,520,000		32,293
ENM Holdings Ltd. (a)		412,000		15,018
Esprit Holdings Ltd. (a)		504,275		26,101
Fairwood Holdings Ltd.		26,500		31,111
Far East Consortium International Ltd.		360,687		64,214
First Pacific Co. Ltd.		570,000		226,866
Fosun Tourism Group (a)		14,400		10,631
G-Resources Group Ltd.		123,180		30,742
Genting Hong Kong, Ltd. (a) (b) (c)		327,000		3,258
Get Nice Financial Group Ltd.		104,000		8,534
Giordano International Ltd.		322,000		108,834
Glorious Sun Enterprises Ltd.		393,000		41,761
Gold Fin Holdings (a) (b) (c)		214,000		0
Gold Peak Technology Group Ltd. (a)		277,714		21,033
Golden Resources Development International Ltd.		264,000		15,923
Good Resources Holdings Ltd. (a) (b) (c)		420,000		0
GR Life Style Company Ltd. (a)		82,000		3,365
Great Eagle Holdings Ltd.		49,491		76,956
Guoco Group Ltd.		1,000		7,205
Haitong International Securities Group Ltd. (a)		680,117		131,495
Hang Lung Group Ltd.		176,000		240,057
Hanison Construction Holdings Ltd.		148,009		13,079
Harbour Centre Development Ltd. (a)		88,000		79,790
HK Electric Investments & HK Electric Investments Ltd.		167,000		100,666
HKBN Ltd.		167,500		74,726
HKR International Ltd.		343,680		65,260
Hon Kwok Land Investment Co. Ltd.		140,000		25,277
Hong Kong Economic Times Holdings Ltd.		50,000		5,189
Hong Kong Ferry Holdings Co. Ltd.		39,000		22,890
Hong Kong Technology Venture Co. Ltd. (a)		96,000		32,465
Hongkong & Shanghai Hotels Ltd. (a)		95,902		72,098
Hongkong Chinese Ltd. (a)		510,000		20,941
Hsin Chong Group Holdings Ltd. (a) (b) (c)		918,000		0
Hung Hing Printing Group Ltd.		252,000		33,290
Hutchison Port Holdings Trust		1,123,200		166,955
Hutchison Telecommunications Hong Kong Holdings Ltd.		366,000		50,112
Hysan Development Co. Ltd.		139,000		275,692
Imagi International Holdings Ltd. (a)		18,112		3,416
International Housewares Retail Co. Ltd.		105,000		21,778
IPE Group Ltd. (a)		285,000		17,519
IRC Ltd. (a)		936,000		12,845
ITC Properties Group Ltd. (a)		182,746		14,510
Jacobson Pharma Corp. Ltd.		90,000		7,385
Johnson Electric Holdings Ltd.		88,873		141,591
K Wah International Holdings Ltd.		172,000		43,095
Kader Holdings Co. Ltd. (a)		104,000		5,527
Karrie International Holdings Ltd.		140,000		8,622
Keck Seng Investments Hong Kong Ltd.		72,000		18,326
Kerry Logistics Network Ltd.		88,500		93,090
Hong Kong—(Continued)
Kerry Properties Ltd.		127,000		231,631
Kingmaker Footwear Holdings Ltd.		102,000		9,666
Kowloon Development Co. Ltd.		124,000		93,747
Lai Sun Development Co. Ltd. (a)		111,919		12,204
Lai Sun Garment International Ltd. (a)		194,634		23,430
Lam Soon Hong Kong Ltd.		15,000		14,407
Langham Hospitality Investments & Langham Hospitality Investments Ltd.		207,000		17,739
Lerthai Group Ltd. (a) (b) (c)		18,000		0
Lippo China Resources Ltd. (a)		210,600		22,371
Lippo Ltd. (a)		122,000		18,124
Liu Chong Hing Investment Ltd.		78,000		53,941
Luk Fook Holdings International Ltd.		81,000		217,383
Lung Kee Bermuda Holdings		90,000		16,713
Magnificent Hotel Investment Ltd. (a)		1,310,000		14,428
Man Wah Holdings Ltd.		240,800		164,636
Mandarin Oriental International Ltd.		67,000		105,048
Matrix Holdings Ltd.		36,000		4,610
MH Development NPV (a) (b) (c)		124,000		0
Midland Holdings Ltd. (a)		178,010		11,171
Miramar Hotel & Investment		51,000		69,920
Modern Dental Group Ltd.		79,000		43,433
Nameson Holdings Ltd.		130,000		8,312
National Electronics Holdings		182,600		15,200
New World Development Co. Ltd. (d)		150,000		231,827
NewOcean Energy Holdings Ltd. (a) (b) (c)		398,000		357
Nissin Foods Co. Ltd.		47,000		37,580
NWS Holdings Ltd.		279,000		262,785
Oriental Watch Holdings		96,484		51,887
Oshidori International Holdings Ltd. (a)		1,068,000		27,404
Pacific Andes International Holdings Ltd. (a) (b) (c)		1,819,984		0
Pacific Basin Shipping Ltd.		1,125,000		371,383
Pacific Century Premium Developments Ltd. (a)		49,788		1,557
Pacific Textiles Holdings Ltd.		266,000		45,948
Paliburg Holdings Ltd. (a)		208,000		20,468
Paradise Entertainment Ltd. (a)		168,000		19,599
PC Partner Group Ltd.		54,000		21,655
PCCW Ltd.		576,582		306,994
Perfect Medical Health Management Ltd.		108,000		45,746
Pico Far East Holdings Ltd.		252,000		49,705
Playmates Holdings Ltd.		460,000		32,990
PT International Development Co. Ltd. (a)		279,000		2,501
Public Financial Holdings Ltd.		166,000		34,254
Realord Group Holdings Ltd. (a)		20,000		14,036
Regal Hotels International Holdings Ltd. (a)		126,000		46,369
Regina Miracle International Holdings Ltd.		71,000		19,549
Samson Holding Ltd.		146,000		4,039
SAS Dragon Holdings Ltd.		140,000		57,553
SEA Holdings Ltd.		63,896		14,075
Shangri-La Asia Ltd. (a)		234,000		160,322
Shun Ho Property Investments Ltd. (a)		21,615		2,242
Shun Tak Holdings Ltd. (a)		379,500		48,960
Singamas Container Holdings Ltd.		506,000		33,653
SmarTone Telecommunications Holdings Ltd.		107,888		56,054
Soundwill Holdings Ltd.		41,500		33,484
South China Holdings Co. Ltd. (a)		1,240,000		6,828
Stella International Holdings Ltd.		141,000		166,274

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Sun Hung Kai & Co. Ltd.		153,440	$	48,084
SUNeVision Holdings Ltd.		176,000		69,614
TAI Cheung Holdings Ltd.		192,000		81,138
Tan Chong International Ltd.		63,000		11,537
Tao Heung Holdings Ltd.		204,000		19,573
Television Broadcasts Ltd. (a)		97,700		39,763
Texwinca Holdings Ltd.		236,000		28,969
Tradelink Electronic Commerce Ltd.		256,000		29,175
Transport International Holdings Ltd.		65,760		79,404
United Laboratories International Holdings Ltd.		241,000		216,245
Up Energy Development Group Ltd. (a) (b) (c)		92,000		0
Upbest Group Ltd.		16,000		1,250
Value Partners Group Ltd.		215,000		58,861
Valuetronics Holdings Ltd.		89,790		40,429
Vedan International Holdings Ltd.		296,000		15,353
Vitasoy International Holdings Ltd.		162,000		162,004
VPower Group International Holdings Ltd. (a)		53,251		2,289
VSTECS Holdings Ltd.		169,200		95,242
VTech Holdings Ltd.		42,200		255,220
Wai Kee Holdings Ltd. (a)		54,000		6,362
Wang On Group Ltd.		2,200,000		11,264
Wealthink AI-Innovation Capital Ltd. (a)		284,000		13,869
Wing On Co. International Ltd.		46,000		71,163
Wing Tai Properties Ltd.		176,000		61,758
Xinyi Glass Holdings Ltd.		52,000		58,238
Yue Yuen Industrial Holdings Ltd.		164,000		182,062
Yunfeng Financial Group Ltd. (a)		34,000		4,363
Zhaobangji Lifestyle Holdings Ltd. (a)		184,000		4,774
				9,627,176
Ireland—0.5%
Bank of Ireland Group PLC		122,388		1,109,388
C&C Group PLC (d)		120,783		234,682
Cairn Homes PLC		89,136		129,959
COSMO Pharmaceuticals NV (d)		1,257		76,255
Dalata Hotel Group PLC		23,703		120,647
FBD Holdings PLC		9,980		125,165
Glanbia PLC		36,185		594,755
Glenveagh Properties PLC (a)		61,605		83,020
Greencore Group PLC (a)		159,206		195,926
Hostelworld Group PLC (a)		8,529		14,777
Irish Continental Group PLC		22,005		105,062
Permanent TSB Group Holdings PLC (a)		15,086		28,302
				2,817,938
Isle of Man—0.0%
Strix Group PLC		40,073		38,051
Israel—1.1%
Abra Information Technologies Ltd. (a)		9,179		7,807
Adgar Investment & Development Ltd.		11,788		16,634
Afcon Holdings Ltd. (a)		771		20,392
AFI Properties Ltd. (a)		3,584		158,334
Africa Israel Residences Ltd.		880		45,243
Airport City Ltd. (a)		1		9
Allot Ltd. (a)		10,216		16,257
Israel—(Continued)
Alrov Properties & Lodgings Ltd.		1,801		61,991
Arad Ltd.		2,224		33,597
Ashdod Refinery Ltd. (a)		2,185		48,573
AudioCodes Ltd.		8,025		96,858
Aura Investments Ltd.		3,293		9,293
Avgol Industries 1953 Ltd. (a)		27,883		12,213
Azorim-Investment Development & Construction Co. Ltd. (a)		23,193		94,143
Bet Shemesh Engines Holdings 1997 Ltd.		2,139		67,867
Blue Square Real Estate Ltd.		1,325		87,865
Carasso Motors Ltd.		5,984		25,698
Cellcom Israel Ltd. (a)		24,928		101,704
Ceragon Networks Ltd. (a)		14,799		31,966
Clal Insurance Enterprises Holdings Ltd. (a)		10,582		168,508
Compugen Ltd. (a)		1,588		2,851
Danel Adir Yeoshua Ltd.		1,759		145,207
Delek Automotive Systems Ltd.		12,832		82,426
Delta Galil Ltd.		3,185		141,755
Dor Alon Energy in Israel 1988 Ltd.		1,540		30,412
Electra Consumer Products 1970 Ltd.		1,793		35,676
Electra Real Estate Ltd.		6,750		76,063
Equital Ltd. (a)		5,416		166,000
FMS Enterprises Migun Ltd.		1,295		43,316
Formula Systems 1985 Ltd.		2,715		173,822
Fox Wizel Ltd.		1,176		79,540
Gav-Yam Lands Corp. Ltd.		3,128		25,397
Gilat Satellite Networks Ltd. (a)		9,844		60,233
Globrands Ltd.		93		10,666
Hilan Ltd.		3,895		204,375
IDI Insurance Co. Ltd.		2,662		70,941
IES Holdings Ltd. (a)		569		37,905
Ilex Medical Ltd.		959		15,341
Inrom Construction Industries Ltd.		22,474		65,716
Isracard Ltd.		22,812		80,932
Israel Canada T.R Ltd.		30,064		89,662
Israel Land Development Co. Ltd.		3,950		37,985
Isras Investment Co. Ltd.		541		112,010
Issta Ltd. (a)		1,175		22,091
Kamada Ltd. (a)		7,951		48,509
Kerur Holdings Ltd.		2,088		36,795
Klil Industries Ltd. (a)		315		17,558
Lahav L.R. Real Estate Ltd.		7,734		7,690
Levinstein Properties Ltd.		1,208		24,190
M Yochananof & Sons Ltd.		586		25,632
Magic Software Enterprises Ltd.		5,909		56,775
Malam - Team Ltd.		2,688		36,162
Matrix IT Ltd.		6,643		124,935
Maytronics Ltd.		1		6
Mediterranean Towers Ltd.		28,011		67,571
Mega Or Holdings Ltd.		4,941		115,090
Mehadrin Ltd. (a)		108		4,205
Meitav Investment House Ltd.		10,041		39,798
Menora Mivtachim Holdings Ltd.		4,340		111,480
Migdal Insurance & Financial Holdings Ltd.		56,284		63,953
Mivtach Shamir Holdings Ltd. (a)		1,966		55,440
Mizrahi Tefahot Bank Ltd.		1		36
Naphtha Israel Petroleum Corp. Ltd.		12,347		63,044

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Israel—(Continued)
Nawi Brothers Ltd.		4,888	$	31,889
Neto Malinda Trading Ltd. (a)		783		10,378
Neto ME Holdings Ltd. (a)		788		12,320
Novolog Ltd.		43,939		17,582
Oil Refineries Ltd.		418,554		141,164
One Software Technologies Ltd.		9,000		114,874
Partner Communications Co. Ltd. (a)		33,663		166,158
Paz Oil Co. Ltd.		2,185		182,903
Perion Network Ltd. (a)		4,002		125,568
Plasson Industries Ltd.		1,078		42,076
Plus500 Ltd.		25,321		536,236
Prashkovsky Investments & Construction Ltd.		569		13,102
Priortech Ltd. (a)		2,244		75,935
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		2,198		122,308
Retailors Ltd.		504		9,964
Sano-Brunos Enterprises Ltd.		46		3,149
Scope Metals Group Ltd. (a)		1,844		54,140
Shufersal Ltd. (a)		2,836		13,470
Summit Real Estate Holdings Ltd.		8,001		120,137
Suny Cellular Communication Ltd.		16,495		4,224
Tadiran Group Ltd.		855		63,264
Tel Aviv Stock Exchange Ltd.		12,781		67,995
Telsys Ltd.		402		26,157
Tremor International Ltd. (ADR) (a) (d)		7,429		37,591
Victory Supermarket Chain Ltd.		589		5,700
YH Dimri Construction & Development Ltd.		1,750		125,047
				5,937,474
Italy—4.3%
A2A SpA		383,540		787,294
ACEA SpA		10,339		157,878
Aeffe SpA (a)		11,359		11,511
Amplifon SpA		13,635		473,192
Anima Holding SpA		57,220		253,111
Aquafil SpA (d)		3,537		13,436
Ariston Holding NV		3,301		22,919
Arnoldo Mondadori Editore SpA		41,344		97,909
Ascopiave SpA		19,908		49,456
Avio SpA (a) (d)		6,077		56,775
Azimut Holding SpA		28,124		735,299
Banca Generali SpA		15,246		566,270
Banca IFIS SpA		7,714		133,734
Banca Mediolanum SpA		17,645		166,277
Banca Monte dei Paschi di Siena SpA (a)		44,894		151,503
Banca Popolare di Sondrio SPA		137,290		888,364
Banca Profilo SpA (d)		117,883		26,420
Banca Sistema SpA		13,168		17,466
Banco BPM SpA		384,473		2,030,038
Banco di Desio e della Brianza SpA		20,306		81,674
BFF Bank SpA		20,564		234,307
BPER Banca		260,033		868,980
Brembo SpA		35,796		439,761
Brunello Cucinelli SpA		8,919		875,111
Buzzi SpA		25,101		763,333
Cairo Communication SpA		19,722		39,380
Italy—(Continued)
Carel Industries SpA		7,731		212,236
Cementir Holding NV		14,671		154,629
CIR SpA-Compagnie Industriali (a)		191,168		90,989
Credito Emiliano SpA		23,832		211,548
d’Amico International Shipping SA		11,515		71,904
Danieli & C Officine Meccaniche SpA (d)		3,431		111,373
De’ Longhi SpA		13,473		455,071
doValue SpA		7,705		29,226
Elica SpA		11,044		27,703
Emak SpA (d)		23,063		27,960
Enav SpA		38,399		145,556
ERG SpA (d)		7,855		250,682
Esprinet SpA (d)		9,278		56,289
Eurotech SpA (a) (d)		10,078		27,432
Fila SpA		3,057		29,625
Fincantieri SpA (a) (d)		93,136		57,364
FNM SpA		55,327		27,634
Geox SpA (a) (d)		34,378		27,738
Gruppo MutuiOnline SpA		4,757		167,780
Hera SpA		200,555		658,142
IMMSI SpA (d)		51,196		32,213
Intercos SpA		700		11,066
Interpump Group SpA		15,233		789,096
Iren SpA		173,436		377,978
Italgas SpA		126,621		725,398
Italmobiliare SpA (d)		4,207		128,918
Iveco Group NV (a)		40,291		362,923
IVS Group SA (d)		7,886		47,552
Leonardo SpA		107,918		1,780,447
LU-VE SpA		1,991		50,764
Maire Tecnimont SpA		42,334		230,121
MFE-MediaForEurope NV - Class A		36,806		95,813
MFE-MediaForEurope NV - Class B (d)		15,815		57,054
Openjobmetis SpA agenzia per il lavoro		1,209		21,367
OVS SpA (d)		54,328		136,246
Pharmanutra SpA		826		51,518
Piaggio & C SpA		43,925		144,471
Pirelli & C SpA		71,853		391,407
RAI Way SpA		24,727		139,521
Reply SpA		5,783		764,213
Rizzoli Corriere Della Sera Mediagroup SpA		39,016		31,906
Sabaf SpA (a)		3,059		58,571
Safilo Group SpA (a)		12,212		12,320
Salcef Group SpA		457		12,440
Salvatore Ferragamo SpA (d)		10,353		139,861
Sanlorenzo SpA		813		38,013
Saras SpA (d)		169,450		302,828
Sesa SpA		2,065		281,111
Sogefi SpA (a)		24,822		56,113
SOL SpA		10,262		315,302
Spaxs SpA (a) (d)		12,140		73,106
Tamburi Investment Partners SpA		24,878		255,431
Technogym SpA		31,905		319,787
Telecom Italia SpA (a) (d)		1,819,770		592,120
Tinexta Spa		798		17,912
Tod’s SpA (a)		574		21,683

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
Uni Land SpA (a) (b) (c)		4,937	$	0
Unieuro SpA (d)		3,192		36,586
Unipol Gruppo SpA		98,029		558,687
UnipolSai Assicurazioni SpA		48,949		122,137
Webuild SpA (d)		70,140		141,514
Zignago Vetro SpA		6,769		106,668
				22,614,461
Japan—24.4%
&Do Holdings Co. Ltd.		1,400		10,257
77 Bank Ltd.		13,300		327,050
A&D HOLON Holdings Co. Ltd.		6,000		76,298
Access Co. Ltd. (a)		2,300		13,488
Achilles Corp.		3,700		40,433
Ad-sol Nissin Corp.		1,900		20,965
Adastria Co. Ltd.		6,340		156,298
ADEKA Corp.		20,600		418,105
Adtec Plasma Technology Co. Ltd.		600		7,777
Advan Group Co. Ltd.		6,700		50,850
Advanced Media, Inc.		1,200		16,069
Adventure, Inc.		600		23,566
Aeon Delight Co. Ltd.		5,100		128,586
Aeon Fantasy Co. Ltd. (d)		2,400		44,478
AEON Financial Service Co. Ltd.		12,700		113,767
Aeon Hokkaido Corp.		4,800		31,495
Aeon Kyushu Co. Ltd.		600		10,170
Aeria, Inc. (d)		2,200		4,653
AFC-HD AMS Life Science Co. Ltd.		1,900		10,764
Agro-Kanesho Co. Ltd.		1,000		10,905
Ahresty Corp.		5,200		25,865
Ai Holdings Corp. (d)		9,200		152,238
Aica Kogyo Co. Ltd.		13,000		314,942
Aichi Corp.		9,000		69,401
Aichi Financial Group, Inc.		7,714		125,741
Aichi Steel Corp.		2,700		60,587
Aichi Tokei Denki Co. Ltd.		2,200		36,429
Aida Engineering Ltd.		13,300		77,557
Aiful Corp.		51,900		139,657
Ain Holdings, Inc.		5,700		180,647
Ainavo Holdings Co. Ltd.		1,100		9,393
Aiphone Co. Ltd.		3,000		57,438
Airport Facilities Co. Ltd.		7,500		31,326
Airtrip Corp. (d)		2,500		32,742
Aisan Industry Co. Ltd.		8,700		72,303
AIT Corp.		1,600		19,545
Aizawa Securities Group Co. Ltd.		6,800		56,254
Ajis Co. Ltd.		500		8,113
Akatsuki Corp.		8,100		25,393
Akatsuki, Inc.		2,100		37,597
Akebono Brake Industry Co. Ltd. (a)		17,400		13,823
Akita Bank Ltd.		4,100		55,137
Albis Co. Ltd.		1,600		29,788
Alconix Corp.		6,400		60,279
Alinco, Inc.		4,600		32,660
Alleanza Holdings Co. Ltd.		1,400		10,349
Alpen Co. Ltd. (d)		4,800		66,041
Japan—(Continued)
Alpha Corp.		2,200		21,294
AlphaPolis Co. Ltd. (a)		400		6,514
Alps Alpine Co. Ltd.		39,000		338,692
Alps Logistics Co. Ltd.		4,800		56,462
Altech Corp. (d)		4,520		85,149
Amano Corp.		14,400		340,623
Amiyaki Tei Co. Ltd.		1,100		29,820
Amuse, Inc.		2,800		29,406
Amvis Holdings, Inc.		3,700		78,413
Anabuki Kosan, Inc.		800		11,380
Anest Iwata Corp.		10,400		81,587
AnGes, Inc. (a) (d)		13,200		6,736
Anicom Holdings, Inc.		15,600		59,965
Anritsu Corp.		28,100		270,403
AOI Electronics Co. Ltd.		1,100		22,080
AOKI Holdings, Inc.		9,300		75,117
Aoyama Trading Co. Ltd.		10,400		108,965
Aoyama Zaisan Networks Co. Ltd.		2,800		20,558
Aozora Bank Ltd. (d)		12,200		264,440
Apaman Co. Ltd.		2,100		6,642
Arakawa Chemical Industries Ltd.		4,600		33,097
Arata Corp.		7,600		167,139
ARCLANDS Corp. (d)		9,680		115,120
Arcs Co. Ltd.		10,864		214,145
ARE Holdings, Inc.		18,800		259,786
Arealink Co. Ltd. (d)		3,100		59,069
Argo Graphics, Inc.		4,800		124,270
Arisawa Manufacturing Co. Ltd.		9,400		69,829
Artience Co. Ltd.		8,900		165,587
Artiza Networks, Inc.		1,800		8,687
Artnature, Inc.		5,000		28,378
Aruhi Corp.		2,000		11,648
As One Corp.		6,700		265,454
Asahi Broadcasting Group Holdings Corp.		2,400		11,300
Asahi Co. Ltd.		4,500		40,406
Asahi Diamond Industrial Co. Ltd.		11,800		70,395
Asahi Intelligence Service Co. Ltd.		100		939
Asahi Kogyosha Co. Ltd.		2,400		51,873
Asahi Net, Inc.		5,000		21,805
Asahi Printing Co. Ltd.		400		2,537
Asahi Yukizai Corp.		3,900		104,349
Asahipen Corp.		400		5,003
Asanuma Corp.		3,900		106,615
Asax Co. Ltd.		3,200		15,995
Ascentech KK		1,400		4,964
Ashimori Industry Co. Ltd.		1,600		22,775
Asia Pile Holdings Corp.		3,800		18,911
ASKA Pharmaceutical Holdings Co. Ltd.		6,200		78,345
ASKUL Corp.		9,200		139,918
Astena Holdings Co. Ltd.		9,000		30,357
Atsugi Co. Ltd. (a)		6,100		22,188
Aucnet, Inc. (d)		2,700		34,916
Autobacs Seven Co. Ltd.		18,100		200,062
Avant Group Corp.		5,800		58,318
Avantia Co. Ltd.		3,000		18,707
Avex, Inc.		7,600		73,598
Awa Bank Ltd.		8,800		146,867

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Axial Retailing, Inc.		4,400	$	129,475
Axyz Co. Ltd.		500		10,199
AZ-COM MARUWA Holdings, Inc.		7,400		80,059
Bando Chemical Industries Ltd.		9,100		99,872
Bank of Iwate Ltd.		3,700		65,514
Bank of Kochi Ltd.		1,600		10,587
Bank of Nagoya Ltd.		2,500		96,437
Bank of Saga Ltd.		2,600		33,991
Bank of the Ryukyus Ltd.		9,200		72,127
Base Co. Ltd.		600		15,659
Beauty Garage, Inc.		1,600		24,975
Belc Co. Ltd.		2,800		124,084
Bell System24 Holdings, Inc.		8,200		101,679
Belluna Co. Ltd.		14,700		64,745
Benefit One, Inc.		3,900		58,514
Benesse Holdings, Inc.		6,800		125,544
Bengo4.com, Inc. (a) (d)		1,400		42,995
Bic Camera, Inc.		18,000		171,428
BML, Inc.		6,100		129,522
Bookoff Group Holdings Ltd. (d)		3,500		28,240
Bourbon Corp.		2,100		34,178
BP Castrol KK		2,600		15,996
Br Holdings Corp.		7,400		18,615
BrainPad, Inc.		3,300		25,718
Bull-Dog Sauce Co. Ltd.		1,200		18,254
Bunka Shutter Co. Ltd.		13,200		131,307
Business Brain Showa-Ota, Inc.		2,600		40,157
Business Engineering Corp.		800		23,330
BuySell Technologies Co. Ltd. (d)		400		9,096
C Uyemura & Co. Ltd.		2,800		218,707
CAC Holdings Corp.		3,500		43,111
Canare Electric Co. Ltd.		800		8,666
Canon Electronics, Inc.		5,000		72,486
Careerlink Co. Ltd.		1,000		16,667
Carenet, Inc. (d)		3,600		27,921
Carlit Holdings Co. Ltd.		5,500		36,127
Carta Holdings, Inc. (d)		900		8,509
Casa, Inc.		1,000		6,364
Casio Computer Co. Ltd.		3,800		32,994
Cawachi Ltd.		3,300		62,053
CDS Co. Ltd.		700		8,381
CellSource Co. Ltd. (d)		600		5,432
Celsys, Inc.		6,900		35,108
Central Automotive Products Ltd.		3,000		88,459
Central Glass Co. Ltd.		5,100		96,200
Central Security Patrols Co. Ltd.		2,300		41,460
Central Sports Co. Ltd.		2,400		41,685
Ceres, Inc. (d)		1,600		13,793
Change Holdings, Inc.		5,500		55,165
Charm Care Corp. KK		3,800		34,033
Chiba Kogyo Bank Ltd.		9,300		52,056
Chilled & Frozen Logistics Holdings Co. Ltd.		2,800		28,638
Chino Corp.		2,700		41,765
Chiyoda Co. Ltd.		5,800		35,296
Chiyoda Corp. (a)		38,700		93,339
Chiyoda Integre Co. Ltd.		2,500		49,533
Chofu Seisakusho Co. Ltd. (d)		5,100		73,456
Japan—(Continued)
Chori Co. Ltd.		3,600		71,957
Chubu Shiryo Co. Ltd.		6,800		52,796
Chudenko Corp.		6,600		120,488
Chuetsu Pulp & Paper Co. Ltd.		1,900		24,808
Chugai Ro Co. Ltd.		1,400		23,157
Chugin Financial Group, Inc.		32,800		232,493
Chugoku Electric Power Co., Inc.		34,400		246,224
Chugoku Marine Paints Ltd.		9,800		114,724
Chuo Gyorui Co. Ltd.		200		4,381
Chuo Spring Co. Ltd.		4,300		21,093
CI Takiron Corp.		11,000		51,141
Citizen Watch Co. Ltd.		45,800		272,258
CKD Corp.		9,700		174,141
Cleanup Corp.		7,300		35,406
CMIC Holdings Co. Ltd.		3,100		58,010
CMK Corp.		12,600		73,963
COLOPL, Inc.		7,200		30,135
Colowide Co. Ltd.		19,300		303,608
Como Co. Ltd.		400		7,875
Computer Engineering & Consulting Ltd.		1,500		16,608
Computer Institute of Japan Ltd.		8,160		37,333
Comture Corp.		5,900		77,131
Core Corp.		2,500		31,065
Corona Corp.		4,400		29,720
Cosel Co. Ltd.		8,100		78,748
Cosmos Initia Co. Ltd.		3,500		23,193
Cota Co. Ltd.		5,473		60,854
CRE, Inc.		2,100		20,967
Create Medic Co. Ltd.		1,800		11,382
Create Restaurants Holdings, Inc.		29,400		227,619
Create SD Holdings Co. Ltd.		5,600		121,565
Creek & River Co. Ltd.		2,700		41,957
Cresco Ltd.		4,000		54,308
Cross Cat Co. Ltd.		1,400		10,697
CTI Engineering Co. Ltd. (d)		2,900		107,876
CTS Co. Ltd.		7,700		35,461
Cube System, Inc.		2,500		19,475
Curves Holdings Co. Ltd.		13,000		59,967
Cybozu, Inc. (d)		5,300		81,645
Dai Nippon Toryo Co. Ltd.		6,000		43,341
Dai-Dan Co. Ltd.		7,800		78,756
Daicel Corp.		19,000		183,580
Daido Kogyo Co. Ltd.		2,000		10,284
Daido Metal Co. Ltd.		13,400		52,151
Daido Steel Co. Ltd.		31,500		334,216
Daihatsu Diesel Manufacturing Co. Ltd.		6,700		46,689
Daihen Corp.		5,200		237,191
Daiho Corp.		1,900		50,006
Daiichi Jitsugyo Co. Ltd.		6,000		83,496
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		5,000		34,968
Daiichikosho Co. Ltd.		6,700		98,924
Daiken Medical Co. Ltd.		4,400		15,978
Daiki Aluminium Industry Co. Ltd.		7,000		58,467
Daiki Axis Co. Ltd. (d)		1,300		6,614
Daiko Denshi Tsushin Ltd.		1,300		8,427
Daikoku Denki Co. Ltd. (d)		2,700		63,872
Daikokutenbussan Co. Ltd.		1,300		69,318

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Daikyonishikawa Corp.		11,600	$	56,092
Dainichi Co. Ltd.		4,100		20,528
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		4,000		71,543
Daio Paper Corp.		16,200		128,771
Daiseki Co. Ltd.		10,939		302,936
Daishi Hokuetsu Financial Group, Inc.		9,200		249,764
Daishinku Corp.		7,400		44,985
Daisue Construction Co. Ltd.		2,300		22,043
Daito Bank Ltd.		1,400		7,340
Daito Pharmaceutical Co. Ltd.		4,356		58,771
Daitron Co. Ltd.		2,400		47,625
Daiwa Industries Ltd.		7,700		82,281
Daiwabo Holdings Co. Ltd.		21,400		467,263
DCM Holdings Co. Ltd.		25,300		231,782
Dear Life Co. Ltd.		7,500		48,520
Delica Foods Holdings Co. Ltd.		600		2,483
DeNA Co. Ltd.		19,200		187,147
Denka Co. Ltd.		11,800		208,550
Densan System Holdings Co. Ltd.		1,700		33,299
Dentsu Soken, Inc.		1,600		66,151
Denyo Co. Ltd.		4,800		78,824
Dexerials Corp.		14,500		421,752
DIC Corp. (d)		14,500		284,483
Digital Arts, Inc.		2,900		105,164
Digital Hearts Holdings Co. Ltd.		2,600		18,587
Digital Holdings, Inc.		2,100		18,611
Digital Information Technologies Corp.		2,100		24,069
Dip Corp.		9,500		215,676
Direct Marketing MiX, Inc.		3,000		9,374
DKK Co. Ltd.		2,600		40,920
DKS Co. Ltd.		2,800		38,882
DMG Mori Co. Ltd. (d)		23,300		444,470
DMW Corp.		700		18,452
Doshisha Co. Ltd.		6,600		97,391
Double Standard, Inc.		1,400		15,503
Doutor Nichires Holdings Co. Ltd.		7,600		117,189
Dowa Holdings Co. Ltd.		6,400		233,263
Drecom Co. Ltd.		2,700		16,254
DTS Corp.		10,700		266,795
Duskin Co. Ltd.		10,900		258,840
DyDo Group Holdings, Inc.		2,700		111,901
E-Guardian, Inc. (d)		1,000		11,409
Eagle Industry Co. Ltd.		6,200		70,175
EAT&HOLDINGS Co. Ltd.		1,400		20,860
Ebara Foods Industry, Inc.		700		14,125
Ebara Jitsugyo Co. Ltd.		3,000		62,809
Ebase Co. Ltd.		4,800		26,518
Eco’s Co. Ltd.		2,100		35,824
EDION Corp. (d)		18,800		209,445
EF-ON, Inc.		6,100		19,403
eGuarantee, Inc.		8,200		118,757
Ehime Bank Ltd.		7,600		54,241
Eidai Co. Ltd.		10,000		15,740
Eiken Chemical Co. Ltd.		7,500		90,973
Eizo Corp.		4,400		153,564
Elan Corp.		8,200		64,750
Elecom Co. Ltd.		11,700		145,417
Japan—(Continued)
Elematec Corp.		4,700		58,290
EM Systems Co. Ltd.		3,500		17,271
en Japan, Inc.		8,300		159,962
Endo Lighting Corp.		2,600		22,071
Enplas Corp.		1,700		143,647
Entrust, Inc.		1,500		8,400
eRex Co. Ltd. (d)		8,000		44,379
ES-Con Japan Ltd. (a)		6,700		44,171
Eslead Corp.		2,000		48,635
ESPEC Corp.		5,700		94,999
Exedy Corp.		7,700		141,248
EXEO Group, Inc.		13,700		304,087
Ezaki Glico Co. Ltd. (d)		12,600		372,646
F&M Co. Ltd.		1,600		22,558
F-Tech, Inc.		6,000		26,976
FALCO HOLDINGS Co. Ltd.		2,300		34,064
Fancl Corp.		9,900		166,306
FCC Co. Ltd.		9,200		113,185
FDK Corp. (a)		3,600		17,850
Feed One Co. Ltd.		8,276		47,754
Ferrotec Holdings Corp.		11,700		219,748
Fibergate, Inc.		1,800		11,719
FIDEA Holdings Co. Ltd.		5,050		54,044
Financial Partners Group Co. Ltd.		8,200		97,545
FINDEX, Inc.		3,900		28,393
First Bank of Toyama Ltd.		10,700		58,282
First Brothers Co. Ltd. (d)		900		6,477
First Juken Co. Ltd.		1,600		11,804
First-Corp., Inc.		1,600		8,253
Fixstars Corp.		4,100		37,393
FJ Next Holdings Co. Ltd.		3,800		30,070
Focus Systems Corp.		2,900		20,438
Food & Life Cos. Ltd.		21,600		442,684
Forval Corp.		1,900		19,486
Foster Electric Co. Ltd.		5,600		41,522
FP Corp.		3,600		75,729
France Bed Holdings Co. Ltd.		7,900		74,749
FreakOut Holdings, Inc. (a)		800		4,911
Freebit Co. Ltd.		2,100		21,627
Freund Corp.		2,400		13,806
FTGroup Co. Ltd.		1,500		12,613
Fudo Tetra Corp.		4,130		66,137
Fuji Corp.		18,800		309,895
Fuji Corp. Ltd.		8,600		43,024
Fuji Kyuko Co. Ltd.		5,300		158,272
Fuji Media Holdings, Inc.		6,000		66,596
Fuji Oil Co. Ltd.		16,800		43,408
Fuji Oil Holdings, Inc.		10,600		182,403
Fuji Pharma Co. Ltd.		4,600		56,669
Fuji Seal International, Inc.		12,100		146,913
Fuji Soft, Inc.		2,000		83,653
Fujibo Holdings, Inc.		2,800		74,405
Fujicco Co. Ltd.		5,700		78,349
Fujikura Composites, Inc.		5,800		56,568
Fujikura Kasei Co. Ltd.		9,500		28,790
Fujikura Ltd.		36,600		280,413
Fujimi, Inc.		9,900		219,139

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Fujimori Kogyo Co. Ltd.		4,400	$	117,654
Fujisash Co. Ltd.		24,500		12,515
Fujishoji Co. Ltd.		1,300		10,882
Fujita Kanko, Inc. (a) (d)		400		16,682
Fujitsu General Ltd.		5,000		82,070
Fujiya Co. Ltd. (d)		3,300		56,954
FuKoKu Co. Ltd.		4,000		38,025
Fukuda Corp. (d)		1,700		60,553
Fukuda Denshi Co. Ltd.		4,200		219,169
Fukui Bank Ltd.		5,400		62,994
Fukui Computer Holdings, Inc.		2,700		48,106
Fukushima Bank Ltd.		11,200		18,554
Fukushima Galilei Co. Ltd.		3,800		131,158
Fukuyama Transporting Co. Ltd.		3,200		91,801
FULLCAST Holdings Co. Ltd.		5,400		70,006
Funai Soken Holdings, Inc. (d)		10,370		188,093
Furukawa Battery Co. Ltd.		5,000		30,909
Furukawa Co. Ltd.		7,700		103,924
Furukawa Electric Co. Ltd.		16,000		250,854
Furuno Electric Co. Ltd.		6,900		90,753
Furuya Metal Co. Ltd.		1,100		74,289
Furyu Corp.		4,300		42,360
Fuso Chemical Co. Ltd. (d)		4,600		135,828
Fuso Pharmaceutical Industries Ltd.		2,600		34,834
Futaba Corp.		10,200		37,840
Futaba Industrial Co. Ltd.		13,900		79,439
Future Corp.		11,200		139,954
Fuyo General Lease Co. Ltd.		1,500		129,920
G-7 Holdings, Inc.		5,800		49,258
G-Tekt Corp.		6,500		78,878
Gakken Holdings Co. Ltd.		6,400		44,709
Gakkyusha Co. Ltd.		2,800		39,956
Gecoss Corp.		4,600		34,494
Genki Sushi Co. Ltd.		3,200		69,913
Genky DrugStores Co. Ltd.		2,400		92,792
Geo Holdings Corp.		6,000		90,151
Gift Holdings, Inc.		1,600		29,185
GL Sciences, Inc.		1,300		23,281
GLOBERIDE, Inc.		5,200		73,837
Glory Ltd.		11,100		211,305
GMO Financial Gate, Inc.		400		29,537
GMO Financial Holdings, Inc. (d)		8,000		42,629
GMO GlobalSign Holdings KK		1,000		19,352
GMO internet group, Inc.		4,900		88,781
Godo Steel Ltd.		2,300		74,895
Goldcrest Co. Ltd.		3,830		59,886
Golf Digest Online, Inc. (d)		900		4,347
Good Com Asset Co. Ltd.		3,200		16,415
Grandy House Corp.		3,600		15,663
gremz, Inc.		900		13,359
GS Yuasa Corp.		15,900		223,094
GSI Creos Corp.		2,800		43,312
Gun-Ei Chemical Industry Co. Ltd.		1,800		39,537
GungHo Online Entertainment, Inc.		10,500		174,743
Gunma Bank Ltd.		79,600		388,822
Gunze Ltd.		3,700		131,047
H-One Co. Ltd.		6,000		33,461
Japan—(Continued)
H.U. Group Holdings, Inc.		14,400		271,651
H2O Retailing Corp.		22,000		237,898
HABA Laboratories, Inc.		700		10,778
Hagihara Industries, Inc.		4,000		40,898
Hagiwara Electric Holdings Co. Ltd. - Class C		2,400		82,549
Hakudo Co. Ltd.		2,400		39,547
Hakuto Co. Ltd.		3,100		119,047
Halows Co. Ltd.		2,100		63,780
Hamakyorex Co. Ltd.		4,600		129,390
Hamee Corp. (d)		1,800		12,696
Handsman Co. Ltd.		800		5,343
Hanwa Co. Ltd.		8,000		282,615
Happinet Corp.		4,100		80,151
Hard Off Corp. Co. Ltd.		3,700		43,951
Harima Chemicals Group, Inc.		4,300		24,804
Harmonic Drive Systems, Inc.		1,200		35,232
Hashimoto Sogyo Holdings Co. Ltd.		1,400		12,866
Hazama Ando Corp.		42,990		339,469
Heiwa Corp.		15,000		222,931
Heiwa Real Estate Co. Ltd.		5,700		152,036
Heiwado Co. Ltd.		7,500		113,301
Hennge KK (a)		600		5,110
HI-LEX Corp.		5,500		52,888
Hibiya Engineering Ltd. (d)		5,100		89,125
Hiday Hidaka Corp.		500		10,069
Himaraya Co. Ltd.		2,600		16,924
Hino Motors Ltd. (a)		13,800		45,168
Hioki EE Corp. (d)		2,600		116,134
Hirakawa Hewtech Corp.		2,000		18,769
Hirano Tecseed Co. Ltd. (d)		1,300		16,555
Hirata Corp.		1,000		44,445
Hirogin Holdings, Inc.		61,700		394,168
Hirose Tusyo, Inc.		300		6,342
Hiroshima Electric Railway Co. Ltd.		1,500		8,167
Hiroshima Gas Co. Ltd.		7,000		18,975
Hisaka Works Ltd.		5,500		35,936
Hitachi Zosen Corp.		41,300		273,786
Hito Communications Holdings, Inc.		1,700		14,702
Hochiki Corp.		4,600		57,020
Hodogaya Chemical Co. Ltd.		1,800		47,402
Hogy Medical Co. Ltd.		3,700		94,735
Hokkaido Electric Power Co., Inc.		46,200		204,193
Hokkaido Gas Co. Ltd.		3,900		60,815
Hokkan Holdings Ltd.		3,300		38,012
Hokko Chemical Industry Co. Ltd.		4,800		36,475
Hokkoku Financial Holdings, Inc.		4,400		144,046
Hokuetsu Corp. (d)		27,800		278,924
Hokuetsu Industries Co. Ltd. (d)		5,900		105,376
Hokuhoku Financial Group, Inc.		25,600		276,530
Hokuriku Electric Industry Co. Ltd.		2,800		27,013
Hokuriku Electric Power Co. (a)		47,000		243,833
Hokuriku Electrical Construction Co. Ltd.		3,600		26,044
Hokuriku Gas Co. Ltd.		1,000		24,016
Hokuto Corp.		6,300		77,538
Honeys Holdings Co. Ltd.		4,630		57,207
Honma Golf Ltd.		27,000		11,274
Hoosiers Holdings Co. Ltd.		8,000		60,260

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Horiba Ltd.		2,200	$	171,416
Hoshi Iryo-Sanki Co. Ltd.		300		8,537
Hosiden Corp.		11,800		143,483
Hosokawa Micron Corp.		3,600		100,444
Hotland Co. Ltd.		3,200		42,967
House Foods Group, Inc.		2,400		52,951
Howa Machinery Ltd.		4,400		23,791
HS Holdings Co. Ltd.		5,000		35,732
Hyakugo Bank Ltd.		49,600		187,121
Hyakujushi Bank Ltd.		5,800		98,791
I’ll, Inc.		900		20,312
I’rom Group Co. Ltd.		2,700		38,400
i-mobile Co. Ltd.		5,400		17,434
I-NE Co. Ltd.		800		13,902
I-Net Corp.		3,520		46,036
I-PEX, Inc. (d)		3,100		33,786
IBJ, Inc.		4,900		24,604
Ichigo, Inc.		9,600		22,955
Ichiken Co. Ltd.		1,800		29,174
Ichikoh Industries Ltd.		9,000		32,215
Ichimasa Kamaboko Co. Ltd.		1,100		5,801
Ichinen Holdings Co. Ltd.		5,200		57,563
Ichiyoshi Securities Co. Ltd.		10,100		50,591
Icom, Inc.		2,000		50,949
ID Holdings Corp.		3,899		46,509
Idec Corp.		7,500		152,349
IDOM, Inc.		17,200		118,314
Iino Kaiun Kaisha Ltd.		18,200		152,736
IJTT Co. Ltd. (d)		9,000		54,769
Imagica Group, Inc.		4,500		20,297
Imasen Electric Industrial		2,000		9,431
Imuraya Group Co. Ltd.		2,900		48,540
Inaba Denki Sangyo Co. Ltd.		13,000		312,776
Inaba Seisakusho Co. Ltd. (d)		3,200		33,225
Inabata & Co. Ltd.		10,400		231,204
Inageya Co. Ltd.		800		7,197
Ines Corp.		5,100		58,125
Infocom Corp.		4,500		78,908
Innotech Corp.		3,900		46,359
Insource Co. Ltd. (d)		11,200		69,958
Intage Holdings, Inc. (d)		2,600		29,897
Integrated Design & Engineering Holdings Co. Ltd.		3,400		81,498
Intelligent Wave, Inc. (d)		3,400		25,108
Inter Action Corp.		2,700		20,689
Inui Global Logistics Co. Ltd. (d)		3,000		23,015
IR Japan Holdings Ltd.		2,000		21,575
Iriso Electronics Co. Ltd.		5,500		143,882
ISB Corp.		400		4,155
Ise Chemicals Corp.		600		36,454
Iseki & Co. Ltd.		5,700		43,633
Ishihara Chemical Co. Ltd.		1,200		15,621
Ishihara Sangyo Kaisha Ltd.		7,600		72,368
Ishii Iron Works Co. Ltd.		900		17,330
Ishizuka Glass Co. Ltd.		500		11,928
Itfor, Inc.		7,800		66,023
ITmedia, Inc.		1,500		10,387
Itochu Enex Co. Ltd.		13,300		144,798
Japan—(Continued)
Itochu-Shokuhin Co. Ltd.		1,600		89,575
Itoham Yonekyu Holdings, Inc.		5,900		161,339
Itoki Corp. (d)		9,900		94,165
IwaiCosmo Holdings, Inc.		5,100		66,319
Iwaki Co. Ltd.		1,300		19,076
Iwatsuka Confectionery Co. Ltd.		1,000		35,886
Iyogin Holdings, Inc.		35,300		236,407
Izumi Co. Ltd.		7,400		189,588
J Trust Co. Ltd. (d)		16,800		54,552
J-Lease Co. Ltd.		600		9,128
J-Oil Mills, Inc.		5,700		78,083
J-Stream, Inc.		1,000		2,670
JAC Recruitment Co. Ltd.		15,600		71,721
Jaccs Co. Ltd. (d)		5,700		209,302
JAFCO Group Co. Ltd.		8,900		103,911
JANOME Corp.		7,099		34,083
Japan Aviation Electronics Industry Ltd.		12,300		280,355
Japan Cash Machine Co. Ltd.		1,200		11,197
Japan Communications, Inc. (a)		35,600		57,434
Japan Electronic Materials Corp.		2,400		30,661
Japan Elevator Service Holdings Co. Ltd.		17,300		286,059
Japan Foundation Engineering Co. Ltd.		7,900		24,414
Japan Investment Adviser Co. Ltd. (d)		3,200		30,087
Japan Lifeline Co. Ltd.		15,500		138,503
Japan Material Co. Ltd.		15,600		276,415
Japan Medical Dynamic Marketing, Inc.		4,400		23,644
Japan Oil Transportation Co. Ltd.		700		14,207
Japan Petroleum Exploration Co. Ltd.		8,800		326,124
Japan Property Management Center Co. Ltd.		4,100		32,517
Japan Pulp & Paper Co. Ltd.		2,700		95,022
Japan Pure Chemical Co. Ltd.		500		8,626
Japan Securities Finance Co. Ltd.		20,400		223,673
Japan Steel Works Ltd.		3,800		65,807
Japan Transcity Corp.		9,700		42,174
Japan Wool Textile Co. Ltd.		12,600		119,771
Jastec Co. Ltd.		4,300		43,487
JBCC Holdings, Inc.		3,800		99,749
JCU Corp.		5,700		160,512
Jeol Ltd.		9,700		423,872
JFE Systems, Inc.		700		18,134
JIG-SAW, Inc. (a) (d)		900		29,444
Jimoto Holdings, Inc.		6,790		26,495
JINS Holdings, Inc. (d)		3,200		106,475
JINUSHI Co. Ltd. (d)		3,500		54,099
JK Holdings Co. Ltd.		2,800		20,597
JM Holdings Co. Ltd.		3,200		50,247
JMS Co. Ltd.		6,400		22,775
Joban Kosan Co. Ltd. (a)		1,700		14,778
Joshin Denki Co. Ltd.		5,000		85,990
Joyful Honda Co. Ltd. (d)		11,900		155,653
JP-Holdings, Inc.		17,900		56,962
JSB Co. Ltd.		2,000		35,476
JSP Corp.		3,900		50,621
Juki Corp. (d)		7,200		23,551
Juroku Financial Group, Inc.		7,300		192,187
Justsystems Corp.		8,000		185,142
JVCKenwood Corp.		44,100		230,970

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
K&O Energy Group, Inc.		2,800	$	43,967
K’s Holdings Corp.		30,100		281,910
Kadoya Sesame Mills, Inc.		800		20,619
Kaga Electronics Co. Ltd.		4,300		186,215
Kagome Co. Ltd.		6,400		142,324
Kakaku.com, Inc.		2,600		32,109
Kaken Pharmaceutical Co. Ltd.		5,200		123,734
Kakiyasu Honten Co. Ltd.		2,500		43,695
Kamakura Shinsho Ltd. (d)		3,700		14,479
Kameda Seika Co. Ltd.		3,500		101,781
Kamei Corp.		5,700		68,992
Kanaden Corp.		3,800		41,861
Kanagawa Chuo Kotsu Co. Ltd.		2,400		50,984
Kanamic Network Co. Ltd.		900		2,686
Kanamoto Co. Ltd.		7,600		157,354
Kandenko Co. Ltd.		21,900		213,686
Kaneka Corp.		11,100		281,383
Kaneko Seeds Co. Ltd.		1,300		12,892
Kanematsu Corp.		20,400		297,919
Kanemi Co. Ltd.		100		2,208
Kanto Denka Kogyo Co. Ltd.		12,100		73,418
Kappa Create Co. Ltd. (a)		1,000		12,077
Kasai Kogyo Co. Ltd. (a)		8,600		11,720
Katakura & Co.-op Agri Corp.		1,600		11,953
Katakura Industries Co. Ltd.		6,100		70,781
Katitas Co. Ltd. (d)		11,600		179,586
Kato Sangyo Co. Ltd.		6,000		195,177
Kato Works Co. Ltd.		3,800		33,941
Kawada Technologies, Inc.		900		41,609
Kawai Musical Instruments Manufacturing Co. Ltd.		1,600		40,307
KeePer Technical Laboratory Co. Ltd.		3,000		147,835
Keihanshin Building Co. Ltd.		8,200		82,565
Keihin Co. Ltd.		2,300		28,563
KEIWA, Inc. (d)		1,200		10,860
Keiyo Bank Ltd.		26,900		129,628
Kenko Mayonnaise Co. Ltd.		4,100		49,281
KFC Holdings Japan Ltd.		4,000		87,063
KH Neochem Co. Ltd. (d)		9,400		150,920
Ki-Star Real Estate Co. Ltd.		2,600		57,914
Kibun Foods, Inc.		1,500		12,943
Kimoto Co. Ltd.		14,900		20,589
Kimura Chemical Plants Co. Ltd.		3,300		17,467
King Jim Co. Ltd. (d)		1,400		8,627
Kintetsu Department Store Co. Ltd.		400		7,510
Kissei Pharmaceutical Co. Ltd.		6,800		148,648
Kita-Nippon Bank Ltd.		2,200		32,961
Kitagawa Corp. (a)		3,100		30,618
Kitano Construction Corp.		1,400		31,454
Kitz Corp. (d)		19,100		162,790
Kiyo Bank Ltd.		15,500		173,295
Koa Corp.		8,400		92,020
Koatsu Gas Kogyo Co. Ltd.		9,100		57,178
Kobe Electric Railway Co. Ltd. (a)		1,400		29,033
Kohnan Shoji Co. Ltd.		5,900		163,973
Kohsoku Corp.		3,300		48,907
Koike Sanso Kogyo Co. Ltd.		700		20,941
Kojima Co. Ltd. (d)		7,800		43,229
Japan—(Continued)
Kokuyo Co. Ltd.		20,100		326,394
Komatsu Matere Co. Ltd.		4,200		23,791
Komatsu Wall Industry Co. Ltd.		1,800		36,633
KOMEDA Holdings Co. Ltd.		12,600		244,993
Komehyo Holdings Co. Ltd.		1,300		35,606
Komeri Co. Ltd.		7,400		162,028
Komori Corp.		11,000		89,054
Konaka Co. Ltd.		7,300		20,851
Kondotec, Inc.		6,900		56,517
Konica Minolta, Inc. (a)		93,000		271,417
Konishi Co. Ltd.		13,000		124,377
Konoike Transport Co. Ltd.		6,900		95,258
Konoshima Chemical Co. Ltd.		600		5,935
Kosaido Holdings Co. Ltd.		18,500		99,490
Koshidaka Holdings Co. Ltd.		2,400		18,475
Kotobuki Spirits Co. Ltd.		13,000		198,571
Kotobukiya Co. Ltd. (d)		1,500		17,125
Kozo Keikaku Engineering, Inc.		1,200		32,312
KPP Group Holdings Co. Ltd.		3,700		17,871
Krosaki Harima Corp.		1,300		107,901
KRS Corp. (d)		4,400		28,124
KU Holdings Co. Ltd.		5,500		43,135
Kumagai Gumi Co. Ltd.		8,000		204,337
Kumiai Chemical Industry Co. Ltd.		10,995		62,832
Kunimine Industries Co. Ltd.		1,200		8,448
Kurabo Industries Ltd.		4,200		86,228
Kureha Corp.		11,400		232,491
Kurimoto Ltd.		2,800		60,932
Kuriyama Holdings Corp.		2,300		14,676
Kusuri No. Aoki Holdings Co. Ltd.		9,900		225,045
KYB Corp.		3,800		131,847
Kyodo Printing Co. Ltd.		2,100		48,044
Kyoei Steel Ltd.		4,700		66,424
Kyokuto Boeki Kaisha Ltd.		3,600		49,894
Kyokuto Kaihatsu Kogyo Co. Ltd.		8,800		122,358
Kyokuto Securities Co. Ltd.		4,100		27,932
Kyokuyo Co. Ltd.		2,700		72,130
Kyorin Pharmaceutical Co. Ltd.		10,200		128,613
KYORITSU Co. Ltd.		6,800		8,721
Kyoritsu Maintenance Co. Ltd. (d)		6,600		279,841
Kyosan Electric Manufacturing Co. Ltd.		12,600		42,079
Kyowa Electronic Instruments Co. Ltd.		8,000		22,843
Kyowa Leather Cloth Co. Ltd.		3,300		16,832
Kyudenko Corp.		8,900		320,272
Kyushu Financial Group, Inc.		49,100		282,989
LAC Co. Ltd.		5,900		29,466
Lacto Japan Co. Ltd.		1,400		19,030
LEC, Inc.		5,000		36,708
Leopalace21 Corp. (a)		39,300		119,000
Life Corp.		4,000		93,598
LIFULL Co. Ltd.		17,000		21,531
LIKE, Inc. (d)		2,100		21,726
Linical Co. Ltd.		2,600		9,735
Link & Motivation, Inc.		8,900		35,041
Lintec Corp.		10,500		204,395
LITALICO, Inc.		4,700		68,516
Look Holdings, Inc. (d)		2,200		36,011

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
M&A Capital Partners Co. Ltd.		3,600	$	62,056
m-up Holdings, Inc.		7,400		56,348
Mabuchi Motor Co. Ltd. (d)		24,800		410,519
Macromill, Inc. (d)		12,100		67,153
Maeda Kosen Co. Ltd.		5,100		109,611
Maezawa Kasei Industries Co. Ltd. (d)		3,200		34,563
Maezawa Kyuso Industries Co. Ltd.		5,800		54,447
Makino Milling Machine Co. Ltd.		5,300		220,015
Management Solutions Co. Ltd.		1,800		43,769
Mandom Corp.		8,900		80,609
Mani, Inc.		18,500		279,351
MarkLines Co. Ltd.		3,000		62,469
Mars Group Holdings Corp.		2,200		38,395
Marubun Corp.		4,200		47,916
Marudai Food Co. Ltd.		4,700		54,166
Marufuji Sheet Piling Co. Ltd.		1,300		24,067
Maruha Nichiro Corp.		9,000		176,984
Maruichi Steel Tube Ltd.		9,300		241,447
MARUKA FURUSATO Corp.		993		18,499
Marumae Co. Ltd.		2,500		36,823
Marusan Securities Co. Ltd. (d)		16,400		97,891
Maruwa Co. Ltd.		1,300		270,652
Maruyama Manufacturing Co., Inc.		1,500		27,566
Maruzen CHI Holdings Co. Ltd.		11,900		27,739
Maruzen Co. Ltd.		900		17,671
Maruzen Showa Unyu Co. Ltd.		2,800		77,494
Marvelous, Inc.		9,500		47,993
Matching Service Japan Co. Ltd.		1,200		9,630
Matsuda Sangyo Co. Ltd.		3,600		61,074
Matsui Construction Co. Ltd.		6,400		37,968
Matsui Securities Co. Ltd.		31,000		160,965
Matsuyafoods Holdings Co. Ltd.		400		15,621
Max Co. Ltd.		7,700		178,992
Maxell Ltd.		12,900		142,607
Maxvalu Tokai Co. Ltd.		3,500		73,890
MCJ Co. Ltd.		17,300		134,399
MEC Co. Ltd.		4,200		130,319
Media Do Co. Ltd. (a)		2,100		21,431
Medical Data Vision Co. Ltd. (d)		6,800		31,451
Medical System Network Co. Ltd.		7,000		32,186
Medikit Co. Ltd.		1,300		26,711
Medius Holdings Co. Ltd.		1,800		9,830
Medley, Inc. (a)		1,000		31,059
MedPeer, Inc.		2,600		13,166
Megachips Corp.		4,200		138,933
Megmilk Snow Brand Co. Ltd.		10,800		161,762
Meidensha Corp.		9,000		154,962
Meiji Electric Industries Co. Ltd.		1,000		9,888
Meiji Shipping Group Co. Ltd.		4,300		23,172
Meiko Electronics Co. Ltd.		5,600		164,546
Meisei Industrial Co. Ltd.		9,900		75,122
MEITEC Group Holdings, Inc.		17,800		355,773
Meito Sangyo Co. Ltd.		3,000		36,046
Meiwa Corp. (d)		8,100		37,246
Meiwa Estate Co. Ltd.		5,200		44,752
Melco Holdings, Inc.		1,500		36,618
Members Co. Ltd.		1,800		12,241
Japan—(Continued)
Menicon Co. Ltd.		16,300		270,772
Mercuria Holdings Co. Ltd.		2,100		10,429
MetaReal Corp. (a)		1,400		11,531
METAWATER Co. Ltd.		3,600		55,744
Micronics Japan Co. Ltd. (d)		6,300		162,914
Midac Holdings Co. Ltd.		900		13,417
Mie Kotsu Group Holdings, Inc.		8,600		36,736
Mikuni Corp.		7,300		22,653
Milbon Co. Ltd. (d)		6,720		175,714
MIMAKI ENGINEERING Co. Ltd.		1,700		11,107
Mimasu Semiconductor Industry Co. Ltd.		4,400		99,457
Ministop Co. Ltd.		4,300		46,643
Miraial Co. Ltd.		2,900		29,403
Mirait One Corp.		21,880		287,949
Mirarth Holdings, Inc.		24,900		81,747
Miroku Jyoho Service Co. Ltd.		5,500		68,314
Mitani Corp.		22,700		313,528
Mitani Sekisan Co. Ltd.		2,100		70,926
Mito Securities Co. Ltd.		10,400		30,973
Mitsuba Corp.		9,300		64,332
Mitsubishi Kakoki Kaisha Ltd.		800		18,495
Mitsubishi Logisnext Co. Ltd.		8,400		82,021
Mitsubishi Logistics Corp.		7,800		234,394
Mitsubishi Materials Corp.		16,200		280,505
Mitsubishi Paper Mills Ltd.		8,800		34,438
Mitsubishi Pencil Co. Ltd.		8,200		121,383
Mitsubishi Research Institute, Inc.		2,000		65,499
Mitsubishi Shokuhin Co. Ltd.		4,300		146,114
Mitsubishi Steel Manufacturing Co. Ltd.		4,400		46,033
Mitsuboshi Belting Ltd.		4,400		136,465
Mitsui DM Sugar Holdings Co. Ltd. (d)		4,800		100,996
Mitsui E&S Co. Ltd.		24,900		124,247
Mitsui High-Tec, Inc. (d)		2,800		145,339
Mitsui Matsushima Holdings Co. Ltd. - Class C		3,100		57,904
Mitsui Mining & Smelting Co. Ltd.		13,900		426,414
Mitsui-Soko Holdings Co. Ltd.		5,700		189,738
Mitsuuroko Group Holdings Co. Ltd.		7,800		87,655
MIXI, Inc.		9,800		163,774
Miyaji Engineering Group, Inc.		2,900		65,614
Miyazaki Bank Ltd.		4,100		76,026
Miyoshi Oil & Fat Co. Ltd.		2,800		25,107
Mizuho Leasing Co. Ltd.		6,700		229,388
Mizuho Medy Co. Ltd. (d)		500		11,117
Mizuno Corp.		4,700		130,585
Mochida Pharmaceutical Co. Ltd.		4,700		108,792
Modec, Inc. (a)		800		13,124
Monex Group, Inc.		45,500		231,228
Money Partners Group Co. Ltd.		7,100		14,595
Monogatari Corp. (d)		7,800		242,078
MORESCO Corp.		2,500		22,886
Morinaga & Co. Ltd.		17,600		318,742
Morinaga Milk Industry Co. Ltd.		17,600		340,280
Moriroku Holdings Co. Ltd.		800		15,770
Morita Holdings Corp.		8,800		96,770
Morito Co. Ltd.		3,400		30,922
Morozoff Ltd.		1,800		48,470
Mortgage Service Japan Ltd.		1,200		4,387

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Mory Industries, Inc.		1,600	$	47,423
MRK Holdings, Inc. (d)		15,600		11,836
MrMax Holdings Ltd.		8,400		37,203
Mugen Estate Co. Ltd. (d)		3,300		25,224
Murakami Corp.		2,500		72,894
Musashi Seimitsu Industry Co. Ltd.		13,400		143,000
Musashino Bank Ltd.		7,500		141,280
Mutoh Holdings Co. Ltd.		900		12,573
NAC Co. Ltd.		3,600		25,314
Nachi-Fujikoshi Corp.		3,800		98,811
Nafco Co. Ltd.		2,600		34,297
Nagano Keiki Co. Ltd.		4,200		60,586
Nagase & Co. Ltd.		21,400		342,530
Nagatanien Holdings Co. Ltd.		3,300		50,209
Nagawa Co. Ltd.		1,500		75,716
Naigai Trans Line Ltd. (d)		2,100		35,257
Nakabayashi Co. Ltd.		5,500		21,419
Nakamuraya Co. Ltd.		1,600		34,724
Nakanishi, Inc.		13,200		221,565
Nakano Corp.		4,000		13,330
Nakayama Steel Works Ltd.		6,300		36,360
Nakayamafuku Co. Ltd.		2,000		5,169
Namura Shipbuilding Co. Ltd.		11,256		100,734
Nankai Electric Railway Co. Ltd.		7,300		148,032
Nanto Bank Ltd.		6,300		108,841
Narasaki Sangyo Co. Ltd.		800		16,369
Natori Co. Ltd.		2,600		38,443
NEC Capital Solutions Ltd.		2,500		59,367
NEC Networks & System Integration Corp.		9,400		158,107
NET One Systems Co. Ltd.		17,100		291,526
Neturen Co. Ltd.		7,300		49,706
New Art Holdings Co. Ltd.		1,235		16,973
New Japan Chemical Co. Ltd. (a)		9,900		13,381
Nextage Co. Ltd. (d)		12,300		225,253
NexTone, Inc. (a)		700		6,057
NF Holdings Corp.		1,600		16,816
NHK Spring Co. Ltd.		46,900		397,001
Nicca Chemical Co. Ltd.		1,400		9,473
Nice Corp.		2,300		27,730
Nichia Steel Works Ltd.		9,100		20,556
Nichias Corp.		14,300		343,114
Nichiban Co. Ltd.		3,200		39,286
Nichicon Corp.		11,800		108,281
Nichiden Corp.		3,500		71,150
Nichiha Corp.		6,800		142,638
Nichimo Co. Ltd.		2,000		28,609
Nichireki Co. Ltd.		7,100		121,529
Nichirin Co. Ltd.		1,400		32,400
Nihon Chouzai Co. Ltd.		3,320		32,935
Nihon Dempa Kogyo Co. Ltd.		3,300		29,310
Nihon Dengi Co. Ltd.		400		13,068
Nihon Flush Co. Ltd.		6,000		38,562
Nihon House Holdings Co. Ltd.		10,000		20,852
Nihon Kagaku Sangyo Co. Ltd.		3,000		30,110
Nihon Kohden Corp.		5,000		157,916
Nihon M&A Center Holdings, Inc.		50,200		275,967
Nihon Nohyaku Co. Ltd.		11,900		54,417
Japan—(Continued)
Nihon Parkerizing Co. Ltd.		21,300		171,389
Nihon Plast Co. Ltd.		4,500		16,928
Nihon Tokushu Toryo Co. Ltd.		2,900		24,610
Nihon Yamamura Glass Co. Ltd. (a)		3,800		37,565
Nikkiso Co. Ltd. (d)		12,400		90,431
Nikko Co. Ltd.		9,000		44,182
Nikkon Holdings Co. Ltd.		14,100		307,524
Nippn Corp.		12,200		192,219
Nippon Air Conditioning Services Co. Ltd.		9,600		55,053
Nippon Aqua Co. Ltd.		3,000		18,814
Nippon Beet Sugar Manufacturing Co. Ltd.		2,900		40,093
Nippon Carbide Industries Co., Inc.		2,300		23,267
Nippon Carbon Co. Ltd. (d)		3,000		93,165
Nippon Chemi-Con Corp. (a)		5,900		54,790
Nippon Chemical Industrial Co. Ltd.		2,400		31,819
Nippon Coke & Engineering Co. Ltd. (a)		47,000		38,917
Nippon Computer Dynamics Co. Ltd.		1,700		15,621
Nippon Concept Corp.		1,500		17,339
Nippon Concrete Industries Co. Ltd.		14,000		31,796
Nippon Denko Co. Ltd.		29,065		56,782
Nippon Densetsu Kogyo Co. Ltd.		9,500		133,876
Nippon Dry-Chemical Co. Ltd.		1,000		19,796
Nippon Electric Glass Co. Ltd. (d)		17,600		377,795
Nippon Felt Co. Ltd.		8,600		25,662
Nippon Filcon Co. Ltd.		5,200		17,266
Nippon Fine Chemical Co. Ltd.		2,000		43,586
Nippon Gas Co. Ltd.		27,700		456,378
Nippon Hume Corp.		6,700		42,037
Nippon Kayaku Co. Ltd.		25,700		244,785
Nippon Kodoshi Corp.		1,600		19,779
Nippon Light Metal Holdings Co. Ltd.		15,500		192,275
Nippon Paper Industries Co. Ltd. (a)		23,800		212,881
Nippon Parking Development Co. Ltd. - Class C		53,400		72,562
Nippon Pillar Packing Co. Ltd.		4,700		147,954
Nippon Rietec Co. Ltd.		3,700		31,035
Nippon Road Co. Ltd.		4,500		65,255
Nippon Seiki Co. Ltd.		13,100		106,174
Nippon Seisen Co. Ltd.		700		24,024
Nippon Sharyo Ltd.		2,600		37,881
Nippon Sheet Glass Co. Ltd. (a)		15,100		61,190
Nippon Shokubai Co. Ltd.		3,100		119,445
Nippon Signal Company Ltd.		11,900		81,745
Nippon Soda Co. Ltd.		5,600		215,180
Nippon Thompson Co. Ltd.		15,700		62,628
Nippon Yakin Kogyo Co. Ltd.		3,500		104,334
Nipro Corp.		39,400		308,847
Nishi-Nippon Financial Holdings, Inc.		28,900		333,243
Nishi-Nippon Railroad Co. Ltd.		15,900		269,113
Nishikawa Rubber Co. Ltd.		1,200		14,809
Nishimatsu Construction Co. Ltd.		8,200		228,073
Nishimatsuya Chain Co. Ltd.		11,300		165,941
Nishimoto Co. Ltd. (d)		1,400		58,118
Nishio Holdings Co. Ltd.		5,200		150,954
Nissan Shatai Co. Ltd.		12,600		82,070
Nissan Tokyo Sales Holdings Co. Ltd.		11,000		35,894
Nissei ASB Machine Co. Ltd.		2,300		71,589
Nissei Plastic Industrial Co. Ltd.		4,500		35,340

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nissha Co. Ltd. (d)		11,100	$	115,689
Nisshin Group Holdings Co. Ltd.		12,300		43,623
Nisshin Oillio Group Ltd.		5,900		179,392
Nisshinbo Holdings, Inc. (d)		31,620		256,245
Nissin Corp.		3,700		62,856
Nisso Holdings Co. Ltd.		1,400		7,876
Nissui Corp.		75,900		408,715
Nitta Corp.		5,000		130,035
Nitta Gelatin, Inc.		4,500		24,264
NITTAN Corp.		6,300		13,601
Nittetsu Mining Co. Ltd.		3,400		125,196
Nitto Boseki Co. Ltd. (d)		4,700		152,239
Nitto Fuji Flour Milling Co. Ltd.		800		27,323
Nitto Kogyo Corp.		6,900		175,784
Nitto Kohki Co. Ltd.		3,200		42,300
Nitto Seiko Co. Ltd.		8,900		33,156
Nittoc Construction Co. Ltd.		5,950		44,677
NJS Co. Ltd. (d)		2,200		42,365
Noevir Holdings Co. Ltd. (d)		3,200		116,556
Nohmi Bosai Ltd.		6,100		95,035
Nojima Corp.		16,800		208,332
NOK Corp.		4,700		62,461
Nomura Micro Science Co. Ltd. (d)		1,300		136,770
Noritake Co. Ltd.		2,500		121,055
Noritsu Koki Co. Ltd. (d)		4,600		97,633
Noritz Corp. (d)		7,600		81,310
North Pacific Bank Ltd.		60,100		150,671
NPR-RIKEN Corp.		6,864		108,056
NS Tool Co. Ltd.		4,800		33,978
NS United Kaiun Kaisha Ltd.		2,500		84,885
NSD Co. Ltd.		18,540		355,889
NSW, Inc.		1,900		38,246
NTN Corp.		92,700		170,305
Oat Agrio Co. Ltd. (d)		400		4,889
Obara Group, Inc.		2,700		72,166
Oenon Holdings, Inc. (d)		12,300		30,817
Ogaki Kyoritsu Bank Ltd.		9,400		125,714
Ohara, Inc.		1,600		12,290
Ohashi Technica, Inc.		3,800		49,191
Ohba Co. Ltd.		4,600		29,855
Ohsho Food Service Corp.		3,400		194,258
OIE Sangyo Co. Ltd.		800		9,882
Oiles Corp.		6,200		86,981
Oisix ra daichi, Inc. (a) (d)		5,600		53,925
Oita Bank Ltd.		3,600		64,092
Okabe Co. Ltd.		9,400		48,716
Okada Aiyon Corp.		1,900		33,179
Okamoto Industries, Inc.		2,800		98,605
Okamoto Machine Tool Works Ltd.		1,400		56,185
Okamura Corp.		15,700		242,114
Okasan Securities Group, Inc.		39,200		189,920
Oki Electric Industry Co. Ltd.		22,700		146,913
Okinawa Cellular Telephone Co.		6,400		153,451
Okinawa Electric Power Co., Inc.		13,527		106,843
Okinawa Financial Group, Inc.		4,760		78,971
OKUMA Corp.		6,400		274,976
Okumura Corp.		7,700		255,367
Japan—(Continued)
Okura Industrial Co. Ltd. (d)		2,300		41,569
Okuwa Co. Ltd.		7,400		43,361
Onoken Co. Ltd.		4,300		52,780
Onward Holdings Co. Ltd.		22,500		76,550
Open Up Group, Inc.		4,700		78,063
Optex Group Co. Ltd.		6,800		85,914
Optim Corp. (a)		4,200		24,528
Optorun Co. Ltd.		5,500		63,266
Organo Corp.		6,700		276,165
Oricon, Inc.		1,200		6,236
Orient Corp.		11,670		88,472
Oriental Shiraishi Corp.		33,400		80,442
Origin Co. Ltd.		2,200		19,116
Oro Co. Ltd. (d)		2,100		38,362
Osaka Organic Chemical Industry Ltd.		4,100		78,542
Osaka Soda Co. Ltd.		3,400		232,987
Osaka Steel Co. Ltd.		3,700		64,814
OSAKA Titanium Technologies Co. Ltd. (d)		1,400		26,931
Osaki Electric Co. Ltd.		11,700		53,056
OSG Corp.		21,400		305,917
OUG Holdings, Inc.		700		12,034
Outsourcing, Inc. (a) (d)		30,200		371,270
Oyo Corp.		4,900		71,120
Ozu Corp.		600		6,780
Pacific Industrial Co. Ltd.		10,200		92,666
Pacific Metals Co. Ltd. (a)		5,100		43,818
Pack Corp. (d)		3,900		93,449
PAL GROUP Holdings Co. Ltd.		8,600		149,662
PALTAC Corp.		2,500		79,206
Paraca, Inc.		300		4,130
Paramount Bed Holdings Co. Ltd.		10,700		209,747
Paris Miki Holdings, Inc.		10,600		38,682
Park24 Co. Ltd. (a)		15,800		201,933
Pasona Group, Inc.		6,200		115,782
PCI Holdings, Inc.		1,800		12,895
Pegasus Co. Ltd.		5,400		17,067
Penta-Ocean Construction Co. Ltd.		23,700		133,088
People Dreams & Technologies Group Co. Ltd.		1,400		17,134
PeptiDream, Inc. (a)		8,000		84,014
PIA Corp. (a)		500		11,892
Pickles Holdings Co. Ltd.		2,600		22,351
Pigeon Corp. (d)		31,900		367,093
Pilot Corp. (d)		5,800		172,536
Piolax, Inc.		7,300		120,310
Pole To Win Holdings, Inc.		7,900		27,022
PR Times Corp. (a)		700		8,981
Premium Group Co. Ltd.		7,800		100,418
Premium Water Holdings, Inc.		500		10,370
Press Kogyo Co. Ltd.		22,400		90,203
Pressance Corp.		4,000		45,082
Prestige International, Inc.		27,100		115,005
Prima Meat Packers Ltd.		6,700		111,569
Pro-Ship, Inc.		2,300		22,342
Procrea Holdings, Inc.		6,521		86,722
Pronexus, Inc.		5,100		47,570
Proto Corp.		7,500		71,793
PS Mitsubishi Construction Co. Ltd.		2,700		16,913

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Punch Industry Co. Ltd.		2,700	$	7,837
QB Net Holdings Co. Ltd.		1,400		14,869
Qol Holdings Co. Ltd.		7,400		86,959
Quick Co. Ltd.		4,000		72,918
Raccoon Holdings, Inc.		4,100		18,815
Raito Kogyo Co. Ltd.		10,700		143,431
Raiznext Corp.		7,700		83,180
Rasa Industries Ltd.		2,600		38,726
Raysum Co. Ltd.		1,000		22,662
Relo Group, Inc.		10,300		123,971
Rengo Co. Ltd.		46,800		311,553
RENOVA, Inc. (a)		5,100		42,973
Resorttrust, Inc.		20,600		356,357
Restar Holdings Corp.		4,500		89,740
Retail Partners Co. Ltd.		4,300		50,724
Rheon Automatic Machinery Co. Ltd.		5,000		53,185
Rhythm Co. Ltd. (d)		2,500		52,437
Riberesute Corp.		4,300		22,950
Ricoh Leasing Co. Ltd.		3,500		120,294
Ride On Express Holdings Co. Ltd.		1,700		12,246
Right On Co. Ltd. (a) (d)		5,900		18,471
Riken Keiki Co. Ltd. (d)		3,700		180,216
Riken Technos Corp.		9,900		59,236
Riken Vitamin Co. Ltd.		5,400		85,483
Ringer Hut Co. Ltd.		600		10,012
Rion Co. Ltd.		2,200		37,968
Riso Kyoiku Co. Ltd.		34,770		55,897
Rock Field Co. Ltd.		6,600		75,359
Rokko Butter Co. Ltd. (d)		3,600		33,818
Roland Corp. (d)		2,800		87,261
Roland DG Corp.		3,000		77,400
Rorze Corp.		2,500		264,295
Round One Corp. (d)		37,800		149,043
RS Technologies Co. Ltd.		2,800		59,067
Ryobi Ltd. (d)		6,200		116,380
RYODEN Corp.		4,500		82,932
Ryosan Co. Ltd.		3,500		116,297
S Foods, Inc.		4,500		105,003
S&B Foods, Inc.		1,500		44,015
S-Pool, Inc.		18,000		56,637
Sac’s Bar Holdings, Inc.		5,250		29,825
Sagami Rubber Industries Co. Ltd.		1,800		11,474
Saibu Gas Holdings Co. Ltd.		6,400		88,725
Saison Information Systems Co. Ltd.		600		8,096
Saizeriya Co. Ltd.		1,700		60,654
Sakai Chemical Industry Co. Ltd.		4,700		62,353
Sakai Heavy Industries Ltd.		1,000		42,385
Sakai Moving Service Co. Ltd.		5,600		107,921
Sakata INX Corp.		10,100		96,981
Sakura Internet, Inc. (d)		4,400		68,617
Sala Corp.		13,800		71,461
SAMTY Co. Ltd.		6,200		106,900
San Holdings, Inc.		5,600		43,944
San ju San Financial Group, Inc.		5,770		74,125
San-A Co. Ltd.		5,700		183,904
San-Ai Obbli Co. Ltd.		14,400		163,604
San-In Godo Bank Ltd.		33,700		236,943
Japan—(Continued)
Sanden Corp. (a)		4,400		6,203
Sangetsu Corp.		12,100		265,505
Sanken Electric Co. Ltd.		4,000		218,862
Sanki Engineering Co. Ltd.		10,300		127,706
Sanko Metal Industrial Co. Ltd.		1,000		32,056
Sankyo Frontier Co. Ltd.		1,000		27,496
Sankyo Seiko Co. Ltd.		10,800		54,991
Sankyo Tateyama, Inc.		6,500		35,995
Sankyu, Inc.		7,500		274,890
Sanoh Industrial Co. Ltd.		6,300		35,007
Sansei Technologies, Inc.		800		6,518
Sansha Electric Manufacturing Co. Ltd.		2,700		25,248
Sanshin Electronics Co. Ltd.		2,400		36,885
Sanyo Chemical Industries Ltd.		3,300		99,004
Sanyo Denki Co. Ltd.		2,500		110,886
Sanyo Electric Railway Co. Ltd.		4,800		74,008
Sanyo Industries Ltd.		1,300		24,568
Sanyo Shokai Ltd.		2,500		41,933
Sanyo Special Steel Co. Ltd.		5,000		93,266
Sanyo Trading Co. Ltd.		5,300		44,907
Sata Construction Co. Ltd.		2,600		11,674
Sato Holdings Corp.		6,800		101,799
Sato Shoji Corp.		4,100		42,282
Satori Electric Co. Ltd.		2,100		29,217
Sawai Group Holdings Co. Ltd.		7,500		276,762
Saxa Holdings, Inc.		2,400		43,878
SB Technology Corp.		3,000		50,423
SBI Insurance Group Co. Ltd.		1,400		10,219
SBS Holdings, Inc. (d)		5,200		90,470
Scroll Corp.		8,000		54,305
SEC Carbon Ltd.		1,000		16,609
Seed Co. Ltd.		1,700		9,828
Seika Corp.		2,600		54,195
Seikagaku Corp.		9,800		52,828
Seikitokyu Kogyo Co. Ltd.		2,100		24,524
Seiko Group Corp.		7,600		144,887
Seikoh Giken Co. Ltd.		700		6,847
Seino Holdings Co. Ltd.		3,800		57,549
Seiren Co. Ltd.		11,600		203,566
Sekisui Jushi Corp.		6,100		107,349
Sekisui Kasei Co. Ltd.		8,100		27,850
SEMITEC Corp.		1,600		22,121
Senko Group Holdings Co. Ltd.		29,400		237,531
Senshu Electric Co. Ltd.		3,800		87,225
Senshu Ikeda Holdings, Inc.		63,200		144,745
Senshukai Co. Ltd. (a) (d)		11,000		29,295
SERAKU Co. Ltd.		700		6,285
Seria Co. Ltd.		11,900		221,419
Seven Bank Ltd.		33,800		71,867
Shibaura Electronics Co. Ltd.		1,900		74,898
Shibaura Machine Co. Ltd.		5,700		139,362
Shibaura Mechatronics Corp. (d)		2,700		112,519
Shibusawa Warehouse Co. Ltd.		2,800		57,704
Shibuya Corp.		4,400		76,053
Shiga Bank Ltd.		8,700		214,987
Shikibo Ltd.		4,700		36,454
Shikoku Bank Ltd.		8,900		60,427

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Shikoku Electric Power Co., Inc.		37,900	$	271,622
Shikoku Kasei Holdings Corp. (d)		8,700		110,500
Shima Seiki Manufacturing Ltd.		7,000		75,528
Shimizu Bank Ltd.		3,400		37,077
Shimojima Co. Ltd.		4,200		38,319
Shin Nippon Air Technologies Co. Ltd.		2,100		35,462
Shin Nippon Biomedical Laboratories Ltd. (d)		5,300		63,656
Shin-Etsu Polymer Co. Ltd.		11,900		141,142
Shinagawa Refractories Co. Ltd.		6,300		76,505
Shindengen Electric Manufacturing Co. Ltd.		1,900		40,739
Shinki Bus Co. Ltd.		900		21,889
Shinko Shoji Co. Ltd.		8,400		69,174
Shinmaywa Industries Ltd.		15,000		124,765
Shinnihon Corp.		6,300		50,629
Shinnihonseiyaku Co. Ltd.		1,100		13,410
Shinsho Corp.		1,400		56,306
Shinwa Co. Ltd.		5,400		65,023
Ship Healthcare Holdings, Inc.		15,700		268,305
Shizuki Electric Co., Inc.		8,000		25,428
Shizuoka Gas Co. Ltd. (d)		8,800		63,992
Shoei Co. Ltd.		12,600		163,831
Shoei Foods Corp.		400		13,647
Shofu, Inc.		3,500		68,234
Showa Sangyo Co. Ltd.		5,700		127,806
SIGMAXYZ Holdings, Inc.		7,200		73,827
Siix Corp.		7,800		80,629
Silver Life Co. Ltd.		900		5,692
Simplex Holdings, Inc.		700		13,562
Sinanen Holdings Co. Ltd.		1,800		53,548
Sinfonia Technology Co. Ltd.		6,200		91,370
Sinko Industries Ltd.		5,600		105,715
Sintokogio Ltd.		10,800		81,504
SK-Electronics Co. Ltd.		2,700		72,877
SKY Perfect JSAT Holdings, Inc.		38,600		191,323
Smaregi, Inc. (a) (d)		1,200		22,910
SMK Corp.		1,700		30,847
SMS Co. Ltd.		8,200		167,831
Snow Peak, Inc. (d)		5,400		35,321
SNT Corp.		7,300		13,599
Soda Nikka Co. Ltd.		4,500		34,120
Sodick Co. Ltd.		11,000		56,721
Soft99 Corp.		5,100		51,223
Softcreate Holdings Corp.		4,600		56,027
Software Service, Inc.		900		62,607
Soken Chemical & Engineering Co. Ltd.		700		12,005
Solasto Corp.		12,800		55,793
Soliton Systems KK		2,500		24,615
Solxyz Co. Ltd.		1,400		3,987
Sotetsu Holdings, Inc.		12,100		234,335
Sotoh Co. Ltd.		3,100		15,160
Space Co. Ltd.		5,060		33,409
Sparx Group Co. Ltd.		5,840		66,570
SPK Corp.		2,600		33,967
Sprix, Inc.		1,300		7,648
SRA Holdings		3,100		78,130
SRE Holdings Corp. (a) (d)		1,900		36,897
ST Corp.		4,100		44,386
Japan—(Continued)
St-Care Holding Corp.		2,300		16,237
St. Marc Holdings Co. Ltd.		5,100		76,651
Star Mica Holdings Co. Ltd.		6,000		26,963
Star Micronics Co. Ltd. (d)		9,200		111,878
Starts Corp., Inc.		7,900		163,783
Starzen Co. Ltd.		3,700		68,781
Stella Chemifa Corp.		3,000		68,656
Step Co. Ltd.		2,500		33,356
Strike Co. Ltd.		2,200		74,945
Studio Alice Co. Ltd. (d)		2,900		43,228
Subaru Enterprise Co. Ltd.		100		10,594
Sugimoto & Co. Ltd.		3,000		47,471
Sumida Corp.		7,500		61,200
Suminoe Textile Co. Ltd.		1,400		22,064
Sumitomo Bakelite Co. Ltd.		6,400		335,023
Sumitomo Densetsu Co. Ltd.		4,900		95,115
Sumitomo Mitsui Construction Co. Ltd.		40,360		113,520
Sumitomo Osaka Cement Co. Ltd.		7,100		186,410
Sumitomo Pharma Co. Ltd.		18,600		61,492
Sumitomo Riko Co. Ltd.		11,500		85,828
Sumitomo Seika Chemicals Co. Ltd.		2,200		77,723
Sumitomo Warehouse Co. Ltd.		13,800		239,484
Sun Frontier Fudousan Co. Ltd.		8,800		101,652
Sun-Wa Technos Corp.		3,000		46,588
Suncall Corp.		8,300		26,409
Suruga Bank Ltd.		39,500		217,537
Suzuki Co. Ltd.		3,300		25,610
SWCC Corp.		7,600		153,617
System Research Co. Ltd.		1,200		24,524
Systems Engineering Consultants Co. Ltd.		600		21,720
Systena Corp.		71,400		154,610
Syuppin Co. Ltd.		6,100		51,121
T Hasegawa Co. Ltd.		4,500		98,782
T RAD Co. Ltd.		1,900		41,462
T&K Toka Co. Ltd.		5,700		57,944
T-Gaia Corp.		6,000		82,014
Tachi-S Co. Ltd.		7,300		92,838
Tachibana Eletech Co. Ltd.		4,240		82,373
Tachikawa Corp.		3,100		30,565
Tadano Ltd. (d)		25,900		215,958
Taihei Dengyo Kaisha Ltd.		3,300		104,439
Taiheiyo Cement Corp.		13,700		281,727
Taiheiyo Kouhatsu, Inc.		2,100		11,992
Taiho Kogyo Co. Ltd.		6,400		35,952
Taikisha Ltd.		5,800		168,060
Taiko Bank Ltd.		3,100		28,031
Taisei Lamick Co. Ltd.		2,200		45,184
Taiyo Holdings Co. Ltd.		9,800		215,768
Takamatsu Construction Group Co. Ltd.		3,700		72,533
Takamiya Co. Ltd.		5,200		18,167
Takano Co. Ltd.		4,600		30,503
Takaoka Toko Co. Ltd.		3,165		47,295
Takara & Co. Ltd.		1,300		25,050
Takara Bio, Inc.		11,100		98,399
Takara Holdings, Inc.		36,400		319,001
Takara Standard Co. Ltd.		8,300		95,895
Takasago International Corp.		3,600		88,956

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Takasago Thermal Engineering Co. Ltd.		10,200	$	232,687
Takashima & Co. Ltd.		6,000		49,683
Takashimaya Co. Ltd.		3,800		51,680
Takemoto Yohki Co. Ltd.		1,200		6,566
Takeuchi Manufacturing Co. Ltd.		9,400		284,533
Takuma Co. Ltd.		12,900		163,192
Tama Home Co. Ltd. (d)		4,000		111,163
Tamron Co. Ltd.		5,100		192,212
Tamura Corp.		22,100		86,733
Tanseisha Co. Ltd.		11,750		72,628
Tatsuta Electric Wire & Cable Co. Ltd. (a)		14,200		70,599
Tayca Corp.		4,000		38,861
Tazmo Co. Ltd.		2,500		48,786
Tbk Co. Ltd.		8,000		21,039
TDC Soft, Inc.		4,900		73,765
TechMatrix Corp.		9,800		121,406
Techno Medica Co. Ltd.		2,400		37,623
Techno Ryowa Ltd.		4,800		47,668
Teijin Ltd.		31,300		295,917
Teikoku Electric Manufacturing Co. Ltd.		4,200		87,607
Teikoku Sen-I Co. Ltd. (d)		4,900		70,865
Teikoku Tsushin Kogyo Co. Ltd.		3,000		43,044
Tekken Corp.		2,700		38,375
Temairazu, Inc.		700		14,916
Tenma Corp.		3,600		56,681
Tess Holdings Co. Ltd.		2,600		8,025
Tigers Polymer Corp.		2,200		13,453
TKC Corp.		7,400		196,967
TKP Corp. (a)		2,100		26,667
Toa Corp.		9,300		126,799
TOA ROAD Corp.		1,500		71,019
Toagosei Co. Ltd. (d)		23,300		226,244
Tobishima Corp.		5,560		51,551
TOC Co. Ltd.		10,000		49,413
Tocalo Co. Ltd.		16,400		173,380
Tochigi Bank Ltd.		27,400		60,085
Toda Corp.		36,000		237,806
Toda Kogyo Corp. (a)		600		6,653
Toei Co. Ltd.		400		57,481
Toell Co. Ltd.		3,100		16,321
Toenec Corp.		1,900		61,461
Toho Bank Ltd.		48,700		98,979
Toho Co. Ltd. (d)		1,700		33,228
Toho Gas Co. Ltd.		9,100		189,823
Toho Holdings Co. Ltd.		13,700		312,853
Toho Titanium Co. Ltd. (d)		9,800		131,861
Toho Zinc Co. Ltd.		3,400		27,114
Tohoku Bank Ltd.		4,700		39,043
Tohokushinsha Film Corp.		4,800		44,882
Tokai Carbon Co. Ltd. (d)		42,000		304,723
Tokai Corp.		5,800		85,848
TOKAI Holdings Corp.		24,700		168,573
Tokai Lease Co. Ltd.		1,600		14,149
Tokai Rika Co. Ltd.		13,200		202,822
Tokai Tokyo Financial Holdings, Inc.		46,600		173,528
Token Corp.		1,760		114,679
Tokushu Tokai Paper Co. Ltd.		2,500		69,677
Japan—(Continued)
Tokuyama Corp.		14,400		243,639
Tokyo Base Co. Ltd. (d)		4,100		8,752
Tokyo Electron Device Ltd.		5,200		186,351
Tokyo Energy & Systems, Inc.		6,200		45,934
Tokyo Individualized Educational Institute, Inc.		2,500		7,883
Tokyo Keiki, Inc.		4,200		52,889
Tokyo Kiraboshi Financial Group, Inc.		5,624		158,023
Tokyo Ohka Kogyo Co. Ltd.		3,600		79,048
Tokyo Rakutenchi Co. Ltd.		1,000		48,459
Tokyo Rope Manufacturing Co. Ltd.		2,800		26,463
Tokyo Sangyo Co. Ltd.		5,500		32,586
Tokyo Seimitsu Co. Ltd.		5,500		336,044
Tokyo Steel Manufacturing Co. Ltd.		18,000		220,149
Tokyo Tekko Co. Ltd.		2,000		58,283
Tokyo Theatres Co., Inc.		2,900		22,655
Tokyotokeiba Co. Ltd. (d)		4,200		131,781
Tokyu Construction Co. Ltd.		21,400		120,781
Toli Corp.		15,600		35,227
Tomato Bank Ltd.		4,200		34,262
Tomen Devices Corp.		800		30,365
Tomoe Corp.		9,800		40,273
Tomoe Engineering Co. Ltd.		2,100		57,346
Tomoku Co. Ltd.		3,000		45,592
TOMONY Holdings, Inc. (d)		40,500		112,324
Tomy Co. Ltd.		21,000		331,623
Tonami Holdings Co. Ltd.		1,300		41,499
Topcon Corp.		26,400		283,061
Topre Corp.		9,800		129,854
Topy Industries Ltd.		4,000		72,202
Torex Semiconductor Ltd.		500		6,249
Toridoll Holdings Corp.		6,500		186,641
Torigoe Co. Ltd. (d)		6,000		27,755
Torii Pharmaceutical Co. Ltd.		3,500		88,140
Torishima Pump Manufacturing Co. Ltd.		5,200		82,931
Tosei Corp.		7,100		100,263
Toshiba TEC Corp.		6,000		124,014
Totech Corp.		700		23,608
Totetsu Kogyo Co. Ltd.		6,500		145,891
Tottori Bank Ltd.		3,700		35,556
Toukei Computer Co. Ltd.		600		14,695
Towa Bank Ltd.		11,500		49,338
Towa Corp.		5,700		285,086
Towa Pharmaceutical Co. Ltd.		6,800		113,321
Toyo Construction Co. Ltd.		25,499		215,386
Toyo Corp.		7,900		79,124
Toyo Denki Seizo KK		3,200		22,073
Toyo Engineering Corp. (a)		8,200		45,811
Toyo Gosei Co. Ltd. (d)		800		47,174
Toyo Kanetsu KK		2,400		65,728
Toyo Machinery & Metal Co. Ltd.		6,000		29,113
Toyo Securities Co. Ltd.		14,100		30,123
Toyo Tanso Co. Ltd. (d)		3,600		121,720
Toyo Tire Corp.		12,100		201,499
Toyo Wharf & Warehouse Co. Ltd.		2,500		24,652
Toyobo Co. Ltd.		22,100		165,375
TPR Co. Ltd.		6,300		75,888
Traders Holdings Co. Ltd.		2,800		10,579

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Trancom Co. Ltd.		2,300	$	117,023
Trans Genic, Inc.		2,700		4,984
Transaction Co. Ltd.		1,400		21,158
Transcosmos, Inc.		4,200		89,629
TRE Holdings Corp.		5,600		43,587
Tri Chemical Laboratories, Inc.		6,000		152,795
Trusco Nakayama Corp.		11,300		196,071
TS Tech Co. Ltd.		20,700		249,802
TSI Holdings Co. Ltd.		14,405		74,876
Tsubaki Nakashima Co. Ltd. (d)		13,000		67,321
Tsubakimoto Chain Co.		6,300		180,352
Tsubakimoto Kogyo Co. Ltd.		1,200		54,598
Tsugami Corp.		10,600		91,050
Tsukishima Holdings Co. Ltd.		7,200		68,386
Tsukuba Bank Ltd.		19,200		33,641
Tsumura & Co.		15,600		294,096
Tsurumi Manufacturing Co. Ltd.		4,500		117,950
Tsutsumi Jewelry Co. Ltd.		700		11,324
TV Asahi Holdings Corp.		6,300		71,676
Tv Tokyo Holdings Corp.		1,800		38,136
TYK Corp.		6,000		18,125
UACJ Corp.		7,985		217,625
UBE Corp.		21,300		346,254
Ubicom Holdings, Inc.		500		5,903
Uchida Yoko Co. Ltd.		2,100		102,255
Ueki Corp.		2,200		22,978
ULS Group, Inc.		600		18,366
Ulvac, Inc.		2,700		128,340
Union Tool Co. (d)		2,900		68,552
Unipres Corp.		10,600		71,329
United Arrows Ltd.		3,100		41,430
United Super Markets Holdings, Inc. (d)		15,500		111,749
UNITED, Inc.		6,000		38,187
Unitika Ltd. (a)		15,600		19,212
Universal Entertainment Corp. (d)		6,100		99,160
Urbanet Corp. Co. Ltd.		4,500		12,618
Usen-Next Holdings Co. Ltd.		2,700		76,878
Ushio, Inc.		24,600		352,498
UT Group Co. Ltd. (a)		6,600		113,938
UUUM Co. Ltd. (a)		1,800		5,526
V Technology Co. Ltd.		2,700		54,208
V-Cube, Inc. (a) (d)		2,100		4,756
Valor Holdings Co. Ltd.		9,000		155,525
Valqua Ltd.		4,600		134,961
Value HR Co. Ltd. (d)		2,000		21,865
ValueCommerce Co. Ltd.		4,300		44,631
Vector, Inc.		8,200		65,709
Vertex Corp.		3,000		33,903
Village Vanguard Co. Ltd. (a)		2,300		17,432
Vision, Inc. (a)		4,000		34,822
Visional, Inc. (a)		1,900		120,488
Vital KSK Holdings, Inc.		9,100		67,256
VT Holdings Co. Ltd.		19,800		72,509
Wacoal Holdings Corp.		10,100		239,428
Wacom Co. Ltd.		14,000		65,238
Wakachiku Construction Co. Ltd.		1,900		39,772
Wakita & Co. Ltd.		9,700		109,722
Japan—(Continued)
Warabeya Nichiyo Holdings Co. Ltd.		3,700		89,600
Waseda Academy Co. Ltd.		1,400		17,793
Watahan & Co. Ltd.		3,200		32,206
Watts Co. Ltd.		1,900		8,419
WDB Holdings Co. Ltd.		2,700		42,309
Weathernews, Inc.		1,500		57,451
Welbe, Inc.		2,300		12,820
Wellneo Sugar Co. Ltd.		2,400		35,862
Wellnet Corp.		4,400		17,443
West Holdings Corp. (d)		5,629		122,871
Will Group, Inc.		4,200		34,361
WIN-Partners Co. Ltd.		1,500		12,709
WingArc1st, Inc.		1,800		39,127
Wood One Co. Ltd. (d)		2,600		18,381
World Co. Ltd.		5,000		59,417
World Holdings Co. Ltd.		2,500		48,225
Wowow, Inc.		2,200		16,648
Xebio Holdings Co. Ltd.		7,300		49,426
YA-MAN Ltd. (d)		8,800		62,748
Yahagi Construction Co. Ltd.		9,500		90,860
Yaizu Suisankagaku Industry Co. Ltd.		4,400		37,356
YAKUODO Holdings Co. Ltd.		2,900		55,916
YAMABIKO Corp.		7,900		83,609
YAMADA Consulting Group Co. Ltd.		3,100		37,484
Yamagata Bank Ltd.		6,900		52,148
Yamaguchi Financial Group, Inc.		42,800		382,490
Yamaichi Electronics Co. Ltd.		6,100		83,517
Yamanashi Chuo Bank Ltd.		6,300		75,047
Yamatane Corp.		2,600		45,365
Yamato Corp.		5,000		32,874
Yamaura Corp.		2,800		27,938
Yamaya Corp.		1,150		24,811
Yamazawa Co. Ltd.		1,000		8,860
Yamazen Corp.		15,000		126,772
Yaoko Co. Ltd.		2,600		148,593
Yashima Denki Co. Ltd.		7,500		70,315
Yasuda Logistics Corp.		4,900		40,691
Yasunaga Corp.		1,700		7,705
Yellow Hat Ltd.		9,200		115,106
Yodogawa Steel Works Ltd.		5,500		148,542
Yokogawa Bridge Holdings Corp.		8,600		154,305
Yokorei Co. Ltd.		14,000		103,968
Yokowo Co. Ltd.		4,300		43,331
Yomeishu Seizo Co. Ltd.		2,400		31,747
Yondenko Corp.		2,400		53,542
Yondoshi Holdings, Inc.		4,600		66,152
Yonex Co. Ltd.		9,500		89,760
Yorozu Corp.		6,500		38,106
Yoshinoya Holdings Co. Ltd.		16,100		365,519
Yotai Refractories Co. Ltd.		4,100		43,466
Yuasa Funashoku Co. Ltd.		1,300		29,503
Yuasa Trading Co. Ltd.		4,800		160,882
Yuken Kogyo Co. Ltd.		1,300		19,928
Yukiguni Maitake Co. Ltd.		2,100		13,921
Yurtec Corp.		10,300		81,915
Yushin Precision Equipment Co. Ltd.		2,900		13,698
Yushiro Chemical Industry Co. Ltd.		3,700		42,856

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Yutaka Giken Co. Ltd.		600	$	10,014
Zaoh Co. Ltd.		800		13,795
Zenrin Co. Ltd.		9,750		60,309
ZERIA Pharmaceutical Co. Ltd.		2,800		40,048
ZIGExN Co. Ltd.		8,400		31,520
Zuiko Corp. (d)		4,000		51,078
				128,459,907
Jersey, Channel Islands—0.1%
Centamin PLC		356,454		454,013
Jordan—0.1%
Hikma Pharmaceuticals PLC		14,253		324,810
Liechtenstein—0.1%
Liechtensteinische Landesbank AG		3,366		264,759
VP Bank AG - Class A		1,049		109,298
				374,057
Luxembourg—0.3%
ADLER Group SA (a)		1,495		878
Aperam SA		10,690		389,828
Befesa SA		9,306		361,716
L’Occitane International SA		51,500		147,202
RTL Group SA (d)		302		11,655
SES SA		84,181		556,326
				1,467,605
Macau—0.0%
MECOM Power & Construction Ltd. (a)		211,500		8,167
SJM Holdings Ltd. (a)		384,249		121,349
				129,516
Malta—0.0%
Gaming Innovation Group, Inc. (a)		5,882		17,259
Mongolia—0.0%
Mongolian Mining Corp. (a)		33,000		31,655
Netherlands—2.0%
Aalberts NV		21,747		946,412
Acomo NV		2,850		55,183
Alfen NV (a) (d)		4,827		321,729
AMG Critical Materials NV (d)		6,652		167,675
Arcadis NV		18,701		1,011,083
Basic-Fit NV (a) (d)		8,733		273,567
BE Semiconductor Industries NV		14,828		2,234,387
Brack Capital Properties NV (a)		856		57,429
Brunel International NV		6,045		74,651
Corbion NV		15,863		339,596
CTP NV		12,784		216,034
Euronext NV		2,332		202,492
Flow Traders Ltd.		8,710		172,665
ForFarmers NV		10,101		26,625
Fugro NV (a)		24,705		472,829
Netherlands—(Continued)
Just Eat Takeaway.com NV (a) (d)		975		15,074
Kendrion NV		3,766		50,289
Koninklijke BAM Groep NV		68,574		184,166
Koninklijke Heijmans NV		6,019		80,879
Koninklijke Vopak NV		13,444		452,896
Lucas Bols NV (a) (d)		1,325		26,343
Nedap NV		1,575		111,296
New World Resources PLC - Class A (a) (b) (c)		11,898		0
OCI NV		8,265		240,279
Pharming Group NV (a) (d)		76,183		86,617
PostNL NV		85,361		133,422
Redcare Pharmacy NV (a)		680		98,811
SBM Offshore NV		29,300		403,791
SIF Holding NV (a) (d)		1,469		16,934
Signify NV		28,840		966,132
Sligro Food Group NV		6,049		106,170
TKH Group NV		10,606		464,789
TomTom NV (a) (d)		18,862		133,204
Van Lanschot Kempen NV		6,057		189,041
				10,332,490
New Zealand—0.4%
Air New Zealand Ltd.		216,039		86,704
Arvida Group Ltd.		96,446		67,014
Briscoe Group Ltd. (d)		13,123		37,032
Channel Infrastructure NZ Ltd.		39,302		36,027
Chorus Ltd.		34,034		168,968
Delegat Group Ltd.		6,671		27,412
Eroad Ltd. (a)		7,847		5,050
Freightways Group Ltd.		26,416		141,924
Gentrack Group Ltd. (a)		7,810		32,658
Hallenstein Glasson Holdings Ltd. (d)		13,182		43,344
Heartland Group Holdings Ltd.		127,413		119,090
Investore Property Ltd.		47,875		36,261
KMD Brands Ltd.		106,864		50,670
Manawa Energy Ltd.		13,980		37,897
Michael Hill International Ltd.		82,929		51,897
NZME Ltd.		71,247		48,456
NZX Ltd.		82,001		56,776
Oceania Healthcare Ltd.		113,418		54,533
Pacific Edge Ltd. (a)		89,677		6,623
PGG Wrightson Ltd.		5,854		12,583
Restaurant Brands New Zealand Ltd.		7,507		18,891
Sanford Ltd.		17,782		45,466
Scales Corp. Ltd.		25,709		56,055
Serko Ltd. (a)		5,880		15,053
Skellerup Holdings Ltd.		34,311		109,295
SKY Network Television Ltd.		38,232		66,809
SKYCITY Entertainment Group Ltd. (d)		133,795		153,936
Steel & Tube Holdings Ltd.		51,732		35,330
Summerset Group Holdings Ltd.		22,779		147,583
Synlait Milk Ltd. (a)		17,226		10,334
Tourism Holdings Ltd.		27,545		67,007
TOWER Ltd.		53,852		20,795
Turners Automotive Group Ltd.		8,735		25,350

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
New Zealand—(Continued)
Warehouse Group Ltd.		26,369	$	26,841
				1,919,664
Norway—0.7%
2020 Bulkers Ltd. (a)		3,023		36,116
ABG Sundal Collier Holding ASA		134,443		89,933
AF Gruppen ASA		720		8,793
Akastor ASA (a) (d)		47,184		54,147
Aker Carbon Capture ASA (a)		38,063		50,741
AMSC ASA		16,816		44,433
ArcticZymes Technologies ASA (a)		4,578		18,889
Atea ASA		14,965		190,086
Austevoll Seafood ASA		3,599		26,249
Axactor ASA (a)		50,628		25,295
B2 Impact ASA		54,575		39,430
Belships ASA		6,016		10,881
Bluenord ASA (a)		3,930		192,564
Bonheur ASA		5,418		128,860
Borregaard ASA		9,707		163,783
Bouvet ASA		11,240		67,395
BW Energy Ltd. (a)		23,285		61,622
BW Offshore Ltd.		24,958		55,113
Cloudberry Clean Energy ASA (a)		5,774		6,568
Crayon Group Holding ASA (a)		9,599		79,862
DNO ASA		94,590		93,571
Europris ASA		42,752		322,754
Grieg Seafood ASA		10,403		69,957
Hexagon Composites ASA (a)		32,350		91,846
Hexagon Purus ASA (a)		12,472		13,632
IDEX Biometrics ASA (a)		200,592		10,898
Itera ASA		17,553		20,765
Kid ASA		4,010		46,189
Kitron ASA		28,832		94,946
LINK Mobility Group Holding ASA (a)		12,521		22,296
Medistim ASA		1,762		37,038
MPC Container Ships ASA		39,419		51,701
Multiconsult ASA		1,528		18,643
Nekkar ASA (a)		8,927		8,138
Norske Skog ASA		5,807		23,628
Norwegian Air Shuttle ASA (a)		68,212		71,868
Odfjell Drilling Ltd.		25,648		99,331
Odfjell SE - A Shares		1,949		22,324
OKEA ASA		884		2,312
Panoro Energy ASA		4,804		12,761
Pareto Bank ASA		2,287		12,133
PGS ASA (a)		142,218		120,022
Protector Forsikring ASA		15,576		275,644
REC Silicon ASA (a)		64,361		88,464
Scatec ASA		10,806		87,124
Selvaag Bolig ASA		13,262		43,224
Sparebank 1 Oestlandet		3,002		39,155
SpareBank 1 Sorost-Norge		3,854		24,268
Sparebanken More		2,450		20,216
Ultimovacs ASA (a)		1,682		20,275
Veidekke ASA		22,122		222,597
Wilh Wilhelmsen Holding ASA - Class A		2,124		76,243
Norway—(Continued)
XXL ASA (a) (d)		193,565		17,978
Zaptec ASA (a)		7,253		15,543
				3,548,244
Peru—0.0%
Hochschild Mining PLC (a)		95,965		130,780
Philippines—0.0%
Del Monte Pacific Ltd.		77,636		7,579
Poland—0.0%
InPost SA (a)		14,813		204,783
Portugal—0.4%
Altri SGPS SA		22,337		113,456
Banco Comercial Portugues SA - Class R (a)		2,143,248		649,300
Corticeira Amorim SGPS SA		2,047		20,659
CTT-Correios de Portugal SA		24,574		94,931
Greenvolt-Energias Renovaveis SA (a) (d)		9,644		87,087
Mota-Engil SGPS SA		25,385		111,059
Navigator Co. SA (d)		64,155		251,689
NOS SGPS SA		62,205		219,812
REN - Redes Energeticas Nacionais SGPS SA		112,114		287,823
Sonae SGPS SA		236,930		236,651
				2,072,467
Singapore—1.1%
Abterra Ltd. (a) (b) (c)		51,720		0
AEM Holdings Ltd.		46,700		122,081
Avarga Ltd. (a)		46,000		6,289
Banyan Tree Holdings Ltd. (a)		97,700		25,514
Best World International Ltd. (a)		17,862		23,258
Bonvests Holdings Ltd.		18,000		13,775
Boustead Singapore Ltd.		82,025		53,390
Bukit Sembawang Estates Ltd.		56,100		150,019
BW LPG Ltd.		17,672		262,398
Capitaland India Trust		220,172		190,023
Centurion Corp. Ltd.		98,400		30,252
China Aviation Oil Singapore Corp. Ltd.		55,000		36,446
Chuan Hup Holdings Ltd.		125,000		16,371
ComfortDelGro Corp. Ltd.		398,200		421,961
COSCO Shipping International Singapore Co. Ltd. (a)		214,300		21,435
Creative Technology Ltd. (a)		16,300		17,693
CSE Global Ltd.		114,300		37,343
CW Group Holdings Ltd. (a) (b) (c)		106,000		0
Delfi Ltd.		80,600		68,366
Ezion Holdings Ltd. (a) (b) (c)		753,729		1
Ezra Holdings Ltd. (a) (b) (c)		1,000,703		1
Far East Orchard Ltd.		76,120		58,162
First Resources Ltd.		97,300		105,331
Food Empire Holdings Ltd.		54,000		46,248
Fraser & Neave Ltd.		36,400		29,234
Frencken Group Ltd.		57,600		58,647
Fu Yu Corp. Ltd.		98,800		11,749
Gallant Venture Ltd. (a)		257,900		25,404
Geo Energy Resources Ltd.		155,000		41,166

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Singapore—(Continued)
Golden Agri-Resources Ltd.		1,125,500	$	221,873
GuocoLand Ltd.		68,800		77,205
Haw Par Corp. Ltd.		18,900		139,480
Hiap Hoe Ltd.		58,000		28,127
Ho Bee Land Ltd.		49,800		66,704
Hong Fok Corp. Ltd.		90,940		62,660
Hong Leong Asia Ltd.		52,600		24,252
Hong Leong Finance Ltd.		43,900		83,132
Hotel Grand Central Ltd.		26,435		16,255
Hour Glass Ltd.		60,000		75,427
HRnetgroup Ltd.		67,700		36,681
Hyflux Ltd. (a) (b) (c)		179,500		0
iFAST Corp. Ltd.		25,500		158,382
IGG, Inc. (a)		192,000		79,550
Indofood Agri Resources Ltd.		152,000		34,528
InnoTek Ltd.		17,400		5,814
Japfa Ltd.		98,670		16,408
Kenon Holdings Ltd.		475		11,472
Keppel Infrastructure Trust		823,428		312,893
KSH Holdings Ltd.		25,700		4,681
Low Keng Huat Singapore Ltd.		122,600		30,191
Metro Holdings Ltd.		141,600		55,794
Mewah International, Inc.		110,000		24,171
Midas Holdings Ltd. (a) (b) (c)		452,000		0
mm2 Asia Ltd. (a)		299,600		7,052
Nanofilm Technologies International Ltd.		29,200		20,183
Netlink NBN Trust		345,500		220,122
NSL Ltd.		15,000		9,031
OM Holdings Ltd.		21,506		6,527
OUE Ltd.		70,300		63,846
Oxley Holdings Ltd. (a)		268,718		20,547
Pan-United Corp. Ltd.		53,750		15,493
Propnex Ltd.		15,400		10,843
PSC Corp. Ltd.		19,000		4,531
Q&M Dental Group Singapore Ltd.		50,160		9,712
QAF Ltd.		74,167		45,745
Raffles Education Ltd. (a)		335,506		13,334
Raffles Medical Group Ltd.		178,511		145,972
Rickmers Maritime (a) (b) (c)		110,000		0
SATS Ltd. (a)		123,039		255,912
SBS Transit Ltd.		25,600		51,721
Sheng Siong Group Ltd.		146,100		177,012
SHS Holdings Ltd.		47,000		4,274
SIA Engineering Co. Ltd.		55,200		99,017
SIIC Environment Holdings Ltd.		220,300		31,727
Sinarmas Land Ltd.		618,500		84,769
Sing Holdings Ltd.		82,000		19,883
Singapore Land Group Ltd.		20,800		31,329
Singapore Post Ltd.		259,000		93,163
Stamford Land Corp. Ltd.		220,201		65,031
StarHub Ltd.		117,100		98,441
Straits Trading Co. Ltd.		14,224		19,479
Swiber Holdings Ltd. (a) (b) (c)		235,498		0
Thomson Medical Group Ltd.		328,600		15,171
Tuan Sing Holdings Ltd.		189,225		40,116
UMS Holdings Ltd.		132,112		133,804
United Overseas Insurance Ltd.		4,000		18,003
Singapore—(Continued)
UOB-Kay Hian Holdings Ltd.		135,107		137,221
Venture Corp. Ltd.		36,900		380,060
Vicom Ltd.		26,000		28,143
Wee Hur Holdings Ltd.		85,000		12,173
Wing Tai Holdings Ltd.		109,921		107,403
Yeo Hiap Seng Ltd.		20,155		9,163
				5,944,190
Spain—2.4%
Acerinox SA		35,335		415,763
Almirall SA		19,817		184,476
Amper SA (a) (d)		302,851		27,953
Applus Services SA		31,502		347,829
Atresmedia Corp. de Medios de Comunicacion SA		23,928		94,921
Azkoyen SA		3,142		21,852
Banco de Sabadell SA		1,352,287		1,661,680
Bankinter SA		169,125		1,082,351
Caja de Ahorros del Mediterraneo (a) (b) (c) (d)		14,621		0
Cia de Distribucion Integral Logista Holdings SA		12,772		345,629
CIE Automotive SA		9,875		280,847
Construcciones y Auxiliar de Ferrocarriles SA		4,120		148,325
Distribuidora Internacional de Alimentacion SA (a)		2,455,491		32,003
Ebro Foods SA		14,580		249,887
eDreams ODIGEO SA (a)		17,603		149,054
Elecnor SA		8,759		189,139
Enagas SA		52,283		882,076
Ence Energia y Celulosa SA		32,907		102,916
Ercros SA (d)		20,859		60,823
Faes Farma SA		79,672		278,380
Fluidra SA		14,698		306,480
Gestamp Automocion SA		22,065		85,542
Global Dominion Access SA		22,659		84,029
Grenergy Renovables SA (a) (d)		1,152		43,572
Grifols SA (a)		10,113		173,330
Grupo Catalana Occidente SA		8,863		302,435
Grupo Empresarial San Jose SA (d)		8,320		31,784
Iberpapel Gestion SA		1,128		22,686
Indra Sistemas SA (d)		40,952		634,241
Laboratorios Farmaceuticos Rovi SA		4,330		288,384
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (d)		186,237		175,168
Mapfre SA		182,747		392,160
Melia Hotels International SA (a) (d)		31,617		208,649
Miquel y Costas & Miquel SA		8,745		114,156
Neinor Homes SA		4,237		49,386
Obrascon Huarte Lain SA (a)		47,913		23,847
Pharma Mar SA		2,214		100,430
Prim SA		3,013		34,924
Promotora de Informaciones SA - Class A (a)		83,921		26,844
Prosegur Cash SA		28,432		16,848
Prosegur Compania de Seguridad SA		49,013		95,264
Realia Business SA		123,493		144,532
Sacyr SA		99,264		342,762
Solaria Energia y Medio Ambiente SA (a) (d)		19,439		401,007
Talgo SA (d)		23,239		112,624
Tecnicas Reunidas SA (a)		11,864		109,335
Tubacex SA		28,472		110,017

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Spain—(Continued)
Unicaja Banco SA (d)		267,421	$	262,843
Vidrala SA		5,440		563,464
Viscofan SA		9,786		579,178
Vocento SA (d)		18,128		11,005
				12,402,830
Sweden—2.5%
AcadeMedia AB		21,250		109,157
AddLife AB - Class B		6,958		75,487
Addnode Group AB		29,228		247,239
AFRY AB		16,879		233,982
Alimak Group AB		20,850		170,058
Alligo AB - Class B		8,890		109,657
Ambea AB		4,741		24,795
Annehem Fastigheter AB - Class B (a)		7,859		13,247
AQ Group AB (d)		654		32,870
Arjo AB - B Shares		55,404		217,311
Attendo AB (a)		28,610		102,678
Beijer Alma AB		13,962		263,119
Bergman & Beving AB		9,571		174,427
Besqab AB (a)		3,183		10,046
Betsson AB - Class B		38,092		409,750
BHG Group AB (a)		13,680		19,257
Bilia AB - A Shares		20,857		279,421
BioGaia AB - B Shares		3,014		30,143
BioInvent International AB (a)		2,421		4,563
Biotage AB		4,286		57,062
Bonava AB - B Shares (a)		18,068		23,585
Boozt AB (a)		5,455		73,441
Bravida Holding AB		5,903		47,460
Bufab AB		8,362		321,051
Bulten AB		4,294		34,218
Bure Equity AB		10,783		305,587
Byggmax Group AB (a)		18,326		68,946
Catella AB		2,281		7,328
Catena AB		6,814		320,159
Cellavision AB		2,146		45,283
Cibus Nordic Real Estate AB publ		2,907		38,545
Clas Ohlson AB - B Shares		12,720		199,562
Cloetta AB - B Shares		61,762		112,196
Coor Service Management Holding AB		24,209		104,827
Corem Property Group AB - Class B (d)		68,633		72,553
Corem Property Group AB - Class D		1,405		25,386
Dios Fastigheter AB		26,164		224,352
Dometic Group AB		8,120		72,541
Dustin Group AB (a)		75,208		73,478
Eastnine AB		5,243		89,426
Elanders AB - B Shares		1,453		13,829
Electrolux Professional AB - Class B		46,563		255,146
Eltel AB (a)		18,428		12,222
Enea AB (a)		4,082		22,898
Eolus Vind AB - B Shares		935		8,225
Ependion AB		7,843		97,615
Ework Group AB		2,864		42,076
Fagerhult Group AB		15,512		101,639
Fastighets AB Trianon (a)		3,988		6,633
Sweden—(Continued)
FastPartner AB - Class A		10,644		66,284
Ferronordic AB		275		1,942
Fingerprint Cards AB - Class B (a) (d)		51,699		8,840
FormPipe Software AB (a)		2,450		6,584
G5 Entertainment AB		208		3,221
Granges AB		31,689		364,378
Heba Fastighets AB - Class B		19,054		67,176
Hemnet Group AB		7,877		188,597
HMS Networks AB		4,108		203,381
Hoist Finance AB (a)		12,983		47,850
Humana AB (a)		6,890		19,237
Instalco AB		38,975		158,152
Inwido AB		16,291		219,143
ITAB Shop Concept AB		1,944		2,332
JM AB (d)		14,820		262,668
Karnov Group AB (a)		14,120		77,847
KNOW IT AB		6,672		103,995
Lagercrantz Group AB - B Shares		6,007		80,855
Lime Technologies AB		1,294		38,090
Lindab International AB		21,935		432,957
Loomis AB		4,615		122,957
Medcap AB (a)		879		29,418
MEKO AB		11,543		125,612
MIPS AB		2,071		75,424
Modern Times Group MTG AB - Class B (a)		23,462		201,130
Momentum Group AB		8,890		115,076
Munters Group AB		20,599		334,117
Mycronic AB		7,244		206,710
NCAB Group AB (d)		20,370		148,297
NCC AB - B Shares		17,089		213,151
Nederman Holding AB		6,257		111,339
Net Insight AB - Class B (a) (d)		74,697		38,508
New Wave Group AB - B Shares (d)		29,604		300,701
Nilorngruppen AB - B Shares (d)		1,106		6,576
Nobia AB (a)		40,224		43,882
Nolato AB - B Shares (d)		47,680		250,200
Nordic Paper Holding AB (d)		2,747		12,213
Nordic Waterproofing Holding AB		6,754		110,129
Norion Bank AB (a)		5,059		21,752
Note AB (a)		2,362		34,959
NP3 Fastigheter AB		8,531		197,095
Nyfosa AB		44,721		428,022
OEM International AB - B Shares		22,800		238,266
Orron Energy ab (a)		9,493		7,537
Ovzon AB (a)		673		968
Peab AB - Class B		17,159		97,221
Platzer Fastigheter Holding AB - Class B		15,422		129,620
Pricer AB - B Shares (a)		45,096		34,996
Proact IT Group AB		8,496		79,370
Ratos AB - B Shares		61,820		221,675
RaySearch Laboratories AB (a)		7,859		70,636
Rejlers AB		1,659		20,148
Rottneros AB		26,936		32,593
Scandi Standard AB		18,069		103,006
Scandic Hotels Group AB (a)		33,911		156,077
Sdiptech AB - Class B (a)		4,249		114,175
Sensys Gatso Group AB (a)		2,792		20,101

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—(Continued)
SkiStar AB		13,849	$	164,687
Softronic AB - B Shares (d)		3,875		7,628
Solid Forsakring AB		2,708		17,106
Stendorren Fastigheter AB (a)		1,576		28,707
Stillfront Group AB (a)		27,529		33,328
Storskogen Group AB - Class B		38,305		35,402
Systemair AB		22,572		176,182
Tethys Oil AB		2,076		8,948
TF Bank AB (a)		690		11,674
Troax Group AB		11,680		286,833
Truecaller AB - Class B (a)		13,719		47,672
VBG Group AB - B Shares		2,387		57,512
Viaplay Group AB (a)		3,680		1,899
Vitec Software Group AB - B Shares		5,020		292,735
Volati AB		1,043		11,474
				13,393,449
Switzerland—8.0%
Accelleron Industries AG		7,236		226,337
Adecco Group AG		28,183		1,386,919
Allreal Holding AG		3,829		685,714
ALSO Holding AG		1,870		558,883
APG SGA SA		390		84,837
Arbonia AG (d)		14,726		168,951
Aryzta AG (a)		240,805		445,361
Ascom Holding AG		3,201		31,326
Autoneum Holding AG (a) (d)		1,045		169,704
Avolta AG (a)		21,834		861,259
Baloise Holding AG		8,025		1,258,116
Banque Cantonale de Geneve		750		200,540
Banque Cantonale Vaudoise		4,600		593,455
Basilea Pharmaceutica AG (a)		1,225		51,421
Belimo Holding AG		2,620		1,445,252
Bell Food Group AG		640		193,264
Bellevue Group AG (d)		3,322		96,781
Berner Kantonalbank AG		1,195		335,282
BKW AG		3,879		690,296
Bossard Holding AG - Class A (d)		1,729		454,369
Bucher Industries AG		1,798		755,428
Burckhardt Compression Holding AG		714		431,067
Burkhalter Holding AG		555		61,163
Bystronic AG		398		225,624
Calida Holding AG		1,703		59,541
Carlo Gavazzi Holding AG		124		47,214
Cembra Money Bank AG		7,756		605,776
Cicor Technologies Ltd. (a)		644		38,142
Cie Financiere Tradition SA		607		85,157
Clariant AG		57,069		844,762
Coltene Holding AG		1,092		92,960
Comet Holding AG		1,743		551,738
Daetwyler Holding AG		1,318		306,023
DKSH Holding AG		9,849		684,618
dormakaba Holding AG		861		465,262
EDAG Engineering Group AG		3,171		47,992
EFG International AG (d)		23,424		300,856
Emmi AG (d)		591		640,945
Switzerland—(Continued)
Energiedienst Holding AG		3,894		178,310
Feintool International Holding AG (d)		1,764		38,065
Fenix Outdoor International AG (d)		1,091		83,763
Ferrexpo PLC (a)		523		602
Flughafen Zurich AG		5,235		1,093,648
Forbo Holding AG		276		346,116
Fundamenta Real Estate AG		4,539		90,686
Galenica AG		13,170		1,139,406
GAM Holding AG (a)		62,659		29,162
Georg Fischer AG		21,135		1,538,505
Gurit Holding AG - Class BR (a) (d)		1,066		103,704
Helvetia Holding AG		10,528		1,450,942
Hiag Immobilien Holding AG		1,482		140,684
Highlight Communications AG (a)		7,829		23,553
HOCHDORF Holding AG (a) (d)		174		3,206
Huber & Suhner AG		4,607		372,573
Hypothekarbank Lenzburg AG		3		14,621
Implenia AG		4,062		147,325
Ina Invest Holding AG (a)		1,388		28,810
Inficon Holding AG		501		719,335
Interroll Holding AG		216		687,454
Intershop Holding AG		353		258,156
Investis Holding SA		421		48,853
IWG PLC (a)		194,505		467,999
Jungfraubahn Holding AG		970		184,513
Kardex Holding AG		2,082		541,050
Komax Holding AG		1,115		266,187
Kongsberg Automotive ASA (a)		156,504		31,548
Kudelski SA (a)		13,221		19,055
Landis+Gyr Group AG		4,662		421,831
LEM Holding SA		150		370,484
Luzerner Kantonalbank AG		4,993		427,610
Medacta Group SA		1,064		159,320
Medmix AG		5,258		119,198
Meier Tobler Group AG		1,744		76,813
Metall Zug AG - B Shares		62		112,397
Mikron Holding AG		2,145		39,026
Mobilezone Holding AG		12,863		210,038
Mobimo Holding AG		2,004		622,662
Novavest Real Estate AG		468		20,256
OC Oerlikon Corp. AG		53,535		241,740
Orascom Development Holding AG (a)		4,230		24,112
Orell Fuessli AG		331		29,606
Orior AG (d)		1,947		166,957
Phoenix Mecano AG (a)		244		125,880
Plazza AG - Class A		222		79,199
PSP Swiss Property AG		11,769		1,647,787
Resurs Holding AB		27,086		64,132
Rieter Holding AG (d)		686		73,599
Romande Energie Holding SA		2,775		181,510
Schweiter Technologies AG		286		176,492
Schweizerische Nationalbank (a)		5		25,567
Sensirion Holding AG (a) (d)		1,407		139,825
SFS Group AG		5,084		630,976
Siegfried Holding AG		1,138		1,163,292
SIG Group AG		2,682		61,730
SKAN Group AG		131		12,568

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
St Galler Kantonalbank AG		791	$	462,272
Stadler Rail AG		4,535		163,335
Sulzer AG		5,258		537,163
Swiss Prime Site AG		15,133		1,618,935
Swiss Steel Holding AG (a)		161,565		16,093
Swissquote Group Holding SA		3,768		918,905
Temenos AG		15,465		1,443,240
TX Group AG		920		132,116
u-blox Holding AG (d)		2,020		240,089
V-ZUG Holding AG (a)		780		60,069
Valiant Holding AG		4,473		507,373
Vaudoise Assurances Holding SA		192		100,501
Vetropack Holding AG		3,634		169,278
Vontobel Holding AG (d)		7,238		469,090
VZ Holding AG		3,926		458,435
Walliser Kantonalbank		1,345		174,331
Warteck Invest AG		53		116,419
Ypsomed Holding AG		692		249,354
Zehnder Group AG		2,819		179,896
Zug Estates Holding AG - B Shares		83		158,378
Zuger Kantonalbank AG		45		404,486
				42,234,531
Taiwan—0.0%
FIT Hon Teng Ltd. (a)		80,000		12,054
Tanzania—0.0%
Helios Towers PLC (a)		110,176		125,192
United Arab Emirates—0.0%
Network International Holdings PLC (a)		11,307		56,176
Shelf Drilling Ltd. (a)		19,770		56,461
				112,637
United Kingdom—12.1%
4imprint Group PLC		7,046		409,403
888 Holdings PLC (a)		12,712		15,491
abrdn PLC (d)		108,666		246,919
Accesso Technology Group PLC (a)		2,402		17,693
Advanced Medical Solutions Group PLC		23,347		61,747
AG Barr PLC		33,154		216,694
AJ Bell PLC		59,750		237,943
Alfa Financial Software Holdings PLC		10,992		19,605
Allfunds Group PLC		2,273		16,183
Alliance Pharma PLC		95,282		49,210
Anglo-Eastern Plantations PLC		5,782		49,325
Ascential PLC (a)		79,762		299,562
Ashmore Group PLC		97,994		277,843
ASOS PLC (a) (d)		1,729		9,388
Auction Technology Group PLC (a)		2,941		19,513
Avon Rubber PLC		8,677		94,006
Babcock International Group PLC		152,440		765,770
Bakkavor Group PLC		37,729		38,862
Balfour Beatty PLC		173,040		729,310
Beazley PLC		133,083		883,501
Begbies Traynor Group PLC		20,686		30,867
United Kingdom—(Continued)
Bellway PLC		28,810		940,039
Bloomsbury Publishing PLC		28,218		168,822
Bodycote PLC		59,365		448,783
boohoo Group PLC (a) (d)		68,276		35,640
Braemar PLC (a)		7,120		24,958
Breedon Group PLC		7,689		35,463
Bridgepoint Group PLC		16,451		58,280
Britvic PLC		74,790		801,783
Brooks Macdonald Group PLC		486		12,113
Bytes Technology Group PLC		49,945		388,571
Capita PLC (a)		344,633		96,144
Capricorn Energy PLC		44,415		95,856
Card Factory PLC (a)		103,756		142,339
Carr’s Group PLC (d)		19,239		24,627
Castings PLC		2,870		13,362
Centaur Media PLC		92,526		54,755
Central Asia Metals PLC		20,359		46,778
Chemring Group PLC		75,168		335,894
Chesnara PLC		50,709		168,953
Clarkson PLC		8,219		331,789
Close Brothers Group PLC		45,801		462,936
CMC Markets PLC		42,124		56,355
Coats Group PLC		319,324		314,761
Computacenter PLC		22,674		804,466
Concentric AB		9,871		176,728
Costain Group PLC		35,950		28,958
Cranswick PLC		15,838		767,721
Crest Nicholson Holdings PLC		83,456		230,472
Currys PLC (a)		250,394		160,610
CVS Group PLC		15,668		335,819
Darktrace PLC (a)		5,088		23,709
De La Rue PLC (a)		5,787		6,390
Deliveroo PLC (a)		68,684		111,670
DFS Furniture PLC		51,390		79,534
Dialight PLC (a) (d)		5,140		9,620
Diploma PLC		19,434		885,297
Direct Line Insurance Group PLC (a)		196,487		455,370
DiscoverIE Group PLC		15,588		156,553
Domino’s Pizza Group PLC		124,310		594,872
dotdigital group PLC		41,626		52,378
Dr Martens PLC		56,127		63,280
Drax Group PLC		117,307		732,620
DS Smith PLC		76,102		298,349
Dunelm Group PLC		27,630		385,191
easyJet PLC (a)		5,538		35,956
Ecora Resources PLC		51,447		65,613
EKF Diagnostics Holdings PLC		38,020		15,304
Elementis PLC (a)		188,304		306,061
Energean PLC (d)		27,001		359,149
EnQuest PLC (a)		515,849		99,099
Epwin Group PLC		14,369		14,931
Esken Ltd. (a)		102,535		1,563
Essentra PLC		94,236		203,664
FDM Group Holdings PLC		21,321		125,329
Fevertree Drinks PLC		4,526		60,393
Firstgroup PLC		145,351		323,933
FLEX LNG Ltd.		948		27,842

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Flowtech Fluidpower PLC		6,703	$	7,095
Forterra PLC		58,426		131,471
Foxtons Group PLC		74,860		43,835
Frasers Group PLC (a)		31,394		363,715
Frontier Developments PLC (a)		3,312		5,549
Fuller Smith & Turner PLC - Class A		9,279		77,192
Fund Technologies PLC (a)		3,285		48,185
Funding Circle Holdings PLC (a)		10,326		5,253
Galliford Try Holdings PLC		39,862		113,957
Games Workshop Group PLC		8,487		1,063,617
Gamma Communications PLC		15,986		228,866
Gem Diamonds Ltd. (a)		44,142		7,481
Genel Energy PLC (d)		14,530		14,180
Genuit Group PLC		68,299		350,475
Georgia Capital PLC (a)		7,105		92,501
Gooch & Housego PLC		2,212		16,729
Goodwin PLC		121		8,880
Grafton Group PLC		62,887		728,760
Grainger PLC		204,518		688,187
Greggs PLC		29,520		975,703
Gulf Keystone Petroleum Ltd. (d)		64,377		105,736
Gym Group PLC (a)		49,004		66,310
H&T Group PLC		1,027		5,652
Halfords Group PLC		72,677		184,621
Harbour Energy PLC		82,060		322,296
Hargreaves Lansdown PLC		52,847		492,428
Harworth Group PLC		4,382		6,758
Hays PLC		457,753		637,046
Headlam Group PLC		29,149		80,211
Helical PLC		38,476		108,352
Henry Boot PLC		14,477		38,405
Hill & Smith PLC		26,057		632,270
Hilton Food Group PLC		19,243		195,643
Hiscox Ltd.		63,107		846,456
Hollywood Bowl Group PLC		35,798		139,512
Howden Joinery Group PLC		82,426		853,906
Hunting PLC		47,371		178,711
Ibstock PLC		123,730		238,368
IDOX PLC (d)		75,537		66,444
IG Group Holdings PLC		57,306		558,253
IMI PLC		21,068		450,984
Impax Asset Management Group PLC		14,750		103,350
Inchcape PLC		94,730		860,938
Indivior PLC (a)		29,960		452,420
IntegraFin Holdings PLC		51,584		198,951
Intermediate Capital Group PLC		11,809		252,329
International Distributions Services PLC (a)		90,342		313,197
International Personal Finance PLC		79,366		120,536
iomart Group PLC		16,833		32,576
IP Group PLC		225,731		166,493
IQE PLC (a) (d)		87,265		27,073
ITV PLC		636,123		511,594
J D Wetherspoon PLC (a)		21,503		221,282
James Fisher & Sons PLC (a)		15,436		60,577
James Halstead PLC (d)		59,490		154,235
JET2 PLC		34,034		539,949
John Wood Group PLC (a)		195,202		425,852
United Kingdom—(Continued)
Johnson Matthey PLC		12,469		269,535
Johnson Service Group PLC		61,047		110,133
Jupiter Fund Management PLC		156,485		185,641
Just Group PLC		224,609		245,655
Kainos Group PLC		20,314		289,709
Keller Group PLC		23,073		258,288
Kier Group PLC (a)		94,700		128,967
Kin & Carta PLC (a)		25,591		43,298
Lancashire Holdings Ltd.		72,054		572,828
Learning Technologies Group PLC		73,668		75,789
Liontrust Asset Management PLC		12,072		96,729
LSL Property Services PLC		25,826		84,839
Luceco PLC		31,684		49,974
M&C Saatchi PLC		3,677		7,473
Man Group PLC		374,661		1,107,957
Marks & Spencer Group PLC		395,896		1,372,503
Marshalls PLC		20,097		71,492
Marston’s PLC (a)		211,171		90,769
McBride PLC (a) (d)		63,975		63,561
Me Group International PLC		81,556		129,674
Mears Group PLC		36,497		143,913
Metro Bank Holdings PLC (a) (d)		2,816		1,325
Midwich Group PLC		2,355		13,125
Mitchells & Butlers PLC (a)		84,608		277,140
Mitie Group PLC		406,977		514,110
MJ Gleeson PLC		13,112		81,191
Mobico Group PLC		165,517		178,442
Moneysupermarket.com Group PLC		146,027		520,251
Moonpig Group PLC (a)		5,076		10,095
Morgan Advanced Materials PLC		95,467		344,158
Morgan Sindall Group PLC		14,007		394,453
Mortgage Advice Bureau Holdings Ltd.		6,665		69,576
Motorpoint group PLC (a)		14,323		20,870
MP Evans Group PLC		2,300		21,678
N Brown Group PLC (a) (d)		62,840		12,353
Naked Wines PLC (a)		1,427		1,000
NCC Group PLC		88,729		145,697
Next 15 Group PLC (d)		16,972		180,062
Ninety One PLC (d)		93,523		218,199
Norcros PLC		11,343		27,662
Odfjell Technology Ltd.		4,274		23,300
On the Beach Group PLC (a)		32,313		71,976
OSB Group PLC		95,681		563,912
Oxford Instruments PLC		15,582		454,179
Pagegroup PLC		102,025		633,292
Pan African Resources PLC		368,191		79,122
Paragon Banking Group PLC		63,215		560,097
PayPoint PLC		21,008		139,168
Pendragon PLC (a)		345,188		141,975
Pennon Group PLC		68,031		657,131
Persimmon PLC		36,818		649,378
Petrofac Ltd. (a)		29,625		14,053
Pets at Home Group PLC		145,850		591,757
Pharos Energy PLC		50,968		13,827
Phoenix Spree Deutschland Ltd. (a)		665		1,441
Playtech PLC (a)		73,270		418,377
Polar Capital Holdings PLC		16,568		98,148

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Porvair PLC		8,570	$	67,228
PPHE Hotel Group Ltd.		3,290		50,271
Premier Foods PLC		206,665		356,609
PZ Cussons PLC		74,104		144,222
QinetiQ Group PLC		161,136		633,115
Quilter PLC		370,926		486,142
Rank Group PLC (a)		54,017		51,622
Rathbones Group PLC		11,633		257,212
Reach PLC		103,289		98,139
Record PLC		12,453		11,237
Redde Northgate PLC		57,053		263,958
Redrow PLC		80,746		633,991
Renew Holdings PLC		9,893		108,402
Renewi PLC (a)		25,541		207,241
Renishaw PLC		1,176		53,779
Renold PLC (a)		238		106
Ricardo PLC		13,452		84,010
Rightmove PLC		8,484		62,001
RM PLC (a)		43,283		35,787
Robert Walters PLC		16,356		92,777
Rotork PLC		207,102		851,779
RS Group PLC		43,000		447,552
RWS Holdings PLC		12,286		39,240
S&U PLC		1,188		33,092
S4 Capital PLC (a)		28,030		18,996
Sabre Insurance Group PLC		49,439		95,297
Saga PLC (a)		8,514		15,793
Savills PLC		43,996		541,857
Secure Trust Bank PLC		458		4,024
Senior PLC		149,224		337,070
Serco Group PLC		300,955		619,643
Serica Energy PLC		47,039		137,745
Severfield PLC		100,890		81,662
SIG PLC (a)		255,262		108,608
Smart Metering Systems PLC		23,321		278,710
Smiths News PLC (d)		20,535		13,968
Softcat PLC		30,193		522,406
Spectris PLC		3,586		172,097
Speedy Hire PLC		151,595		63,528
Spire Healthcare Group PLC		62,350		179,701
Spirent Communications PLC		181,575		284,585
SSP Group PLC (a)		185,760		553,029
SThree PLC		41,761		221,782
Studio Retail Group PLC (a) (b) (c)		17,439		0
STV Group PLC		7,194		18,050
Superdry PLC (a)		18,185		7,950
Synthomer PLC (a)		35,511		85,825
Tate & Lyle PLC		97,547		817,290
Taylor Wimpey PLC		138,969		259,788
TBC Bank Group PLC		6,341		228,589
TClarke PLC		15,381		26,651
Telecom Plus PLC		18,238		373,709
THG PLC (a)		29,472		31,864
Topps Tiles PLC		61,961		39,415
TORM PLC - Class A		7,185		217,240
TP ICAP Group PLC		235,823		586,130
Trainline PLC (a)		2,985		12,196
United Kingdom—(Continued)
Travis Perkins PLC		50,576		532,443
Trifast PLC		20,432		22,940
TT Electronics PLC		54,423		108,236
Tyman PLC		21,078		84,307
Vanquis Banking Group PLC		52,029		85,680
Verici Dx PLC (a)		760		94
Vertu Motors PLC		46,012		41,573
Vesuvius PLC		68,585		419,829
Victrex PLC		19,606		380,021
Videndum PLC		14,491		64,108
Virgin Money U.K. PLC		239,897		500,972
Vistry Group PLC		71,357		830,574
Volex PLC		20,790		84,395
Volution Group PLC		34,155		188,114
Vp PLC (d)		4,147		33,736
Watches of Switzerland Group PLC (a)		47,460		426,551
Watkin Jones PLC		46,386		34,496
WH Smith PLC		30,332		514,479
Wickes Group PLC		76,029		137,096
Wincanton PLC		40,925		162,215
Xaar PLC (a)		18,088		26,861
XPS Pensions Group PLC		7,428		22,053
Young & Co.’s Brewery PLC		1,744		18,119
Young & Co.’s Brewery PLC - Class A (d)		4,640		64,536
Zotefoams PLC		7,268		30,939
				63,547,949
United States—0.6%
ADTRAN Holdings, Inc. (d)		10,268		77,191
Argonaut Gold, Inc. (a) (d)		80,499		28,553
Bausch Health Cos., Inc. (a)		56,435		452,618
Burford Capital Ltd.		35,459		546,871
Diversified Energy Co. PLC		9,570		135,743
Energy Fuels, Inc. (a) (d)		7,296		52,309
Frontage Holdings Corp. (a)		58,000		17,260
Noble Corp. PLC		489		23,637
Ormat Technologies, Inc.		1		43
Primo Water Corp.		2,400		36,120
PureTech Health PLC (a)		49,670		122,896
Reliance Worldwide Corp. Ltd.		176,413		531,216
Samsonite International SA (a)		219,000		720,718
Sims Ltd.		43,872		464,373
Varia U.S. Properties AG		1,203		54,370
Viemed Healthcare, Inc. (a)		5,284		41,479
				3,305,397
Total Common Stocks (Cost $498,687,189)				524,227,890
Preferred Stocks—0.4%
Germany—0.4%
Draegerwerk AG & Co. KGaA		3,031		173,355
Einhell Germany AG		82		14,961
FUCHS SE		17,122		761,755
Jungheinrich AG		15,319		561,905

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Preferred Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Germany—(Continued)
Sixt SE		4,716	$	349,355
STO SE & Co. KGaA		618		95,374
Villeroy & Boch AG		505		9,972
				1,966,677
Italy—0.0%
Danieli & C Officine Meccaniche SpA		4,725		113,242
Total Preferred Stocks (Cost $1,779,108)				2,079,919
Warrants—0.0%
Australia—0.0%
Arafura Rare Earths Ltd., Expires 06/20/25 (a)		12,974		407
Panoramic Resources Ltd., Expires 09/16/24 (a)		39,049		0
				407
Italy—0.0%
Webuild SpA, Expires 08/02/30 (a) (d)		6,346		0
Total Warrants (Cost $0)				407
Rights—0.0%
Austria—0.0%
Intercell AG (a) (b) (c) (Cost $0)		24,163		0
Securities Lending Reinvestments (e)—3.2%
Repurchase Agreements—0.8%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $100,061; collateralized by various Common Stock with an aggregate market value of $111,380.		100,000		100,000
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $15,006; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $15,305.		14,997		14,997
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $100,061; collateralized by various Common Stock with an aggregate market value of $111,481.		100,000		100,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $2,493,199; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $2,541,566.		2,491,731		2,491,731
Repurchase Agreements—(Continued)
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $400,247; collateralized by various Common Stock with an aggregate market value of $446,406.		400,000		400,000
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $72,191; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $73,754.		72,148		72,148
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $33,833; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $34,489.		33,813		33,813
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $65,809; collateralized by various Common Stock with an aggregate market value of $73,210.		65,769		65,769
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $1,000,602; collateralized by various Common Stock with an aggregate market value of $1,102,861.		1,000,000		1,000,000
				4,278,458
Mutual Funds—2.4%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (f)		1,000,000		1,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (f)		2,000,000		2,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (f)		2,000,000		2,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (f)		2,000,000		2,000,000
HSBC U.S. Government Money Market Fund, Class I 5.300% (f)		1,000,000		1,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (f)		1,000,000		1,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (f)		2,000,000		2,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.270% (f)		1,000,000		1,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.270% (f)		1,000,000		1,000,000
				13,000,000
Total Securities Lending Reinvestments (Cost $17,278,458)				17,278,458
Total Investments—103.0% (Cost $517,744,755)				543,586,674
Other assets and liabilities (net)—(3.0)%				(16,023,249	)
Net Assets—100.0%			$	527,563,425

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

*	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, 2023, these securities represent less than 0.05% 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, 2023, the market value of securities loaned was $47,984,917 and the collateral received consisted of cash in the amount of $17,278,458 and non-cash collateral with a value of $34,081,722. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(e)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(f)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Ten Largest Industries as of December 31, 2023 (Unaudited)	% of Net Assets
Machinery		6.7
Banks		5.6
Metals & Mining		5.3
Real Estate Management & Development		4.4
Oil, Gas & Consumable Fuels		4.2
Chemicals		3.7
Capital Markets		3.6
Electronic Equipment, Instruments & Components		3.3
Food Products		3.3
Construction & Engineering		3.2

Glossary of Abbreviations

Other Abbreviations

(ADR) —
(REIT) — American Depositary Receipt
Real Estate Investment Trust

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	503,978	$	34,378,855	$	72,526	$	34,955,359
Austria		—		8,025,925		0		8,025,925
Belgium		—		8,951,688		5,199		8,956,887
Cambodia		—		100,074		—		100,074
Canada		57,293,390		188,300		1,540		57,483,230
China		392,314		640,188		—		1,032,502
Colombia		165,701		—		—		165,701
Denmark		—		12,985,804		—		12,985,804
Faeroe Islands		—		27,013		—		27,013
Finland		—		11,034,157		—		11,034,157
France		27,129		25,202,515		0		25,229,644
Georgia		—		675,639		—		675,639
Germany		479,768		31,236,237		—		31,716,005
Ghana		—		205,591		—		205,591
Greece		—		33,243		—		33,243
Greenland		—		12,958		—		12,958
Guernsey, Channel Islands		—		—		0		0
Hong Kong		915,013		8,697,860		14,303		9,627,176
Ireland		—		2,817,938		—		2,817,938
Isle of Man		—		38,051		—		38,051

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Israel	$	166,407	$	5,771,067		$	—	$	5,937,474
Italy		—		22,614,461			0		22,614,461
Japan		—		128,459,907			—		128,459,907
Jersey, Channel Islands		—		454,013			—		454,013
Jordan		—		324,810			—		324,810
Liechtenstein		—		374,057			—		374,057
Luxembourg		—		1,467,605			—		1,467,605
Macau		—		129,516			—		129,516
Malta		—		17,259			—		17,259
Mongolia		—		31,655			—		31,655
Netherlands		57,429		10,275,061			0		10,332,490
New Zealand		—		1,919,664			—		1,919,664
Norway		—		3,548,244			—		3,548,244
Peru		—		130,780			—		130,780
Philippines		—		7,579			—		7,579
Poland		—		204,783			—		204,783
Portugal		—		2,072,467			—		2,072,467
Singapore		185,164		5,759,024			2		5,944,190
Spain		—		12,402,830			0		12,402,830
Sweden		—		13,393,449			—		13,393,449
Switzerland		17,826		42,216,705			—		42,234,531
Taiwan		—		12,054			—		12,054
Tanzania		—		125,192			—		125,192
United Arab Emirates		—		112,637			—		112,637
United Kingdom		24,958		63,522,991			0		63,547,949
United States		611,079		2,694,318			—		3,305,397
Total Common Stocks		60,840,156		463,294,164			93,570		524,227,890
Total Preferred Stocks*		—		2,079,919			—		2,079,919
Warrants
Australia		407		—			—		407
Italy		—		0			—		0
Total Warrants		407		0			—		407
Total Rights*		—		—			0		0
Securities Lending Reinvestments
Repurchase Agreements		—		4,278,458			—		4,278,458
Mutual Funds		13,000,000		—			—		13,000,000
Total Securities Lending Reinvestments		13,000,000		4,278,458			—		17,278,458
Total Investments	$	73,840,563	$	469,652,541		$	93,570	$	543,586,674
Collateral for Securities Loaned (Liability)	$	—	$	(17,278,458	)	$	—	$	(17,278,458	)

* 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, 2023 is not presented.

During the year ended December 31, 2023, transfers into of Level 3 in the amount of $82,130 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-39

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	543,586,674
Cash denominated in foreign currencies (c)		231,931
Receivable for:
Investments sold		1,594,468
Dividends		1,575,927
Prepaid expenses		1,864
Other assets		51,339
Total Assets		547,042,203
Liabilities
Due to custodian		579,202
Collateral for securities loaned		17,278,458
Payables for:
Fund shares redeemed		932,343
Accrued Expenses:
Management fees		283,343
Distribution and service fees		13,618
Deferred trustees’ fees		169,435
Other expenses		222,379
Total Liabilities		19,478,778
Net Assets	$	527,563,425
Net Assets Consist of:
Paid in surplus	$	487,982,161
Distributable earnings (Accumulated losses)		39,581,264
Net Assets	$	527,563,425
Net Assets
Class A	$	461,552,768
Class B		66,010,657
Capital Shares Outstanding*
Class A		45,830,173
Class B		6,616,368
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.07
Class B		9.98

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $517,744,755.
(b)	Includes securities loaned at value of $47,984,917.
(c)	Identified cost of cash denominated in foreign currencies was $232,539.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	15,933,482
Interest		29,599
Securities lending income		510,237
Total investment income		16,473,318
Expenses
Management fees		4,169,437
Administration fees		34,369
Custodian and accounting fees		429,691
Distribution and service fees—Class B		159,714
Audit and tax services		79,831
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		26,729
Insurance		4,749
Miscellaneous		115,597
Total expenses		5,112,940
Less management fee waiver		(822,394	)
Net expenses		4,290,546
Net Investment Income		12,182,772
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		11,890,638
Foreign currency transactions		(47,372	)
Net realized gain (loss)		11,843,266
Net change in unrealized appreciation (depreciation) on:
Investments		43,780,827
Foreign currency transactions		57,054
Net change in unrealized appreciation (depreciation)		43,837,881
Net realized and unrealized gain (loss)		55,681,147
Net Increase (Decrease) in Net Assets From Operations	$	67,863,919

(a) Net of foreign withholding taxes of $1,657,506.

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	12,182,772		$	13,418,811
Net realized gain (loss)		11,843,266			17,514,443
Net change in unrealized appreciation (depreciation)		43,837,881			(150,252,325	)
Increase (decrease) in net assets from operations		67,863,919			(119,319,071	)
From Distributions to Shareholders
Class A		(25,966,317	)		(67,111,201	)
Class B		(3,539,535	)		(9,121,187	)
Total distributions		(29,505,852	)		(76,232,388	)
Increase (decrease) in net assets from capital share transactions		(39,454,298	)		30,913,982
Total increase (decrease) in net assets		(1,096,231	)		(164,637,477	)
Net Assets
Beginning of period		528,659,656			693,297,133
End of period	$	527,563,425		$	528,659,656

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		249,291		$	2,356,161			6,735		$	60,090
Reinvestments		2,718,986			25,966,317			7,286,775			67,111,201
Redemptions		(6,530,458	)		(64,084,142	)		(3,905,979	)		(41,054,772	)
Net increase (decrease)		(3,562,181	)	$	(35,761,664	)		3,387,531		$	26,116,519
Class B
Sales		240,645		$	2,262,649			507,355		$	4,954,004
Reinvestments		373,763			3,539,535			997,942			9,121,187
Redemptions		(984,441	)		(9,494,818	)		(909,564	)		(9,277,728	)
Net increase (decrease)		(370,033	)	$	(3,692,634	)		595,733		$	4,797,463
Increase (decrease) derived from capital shares transactions				$	(39,454,298	)				$	30,913,982

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.39		$	13.25		$	12.43		$	12.22		$	11.07
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.25			0.22			0.16			0.22
Net realized and unrealized gain (loss)		1.03			(2.59	)		1.54			0.75			2.20
Total income (loss) from investment operations		1.26			(2.34	)		1.76			0.91			2.42
Less Distributions
Distributions from net investment income		(0.26	)		(0.30	)		(0.24	)		(0.29	)		(0.16	)
Distributions from net realized capital gains		(0.32	)		(1.22	)		(0.70	)		(0.41	)		(1.11	)
Total distributions		(0.58	)		(1.52	)		(0.94	)		(0.70	)		(1.27	)
Net Asset Value, End of Period	$	10.07		$	9.39		$	13.25		$	12.43		$	12.22
Total Return (%) (b)		13.70			(17.47	)		14.16			9.12			23.30
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96			0.96			0.93			0.94			0.95
Net ratio of expenses to average net assets (%) (c)		0.80			0.81			0.83			0.93			0.94
Ratio of net investment income (loss) to average net assets (%)		2.40			2.40			1.69			1.47			1.95
Portfolio turnover rate (%)		8			11			10			18			14
Net assets, end of period (in millions)	$	461.6		$	463.7		$	609.4		$	636.0		$	594.9
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.30		$	13.13		$	12.33		$	12.13		$	10.99
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.20			0.22			0.19			0.13			0.19
Net realized and unrealized gain (loss)		1.03			(2.57	)		1.52			0.74			2.19
Total income (loss) from investment operations		1.23			(2.35	)		1.71			0.87			2.38
Less Distributions
Distributions from net investment income		(0.23	)		(0.26	)		(0.21	)		(0.26	)		(0.13	)
Distributions from net realized capital gains		(0.32	)		(1.22	)		(0.70	)		(0.41	)		(1.11	)
Total distributions		(0.55	)		(1.48	)		(0.91	)		(0.67	)		(1.24	)
Net Asset Value, End of Period	$	9.98		$	9.30		$	13.13		$	12.33		$	12.13
Total Return (%) (b)		13.52			(17.70	)		13.85			8.79			23.03
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.21			1.21			1.18			1.19			1.20
Net ratio of expenses to average net assets (%) (c)		1.05			1.06			1.08			1.18			1.19
Ratio of net investment income (loss) to average net assets (%)		2.15			2.15			1.44			1.23			1.70
Portfolio turnover rate (%)		8			11			10			18			14
Net assets, end of period (in millions)	$	66.0		$	65.0		$	83.9		$	85.0		$	84.3

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Dimensional International Small Company Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-43

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has 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, 2023, the Portfolio received EU tax reclaim payments in the amount of $59,351 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional 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.

Dividends and Distributions to Shareholders - The Portfolio records 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.

BHFTII-44

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Income Taxes - It is the Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no 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 the 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 has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2023, the Portfolio had a payment of $579,202 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered level 2 in the fair value hierarchy at December 31, 2023. The Portfolio’s average overdraft advances during the year ended December 31, 2023 were not significant.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $4,278,458 which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the Portfolio uses cash

BHFTII-45

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(17,278,458	)	$	—	$	—	$	—	$	(17,278,458	)
Warrants		—			—		—		—		—
Total Borrowings	$	(17,278,458	)	$	—	$	—	$	—	$	(17,278,458	)
Gross amount of recognized liabilities for secured borrowing transactions .										$	(17,278,458	)

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

Foreign Investment Risk: The investments by the 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 the 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.

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

BHFTII-46

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	41,442,188	$	0	$	93,887,289

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum	Average Daily Net Assets
$4,169,437	0.850%	Of the first $100 million
	0.800%	On amounts in excess of $100 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Dimensional Fund Advisors LP is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.200%	Of the first $100 million
0.150%	On amounts in excess of $100 million

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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

BHFTII-47

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the 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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	527,368,681
Gross unrealized appreciation		136,574,026
Gross unrealized (depreciation)		(120,356,033	)
Net unrealized appreciation (depreciation)	$	16,217,993

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income		Long-Term Capital Gain		Total
2023	2022	2023	2022	2023	2022
$13,039,768	$22,996,258	$16,466,084	$53,236,130	$29,505,852	$76,232,388

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$15,243,722	$	8,244,776	$	16,262,202	$	—	$	39,750,700

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-48

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Brighthouse/Dimensional International Small Company Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Dimensional International Small Company Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-49

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-50

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-51

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-52

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-53

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. 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, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board also noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category 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.

BHFTII-54

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Brighthouse/Wellington Balanced Portfolio returned 18.10%, 17.88%, and 17.98%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg U.S. Aggregate Bond Index², returned 26.29% and 5.53%, respectively. A blend of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) returned 17.67%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose over the twelve-month period ending December 31, 2023, amid easing inflation, optimism for lower interest rates, strong performance in select mega-cap technology companies, and steady Gross Domestic Product (“GDP”) growth. U.S. equities advanced during the first quarter. The sudden collapse of two U.S. regional banks prompted swift policy actions by federal regulators, which helped stabilize liquidity and stem the potential for broader contagion. Shares of large technology companies surged, helping growth stocks to significantly outperform their value counterparts. The U.S. Federal Reserve (the “Fed”) slowed its pace of policy tightening, raising interest rates by 25 basis points (“bps”) in February and March, to a range between 4.75% – 5.00%. U.S. equities rose again in the second quarter, largely driven by a potent rally in a narrow group of mega-cap technology companies that benefited from investor optimism about their earnings potential and growth prospects and exuberance surrounding generative artificial intelligence. U.S. equities fell in the third quarter, pressured by rising U.S. Treasury yields amid views that the Fed would keep interest rates elevated for a prolonged period. Even as household budgets were strained by tightening credit conditions and lofty prices, markets dialed back the probability of recession as cooling inflation, a solid job market, and resilient consumer spending increased the potential that the U.S. economy could achieve a “soft landing.” Economic data released during the third quarter indicated healthy momentum in the U.S. economy after GDP in the second quarter grew at a surprisingly strong 2.1% annualized rate. U.S. equities registered their largest quarterly return in three years for the fourth quarter as gains broadened beyond those of the “Magnificent Seven” stocks that dominated the stock market’s performance for most of the year. A rapid descent in inflation prompted the Fed to pivot from its “higher-for-longer” policy stance in December, sending U.S. Treasury yields lower and driving stocks higher. The Fed’s Summary of Economic Projections implied that policymakers anticipate 75 bps of interest rate cuts in 2024.

Equity returns varied by market cap during the reporting period. Large-cap stocks, as measured by the S&P 500 Index, outperformed mid-cap and small-cap stocks, as measured by the S&P MidCap 400 Index and Russell 2000 Index, respectively.

During the last twelve months, global fixed income sectors generated positive total returns despite elevated interest rate volatility over most of the period. The Bloomberg U.S. Aggregate Bond Index returned 5.53% during the period. Higher-yielding sectors generally performed best, benefiting from their coupon advantage and spread tightening. Global sovereign yields ended mixed. Yields rose earlier in the period amid multiple rate hikes from the Fed and other major central banks across Europe, while Asian central banks pursued more dovish approaches. Yields plunged by the end of the period in response to accommodative central bank policy expectations amid weaker economic data, including moderating inflation.

Despite concerns about tighter lending standards following turmoil in the banking sector earlier in the period, credit sectors produced positive excess returns over duration-equivalent government bonds as spreads narrowed, particularly High Yield (“HY”) and Emerging Markets Debt (“EMD”). Most securitized sectors’ performance rebounded by the end of the period as markets absorbed the Federal Deposit Insurance Corporation (“FDIC”) asset sales of Mortgage-Backed Securities (“MBS”) and sentiment improved. Over the period, U.S. investment-grade corporate spreads compressed by 31 bps and U.S. high-yield corporate spreads tightened by 146 bps, according to Bloomberg Index data.

The U.S. dollar ended mixed versus most currencies over the period after the Fed adopted a more dovish tone later in the year, and central banks increasingly charted different policy courses. European currencies generally ended higher versus the U.S. dollar, particularly the Swiss franc which was a notable outperformer. The Japanese yen depreciated versus the U.S. dollar as the Bank of Japan remained the outlier among major G10 central banks in maintaining its ultra-loose monetary policy. Emerging Market (“EM”) currencies broadly gained versus the U.S. dollar.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its blended benchmark during the reporting period ended December 31, 2023.

The equity portion of the Portfolio (the “Equity Portfolio”) outperformed its benchmark, the S&P 500 Index, for the twelve-month period ended December 31, 2023. Strong stock selection within Health Care, Energy and Communication Services contributed most to relative performance. This was partially offset by more challenging stock selection within the Information Technology (“IT”) and Consumer Staples sectors.

The Equity Portfolio’s largest individual relative contributors during the period included overweight positions in Meta Platforms, Amazon.com and an out-of-benchmark position in Ares Management. Shares of Meta Platforms rose over the period. The company reported better-than-forecast revenue for the fourth quarter and boosted its stock buyback authorization by $40 billion. The company also reported solid second and third quarter results, buoyed by a rebound in online advertising and cost cutting. Shares of Amazon ended the period higher. Ongoing demand for artificial intelligence (“AI”) was expected to benefit Amazon Web Services (“AWS”) and increase demand for its

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

cloud computing platforms. The e-commerce giant reported third quarter results that beat consensus estimates as revenue rose 13% compared to the prior quarter. The company saw sales growth within its AWS business as well as its third-party seller services and advertising units. Amazon also issued promising sales guidance for the fourth quarter, which included the holiday period. Shares of Ares Management, the alternative investment manager, rose early in the period along with the broader market. The company reported second-quarter realized income that beat consensus estimates on the back of fundraising momentum and new commitments. Earlier this year, the FDIC announced that the marketing process for the commercial real estate loan portfolio of Signature Bank will begin, and Ares is a potential bidder. In addition, the company announced the final closing of its infrastructure debt.

Underweight positions in NVIDIA, Apple and Tesla were the top detractors to relative performance during the period. NVIDIA’s shares surged over the period due to strong data center demand and the growing need for chips in AI and language learning models. However, in our assessment, NVIDIA’s valuations were stretched considerably. Instead, we held an overweight position in Advanced Micro Devices (“AMD”) where we see more upside potential. The positive contribution from AMD served to partially offset the negative impact from our underweight position in NVIDIA. Shares of Apple climbed higher over the period. Despite the iPhone maker reporting a miss on consensus expectations for the first quarter, its install base grew to 2 billion devices. The iPhone install base in particular was at an all-time high and saw double-digit growth in emerging markets. Apple later reported second-quarter earnings ahead of consensus estimates led by strong iPhone sales and healthy operating margins. We remained underweight Apple and instead owned overweight positions in other internet related stocks such as Meta and Alphabet. Shares of Tesla rose over the period after reporting strong financial results in 2022. Elon Musk’s outlook gave investors optimism that demand remained strong and outpaced production capacity following last year’s vehicle price cuts. The company’s Model Y was the number one selling vehicle globally in the first quarter becoming the first electric vehicle to claim that title.

As a reminder, the Equity Portfolio is managed in an industry-neutral structure relative to the S&P 500 Index, which promotes stock selection as the primary driver of performance. On an absolute basis, the Portfolio ended the period with the most exposure to the IT, Health Care and Financials sectors.

The fixed income portion of the Portfolio (“Fixed Income Portfolio”) outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the twelve-month period ended December 31, 2023. The Portfolio’s out-of-benchmark exposure to HY and positioning within Investment Grade (“IG”) Credit were the primary drivers of relative outperformance. An allocation to Structured Finance sectors contributed to relative performance, particularly exposure to Non-agency Residential MBS aided performance as housing data improved despite affordability challenges. An overweight to Agency MBS pass-throughs also benefitted performance, following a decline in interest rate volatility. Exposure to Asset-Backed Securities (“ABS”) and an allocation to Collateralized Loan Obligations helped relative returns amid generally resilient economic data. The Portfolio implemented tactical duration positions throughout the period which had a positive impact on relative performance. Select exposure within EMD modestly detracted from performance overall, with select positioning within EM corporate issuers outperforming.

During the period, the Fixed Income Portfolio used U.S. Treasury futures, swaps, and options to manage duration and yield curve positioning. The Portfolio also used currency forwards, futures, and options to implement non-U.S. rate and currency positions. Credit default swaps (“CDS”) were used to manage credit exposure, and IG, HY, and EM CDS index positions were used as a source of liquidity and to manage overall portfolio risk. EM CDS positions had a negative impact on performance during the period, while IG and HY CDS had a slight positive impact.

At the end of the period, the Fixed Income Portfolio had a longer duration posture relative to the Bloomberg U.S. Aggregate Bond Index. The Portfolio was underweight to IG Credit by the end of the period, as we observed better opportunities in HY and select EM

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

corporate exposures. The Portfolio continued to be overweight to securitized sectors (Agency MBS, ABS, and Commercial MBS).

Mary Pryshlak

Jonathan White

Joseph F. Marvan

Robert D. Burn

Campe Goodman

Portfolio Managers

Wellington Management Company LLP

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

¹ The S&P 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX, THE BLOOMBERG U.S. AGGREGATE BOND INDEX AND THE BLENDED INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Brighthouse/Wellington Balanced Portfolio
Class A		18.10		10.09		8.07
Class B		17.88		9.82		7.81
Class E		17.98		9.92		7.91
S&P 500 Index		26.29		15.69		12.03
Bloomberg U.S. Aggregate Bond Index		5.53		1.10		1.81
Blended Index		17.67		9.98		8.09

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Equity Sectors

	% of Net Assets
Information Technology		16.3
Health Care		8.8
Financials		8.6
Consumer Discretionary		6.4
Industrials		5.3

Top Equity Holdings

	% of Net Assets
Microsoft Corp.		5.3
Amazon.com, Inc.		3.3
Apple, Inc.		3.1
Alphabet, Inc. - Class A		2.0
Meta Platforms, Inc.		1.5

Top Fixed Income Sectors

	% of Net Assets
Agency Mortgage-Backed Securities		18.6
Corporate Bonds & Notes		11.7
U.S. Treasury		5.6
Asset-Backed Securities		3.9
Non-Agency Mortgage-Backed Securities		3.8
Foreign Government		1.2

Top Fixed Income Issuers

	% of Net Assets
Uniform Mortgage-Backed Security, TBA		5.9
Federal National Mortgage Association		5.6
U.S. Treasury Bonds		4.2
Federal Home Loan Mortgage Corp.		2.5
Government National Mortgage Association		1.9

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Wellington Balanced Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.50	%	$	1,000.00	$	1,070.70	$	2.61
	Hypothetical*		0.50	%	$	1,000.00	$	1,022.69	$	2.55
Class B (a)	Actual		0.75	%	$	1,000.00	$	1,070.10	$	3.91
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.43	$	3.82
Class E (a)	Actual		0.65	%	$	1,000.00	$	1,069.70	$	3.39
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.93	$	3.31

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

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

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

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—60.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.1%
Boeing Co. (a)		11,624	$	3,029,912
General Dynamics Corp.		27,983		7,266,346
RTX Corp.		34,681		2,918,059
				13,214,317
Air Freight & Logistics—0.2%
C.H. Robinson Worldwide, Inc.		25,089		2,167,439
Automobile Components—0.1%
Goodyear Tire & Rubber Co. (a)		100,231		1,435,308
Automobiles—0.3%
Tesla, Inc. (a)		13,721		3,409,394
Banks—1.2%
JPMorgan Chase & Co.		56,680		9,641,268
Wells Fargo & Co.		93,579		4,605,958
				14,247,226
Beverages—1.2%
Constellation Brands, Inc. - Class A		23,431		5,664,444
Monster Beverage Corp. (a)		149,906		8,636,085
				14,300,529
Biotechnology—1.3%
AbbVie, Inc.		11,845		1,835,620
Alnylam Pharmaceuticals, Inc. (a)		2,201		421,294
Apellis Pharmaceuticals, Inc. (a)		4,734		283,377
Ascendis Pharma AS (ADR) (a) (b)		2,495		314,245
Biogen, Inc. (a)		4,476		1,158,255
Bridgebio Pharma, Inc. (a) (b)		4,793		193,493
Celldex Therapeutics, Inc. (a) (b)		6,996		277,461
Crinetics Pharmaceuticals, Inc. (a)		6,768		240,806
Cytokinetics, Inc. (a) (b)		18,583		1,551,495
Gilead Sciences, Inc.		11,361		920,355
Immunocore Holdings PLC (ADR) (a) (b)		4,163		284,416
Karuna Therapeutics, Inc. (a)		3,134		991,942
Moderna, Inc. (a) (b)		3,262		324,406
Regeneron Pharmaceuticals, Inc. (a)		1,942		1,705,639
Revolution Medicines, Inc. (a)		8,831		253,273
Rocket Pharmaceuticals, Inc. (a)		8,171		244,885
Sage Therapeutics, Inc. (a) (b)		13,423		290,876
Sarepta Therapeutics, Inc. (a) (b)		2,298		221,596
Syndax Pharmaceuticals, Inc. (a)		9,528		205,900
United Therapeutics Corp. (a)		1,385		304,548
Vaxcyte, Inc. (a)		3,454		216,911
Vertex Pharmaceuticals, Inc. (a)		6,451		2,624,847
				14,865,640
Broadline Retail—3.3%
Amazon.com, Inc. (a)		249,885		37,967,527
Building Products—0.7%
Azek Co., Inc. (a)		43,716		1,672,137
Builders FirstSource, Inc. (a)		21,766		3,633,616
Building Products—(Continued)
Johnson Controls International PLC		17,803		1,026,165
Trane Technologies PLC		5,775		1,408,523
				7,740,441
Capital Markets—2.6%
Ares Management Corp. - Class A		66,022		7,851,336
Intercontinental Exchange, Inc.		17,688		2,271,670
KKR & Co., Inc.		33,118		2,743,826
Northern Trust Corp.		52,748		4,450,876
S&P Global, Inc.		18,140		7,991,033
Tradeweb Markets, Inc. - Class A		50,417		4,581,897
				29,890,638
Chemicals—1.5%
Cabot Corp.		37,486		3,130,081
Celanese Corp. (b)		15,611		2,425,481
FMC Corp.		32,495		2,048,810
Ingevity Corp. (a) (b)		16,872		796,696
Linde PLC		14,608		5,999,651
Livent Corp. (a) (b)		31,612		568,384
PPG Industries, Inc.		20,186		3,018,816
				17,987,919
Commercial Services & Supplies—0.6%
Clean Harbors, Inc. (a)		21,230		3,704,847
Veralto Corp.		8,221		676,259
Waste Connections, Inc.		18,632		2,781,199
				7,162,305
Construction & Engineering—0.1%
Fluor Corp. (a)		30,367		1,189,475
Consumer Staples Distribution & Retail—0.6%
Performance Food Group Co. (a)		98,655		6,821,993
Containers & Packaging—0.1%
Ball Corp. (b)		14,880		855,898
Electric Utilities—1.3%
Edison International		54,155		3,871,541
Exelon Corp.		72,812		2,613,951
NextEra Energy, Inc.		59,093		3,589,309
PG&E Corp. (b)		264,263		4,764,662
				14,839,463
Energy Equipment & Services—0.3%
Schlumberger NV (b)		56,671		2,949,159
Entertainment—0.7%
Netflix, Inc. (a)		9,809		4,775,806
Spotify Technology SA (a)		18,068		3,395,158
				8,170,964

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Financial Services—3.1%
Berkshire Hathaway, Inc. - Class B (a)		42,078	$	15,007,539
Block, Inc. (a)		65,351		5,054,900
FleetCor Technologies, Inc. (a)		8,269		2,336,902
Global Payments, Inc.		32,487		4,125,849
PayPal Holdings, Inc. (a)		21,821		1,340,028
Visa, Inc. - Class A (b)		17,647		4,594,396
WEX, Inc. (a)		21,343		4,152,281
				36,611,895
Gas Utilities—0.2%
Atmos Energy Corp. (b)		25,209		2,921,723
Ground Transportation—1.0%
Knight-Swift Transportation Holdings, Inc.		74,256		4,280,858
Uber Technologies, Inc. (a)		121,399		7,474,537
				11,755,395
Health Care Equipment & Supplies—1.5%
Abbott Laboratories		34,886		3,839,902
Boston Scientific Corp. (a)		70,942		4,101,157
DexCom, Inc. (a)		23,339		2,896,137
Edwards Lifesciences Corp. (a)		38,112		2,906,040
Insulet Corp. (a) (b)		9,375		2,034,187
Stryker Corp.		5,240		1,569,170
				17,346,593
Health Care Providers & Services—2.1%
Agilon Health, Inc (a) (b)		180,543		2,265,815
Cencora, Inc. (b)		21,288		4,372,129
Centene Corp. (a)		31,465		2,335,018
Elevance Health, Inc.		5,895		2,779,846
HCA Healthcare, Inc.		12,098		3,274,686
Humana, Inc.		6,728		3,080,146
Molina Healthcare, Inc. (a)		8,849		3,197,232
UnitedHealth Group, Inc.		6,308		3,320,973
				24,625,845
Health Care REITs—0.2%
Welltower, Inc.		32,071		2,891,842
Hotel & Resort REITs—0.2%
Ryman Hospitality Properties, Inc. (b)		24,476		2,693,829
Hotels, Restaurants & Leisure—0.9%
Chipotle Mexican Grill, Inc. (a)		2,938		6,719,089
Hyatt Hotels Corp. - Class A (b)		25,405		3,313,066
				10,032,155
Household Durables—0.4%
Lennar Corp. - Class A		23,304		3,473,228
Skyline Champion Corp. (a)		24,182		1,795,756
				5,268,984
Industrial REITs—0.3%
EastGroup Properties, Inc.		20,294	$	3,724,761
Insurance—1.7%
Arch Capital Group Ltd. (a)		31,078		2,308,163
Assured Guaranty Ltd.		22,911		1,714,430
Chubb Ltd.		16,909		3,821,434
Everest Group Ltd.		8,467		2,993,762
Marsh & McLennan Cos., Inc.		11,072		2,097,812
Progressive Corp.		27,660		4,405,685
Trupanion, Inc. (a) (b)		71,619		2,185,095
				19,526,381
Interactive Media & Services—3.5%
Alphabet, Inc. - Class A (a)		166,372		23,240,504
Meta Platforms, Inc. - Class A (a)		48,431		17,142,637
				40,383,141
IT Services—0.2%
Squarespace, Inc. - Class A (a)		84,937		2,803,770
Life Sciences Tools & Services—1.2%
Agilent Technologies, Inc.		20,566		2,859,291
Danaher Corp.		23,500		5,436,490
ICON PLC (a)		12,851		3,637,732
Illumina, Inc. (a)		10,912		1,519,387
				13,452,900
Machinery—0.7%
Flowserve Corp.		36,344		1,498,100
Fortive Corp.		38,538		2,837,553
Ingersoll Rand, Inc.		23,822		1,842,394
Middleby Corp. (a)		14,838		2,183,708
				8,361,755
Media—0.4%
New York Times Co. - Class A (b)		39,088		1,914,921
Omnicom Group, Inc.		32,424		2,805,000
				4,719,921
Oil, Gas & Consumable Fuels—2.6%
BP PLC (ADR)		220,117		7,792,142
ConocoPhillips		42,042		4,879,815
EOG Resources, Inc.		15,999		1,935,079
EQT Corp.		38,063		1,471,516
Marathon Petroleum Corp.		24,407		3,621,022
Shell PLC (ADR)		125,464		8,255,531
Targa Resources Corp.		24,600		2,137,002
				30,092,107
Passenger Airlines—0.3%
Delta Air Lines, Inc.		76,423		3,074,497
Personal Care Products—0.5%
Haleon PLC (ADR) (b)		705,353		5,805,055

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—2.8%
AstraZeneca PLC (ADR)		65,748	$	4,428,128
Elanco Animal Health, Inc. (a)		52,901		788,225
Eli Lilly & Co.		19,978		11,645,576
GSK PLC (ADR) (b)		48,658		1,803,265
Merck & Co., Inc.		65,575		7,148,986
Novartis AG (ADR)		21,678		2,188,828
Pfizer, Inc.		54,434		1,567,155
Structure Therapeutics, Inc. (ADR) (a) (b)		6,564		267,549
Zoetis, Inc.		11,538		2,277,255
				32,114,967
Professional Services—0.5%
Ceridian HCM Holding, Inc. (a) (b)		41,135		2,760,981
Science Applications International Corp.		22,761		2,829,648
				5,590,629
Real Estate Management & Development—0.1%
CoStar Group, Inc. (a) (b)		10,614		927,558
Semiconductors & Semiconductor Equipment—4.0%
Advanced Micro Devices, Inc. (a)		79,470		11,714,673
First Solar, Inc. (a)		7,590		1,307,605
KLA Corp.		8,299		4,824,209
Marvell Technology, Inc.		48,491		2,924,492
Micron Technology, Inc.		69,585		5,938,384
NVIDIA Corp.		17,635		8,733,205
ON Semiconductor Corp. (a)		35,000		2,923,550
Texas Instruments, Inc.		45,288		7,719,792
				46,085,910
Software—9.0%
Adobe, Inc. (a)		20,179		12,038,791
HubSpot, Inc. (a)		9,204		5,343,290
Intuit, Inc.		17,000		10,625,510
Microsoft Corp.		164,687		61,928,900
ServiceNow, Inc. (a)		13,370		9,445,771
Synopsys, Inc. (a)		10,466		5,389,048
				104,771,310
Specialized REITs—0.2%
Extra Space Storage, Inc.		15,618		2,504,034
Specialty Retail—1.3%
AutoZone, Inc. (a)		2,091		5,406,511
TJX Cos., Inc.		107,040		10,041,422
				15,447,933
Technology Hardware, Storage & Peripherals—3.1%
Apple, Inc.		187,359		36,072,228
Tobacco—0.9%
Philip Morris International, Inc.		105,508		9,926,193
Trading Companies & Distributors—0.1%
AerCap Holdings NV (a)		18,046		1,341,179
Wireless Telecommunication Services—0.5%
T-Mobile U.S., Inc.		37,715		6,046,846
Total Common Stocks (Cost $573,717,418)				706,136,971
U.S. Treasury & Government Agencies—24.2%
Agency Sponsored Mortgage - Backed—18.6%
Federal Home Loan Mortgage Corp.
2.000%, 05/01/36		363,521		327,937
2.000%, 06/01/36		127,505		115,022
2.000%, 12/01/40		72,365		62,285
2.000%, 05/01/41		473,726		405,972
2.000%, 12/01/41		508,554		434,547
2.000%, 09/01/50		220,233		182,206
2.000%, 10/01/50		424,997		349,398
2.000%, 02/01/51		644,617		532,740
2.000%, 03/01/51		2,044,333		1,681,700
2.000%, 04/01/51		736,532		604,322
2.000%, 05/01/51		405,082		336,810
2.000%, 08/01/51		167,823		137,438
2.000%, 11/01/51		169,626		139,922
2.000%, 04/01/52		664,564		551,059
2.500%, 05/01/50		221,438		191,522
2.500%, 06/01/50		279,607		240,485
2.500%, 07/01/50		1,589,481		1,364,715
2.500%, 09/01/50		436,610		375,699
2.500%, 11/01/50		492,430		421,540
2.500%, 02/01/51		149,485		129,351
2.500%, 03/01/51		373,490		319,741
2.500%, 05/01/51		186,984		159,849
2.500%, 07/01/51		192,574		164,986
2.500%, 08/01/51		153,525		131,243
2.500%, 10/01/51		290,237		248,148
2.500%, 04/01/52		926,044		788,342
3.000%, 07/01/28		141,954		137,414
3.000%, 08/01/29		87,486		84,516
3.000%, 10/01/32		189,433		180,974
3.000%, 04/01/33		192,470		182,747
3.000%, 11/01/36		378,078		352,357
3.000%, 01/01/37		244,571		227,943
3.000%, 12/01/44		4,712		4,313
3.000%, 08/01/46		414,907		378,248
3.000%, 10/01/46		422,773		384,474
3.000%, 11/01/46		941,210		856,440
3.000%, 12/01/46		272,793		248,109
3.000%, 01/01/47		260,307		236,180
3.000%, 07/01/50		194,398		173,276
3.000%, 08/01/51		73,842		65,920
3.000%, 05/01/52		279,799		249,481
3.500%, 08/01/34		202,985		195,043
3.500%, 08/01/42		52,137		49,396

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp.
3.500%, 11/01/42		66,263	$	62,707
3.500%, 06/01/46		68,373		63,898
3.500%, 10/01/47		256,541		239,743
3.500%, 12/01/47		101,034		94,285
3.500%, 03/01/48		239,338		224,823
3.500%, 12/01/48		155,675		145,277
4.000%, 05/01/42		216,971		211,797
4.000%, 08/01/42		64,090		62,429
4.000%, 09/01/42		96,401		93,903
4.000%, 07/01/44		4,533		4,437
4.000%, 02/01/46		77,103		74,436
4.000%, 04/01/47		35,475		34,405
4.000%, 09/01/48		33,507		32,319
4.000%, 04/01/49		644,798		619,066
4.000%, 05/01/49		128,822		124,191
4.000%, 07/01/49		483,450		467,233
4.400%, 1Y RFUCCT + 1.900%, 02/01/41 (c)		4,002		3,987
4.500%, 09/01/43		35,382		35,112
4.500%, 11/01/43		310,413		308,537
5.000%, 05/01/39		2,625		2,657
5.000%, 06/01/41		187,419		190,501
5.000%, 09/01/52		5,054,021		5,004,356
5.000%, 11/01/52		323,998		321,261
5.000%, 12/01/52		351,187		347,562
5.000%, 01/01/53		3,370,129		3,335,344
5.000%, 04/01/53		1,433,826		1,420,225
5.500%, 07/01/33		37,854		38,957
5.500%, 04/01/39		16,966		17,496
5.500%, 06/01/41		61,921		63,857
5.500%, 02/01/53		559,807		564,318
6.000%, 12/01/52		358,343		368,613
6.000%, 03/01/53		190,923		196,288
6.500%, 11/01/53		404,262		416,162
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates 0.597%, 03/25/27 (c) (d)		3,967,562		63,712
0.631%, 10/25/26 (c) (d)		1,121,606		15,152
0.745%, 06/25/27 (c) (d)		2,369,491		49,821
0.879%, 11/25/30 (c) (d)		957,130		45,186
1.022%, 10/25/30 (c) (d)		1,648,362		87,926
1.115%, 06/25/30 (c) (d)		3,030,480		174,770
1.124%, 01/25/30 (c) (d)		2,467,287		131,542
1.433%, 05/25/30 (c) (d)		2,350,653		171,778
1.570%, 05/25/30 (c) (d)		1,479,343		115,320
Federal Home Loan Mortgage Corp. REMICS
Zero Coupon, 11/15/36 (e)		8,669		7,062
1.000%, 02/25/51		530,803		444,799
1.750%, 10/15/42		134,170		115,235
2.000%, 07/25/50		143,226		122,200
2.500%, 05/15/28 (d)		40,834		1,500
2.500%, 06/25/50 (d)		728,708		104,424
2.500%, 03/25/52		466,327		413,432
3.000%, 03/15/28 (d)		80,833		3,356
3.000%, 05/15/32 (d)		30,900		602
3.000%, 03/15/33 (d)		61,731		5,102
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp. REMICS
3.000%, 03/25/40		500,000		435,238
3.000%, 05/15/46		239,685		221,354
3.000%, 09/25/51 (d)		702,987		113,213
3.250%, 11/15/41		81,549		75,388
3.500%, 09/15/26 (d)		15,051		446
3.500%, 03/15/27 (d)		13,822		312
3.500%, 03/15/41 (d)		43,869		1,345
3.500%, 10/15/45		99,774		90,964
3.500%, 12/15/46		265,410		239,524
4.000%, 07/15/27 (d)		39,189		775
4.000%, 03/15/28 (d)		29,667		773
4.000%, 06/15/28 (d)		18,215		537
4.000%, 07/15/30 (d)		65,708		4,484
4.000%, 05/25/40 (d)		302,191		45,226
4.000%, 09/15/41		321,500		307,966
4.750%, 07/15/39		186,590		182,922
5.000%, 09/15/33 (d)		78,877		11,230
5.000%, 02/15/48 (d)		115,844		22,869
5.500%, 08/15/33		19,771		20,033
5.500%, 07/15/36		44,257		45,173
5.500%, 06/15/46		63,879		65,227
6.500%, 07/15/36		50,218		51,225
6.500%, 04/15/39 (d)		269,887		50,774
Federal Home Loan Mortgage Corp. STACR REMICS Trust  8.237%, SOFR30A + 2.900%, 04/25/42 (144A) (c)		359,000		368,614
8.587%, SOFR30A + 3.250%, 04/25/43 (144A) (c)		325,000		338,271
8.687%, SOFR30A + 3.350%, 05/25/42 (144A) (c)		495,000		514,720
8.687%, SOFR30A + 3.350%, 06/25/43 (144A) (c)		1,105,000		1,166,213
8.837%, SOFR30A + 3.500%, 03/25/42 (144A) (c)		115,000		119,073
8.837%, SOFR30A + 3.500%, 05/25/43 (144A) (c)		945,000		998,669
8.887%, SOFR30A + 3.550%, 08/25/42 (144A) (c)		155,000		160,252
9.037%, SOFR30A + 3.700%, 09/25/42 (144A) (c)		425,000		447,067
9.337%, SOFR30A + 4.000%, 07/25/42 (144A) (c)		380,000		398,352
9.837%, SOFR30A + 4.500%, 06/25/42 (144A) (c)		600,000		646,038
Federal Home Loan Mortgage Corp. STRIPS 1.500%, 05/15/37 (d)		2,301,126		133,658
2.000%, 06/15/52 (d)		963,136		118,404
2.500%, 03/15/52 (d)		743,418		104,767
Federal National Mortgage Association
1.500%, 09/01/51		1,951,174		1,520,848
2.000%, 05/01/36		413,291		372,832
2.000%, 06/01/36		587,320		529,828
2.000%, 08/01/36		478,067		431,261
2.000%, 09/01/36		279,116		251,787
2.000%, 12/01/36		221,434		199,750
2.000%, 09/01/40		286,756		246,861
2.000%, 12/01/40		1,036,096		891,924
2.000%, 04/01/41		311,081		266,930
2.000%, 05/01/41		99,936		85,654
2.000%, 10/01/41		377,542		322,880
2.000%, 02/01/42		238,146		205,008
2.000%, 08/01/50		217,264		178,772
2.000%, 12/01/50		592,798		487,783

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
2.000%, 01/01/51		338,066	$	284,559
2.000%, 02/01/51		1,983,025		1,627,430
2.000%, 03/01/51		3,314,051		2,720,513
2.000%, 04/01/51		3,523,838		2,892,670
2.000%, 05/01/51		1,226,065		1,005,442
2.000%, 07/01/51		548,296		449,298
2.250%, 04/01/33		200,057		167,350
2.500%, 06/01/40		649,483		578,849
2.500%, 04/01/50		245,846		210,871
2.500%, 06/01/50		275,857		236,700
2.500%, 07/01/50		48,080		41,180
2.500%, 09/01/50		436,203		373,744
2.500%, 10/01/50		736,485		636,396
2.500%, 01/01/51		313,215		269,886
2.500%, 05/01/51		5,270,279		4,519,695
2.500%, 06/01/51		618,700		526,751
2.500%, 07/01/51		362,544		310,401
2.500%, 08/01/51		196,860		170,502
2.500%, 09/01/51		238,180		203,659
2.500%, 10/01/51		1,685,378		1,439,872
2.500%, 11/01/51		3,372,394		2,903,631
2.500%, 12/01/51		420,720		361,741
2.500%, 01/01/52		414,868		356,992
2.500%, 03/01/52		618,649		528,285
2.500%, 04/01/52		420,236		359,256
2.500%, 01/01/57		537,143		456,789
3.000%, 07/01/28		312,030		301,956
3.000%, 02/01/31		47,696		45,851
3.000%, 08/01/33		133,477		127,469
3.000%, 03/01/37		288,982		268,928
3.000%, 02/01/43		326,613		300,183
3.000%, 03/01/43		413,040		379,684
3.000%, 04/01/43		398,452		366,296
3.000%, 05/01/43		1,043,838		959,362
3.000%, 06/01/43		134,025		123,168
3.000%, 12/01/49		45,090		40,395
3.000%, 02/01/50		191,245		172,200
3.000%, 08/01/50		677,569		606,200
3.000%, 10/01/50		276,758		247,079
3.000%, 12/01/50		377,503		337,022
3.000%, 04/01/51		143,178		127,736
3.000%, 05/01/51		361,273		325,523
3.000%, 06/01/51		77,090		68,323
3.000%, 07/01/51		94,718		84,059
3.000%, 08/01/51		180,906		161,407
3.000%, 10/01/51		217,253		192,988
3.000%, 11/01/51		952,833		843,742
3.000%, 12/01/51		530,412		473,192
3.000%, 01/01/52		246,873		219,338
3.000%, 04/01/52		251,326		224,801
3.000%, 05/01/52		370,039		330,164
3.500%, 03/01/43		13,725		12,973
3.500%, 05/01/43		31,521		29,651
3.500%, 07/01/43		74,200		69,926
3.500%, 08/01/43		105,613		99,694
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
3.500%, 10/01/44		121,743		113,867
3.500%, 02/01/45		126,718		118,265
3.500%, 01/01/46		141,257		131,849
3.500%, 03/01/46		105,766		98,711
3.500%, 09/01/46		199,071		185,935
3.500%, 10/01/46		85,899		80,167
3.500%, 11/01/46		92,745		87,037
3.500%, 12/01/46		518,344		489,546
3.500%, 05/01/47		179,336		167,371
3.500%, 09/01/47		389,209		363,661
3.500%, 12/01/47		53,393		50,139
3.500%, 01/01/48		220,085		205,395
3.500%, 02/01/48		254,369		237,947
3.500%, 07/01/48		279,919		261,241
3.500%, 11/01/48		59,068		55,125
3.500%, 04/01/52		604,215		557,521
3.500%, 09/01/57		935,328		848,467
3.500%, 05/01/58		542,154		491,806
3.520%, 11/01/32		380,000		353,325
4.000%, 04/01/26		4,088		4,013
4.000%, 02/01/29		67,784		66,896
4.000%, 10/01/40		262,747		256,181
4.000%, 11/01/40		99,292		96,796
4.000%, 12/01/40		72,796		70,991
4.000%, 02/01/41		35,523		34,629
4.000%, 03/01/41		97,594		95,053
4.000%, 06/01/41		305,531		300,979
4.000%, 08/01/42		51,474		50,070
4.000%, 09/01/42		97,847		95,178
4.000%, 03/01/45		10,764		10,377
4.000%, 07/01/45		80,284		77,426
4.000%, 03/01/46		73,800		71,307
4.000%, 05/01/46		22,472		21,664
4.000%, 06/01/46		98,282		94,718
4.000%, 04/01/47		107,614		103,783
4.000%, 10/01/47		386,800		372,899
4.000%, 06/01/48		755,584		728,471
4.000%, 09/01/48		130,168		125,193
4.000%, 01/01/49		434,847		419,131
4.000%, 04/01/49		857,697		819,033
4.000%, 08/01/49		32,795		31,711
4.000%, 04/01/50		589,411		566,764
4.000%, 08/01/51		95,793		93,179
4.000%, 06/01/52		367,404		348,958
4.030%, 06/01/28		290,823		286,769
4.190%, 04/01/28		375,000		371,792
4.250%, 1Y RFUCCT + 1.750%, 03/01/41 (c)		3,751		3,745
4.370%, 05/01/28		142,918		143,247
4.410%, 04/01/30		290,000		288,985
4.460%, 05/01/28		333,325		333,977
4.500%, 06/01/24		1,392		1,385
4.500%, 02/01/25		1,274		1,267
4.500%, 04/01/25		459		456
4.500%, 07/01/25		957		951
4.500%, 06/01/26		42,351		42,116

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
4.500%, 12/01/37		270,356	$	270,765
4.500%, 10/01/40		202,929		202,667
4.500%, 09/01/41		22,240		22,211
4.500%, 10/01/41		98,570		98,443
4.500%, 08/01/42		32,226		32,184
4.500%, 09/01/43		452,737		448,750
4.500%, 10/01/43		81,337		80,355
4.500%, 12/01/43		62,482		62,016
4.500%, 01/01/44		159,793		158,529
4.500%, 04/01/49		128,226		126,318
4.500%, 01/01/51		578,118		570,230
4.510%, 05/01/33		189,536		189,255
4.640%, 10/01/33		180,937		182,596
4.750%, 04/01/28		95,000		96,347
5.000%, 07/01/41		16,190		16,433
5.000%, 08/01/41		7,385		7,505
5.000%, 09/01/52		4,712,067		4,663,460
5.000%, 10/01/52		2,189,550		2,170,336
5.000%, 11/01/52		1,398,581		1,385,403
5.000%, 04/01/53		1,072,139		1,060,811
5.065%, 12/01/28		490,000		505,679
5.078%, 1Y RFUCCT + 1.775%, 06/01/41 (c)		18,751		18,812
5.500%, 08/01/28		12,371		12,605
5.500%, 04/01/33		15,826		16,297
5.500%, 08/01/37		92,081		94,823
5.500%, 04/01/41		7,439		7,661
5.500%, 10/01/52		354,383		357,236
5.500%, 11/01/52		645,032		649,428
5.500%, 12/01/52		1,128,324		1,136,072
5.500%, 06/01/53		572,634		575,701
5.831%, 1Y RFUCCT + 1.822%, 09/01/41 (c)		21,852		22,496
6.000%, 03/01/28		356		366
6.000%, 02/01/34		63,965		66,461
6.000%, 08/01/34		33,398		34,788
6.000%, 04/01/35		283,385		294,131
6.000%, 02/01/38		17,456		18,226
6.000%, 03/01/38		8,365		8,737
6.000%, 05/01/38		22,639		23,643
6.000%, 10/01/38		6,259		6,536
6.000%, 12/01/38		9,544		9,970
6.000%, 05/01/53		380,860		392,432
6.005%, 1Y RFUCCT + 1.755%, 12/01/40 (c)		1,141		1,140
6.500%, 05/01/40		160,535		167,751
6.500%, 11/01/53		691,722		712,083
Federal National Mortgage Association Connecticut Avenue Securities 7.602%, SOFR30A + 2.264%, 11/25/39 (144A) (c)		90,386		91,169
7.887%, SOFR30A + 2.550%, 07/25/42 (144A) (c)		147,062		150,825
8.037%, SOFR30A + 2.700%, 07/25/43 (144A) (c)		595,000		606,306
8.437%, SOFR30A + 3.100%, 06/25/43 (144A) (c)		310,000		323,723
9.002%, SOFR30A + 3.664%, 07/25/29 (c)		138,912		143,810
9.802%, SOFR30A + 4.464%, 05/25/29 (c)		239,309		252,423
Federal National Mortgage Association Interest STRIPS
2.000%, 09/25/39		130,620		114,654
2.000%, 03/25/52 (d)		897,444		112,710
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association Interest STRIPS
2.500%, 06/25/52 (d)		783,824		117,238
2.500%, 09/25/52 (d)		574,030		87,728
4.000%, 05/25/27 (d)		31,317		840
Federal National Mortgage Association REMICS
Zero Coupon, 03/25/36 (e)		9,686		8,342
Zero Coupon, 06/25/36 (e)		83,682		72,954
Zero Coupon, 06/25/41 (e)		83,113		63,125
1.477%, 05/25/46 (c) (d)		195,842		10,889
1.700%, 04/25/55 (c) (d)		209,375		10,501
1.750%, 12/25/42		223,631		195,773
2.007%, 06/25/55 (c) (d)		150,564		8,867
2.029%, 08/25/44 (c) (d)		153,504		6,699
2.500%, 06/25/28 (d)		34,903		1,257
2.500%, 02/25/51 (d)		749,414		120,449
3.000%, 02/25/27 (d)		28,611		336
3.000%, 09/25/27 (d)		28,130		963
3.000%, 01/25/28 (d)		160,490		5,225
3.000%, 03/25/43		418,358		371,882
3.000%, 04/25/43		446,190		403,838
3.000%, 08/25/49		275,210		249,027
3.500%, 05/25/27 (d)		73,331		2,571
3.500%, 10/25/27 (d)		49,955		2,057
3.500%, 05/25/30 (d)		72,575		4,456
3.500%, 08/25/30 (d)		20,712		1,022
3.500%, 02/25/31 (d)		24,849		652
3.500%, 03/25/34 (d)		778,311		37,390
3.500%, 09/25/35 (d)		62,598		5,923
3.500%, 11/25/39 (d)		459,119		40,786
3.500%, 01/25/42		416,000		382,937
3.500%, 11/25/42		539,241		499,208
3.500%, 04/25/46		171,930		144,684
3.500%, 10/25/46 (d)		71,197		12,413
3.500%, 12/25/58		530,916		483,079
4.000%, 03/25/42 (d)		36,585		4,350
4.000%, 11/25/42 (d)		22,374		2,191
4.500%, 07/25/27 (d)		7,572		101
5.000%, 12/25/43 (d)		279,796		55,650
5.000%, 06/25/48 (d)		313,335		50,936
5.500%, 04/25/35		162,049		167,489
5.500%, 04/25/37		45,106		46,160
5.500%, 11/25/40 (d)		292,091		36,458
5.500%, 09/25/44 (d)		206,691		40,514
5.500%, 06/25/48 (d)		225,990		42,232
5.540%, 05/25/42 (c) (d)		5,543		395
6.000%, 01/25/42 (d)		162,144		13,344
Federal National Mortgage Association-Aces 0.304%, 01/25/30 (c) (d)		1,780,890		21,013
1.162%, 06/25/34 (c) (d)		3,813,301		210,261
1.410%, 05/25/29 (c) (d)		1,827,747		85,843
Government National Mortgage Association
0.641%, 02/16/53 (c) (d)		748,435		11,750
2.000%, 10/20/50		658,002		557,164
2.000%, 12/20/50		1,093,640		926,034
2.500%, 11/20/49		502,890		441,799
2.500%, 03/20/51		397,643		347,743

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association
2.500%, 09/20/51		532,901	$	466,030
2.500%, 10/20/51		1,778,859		1,555,559
3.000%, 12/15/44		17,686		15,873
3.000%, 02/15/45		21,840		19,602
3.000%, 04/15/45		168,792		151,499
3.000%, 05/15/45		773,669		694,381
3.000%, 07/15/45		7,128		6,398
3.000%, 04/20/51		1,879,299		1,706,864
3.000%, 08/20/51		421,463		382,323
3.000%, 09/20/51		684,412		619,875
3.000%, 12/20/51		1,734,353		1,569,840
3.000%, 07/20/52		425,130		384,774
3.500%, 03/20/44		270,790		256,808
3.500%, 06/20/46		309,076		291,363
3.500%, 07/20/46		73,649		69,424
3.500%, 10/20/46		78,323		73,817
3.500%, 02/20/47		356,924		336,336
3.500%, 08/20/47		64,064		60,335
3.500%, 11/20/47		72,337		68,110
3.500%, 03/20/48		92,748		87,312
3.500%, 02/20/49		277,386		260,409
3.500%, 07/20/49		265,339		249,586
3.500%, 01/20/51		75,347		70,750
3.500%, 04/20/52		212,562		197,825
3.500%, 06/20/52		618,644		575,757
3.500%, 12/20/52		4,046,385		3,765,852
3.500%, 01/20/53		949,351		883,531
3.875%, 08/15/42		203,930		197,366
4.000%, 09/15/42		272,339		265,807
4.000%, 08/20/45		266,955		260,238
4.000%, 11/20/47		98,996		94,984
4.000%, 03/20/48		224,459		215,435
4.000%, 07/20/48		716,388		688,563
4.500%, 04/15/41		180,057		179,012
4.500%, 02/15/42		358,386		355,952
4.500%, 01/20/46		34,302		34,287
4.500%, 05/20/52		57,191		55,873
4.500%, 08/20/52		256,094		250,031
4.500%, 09/20/52		234,761		229,155
4.500%, 10/20/52		1,040,016		1,015,129
5.000%, 12/15/38		14,559		14,706
5.000%, 04/15/39		275,947		278,747
5.000%, 07/15/39		18,367		18,530
5.000%, 10/20/39		6,097		6,196
5.000%, 05/20/40		233,241		237,427
5.000%, 06/20/40		185,171		188,493
5.000%, 07/20/40		72,683		73,987
5.000%, 12/15/40		40,483		40,865
5.000%, 11/20/49		266,308		267,166
5.500%, 12/15/40		152,395		154,043
Government National Mortgage Association REMICS
2.500%, 12/16/39		89,230		82,260
2.500%, 07/20/41		188,886		168,042
2.500%, 10/20/49		673,384		593,386
3.000%, 09/20/28 (d)		32,936		1,151
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association REMICS
3.000%, 05/20/35 (d)		538,154		30,870
3.000%, 02/16/43 (d)		54,655		6,721
3.000%, 02/20/52		376,967		340,295
3.500%, 02/16/27 (d)		11,169		281
3.500%, 03/20/27 (d)		34,014		1,078
3.500%, 10/20/29 (d)		261,146		18,196
3.500%, 07/20/40 (d)		26,236		624
3.500%, 02/20/41 (d)		27,785		512
3.500%, 04/20/42 (d)		103,834		4,218
3.500%, 10/20/42 (d)		307,649		47,539
3.500%, 05/20/43 (d)		37,078		5,799
3.500%, 07/20/43 (d)		101,186		15,850
4.000%, 12/16/26 (d)		5,926		71
4.000%, 05/20/29 (d)		101,380		2,484
4.000%, 05/16/42 (d)		29,743		3,048
4.000%, 09/16/42 (d)		533,965		105,716
4.000%, 03/20/43 (d)		57,531		10,198
4.000%, 01/20/44 (d)		26,262		4,170
4.000%, 11/20/44 (d)		393,291		54,446
4.000%, 03/20/47 (d)		174,029		25,410
4.500%, 04/20/45 (d)		86,221		17,535
4.500%, 08/20/45 (d)		340,783		59,367
4.500%, 05/20/48 (d)		282,846		40,607
5.000%, 02/16/40 (d)		216,021		43,635
5.000%, 10/16/41 (d)		101,719		15,810
5.000%, 12/20/43 (d)		247,448		47,291
5.000%, 01/16/47 (d)		47,047		10,342
5.500%, 03/20/39 (d)		127,999		19,786
5.500%, 02/16/47 (d)		141,681		22,497
5.500%, 02/20/47 (d)		92,282		15,574
6.000%, 09/20/40 (d)		177,907		31,709
6.000%, 02/20/46 (d)		151,085		26,314
Government National Mortgage Association, TBA 2.000%, TBA (f)		2,970,000		2,514,407
2.500%, TBA (f)		1,495,000		1,307,662
4.000%, TBA (f)		3,055,000		2,916,578
5.500%, TBA (f)		3,500,000		3,525,164
Seasoned Credit Risk Transfer Trust 2.500%, 08/25/59		462,143		381,826
3.500%, 11/25/57		392,264		361,171
3.500%, 03/25/58		755,282		672,553
3.500%, 07/25/58		1,081,166		985,226
3.500%, 08/25/58		212,054		192,101
3.500%, 10/25/58		819,498		735,591
Uniform Mortgage-Backed Security, TBA 2.000%, TBA (f)		7,536,000		6,158,325
2.500%, TBA (f)		2,551,000		2,247,546
3.500%, TBA (f)		1,145,000		1,073,222
4.500%, TBA (f)		13,526,000		13,086,600
5.500%, TBA (f)		12,039,000		12,089,790
6.000%, TBA (f)		24,180,000		24,550,256
6.500%, TBA (f)		2,780,000		2,848,740
7.000%, TBA (f)		5,950,000		6,137,100
				216,446,123

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—5.6%
U.S. Treasury Bonds
1.250%, 05/15/50		11,030,000	$	5,943,705
1.625%, 11/15/50		3,460,000		2,061,403
2.250%, 08/15/46		910,000		646,989
2.375%, 11/15/49		1,385,000		993,737
2.500%, 02/15/45		2,555,000		1,934,714
2.875%, 08/15/45 (g)		19,040,000		15,352,487
2.875%, 11/15/46		1,200,000		960,891
3.000%, 02/15/47		6,040,000		4,937,936
3.000%, 08/15/52		2,540,000		2,077,145
3.125%, 08/15/44 (h)		2,010,000		1,701,983
3.125%, 05/15/48		6,365,000		5,302,841
3.375%, 08/15/42		2,385,000		2,126,656
3.625%, 08/15/43		3,785,000		3,479,687
4.125%, 08/15/53		1,595,000		1,612,196
U.S. Treasury Inflation-Indexed Bond 0.250%, 02/15/50 (i)		5,810,173		3,783,596
U.S. Treasury Inflation-Indexed Notes  0.250%, 07/15/29 (i)		3,025,092		2,795,409
0.750%, 07/15/28 (i)		3,260,415		3,119,971
1.375%, 07/15/33 (i)		2,147,687		2,082,006
U.S. Treasury Notes  4.500%, 11/15/33		3,825,000		4,015,653
				64,929,005
Total U.S. Treasury & Government Agencies (Cost $306,371,043)				281,375,128
Corporate Bonds & Notes—11.7%
Advertising—0.1%
Lamar Media Corp. 3.625%, 01/15/31		665,000		590,853
Aerospace/Defense—0.1%
Boeing Co. 5.040%, 05/01/27 (b)		245,000		247,138
5.150%, 05/01/30		300,000		305,403
Northrop Grumman Corp. 5.150%, 05/01/40		175,000		177,302
				729,843
Agriculture—0.2%
Philip Morris International, Inc. 4.875%, 02/15/28		385,000		389,113
5.125%, 11/17/27		145,000		147,583
5.125%, 02/15/30		550,000		558,976
5.375%, 02/15/33		285,000		292,326
5.625%, 11/17/29		205,000		214,964
5.625%, 09/07/33 (b)		295,000		308,106
				1,911,068
Apparel—0.1%
Hanesbrands, Inc. 4.875%, 05/15/26 (144A)		140,000		135,046
Apparel—(Continued)
Tapestry, Inc. 7.050%, 11/27/25		145,000		148,191
William Carter Co. 5.625%, 03/15/27 (144A)		765,000		755,437
				1,038,674
Banks—3.0%
ABN AMRO Bank NV 6.339%, 1Y H15 + 1.650%, 09/18/27 (144A) (c)		300,000		306,546
ANZ New Zealand International Ltd. 5.355%, 08/14/28 (144A)		650,000		664,546
Banca Comerciala Romana SA 7.625%, 3M EURIBOR + 4.539%, 05/19/27 (EUR) (c)		200,000		232,507
Banca Transilvania SA 8.875%, 1Y EURIBOR ICE Swap + 5.580%, 04/27/27 (EUR) (c)		305,000		353,984
Bank of America Corp. 1.898%, SOFR + 1.530%, 07/23/31 (c)		350,000		286,322
1.922%, SOFR + 1.370%, 10/24/31 (c)		215,000		174,548
2.572%, SOFR + 1.210%, 10/20/32 (c)		230,000		190,686
2.592%, SOFR + 2.150%, 04/29/31 (c)		620,000		534,310
2.687%, SOFR + 1.320%, 04/22/32 (c)		1,265,000		1,068,205
2.972%, SOFR + 1.330%, 02/04/33 (c)		270,000		229,721
3.194%, 3M TSFR + 1.442%, 07/23/30 (b) (c)		195,000		176,808
3.419%, 3M TSFR + 1.302%, 12/20/28 (c)		25,000		23,548
4.376%, SOFR + 1.580%, 04/27/28 (c)		890,000		869,796
5.202%, SOFR + 1.630%, 04/25/29 (c)		480,000		482,969
5.933%, SOFR + 1.340%, 09/15/27 (c)		550,000		561,179
Bank of Ireland Group PLC 6.253%, 1Y H15 + 2.650%, 09/16/26 (144A) (c)		925,000		934,759
Bank of New York Mellon Corp. 6.317%, SOFR + 1.598%, 10/25/29 (c)		525,000		557,650
Barclays PLC 9.625%, 5Y USD SOFR ICE Swap + 5.775%, 12/15/29 (c)		485,000		503,794
BNP Paribas SA 5.125%, 1Y H15 + 1.450%, 01/13/29 (144A) (c)		200,000		201,402
5.335%, 1Y H15 + 1.500%, 06/12/29 (144A) (c)		255,000		258,655
5.894%, SOFR + 1.866%, 12/05/34 (144A) (c)		540,000		564,628
BPCE SA 6.714%, SOFR + 2.270%, 10/19/29 (144A) (c)		895,000		942,349
7.003%, SOFR + 2.590%, 10/19/34 (144A) (c)		740,000		804,236
Credit Agricole SA 6.316%, SOFR + 1.860%, 10/03/29 (144A) (c)		250,000		261,840
Danske Bank AS 1.621%, 1Y H15 + 1.350%, 09/11/26 (144A) (c)		200,000		186,692
5.375%, 01/12/24 (144A)		450,000		449,897
Deutsche Bank AG 2.129%, SOFR + 1.870%, 11/24/26 (c)		150,000		140,598
2.311%, SOFR + 1.219%, 11/16/27 (c)		285,000		260,601
7.079%, SOFR + 3.650%, 02/10/34 (c)		200,000		205,669
Goldman Sachs Group, Inc. 2.383%, SOFR + 1.248%, 07/21/32 (c)		660,000		542,273
2.615%, SOFR + 1.281%, 04/22/32 (c)		910,000		763,862
4.223%, 3M TSFR + 1.563%, 05/01/29 (c)		485,000		469,154
HSBC Holdings PLC
2.206%, SOFR + 1.285%, 08/17/29 (c)		400,000		349,170

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
HSBC Holdings PLC
4.583%, 3M TSFR + 1.796%, 06/19/29 (c)		420,000	$	407,235
5.402%, SOFR + 2.870%, 08/11/33 (b) (c)		1,190,000		1,195,157
5.887%, SOFR + 1.570%, 08/14/27 (c)		565,000		572,822
6.161%, SOFR + 1.970%, 03/09/29 (c)		200,000		206,518
6.547%, SOFR + 2.980%, 06/20/34 (c)		360,000		376,250
7.399%, SOFR + 3.020%, 11/13/34 (c)		385,000		422,333
Huntington Bancshares, Inc. 6.208%, SOFR + 2.020%, 08/21/29 (c)		75,000		77,335
Huntington National Bank 5.650%, 01/10/30		250,000		252,105
Intesa Sanpaolo SpA 6.625%, 06/20/33 (144A)		400,000		409,894
7.800%, 11/28/53 (144A) †		390,000		428,209
JPMorgan Chase & Co. 2.545%, SOFR + 1.180%, 11/08/32 (c)		300,000		250,313
3.509%, 3M TSFR + 1.207%, 01/23/29 (c)		525,000		497,475
3.960%, 3M TSFR + 1.507%, 01/29/27 (c)		215,000		210,017
4.005%, 3M TSFR + 1.382%, 04/23/29 (c)		410,000		394,479
4.323%, SOFR + 1.560%, 04/26/28 (c)		80,000		78,811
4.851%, SOFR + 1.990%, 07/25/28 (c)		40,000		40,012
5.299%, SOFR + 1.450%, 07/24/29 (c)		375,000		380,517
6.070%, SOFR + 1.330%, 10/22/27 (c)		240,000		246,891
6.087%, SOFR + 1.570%, 10/23/29 (c)		95,000		99,884
M&T Bank Corp. 5.053%, SOFR + 1.850%, 01/27/34 (c)		675,000		639,564
7.413%, SOFR + 2.800%, 10/30/29 (c)		480,000		516,301
Manufacturers & Traders Trust Co. 4.700%, 01/27/28		250,000		242,871
MBank SA 0.966%, 3M EURIBOR + 1.250%, 09/21/27 (EUR) (c)		400,000		381,520
Morgan Stanley 1.794%, SOFR + 1.034%, 02/13/32 (c)		880,000		702,700
1.928%, SOFR + 1.020%, 04/28/32 (c)		635,000		510,619
2.239%, SOFR + 1.178%, 07/21/32 (c)		45,000		36,731
2.475%, SOFR + 1.000%, 01/21/28 (c)		155,000		143,868
4.431%, 3M TSFR + 1.890%, 01/23/30 (c)		130,000		126,617
5.123%, SOFR + 1.730%, 02/01/29 (c)		55,000		55,250
5.164%, SOFR + 1.590%, 04/20/29 (c)		540,000		543,087
5.449%, SOFR + 1.630%, 07/20/29 (c)		115,000		117,179
6.407%, SOFR + 1.830%, 11/01/29 (c)		1,100,000		1,165,763
OTP Bank Nyrt 7.350%, 3M EURIBOR + 4.523%, 03/04/26 (EUR) (c)		390,000		441,907
7.500%, 1Y H15 + 3.711%, 05/25/27 (c)		205,000		211,302
PNC Financial Services Group, Inc. 5.068%, SOFR + 1.933%, 01/24/34 (c)		145,000		141,877
6.875%, SOFR + 2.284%, 10/20/34 (b) (c)		120,000		133,217
Societe Generale SA 6.221%, 1Y H15 + 3.200%, 06/15/33 (144A) (b) (c)		1,190,000		1,187,799
Standard Chartered PLC 7.018%, 1Y H15 + 2.200%, 02/08/30 (144A) (c)		475,000		501,275
7.767%, 1Y H15 + 3.450%, 11/16/28 (144A) (c)		215,000		232,064
UBS Group AG
2.095%, 1Y H15 + 1.000%, 02/11/32 (144A) (c)		200,000		159,524
3.091%, SOFR + 1.730%, 05/14/32 (144A) (c)		250,000		212,917
4.751%, 1Y H15 + 1.750%, 05/12/28 (144A) (b) (c)		285,000		280,665
Banks—(Continued)
UBS Group AG
6.246%, 1Y H15 + 1.800%, 09/22/29 (144A) (c)		475,000		495,496
6.442%, SOFR + 3.700%, 08/11/28 (144A) (c)		250,000		259,625
6.537%, SOFR + 3.920%, 08/12/33 (144A) (c)		970,000		1,035,142
Wells Fargo & Co. 2.572%, 3M TSFR + 1.262%, 02/11/31 (c)		535,000		462,304
2.879%, 3M TSFR + 1.432%, 10/30/30 (b) (c)		240,000		213,351
3.000%, 10/23/26		180,000		170,887
3.350%, SOFR + 1.500%, 03/02/33 (c)		435,000		379,936
4.808%, SOFR + 1.980%, 07/25/28 (c)		185,000		183,644
4.897%, SOFR + 2.100%, 07/25/33 (c)		580,000		565,021
5.389%, SOFR + 2.020%, 04/24/34 (c)		75,000		75,326
5.574%, SOFR + 1.740%, 07/25/29 (c)		905,000		924,067
6.303%, SOFR + 1.790%, 10/23/29 (c)		45,000		47,426
6.491%, SOFR + 2.060%, 10/23/34 (c)		145,000		157,744
				34,753,747
Beverages—0.0%
Bacardi Ltd./Bacardi-Martini BV 5.400%, 06/15/33 (144A)		220,000		221,100
Biotechnology—0.1%
Amgen, Inc. 5.250%, 03/02/30		110,000		113,080
5.250%, 03/02/33 (b)		700,000		717,663
Royalty Pharma PLC 2.150%, 09/02/31		540,000		441,077
2.200%, 09/02/30		395,000		331,992
				1,603,812
Building Materials—0.1%
Builders FirstSource, Inc. 5.000%, 03/01/30 (144A) (b)		785,000		758,035
Standard Industries, Inc. 3.375%, 01/15/31 (144A)		125,000		107,534
4.375%, 07/15/30 (144A) (b)		720,000		661,239
				1,526,808
Chemicals—0.1%
Celanese U.S. Holdings LLC 6.165%, 07/15/27		395,000		405,016
6.330%, 07/15/29		413,000		432,936
6.550%, 11/15/30		245,000		258,996
				1,096,948
Commercial Services—0.4%
Ashtead Capital, Inc. 4.375%, 08/15/27 (144A)		1,000,000		960,114
5.500%, 08/11/32 (144A)		420,000		414,886
Gartner, Inc. 4.500%, 07/01/28 (144A)		386,000		366,054
Howard University
2.291%, 10/01/26		100,000		92,706
2.701%, 10/01/29		260,000		230,831

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
Howard University
2.801%, 10/01/30		100,000	$	87,722
2.901%, 10/01/31		100,000		86,288
3.476%, 10/01/41		115,000		85,372
Service Corp. International 3.375%, 08/15/30		785,000		684,595
5.125%, 06/01/29 (b)		858,000		840,840
United Rentals North America, Inc.
4.000%, 07/15/30 (b)		85,000		78,293
4.875%, 01/15/28		65,000		63,456
				3,991,157
Computers—0.1%
Booz Allen Hamilton, Inc. 3.875%, 09/01/28 (144A)		1,256,000		1,183,148
Cosmetics/Personal Care—0.0%
Kenvue, Inc. 5.050%, 03/22/53		210,000		217,264
Distribution/Wholesale—0.0%
LKQ Corp. 5.750%, 06/15/28		170,000		173,990
Diversified Financial Services—0.4%
American Express Co. 6.338%, SOFR + 1.330%, 10/30/26 (c)		505,000		514,875
Capital One Financial Corp. 1.878%, SOFR + 0.855%, 11/02/27 (c)		390,000		350,793
3.273%, SOFR + 1.790%, 03/01/30 (c)		520,000		464,413
5.247%, SOFR + 2.600%, 07/26/30 (c)		310,000		304,585
5.468%, SOFR + 2.080%, 02/01/29 (c)		155,000		154,542
5.817%, SOFR + 2.600%, 02/01/34 (c)		150,000		149,269
6.312%, SOFR + 2.640%, 06/08/29 (c)		260,000		266,737
6.377%, SOFR + 2.860%, 06/08/34 (c)		255,000		262,445
7.624%, SOFR + 3.070%, 10/30/31 (c)		285,000		313,183
Discover Financial Services 7.964%, SOFR + 3.370%, 11/02/34 (c)		555,000		617,428
GTP Acquisition Partners I LLC 3.482%, 06/15/50 (144A)		1,355,000		1,317,318
Intercontinental Exchange, Inc. 4.350%, 06/15/29		110,000		109,644
Nasdaq, Inc. 5.550%, 02/15/34		225,000		233,741
				5,058,973
Electric—1.6%
Alabama Power Co. 3.450%, 10/01/49		245,000		184,068
4.150%, 08/15/44		225,000		192,680
Ameren Corp. 5.000%, 01/15/29		695,000		698,114
Arizona Public Service Co. 5.550%, 08/01/33		120,000		123,991
6.350%, 12/15/32		245,000		265,928
Electric—(Continued)
Berkshire Hathaway Energy Co. 1.650%, 05/15/31		165,000		132,323
4.600%, 05/01/53		220,000		195,839
Cleco Corporate Holdings LLC 3.375%, 09/15/29		275,000		240,970
4.973%, 05/01/46		20,000		16,766
Consolidated Edison Co. of New York, Inc. 3.200%, 12/01/51		250,000		176,748
5.500%, 03/15/34 (b)		115,000		120,608
Dominion Energy, Inc.
3.375%, 04/01/30 (b)		268,000		246,726
5.375%, 11/15/32 (b)		1,022,000		1,049,466
6.300%, 03/15/33		15,000		16,092
Duke Energy Carolinas LLC 4.250%, 12/15/41		205,000		181,085
Duke Energy Corp. 2.550%, 06/15/31		820,000		699,660
4.500%, 08/15/32		285,000		275,866
5.000%, 08/15/52		85,000		79,345
Duke Energy Indiana LLC 2.750%, 04/01/50		145,000		93,742
Duke Energy Progress LLC 4.000%, 04/01/52		130,000		106,824
4.375%, 03/30/44		320,000		282,204
Edison International 4.125%, 03/15/28		85,000		82,080
5.250%, 11/15/28		95,000		95,584
6.950%, 11/15/29		700,000		759,655
Emera, Inc. 6.750%, 06/15/76		190,000		186,052
Enel Finance International NV 5.000%, 06/15/32 (144A)		235,000		229,209
Evergy Metro, Inc. 2.250%, 06/01/30		10,000		8,522
Evergy, Inc. 2.450%, 09/15/24		85,000		83,068
2.900%, 09/15/29		345,000		312,069
Eversource Energy 5.125%, 05/15/33		560,000		562,828
5.450%, 03/01/28 (b)		95,000		97,642
5.950%, 02/01/29		330,000		345,594
Georgia Power Co. 4.300%, 03/15/42		140,000		123,773
4.700%, 05/15/32		170,000		169,298
4.950%, 05/17/33		25,000		25,202
Investment Energy Resources Ltd. 6.250%, 04/26/29 (144A)		200,000		188,934
IPALCO Enterprises, Inc. 3.700%, 09/01/24		335,000		329,687
Kentucky Power Co. 7.000%, 11/15/33 (144A)		520,000		559,042
Monongahela Power Co. 5.850%, 02/15/34 (144A)		160,000		167,883
National Grid PLC 5.602%, 06/12/28		75,000		77,270

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
National Rural Utilities Cooperative Finance Corp. 5.800%, 01/15/33		210,000	$	222,387
NextEra Energy Capital Holdings, Inc. 1.875%, 01/15/27		245,000		225,316
2.250%, 06/01/30		340,000		290,846
4.625%, 07/15/27		430,000		429,222
5.000%, 02/28/30		110,000		111,165
5.000%, 07/15/32		260,000		261,283
NRG Energy, Inc. 2.450%, 12/02/27 (144A)		360,000		324,571
Oglethorpe Power Corp. 4.500%, 04/01/47		130,000		110,124
5.050%, 10/01/48		35,000		32,165
Ohio Edison Co. 5.500%, 01/15/33 (144A)		185,000		187,234
Oncor Electric Delivery Co. LLC 5.650%, 11/15/33 (144A)		250,000		266,330
Pacific Gas & Electric Co. 2.500%, 02/01/31		840,000		692,908
3.500%, 08/01/50		45,000		31,067
4.400%, 03/01/32		70,000		64,749
4.550%, 07/01/30		570,000		542,856
5.250%, 03/01/52		128,000		113,731
5.900%, 06/15/32		225,000		228,781
6.100%, 01/15/29		855,000		884,752
6.150%, 01/15/33		410,000		424,951
6.400%, 06/15/33		405,000		426,148
PPL Capital Funding, Inc. 4.125%, 04/15/30		85,000		80,913
Public Service Enterprise Group, Inc. 6.125%, 10/15/33		120,000		128,970
Puget Energy, Inc. 2.379%, 06/15/28		270,000		241,331
3.650%, 05/15/25		270,000		263,051
4.100%, 06/15/30		258,000		236,386
4.224%, 03/15/32		42,000		37,993
Sempra 5.400%, 08/01/26		270,000		273,535
Southern California Edison Co. 2.250%, 06/01/30		150,000		128,726
2.850%, 08/01/29		315,000		287,058
5.300%, 03/01/28		140,000		143,687
Southern Co. 5.200%, 06/15/33		375,000		382,522
Southwestern Electric Power Co. 5.300%, 04/01/33		315,000		315,006
Virginia Electric & Power Co. 2.450%, 12/15/50		91,000		55,837
5.000%, 04/01/33 (b)		285,000		288,241
Xcel Energy, Inc. 4.600%, 06/01/32		185,000		180,350
				18,696,629
Energy-Alternate Sources—0.1%
Energo-Pro AS 8.500%, 02/04/27 (144A)		645,000		631,822
Energy-Alternate Sources—(Continued)
FS Luxembourg SARL 10.000%, 12/15/25 (144A)		245,000		251,254
Greenko Power II Ltd. 4.300%, 12/13/28		351,000		315,988
				1,199,064
Engineering & Construction—0.1%
IHS Holding Ltd. 6.250%, 11/29/28 (144A)		390,000		315,315
International Airport Finance SA 12.000%, 03/15/33 (144A)		904,595		924,948
				1,240,263
Entertainment—0.1%
Warnermedia Holdings, Inc. 4.279%, 03/15/32 (b)		225,000		205,921
5.141%, 03/15/52 (b)		25,000		21,459
WMG Acquisition Corp. 3.000%, 02/15/31 (144A)		160,000		137,139
3.750%, 12/01/29 (144A)		285,000		259,342
3.875%, 07/15/30 (144A)		855,000		773,558
				1,397,419
Environmental Control—0.1%
Clean Harbors, Inc. 4.875%, 07/15/27 (144A)		1,195,000		1,170,971
Veralto Corp. 5.350%, 09/18/28 (144A)		285,000		291,612
				1,462,583
Food—0.1%
Conagra Brands, Inc. 1.375%, 11/01/27		255,000		223,785
General Mills, Inc. 4.950%, 03/29/33		85,000		86,173
Minerva Luxembourg SA 8.875%, 09/13/33 (144A)		300,000		317,188
NBM U.S. Holdings, Inc. 7.000%, 05/14/26 (144A)		635,000		642,270
Sysco Corp. 5.750%, 01/17/29		175,000		182,294
				1,451,710
Gas—0.2%
Atmos Energy Corp. 5.900%, 11/15/33		95,000		103,069
Brooklyn Union Gas Co. 6.388%, 09/15/33 (144A)		365,000		381,032
East Ohio Gas Co. 3.000%, 06/15/50 (144A)		30,000		19,436
KeySpan Gas East Corp. 5.994%, 03/06/33 (144A)		275,000		279,647
NiSource, Inc.
3.490%, 05/15/27		95,000		91,461

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Gas—(Continued)
NiSource, Inc.
3.600%, 05/01/30		265,000	$	246,566
5.250%, 03/30/28		315,000		321,179
5.400%, 06/30/33		290,000		299,012
Southern California Gas Co. 5.200%, 06/01/33 (b)		250,000		257,067
Southern Co. Gas Capital Corp. 5.750%, 09/15/33		70,000		73,500
Southwest Gas Corp. 2.200%, 06/15/30		195,000		165,955
				2,237,924
Hand/Machine Tools—0.1%
Regal Rexnord Corp. 6.050%, 04/15/28 (144A)		775,000		784,514
6.300%, 02/15/30 (144A)		185,000		189,794
				974,308
Healthcare-Products—0.2%
Alcon Finance Corp. 2.600%, 05/27/30 (144A)		275,000		238,378
2.750%, 09/23/26 (144A)		200,000		187,906
3.000%, 09/23/29 (144A)		265,000		241,177
Avantor Funding, Inc. 4.625%, 07/15/28 (144A)		780,000		753,855
GE HealthCare Technologies, Inc. 5.857%, 03/15/30		200,000		210,080
Hologic, Inc. 4.625%, 02/01/28 (144A)		658,000		631,622
				2,263,018
Healthcare-Services—0.3%
Centene Corp. 2.450%, 07/15/28 (b)		215,000		191,479
3.375%, 02/15/30		20,000		17,945
4.250%, 12/15/27		110,000		105,991
4.625%, 12/15/29		1,185,000		1,136,092
CommonSpirit Health 3.347%, 10/01/29		105,000		95,871
HCA, Inc. 3.375%, 03/15/29		445,000		410,587
Humana, Inc. 3.700%, 03/23/29 (b)		290,000		278,576
5.750%, 12/01/28		60,000		62,716
Kaiser Foundation Hospitals 2.810%, 06/01/41		110,000		82,400
3.002%, 06/01/51		205,000		146,006
Sutter Health 3.361%, 08/15/50		55,000		40,691
UnitedHealth Group, Inc. 2.750%, 05/15/40 (b)		315,000		238,500
3.500%, 08/15/39		60,000		50,985
4.950%, 05/15/62		60,000		59,182
6.050%, 02/15/63		65,000		74,954
				2,991,975
Home Builders—0.1%
Taylor Morrison Communities, Inc. 5.125%, 08/01/30 (144A)		120,000		116,085
5.750%, 01/15/28 (144A)		623,000		625,858
Toll Brothers Finance Corp. 4.875%, 11/15/25		130,000		129,041
				870,984
Insurance—0.3%
Aon Corp./Aon Global Holdings PLC 5.350%, 02/28/33 (b)		150,000		153,833
Athene Global Funding 2.500%, 03/24/28 (144A)		55,000		48,810
2.646%, 10/04/31 (144A)		510,000		414,349
2.717%, 01/07/29 (144A)		735,000		639,005
Athene Holding Ltd. 5.875%, 01/15/34		250,000		252,286
Corebridge Financial, Inc. 3.850%, 04/05/29		160,000		150,768
6.050%, 09/15/33 (144A)		70,000		72,901
Equitable Financial Life Global Funding 1.800%, 03/08/28 (144A)		755,000		661,318
Equitable Holdings, Inc. 4.350%, 04/20/28		190,000		183,447
Marsh & McLennan Cos., Inc. 4.750%, 03/15/39		245,000		238,153
Protective Life Global Funding 5.467%, 12/08/28 (144A) (b)		150,000		154,007
Willis North America, Inc. 3.600%, 05/15/24		130,000		128,808
				3,097,685
Internet—0.2%
Gen Digital, Inc. 5.000%, 04/15/25 (144A)		615,000		608,850
6.750%, 09/30/27 (144A) (b)		540,000		549,358
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 3.500%, 03/01/29 (144A)		170,000		153,968
5.250%, 12/01/27 (144A)		983,000		963,250
				2,275,426
Iron/Steel—0.0%
Vale Overseas Ltd. 6.125%, 06/12/33		145,000		150,498
Machinery-Diversified—0.0%
Ingersoll Rand, Inc. 5.700%, 08/14/33 (b)		110,000		116,380
Otis Worldwide Corp. 2.565%, 02/15/30		300,000		266,764
				383,144
Media—0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250%, 01/15/29		165,000		143,165

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Charter Communications Operating LLC/Charter Communications Operating Capital
5.750%, 04/01/48		35,000	$	31,062
6.484%, 10/23/45		1,060,000		1,041,570
6.834%, 10/23/55 (b)		90,000		89,848
Comcast Corp. 2.937%, 11/01/56		54,000		35,517
2.987%, 11/01/63		157,000		101,196
3.750%, 04/01/40		220,000		189,240
Cox Communications, Inc. 2.600%, 06/15/31 (144A)		270,000		228,752
Discovery Communications LLC 3.625%, 05/15/30		180,000		163,151
4.000%, 09/15/55		516,000		367,155
5.200%, 09/20/47		190,000		163,686
5.300%, 05/15/49		517,000		443,879
Paramount Global 4.375%, 03/15/43		150,000		110,821
4.950%, 01/15/31 (b)		315,000		298,722
5.250%, 04/01/44		250,000		200,226
5.850%, 09/01/43		40,000		36,002
Sirius XM Radio, Inc. 4.000%, 07/15/28 (144A)		380,000		351,440
4.125%, 07/01/30 (144A)		100,000		89,108
Time Warner Cable LLC 4.500%, 09/15/42 (b)		200,000		156,947
				4,241,487
Mining—0.1%
Anglo American Capital PLC 2.625%, 09/10/30 (144A) (b)		640,000		544,435
Glencore Funding LLC 2.625%, 09/23/31 (144A)		155,000		131,520
2.850%, 04/27/31 (144A)		110,000		94,853
6.375%, 10/06/30 (144A)		540,000		579,746
Southern Copper Corp. 6.750%, 04/16/40		35,000		39,190
				1,389,744
Office/Business Equipment—0.1%
CDW LLC/CDW Finance Corp. 2.670%, 12/01/26		120,000		112,286
3.250%, 02/15/29		1,304,000		1,192,371
				1,304,657
Oil & Gas—0.6%
Aker BP ASA 2.000%, 07/15/26 (144A)		200,000		184,324
5.600%, 06/13/28 (144A)		255,000		259,934
6.000%, 06/13/33 (144A)		340,000		353,160
BP Capital Markets America, Inc. 2.939%, 06/04/51		60,000		41,561
4.812%, 02/13/33		435,000		438,573
4.893%, 09/11/33 (b)		270,000		274,720
Oil & Gas—(Continued)
ConocoPhillips Co. 4.025%, 03/15/62		90,000		72,989
5.050%, 09/15/33		145,000		148,971
5.700%, 09/15/63		265,000		286,782
Diamondback Energy, Inc. 6.250%, 03/15/33		155,000		165,621
Ecopetrol SA 4.625%, 11/02/31		200,000		169,658
8.625%, 01/19/29		755,000		804,610
Energian Israel Finance Ltd. 4.875%, 03/30/26 (144A)		155,000		142,600
5.875%, 03/30/31 (144A)		155,000		130,618
8.500%, 09/30/33		210,000		200,288
Equinor ASA 3.625%, 04/06/40		170,000		146,759
3.700%, 04/06/50		110,000		90,789
Hess Corp. 7.125%, 03/15/33		37,000		42,765
7.300%, 08/15/31		210,000		242,028
Leviathan Bond Ltd. 6.500%, 06/30/27 (144A)		480,000		450,415
Marathon Oil Corp. 6.600%, 10/01/37 (b)		165,000		174,324
Occidental Petroleum Corp. 6.125%, 01/01/31 (b)		45,000		46,718
6.625%, 09/01/30 (b)		455,000		483,897
7.500%, 05/01/31 (b)		20,000		22,427
Ovintiv, Inc. 6.625%, 08/15/37		190,000		196,710
Patterson-UTI Energy, Inc. 5.150%, 11/15/29		325,000		310,016
7.150%, 10/01/33		150,000		158,910
Shell International Finance BV 2.875%, 11/26/41		120,000		90,895
3.000%, 11/26/51		155,000		110,395
3.250%, 04/06/50		125,000		93,905
Viper Energy, Inc. 5.375%, 11/01/27 (144A)		535,000		525,272
				6,860,634
Packaging & Containers—0.1%
Ball Corp. 6.000%, 06/15/29		1,550,000		1,582,818
Pharmaceuticals—0.1%
Bayer U.S. Finance LLC 6.375%, 11/21/30 (144A)		310,000		318,946
CVS Health Corp. 2.700%, 08/21/40		230,000		163,973
4.125%, 04/01/40		155,000		133,095
5.125%, 02/21/30		205,000		208,180
5.250%, 01/30/31		120,000		123,095
				947,289

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—0.6%
Cheniere Energy Partners LP 4.500%, 10/01/29 (b)		155,000	$	148,252
Columbia Pipelines Holding Co. LLC 6.042%, 08/15/28 (144A)		350,000		361,236
Columbia Pipelines Operating Co. LLC 5.927%, 08/15/30 (144A)		225,000		232,653
6.036%, 11/15/33 (144A)		310,000		324,654
6.544%, 11/15/53 (144A)		195,000		214,697
EIG Pearl Holdings SARL 3.545%, 08/31/36 (144A)		400,000		348,000
Enbridge, Inc. 5.700%, 03/08/33 (b)		625,000		649,623
6.000%, 11/15/28		165,000		173,227
8.500%, 5Y H15 + 4.431%, 01/15/84 (c)		385,000		409,504
Energy Transfer LP 5.250%, 04/15/29		115,000		115,860
6.050%, 12/01/26		235,000		241,600
6.400%, 12/01/30		630,000		673,596
EQM Midstream Partners LP 6.500%, 07/01/27 (144A)		30,000		30,547
Greensaif Pipelines Bidco SARL 6.129%, 02/23/38 (144A) (b)		505,000		526,501
6.510%, 02/23/42 (144A)		365,000		385,851
MPLX LP 1.750%, 03/01/26		100,000		93,543
ONEOK, Inc. 3.100%, 03/15/30 (b)		30,000		26,919
3.400%, 09/01/29		210,000		193,534
4.350%, 03/15/29		85,000		82,604
6.100%, 11/15/32		200,000		212,518
Targa Resources Corp.
4.200%, 02/01/33		40,000		36,777
6.125%, 03/15/33		130,000		136,869
6.150%, 03/01/29		200,000		209,140
6.250%, 07/01/52		80,000		82,557
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.000%, 01/15/32		185,000		168,929
4.875%, 02/01/31		65,000		63,142
Transcontinental Gas Pipe Line Co. LLC 3.250%, 05/15/30		125,000		113,304
Western Midstream Operating LP 4.750%, 08/15/28		145,000		141,542
6.150%, 04/01/33		240,000		249,328
Williams Cos., Inc. 4.650%, 08/15/32		380,000		370,426
5.650%, 03/15/33		180,000		188,031
				7,204,964
Real Estate Investment Trusts—0.3%
American Tower Corp. 2.700%, 04/15/31		80,000		68,697
3.800%, 08/15/29 (b)		275,000		261,068
5.800%, 11/15/28 (b)		220,000		228,540
Real Estate Investment Trusts—(Continued)
Crown Castle, Inc. 2.900%, 03/15/27		240,000		224,436
3.800%, 02/15/28		20,000		18,998
4.800%, 09/01/28		695,000		685,753
5.000%, 01/11/28		210,000		209,176
5.600%, 06/01/29		180,000		184,051
Equinix, Inc. 3.200%, 11/18/29		285,000		261,753
GLP Capital LP/GLP Financing II, Inc. 4.000%, 01/15/31 (b)		195,000		175,624
5.300%, 01/15/29 (b)		235,000		233,641
5.750%, 06/01/28		270,000		272,425
SBA Tower Trust  2.836%, 01/15/50 (144A)		545,000		526,290
VICI Properties LP 4.950%, 02/15/30		561,000		544,349
				3,894,801
Retail—0.2%
AutoZone, Inc. 4.750%, 08/01/32		190,000		188,096
4.750%, 02/01/33 (b)		60,000		59,056
6.550%, 11/01/33		170,000		188,867
FirstCash, Inc. 4.625%, 09/01/28 (144A)		758,000		707,550
5.625%, 01/01/30 (144A)		585,000		560,237
O’Reilly Automotive, Inc. 4.700%, 06/15/32		440,000		435,253
				2,139,059
Semiconductors—0.1%
Intel Corp. 3.100%, 02/15/60		95,000		65,471
5.700%, 02/10/53		10,000		10,811
5.900%, 02/10/63		110,000		122,607
Marvell Technology, Inc.
2.450%, 04/15/28		420,000		379,006
2.950%, 04/15/31		85,000		74,279
5.950%, 09/15/33		90,000		95,435
NXP BV/NXP Funding LLC 5.550%, 12/01/28		165,000		169,787
NXP BV/NXP Funding LLC/NXP USA, Inc. 4.300%, 06/18/29		50,000		48,576
Qorvo, Inc. 3.375%, 04/01/31 (144A)		260,000		222,447
				1,188,419
Software—0.5%
Black Knight InfoServ LLC 3.625%, 09/01/28 (144A)		1,053,000		1,001,119
Fair Isaac Corp. 4.000%, 06/15/28 (144A)		853,000		807,245
MSCI, Inc.
3.625%, 11/01/31 (144A)		355,000		312,449
3.875%, 02/15/31 (144A)		115,000		105,073

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
MSCI, Inc.
4.000%, 11/15/29 (144A)		190,000	$	178,577
Open Text Corp. 3.875%, 12/01/29 (144A) (b)		740,000		663,657
6.900%, 12/01/27 (144A) (b)		680,000		706,963
Open Text Holdings, Inc. 4.125%, 12/01/31 (144A) (b)		130,000		114,903
Oracle Corp. 2.950%, 04/01/30		100,000		90,255
3.850%, 04/01/60		830,000		601,452
4.000%, 07/15/46		5,000		4,008
4.100%, 03/25/61		130,000		99,046
4.125%, 05/15/45		15,000		12,236
6.150%, 11/09/29		330,000		354,998
SS&C Technologies, Inc. 5.500%, 09/30/27 (144A)		735,000		724,513
				5,776,494
Telecommunications—0.2%
AT&T, Inc. 3.550%, 09/15/55		539,000		387,529
3.650%, 09/15/59		31,000		22,217
3.800%, 12/01/57		251,000		186,579
5.400%, 02/15/34		15,000		15,470
Nokia OYJ 4.375%, 06/12/27		720,000		697,143
Rogers Communications, Inc. 3.800%, 03/15/32		215,000		197,848
T-Mobile USA, Inc. 2.050%, 02/15/28		315,000		284,221
3.875%, 04/15/30		160,000		151,728
5.050%, 07/15/33		305,000		307,372
5.750%, 01/15/34		205,000		217,432
				2,467,539
Trucking & Leasing—0.2%
DAE Funding LLC 1.550%, 08/01/24 (144A)		885,000		862,035
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.700%, 11/01/24 (144A)		320,000		311,212
4.000%, 07/15/25 (144A)		365,000		356,972
4.400%, 07/01/27 (144A)		285,000		277,881
6.050%, 08/01/28 (144A)		105,000		108,831
				1,916,931
Total Corporate Bonds & Notes (Cost $139,574,998)				135,704,851
Asset-Backed Securities—3.9%
Asset-Backed - Automobile—1.0%
American Credit Acceptance Receivables Trust  4.550%, 10/13/26 (144A)		32,123		32,087
6.090%, 11/12/27 (144A)		325,000		326,880
AmeriCredit Automobile Receivables Trust  2.580%, 09/18/25		535,000		530,192
Asset-Backed - Automobile—(Continued)
ARI Fleet Lease Trust  5.410%, 02/17/32 (144A)		746,871		745,444
Avis Budget Rental Car Funding AESOP LLC 5.900%, 08/21/28		375,000		382,603
Carvana Auto Receivables Trust  4.130%, 04/12/27		969,743		954,608
Chesapeake Funding II LLC 5.650%, 05/15/35 (144A)		562,828		564,309
CPS Auto Receivables Trust  5.910%, 08/16/27 (144A)		703,893		704,318
DT Auto Owner Trust  5.190%, 10/16/28 (144A)		250,000		247,823
5.410%, 02/15/29 (144A)		280,000		278,574
Enterprise Fleet Financing LLC 5.420%, 10/22/29 (144A)		390,000		393,719
Exeter Automobile Receivables Trust  2.180%, 06/15/26		121,122		120,730
2.580%, 09/15/25 (144A)		280,810		277,973
2.730%, 12/15/25 (144A)		123,165		121,538
4.570%, 01/15/27		370,000		368,068
6.030%, 08/16/27		162,000		162,279
6.110%, 09/15/27		158,000		158,542
Flagship Credit Auto Trust  4.690%, 07/17/28 (144A)		503,000		492,774
5.050%, 01/18/28 (144A)		140,000		138,553
GLS Auto Receivables Issuer Trust  4.920%, 01/15/27 (144A)		90,000		89,279
Hertz Vehicle Financing III LLC 5.940%, 02/25/28 (144A)		990,000		1,008,144
Santander Drive Auto Receivables Trust  4.420%, 11/15/27		735,000		726,062
4.430%, 03/15/27		235,000		232,214
4.720%, 06/15/27		165,000		163,480
4.980%, 02/15/28		295,000		292,811
5.610%, 07/17/28		495,000		497,309
5.950%, 01/17/28		650,000		653,062
SFS Auto Receivables Securitization Trust  5.710%, 01/22/30 (144A)		245,000		246,762
Tricolor Auto Securitization Trust  6.480%, 08/17/26 (144A)		140,767		140,663
Westlake Automobile Receivables Trust  1.650%, 02/17/26 (144A)		415,000		408,394
4.310%, 09/15/27 (144A)		560,000		553,397
5.410%, 01/18/28 (144A)		160,000		159,237
World Omni Auto Receivables Trust  5.030%, 05/15/29		270,000		269,621
				12,441,449
Asset-Backed - Home Equity—0.1%
GSAA Home Equity Trust  5.570%, 1M TSFR + 0.214%, 12/25/46 (c)		44,471		21,185
5.985%, 06/25/36 (c)		422,911		110,039
6.070%, 1M TSFR + 0.714%, 03/25/36 (c)		511,411		270,958
Renaissance Home Equity Loan Trust  6.120%, 11/25/36 (j)		239,171		89,483
Soundview Home Loan Trust  5.970%, 1M TSFR + 0.614%, 11/25/36 (c)		363,132		340,908
				832,573

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—2.7%
510 Asset-Backed Trust  2.116%, 06/25/61 (144A) (j)		541,270	$	525,068
AASET Trust  3.351%, 01/16/40 (144A)		106,731		94,234
Affirm Asset Securitization Trust  6.610%, 01/18/28 (144A)		385,000		387,214
Aligned Data Centers Issuer LLC 6.000%, 08/17/48		745,000		737,484
Amur Equipment Finance Receivables XI LLC 5.300%, 06/21/28 (144A)		190,196		189,653
Arbor Realty Commercial Real Estate Notes Ltd. 6.576%, 1M TSFR + 1.214%, 05/15/36 (144A) (c)		210,000		207,719
Avant Loans Funding Trust  1.210%, 07/15/30 (144A)		138,232		137,248
Benefit Street Partners CLO XXXI Ltd. 7.728%, 3M TSFR + 2.350%, 04/25/36 (144A) (c)		575,000		576,051
CF Hippolyta Issuer LLC 1.530%, 03/15/61 (144A)		94,245		84,237
1.690%, 07/15/60 (144A)		224,107		207,113
1.990%, 07/15/60 (144A)		242,469		206,609
5.970%, 08/15/62 (144A)		142,661		140,301
Cirrus Funding Ltd. 4.800%, 01/25/37 (144A)		940,000		921,960
CNH Equipment Trust  4.770%, 10/15/30		170,000		168,863
DLLAA LLC 5.640%, 02/22/28 (144A)		285,000		289,498
Domino’s Pizza Master Issuer LLC 2.662%, 04/25/51 (144A)		507,000		448,185
3.668%, 10/25/49 (144A)		317,625		289,781
4.116%, 07/25/48 (144A)		665,000		646,074
Elmwood CLO Ltd. 7.644%, 3M TSFR + 2.250%, 04/16/36 (144A) (c)		530,000		529,314
7.797%, 3M TSFR + 2.400%, 10/17/36 (144A) (c)		760,000		759,987
Finance America Mortgage Loan Trust  6.520%, 1M TSFR + 1.164%, 09/25/33 (c)		39,551		38,515
FirstKey Homes Trust  4.145%, 05/19/39 (144A)		288,066		276,492
4.250%, 07/17/39 (144A)		1,183,308		1,135,637
GMACM Home Equity Loan Trust  5.970%, 1M TSFR + 0.614%, 10/25/34 (144A) (c)		8,947		8,902
Golub Capital Partners CLO 68B Ltd. 8.197%, 3M TSFR + 2.800%, 07/25/36 (144A) (c)		460,000		461,963
Invesco U.S. CLO Ltd. 7.712%, 3M TSFR + 2.300%, 04/21/36 (144A) (c)		345,000		345,105
JFIN CLO Ltd. 6.660%, 3M TSFR + 1.262%, 04/24/29 (144A) (c)		321,248		321,000
KKR CLO 21 Ltd. 6.656%, 3M TSFR + 1.262%, 04/15/31 (144A) (c)		1,169,646		1,167,911
Knollwood CDO Ltd. 8.868%, 3M TSFR + 3.462%, 01/10/39 (144A) (c)		863,096		86
MF1 Ltd. 7.106%, 1M TSFR + 1.750%, 02/19/37 (144A) (c)		685,000		664,438
MFA LLC 2.363%, 03/25/60 (144A) (j)		439,632		433,484
Morgan Stanley ABS Capital I, Inc. Trust  5.770%, 1M TSFR + 0.414%, 06/25/36 (c)		7,557		6,205
Asset-Backed - Other—(Continued)
New Economy Assets Phase 1 Sponsor LLC 1.910%, 10/20/61 (144A)		865,000		756,952
NRZ Excess Spread-Collateralized Notes  3.844%, 12/25/25 (144A)		75,177		71,653
Octagon 61 Ltd. 7.766%, 3M TSFR + 2.350%, 04/20/36 (144A) (c)		745,000		744,950
OZLM VII Ltd. 6.674%, 3M TSFR + 1.272%, 07/17/29 (144A) (c)		105,238		105,161
OZLM XVIII Ltd. 6.676%, 3M TSFR + 1.282%, 04/15/31 (144A) (c)		830,596		829,628
PRET LLC 2.487%, 07/25/51 (144A) (j)		258,137		254,555
Pretium Mortgage Credit Partners I LLC 1.992%, 06/27/60 (144A) (j)		423,122		409,274
Pretium Mortgage Credit Partners LLC 1.992%, 02/25/61 (144A) (j)		696,767		679,961
2.981%, 01/25/52 (144A) (j)		822,599		815,034
Progress Residential Trust  1.510%, 10/17/38 (144A)		803,934		721,200
3.200%, 04/17/39 (144A)		276,910		258,741
4.438%, 05/17/41 (144A)		762,535		727,685
4.451%, 06/17/39 (144A)		214,123		207,225
4.750%, 10/27/39 (144A)		347,556		338,595
Retained Vantage Data Centers Issuer LLC 5.000%, 09/15/48 (144A)		1,100,000		1,033,020
RR 23 Ltd. 7.999%, 3M TSFR + 2.650%, 10/15/35 (144A) (c)		1,110,000		1,108,761
RR 26 Ltd. 7.644%, 3M TSFR + 2.250%, 04/15/38 (144A) (c)		520,000		519,610
Sapphire Aviation Finance II Ltd. 3.228%, 03/15/40 (144A)		166,346		141,911
Sound Point CLO XXIX Ltd. 6.710%, 3M TSFR + 1.332%, 04/25/34 (144A) (c)		1,300,000		1,287,967
Stack Infrastructure Issuer LLC 5.900%, 07/25/48 (144A)		720,000		708,448
Summit Issuer LLC 2.290%, 12/20/50 (144A)		320,000		296,042
Taco Bell Funding LLC 2.294%, 08/25/51 (144A)		1,889,348		1,621,259
Texas Debt Capital CLO Ltd. 7.716%, 3M TSFR + 2.300%, 04/20/36 (144A) (c)		635,000		634,403
Tricon Residential Trust  4.849%, 07/17/40 (144A)		770,763		754,738
VCAT LLC 1.743%, 05/25/51 (144A) (j)		369,809		356,830
2.115%, 03/27/51 (144A) (j)		104,854		103,858
Venture 42 CLO Ltd. 6.786%, 3M TSFR + 1.392%, 04/15/34 (144A) (c)		1,300,000		1,287,437
VOLT XCIV LLC 2.240%, 02/27/51 (144A) (j)		384,928		375,113
Voya CLO Ltd. 6.557%, 3M TSFR + 1.162%, 01/18/29 (144A) (c)		372,643		372,354
Wellfleet CLO X Ltd. 6.847%, 3M TSFR + 1.432%, 07/20/32 (144A) (c)		1,063,640		1,059,909
Wendy’s Funding LLC 3.884%, 03/15/48 (144A)		408,887		379,817

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Wingstop Funding LLC 2.841%, 12/05/50 (144A)		315,200	$	283,453
				31,651,875
Asset-Backed - Student Loan—0.1%
Navient Private Education Refi Loan Trust
1.110%, 02/18/70 (144A)		454,606		387,129
5.510%, 10/15/71 (144A)		569,320		568,911
				956,040
Total Asset-Backed Securities (Cost $47,260,583)				45,881,937
Mortgage-Backed Securities—3.8%
Collateralized Mortgage Obligations—2.3%
Adjustable Rate Mortgage Trust  5.970%, 1M TSFR + 0.614%, 01/25/36 (c)		64,850		58,950
6.010%, 1M TSFR + 0.654%, 11/25/35 (c)		20,908		20,622
Angel Oak Mortgage Trust  0.951%, 07/25/66 (144A) (c)		630,686		530,357
0.985%, 04/25/66 (144A) (c)		260,959		220,231
0.990%, 04/25/53 (144A) (c)		201,911		184,389
1.068%, 05/25/66 (144A) (c)		493,034		410,188
1.820%, 11/25/66 (144A) (c)		457,238		386,800
Arroyo Mortgage Trust  3.347%, 04/25/49 (144A) (c)		292,220		274,913
Bear Stearns ALT-A Trust  5.950%, 1M TSFR + 0.594%, 02/25/36 (c)		208,427		183,445
Bear Stearns ARM Trust  3.912%, 07/25/36 (c)		127,688		108,247
Bear Stearns Mortgage Funding Trust  5.830%, 1M TSFR + 0.474%, 10/25/36 (c)		69,385		57,813
5.870%, 1M TSFR + 0.514%, 02/25/37 (c)		281,148		255,849
BINOM Securitization Trust  2.034%, 06/25/56 (144A) (c)		306,939		263,330
BRAVO Residential Funding Trust  0.941%, 02/25/49 (144A) (c)		168,277		148,417
0.970%, 03/25/60 (144A) (c)		136,607		126,961
CHL Mortgage Pass-Through Trust  4.430%, 09/25/47 (c)		166,711		145,769
4.448%, 06/20/35 (c)		4,261		3,936
5.870%, 1M TSFR + 0.514%, 04/25/46 (c)		162,362		134,533
6.150%, 1M TSFR + 0.794%, 02/25/35 (c)		62,914		52,577
COLT Mortgage Loan Trust  0.910%, 06/25/66 (144A) (c)		430,765		348,462
0.956%, 09/27/66 (144A) (c)		758,198		601,726
4.301%, 03/25/67 (144A) (c)		169,144		163,432
Countrywide Alternative Loan Trust  5.500%, 11/25/35		318,528		180,941
5.500%, 1M TSFR + 0.914%, 12/25/35 (c)		65,583		55,087
5.500%, 1M TSFR + 0.564%, 03/01/38 (c)		122,144		89,894
6.010%, 1M TSFR + 0.654%, 01/25/36 (c)		62,592		55,212
6.362%, 12M MTA + 1.350%, 08/25/35 (c)		147,304		117,410
Collateralized Mortgage Obligations—(Continued)
CSMC Trust  0.938%, 05/25/66 (144A) (c)		377,638		298,950
1.179%, 02/25/66 (144A) (c)		528,091		449,371
1.796%, 12/27/60 (144A) (c)		274,301		266,604
1.841%, 10/25/66 (144A) (c)		482,861		406,047
2.265%, 11/25/66 (144A) (c)		1,169,203		998,530
3.250%, 04/25/47 (144A) (c)		275,129		247,602
Deephaven Residential Mortgage Trust  0.899%, 04/25/66 (144A) (c)		177,646		151,681
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust  5.770%, 1M TSFR + 0.414%, 12/25/36 (c)		132,496		119,896
Ellington Financial Mortgage Trust  0.931%, 06/25/66 (144A) (c)		179,132		142,712
2.206%, 01/25/67 (144A) (c)		543,733		456,257
GCAT Trust  1.036%, 05/25/66 (144A) (c)		368,095		301,295
1.091%, 05/25/66 (144A) (c)		477,082		392,045
1.262%, 07/25/66 (144A) (c)		946,820		754,041
1.915%, 08/25/66 (144A) (c)		340,187		296,160
GreenPoint Mortgage Funding Trust  6.412%, 12M MTA + 1.400%, 10/25/45 (c)		129,786		98,692
GSR Mortgage Loan Trust  4.630%, 01/25/36 (c)		144,943		131,372
5.770%, 1M TSFR + 0.414%, 01/25/37 (c)		429,953		102,760
6.000%, 07/25/37		134,949		86,565
Imperial Fund Mortgage Trust  3.638%, 03/25/67 (144A) (j)		1,154,901		1,060,567
IndyMac INDX Mortgage Loan Trust  3.566%, 10/25/35 (c)		8,452		8,028
JP Morgan Mortgage Trust  4.009%, 05/25/36 (c)		10,305		8,358
Legacy Mortgage Asset Trust  1.650%, 11/25/60 (144A) (j)		180,260		171,438
1.750%, 04/25/61 (144A) (j)		269,798		260,465
1.750%, 07/25/61 (144A) (j)		353,790		340,243
7.250%, 11/25/59 (144A) (j)		653,181		652,995
LSTAR Securities Investment Ltd. 8.267%, 1M TSFR + 2.914%, 02/01/26 (144A) (c)		449,229		440,453
MASTR Adjustable Rate Mortgages Trust  3.922%, 09/25/33 (c)		43,374		39,813
5.386%, 11/21/34 (c)		30,850		28,871
MetLife Securitization Trust  3.750%, 03/25/57 (144A) (c)		279,648		266,044
MFA Trust  1.029%, 11/25/64 (144A) (c)		271,418		229,031
1.153%, 04/25/65 (144A) (c)		186,244		169,074
Morgan Stanley Mortgage Loan Trust  4.501%, 05/25/36 (c)		124,784		54,096
New Residential Mortgage Loan Trust  0.941%, 10/25/58 (144A) (c)		155,579		141,508
2.492%, 09/25/59 (144A) (c)		71,732		65,976
3.500%, 08/25/59 (144A) (c)		273,063		255,313
3.750%, 11/26/35 (144A) (c)		254,214		240,119
3.864%, 09/25/57 (144A) (c)		383,055		359,176
4.000%, 03/25/57 (144A) (c)		492,755		466,107
4.000%, 05/25/57 (144A) (c)		271,546		256,272

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
New Residential Mortgage Loan Trust 6.220%, 1M TSFR + 0.864%, 01/25/48 (144A) (c)		318,496	$	306,782
NMLT Trust  1.185%, 05/25/56 (144A) (c)		774,135		633,572
OBX Trust  1.054%, 07/25/61 (144A) (c)		477,633		364,981
1.072%, 02/25/66 (144A) (c)		493,562		406,964
2.305%, 11/25/61 (144A) (c)		944,784		810,006
Preston Ridge Partners Mortgage LLC 1.793%, 06/25/26 (144A) (j)		487,762		475,104
1.793%, 07/25/26 (144A) (j)		410,368		398,463
1.867%, 04/25/26 (144A) (j)		778,075		759,424
2.363%, 10/25/26 (144A) (j)		857,223		830,583
2.487%, 10/25/26 (144A) (j)		377,482		363,374
5.363%, 11/25/25 (144A) (j)		115,633		115,725
Residential Accredit Loans, Inc. Trust  6.000%, 12/25/35		108,783		94,116
6.070%, 1M TSFR + 0.714%, 04/25/36 (c)		426,695		365,442
RFMSI Trust  4.003%, 08/25/35 (c)		43,813		19,165
STAR Trust  1.219%, 05/25/65 (144A) (c)		367,430		324,799
Starwood Mortgage Residential Trust  0.943%, 05/25/65 (144A) (c)		131,503		118,633
1.920%, 11/25/66 (144A) (c)		743,884		611,377
Structured Adjustable Rate Mortgage Loan Trust  5.770%, 1M TSFR + 0.414%, 09/25/34 (c)		32,346		28,014
Toorak Mortgage Corp. Ltd. 3.240%, 06/25/24 (144A) (j)		369,868		362,272
Towd Point Mortgage Trust  2.918%, 11/30/60 (144A) (c)		1,190,262		1,023,871
Verus Securitization Trust  0.918%, 02/25/64 (144A) (c)		233,584		205,541
0.938%, 07/25/66 (144A) (c)		331,872		263,455
1.031%, 02/25/66 (144A) (c)		201,000		173,464
1.824%, 11/25/66 (144A) (c)		516,806		446,819
1.829%, 10/25/66 (144A) (c)		1,188,800		1,032,038
4.130%, 02/25/67 (144A) (j)		171,224		159,341
WaMu Mortgage Pass-Through Certificates Trust  3.814%, 06/25/37 (c)		62,876		53,537
5.892%, 12M MTA + 0.880%, 10/25/46 (c)		114,489		94,897
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust  6.000%, 1M TSFR + 0.714%, 07/25/36 (c)		51,118		33,843
Wells Fargo Mortgage-Backed Securities Trust  6.180%, 09/25/36 (c)		34,020		31,994
6.240%, 10/25/36 (c)		39,303		35,868
				27,337,482
Commercial Mortgage-Backed Securities—1.5%
BANK 0.591%, 11/15/62 (c) (d)		4,530,778		127,366
0.635%, 11/15/62 (c) (d)		2,232,456		69,251
0.686%, 12/15/52 (c) (d)		3,616,761		117,327
0.710%, 11/15/50 (c) (d)		6,765,960		149,184
0.755%, 11/15/54 (c) (d)		777,903		17,217
0.811%, 09/15/62 (c) (d)		4,022,002		146,420
Commercial Mortgage-Backed Securities—(Continued)
BANK 0.886%, 05/15/62 (c) (d)		2,857,809		106,402
0.995%, 02/15/56 (c) (d)		1,365,327		87,105
1.197%, 12/15/56 (c) (d)		1,000,000		40,531
1.760%, 03/15/63 (c) (d)		4,880,031		434,057
2.036%, 02/15/54		565,000		463,243
3.688%, 02/15/61		1,700,000		1,609,577
BBCMS Mortgage Trust
0.986%, 04/15/53 (c) (d)		1,280,000		69,356
1.455%, 02/15/50 (c) (d)		4,735,175		169,689
3.662%, 04/15/55 (c)		230,000		208,166
4.600%, 06/15/55 (c)		245,000		238,131
4.967%, 12/15/51 (c)		475,000		385,719
5.439%, 12/15/55 (c)		325,000		335,053
5.710%, 12/15/55 (c)		105,000		110,280
Benchmark Mortgage Trust  0.456%, 07/15/51 (c) (d)		3,944,362		58,615
0.519%, 01/15/51 (c) (d)		1,702,560		28,102
1.024%, 08/15/52 (c) (d)		1,960,353		68,041
1.194%, 03/15/62 (c) (d)		5,761,210		286,389
1.512%, 01/15/54 (c) (d)		2,353,792		186,762
1.780%, 07/15/53 (c) (d)		1,294,916		84,230
3.882%, 02/15/51 (c)		795,000		745,856
4.016%, 03/15/52		630,000		588,116
BPR Trust  8.594%, 1M TSFR + 3.232%, 08/15/24 (144A) (c)		575,000		572,474
BX Trust  7.813%, 1M TSFR + 2.451%, 08/15/39 (144A) (c)		522,603		523,985
CAMB Commercial Mortgage Trust  8.209%, 1M TSFR + 2.597%, 12/15/37 (144A) (c)		665,000		637,879
Citigroup Commercial Mortgage Trust  0.891%, 07/10/47 (c) (d)		2,984,374		6,818
1.012%, 04/10/48 (c) (d)		3,661,350		33,929
COMM Mortgage Trust  0.152%, 02/10/47 (c) (d)		634,556		2
1.144%, 10/15/45 (c) (d)		68,890		5
2.819%, 01/10/39 (144A)		205,000		179,669
2.853%, 10/15/45		5,934		5,410
3.796%, 08/10/47		225,000		221,724
3.896%, 01/10/39 (144A) (c)		210,000		164,020
3.961%, 03/10/47		93,673		93,509
4.074%, 02/10/47 (c)		72,047		71,911
4.236%, 02/10/47 (c)		26,326		26,275
Credit Suisse First Boston Mortgage Securities Corp. 4.877%, 04/15/37		442		436
CSAIL Commercial Mortgage Trust  0.709%, 06/15/57 (c) (d)		10,610,660		60,522
0.891%, 11/15/48 (c) (d)		660,183		8,453
1.857%, 01/15/49 (c) (d)		1,448,126		44,914
DBJPM Mortgage Trust  1.705%, 09/15/53 (c) (d)		1,005,900		56,750
GS Mortgage Securities Corp. Trust  2.954%, 11/05/34 (144A)		1,200,000		858,888
GS Mortgage Securities Trust  0.366%, 07/10/46 (c) (d)		704,285		7
1.704%, 08/10/44 (144A) (c) (d)		109,156		1
4.993%, 04/10/47 (144A) (c)		465,000		374,065

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
JP Morgan Chase Commercial Mortgage Securities Trust  2.733%, 10/15/45 (144A) (c)		259,258	$	228,960
2.812%, 01/16/37 (144A)		305,000		255,723
3.784%, 12/15/47 (144A) (c)		130,000		83,275
JPMBB Commercial Mortgage Securities Trust  0.576%, 09/15/47 (c) (d)		2,502,875		5,834
Morgan Stanley Bank of America Merrill Lynch Trust  0.951%, 12/15/47 (c) (d)		1,677,065		6,054
0.963%, 10/15/48 (c) (d)		715,224		6,283
Morgan Stanley Capital I Trust
1.321%, 06/15/50 (c) (d)		1,467,779		40,804
3.912%, 09/09/32 (144A)		1,140,000		936,440
4.944%, 07/15/49 (144A) (c)		265,000		188,490
5.257%, 10/12/52 (144A) (c)		12,137		4,472
NJ Trust  6.697%, 01/06/29 (144A) (c)		480,000		500,425
SFAVE Commercial Mortgage Securities Trust  3.872%, 01/05/43 (144A) (c)		150,000		110,112
SG Commercial Mortgage Securities Trust  2.632%, 03/15/37 (144A)		1,230,000		1,103,275
TYSN Mortgage Trust  6.799%, 12/10/33 (144A) (c)		895,000		931,521
UBS Commercial Mortgage Trust  1.068%, 08/15/50 (c) (d)		690,011		20,677
Wells Fargo Commercial Mortgage Trust  0.871%, 09/15/57 (c) (d)		4,474,863		52,915
1.058%, 05/15/48 (c) (d)		2,531,695		19,163
2.942%, 10/15/49		890,000		836,406
4.140%, 05/15/48 (c)		80,000		68,589
WFRBS Commercial Mortgage Trust  1.129%, 03/15/47 (c) (d)		289,534		17
3.016%, 11/15/47 (144A)		88,049		4,819
3.723%, 05/15/47		35,470		35,282
3.995%, 05/15/47		160,281		158,329
4.045%, 03/15/47		2,462		2,455
4.101%, 03/15/47		260,199		259,081
5.000%, 06/15/44 (144A) (c)		105,000		53,430
				16,784,662
Total Mortgage-Backed Securities (Cost $53,867,179)				44,122,144
Foreign Government—1.2%
Banks—0.0%
Bank Gospodarstwa Krajowego 5.375%, 05/22/33 (144A)		200,000		202,622
Sovereign—1.2%
Angola Government International Bond 8.000%, 11/26/29		400,000		354,760
Benin Government International Bond 4.950%, 01/22/35 (144A) (EUR)		620,000		537,703
Bermuda Government International Bonds 2.375%, 08/20/30 (144A)		200,000		171,178
5.000%, 07/15/32 (144A)		405,000		401,760
Sovereign—(Continued)
Brazil Notas do Tesouro Nacional 10.000%, 01/01/31 (BRL)		11,104,000		2,256,971
Chile Government International Bond 1.250%, 01/22/51 (EUR)		250,000		154,159
Colombia Government International Bonds 5.000%, 06/15/45		800,000		619,992
5.200%, 05/15/49		200,000		156,143
5.625%, 02/26/44		225,000		188,891
Costa Rica Government International Bond 6.550%, 04/03/34 (144A)		280,000		289,800
Hungary Government International Bonds 1.625%, 04/28/32 (EUR)		1,320,000		1,181,919
6.125%, 05/22/28 (144A)		510,000		529,731
Indonesia Government International Bonds 1.100%, 03/12/33 (EUR)		1,170,000		1,018,785
2.150%, 07/18/24 (EUR)		100,000		108,954
Ivory Coast Government International Bond 4.875%, 01/30/32 (EUR)		460,000		426,912
North Macedonia Government International Bonds 2.750%, 01/18/25 (EUR)		425,000		457,424
3.675%, 06/03/26 (144A) (EUR)		515,000		550,557
Panama Government International Bond 6.875%, 01/31/36		200,000		199,428
Philippines Government International Bonds 1.200%, 04/28/33 (EUR)		775,000		684,783
1.750%, 04/28/41 (EUR)		300,000		230,853
Romania Government International Bonds 2.625%, 12/02/40 (144A) (EUR)		635,000		469,663
2.750%, 04/14/41 (EUR)		1,810,000		1,338,760
3.375%, 02/08/38 (EUR)		310,000		267,332
Saudi Government International Bonds 2.000%, 07/09/39 (EUR)		285,000		242,806
5.000%, 01/18/53 (144A)		600,000		564,791
				13,404,055
Total Foreign Government (Cost $16,325,266)				13,606,677
Municipals—0.6%
Chicago Board of Education, General Obligation Unlimited 6.138%, 12/01/39		325,000		307,499
6.319%, 11/01/29		470,000		470,580
Chicago Transit Authority Sales Tax Receipts Fund  3.912%, 12/01/40		170,000		147,140
Metropolitan Transportation Authority 4.750%, 11/15/45		505,000		520,062
5.175%, 11/15/49		1,120,000		1,091,958
Municipal Electric Authority of Georgia 6.637%, 04/01/57		189,000		215,665
New York Transportation Development Corp. 4.248%, 09/01/35		1,015,000		989,197
Philadelphia Authority for Industrial Development 6.550%, 10/15/28		1,235,000		1,315,778

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Municipals—(Continued)

Security Description	Principal Amount*		Value
State Board of Administration Finance Corp. 1.258%, 07/01/25		975,000	$	925,109
State of California, General Obligation Unlimited 7.300%, 10/01/39		180,000		217,619
Texas Natural Gas Securitization Finance Corp. 5.102%, 04/01/35		595,000		606,387
Total Municipals (Cost $7,288,832)				6,806,994
Floating Rate Loan (k)—0.0%
Oil & Gas—0.0%
Paragon Offshore Finance Co. Term Loan B, 07/18/22 (l) (m) (n) (Cost $587)		587		0
Short-Term Investment—0.8%
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $9,031,221; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $9,209,336.		9,028,713		9,028,713
Total Short-Term Investments (Cost $9,028,713)				9,028,713
Securities Lending Reinvestments (o)—2.0%
Repurchase Agreements—1.0%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $3,402,059; collateralized by various Common Stock with an aggregate market value of $3,786,905.		3,400,000		3,400,000
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $500,303; collateralized by various Common Stock with an aggregate market value of $557,406.		500,000		500,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $1,030,165; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $1,020,005.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $453,581; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $462,380.		453,314		453,314
Repurchase Agreements—(Continued)
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $4,402,713; collateralized by various Common Stock with an aggregate market value of $4,910,462.		4,400,000		4,400,000
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $200,118; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $204,453.		200,000		200,000
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $100,061; collateralized by various Common Stock with an aggregate market value of $111,313.		100,000		100,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $2,001,204; collateralized by various Common Stock with an aggregate market value of $2,205,722.		2,000,000		2,000,000
				12,053,314
Mutual Funds—1.0%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (p)		2,000,000		2,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (p)		1,000,000		1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (p)		1,000,000		1,000,000
HSBC U.S. Government Money Market Fund, Class I 5.300% (p)		1,000,000		1,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (p)		3,500,000		3,500,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.320% (p)		2,000,000		2,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.270% (p)		1,000,000		1,000,000
				11,500,000
Total Securities Lending Reinvestments (Cost $23,553,314)				23,553,314
Total Investments—108.9% (Cost $1,176,987,933)				1,266,216,729
Other assets and liabilities (net)—(8.9)%				(103,113,964	)
Net Assets—100.0%			$	1,163,102,765

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

*	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 registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2023, the market value of restricted securities was $428,209, which is less than 0.05% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2023, the market value of securities loaned was $38,226,422 and the collateral received consisted of cash in the amount of $23,553,314 and non-cash collateral with a value of $15,751,936. 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, 2023. 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.
(d)	Interest only security.
(e)	Principal only security.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(g)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2023, the market value of securities pledged was $2,054,524.
(h)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2023, the market value of securities pledged was $1,616,461.
(i)	Principal amount of security is adjusted for inflation.
(j)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(k)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(l)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2023, these securities represent less than 0.05% of net assets.
(m)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(n)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(o)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(p)	The rate shown represents the annualized seven-day yield as of December 31, 2023.
(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, 2023, the market value of 144A securities was $130,096,635, which is 11.2% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Intesa Sanpaolo SpA, 7.800%, 11/28/53		11/20/23	$	390,000	$	389,104	$	428,209

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Government National Mortgage Association, TBA		3.000	%		TBA	$	(1,375,000	)	$	(1,213,169	)	$	(1,244,801	)
Government National Mortgage Association, TBA		3.500	%		TBA		(2,424,000	)		(2,246,315	)		(2,257,350	)
Government National Mortgage Association, TBA		4.500	%		TBA		(245,000	)		(239,277	)		(239,105	)
Government National Mortgage Association, TBA		5.000	%		TBA		(2,150,000	)		(2,133,539	)		(2,134,886	)
Uniform Mortgage-Backed Security, TBA		1.500	%		TBA		(75,000	)		(55,957	)		(58,406	)
Uniform Mortgage-Backed Security, TBA		3.000	%		TBA		(2,764,000	)		(2,343,571	)		(2,418,218	)
Uniform Mortgage-Backed Security, TBA		4.000	%		TBA		(2,395,000	)		(2,256,107	)		(2,265,052	)
Uniform Mortgage-Backed Security, TBA		5.000	%		TBA		(6,650,000	)		(6,481,684	)		(6,578,824	)
Totals									$	(16,969,619	)	$	(17,196,642	)

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Depreciation
BRL	10,580,000	DBAG		03/20/24		USD	2,114,625	$	(47,637	)
EUR	456,000	CBNA		03/20/24		USD	501,848		(3,102	)
EUR	7,843,000	DBAG		03/20/24		USD	8,631,990		(52,911	)
Net Unrealized Depreciation								$	(103,650	)

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 10 Year Futures		03/19/24		61			USD	6,886,328		$	257
U.S. Treasury Note 2 Year Futures		03/28/24		119			USD	24,503,773			259,167
U.S. Treasury Note 5 Year Futures		03/28/24		554			USD	60,260,485			1,496,106
U.S. Treasury Note Ultra 10 Year Futures		03/19/24		29			USD	3,422,453			152,889
Futures Contracts—Short
Canada Government Bond 10 Year Futures		03/19/24		(134	)		CAD	(16,640,120	)		(537,303	)
Euro-BTP Futures		03/07/24		(23	)		EUR	(2,740,450	)		(89,905	)
Euro-Bund Futures		03/07/24		(39	)		EUR	(5,351,580	)		(149,865	)
Euro-Buxl 30 Year Bond Futures		03/07/24		(18	)		EUR	(2,550,960	)		(180,123	)
U.S. Treasury Long Bond Futures		03/19/24		(46	)		USD	(5,747,125	)		(441,787	)
U.S. Treasury Ultra Long Bond Futures		03/19/24		(15	)		USD	(2,003,906	)		(193,852	)
Net Unrealized Appreciation										$	315,584

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Receive	12M SOFR		Annually	2.880%	Annually		03/15/53		USD	1,610,000	$	131,631		$	18,244		$	113,387
Receive	12M SOFR		Annually	2.970%	Annually		03/15/53		USD	2,325,000		151,581			4,658			146,923
Receive	12M SOFR		Annually	3.250%	Annually		06/21/53		USD	860,000		11,114			(8,700	)		19,814
Receive	12M SOFR		Annually	3.590%	Annually		09/20/53		USD	2,955,000		(151,190	)		13,083			(164,273	)
Totals											$	143,136		$	27,285		$	115,851

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023(b)			Notional Amount(c)			Market Value		Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Brazilian Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		06/20/28		1.140	%		USD	2,335,000	$	13,149	$	106,168	$	(93,019	)
CDX.EM.40.V1		(1.000	%)		Quarterly		12/20/28		1.667	%		USD	3,350,000		97,046		159,237		(62,191	)
Totals														$	110,195	$	265,405	$	(155,210	)

(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.

(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.

(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-27

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Glossary of Abbreviations

Counterparties

(CBNA)—	Citibank NA
(DBAG)—	Deutsche Bank AG

Currencies

(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(EUR)—	Euro
(USD)—	United States Dollar

Index Abbreviations

(CDX.EM)—	Markit Emerging Market CDS Index
(EURIBOR)—	Euro InterBank Offered Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(MTA)—	Monthly Treasury Average Index
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(RFUCCT)—	Refinitiv USD IBOR Consumer Cash Fallbacks Term
(TSFR)—	Term Secured Financing Rate

Other Abbreviations

(ACES)—	Alternative Credit Enhancement Securities
(ARM)—	Adjustable-Rate Mortgage
(ADR)—	American Depositary Receipt
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(ICE)—	Intercontinental Exchange, Inc.
	(REIT)—	Real Estate Investment Trust
	(REMIC)—	Real Estate Mortgage Investment Conduit
	(STACR)—	Structured Agency Credit Risk

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	706,136,971	$	—		$	—	$	706,136,971
Total U.S. Treasury & Government Agencies*		—		281,375,128			—		281,375,128
Total Corporate Bonds & Notes*		—		135,704,851			—		135,704,851
Total Asset-Backed Securities*		—		45,881,937			—		45,881,937
Total Mortgage-Backed Securities*		—		44,122,144			—		44,122,144
Total Foreign Government*		—		13,606,677			—		13,606,677
Total Municipals*		—		6,806,994			—		6,806,994
Total Floating Rate Loan*		—		—			0		0
Total Short-Term Investment*		—		9,028,713			—		9,028,713
Securities Lending Reinvestments
Repurchase Agreements		—		12,053,314			—		12,053,314
Mutual Funds		11,500,000		—			—		11,500,000
Total Securities Lending Reinvestments		11,500,000		12,053,314			—		23,553,314
Total Investments	$	717,636,971	$	548,579,758		$	—	$	1,266,216,729
Collateral for Securities Loaned (Liability)	$	—	$	(23,553,314	)	$	—	$	(23,553,314	)
TBA Forward Sales Commitments (Liability)	$	—	$	(17,196,642	)	$	—	$	(17,196,642	)

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—		$	(103,650	)	$	—	$	(103,650	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,908,419		$	—		$	—	$	1,908,419
Futures Contracts (Unrealized Depreciation)		(1,592,835	)		—			—		(1,592,835	)
Total Futures Contracts	$	315,584		$	—		$	—	$	315,584
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	280,124		$	—	$	280,124
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(319,483	)		—		(319,483	)
Total Centrally Cleared Swap Contracts	$	—		$	(39,359	)	$	—	$	(39,359	)

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	1,266,216,729
Cash		6,396
Cash denominated in foreign currencies (c)		180,649
Cash collateral for forward foreign currency exchange contracts		60,000
Receivable for:
Investments sold		1,816,217
TBA securities sold (d)		28,002,844
Fund shares sold		72,612
Principal paydowns		663
Dividends and interest		4,357,755
Variation margin on futures contracts		208,692
Variation margin on centrally cleared swap contracts		27,390
Prepaid expenses		4,209
Total Assets		1,300,954,156
Liabilities
TBA Forward sales commitments, at value		17,196,642
Cash collateral for TBAs		260,000
Unrealized depreciation on forward foreign currency exchange contracts		103,650
Collateral for securities loaned		23,553,314
Payables for:
Investments purchased (d)		5,767,271
TBA securities purchased		88,483,768
Fund shares redeemed		1,634,346
Accrued Expenses:
Management fees		427,044
Distribution and service fees		13,066
Deferred trustees’ fees		170,491
Other expenses		241,799
Total Liabilities		137,851,391
Net Assets	$	1,163,102,765
Net Assets Consist of:
Paid in surplus	$	1,020,561,132
Distributable earnings (Accumulated losses)		142,541,633
Net Assets	$	1,163,102,765
Net Assets
Class A	$	1,091,448,245
Class B		48,979,916
Class E		22,674,604
Capital Shares Outstanding*
Class A		60,590,074
Class B		2,744,594
Class E		1,262,874
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.01
Class B		17.85
Class E		17.95

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,176,987,933.
(b)	Includes securities loaned at value of $38,226,422.
(c)	Identified cost of cash denominated in foreign currencies was $179,569.
(d)	Included within TBA securities sold is $17,490,841 related to TBA forward sale commitments and included within TBA securities purchased is $521,222 related to TBA forward sale commitments.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	8,098,868
Interest (b)		19,138,316
Securities lending income		84,820
Total investment income		27,322,004
Expenses
Management fees		5,232,014
Administration fees		68,380
Custodian and accounting fees		280,796
Distribution and service fees—Class B		119,145
Distribution and service fees—Class E		33,657
Audit and tax services		110,918
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		72,161
Insurance		10,412
Miscellaneous		28,438
Total expenses		6,048,745
Less management fee waiver		(301,138	)
Less broker commission recapture		(11,983	)
Net expenses		5,735,624
Net Investment Income		21,586,380
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		47,261,743
Purchased options		3,466
Futures contracts		(412,722	)
Written options		196,728
Swap contracts		(448,825	)
Foreign currency transactions		27,123
Forward foreign currency transactions		(464,634	)
Net realized gain (loss)		46,162,879
Net change in unrealized appreciation (depreciation) on:
Investments		119,434,936
Futures contracts		(400,687	)
Swap contracts		45,567
Foreign currency transactions		(509	)
Forward foreign currency transactions		77,892
Net change in unrealized appreciation (depreciation)		119,157,199
Net realized and unrealized gain (loss)		165,320,078
Net Increase (Decrease) in Net Assets From Operations	$	186,906,458

(a)	Net of foreign withholding taxes of $16,242.
(b)	Net of foreign withholding taxes of $11,177.

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	21,586,380		$	19,908,741
Net realized gain (loss)		46,162,879			3,076,761
Net change in unrealized appreciation (depreciation)		119,157,199			(263,893,255	)
Increase (decrease) in net assets from operations		186,906,458			(240,907,753	)
From Distributions to Shareholders
Class A		(30,612,057	)		(170,597,556	)
Class B		(1,269,142	)		(8,145,507	)
Class E		(628,425	)		(3,761,228	)
Total distributions		(32,509,624	)		(182,504,291	)
Increase (decrease) in net assets from capital share transactions		(78,870,938	)		68,943,431
Total increase (decrease) in net assets		75,525,896			(354,468,613	)
Net Assets
Beginning of period		1,087,576,869			1,442,045,482
End of period	$	1,163,102,765		$	1,087,576,869

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		435,190		$	7,319,959			618,714		$	11,293,388
Reinvestments		1,838,562			30,612,057			10,985,033			170,597,556
Redemptions		(6,583,236	)		(110,059,334	)		(6,264,482	)		(112,205,209	)
Net increase (decrease)		(4,309,484	)	$	(72,127,318	)		5,339,265		$	69,685,735
Class B
Sales		59,338		$	1,001,624			244,529		$	4,103,463
Reinvestments		76,825			1,269,142			528,586			8,145,507
Redemptions		(389,599	)		(6,448,657	)		(788,172	)		(13,793,307	)
Net increase (decrease)		(253,436	)	$	(4,177,891	)		(15,057	)	$	(1,544,337	)
Class E
Sales		25,869		$	435,118			23,311		$	406,499
Reinvestments		37,834			628,425			242,817			3,761,228
Redemptions		(219,167	)		(3,629,272	)		(189,557	)		(3,365,694	)
Net increase (decrease)		(155,464	)	$	(2,565,729	)		76,571		$	802,033
Increase (decrease) derived from capital shares transactions				$	(78,870,938	)				$	68,943,431

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.70		$	22.57		$	22.09		$	20.12		$	17.82
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.32			0.30			0.27			0.31			0.36
Net realized and unrealized gain (loss)		2.48			(4.19	)		2.66			3.02			3.58
Total income (loss) from investment operations		2.80			(3.89	)		2.93			3.33			3.94
Less Distributions
Distributions from net investment income		(0.36	)		(0.34	)		(0.43	)		(0.46	)		(0.44	)
Distributions from net realized capital gains		(0.13	)		(2.64	)		(2.02	)		(0.90	)		(1.20	)
Total distributions		(0.49	)		(2.98	)		(2.45	)		(1.36	)		(1.64	)
Net Asset Value, End of Period	$	18.01		$	15.70		$	22.57		$	22.09		$	20.12
Total Return (%) (b)		18.10			(17.08	)		14.02			17.72			22.99
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53			0.52			0.51			0.53			0.53
Net ratio of expenses to average net assets (%) (c) (d)		0.50			0.49			0.48			0.50			0.50
Ratio of net investment income (loss) to average net assets (%)		1.94			1.67			1.21			1.57			1.88
Portfolio turnover rate (%)		211	(e)		214	(e)		250	(e)		298	(e)		322	(e)
Net assets, end of period (in millions)	$	1,091.4		$	1,018.8		$	1,344.5		$	1,280.5		$	1,179.3
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.55		$	22.37		$	21.92		$	19.97		$	17.69
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.28			0.25			0.21			0.26			0.31
Net realized and unrealized gain (loss)		2.47			(4.15	)		2.64			3.00			3.56
Total income (loss) from investment operations		2.75			(3.90	)		2.85			3.26			3.87
Less Distributions
Distributions from net investment income		(0.32	)		(0.28	)		(0.38	)		(0.41	)		(0.39	)
Distributions from net realized capital gains		(0.13	)		(2.64	)		(2.02	)		(0.90	)		(1.20	)
Total distributions		(0.45	)		(2.92	)		(2.40	)		(1.31	)		(1.59	)
Net Asset Value, End of Period	$	17.85		$	15.55		$	22.37		$	21.92		$	19.97
Total Return (%) (b)		17.88			(17.31	)		13.73			17.45			22.72
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78			0.77			0.76			0.78			0.78
Net ratio of expenses to average net assets (%) (c) (d)		0.75			0.74			0.73			0.75			0.75
Ratio of net investment income (loss) to average net assets (%)		1.69			1.41			0.96			1.32			1.63
Portfolio turnover rate (%)		211	(e)		214	(e)		250	(e)		298	(e)		322	(e)
Net assets, end of period (in millions)	$	49.0		$	46.6		$	67.4		$	67.3		$	63.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.65		$	22.50		$	22.03		$	20.07		$	17.77
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.30			0.27			0.24			0.28			0.33
Net realized and unrealized gain (loss)		2.47			(4.18	)		2.65			3.01			3.58
Total income (loss) from investment operations		2.77			(3.91	)		2.89			3.29			3.91
Less Distributions
Distributions from net investment income		(0.34	)		(0.30	)		(0.40	)		(0.43	)		(0.41	)
Distributions from net realized capital gains		(0.13	)		(2.64	)		(2.02	)		(0.90	)		(1.20	)
Total distributions		(0.47	)		(2.94	)		(2.42	)		(1.33	)		(1.61	)
Net Asset Value, End of Period	$	17.95		$	15.65		$	22.50		$	22.03		$	20.07
Total Return (%) (b)		17.98			(17.26	)		13.86			17.53			22.85
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68			0.67			0.66			0.68			0.68
Net ratio of expenses to average net assets (%) (c) (d)		0.65			0.64			0.63			0.65			0.65
Ratio of net investment income (loss) to average net assets (%)		1.79			1.52			1.06			1.42			1.73
Portfolio turnover rate (%)		211	(e)		214	(e)		250	(e)		298	(e)		322	(e)
Net assets, end of period (in millions)	$	22.7		$	22.2		$	30.2		$	30.0		$	29.0

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(d)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for each of the years ended December 31, 2023 through 2019 (see Note 6 of the Notes to Financial Statements).
(e)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 60%, 57%, 62%, 77%, and 60% for the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively.

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Wellington Balanced Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

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

BHFTII-34

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The 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 are valued at 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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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

BHFTII-35

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

High-Yield Debt Securities - The Portfolio 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 - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The 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.

The 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 participations 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.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the 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 - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of December 31, 2023, the Portfolio did not have any unfunded loan commitments.

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Inflation-Indexed Bonds - The Portfolio 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 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.

Collateralized Obligations - The Portfolio 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 - The Portfolio 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 of 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 the Statement of Operations of the Portfolio. 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 the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its 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 - The Portfolio 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, the 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.

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

TBA Purchase and Forward Sale Commitments - The Portfolio 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 the 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 - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The 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.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $9,028,713. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $12,053,314. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(18,598,924	)	$	—	$	—	$	—	$	(18,598,924	)
Corporate Bonds & Notes		(4,954,390	)		—		—		—		(4,954,390	)
Total Borrowings	$	(23,553,314	)	$	—	$	—	$	—	$	(23,553,314	)
Gross amount of recognized liabilities for securities lending transactions										$	(23,553,314	)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the 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 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 Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable or unwilling to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The 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 - The Portfolio 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. 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 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 Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the 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

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the 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 the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio 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. The 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 the 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 the 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 the 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 the 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 the 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 the 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 the 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.

An Option on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

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.

Swap Agreements - The Portfolio may enter into swap agreements in which the 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”). The 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 Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

BHFTII-40

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. The 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 Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the 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 Portfolio 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. The 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 Portfolio is not a member of a clearinghouse and only members of a clearinghouse (“clearing members” or “clearing brokers”) can participate directly in the clearinghouse, the Portfolio holds cleared swaps through accounts at a clearing member. The 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: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The 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.

The 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.

BHFTII-41

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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

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

The maximum potential amount of future payments (undiscounted) that the 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, 2023, for which the Portfolio is the seller of protection, are disclosed in the 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: The 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. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the 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. The 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: The 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 the 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 the Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

BHFTII-42

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2023 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	280,124	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	164,273
	Unrealized appreciation on futures contracts (b) (c)		1,908,419	Unrealized depreciation on futures contracts (b) (c)		1,592,835
Credit				Unrealized depreciation on centrally cleared swaps (a)(b)		155,210
Foreign Exchange				Unrealized depreciation on forward foreign currency exchange contracts		103,650
Total		$	2,188,543		$	2,015,968

(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.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

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

The following table presents the Portfolio’s derivative liabilities 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 pledged by the Portfolio as of December 31, 2023.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Pledged†			Net Amount**
Citibank NA	$	3,102	$	—	$	—		$	3,102
Deutsche Bank AG		100,548		—		(60,000	)		40,548
	$	103,650	$	—	$	(60,000	)	$	43,650

**	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, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity		Foreign Exchange			Total
Purchased options	$	3,466		$	—		$	—	$	—		$	3,466
Forward foreign currency transactions		—			—			—		(464,634	)		(464,634	)
Futures contracts		(639,802	)		—			227,080		—			(412,722	)
Swap contracts		59,196			(508,021	)		—		—			(448,825	)
Written options		—			196,728			—		—			196,728
	$	(577,140	)	$	(311,293	)	$	227,080	$	(464,634	)	$	(1,125,987	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity		Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—	$	77,892		$	77,892
Futures contracts		(581,638	)		—			180,951		—			(400,687	)
Swap contracts		115,851			(70,284	)		—		—			45,567
	$	(465,787	)	$	(70,284	)	$	180,951	$	77,892		$	(277,228	)

BHFTII-43

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

For the year ended December 31, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	1,240,000
Forward foreign currency transactions		11,184,243
Futures contracts long		98,360,947
Futures contracts short		(43,363,395	)
Swap contracts		16,235,347
Written options		(66,350,000	)

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

4. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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 the 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 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 the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the 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.

BHFTII-44

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the 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. The 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 the 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.

Foreign Investment Risk: The investments by the 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 the 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.

LIBOR Replacement Risk: LIBOR was the offered rate at which major international banks could obtain wholesale, unsecured funding. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. Alternative reference rates to LIBOR have been established in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. The full impact of the transition on the Portfolio, the financial instruments in which the Portfolio invests and financial markets more generally cannot yet be fully determined.

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

5. 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, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$1,930,414,711	$	551,115,197	$	1,939,499,199	$	630,730,119

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2023 were as follows:

Purchases	Sales
$1,817,342,856	$	1,833,232,964

BHFTII-45

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$5,232,014		0.500	%	Of the first $500 million
		0.450	%	Of the next $500 million
		0.400	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.020%	On the first $	500 million

Any reductions in total advisory fees paid by the Portfolio due to these waivers may be reduced or eliminated by changes in the advisory fee structure at higher asset levels. Brighthouse Investment Advisers will receive advisory fees equal to 0.480% of the Portfolio’s average daily net assets for amounts over $500 million but less than $750 million (0.030% over the contractual advisory fee rate) and 0.460% for amounts over $750 million but less than $1 billion (0.010% over the contractual advisory fee rate). As a result, the dollar amount of the waiver will be reduced as assets grow beyond $500 million up to $1 billion, but the advisory fee net of waivers will never exceed the contractual dollar amount that would otherwise be payable under the advisory fee. An identical agreement was in place for the period April 29, 2022 to April 30, 2023. There were no fees waived during the year ended December 31, 2023.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee agreement, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $301,138 was waived in the aggregate for the year ended December 31, 2023 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-46

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	1,182,662,116
Gross unrealized appreciation		150,978,747
Gross unrealized (depreciation)		(67,845,586	)
Net unrealized appreciation (depreciation)	$	83,133,161

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$24,006,274	$	62,446,712	$	8,503,350	$	120,057,579	$	32,509,624	$	182,504,291

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$22,438,232	$	37,348,318	$	82,925,575	$	—	$	142,712,125

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-47

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Brighthouse/Wellington Balanced Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Wellington Balanced Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, 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 23, 2024

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

BHFTII-48

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-49

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-50

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-51

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-52

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. The Board further considered that the Portfolio outperformed its blended benchmark, the S&P 500 Index (60%) & Bloomberg U.S. Aggregate Bond Index (40%), for the one-year period ended October 31, 2023 and underperformed its benchmark for the three- and five-year periods ended October 31, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-53

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

The Board also considered that the Portfolio’s actual management fee and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category 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.

BHFTII-54

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Brighthouse/Wellington Core Equity Opportunities Portfolio returned 7.66%, 7.38%, and 7.49%, respectively. The Portfolio’s benchmark, the Russell 1000 Index¹, returned 26.53%.

MARKET ENVIRONMENT / CONDITIONS

Global equities rose in 2023 amid easing inflation, optimism for lower interest rates, and resilient economic performance. Global equities rose in the first quarter. Economic growth, consumer spending, and labor markets were surprisingly resilient against a backdrop of seismic changes in the global economy, including sweeping sanctions against Russia, a reshaping of global energy flows, and a banking crisis that rekindled fears of a global recession. Major central banks continued to raise interest rates, but financial stresses and persistent inflation muddied the outlook for central bank policy. Global equities also rose in the second quarter as declining energy prices helped reduce headline inflation in most countries, easing the strains on households and businesses. However, persistently high core consumer prices kept pressure on central banks to keep interest rates higher for longer. Global equities fell in the third quarter as market sentiment was dented by concerns about the health of China’s economy, increasing energy prices, and rising government bond yields amid the prospect of an extended period of high interest rates. In a potential step toward phasing out Japan’s ultra-easy monetary policy, the Bank of Japan allowed greater flexibility for government bond yields to fluctuate but ultimately held rates stable. Global equities ended the fourth quarter higher. The Federal Reserve surprised markets by signaling lower interest rates in 2024, sparking a stock rally that rippled across the globe and increasing speculation for sharp reductions in policy rates across developed markets in 2024. China’s economy rebounded, with third-quarter Gross Domestic Product expanding by 4.9% from a year ago. Nonetheless, a deepening slump in the property sector burdened the country’s recovery and investor sentiment. The Brent crude oil price dropped below $80 per barrel amid higher U.S. output and Organization of the Petroleum Exporting Countries+ struggling to agree on production cuts.

Within the S&P 500 Index, 9 of the 11 sectors rose for the twelve months ended December 31, 2023. Information Technology (57.6%) and Communication Services (55.8%) were the best performing sectors.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark, the Russell 1000 Index, for the twelve-month period ended December 31, 2023. Stock selection drove relative underperformance. Weak selection in Industrials, Consumer Discretionary, and Information Technology (“IT”) was partially offset by strong selection in Materials and Consumer Staples. Sector allocation, a result of our bottom-up stock selection process, also detracted from relative performance due to an underweight allocation to IT, an overweight allocation to Consumer Staples, and a lack of exposure to Communication Services. This was partially offset by a lack of exposure to Energy, an underweight allocation to Utilities and an overweight allocation to Financials.

The Portfolio’s overweight positions in Northrop Grumman and Nike, as well as its lack of exposure to benchmark constituents NVIDIA, Meta Platforms, Apple and Amazon, were among the top relative detractors during the period. Shares of U.S.-based aerospace and defense company Northrop Grumman were down after a strong year in 2022 on jitters around the upcoming U.S. election in the second half of 2024. Shares of Nike, a U.S.-based manufacturer of athletic apparel, fell over the period due to a sluggish recovery in China, inventory headwinds, and an uncertain macro outlook. At the end of the period, the Portfolio held positions in Northrop Grumman and Nike.

The Portfolio’s overweight exposure to Costco Wholesale and Ecolab, as well as its lack of exposure to benchmark constituents Exxon Mobil, Chevron, Bristol-Myers Squibb and Abbvie were among the top relative contributors during the period. The share price of Costco, a U.S.-based retailer which operates membership warehouse clubs, rose during the period. The company continued to execute, growing both top and bottom lines by increasing volumes and continuously improving customer experience. Shares of Ecolab, a U.S.-based chemical company providing water, hygiene, and infection prevention solutions, ended the period higher on strong pricing momentum and accelerating volumes, as well as continued margin expansion from productivity enhancements. At the end of the period, the Portfolio continued to hold positions in Costco Wholesale and Ecolab.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

As of the end of the period, the Portfolio was most overweight the Industrials and Consumer Staples sectors and most underweight the IT and Communication Services sectors.

Donald J. Kilbride

Peter Fisher

Portfolio Managers

Wellington Management Company LLP

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

¹ The Russell 1000 Index is an unmanaged measure of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investable U.S. equity market.

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Brighthouse/Wellington Core Equity Opportunities Portfolio
Class A		7.66		13.12		10.36
Class B		7.38		12.84		10.08
Class E		7.49		12.95		10.19
Russell 1000 Index		26.53		15.52		11.81

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
Microsoft Corp.		4.3
UnitedHealth Group, Inc.		3.7
Stryker Corp.		3.5
Honeywell International, Inc.		3.2
Danaher Corp.		3.1
Visa, Inc.- Class A		3.1
Accenture PLC- Class A		3.1
Linde PLC		3.0
Northrop Grumman Corp.		2.9
TJX Cos., Inc.		2.9

Top Sectors

	% of Net Assets
Industrials		21.0
Health Care		18.8
Consumer Staples		14.7
Financials		14.5
Information Technology		10.8
Consumer Discretionary		10.5
Materials		5.2
Real Estate		3.3

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Wellington Core Equity Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.58	%	$	1,000.00	$	1,041.30	$	2.98
	Hypothetical*		0.58	%	$	1,000.00	$	1,022.28	$	2.96
Class B (a)	Actual		0.83	%	$	1,000.00	$	1,040.00	$	4.27
	Hypothetical*		0.83	%	$	1,000.00	$	1,021.02	$	4.23
Class E (a)	Actual		0.73	%	$	1,000.00	$	1,040.90	$	3.76
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.53	$	3.72

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—98.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—8.3%
General Dynamics Corp.		302,138	$	78,456,174
Lockheed Martin Corp.		98,924		44,836,314
Northrop Grumman Corp.		193,159		90,425,454
RTX Corp.		518,286		43,608,584
				257,326,526
Air Freight & Logistics—1.8%
United Parcel Service, Inc. - Class B		359,214		56,479,217
Banks—1.1%
PNC Financial Services Group, Inc.		217,035		33,607,870
Beverages—6.8%
Coca-Cola Co.		1,120,037		66,003,781
Diageo PLC		1,840,661		66,842,129
PepsiCo, Inc.		463,142		78,660,037
				211,505,947
Chemicals—5.2%
Ecolab, Inc.		343,046		68,043,174
Linde PLC		225,096		92,449,178
				160,492,352
Consumer Finance—2.6%
American Express Co.		440,345		82,494,232
Consumer Staples Distribution & Retail—2.4%
Costco Wholesale Corp. (a)		113,769		75,096,642
Financial Services—5.9%
Mastercard, Inc. - Class A		202,434		86,340,126
Visa, Inc. - Class A (a)		373,618		97,271,446
				183,611,572
Ground Transportation—5.0%
Canadian National Railway Co. (a)		619,380		77,851,960
Union Pacific Corp.		310,333		76,223,991
				154,075,951
Health Care Equipment & Supplies—7.8%
Abbott Laboratories		692,928		76,270,585
Medtronic PLC		687,961		56,674,227
Stryker Corp.		359,802		107,746,307
				240,691,119
Health Care Providers & Services—3.7%
UnitedHealth Group, Inc.		215,840		113,633,285
Hotels, Restaurants & Leisure—2.9%
McDonald’s Corp.		304,740		90,358,457

Security Description	Shares		Value
Household Products—5.5%
Colgate-Palmolive Co.		1,114,467	$	88,834,165
Procter & Gamble Co.		549,901		80,582,492
				169,416,657
Industrial Conglomerates—3.2%
Honeywell International, Inc.		471,739		98,928,386
Insurance—4.8%
Chubb Ltd.		284,810		64,367,060
Marsh & McLennan Cos., Inc.		445,818		84,469,136
				148,836,196
IT Services—3.1%
Accenture PLC - Class A		270,583		94,950,281
Life Sciences Tools & Services—3.1%
Danaher Corp.		420,528		97,284,947
Machinery—1.0%
Deere & Co. (a)		76,903		30,751,203
Pharmaceuticals—4.2%
Johnson & Johnson		449,178		70,404,160
Merck & Co., Inc.		388,639		42,369,424
Pfizer, Inc.		599,314		17,254,250
				130,027,834
Professional Services—1.7%
Automatic Data Processing, Inc.		233,508		54,400,359
Semiconductors & Semiconductor Equipment—2.4%
Texas Instruments, Inc.		432,316		73,692,585
Software—5.4%
Intuit, Inc.		55,185		34,492,280
Microsoft Corp.		353,618		132,974,513
				167,466,793
Specialized REITs—3.3%
American Tower Corp. (a)		258,626		55,832,181
Public Storage		148,610		45,326,050
				101,158,231
Specialty Retail—4.8%
Home Depot, Inc.		171,041		59,274,259
TJX Cos., Inc.		963,278		90,365,109
				149,639,368
Textiles, Apparel & Luxury Goods—2.8%
NIKE, Inc. - Class B (a)		796,635		86,490,662
Total Common Stocks (Cost $2,171,107,075)				3,062,416,672

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Escrow Shares—0.0%

Security Description	Shares/ Principal Amount*		Value
Forest Products & Paper—0.0%
Sino Forest Corp. (b) (c) (d) (Cost $0)		5,844,000	$	0
Short-Term Investments—1.2%
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $27,321,784; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $27,860,529.	$	27,314,197		27,314,197
U.S. Treasury—0.3%
U.S. Treasury Bills 5.140%, 01/25/24 (e)		455,000		453,467
5.310%, 02/29/24 (e)		7,910,000		7,842,913
				8,296,380
Total Short-Term Investments (Cost $35,609,153)				35,610,577
Securities Lending Reinvestments (f)—2.0%
Repurchase Agreement—0.0%
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $1,108,773; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $1,130,282.		1,108,120		1,108,120
Time Deposit—0.1%
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		2,000,000		2,000,000
Mutual Funds—1.9%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (g)		12,175,675		12,175,675
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (g)		12,000,000		12,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (g)		12,000,000		12,000,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.320% (g)		12,000,000		12,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.270% (g)		11,824,325		11,824,325
				60,000,000
Total Securities Lending Reinvestments (Cost $63,108,120)				63,108,120
Total Investments—102.0% (Cost $2,269,824,348)				3,161,135,369
Other assets and liabilities (net)—(2.0)%				(61,349,858	)
Net Assets—100.0%			$	3,099,785,511

*	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, 2023, the market value of securities loaned was $210,980,597 and the collateral received consisted of cash in the amount of $63,108,120 and non-cash collateral with a value of $152,817,116. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(g)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Glossary of Abbreviations

Other Abbreviations

(REIT)— Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	257,326,526	$	—		$	—	$	257,326,526
Air Freight & Logistics		56,479,217		—			—		56,479,217
Banks		33,607,870		—			—		33,607,870
Beverages		144,663,818		66,842,129			—		211,505,947
Chemicals		160,492,352		—			—		160,492,352
Consumer Finance		82,494,232		—			—		82,494,232
Consumer Staples Distribution & Retail		75,096,642		—			—		75,096,642
Financial Services		183,611,572		—			—		183,611,572
Ground Transportation		154,075,951		—			—		154,075,951
Health Care Equipment & Supplies		240,691,119		—			—		240,691,119
Health Care Providers & Services		113,633,285		—			—		113,633,285
Hotels, Restaurants & Leisure		90,358,457		—			—		90,358,457
Household Products		169,416,657		—			—		169,416,657
Industrial Conglomerates		98,928,386		—			—		98,928,386
Insurance		148,836,196		—			—		148,836,196
IT Services		94,950,281		—			—		94,950,281
Life Sciences Tools & Services		97,284,947		—			—		97,284,947
Machinery		30,751,203		—			—		30,751,203
Pharmaceuticals		130,027,834		—			—		130,027,834
Professional Services		54,400,359		—			—		54,400,359
Semiconductors & Semiconductor Equipment		73,692,585		—			—		73,692,585
Software		167,466,793		—			—		167,466,793
Specialized REITs		101,158,231		—			—		101,158,231
Specialty Retail		149,639,368		—			—		149,639,368
Textiles, Apparel & Luxury Goods		86,490,662		—			—		86,490,662
Total Common Stocks		2,995,574,543		66,842,129			—		3,062,416,672
Total Escrow Shares*		—		—			0		0
Total Short-Term Investments*		—		35,610,577			—		35,610,577
Securities Lending Reinvestments
Repurchase Agreement		—		1,108,120			—		1,108,120
Time Deposit		—		2,000,000			—		2,000,000
Mutual Funds		60,000,000		—			—		60,000,000
Total Securities Lending Reinvestments		60,000,000		3,108,120			—		63,108,120
Total Investments	$	3,055,574,543	$	105,560,826		$	0	$	3,161,135,369
Collateral for Securities Loaned (Liability)	$	—	$	(63,108,120	)	$	—	$	(63,108,120	)

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a)(b)	$	3,161,135,369
Receivable for:
Fund shares sold		136,491
Dividends and interest		5,079,634
Prepaid expenses		11,206
Total Assets		3,166,362,700
Liabilities
Due to custodian denominated in foreign currencies (c)		3
Collateral for securities loaned		63,108,120
Payables for:
Fund shares redeemed		1,357,057
Accrued Expenses:
Management fees		1,463,352
Distribution and service fees		194,716
Deferred trustees’ fees		238,055
Other expenses		215,886
Total Liabilities		66,577,189
Net Assets	$	3,099,785,511
Net Assets Consist of:
Paid in surplus	$	2,060,430,479
Distributable earnings (Accumulated losses)		1,039,355,032
Net Assets	$	3,099,785,511
Net Assets
Class A	$	1,938,473,932
Class B		577,471,223
Class E		583,840,356
Capital Shares Outstanding*
Class A		67,977,896
Class B		20,751,869
Class E		20,847,343
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	28.52
Class B		27.83
Class E		28.01

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,269,824,348.
(b)	Includes securities loaned at value of $210,980,597.
(c)	Identified cost of cash due to bank denominated in foreign currencies was $3.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	60,802,200
Interest		2,072,005
Securities lending income		147,530
Total investment income		63,021,735
Expenses
Management fees		21,899,704
Administration fees		127,736
Custodian and accounting fees		153,518
Distribution and service fees—Class B		1,434,562
Distribution and service fees—Class E		869,563
Audit and tax services		49,026
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		122,905
Insurance		28,676
Miscellaneous		33,852
Total expenses		24,812,366
Less management fee waiver		(4,647,248	)
Less broker commission recapture		(2,182	)
Net expenses		20,162,936
Net Investment Income		42,858,799
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		107,841,708
Foreign currency transactions		3,776
Net realized gain (loss)		107,845,484
Net change in unrealized appreciation (depreciation) on:
Investments		69,766,777
Foreign currency transactions		1,178
Net change in unrealized appreciation (depreciation)		69,767,955
Net realized and unrealized gain (loss)		177,613,439
Net Increase (Decrease) in Net Assets From Operations	$	220,472,238

(a) Net of foreign withholding taxes of $191,312.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	42,858,799		$	44,010,405
Net realized gain (loss)		107,845,484			326,195,573
Net change in unrealized appreciation (depreciation)		69,767,955			(582,155,279	)
Increase (decrease) in net assets from operations		220,472,238			(211,949,301	)
From Distributions to Shareholders
Class A		(230,770,352	)		(412,092,119	)
Class B		(69,543,920	)		(121,585,608	)
Class E		(70,035,182	)		(126,579,004	)
Total distributions		(370,349,454	)		(660,256,731	)
Increase (decrease) in net assets from capital share transactions		89,219,065			48,739,274
Total increase (decrease) in net assets		(60,658,151	)		(823,466,758	)
Net Assets
Beginning of period		3,160,443,662			3,983,910,420
End of period	$	3,099,785,511		$	3,160,443,662

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,016,680		$	29,426,364			854,954		$	27,994,700
Reinvestments		8,617,265			230,770,352			14,850,166			412,092,119
Redemptions		(6,836,882	)		(191,438,320	)		(12,870,892	)		(427,755,158	)
Net increase (decrease)		2,797,063		$	68,758,396			2,834,228		$	12,331,661
Class B
Sales		894,002		$	25,148,132			1,081,109		$	34,540,702
Reinvestments		2,657,391			69,543,920			4,471,703			121,585,608
Redemptions		(2,925,607	)		(80,340,878	)		(3,922,671	)		(128,404,388	)
Net increase (decrease)		625,786		$	14,351,174			1,630,141		$	27,721,922
Class E
Sales		348,068		$	9,820,607			307,168		$	9,997,053
Reinvestments		2,660,911			70,035,182			4,631,504			126,579,004
Redemptions		(2,650,464	)		(73,746,294	)		(3,866,190	)		(127,890,366	)
Net increase (decrease)		358,515		$	6,109,495			1,072,482		$	8,685,691
Increase (decrease) derived from capital shares transactions				$	89,219,065					$	48,739,274

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	30.09		$	39.97		$	34.36		$	35.51		$	30.01
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.42			0.45			0.47			0.49			0.52
Net realized and unrealized gain (loss)		1.64			(3.09	)		7.60			2.66			8.43
Total income (loss) from investment operations		2.06			(2.64	)		8.07			3.15			8.95
Less Distributions
Distributions from net investment income		(0.43	)		(0.54	)		(0.53	)		(0.56	)		(0.57	)
Distributions from net realized capital gains		(3.20	)		(6.70	)		(1.93	)		(3.74	)		(2.88	)
Total distributions		(3.63	)		(7.24	)		(2.46	)		(4.30	)		(3.45	)
Net Asset Value, End of Period	$	28.52		$	30.09		$	39.97		$	34.36		$	35.51
Total Return (%) (b)		7.66			(5.08	)		24.43			11.27			30.94
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73			0.73			0.72			0.73			0.72
Net ratio of expenses to average net assets (%) (c) (d)		0.58			0.58			0.57			0.58			0.58
Ratio of net investment income (loss) to average net assets (%)		1.47			1.37			1.27			1.53			1.54
Portfolio turnover rate (%)		9			10			15			15			16
Net assets, end of period (in millions)	$	1,938.5		$	1,961.3		$	2,492.0		$	2,492.1		$	2,457.8
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	29.44		$	39.25		$	33.79		$	34.99		$	29.60
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.34			0.36			0.37			0.41			0.43
Net realized and unrealized gain (loss)		1.60			(3.03	)		7.47			2.60			8.32
Total income (loss) from investment operations		1.94			(2.67	)		7.84			3.01			8.75
Less Distributions
Distributions from net investment income		(0.35	)		(0.44	)		(0.45	)		(0.47	)		(0.48	)
Distributions from net realized capital gains		(3.20	)		(6.70	)		(1.93	)		(3.74	)		(2.88	)
Total distributions		(3.55	)		(7.14	)		(2.38	)		(4.21	)		(3.36	)
Net Asset Value, End of Period	$	27.83		$	29.44		$	39.25		$	33.79		$	34.99
Total Return (%) (b)		7.38			(5.31	)		24.11			10.97			30.64
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98			0.98			0.97			0.98			0.97
Net ratio of expenses to average net assets (%) (c) (d)		0.83			0.83			0.82			0.83			0.83
Ratio of net investment income (loss) to average net assets (%)		1.22			1.12			1.02			1.28			1.29
Portfolio turnover rate (%)		9			10			15			15			16
Net assets, end of period (in millions)	$	577.5		$	592.5		$	726.0		$	679.8		$	681.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Financial Highlights

	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	29.61		$	39.44		$	33.94		$	35.13		$	29.71
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.37			0.40			0.41			0.44			0.46
Net realized and unrealized gain (loss)		1.61			(3.05	)		7.50			2.62			8.36
Total income (loss) from investment operations		1.98			(2.65	)		7.91			3.06			8.82
Less Distributions
Distributions from net investment income		(0.38	)		(0.48	)		(0.48	)		(0.51	)		(0.52	)
Distributions from net realized capital gains		(3.20	)		(6.70	)		(1.93	)		(3.74	)		(2.88	)
Total distributions		(3.58	)		(7.18	)		(2.41	)		(4.25	)		(3.40	)
Net Asset Value, End of Period	$	28.01		$	29.61		$	39.44		$	33.94		$	35.13
Total Return (%) (b)		7.49			(5.21	)		24.23			11.08			30.77
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88			0.88			0.87			0.88			0.87
Net ratio of expenses to average net assets (%) (c) (d)		0.73			0.73			0.72			0.73			0.73
Ratio of net investment income (loss) to average net assets (%)		1.32			1.22			1.12			1.38			1.39
Portfolio turnover rate (%)		9			10			15			15			16
Net assets, end of period (in millions)	$	583.8		$	606.6		$	765.8		$	712.8		$	717.9

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(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, 2023 through 2019. (see Note 5 of the Notes to Financial Statements).
(d)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Wellington Core Equity Opportunities Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation — The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income — Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders — The Portfolio records 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.

Due to Custodian — Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the 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 has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2023, the Portfolio had a payment of $3 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2023. The Portfolio’s average overdraft advances during the year ended December 31, 2023 were not significant.

Income Taxes - It is the Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $27,314,197. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $1,108,120. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases		Sales
U.S. Government	Non-U.S. Government	U.S. Government	Non-U.S. Government
$0	$259,589,801	$0	$470,045,590

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$21,899,704		0.750	%	Of the first $1 billion
		0.700	%	On the next $2 billion
		0.650	%	On amounts in excess of $3 billion

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.120%	First $500 million
0.145%	$500 million to $1 billion
0.120%	$1 billion to $3 billion
0.080%	$3 billion to $4.5 billion
0.105%	Over $4.5 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 were $3,768,659 and are included in the total amount shown as a management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $878,589 was waived in the aggregate for the year ended December 31, 2023 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; 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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	2,271,975,347
Gross unrealized appreciation		908,597,255
Gross unrealized (depreciation)		(19,437,233	)
Net unrealized appreciation (depreciation)	$	889,160,022

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income		Long-Term Capital Gain		Total
2023	2022	2023	2022	2023	2022
$42,047,165	$53,836,793	$328,302,289	$606,419,938	$370,349,454	$660,256,731

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain	Net Unrealized Appreciation (Depreciation)	Accumulated Capital Losses	Total
$41,611,732	$108,819,562	$889,161,793	$—	$1,039,593,087

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Brighthouse/Wellington Core Equity Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Wellington Core Equity Opportunities Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-18

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-19

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

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 Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 of its Performance Universe and the average of its Morningstar Category for the one-and three-year periods ended June 30, 2023 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the five-year period ended June 30, 2023. 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, 2023. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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 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/Morningstar Category 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.

BHFTII-24

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Managed by Frontier Capital Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B, D and E shares of the Frontier Mid Cap Growth Portfolio returned 18.00%, 17.73%, 17.88%, and 17.84%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 25.87%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose sharply, scaling a wall of worry on better-than-expected growth and inflation data. The Gross Domestic Product (“GDP”) growth was revised higher through the year on robust consumer spending, while multiple inflation indicators posted their lowest annual increase in over two years.

The year began on an upbeat note – inflation appeared to be subsiding, and many wagered that the U.S. Federal Reserve (the “Fed”) would transition from monetary tightening to cutting rates by year-end. Growth stocks rallied, with the Nasdaq^® composite posting its best start since 2001. Midway through the period, the markets got a boost from a surge in Artificial Intelligence (“AI”) spending and positive GDP revisions that helped overcome a regional banking crisis and a downward trend in leading economic indicators. Beginning in September, a sudden spike in interest rates that drove the 10-year bond yield from approximately 4% to almost 5% in four weeks rattled the markets, bringing the rally to a screeching halt. Then, interest rate expectations fell in the final two months of the year as the Fed confirmed its pivot toward rate cuts and the U.S. deficit concerns eased on a smaller-than-expected U.S. Treasury debt issuance, leading to a brisk market rally that powered the Russell Midcap Growth Index (the “Index”) to a 25.87% annual gain.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Index during the 12-month period ending December 31, 2023. At the end of August, the Portfolio trailed the Index by approximately 57 basis points and was within striking distance of catching up. Then, the steep rise in interest rates beginning in September and the ensuing volatility impacted the Portfolio’s holdings in multiple sectors, leading to its underperformance. The headwinds broadly fell into three categories: (1) holdings sensitive to high-interest rates, including companies with high debt, companies leveraged to consumer lending such as credit bureaus, and those exposed to capital-intensive projects such as solar equipment suppliers and developers; (2) holdings exposed to glucagon-like peptide 1 (“GLP-1”) weight loss drugs, such as medical equipment suppliers serving diabetes and sleep apnea markets, which were deemed adversely impacted by the GLP-1 drugs, and (3) holdings exposed to labor disruptions, including auto suppliers and media companies that saw work stoppages due to worker strikes.

Sector allocation was modestly negative due to the Portfolio’s underweight position on an intra-period basis in the top two performing sectors, Information Technology (“IT”) and Communication Services. An overweight position in Financials was another detractor, offset partially by the collective underweight position in Energy and Consumer Staples.

Stock selection was most challenging in Consumer Discretionary, followed by IT and Health Care, while Energy and Materials were the primary contributors. Several themes drove the Portfolio’s underperformance during the period. First, the renewable energy exposure detracted approximately 350 basis points. Our solar companies, such as SolarEdge Technologies, Array Technologies, and MasTec, underperformed due to the rising cost of capital and policy delays that led to project pushouts. Similarly, our electric vehicle (“EV”) components and materials suppliers, such as Wolfspeed and Albemarle, were affected by slowing EV adoption and falling material prices, partly due to adverse policy changes in China. Second, the Portfolio’s Consumer Discretionary and Staples key holdings detracted approximately 280 basis points. Increasing economic pressure on low-income consumers impacted the profitability of Dollar General, while higher interest rates slowed store growth at Planet Fitness. Media conglomerate Warner Bros. Discovery suffered from low advertising spend and workers’ strikes, and after-market auto parts supplier Advance Auto Parts fell due to intensifying competitive pressure. Third, despite favorable stock selection, the Portfolio’s underweight position in the top-performing software industry subtracted 180 basis points from our relative performance.

Other major detractors included SVB Financial Group and BILL Holdings. The regulators shut down SVB as the company’s efforts to strengthen its balance sheet triggered a run on its bank. We sold our stake in the Portfolio at an average price of $162 per share before the bank ceased operations. BILL, a payment software provider to small businesses, slashed its growth outlook as customers cut spending and suppliers shunned virtual card acceptance to save transaction costs.

Energy was the largest contributor to stock selection as Permian Resources and SM Energy exceeded production targets while controlling capital expenditure due to improved efficiency. Both companies increased the capital returns to shareholders. ATI, a manufacturer of specialty alloys, was the largest contributor in Materials on strong earnings rebound as the company benefited from an upswing in the aerospace cycle. ATI signed favorable long-term supply contracts with customers because it can reliably supply high-grade titanium and other critical elements in light of a structural shortage due to the Russia-Ukraine war. Cement and wallboard manufacturer Eagle Materials substantially increased its earnings per share despite a slowdown in single-family residential construction. The company raised prices in a supply-constrained environment due to robust demand from infrastructure projects and multi-family residential buildouts.

BHFTII-1

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Managed by Frontier Capital Management Company, LLC

Portfolio Manager Commentary*—(Continued)

Notable contributors in Industrials included XPO and Builders FirstSource. XPO focuses on the less-than-truckload market and is on a multi-year mission to narrow the profitability gap versus market-leading operators. Its strategy was boosted when it hired away the chief operating officer from the best-in-class competitor to strengthen its management team further. Subsequently, XPO’s quarterly earnings outpaced investors’ expectations as the company displayed impressive pricing discipline in a challenging demand environment. Builders FirstSource, a building materials supplier, exceeded earnings forecast on higher-than-anticipated profitability due to an improving product mix and an aggressive share repurchase program. The company bought back a fourth of its outstanding shares over the past year without sacrificing its ability to grow organically and make strategic acquisitions. Six out of the top ten contributors came from IT. Security software providers Palo Alto Networks and CrowdStrike Holdings continued to gain share amid resilient security demand and customers’ push toward vendor consolidation. Semiconductor suppliers Monolithic Power Systems and Lam Research benefited from the emerging AI buildout and strong competitive positioning. Consumer credit analytics provider Fair Issac exceeded investors’ expectations on strong pricing power in its FICO scores business and robust demand for its fraud detection software. Marketing and sales software provider HubSpot accelerated customer acquisition on new product introductions and pricing investments.

During the period, we reduced exposure to Consumer Discretionary and Financials due to the cumulative effect of monetary tightening, dwindling savings, and high-interest rates, while valuation concerns led to reductions in IT. Conversely, we added Industrials and Materials holdings that benefit from improved pricing power. Our recent Real Estate purchases aim to exploit the depressed investor sentiment in the sector and the potential future disruptions in the U.S. housing market. In Health Care, we consolidated our positions and added to our medical equipment companies serving diabetes and sleep apnea following the dramatic selloff on the potential impact of GLP-1 weight loss drugs. At period-end, the Portfolio had underweight positions relative to the benchmark in the consumer-related sectors and Communication Services while remaining overweight in Health Care and Materials.

Christopher J. Scarpa

Ravi Dabas

Portfolio Managers

Frontier Capital Management Company, LLC

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

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and higher forecasted growth values.

BHFTII-2

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Frontier Mid Cap Growth Portfolio
Class A		18.00		11.26		9.28
Class B		17.73		10.99		9.01
Class D		17.88		11.15		9.17
Class E		17.84		11.09		9.11
Russell Midcap Growth Index		25.87		13.82		10.57

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Sectors

	% of Net Assets
Information Technology		23.8
Health Care		21.3
Industrials		20.3
Consumer Discretionary		12.2
Financials		9.8
Energy		3.7
Materials		3.4
Communication Services		2.7
Real Estate		1.2
Consumer Staples		1.1

Top Holdings

	% of Net Assets
Apollo Global Management, Inc.		2.7
XPO, Inc.		2.6
Veeva Systems, Inc.- Class A		2.6
KBR, Inc.		2.5
Crowdstrike Holdings, Inc.- Class A		2.4
Monolithic Power Systems, Inc.		2.2
Builders FirstSource, Inc.		2.2
DexCom, Inc.		2.2
Inspire Medical Systems, Inc.		2.2
KKR & Co., Inc.		2.1

BHFTII-3

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Frontier Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.71	%	$	1,000.00	$	1,031.60	$	3.64
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.63	$	3.62
Class B (a)	Actual		0.96	%	$	1,000.00	$	1,030.20	$	4.91
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.37	$	4.89
Class D (a)	Actual		0.81	%	$	1,000.00	$	1,030.90	$	4.15
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13
Class E (a)	Actual		0.86	%	$	1,000.00	$	1,031.00	$	4.40
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.87	$	4.38

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.4%
BWX Technologies, Inc.		190,578	$	14,623,050
L3Harris Technologies, Inc.		49,731		10,474,343
				25,097,393
Automobile Components—0.6%
BorgWarner, Inc.		174,083		6,240,876
Biotechnology—2.4%
BioMarin Pharmaceutical, Inc. (a)		58,615		5,651,658
Exact Sciences Corp. (a)		96,605		7,146,838
Natera, Inc. (a)		191,379		11,987,981
				24,786,477
Building Products—2.2%
Builders FirstSource, Inc. (a)		138,329		23,092,643
Capital Markets—4.9%
Carlyle Group, Inc. (b)		141,466		5,756,251
KKR & Co., Inc.		266,468		22,076,874
Moody’s Corp. (b)		15,802		6,171,629
MSCI, Inc.		23,121		13,078,394
Nasdaq, Inc.		77,390		4,499,455
				51,582,603
Chemicals—0.2%
Albemarle Corp. (b)		15,938		2,302,722
Commercial Services & Supplies—1.2%
Cintas Corp.		14,045		8,464,360
Waste Connections, Inc.		28,358		4,232,998
				12,697,358
Communications Equipment—1.4%
Arista Networks, Inc. (a)		64,247		15,130,811
Construction & Engineering—1.7%
MasTec, Inc. (a) (b)		58,629		4,439,388
Quanta Services, Inc. (b)		60,339		13,021,156
				17,460,544
Construction Materials—1.5%
Eagle Materials, Inc. (b)		78,313		15,885,009
Consumer Staples Distribution & Retail—1.1%
Dollar General Corp.		85,345		11,602,653
Diversified Consumer Services—1.1%
Bright Horizons Family Solutions, Inc. (a) (b)		118,407		11,158,676
Electrical Equipment—1.1%
Array Technologies, Inc. (a) (b)		666,036		11,189,405
Electronic Equipment, Instruments & Components—0.8%
Amphenol Corp. - Class A		89,395		8,861,726
Financial Services—4.0%
Apollo Global Management, Inc.		303,756		28,307,022
Global Payments, Inc.		106,376		13,509,752
				41,816,774
Ground Transportation—4.1%
J.B. Hunt Transport Services, Inc.		43,887		8,765,989
Knight-Swift Transportation Holdings, Inc.		128,426		7,403,759
XPO, Inc. (a) (b)		308,912		27,057,602
				43,227,350
Health Care Equipment & Supplies—11.7%
Alcon, Inc.		145,356		11,355,211
Align Technology, Inc. (a) (b)		25,728		7,049,472
DexCom, Inc. (a) (b)		185,500		23,018,695
GE HealthCare Technologies, Inc. (a) (b)		50,557		3,909,067
Hologic, Inc. (a)		184,560		13,186,812
IDEXX Laboratories, Inc. (a)		38,265		21,238,988
Inspire Medical Systems, Inc. (a) (b)		112,350		22,855,360
STERIS PLC (b)		64,934		14,275,740
Teleflex, Inc. (b)		21,537		5,370,036
				122,259,381
Health Care Providers & Services—1.1%
Humana, Inc.		25,402		11,629,290
Health Care Technology — 2.6%
Veeva Systems, Inc. - Class A (a)		139,297		26,817,458
Hotels, Restaurants & Leisure — 4.8%
Boyd Gaming Corp.		153,111		9,586,280
Caesars Entertainment, Inc. (a)		190,857		8,947,376
Chipotle Mexican Grill, Inc. (a)		6,202		14,183,726
Domino’s Pizza, Inc.		32,108		13,235,881
Planet Fitness, Inc. - Class A (a) (b)		64,378		4,699,594
				50,652,857
Industrial REITs—0.7%
First Industrial Realty Trust, Inc. (b)		128,884		6,788,320
Insurance—0.9%
Aon PLC - Class A		33,574		9,770,706
Interactive Media & Services—1.3%
Pinterest, Inc. - Class A (a)		374,958		13,888,444
IT Services—6.4%
Cognizant Technology Solutions Corp. - Class A		229,319		17,320,464
EPAM Systems, Inc. (a)		69,022		20,523,001
Gartner, Inc. (a)		14,496		6,539,291
MongoDB, Inc. (a) (b)		40,589		16,594,813
Twilio, Inc. - Class A (a)		75,158		5,702,237
				66,679,806
Leisure Products — 1.5%
Mattel, Inc. (a) (b)		839,237		15,844,795

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services — 3.6%
Agilent Technologies, Inc.		132,868	$	18,472,638
IQVIA Holdings, Inc. (a)(b)		42,923		9,931,524
Mettler-Toledo International, Inc. (a)		7,985		9,685,485
				38,089,647
Machinery — 0.5%
Stanley Black & Decker, Inc.		53,402		5,238,736
Media — 1.4%
Trade Desk, Inc. - Class A (a) (b)		199,360		14,345,946
Metals & Mining — 1.6%
ATI, Inc. (a) (b)		374,949		17,048,931
Oil, Gas & Consumable Fuels — 3.7%
Coterra Energy, Inc.		439,523		11,216,627
Permian Resources Corp. (b)		999,317		13,590,711
SM Energy Co. (b)		356,463		13,802,248
				38,609,586
Professional Services — 4.3%
Equifax, Inc.		45,114		11,156,241
KBR, Inc. (b)		467,828		25,922,349
TransUnion		108,066		7,425,215
				44,503,805
Real Estate Management & Development — 0.6%
CoStar Group, Inc. (a)		71,608		6,257,823
Semiconductors & Semiconductor Equipment — 6.0%
KLA Corp.		15,411		8,958,414
Lam Research Corp.		9,239		7,236,539
Marvell Technology, Inc.		275,319		16,604,489
Microchip Technology, Inc.		73,767		6,652,308
Monolithic Power Systems, Inc. (b)		37,305		23,531,248
				62,982,998
Software — 9.1%
BILL Holdings, Inc. (a) (b)		35,121		2,865,522
CrowdStrike Holdings, Inc. - Class A (a)		96,482		24,633,784
Fair Isaac Corp. (a)		17,292		20,128,061
Guidewire Software, Inc. (a) (b)		156,097		17,020,817
HubSpot, Inc. (a)		25,156		14,604,064
Palantir Technologies, Inc. - Class A (a) (b)		218,170		3,745,979
Palo Alto Networks, Inc. (a)		42,326		12,481,091
				95,479,318
Specialty Retail — 4.2%
Burlington Stores, Inc. (a) (b)		73,222		14,240,215
Lithia Motors, Inc. (b)		26,743		8,805,935
Ross Stores, Inc.		115,629		16,001,897
Tractor Supply Co. (b)		24,557		5,280,492
				44,328,539
Trading Companies & Distributors—2.9%
Beacon Roofing Supply, Inc. (a)		180,682		15,722,948
FTAI Aviation Ltd.		323,676		15,018,566
				30,741,514
Total Common Stocks (Cost $893,431,911)				1,044,090,920
Short-Term Investment—0.7%
Repurchase Agreement—0.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $6,923,220; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $7,059,792.		6,921,298		6,921,298
Total Short-Term Investments (Cost $6,921,298)				6,921,298
Securities Lending Reinvestments (c) — 14.7%
Certificates of Deposit — 1.5%
Mitsubishi UFJ Trust & Banking Corp.
Zero Coupon, 03/13/24		3,000,000		2,966,460
Mizuho Bank Ltd.
5.790%, SOFR + 0.400%, 04/18/24 (d)		2,000,000		2,000,906
MUFG Bank Ltd. (London)
Zero Coupon, 06/04/24		1,000,000		976,630
Royal Bank of Canada
5.880%, FEDEFF PRV + 0.550%, 09/20/24 (d)		3,000,000		3,001,860
Standard Chartered Bank
5.790%, SOFR + 0.390%, 04/19/24 (d)		1,000,000		1,000,000
Sumitomo Mitsui Banking Corp.
5.860%, SOFR + 0.460%, 01/11/24 (d)		2,000,000		2,000,246
Sumitomo Mitsui Trust Bank Ltd.
5.800%, SOFR + 0.400%, 04/24/24 (d)		2,000,000		2,001,190
Westpac Banking Corp.
5.950%, SOFR + 0.550%, 10/11/24 (d)		2,000,000		2,002,478
				15,949,770
Commercial Paper — 0.4%
Australia & New Zealand Banking Group Ltd.
5.640%, 04/18/24		1,000,000		983,338
5.730%, SOFR + 0.330%, 04/18/24 (d)		1,000,000		1,000,224
Old Line Funding LLC 5.560%, 02/09/24		2,000,000		1,987,044
				3,970,606
Repurchase Agreements — 8.3%
Bank of Nova Scotia
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $17,010,294; collateralized by various Common Stock with an aggregate market value of $18,934,528		17,000,000		17,000,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $3,001,777; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $3,061,678.		3,000,000	$	3,000,000
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $2,341,337; collateralized by various Common Stock with an aggregate market value of $2,608,571.		2,339,920		2,339,920
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $5,002,992; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24 - 11/20/73, and an aggregate market value of $5,099,992.		4,999,992		4,999,992
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.620%, due on 02/02/24 with a maturity value of $7,038,247; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.750%, maturity dates ranging from 01/15/30 - 08/15/32, and various Common Stock with an aggregate market value of $7,140,007.		7,000,000		7,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $11,610,286; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $11,835,522.		11,603,453		11,603,453
National Bank of Canada Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $18,019,075; collateralized by various Common Stock with an aggregate market value of $20,087,806.		18,000,000		18,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $18,711,532; collateralized by various Common Stock with an aggregate market value of $20,869,463.		18,700,000		18,700,000
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $2,601,540; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $2,657,890.		2,600,000		2,600,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,300,770; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $1,326,000.		1,300,000		1,300,000
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $700,429; collateralized by various Common Stock with an aggregate market value of $779,193.		700,000		700,000
				87,243,365
Time Deposits—1.0%
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		4,000,000		4,000,000
National Bank of Canada 5.370%, OBFR + 0.050%, 01/05/24 (d)		1,000,000		1,000,000
Nordea Bank Abp 5.300%, 01/02/24		5,000,000		5,000,000
				10,000,000
Mutual Funds—3.5%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (e)		2,000,000		2,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (e)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (e)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 5.290% (e)		1,000,000		1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (e)		5,000,000		5,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (e)		5,000,000		5,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (e)		5,000,000		5,000,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.320% (e)		5,000,000		5,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.270% (e)		4,000,000		4,000,000
				37,000,000
Total Securities Lending Reinvestments (Cost $154,157,447)				154,163,741
Total Investments—115.0% (Cost $1,054,510,656)				1,205,175,959
Other assets and liabilities (net)—(15.0)%				(157,149,501	)
Net Assets—100.0%			$	1,048,026,458

*	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, 2023, the market value of securities loaned was $182,700,989 and the collateral received consisted of cash in the amount of $154,072,749 and non-cash collateral with a value of $36,036,267. 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, 2023.
(d)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. 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-7

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

	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.
(e)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Glossary of Abbreviations

Index Abbreviations
(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations
(REIT)—	Real Estate Investment Trust

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,044,090,920	$	—		$	—	$	1,044,090,920
Total Short-Term Investment*		—		6,921,298			—		6,921,298
Securities Lending Reinvestments
Certificates of Deposit		—		15,949,770			—		15,949,770
Commercial Paper		—		3,970,606			—		3,970,606
Repurchase Agreements		—		87,243,365			—		87,243,365
Time Deposits		—		10,000,000			—		10,000,000
Mutual Funds		37,000,000		—			—		37,000,000
Total Securities Lending Reinvestments		37,000,000		117,163,741			—		154,163,741
Total Investments	$	1,081,090,920	$	124,085,039		$	—	$	1,205,175,959
Collateral for Securities Loaned (Liability)	$	—	$	(154,072,749	)	$	—	$	(154,072,749	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	1,205,175,959
Receivable for:
Investments sold		1,866,372
Fund shares sold		119,852
Dividends and interest		214,583
Prepaid expenses		3,775
Total Assets		1,207,380,541
Liabilities
Collateral for securities loaned		154,072,749
Payables for:
Investments purchased		1,773,740
Fund shares redeemed		2,574,148
Accrued Expenses:
Management fees		583,901
Distribution and service fees		36,114
Deferred trustees’ fees		192,719
Other expenses		120,712
Total Liabilities		159,354,083
Net Assets	$	1,048,026,458
Net Assets Consist of:
Paid in surplus	$	966,261,536
Distributable earnings (Accumulated losses)		81,764,922
Net Assets	$	1,048,026,458
Net Assets
Class A	$	825,558,549
Class B		140,634,709
Class D		74,581,042
Class E		7,252,158
Capital Shares Outstanding*
Class A		32,874,678
Class B		7,485,478
Class D		3,150,529
Class E		311,933
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	25.11
Class B		18.79
Class D		23.67
Class E		23.25

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $182,700,989.
(b)	Identified cost of investments was $1,054,510,656.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	6,055,702
Interest		249,183
Securities lending income		334,773
Total investment income		6,639,658
Expenses
Management fees		7,313,988
Administration fees		52,542
Custodian and accounting fees		69,196
Distribution and service fees—Class B		333,554
Distribution and service fees—Class D		70,154
Distribution and service fees—Class E		10,578
Audit and tax services		49,026
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		72,054
Insurance		8,937
Miscellaneous		19,823
Total expenses		8,092,675
Less management fee waiver		(528,072	)
Less broker commission recapture		(55,701	)
Net expenses		7,508,902
Net Investment Loss		(869,244	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(19,236,234	)
Foreign currency transactions		(3,698	)
Net realized gain (loss)		(19,239,932	)
Net change in unrealized appreciation on investments		188,253,888
Net realized and unrealized gain (loss)		169,013,956
Net Increase (Decrease) in Net Assets From Operations	$	168,144,712

(a) Net of foreign withholding taxes of $19,294.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(869,244	)	$	(1,331,954	)
Net realized gain (loss)		(19,239,932	)		(45,211,240	)
Net change in unrealized appreciation (depreciation)		188,253,888			(355,531,666	)
Increase (decrease) in net assets from operations		168,144,712			(402,074,860	)
From Distributions to Shareholders
Class A		0			(248,481,947	)
Class B		0			(50,426,272	)
Class D		0			(22,792,054	)
Class E		0			(2,460,063	)
From return of capital
Class A		0			(266,232	)
Class B		0			(54,029	)
Class D		0			(24,420	)
Class E		0			(2,636	)
Total distributions		0			(324,507,653	)
Increase (decrease) in net assets from capital share transactions		(97,833,269	)		258,788,226
Total increase (decrease) in net assets		70,311,443			(467,794,287	)
Net Assets
Beginning of period		977,715,015			1,445,509,302
End of period	$	1,048,026,458		$	977,715,015

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		216,794		$	4,963,276			500,507		$	15,557,949
Reinvestments		0			0			12,187,564			248,748,179
Redemptions		(3,741,680	)		(87,300,033	)		(2,400,743	)		(65,773,641	)
Net increase (decrease)		(3,524,886	)	$	(82,336,757	)		10,287,328		$	198,532,487
Class B
Sales		456,919		$	7,865,688			590,406		$	14,106,289
Reinvestments		0			0			3,292,909			50,480,301
Redemptions		(1,006,423	)		(17,534,244	)		(1,031,407	)		(21,285,257	)
Net increase (decrease)		(549,504	)	$	(9,668,556	)		2,851,908		$	43,301,333
Class D
Sales		164,038		$	3,619,059			78,349		$	2,061,273
Reinvestments		0			0			1,184,041			22,816,474
Redemptions		(393,342	)		(8,576,555	)		(345,862	)		(9,369,681	)
Net increase (decrease)		(229,304	)	$	(4,957,496	)		916,528		$	15,508,066
Class E
Sales		13,965		$	311,837			16,491		$	411,030
Reinvestments		0			0			130,026			2,462,699
Redemptions		(55,161	)		(1,182,297	)		(58,293	)		(1,427,389	)
Net increase (decrease)		(41,196	)	$	(870,460	)		88,224		$	1,446,340
Increase (decrease) derived from capital shares transactions				$	(97,833,269	)				$	258,788,226

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	21.28		$	43.74		$	44.02		$	37.70		$	32.45
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.02	)		(0.18	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		3.84			(12.71	)		6.16			10.57			10.30
Total income (loss) from investment operations		3.83			(12.73	)		5.98			10.53			10.29
Less Distributions
Distributions from net realized capital gains		0.00			(9.72	)		(6.26	)		(4.21	)		(5.04	)
Distributions from return of capital		0.00			(0.01	)		0.00			0.00			0.00
Total distributions		0.00			(9.73	)		(6.26	)		(4.21	)		(5.04	)
Net Asset Value, End of Period	$	25.11		$	21.28		$	43.74		$	44.02		$	37.70
Total Return (%) (b)		18.00			(28.15	)		14.68			31.70			33.13
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76			0.75			0.73			0.75			0.75
Net ratio of expenses to average net assets (%) (c)		0.71			0.70			0.71			0.73			0.73
Ratio of net investment income (loss) to average net assets (%)		(0.05	)		(0.08	)		(0.40	)		(0.10	)		(0.02	)
Portfolio turnover rate (%)		71			47			55			64			60
Net assets, end of period (in millions)	$	825.6		$	774.6		$	1,142.1		$	1,114.0		$	955.7
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.96		$	36.41		$	37.72		$	32.99		$	28.97
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.05	)		(0.07	)		(0.24	)		(0.11	)		(0.09	)
Net realized and unrealized gain (loss)		2.88			(10.65	)		5.19			9.05			9.15
Total income (loss) from investment operations		2.83			(10.72	)		4.95			8.94			9.06
Less Distributions
Distributions from net realized capital gains		0.00			(9.72	)		(6.26	)		(4.21	)		(5.04	)
Distributions from return of capital		0.00			(0.01	)		0.00			0.00			0.00
Total distributions		0.00			(9.73	)		(6.26	)		(4.21	)		(5.04	)
Net Asset Value, End of Period	$	18.79		$	15.96		$	36.41		$	37.72		$	32.99
Total Return (%) (b)		17.73			(28.33	)		14.38			31.38			32.84
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01			1.00			0.98			1.00			1.00
Net ratio of expenses to average net assets (%) (c)		0.96			0.95			0.96			0.98			0.98
Ratio of net investment income (loss) to average net assets (%)		(0.30	)		(0.33	)		(0.65	)		(0.35	)		(0.27	)
Portfolio turnover rate (%)		71			47			55			64			60
Net assets, end of period (in millions)	$	140.6		$	128.2		$	188.7		$	188.5		$	164.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class D
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	20.08		$	42.10		$	42.64		$	36.68		$	31.71
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.05	)		(0.21	)		(0.07	)		(0.04	)
Net realized and unrealized gain (loss)		3.62			(12.24	)		5.93			10.24			10.05
Total income (loss) from investment operations		3.59			(12.29	)		5.72			10.17			10.01
Less Distributions
Distributions from net realized capital gains		0.00			(9.72	)		(6.26	)		(4.21	)		(5.04	)
Distributions from return of capital		0.00			(0.01	)		0.00			0.00			0.00
Total distributions		0.00			(9.73	)		(6.26	)		(4.21	)		(5.04	)
Net Asset Value, End of Period	$	23.67		$	20.08		$	42.10		$	42.64		$	36.68
Total Return (%) (b)		17.88			(28.21	)		14.54			31.59			33.01
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86			0.85			0.83			0.85			0.85
Net ratio of expenses to average net assets (%) (c)		0.81			0.80			0.81			0.83			0.83
Ratio of net investment income (loss) to average net assets (%)		(0.14	)		(0.18	)		(0.50	)		(0.20	)		(0.12	)
Portfolio turnover rate (%)		71			47			55			64			60
Net assets, end of period (in millions)	$	74.6		$	67.9		$	103.7		$	99.8		$	85.6
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	19.73		$	41.63		$	42.25		$	36.40		$	31.52
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.04	)		(0.06	)		(0.23	)		(0.09	)		(0.06	)
Net realized and unrealized gain (loss)		3.56			(12.11	)		5.87			10.15			9.98
Total income (loss) from investment operations		3.52			(12.17	)		5.64			10.06			9.92
Less Distributions
Distributions from net realized capital gains		0.00			(9.72	)		(6.26	)		(4.21	)		(5.04	)
Distributions from return of capital		0.00			(0.01	)		0.00			0.00			0.00
Total distributions		0.00			(9.73	)		(6.26	)		(4.21	)		(5.04	)
Net Asset Value, End of Period	$	23.25		$	19.73		$	41.63		$	42.25		$	36.40
Total Return (%) (b)		17.84			(28.25	)		14.48			31.53			32.92
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.91			0.90			0.88			0.90			0.90
Net ratio of expenses to average net assets (%) (c)		0.86			0.85			0.86			0.88			0.88
Ratio of net investment income (loss) to average net assets (%)		(0.19	)		(0.23	)		(0.55	)		(0.25	)		(0.17	)
Portfolio turnover rate (%)		71			47			55			64			60
Net assets, end of period (in millions)	$	7.3		$	7.0		$	11.0		$	11.4		$	10.0

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Frontier Mid Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers four classes of shares: Class A, B, D and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-13

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-14

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $6,921,298. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $87,243,365. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

BHFTII-15

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 0	$	712,018,281	$	0	$	809,291,904

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31,  2023	% per annum			Average Daily Net Assets
$7,313,988		0.750	%	Of the first $500 million
		0.700	%	Of the next $500 million
		0.650	%	On amounts in excess of $1 billion

BHFTII-16

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Frontier Capital Management Company, LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.100%	On the first $500 million
0.025%	Over $850 million and less than $1 billion
(0.025)%	Over $1 billion and less than $1.15 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the 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.

BHFTII-17

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	1,068,159,641
Gross unrealized appreciation		172,394,233
Gross unrealized (depreciation)		(35,377,915	)
Net unrealized appreciation (depreciation)	$	137,016,318

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2023	2022		2023		2022		2023		2022		2023		2022
$—	$	54,868,580	$	—	$	269,291,756	$	—	$	347,317	$	—	$	324,507,653

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$2,213,750	$	—	$	137,016,318	$	(57,272,427	)	$	81,957,641

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had accumulated short-term capital losses of $57,272,427.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-18

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Frontier Mid Cap Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Frontier Mid Cap Growth Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-19

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-20

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-21

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTII-22

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

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 Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

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Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 performed equal to the median of its Performance Universe for the one-year period ended June 30, 2023 and underperformed the median of its Performance Universe for the three-and five-year periods ended June 30, 2023. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one-and three-year periods ended June 30, 2023 and underperformed the average of its Morningstar Category for the five-year period ended June 30, 2023. 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, 2023. The Board took into

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Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees 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/Morningstar Category 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.

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Brighthouse Funds Trust II

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Jennison Growth Portfolio returned 53.26%, 52.86%, and 53.11%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 42.68%.

MARKET ENVIRONMENT / CONDITIONS

Equities rose strongly in 2023, led by gains in growth stocks, especially technology companies. The past year was dominated by the U.S. Federal Reserve’s (the “Fed”) historic campaign of interest rate hikes. The success of this effort to lower inflation, along with clearing of the supply chain, resilient consumer spending, and most importantly healthy earnings, helped drive market performance.

Throughout 2023, many investors anticipated a significantly greater economic slowdown and possible recession that, ultimately, failed to transpire. The Fed’s expeditious steps following the failure of three major U.S. banks in March provided stability and calm, resulting in a remarkably short-lived period of unease. The ongoing war in Ukraine and the tragedy in Israel and resulting conflict in Gaza have not led to the typical reaction in energy markets. Indeed, the price of energy has declined since October, in-line with reduced demand trends and abundant supply.

Volatility in capital markets reflected economic and geopolitical realities in different ways throughout the year. The federal funds target rate, which started the year at a range of 4.25% to 4.50%, reached a peak of 5.25% to 5.50% in July and remained at that level through year-end. Meanwhile, the 10-year U.S. Treasury yield peaked at just under 5.00% in late October before declining back to where it began the year, at roughly 3.80%, to close out 2023. Markets rallied in December after the Fed stated inflation had cooled and additional rate increases appeared unnecessary.

The grudging pace of the U.S. economic slowdown might be the biggest surprise of the year. Consumer resiliency in the face of geopolitical and macroeconomic turbulence was the primary reason, reflecting low unemployment, balance sheet strength, and rising financial asset prices. Uncertainty about the economy’s ability to avoid a recession remains a focus entering 2024. As of year-end, the easing pace of inflation, along with lower borrowing costs, are new tailwinds to activity. Wage rates, one of the last contrary indicators, are no longer rising and, in some cases, entry level pay is now below the pandemic peak. Finally, corporate profits broadly have favorably weathered the post pandemic period despite the demand pull forward and supply chain disruptions.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark, the Russell 1000 Growth Index (the “Index”), during the reporting period, driven by stock selection in the Information Technology (“IT”), Consumer Staples, and Industrials sectors.

In 2022, recognizing a rise in inflation and discount rates, and a commensurate decline in risk tolerance, we reduced or eliminated positions in companies with minimal free cash flows and very high valuations, as well as in companies that benefited disproportionately from pandemic demand. At the same time, we maintained investments in companies that we believed had strong fundamentals. In 2023, many of these stocks posted strong returns for the Portfolio. This price appreciation benefited from the depressed nature of valuations at the start of the year as well as from early indications that near- and medium-term revenue and profit expectations for numerous companies were beginning to improve.

Early in the year, we added to our already significant position in Nvidia. Key to our thesis has been that the data center was still very early in the adoption of accelerated compute, a market that Nvidia dominates. This thesis was borne out in the past year as a broadening set of consumer internet customers adopted Nvidia platforms for large language models (“LLMs”), recommendation systems, and generative artificial intelligence (“AI”). Nvidia’s graphics processing units have become essential for the training of LLMs as well as for the inferencing abilities that the models, once trained, can deliver.

Several other technology and internet holdings contributed to the Portfolio’s strong relative performance. Many of these companies were boosted by prospects from generative AI, such as Adobe, which launched four new generative AI products, and Meta Platforms, which outlined its broader generative AI strategy that should in our view help sustain engagement growth and new monetization opportunities. Other technology companies benefited from the rising demand for cybersecurity, such as CrowdStrike. Broadcom was another strong contributor as demand for their connectivity products covers multiple facets of technology, including data centers, mobile, AI, cybersecurity, and gaming.

Positions outside of technology also added to relative returns. Uber continued to enjoy accelerating bookings as well as growth in both mobility and delivery. Salesforce demonstrated strength across Mulesoft, Sales Cloud, Service Cloud, and multi-cloud deals, despite a murky economic backdrop. MercadoLibre (Uruguay) reported strong quarterly results that exceeded expectations, with all key geographies demonstrating stronger growth.

Relative performance was negatively impacted by Adyen (Netherlands), which was sold on a significant slowdown in growth in the increasingly competitive U.S. market for omnichannel payments solutions. Another detractor was Danaher, due to higher-than-normal customer inventory levels, lower levels of demand post COVID-19, and the resulting lower expected revenue and profit growth rates. The position was eliminated from the Portfolio. LVMH’s (France) results were somewhat disappointing, driven by foreign exchange factors and weak performance in wine and spirits, especially in the U.S.

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Brighthouse Funds Trust II

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*—(Continued)

Additionally, Microsoft outperformed the Index during the period, gaining market share across multiple product categories and benefiting from its AI positioning. The stock represented more than 10% of the Index at year-end. While it remains a top position in the Portfolio, reflecting our high conviction, we were underweight for diversification purposes. This position was a drag on relative performance during the period.

The Portfolio was built to seek to incorporate secular growth opportunities that drive earnings and revenue increases ahead of the Index over a long-term investment time horizon. At the same time, a greater portion of this potential is now reflected in higher levels of valuation following 2023. Recognizing this, we made modest adjustments to the size of some of our larger holdings following strong gains in November and December. At year-end, the Portfolio was overweight Consumer Discretionary and underweight IT relative to the Index.

Kathleen A. McCarragher

Michael A. Del Balso

Blair A. Boyer

Natasha Kuhlkin

Portfolio Managers

Jennison Associates LLC

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

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

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Brighthouse Funds Trust II

Jennison Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Jennison Growth Portfolio
Class A		53.26		17.98		14.32
Class B		52.86		17.69		14.03
Class E		53.11		17.81		14.15
Russell 1000 Growth Index		42.68		19.50		14.86

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings
	% of Net Assets
Microsoft Corp.		8.3
Amazon.com, Inc.		7.8
NVIDIA Corp.		6.1
Apple, Inc.		4.8
Tesla, Inc.		3.9
Advanced Micro Devices, Inc.		3.8
Meta Platforms, Inc. - Class A		3.6
Eli Lilly & Co.		3.4
Visa, Inc. - Class A		3.0
Broadcom, Inc.		2.9

Top Sectors
	% of Net Assets
Information Technology		39.8
Consumer Discretionary		23.8
Communication Services		11.3
Health Care		10.9
Financials		6.7
Consumer Staples		3.2
Industrials		2.8
Real Estate		1.1

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Brighthouse Funds Trust II

Jennison Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Jennison Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.55	%	$	1,000.00	$	1,123.00	$	2.94
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.43	$	2.80
Class B (a)	Actual		0.80	%	$	1,000.00	$	1,121.00	$	4.28
	Hypothetical*		0.80	%	$	1,000.00	$	1,021.17	$	4.08
Class E (a)	Actual		0.70	%	$	1,000.00	$	1,121.70	$	3.74
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.68	$	3.57

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

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

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

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Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—99.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.0%
Boeing Co. (a)		102,856	$	26,810,445
Automobile Components—0.3%
Mobileye Global, Inc. - Class A (a) (b)		175,568		7,605,606
Automobiles—3.9%
Tesla, Inc. (a)		414,350		102,957,688
Biotechnology—1.3%
Vertex Pharmaceuticals, Inc. (a)		88,122		35,855,961
Broadline Retail—10.0%
Amazon.com, Inc. (a)		1,375,125		208,936,493
MercadoLibre, Inc. (a)		36,110		56,748,309
				265,684,802
Capital Markets—1.0%
Goldman Sachs Group, Inc.		37,398		14,427,027
Moody’s Corp. (b)		30,340		11,849,590
				26,276,617
Consumer Staples Distribution & Retail—2.2%
Costco Wholesale Corp. (b)		87,077		57,477,786
Electronic Equipment, Instruments & Components—0.5%
Keysight Technologies, Inc. (a)		84,327		13,415,582
Entertainment—2.2%
Netflix, Inc. (a)		118,088		57,494,686
Financial Services—5.7%
Mastercard, Inc. - Class A		172,995		73,784,098
Visa, Inc. - Class A (b)		305,024		79,412,998
				153,197,096
Ground Transportation—1.8%
Uber Technologies, Inc. (a)		785,304		48,351,167
Health Care Equipment & Supplies—1.3%
Intuitive Surgical, Inc. (a)		103,639		34,963,653
Health Care Providers & Services—1.7%
UnitedHealth Group, Inc.		86,516		45,548,079
Hotels, Restaurants & Leisure—2.3%
Airbnb, Inc. - Class A (a)		127,036		17,294,681
Chipotle Mexican Grill, Inc. (a)		7,093		16,221,407
Marriott International, Inc. - Class A		120,911		27,266,640
				60,782,728
Interactive Media & Services—8.4%
Alphabet, Inc. - Class A (a)		457,539		63,913,623
Alphabet, Inc. - Class C (a)		455,085		64,135,129
Interactive Media & Services—(Continued)
Meta Platforms, Inc. - Class A (a)		272,105	$	96,314,286
				224,363,038
IT Services—2.3%
MongoDB, Inc. (a) (b)		75,586		30,903,336
Snowflake, Inc. - Class A (a)		153,579		30,562,221
				61,465,557
Media—0.7%
Trade Desk, Inc. - Class A (a) (b)		276,497		19,896,724
Personal Care Products—1.1%
L’Oreal SA		58,606		29,139,231
Pharmaceuticals—6.5%
AstraZeneca PLC (ADR)		438,720		29,547,792
Eli Lilly & Co.		157,056		91,551,083
Novo Nordisk AS (ADR)		518,164		53,604,066
				174,702,941
Semiconductors & Semiconductor Equipment—14.9%
Advanced Micro Devices, Inc. (a)		693,803		102,273,500
ARM Holdings PLC (ADR) (a) (b)		197,219		14,820,022
ASML Holding NV		35,436		26,822,217
Broadcom, Inc.		68,436		76,391,685
Micron Technology, Inc.		167,152		14,264,752
NVIDIA Corp.		328,242		162,552,003
				397,124,179
Software—17.3%
Adobe, Inc. (a)		89,325		53,291,295
Cadence Design Systems, Inc. (a)		121,157		32,999,532
CrowdStrike Holdings, Inc. - Class A (a) (b)		132,819		33,911,347
HubSpot, Inc. (a) (b)		25,137		14,593,034
Microsoft Corp.		590,403		222,015,144
Palo Alto Networks, Inc. (a)		26,256		7,742,369
Salesforce, Inc. (a)		225,056		59,221,236
ServiceNow, Inc. (a)		52,509		37,097,084
				460,871,041
Specialized REITs—1.1%
American Tower Corp.		141,981		30,650,858
Specialty Retail—3.1%
Home Depot, Inc.		92,702		32,125,878
O’Reilly Automotive, Inc. (a)		25,596		24,318,248
TJX Cos., Inc.		289,513		27,159,214
				83,603,340
Technology Hardware, Storage & Peripherals—4.8%
Apple, Inc.		670,885		129,165,489

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—3.8%
Lululemon Athletica, Inc. (a)		86,344	$	44,146,824
LVMH Moet Hennessy Louis Vuitton SE		48,653		39,463,676
NIKE, Inc. - Class B		155,063		16,835,190
				100,445,690
Total Common Stocks (Cost $1,467,536,559)				2,647,849,984
Preferred Stock—0.5%
Automobiles—0.5%
Dr. Ing HC F Porsche AG (Cost $15,069,679)		157,971		13,930,850
Securities Lending Reinvestments (c)—3.7%
Certificates of Deposit—0.3%
Mizuho Bank Ltd.
5.790%, SOFR + 0.400%, 04/18/24 (d)		1,000,000		1,000,453
MUFG Bank Ltd. (London)
Zero Coupon, 02/20/24		1,500,000		1,488,165
Royal Bank of Canada
5.880%, FEDEFF PRV + 0.550%, 09/20/24 (d)		1,000,000		1,000,620
Standard Chartered Bank
5.770%, SOFR + 0.370%, 03/12/24 (d)		2,000,000		2,000,828
Sumitomo Mitsui Trust Bank Ltd.
5.800%, SOFR + 0.400%, 04/24/24 (d)		1,000,000		1,000,595
Westpac Banking Corp.
5.950%, SOFR + 0.550%, 10/11/24 (d)		1,000,000		1,001,239
				7,491,900
Repurchase Agreements—2.4%
Bank of Nova Scotia
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $12,007,267; collateralized by various Common Stock with an aggregate market value of $13,365,550.		12,000,000		12,000,000
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $500,296; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $510,280.		500,000		500,000
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $1,030,624; collateralized by various Common Stock with an aggregate market value of $1,148,256.		1,030,000		1,030,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $6,180,992; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $6,120,028.		6,000,000		6,000,000
Repurchase Agreements—(Continued)
ING Financial Markets LLC
Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $14,255,940; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.352%, maturity dates ranging from 01/15/24 - 11/15/53, and an aggregate market value of $14,532,471.		14,247,519		14,247,519
National Bank of Canada
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $10,010,597; collateralized by various Common Stock with an aggregate market value of $11,159,892.		10,000,000		10,000,000
NBC Global Finance Ltd.
Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $4,502,775; collateralized by various Common Stock with an aggregate market value of $5,022,063.		4,500,000		4,500,000
Royal Bank of Canada Toronto
Repurchase Agreement dated 12/29/23 at 5.590%, due on 02/02/24 with a maturity value of $5,027,174; collateralized by various Common Stock with an aggregate market value of $5,556,418.		5,000,000		5,000,000
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $5,002,961; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $5,111,326.		5,000,000		5,000,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $400,237; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $408,000.		400,000		400,000
TD Prime Services LLC
Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $5,003,011; collateralized by various Common Stock with an aggregate market value of $5,514,305.		5,000,000		5,000,000
				63,677,519
Time Deposit—0.1%
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		4,000,000		4,000,000
Mutual Funds — 0.9%
Allspring Government Money Market Fund, Select Class 5.280% (e)		2,000,000		2,000,000
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (e)		4,327,682		4,327,682
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (e)		2,000,000		2,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (e)		5,000,000		5,000,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares		Value
Mutual Funds —(Continued)
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.320% (e)		10,000,000	$	10,000,000
				23,327,682
Total Securities Lending Reinvestments (Cost $98,493,790)				98,497,101
Total Investments — 103.4% (Cost $1,581,100,028)				2,760,277,935
Other assets and liabilities (net)—(3.4)%				(91,965,911	)
Net Assets—100.0%			$	2,668,312,024

*	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, 2023, the market value of securities loaned was $139,113,029 and the collateral received consisted of cash in the amount of $98,483,776 and non-cash collateral with a value of $44,628,607. 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, 2023.
(d)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. 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.
(e)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)—	American Depositary Receipt
(REIT)—	Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	26,810,445	$	—		$	—	$	26,810,445
Automobile Components		7,605,606		—			—		7,605,606
Automobiles		102,957,688		—			—		102,957,688
Biotechnology		35,855,961		—			—		35,855,961
Broadline Retail		265,684,802		—			—		265,684,802
Capital Markets		26,276,617		—			—		26,276,617
Consumer Staples Distribution & Retail		57,477,786		—			—		57,477,786
Electronic Equipment, Instruments & Components		13,415,582		—			—		13,415,582
Entertainment		57,494,686		—			—		57,494,686
Financial Services		153,197,096		—			—		153,197,096
Ground Transportation		48,351,167		—			—		48,351,167
Health Care Equipment & Supplies		34,963,653		—			—		34,963,653
Health Care Providers & Services		45,548,079		—			—		45,548,079
Hotels, Restaurants & Leisure		60,782,728		—			—		60,782,728
Interactive Media & Services		224,363,038		—			—		224,363,038
IT Services		61,465,557		—			—		61,465,557
Media		19,896,724		—			—		19,896,724
Personal Care Products		—		29,139,231			—		29,139,231
Pharmaceuticals		174,702,941		—			—		174,702,941
Semiconductors & Semiconductor Equipment		397,124,179		—			—		397,124,179
Software		460,871,041		—			—		460,871,041
Specialized REITs		30,650,858		—			—		30,650,858
Specialty Retail		83,603,340		—			—		83,603,340
Technology Hardware, Storage & Peripherals		129,165,489		—			—		129,165,489
Textiles, Apparel & Luxury Goods		60,982,014		39,463,676			—		100,445,690
Total Common Stocks		2,579,247,077		68,602,907			—		2,647,849,984
Total Preferred Stock*		—		13,930,850			—		13,930,850
Securities Lending Reinvestments
Certificates of Deposit		—		7,491,900			—		7,491,900
Repurchase Agreements		—		63,677,519			—		63,677,519
Time Deposit		—		4,000,000			—		4,000,000
Mutual Funds		23,327,682		—			—		23,327,682
Total Securities Lending Reinvestments		23,327,682		75,169,419			—		98,497,101
Total Investments	$	2,602,574,759	$	157,703,176		$	—	$	2,760,277,935
Collateral for Securities Loaned (Liability)	$	—	$	(98,483,776	)	$	—	$	(98,483,776	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	2,760,277,935
Cash denominated in foreign currencies (c)		3
Receivable for:
Investments sold		11,748,493
Fund shares sold		333,003
Dividends		1,823,944
Prepaid expenses		9,766
Total Assets		2,774,193,144
Liabilities
Due to custodian		3,590,543
Collateral for securities loaned		98,483,776
Payables for:
Fund shares redeemed		2,051,189
Accrued Expenses:
Management fees		1,165,947
Distribution and service fees		209,668
Deferred trustees’ fees		212,333
Other expenses		167,664
Total Liabilities		105,881,120
Net Assets	$	2,668,312,024
Net Assets Consist of:
Paid in surplus	$	1,158,424,945
Distributable earnings (Accumulated losses)		1,509,887,079
Net Assets	$	2,668,312,024
Net Assets
Class A	$	1,664,369,793
Class B		990,096,447
Class E		13,845,784
Capital Shares Outstanding*
Class A		116,171,258
Class B		72,701,643
Class E		988,494
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.33
Class B		13.62
Class E		14.01

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,581,100,028.
(b)	Includes securities loaned at value of $139,113,029.
(c)	Identified cost of cash denominated in foreign currencies was $3.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	14,510,544
Interest		176,853
Securities lending income		325,853
Total investment income		15,013,250
Expenses
Management fees		14,883,718
Administration fees		105,771
Custodian and accounting fees		158,949
Distribution and service fees—Class B		2,268,394
Distribution and service fees—Class E		18,025
Audit and tax services		49,026
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		74,535
Insurance		21,133
Miscellaneous		29,002
Total expenses		17,701,376
Less management fee waiver		(1,968,541	)
Less broker commission recapture		(39,667	)
Net expenses		15,693,168
Net Investment Loss		(679,918	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		398,321,227
Foreign currency transactions		(55,832	)
Net realized gain (loss)		398,265,395
Net change in unrealized appreciation (depreciation) on:
Investments		638,146,646
Foreign currency transactions		9,359
Net change in unrealized appreciation (depreciation)		638,156,005
Net realized and unrealized gain (loss)		1,036,421,400
Net Increase (Decrease) in Net Assets From Operations	$	1,035,741,482

(a) Net of foreign withholding taxes of $322,680.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(679,918	)	$	(2,772,308	)
Net realized gain (loss)		398,265,395			(66,509,597	)
Net change in unrealized appreciation (depreciation)		638,156,005			(1,252,250,509	)
Increase (decrease) in net assets from operations		1,035,741,482			(1,321,532,414	)
From Distributions to Shareholders
Class A		0			(366,175,729	)
Class B		0			(224,849,934	)
Class E		0			(2,956,177	)
From return of capital
Class A		0			(260,512	)
Class B		0			(159,967	)
Class E		0			(2,103	)
Total distributions		0			(594,404,422	)
Increase (decrease) in net assets from capital share transactions		(449,203,735	)		622,794,342
Total increase (decrease) in net assets		586,537,747			(1,293,142,494	)
Net Assets
Beginning of period		2,081,774,277			3,374,916,771
End of period	$	2,668,312,024		$	2,081,774,277

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		6,683,648		$	73,943,852			9,227,530		$	135,251,837
Reinvestments		0			0			37,699,202			366,436,241
Redemptions		(29,608,636	)		(360,757,627	)		(7,888,307	)		(101,656,550	)
Net increase (decrease)		(22,924,988	)	$	(286,813,775	)		39,038,425		$	400,031,528
Class B
Sales		2,877,581		$	31,937,812			8,202,850		$	103,968,558
Reinvestments		0			0			24,246,757			225,009,901
Redemptions		(16,799,459	)		(193,273,688	)		(8,805,623	)		(107,294,154	)
Net increase (decrease)		(13,921,878	)	$	(161,335,876	)		23,643,984		$	221,684,305
Class E
Sales		136,504		$	1,634,504			77,917		$	949,398
Reinvestments		0			0			310,418			2,958,280
Redemptions		(230,227	)		(2,688,588	)		(219,981	)		(2,829,169	)
Net increase (decrease)		(93,723	)	$	(1,054,084	)		168,354		$	1,078,509
Increase (decrease) derived from capital shares transactions				$	(449,203,735	)				$	622,794,342

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.35		$	20.85		$	22.63		$	16.32		$	14.50
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			(0.00	)(b)		(0.06	)		(0.01	)		0.04
Net realized and unrealized gain (loss)		4.97			(7.97	)		3.29			8.49			4.38
Total income (loss) from investment operations		4.98			(7.97	)		3.23			8.48			4.42
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.04	)		(0.08	)
Distributions from net realized capital gains		0.00			(3.53	)		(5.01	)		(2.13	)		(2.52	)
Distributions from return of capital		0.00			(0.00	)(c)		0.00			0.00			0.00
Total distributions		0.00			(3.53	)		(5.01	)		(2.17	)		(2.60	)
Net Asset Value, End of Period	$	14.33		$	9.35		$	20.85		$	22.63		$	16.32
Total Return (%) (d)		53.26			(38.87	)		17.17			56.80			32.83
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63			0.62			0.61			0.62			0.62
Net ratio of expenses to average net assets (%) (e)		0.55			0.54			0.53			0.54			0.54
Ratio of net investment income (loss) to average net assets (%)		0.07			(0.02	)		(0.26	)		(0.04	)		0.25
Portfolio turnover rate (%)		30			19			23			34			25
Net assets, end of period (in millions)	$	1,664.4		$	1,300.2		$	2,086.0		$	2,134.3		$	1,864.7
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.91		$	20.17		$	22.09		$	15.98		$	14.24
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.03	)		(0.11	)		(0.05	)		0.00	(b)
Net realized and unrealized gain (loss)		4.73			(7.70	)		3.20			8.29			4.29
Total income (loss) from investment operations		4.71			(7.73	)		3.09			8.24			4.29
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.00	)(f)		(0.03	)
Distributions from net realized capital gains		0.00			(3.53	)		(5.01	)		(2.13	)		(2.52	)
Distributions from return of capital		0.00			(0.00	)(c)		0.00			0.00			0.00
Total distributions		0.00			(3.53	)		(5.01	)		(2.13	)		(2.55	)
Net Asset Value, End of Period	$	13.62		$	8.91		$	20.17		$	22.09		$	15.98
Total Return (%) (d)		52.86			(39.02	)		16.91			56.37			32.49
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88			0.87			0.86			0.87			0.87
Net ratio of expenses to average net assets (%) (e)		0.80			0.79			0.78			0.79			0.79
Ratio of net investment income (loss) to average net assets (%)		(0.19	)		(0.27	)		(0.51	)		(0.29	)		0.00	(g)
Portfolio turnover rate (%)		30			19			23			34			25
Net assets, end of period (in millions)	$	990.1		$	771.6		$	1,270.2		$	1,226.6		$	921.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.15		$	20.55		$	22.40		$	16.17		$	14.39
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.02	)		(0.09	)		(0.04	)		0.02
Net realized and unrealized gain (loss)		4.87			(7.85	)		3.25			8.42			4.33
Total income (loss) from investment operations		4.86			(7.87	)		3.16			8.38			4.35
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.02	)		(0.05	)
Distributions from net realized capital gains		0.00			(3.53	)		(5.01	)		(2.13	)		(2.52	)
Distributions from return of capital		0.00			(0.00	)(c)		0.00			0.00			0.00
Total distributions		0.00			(3.53	)		(5.01	)		(2.15	)		(2.57	)
Net Asset Value, End of Period	$	14.01		$	9.15		$	20.55		$	22.40		$	16.17
Total Return (%) (d)		53.11			(38.98	)		17.00			56.60			32.56
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78			0.77			0.76			0.77			0.77
Net ratio of expenses to average net assets (%) (e)		0.70			0.69			0.68			0.69			0.69
Ratio of net investment income (loss) to average net assets (%)		(0.08	)		(0.17	)		(0.41	)		(0.19	)		0.10
Portfolio turnover rate (%)		30			19			23			34			25
Net assets, end of period (in millions)	$	13.8		$	9.9		$	18.8		$	20.6		$	14.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Distributions from return of capital were less than $0.01.
(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.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(f)	Distributions from net investment income were less than $0.01.
(g)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Jennison Growth Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-13

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal

BHFTII-14

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Revenue Service for three fiscal years after the returns are filed. As of December 31, 2023, the Portfolio had no 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 the 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 has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2023, the Portfolio had a payment of $3,590,543 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2023. The Portfolio’s average overdraft advances during the year ended December 31, 2023 were not significant.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $63,677,519, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-15

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	740,984,049	$	0	$	1,129,069,381

BHFTII-16

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum	Average daily net assets
$14,883,718	0.700%	Of the first $200 million
	0.650%	Of the next $300 million
	0.600%	Of the next $1.5 billion
	0.550%	On amounts in excess of $2 billion

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

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.100%	Of the first $200 million
0.050%	On the next $800 million
0.100%	On the next $1 billion
0.080%	On amounts in excess of $2 billion

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

BHFTII-17

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	1,581,939,775
Gross unrealized appreciation		1,196,295,117
Gross unrealized (depreciation)		(17,956,957	)
Net unrealized appreciation (depreciation)	$	1,178,338,160

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2023	2022		2023		2022		2023		2022		2023		2022
$—	$	—	$	—	$	593,981,840	$	—	$	422,582	$	—	$	594,404,422

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$—	$	331,763,343	$	1,178,336,071	$	—	$	1,510,099,414

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

During the year ended December 31, 2023, the Portfolio utilized accumulated short-term capital losses of $63,015,896 and accumulated long-term capital losses of $3,053,270.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-18

Brighthouse Funds Trust II

Jennison Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Jennison Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Jennison Growth Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-19

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-20

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-21

Brighthouse Funds Trust II

Jennison Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-22

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-23

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one- and five-year periods ended June 30, 2023 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the three-year period ended June 30, 2023. The Board further considered that the Portfolio outperformed its benchmark, the Russell 1000 Growth Index, for the one-year period ended October 31, 2023 and underperformed its benchmark for the three-and five-year periods ended October 31, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-24

Brighthouse Funds Trust II

Jennison Growth Portfolio

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-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category 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.

BHFTII-25

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Managed By Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Loomis Sayles Small Cap Core Portfolio returned 17.46%, 17.18%, and 17.29%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 16.93%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. equity market overcame several potential headwinds to post a robust total return in 2023. The interest-rate outlook was a key driver of volatility throughout the year, as the U.S. Federal Reserve (the “Fed”) continued to raise rates—albeit at a slower pace than in 2022—to combat inflation. This issue became more prominent in late summer and early autumn, when rising energy prices fueled concerns that persistent inflation could compel the Fed to keep rates “higher for longer”. The backdrop changed considerably in the fourth quarter after a series of cooler-than-expected inflation reports. In addition, Fed Chairman Jerome Powell surprised the markets in December by indicating that the central bank was likely finished raising rates and possibly on track to begin enacting rate cuts in 2024. Not least, it appeared that gross domestic product growth would remain in positive territory and allow the Fed to achieve the ideal outcome of a “soft landing” for the economy. Stocks surged in response, bringing most major large-cap indexes to near all-time highs by year-end. The late year rally was broad-based, with strong participation from market segments—including the value style, small caps, and mid caps—that had underperformed for most of 2023. Despite this shift, larger cap and growth stocks were the key source of market leadership over the full year. Mega-cap technology-related companies produced particularly impressive gains that were fueled, in part, by excitement about the long-term prospects for artificial intelligence.

Within the small cap market segment, overall returns for the year were strong but were not without volatility. The Russell 2000 Index began the year with a strong “January effect,” returning almost 10% for the month with the rally led by the lowest quality stocks and those segments that underperformed in 2022. For the balance of the year, and particularly within the third quarter, investors took a more defensive posture and “risk-off” leadership drove returns in the small cap market. To close the year, the market had a strong reversal in leadership and reflected a pivot to a “risk-on” market led by lower quality stocks.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Loomis Sayles Small Cap Core Portfolio outperformed the Russell 2000 Index (the “Index”) during the twelve months ended December 31, 2023, as both sector allocation and stock selection metrics aided relative return. Despite a reversal in performance versus the benchmark during the fourth quarter, two key factors accounted for the outperformance. First, higher quality stocks generally outperformed lower quality stocks within the Index for the year. The Portfolio features an orientation toward fundamentally sound businesses, and for most of 2023, high quality stocks outperformed weaker businesses and poorly financed enterprises with the exception of the two market periods noted above in which the Portfolio lagged the benchmark. The second component of the outperformance can be attributed to successful portfolio changes over recent quarters as multiple top contributors to portfolio return were purchased over the past 18 months. An overweight to the Industrials sector and underweight to Utilities were beneficial as was strong stock selection within the Energy, Consumer Staples, and Information Technology (“IT”) sectors. Offsetting these positives was an underweight to the Consumer Discretionary sector and trailing stock selection in the Industrials and Financials sectors. The largest detractor to performance, however, was within the Health Care sector where stock selection lagged the Index significantly as several companies experienced fundamental decline, resulting in a negative return for the Portfolio in the sector.

The two largest contributors to performance at the individual security level were Rambus, Inc., and energy company Weatherford International. Rambus develops and designs semiconductors and maintains intellectual property for high-speed component-to-component interface technology, with data centers as an example of a large end market. Our investment thesis from the time of our initial investment in April 2021 is unfolding as expected, with the latest generation of dynamic random-access memory reaching market adoption and potentially increasing the total addressable market for Rambus interface technology by a significant amount. Weatherford, a provider of equipment and services to the oil and natural gas industry, was added to the Portfolio in July 2022. The company has a long history, but the current business emerged from bankruptcy in late 2019 with a streamlined business, new management, and a dramatically improved financial footing. Since emergence, the company has demonstrated solid progress in improving business practices, increasing margins, and paying down high-cost debt with ample free cash flow. Analyst coverage was low and investor sentiment was weak at the time of our initial purchase, but the stock has steadily gained attention with meaningful improvement in the earnings and cash flow of the business.

The Portfolio’s largest detractors included Veradigm Inc. and OceanFirst Financial Corp. Health Care technology company Veradigm (formerly known as Allscripts) is an electronic medical records provider. In the first quarter of 2023, the company announced an internal control failure would result in a restatement of earnings. We reduced the Portfolio’s position on the news but delayed selling the Portfolio’s remaining position until later in the year after the company failed to resolve certain accounting deficiencies within the time frame we had expected. At the time of the final sale of the shares, the weight of the holding was a small weight in the Portfolio. OceanFirst Financial is a regional bank focused on small and mid-sized customers in New York and New Jersey. We believe that the bank’s above average lending exposure to office buildings are at risk of increased credit losses due to a decline in the market value of these properties, evidenced by a large write-down on one Manhattan property during the third quarter. We sold the position and deployed much of the proceeds into other bank stock holdings in the Portfolio.

BHFTII-1

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Managed By Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

During the period, we added new stocks with attractive investment potential and eliminated holdings where the valuation had exceeded our target levels or where fundamentals no longer fit our investment thesis. New positions included Moog Inc., a manufacturer of highly engineered and critical components and subsystems for commercial and defense aircraft; Tidewater Inc., a provider of equipment and services to the oil and natural gas industry; and Knife River Corporation, a provider of construction materials and services to municipalities for transportation infrastructure. Knife was a spin-off from an existing utility holding, and we added to the original position post-spin. In addition to Veradigm and OceanFirst, the largest positions eliminated included engineering and construction firm AECOM; instant automobile oil change provider Valvoline Inc.; and CVB Financial Corp., a bank holding company offering community banking services in California.

Sector weight changes during the period ending December 31, 2023 reflected both our repositioning within the Portfolio as well as market impacts. As a result of individual stock selection, our weights in the Health Care and IT sectors were reduced while weights to the Industrials and Energy sectors increased.

At the end of 2023, the Portfolio continued to be positioned in the larger capitalization range of the small cap universe and focused on those companies featuring higher quality business models and balance sheets, with good earnings visibility and continued growth potential. Through the stock selection process, the Portfolio was broadly diversified across all economic sectors, with a relative overweight to the Industrials and Energy sectors while underweight to the Consumer Discretionary, Health Care and Real Estate sectors versus the Index.

Mark Burns

John Slavik

Joe Gatz

Jeff Schwatz

Portfolio Managers

Loomis, Sayles & Company, L.P.

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

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

BHFTII-2

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Loomis Sayles Small Cap Core Portfolio
Class A		17.46		11.35		7.90
Class B		17.18		11.07		7.63
Class E		17.29		11.18		7.74
Russell 2000 Index		16.93		9.97		7.16

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
Weatherford International PLC		2.4
Noble Corp. PLC		1.4
Moog, Inc. - Class A		1.3
Vontier Corp.		1.3
McGrath RentCorp		1.2
Northern Oil & Gas, Inc.		1.2
Clean Harbors, Inc.		1.2
Rambus, Inc.		1.2
Kadant, Inc.		1.2
Federal Agricultural Mortgage Corp.- Class C		1.2

Top Sectors

	% of Net Assets
Industrials		25.2
Financials		15.5
Information Technology		12.6
Health Care		11.9
Energy		10.4
Consumer Discretionary		7.3
Consumer Staples		4.4
Materials		3.6
Real Estate		3.0
Communication Services		1.9

BHFTII-3

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Loomis Sayles Small Cap Core Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.90	%	$	1,000.00	$	1,072.60	$	4.70
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.67	$	4.58
Class B (a)	Actual		1.15	%	$	1,000.00	$	1,071.30	$	6.00
	Hypothetical*		1.15	%	$	1,000.00	$	1,019.41	$	5.85
Class E (a)	Actual		1.05	%	$	1,000.00	$	1,071.90	$	5.48
	Hypothetical*		1.05	%	$	1,000.00	$	1,019.91	$	5.35

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—97.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—4.0%
AAR Corp. (a)		15,338	$	957,091
Hexcel Corp.		15,144		1,116,870
Kratos Defense & Security Solutions, Inc. (a)		61,279		1,243,351
Leonardo DRS, Inc. (a)		131,211		2,629,469
Mercury Systems, Inc. (a)		52,734		1,928,482
Moog, Inc. - Class A		34,935		5,057,889
V2X, Inc. (a)		49,236		2,286,520
				15,219,672
Automobile Components—0.7%
Dorman Products, Inc. (a)		6,362		530,654
Gentherm, Inc. (a) (b)		13,406		701,938
Modine Manufacturing Co. (a)		7,630		455,511
Patrick Industries, Inc. (b)		9,993		1,002,798
				2,690,901
Banks—8.7%
Ameris Bancorp (b)		66,238		3,513,926
Bancorp, Inc. (a)		26,085		1,005,838
Cadence Bank		102,092		3,020,902
Home BancShares, Inc.		140,402		3,556,383
Hope Bancorp, Inc.		133,280		1,610,022
Pinnacle Financial Partners, Inc.		38,411		3,350,207
Popular, Inc.		43,944		3,606,484
Prosperity Bancshares, Inc.		50,858		3,444,612
SouthState Corp.		40,268		3,400,633
Wintrust Financial Corp.		41,429		3,842,540
WSFS Financial Corp.		53,803		2,471,172
				32,822,719
Beverages—0.2%
Vita Coco Co., Inc. (a)		26,276		673,979
Biotechnology—2.3%
Alkermes PLC (a)		76,666		2,126,715
Inhibrx, Inc. (a)		23,579		896,002
Insmed, Inc. (a)		33,052		1,024,282
United Therapeutics Corp. (a)		11,589		2,548,305
Vericel Corp. (a)		24,871		885,656
Xencor, Inc. (a)		21,536		457,209
Xenon Pharmaceuticals, Inc. (a)		15,436		710,982
				8,649,151
Building Products—3.6%
AZEK Co., Inc. (a)		33,861		1,295,183
CSW Industrials, Inc.		5,935		1,230,978
Griffon Corp.		47,172		2,875,134
Janus International Group, Inc. (a) (b)		172,577		2,252,130
Quanex Building Products Corp.		70,929		2,168,300
UFP Industries, Inc.		30,102		3,779,306
				13,601,031
Capital Markets—1.8%
Hamilton Lane, Inc. - Class A		11,438		1,297,527
P10, Inc. - Class A		104,688		1,069,911
Capital Markets—(Continued)
Piper Sandler Cos.		2,434		425,634
PJT Partners, Inc. - Class A		11,788		1,200,844
Stifel Financial Corp.		37,903		2,620,992
				6,614,908
Chemicals—2.2%
Ashland, Inc.		20,758		1,750,107
Cabot Corp. (b)		34,908		2,914,818
Ecovyst, Inc. (a)		216,145		2,111,736
LSB Industries, Inc. (a)		177,057		1,648,401
				8,425,062
Commercial Services & Supplies—3.2%
ACV Auctions, Inc. - Class A (a)		53,360		808,404
Casella Waste Systems, Inc. - Class A (a)		16,300		1,392,998
CECO Environmental Corp. (a)		78,993		1,601,978
Clean Harbors, Inc. (a)		25,906		4,520,856
Vestis Corp.		83,038		1,755,423
VSE Corp.		31,096		2,009,113
				12,088,772
Communications Equipment—0.7%
Calix, Inc. (a)		16,687		729,055
Viavi Solutions, Inc. (a) (b)		192,881		1,942,312
				2,671,367
Construction & Engineering—2.2%
Arcosa, Inc.		52,134		4,308,354
Construction Partners, Inc. - Class A (a)		12,332		536,689
MDU Resources Group, Inc.		111,863		2,214,887
Sterling Infrastructure, Inc. (a)		5,120		450,201
WillScot Mobile Mini Holdings Corp. (a)		17,860		794,770
				8,304,901
Construction Materials—0.9%
Knife River Corp. (a)		49,611		3,283,256
Consumer Staples Distribution & Retail—0.9%
Andersons, Inc.		55,634		3,201,180
Diversified Consumer Services—0.2%
Grand Canyon Education, Inc. (a)		5,610		740,744
Electric Utilities—0.5%
ALLETE, Inc.		33,428		2,044,457
Electrical Equipment—0.6%
Atkore, Inc. (a) (b)		14,808		2,369,280
Electronic Equipment, Instruments & Components—5.9%
Advanced Energy Industries, Inc. (b)		9,306		1,013,609
Bel Fuse, Inc. - Class B		35,200		2,350,304
Crane NXT Co.		43,725		2,486,641
Itron, Inc. (a) (b)		11,326		855,226
Littelfuse, Inc.		9,348		2,501,151

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
Novanta, Inc. (a)		6,229	$	1,049,026
Rogers Corp. (a)		9,332		1,232,477
TD SYNNEX Corp.		29,803		3,207,101
TTM Technologies, Inc. (a)		177,138		2,800,552
Vontier Corp.		137,600		4,754,080
				22,250,167
Energy Equipment & Services—6.2%
Cactus, Inc. - Class A (b)		23,260		1,056,004
ChampionX Corp.		82,665		2,414,645
Newpark Resources, Inc. (a)		163,790		1,087,566
Noble Corp. PLC		107,320		5,168,531
Oceaneering International, Inc. (a)		32,018		681,343
Tidewater, Inc. (a)		54,156		3,905,189
Weatherford International PLC (a)		93,812		9,177,628
				23,490,906
Entertainment—0.6%
Atlanta Braves Holdings, Inc. - Class C (a)		57,922		2,292,553
Financial Services—3.3%
Euronet Worldwide, Inc. (a)		25,039		2,541,208
EVERTEC, Inc.		30,672		1,255,712
Federal Agricultural Mortgage Corp. - Class C		22,831		4,365,744
International Money Express, Inc. (a)		97,840		2,161,286
WEX, Inc. (a)		11,361		2,210,282
				12,534,232
Food Products—1.3%
J & J Snack Foods Corp.		7,774		1,299,346
Nomad Foods Ltd. (a)		122,895		2,083,070
Simply Good Foods Co. (a)		25,086		993,406
Sovos Brands, Inc. (a)		18,989		418,328
				4,794,150
Ground Transportation—0.2%
Marten Transport Ltd. (b)		33,151		695,508
Health Care Equipment & Supplies—4.2%
AtriCure, Inc. (a)		18,177		648,737
Axonics, Inc. (a)		17,758		1,105,080
CONMED Corp.		24,054		2,634,154
Embecta Corp.		37,405		708,077
Glaukos Corp. (a)		9,551		759,209
Inmode Ltd. (a) (b)		65,641		1,459,856
Lantheus Holdings, Inc. (a)		48,565		3,011,030
LivaNova PLC (a)		12,577		650,734
Merit Medical Systems, Inc. (a) (b)		16,772		1,274,001
PROCEPT BioRobotics Corp. (a) (b)		18,102		758,655
UFP Technologies, Inc. (a)		15,885		2,732,855
				15,742,388
Health Care Providers & Services—3.0%
Acadia Healthcare Co., Inc. (a)		10,207		793,696
Ensign Group, Inc.		8,857		993,844
HealthEquity, Inc. (a)		10,533		698,338
Health Care Providers & Services—(Continued)
Option Care Health, Inc. (a)		115,610		3,894,901
Progyny, Inc. (a)		23,851		886,780
RadNet, Inc. (a)		15,385		534,936
Tenet Healthcare Corp. (a)		46,510		3,514,761
				11,317,256
Health Care Technology—0.3%
Evolent Health, Inc. - Class A (a)		28,635		945,814
Hotels, Restaurants & Leisure—1.5%
Churchill Downs, Inc.		21,806		2,942,283
Life Time Group Holdings, Inc. (a)		50,345		759,203
Papa John’s International, Inc. (b)		9,286		707,872
Texas Roadhouse, Inc.		10,632		1,299,549
				5,708,907
Household Durables—1.7%
Installed Building Products, Inc.		7,586		1,386,873
KB Home		40,896		2,554,364
Skyline Champion Corp. (a)		33,628		2,497,215
				6,438,452
Household Products—0.6%
Spectrum Brands Holdings, Inc. (b)		27,956		2,230,050
Independent Power and Renewable Electricity Producers—0.4%
Talen Energy Corp. (a)		23,219		1,486,016
Industrial REITs—0.8%
STAG Industrial, Inc.		79,648		3,126,981
Insurance—1.8%
BRP Group, Inc. - Class A (a) (b)		33,385		801,908
Employers Holdings, Inc.		58,245		2,294,853
Goosehead Insurance, Inc. - Class A (a)		13,073		990,933
Kemper Corp.		39,719		1,933,124
Kinsale Capital Group, Inc. (b)		1,850		619,583
				6,640,401
Leisure Products—0.9%
Brunswick Corp.		29,472		2,851,416
Malibu Boats, Inc. - Class A (a) (b)		11,669		639,695
				3,491,111
Life Sciences Tools & Services—0.3%
Medpace Holdings, Inc. (a)		3,570		1,094,312
Machinery—3.6%
Albany International Corp. - Class A		38,878		3,818,597
Columbus McKinnon Corp.		45,830		1,788,287
ESCO Technologies, Inc.		8,969		1,049,642
Kadant, Inc.		15,680		4,395,261
RBC Bearings, Inc. (a) (b)		3,995		1,138,135
Wabash National Corp. (b)		52,848		1,353,966
				13,543,888

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Marine Transportation—0.6%
Genco Shipping & Trading Ltd.		146,709	$	2,433,902
Media—0.4%
John Wiley & Sons, Inc. - Class A		43,703		1,387,133
Metals & Mining—0.5%
ATI, Inc. (a) (b)		19,044		865,931
Worthington Steel, Inc. (a) (b)		36,316		1,020,479
				1,886,410
Office REITs—0.8%
Equity Commonwealth		110,536		2,122,291
Postal Realty Trust, Inc. - Class A		66,005		961,033
				3,083,324
Oil, Gas & Consumable Fuels—4.1%
Antero Resources Corp. (a)		72,826		1,651,694
California Resources Corp. (b)		50,895		2,782,938
Delek U.S. Holdings, Inc.		74,012		1,909,510
International Seaways, Inc.		48,478		2,204,779
Kosmos Energy Ltd. (a)		264,510		1,774,862
Magnolia Oil & Gas Corp. - Class A (b)		34,130		726,628
Northern Oil & Gas, Inc. (b)		123,161		4,565,578
				15,615,989
Personal Care Products—1.5%
BellRing Brands, Inc. (a)		71,702		3,974,442
elf Beauty, Inc. (a) (b)		5,559		802,386
Inter Parfums, Inc.		6,804		979,844
				5,756,672
Pharmaceuticals—1.9%
ANI Pharmaceuticals, Inc. (a)		36,524		2,013,933
Pacira BioSciences, Inc. (a)		66,138		2,231,496
Supernus Pharmaceuticals, Inc. (a)		106,821		3,091,400
				7,336,829
Professional Services—3.5%
Alight, Inc. - Class A (a)		309,037		2,636,086
Concentrix Corp.		22,364		2,196,369
CSG Systems International, Inc. (b)		30,391		1,617,105
FTI Consulting, Inc. (a)		3,709		738,647
Huron Consulting Group, Inc. (a)		7,790		800,812
ICF International, Inc.		5,862		786,036
KBR, Inc.		15,154		839,683
Korn Ferry		38,035		2,257,377
Science Applications International Corp.		10,370		1,289,198
				13,161,313
Real Estate Management & Development—0.8%
Colliers International Group, Inc. (b)		23,447		2,966,515
Retail REITs—0.6%
Agree Realty Corp.		34,862		2,194,563
Semiconductors & Semiconductor Equipment—3.3%
MACOM Technology Solutions Holdings, Inc. (a) (b)		18,204		1,692,062
MKS Instruments, Inc.		24,906		2,562,080
Onto Innovation, Inc. (a)		7,732		1,182,223
Rambus, Inc. (a)		64,550		4,405,538
Semtech Corp. (a) (b)		82,240		1,801,878
Silicon Laboratories, Inc. (a)		7,263		960,677
				12,604,458
Software—2.0%
Agilysys, Inc. (a)		6,538		554,553
Clearwater Analytics Holdings, Inc. - Class A (a)		34,772		696,483
HashiCorp, Inc. - Class A (a)		55,138		1,303,462
Intapp, Inc. (a)		21,845		830,547
Tenable Holdings, Inc. (a)		20,530		945,612
Varonis Systems, Inc. (a)		30,080		1,362,022
Vertex, Inc. - Class A (a)		30,155		812,376
Workiva, Inc. (a) (b)		9,156		929,609
				7,434,664
Specialty Retail—1.2%
Academy Sports & Outdoors, Inc.		34,779		2,295,414
Boot Barn Holdings, Inc. (a) (b)		28,649		2,199,097
				4,494,511
Technology Hardware, Storage & Peripherals—0.7%
Pure Storage, Inc. - Class A (a)		31,825		1,134,880
Super Micro Computer, Inc. (a)		5,271		1,498,334
				2,633,214
Textiles, Apparel & Luxury Goods—1.0%
Columbia Sportswear Co.		7,776		618,503
Crocs, Inc. (a)		27,688		2,586,336
Oxford Industries, Inc.		7,439		743,900
				3,948,739
Trading Companies & Distributors—3.7%
Alta Equipment Group, Inc.		105,054		1,299,518
Applied Industrial Technologies, Inc.		7,358		1,270,653
Custom Truck One Source, Inc. (a)		148,425		917,266
Herc Holdings, Inc.		19,159		2,852,584
McGrath RentCorp		39,393		4,712,191
MRC Global, Inc. (a)		171,565		1,888,931
SiteOne Landscape Supply, Inc. (a) (b)		6,069		986,212
				13,927,355
Water Utilities—0.3%
Pure Cycle Corp. (a)		101,388		1,061,532
Wireless Telecommunication Services—0.9%
U.S. Cellular Corp. (a) (b)		82,146		3,412,345
Total Common Stocks (Cost $261,558,557)				366,563,940

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2023

Escrow Shares—0.0%

Security Description	Shares/ Principal Amount*		Value
Wireless Telecommunication Services—0.0%
GCI Liberty, Inc. (a) (c) (d) (Cost $0)		39,365	$	0
Short-Term Investment—3.2%
Repurchase Agreement—3.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $12,047,315; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $12,284,875.		12,043,970		12,043,970
Total Short-Term Investments (Cost $12,043,970)				12,043,970
Securities Lending Reinvestments (e)—0.8%
Repurchase Agreements—0.0%
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $16,631; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $16,963.		16,621		16,621
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $141,626; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $144,374.		141,543		141,543
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $23,056; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $23,503.		23,042		23,042
				181,206
Mutual Funds—0.8%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (f)		600,000		600,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (f)		600,000		600,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (f)		600,000		600,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (f)		600,000		600,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.320% (f)		200,000		200,000
STIT-Government & Agency Portfolio, Institutional Class 5.270% (f)		400,000		400,000
				3,000,000
Total Securities Lending Reinvestments (Cost $3,181,206)				3,181,206
Total Investments—101.1% (Cost $276,783,733)				381,789,116
Other assets and liabilities (net)—(1.1)%				(4,138,493	)
Net Assets—100.0%			$	377,650,623

* 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, 2023, the market value of securities loaned was $34,041,675 and the collateral received consisted of cash in the amount of $3,181,206 and non-cash collateral with a value of $31,902,656. 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, 2023, these securities represent less than 0.05% of net assets.

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

(e) Represents investment of cash collateral received from securities on loan as of December 31, 2023.

(f) The rate shown represents the annualized seven-day yield as of December 31, 2023.

Glossary of Abbreviations

Other Abbreviations

(REIT)— Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	366,563,940	$	—		$	—	$	366,563,940
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		—		12,043,970			—		12,043,970
Securities Lending Reinvestments
Repurchase Agreements		—		181,206			—		181,206
Mutual Funds		3,000,000		—			—		3,000,000
Total Securities Lending Reinvestments		3,000,000		181,206			—		3,181,206
Total Investments	$	369,563,940	$	12,225,176		$	0	$	381,789,116
Collateral for Securities Loaned (Liability)	$	—	$	(3,181,206	)	$	—	$	(3,181,206	)

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	381,789,116
Receivable for:
Investments sold		46,442
Fund shares sold		58,054
Dividends and interest		263,748
Prepaid expenses		1,303
Total Assets		382,158,663
Liabilities
Collateral for securities loaned		3,181,206
Payables for:
Investments purchased		121,314
Fund shares redeemed		671,257
Accrued Expenses:
Management fees		254,826
Distribution and service fees		24,848
Deferred trustees’ fees		169,186
Other expenses		85,403
Total Liabilities		4,508,040
Net Assets	$	377,650,623
Net Assets Consist of:
Paid in surplus	$	246,698,346
Distributable earnings (Accumulated losses)		130,952,277
Net Assets	$	377,650,623
Net Assets
Class A	$	249,593,925
Class B		108,885,099
Class E		19,171,599
Capital Shares Outstanding*
Class A		1,075,248
Class B		523,441
Class E		87,774
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	232.13
Class B		208.02
Class E		218.42

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $276,783,733.
(b)	Includes securities loaned at value of $34,041,675.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	3,801,799
Interest		231,392
Securities lending income		19,208
Total investment income		4,052,399
Expenses
Management fees		3,249,565
Administration fees		28,734
Custodian and accounting fees		49,097
Distribution and service fees—Class B		264,041
Distribution and service fees—Class E		28,016
Audit and tax services		49,026
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		41,869
Insurance		3,142
Miscellaneous		14,092
Total expenses		3,820,405
Less management fee waiver		(303,563	)
Less broker commission recapture		(12,547	)
Net expenses		3,504,295
Net Investment Income		548,104
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		25,834,560
Net change in unrealized appreciation on investments		31,936,592
Net realized and unrealized gain (loss)		57,771,152
Net Increase (Decrease) in Net Assets From Operations	$	58,319,256

(a) Net of foreign withholding taxes of $9,768.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	548,104		$	862,030
Net realized gain (loss)		25,834,560			17,484,843
Net change in unrealized appreciation (depreciation)		31,936,592			(87,385,843	)
Increase (decrease) in net assets from operations		58,319,256			(69,038,970	)
From Distributions to Shareholders
Class A		(11,629,512	)		(45,698,470	)
Class B		(5,612,287	)		(23,625,478	)
Class E		(950,468	)		(3,933,608	)
Total distributions		(18,192,267	)		(73,257,556	)
Increase (decrease) in net assets from capital share transactions		(16,504,796	)		37,150,364
Total increase (decrease) in net assets		23,622,193			(105,146,162	)
Net Assets
Beginning of period		354,028,430			459,174,592
End of period	$	377,650,623		$	354,028,430

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		17,888		$	3,845,856			15,899		$	3,692,921
Reinvestments		54,730			11,629,512			235,583			45,698,470
Redemptions		(107,998	)		(23,283,766	)		(90,476	)		(20,948,391	)
Net increase (decrease)		(35,380	)	$	(7,808,398	)		161,006		$	28,443,000
Class B
Sales		18,386		$	3,566,377			13,851		$	3,071,966
Reinvestments		29,433			5,612,287			134,926			23,625,478
Redemptions		(84,249	)		(16,416,445	)		(92,258	)		(19,440,894	)
Net increase (decrease)		(36,430	)	$	(7,237,781	)		56,519		$	7,256,550
Class E
Sales		1,488		$	304,337			1,620		$	360,610
Reinvestments		4,750			950,468			21,470			3,933,608
Redemptions		(13,356	)		(2,713,422	)		(12,566	)		(2,843,404	)
Net increase (decrease)		(7,118	)	$	(1,458,617	)		10,524		$	1,450,814
Increase (decrease) derived from capital shares transactions				$	(16,504,796	)				$	37,150,364

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	207.66		$	307.10		$	267.73		$	262.79		$	233.39
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.50			0.73			0.04			0.54			0.60
Net realized and unrealized gain (loss)		34.78			(50.49	)		57.96			24.46			56.79
Total income (loss) from investment operations		35.28			(49.76	)		58.00			25.00			57.39
Less Distributions
Distributions from net investment income		(0.43	)		0.00			(0.25	)		(0.32	)		(0.08	)
Distributions from net realized capital gains		(10.38	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)
Total distributions		(10.81	)		(49.68	)		(18.63	)		(20.06	)		(27.99	)
Net Asset Value, End of Period	$	232.13		$	207.66		$	307.10		$	267.73		$	262.79
Total Return (%) (b)		17.46			(15.06	)		21.95			12.07			25.54
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98			0.96			0.96			0.98			0.97
Net ratio of expenses to average net assets (%) (c)		0.89			0.88			0.87			0.90			0.90
Ratio of net investment income (loss) to average net assets (%)		0.23			0.31			0.01			0.24			0.23
Portfolio turnover rate (%)		28			31			29			35			31
Net assets, end of period (in millions)	$	249.6		$	230.6		$	291.6		$	262.1		$	254.6
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	187.19		$	283.63		$	248.88		$	246.17		$	220.60
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		0.13			(0.64	)		(0.02	)		(0.04	)
Net realized and unrealized gain (loss)		31.24			(46.89	)		53.77			22.47			53.52
Total income (loss) from investment operations		31.21			(46.76	)		53.13			22.45			53.48
Less Distributions
Distributions from net realized capital gains		(10.38	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)
Total distributions		(10.38	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)
Net Asset Value, End of Period	$	208.02		$	187.19		$	283.63		$	248.88		$	246.17
Total Return (%) (b)		17.18			(15.28	)		21.64			11.79			25.23
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.23			1.21			1.21			1.23			1.22
Net ratio of expenses to average net assets (%) (c)		1.14			1.13			1.12			1.15			1.15
Ratio of net investment income (loss) to average net assets (%)		(0.02	)		0.06			(0.23	)		(0.01	)		(0.02	)
Portfolio turnover rate (%)		28			31			29			35			31
Net assets, end of period (in millions)	$	108.9		$	104.8		$	142.8		$	143.4		$	141.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	195.97		$	293.73		$	256.93		$	253.13		$	225.95
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.17			0.35			(0.38	)		0.19			0.21
Net realized and unrealized gain (loss)		32.76			(48.43	)		55.56			23.35			54.88
Total income (loss) from investment operations		32.93			(48.08	)		55.18			23.54			55.09
Less Distributions
Distributions from net investment income		(0.10	)		0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(10.38	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)
Total distributions		(10.48	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)
Net Asset Value, End of Period	$	218.42		$	195.97		$	293.73		$	256.93		$	253.13
Total Return (%) (b)		17.29			(15.19	)		21.77			11.90			25.35
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.13			1.11			1.11			1.13			1.12
Net ratio of expenses to average net assets (%) (c)		1.04			1.03			1.02			1.05			1.05
Ratio of net investment income (loss) to average net assets (%)		0.08			0.16			(0.13	)		0.09			0.08
Portfolio turnover rate (%)		28			31			29			35			31
Net assets, end of period (in millions)	$	19.2		$	18.6		$	24.8		$	25.2		$	24.8

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Loomis Sayles Small Cap Core Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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 - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $12,043,970. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $181,206. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the

BHFTII-16

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	99,728,676	$	0	$	135,961,671

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$3,249,565		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

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

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.130%	Of the first $25 million
0.080%	On the next $75 million
0.050%	On the next $100 million
0.100%	On the next $300 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

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.

BHFTII-17

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the 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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	276,979,638
Gross unrealized appreciation		111,725,734
Gross unrealized (depreciation)		(6,916,256	)
Net unrealized appreciation (depreciation)	$	104,809,478

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$466,955	$	2,325,566	$	17,725,312	$	70,931,990	$	18,192,267	$	73,257,556

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$420,775	$	25,891,210	$	104,809,478	$	—	$	131,121,463

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

BHFTII-18

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-19

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Loomis Sayles Small Cap Core Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Loomis Sayles Small Cap Core Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-20

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-21

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-22

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-23

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-24

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of one of its Performance Universes for the one-and three-year periods ended June 30, 2023 and underperformed the median of that Performance Universe for the five-year period ended June 30, 2023. The Board also considered that the Portfolio outperformed the median of its other Performance Universe for the one-, three-, and five-year periods ended June 30, 2023. The Board further considered that the Portfolio outperformed the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. The Board further considered that the Portfolio outperformed the average of a different, but still comparable, Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. The Board further considered that the Portfolio outperformed its

BHFTII-25

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

benchmark, the Russell 2000 Index, for the one-, three-, and five-year periods ended October 31, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and 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/Morningstar Category 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.

BHFTII-26

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Managed By Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Loomis Sayles Small Cap Growth Portfolio returned 11.91%, 11.54%, and 11.72%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 18.66%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. equity market overcame several potential headwinds to post a robust total return in 2023. The interest-rate outlook was a key driver of volatility throughout the year, as the U.S. Federal Reserve (the “Fed”) continued to raise rates—albeit at a slower pace than in 2022—to combat inflation. This issue became more prominent in late summer and early autumn, when rising energy prices fueled concerns that persistent inflation could compel the Fed to keep rates “higher for longer”. The backdrop changed considerably in the fourth quarter after a series of cooler-than-expected inflation reports. In addition, Fed Chairman Jerome Powell surprised the markets in December by indicating that the central bank was likely finished raising rates and possibly on track to begin enacting rate cuts in 2024. Not least, it appeared that gross domestic product growth would remain in positive territory and allow the Fed to achieve the ideal outcome of a “soft landing” for the economy. Stocks surged in response, bringing most major large-cap indexes to near all-time highs by year-end. The late year rally was broad-based, with strong participation from market segments—including the value style, small caps, and mid caps—that had underperformed for most of 2023. Despite this shift, larger cap and growth stocks were the key source of market leadership over the full year. Mega-cap technology-related companies produced particularly impressive gains that were fueled, in part, by excitement about the long-term prospects for artificial intelligence.

Within the small cap market segment, overall returns for the year were strong but were not without volatility. The Russell 2000 Index began the year with a strong “January effect” returning almost 10% for the month with the rally led by the lowest quality stocks and those segments that underperformed in 2022. For the balance of the year, and particularly within the third quarter, investors took a more defensive posture and “risk-off” leadership drove returns in the small cap market. To close the year, the market had a strong reversal in leadership and reflected a pivot to a “risk-on” market led by lower quality stocks.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Loomis Sayles Small Cap Growth Portfolio underperformed the Russell 2000 Growth Index (the “Index”) during the twelve months ended December 31, 2023. Stock selection in the Health Care, Information Technology (“IT”) and Industrials sectors were the largest detractors from relative performance. Selection in the Consumer Staples and Energy sectors were the largest contributors to relative performance.

The Portfolio’s largest detractors from performance on the individual security level included Halozyme Therapeutics, Ventyx Bioscienes, and Calix. Halozyme Therapeutics is a biotech company focused on developing and commercializing oncology therapeutics. The company underperformed due to increased uncertainty around their royalty streams from biopharma partners later in the decade. This uncertainty stems from language around drug price negotiations built into the Inflation Reduction Act that was passed in August 2022. The stock triggered our stop loss and we have exited the position. Ventyx Biosciences is a biotechnology company focused on developing drugs for autoimmune driven conditions. The company had two data readouts in the fourth quarter of 2023 that failed to meet consensus expectations. As a result, the shares underperformed the market and traded down to minimal value for the assets. Calix is a provider of technology solutions to telecom service providers and represents a model transitioning from hardware to software. While company financials held up much better than the stock, Calix’s management did lower their revenue growth outlook for 2024 based on customer hesitation and confusion around various government funding programs.

The largest contributors to performance on the individual security level were Rambus, Weatherford International and BellRing Brands. Rambus is a provider of memory-related chips and intellectual property. We believe the company is well positioned to benefit from a technology shift to a new generation of dynamic random-access memory, which is partly driven by artificial intelligence servers. Weatherford International is a diversified services provider to oil and gas companies on a global basis. Weatherford’s management has refocused the business such that they have products/services with a competitive advantage. The company also has significant international exposure, which we believe represents the growth driver for the remainder of this cycle. BellRing Brands is a leader in the convenient nutrition category and produces nutritional items such as protein shakes, powders and bars. We believe that, after spending two years on re-building manufacturing capacity, the company is now able to service growing demand and support it with a marketing boost.

During the reporting period, we added new stocks with attractive investment potential and eliminated holdings where fundamentals no longer fit our investment thesis, market cap grew beyond our ceiling, or our stop loss was triggered. New positions included: Glaukos, Construction Partners and Vertex. Glaukos is a medical device company focused on the treatment of glaucoma. We initiated a position in the stock as we believe the company’s newest device, an implant that slowly releases glaucoma drug therapy within the eye, has the potential to durably drive growth and profitability. Construction Partners represents a vertically integrated model that provides road paving services in the southeast, along with owning their own hot asphalt plants. The company is actively consolidating this fragmented market in their current footprint, which we believe is an accelerator of growth and scale. Vertex is a leader in the indirect tax management market. As its multi-year growth investment comes to an end, we believe the company is poised to accelerate its revenue growth. In addition, we believe that the newly acquired Edge Product represents meaningful cross-sell potential for Vertex with the help of a newly built customer success team.

BHFTII-1

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Managed By Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

Positions eliminated included: Box, Inspire Medical Systems and Ventyx Biosciences. Box is a provider of cloud-based productivity related software. We sold the position as growth slowed due to the macro environment and our belief that there are superior growth stories we’d rather own. Inspire Medical Systems traded down later in the year as a result of concerns around the glucagon-like peptide 1 class of drugs impacting the addressable treatment-resistant sleep apnea population. The company also ran into some insurance approval delays, which drove short term impacts to revenue. Due to all of these factors, the stock triggered our stop-loss, and we exited the position. Ventyx Biosciences is a biotechnology company focused on developing drugs for autoimmune driven conditions. The company had two data readouts in the fourth quarter that failed to meet expectations. As a result, the shares underperformed the market and traded down to minimal value for the assets. The stock triggered our stop-loss during the fourth quarter and was sold.

Sector weight changes during the period ending December 31, 2023, reflected both our repositioning within the Portfolio as well as market impacts. As a result of individual stock selection, our weights in the Healthcare and Communication Services sectors were reduced while weights in the Industrials and Consumer Discretionary sectors increased. At period-end, the Portfolio was overweight the Industrials and Financials sectors and underweight the IT, Communication Services and Materials sectors.

Mark Burns

John Slavik

Portfolio Managers

Loomis, Sayles & Company, L.P.

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

¹ The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

BHFTII-2

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Loomis Sayles Small Cap Growth Portfolio
Class A		11.91		10.08		8.49
Class B		11.54		9.80		8.21
Class E		11.72		9.92		8.32
Russell 2000 Growth Index		18.66		9.22		7.16

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
MACOM Technology Solutions Holdings, Inc.		2.0
Weatherford International PLC		1.9
Rambus, Inc.		1.9
Casella Waste Systems, Inc. - Class A		1.7
Installed Building Products, Inc.		1.6
Varonis Systems, Inc.		1.6
Option Care Health, Inc.		1.5
Texas Roadhouse, Inc.		1.5
Hamilton Lane, Inc. - Class A		1.5
Azek Co., Inc.		1.5

Top Sectors

	% of Net Assets
Industrials		23.7
Health Care		21.6
Information Technology		19.4
Consumer Discretionary		12.2
Financials		9.0
Consumer Staples		6.0
Energy		5.9
Materials		1.0

BHFTII-3

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Loomis Sayles Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.88	%	$	1,000.00	$	1,024.10	$	4.49
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.77	$	4.48
Class B (a)	Actual		1.13	%	$	1,000.00	$	1,023.00	$	5.76
	Hypothetical*		1.13	%	$	1,000.00	$	1,019.51	$	5.75
Class E (a)	Actual		1.03	%	$	1,000.00	$	1,023.40	$	5.25
	Hypothetical*		1.03	%	$	1,000.00	$	1,020.01	$	5.24

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—98.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.9%
AAR Corp. (a)		68,610	$	4,281,264
Hexcel Corp.		67,738		4,995,678
Kratos Defense & Security Solutions, Inc. (a) (b)		274,111		5,561,712
				14,838,654
Automobile Components—3.2%
Dorman Products, Inc. (a)		28,458		2,373,682
Gentherm, Inc. (a) (b)		59,965		3,139,767
Modine Manufacturing Co. (a)		34,202		2,041,859
Patrick Industries, Inc. (b)		44,704		4,486,047
				12,041,355
Banks—1.2%
Bancorp, Inc. (a) (b)		116,684		4,499,335
Beverages—0.8%
Vita Coco Co., Inc. (a) (b)		117,548		3,015,106
Biotechnology—4.7%
Inhibrx, Inc. (a)		105,478		4,008,164
Insmed, Inc. (a)		147,834		4,581,376
Vericel Corp. (a)		111,252		3,961,684
Xencor, Inc. (a)		96,324		2,044,958
Xenon Pharmaceuticals, Inc. (a)		69,039		3,179,936
				17,776,118
Building Products—1.5%
Azek Co., Inc. (a)		151,466		5,793,575
Capital Markets—3.5%
Hamilton Lane, Inc. - Class A		51,153		5,802,796
Piper Sandler Cos.		10,911		1,908,007
PJT Partners, Inc. - Class A (b)		52,731		5,371,707
				13,082,510
Commercial Services & Supplies—2.6%
ACV Auctions, Inc. - Class A (a)		238,687		3,616,108
Casella Waste Systems, Inc. - Class A (a)		72,909		6,230,803
				9,846,911
Communications Equipment—0.9%
Calix, Inc. (a) (b)		74,639		3,260,978
Construction & Engineering—3.3%
Arcosa, Inc.		53,540		4,424,546
Construction Partners, Inc. - Class A (a)		55,088		2,397,430
Sterling Infrastructure, Inc. (a)		22,907		2,014,212
WillScot Mobile Mini Holdings Corp. (a)		79,889		3,555,060
				12,391,248
Diversified Consumer Services—0.9%
Grand Canyon Education, Inc. (a)		25,096		3,313,676
Electronic Equipment, Instruments & Components—3.5%
Advanced Energy Industries, Inc.		41,626	$	4,533,904
Itron, Inc. (a) (b)		50,677		3,826,620
Novanta, Inc. (a)		27,857		4,691,398
				13,051,922
Energy Equipment & Services—5.0%
Cactus, Inc. - Class A (b)		104,034		4,723,143
Noble Corp. PLC (b)		77,960		3,754,554
Oceaneering International, Inc. (a) (b)		143,224		3,047,807
Weatherford International PLC (a)		74,956		7,332,945
				18,858,449
Financial Services—1.5%
EVERTEC, Inc.		137,189		5,616,518
Food Products—1.7%
Simply Good Foods Co. (a)		112,217		4,443,793
Sovos Brands, Inc. (a)		84,934		1,871,096
				6,314,889
Ground Transportation—0.8%
Marten Transport Ltd. (b)		148,278		3,110,872
Health Care Equipment & Supplies—7.3%
AtriCure, Inc. (a)		81,301		2,901,633
Axonics, Inc. (a)		79,445		4,943,862
CONMED Corp. (b)		40,896		4,478,521
Glaukos Corp. (a)		42,584		3,385,002
LivaNova PLC (a)		56,253		2,910,530
Merit Medical Systems, Inc. (a) (b)		75,019		5,698,443
PROCEPT BioRobotics Corp. (a) (b)		80,968		3,393,369
				27,711,360
Health Care Providers & Services—6.2%
Acadia Healthcare Co., Inc. (a)		45,656		3,550,211
Ensign Group, Inc.		39,616		4,445,311
HealthEquity, Inc. (a)		47,071		3,120,807
Option Care Health, Inc. (a)		173,119		5,832,379
Progyny, Inc. (a)		106,688		3,966,660
RadNet, Inc. (a)		68,821		2,392,906
				23,308,274
Health Care Technology—1.1%
Evolent Health, Inc. - Class A (a)		128,086		4,230,681
Hotels, Restaurants & Leisure—3.3%
Life Time Group Holdings, Inc. (a) (b)		225,185		3,395,790
Papa John’s International, Inc. (b)		41,531		3,165,908
Texas Roadhouse, Inc.		47,559		5,813,136
				12,374,834
Household Durables—1.6%
Installed Building Products, Inc. (b)		33,932		6,203,448

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—2.9%
BRP Group, Inc. - Class A (a) (b)		149,325	$	3,586,787
Goosehead Insurance, Inc. - Class A (a)		58,479		4,432,708
Kinsale Capital Group, Inc. (b)		8,278		2,772,385
				10,791,880
Leisure Products—0.8%
Malibu Boats, Inc. - Class A (a)		52,191		2,861,111
Life Sciences Tools & Services—1.3%
Medpace Holdings, Inc. (a) (b)		15,969		4,894,978
Machinery—4.0%
Albany International Corp. - Class A		53,873		5,291,406
ESCO Technologies, Inc.		40,118		4,695,010
RBC Bearings, Inc. (a) (b)		17,868		5,090,414
				15,076,830
Metals & Mining—1.0%
ATI, Inc. (a)(b)		85,106		3,869,770
Oil, Gas & Consumable Fuels—0.9%
Magnolia Oil & Gas Corp. - Class A (b)		152,656		3,250,046
Personal Care Products—3.5%
BellRing Brands, Inc. (a)		97,099		5,382,198
elf Beauty, Inc. (a)		24,858		3,588,004
Inter Parfums, Inc.		30,429		4,382,080
				13,352,282
Pharmaceuticals—0.9%
Supernus Pharmaceuticals, Inc. (a) (b)		122,626		3,548,796
Professional Services—3.7%
FTI Consulting, Inc. (a)		16,586		3,303,102
Huron Consulting Group, Inc. (a)		34,837		3,581,244
ICF International, Inc.		26,223		3,516,242
KBR, Inc.		67,786		3,756,022
				14,156,610
Semiconductors & Semiconductor Equipment—6.4%
MACOM Technology Solutions Holdings, Inc. (a) (b)		81,428		7,568,732
Onto Innovation, Inc. (a)		34,584		5,287,894
Rambus, Inc. (a) (b)		104,145		7,107,896
Silicon Laboratories, Inc. (a)		32,489		4,297,320
				24,261,842
Software—7.3%
Agilysys, Inc. (a)		29,225		2,478,865
Clearwater Analytics Holdings, Inc. - Class A (a)		155,549		3,115,646
Intapp, Inc. (a)		97,708		3,714,858
Tenable Holdings, Inc. (a)		91,835		4,229,920
Varonis Systems, Inc. (a) (b)		134,556		6,092,696
Vertex, Inc. - Class A (a)		134,887		3,633,856
Workiva, Inc. (a) (b)		40,949		4,157,552
				27,423,393
Specialty Retail—0.9%
Boot Barn Holdings, Inc. (a) (b)		42,610		3,270,744
Technology Hardware, Storage & Peripherals—1.3%
Pure Storage, Inc. - Class A (a)		142,345		5,076,023
Textiles, Apparel & Luxury Goods—1.6%
Columbia Sportswear Co. (b)		34,789		2,767,117
Oxford Industries, Inc.		33,283		3,328,300
				6,095,417
Trading Companies & Distributors—3.8%
Applied Industrial Technologies, Inc.		32,917		5,684,437
McGrath RentCorp		35,060		4,193,877
SiteOne Landscape Supply, Inc. (a)		27,143		4,410,737
				14,289,051
Total Common Stocks (Cost $294,511,186)				372,859,486
Short-Term Investment—1.5%
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $5,471,112; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $5,579,079.		5,469,593		5,469,593
Total Short-Term Investments (Cost $5,469,593)				5,469,593
Securities Lending Reinvestments (c)—2.5%
Repurchase Agreements—0.1%
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $45,656; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $46,567.		45,629		45,629
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $222,499; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $226,815.		222,368		222,368
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $36,220; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $36,923.		36,199		36,199
				304,196

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares		Value
Mutual Funds—2.4%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (d)		2,000,000	$	2,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (d)		1,945,375		1,945,375
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (d)		2,000,000		2,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (d)		700,000		700,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (d)		500,000		500,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.320% (d)		2,000,000		2,000,000
				9,145,375
Total Securities Lending Reinvestments (Cost $9,449,571)				9,449,571
Total Investments— 102.8% (Cost $309,430,350)				387,778,650
Other assets and liabilities (net)—(2.8)%				(10,574,974	)
Net Assets—100.0%			$	377,203,676

* 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, 2023, the market value of securities loaned was $56,764,908 and the collateral received consisted of cash in the amount of $9,449,571 and non-cash collateral with a value of $49,297,706. 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, 2023.

(d) The rate shown represents the annualized seven-day yield as of December 31, 2023.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	372,859,486	$	—		$	—	$	372,859,486
Total Short-Term Investment*		—		5,469,593			—		5,469,593
Securities Lending Reinvestments
Repurchase Agreements		—		304,196			—		304,196
Mutual Funds		9,145,375		—			—		9,145,375
Total Securities Lending Reinvestments		9,145,375		304,196			—		9,449,571
Total Investments	$	382,004,861	$	5,773,789		$	—	$	387,778,650
Collateral for Securities Loaned (Liability)	$	—	$	(9,449,571	)	$	—	$	(9,449,571	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	387,778,650
Receivable for:
Fund shares sold		108,075
Dividends and interest		95,077
Prepaid expenses		1,342
Total Assets		387,983,144
Liabilities
Collateral for securities loaned		9,449,571
Payables for:
Investments purchased		544,665
Fund shares redeemed		287,155
Accrued Expenses:
Management fees		252,167
Distribution and service fees		10,801
Deferred trustees’ fees		169,435
Other expenses		65,674
Total Liabilities		10,779,468
Net Assets	$	377,203,676
Net Assets Consist of:
Paid in surplus	$	296,397,961
Distributable earnings (Accumulated losses)		80,805,715
Net Assets	$	377,203,676
Net Assets
Class A	$	322,766,395
Class B		48,871,483
Class E		5,565,798
Capital Shares Outstanding*
Class A		30,386,098
Class B		5,495,413
Class E		577,868
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.62
Class B		8.89
Class E		9.63

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $309,430,350.
(b)	Includes securities loaned at value of $56,764,908.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	1,406,995
Interest		238,782
Securities lending income		22,608
Total investment income		1,668,385
Expenses
Management fees		3,299,920
Administration fees		28,935
Custodian and accounting fees		38,417
Distribution and service fees—Class B		121,152
Distribution and service fees—Class E		8,223
Audit and tax services		49,026
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		27,149
Insurance		3,201
Miscellaneous		13,933
Total expenses		3,682,780
Less management fee waiver		(346,658	)
Less broker commission recapture		(15,390	)
Net expenses		3,320,732
Net Investment Loss		(1,652,347	)
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		3,808,749
Net change in unrealized appreciation on investments		40,238,157
Net realized and unrealized gain (loss)		44,046,906
Net Increase (Decrease) in Net Assets From Operations	$	42,394,559

(a) Net of foreign withholding taxes of $3,513.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(1,652,347	)	$	(1,833,453	)
Net realized gain (loss)		3,808,749			(1,101,671	)
Net change in unrealized appreciation (depreciation)		40,238,157			(111,073,732	)
Increase (decrease) in net assets from operations		42,394,559			(114,008,856	)
From Distributions to Shareholders
Class A		0			(74,072,817	)
Class B		0			(13,229,310	)
Class E		0			(1,375,802	)
From Return of Capital
Class A		0			(149,537	)
Class B		0			(26,707	)
Class E		0			(2,777	)
Total distributions		0			(88,856,950	)
Increase (decrease) in net assets from capital share transactions		(30,684,639	)		74,461,907
Total increase (decrease) in net assets		11,709,920			(128,403,899	)
Net Assets
Beginning of period		365,493,756			493,897,655
End of period	$	377,203,676		$	365,493,756

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		450,943		$	4,516,592			1,414,103		$	18,099,302
Reinvestments		0			0			8,580,619			74,222,354
Redemptions		(2,868,964	)		(29,515,537	)		(2,731,996	)		(26,967,419	)
Net increase (decrease)		(2,418,021	)	$	(24,998,945	)		7,262,726		$	65,354,237
Class B
Sales		224,310		$	1,873,361			292,625		$	2,945,876
Reinvestments		0			0			1,823,386			13,256,017
Redemptions		(841,749	)		(7,058,831	)		(856,180	)		(7,817,104	)
Net increase (decrease)		(617,439	)	$	(5,185,470	)		1,259,831		$	8,384,789
Class E
Sales		8,725		$	78,288			22,367		$	221,029
Reinvestments		0			0			175,392			1,378,579
Redemptions		(64,791	)		(578,512	)		(85,815	)		(876,727	)
Net increase (decrease)		(56,066	)	$	(500,224	)		111,944		$	722,881
Increase (decrease) derived from capital shares transactions				$	(30,684,639	)				$	74,461,907

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.49		$	16.30		$	16.31		$	14.03		$	13.19
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.04	)		(0.05	)		(0.09	)		(0.07	)		(0.06	)
Net realized and unrealized gain (loss)		1.17			(3.96	)		1.65			4.16			3.41
Total income (loss) from investment operations		1.13			(4.01	)		1.56			4.09			3.35
Less Distributions
Distributions from net realized capital gains		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)
Distributions from return of capital		0.00			(0.00	)(b)		0.00			0.00			0.00
Total distributions		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)
Net Asset Value, End of Period	$	10.62		$	9.49		$	16.30		$	16.31		$	14.03
Total Return (%) (c)		11.91			(22.96	)		10.00			34.34			26.88
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97			0.95			0.95			0.97			0.98
Net ratio of expenses to average net assets (%) (d)		0.87			0.86			0.86			0.88			0.89
Ratio of net investment income (loss) to average net assets (%)		(0.42	)		(0.43	)		(0.57	)		(0.52	)		(0.45	)
Portfolio turnover rate (%)		36			33			44			57			47
Net assets, end of period (in millions)	$	322.8		$	311.3		$	416.3		$	428.9		$	283.4
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.97		$	14.35		$	14.57		$	12.76		$	12.22
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.06	)		(0.06	)		(0.12	)		(0.09	)		(0.09	)
Net realized and unrealized gain (loss)		0.98			(3.52	)		1.47			3.71			3.14
Total income (loss) from investment operations		0.92			(3.58	)		1.35			3.62			3.05
Less Distributions
Distributions from net realized capital gains		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)
Distributions from return of capital		0.00			(0.00	)(b)		0.00			0.00			0.00
Total distributions		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)
Net Asset Value, End of Period	$	8.89		$	7.97		$	14.35		$	14.57		$	12.76
Total Return (%) (c)		11.54			(23.10	)		9.74			34.04			26.51
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.22			1.20			1.20			1.22			1.23
Net ratio of expenses to average net assets (%) (d)		1.12			1.11			1.11			1.13			1.14
Ratio of net investment income (loss) to average net assets (%)		(0.67	)		(0.68	)		(0.81	)		(0.78	)		(0.70	)
Portfolio turnover rate (%)		36			33			44			57			47
Net assets, end of period (in millions)	$	48.9		$	48.7		$	69.6		$	73.3		$	63.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.62		$	15.19		$	15.32		$	13.31		$	12.64
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.05	)		(0.06	)		(0.11	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss)		1.06			(3.71	)		1.55			3.90			3.26
Total income (loss) from investment operations		1.01			(3.77	)		1.44			3.82			3.18
Less Distributions
Distributions from net realized capital gains		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)
Distributions from return of capital		0.00			(0.00	)(b)		0.00			0.00			0.00
Total distributions		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)
Net Asset Value, End of Period	$	9.63		$	8.62		$	15.19		$	15.32		$	13.31
Total Return (%) (c)		11.72			(23.07	)		9.86			34.15			26.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.12			1.10			1.10			1.12			1.13
Net ratio of expenses to average net assets (%) (d)		1.02			1.01			1.01			1.03			1.04
Ratio of net investment income (loss) to average net assets (%)		(0.56	)		(0.58	)		(0.70	)		(0.68	)		(0.60	)
Portfolio turnover rate (%)		36			33			44			57			47
Net assets, end of period (in millions)	$	5.6		$	5.5		$	7.9		$	8.4		$	7.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from return of capital were less than $0.01.
(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.
(d)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Loomis Sayles Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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 - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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. Book-tax differences are primarily due to net operating losses and adjustments to prior period accumulated balances. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $5,469,593. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $304,196. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	129,473,119	$	0	$	157,572,444

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$3,299,920		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

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

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.080%	On the first $100 million
0.100%	On the next $400 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

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.

BHFTII-16

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the 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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	310,000,566
Gross unrealized appreciation		87,390,616
Gross unrealized (depreciation)		(9,612,532	)
Net unrealized appreciation (depreciation)	$	77,778,084

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2023	2022		2023		2022		2023		2022		2023		2022
$—	$	—	$	—	$	88,677,929	$	—	$	179,021	$	—	$	88,856,950

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$—	$	3,197,067	$	77,778,084	$	—	$	80,975,151

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

During the year ended December 31, 2023, the Portfolio utilized accumulated short-term capital losses of $807,674.

BHFTII-17

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-18

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Loomis Sayles Small Cap Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Loomis Sayles Small Cap Growth Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-19

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-20

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel-Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-21

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-22

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-23

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. The Board further considered that the Portfolio outperformed its benchmark, the Russell 2000 Growth Index, for the one-, three-, and five-year periods ended October 31, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and 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

BHFTII-24

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category 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.

BHFTII-25

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B, E and G shares of the MetLife Aggregate Bond Index Portfolio returned 5.20%, 5.03%, 5.05%, and 4.90%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned 5.53%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. fixed income market performance was lackluster for most of 2023 as the U.S. Federal Reserve Bank’s (the “Fed”) monetary tightening policy decreased inflation. The market remained volatile over the year as it was unclear how the economy was affected by the policy. The Fed’s announcement in December that easing may be required in the near term caused the fixed income market to rally and provide positive performance by year-end. Gross domestic product (“GDP”) expanded at a modest pace during the year as the labor market remained strong and the unemployment rate was stable at 3.7%. The U.S. inflation rate decreased from 7.1% to 3.1% over the period but remained above the Fed’s target rate of 2%. In March, the Fed’s most aggressive tightening policy since the 1980’s created volatility in the regional banking sector as consumers withdrew unprecedented amounts of capital from their balance sheets. The sector stabilized in May as deposit outflows from small and mid-sized banks slowed dramatically, reflecting a lower probability of solvency concerns.

The Federal Open Market Committee (the “FOMC”) increased the federal funds target rate by 1.00% during 2023 with 25 basis point (“bp”) hikes in February, March, May, and July to a target range of 5.25%—5.50%. They maintained the current range at the September meeting throughout the remainder of the year. In their December policy statement, the FOMC signaled it may be prepared to pivot from their current policy and may begin easing monetary policy in 2024. Additionally, the Fed continued to unwind its asset purchase program. The FOMC stated it remained committed to restoring inflation to its long-term target and additional policy firming may be appropriate, though the committee noted it will consider the impact of financial conditions on the economy.

U.S. Treasury ultra-short rates increased dramatically over the year driven by monetary tightening, as 1-month T-Bills increased 140 bps. However, the remainder of the curve normalized as 2-year rates decreased 15 bps to 4.25%, the 10-year Treasury increased only 3 bps to 3.86% and the 30-year Treasury increased 8 bps to 4.02%. The overall curve steepened as the difference between the 2-year and 10-year Treasury increased 18 bps to -0.39%, while the 10-year and 30-year yield differential increased only 5 bps to 0.16% at year end.

The Bloomberg U.S. Aggregate Bond Index (the “Index”) returned 5.53% in 2023. The corporate sector was the best performing asset class during the year, returning 8.52%. U.S. Treasuries were the worst performing asset class, returning 4.05%. Option adjusted spreads for the Index decreased 2 bps, ending the year at 0.43%. The worst performing asset classes were commercial mortgage-backed securities and Agency mortgage-backed securities with spreads increasing by 19 and 8 bps, respectively. Corporates were the best performing sector with spreads decreasing 16 bps.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling approach where the objective is to track the performance of the Index by holding a subset of Index constituents and neutralizing exposures across key characteristics (i.e., duration, term structure, high sector, sub-sector, quality). Factors that impact tracking error include sampling, transaction costs, and contributions and withdrawals.

Jason Chapin

Brian Leonard

Portfolio Managers

MetLife Investment Management, LLC

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

¹ The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTII-1

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
MetLife Aggregate Bond Index Portfolio
Class A		5.20		0.87		1.57
Class B		5.03		0.63		1.33
Class E		5.05		0.71		1.42
Class G		4.90		0.57		1.27
Bloomberg U.S. Aggregate Bond Index		5.53		1.10		1.81

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		42.2
Agency Sponsored Mortgage-Backed		27.2
Corporate Bonds & Notes		26.2
Foreign Government		1.6
Non-Agency Mortgage-Backed Securities		0.8
Municipals		0.5
Asset-Backed Securities		0.3

BHFTII-2

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Aggregate Bond Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.28	%	$	1,000.00	$	1,031.40	$	1.43
	Hypothetical*		0.28	%	$	1,000.00	$	1,023.79	$	1.43
Class B (a)	Actual		0.53	%	$	1,000.00	$	1,031.00	$	2.71
	Hypothetical*		0.53	%	$	1,000.00	$	1,022.53	$	2.70
Class E (a)	Actual		0.43	%	$	1,000.00	$	1,030.50	$	2.20
	Hypothetical*		0.43	%	$	1,000.00	$	1,023.04	$	2.19
Class G (a)	Actual		0.58	%	$	1,000.00	$	1,030.10	$	2.97
	Hypothetical*		0.58	%	$	1,000.00	$	1,022.28	$	2.96

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

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

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—69.4% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—27.2%
Federal Home Loan Mortgage Corp.
1.500%, 03/01/36		1,390,399	$	1,213,629
1.500%, 05/01/36		3,643,699		3,180,452
1.500%, 01/01/42		2,643,599		2,183,829
1.500%, 03/01/51		828,014		645,891
1.500%, 04/01/51		4,184,896		3,263,964
2.000%, 10/01/35		2,141,461		1,925,480
2.000%, 11/01/35		1,702,403		1,530,244
2.000%, 06/01/36		716,829		644,302
2.000%, 03/01/41		1,878,881		1,616,665
2.000%, 12/01/41		2,550,940		2,188,502
2.000%, 10/01/50		3,541,642		2,913,310
2.000%, 11/01/50		3,660,057		3,009,581
2.000%, 12/01/50		5,979,763		4,915,167
2.000%, 01/01/51		9,097,543		7,475,058
2.000%, 02/01/51		3,835,930		3,150,627
2.000%, 05/01/51		5,288,484		4,333,589
2.000%, 06/01/51		1,670,289		1,368,311
2.000%, 07/01/51		5,080,387		4,160,702
2.000%, 08/01/51		4,183,694		3,425,361
2.000%, 12/01/51		4,448,250		3,637,823
2.500%, 12/01/27		192,297		185,599
2.500%, 04/01/28		383,838		368,574
2.500%, 12/01/29		555,470		529,976
2.500%, 01/01/32		1,478,930		1,393,823
2.500%, 08/01/35		1,094,059		1,010,367
2.500%, 02/01/41		1,392,384		1,243,848
2.500%, 03/01/50		1,509,959		1,297,040
2.500%, 07/01/50		3,950,594		3,389,601
2.500%, 09/01/50		2,732,158		2,342,830
2.500%, 10/01/50		2,215,230		1,899,014
2.500%, 12/01/50		3,056,716		2,618,865
2.500%, 04/01/51		2,589,677		2,216,015
2.500%, 07/01/51		5,580,175		4,770,864
2.500%, 08/01/51		3,905,964		3,338,500
2.500%, 12/01/51		2,168,798		1,851,560
3.000%, 03/01/27		141,494		138,129
3.000%, 05/01/27		199,387		193,950
3.000%, 11/01/28		317,441		307,138
3.000%, 10/01/32		380,524		361,858
3.000%, 04/01/33		719,301		683,922
3.000%, 03/01/35		633,547		600,863
3.000%, 02/01/37		810,424		761,175
3.000%, 10/01/42		877,217		799,897
3.000%, 01/01/43		617,245		563,008
3.000%, 03/01/43		572,884		522,545
3.000%, 04/01/43		1,319,736		1,206,408
3.000%, 06/01/43		926,025		846,530
3.000%, 06/01/45		933,824		846,380
3.000%, 06/01/46		920,279		832,542
3.000%, 11/01/46		1,035,664		936,926
3.000%, 01/01/47		1,829,637		1,655,203
3.000%, 01/01/48		396,951		358,361
3.000%, 09/01/49		882,371		790,374
3.000%, 12/01/49		1,140,214		1,021,333
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp.
3.000%, 02/01/50		579,778		519,329
3.000%, 04/01/50		1,034,798		925,769
3.000%, 05/01/50		978,037		874,685
3.000%, 07/01/50		867,301		775,114
3.000%, 11/01/50		928,885		829,002
3.500%, 12/01/25		90,428		88,771
3.500%, 05/01/26		35,780		35,171
3.500%, 09/01/30		575,493		558,812
3.500%, 04/01/32		413,829		398,879
3.500%, 01/01/42		289,065		273,162
3.500%, 03/01/42		265,586		250,699
3.500%, 02/01/43		460,719		434,896
3.500%, 05/01/43		690,250		649,899
3.500%, 06/01/43		387,847		365,180
3.500%, 06/01/44		324,909		304,785
3.500%, 10/01/44		425,318		398,975
3.500%, 12/01/44		502,335		471,221
3.500%, 05/01/45		657,461		616,492
3.500%, 11/01/45		636,797		597,115
3.500%, 12/01/45		391,580		367,179
3.500%, 03/01/46		1,122,827		1,052,366
3.500%, 06/01/47		516,071		481,734
3.500%, 08/01/47		331,617		309,553
3.500%, 10/01/47		460,556		429,434
3.500%, 11/01/47		447,424		417,655
3.500%, 04/01/49		309,056		286,858
3.500%, 05/01/49		198,122		183,892
3.500%, 10/01/49		415,958		386,081
3.500%, 03/01/50		564,884		524,311
3.500%, 06/01/50		1,083,197		1,000,510
3.500%, 08/01/50		1,584,141		1,462,908
4.000%, 05/01/25		33,602		33,167
4.000%, 08/01/25		17,933		17,688
4.000%, 10/01/25		21,646		21,326
4.000%, 01/01/31		163,186		159,999
4.000%, 08/01/31		183,253		179,439
4.000%, 06/01/39		167,735		163,395
4.000%, 12/01/39		327,719		319,461
4.000%, 11/01/40		232,925		226,590
4.000%, 04/01/41		280,448		272,502
4.000%, 09/01/41		242,232		235,368
4.000%, 10/01/41		671,239		652,204
4.000%, 11/01/41		197,589		191,991
4.000%, 07/01/44		537,715		520,610
4.000%, 10/01/44		417,957		404,661
4.000%, 07/01/45		663,850		641,785
4.000%, 01/01/46		606,009		585,867
4.000%, 02/01/46		340,779		329,452
4.000%, 06/01/47		546,619		527,394
4.000%, 10/01/47		291,144		280,904
4.000%, 11/01/47		274,202		264,559
4.000%, 03/01/48		438,304		422,889
4.000%, 05/01/48		201,113		193,583
4.000%, 10/01/48		220,400		212,148
4.000%, 11/01/48		267,064		257,064

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp.
4.000%, 01/01/49		158,940	$	152,989
4.000%, 02/01/49		152,511		146,630
4.000%, 06/01/49		303,035		290,899
4.500%, 05/01/29		35,416		35,072
4.500%, 10/01/35		90,851		90,415
4.500%, 06/01/38		133,116		132,476
4.500%, 02/01/39		76,776		76,677
4.500%, 03/01/39		117,464		117,234
4.500%, 04/01/39		126,216		125,968
4.500%, 09/01/39		149,796		149,503
4.500%, 10/01/39		353,379		352,685
4.500%, 11/01/39		100,180		99,984
4.500%, 01/01/40		115,070		114,845
4.500%, 05/01/40		145,655		145,324
4.500%, 11/01/40		205,618		205,150
4.500%, 02/01/41		46,943		46,780
4.500%, 05/01/41		151,992		151,426
4.500%, 06/01/41		88,419		88,090
4.500%, 12/01/43		179,561		179,204
4.500%, 12/01/45		258,601		257,133
4.500%, 08/01/47		393,191		388,698
4.500%, 08/01/48		157,347		155,292
4.500%, 10/01/48		277,790		274,162
4.500%, 12/01/48		177,266		174,951
4.500%, 01/01/49		152,594		150,427
5.000%, 03/01/27		13,054		12,988
5.000%, 10/01/33		103,386		104,391
5.000%, 03/01/34		20,716		20,946
5.000%, 08/01/35		141,091		142,838
5.000%, 09/01/35		38,865		39,346
5.000%, 10/01/35		6,664		6,747
5.000%, 01/01/36		118,024		119,486
5.000%, 04/01/38		67,633		68,797
5.000%, 11/01/39		312,265		318,185
5.000%, 05/01/40		340,001		347,416
5.500%, 01/01/24		10		10
5.500%, 06/01/34		30,242		31,038
5.500%, 10/01/35		45,146		46,558
5.500%, 01/01/36		72,524		74,792
5.500%, 12/01/37		84,138		87,017
5.500%, 04/01/38		28,276		29,316
5.500%, 07/01/38		47,878		49,638
6.000%, 11/01/28		900		923
6.000%, 12/01/28		936		959
6.000%, 04/01/29		574		588
6.000%, 06/01/31		866		895
6.000%, 07/01/31		169		174
6.000%, 09/01/31		27,880		28,837
6.000%, 11/01/32		5,682		5,925
6.000%, 11/01/35		22,524		23,618
6.000%, 02/01/36		35,709		37,446
6.000%, 08/01/36		15,318		16,102
6.000%, 01/01/37		20,314		21,354
6.500%, 02/01/30		2,828		2,954
6.500%, 08/01/31		2,137		2,239
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp.
6.500%, 11/01/31		4,422		4,635
6.500%, 03/01/32		85,839		90,171
6.500%, 04/01/32		49,954		52,491
6.500%, 11/01/37		24,658		26,279
6.500%, 04/01/53		913,442		935,511
7.000%, 12/01/27		224		229
7.000%, 11/01/28		333		348
7.000%, 04/01/29		742		775
7.000%, 05/01/29		179		187
7.000%, 07/01/29		99		103
7.000%, 01/01/31		27,518		28,841
7.500%, 10/01/27		1,585		1,624
7.500%, 10/01/29		2,415		2,546
7.500%, 05/01/30		3,781		3,937
8.000%, 02/01/27		495		507
8.000%, 10/01/28		812		837
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.519%, 07/25/29		2,250,000		2,051,306
2.785%, 06/25/29		1,800,000		1,667,115
3.194%, 07/25/27		685,000		658,592
3.780%, 10/25/28 (a)		4,000,000		3,898,043
3.920%, 09/25/28 (a)		2,900,000		2,846,644
3.926%, 07/25/28 (a)		2,500,000		2,455,482
Federal National Mortgage Association
1.500%, 04/01/36		1,439,133		1,256,167
1.500%, 05/01/36		3,665,106		3,199,138
1.500%, 09/01/36		1,574,681		1,374,482
1.500%, 11/01/36		2,435,929		2,126,234
1.500%, 03/01/51		3,329,105		2,596,861
1.500%, 04/01/51		4,218,548		3,290,210
1.500%, 10/01/51		892,901		694,858
2.000%, 11/01/35		7,639,417		6,866,864
2.000%, 12/01/35		1,189,564		1,068,946
2.000%, 09/01/36		3,776,935		3,391,731
2.000%, 12/01/36		2,399,281		2,152,637
2.000%, 02/01/37		813,294		729,249
2.000%, 02/01/41		2,197,643		1,890,550
2.000%, 06/01/41		2,001,124		1,720,482
2.000%, 10/01/50		9,236,525		7,597,850
2.000%, 11/01/50		7,275,621		5,982,578
2.000%, 12/01/50		3,704,989		3,045,379
2.000%, 01/01/51		9,109,101		7,484,554
2.000%, 02/01/51		3,850,160		3,162,315
2.000%, 04/01/51		5,647,657		4,635,631
2.000%, 05/01/51		4,116,927		3,373,570
2.000%, 06/01/51		2,511,646		2,057,556
2.000%, 09/01/51		4,323,877		3,539,128
2.000%, 10/01/51		3,492,723		2,858,009
2.000%, 11/01/51		1,764,833		1,445,703
2.000%, 12/01/51		4,453,515		3,642,128
2.500%, 12/01/27		519,341		501,003
2.500%, 02/01/28		489,482		471,497
2.500%, 07/01/28		326,142		312,540
2.500%, 10/01/28		563,725		540,698

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
2.500%, 03/01/30		621,634	$	590,827
2.500%, 09/01/31		1,106,709		1,043,264
2.500%, 01/01/32		347,444		327,213
2.500%, 04/01/32		829,906		780,194
2.500%, 09/01/32		196,487		184,295
2.500%, 12/01/34		663,735		615,635
2.500%, 09/01/35		648,019		598,447
2.500%, 02/01/41		1,606,109		1,432,870
2.500%, 01/01/50		918,066		791,928
2.500%, 03/01/50		847,327		727,845
2.500%, 05/01/50		2,043,853		1,754,635
2.500%, 07/01/50		3,314,577		2,843,900
2.500%, 08/01/50		5,955,264		5,108,126
2.500%, 09/01/50		4,821,408		4,134,366
2.500%, 11/01/50		1,181,493		1,012,546
2.500%, 12/01/50		1,837,026		1,573,886
2.500%, 01/01/51		1,902,243		1,629,290
2.500%, 02/01/51		947,504		811,312
2.500%, 05/01/51		2,989,388		2,557,311
2.500%, 07/01/51		3,965,706		3,390,547
2.500%, 08/01/51		2,012,475		1,720,100
2.500%, 09/01/51		4,926,923		4,209,911
2.500%, 10/01/51		5,019,957		4,288,160
2.500%, 12/01/51		3,460,124		2,953,999
2.500%, 02/01/52		4,004,279		3,416,571
2.500%, 03/01/52		896,113		763,054
3.000%, 01/01/27		136,226		132,998
3.000%, 02/01/27		235,772		230,090
3.000%, 03/01/27		119,145		115,871
3.000%, 01/01/29		903,741		873,285
3.000%, 10/01/29		392,890		378,312
3.000%, 06/01/30		480,990		461,724
3.000%, 02/01/33		453,687		429,649
3.000%, 08/01/35		556,048		522,069
3.000%, 01/01/36		703,750		667,047
3.000%, 05/01/36		640,451		600,888
3.000%, 08/01/42		668,749		609,164
3.000%, 09/01/42		560,641		510,764
3.000%, 11/01/42		851,392		775,688
3.000%, 12/01/42		560,165		510,379
3.000%, 01/01/43		414,834		377,926
3.000%, 03/01/43		841,504		768,488
3.000%, 07/01/43		845,988		772,400
3.000%, 09/01/43		491,391		448,647
3.000%, 05/01/45		1,184,410		1,072,428
3.000%, 05/01/46		660,918		597,200
3.000%, 06/01/46		911,326		823,465
3.000%, 08/01/46		973,516		879,660
3.000%, 02/01/47		1,366,615		1,234,860
3.000%, 11/01/49		610,602		546,940
3.000%, 12/01/49		1,100,080		985,384
3.000%, 01/01/50		1,149,171		1,029,357
3.000%, 02/01/50		558,667		500,419
3.000%, 05/01/50		2,287,240		2,045,542
3.000%, 07/01/50		852,026		761,462
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
3.000%, 08/01/50		2,304,081		2,058,463
3.000%, 11/01/51		2,397,064		2,124,111
3.000%, 04/01/52		2,713,373		2,403,302
3.000%, 05/01/52		2,302,490		2,037,088
3.000%, 06/01/52		3,248,810		2,874,075
3.500%, 02/01/26		141,011		138,203
3.500%, 03/01/26		86,906		85,337
3.500%, 05/01/29		400,086		389,093
3.500%, 04/01/32		347,930		335,242
3.500%, 08/01/32		143,300		138,376
3.500%, 03/01/34		215,551		208,934
3.500%, 09/01/35		499,868		478,591
3.500%, 07/01/38		365,192		349,786
3.500%, 12/01/40		396,977		374,520
3.500%, 03/01/42		373,619		354,484
3.500%, 05/01/42		683,251		644,218
3.500%, 06/01/42		476,547		449,322
3.500%, 08/01/42		294,022		277,225
3.500%, 09/01/42		1,272,803		1,200,139
3.500%, 01/01/43		484,783		457,088
3.500%, 06/01/43		577,576		549,061
3.500%, 08/01/44		607,421		569,135
3.500%, 02/01/45		695,160		651,345
3.500%, 03/01/45		765,444		716,904
3.500%, 04/01/45		431,178		403,836
3.500%, 09/01/45		587,578		550,317
3.500%, 11/01/45		600,268		562,202
3.500%, 01/01/46		732,834		686,362
3.500%, 03/01/46		677,404		633,794
3.500%, 05/01/46		483,706		452,566
3.500%, 11/01/47		1,127,050		1,050,890
3.500%, 02/01/49		222,187		207,047
3.500%, 08/01/49		259,134		240,521
3.500%, 10/01/49		542,337		503,383
3.500%, 01/01/50		354,111		328,677
3.500%, 02/01/50		175,984		163,344
3.500%, 05/01/50		815,738		753,784
3.500%, 04/01/52		2,726,142		2,505,386
3.500%, 06/01/52		919,299		844,714
3.500%, 08/01/52		1,886,141		1,732,820
3.500%, 09/01/53		1,768,414		1,622,042
4.000%, 06/01/24		3,528		3,500
4.000%, 11/01/24		35,305		34,911
4.000%, 02/01/31		148,416		145,353
4.000%, 03/01/38		337,471		329,948
4.000%, 08/01/39		244,617		238,201
4.000%, 09/01/39		217,497		211,617
4.000%, 12/01/39		263,429		256,307
4.000%, 06/01/40		275,807		268,002
4.000%, 09/01/40		173,149		168,249
4.000%, 12/01/40		1,374,540		1,337,388
4.000%, 01/01/41		621,815		604,218
4.000%, 12/01/41		263,738		255,979
4.000%, 02/01/42		361,244		350,617
4.000%, 09/01/43		482,603		468,151

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
4.000%, 05/01/44		499,648	$	483,205
4.000%, 10/01/44		273,458		264,459
4.000%, 11/01/44		715,665		693,794
4.000%, 01/01/45		605,327		585,394
4.000%, 03/01/45		398,306		384,646
4.000%, 10/01/45		562,214		542,933
4.000%, 03/01/47		168,135		162,038
4.000%, 05/01/47		180,090		173,559
4.000%, 06/01/47		270,163		260,365
4.000%, 07/01/47		293,752		283,099
4.000%, 10/01/47		436,074		420,260
4.000%, 05/01/48		490,680		471,756
4.000%, 06/01/48		418,537		402,396
4.000%, 07/01/48		312,522		300,470
4.000%, 09/01/48		149,993		144,208
4.000%, 10/01/48		233,967		224,944
4.000%, 11/01/48		290,219		279,027
4.000%, 04/01/49		487,371		467,853
4.000%, 02/01/50		503,272		483,117
4.000%, 03/01/50		557,601		535,271
4.000%, 09/01/50		410,511		391,352
4.000%, 09/01/52		3,726,350		3,528,187
4.000%, 11/01/52		1,425,459		1,349,213
4.500%, 08/01/24		9,058		8,984
4.500%, 06/01/25		35,747		35,345
4.500%, 08/01/30		84,275		83,489
4.500%, 08/01/33		43,164		42,844
4.500%, 10/01/33		52,316		51,926
4.500%, 04/01/34		46,210		45,905
4.500%, 01/01/39		8,031		8,079
4.500%, 07/01/39		393,481		393,730
4.500%, 09/01/39		477,175		475,696
4.500%, 10/01/39		272,292		271,448
4.500%, 05/01/40		388,245		389,983
4.500%, 08/01/40		427,467		426,009
4.500%, 11/01/40		243,567		242,736
4.500%, 12/01/40		544,046		543,348
4.500%, 04/01/41		1,432,996		1,426,798
4.500%, 05/01/41		283,328		281,952
4.500%, 03/01/44		205,570		204,168
4.500%, 08/01/47		420,494		415,209
4.500%, 10/01/48		206,681		203,746
4.500%, 12/01/48		274,139		270,245
4.500%, 09/01/52		2,768,009		2,686,149
4.500%, 10/01/52		1,855,706		1,800,826
4.500%, 11/01/52		3,279,076		3,182,102
4.500%, 10/01/53		1,482,513		1,437,601
5.000%, 02/01/24		461		459
5.000%, 09/01/25		10,458		10,366
5.000%, 07/01/33		33,851		34,141
5.000%, 08/01/33		146,031		147,279
5.000%, 09/01/33		46,438		46,836
5.000%, 10/01/33		455,827		459,725
5.000%, 03/01/34		58,286		58,786
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
5.000%, 04/01/34		111,875		112,907
5.000%, 05/01/34		22,586		22,810
5.000%, 09/01/34		93,045		93,969
5.000%, 02/01/35		38,232		38,611
5.000%, 04/01/35		11,682		11,813
5.000%, 05/01/35		13,337		13,486
5.000%, 11/01/35		39,038		39,475
5.000%, 03/01/36		132,451		133,935
5.000%, 07/01/37		105,728		107,325
5.000%, 01/01/39		102,827		104,381
5.000%, 04/01/40		311,388		317,802
5.000%, 07/01/41		196,441		200,055
5.000%, 04/01/49		336,156		338,233
5.000%, 10/01/52		1,818,529		1,800,157
5.000%, 11/01/52		1,389,972		1,375,930
5.000%, 12/01/52		3,726,395		3,688,749
5.000%, 07/01/53		3,402,420		3,367,836
5.000%, 08/01/53		1,947,628		1,927,832
5.000%, 10/01/53		1,480,447		1,465,399
5.500%, 01/01/24		17		17
5.500%, 07/01/24		3,224		3,205
5.500%, 07/01/25		11,519		11,450
5.500%, 10/01/32		9,299		9,500
5.500%, 02/01/33		22,918		23,414
5.500%, 08/01/33		62,795		64,196
5.500%, 10/01/33		32,062		32,776
5.500%, 12/01/33		163,092		166,721
5.500%, 02/01/34		27,782		28,484
5.500%, 03/01/34		14,551		14,916
5.500%, 04/01/34		11,592		11,883
5.500%, 09/01/34		49,725		50,975
5.500%, 12/01/34		33,929		34,781
5.500%, 01/01/35		33,809		34,659
5.500%, 04/01/35		7,209		7,426
5.500%, 06/01/35		38,315		39,469
5.500%, 01/01/37		43,476		44,912
5.500%, 05/01/37		33,592		34,710
5.500%, 05/01/38		25,971		26,895
5.500%, 06/01/38		23,216		24,041
5.500%, 12/01/52		1,840,391		1,851,039
5.500%, 01/01/53		1,839,508		1,849,808
5.500%, 03/01/53		926,459		930,791
5.500%, 04/01/53		934,246		938,614
5.500%, 05/01/53		1,898,507		1,907,384
5.500%, 07/01/53		3,837,345		3,855,287
5.500%, 10/01/53		1,766,053		1,774,311
5.500%, 01/01/54		2,000,000		2,008,086
6.000%, 11/01/28		126		129
6.000%, 12/01/28		171		176
6.000%, 06/01/31		20,694		21,380
6.000%, 09/01/32		21,573		22,476
6.000%, 01/01/33		4,273		4,452
6.000%, 02/01/33		28,470		29,664
6.000%, 03/01/33		12,351		12,877
6.000%, 04/01/33		58,162		60,636

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
6.000%, 05/01/33		60,083	$	62,646
6.000%, 05/01/34		51,997		54,323
6.000%, 09/01/34		50,634		52,903
6.000%, 01/01/35		27,688		28,927
6.000%, 07/01/36		8,958		9,407
6.000%, 09/01/36		34,015		35,720
6.000%, 07/01/37		28,781		30,292
6.000%, 08/01/37		57,718		60,748
6.000%, 10/01/37		38,090		40,090
6.000%, 12/01/38		36,233		38,149
6.000%, 04/01/53		2,755,665		2,798,588
6.000%, 05/01/53		935,188		949,754
6.000%, 07/01/53		1,900,461		1,930,063
6.000%, 09/01/53		1,743,993		1,771,157
6.000%, 12/01/53		1,985,673		2,016,691
6.500%, 05/01/28		6,487		6,754
6.500%, 12/01/28		32,863		34,213
6.500%, 03/01/29		897		936
6.500%, 04/01/29		5,773		6,026
6.500%, 05/01/29		193		201
6.500%, 08/01/29		303		317
6.500%, 05/01/30		7,876		8,218
6.500%, 09/01/31		2,607		2,729
6.500%, 06/01/32		5,371		5,637
6.500%, 10/01/33		10,295		10,841
6.500%, 10/01/34		75,159		79,164
6.500%, 10/01/37		11,985		12,764
6.500%, 09/01/53		1,436,387		1,471,090
6.500%, 01/01/54		2,900,000		2,971,679
7.000%, 06/01/26		87		87
7.000%, 06/01/28		3,371		3,514
7.000%, 10/01/29		1,528		1,593
7.000%, 06/01/32		18,458		19,523
7.000%, 10/01/37		48,940		53,350
7.000%, 12/01/53		993,969		1,025,093
7.500%, 09/01/25		377		379
7.500%, 06/01/26		470		475
7.500%, 07/01/29		1,702		1,769
7.500%, 10/01/29		1,095		1,119
8.000%, 11/01/29		24		26
8.000%, 05/01/30		10,222		10,608
8.000%, 11/01/30		304		316
8.000%, 01/01/31		449		463
8.000%, 02/01/31		1,126		1,199
Federal National Mortgage Association-Aces
1.610%, 03/25/31		720,249		676,652
2.190%, 01/25/30		1,435,000		1,268,889
Government National Mortgage Association
2.000%, 11/20/50		4,031,623		3,421,982
2.000%, 01/20/51		2,098,945		1,780,515
2.000%, 03/20/51		1,450,947		1,229,653
2.000%, 04/20/51		3,711,108		3,144,528
2.000%, 05/20/51		6,068,822		5,141,347
2.000%, 06/20/51		1,922,290		1,628,216
2.000%, 10/20/51		2,524,006		2,136,318
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association
2.000%, 12/20/51		2,159,278		1,826,945
2.500%, 02/20/50		838,754		739,429
2.500%, 06/20/50		3,041,388		2,678,593
2.500%, 07/20/50		2,188,643		1,927,095
2.500%, 09/20/50		3,631,249		3,195,734
2.500%, 10/20/50		1,071,152		942,451
2.500%, 11/20/50		1,633,351		1,436,747
2.500%, 12/20/50		1,703,197		1,497,817
2.500%, 04/20/51		2,092,904		1,836,640
2.500%, 08/20/51		2,392,456		2,095,999
2.500%, 09/20/51		4,062,137		3,556,876
2.500%, 12/20/51		4,251,824		3,726,609
3.000%, 08/15/28		319,826		310,936
3.000%, 11/15/42		588,795		542,252
3.000%, 12/15/42		604,281		556,502
3.000%, 12/20/42		606,412		559,456
3.000%, 02/15/43		455,975		419,923
3.000%, 03/15/43		498,565		459,215
3.000%, 03/20/43		549,025		506,585
3.000%, 07/15/43		439,956		405,232
3.000%, 12/20/44		511,876		472,448
3.000%, 04/20/45		462,025		424,979
3.000%, 08/20/45		836,584		769,505
3.000%, 11/20/45		449,140		413,127
3.000%, 01/20/46		732,630		673,886
3.000%, 09/20/46		798,255		734,006
3.000%, 10/20/46		818,023		752,183
3.000%, 11/20/46		861,778		791,122
3.000%, 01/20/47		890,523		818,848
3.000%, 04/20/47		393,192		361,099
3.000%, 02/20/48		565,197		519,064
3.000%, 10/20/49		618,052		563,732
3.000%, 05/20/50		1,287,940		1,175,008
3.000%, 07/20/50		828,388		755,239
3.000%, 11/20/50		1,804,976		1,644,479
3.000%, 05/20/52		4,060,922		3,674,357
3.500%, 12/20/41		352,578		335,046
3.500%, 02/15/42		137,402		130,493
3.500%, 08/20/42		325,597		309,316
3.500%, 01/20/43		460,498		437,472
3.500%, 05/20/43		709,435		673,923
3.500%, 07/20/44		673,395		639,037
3.500%, 02/20/45		693,971		658,563
3.500%, 06/20/45		431,587		407,879
3.500%, 08/20/45		1,021,494		965,381
3.500%, 10/20/45		676,274		639,125
3.500%, 12/20/45		627,473		593,005
3.500%, 01/20/46		594,471		561,816
3.500%, 02/20/46		483,044		456,510
3.500%, 06/20/46		531,483		501,645
3.500%, 02/20/47		844,235		796,838
3.500%, 03/20/47		710,816		670,362
3.500%, 09/20/47		293,437		276,737
3.500%, 10/20/48		139,206		131,168
3.500%, 05/20/49		253,491		238,428

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association
3.500%, 07/20/49		279,304	$	262,643
3.500%, 09/20/49		747,131		702,305
3.500%, 10/20/49		465,385		437,463
3.500%, 11/20/49		648,664		609,670
3.500%, 12/20/49		421,687		396,289
3.500%, 06/20/50		609,237		571,055
3.500%, 02/20/51		1,000,139		939,670
4.000%, 07/15/39		367,513		358,216
4.000%, 07/15/40		204,885		199,795
4.000%, 11/20/40		303,510		296,456
4.000%, 12/20/40		410,232		400,698
4.000%, 11/20/43		202,529		197,571
4.000%, 04/20/44		286,338		279,138
4.000%, 05/20/44		342,638		334,023
4.000%, 09/20/44		567,562		553,292
4.000%, 11/20/44		149,259		145,506
4.000%, 10/20/45		520,753		506,739
4.000%, 11/20/45		281,524		273,948
4.000%, 03/20/47		107,733		104,330
4.000%, 04/20/47		429,114		414,745
4.000%, 09/20/47		391,335		378,231
4.000%, 07/20/48		272,910		263,489
4.000%, 08/20/48		196,403		189,624
4.000%, 09/20/48		354,690		342,447
4.000%, 07/20/49		361,328		348,479
4.000%, 05/20/50		521,449		503,244
4.000%, 07/20/52		2,322,261		2,217,112
4.000%, 10/20/52		1,423,417		1,357,821
4.500%, 01/15/39		76,992		77,037
4.500%, 04/15/39		189,772		189,887
4.500%, 05/15/39		409,711		409,960
4.500%, 08/15/39		149,780		149,871
4.500%, 01/15/40		165,464		165,564
4.500%, 04/15/40		71,021		71,053
4.500%, 08/20/40		244,867		245,040
4.500%, 12/20/40		188,302		188,436
4.500%, 02/15/41		49,765		49,787
4.500%, 04/15/41		57,251		57,250
4.500%, 04/20/41		139,488		139,380
4.500%, 03/20/42		148,762		148,647
4.500%, 10/20/43		176,783		175,990
4.500%, 03/20/47		270,591		268,950
4.500%, 03/20/49		184,650		182,594
4.500%, 08/20/52		2,328,126		2,276,555
4.500%, 10/20/52		2,836,408		2,769,549
5.000%, 12/15/35		72,041		73,339
5.000%, 12/15/36		16,812		16,897
5.000%, 01/15/39		201,607		205,294
5.000%, 02/15/39		34,556		35,217
5.000%, 08/15/39		227,862		232,295
5.000%, 09/15/39		36,237		36,943
5.000%, 12/15/39		166,121		169,467
5.000%, 05/15/40		131,085		133,554
5.000%, 08/20/40		129,866		132,142
5.000%, 10/20/40		139,352		141,793
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association
5.000%, 06/20/44		298,548		303,779
5.000%, 10/20/48		207,725		209,395
5.000%, 01/20/49		143,355		144,507
5.000%, 04/20/53		1,953,434		1,939,865
5.000%, 07/20/53		3,066,981		3,045,677
5.500%, 03/15/36		43,499		44,436
5.500%, 09/15/38		17,307		17,664
5.500%, 08/15/39		54,590		56,920
5.500%, 04/20/53		2,917,088		2,933,951
5.500%, 08/20/53		2,477,676		2,491,999
6.000%, 01/15/29		747		755
6.000%, 01/15/33		56,110		58,387
6.000%, 03/15/35		40,765		42,854
6.000%, 12/15/35		27,518		28,646
6.000%, 09/15/36		35,434		37,050
6.000%, 07/15/38		91,501		96,687
6.000%, 01/20/53		938,662		953,470
6.000%, 12/20/53		3,900,000		3,960,438
6.500%, 02/15/27		2,561		2,574
6.500%, 07/15/28		1,002		1,009
6.500%, 08/15/28		2,440		2,478
6.500%, 11/15/28		1,092		1,120
6.500%, 12/15/28		3,274		3,322
6.500%, 07/15/29		1,112		1,126
6.500%, 06/20/31		5,884		6,179
6.500%, 05/15/36		75,011		79,590
6.500%, 11/20/53		1,996,324		2,043,294
7.000%, 01/15/28		448		460
7.000%, 05/15/28		2,335		2,361
7.000%, 06/15/28		2,080		2,126
7.000%, 10/15/28		2,486		2,541
7.000%, 03/15/31		183		185
7.000%, 08/15/31		21,533		22,794
7.000%, 07/15/32		8,974		9,521
7.500%, 02/20/28		418		429
8.000%, 08/15/26		327		332
8.000%, 09/15/26		443		443
				521,937,840
Federal Agencies—1.0%
Federal Farm Credit Banks Funding Corp.
4.750%, 03/09/26		2,000,000		2,017,600
5.490%, 11/06/25		1,600,000		1,601,152
Federal Home Loan Banks
3.000%, 09/10/27		2,000,000		1,926,800
3.250%, 11/16/28 (b)		2,700,000		2,624,670
Federal Home Loan Mortgage Corp.
1.500%, 02/12/25		1,500,000		1,448,310
6.250%, 07/15/32 (b)		1,600,000		1,857,984
6.750%, 03/15/31		900,000		1,049,499
Federal National Mortgage Association
0.750%, 10/08/27 (b)		750,000		666,323
2.125%, 04/24/26 (b)		2,500,000		2,387,325
6.625%, 11/15/30 (b)		1,450,000		1,669,762

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Tennessee Valley Authority
3.500%, 12/15/42		1,600,000	$	1,352,240
			18,601,665
U.S. Treasury—41.2%
U.S. Treasury Bonds
1.125%, 05/15/40 (b)		4,100,000		2,652,188
1.125%, 08/15/40 (b)		3,200,000		2,050,000
1.250%, 05/15/50		3,200,000		1,734,000
1.375%, 11/15/40 (b)		5,500,000		3,662,656
1.375%, 08/15/50		5,100,000		2,856,000
1.625%, 11/15/50		5,200,000		3,112,688
1.750%, 08/15/41		4,300,000		3,001,266
1.875%, 02/15/41		5,200,000		3,752,937
1.875%, 02/15/51 (b)		5,800,000		3,697,500
1.875%, 11/15/51		6,500,000		4,128,516
2.000%, 02/15/50		4,000,000		2,644,375
2.000%, 08/15/51 (b)		6,500,000		4,264,609
2.250%, 05/15/41		3,700,000		2,828,188
2.250%, 08/15/46		3,000,000		2,141,719
2.250%, 08/15/49		6,000,000		4,208,437
2.250%, 02/15/52 (b)		2,100,000		1,462,781
2.375%, 02/15/42		1,300,000		1,001,203
2.375%, 05/15/51		5,100,000		3,656,859
2.500%, 05/15/46		4,800,000		3,606,750
2.750%, 08/15/42		4,820,000		3,921,522
2.750%, 11/15/42		1,200,000		973,313
2.750%, 08/15/47 (b)		3,000,000		2,346,563
2.750%, 11/15/47		800,000		625,500
2.875%, 05/15/43		3,260,000		2,685,934
2.875%, 08/15/45 (b)		2,200,000		1,779,938
2.875%, 11/15/46 (b)		4,600,000		3,697,250
2.875%, 05/15/49		2,300,000		1,836,047
2.875%, 05/15/52		3,900,000		3,119,391
3.000%, 11/15/44 (b)		2,600,000		2,158,813
3.000%, 05/15/45		3,100,000		2,565,734
3.000%, 02/15/47 (b)		3,000,000		2,461,875
3.000%, 05/15/47 (b)		2,800,000		2,296,438
3.000%, 08/15/48		7,700,000		6,294,750
3.000%, 02/15/49		6,300,000		5,149,266
3.000%, 08/15/52		4,700,000		3,861,344
3.125%, 11/15/41		3,000,000		2,617,031
3.125%, 02/15/43		3,270,000		2,805,558
3.125%, 08/15/44		2,700,000		2,292,891
3.125%, 05/15/48		2,500,000		2,091,406
3.250%, 05/15/42		3,100,000		2,730,422
3.375%, 08/15/42		2,200,000		1,969,000
3.375%, 05/15/44		3,000,000		2,653,594
3.375%, 11/15/48		5,000,000		4,375,000
3.500%, 02/15/39		1,872,000		1,777,815
3.625%, 08/15/43		2,600,000		2,398,906
3.625%, 02/15/44		2,420,000		2,224,131
3.625%, 02/15/53		4,300,000		3,988,922
3.625%, 05/15/53		3,200,000		2,972,500
3.750%, 08/15/41		1,300,000		1,241,297
U.S. Treasury—(Continued)
U.S. Treasury Bonds
3.875%, 02/15/43		2,000,000		1,914,063
3.875%, 05/15/43		2,000,000		1,914,063
4.000%, 11/15/42 (b)		3,100,000		3,023,953
4.000%, 11/15/52		500,000		495,469
4.125%, 08/15/53		3,300,000		3,351,562
4.250%, 11/15/40		1,780,000		1,819,772
4.375%, 11/15/39		1,900,000		1,985,203
4.375%, 05/15/40		1,220,000		1,270,897
4.375%, 05/15/41		1,350,000		1,395,984
4.375%, 08/15/43		2,200,000		2,253,969
4.500%, 02/15/36		600,000		641,344
4.500%, 05/15/38		1,500,000		1,598,438
4.625%, 02/15/40		1,300,000		1,396,078
5.250%, 02/15/29		750,000		795,293
6.250%, 05/15/30		2,500,000		2,826,563
U.S. Treasury Notes
0.250%, 07/31/25		7,000,000		6,555,391
0.250%, 08/31/25		5,100,000		4,761,926
0.250%, 09/30/25 (b)		9,000,000		8,381,953
0.375%, 04/30/25		7,200,000		6,813,844
0.375%, 11/30/25		6,100,000		5,665,613
0.375%, 12/31/25 (b)		7,200,000		6,673,781
0.375%, 01/31/26		11,200,000		10,346,875
0.375%, 07/31/27		3,100,000		2,735,992
0.375%, 09/30/27		6,300,000		5,529,727
0.500%, 03/31/25 (b)		4,000,000		3,803,281
0.500%, 02/28/26		6,100,000		5,637,258
0.500%, 04/30/27		4,000,000		3,572,500
0.500%, 10/31/27		3,800,000		3,343,703
0.625%, 07/31/26		6,100,000		5,588,648
0.625%, 11/30/27 (b)		7,000,000		6,173,672
0.625%, 12/31/27		7,200,000		6,334,313
0.625%, 05/15/30		8,000,000		6,548,750
0.625%, 08/15/30		6,600,000		5,363,531
0.750%, 03/31/26		6,700,000		6,218,437
0.750%, 01/31/28		6,100,000		5,381,820
0.875%, 06/30/26		6,000,000		5,549,531
0.875%, 11/15/30		7,700,000		6,336,859
1.000%, 07/31/28		4,000,000		3,520,625
1.125%, 02/28/25		3,800,000		3,649,336
1.125%, 10/31/26		6,700,000		6,184,414
1.125%, 02/29/28		1,200,000		1,073,625
1.125%, 08/31/28		6,000,000		5,302,031
1.125%, 02/15/31 (b)		7,500,000		6,271,875
1.250%, 11/30/26		2,100,000		1,942,336
1.250%, 12/31/26		3,800,000		3,508,766
1.250%, 03/31/28		5,100,000		4,577,648
1.250%, 04/30/28		6,000,000		5,376,094
1.250%, 05/31/28		3,400,000		3,040,078
1.250%, 06/30/28		5,900,000		5,265,750
1.250%, 09/30/28		6,000,000		5,321,719
1.250%, 08/15/31		16,400,000		13,601,750
1.375%, 10/31/28		3,300,000		2,940,352
1.375%, 11/15/31		10,200,000		8,485,125
1.500%, 02/15/25		2,100,000		2,026,746

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes
1.500%, 08/15/26		5,600,000	$	5,242,125
1.500%, 01/31/27 (b)		4,000,000		3,715,000
1.500%, 11/30/28 (b)		8,500,000		7,607,500
1.500%, 02/15/30 (b)		8,300,000		7,241,750
1.625%, 02/15/26		6,400,000		6,066,000
1.625%, 05/15/26		4,900,000		4,624,375
1.625%, 09/30/26 (b)		6,000,000		5,627,344
1.625%, 08/15/29		4,500,000		4,010,273
1.625%, 05/15/31		9,800,000		8,420,344
1.750%, 01/31/29		5,000,000		4,516,016
1.875%, 06/30/26		6,900,000		6,544,758
1.875%, 02/28/27		8,700,000		8,159,648
1.875%, 02/28/29		2,100,000		1,906,406
1.875%, 02/15/32 (b)		11,200,000		9,647,750
2.000%, 02/15/25		7,600,000		7,375,562
2.000%, 08/15/25		5,100,000		4,907,953
2.000%, 11/15/26		7,300,000		6,904,773
2.125%, 05/15/25 (b)		5,500,000		5,324,473
2.125%, 05/31/26 (b)		6,800,000		6,494,000
2.250%, 11/15/25 (b)		5,400,000		5,201,297
2.250%, 02/15/27		4,300,000		4,083,320
2.250%, 08/15/27		6,100,000		5,754,969
2.250%, 11/15/27 (b)		2,600,000		2,446,031
2.375%, 05/15/27		8,000,000		7,602,500
2.375%, 05/15/29		6,800,000		6,312,844
2.500%, 01/31/25		2,100,000		2,050,781
2.500%, 02/28/26		6,700,000		6,467,070
2.500%, 03/31/27		5,100,000		4,876,477
2.625%, 04/15/25		8,000,000		7,802,812
2.625%, 05/31/27 (b)		4,000,000		3,830,938
2.625%, 02/15/29 (b)		8,300,000		7,824,695
2.750%, 02/28/25		6,900,000		6,751,219
2.750%, 04/30/27		7,200,000		6,929,438
2.750%, 02/15/28		6,000,000		5,737,969
2.750%, 05/31/29		9,500,000		8,982,695
2.750%, 08/15/32 (b)		8,700,000		7,983,609
2.875%, 04/30/25		8,400,000		8,216,578
2.875%, 07/31/25 (b)		6,600,000		6,442,477
2.875%, 05/15/28		5,900,000		5,662,617
2.875%, 08/15/28		6,000,000		5,746,875
2.875%, 05/15/32		10,500,000		9,748,594
3.125%, 08/15/25		6,100,000		5,978,238
3.125%, 11/15/28		8,000,000		7,737,500
3.125%, 08/31/29		5,300,000		5,097,937
3.375%, 05/15/33		7,300,000		7,021,687
3.500%, 01/31/28		4,000,000		3,939,688
3.500%, 01/31/30		8,200,000		8,032,156
3.500%, 02/15/33 (b)		6,500,000		6,316,172
3.625%, 03/31/30		5,200,000		5,127,281
3.875%, 04/30/25		9,200,000		9,117,344
3.875%, 01/15/26 (b)		5,000,000		4,962,891
3.875%, 11/30/27		4,000,000		3,993,750
3.875%, 12/31/27		500,000		499,570
3.875%, 09/30/29		4,900,000		4,897,703
3.875%, 08/15/33 (b)		5,100,000		5,103,984
U.S. Treasury—(Continued)
U.S. Treasury Notes
4.000%, 12/15/25		6,000,000		5,969,062
4.000%, 06/30/28 (b)		3,000,000		3,016,875
4.000%, 10/31/29 (b)		5,000,000		5,031,250
4.000%, 07/31/30		7,300,000		7,352,469
4.125%, 09/30/27		4,000,000		4,027,188
4.125%, 10/31/27 (b)		5,900,000		5,940,562
4.375%, 08/31/28 (b)		7,100,000		7,258,641
4.500%, 11/15/25		4,900,000		4,917,035
4.625%, 02/28/25		3,000,000		2,997,656
4.625%, 09/15/26 (b)		6,000,000		6,084,375
4.625%, 11/15/26 (b)		8,000,000		8,129,375
4.625%, 09/30/28		5,800,000		5,986,687
4.875%, 10/31/30		4,800,000		5,085,750
5.000%, 08/31/25		9,000,000		9,084,023
5.000%, 09/30/25 (b)		6,000,000		6,061,875
				790,023,728
Total U.S. Treasury & Government Agencies (Cost $1,471,037,041)				1,330,563,233
Corporate Bonds & Notes—26.2%
Aerospace/Defense—0.5%
Boeing Co.
5.150%, 05/01/30 (b)		2,300,000		2,344,137
5.930%, 05/01/60		1,100,000		1,143,604
7.250%, 06/15/25		460,000		474,913
Lockheed Martin Corp.
3.550%, 01/15/26 (b)		523,000		513,847
4.090%, 09/15/52 (b)		954,000		850,997
Northrop Grumman Corp.
3.250%, 01/15/28 (b)		1,100,000		1,052,480
Northrop Grumman Systems Corp.
7.750%, 02/15/31 (b)		515,000		606,139
RTX Corp.
3.125%, 05/04/27 (b)		1,000,000		951,670
4.500%, 06/01/42		1,645,000		1,501,359
7.500%, 09/15/29		200,000		225,950
				9,665,096
Agriculture—0.3%
Altria Group, Inc.
5.950%, 02/14/49 (b)		1,200,000		1,225,224
BAT Capital Corp.
4.390%, 08/15/37		1,300,000		1,091,454
Philip Morris International, Inc.
3.250%, 11/10/24		1,000,000		982,700
4.875%, 11/15/43		1,100,000		1,037,333
Reynolds American, Inc.
4.450%, 06/12/25 (b)		1,736,000		1,716,175
				6,052,886

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Airlines—0.1%
Southwest Airlines Co.
5.125%, 06/15/27 (b)		1,000,000	$	1,005,120
Apparel—0.1%
NIKE, Inc.
2.750%, 03/27/27 (b)		1,000,000		953,990
Auto Manufacturers—0.6%
American Honda Finance Corp.
2.250%, 01/12/29 (b)		1,000,000		904,140
2.300%, 09/09/26 (b)		300,000		283,755
Ford Motor Credit Co. LLC
6.800%, 05/12/28 (b)		2,500,000		2,612,750
General Motors Financial Co., Inc.
1.250%, 01/08/26 (b)		1,200,000		1,110,660
4.350%, 01/17/27 (b)		3,200,000		3,139,552
Mercedes-Benz Finance North America LLC
8.500%, 01/18/31 (b)		550,000		690,343
Toyota Motor Credit Corp.
3.375%, 04/01/30		2,600,000		2,447,380
				11,188,580
Banks—5.7%
Banco Santander SA
4.379%, 04/12/28 (b)		2,200,000		2,137,124
Bank of America Corp.
2.687%, SOFR + 1.320%, 04/22/32 (a)		2,000,000		1,690,160
3.593%, 3M TSFR + 1.632%, 07/21/28 (a)		3,200,000		3,038,464
5.015%, SOFR + 2.160%, 07/22/33 (a) (b)		3,100,000		3,073,650
5.288%, SOFR + 1.910%, 04/25/34 (a)		4,400,000		4,413,332
5.875%, 02/07/42 (b)		1,500,000		1,621,950
Bank of Montreal
0.949%, SOFR + 0.603%, 01/22/27 (a) (b)		2,300,000		2,122,256
Bank of New York Mellon Corp.
3.442%, 3M TSFR + 1.331%, 02/07/28 (a) (b)		1,800,000		1,733,418
Bank of Nova Scotia
4.850%, 02/01/30 (b)		1,000,000		999,750
Barclays PLC
4.375%, 01/12/26 (b)		3,500,000		3,449,180
Canadian Imperial Bank of Commerce
2.250%, 01/28/25		1,000,000		968,690
Citigroup, Inc.
2.572%, SOFR + 2.107%, 06/03/31 (a)		2,500,000		2,138,675
3.200%, 10/21/26		1,700,000		1,621,851
4.412%, SOFR + 3.914%, 03/31/31 (a)		2,900,000		2,778,693
4.650%, 07/23/48 (b)		1,300,000		1,202,227
Cooperatieve Rabobank UA
5.750%, 12/01/43 (b)		1,200,000		1,240,932
Deutsche Bank AG
2.129%, SOFR + 1.870%, 11/24/26 (a) (b)		2,000,000		1,874,740
Discover Bank
2.450%, 09/12/24 (b)		1,400,000		1,365,070
Fifth Third Bancorp
8.250%, 03/01/38		1,175,000		1,393,550
Goldman Sachs Group, Inc.
3.210%, SOFR + 1.513%, 04/22/42 (a)		1,600,000		1,228,016
Banks—(Continued)
Goldman Sachs Group, Inc.
3.850%, 01/26/27		1,900,000		1,848,947
4.223%, 3M TSFR + 1.563%, 05/01/29 (a)		1,900,000		1,837,262
6.125%, 02/15/33 (b)		2,075,000		2,283,952
HSBC Holdings PLC
3.973%, 3M TSFR + 1.872%, 05/22/30 (a) (b)		3,500,000		3,272,220
6.500%, 09/15/37 (b)		1,205,000		1,303,533
JPMorgan Chase & Co.
1.953%, SOFR + 1.065%, 02/04/32 (a)		2,100,000		1,710,639
2.522%, SOFR + 2.040%, 04/22/31 (a)		2,000,000		1,732,480
2.950%, 10/01/26		2,000,000		1,907,760
3.882%, 3M TSFR + 1.622%, 07/24/38 (a) (b)		1,000,000		888,830
3.900%, 07/15/25 (b)		4,700,000		4,631,756
3.964%, 3M TSFR + 1.642%, 11/15/48 (a)		2,400,000		2,021,520
KeyBank NA
3.300%, 06/01/25 (b)		800,000		769,880
Kreditanstalt fuer Wiederaufbau
0.625%, 01/22/26 (b)		1,100,000		1,021,669
1.750%, 09/14/29 (b)		2,000,000		1,779,100
3.750%, 02/15/28		2,000,000		1,981,460
Landwirtschaftliche Rentenbank
3.875%, 09/28/27		1,000,000		994,360
Lloyds Banking Group PLC
3.574%, 11/07/28 (b)		1,800,000		1,694,754
4.650%, 03/24/26		1,700,000		1,671,661
Mitsubishi UFJ Financial Group, Inc.
3.850%, 03/01/26		1,000,000		976,740
Mizuho Financial Group, Inc.
4.018%, 03/05/28 (b)		1,800,000		1,748,628
Morgan Stanley
4.300%, 01/27/45 (b)		1,900,000		1,721,590
4.350%, 09/08/26		3,800,000		3,732,588
7.250%, 04/01/32 (b)		1,850,000		2,184,018
PNC Bank NA
2.950%, 02/23/25 (b)		2,100,000		2,043,468
Royal Bank of Canada
1.600%, 01/21/25 (b)		2,100,000		2,023,980
Sumitomo Mitsui Financial Group, Inc.
2.632%, 07/14/26 (b)		4,700,000		4,454,472
Toronto-Dominion Bank
3.766%, 06/06/25 (b)		1,000,000		983,910
Truist Financial Corp.
1.267%, SOFR + 0.609%, 03/02/27 (a) (b)		2,000,000		1,833,140
U.S. Bancorp
5.775%, SOFR + 2.020%, 06/12/29 (a) (b)		2,000,000		2,054,520
UBS Group AG
4.550%, 04/17/26		2,700,000		2,663,334
Wells Fargo & Co.
2.879%, 3M TSFR + 1.432%, 10/30/30 (a)		2,400,000		2,134,776
3.000%, 10/23/26 (b)		2,000,000		1,899,540
5.013%, 3M TSFR + 4.502%, 04/04/51 (a)		1,000,000		951,320
5.557%, SOFR + 1.990%, 07/25/34 (a)		1,500,000		1,530,435
5.606%, 01/15/44		2,200,000		2,201,870
Westpac Banking Corp.
2.668%, 5Y H15 + 1.750%, 11/15/35 (a)		1,700,000		1,383,681
				109,965,521

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—0.5%
Anheuser-Busch InBev Worldwide, Inc.
4.439%, 10/06/48		1,165,000	$	1,076,681
5.550%, 01/23/49		1,900,000		2,048,751
Coca-Cola Co.
1.650%, 06/01/30 (b)		2,400,000		2,057,592
Diageo Capital PLC
2.375%, 10/24/29 (b)		1,400,000		1,261,302
Keurig Dr Pepper, Inc.
4.597%, 05/25/28 (b)		1,200,000		1,202,556
PepsiCo, Inc.
2.750%, 03/19/30 (b)		800,000		735,440
4.450%, 04/14/46 (b)		1,300,000		1,254,591
				9,636,913
Biotechnology—0.3%
Amgen, Inc.
2.000%, 01/15/32 (b)		1,600,000		1,313,152
4.663%, 06/15/51		1,000,000		913,350
5.650%, 03/02/53		2,000,000		2,112,560
Biogen, Inc.
4.050%, 09/15/25 (b)		300,000		295,185
Gilead Sciences, Inc.
3.650%, 03/01/26 (b)		2,000,000		1,957,740
				6,591,987
Building Materials—0.2%
Carrier Global Corp.
2.493%, 02/15/27 (b)		2,000,000		1,883,460
Trane Technologies Financing Ltd.
3.800%, 03/21/29 (b)		1,000,000		969,140
				2,852,600
Chemicals—0.4%
Dow Chemical Co.
4.375%, 11/15/42		1,000,000		886,480
9.400%, 05/15/39		650,000		908,173
DuPont de Nemours, Inc.
5.419%, 11/15/48 (b)		1,000,000		1,046,420
LyondellBasell Industries NV
4.625%, 02/26/55 (b)		1,400,000		1,221,584
Nutrien Ltd.
4.200%, 04/01/29 (b)		1,000,000		984,350
Sherwin-Williams Co.
3.450%, 06/01/27 (b)		1,800,000		1,739,736
Westlake Corp.
3.125%, 08/15/51		500,000		332,320
				7,119,063
Commercial Services—0.3%
Global Payments, Inc.
2.900%, 05/15/30 (b)		900,000		792,999
Massachusetts Institute of Technology
2.294%, 07/01/51		1,200,000		765,012
Commercial Services—(Continued)
PayPal Holdings, Inc.
2.850%, 10/01/29 (b)		2,000,000		1,833,100
S&P Global, Inc.
2.300%, 08/15/60		800,000		482,592
Yale University
2.402%, 04/15/50		2,000,000		1,321,700
				5,195,403
Computers—0.6%
Apple, Inc.
2.550%, 08/20/60		1,000,000		662,160
2.650%, 02/08/51		1,500,000		1,029,825
3.350%, 08/08/32 (b)		2,300,000		2,158,251
Dell International LLC/EMC Corp.
5.300%, 10/01/29		1,800,000		1,856,160
Hewlett Packard Enterprise Co.
4.900%, 10/15/25		1,400,000		1,394,736
HP, Inc.
4.000%, 04/15/29 (b)		1,000,000		971,890
International Business Machines Corp.
3.300%, 05/15/26 (b)		1,900,000		1,843,703
4.000%, 06/20/42 (b)		1,200,000		1,049,616
				10,966,341
Cosmetics/Personal Care—0.2%
Estee Lauder Cos., Inc.
1.950%, 03/15/31 (b)		1,100,000		922,174
Kenvue, Inc.
5.050%, 03/22/53 (b)		1,000,000		1,037,360
Procter & Gamble Co.
3.550%, 03/25/40		900,000		806,562
Unilever Capital Corp.
2.900%, 05/05/27 (b)		1,500,000		1,433,010
				4,199,106
Diversified Financial Services—1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300%, 01/30/32 (b)		1,000,000		871,750
3.650%, 07/21/27		1,900,000		1,806,843
Air Lease Corp.
2.875%, 01/15/26 (b)		900,000		858,042
American Express Co.
3.300%, 05/03/27		3,000,000		2,869,590
BlackRock, Inc.
4.750%, 05/25/33		1,000,000		1,010,370
Brookfield Capital Finance LLC
6.087%, 06/14/33 (b)		500,000		522,415
Capital One Financial Corp.
3.800%, 01/31/28 (b)		1,800,000		1,711,404
Charles Schwab Corp.
4.625%, 03/22/30		900,000		904,203
5.643%, SOFR + 2.210%, 05/19/29 (a) (b)		500,000		513,830
Intercontinental Exchange, Inc.
3.000%, 06/15/50		1,000,000		718,240
3.750%, 12/01/25 (b)		1,000,000		982,780

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Mastercard, Inc.
3.350%, 03/26/30 (b)		1,700,000	$	1,622,548
Nasdaq, Inc.
3.950%, 03/07/52		700,000		557,445
Nomura Holdings, Inc.
2.679%, 07/16/30 (b)		1,000,000		853,040
6.070%, 07/12/28 (b)		1,000,000		1,034,120
Visa, Inc.
1.100%, 02/15/31 (b)		3,100,000		2,518,099
				19,354,719
Electric—2.1%
Appalachian Power Co.
3.700%, 05/01/50 (b)		900,000		676,881
CenterPoint Energy Houston Electric LLC
4.500%, 04/01/44		1,300,000		1,198,847
CMS Energy Corp.
4.750%, 5Y H15 + 4.116%, 06/01/50 (a) (b)		1,500,000		1,358,520
Commonwealth Edison Co.
3.000%, 03/01/50		900,000		630,153
Connecticut Light & Power Co.
4.000%, 04/01/48 (b)		1,000,000		855,120
Consolidated Edison Co. of New York, Inc.
3.950%, 03/01/43		2,070,000		1,767,180
Constellation Energy Generation LLC
5.600%, 03/01/28 (b)		1,000,000		1,030,910
Dominion Energy, Inc.
3.900%, 10/01/25 (b)		1,900,000		1,865,135
4.600%, 03/15/49 (b)		800,000		707,096
DTE Electric Co.
3.700%, 03/15/45 (b)		1,000,000		815,120
Duke Energy Carolinas LLC
3.550%, 03/15/52 (b)		1,000,000		769,180
5.300%, 02/15/40 (b)		2,000,000		2,026,780
Duke Energy Corp.
2.650%, 09/01/26 (b)		1,000,000		949,000
Entergy Louisiana LLC
4.000%, 03/15/33 (b)		1,000,000		934,570
Evergy, Inc.
2.900%, 09/15/29		500,000		452,830
Exelon Corp.
3.400%, 04/15/26 (b)		1,000,000		968,740
5.625%, 06/15/35		500,000		516,385
Florida Power & Light Co.
5.950%, 02/01/38		1,700,000		1,863,098
Georgia Power Co.
4.300%, 03/15/42		2,000,000		1,779,280
Louisville Gas & Electric Co.
4.250%, 04/01/49		800,000		682,032
MidAmerican Energy Co.
3.650%, 04/15/29 (b)		1,700,000		1,626,543
4.250%, 07/15/49		1,500,000		1,315,770
National Rural Utilities Cooperative Finance Corp.
2.400%, 03/15/30		1,800,000		1,562,940
Northern States Power Co.
6.250%, 06/01/36 (b)		1,200,000		1,330,236
Electric—(Continued)
Oncor Electric Delivery Co. LLC
3.100%, 09/15/49		900,000		648,288
Pacific Gas & Electric Co.
2.500%, 02/01/31		3,000,000		2,481,720
PG&E Wildfire Recovery Funding LLC
4.722%, 06/01/39		160,000		158,264
5.212%, 12/01/49		1,100,000		1,112,760
Public Service Electric & Gas Co.
1.900%, 08/15/31 (b)		1,600,000		1,314,352
Sempra
3.400%, 02/01/28 (b)		1,100,000		1,050,005
Southern California Edison Co.
3.650%, 03/01/28 (b)		900,000		863,451
4.000%, 04/01/47		1,000,000		822,710
Southwestern Electric Power Co.
4.100%, 09/15/28 (b)		1,800,000		1,742,022
Union Electric Co.
3.500%, 03/15/29 (b)		1,800,000		1,706,058
				39,581,976
Electrical Components & Equipment—0.0%
Emerson Electric Co.
2.200%, 12/21/31		500,000		428,060
Electronics—0.1%
Honeywell International, Inc.
2.500%, 11/01/26 (b)		1,800,000		1,715,220
Entertainment—0.0%
Warnermedia Holdings, Inc.
5.141%, 03/15/52 (b)		600,000		517,308
Environmental Control—0.1%
Waste Connections, Inc.
2.200%, 01/15/32 (b)		500,000		418,230
Waste Management, Inc.
3.150%, 11/15/27 (b)		1,800,000		1,726,272
				2,144,502
Food—0.4%
Conagra Brands, Inc.
4.850%, 11/01/28 (b)		1,300,000		1,300,949
General Mills, Inc.
4.200%, 04/17/28 (b)		1,500,000		1,478,925
Kraft Heinz Foods Co.
5.000%, 07/15/35 (b)		1,600,000		1,612,736
Kroger Co.
2.200%, 05/01/30 (b)		1,000,000		856,970
Sysco Corp.
6.600%, 04/01/50 (b)		900,000		1,057,257
Tyson Foods, Inc.
3.550%, 06/02/27		1,200,000		1,146,108
				7,452,945

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Forest Products & Paper—0.0%
International Paper Co.
4.400%, 08/15/47 (b)		800,000	$	694,704
Gas—0.1%
Atmos Energy Corp.
1.500%, 01/15/31 (b)		1,100,000		896,984
NiSource, Inc.
4.800%, 02/15/44		1,500,000		1,380,975
				2,277,959
Hand/Machine Tools—0.1%
Stanley Black & Decker, Inc.
3.000%, 05/15/32		1,800,000		1,557,882
Healthcare-Products—0.3%
Abbott Laboratories
4.750%, 11/30/36 (b)		1,300,000		1,332,942
Boston Scientific Corp.
1.900%, 06/01/25 (b)		1,900,000		1,819,820
DH Europe Finance II SARL
3.250%, 11/15/39 (b)		900,000		748,062
Medtronic, Inc.
4.625%, 03/15/45 (b)		933,000		911,896
Stryker Corp.
1.150%, 06/15/25 (b)		1,000,000		946,140
				5,758,860
Healthcare-Services—0.6%
Centene Corp.
2.500%, 03/01/31 (b)		300,000		250,254
CommonSpirit Health
3.910%, 10/01/50		500,000		395,530
Elevance Health, Inc.
5.850%, 01/15/36		1,800,000		1,921,284
HCA, Inc.
4.125%, 06/15/29		1,800,000		1,723,770
5.900%, 06/01/53 (b)		1,000,000		1,026,770
Humana, Inc.
4.875%, 04/01/30 (b)		800,000		808,584
Kaiser Foundation Hospitals
3.002%, 06/01/51 (b)		1,000,000		716,320
Laboratory Corp. of America Holdings
3.600%, 02/01/25 (b)		500,000		491,535
UnitedHealth Group, Inc.
3.500%, 08/15/39		900,000		766,998
3.750%, 07/15/25 (b)		1,600,000		1,577,632
4.250%, 06/15/48		1,000,000		896,810
4.950%, 05/15/62		1,300,000		1,281,566
				11,857,053
Home Builders—0.1%
Lennar Corp.
4.750%, 11/29/27 (b)		1,300,000		1,300,780
Household Products/Wares—0.1%
Kimberly-Clark Corp.
3.100%, 03/26/30 (b)		1,100,000		1,026,762
Insurance—0.7%
Allstate Corp.
1.450%, 12/15/30 (b)		1,100,000		890,945
American International Group, Inc.
3.400%, 06/30/30 (b)		800,000		737,040
Aon Corp./Aon Global Holdings PLC
5.350%, 02/28/33		1,000,000		1,026,950
AXA SA
8.600%, 12/15/30 (b)		365,000		439,358
Berkshire Hathaway Finance Corp.
4.200%, 08/15/48 (b)		1,700,000		1,572,177
Berkshire Hathaway, Inc.
3.125%, 03/15/26 (b)		750,000		729,247
Chubb Corp.
6.000%, 05/11/37		865,000		958,645
Hartford Financial Services Group, Inc.
6.100%, 10/01/41		780,000		837,346
Lincoln National Corp.
4.350%, 03/01/48		600,000		479,358
Marsh & McLennan Cos., Inc.
3.750%, 03/14/26 (b)		1,000,000		982,090
Principal Financial Group, Inc.
3.100%, 11/15/26 (b)		1,000,000		953,620
Prudential Financial, Inc.
2.100%, 03/10/30 (b)		2,000,000		1,753,780
5.700%, 12/14/36 (b)		1,525,000		1,653,054
Travelers Cos., Inc.
3.050%, 06/08/51 (b)		800,000		591,240
				13,604,850
Internet—0.5%
Alibaba Group Holding Ltd.
4.200%, 12/06/47 (b)		1,400,000		1,145,130
Alphabet, Inc.
2.050%, 08/15/50		1,100,000		690,503
Amazon.com, Inc.
3.150%, 08/22/27 (b)		1,000,000		962,190
3.800%, 12/05/24 (b)		1,800,000		1,781,442
3.875%, 08/22/37		1,900,000		1,767,190
eBay, Inc.
3.600%, 06/05/27 (b)		1,500,000		1,452,465
Meta Platforms, Inc.
4.950%, 05/15/33 (b)		1,500,000		1,550,370
				9,349,290
Investment Companies—0.1%
ARES Capital Corp.
4.250%, 03/01/25 (b)		900,000		878,994
Blue Owl Capital Corp.
3.400%, 07/15/26		400,000		372,212
				1,251,206

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Iron/Steel—0.0%
Vale Overseas Ltd.
6.875%, 11/21/36		528,000	$	573,873
Lodging—0.1%
Marriott International, Inc.
2.850%, 04/15/31		1,100,000		955,405
Sands China Ltd.
5.650%, 08/08/28		1,000,000		991,649
				1,947,054
Machinery-Construction & Mining—0.1%
Caterpillar, Inc.
3.803%, 08/15/42		1,500,000		1,321,500
Machinery-Diversified—0.1%
John Deere Capital Corp.
2.000%, 06/17/31 (b)		1,000,000		849,210
4.050%, 09/08/25 (b)		2,000,000		1,982,620
				2,831,830
Media—0.8%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.850%, 04/01/61		3,300,000		2,075,469
6.484%, 10/23/45		900,000		888,678
Comcast Corp.
3.150%, 03/01/26 (b)		2,000,000		1,942,220
3.969%, 11/01/47		900,000		758,088
4.650%, 07/15/42 (b)		1,670,000		1,575,645
5.650%, 06/15/35		1,500,000		1,615,140
Discovery Communications LLC
3.950%, 03/20/28 (b)		1,100,000		1,048,454
4.000%, 09/15/55		1,481,000		1,055,864
Fox Corp.
5.576%, 01/25/49 (b)		1,000,000		961,630
Paramount Global
4.375%, 03/15/43 (b)		1,500,000		1,116,600
Time Warner Cable LLC
6.550%, 05/01/37		100,000		98,569
TWDC Enterprises 18 Corp.
2.950%, 06/15/27		1,000,000		960,030
Walt Disney Co.
3.600%, 01/13/51 (b)		1,000,000		806,450
6.550%, 03/15/33 (b)		950,000		1,101,174
				16,004,011
Mining—0.1%
Newmont Corp.
6.250%, 10/01/39 (b)		1,800,000		2,000,142
Rio Tinto Alcan, Inc.
6.125%, 12/15/33		751,000		822,886
				2,823,028
Miscellaneous Manufacturing—0.2%
3M Co.
4.000%, 09/14/48		900,000		771,354
GE Capital International Funding Co. Unlimited Co.
4.418%, 11/15/35 (b)		1,459,000		1,418,250
General Electric Co.
7.500%, 08/21/35		100,000		119,204
Parker-Hannifin Corp.
3.250%, 06/14/29 (b)		900,000		847,989
				3,156,797
Multi-National—1.2%
Asian Development Bank
1.500%, 03/04/31 (b)		2,000,000		1,691,300
1.750%, 09/19/29		900,000		798,642
2.625%, 01/30/24		2,200,000		2,195,292
Asian Infrastructure Investment Bank
0.500%, 05/28/25 (b)		1,000,000		943,870
0.500%, 01/27/26		50,000		46,208
European Bank for Reconstruction & Development
0.500%, 05/19/25		1,300,000		1,228,448
European Investment Bank
0.375%, 03/26/26 (b)		2,000,000		1,838,620
1.875%, 02/10/25		1,000,000		969,960
3.625%, 07/15/30		1,000,000		979,980
4.875%, 02/15/36 (b)		1,100,000		1,179,618
Inter-American Development Bank
2.125%, 01/15/25		2,000,000		1,946,760
2.250%, 06/18/29		1,400,000		1,281,028
2.375%, 07/07/27		1,500,000		1,418,610
7.000%, 06/15/25		200,000		206,150
International Bank for Reconstruction & Development
0.500%, 10/28/25		2,000,000		1,864,440
1.625%, 11/03/31		2,600,000		2,194,088
2.500%, 07/29/25		2,000,000		1,939,800
3.125%, 06/15/27		1,100,000		1,066,934
International Finance Corp.
0.375%, 07/16/25		25,000		23,477
				23,813,225
Office/Business Equipment—0.1%
CDW LLC/CDW Finance Corp.
4.250%, 04/01/28 (b)		1,100,000		1,054,834
Oil & Gas—0.8%
BP Capital Markets America, Inc.
2.721%, 01/12/32 (b)		1,000,000		873,640
3.000%, 02/24/50		1,000,000		712,280
Canadian Natural Resources Ltd.
6.250%, 03/15/38 (b)		800,000		840,312
Chevron Corp.
2.954%, 05/16/26 (b)		1,500,000		1,451,190
ConocoPhillips Co.
5.300%, 05/15/53		1,000,000		1,031,650
6.950%, 04/15/29		700,000		780,808

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Equinor ASA
3.250%, 11/10/24 (b)		1,100,000	$	1,081,839
Exxon Mobil Corp.
4.114%, 03/01/46 (b)		1,600,000		1,430,608
Marathon Oil Corp.
6.600%, 10/01/37 (b)		1,000,000		1,060,760
Marathon Petroleum Corp.
4.700%, 05/01/25 (b)		600,000		596,004
Occidental Petroleum Corp.
6.450%, 09/15/36 (b)		1,000,000		1,060,940
Phillips 66
4.875%, 11/15/44 (b)		1,000,000		960,780
Shell International Finance BV
2.375%, 11/07/29 (b)		2,000,000		1,802,580
3.250%, 04/06/50 (b)		900,000		679,257
TotalEnergies Capital International SA
3.127%, 05/29/50 (b)		900,000		665,136
Valero Energy Corp.
3.400%, 09/15/26		200,000		192,078
				15,219,862
Oil & Gas Services—0.1%
Halliburton Co.
5.000%, 11/15/45 (b)		1,200,000		1,164,732
Packaging & Containers—0.0%
WRKCo, Inc.
3.000%, 06/15/33 (b)		600,000		518,064
Pharmaceuticals—1.4%
AbbVie, Inc.
3.800%, 03/15/25 (b)		400,000		394,996
4.050%, 11/21/39		1,300,000		1,177,657
4.400%, 11/06/42 (b)		1,100,000		1,023,264
AstraZeneca PLC
4.000%, 09/18/42 (b)		1,200,000		1,093,380
Becton Dickinson & Co.
4.669%, 06/06/47		2,000,000		1,870,400
Bristol-Myers Squibb Co.
3.400%, 07/26/29 (b)		1,000,000		949,250
3.700%, 03/15/52 (b)		1,300,000		1,022,723
Cardinal Health, Inc.
3.410%, 06/15/27 (b)		800,000		768,536
Cigna Group
2.375%, 03/15/31		1,500,000		1,282,140
4.500%, 02/25/26		1,200,000		1,191,456
6.125%, 11/15/41		313,000		343,821
CVS Health Corp.
4.300%, 03/25/28 (b)		544,000		535,350
4.780%, 03/25/38		1,500,000		1,422,270
5.050%, 03/25/48 (b)		1,500,000		1,409,040
5.125%, 07/20/45		900,000		854,631
GlaxoSmithKline Capital, Inc.
3.875%, 05/15/28 (b)		1,000,000		987,290
Pharmaceuticals —(Continued)
Johnson & Johnson
3.700%, 03/01/46		1,000,000		876,050
5.950%, 08/15/37		910,000		1,051,906
Merck & Co., Inc.
6.550%, 09/15/37		1,000,000		1,171,540
Merck Sharp & Dohme Corp.
5.950%, 12/01/28		300,000		321,468
Novartis Capital Corp.
2.200%, 08/14/30 (b)		1,900,000		1,675,420
Pfizer Investment Enterprises Pte. Ltd.
5.340%, 05/19/63 (b)		2,000,000		2,025,740
Pfizer, Inc.
3.600%, 09/15/28 (b)		2,100,000		2,046,555
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26		2,000,000		1,925,080
				27,419,963
Pipelines—0.9%
El Paso Natural Gas Co. LLC
8.375%, 06/15/32 (b)		220,000		256,645
Enbridge Energy Partners LP
5.875%, 10/15/25 (b)		2,000,000		2,021,960
Energy Transfer LP
5.150%, 03/15/45 (b)		2,600,000		2,388,776
Enterprise Products Operating LLC
3.200%, 02/15/52		1,100,000		805,244
3.950%, 02/15/27 (b)		1,300,000		1,280,500
Kinder Morgan Energy Partners LP
6.500%, 02/01/37		2,000,000		2,111,040
MPLX LP
5.200%, 03/01/47 (b)		1,000,000		930,410
ONEOK, Inc.
3.100%, 03/15/30 (b)		1,100,000		989,175
Sabine Pass Liquefaction LLC
5.875%, 06/30/26		1,600,000		1,628,288
TransCanada PipeLines Ltd.
6.200%, 10/15/37		1,800,000		1,921,986
Western Midstream Operating LP
4.050%, 02/01/30 (b)		1,100,000		1,030,579
Williams Cos., Inc.
3.750%, 06/15/27		1,500,000		1,446,435
				16,811,038
Real Estate Investment Trusts—0.8%
Alexandria Real Estate Equities, Inc.
3.550%, 03/15/52		1,100,000		804,353
American Tower Corp.
5.900%, 11/15/33		900,000		955,377
AvalonBay Communities, Inc.
2.300%, 03/01/30 (b)		200,000		174,578
Boston Properties LP
3.200%, 01/15/25 (b)		1,400,000		1,361,150
Brixmor Operating Partnership LP
4.050%, 07/01/30 (b)		900,000		845,640

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts —(Continued)
Crown Castle, Inc.
3.800%, 02/15/28		1,500,000	$	1,426,455
Digital Realty Trust LP
3.700%, 08/15/27 (b)		1,500,000		1,449,540
Equinix, Inc.
3.200%, 11/18/29 (b)		700,000		644,378
ERP Operating LP
3.000%, 07/01/29		1,000,000		924,090
Essex Portfolio LP
3.000%, 01/15/30 (b)		1,000,000		892,420
Healthpeak OP LLC
3.500%, 07/15/29		900,000		840,015
NNN REIT, Inc.
2.500%, 04/15/30 (b)		1,000,000		860,820
Prologis LP
3.375%, 12/15/27 (b)		500,000		477,595
Public Storage Operating Co.
3.094%, 09/15/27		500,000		476,715
Simon Property Group LP
3.300%, 01/15/26 (b)		1,800,000		1,745,910
Sun Communities Operating LP
5.700%, 01/15/33		700,000		712,012
Welltower OP LLC
4.000%, 06/01/25 (b)		750,000		736,657
				15,327,705
Retail—0.6%
Home Depot, Inc.
3.000%, 04/01/26 (b)		1,800,000		1,745,784
4.250%, 04/01/46		2,000,000		1,815,020
Lowe’s Cos., Inc.
4.250%, 04/01/52		1,100,000		932,393
5.625%, 04/15/53 (b)		1,000,000		1,050,410
McDonald’s Corp.
4.875%, 12/09/45		1,500,000		1,475,475
Starbucks Corp.
3.550%, 08/15/29 (b)		1,000,000		965,060
Target Corp.
2.650%, 09/15/30		1,400,000		1,256,808
Walmart, Inc.
3.900%, 09/09/25 (b)		1,000,000		991,080
4.050%, 06/29/48 (b)		900,000		824,967
5.250%, 09/01/35		935,000		1,022,600
				12,079,597
Semiconductors—0.5%
Broadcom, Inc.
3.137%, 11/15/35 (144A)		1,600,000		1,315,568
4.300%, 11/15/32 (b)		1,700,000		1,633,207
Intel Corp.
4.750%, 03/25/50 (b)		1,800,000		1,710,828
4.900%, 08/05/52 (b)		1,000,000		980,960
NVIDIA Corp.
2.850%, 04/01/30 (b)		1,100,000		1,018,787
Semiconductors—(Continued)
QUALCOMM, Inc.
1.650%, 05/20/32 (b)		2,333,000		1,904,755
Texas Instruments, Inc.
2.250%, 09/04/29 (b)		1,000,000		903,010
				9,467,115
Software—0.7%
Fidelity National Information Services, Inc.
1.150%, 03/01/26 (b)		1,000,000		924,510
Microsoft Corp.
3.125%, 11/03/25 (b)		2,600,000		2,540,434
4.250%, 02/06/47 (b)		2,000,000		1,940,180
Oracle Corp.
2.875%, 03/25/31 (b)		3,000,000		2,659,650
2.950%, 11/15/24		1,300,000		1,271,101
2.950%, 04/01/30 (b)		1,200,000		1,084,044
3.850%, 04/01/60		2,100,000		1,532,433
Salesforce, Inc.
2.900%, 07/15/51 (b)		1,000,000		718,040
				12,670,392
Telecommunications—1.1%
America Movil SAB de CV
2.875%, 05/07/30 (b)		1,000,000		890,870
AT&T, Inc.
3.500%, 09/15/53		1,221,000		889,987
3.650%, 09/15/59		2,686,000		1,932,228
4.100%, 02/15/28 (b)		1,687,000		1,650,443
5.150%, 11/15/46 (b)		1,308,000		1,262,652
7.125%, 12/15/31		100,000		111,746
Cisco Systems, Inc.
5.500%, 01/15/40		1,000,000		1,067,660
Deutsche Telekom International Finance BV
8.750%, 06/15/30		300,000		361,761
Orange SA
5.500%, 02/06/44 (b)		500,000		520,995
Rogers Communications, Inc.
2.900%, 11/15/26 (b)		1,100,000		1,044,934
Sprint LLC
7.625%, 03/01/26 (b)		900,000		939,960
T-Mobile USA, Inc.
2.550%, 02/15/31		2,200,000		1,896,334
3.300%, 02/15/51		1,500,000		1,089,240
4.750%, 02/01/28 (b)		1,000,000		996,510
Telefonica Emisiones SA
4.103%, 03/08/27		900,000		882,279
Verizon Communications, Inc.
2.875%, 11/20/50		1,900,000		1,292,741
3.376%, 02/15/25 (b)		1,078,000		1,058,175
3.550%, 03/22/51 (b)		1,000,000		770,970
4.812%, 03/15/39 (b)		1,927,000		1,866,338
Vodafone Group PLC
6.150%, 02/27/37 (b)		1,000,000		1,084,630
				21,610,453

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—0.5%
Burlington Northern Santa Fe LLC
4.150%, 04/01/45		1,900,000	$	1,693,736
Canadian National Railway Co.
4.450%, 01/20/49 (b)		400,000		372,096
Canadian Pacific Railway Co.
2.450%, 12/02/31 (b)		1,100,000		1,021,284
CSX Corp.
6.150%, 05/01/37		800,000		895,096
FedEx Corp.
4.550%, 04/01/46 (b)		1,000,000		897,590
Norfolk Southern Corp.
2.550%, 11/01/29 (b)		1,000,000		899,470
5.590%, 05/17/25		28,000		28,192
Union Pacific Corp.
2.891%, 04/06/36 (b)		1,200,000		1,010,520
3.250%, 02/05/50 (b)		1,300,000		996,424
United Parcel Service, Inc.
4.450%, 04/01/30 (b)		1,600,000		1,618,176
				9,432,584
Water—0.0%
American Water Capital Corp.
3.750%, 09/01/28 (b)		900,000		867,321
Total Corporate Bonds & Notes (Cost $559,884,796)				501,381,660
Foreign Government—1.6%
Provincial—0.3%
Province of Alberta
1.000%, 05/20/25 (b)		1,500,000		1,425,180
Province of British Columbia
1.300%, 01/29/31 (b)		1,000,000		828,250
Province of Ontario
3.050%, 01/29/24		1,000,000		998,180
Province of Quebec
2.500%, 04/20/26 (b)		2,000,000		1,919,980
				5,171,590
Sovereign—1.3%
Canada Government International Bond
1.625%, 01/22/25 (b)		1,000,000		969,000
Chile Government International Bonds
3.100%, 01/22/61		1,200,000		802,716
3.500%, 01/25/50 (b)		1,000,000		759,710
Export-Import Bank of Korea
2.875%, 01/21/25		1,400,000		1,372,070
Indonesia Government International Bonds
3.050%, 03/12/51		1,100,000		839,674
3.850%, 10/15/30 (b)		700,000		667,744
Israel Government AID Bond
5.500%, 09/18/33		200,000		219,860
Israel Government International Bond
4.125%, 01/17/48		1,000,000		807,680
Sovereign—(Continued)
Japan Bank for International Cooperation
2.500%, 05/23/24 (b)		1,900,000		1,878,378
4.625%, 07/19/28 (b)		1,600,000		1,622,320
Mexico Government International Bonds
4.600%, 01/23/46		1,100,000		917,565
4.750%, 03/08/44		900,000		772,578
5.750%, 10/12/10		1,000,000		894,330
6.750%, 09/27/34		1,050,000		1,135,816
Panama Government International Bonds
3.875%, 03/17/28		900,000		830,637
4.500%, 05/15/47		1,400,000		993,314
Peru Government International Bond
8.750%, 11/21/33		1,450,000		1,821,838
Philippines Government International Bonds
3.950%, 01/20/40 (b)		1,100,000		995,071
5.000%, 01/13/37		1,740,000		1,781,064
Republic of Italy Government International Bond
2.875%, 10/17/29 (b)		2,000,000		1,793,520
Republic of Poland Government International Bond
3.250%, 04/06/26 (b)		1,000,000		968,780
Svensk Exportkredit AB
0.625%, 05/14/25		1,000,000		945,580
Uruguay Government International Bond
4.375%, 10/27/27		900,000		906,219
				24,695,464
Total Foreign Government (Cost $33,577,884)				29,867,054
Mortgage-Backed Securities—0.8%
Commercial Mortgage-Backed Securities—0.8%
BANK
2.556%, 05/15/64		2,000,000		1,693,881
2.758%, 09/15/62		375,944		324,678
4.407%, 11/15/61 (a)		881,000		856,760
BANK5
6.260%, 04/15/56 (a)		1,000,000		1,037,743
BBCMS Mortgage Trust
3.662%, 04/15/55 (a)		2,230,000		2,022,268
Benchmark Mortgage Trust 3.666%, 01/15/51 (a)		915,000		860,001
CD Mortgage Trust
3.631%, 02/10/50		950,000		882,741
CFCRE Commercial Mortgage Trust
3.585%, 12/10/54		787,393		746,736
COMM Mortgage Trust
3.765%, 02/10/49		1,539,000		1,482,802
JPMBB Commercial Mortgage Securities Trust
3.598%, 11/15/48		400,000		381,447
3.801%, 08/15/48		445,564		428,039
Morgan Stanley Bank of America Merrill Lynch Trust
3.544%, 01/15/49		1,350,000		1,283,932
3.635%, 10/15/48		1,547,000		1,491,714
3.732%, 05/15/48		750,000		725,988

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
UBS Commercial Mortgage Trust
3.035%, 12/15/52		2,250,000	$	2,002,691
Total Mortgage-Backed Securities (Cost $17,939,359)				16,221,421
Municipals—0.5%
Chicago O’Hare International Airport
4.572%, 01/01/54		395,000		377,512
Los Angeles Unified School District, General Obligation Unlimited
6.758%, 07/01/34		660,000		745,495
Municipal Electric Authority of Georgia
6.637%, 04/01/57		1,902,000		2,170,343
New Jersey Turnpike Authority
7.414%, 01/01/40		1,000,000		1,245,974
New York City Municipal Water Finance Authority
5.440%, 06/15/43		300,000		317,344
Port Authority of New York & New Jersey
4.458%, 10/01/62		1,500,000		1,368,697
Regents of the University of California Medical Center Pooled Revenue
3.006%, 05/15/50		1,000,000		707,895
State of California, General Obligation Unlimited
7.300%, 10/01/39		1,200,000		1,450,793
State of Illinois, General Obligation Unlimited
5.100%, 06/01/33		1,230,000		1,217,011
Texas Natural Gas Securitization Finance Corp.
5.169%, 04/01/41		450,000		465,025
Total Municipals (Cost $11,220,686)				10,066,089
Asset-Backed Securities—0.3%
Asset-Backed - Automobile—0.1%
CarMax Auto Owner Trust
0.740%, 01/15/27		1,085,000		1,011,432
2.030%, 06/16/25		621,808		618,107
				1,629,539
Asset-Backed - Credit Card—0.1%
Capital One Multi-Asset Execution Trust
2.060%, 08/15/28		1,865,000		1,746,798
4.420%, 05/15/28		2,000,000		1,990,766
				3,737,564
Asset-Backed - Other—0.1%
Verizon Master Trust
0.990%, 04/20/28		1,000,000		965,879
Total Asset-Backed Securities (Cost $6,555,449)				6,332,982
Short-Term Investments—0.6%
Security Description	Principal Amount*		Value
U.S. Treasury—0.6%
U.S. Treasury Bills
4.666%, 01/09/24 (c)		400,000		399,595
5.194%, 02/06/24 (c)		11,000,000		10,943,642
Total Short-Term Investments (Cost $11,341,932)				11,343,237
Securities Lending Reinvestments (d)—13.2%
Certificates of Deposit—2.2%
Bank of America NA
5.730%, SOFR + 0.340%, 03/08/24 (a)		2,000,000		2,000,458
Barclays Bank PLC
5.710%, SOFR + 0.320%, 06/20/24 (a)		3,000,000		2,999,991
5.790%, SOFR + 0.400%, 02/14/24 (a)		5,000,000		5,001,410
Citibank NA
5.740%, SOFR + 0.350%, 02/20/24 (a)		3,000,000		3,000,738
MUFG Bank Ltd. (London)
Zero Coupon, 06/04/24		1,000,000		976,630
Zero Coupon, 06/10/24		1,000,000		975,750
National Westminster Bank PLC
5.880%, 05/02/24		3,000,000		3,004,860
Oversea-Chinese Banking Corp. Ltd.
5.630%, SOFR + 0.240%, 02/09/24 (a)		5,000,000		5,000,520
Royal Bank of Canada
5.880%, FEDEFF PRV + 0.550%, 09/20/24 (a)		5,000,000		5,003,100
Standard Chartered Bank
5.770%, SOFR + 0.370%, 03/12/24 (a)		3,000,000		3,001,243
Sumitomo Mitsui Trust Bank Ltd.
Zero Coupon, 02/27/24		1,500,000		1,486,575
Svenska Handelsbanken AB
5.910%, SOFR + 0.520%, 04/19/24 (a)		6,000,000		6,004,962
Westpac Banking Corp.
5.950%, SOFR + 0.550%, 10/11/24 (a)		3,000,000		3,003,717
				41,459,954
Commercial Paper—0.4%
ING U.S. Funding LLC
5.870%, SOFR + 0.480%, 06/13/24 (a)		3,000,000		3,001,632
Old Line Funding LLC
5.560%, 02/09/24		2,000,000		1,987,044
5.620%, SOFR + 0.230%, 03/11/24 (a)		2,000,000		2,000,000
				6,988,676
Repurchase Agreements—8.0%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $14,340,679; collateralized by various Common Stock with an aggregate market value of $15,962,921.		14,332,000		14,332,000

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $3,001,777; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $3,061,678.		3,000,000	$	3,000,000
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $2,785,863; collateralized by various Common Stock with an aggregate market value of $3,103,833.		2,784,177		2,784,177
Repurchase Agreement dated 12/29/23 at 5.670%, due on 04/02/24 with a maturity value of $10,149,625; collateralized by various Common Stock with an aggregate market value of $11,143,970.		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $6,180,992; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $6,120,028.		6,000,000		6,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $583,476; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $594,795.		583,133		583,133
National Bank of Canada Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $50,052,986; collateralized by various Common Stock with an aggregate market value of $55,799,460.		50,000,000		50,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $33,620,720; collateralized by various Common Stock with an aggregate market value of $37,498,072.		33,600,000		33,600,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/29/23 at 5.590%, due on 02/02/24 with a maturity value of $8,043,478; collateralized by various Common Stock with an aggregate market value of $8,890,269.		8,000,000		8,000,000
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $10,005,922; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $10,222,653.		10,000,000		10,000,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $200,118; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $204,000.		200,000		200,000
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $600,367; collateralized by various Common Stock with an aggregate market value of $667,880.		600,000		600,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $13,668,226; collateralized by various Common Stock with an aggregate market value of $15,050,317.		13,660,000		13,660,000
				152,759,310
Time Deposits—0.8%
DZ Bank AG (NY)
5.300%, 01/02/24		2,000,000		2,000,000
First Abu Dhabi Bank USA NV
5.320%, 01/02/24		7,000,000		7,000,000
National Bank of Canada
5.370%, OBFR + 0.050%, 01/05/24 (a)		5,000,000		5,000,000
5.390%, OBFR + 0.070%, 01/05/24 (a)		2,000,000		2,000,000
				16,000,000
Mutual Funds—1.8%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (e)		5,000,000		5,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (e)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (e)		3,000,000		3,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 5.290% (e)		1,000,000		1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (e)		5,000,000		5,000,000
HSBC U.S. Government Money Market Fund, Class I 5.300% (e)		1,010,185		1,010,185
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (e)		2,000,000		2,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (e)		5,000,000		5,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.270% (e)		5,000,000		5,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.270% (e)		2,950,000		2,950,000
				34,960,185
Total Securities Lending Reinvestments (Cost $252,146,889)				252,168,125
Total Investments— 112.6% (Cost $2,363,704,036)				2,157,943,801
Other assets and liabilities (net)—(12.6)%				(242,308,432	)
Net Assets—100.0%			$	1,915,635,369

*	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, 2023. 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

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

	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)	All or a portion of the security was held on loan. As of December 31, 2023, the market value of securities loaned was $291,326,237 and the collateral received consisted of cash in the amount of $252,114,807 and non-cash collateral with a value of $49,235,202. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	The rate shown represents current yield to maturity.
(d)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(e)	The rate shown represents the annualized seven-day yield as of December 31, 2023.
(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, 2023, the market value of 144A securities was $1,315,568, which is 0.1% of net assets.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate
(TSFR)—	Term Secured Financing Rate

Other Abbreviations

(ACES)—	Alternative Credit Enhancement Securities
(DAC)—	Designated Activity Company
(REIT)—	Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,330,563,233		$	—	$	1,330,563,233
Total Corporate Bonds & Notes*		—		501,381,660			—		501,381,660
Total Foreign Government*		—		29,867,054			—		29,867,054
Total Mortgage-Backed Securities*		—		16,221,421			—		16,221,421
Total Municipals*		—		10,066,089			—		10,066,089
Total Asset-Backed Securities*		—		6,332,982			—		6,332,982
Total Short-Term Investments*		—		11,343,237			—		11,343,237
Securities Lending Reinvestments
Certificates of Deposit		—		41,459,954			—		41,459,954
Commercial Paper		—		6,988,676			—		6,988,676
Repurchase Agreements		—		152,759,310			—		152,759,310
Time Deposits		—		16,000,000			—		16,000,000
Mutual Funds		34,960,185		—			—		34,960,185
Total Securities Lending Reinvestments		34,960,185		217,207,940			—		252,168,125
Total Investments	$	34,960,185	$	2,122,983,616		$	—	$	2,157,943,801
Collateral for Securities Loaned (Liability)	$	—	$	(252,114,807	)	$	—	$	(252,114,807	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	2,157,943,801
Cash		89,864
Receivable for:
Investments sold		15,824,367
Fund shares sold		3,745,372
Interest		13,021,694
Prepaid expenses		7,391
Total Assets		2,190,632,489
Liabilities
Collateral for securities loaned		252,114,807
Payables for:
Investments purchased		21,583,491
Fund shares redeemed		310,940
Accrued Expenses:
Management fees		391,460
Distribution and service fees		200,692
Deferred trustees’ fees		168,914
Other expenses		226,816
Total Liabilities		274,997,120
Net Assets	$	1,915,635,369
Net Assets Consist of:
Paid in surplus	$	2,208,975,360
Distributable earnings (Accumulated losses)		(293,339,991	)
Net Assets	$	1,915,635,369
Net Assets
Class A	$	1,006,138,531
Class B		554,799,747
Class E		36,500,131
Class G		318,196,960
Capital Shares Outstanding*
Class A		105,658,373
Class B		59,680,256
Class E		3,856,330
Class G		34,396,560
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.52
Class B		9.30
Class E		9.46
Class G		9.25

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,363,704,036.
(b)	Includes securities loaned at value of $291,326,237.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Interest	$	56,501,167
Securities lending income		653,205
Total investment income		57,154,372
Expenses
Management fees		4,844,931
Administration fees		88,794
Custodian and accounting fees		240,656
Distribution and service fees—Class B		1,391,161
Distribution and service fees—Class E		55,011
Distribution and service fees—Class G		934,121
Audit and tax services		72,848
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		108,170
Insurance		18,892
Miscellaneous		27,588
Total expenses		7,874,995
Less management fee waiver		(119,096	)
Net expenses		7,755,899
Net Investment Income		49,398,473
Net Realized and Unrealized Gain (Loss)
Net realized loss on investments		(40,274,594	)
Net change in unrealized appreciation on investments		85,471,839
Net realized and unrealized gain (loss)		45,197,245
Net Increase (Decrease) in Net Assets From Operations	$	94,595,718

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	49,398,473		$	45,196,416
Net realized gain (loss)		(40,274,594	)		(27,037,461	)
Net change in unrealized appreciation (depreciation)		85,471,839			(356,020,064	)
Increase (decrease) in net assets from operations		94,595,718			(337,861,109	)
From Distributions to Shareholders
Class A		(30,657,427	)		(34,952,394	)
Class B		(14,954,075	)		(16,379,847	)
Class E		(1,016,630	)		(1,094,280	)
Class G		(8,357,490	)		(8,214,915	)
Total distributions		(54,985,622	)		(60,641,436	)
Increase (decrease) in net assets from capital share transactions		(130,112,805	)		(251,501,385	)
Total increase (decrease) in net assets		(90,502,709	)		(650,003,930	)
Net Assets
Beginning of period		2,006,138,078			2,656,142,008
End of period	$	1,915,635,369		$	2,006,138,078

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		4,721,634		$	43,799,697			2,918,996		$	28,524,797
Reinvestments		3,328,711			30,657,427			3,690,855			34,952,394
Redemptions		(19,544,626	)		(180,944,991	)		(22,551,286	)		(219,682,691	)
Net increase (decrease)		(11,494,281	)	$	(106,487,867	)		(15,941,435	)	$	(156,205,500	)
Class B
Sales		2,686,265		$	24,464,391			1,679,657		$	16,058,791
Reinvestments		1,661,564			14,954,075			1,768,882			16,379,847
Redemptions		(6,960,851	)		(63,034,199	)		(11,222,408	)		(108,158,305	)
Net increase (decrease)		(2,613,022	)	$	(23,615,733	)		(7,773,869	)	$	(75,719,667	)
Class E
Sales		224,758		$	2,079,861			153,247		$	1,523,933
Reinvestments		110,986			1,016,630			116,166			1,094,280
Redemptions		(536,571	)		(4,946,627	)		(609,103	)		(5,976,760	)
Net increase (decrease)		(200,827	)	$	(1,850,136	)		(339,690	)	$	(3,358,547	)
Class G
Sales		2,987,202		$	27,014,122			3,292,560		$	30,939,202
Reinvestments		932,756			8,357,490			890,989			8,214,915
Redemptions		(3,730,199	)		(33,530,681	)		(5,716,471	)		(55,371,788	)
Net increase (decrease)		189,759		$	1,840,931			(1,532,922	)	$	(16,217,671	)
Increase (decrease) derived from capital shares transactions				$	(130,112,805	)				$	(251,501,385	)

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.32		$	11.04		$	11.55		$	11.10		$	10.55
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.25			0.21			0.19			0.24			0.28
Net realized and unrealized gain (loss)		0.23			(1.65	)		(0.41	)		0.56			0.62
Total income (loss) from investment operations		0.48			(1.44	)		(0.22	)		0.80			0.90
Less Distributions
Distributions from net investment income		(0.28	)		(0.28	)		(0.29	)		(0.35	)		(0.35	)
Total distributions		(0.28	)		(0.28	)		(0.29	)		(0.35	)		(0.35	)
Net Asset Value, End of Period	$	9.52		$	9.32		$	11.04		$	11.55		$	11.10
Total Return (%) (b)		5.20			(13.09	)		(1.93	)		7.21			8.64
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28			0.28			0.28			0.28			0.28
Net ratio of expenses to average net assets (%) (c)		0.28			0.27			0.27			0.27			0.27
Ratio of net investment income (loss) to average net assets (%)		2.67			2.13			1.69			2.12			2.60
Portfolio turnover rate (%)		17			15			28			34			20
Net assets, end of period (in millions)	$	1,006.1		$	1,091.7		$	1,469.1		$	1,613.2		$	1,355.4
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.10		$	10.78		$	11.29		$	10.85		$	10.32
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.22			0.18			0.16			0.21			0.25
Net realized and unrealized gain (loss)		0.23			(1.61	)		(0.41	)		0.55			0.60
Total income (loss) from investment operations		0.45			(1.43	)		(0.25	)		0.76			0.85
Less Distributions
Distributions from net investment income		(0.25	)		(0.25	)		(0.26	)		(0.32	)		(0.32	)
Total distributions		(0.25	)		(0.25	)		(0.26	)		(0.32	)		(0.32	)
Net Asset Value, End of Period	$	9.30		$	9.10		$	10.78		$	11.29		$	10.85
Total Return (%) (b)		5.03			(13.31	)		(2.22	)		7.01			8.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53			0.53			0.53			0.53			0.53
Net ratio of expenses to average net assets (%) (c)		0.53			0.52			0.52			0.52			0.52
Ratio of net investment income (loss) to average net assets (%)		2.42			1.87			1.44			1.88			2.35
Portfolio turnover rate (%)		17			15			28			34			20
Net assets, end of period (in millions)	$	554.8		$	566.9		$	755.3		$	793.0		$	796.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.26		$	10.97		$	11.48		$	11.03		$	10.49
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.19			0.17			0.23			0.27
Net realized and unrealized gain (loss)		0.23			(1.64	)		(0.41	)		0.55			0.60
Total income (loss) from investment operations		0.46			(1.45	)		(0.24	)		0.78			0.87
Less Distributions
Distributions from net investment income		(0.26	)		(0.26	)		(0.27	)		(0.33	)		(0.33	)
Total distributions		(0.26	)		(0.26	)		(0.27	)		(0.33	)		(0.33	)
Net Asset Value, End of Period	$	9.46		$	9.26		$	10.97		$	11.48		$	11.03
Total Return (%) (b)		5.05			(13.25	)		(2.08	)		7.10			8.41
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43			0.43			0.43			0.43			0.43
Net ratio of expenses to average net assets (%) (c)		0.43			0.42			0.42			0.42			0.42
Ratio of net investment income (loss) to average net assets (%)		2.52			1.98			1.54			1.98			2.45
Portfolio turnover rate (%)		17			15			28			34			20
Net assets, end of period (in millions)	$	36.5		$	37.6		$	48.2		$	49.7		$	49.1
	Class G
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.06		$	10.73		$	11.24		$	10.81		$	10.28
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.21			0.18			0.15			0.20			0.24
Net realized and unrealized gain (loss)		0.23			(1.61	)		(0.40	)		0.54			0.61
Total income (loss) from investment operations		0.44			(1.43	)		(0.25	)		0.74			0.85
Less Distributions
Distributions from net investment income		(0.25	)		(0.24	)		(0.26	)		(0.31	)		(0.32	)
Total distributions		(0.25	)		(0.24	)		(0.26	)		(0.31	)		(0.32	)
Net Asset Value, End of Period	$	9.25		$	9.06		$	10.73		$	11.24		$	10.81
Total Return (%) (b)		4.90			(13.33	)		(2.26	)		6.89			8.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58			0.58			0.58			0.58			0.58
Net ratio of expenses to average net assets (%) (c)		0.58			0.57			0.57			0.57			0.57
Ratio of net investment income (loss) to average net assets (%)		2.38			1.83			1.39			1.82			2.30
Portfolio turnover rate (%)		17			15			28			34			20
Net assets, end of period (in millions)	$	318.2		$	309.9		$	383.5		$	390.4		$	333.9

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Aggregate Bond Index Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

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

BHFTII-28

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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 - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio 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 of 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

BHFTII-29

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. 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 the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its 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.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The 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.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $152,759,310, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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

BHFTII-30

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(126,849,621	)	$	—	$	—	$	—	$	(126,849,621	)
Foreign Government		(3,028,282	)		—		—		—		(3,028,282	)
U.S. Treasury & Government Agencies		(122,236,904	)		—		—		—		(122,236,904	)
Total Borrowings	$	(252,114,807	)	$	—	$	—	$	—	$	(252,114,807	)
Gross amount of recognized liabilities for securities lending transactions										$	(252,114,807	)

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

LIBOR Replacement Risk: LIBOR was the offered rate at which major international banks could obtain wholesale, unsecured funding. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. Alternative reference rates to LIBOR have been established in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. The full impact of the transition on the Portfolio, the financial instruments in which the Portfolio invests and financial markets more generally cannot yet be fully determined.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$265,348,474	$	66,906,314	$	367,222,048	$	109,161,186

BHFTII-31

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2023 were $ 4,844,931.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2023 were $490,696.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average daily net assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

BHFTII-32

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	2,381,216,615
Gross unrealized appreciation		25,773,410
Gross unrealized (depreciation)		(249,046,223	)
Net unrealized appreciation (depreciation)	$	(223,272,813	)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$54,985,622	$	60,641,436	$	—	$	—	$	54,985,622	$	60,641,436

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$56,240,466	$	—	$	(223,272,814	)	$	(126,138,727	)	$	(293,171,075	)

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had accumulated short-term capital losses of $21,627,798 and accumulated long-term capital losses of $104,510,929.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-33

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the MetLife Aggregate Bond Index Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Aggregate Bond Index Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-34

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-35

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-36

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-37

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-38

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2023 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2023. 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, 2023, and the Board noted management’s explanation of the tracking error between the Portfolio and the Index. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-39

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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 Group median and above 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) were below the Expense Group median and the Sub-advised Expense Universe 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/Morningstar Category 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.

BHFTII-40

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Managed By MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B, E and G shares of the MetLife Mid Cap Stock Index Portfolio returned 16.08%, 15.76%, 15.91%, and 15.76%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) MidCap 400 Index¹, returned 16.44%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets climbed in 2023 on signals that the U.S. Federal Reserve (the “Fed”) would begin cutting interest rates in 2024. Equity investors remained hopeful that the Fed would be able to navigate a soft landing as they slowed the pace of quantitative tightening. Other factors that supported the equity markets included a healthy job market, better than expected macroeconomic data, and strong corporate earnings. Some of the fears that concerned equity investors included rising risks of recession and the effect that high bond yields would have on the economy. In addition, continued high inflation and rising geopolitical risk from the wars in Ukraine and Israel weighed on the equity markets.

During the year, the Federal Open Market Committee (the “FOMC”) met eight times. In December, the FOMC decided to maintain the target range for the Federal Funds Rate at 5.25%-5.50%. The FOMC stated that the growth of economic activity had slowed from its strong pace in the third quarter, and inflation had eased over the past year but remained elevated. The FOMC seeks to achieve maximum employment and inflation at the rate of 2 percent over the long run.

Nine of the eleven sectors comprising the S&P MidCap 400 Index experienced positive returns for the year. Industrials (19.8% beginning weight in the benchmark), up 31.3%, was the best-performing sector and had the largest positive impact on the benchmark return. Information Technology (12.1% beginning weight), up 28.7%, and Consumer Discretionary (14.0% beginning weight), up 24.2%, were the next best-performing sectors. Utilities (4.1% beginning weight), down 13.2%, and Communication Services (2.1% beginning weight), down 7.5%, were the worst-performing sectors.

The stocks with the largest positive impact on the benchmark return for the year were Super Micro Computer, up 246.2%; Builders FirstSource, up 150.5%; and Jabil, up 95.5%. The stocks with the largest negative impact were Medical Properties Trust, down 50.2%; First Horizon, down 39.5%; and Wolfspeed, down 37.0%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P MidCap 400 Index (the “Index”). This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P MidCap 400 Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, net asset value (“NAV”) rounding, and contributions and withdrawals.

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

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

¹ The S&P MidCap 400 Index is an unmanaged index designed to measure the performance of 400 mid-sized U.S. companies, reflecting the distinctive risk and return characteristics of this market segment.

BHFTII-1

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P MIDCAP 400 INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
MetLife Mid Cap Stock Index Portfolio
Class A		16.08		12.34		9.01
Class B		15.76		12.05		8.73
Class E		15.91		12.17		8.84
Class G		15.76		12.00		8.68
S&P MidCap 400 Index		16.44		12.62		9.28

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
SPDR S&P MidCap 400 ETF Trust		1.8
Deckers Outdoor Corp.		0.7
Reliance Steel & Aluminum Co.		0.6
Carlisle Cos., Inc.		0.6
GoDaddy, Inc.- Class A		0.6
Graco, Inc.		0.6
Watsco, Inc.		0.6
RPM International, Inc.		0.6
Lennox International, Inc.		0.6
WP Carey, Inc.		0.5

Top Sectors

	% of Net Assets
Industrials		20.6
Financials		17.4
Consumer Discretionary		15.3
Information Technology		9.3
Real Estate		7.8
Health Care		7.5
Materials		7.0
Energy		4.9
Consumer Staples		4.0
Utilities		3.1

BHFTII-2

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Mid Cap Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.30	%	$	1,000.00	$	1,068.40	$	1.56
	Hypothetical*		0.30	%	$	1,000.00	$	1,023.69	$	1.53
Class B (a)	Actual		0.55	%	$	1,000.00	$	1,066.80	$	2.87
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.43	$	2.80
Class E (a)	Actual		0.45	%	$	1,000.00	$	1,067.40	$	2.34
	Hypothetical*		0.45	%	$	1,000.00	$	1,022.94	$	2.29
Class G (a)	Actual		0.60	%	$	1,000.00	$	1,066.50	$	3.13
	Hypothetical*		0.60	%	$	1,000.00	$	1,022.18	$	3.06

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

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

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—96.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.2%
BWX Technologies, Inc.		36,394	$	2,792,511
Curtiss-Wright Corp.		15,216		3,389,973
Hexcel Corp. (a)		33,467		2,468,191
Woodward, Inc.		24,040		3,272,565
				11,923,240
Air Freight & Logistics—0.3%
GXO Logistics, Inc. (b)		47,332		2,894,825
Automobile Components—1.5%
Adient PLC (b)		37,266		1,354,992
Autoliv, Inc.		29,799		3,283,552
Fox Factory Holding Corp. (b)		16,863		1,137,915
Gentex Corp.		92,811		3,031,207
Goodyear Tire & Rubber Co. (b)		112,823		1,615,625
Lear Corp. (a)		23,182		3,273,530
Visteon Corp. (b)		11,066		1,382,144
				15,078,965
Automobiles—0.4%
Harley-Davidson, Inc.		50,428		1,857,767
Thor Industries, Inc. (a)		21,199		2,506,782
				4,364,549
Banks—5.5%
Associated Banc-Corp.		59,133		1,264,855
Bank OZK		41,865		2,086,133
Cadence Bank		72,682		2,150,660
Columbia Banking System, Inc.		82,992		2,214,227
Commerce Bancshares, Inc. (a)		47,253		2,523,783
Cullen/Frost Bankers, Inc.		25,484		2,764,759
East West Bancorp, Inc.		56,076		4,034,668
First Financial Bankshares, Inc. (a)		51,105		1,548,482
First Horizon Corp.		222,334		3,148,249
FNB Corp. (a)		142,778		1,966,053
Glacier Bancorp, Inc. (a)		44,118		1,822,956
Hancock Whitney Corp.		34,279		1,665,617
Home BancShares, Inc. (a)		74,664		1,891,239
International Bancshares Corp.		21,235		1,153,485
New York Community Bancorp, Inc. (a)		287,478		2,940,900
Old National Bancorp		116,434		1,966,570
Pinnacle Financial Partners, Inc.		30,548		2,664,397
Prosperity Bancshares, Inc.		37,289		2,525,584
SouthState Corp. (a)		30,266		2,555,964
Synovus Financial Corp.		58,189		2,190,816
Texas Capital Bancshares, Inc. (b)		19,107		1,234,885
UMB Financial Corp.		17,379		1,452,015
United Bankshares, Inc. (a)		53,689		2,016,022
Valley National Bancorp (a)		169,686		1,842,790
Webster Financial Corp.		68,452		3,474,624
Wintrust Financial Corp.		24,366		2,259,946
				57,359,679
Beverages—0.6%
Boston Beer Co., Inc. - Class A (b)		3,745		1,294,235
Celsius Holdings, Inc. (a) (b)		58,997		3,216,516
Coca-Cola Consolidated, Inc.		1,865		1,731,466
				6,242,217
Biotechnology—1.5%
Arrowhead Pharmaceuticals, Inc. (b)		42,652		1,305,151
Exelixis, Inc. (b)		123,736		2,968,427
Halozyme Therapeutics, Inc. (b)		52,561		1,942,655
Neurocrine Biosciences, Inc. (b)		39,094		5,151,025
United Therapeutics Corp. (b)		18,675		4,106,446
				15,473,704
Broadline Retail—0.5%
Macy’s, Inc. (a)		108,878		2,190,625
Nordstrom, Inc. (a)		38,599		712,152
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		24,552		1,863,251
				4,766,028
Building Products—3.3%
Advanced Drainage Systems, Inc.		27,280		3,836,659
Carlisle Cos., Inc.		19,371		6,052,082
Fortune Brands Innovations, Inc. (a)		50,173		3,820,172
Lennox International, Inc. (a)		12,728		5,696,035
Owens Corning		35,363		5,241,858
Simpson Manufacturing Co., Inc.		16,980		3,361,700
Trex Co., Inc. (a) (b)		43,210		3,577,356
UFP Industries, Inc.		24,595		3,087,902
				34,673,764
Capital Markets—2.7%
Affiliated Managers Group, Inc. (a)		13,453		2,037,053
Carlyle Group, Inc. (a)		86,136		3,504,874
Evercore, Inc. - Class A		13,791		2,358,950
Federated Hermes, Inc.		34,317		1,161,974
Houlihan Lokey, Inc.		20,537		2,462,592
Interactive Brokers Group, Inc. - Class A		42,581		3,529,965
Janus Henderson Group PLC		52,732		1,589,870
Jefferies Financial Group, Inc.		66,983		2,706,783
Morningstar, Inc.		10,364		2,966,591
SEI Investments Co.		39,792		2,528,782
Stifel Financial Corp.		40,584		2,806,383
				27,653,817
Chemicals—2.3%
Ashland, Inc.		20,389		1,718,997
Avient Corp.		36,272		1,507,827
Axalta Coating Systems Ltd. (b)		87,571		2,974,787
Cabot Corp. (a)		21,981		1,835,413
Chemours Co.		59,063		1,862,847
Livent Corp. (b)		71,514		1,285,822
NewMarket Corp.		2,748		1,499,941
Olin Corp.		48,762		2,630,710
RPM International, Inc. (a)		51,261		5,722,265
Scotts Miracle-Gro Co. (a)		16,534		1,054,043

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
Westlake Corp. (a)		12,747	$	1,784,070
				23,876,722
Commercial Services & Supplies—1.2%
Brink’s Co.		17,926		1,576,592
Clean Harbors, Inc. (b)		20,039		3,497,006
MSA Safety, Inc.		14,703		2,482,307
Stericycle, Inc. (b)		36,814		1,824,502
Tetra Tech, Inc.		21,187		3,536,746
				12,917,153
Communications Equipment—0.5%
Calix, Inc. (b)		23,325		1,019,069
Ciena Corp. (b)		58,826		2,647,758
Lumentum Holdings, Inc. (a) (b)		26,659		1,397,465
				5,064,292
Construction & Engineering—1.9%
AECOM		55,199		5,102,043
Comfort Systems USA, Inc.		14,211		2,922,776
EMCOR Group, Inc.		18,719		4,032,634
Fluor Corp. (b)		67,792		2,655,413
MasTec, Inc. (a) (b)		24,051		1,821,142
MDU Resources Group, Inc.		81,027		1,604,335
Valmont Industries, Inc. (a)		8,313		1,941,169
				20,079,512
Construction Materials—0.4%
Eagle Materials, Inc.		13,882		2,815,825
Knife River Corp. (b)		22,507		1,489,513
				4,305,338
Consumer Finance—0.7%
Ally Financial, Inc.		108,016		3,771,919
FirstCash Holdings, Inc.		14,718		1,595,284
SLM Corp.		90,033		1,721,431
				7,088,634
Consumer Staples Distribution & Retail—1.8%
BJ’s Wholesale Club Holdings, Inc. (b)		53,212		3,547,112
Casey’s General Stores, Inc.		14,829		4,074,120
Grocery Outlet Holding Corp. (b)		39,499		1,064,893
Performance Food Group Co. (b)		61,913		4,281,284
Sprouts Farmers Market, Inc. (b)		40,411		1,944,173
U.S. Foods Holding Corp. (b)		89,998		4,086,809
				18,998,391
Containers & Packaging—1.8%
AptarGroup, Inc.		26,174		3,235,630
Berry Global Group, Inc.		46,992		3,166,791
Crown Holdings, Inc. (a)		48,005		4,420,780
Graphic Packaging Holding Co.		121,778		3,001,828
Greif, Inc. - Class A		10,136		664,820
Silgan Holdings, Inc. (a)		32,205		1,457,276
Containers & Packaging—(Continued)
Sonoco Products Co.		38,976		2,177,589
				18,124,714
Diversified Consumer Services—0.9%
Graham Holdings Co. - Class B		1,425		992,541
Grand Canyon Education, Inc. (b)		11,761		1,552,922
H&R Block, Inc.		57,270		2,770,150
Service Corp. International (a)		58,787		4,023,970
				9,339,583
Diversified REITs—0.5%
WP Carey, Inc. (a)		87,009		5,639,053
Diversified Telecommunication Services—0.4%
Frontier Communications Parent, Inc. (a) (b)		88,008		2,230,122
Iridium Communications, Inc.		49,280		2,028,365
				4,258,487
Electric Utilities—0.9%
ALLETE, Inc.		22,870		1,398,729
IDACORP, Inc. (a)		20,140		1,980,165
OGE Energy Corp.		79,694		2,783,711
PNM Resources, Inc.		34,153		1,420,765
Portland General Electric Co.		40,237		1,743,872
				9,327,242
Electrical Equipment—1.5%
Acuity Brands, Inc.		12,314		2,522,276
EnerSys		16,075		1,622,932
nVent Electric PLC		66,016		3,900,885
Regal Rexnord Corp.		26,400		3,907,728
Sensata Technologies Holding PLC		60,224		2,262,616
Sunrun, Inc. (a) (b)		86,417		1,696,366
				15,912,803
Electronic Equipment, Instruments & Components—2.3%
Arrow Electronics, Inc. (b)		21,550		2,634,488
Avnet, Inc.		36,003		1,814,551
Belden, Inc.		16,585		1,281,191
Cognex Corp. (a)		68,495		2,858,981
Coherent Corp. (b)		52,438		2,282,626
Crane NXT Co.		19,209		1,092,416
IPG Photonics Corp. (a) (b)		11,762		1,276,647
Littelfuse, Inc.		9,905		2,650,182
Novanta, Inc. (b)		14,249		2,399,674
TD SYNNEX Corp.		20,409		2,196,213
Vishay Intertechnology, Inc. (a)		50,230		1,204,013
Vontier Corp.		61,407		2,121,612
				23,812,594
Energy Equipment & Services—1.0%
ChampionX Corp.		77,510		2,264,067
NOV, Inc. (a)		156,743		3,178,748
Valaris Ltd. (b)		24,944		1,710,410

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—(Continued)
Weatherford International PLC (b)		28,696	$	2,807,330
				9,960,555
Entertainment—0.2%
TKO Group Holdings, Inc.		23,873		1,947,559
Financial Services—1.8%
Equitable Holdings, Inc.		126,602		4,215,847
Essent Group Ltd.		42,479		2,240,342
Euronet Worldwide, Inc. (b)		17,434		1,769,377
MGIC Investment Corp. (a)		110,342		2,128,497
Voya Financial, Inc. (a)		41,567		3,032,728
Western Union Co.		144,978		1,728,138
WEX, Inc. (b)		17,005		3,308,323
				18,423,252
Food Products—1.1%
Darling Ingredients, Inc. (b)		63,477		3,163,694
Flowers Foods, Inc.		76,444		1,720,754
Ingredion, Inc.		25,940		2,815,268
Lancaster Colony Corp. (a)		8,102		1,348,092
Pilgrim’s Pride Corp. (b)		16,017		443,030
Post Holdings, Inc. (a) (b)		20,218		1,780,397
				11,271,235
Gas Utilities—1.0%
National Fuel Gas Co.		36,534		1,832,911
New Jersey Resources Corp.		38,819		1,730,551
ONE Gas, Inc. (a)		22,065		1,405,982
Southwest Gas Holdings, Inc.		23,904		1,514,318
Spire, Inc. (a)		20,930		1,304,776
UGI Corp. (a)		83,351		2,050,435
				9,838,973
Ground Transportation—1.9%
Avis Budget Group, Inc. (a)		7,350		1,302,861
Hertz Global Holdings, Inc. (a) (b)		52,665		547,189
Knight-Swift Transportation Holdings, Inc.		64,178		3,699,862
Landstar System, Inc.		14,303		2,769,776
Ryder System, Inc. (a)		17,636		2,029,198
Saia, Inc. (b)		10,564		4,629,356
Werner Enterprises, Inc.		25,224		1,068,741
XPO, Inc. (b)		46,145		4,041,841
				20,088,824
Health Care Equipment & Supplies—2.3%
Enovis Corp. (a) (b)		19,767		1,107,347
Envista Holdings Corp. (b)		68,200		1,640,892
Globus Medical, Inc. - Class A (b)		45,902		2,446,118
Haemonetics Corp. (b)		20,190		1,726,447
Inari Medical, Inc. (a) (b)		20,364		1,322,031
Integra LifeSciences Holdings Corp. (b)		27,062		1,178,550
Lantheus Holdings, Inc. (a) (b)		27,251		1,689,562
LivaNova PLC (b)		21,440		1,109,306
Masimo Corp. (a) (b)		17,661		2,070,046
Health Care Equipment & Supplies—(Continued)
Neogen Corp. (a) (b)		78,323		1,575,075
Penumbra, Inc. (b)		15,358		3,863,151
QuidelOrtho Corp. (b)		19,674		1,449,974
Shockwave Medical, Inc. (b)		14,681		2,797,611
				23,976,110
Health Care Providers & Services—2.0%
Acadia Healthcare Co., Inc. (b)		36,692		2,853,170
Amedisys, Inc. (b)		12,985		1,234,354
Chemed Corp.		5,994		3,504,991
Encompass Health Corp.		39,882		2,660,927
HealthEquity, Inc. (b)		34,071		2,258,907
Option Care Health, Inc. (b)		70,480		2,374,471
Patterson Cos., Inc.		33,859		963,289
Progyny, Inc. (b)		33,175		1,233,447
R1 RCM, Inc. (a) (b)		78,350		828,160
Tenet Healthcare Corp. (b)		40,407		3,053,557
				20,965,273
Health Care REITs—0.9%
Healthcare Realty Trust, Inc. (a)		151,549		2,611,189
Medical Properties Trust, Inc. (a)		238,342		1,170,259
Omega Healthcare Investors, Inc.		97,483		2,988,829
Physicians Realty Trust		94,894		1,263,039
Sabra Health Care REIT, Inc. (a)		92,002		1,312,869
				9,346,185
Health Care Technology—0.1%
Doximity, Inc. - Class A (b)		47,015		1,318,301
Hotel & Resort REITs—0.1%
Park Hotels & Resorts, Inc.		83,552		1,278,346
Hotels, Restaurants & Leisure—3.4%
Aramark		103,871		2,918,775
Boyd Gaming Corp.		27,646		1,730,916
Choice Hotels International, Inc. (a)		9,907		1,122,463
Churchill Downs, Inc. (a)		27,010		3,644,459
Hilton Grand Vacations, Inc. (b)		28,358		1,139,425
Hyatt Hotels Corp. - Class A (a)		17,596		2,294,695
Light & Wonder, Inc. (b)		35,829		2,941,919
Marriott Vacations Worldwide Corp.		13,143		1,115,709
Penn Entertainment, Inc. (a) (b)		60,384		1,571,192
Planet Fitness, Inc. - Class A (a) (b)		33,996		2,481,708
Texas Roadhouse, Inc.		26,573		3,248,018
Travel & Leisure Co. (a)		28,815		1,126,378
Vail Resorts, Inc.		15,156		3,235,351
Wendy’s Co.		66,477		1,294,972
Wingstop, Inc.		11,704		3,003,012
Wyndham Hotels & Resorts, Inc.		33,010		2,654,334
				35,523,326
Household Durables—1.9%
Helen of Troy Ltd. (a) (b)		9,447		1,141,292
KB Home		30,463		1,902,719

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—(Continued)
Leggett & Platt, Inc.		53,047	$	1,388,240
Taylor Morrison Home Corp. (b)		42,753		2,280,872
Tempur Sealy International, Inc.		68,547		3,493,841
Toll Brothers, Inc.		42,766		4,395,917
TopBuild Corp. (b)		12,643		4,731,769
				19,334,650
Independent Power and Renewable Electricity Producers—0.7%
Ormat Technologies, Inc. (a)		21,373		1,619,860
Vistra Corp.		133,733		5,151,395
				6,771,255
Industrial REITs—1.3%
EastGroup Properties, Inc.		18,435		3,383,560
First Industrial Realty Trust, Inc.		52,632		2,772,127
Rexford Industrial Realty, Inc. (a)		83,995		4,712,120
STAG Industrial, Inc. (a)		72,247		2,836,417
				13,704,224
Insurance—4.3%
American Financial Group, Inc.		26,002		3,091,378
Brighthouse Financial, Inc. (a) (b) (c)		25,547		1,351,947
CNO Financial Group, Inc. (a)		44,632		1,245,233
Erie Indemnity Co. - Class A		9,925		3,324,081
Fidelity National Financial, Inc.		102,877		5,248,784
First American Financial Corp. (a)		41,055		2,645,584
Hanover Insurance Group, Inc.		14,230		1,727,807
Kemper Corp.		23,970		1,166,620
Kinsale Capital Group, Inc. (a)		8,760		2,933,812
Old Republic International Corp.		103,753		3,050,338
Primerica, Inc.		13,940		2,868,294
Reinsurance Group of America, Inc.		26,224		4,242,519
RenaissanceRe Holdings Ltd.		20,888		4,094,048
RLI Corp.		15,976		2,126,725
Selective Insurance Group, Inc.		24,108		2,398,264
Unum Group		72,952		3,298,889
				44,814,323
Interactive Media & Services—0.3%
Ziff Davis, Inc. (b)		18,297		1,229,375
ZoomInfo Technologies, Inc. (b)		117,871		2,179,435
				3,408,810
IT Services—0.8%
GoDaddy, Inc. - Class A (b)		56,034		5,948,570
Kyndryl Holdings, Inc. (b)		91,303		1,897,276
				7,845,846
Leisure Products—0.9%
Brunswick Corp.		27,381		2,649,112
Mattel, Inc. (b)		140,551		2,653,603
Polaris, Inc.		21,122		2,001,732
YETI Holdings, Inc. (a) (b)		34,558		1,789,413
				9,093,860
Life Sciences Tools & Services—1.1%
Azenta, Inc. (a) (b)		23,935		1,559,126
Bruker Corp.		36,899		2,711,338
Medpace Holdings, Inc. (b)		9,279		2,844,292
Repligen Corp. (a) (b)		20,661		3,714,848
Sotera Health Co. (b)		39,358		663,182
				11,492,786
Machinery—4.7%
AGCO Corp.		24,730		3,002,469
Chart Industries, Inc. (a) (b)		16,707		2,277,665
Crane Co. (a)		19,436		2,296,169
Donaldson Co., Inc.		48,021		3,138,172
Esab Corp.		22,543		1,952,675
Flowserve Corp.		52,208		2,152,014
Graco, Inc.		67,161		5,826,888
ITT, Inc.		32,668		3,897,946
Lincoln Electric Holdings, Inc. (a)		22,760		4,949,390
Middleby Corp. (a) (b)		21,329		3,138,989
Oshkosh Corp.		26,028		2,821,695
RBC Bearings, Inc. (a) (b)		11,573		3,297,032
Terex Corp.		26,778		1,538,664
Timken Co.		25,826		2,069,954
Toro Co. (a)		41,319		3,966,211
Watts Water Technologies, Inc. - Class A		10,890		2,268,823
				48,594,756
Marine Transportation—0.2%
Kirby Corp. (b)		23,516		1,845,536
Media—0.7%
Cable One, Inc. (a)		1,811		1,007,984
New York Times Co. - Class A		65,106		3,189,543
Nexstar Media Group, Inc. (a)		12,826		2,010,476
TEGNA, Inc.		78,373		1,199,107
				7,407,110
Metals & Mining—2.3%
Alcoa Corp.		71,014		2,414,476
Cleveland-Cliffs, Inc. (a) (b)		200,884		4,102,051
Commercial Metals Co.		46,516		2,327,661
MP Materials Corp. (a) (b)		57,309		1,137,584
Reliance Steel & Aluminum Co.		22,868		6,395,722
Royal Gold, Inc. (a)		26,139		3,161,773
U.S. Steel Corp. (a)		88,747		4,317,542
				23,856,809
Mortgage Real Estate Investment Trusts—0.6%
Annaly Capital Management, Inc. (a)		198,985		3,854,339
Starwood Property Trust, Inc. (a)		118,401		2,488,789
				6,343,128
Multi-Utilities—0.3%
Black Hills Corp.		27,054		1,459,563
Northwestern Energy Group, Inc.		24,368		1,240,088
				2,699,651

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Office REITs—0.6%
COPT Defense Properties		44,782	$	1,147,763
Cousins Properties, Inc.		60,390		1,470,496
Kilroy Realty Corp.		42,451		1,691,248
Vornado Realty Trust (a)		63,612		1,797,039
				6,106,546
Oil, Gas & Consumable Fuels—3.9%
Antero Midstream Corp. (a)		135,523		1,698,103
Antero Resources Corp. (b)		112,411		2,549,481
Chesapeake Energy Corp. (a)		44,330		3,410,750
Chord Energy Corp.		16,425		2,730,328
Civitas Resources, Inc. (a)		33,954		2,321,774
CNX Resources Corp. (a) (b)		63,207		1,264,140
DT Midstream, Inc. (a)		38,557		2,112,924
Equitrans Midstream Corp. (a)		172,394		1,754,971
HF Sinclair Corp.		62,293		3,461,622
Matador Resources Co. (a)		44,085		2,506,673
Murphy Oil Corp.		58,391		2,490,960
Ovintiv, Inc.		100,986		4,435,305
PBF Energy, Inc. - Class A		43,275		1,902,369
Permian Resources Corp. (a)		165,401		2,249,454
Range Resources Corp. (a)		96,015		2,922,697
Southwestern Energy Co. (a) (b)		438,272		2,870,682
				40,682,233
Paper & Forest Products—0.2%
Louisiana-Pacific Corp.		25,535		1,808,644
Personal Care Products—0.5%
BellRing Brands, Inc. (b)		52,302		2,899,100
Coty, Inc. - Class A (a) (b)		149,014		1,850,754
				4,749,854
Pharmaceuticals—0.5%
Jazz Pharmaceuticals PLC (b)		25,051		3,081,273
Perrigo Co. PLC		53,917		1,735,049
				4,816,322
Professional Services—2.8%
ASGN, Inc. (b)		18,781		1,806,169
CACI International, Inc. - Class A (b)		8,865		2,871,019
Concentrix Corp.		18,815		1,847,821
ExlService Holdings, Inc. (a) (b)		65,622		2,024,439
Exponent, Inc.		20,142		1,773,302
FTI Consulting, Inc. (b)		14,130		2,813,990
Genpact Ltd.		66,409		2,305,056
Insperity, Inc.		14,092		1,651,864
KBR, Inc. (a)		53,718		2,976,514
ManpowerGroup, Inc.		19,421		1,543,387
Maximus, Inc.		24,186		2,028,238
Paylocity Holding Corp. (b)		17,212		2,837,398
Science Applications International Corp.		21,063		2,618,552
				29,097,749
Real Estate Management & Development—0.3%
Jones Lang LaSalle, Inc. (a) (b)		18,929		3,575,120
Residential REITs—0.8%
Apartment Income REIT Corp.		58,488		2,031,288
Equity LifeStyle Properties, Inc. (a)		74,165		5,231,599
Independence Realty Trust, Inc.		89,412		1,368,004
				8,630,891
Retail REITs—1.2%
Agree Realty Corp.		39,996		2,517,748
Brixmor Property Group, Inc.		119,607		2,783,255
Kite Realty Group Trust		87,294		1,995,541
NNN REIT, Inc.		72,592		3,128,715
Spirit Realty Capital, Inc.		56,235		2,456,907
				12,882,166
Semiconductors & Semiconductor Equipment—2.8%
Allegro MicroSystems, Inc. (b)		28,336		857,731
Amkor Technology, Inc.		41,071		1,366,432
Cirrus Logic, Inc. (b)		21,446		1,784,093
Lattice Semiconductor Corp. (b)		54,921		3,789,000
MACOM Technology Solutions Holdings, Inc. (b)		21,533		2,001,492
MKS Instruments, Inc.		25,014		2,573,190
Onto Innovation, Inc. (b)		19,529		2,985,984
Power Integrations, Inc.		22,624		1,857,657
Rambus, Inc. (b)		42,777		2,919,530
Silicon Laboratories, Inc. (b)		12,645		1,672,554
Synaptics, Inc. (b)		15,598		1,779,420
Universal Display Corp.		17,336		3,315,683
Wolfspeed, Inc. (a) (b)		49,866		2,169,670
				29,072,436
Software—2.5%
Aspen Technology, Inc. (a) (b)		11,152		2,455,113
Blackbaud, Inc. (b)		17,142		1,486,211
CommVault Systems, Inc. (b)		17,425		1,391,386
Dolby Laboratories, Inc. - Class A		23,697		2,042,208
Dropbox, Inc. - Class A (a) (b)		101,934		3,005,014
Dynatrace, Inc. (b)		94,882		5,189,097
Manhattan Associates, Inc. (b)		24,497		5,274,694
Qualys, Inc. (a) (b)		14,637		2,872,950
Teradata Corp. (b)		38,914		1,693,148
				25,409,821
Specialized REITs—1.9%
CubeSmart		89,472		4,147,027
EPR Properties (a)		29,973		1,452,192
Gaming & Leisure Properties, Inc.		106,245		5,243,191
Lamar Advertising Co. - Class A (a)		34,847		3,703,539
National Storage Affiliates Trust (a)		30,743		1,274,912
PotlatchDeltic Corp.		31,578		1,550,480
Rayonier, Inc. (a)		54,285		1,813,662
				19,185,003

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—3.9%
AutoNation, Inc. (b)		10,320	$	1,549,858
Burlington Stores, Inc. (b)		25,818		5,021,085
Dick’s Sporting Goods, Inc. (a)		24,452		3,593,221
Five Below, Inc. (a) (b)		22,158		4,723,199
Floor & Decor Holdings, Inc. - Class A (a) (b)		42,404		4,730,590
GameStop Corp. - Class A (a) (b)		106,880		1,873,606
Gap, Inc. (a)		85,361		1,784,899
Lithia Motors, Inc. (a)		10,951		3,605,945
Murphy USA, Inc.		7,704		2,746,938
Penske Automotive Group, Inc. (a)		7,756		1,244,916
Restoration Hardware, Inc. (a) (b)		6,150		1,792,602
Valvoline, Inc. (a) (b)		55,174		2,073,439
Williams-Sonoma, Inc. (a)		25,524		5,150,233
				39,890,531
Technology Hardware, Storage & Peripherals—0.5%
Super Micro Computer, Inc. (a) (b)		18,456		5,246,303
Textiles, Apparel & Luxury Goods—2.0%
Capri Holdings Ltd. (b)		46,244		2,323,299
Carter’s, Inc. (a)		14,652		1,097,288
Columbia Sportswear Co. (a)		13,723		1,091,527
Crocs, Inc. (a) (b)		24,100		2,251,181
Deckers Outdoor Corp. (b) (d)		10,239		6,844,055
PVH Corp.		24,043		2,936,131
Skechers USA, Inc. - Class A (a) (b)		53,157		3,313,807
Under Armour, Inc. - Class A (b)		75,117		660,279
Under Armour, Inc. - Class C (b)		76,963		642,641
				21,160,208
Trading Companies & Distributors—1.4%
Core & Main, Inc. - Class A (a) (b)		54,382		2,197,576
GATX Corp. (a)		14,125		1,698,107
MSC Industrial Direct Co., Inc. - Class A		18,449		1,868,146
Watsco, Inc. (a)		13,476		5,774,062
WESCO International, Inc. (a)		17,478		3,039,075
				14,576,966
Water Utilities—0.4%
Essential Utilities, Inc.		99,997		3,734,888
Total Common Stocks (Cost $731,960,595)				1,000,951,670
Mutual Funds—1.8%
Investment Company Securities—1.8%
SPDR S&P MidCap 400 ETF Trust (a) (Cost $17,728,241)		37,000		18,773,060
Short-Term Investments—1.6%
U.S. Treasury—1.6%
U.S. Treasury Bills
2.611%, 01/02/24 (e)		425,000		425,000
5.215%, 02/06/24 (e)		15,925,000		15,843,259
Total Short-Term Investments (Cost $16,266,198)				16,268,259
Securities Lending Reinvestments (f)—13.1%
Security Description	Principal Amount*		Value
Certificates of Deposit—1.0%
Barclays Bank PLC 5.790%, SOFR + 0.400%, 02/14/24 (g)		2,000,000		2,000,564
Mizuho Bank Ltd. 5.790%, SOFR + 0.400%, 04/18/24 (g)		2,000,000		2,000,906
Royal Bank of Canada 5.880%, FEDEFF PRV + 0.550%, 09/20/24 (g)		1,000,000		1,000,620
Standard Chartered Bank 5.790%, SOFR + 0.390%, 04/19/24 (g)		1,000,000		1,000,000
Sumitomo Mitsui Trust Bank Ltd. 5.800%, SOFR + 0.400%, 04/24/24 (g)		2,000,000		2,001,190
Westpac Banking Corp. 5.950%, SOFR + 0.550%, 10/11/24 (g)		2,000,000		2,002,478
				10,005,758
Commercial Paper—0.2%
Australia & New Zealand Banking Group Ltd. 5.640%, 04/18/24		1,000,000		983,338
5.730%, SOFR + 0.330%, 04/18/24 (g)		1,000,000		1,000,224
				1,983,562
Repurchase Agreements—7.5%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $10,306,238; collateralized by various Common Stock with an aggregate market value of $11,472,097.		10,300,000		10,300,000
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $3,001,777; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $3,061,678.		3,000,000		3,000,000
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $3,147,341; collateralized by various Common Stock with an aggregate market value of $3,506,570.		3,145,437		3,145,437
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $2,001,200; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24 - 11/20/73, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $3,090,496; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $3,060,014.		3,000,000		3,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $15,308,710; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $15,605,694.		15,299,700		15,299,700

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank Financial, Inc. Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $2,001,182; collateralized by U.S. Treasury Obligation at 0.500%, maturing 02/28/26, and an aggregate market value of $2,049,564.		2,000,000	$	2,000,000
National Bank of Canada Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $12,012,717; collateralized by various Common Stock with an aggregate market value of $13,391,870.		12,000,000		12,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $2,401,480; collateralized by various Common Stock with an aggregate market value of $2,678,434.		2,400,000		2,400,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/29/23 at 5.590%, due on 02/02/24 with a maturity value of $3,016,304; collateralized by various Common Stock with an aggregate market value of $3,333,851.		3,000,000		3,000,000
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $10,005,922; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $10,222,653.		10,000,000		10,000,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,000,592; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $720,441; collateralized by various Common Stock with an aggregate market value of $801,456.		720,000		720,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $10,006,022; collateralized by various Common Stock with an aggregate market value of $11,028,611.		10,000,000		10,000,000
				77,865,137
Time Deposits—0.9%
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		4,000,000		4,000,000
Nordea Bank Abp 5.300%, 01/02/24		5,000,000		5,000,000
				9,000,000
Mutual Funds—3.5%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (h)		7,000,000		7,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (h)		7,000,000		7,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (h)		4,000,000		4,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (h)		7,000,000		7,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (h)		5,000,000		5,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (h)		5,000,000		5,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.270% (h)		1,501,271		1,501,271
				36,501,271
Total Securities Lending Reinvestments (Cost $135,349,645)				135,355,728
Total Investments—113.2% (Cost $901,304,679)				1,171,348,717
Other assets and liabilities (net)—(13.2)%				(136,247,625	)
Net Assets—100.0%			$	1,035,101,092

*	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, 2023, the market value of securities loaned was $179,939,747 and the collateral received consisted of cash in the amount of $135,337,738 and non-cash collateral with a value of $50,764,971. 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 Note 8 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2023, the market value of securities pledged was $4,679,010.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(g)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. 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.
(h)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
S&P Midcap 400 Index E-Mini Futures		03/15/24		57		USD	16,014,150	$	989,698

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ETF)—	Exchange-Traded Fund
(REIT)—	Real Estate Investment Trust

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,000,951,670	$	—		$	—	$	1,000,951,670
Total Mutual Funds*		18,773,060		—			—		18,773,060
Total Short-Term Investments*		—		16,268,259			—		16,268,259
Securities Lending Reinvestments
Certificates of Deposit		—		10,005,758			—		10,005,758
Commercial Paper		—		1,983,562			—		1,983,562
Repurchase Agreements		—		77,865,137			—		77,865,137
Time Deposits		—		9,000,000			—		9,000,000
Mutual Funds		36,501,271		—			—		36,501,271
Total Securities Lending Reinvestments		36,501,271		98,854,457			—		135,355,728
Total Investments	$	1,056,226,001	$	115,122,716		$	—	$	1,171,348,717
Collateral for Securities Loaned (Liability)	$	—	$	(135,337,738	)	$	—	$	(135,337,738	)
Futures Contracts Futures Contracts (Unrealized Appreciation)	$	989,698	$	—		$	—	$	989,698

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	1,169,996,770
Affiliated investments at value (c)		1,351,947
Cash		9,493
Receivable for:
Investments sold		1,207,020
Fund shares sold		301,982
Dividends		1,400,848
Prepaid expenses		3,533
Total Assets		1,174,271,593
Liabilities
Collateral for securities loaned		135,337,738
Payables for:
Investments purchased		1,285,822
Fund shares redeemed		1,742,661
Variation margin on futures contracts		149,366
Accrued Expenses:
Management fees		214,367
Distribution and service fees		108,564
Deferred trustees’ fees		169,435
Other expenses		162,548
Total Liabilities		139,170,501
Net Assets	$	1,035,101,092
Net Assets Consist of:
Paid in surplus	$	701,647,052
Distributable earnings (Accumulated losses)		333,454,040
Net Assets	$	1,035,101,092
Net Assets
Class A	$	536,528,622
Class B		299,312,594
Class E		27,254,167
Class G		172,005,709
Capital Shares Outstanding*
Class A		31,779,858
Class B		18,202,314
Class E		1,637,387
Class G		10,618,505
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.88
Class B		16.44
Class E		16.64
Class G		16.20

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $900,380,298.
(b)	Includes securities loaned at value of $179,939,747.
(c)	Identified cost of affiliated investments was $924,381.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends	$	15,301,735
Interest		711,984
Securities lending income		453,088
Total investment income		16,466,807
Expenses
Management fees		2,471,966
Administration fees		53,388
Custodian and accounting fees		80,564
Distribution and service fees—Class B		721,011
Distribution and service fees—Class E		39,705
Distribution and service fees—Class G		482,498
Audit and tax services		49,026
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		83,418
Insurance		8,882
Miscellaneous		125,703
Total expenses		4,208,985
Less management fee waiver		(25,075	)
Net expenses		4,183,910
Net Investment Income		12,282,897
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		51,404,956
Affiliated investments		62,095
Futures contracts		226,159
Net realized gain (loss)		51,693,210
Net change in unrealized appreciation (depreciation) on:
Investments		84,645,066
Affiliated investments		(39,726	)
Futures contracts		1,295,328
Net change in unrealized appreciation (depreciation)		85,900,668
Net realized and unrealized gain (loss)		137,593,878
Net Increase (Decrease) in Net Assets From Operations	$	149,876,775

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	12,282,897		$	12,315,580
Net realized gain (loss)		51,693,210			64,477,353
Net change in unrealized appreciation (depreciation)		85,900,668			(238,751,221	)
Increase (decrease) in net assets from operations		149,876,775			(161,958,288	)
From Distributions to Shareholders
Class A		(39,084,764	)		(91,716,740	)
Class B		(22,061,311	)		(54,536,369	)
Class E		(2,015,323	)		(5,150,333	)
Class G		(12,509,646	)		(28,926,185	)
Total distributions		(75,671,044	)		(180,329,627	)
Increase (decrease) in net assets from capital share transactions		(9,864,256	)		82,626,892
Total increase (decrease) in net assets		64,341,475			(259,661,023	)
Net Assets
Beginning of period		970,759,617			1,230,420,640
End of period	$	1,035,101,092		$	970,759,617

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		2,856,418		$	44,987,208			1,908,949		$	33,557,319
Reinvestments		2,529,758			39,084,764			6,184,541			91,716,740
Redemptions		(5,568,828	)		(89,726,826	)		(4,138,209	)		(73,349,023	)
Net increase (decrease)		(182,652	)	$	(5,654,854	)		3,955,281		$	51,925,036
Class B
Sales		456,656		$	7,012,104			492,986		$	8,133,268
Reinvestments		1,463,922			22,061,311			3,763,725			54,536,369
Redemptions		(2,439,985	)		(38,158,219	)		(2,871,257	)		(49,320,878	)
Net increase (decrease)		(519,407	)	$	(9,084,804	)		1,385,454		$	13,348,759
Class E
Sales		71,036		$	1,126,337			67,288		$	1,151,989
Reinvestments		132,152			2,015,323			351,799			5,150,333
Redemptions		(295,276	)		(4,681,088	)		(297,090	)		(5,099,648	)
Net increase (decrease)		(92,088	)	$	(1,539,428	)		121,997		$	1,202,674
Class G
Sales		826,442		$	12,621,279			669,357		$	11,771,934
Reinvestments		842,400			12,509,646			2,024,226			28,926,185
Redemptions		(1,217,775	)		(18,716,095	)		(1,440,086	)		(24,547,696	)
Net increase (decrease)		451,067		$	6,414,830			1,253,497		$	16,150,423
Increase (decrease) derived from capital shares transactions				$	(9,864,256	)				$	82,626,892

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.73		$	22.29		$	19.01		$	18.27		$	16.32
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.22			0.23			0.21			0.21			0.26
Net realized and unrealized gain (loss)		2.20			(3.39	)		4.36			1.85			3.78
Total income (loss) from investment operations		2.42			(3.16	)		4.57			2.06			4.04
Less Distributions
Distributions from net investment income		(0.22	)		(0.22	)		(0.24	)		(0.24	)		(0.26	)
Distributions from net realized capital gains		(1.05	)		(3.18	)		(1.05	)		(1.08	)		(1.83	)
Total distributions		(1.27	)		(3.40	)		(1.29	)		(1.32	)		(2.09	)
Net Asset Value, End of Period	$	16.88		$	15.73		$	22.29		$	19.01		$	18.27
Total Return (%) (b)		16.08			(13.26	)		24.40			13.39			25.95
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.30			0.29			0.30			0.31			0.30
Net ratio of expenses to average net assets (%) (c)		0.30			0.29			0.29			0.31			0.30
Ratio of net investment income (loss) to average net assets (%)		1.37			1.31			1.00			1.33			1.44
Portfolio turnover rate (%)		26			22			33			31			24
Net assets, end of period (in millions)	$	536.5		$	502.7		$	624.2		$	553.3		$	528.6
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.35		$	21.82		$	18.64		$	17.93		$	16.05
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.17			0.18			0.16			0.17			0.21
Net realized and unrealized gain (loss)		2.14			(3.31	)		4.26			1.82			3.71
Total income (loss) from investment operations		2.31			(3.13	)		4.42			1.99			3.92
Less Distributions
Distributions from net investment income		(0.17	)		(0.16	)		(0.19	)		(0.20	)		(0.21	)
Distributions from net realized capital gains		(1.05	)		(3.18	)		(1.05	)		(1.08	)		(1.83	)
Total distributions		(1.22	)		(3.34	)		(1.24	)		(1.28	)		(2.04	)
Net Asset Value, End of Period	$	16.44		$	15.35		$	21.82		$	18.64		$	17.93
Total Return (%) (b)		15.76			(13.44	)		24.07			13.15			25.57
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55			0.54			0.55			0.56			0.55
Net ratio of expenses to average net assets (%) (c)		0.55			0.54			0.54			0.56			0.55
Ratio of net investment income (loss) to average net assets (%)		1.12			1.06			0.75			1.08			1.19
Portfolio turnover rate (%)		26			22			33			31			24
Net assets, end of period (in millions)	$	299.3		$	287.3		$	378.3		$	370.5		$	364.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.52		$	22.04		$	18.81		$	18.09		$	16.17
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.19			0.20			0.18			0.19			0.23
Net realized and unrealized gain (loss)		2.17			(3.35	)		4.31			1.82			3.75
Total income (loss) from investment operations		2.36			(3.15	)		4.49			2.01			3.98
Less Distributions
Distributions from net investment income		(0.19	)		(0.19	)		(0.21	)		(0.21	)		(0.23	)
Distributions from net realized capital gains		(1.05	)		(3.18	)		(1.05	)		(1.08	)		(1.83	)
Total distributions		(1.24	)		(3.37	)		(1.26	)		(1.29	)		(2.06	)
Net Asset Value, End of Period	$	16.64		$	15.52		$	22.04		$	18.81		$	18.09
Total Return (%) (b)		15.91			(13.40	)		24.23			13.21			25.77
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.45			0.44			0.45			0.46			0.45
Net ratio of expenses to average net assets (%) (c)		0.45			0.44			0.44			0.46			0.45
Ratio of net investment income (loss) to average net assets (%)		1.22			1.16			0.85			1.18			1.29
Portfolio turnover rate (%)		26			22			33			31			24
Net assets, end of period (in millions)	$	27.3		$	26.8		$	35.4		$	33.1		$	33.3
	Class G
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.14		$	21.59		$	18.46		$	17.78		$	15.93
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.16			0.17			0.14			0.16			0.20
Net realized and unrealized gain (loss)		2.12			(3.28	)		4.23			1.79			3.69
Total income (loss) from investment operations		2.28			(3.11	)		4.37			1.95			3.89
Less Distributions
Distributions from net investment income		(0.17	)		(0.16	)		(0.19	)		(0.19	)		(0.21	)
Distributions from net realized capital gains		(1.05	)		(3.18	)		(1.05	)		(1.08	)		(1.83	)
Total distributions		(1.22	)		(3.34	)		(1.24	)		(1.27	)		(2.04	)
Net Asset Value, End of Period	$	16.20		$	15.14		$	21.59		$	18.46		$	17.78
Total Return (%) (b)		15.76			(13.50	)		24.01			13.07			25.54
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60			0.59			0.60			0.61			0.60
Net ratio of expenses to average net assets (%) (c)		0.60			0.59			0.59			0.61			0.60
Ratio of net investment income (loss) to average net assets (%)		1.07			1.01			0.70			1.03			1.14
Portfolio turnover rate (%)		26			22			33			31			24
Net assets, end of period (in millions)	$	172.0		$	153.9		$	192.4		$	168.4		$	149.1

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Mid Cap Stock Index Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-16

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-17

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $77,865,137, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-18

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(129,462,125	)	$	—	$	—	$	—	$	(129,462,125	)
Mutual Funds		(5,875,613	)		—		—		—		(5,875,613	)
Total Borrowings	$	(135,337,738	)	$	—	$	—	$	—	$	(135,337,738	)
Gross amount of recognized liabilities for securities lending transactions										$	(135,337,738	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio 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. 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 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 Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the 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.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2023 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts (a)	$	989,698

(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, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	226,159
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	1,295,328

For the year ended December 31, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	14,731,745

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

BHFTII-19

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

4. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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. The 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 the 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. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases				Sales
U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
$	0	$	256,371,196	$	0	$	327,290,278

6. Investment Management Fees and Other Transactions with Affiliates

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

BHFTII-20

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2023 were $2,471,966.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.030%	On the first $500 million
0.020%	On the next $500 million
0.010%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2023 were $246,486.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

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

BHFTII-21

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

8. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2023 is as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2023		Number of shares held at December 31, 2023
Brighthouse Financial, Inc.	$	1,605,418	$	—	$	(275,840	)	$	62,095	$	(39,726	)	$	1,351,947		25,547

9. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	903,397,511
Gross unrealized appreciation		317,653,502
Gross unrealized (depreciation)		(49,702,296	)
Net unrealized appreciation (depreciation)	$	267,951,206

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$11,896,032	$	37,394,706	$	63,775,012	$	142,934,921	$	75,671,044	$	180,329,627

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$17,807,379	$	47,864,892	$	267,951,206	$	—	$	333,623,477

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-22

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the MetLife Mid Cap Stock Index Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Mid Cap Stock Index Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-23

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-24

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-25

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-26

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-27

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. 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, 2023, and the Board noted management’s explanation of the tracking error between the Portfolio and the Index. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-28

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median, below the Expense Universe median, and above the Sub-advised Expense Universe median. The Board considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category 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.

BHFTII-29

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Managed By MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B, E and G shares of the MetLife MSCI EAFE Index Portfolio returned 17.93%, 17.64%, 17.76%, and 17.58%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned 18.24%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets climbed in 2023 on signals that the U.S. Federal Reserve (the “Fed”) would begin cutting interest rates in 2024. Equity investors remained hopeful that the Fed would be able to navigate a soft landing as they slowed the pace of quantitative tightening. Other factors that supported the equity markets included a healthy job market, better than expected macroeconomic data, and strong corporate earnings. Some of the fears that concerned equity investors included rising risks of recession and the effect that high bond yields would have on the economy. In addition, continued high inflation and rising geopolitical risk from the wars in Ukraine and Israel weighed on the equity markets.

The U.S. dollar weakened during the year, which positively impacted the U.S. investors’ MSCI EAFE Index return versus the local currency return by approximately 2.08%.

Nineteen of the twenty-one countries comprising the MSCI EAFE Index experienced positive returns for the year. Italy (2.3% beginning weight in the benchmark), up 38.8%; Spain (2.4% beginning weight), up 33.4%; and Denmark (3.0% beginning weight), up 32.1%, were the best-performing countries. Hong Kong (3.0% beginning weight), down 14.8%, and Finland (1.0% beginning weight), down 4.3%, were the worst-performing countries.

The stocks in the MSCI EAFE Index with the largest positive impact on the benchmark return for the year were Novo Nordisk (Denmark), up 55.6%; SAP (Germany), up 52.3%; and ASML Holding (Netherlands), up 41.5%. The stocks with the largest negative impact were Anglo American (United Kingdom), down 32.5%; AIA Group (Hong Kong), down 20.0%; and British American Tobacco (United Kingdom), down 18.9%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the MSCI EAFE Index (the “Index”). This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across countries. The Portfolio is periodically rebalanced for compositional changes in the Index. Factors that impact tracking error include sampling, fair value pricing, transaction costs, cash drag, securities lending, net asset value rounding, and contributions and withdrawals.

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

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

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

BHFTII-1

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
MetLife MSCI EAFE Index Portfolio
Class A		17.93		7.99		4.05
Class B		17.64		7.72		3.80
Class E		17.76		7.83		3.90
Class G		17.58		7.67		3.75
MSCI EAFE Index		18.24		8.17		4.28

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
Novo Nordisk AS- Class B		2.0
Nestle SA		1.9
ASML Holding NV		1.8
iShares MSCI EAFE ETF		1.4
LVMH Moet Hennessy Louis Vuitton SE		1.3
Shell PLC		1.3
AstraZeneca PLC		1.2
Novartis AG		1.2
Roche Holding AG		1.2
Toyota Motor Corp.		1.2

Top Countries

	% of Net Assets
Japan		21.7
United Kingdom		11.7
France		11.3
Switzerland		10.4
Germany		8.2
Australia		7.4
Netherlands		5.9
Denmark		3.3
Sweden		3.1
Spain		2.5

BHFTII-2

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife MSCI EAFE Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.39	%	$	1,000.00	$	1,053.20	$	2.02
	Hypothetical*		0.39	%	$	1,000.00	$	1,023.24	$	1.99
Class B (a)	Actual		0.64	%	$	1,000.00	$	1,052.20	$	3.31
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.98	$	3.26
Class E (a)	Actual		0.54	%	$	1,000.00	$	1,052.80	$	2.79
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.48	$	2.75
Class G (a)	Actual		0.69	%	$	1,000.00	$	1,051.90	$	3.57
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.73	$	3.52

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

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

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

BHFTII-3

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—96.5% of Net Assets

Security Description	Shares		Value
Australia—7.4%
Ampol Ltd.		15,576	$	383,561
ANZ Group Holdings Ltd.		172,445		3,042,093
APA Group		72,572		422,063
Aristocrat Leisure Ltd.		33,301		924,529
ASX Ltd.		9,864		423,754
Aurizon Holdings Ltd.		105,688		273,320
BHP Group Ltd.		286,894		9,847,869
BlueScope Steel Ltd.		24,346		387,969
Brambles Ltd.		77,628		719,715
CAR Group Ltd.		20,417		432,869
Cochlear Ltd.		3,634		739,356
Coles Group Ltd.		76,847		843,126
Commonwealth Bank of Australia		95,160		7,241,011
Computershare Ltd.		32,168		535,159
CSL Ltd.		27,696		5,406,738
Dexus (REIT)		66,600		347,218
EBOS Group Ltd.		8,800		197,713
Endeavour Group Ltd.		82,569		293,010
Flutter Entertainment PLC (a)		9,898		1,744,250
Fortescue Ltd.		97,232		1,925,812
Goodman Group (REIT)		96,640		1,661,551
GPT Group (REIT)		109,987		346,539
IDP Education Ltd.		14,103		192,157
IGO Ltd.		44,707		274,632
Insurance Australia Group Ltd.		132,599		511,547
Lottery Corp. Ltd.		128,267		422,601
Macquarie Group Ltd.		20,862		2,603,407
Medibank Pvt Ltd.		158,708		385,116
Mineral Resources Ltd.		11,249		535,060
Mirvac Group (REIT)		227,393		322,477
National Australia Bank Ltd.		180,213		3,763,700
Northern Star Resources Ltd.		65,100		609,776
Orica Ltd.		24,591		266,776
Origin Energy Ltd.		97,507		563,492
Pilbara Minerals Ltd.		157,791		423,423
Qantas Airways Ltd. (a)		48,695		177,762
QBE Insurance Group Ltd.		78,602		793,653
Ramsay Health Care Ltd.		11,010		394,238
REA Group Ltd.		2,790		343,792
Reece Ltd.		8,949		136,283
Rio Tinto Ltd.		20,772		1,916,861
Santos Ltd.		183,626		960,186
Scentre Group (REIT)		299,113		607,446
SEEK Ltd.		23,745		431,387
Sonic Healthcare Ltd.		24,516		535,900
South32 Ltd.		261,944		595,973
Stockland (REIT)		137,064		415,988
Suncorp Group Ltd.		76,841		724,451
Telstra Group Ltd.		232,198		626,475
Transurban Group		175,157		1,634,692
Treasury Wine Estates Ltd.		45,513		333,801
Vicinity Ltd. (REIT)		222,989		308,943
Washington H Soul Pattinson & Co. Ltd.		14,627		326,890
Wesfarmers Ltd.		64,690		2,514,290
Westpac Banking Corp.		201,481		3,139,419
WiseTech Global Ltd.		10,682		546,965
Woodside Energy Group Ltd.		108,084		2,292,718
Australia—(Continued)
Woolworths Group Ltd.		67,773	$	1,717,375
				70,488,877
Austria—0.2%
Erste Group Bank AG		19,815		804,468
OMV AG		8,951		393,735
Verbund AG		4,216		392,213
voestalpine AG		3,635		114,743
				1,705,159
Belgium—0.8%
Ageas SA		9,698		421,920
Anheuser-Busch InBev SA		49,872		3,224,090
D’ieteren Group		923		180,665
Elia Group SA		2,047		256,425
Groupe Bruxelles Lambert NV		4,860		383,272
KBC Group NV		14,353		931,883
Lotus Bakeries NV		24		218,169
Sofina SA		888		221,132
Solvay SA		3,561		109,116
Syensqo SA (a)		3,561		370,787
UCB SA		7,036		613,151
Umicore SA		13,317		366,230
Warehouses De Pauw CVA (REIT)		9,872		310,122
				7,606,962
Chile—0.1%
Antofagasta PLC		20,259		433,423
China—0.4%
BOC Hong Kong Holdings Ltd.		213,465		577,629
Budweiser Brewing Co. APAC Ltd.		99,200		185,202
ESR Group Ltd.		113,800		157,077
Futu Holdings Ltd. (ADR) (a)		3,200		174,816
Prosus NV		83,402		2,488,384
SITC International Holdings Co. Ltd.		77,000		132,744
Wharf Holdings Ltd.		62,000		199,355
				3,915,207
Denmark—3.3%
AP Moller - Maersk AS - Class A		129		228,968
AP Moller - Maersk AS - Class B		294		528,795
Carlsberg AS - Class B		5,697		714,520
Chr Hansen Holding AS		5,612		470,766
Coloplast AS - Class B		7,681		878,722
Danske Bank AS		41,066		1,097,589
Demant AS (a)		5,807		255,453
DSV AS		10,688		1,881,355
Genmab AS (a)		3,730		1,188,888
Novo Nordisk AS - Class B		186,067		19,258,215
Novozymes AS - B Shares		11,318		623,573
Orsted AS		10,898		602,146
Pandora AS		4,872		673,509
Rockwool AS - B Shares		571		167,148
Tryg AS		19,542		425,298

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Denmark—(Continued)
Vestas Wind Systems AS (a)		57,984	$	1,844,561
				30,839,506
Finland—1.1%
Elisa OYJ		8,457		392,442
Fortum OYJ		25,580		371,447
Kesko OYJ - B Shares		13,341		264,565
Kone Oyj - Class B		20,595		1,031,277
Metso OYJ		38,200		387,365
Neste OYJ		25,004		888,933
Nokia OYJ		304,070		1,045,330
Nordea Bank Abp		182,600		2,265,179
Orion OYJ - Class B		5,744		249,211
Sampo OYJ - A Shares		24,688		1,081,112
Stora Enso OYJ - R Shares		33,562		464,552
UPM-Kymmene OYJ		31,691		1,192,835
Wartsila OYJ Abp		27,280		397,615
				10,031,863
France—11.3%
Accor SA		11,190		428,279
Adevinta ASA (a)		16,794		185,776
Aeroports de Paris SA		1,975		255,954
Air Liquide SA		30,064		5,852,098
Airbus SE		34,037		5,257,225
Alstom SA		17,291		232,985
Amundi SA		2,443		167,176
Arkema SA		3,712		422,517
AXA SA		101,420		3,312,739
BioMerieux		1,839		205,003
BNP Paribas SA		60,463		4,191,953
Bollore SE		35,194		220,534
Bouygues SA		11,159		421,641
Bureau Veritas SA		14,987		379,016
Capgemini SE		8,840		1,850,443
Carrefour SA		35,510		650,320
Cie de Saint-Gobain SA		26,656		1,972,362
Cie Generale des Etablissements Michelin SCA		37,738		1,356,899
Covivio SA (REIT)		3,163		171,059
Credit Agricole SA		60,667		861,376
Danone SA		36,852		2,391,784
Dassault Aviation SA		1,217		240,966
Dassault Systemes SE		37,933		1,858,174
Edenred SE		15,079		905,966
Eiffage SA		4,534		486,992
Engie SA		105,256		1,852,011
EssilorLuxottica SA		16,707		3,360,166
Eurazeo SE		2,867		228,104
Gecina SA (REIT)		2,150		262,727
Getlink SE		18,615		340,835
Hermes International SCA		1,818		3,860,740
Ipsen SA		2,335		278,863
Kering SA		4,224		1,875,720
Klepierre SA (REIT)		12,682		346,990
L’Oreal SA		13,828		6,879,718
La Francaise des Jeux SAEM		6,363		231,125
France—(Continued)
Legrand SA		14,504		1,511,696
LVMH Moet Hennessy Louis Vuitton SE		15,691		12,735,437
Orange SA		105,927		1,205,838
Pernod Ricard SA		11,848		2,096,411
Publicis Groupe SA		13,415		1,248,314
Remy Cointreau SA		1,206		153,323
Renault SA		11,902		487,315
Safran SA		19,626		3,464,307
Sanofi SA		65,154		6,463,554
Sartorius Stedim Biotech		1,739		462,174
Schneider Electric SE		31,151		6,276,235
SEB SA		1,599		199,791
Societe Generale SA		43,695		1,165,693
Sodexo SA		5,109		562,803
Teleperformance SE		3,137		458,804
Thales SA		5,884		870,771
TotalEnergies SE		130,662		8,881,296
Unibail-Rodamco-Westfield (REIT) (a)		5,832		429,906
Veolia Environnement SA		38,098		1,204,094
Vinci SA		28,947		3,637,851
Vivendi SE		31,863		341,456
Worldline SA (a)		12,492		217,100
				107,870,405
Germany—7.8%
adidas AG		9,344		1,901,205
Allianz SE		23,157		6,189,168
BASF SE		51,323		2,765,401
Bayer AG		56,408		2,095,407
Bayerische Motoren Werke AG		18,182		2,023,554
Bechtle AG		3,446		172,773
Beiersdorf AG		5,659		848,423
Brenntag SE		8,179		751,338
Carl Zeiss Meditec AG		2,492		272,124
Commerzbank AG		61,497		730,904
Continental AG		5,627		478,882
Covestro AG (a)		10,220		594,817
Daimler Truck Holding AG		28,970		1,088,587
Delivery Hero SE (a)		11,033		304,851
Deutsche Bank AG		110,884		1,514,389
Deutsche Boerse AG		10,909		2,247,440
Deutsche Lufthansa AG (a)		35,564		316,285
Deutsche Post AG		57,787		2,864,338
Deutsche Telekom AG		186,100		4,471,891
E.ON SE		128,908		1,730,410
Evonik Industries AG		12,954		264,655
Fresenius Medical Care AG		11,169		467,345
Fresenius SE & Co. KGaA		25,674		797,394
GEA Group AG		9,989		416,004
Hannover Rueck SE		3,591		858,556
Heidelberg Materials AG		7,955		711,215
HelloFresh SE (a)		10,721		169,922
Henkel AG & Co. KGaA		5,102		366,204
Infineon Technologies AG		74,982		3,129,375
Knorr-Bremse AG		4,409		286,190
LEG Immobilien SE (a)		3,457		302,925

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Mercedes-Benz Group AG		46,263	$	3,197,135
Merck KGaA		7,195		1,145,146
MTU Aero Engines AG		3,014		650,027
Muenchener Rueckversicherungs-Gesellschaft AG		7,758		3,214,596
Nemetschek SE		3,293		285,350
Puma SE		5,186		289,152
Rational AG		371		286,812
Rheinmetall AG		2,403		762,239
RWE AG		35,506		1,615,323
SAP SE		59,175		9,108,393
Scout24 SE		3,900		276,104
Siemens AG		43,637		8,190,185
Siemens Energy AG (a)		31,577		418,693
Siemens Healthineers AG		16,020		931,524
Symrise AG		7,141		785,949
Talanx AG		3,850		274,935
Volkswagen AG		1,994		260,963
Vonovia SE		42,326		1,334,585
Wacker Chemie AG		1,100		138,910
Zalando SE (a)		11,098		262,956
				74,560,949
Hong Kong—1.8%
AIA Group Ltd.		654,800		5,687,167
CK Asset Holdings Ltd.		104,440		522,286
CK Infrastructure Holdings Ltd.		49,500		275,031
CLP Holdings Ltd.		94,377		777,898
Galaxy Entertainment Group Ltd.		121,000		676,295
Hang Lung Properties Ltd.		103,000		142,910
Hang Seng Bank Ltd.		46,300		537,919
Henderson Land Development Co. Ltd.		83,311		257,516
HKT Trust & HKT Ltd.		217,980		260,743
Hong Kong & China Gas Co. Ltd.		645,531		496,595
Hong Kong Exchanges & Clearing Ltd.		68,900		2,357,411
Hongkong Land Holdings Ltd.		63,800		221,656
Jardine Matheson Holdings Ltd.		10,400		428,094
Link REIT (REIT)		134,649		753,003
MTR Corp. Ltd.		82,000		319,701
New World Development Co. Ltd.		86,926		134,344
Power Assets Holdings Ltd.		93,049		538,680
Sino Land Co. Ltd. (b)		211,600		230,699
Sun Hung Kai Properties Ltd.		86,750		933,576
Swire Pacific Ltd. - Class A		21,817		184,227
Swire Properties Ltd.		67,200		135,491
Techtronic Industries Co. Ltd.		78,000		932,925
WH Group Ltd.		480,500		309,928
Wharf Real Estate Investment Co. Ltd.		91,976		312,855
				17,426,950
Ireland—0.8%
AerCap Holdings NV (a)		11,400		847,248
AIB Group PLC		89,600		383,639
Bank of Ireland Group PLC		57,600		522,447
CRH PLC		40,340		2,780,240
James Hardie Industries PLC (a)		24,825		959,465
Kerry Group PLC - Class A		8,369		726,303
Ireland—(Continued)
Kingspan Group PLC		9,603		830,441
Smurfit Kappa Group PLC		15,811		623,692
				7,673,475
Israel—0.6%
Azrieli Group Ltd.		2,906		188,587
Bank Hapoalim BM		73,211		659,577
Bank Leumi Le-Israel BM		82,474		666,523
Check Point Software Technologies Ltd. (a)		5,600		855,625
CyberArk Software Ltd. (a)		2,100		460,005
Elbit Systems Ltd.		1,528		325,610
Global-e Online Ltd. (a) (b)		5,200		206,076
ICL Group Ltd.		44,582		225,605
Israel Discount Bank Ltd. - Class A		71,026		356,412
Mizrahi Tefahot Bank Ltd.		9,874		383,801
Nice Ltd. (a)		3,347		671,695
Teva Pharmaceutical Industries Ltd. (ADR) (a)		63,253		660,361
Wix.com Ltd. (a)		3,600		442,872
				6,102,749
Italy—2.2%
Amplifon SpA		9,033		313,682
Assicurazioni Generali SpA		60,938		1,286,317
Banco BPM SpA		70,000		369,838
Davide Campari-Milano NV		26,785		302,275
Enel SpA		466,993		3,478,114
Eni SpA		132,693		2,253,702
Ferrari NV		7,237		2,440,805
FinecoBank Banca Fineco SpA		35,112		527,883
Infrastrutture Wireless Italiane SpA		24,381		309,008
Intesa Sanpaolo SpA		888,160		2,594,290
Leonardo SpA		23,400		386,301
Mediobanca Banca di Credito Finanziario SpA		33,261		411,772
Moncler SpA		11,647		718,685
Nexi SpA (a)		32,431		266,071
Poste Italiane SpA		29,264		332,228
Prysmian SpA		14,291		651,961
Recordati Industria Chimica e Farmaceutica SpA		5,644		305,014
Snam SpA		112,553		579,685
Telecom Italia SpA (a)		574,217		186,958
Terna - Rete Elettrica Nazionale		75,176		627,638
UniCredit SpA		91,771		2,491,117
				20,833,344
Japan—21.7%
Advantest Corp.		42,800		1,474,006
Aeon Co. Ltd.		37,100		827,855
AGC, Inc.		9,500		352,140
Aisin Corp.		8,500		296,203
Ajinomoto Co., Inc.		25,100		970,155
ANA Holdings, Inc. (a)		8,400		182,056
Asahi Group Holdings Ltd.		26,000		967,874
Asahi Intecc Co. Ltd.		14,200		287,908
Asahi Kasei Corp.		72,600		537,289
Astellas Pharma, Inc.		102,800		1,232,754

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Azbil Corp.		7,000	$	230,724
Bandai Namco Holdings, Inc.		34,200		683,812
BayCurrent Consulting, Inc.		8,000		279,699
Bridgestone Corp. (b)		33,200		1,371,364
Brother Industries Ltd.		16,400		261,136
Canon, Inc. (b)		57,400		1,471,461
Capcom Co. Ltd.		11,100		358,480
Central Japan Railway Co.		38,800		983,929
Chiba Bank Ltd.		33,200		239,402
Chubu Electric Power Co., Inc.		40,300		520,066
Chugai Pharmaceutical Co. Ltd.		38,100		1,444,807
Concordia Financial Group Ltd.		60,900		277,795
Dai Nippon Printing Co. Ltd.		13,000		383,650
Dai-ichi Life Holdings, Inc.		53,100		1,127,493
Daifuku Co. Ltd.		18,500		372,834
Daiichi Sankyo Co. Ltd.		106,200		2,940,493
Daikin Industries Ltd.		15,100		2,453,188
Daito Trust Construction Co. Ltd.		4,100		474,657
Daiwa House Industry Co. Ltd.		32,600		985,033
Daiwa House REIT Investment Corp. (REIT)		136		242,517
Daiwa Securities Group, Inc.		73,700		494,023
Denso Corp.		93,400		1,401,100
Dentsu Group, Inc. (b)		10,300		263,540
Disco Corp.		5,000		1,230,560
East Japan Railway Co.		17,700		1,018,389
Eisai Co. Ltd.		14,700		735,641
ENEOS Holdings, Inc.		153,600		608,206
FANUC Corp.		55,100		1,621,142
Fast Retailing Co. Ltd.		10,000		2,479,728
Fuji Electric Co. Ltd.		8,600		368,515
FUJIFILM Holdings Corp.		20,600		1,234,252
Fujitsu Ltd.		9,700		1,464,575
GLP J-REIT (REIT)		268		266,488
Hamamatsu Photonics KK		7,000		286,969
Hankyu Hanshin Holdings, Inc.		13,900		441,889
Hikari Tsushin, Inc.		1,500		248,061
Hirose Electric Co. Ltd.		1,515		171,241
Hitachi Construction Machinery Co. Ltd.		4,800		126,759
Hitachi Ltd.		52,100		3,765,875
Honda Motor Co. Ltd.		265,200		2,741,752
Hoshizaki Corp.		4,700		171,613
Hoya Corp.		20,100		2,500,174
Hulic Co. Ltd. (b)		25,800		269,447
Ibiden Co. Ltd.		5,600		308,541
Idemitsu Kosan Co. Ltd.		44,340		241,529
Iida Group Holdings Co. Ltd.		9,300		138,849
Inpex Corp. (b)		53,100		715,811
Isuzu Motors Ltd.		29,000		372,103
ITOCHU Corp.		68,200		2,784,272
Japan Airlines Co. Ltd.		8,400		165,468
Japan Exchange Group, Inc.		31,100		656,263
Japan Metropolitan Fund Invest (REIT)		307		221,655
Japan Post Bank Co. Ltd.		82,600		840,966
Japan Post Holdings Co. Ltd.		121,900		1,088,046
Japan Post Insurance Co. Ltd.		8,200		145,607
Japan Real Estate Investment Corp. (REIT)		85		351,658
Japan—(Continued)
Japan Tobacco, Inc. (b)		66,700		1,721,955
JFE Holdings, Inc.		30,400		470,022
JSR Corp.		9,800		279,234
Kajima Corp.		27,100		451,351
Kansai Electric Power Co., Inc.		40,700		539,094
Kao Corp.		25,400		1,043,943
Kawasaki Kisen Kaisha Ltd.		8,000		348,742
KDDI Corp.		85,900		2,727,551
KDX Realty Investment Corp. (REIT)		238		271,186
Keisei Electric Railway Co. Ltd.		6,600		310,633
Keyence Corp.		11,200		4,910,142
Kikkoman Corp.		8,000		488,518
Kintetsu Group Holdings Co. Ltd.		11,012		348,667
Kirin Holdings Co. Ltd.		42,600		623,802
Kobe Bussan Co. Ltd.		9,200		271,544
Koito Manufacturing Co. Ltd.		7,400		114,984
Komatsu Ltd.		50,800		1,323,630
Konami Group Corp.		6,200		323,509
Kose Corp.		2,300		171,939
Kubota Corp. (b)		58,600		879,525
Kyocera Corp.		76,800		1,116,491
Kyowa Kirin Co. Ltd.		15,200		255,685
Lasertec Corp.		4,400		1,150,080
LY Corp.		154,600		546,687
M3, Inc.		23,200		382,117
Makita Corp.		11,200		308,052
Marubeni Corp.		78,800		1,240,096
MatsukiyoCocokara & Co.		21,000		371,223
Mazda Motor Corp.		32,900		349,030
McDonald’s Holdings Co. Japan Ltd. (b)		5,400		233,925
MEIJI Holdings Co. Ltd.		14,600		346,277
MINEBEA MITSUMI, Inc.		18,900		386,722
MISUMI Group, Inc.		19,300		325,552
Mitsubishi Chemical Group Corp.		74,100		452,860
Mitsubishi Corp.		198,900		3,168,435
Mitsubishi Electric Corp.		106,800		1,507,865
Mitsubishi Estate Co. Ltd.		65,200		895,803
Mitsubishi HC Capital, Inc.		53,500		358,806
Mitsubishi Heavy Industries Ltd.		17,300		1,006,789
Mitsubishi UFJ Financial Group, Inc.		655,688		5,643,453
Mitsui & Co. Ltd.		75,417		2,810,371
Mitsui Chemicals, Inc.		8,300		245,485
Mitsui Fudosan Co. Ltd.		48,600		1,188,038
Mitsui OSK Lines Ltd.		17,900		574,280
Mizuho Financial Group, Inc.		138,550		2,369,988
MonotaRO Co. Ltd.		14,600		158,935
MS&AD Insurance Group Holdings, Inc.		24,400		957,714
Murata Manufacturing Co. Ltd.		99,000		2,091,070
NEC Corp.		13,000		767,224
Nexon Co. Ltd. (b)		17,300		314,233
Nidec Corp.		24,400		994,480
Nintendo Co. Ltd.		59,700		3,120,135
Nippon Building Fund, Inc (REIT)		102		441,294
Nippon Express Holdings, Inc.		4,900		278,087
Nippon Paint Holdings Co. Ltd.		54,000		435,229
Nippon Prologis REIT, Inc. (REIT)		143		275,242
Nippon Sanso Holdings Corp.		9,600		256,040

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nippon Steel Corp.		47,300	$	1,080,982
Nippon Telegraph & Telephone Corp.		1,715,700		2,094,982
Nippon Yusen KK		27,700		858,600
Nissan Chemical Corp.		8,600		334,855
Nissan Motor Co. Ltd.		133,300		520,411
Nissin Foods Holdings Co. Ltd.		11,400		397,571
Nitori Holdings Co. Ltd.		4,800		641,352
Nitto Denko Corp.		7,500		559,242
Nomura Holdings, Inc.		167,100		753,301
Nomura Real Estate Holdings, Inc.		4,100		107,578
Nomura Real Estate Master Fund, Inc. (REIT)		296		345,776
Nomura Research Institute Ltd.		20,500		594,085
NTT Data Group Corp.		34,480		487,017
Obayashi Corp.		40,200		347,134
Obic Co. Ltd.		4,200		721,343
Odakyu Electric Railway Co. Ltd.		18,200		277,079
Oji Holdings Corp.		50,100		192,605
Olympus Corp.		65,000		938,184
Omron Corp.		10,100		469,044
Ono Pharmaceutical Co. Ltd.		23,800		425,161
Open House Group Co. Ltd.		5,600		165,521
Oracle Corp. Japan		3,000		231,136
Oriental Land Co. Ltd.		62,600		2,325,426
ORIX Corp.		64,400		1,206,820
Osaka Gas Co. Ltd.		21,700		452,982
Otsuka Corp.		7,400		304,377
Otsuka Holdings Co. Ltd.		22,500		842,239
Pan Pacific International Holdings Corp.		19,800		471,298
Panasonic Holdings Corp.		127,400		1,249,331
Rakuten Group, Inc. (b)		86,600		384,847
Recruit Holdings Co. Ltd.		82,800		3,535,507
Renesas Electronics Corp. (a)		83,800		1,504,172
Resona Holdings, Inc.		122,900		622,494
Ricoh Co. Ltd.		31,500		241,341
Rohm Co. Ltd.		20,000		383,196
SBI Holdings, Inc.		16,511		370,390
SCSK Corp.		11,700		231,674
Secom Co. Ltd.		11,900		855,514
Seiko Epson Corp.		16,800		250,994
Sekisui Chemical Co. Ltd.		22,300		320,767
Sekisui House Ltd.		31,800		704,682
Seven & i Holdings Co. Ltd.		43,300		1,715,142
SG Holdings Co. Ltd.		19,500		279,354
Shimadzu Corp.		15,600		434,766
Shimano, Inc.		4,000		617,562
Shimizu Corp.		34,200		227,276
Shin-Etsu Chemical Co. Ltd.		104,600		4,371,460
Shionogi & Co. Ltd.		15,500		746,360
Shiseido Co. Ltd.		22,700		683,481
Shizuoka Financial Group, Inc.		25,000		211,526
SMC Corp.		3,300		1,764,993
SoftBank Corp.		164,900		2,055,407
SoftBank Group Corp.		59,100		2,611,524
Sompo Holdings, Inc.		17,399		849,717
Sony Group Corp.		72,400		6,861,212
Square Enix Holdings Co. Ltd.		3,700		132,605
Subaru Corp.		37,600		686,251
Japan—(Continued)
SUMCO Corp.		22,600		337,660
Sumitomo Chemical Co. Ltd.		80,800		196,848
Sumitomo Corp.		58,000		1,265,300
Sumitomo Electric Industries Ltd.		41,334		524,662
Sumitomo Metal Mining Co. Ltd.		12,800		384,107
Sumitomo Mitsui Financial Group, Inc.		72,300		3,522,240
Sumitomo Mitsui Trust Holdings, Inc.		38,852		745,196
Sumitomo Realty & Development Co. Ltd.		14,700		435,735
Suntory Beverage & Food Ltd.		8,500		280,065
Suzuki Motor Corp.		20,000		861,017
Sysmex Corp.		8,900		494,605
T&D Holdings, Inc.		25,900		411,095
Taisei Corp.		10,300		351,770
Takeda Pharmaceutical Co. Ltd.		90,848		2,608,375
TDK Corp.		22,400		1,061,999
Terumo Corp.		37,400		1,220,592
TIS, Inc.		11,200		246,327
Tobu Railway Co. Ltd.		12,400		332,243
Toho Co. Ltd.		5,200		175,598
Tokio Marine Holdings, Inc.		103,000		2,571,801
Tokyo Electric Power Co. Holdings, Inc. (a)		87,700		457,882
Tokyo Electron Ltd.		27,200		4,835,502
Tokyo Gas Co. Ltd.		20,400		467,723
Tokyu Corp.		32,900		400,924
TOPPAN Holdings, Inc.		11,900		331,142
Toray Industries, Inc.		80,200		417,499
Tosoh Corp.		15,100		192,475
TOTO Ltd.		6,200		163,259
Toyota Industries Corp.		7,900		641,529
Toyota Motor Corp.		602,300		11,057,857
Toyota Tsusho Corp.		11,400		667,975
Trend Micro, Inc.		6,400		340,565
Unicharm Corp.		22,500		812,962
USS Co. Ltd.		13,200		265,033
West Japan Railway Co.		11,600		483,135
Yakult Honsha Co. Ltd.		14,200		318,477
Yamaha Corp.		9,100		209,798
Yamaha Motor Co. Ltd. (b)		56,100		499,273
Yamato Holdings Co. Ltd.		18,300		337,756
Yaskawa Electric Corp.		14,600		606,870
Yokogawa Electric Corp.		16,300		309,665
Zensho Holdings Co. Ltd.		5,000		261,112
ZOZO, Inc.		8,400		188,768
				206,459,313
Jordan—0.0%
Hikma Pharmaceuticals PLC		11,270		256,861
Luxembourg—0.2%
ArcelorMittal SA		27,879		791,132
Eurofins Scientific SE		8,661		567,032
Tenaris SA		27,400		476,716
				1,834,880
Macau—0.1%
Sands China Ltd. (a)		139,600		407,379

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Netherlands—5.9%
ABN AMRO Bank NV		25,269	$	379,921
Adyen NV (a)		1,246		1,607,257
Aegon Ltd.		87,263		506,167
Akzo Nobel NV		10,339		854,808
Argenx SE (a)		3,256		1,238,097
ASM International NV		2,706		1,410,021
ASML Holding NV		22,967		17,351,382
ASR Nederland NV		9,212		435,872
BE Semiconductor Industries NV		4,443		669,927
Euronext NV		4,309		374,396
EXOR NV (b)		5,925		594,362
Ferrovial SE		28,340		1,035,213
Heineken Holding NV		7,134		605,117
Heineken NV		16,597		1,689,735
IMCD NV		2,999		523,607
ING Groep NV - Series N		207,822		3,113,109
JDE Peet’s NV		7,639		205,802
Koninklijke Ahold Delhaize NV		55,588		1,597,082
Koninklijke KPN NV		185,449		638,818
Koninklijke Philips NV		45,006		1,051,744
NN Group NV		14,169		560,886
OCI NV		6,992		203,399
Qiagen NV (a)		12,443		541,718
Randstad NV		5,702		357,620
Shell PLC		377,293		12,259,380
Stellantis NV (Milan-Traded Shares)		129,155		3,026,540
Universal Music Group NV		47,580		1,359,563
Wolters Kluwer NV		13,905		1,977,214
				56,168,757
New Zealand—0.3%
Auckland International Airport Ltd.		75,578		420,672
Fisher & Paykel Healthcare Corp. Ltd. - Class C		26,885		401,978
Mercury NZ Ltd.		47,715		199,396
Meridian Energy Ltd.		80,631		282,902
Spark New Zealand Ltd.		106,324		348,829
Xero Ltd. (a)		8,809		672,420
				2,326,197
Norway—0.6%
Aker BP ASA		16,292		473,687
DNB Bank ASA		53,584		1,138,846
Equinor ASA		51,919		1,645,454
Gjensidige Forsikring ASA		14,357		264,918
Kongsberg Gruppen ASA		3,470		158,906
Mowi ASA		23,708		424,632
Norsk Hydro ASA		75,203		506,095
Orkla ASA		43,283		335,719
Salmar ASA		4,072		228,009
Telenor ASA		36,259		416,565
Yara International ASA		10,920		388,181
				5,981,012
Portugal—0.2%
EDP - Energias de Portugal SA		180,838		914,225
Portugal—(Continued)
Galp Energia SGPS SA		24,223		356,548
Jeronimo Martins SGPS SA		18,255		464,455
				1,735,228
Singapore—1.3%
CapitaLand Ascendas (REIT)		204,444		468,358
CapitaLand Integrated Commercial Trust (REIT)		306,642		477,230
CapitaLand Investment Ltd.		150,800		359,986
City Developments Ltd.		27,200		136,747
DBS Group Holdings Ltd.		103,967		2,627,994
Genting Singapore Ltd.		348,500		264,679
Grab Holdings Ltd. - Class A (a)		113,500		382,495
Jardine Cycle & Carriage Ltd.		6,000		134,968
Keppel (REIT)		17,200		12,105
Keppel Corp. Ltd.		86,000		460,044
Mapletree Logistics Trust (REIT)		198,449		260,944
Mapletree Pan Asia Commercial Trust (REIT)		135,400		160,527
Oversea-Chinese Banking Corp. Ltd.		194,464		1,911,074
Sea Ltd. (ADR) (a)		20,900		846,450
Seatrium Ltd. (a)		2,556,312		228,316
Sembcorp Industries Ltd.		52,000		208,852
Singapore Airlines Ltd.		87,540		434,062
Singapore Exchange Ltd.		54,400		404,565
Singapore Technologies Engineering Ltd.		106,000		312,090
Singapore Telecommunications Ltd.		475,820		889,622
United Overseas Bank Ltd.		68,792		1,481,300
Wilmar International Ltd.		97,400		262,963
				12,725,371
South Africa—0.2%
Anglo American PLC		72,055		1,808,303
Spain—2.5%
Acciona SA		1,638		242,063
ACS Actividades de Construccion y Servicios SA		12,831		569,899
Aena SME SA		4,224		767,372
Amadeus IT Group SA		25,117		1,802,535
Banco Bilbao Vizcaya Argentaria SA		344,037		3,136,626
Banco Santander SA		915,238		3,823,040
CaixaBank SA		228,552		941,064
Cellnex Telecom SA (a)		32,166		1,271,723
EDP Renovaveis SA		17,703		364,691
Enagas SA		15,136		255,524
Endesa SA		16,585		338,352
Grifols SA (a)		21,632		370,992
Iberdrola SA		341,492		4,468,903
Industria de Diseno Textil SA		62,261		2,717,324
Naturgy Energy Group SA (b)		9,652		288,030
Redeia Corp. SA		21,616		356,502
Repsol SA		70,468		1,045,746
Telefonica SA		292,506		1,149,314
				23,909,700
Sweden—3.1%
Alfa Laval AB		15,516		623,073

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—(Continued)
Assa Abloy AB - Class B		58,271	$	1,680,119
Atlas Copco AB - A Shares		154,226		2,657,884
Atlas Copco AB - B Shares		92,052		1,365,751
Beijer Ref AB		20,500		274,957
Boliden AB		16,516		515,685
Epiroc AB - A Shares		36,338		729,690
Epiroc AB - B Shares		24,398		427,287
EQT AB		22,013		626,534
Essity AB - Class B		34,188		847,910
Evolution AB		10,621		1,272,227
Fastighets AB Balder - B Shares (a)		37,572		268,552
Getinge AB - B Shares		15,453		344,960
H & M Hennes & Mauritz AB - B Shares		36,983		649,569
Hexagon AB - B Shares		114,943		1,385,972
Holmen AB - B Shares		3,296		139,534
Husqvarna AB - B Shares		25,677		211,831
Industrivarden AB - A Shares		5,167		168,961
Industrivarden AB - C Shares		6,120		199,733
Indutrade AB		12,514		326,777
Investment AB Latour - B Shares		10,798		281,924
Investor AB - B Shares		98,906		2,297,468
L E Lundbergforetagen AB - B Shares		4,755		258,683
Lifco AB - B Shares		15,748		387,462
Nibe Industrier AB - B Shares		88,393		625,256
Saab AB - Class B		4,900		295,481
Sagax AB - Class B		10,880		298,732
Sandvik AB		59,255		1,283,546
Securitas AB - B Shares (b)		28,342		278,353
Skandinaviska Enskilda Banken AB - Class A		91,449		1,259,843
Skanska AB - B Shares		16,847		305,041
SKF AB - B Shares		18,258		365,050
Svenska Cellulosa AB SCA - Class B		31,044		465,538
Svenska Handelsbanken AB - A Shares		85,696		930,877
Swedbank AB - A Shares		49,129		993,444
Swedish Orphan Biovitrum AB (a)		12,810		339,577
Tele2 AB - B Shares		34,110		293,385
Telefonaktiebolaget LM Ericsson - B Shares		168,752		1,067,305
Telia Co. AB		140,889		359,674
Volvo AB - A Shares		11,531		305,622
Volvo AB - B Shares		84,632		2,201,879
				29,611,146
Switzerland—10.4%
ABB Ltd.		92,188		4,093,830
Adecco Group AG		9,221		453,453
Alcon, Inc.		28,691		2,245,952
Avolta AG (a)		5,990		236,112
Bachem Holding AG		2,095		162,190
Baloise Holding AG		2,719		425,966
Banque Cantonale Vaudoise		1,980		255,261
Barry Callebaut AG		187		315,809
BKW AG		1,390		247,184
Chocoladefabriken Lindt & Spruengli AG		6		727,126
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		50		600,141
Cie Financiere Richemont SA - Class A		29,972		4,131,190
Clariant AG		13,958		206,466
Switzerland—(Continued)
Coca-Cola HBC AG		13,800		405,128
DSM-Firmenich AG		10,717		1,091,858
EMS-Chemie Holding AG		423		342,373
Geberit AG		1,837		1,179,825
Givaudan SA		532		2,211,565
Glencore PLC		591,248		3,547,454
Helvetia Holding AG		2,260		311,245
Holcim AG		29,718		2,332,024
Julius Baer Group Ltd.		11,250		631,688
Kuehne & Nagel International AG		3,244		1,117,476
Logitech International SA		9,636		913,809
Lonza Group AG		4,276		1,797,703
Nestle SA		152,235		17,606,718
Novartis AG		116,429		11,747,399
Partners Group Holding AG		1,269		1,833,381
Roche Holding AG		39,883		11,551,135
Roche Holding AG (Bearer Shares)		1,770		549,786
Sandoz Group AG (a)		23,538		758,752
Schindler Holding AG		1,428		338,762
Schindler Holding AG (Participation Certificate)		2,283		570,944
SGS SA		8,665		747,818
SIG Group AG		15,590		358,570
Sika AG		8,693		2,838,275
Sonova Holding AG		2,693		880,006
STMicroelectronics NV		39,053		1,960,783
Straumann Holding AG		6,539		1,057,077
Swatch Group AG		4,016		584,802
Swiss Life Holding AG		1,671		1,160,843
Swiss Prime Site AG		4,615		493,363
Swiss Re AG		17,318		1,946,416
Swisscom AG		1,510		908,006
Temenos AG		2,932		273,428
UBS Group AG		188,844		5,861,081
VAT Group AG		1,513		758,733
Zurich Insurance Group AG		8,345		4,359,723
				99,128,629
United Arab Emirates—0.0%
NMC Health PLC (a) (c) (d)		7,569		0
United Kingdom—11.7%
3i Group PLC		55,885		1,720,470
abrdn PLC		100,841		229,166
Admiral Group PLC		14,845		507,162
Ashtead Group PLC		25,877		1,793,240
Associated British Foods PLC		18,881		569,214
AstraZeneca PLC		88,013		11,855,280
Auto Trader Group PLC		45,593		418,694
Aviva PLC		164,006		907,244
BAE Systems PLC		175,322		2,480,726
Barclays PLC		827,548		1,612,067
Barratt Developments PLC		47,746		341,578
Berkeley Group Holdings PLC		5,026		299,495
BP PLC		973,073		5,751,067
British American Tobacco PLC		121,961		3,559,515
BT Group PLC		345,083		542,125

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Bunzl PLC		20,033	$	813,256
Burberry Group PLC		23,361		424,304
Centrica PLC		320,670		573,813
CK Hutchison Holdings Ltd.		153,940		828,556
Coca-Cola Europacific Partners PLC		11,100		740,814
Compass Group PLC		95,527		2,610,573
Croda International PLC		8,925		573,609
DCC PLC		4,751		348,665
Diageo PLC		129,460		4,701,788
Endeavour Mining PLC		11,300		253,908
Entain PLC		39,400		497,733
Experian PLC		52,775		2,150,927
Haleon PLC		319,304		1,307,439
Halma PLC		22,415		651,337
Hargreaves Lansdown PLC		13,683		127,513
HSBC Holdings PLC		1,111,005		8,974,738
Imperial Brands PLC		47,022		1,080,684
Informa PLC		77,518		769,672
InterContinental Hotels Group PLC		9,760		881,613
Intertek Group PLC		9,159		494,628
J Sainsbury PLC		94,695		364,514
JD Sports Fashion PLC		148,800		314,518
Kingfisher PLC		103,242		319,555
Land Securities Group PLC (REIT)		40,597		363,420
Legal & General Group PLC		322,853		1,029,655
Lloyds Banking Group PLC		3,717,260		2,251,153
London Stock Exchange Group PLC		23,414		2,768,182
M&G PLC		129,250		365,427
Melrose Industries PLC		77,883		562,773
Mondi PLC		29,085		568,703
National Grid PLC		211,145		2,851,284
NatWest Group PLC		334,948		934,937
Next PLC		6,871		709,382
Ocado Group PLC (a)		33,748		324,302
Pearson PLC		32,125		394,507
Persimmon PLC		15,059		265,634
Phoenix Group Holdings PLC		43,268		293,932
Prudential PLC		158,081		1,779,749
Reckitt Benckiser Group PLC		41,120		2,837,190
RELX PLC		106,108		4,208,768
Rentokil Initial PLC		138,734		788,007
Rio Tinto PLC		64,637		4,801,025
Rolls-Royce Holdings PLC (a)		485,040		1,847,442
Sage Group PLC		62,616		934,187
Schroders PLC		46,288		252,691
Segro PLC (REIT)		66,139		744,536
Severn Trent PLC		15,346		504,773
Smith & Nephew PLC		49,971		684,156
Smiths Group PLC		19,606		439,992
Spirax-Sarco Engineering PLC		4,349		581,013
SSE PLC		64,531		1,522,528
St. James’s Place PLC		30,110		261,517
Standard Chartered PLC		136,689		1,156,383
Taylor Wimpey PLC		203,553		380,566
Tesco PLC		413,105		1,528,279
Unilever PLC		142,487		6,894,887
United Utilities Group PLC		38,342		516,817
United Kingdom—(Continued)
Vodafone Group PLC		1,260,581		1,095,162
Whitbread PLC		10,880		505,505
Wise PLC - Class A (a)		37,366		414,883
WPP PLC		66,140		628,802
				111,383,349
United States—0.5%
GSK PLC		235,120		4,343,480
Monday.com Ltd. (a)		1,200		225,372
				4,568,852
Total Common Stocks (Cost $650,606,996)				917,793,846
Mutual Funds—1.4%
United States—1.4%
iShares MSCI EAFE ETF (b) (e) (Cost $13,087,144)		182,400		13,743,840
Preferred Stocks—0.4%
Germany—0.4%
Bayerische Motoren Werke AG		3,581		355,866
Dr. Ing HC F Porsche AG		6,443		568,544
Henkel AG & Co. KGaA		9,444		760,080
Porsche Automobil Holding SE		9,628		492,714
Sartorius AG		1,542		567,693
Volkswagen AG		11,612		1,434,261
Total Preferred Stocks (Cost $4,174,427)				4,179,158
Short-Term Investments—1.4%
U.S. Treasury—1.4%
U.S. Treasury Bills 2.617%, 01/02/24 (f)		800,000		800,000
5.214%, 02/06/24 (f)		12,475,000		12,410,968
Total Short-Term Investments (Cost $13,209,300)				13,210,968
Securities Lending Reinvestments (g)—0.8%
Repurchase Agreements—0.3%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $200,121; collateralized by various Common Stock with an aggregate market value of $222,759.		200,000		200,000

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (g)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $200,121; collateralized by various Common Stock with an aggregate market value of $222,962.		200,000	$	200,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $47,265; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $48,182.		47,238		47,238
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $1,300,802; collateralized by various Common Stock with an aggregate market value of $1,450,818.		1,300,000		1,300,000
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $500,296; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $511,133.		500,000		500,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $8,101; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $8,258.		8,096		8,096
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $517,632; collateralized by various Common Stock with an aggregate market value of $575,840.		517,315		517,315
				2,772,649
Mutual Funds—0.5%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (h)		1,000,000		1,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (h)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (h)		1,000,000		1,000,000
HSBC U.S. Government Money Market Fund, Class I 5.300% (h)		100,000		100,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (h)		459,832		459,832
Mutual Funds—(Continued)
STIT-Government & Agency Portfolio, Institutional Class 5.270% (h)		1,000,000		1,000,000
				4,559,832
Total Securities Lending Reinvestments (Cost $7,332,481)				7,332,481
Total Investments—100.5% (Cost $688,410,348)				956,260,293
Other assets and liabilities (net)—(0.5)%				(5,020,438	)
Net Assets—100.0%			$	951,239,855

(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2023, the market value of securities loaned was $16,482,446 and the collateral received consisted of cash in the amount of $7,332,481 and non-cash collateral with a value of $10,083,654. 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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2023, these securities represent less than 0.05% of net assets.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2023, the market value of securities pledged was $3,767,500.
(f)	The rate shown represents current yield to maturity.
(g)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(h)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Ten Largest Industries as of December 31, 2023 (Unaudited)	% of Net Assets
Banks		10.7
Pharmaceuticals		8.8
Insurance		4.9
Oil, Gas & Consumable Fuels		4.2
Food Products		4.0
Semiconductors & Semiconductor Equipment		3.8
Auto Manufacturers		3.6
Chemicals		2.9
Telecommunications		2.8
Electric		2.7

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index Mini Futures		03/15/24		116		USD	13,063,920	$	582,079

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Other Abbreviations

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

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	70,488,877		$	—	$	70,488,877
Austria		—		1,705,159			—		1,705,159
Belgium		370,787		7,236,175			—		7,606,962
Chile		—		433,423			—		433,423
China		174,816		3,740,391			—		3,915,207
Denmark		—		30,839,506			—		30,839,506
Finland		—		10,031,863			—		10,031,863
France		—		107,870,405			—		107,870,405
Germany		—		74,560,949			—		74,560,949
Hong Kong		—		17,426,950			—		17,426,950
Ireland		847,248		6,826,227			—		7,673,475
Israel		2,624,938		3,477,811			—		6,102,749
Italy		—		20,833,344			—		20,833,344
Japan		—		206,459,313			—		206,459,313
Jordan		—		256,861			—		256,861
Luxembourg		—		1,834,880			—		1,834,880
Macau		—		407,379			—		407,379
Netherlands		—		56,168,757			—		56,168,757
New Zealand		—		2,326,197			—		2,326,197
Norway		—		5,981,012			—		5,981,012
Portugal		—		1,735,228			—		1,735,228
Singapore		1,228,945		11,496,426			—		12,725,371
South Africa		—		1,808,303			—		1,808,303
Spain		—		23,909,700			—		23,909,700
Sweden		—		29,611,146			—		29,611,146
Switzerland		—		99,128,629			—		99,128,629
United Arab Emirates		—		—			0		0
United Kingdom		740,814		110,642,535			—		111,383,349
United States		225,372		4,343,480			—		4,568,852
Total Common Stocks		6,212,920		911,580,926			0		917,793,846
Total Mutual Funds*		13,743,840		—			—		13,743,840
Total Preferred Stocks*		—		4,179,158			—		4,179,158
Total Short-Term Investments*		—		13,210,968			—		13,210,968
Securities Lending Reinvestments
Repurchase Agreements		—		2,772,649			—		2,772,649
Mutual Funds		4,559,832		—			—		4,559,832
Total Securities Lending Reinvestments		4,559,832		2,772,649			—		7,332,481
Total Investments	$	24,516,592	$	931,743,701		$	0	$	956,260,293
Collateral for Securities Loaned (Liability)	$	—	$	(7,332,481	)	$	—	$	(7,332,481	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	582,079	$	—		$	—	$	582,079

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	956,260,293
Cash		25,863
Cash denominated in foreign currencies (c)		312,415
Receivable for:
Investments sold		209,648
Fund shares sold		163,748
Dividends		2,898,143
Variation margin on futures contracts		6,960
Prepaid expenses		3,580
Total Assets		959,880,650
Liabilities
Collateral for securities loaned		7,332,481
Payables for:
Fund shares redeemed		571,253
Accrued Expenses:
Management fees		235,514
Distribution and service fees		99,876
Deferred trustees’ fees		170,098
Other expenses		231,573
Total Liabilities		8,640,795
Net Assets	$	951,239,855
Net Assets Consist of:
Paid in surplus	$	661,752,864
Distributable earnings (Accumulated losses)		289,486,991
Net Assets	$	951,239,855
Net Assets
Class A	$	492,648,110
Class B		283,981,566
Class E		20,345,458
Class G		154,264,721
Capital Shares Outstanding*
Class A		33,185,011
Class B		19,585,707
Class E		1,378,018
Class G		10,729,036
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.85
Class B		14.50
Class E		14.76
Class G		14.38

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $688,410,348.
(b)	Includes securities loaned at value of $16,482,446.
(c)	Identified cost of cash denominated in foreign currencies was $306,337.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	28,884,371
Interest		567,486
Securities lending income		200,713
Total investment income		29,652,570
Expenses
Management fees		2,848,883
Administration fees		51,953
Custodian and accounting fees		296,037
Distribution and service fees—Class B		694,875
Distribution and service fees—Class E		30,283
Distribution and service fees—Class G		440,497
Audit and tax services		55,516
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		75,267
Insurance		8,769
Miscellaneous		181,457
Total expenses		4,776,360
Less management fee waiver		(22,514	)
Net expenses		4,753,846
Net Investment Income		24,898,724
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		14,090,924
Futures contracts		645,222
Foreign currency transactions		(142,358	)
Net realized gain (loss)		14,593,788
Net change in unrealized appreciation (depreciation) on:
Investments		118,169,987
Futures contracts		759,754
Foreign currency transactions		134,232
Net change in unrealized appreciation (depreciation)		119,063,973
Net realized and unrealized gain (loss)		133,657,761
Net Increase (Decrease) in Net Assets From Operations	$	158,556,485

(a) Net of foreign withholding taxes of $2,829,004.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	24,898,724		$	27,369,216
Net realized gain (loss)		14,593,788			(2,479,127	)
Net change in unrealized appreciation (depreciation)		119,063,973			(196,121,096	)
Increase (decrease) in net assets from operations		158,556,485			(171,231,007	)
From Distributions to Shareholders
Class A		(13,370,490	)		(33,727,982	)
Class B		(6,399,955	)		(18,201,803	)
Class E		(477,209	)		(1,355,293	)
Class G		(3,365,808	)		(9,230,415	)
Total distributions		(23,613,462	)		(62,515,493	)
Increase (decrease) in net assets from capital share transactions		(133,323,827	)		(32,006,878	)
Total increase (decrease) in net assets		1,619,196			(265,753,378	)
Net Assets
Beginning of period		949,620,659			1,215,374,037
End of period	$	951,239,855		$	949,620,659

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,906,751		$	26,215,882			2,149,168		$	26,405,637
Reinvestments		940,921			13,370,490			2,746,578			33,727,982
Redemptions		(8,933,917	)		(125,731,851	)		(6,135,698	)		(83,713,933	)
Net increase (decrease)		(6,086,245	)	$	(86,145,479	)		(1,239,952	)	$	(23,580,314	)
Class B
Sales		419,995		$	5,716,368			959,199		$	11,583,423
Reinvestments		460,428			6,399,955			1,515,554			18,201,803
Redemptions		(3,341,479	)		(45,350,451	)		(3,007,156	)		(39,805,568	)
Net increase (decrease)		(2,461,056	)	$	(33,234,128	)		(532,403	)	$	(10,020,342	)
Class E
Sales		51,411		$	712,542			81,108		$	1,030,304
Reinvestments		33,749			477,209			110,908			1,355,293
Redemptions		(345,599	)		(4,766,907	)		(193,160	)		(2,614,362	)
Net increase (decrease)		(260,439	)	$	(3,577,156	)		(1,144	)	$	(228,765	)
Class G
Sales		660,996		$	9,010,864			916,723		$	11,869,979
Reinvestments		244,253			3,365,808			774,364			9,230,415
Redemptions		(1,686,995	)		(22,743,736	)		(1,461,455	)		(19,277,851	)
Net increase (decrease)		(781,746	)	$	(10,367,064	)		229,632		$	1,822,543
Increase (decrease) derived from capital shares transactions				$	(133,323,827	)				$	(32,006,878	)

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	12.90		$	16.17		$	14.86		$	14.32		$	12.16
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.39			0.38			0.40			0.27			0.40
Net realized and unrealized gain (loss)		1.92			(2.76	)		1.20			0.75			2.23
Total income (loss) from investment operations		2.31			(2.38	)		1.60			1.02			2.63
Less Distributions
Distributions from net investment income		(0.36	)		(0.52	)		(0.29	)		(0.41	)		(0.37	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00			(0.07	)		(0.10	)
Total distributions		(0.36	)		(0.89	)		(0.29	)		(0.48	)		(0.47	)
Net Asset Value, End of Period	$	14.85		$	12.90		$	16.17		$	14.86		$	14.32
Total Return (%) (b)		17.93			(14.47	)		10.72			7.85			21.93
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.38			0.37			0.37			0.38			0.37
Net ratio of expenses to average net assets (%) (c)		0.38			0.37			0.37			0.38			0.37
Ratio of net investment income (loss) to average net assets (%)		2.77			2.84			2.53			2.06			2.97
Portfolio turnover rate (%)		13			9			12			18			9
Net assets, end of period (in millions)	$	492.6		$	506.7		$	655.0		$	622.7		$	591.3
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	12.61		$	15.81		$	14.53		$	14.01		$	11.91
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.34			0.34			0.35			0.23			0.36
Net realized and unrealized gain (loss)		1.87			(2.69	)		1.18			0.74			2.17
Total income (loss) from investment operations		2.21			(2.35	)		1.53			0.97			2.53
Less Distributions
Distributions from net investment income		(0.32	)		(0.48	)		(0.25	)		(0.38	)		(0.33	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00			(0.07	)		(0.10	)
Total distributions		(0.32	)		(0.85	)		(0.25	)		(0.45	)		(0.43	)
Net Asset Value, End of Period	$	14.50		$	12.61		$	15.81		$	14.53		$	14.01
Total Return (%) (b)		17.64			(14.64	)		10.48			7.58			21.55
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63			0.62			0.62			0.63			0.62
Net ratio of expenses to average net assets (%) (c)		0.63			0.62			0.62			0.63			0.62
Ratio of net investment income (loss) to average net assets (%)		2.47			2.59			2.28			1.82			2.74
Portfolio turnover rate (%)		13			9			12			18			9
Net assets, end of period (in millions)	$	284.0		$	277.9		$	357.0		$	366.2		$	361.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	12.83		$	16.08		$	14.78		$	14.24		$	12.09
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.36			0.36			0.38			0.25			0.38
Net realized and unrealized gain (loss)		1.90			(2.75	)		1.18			0.75			2.21
Total income (loss) from investment operations		2.26			(2.39	)		1.56			1.00			2.59
Less Distributions
Distributions from net investment income		(0.33	)		(0.49	)		(0.26	)		(0.39	)		(0.34	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00			(0.07	)		(0.10	)
Total distributions		(0.33	)		(0.86	)		(0.26	)		(0.46	)		(0.44	)
Net Asset Value, End of Period	$	14.76		$	12.83		$	16.08		$	14.78		$	14.24
Total Return (%) (b)		17.76			(14.60	)		10.54			7.71			21.77
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53			0.52			0.52			0.53			0.52
Net ratio of expenses to average net assets (%) (c)		0.53			0.52			0.52			0.53			0.52
Ratio of net investment income (loss) to average net assets (%)		2.57			2.69			2.38			1.92			2.85
Portfolio turnover rate (%)		13			9			12			18			9
Net assets, end of period (in millions)	$	20.3		$	21.0		$	26.4		$	27.1		$	27.2
	Class G
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	12.51		$	15.69		$	14.43		$	13.92		$	11.83
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.32			0.33			0.34			0.21			0.35
Net realized and unrealized gain (loss)		1.87			(2.67	)		1.16			0.74			2.17
Total income (loss) from investment operations		2.19			(2.34	)		1.50			0.95			2.52
Less Distributions
Distributions from net investment income		(0.32	)		(0.47	)		(0.24	)		(0.37	)		(0.33	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00			(0.07	)		(0.10	)
Total distributions		(0.32	)		(0.84	)		(0.24	)		(0.44	)		(0.43	)
Net Asset Value, End of Period	$	14.38		$	12.51		$	15.69		$	14.43		$	13.92
Total Return (%) (b)		17.58			(14.66	)		10.35			7.52			21.58
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68			0.67			0.67			0.68			0.67
Net ratio of expenses to average net assets (%) (c)		0.68			0.67			0.67			0.68			0.67
Ratio of net investment income (loss) to average net assets (%)		2.41			2.55			2.23			1.69			2.67
Portfolio turnover rate (%)		13			9			12			18			9
Net assets, end of period (in millions)	$	154.3		$	144.0		$	177.0		$	169.5		$	116.9

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife MSCI EAFE Index Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-19

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has 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, 2023, the Portfolio received EU tax reclaim payments in the amount of $159,150 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional 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.

Dividends and Distributions to Shareholders - The Portfolio records 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.

BHFTII-20

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Income Taxes - It is the Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $2,772,649, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-21

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(4,290,288	)	$	—	$	—	$	—	$	(4,290,288	)
Mutual Funds		(3,042,193	)		—		—		—		(3,042,193	)
Total Borrowings	$	(7,332,481	)	$	—	$	—	$	—	$	(7,332,481	)
Gross amount of recognized liabilities for securities lending transactions										$	(7,332,481	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio 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. 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 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 Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the 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.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2023 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts (a)	$	582,079

(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, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	645,222
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	759,754

For the year ended December 31, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	12,242,978

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

BHFTII-22

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

4. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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. The 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 the 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.

Foreign Investment Risk: The investments by the 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 the 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.

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

BHFTII-23

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	124,196,372	$	0	$	258,216,294

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.300% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2023 were $2,848,883.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum			Average Daily Net Assets
	0.050	%	On the first $500 million
	0.040	%	Of the next $500 million
	0.020	%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2023 were $429,719.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction			Average Daily Net Assets
	0.005	%	Over $500 million and under $1 billion
	0.010	%	Of the next $1 billion
	0.015	%	On amounts over $2 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-24

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	704,493,028
Gross unrealized appreciation		327,629,969
Gross unrealized (depreciation)		(75,862,705	)
Net unrealized appreciation (depreciation)	$	251,767,264

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$23,613,462	$	38,896,897	$	—	$	23,618,596	$	23,613,462	$	62,515,493

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$28,997,442	$	8,724,864	$	251,934,785	$	—	$	289,657,091

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

During the year ended December 31, 2023, the Portfolio utilized accumulated short-term capital losses of $2,171,029 and long-term capital losses of $867,360.

9. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-25

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the MetLife MSCI EAFE Index Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife MSCI EAFE Index Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-26

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-27

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-28

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-29

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-30

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. The Board took into account that the Portfolio outperformed its benchmark, the MSCI EAFE Index, for the one-year period ended October 31, 2023 and underperformed its benchmark for the three-and five-year periods ended October 31, 2023, and the Board noted management’s explanation of the tracking error between the Portfolio and the Index. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-31

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

The Board also considered that the Portfolio’s actual management fees were above the Expense Group median, 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, 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 below the asset-weighted average of the Investment Classification/Morningstar Category 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.

BHFTII-32

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Managed By MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B, E and G shares of the MetLife Russell 2000 Index Portfolio returned 16.80%, 16.51%, 16.65%, and 16.47%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 16.93%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets climbed in 2023 on signals that the U.S. Federal Reserve (the “Fed”) would begin cutting interest rates in 2024. Equity investors remained hopeful that the Fed would be able to navigate a soft landing as they slowed the pace of quantitative tightening. Other factors that supported the equity markets included a healthy job market, better than expected macroeconomic data, and strong corporate earnings. Some of the fears that concerned equity investors included rising risks of recession and the effect that high bond yields would have on the economy. In addition, continued high inflation and rising geopolitical risk from the wars in Ukraine and Israel weighed on the equity markets.

During the year, the Federal Open Market Committee (the “FOMC”) met eight times. In December, the FOMC decided to maintain the target range for the Federal Funds Rate at 5.25%-5.50%. The FOMC stated that the growth of economic activity had slowed from its strong pace in the third quarter, and inflation had eased over the past year but remained elevated. The FOMC seeks to achieve maximum employment and inflation at the rate of 2 percent over the long run.

Nine of the eleven sectors comprising the Russell 2000 Index experienced positive returns for the year. Industrials (16.9% beginning weight in the benchmark), up 29.2%, was the best-performing sector and had the largest positive impact on the benchmark return. Technology (10.5% beginning weight), up 27.6%, and Consumer Discretionary (12.4% beginning weight), up 25.7%, were the next best-performing sectors. Utilities (3.9% beginning weight), down 7.3%, and Telecommunications (1.7% beginning weight), down 1.3%, were the worst-performing sectors.

The stocks with the largest positive impact on the benchmark return for the year were ImmunoGen, up 497.8%; MicroStrategy, up 346.2%; and Super Micro Computer, up 246.2%. The stocks with the largest negative impact were Chegg, down 55.0%; Halozyme Therapeutics, down 35.0%; and Patterson-UTI Energy, down 34.2%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the Russell 2000 Index (the “Index”). This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across sectors. The Portfolio is periodically rebalanced for compositional changes in the Russell 2000 Index. Factors that impact tracking error include sampling, transaction costs, cash drag, securities lending, net asset value (“NAV”) rounding, and contributions and withdrawals.

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

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

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

BHFTII-1

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
MetLife Russell 2000 Index Portfolio
Class A		16.80		9.90		7.16
Class B		16.51		9.63		6.89
Class E		16.65		9.74		7.00
Class G		16.47		9.57		6.84
Russell 2000 Index		16.93		9.97		7.16

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
iShares Russell 2000 ETF		1.5
Super Micro Computer, Inc.		0.5
Simpson Manufacturing Co., Inc.		0.3
Cytokinetics, Inc.		0.3
elf Beauty, Inc.		0.3
MicroStrategy, Inc.- Class A		0.3
Light & Wonder, Inc.		0.3
Onto Innovation, Inc.		0.3
Rambus, Inc.		0.3
UFP Industries, Inc.		0.3

Top Sectors

	% of Net Assets
Financials		18.0
Industrials		16.4
Health Care		14.8
Information Technology		13.1
Consumer Discretionary		10.6
Energy		6.7
Real Estate		5.9
Materials		4.3
Consumer Staples		3.3
Utilities		2.6

BHFTII-2

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Russell 2000 Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.31	%	$	1,000.00	$	1,081.20	$	1.63
	Hypothetical*		0.31	%	$	1,000.00	$	1,023.64	$	1.58
Class B (a)	Actual		0.56	%	$	1,000.00	$	1,079.30	$	2.93
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.38	$	2.85
Class E (a)	Actual		0.46	%	$	1,000.00	$	1,080.70	$	2.41
	Hypothetical*		0.46	%	$	1,000.00	$	1,022.89	$	2.35
Class G (a)	Actual		0.61	%	$	1,000.00	$	1,079.30	$	3.20
	Hypothetical*		0.61	%	$	1,000.00	$	1,022.13	$	3.11

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

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

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—96.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.8%
AAR Corp. (a)		10,986	$	685,526
AeroVironment, Inc. (a)		8,691		1,095,414
AerSale Corp. (a)		8,754		111,132
Archer Aviation, Inc. - Class A (a) (b)		52,219		320,625
Astronics Corp. (a) (b)		9,068		157,964
Cadre Holdings, Inc.		6,188		203,523
Ducommun, Inc. (a)		4,381		228,075
Kaman Corp.		8,733		209,155
Kratos Defense & Security Solutions, Inc. (a) (b)		42,530		862,934
Leonardo DRS, Inc. (a)		23,233		465,589
Moog, Inc. - Class A		9,540		1,381,201
National Presto Industries, Inc. (b)		1,752		140,651
Park Aerospace Corp. (b)		7,125		104,737
Rocket Lab USA, Inc. (a) (b)		94,124		520,506
Triumph Group, Inc. (a)		22,281		369,419
V2X, Inc. (a)		3,920		182,045
Virgin Galactic Holdings, Inc. (a) (b)		109,517		268,317
				7,306,813
Air Freight & Logistics—0.2%
Air Transport Services Group, Inc. (a)		18,490		325,609
Forward Air Corp.		8,582		539,550
Hub Group, Inc. - Class A (a)		10,284		945,511
Radiant Logistics, Inc. (a)		12,471		82,808
				1,893,478
Automobile Components—1.3%
Adient PLC (a)		31,676		1,151,739
American Axle & Manufacturing Holdings, Inc. (a) (b)		38,378		338,110
Atmus Filtration Technologies, Inc. (a)		5,722		134,410
Cooper-Standard Holdings, Inc. (a) (b)		5,724		111,847
Dana, Inc.		43,537		636,076
Dorman Products, Inc. (a)		9,015		751,941
Fox Factory Holding Corp. (a)		14,199		958,149
Gentherm, Inc. (a) (b)		10,812		566,116
Goodyear Tire & Rubber Co. (a)		92,639		1,326,590
Holley, Inc. (a) (b)		20,003		97,415
LCI Industries (b)		8,243		1,036,228
Luminar Technologies, Inc. (a) (b)		91,895		309,686
Modine Manufacturing Co. (a) (b)		16,801		1,003,020
Patrick Industries, Inc. (b)		7,300		732,555
Solid Power, Inc. (a) (b)		47,374		68,692
Standard Motor Products, Inc. (b)		6,921		275,525
Stoneridge, Inc. (a)		9,252		181,062
Visteon Corp. (a)		9,118		1,138,838
XPEL, Inc. (a)		7,590		408,721
				11,226,720
Automobiles—0.1%
Fisker, Inc. (a) (b)		66,483		116,345
Livewire Group, Inc. (a) (b)		7,026		79,464
Winnebago Industries, Inc. (b)		9,506		692,798
				888,607
Banks—9.2%
1st Source Corp. (b)		5,221		286,894
ACNB Corp. (b)		2,906		130,073
Amalgamated Financial Corp.		5,989		161,344
Amerant Bancorp, Inc. (b)		9,340		229,484
American National Bankshares, Inc. (b)		3,251		158,486
Ameris Bancorp		22,232		1,179,408
Ames National Corp. (b)		2,972		63,422
Arrow Financial Corp. (b)		5,053		141,181
Associated Banc-Corp.		50,625		1,082,869
Atlantic Union Bankshares Corp.		24,751		904,402
Axos Financial, Inc. (a) (b)		18,588		1,014,905
Banc of California, Inc. (b)		42,539		571,299
BancFirst Corp. (b)		7,404		720,631
Bancorp, Inc. (a)		17,068		658,142
Bank First Corp.		3,147		272,719
Bank of Hawaii Corp. (b)		13,183		955,240
Bank of Marin Bancorp (b)		5,192		114,328
Bank of NT Butterfield & Son Ltd.		16,033		513,216
BankUnited, Inc. (b)		24,606		797,973
Bankwell Financial Group, Inc.		1,932		58,308
Banner Corp.		11,395		610,316
Bar Harbor Bankshares (b)		5,292		155,373
BayCom Corp. (b)		4,420		104,268
BCB Bancorp, Inc. (b)		4,956		63,685
Berkshire Hills Bancorp, Inc.		14,603		362,593
Blue Foundry Bancorp (a) (b)		7,608		73,569
Bridgewater Bancshares, Inc. (a)		6,071		82,080
Brookline Bancorp, Inc.		30,220		329,700
Burke & Herbert Financial Services Corp. (b)		2,208		138,883
Business First Bancshares, Inc. (b)		7,980		196,707
Byline Bancorp, Inc.		8,821		207,823
C&F Financial Corp. (b)		1,129		76,987
Cadence Bank		61,141		1,809,162
Cambridge Bancorp		2,576		178,774
Camden National Corp. (b)		4,522		170,163
Capital Bancorp, Inc.		3,124		75,601
Capital City Bank Group, Inc.		4,547		133,818
Capitol Federal Financial, Inc. (b)		43,042		277,621
Capstar Financial Holdings, Inc.		6,413		120,180
Carter Bankshares, Inc. (a)		8,108		121,377
Cathay General Bancorp		23,492		1,047,038
Central Pacific Financial Corp.		8,161		160,608
Central Valley Community Bancorp (b)		3,447		77,040
Chemung Financial Corp.		1,214		60,457
ChoiceOne Financial Services, Inc. (b)		2,407		70,525
Citizens & Northern Corp. (b)		4,168		93,488
Citizens Financial Services, Inc. (b)		1,503		97,274
City Holding Co. (b)		5,120		564,531
Civista Bancshares, Inc.		5,230		96,441
CNB Financial Corp.		6,782		153,205
Coastal Financial Corp. (a) (b)		3,437		152,637
Codorus Valley Bancorp, Inc.		3,294		84,656
Colony Bankcorp, Inc.		5,639		74,999
Columbia Financial, Inc. (a) (b)		8,867		170,956
Community Bank System, Inc. (b)		17,926		934,124
Community Trust Bancorp, Inc.		5,081		222,853
ConnectOne Bancorp, Inc. (b)		12,128		277,852

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
CrossFirst Bankshares, Inc. (a)		16,519	$	224,328
Customers Bancorp, Inc. (a)		9,474		545,892
CVB Financial Corp. (b)		44,953		907,601
Dime Community Bancshares, Inc.		11,336		305,278
Eagle Bancorp, Inc.		9,983		300,888
Eastern Bankshares, Inc.		54,127		768,603
Enterprise Bancorp, Inc. (b)		3,354		108,200
Enterprise Financial Services Corp.		12,204		544,909
Equity Bancshares, Inc. - Class A		4,632		157,025
Esquire Financial Holdings, Inc.		2,392		119,504
ESSA Bancorp, Inc. (b)		3,011		60,280
Evans Bancorp, Inc.		1,818		57,322
Farmers & Merchants Bancorp, Inc. (b)		4,130		102,424
Farmers National Banc Corp. (b)		11,007		159,051
FB Financial Corp.		12,217		486,847
Fidelity D&D Bancorp, Inc.		1,594		92,500
Financial Institutions, Inc. (b)		4,838		103,049
First Bancorp		12,931		478,576
First BanCorp		57,275		942,174
First Bancorp, Inc. (b)		3,758		106,051
First Bancshares, Inc. (b)		10,228		299,987
First Bank		5,582		82,055
First Busey Corp.		16,699		414,469
First Business Financial Services, Inc.		2,763		110,796
First Commonwealth Financial Corp.		34,297		529,546
First Community Bankshares, Inc. (b)		5,650		209,615
First Community Corp. (b)		2,558		55,074
First Financial Bancorp		31,251		742,211
First Financial Bankshares, Inc. (b)		43,284		1,311,505
First Financial Corp.		3,977		171,130
First Foundation, Inc.		17,120		165,722
First Interstate BancSystem, Inc. - Class A		27,764		853,743
First Merchants Corp. (b)		19,730		731,588
First Mid Bancshares, Inc.		7,438		257,801
First of Long Island Corp.		7,996		105,867
First Western Financial, Inc. (a) (b)		2,729		54,116
Five Star Bancorp (b)		5,331		139,566
Flushing Financial Corp.		10,410		171,557
FS Bancorp, Inc.		2,273		84,010
Fulton Financial Corp. (b)		53,477		880,231
FVCBankcorp, Inc. (a) (b)		5,163		73,315
German American Bancorp, Inc. (b)		9,350		303,034
Glacier Bancorp, Inc. (b)		36,764		1,519,088
Great Southern Bancorp, Inc. (b)		2,712		160,957
Greene County Bancorp, Inc. (b)		2,424		68,357
Guaranty Bancshares, Inc. (b)		2,906		97,700
Hancock Whitney Corp.		28,838		1,401,238
Hanmi Financial Corp.		9,877		191,614
HarborOne Bancorp, Inc.		12,594		150,876
HBT Financial, Inc.		4,583		96,747
Heartland Financial USA, Inc.		13,834		520,297
Heritage Commerce Corp.		20,117		199,561
Heritage Financial Corp.		12,295		262,990
Hilltop Holdings, Inc.		15,705		552,973
Hingham Institution For Savings The (b)		473		91,951
Home Bancorp, Inc. (b)		2,776		116,620
Home BancShares, Inc.		63,382		1,605,466
Banks—(Continued)
HomeStreet, Inc.		6,159		63,438
HomeTrust Bancshares, Inc. (b)		5,432		146,229
Hope Bancorp, Inc.		39,512		477,305
Horizon Bancorp, Inc.		14,606		209,012
Independent Bank Corp.		21,792		1,140,681
Independent Bank Group, Inc.		11,996		610,356
International Bancshares Corp.		18,077		981,943
John Marshall Bancorp, Inc. (b)		4,296		96,918
Kearny Financial Corp. (b)		20,150		180,746
Lakeland Bancorp, Inc.		21,117		312,320
Lakeland Financial Corp.		8,350		544,086
LCNB Corp. (b)		3,649		57,545
Live Oak Bancshares, Inc. (b)		11,266		512,603
Macatawa Bank Corp.		9,068		102,287
MainStreet Bancshares, Inc. (b)		2,403		59,618
Mercantile Bank Corp.		5,350		216,033
Metrocity Bankshares, Inc. (b)		5,632		135,281
Metropolitan Bank Holding Corp. (a) (b)		3,249		179,930
Mid Penn Bancorp, Inc.		5,091		123,609
Middlefield Banc Corp.		2,691		87,108
Midland States Bancorp, Inc.		6,845		188,648
MidWestOne Financial Group, Inc.		4,795		129,033
MVB Financial Corp.		3,791		85,525
National Bank Holdings Corp. - Class A (b)		12,399		461,119
National Bankshares, Inc. (b)		1,983		64,150
NBT Bancorp, Inc. (b)		15,340		642,899
Nicolet Bankshares, Inc. (b)		4,330		348,478
Northeast Bank		2,320		128,041
Northeast Community Bancorp, Inc.		4,595		81,515
Northfield Bancorp, Inc.		12,077		151,929
Northrim BanCorp, Inc.		1,883		107,726
Northwest Bancshares, Inc. (b)		42,865		534,955
Norwood Financial Corp. (b)		2,522		82,999
Oak Valley Bancorp		2,317		69,394
OceanFirst Financial Corp.		18,257		316,942
OFG Bancorp		15,488		580,490
Old National Bancorp		97,395		1,645,002
Old Second Bancorp, Inc.		14,378		221,996
Orange County Bancorp, Inc. (b)		1,834		110,480
Origin Bancorp, Inc. (b)		9,835		349,831
Orrstown Financial Services, Inc.		3,982		117,469
Pacific Premier Bancorp, Inc.		31,429		914,898
Park National Corp. (b)		4,856		645,168
Parke Bancorp, Inc. (b)		3,496		70,794
Pathward Financial, Inc.		8,862		469,066
PCB Bancorp (b)		4,027		74,218
Peapack-Gladstone Financial Corp. (b)		6,072		181,067
Penns Woods Bancorp, Inc.		2,355		53,011
Peoples Bancorp, Inc.		11,263		380,239
Peoples Financial Services Corp. (b)		2,533		123,357
Plumas Bancorp		1,875		77,531
Ponce Financial Group, Inc. (a)		7,031		68,623
Preferred Bank		4,191		306,153
Premier Financial Corp.		11,932		287,561
Primis Financial Corp. (b)		7,589		96,077
Princeton Bancorp, Inc. (b)		1,758		63,112
Provident Financial Services, Inc.		24,532		442,312

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
QCR Holdings, Inc.		5,564	$	324,882
RBB Bancorp (b)		4,676		89,031
Red River Bancshares, Inc. (b)		1,618		90,786
Renasant Corp.		17,894		602,670
Republic Bancorp, Inc. - Class A (b)		3,075		169,617
S&T Bancorp, Inc.		12,235		408,894
Sandy Spring Bancorp, Inc.		15,275		416,091
Seacoast Banking Corp. of Florida		28,311		805,731
ServisFirst Bancshares, Inc. (b)		17,117		1,140,506
Shore Bancshares, Inc.		10,221		145,649
Sierra Bancorp		3,863		87,111
Simmons First National Corp. - Class A		40,253		798,620
SmartFinancial, Inc. (b)		5,462		133,764
South Plains Financial, Inc.		3,888		112,596
Southern First Bancshares, Inc. (a)		2,574		95,495
Southern Missouri Bancorp, Inc. (b)		3,031		161,825
Southern States Bancshares, Inc.		2,700		79,056
Southside Bancshares, Inc. (b)		9,274		290,462
SouthState Corp. (b)		25,549		2,157,613
Stellar Bancorp, Inc. (b)		15,697		437,004
Sterling Bancorp, Inc. (a) (b)		7,446		42,963
Stock Yards Bancorp, Inc. (b)		8,761		451,104
Summit Financial Group, Inc.		4,198		128,837
Texas Capital Bancshares, Inc. (a)		16,203		1,047,200
Third Coast Bancshares, Inc. (a) (b)		4,809		95,555
Timberland Bancorp, Inc.		2,592		81,544
Tompkins Financial Corp.		4,590		276,456
Towne Bank		23,282		692,872
TriCo Bancshares		10,668		458,404
Triumph Financial, Inc. (a)		7,535		604,156
TrustCo Bank Corp.		5,837		181,239
Trustmark Corp.		20,462		570,481
UMB Financial Corp.		14,557		1,216,237
United Bankshares, Inc.		44,009		1,652,538
United Community Banks, Inc. (b)		38,819		1,135,844
Unity Bancorp, Inc. (b)		2,408		71,253
Univest Financial Corp.		9,428		207,699
USCB Financial Holdings, Inc. (a)		4,023		49,282
Valley National Bancorp (b)		144,649		1,570,888
Veritex Holdings, Inc.		17,694		411,739
Virginia National Bankshares Corp. (b)		1,715		58,962
WaFd, Inc.		21,024		692,951
Washington Trust Bancorp, Inc.		5,542		179,450
WesBanco, Inc.		19,306		605,629
West BanCorp, Inc. (b)		5,498		116,558
Westamerica BanCorp		8,792		495,957
WSFS Financial Corp.		20,665		949,143
				80,496,763
Beverages—0.4%
Coca-Cola Consolidated, Inc.		1,600		1,485,440
Duckhorn Portfolio, Inc. (a)		13,689		134,837
MGP Ingredients, Inc. (b)		5,324		524,520
National Beverage Corp. (a) (b)		8,223		408,848
Primo Water Corp.		51,384		773,329
Beverages—(Continued)
Vita Coco Co., Inc. (a) (b)		10,537		270,274
				3,597,248
Biotechnology—7.2%
2seventy bio, Inc. (a)		17,226		73,555
4D Molecular Therapeutics, Inc. (a)		13,421		271,909
89bio, Inc. (a) (b)		20,747		231,744
ACADIA Pharmaceuticals, Inc. (a)		40,490		1,267,742
ACELYRIN, Inc. (a) (b)		11,551		86,170
Actinium Pharmaceuticals, Inc. (a) (b)		8,804		44,724
ADMA Biologics, Inc. (a)		70,877		320,364
Aerovate Therapeutics, Inc. (a)		3,363		76,105
Agenus, Inc. (a) (b)		115,321		95,474
Agios Pharmaceuticals, Inc. (a)		18,399		409,746
Akero Therapeutics, Inc. (a)		17,171		400,943
Aldeyra Therapeutics, Inc. (a)		15,698		55,100
Alector, Inc. (a)		20,549		163,981
Alkermes PLC (a)		55,609		1,542,594
Allakos, Inc. (a) (b)		22,437		61,253
Allogene Therapeutics, Inc. (a) (b)		26,931		86,449
Alpine Immune Sciences, Inc. (a) (b)		10,697		203,885
Altimmune, Inc. (a) (b)		16,737		188,291
ALX Oncology Holdings, Inc. (a)		9,262		137,911
Amicus Therapeutics, Inc. (a)		94,876		1,346,290
AnaptysBio, Inc. (a)		7,034		150,668
Anavex Life Sciences Corp. (a) (b)		23,292		216,849
Anika Therapeutics, Inc. (a)		4,948		112,122
Apogee Therapeutics, Inc. (a) (b)		6,767		189,070
Arbutus Biopharma Corp. (a) (b)		38,721		96,803
Arcellx, Inc. (a) (b)		12,838		712,509
Arcturus Therapeutics Holdings, Inc. (a)		7,412		233,700
Arcus Biosciences, Inc. (a)		17,324		330,888
Arcutis Biotherapeutics, Inc. (a) (b)		27,862		89,994
Ardelyx, Inc. (a) (b)		77,319		479,378
Arrowhead Pharmaceuticals, Inc. (a)		34,801		1,064,911
ARS Pharmaceuticals, Inc. (a) (b)		8,767		48,043
Astria Therapeutics, Inc. (a) (b)		8,633		66,301
Aura Biosciences, Inc. (a) (b)		9,525		84,392
Aurinia Pharmaceuticals, Inc. (a) (b)		46,041		413,909
Avid Bioservices, Inc. (a) (b)		20,292		131,898
Avidity Biosciences, Inc. (a)		23,745		214,892
Avita Medical, Inc. (a) (b)		8,679		119,076
Beam Therapeutics, Inc. (a) (b)		24,225		659,404
BioCryst Pharmaceuticals, Inc. (a)		62,014		371,464
Biohaven Ltd. (a)		22,915		980,762
Biomea Fusion, Inc. (a) (b)		6,771		98,315
Bluebird Bio, Inc. (a) (b)		34,986		48,281
Blueprint Medicines Corp. (a)		20,651		1,904,848
Bridgebio Pharma, Inc. (a) (b)		38,410		1,550,612
Cabaletta Bio, Inc. (a)		11,650		264,455
CareDx, Inc. (a)		17,647		211,764
Caribou Biosciences, Inc. (a) (b)		25,882		148,304
Catalyst Pharmaceuticals, Inc. (a) (b)		32,720		550,023
Celcuity, Inc. (a) (b)		5,835		85,016
Celldex Therapeutics, Inc. (a) (b)		15,155		601,047

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Cerevel Therapeutics Holdings, Inc. (a)		23,397	$	992,033
Cogent Biosciences, Inc. (a) (b)		27,259		160,283
Coherus Biosciences, Inc. (a) (b)		33,795		112,537
Compass Therapeutics, Inc. (a)		31,772		49,564
Crinetics Pharmaceuticals, Inc. (a)		21,639		769,916
Cullinan Oncology, Inc. (a)		7,747		78,942
Cytokinetics, Inc. (a) (b)		31,222		2,606,725
Day One Biopharmaceuticals, Inc. (a) (b)		21,272		310,571
Deciphera Pharmaceuticals, Inc. (a)		17,465		281,710
Denali Therapeutics, Inc. (a) (b)		39,602		849,859
Disc Medicine, Inc. (a)		3,048		176,052
Dynavax Technologies Corp. (a) (b)		43,478		607,822
Dyne Therapeutics, Inc. (a) (b)		14,586		193,994
Editas Medicine, Inc. (a)		27,727		280,875
Emergent BioSolutions, Inc. (a) (b)		17,598		42,235
Enanta Pharmaceuticals, Inc. (a)		6,820		64,176
Entrada Therapeutics, Inc. (a) (b)		7,438		112,239
Erasca, Inc. (a) (b)		23,988		51,094
Fate Therapeutics, Inc. (a)		28,366		106,089
Fennec Pharmaceuticals, Inc. (a)		6,156		69,070
Genelux Corp. (a) (b)		6,436		90,168
Geron Corp. (a) (b)		167,062		352,501
Gritstone bio, Inc. (a) (b)		29,698		60,584
Halozyme Therapeutics, Inc. (a)		43,382		1,603,399
Heron Therapeutics, Inc. (a) (b)		32,773		55,714
HilleVax, Inc. (a) (b)		9,157		146,970
Humacyte, Inc. (a)		22,468		63,809
Icosavax, Inc. (a) (b)		9,579		150,965
Ideaya Biosciences, Inc. (a)		20,121		715,905
Immuneering Corp. - Class A (a) (b)		7,160		52,626
ImmunityBio, Inc. (a) (b)		45,051		226,156
ImmunoGen, Inc. (a)		79,806		2,366,248
Immunovant, Inc. (a)		18,112		763,059
Inhibrx, Inc. (a)		11,523		437,874
Inozyme Pharma, Inc. (a) (b)		16,861		71,828
Insmed, Inc. (a)		46,084		1,428,143
Intellia Therapeutics, Inc. (a)		29,573		901,681
Iovance Biotherapeutics, Inc. (a) (b)		77,033		626,278
Ironwood Pharmaceuticals, Inc. (a) (b)		44,956		514,297
iTeos Therapeutics, Inc. (a) (b)		7,999		87,589
Janux Therapeutics, Inc. (a)		7,592		81,462
KalVista Pharmaceuticals, Inc. (a) (b)		10,671		130,720
Keros Therapeutics, Inc. (a)		7,559		300,546
Kiniksa Pharmaceuticals Ltd. - Class A (a) (b)		11,087		194,466
Krystal Biotech, Inc. (a)		7,224		896,209
Kura Oncology, Inc. (a)		23,723		341,137
Kymera Therapeutics, Inc. (a) (b)		12,984		330,573
Lineage Cell Therapeutics, Inc. (a) (b)		43,730		47,666
Lyell Immunopharma, Inc. (a) (b)		59,414		115,263
MacroGenics, Inc. (a) (b)		21,437		206,224
Madrigal Pharmaceuticals, Inc. (a) (b)		4,935		1,141,860
MannKind Corp. (a) (b)		86,216		313,826
MeiraGTx Holdings PLC (a) (b)		10,435		73,254
Merrimack Pharmaceuticals, Inc. (a)		3,568		47,847
Mersana Therapeutics, Inc. (a) (b)		29,899		69,366
MiMedx Group, Inc. (a)		38,348		336,312
Mineralys Therapeutics, Inc. (a) (b)		7,262		62,453
Biotechnology—(Continued)
Mirum Pharmaceuticals, Inc. (a) (b)		8,984		265,208
Monte Rosa Therapeutics, Inc. (a)		11,684		66,015
Morphic Holding, Inc. (a)		12,348		356,610
Myriad Genetics, Inc. (a)		27,414		524,704
Novavax, Inc. (a)		29,269		140,491
Nurix Therapeutics, Inc. (a)		15,059		155,409
Nuvalent, Inc. - Class A (a) (b)		8,917		656,202
Olema Pharmaceuticals, Inc. (a)		9,480		133,004
Organogenesis Holdings, Inc. (a) (b)		24,595		100,594
ORIC Pharmaceuticals, Inc. (a) (b)		13,189		121,339
Ovid therapeutics, Inc. (a)		20,173		64,957
PDS Biotechnology Corp. (a) (b)		9,495		47,190
Poseida Therapeutics, Inc. (a)		23,094		77,596
Precigen, Inc. (a) (b)		42,452		56,886
Prime Medicine, Inc. (a) (b)		13,523		119,814
Protagonist Therapeutics, Inc. (a)		18,188		417,051
Prothena Corp. PLC (a)		13,899		505,090
PTC Therapeutics, Inc. (a)		23,732		654,054
RAPT Therapeutics, Inc. (a) (b)		10,106		251,134
RayzeBio, Inc. (a)		6,928		430,714
Recursion Pharmaceuticals, Inc. - Class A (a) (b)		46,662		460,087
REGENXBIO, Inc. (a)		14,967		268,658
Relay Therapeutics, Inc. (a) (b)		28,711		316,108
Replimune Group, Inc. (a)		16,949		142,880
Revolution Medicines, Inc. (a) (b)		47,960		1,375,493
Rhythm Pharmaceuticals, Inc. (a) (b)		17,251		793,028
Rigel Pharmaceuticals, Inc. (a)		58,974		85,512
Rocket Pharmaceuticals, Inc. (a) (b)		20,993		629,160
Sage Therapeutics, Inc. (a)		17,540		380,092
Sana Biotechnology, Inc. (a) (b)		30,778		125,574
Savara, Inc. (a)		30,925		145,348
Scholar Rock Holding Corp. (a)		18,653		350,676
SpringWorks Therapeutics, Inc. (a) (b)		22,498		821,177
Stoke Therapeutics, Inc. (a) (b)		9,296		48,897
Summit Therapeutics, Inc. (a)		40,272		105,110
Sutro Biopharma, Inc. (a)		18,256		78,318
Syndax Pharmaceuticals, Inc. (a)		22,105		477,689
Tango Therapeutics, Inc. (a) (b)		16,583		164,172
TG Therapeutics, Inc. (a) (b)		45,999		785,663
Travere Therapeutics, Inc. (a)		24,448		219,788
Twist Bioscience Corp. (a) (b)		19,106		704,247
Tyra Biosciences, Inc. (a)		4,942		68,447
UroGen Pharma Ltd. (a) (b)		9,304		139,560
Vanda Pharmaceuticals, Inc. (a)		19,612		82,763
Vaxcyte, Inc. (a)		31,340		1,968,152
Vera Therapeutics, Inc. (a) (b)		11,588		178,223
Veracyte, Inc. (a) (b)		24,557		675,563
Vericel Corp. (a)		16,730		595,755
Verve Therapeutics, Inc. (a)		17,210		239,907
Viking Therapeutics, Inc. (a)		32,245		600,079
Vir Biotechnology, Inc. (a)		28,085		282,535
Viridian Therapeutics, Inc. (a)		14,165		308,514
Voyager Therapeutics, Inc. (a)		10,699		90,300
Xencor, Inc. (a)		19,810		420,566
Y-mAbs Therapeutics, Inc. (a)		12,818		87,419
Zentalis Pharmaceuticals, Inc. (a)		19,529		295,864

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Zymeworks, Inc. (a)		18,380	$	190,968
				62,461,046
Broadline Retail—0.1%
Big Lots, Inc.		10,588		82,481
ContextLogic, Inc. - Class A (a) (b)		8,652		51,479
Dillard’s, Inc. - Class A (b)		1,105		446,033
Savers Value Village, Inc. (a)		8,917		154,978
				734,971
Building Products—1.9%
AAON, Inc.		22,722		1,678,474
American Woodmark Corp. (a)		5,524		512,903
Apogee Enterprises, Inc. (b)		7,504		400,789
AZZ, Inc.		8,063		468,380
CSW Industrials, Inc.		5,170		1,072,310
Gibraltar Industries, Inc. (a)		10,324		815,390
Griffon Corp.		13,555		826,177
Insteel Industries, Inc.		5,906		226,141
Janus International Group, Inc. (a)		28,699		374,522
JELD-WEN Holding, Inc. (a)		28,116		530,830
Masonite International Corp. (a)		7,534		637,828
Masterbrand, Inc. (a)		43,835		650,950
PGT Innovations, Inc. (a) (b)		19,265		784,085
Quanex Building Products Corp.		10,969		335,322
Resideo Technologies, Inc. (a)		48,768		917,814
Simpson Manufacturing Co., Inc.		14,210		2,813,296
UFP Industries, Inc.		19,819		2,488,275
Zurn Elkay Water Solutions Corp. - Class C (b)		49,633		1,459,707
				16,993,193
Capital Markets—1.4%
AlTi Global, Inc. (a)		7,628		66,821
Artisan Partners Asset Management, Inc. - Class A (b)		20,274		895,705
AssetMark Financial Holdings, Inc. (a)		7,299		218,605
B Riley Financial, Inc. (b)		6,563		137,757
BGC Group, Inc. - Class A (b)		119,269		861,122
Brightsphere Investment Group, Inc.		11,092		212,523
Cohen & Steers, Inc. (b)		8,580		649,763
Diamond Hill Investment Group, Inc. (b)		815		134,956
Donnelley Financial Solutions, Inc. (a)		8,485		529,209
Forge Global Holdings, Inc. (a)		38,711		132,779
GCM Grosvenor, Inc. - Class A (b)		15,754		141,156
Hamilton Lane, Inc. - Class A		12,121		1,375,006
Moelis & Co. - Class A (b)		22,432		1,259,108
Open Lending Corp. - Class A (a)		33,748		287,196
P10, Inc. - Class A (b)		14,767		150,919
Patria Investments Ltd. - Class A (b)		18,491		286,795
Perella Weinberg Partners (b)		13,187		161,277
Piper Sandler Cos.		5,754		1,006,202
PJT Partners, Inc. - Class A (b)		7,903		805,079
Silvercrest Asset Management Group, Inc. - Class A		3,311		56,287
StepStone Group, Inc. - Class A		18,138		577,333
StoneX Group, Inc. (a)		8,695		641,952
Victory Capital Holdings, Inc. - Class A		9,416		324,287
Capital Markets—(Continued)
Virtus Investment Partners, Inc.		2,293		554,356
WisdomTree, Inc.		46,043		319,078
				11,785,271
Chemicals—1.8%
AdvanSix, Inc.		9,088		272,277
American Vanguard Corp.		7,328		80,388
Aspen Aerogels, Inc. (a) (b)		17,010		268,418
Avient Corp.		30,374		1,262,647
Balchem Corp.		10,637		1,582,254
Cabot Corp. (b)		18,488		1,543,748
Core Molding Technologies, Inc. (a)		2,627		48,678
Ecovyst, Inc. (a)		31,973		312,376
Hawkins, Inc.		6,554		461,533
HB Fuller Co.		17,873		1,455,041
Ingevity Corp. (a)		11,894		561,635
Innospec, Inc.		8,439		1,040,022
Intrepid Potash, Inc. (a) (b)		3,574		85,383
Koppers Holdings, Inc.		6,870		351,881
Kronos Worldwide, Inc. (b)		7,992		79,440
Livent Corp. (a) (b)		60,538		1,088,473
LSB Industries, Inc. (a)		18,486		172,105
Mativ Holdings, Inc. (b)		18,543		283,893
Minerals Technologies, Inc.		11,123		793,181
Orion SA (b)		18,831		522,184
Perimeter Solutions SA (a)		53,195		244,697
PureCycle Technologies, Inc. (a) (b)		39,340		159,327
Quaker Chemical Corp.		4,562		973,622
Rayonier Advanced Materials, Inc. (a)		21,520		87,156
Sensient Technologies Corp.		13,890		916,740
Stepan Co.		7,227		683,313
Trinseo PLC		12,474		104,407
Tronox Holdings PLC (b)		37,491		530,873
				15,965,692
Commercial Services & Supplies—1.5%
ABM Industries, Inc.		22,236		996,840
ACCO Brands Corp.		30,953		188,194
ACV Auctions, Inc. - Class A (a) (b)		42,821		648,738
Aris Water Solutions, Inc. - Class A		10,439		87,583
BrightView Holdings, Inc. (a)		13,931		117,299
Brink’s Co.		15,273		1,343,260
Casella Waste Systems, Inc. - Class A (a) (b)		18,858		1,611,605
CECO Environmental Corp. (a)		9,985		202,496
Cimpress PLC (a)		6,001		480,380
CoreCivic, Inc. (a) (b)		37,336		542,492
Deluxe Corp. (b)		14,396		308,794
Ennis, Inc.		9,011		197,431
Enviri Corp. (a) (b)		26,422		237,798
GEO Group, Inc. (a) (b)		40,071		433,969
Healthcare Services Group, Inc. (a)		24,352		252,530
HNI Corp.		15,255		638,117
Interface, Inc.		19,325		243,882
Liquidity Services, Inc. (a)		7,856		135,202
Matthews International Corp. - Class A		9,973		365,510
MillerKnoll, Inc.		24,387		650,645

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—(Continued)
Montrose Environmental Group, Inc. (a)		9,033	$	290,230
OPENLANE, Inc. (a) (b)		36,524		540,920
Performant Financial Corp. (a) (b)		22,685		70,891
Pitney Bowes, Inc. (b)		58,239		256,252
Quad/Graphics, Inc. (a)		10,673		57,848
SP Plus Corp. (a)		6,829		349,986
Steelcase, Inc. - Class A		29,276		395,812
UniFirst Corp.		5,018		917,842
Viad Corp. (a)		6,618		239,572
VSE Corp. (b)		4,282		276,660
				13,078,778
Communications Equipment—0.6%
ADTRAN Holdings, Inc.		25,898		190,091
Aviat Networks, Inc. (a)		3,608		117,837
Calix, Inc. (a)		19,781		864,232
Clearfield, Inc. (a) (b)		4,399		127,923
CommScope Holding Co., Inc. (a)		69,077		194,797
Comtech Telecommunications Corp.		9,651		81,358
Digi International, Inc. (a)		11,390		296,140
Extreme Networks, Inc. (a)		43,045		759,314
Harmonic, Inc. (a) (b)		36,946		481,776
Infinera Corp. (a) (b)		62,963		299,074
NETGEAR, Inc. (a)		10,251		149,460
NetScout Systems, Inc. (a)		22,412		491,943
Ribbon Communications, Inc. (a)		24,571		71,256
Viavi Solutions, Inc. (a)		73,717		742,330
				4,867,531
Construction & Engineering—1.6%
Ameresco, Inc. - Class A (a) (b)		10,710		339,186
API Group Corp. (a)		70,149		2,427,156
Arcosa, Inc.		16,119		1,332,074
Argan, Inc.		4,530		211,959
Bowman Consulting Group Ltd. (a)		3,487		123,858
Comfort Systems USA, Inc.		11,863		2,439,863
Concrete Pumping Holdings, Inc. (a)		8,982		73,652
Construction Partners, Inc. - Class A (a)		13,715		596,877
Dycom Industries, Inc. (a) (b)		9,366		1,077,933
Fluor Corp. (a)		47,959		1,878,554
Granite Construction, Inc. (b)		14,748		750,083
Great Lakes Dredge & Dock Corp. (a)		21,996		168,929
IES Holdings, Inc. (a)		2,867		227,124
Limbach Holdings, Inc. (a)		3,105		141,184
MYR Group, Inc. (a)		5,521		798,502
Northwest Pipe Co. (a)		3,497		105,819
Primoris Services Corp.		17,171		570,249
Sterling Infrastructure, Inc. (a)		9,847		865,847
Tutor Perini Corp. (a) (b)		14,544		132,351
				14,261,200
Construction Materials—0.3%
Knife River Corp. (a)		18,996		1,257,156
Summit Materials, Inc. - Class A (a)		40,081		1,541,515
Construction Materials—(Continued)
U.S. Lime & Minerals, Inc. (b)		743		171,150
				2,969,821
Consumer Finance—0.8%
Atlanticus Holdings Corp. (a) (b)		1,591		61,524
Bread Financial Holdings, Inc.		16,854		555,171
Encore Capital Group, Inc. (a)		7,642		387,831
Enova International, Inc. (a)		10,006		553,932
FirstCash Holdings, Inc.		12,699		1,376,445
Green Dot Corp. - Class A (a)		15,976		158,162
LendingClub Corp. (a)		34,752		303,732
LendingTree, Inc. (a)		2,891		87,655
Navient Corp.		28,893		537,988
Nelnet, Inc. - Class A		4,303		379,611
NerdWallet, Inc. - Class A (a) (b)		11,864		174,638
PRA Group, Inc. (a)		12,838		336,356
PROG Holdings, Inc. (a) (b)		14,229		439,818
Regional Management Corp.		3,196		80,156
Upstart Holdings, Inc. (a) (b)		24,285		992,285
World Acceptance Corp. (a) (b)		1,225		159,899
				6,585,203
Consumer Staples Distribution & Retail—0.5%
Andersons, Inc.		10,418		599,452
Chefs’ Warehouse, Inc. (a) (b)		11,522		339,092
HF Foods Group, Inc. (a) (b)		13,686		73,083
Ingles Markets, Inc. - Class A		4,911		424,163
Natural Grocers by Vitamin Cottage, Inc.		3,115		49,840
PriceSmart, Inc.		8,107		614,348
SpartanNash Co. (b)		10,739		246,460
Sprouts Farmers Market, Inc. (a) (b)		33,660		1,619,383
United Natural Foods, Inc. (a)		20,059		325,558
Village Super Market, Inc. - Class A (b)		2,910		76,329
Weis Markets, Inc. (b)		5,704		364,828
				4,732,536
Containers & Packaging—0.3%
Greif, Inc. - Class A (b)		8,109		531,869
Greif, Inc. - Class B		1,893		124,957
Myers Industries, Inc.		11,721		229,146
O-I Glass, Inc. (a) (b)		51,220		838,984
Pactiv Evergreen, Inc.		13,836		189,692
Ranpak Holdings Corp. (a)		12,914		75,159
TriMas Corp. (b)		14,122		357,710
				2,347,517
Distributors—0.0%
Weyco Group, Inc.		2,058		64,539
Diversified Consumer Services—1.2%
Adtalem Global Education, Inc. (a)		13,250		781,087
Carriage Services, Inc.		4,082		102,091
Chegg, Inc. (a)		37,722		428,522
Coursera, Inc. (a) (b)		43,951		851,331
Duolingo, Inc. (a)		9,754		2,212,695

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Consumer Services—(Continued)
European Wax Center, Inc. - Class A (a) (b)		11,678	$	158,704
Frontdoor, Inc. (a)		26,761		942,522
Graham Holdings Co. - Class B		1,196		833,038
Laureate Education, Inc.		43,993		603,144
Lincoln Educational Services Corp. (a)		8,074		81,063
Nerdy, Inc. (a)		20,830		71,447
OneSpaWorld Holdings Ltd. (a)		27,979		394,504
Perdoceo Education Corp.		21,331		374,572
Rover Group, Inc. (a)		34,168		371,748
Strategic Education, Inc.		7,318		675,964
Stride, Inc. (a)		14,188		842,342
Udemy, Inc. (a) (b)		29,152		429,409
Universal Technical Institute, Inc. (a)		11,334		141,902
WW International, Inc. (a)		18,762		164,167
				10,460,252
Diversified REITs—0.6%
Alexander & Baldwin, Inc.		23,869		453,988
Alpine Income Property Trust, Inc. (b)		4,463		75,469
American Assets Trust, Inc.		15,450		347,780
Armada Hoffler Properties, Inc.		22,515		278,511
Broadstone Net Lease, Inc.		63,286		1,089,785
CTO Realty Growth, Inc.		7,674		132,990
Empire State Realty Trust, Inc. - Class A (b)		44,942		435,488
Essential Properties Realty Trust, Inc. (b)		52,120		1,332,187
Gladstone Commercial Corp. (b)		13,245		175,364
Global Net Lease, Inc. (b)		64,704		643,805
NexPoint Diversified Real Estate Trust		10,966		87,180
One Liberty Properties, Inc. (b)		5,452		119,453
				5,172,000
Diversified Telecommunication Services—0.5%
Anterix, Inc. (a)		4,294		143,076
AST SpaceMobile, Inc. (a) (b)		28,234		170,251
ATN International, Inc. (b)		3,399		132,459
Bandwidth, Inc. - Class A (a)		8,108		117,323
Cogent Communications Holdings, Inc.		14,461		1,099,904
Consolidated Communications Holdings, Inc. (a)		25,181		109,537
EchoStar Corp. - Class A (a)		40,964		678,773
Globalstar, Inc. (a) (b)		230,488		447,147
IDT Corp. - Class B (a)		5,006		170,655
Liberty Latin America Ltd. - Class A (a)		13,149		96,119
Liberty Latin America Ltd. - Class C (a)		47,385		347,806
Lumen Technologies, Inc. (a) (b)		337,829		618,227
Ooma, Inc. (a)		8,609		92,375
Shenandoah Telecommunications Co.		16,904		365,464
				4,589,116
Electric Utilities—0.7%
ALLETE, Inc.		19,317		1,181,428
Genie Energy Ltd. - Class B (b)		6,623		186,305
MGE Energy, Inc.		12,023		869,383
Otter Tail Corp. (b)		13,613		1,156,697
PNM Resources, Inc.		28,574		1,188,678
Electric Utilities—(Continued)
Portland General Electric Co.		33,818		1,465,672
				6,048,163
Electrical Equipment—1.3%
Allient, Inc.		4,654		140,597
Array Technologies, Inc. (a) (b)		51,455		864,444
Atkore, Inc. (a) (b)		12,607		2,017,120
Blink Charging Co. (a)		18,524		62,796
Bloom Energy Corp. - Class A (a) (b)		64,618		956,346
Encore Wire Corp. (b)		5,006		1,069,282
Energy Vault Holdings, Inc. (a) (b)		34,455		80,280
EnerSys		13,837		1,396,984
Enovix Corp. (a) (b)		46,168		578,023
Eos Energy Enterprises, Inc. (a) (b)		37,219		40,569
Fluence Energy, Inc. (a) (b)		19,348		461,450
FuelCell Energy, Inc. (a)		151,705		242,728
GrafTech International Ltd. (b)		65,339		143,092
LSI Industries, Inc. (b)		8,816		124,129
NEXTracker, Inc. - Class A (a) (b)		16,690		781,927
NuScale Power Corp. (a) (b)		18,459		60,730
Powell Industries, Inc.		3,142		277,753
Preformed Line Products Co.		876		117,261
SES AI Corp. (a) (b)		43,748		80,059
Shoals Technologies Group, Inc. - Class A (a) (b)		57,645		895,803
Stem, Inc. (a) (b)		49,764		193,084
SunPower Corp. (a) (b)		27,543		133,033
Thermon Group Holdings, Inc. (a)		11,598		377,747
TPI Composites, Inc. (a) (b)		14,105		58,395
Vicor Corp. (a) (b)		7,241		325,411
				11,479,043
Electronic Equipment, Instruments & Components—2.6%
908 Devices, Inc. (a) (b)		7,715		86,562
Advanced Energy Industries, Inc. (b)		12,508		1,362,371
Arlo Technologies, Inc. (a)		29,346		279,374
Badger Meter, Inc. (b)		9,792		1,511,591
Bel Fuse, Inc. - Class B		3,517		234,830
Belden, Inc.		14,345		1,108,151
Benchmark Electronics, Inc.		12,513		345,859
Climb Global Solutions, Inc. (b)		1,406		77,091
CTS Corp. (b)		10,302		450,610
Daktronics, Inc. (a)		13,182		111,783
ePlus, Inc. (a)		8,957		715,127
Evolv Technologies Holdings, Inc. (a) (b)		38,404		181,267
Fabrinet (a) (b)		12,219		2,325,642
FARO Technologies, Inc. (a)		6,602		148,743
Insight Enterprises, Inc. (a) (b) (c)		9,628		1,705,985
Iteris, Inc. (a) (b)		14,459		75,187
Itron, Inc. (a) (b)		15,278		1,153,642
Kimball Electronics, Inc. (a)		7,836		211,180
Knowles Corp. (a)		30,951		554,332
Lightwave Logic, Inc. (a) (b)		39,253		195,480
Luna Innovations, Inc. (a) (b)		10,812		71,900
Methode Electronics, Inc.		12,060		274,124
MicroVision, Inc. (a) (b)		56,055		149,106
Mirion Technologies, Inc. (a) (b)		67,650		693,413

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
Napco Security Technologies, Inc.		10,591	$	362,742
nLight, Inc. (a) (b)		14,866		200,691
Novanta, Inc. (a)		11,932		2,009,468
OSI Systems, Inc. (a)		5,288		682,416
Ouster, Inc. (a)		1		8
PAR Technology Corp. (a) (b)		8,919		388,333
PC Connection, Inc.		3,547		238,394
Plexus Corp. (a) (c)		9,231		998,148
Richardson Electronics Ltd.		4,045		54,001
Rogers Corp. (a)		5,809		767,195
Sanmina Corp. (a)		19,251		988,924
ScanSource, Inc. (a)		8,101		320,881
SmartRent, Inc. (a) (b)		62,929		200,744
TTM Technologies, Inc. (a)		34,551		546,251
Vishay Intertechnology, Inc. (b)		43,569		1,044,349
Vishay Precision Group, Inc. (a)		4,194		142,890
Vuzix Corp. (a) (b)		20,511		42,765
				23,011,550
Energy Equipment & Services—2.3%
Archrock, Inc.		45,405		699,237
Atlas Energy Solutions, Inc. (b)		5,687		97,930
Borr Drilling Ltd. (a) (b)		77,288		568,840
Bristow Group, Inc. (a) (b)		8,308		234,867
Cactus, Inc. - Class A (b)		21,686		984,545
ChampionX Corp. (b)		65,067		1,900,607
Core Laboratories, Inc. (b)		15,744		278,039
Diamond Offshore Drilling, Inc. (a)		35,307		458,991
DMC Global, Inc. (a) (b)		6,765		127,317
Dril-Quip, Inc. (a)		11,785		274,237
Expro Group Holdings NV (a)		29,203		464,912
Forum Energy Technologies, Inc. (a)		3,314		73,471
Helix Energy Solutions Group, Inc. (a) (b)		48,941		503,114
Helmerich & Payne, Inc. (b)		32,515		1,177,693
KLX Energy Services Holdings, Inc. (a)		4,320		48,643
Kodiak Gas Services, Inc.		5,429		109,014
Liberty Energy, Inc. (b)		55,206		1,001,437
Nabors Industries Ltd. (a) (b)		3,057		249,543
Newpark Resources, Inc. (a)		22,736		150,967
Noble Corp. PLC (b)		37,608		1,811,201
Oceaneering International, Inc. (a)		33,608		715,178
Oil States International, Inc. (a)		20,142		136,764
Patterson-UTI Energy, Inc.		118,068		1,275,135
ProFrac Holding Corp. - Class A (a) (b)		8,200		69,536
ProPetro Holding Corp. (a)		33,144		277,747
Ranger Energy Services, Inc.		5,274		53,953
RPC, Inc. (b)		28,422		206,912
SEACOR Marine Holdings, Inc. (a)		8,136		102,432
Seadrill Ltd. (a)		17,044		805,840
Select Water Solutions, Inc.		28,634		217,332
Solaris Oilfield Infrastructure, Inc. - Class A		10,753		85,594
TETRA Technologies, Inc. (a) (b)		42,249		190,966
Tidewater, Inc. (a)		15,690		1,131,406
U.S. Silica Holdings, Inc. (a)		25,504		288,450
Valaris Ltd. (a)		20,427		1,400,679
Energy Equipment & Services—(Continued)
Weatherford International PLC (a)		23,800		2,328,354
				20,500,883
Entertainment—0.4%
Atlanta Braves Holdings, Inc. - Class A (a) (b)		3,713		158,842
Atlanta Braves Holdings, Inc. - Class C (a)		15,245		603,397
Cinemark Holdings, Inc. (a) (b)		37,384		526,741
IMAX Corp. (a)		15,913		239,013
Lions Gate Entertainment Corp. - Class A (a) (b)		20,369		222,022
Lions Gate Entertainment Corp. - Class B (a)		39,080		398,225
Madison Square Garden Entertainment Corp. (a)		14,606		464,325
Marcus Corp. (b)		8,228		119,964
Playstudios, Inc. (a) (b)		28,794		78,032
Reservoir Media, Inc. (a) (b)		7,562		53,917
Sphere Entertainment Co. (a)		9,098		308,968
Vivid Seats, Inc. - Class A (a)		9,790		61,873
				3,235,319
Financial Services—2.3%
A-Mark Precious Metals, Inc. (b)		6,654		201,283
Acacia Research Corp. (a) (b)		12,842		50,341
Alerus Financial Corp.		6,186		138,505
AvidXchange Holdings, Inc. (a) (b)		50,990		631,766
Banco Latinoamericano de Comercio Exterior SA		9,691		239,755
Cannae Holdings, Inc. (a)		23,433		457,178
Cantaloupe, Inc. (a)		19,393		143,702
Cass Information Systems, Inc.		4,551		205,023
Compass Diversified Holdings		20,864		468,397
Enact Holdings, Inc. (b)		10,654		307,794
Essent Group Ltd.		35,218		1,857,397
EVERTEC, Inc.		21,949		898,592
Federal Agricultural Mortgage Corp. - Class C		3,118		596,224
Flywire Corp. (a)		35,628		824,788
I3 Verticals, Inc. - Class A (a)		7,082		149,926
International Money Express, Inc. (a)		11,455		253,041
Jackson Financial, Inc. - Class A		27,422		1,404,006
Marqeta, Inc. - Class A (a)		165,082		1,152,272
Merchants Bancorp		4,926		209,749
Mr. Cooper Group, Inc. (a)		21,652		1,409,978
NewtekOne, Inc.		8,049		111,076
NMI Holdings, Inc. - Class A (a)		26,298		780,525
Ocwen Financial Corp. (a) (b)		2,204		67,795
Pagseguro Digital Ltd. - Class A (a)		66,936		834,692
Payoneer Global, Inc. (a) (b)		89,672		467,191
Paysafe Ltd. (a) (b)		9,881		126,378
PennyMac Financial Services, Inc. (b)		8,464		747,964
Radian Group, Inc.		51,613		1,473,551
Remitly Global, Inc. (a)		43,850		851,567
Repay Holdings Corp. (a)		27,716		236,695
StoneCo Ltd. - Class A (a) (b)		97,618		1,760,052
Velocity Financial, Inc. (a)		2,976		51,247
Walker & Dunlop, Inc.		10,685		1,186,142
Waterstone Financial, Inc. (b)		5,854		83,127
				20,377,719

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Food Products—0.9%
Alico, Inc. (b)		2,158	$	62,755
B&G Foods, Inc. (b)		23,543		247,202
Beyond Meat, Inc. (a) (b)		20,671		183,972
BRC, Inc. - Class A (a) (b)		10,280		37,316
Cal-Maine Foods, Inc.		13,652		783,488
Calavo Growers, Inc.		5,820		171,166
Dole PLC (b)		24,276		298,352
Fresh Del Monte Produce, Inc.		11,441		300,326
Hain Celestial Group, Inc. (a)		30,259		331,336
J & J Snack Foods Corp.		4,986		833,360
J.M. Smucker Co.		1		126
John B Sanfilippo & Son, Inc.		3,011		310,253
Lancaster Colony Corp. (b)		6,596		1,097,508
Limoneira Co. (b)		5,916		122,047
Mission Produce, Inc. (a) (b)		15,099		152,349
Seneca Foods Corp. - Class A (a)		1,733		90,879
Simply Good Foods Co. (a) (b)		29,956		1,186,258
Sovos Brands, Inc. (a) (b)		18,682		411,565
SunOpta, Inc. (a) (b)		34,321		187,736
TreeHouse Foods, Inc. (a)		17,110		709,210
Utz Brands, Inc. (b)		24,385		396,012
Vital Farms, Inc. (a)		9,557		149,949
Westrock Coffee Co. (a)		9,879		100,865
				8,164,030
Gas Utilities—0.9%
Brookfield Infrastructure Corp. - Class A (b)		39,846		1,405,767
Chesapeake Utilities Corp.		7,238		764,550
New Jersey Resources Corp.		32,290		1,439,488
Northwest Natural Holding Co.		12,039		468,799
ONE Gas, Inc. (b)		18,506		1,179,203
RGC Resources, Inc. (b)		2,683		54,572
Southwest Gas Holdings, Inc.		20,712		1,312,105
Spire, Inc.		17,280		1,077,235
				7,701,719
Ground Transportation—0.5%
ArcBest Corp.		7,998		961,440
Covenant Logistics Group, Inc.		3,144		144,750
Daseke, Inc. (a)		13,563		109,860
FTAI Infrastructure, Inc. (b)		34,332		133,552
Heartland Express, Inc.		15,734		224,367
Marten Transport Ltd.		19,045		399,564
PAM Transportation Services, Inc. (a)		2,312		48,043
RXO, Inc. (a) (b)		39,143		910,466
TuSimple Holdings, Inc. - Class A (a)		51,959		45,610
Universal Logistics Holdings, Inc. (b)		2,513		70,414
Werner Enterprises, Inc.		20,993		889,473
				3,937,539
Health Care Equipment & Supplies—2.7%
Accuray, Inc. (a) (b)		31,442		88,981
Alphatec Holdings, Inc. (a)		30,944		467,564
AngioDynamics, Inc. (a)		12,161		95,342
Artivion, Inc. (a) (b)		12,730		227,612
Health Care Equipment & Supplies—(Continued)
AtriCure, Inc. (a)		15,592		556,478
Atrion Corp. (b)		495		187,501
Avanos Medical, Inc. (a)		15,903		356,704
Axogen, Inc. (a)		14,840		101,357
Axonics, Inc. (a) (b)		16,781		1,044,282
Butterfly Network, Inc. (a) (b)		48,574		52,460
Cerus Corp. (a) (b)		58,541		126,449
ClearPoint Neuro, Inc. (a)		7,794		52,921
CONMED Corp. (b)		10,280		1,125,763
CVRx, Inc. (a)		4,000		125,760
Embecta Corp.		19,687		372,675
Glaukos Corp. (a) (b)		15,717		1,249,344
Haemonetics Corp. (a)		17,072		1,459,827
Inari Medical, Inc. (a) (b)		17,887		1,161,224
Inmode Ltd. (a)		26,069		579,775
Inogen, Inc. (a) (b)		7,987		43,849
Integer Holdings Corp. (a)		10,999		1,089,781
iRadimed Corp.		2,491		118,248
iRhythm Technologies, Inc. (a)		10,140		1,085,386
Lantheus Holdings, Inc. (a)		22,726		1,409,012
LeMaitre Vascular, Inc.		6,627		376,149
LivaNova PLC (a)		18,448		954,499
Merit Medical Systems, Inc. (a)		19,064		1,448,101
Nano-X Imaging Ltd. (a) (b)		15,150		96,505
Neogen Corp. (a) (b)		73,130		1,470,644
Nevro Corp. (a)		12,102		260,435
Omnicell, Inc. (a)		14,912		561,139
OraSure Technologies, Inc. (a)		28,635		234,807
Orthofix Medical, Inc. (a)		12,079		162,825
OrthoPediatrics Corp. (a) (b)		5,617		182,609
Outset Medical, Inc. (a)		16,994		91,938
Paragon 28, Inc. (a) (b)		16,207		201,453
PROCEPT BioRobotics Corp. (a)		13,572		568,802
Pulmonx Corp. (a) (b)		12,235		155,996
Pulse Biosciences, Inc. (a) (b)		5,792		70,894
RxSight, Inc. (a)		9,234		372,315
Sanara Medtech, Inc. (a) (b)		1,366		56,143
Semler Scientific, Inc. (a)		1,835		81,272
SI-BONE, Inc. (a)		13,425		281,791
Silk Road Medical, Inc. (a) (b)		12,651		155,228
STAAR Surgical Co. (a) (b)		16,470		514,029
Surmodics, Inc. (a) (b)		4,747		172,553
Tactile Systems Technology, Inc. (a)		7,825		111,897
TransMedics Group, Inc. (a) (b)		10,461		825,687
Treace Medical Concepts, Inc. (a)		15,308		195,177
UFP Technologies, Inc. (a)		2,379		409,283
Utah Medical Products, Inc.		1,293		108,896
Varex Imaging Corp. (a) (b)		12,322		252,601
Zimvie, Inc. (a)		7,676		136,249
Zynex, Inc. (a) (b)		7,718		84,049
				23,772,261
Health Care Providers & Services—2.4%
23andMe Holding Co. - Class A (a) (b)		89,589		81,840
Accolade, Inc. (a)		22,370		268,664
AdaptHealth Corp. (a) (b)		32,179		234,585

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
Addus HomeCare Corp. (a)		5,248	$	487,277
Agiliti, Inc. (a) (b)		9,835		77,893
Alignment Healthcare, Inc. (a)		27,227		234,424
AMN Healthcare Services, Inc. (a) (b)		12,730		953,222
Apollo Medical Holdings, Inc. (a) (b)		14,378		550,677
Brookdale Senior Living, Inc. (a)		63,084		367,149
Castle Biosciences, Inc. (a)		7,804		168,410
Community Health Systems, Inc. (a) (b)		45,180		141,413
CorVel Corp. (a) (b)		2,945		728,033
Cross Country Healthcare, Inc. (a) (b)		10,985		248,700
DocGo, Inc. (a) (b)		28,630		160,042
Enhabit, Inc. (a) (b)		17,210		178,124
Ensign Group, Inc.		18,227		2,045,252
Fulgent Genetics, Inc. (a) (b)		7,417		214,425
Guardant Health, Inc. (a) (b)		37,275		1,008,289
HealthEquity, Inc. (a)		28,184		1,868,599
Hims & Hers Health, Inc. (a)		43,355		385,859
InfuSystem Holdings, Inc. (a) (b)		6,159		64,916
Invitae Corp. (a) (b)		83,096		52,085
Joint Corp. (a) (b)		5,088		48,896
LifeStance Health Group, Inc. (a) (b)		36,004		281,911
ModivCare, Inc. (a)		4,229		186,034
National HealthCare Corp.		4,199		388,072
National Research Corp.		4,600		181,976
NeoGenomics, Inc. (a) (b)		42,888		693,928
OPKO Health, Inc. (a) (b)		136,839		206,627
Option Care Health, Inc. (a)		56,818		1,914,198
Owens & Minor, Inc. (a) (b)		24,268		467,644
Patterson Cos., Inc.		29,387		836,060
Pediatrix Medical Group, Inc. (a) (b)		28,941		269,151
Pennant Group, Inc. (a)		11,360		158,131
PetIQ, Inc. (a)		9,493		187,487
Privia Health Group, Inc. (a) (b)		37,190		856,486
Progyny, Inc. (a)		26,342		979,396
Quipt Home Medical Corp. (a)		14,235		72,456
RadNet, Inc. (a) (b)		19,948		693,592
Select Medical Holdings Corp.		35,092		824,662
Surgery Partners, Inc. (a)		25,332		810,371
U.S. Physical Therapy, Inc.		4,906		456,945
Viemed Healthcare, Inc. (a)		11,513		90,377
				21,124,278
Health Care REITs—0.6%
CareTrust REIT, Inc.		33,166		742,255
Community Healthcare Trust, Inc.		8,914		237,469
Diversified Healthcare Trust (b)		80,864		302,431
Global Medical REIT, Inc. (b)		21,232		235,675
LTC Properties, Inc.		13,796		443,128
National Health Investors, Inc. (b)		14,087		786,759
Physicians Realty Trust		79,908		1,063,575
Sabra Health Care REIT, Inc.		76,355		1,089,586
Universal Health Realty Income Trust (b)		4,263		184,375
				5,085,253
Health Care Technology—0.5%
American Well Corp. - Class A (a)		84,042		125,223
Computer Programs & Systems, Inc. (a)		4,524		50,669
Definitive Healthcare Corp. (a) (b)		15,540		154,468
Evolent Health, Inc. - Class A (a)		36,933		1,219,897
Health Catalyst, Inc. (a)		17,486		161,920
HealthStream, Inc.		9,080		245,432
Multiplan Corp. (a) (b)		134,034		193,009
OptimizeRx Corp. (a) (b)		5,787		82,812
Phreesia, Inc. (a)		17,014		393,874
Schrodinger, Inc. (a) (b)		18,164		650,271
Sharecare, Inc. (a) (b)		103,262		111,523
Simulations Plus, Inc. (b)		5,451		243,932
Veradigm, Inc. (a)		38,376		402,564
				4,035,594
Hotel & Resort REITs—0.9%
Apple Hospitality REIT, Inc. (b)		71,063		1,180,356
Braemar Hotels & Resorts, Inc. (b)		21,960		54,900
Chatham Lodging Trust		16,628		178,252
DiamondRock Hospitality Co. (b)		70,693		663,807
Pebblebrook Hotel Trust (b)		40,264		643,419
RLJ Lodging Trust		53,050		621,746
Ryman Hospitality Properties, Inc.		19,431		2,138,576
Service Properties Trust (b)		55,359		472,766
Summit Hotel Properties, Inc.		35,386		237,794
Sunstone Hotel Investors, Inc. (b)		70,253		753,815
Xenia Hotels & Resorts, Inc. (b)		34,808		474,085
				7,419,516
Hotels, Restaurants & Leisure—2.1%
Accel Entertainment, Inc. (a)		16,295		167,350
Bally’s Corp. (a) (b)		8,988		125,293
Biglari Holdings, Inc. - Class B (a)		261		43,047
BJ’s Restaurants, Inc. (a)		7,697		277,169
Bloomin’ Brands, Inc. (b)		29,104		819,278
Bluegreen Vacations Holding Corp.		3,848		289,062
Bowlero Corp. - Class A (a) (b)		6,169		87,353
Brinker International, Inc. (a)		14,683		634,012
Carrols Restaurant Group, Inc.		12,485		98,382
Century Casinos, Inc. (a)		9,899		48,307
Cheesecake Factory, Inc. (b)		16,444		575,704
Chuy’s Holdings, Inc. (a)		6,087		232,706
Cracker Barrel Old Country Store, Inc. (b)		7,474		576,096
Dave & Buster’s Entertainment, Inc. (a)		12,109		652,070
Denny’s Corp. (a) (b)		18,929		205,947
Dine Brands Global, Inc.		5,258		261,060
El Pollo Loco Holdings, Inc. (a)		9,682		85,395
Everi Holdings, Inc. (a)		28,749		324,001
First Watch Restaurant Group, Inc. (a) (b)		7,697		154,710
Full House Resorts, Inc. (a) (b)		11,840		63,581
Global Business Travel Group I (a)		11,339		73,136
Golden Entertainment, Inc. (b)		7,102		283,583
Hilton Grand Vacations, Inc. (a)		26,334		1,058,100
Inspired Entertainment, Inc. (a)		7,791		76,975
International Game Technology PLC		36,432		998,601
Jack in the Box, Inc. (b)		6,636		541,697

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—(Continued)
Krispy Kreme, Inc. (b)		29,632	$	447,147
Kura Sushi USA, Inc. - Class A (a) (b)		1,965		149,340
Life Time Group Holdings, Inc. (a) (b)		15,138		228,281
Light & Wonder, Inc. (a)		30,631		2,515,111
Lindblad Expeditions Holdings, Inc. (a)		10,934		123,226
Monarch Casino & Resort, Inc.		4,396		303,983
Mondee Holdings, Inc. (a) (b)		15,659		43,219
Nathan’s Famous, Inc.		956		74,578
Noodles & Co. (a)		13,880		43,722
ONE Group Hospitality, Inc. (a) (b)		7,883		48,244
Papa John’s International, Inc. (b)		10,995		838,149
PlayAGS, Inc. (a)		12,538		105,695
Portillo’s, Inc. - Class A (a)		14,432		229,902
Potbelly Corp. (a)		8,856		92,279
RCI Hospitality Holdings, Inc. (b)		2,918		193,347
Red Robin Gourmet Burgers, Inc. (a) (b)		5,385		67,151
Red Rock Resorts, Inc. - Class A (b)		15,880		846,880
Rush Street Interactive, Inc. (a)		21,900		98,331
Sabre Corp. (a)		109,871		483,432
SeaWorld Entertainment, Inc. (a)		12,173		643,100
Shake Shack, Inc. - Class A (a)		12,560		930,947
Six Flags Entertainment Corp. (a)		24,247		608,115
Super Group SGHC Ltd. (a) (b)		46,750		148,197
Sweetgreen, Inc. - Class A (a) (b)		32,761		370,199
Target Hospitality Corp. (a)		10,601		103,148
Xponential Fitness, Inc. - Class A (a) (b)		8,434		108,714
				18,597,052
Household Durables—2.3%
Beazer Homes USA, Inc. (a)		9,853		332,933
Cavco Industries, Inc. (a) (b)		2,935		1,017,330
Century Communities, Inc.		9,541		869,567
Cricut, Inc. - Class A (b)		16,270		107,219
Dream Finders Homes, Inc. - Class A (a) (b)		8,135		289,037
Ethan Allen Interiors, Inc. (b)		7,632		243,613
GoPro, Inc. - Class A (a) (b)		43,896		152,319
Green Brick Partners, Inc. (a)		8,847		459,513
Helen of Troy Ltd. (a) (b)		8,022		969,138
Hooker Furnishings Corp. (b)		3,731		97,305
Hovnanian Enterprises, Inc. - Class A (a) (b)		1,523		237,009
Installed Building Products, Inc. (b)		7,945		1,452,505
iRobot Corp. (a) (b)		8,888		343,966
KB Home		23,414		1,462,438
La-Z-Boy, Inc.		14,484		534,749
Landsea Homes Corp. (a)		7,257		95,357
Legacy Housing Corp. (a)		3,039		76,644
LGI Homes, Inc. (a) (b)		6,929		922,666
Lovesac Co. (a)		4,517		115,409
M/I Homes, Inc. (a)		9,009		1,240,900
MDC Holdings, Inc.		19,668		1,086,657
Meritage Homes Corp. (c)		12,017		2,093,361
Skyline Champion Corp. (a)		17,689		1,313,585
Snap One Holdings Corp. (a) (b)		5,851		52,132
Sonos, Inc. (a) (b)		41,381		709,270
Taylor Morrison Home Corp. (a)		34,496		1,840,362
Tri Pointe Homes, Inc. (a)		32,041		1,134,251
Household Durables—(Continued)
Vizio Holding Corp. - Class A (a)		24,137		185,855
VOXX International Corp. (a)		4,092		43,703
Worthington Enterprises, Inc.		10,048		578,262
				20,057,055
Household Products—0.3%
Central Garden & Pet Co. (Non-Voting Shares) - Class A (a)		13,396		589,960
Central Garden & Pet Co. (Voting Shares) (a) (b)		3,370		168,870
Energizer Holdings, Inc. (b)		23,993		760,098
Oil-Dri Corp. of America		1,659		111,286
WD-40 Co. (b)		4,496		1,074,859
				2,705,073
Independent Power and Renewable Electricity Producers—0.3%
Altus Power, Inc. (a) (b)		22,201		151,633
Montauk Renewables, Inc. (a)		22,642		201,740
Ormat Technologies, Inc. (b)		17,929		1,358,839
Sunnova Energy International, Inc. (a) (b)		35,349		539,072
				2,251,284
Industrial Conglomerates—0.0%
Brookfield Business Corp. - Class A		9,192		213,990
Industrial REITs—0.5%
Innovative Industrial Properties, Inc.		9,335		941,155
LXP Industrial Trust (b)		97,303		965,246
Plymouth Industrial REIT, Inc. (b)		14,464		348,148
Terreno Realty Corp.		27,441		1,719,727
				3,974,276
Insurance—1.7%
Ambac Financial Group, Inc. (a)		15,807		260,499
American Coastal Insurance Corp. - Class C (a) (b)		6,686		63,250
American Equity Investment Life Holding Co. (a)		26,105		1,456,659
AMERISAFE, Inc. (b)		6,171		288,679
BRP Group, Inc. - Class A (a) (b)		20,510		492,650
CNO Financial Group, Inc.		37,094		1,034,923
Crawford & Co. - Class A		5,003		65,940
Donegal Group, Inc. - Class A (b)		5,184		72,524
eHealth, Inc. (a)		8,539		74,460
Employers Holdings, Inc.		8,580		338,052
Enstar Group Ltd. (a)		4,006		1,179,166
F&G Annuities & Life, Inc. (b)		6,468		297,528
Fidelis Insurance Holdings Ltd. (a)		5,432		68,823
Genworth Financial, Inc. - Class A (a)		157,009		1,048,820
Goosehead Insurance, Inc. - Class A (a)		7,250		549,550
Greenlight Capital Re Ltd. - Class A (a) (b)		8,929		101,969
HCI Group, Inc.		1,987		173,664
Horace Mann Educators Corp.		13,726		448,840
Investors Title Co.		444		71,990
James River Group Holdings Ltd.		13,003		120,148
Lemonade, Inc. (a) (b)		17,084		275,565
Maiden Holdings Ltd. (a)		31,157		71,350
MBIA, Inc. (a) (b)		16,483		100,876
Mercury General Corp.		9,027		336,797

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
National Western Life Group, Inc. - Class A		725	$	350,190
Oscar Health, Inc. - Class A (a)		52,292		478,472
Palomar Holdings, Inc. (a)		7,992		443,556
ProAssurance Corp.		16,084		221,798
Safety Insurance Group, Inc.		4,806		365,208
Selective Insurance Group, Inc.		20,065		1,996,066
Selectquote, Inc. (a)		46,670		63,938
SiriusPoint Ltd. (a)		23,338		270,721
Skyward Specialty Insurance Group, Inc. (a)		8,182		277,206
Stewart Information Services Corp.		8,566		503,252
Tiptree, Inc.		8,311		157,577
Trupanion, Inc. (a)		13,150		401,207
United Fire Group, Inc.		7,479		150,477
Universal Insurance Holdings, Inc.		8,746		139,761
				14,812,151
Interactive Media & Services—0.7%
Bumble, Inc. - Class A (a) (b)		34,027		501,558
Cargurus, Inc. (a)		32,815		792,810
Cars.com, Inc. (a)		21,736		412,332
Eventbrite, Inc. - Class A (a)		26,374		220,487
EverQuote, Inc. - Class A (a) (b)		6,835		83,660
fuboTV, Inc. (a) (b)		96,554		307,042
Grindr, Inc. (a)		14,425		126,652
MediaAlpha, Inc. - Class A (a)		6,460		72,029
Nextdoor Holdings, Inc. (a)		50,177		94,835
Outbrain, Inc. (a) (b)		14,324		62,739
QuinStreet, Inc. (a)		18,173		232,978
Shutterstock, Inc. (b)		7,975		385,033
TrueCar, Inc. (a) (b)		29,851		103,284
Vimeo, Inc. (a)		49,749		195,016
Yelp, Inc. (a) (b)		22,371		1,059,043
Ziff Davis, Inc. (a)		15,789		1,060,863
ZipRecruiter, Inc. - Class A (a)		24,978		347,194
				6,057,555
IT Services—0.5%
Applied Digital Corp. (a) (b)		28,272		190,553
BigCommerce Holdings, Inc. - Series 1 (a)		21,617		210,333
Couchbase, Inc. (a) (b)		11,669		262,786
DigitalOcean Holdings, Inc. (a) (b)		21,351		783,368
Fastly, Inc. - Class A (a)		39,783		708,137
Grid Dynamics Holdings, Inc. (a) (b)		18,166		242,153
Hackett Group, Inc.		8,402		191,314
Information Services Group, Inc. (b)		11,846		55,795
Perficient, Inc. (a)		11,525		758,576
Squarespace, Inc. - Class A (a)		17,020		561,830
Thoughtworks Holding, Inc. (a) (b)		31,553		151,770
Tucows, Inc. - Class A (a) (b)		3,376		91,152
Unisys Corp. (a)		23,162		130,170
				4,337,937
Leisure Products—0.4%
Acushnet Holdings Corp. (b)		10,476		661,769
AMMO, Inc. (a) (b)		33,699		70,768
Leisure Products—(Continued)
Clarus Corp.		9,026		62,234
Escalade, Inc. (b)		3,400		68,306
Funko, Inc. - Class A (a) (b)		11,731		90,681
JAKKS Pacific, Inc. (a)		2,462		87,524
Johnson Outdoors, Inc. - Class A		1,720		91,882
Malibu Boats, Inc. - Class A (a) (b)		6,721		368,445
MasterCraft Boat Holdings, Inc. (a)		5,986		135,523
Smith & Wesson Brands, Inc.		15,475		209,841
Sturm Ruger & Co., Inc.		6,188		281,245
Topgolf Callaway Brands Corp. (a) (b)		48,290		692,479
Vista Outdoor, Inc. (a) (b)		19,339		571,854
				3,392,551
Life Sciences Tools & Services—0.3%
Adaptive Biotechnologies Corp. (a) (b)		37,677		184,617
BioLife Solutions, Inc. (a) (b)		11,463		186,274
Codexis, Inc. (a)		22,591		68,903
CryoPort, Inc. (a)		14,444		223,738
Cytek Biosciences, Inc. (a) (b)		39,465		359,921
Harvard Bioscience, Inc. (a) (b)		13,230		70,780
MaxCyte, Inc. (a) (b)		27,656		129,983
Mesa Laboratories, Inc. (b)		1,730		181,252
Nautilus Biotechnology, Inc. (a) (b)		17,836		53,330
OmniAb, Inc. (a)		32,073		197,890
OmniAb, Inc. (Earnout Shares) (a) (b) (d) (e)		4,218		0
Pacific Biosciences of California, Inc. (a) (b)		83,438		818,527
Quanterix Corp. (a)		11,230		307,028
Quantum-Si, Inc. (a) (b)		34,740		69,827
SomaLogic, Inc. (a) (b)		54,664		138,300
				2,990,370
Machinery—3.4%
3D Systems Corp. (a) (b)		42,023		266,846
Alamo Group, Inc.		3,307		695,098
Albany International Corp. - Class A		10,575		1,038,676
Astec Industries, Inc.		7,396		275,131
Barnes Group, Inc.		16,460		537,090
Blue Bird Corp. (a)		8,457		228,001
Chart Industries, Inc. (a) (b)		14,355		1,957,017
Columbus McKinnon Corp.		9,111		355,511
Commercial Vehicle Group, Inc. (a) (b)		10,810		75,778
Desktop Metal, Inc. - Class A (a) (b)		95,970		72,073
Douglas Dynamics, Inc.		7,665		227,497
Energy Recovery, Inc. (a) (b)		18,812		354,418
Enerpac Tool Group Corp.		18,679		580,730
Enpro, Inc.		7,028		1,101,569
ESCO Technologies, Inc.		8,454		989,372
Federal Signal Corp.		20,069		1,540,095
Franklin Electric Co., Inc. (b)		15,410		1,489,376
Gencor Industries, Inc. (a)		3,563		57,507
Gorman-Rupp Co.		7,300		259,369
Greenbrier Cos., Inc. (b)		9,698		428,458
Helios Technologies, Inc.		11,222		508,918
Hillenbrand, Inc.		23,410		1,120,168
Hillman Solutions Corp. (a)		65,799		606,009
Hyster-Yale Materials Handling, Inc.		3,777		234,892
John Bean Technologies Corp. (b)		10,453		1,039,551

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
Kadant, Inc.		3,892	$	1,090,967
Kennametal, Inc. (b)		27,095		698,780
Lindsay Corp.		3,673		474,405
Luxfer Holdings PLC		10,353		92,556
Manitowoc Co., Inc. (a)		11,674		194,839
Mayville Engineering Co., Inc. (a)		3,733		53,830
Microvast Holdings, Inc. (a) (b)		76,693		107,370
Miller Industries, Inc.		3,305		139,768
Mueller Industries, Inc. (b)		37,724		1,778,687
Mueller Water Products, Inc. - Class A		52,474		755,626
Nikola Corp. (a) (b)		201,748		176,489
Omega Flex, Inc. (b)		1,112		78,407
Park-Ohio Holdings Corp.		2,839		76,539
Proto Labs, Inc. (a)		8,980		349,861
REV Group, Inc.		10,161		184,625
Shyft Group, Inc.		10,757		131,451
SPX Technologies, Inc. (a)		14,614		1,476,160
Standex International Corp.		4,024		637,321
Tennant Co.		5,981		554,379
Terex Corp.		22,471		1,291,184
Titan International, Inc. (a)		18,172		270,399
Trinity Industries, Inc.		27,337		726,891
Wabash National Corp. (b)		15,639		400,671
Watts Water Technologies, Inc. - Class A		9,132		1,902,561
				29,682,916
Marine Transportation—0.3%
Costamare, Inc. (b)		14,222		148,051
Eagle Bulk Shipping, Inc. (b)		3,104		171,962
Genco Shipping & Trading Ltd.		14,141		234,599
Golden Ocean Group Ltd.		41,330		403,381
Himalaya Shipping Ltd. (a) (b)		10,455		70,676
Matson, Inc.		11,489		1,259,194
Pangaea Logistics Solutions Ltd. (b)		12,273		101,130
Safe Bulkers, Inc.		24,109		94,748
				2,483,741
Media—0.6%
Advantage Solutions, Inc. (a)		30,961		112,079
AMC Networks, Inc. - Class A (a) (b)		10,133		190,399
Boston Omaha Corp. - Class A (a)		7,716		121,373
Cardlytics, Inc. (a) (b)		11,459		105,537
Clear Channel Outdoor Holdings, Inc. (a)		126,088		229,480
Daily Journal Corp. (a) (b)		413		140,759
Entravision Communications Corp. - Class A		20,365		84,922
EW Scripps Co. - Class A (a)		19,856		158,649
Gambling.com Group Ltd. (a)		3,973		38,737
Gannett Co., Inc. (a) (b)		49,514		113,882
Gray Television, Inc.		28,294		253,514
iHeartMedia, Inc. - Class A (a)		39,947		106,658
Integral Ad Science Holding Corp. (a)		16,409		236,126
John Wiley & Sons, Inc. - Class A (b)		12,175		386,435
Magnite, Inc. (a) (b)		44,965		419,973
PubMatic, Inc. - Class A (a)		14,669		239,251
Scholastic Corp.		9,313		351,100
Sinclair, Inc. (b)		9,848		128,319
Media—(Continued)
Stagwell, Inc. (a)		26,617		176,471
TechTarget, Inc. (a) (b)		9,094		317,017
TEGNA, Inc.		67,507		1,032,857
Thryv Holdings, Inc. (a) (b)		10,544		214,570
WideOpenWest, Inc. (a)		18,090		73,265
				5,231,373
Metals & Mining—1.8%
Alpha Metallurgical Resources, Inc. (b)		3,844		1,302,809
Arch Resources, Inc.		5,875		974,898
ATI, Inc. (a) (b)		43,250		1,966,578
Caledonia Mining Corp. PLC		5,546		67,661
Carpenter Technology Corp.		16,114		1,140,871
Century Aluminum Co. (a)		17,836		216,529
Coeur Mining, Inc. (a) (b)		107,322		349,870
Commercial Metals Co.		39,392		1,971,176
Compass Minerals International, Inc. (b)		11,864		300,396
Constellium SE (a)		42,559		849,478
Contango ORE, Inc. (a) (b)		2,967		53,732
Dakota Gold Corp. (a) (b)		19,923		52,198
Haynes International, Inc.		4,204		239,838
Hecla Mining Co. (b)		201,477		969,104
i-80 Gold Corp. (a)		66,566		117,156
Ivanhoe Electric, Inc. (a) (b)		21,608		217,809
Kaiser Aluminum Corp. (b)		5,296		377,022
Materion Corp.		6,859		892,562
Novagold Resources, Inc. (a)		80,560		301,294
Olympic Steel, Inc. (b)		3,243		216,308
Perpetua Resources Corp. (a) (b)		13,701		43,432
Piedmont Lithium, Inc. (a) (b)		6,114		172,598
Ramaco Resources, Inc. - Class A		7,675		131,857
Ryerson Holding Corp.		9,373		325,056
Schnitzer Steel Industries, Inc. - Class A		8,757		264,111
SunCoke Energy, Inc.		29,072		312,233
TimkenSteel Corp. (a)		14,154		331,911
Tredegar Corp.		7,835		42,387
Warrior Met Coal, Inc.		17,236		1,050,879
Worthington Steel, Inc. (a)		10,048		282,349
				15,534,102
Mortgage Real Estate Investment Trusts—1.2%
AFC Gamma, Inc. (b)		5,786		69,606
Angel Oak Mortgage REIT, Inc.		4,539		48,113
Apollo Commercial Real Estate Finance, Inc. (b)		46,637		547,518
Arbor Realty Trust, Inc. (b)		60,290		915,202
ARES Commercial Real Estate Corp. (b)		17,797		184,377
ARMOUR Residential REIT, Inc. (b)		16,406		316,964
Blackstone Mortgage Trust, Inc. - Class A (b)		56,829		1,208,753
BrightSpire Capital, Inc.		43,419		323,037
Chicago Atlantic Real Estate Finance, Inc.		5,740		92,873
Chimera Investment Corp.		78,436		391,396
Claros Mortgage Trust, Inc. (b)		31,509		429,468
Dynex Capital, Inc. (b)		17,851		223,495
Ellington Financial, Inc.		25,082		318,792
Franklin BSP Realty Trust, Inc. (b)		29,093		393,046
Granite Point Mortgage Trust, Inc.		17,729		105,310

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Mortgage Real Estate Investment Trusts—(Continued)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		34,746	$	958,295
Invesco Mortgage Capital, Inc.		14,200		125,812
KKR Real Estate Finance Trust, Inc. (b)		19,694		260,552
Ladder Capital Corp.		39,172		450,870
MFA Financial, Inc.		33,634		379,055
New York Mortgage Trust, Inc. (b)		29,554		252,096
Nexpoint Real Estate Finance, Inc.		2,760		43,470
Orchid Island Capital, Inc. (b)		17,633		148,646
PennyMac Mortgage Investment Trust		29,854		446,317
Ready Capital Corp. (b)		53,836		551,819
Redwood Trust, Inc. (b)		38,280		283,655
TPG RE Finance Trust, Inc. (b)		20,840		135,460
Two Harbors Investment Corp.		32,684		455,288
				10,059,285
Multi-Utilities—0.4%
Avista Corp.		25,510		911,727
Black Hills Corp.		22,343		1,205,405
Northwestern Energy Group, Inc. (b)		20,178		1,026,858
Unitil Corp.		5,057		265,847
				3,409,837
Office REITs—0.7%
Brandywine Realty Trust		57,362		309,755
City Office REIT, Inc.		10,797		65,970
COPT Defense Properties		37,541		962,176
Douglas Emmett, Inc. (b)		54,193		785,798
Easterly Government Properties, Inc. (b)		30,700		412,608
Equity Commonwealth		33,220		637,824
Hudson Pacific Properties, Inc. (b)		46,635		434,172
JBG SMITH Properties (b)		33,802		574,972
Office Properties Income Trust		16,817		123,100
Orion Office REIT, Inc.		20,172		115,384
Paramount Group, Inc.		63,271		327,111
Peakstone Realty Trust (b)		12,370		246,534
Piedmont Office Realty Trust, Inc. - Class A		41,047		291,844
Postal Realty Trust, Inc. - Class A		5,867		85,423
SL Green Realty Corp. (b)		21,168		956,159
				6,328,830
Oil, Gas & Consumable Fuels—4.3%
Amplify Energy Corp. (a) (b)		12,277		72,803
Ardmore Shipping Corp.		13,795		194,371
Berry Corp.		25,676		180,502
California Resources Corp. (b)		23,303		1,274,208
Callon Petroleum Co. (a)		20,557		666,047
Centrus Energy Corp. - Class A (a) (b)		4,135		224,985
Chord Energy Corp.		14,046		2,334,867
Civitas Resources, Inc. (b)		26,907		1,839,901
Clean Energy Fuels Corp. (a) (b)		54,120		207,280
CNX Resources Corp. (a) (b)		52,457		1,049,140
Comstock Resources, Inc. (b)		30,914		273,589
CONSOL Energy, Inc.		10,171		1,022,491
Crescent Energy Co. - Class A (b)		26,200		346,102
CVR Energy, Inc.		10,082		305,485
Oil, Gas & Consumable Fuels—(Continued)
Delek U.S. Holdings, Inc.		22,029		568,348
DHT Holdings, Inc.		46,057		451,819
Dorian LPG Ltd. (b)		11,086		486,343
Encore Energy Corp. (a)		49,010		192,609
Energy Fuels, Inc. (a) (b)		52,621		378,345
Equitrans Midstream Corp.		146,512		1,491,492
Evolution Petroleum Corp. (b)		10,655		61,906
Excelerate Energy, Inc. - Class A (b)		6,800		105,128
FLEX LNG Ltd.		10,006		290,774
FutureFuel Corp.		8,809		53,559
Gevo, Inc. (a) (b)		66,406		77,031
Golar LNG Ltd.		32,510		747,405
Granite Ridge Resources, Inc. (b)		9,296		55,962
Green Plains, Inc. (a) (b)		19,518		492,244
Gulfport Energy Corp. (a) (b)		3,698		492,574
Hallador Energy Co. (a) (b)		7,729		68,324
HighPeak Energy, Inc. (b)		4,361		62,101
International Seaways, Inc.		13,630		619,892
Kinetik Holdings, Inc. (b)		5,614		187,508
Kosmos Energy Ltd. (a)		151,784		1,018,471
Magnolia Oil & Gas Corp. - Class A (b)		59,583		1,268,522
Matador Resources Co. (b)		37,921		2,156,188
Murphy Oil Corp.		49,464		2,110,134
NACCO Industries, Inc. - Class A		1,389		50,698
NextDecade Corp. (a) (b)		26,113		124,559
Nordic American Tankers Ltd.		69,042		289,976
Northern Oil & Gas, Inc. (b)		29,296		1,086,003
Overseas Shipholding Group, Inc. - Class A		19,448		102,491
Par Pacific Holdings, Inc. (a)		18,554		674,809
PBF Energy, Inc. - Class A		37,048		1,628,630
Peabody Energy Corp. (b)		38,067		925,789
Permian Resources Corp. (b)		129,420		1,760,112
REX American Resources Corp. (a) (b)		5,256		248,609
Riley Exploration Permian, Inc.		3,073		83,708
Ring Energy, Inc. (a) (b)		31,938		46,629
SandRidge Energy, Inc. (b)		10,783		147,404
Scorpio Tankers, Inc.		15,755		957,904
SFL Corp. Ltd.		39,560		446,237
SilverBow Resources, Inc. (a) (b)		7,038		204,665
Sitio Royalties Corp. - Class A (b)		27,084		636,745
SM Energy Co. (b)		38,956		1,508,376
Talos Energy, Inc. (a) (b)		37,534		534,109
Teekay Corp. (a)		23,214		165,980
Teekay Tankers Ltd. - Class A		8,028		401,159
Tellurian, Inc. (a) (b)		171,884		129,876
Uranium Energy Corp. (a) (b)		123,489		790,330
VAALCO Energy, Inc. (b)		36,276		162,879
Vertex Energy, Inc. (a) (b)		22,715		77,004
Vital Energy, Inc. (a)		7,782		354,003
Vitesse Energy, Inc.		8,582		187,860
W&T Offshore, Inc. (b)		33,128		107,997
World Kinect Corp.		19,981		455,167
				37,718,158

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Paper & Forest Products—0.1%
Clearwater Paper Corp. (a)		5,381	$	194,362
Sylvamo Corp.		12,273		602,727
				797,089
Passenger Airlines—0.4%
Allegiant Travel Co.		5,412		447,085
Blade Air Mobility, Inc. (a)		20,915		73,830
Frontier Group Holdings, Inc. (a) (b)		14,756		80,568
Hawaiian Holdings, Inc. (a)		17,125		243,175
JetBlue Airways Corp. (a) (b)		110,917		615,589
Joby Aviation, Inc. (a) (b)		94,014		625,193
SkyWest, Inc. (a)		13,492		704,283
Spirit Airlines, Inc.		36,644		600,595
Sun Country Airlines Holdings, Inc. (a) (b)		12,318		193,762
				3,584,080
Personal Care Products—0.9%
Beauty Health Co. (a) (b)		30,052		93,462
BellRing Brands, Inc. (a)		43,718		2,423,289
Edgewell Personal Care Co. (b)		16,266		595,823
elf Beauty, Inc. (a) (b)		17,826		2,573,005
Herbalife Ltd. (a) (b)		33,308		508,280
Inter Parfums, Inc.		6,203		893,294
Medifast, Inc. (b)		3,603		242,194
Nature’s Sunshine Products, Inc. (a)		4,578		79,153
Nu Skin Enterprises, Inc. - Class A		16,591		322,197
USANA Health Sciences, Inc. (a)		3,693		197,945
Waldencast PLC—Class A (a) (b)		12,854		140,623
				8,069,265
Pharmaceuticals—1.7%
Amneal Pharmaceuticals, Inc. (a) (b)		41,091		249,422
Amphastar Pharmaceuticals, Inc. (a) (b)		13,014		804,916
Amylyx Pharmaceuticals, Inc. (a)		17,183		252,934
ANI Pharmaceuticals, Inc. (a)		4,883		269,249
Arvinas, Inc. (a)		16,311		671,361
Atea Pharmaceuticals, Inc. (a) (b)		32,816		100,089
Axsome Therapeutics, Inc. (a) (b)		11,769		936,695
Cassava Sciences, Inc. (a) (b)		12,781		287,700
Collegium Pharmaceutical, Inc. (a) (b)		11,356		349,538
Corcept Therapeutics, Inc. (a)		26,919		874,329
CorMedix, Inc. (a) (b)		15,077		56,689
Cymabay Therapeutics, Inc. (a) (b)		37,811		893,096
Edgewise Therapeutics, Inc. (a)		15,027		164,395
Enliven Therapeutics, Inc. (a) (b)		7,852		108,672
Evolus, Inc. (a)		12,622		132,910
EyePoint Pharmaceuticals, Inc. (a)		8,887		205,379
Harmony Biosciences Holdings, Inc. (a) (b)		11,160		360,468
Harrow, Inc. (a) (b)		8,750		98,000
Innoviva, Inc. (a) (b)		21,386		343,031
Intra-Cellular Therapies, Inc. (a)		31,401		2,248,940
Ligand Pharmaceuticals, Inc. (a) (b)		5,595		399,595
Liquidia Corp. (a) (b)		16,545		199,036
Marinus Pharmaceuticals, Inc. (a) (b)		16,763		182,214
Neumora Therapeutics, Inc. (a) (b)		5,399		92,053
Pharmaceuticals—(Continued)
Nuvation Bio, Inc. (a)		43,380		65,504
Ocular Therapeutix, Inc. (a)		26,202		116,861
Omeros Corp. (a) (b)		20,522		67,107
Pacira BioSciences, Inc. (a)		15,246		514,400
Phathom Pharmaceuticals, Inc. (a) (b)		10,477		95,655
Phibro Animal Health Corp. - Class A		6,746		78,119
Pliant Therapeutics, Inc. (a) (b)		18,963		343,420
Prestige Consumer Healthcare, Inc. (a)		16,788		1,027,761
Revance Therapeutics, Inc. (a) (b)		27,973		245,883
Scilex Holding Co. (a) (b)		22,005		44,890
scPharmaceuticals, Inc. (a) (b)		9,746		61,107
SIGA Technologies, Inc. (b)		18,339		102,698
Supernus Pharmaceuticals, Inc. (a)		16,728		484,108
Taro Pharmaceutical Industries Ltd. (a)		2,758		115,229
Tarsus Pharmaceuticals, Inc. (a) (b)		9,885		200,171
Terns Pharmaceuticals, Inc. (a)		14,700		95,403
Theravance Biopharma, Inc. (a) (b)		17,488		196,565
Third Harmonic Bio, Inc. (a)		7,381		80,970
WaVe Life Sciences Ltd. (a)		19,986		100,929
Xeris Biopharma Holdings, Inc. (a)		45,707		107,411
Zevra Therapeutics, Inc. (a) (b)		11,744		76,923
				14,501,825
Professional Services—2.4%
Alight, Inc. - Class A (a)		138,591		1,182,181
ASGN, Inc. (a)		15,518		1,492,366
Asure Software, Inc. (a)		6,393		60,861
Barrett Business Services, Inc.		2,279		263,908
Blacksky Technology, Inc. (a) (b)		41,812		58,537
CBIZ, Inc. (a)		15,660		980,159
Conduent, Inc. (a)		57,110		208,452
CRA International, Inc.		2,343		231,606
CSG Systems International, Inc. (b)		10,433		555,140
ExlService Holdings, Inc. (a)		53,106		1,638,320
Exponent, Inc. (b)		16,704		1,470,620
First Advantage Corp. (b)		17,889		296,421
Forrester Research, Inc. (a)		3,344		89,653
Franklin Covey Co. (a)		3,849		167,547
Heidrick & Struggles International, Inc.		6,268		185,094
HireRight Holdings Corp. (a)		5,408		72,738
Huron Consulting Group, Inc. (a)		6,424		660,387
IBEX Holdings Ltd. (a)		3,027		57,543
ICF International, Inc.		6,347		851,069
Innodata, Inc. (a) (b)		8,488		69,092
Insperity, Inc.		11,836		1,387,416
Kelly Services, Inc. - Class A		11,083		239,615
Kforce, Inc. (b)		6,564		443,464
Korn Ferry		17,703		1,050,673
Legalzoom.com, Inc. (a)		39,984		451,819
Maximus, Inc.		20,406		1,711,247
Mistras Group, Inc. (a) (b)		7,064		51,709
NV5 Global, Inc. (a)		4,636		515,152
Parsons Corp. (a)		13,848		868,408
Planet Labs PBC (a) (b)		67,186		165,949
Resources Connection, Inc.		11,231		159,143
Sterling Check Corp. (a) (b)		10,883		151,491

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—(Continued)
TriNet Group, Inc. (a) (b)		10,657	$	1,267,437
TrueBlue, Inc. (a)		10,956		168,065
TTEC Holdings, Inc.		6,343		137,453
Upwork, Inc. (a)		41,273		613,730
Verra Mobility Corp. (a)		47,250		1,088,168
Willdan Group, Inc. (a) (b)		4,570		98,255
				21,160,888
Real Estate Management & Development—0.8%
Anywhere Real Estate, Inc. (a) (b)		34,390		278,903
Compass, Inc. - Class A (a) (b)		101,376		381,174
Cushman & Wakefield PLC (a) (b)		55,865		603,342
DigitalBridge Group, Inc.		53,465		937,776
Douglas Elliman, Inc.		28,807		84,981
eXp World Holdings, Inc. (b)		23,278		361,275
Forestar Group, Inc. (a) (b)		5,572		184,266
FRP Holdings, Inc. (a)		2,285		143,681
Kennedy-Wilson Holdings, Inc. (b)		39,493		488,923
Marcus & Millichap, Inc. (b)		7,486		326,989
Newmark Group, Inc. - Class A		44,390		486,514
Opendoor Technologies, Inc. (a) (b)		184,227		825,337
RE/MAX Holdings, Inc. - Class A (b)		6,249		83,299
Redfin Corp. (a) (b)		35,890		370,385
RMR Group, Inc. - Class A		4,706		132,850
St. Joe Co.		11,618		699,171
Star Holdings (a)		4,337		64,968
Stratus Properties, Inc. (a)		1,950		56,277
Tejon Ranch Co. (a) (b)		7,461		128,329
				6,638,440
Residential REITs—0.4%
Apartment Investment & Management Co. - Class A (a)		49,916		390,842
BRT Apartments Corp.		3,996		74,286
Centerspace		5,179		301,418
Elme Communities		30,151		440,205
Independence Realty Trust, Inc.		75,182		1,150,284
NexPoint Residential Trust, Inc.		6,946		239,151
UMH Properties, Inc.		19,976		306,032
Veris Residential, Inc. (b)		26,617		418,685
				3,320,903
Retail REITs—1.1%
Acadia Realty Trust (b)		31,446		534,267
Alexander’s, Inc.		759		162,100
CBL & Associates Properties, Inc. (b)		9,399		229,524
Getty Realty Corp.		15,914		465,007
InvenTrust Properties Corp.		23,184		587,482
Kite Realty Group Trust		73,131		1,671,775
Macerich Co. (b)		71,062		1,096,487
NETSTREIT Corp. (b)		22,581		403,071
Phillips Edison & Co., Inc. (b)		39,363		1,435,962
Retail Opportunity Investments Corp.		41,820		586,735
Saul Centers, Inc. (b)		3,884		152,525
SITE Centers Corp.		62,650		853,919
Tanger, Inc. (b)		33,335		924,046
Retail REITs—(Continued)
Urban Edge Properties		37,458		685,481
Whitestone REIT (b)		15,859		194,907
				9,983,288
Semiconductors & Semiconductor Equipment—3.0%
ACM Research, Inc. - Class A (a)		16,205		316,646
Aehr Test Systems (a) (b)		8,684		230,387
Alpha & Omega Semiconductor Ltd. (a)		7,372		192,114
Ambarella, Inc. (a)		12,522		767,473
Amkor Technology, Inc.		37,486		1,247,159
Atomera, Inc. (a) (b)		7,079		49,624
Axcelis Technologies, Inc. (a)		10,801		1,400,782
CEVA, Inc. (a) (b)		8,407		190,923
Cohu, Inc. (a)		15,880		561,993
Credo Technology Group Holding Ltd. (a) (b)		38,492		749,439
Diodes, Inc. (a) (b)		15,147		1,219,636
FormFactor, Inc. (a) (c)		26,288		1,096,472
Ichor Holdings Ltd. (a) (b)		10,143		341,109
Impinj, Inc. (a) (b)		7,712		694,311
indie Semiconductor, Inc. - Class A (a) (b)		50,888		412,702
inTEST Corp. (a)		3,622		49,259
Kulicke & Soffa Industries, Inc. (b)		18,462		1,010,241
MACOM Technology Solutions Holdings, Inc. (a) (b)		18,249		1,696,245
Maxeon Solar Technologies Ltd. (a) (b)		8,482		60,816
MaxLinear, Inc. (a)		25,368		602,997
Navitas Semiconductor Corp. (a)		37,202		300,220
NVE Corp. (b)		1,605		125,880
Onto Innovation, Inc. (a)		16,424		2,511,230
PDF Solutions, Inc. (a) (b)		10,025		322,204
Photronics, Inc. (a)		21,105		662,064
Power Integrations, Inc. (b)		19,120		1,569,943
Rambus, Inc. (a) (b)		36,566		2,495,630
Semtech Corp. (a) (b)		21,007		460,263
Silicon Laboratories, Inc. (a)		10,647		1,408,279
SiTime Corp. (a) (b)		5,763		703,547
SkyWater Technology, Inc. (a)		6,922		66,590
SMART Global Holdings, Inc. (a) (b)		16,723		316,566
Synaptics, Inc. (a)		13,012		1,484,409
Ultra Clean Holdings, Inc. (a)		14,480		494,347
Veeco Instruments, Inc. (a) (b)		16,657		516,867
				26,328,367
Software—5.7%
8x8, Inc. (a)		37,978		143,557
A10 Networks, Inc.		23,716		312,340
ACI Worldwide, Inc. (a)		36,393		1,113,626
Adeia, Inc.		35,163		435,670
Agilysys, Inc. (a)		6,690		567,446
Alarm.com Holdings, Inc. (a)		16,373		1,058,023
Alkami Technology, Inc. (a)		13,618		330,237
Altair Engineering, Inc. - Class A (a) (b)		18,018		1,516,215
American Software, Inc. - Class A		11,730		132,549
Amplitude, Inc. - Class A (a)		23,067		293,412
Appfolio, Inc. - Class A (a)		6,309		1,092,971
Appian Corp. - Class A (a)		13,931		524,641
Asana, Inc. - Class A (a) (b)		26,813		509,715

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Software—(Continued)
Aurora Innovation, Inc. (a) (b)		112,809	$	492,975
AvePoint, Inc. (a)		52,062		427,429
Bit Digital, Inc. (a) (b)		25,236		106,748
Blackbaud, Inc. (a)		14,609		1,266,600
BlackLine, Inc. (a)		18,965		1,184,175
Box, Inc. - Class A (a)		47,952		1,228,051
Braze, Inc. - Class A (a)		17,609		935,566
C3.ai, Inc. - Class A (a) (b)		27,271		782,950
Cerence, Inc. (a) (b)		13,068		256,917
Cleanspark, Inc. (a) (b)		50,398		555,890
Clear Secure, Inc. - Class A		28,113		580,533
CommVault Systems, Inc. (a)		14,745		1,177,388
Consensus Cloud Solutions, Inc. (a)		6,453		169,133
CS Disco, Inc. (a)		8,074		61,282
Digimarc Corp. (a) (b)		4,269		154,196
Digital Turbine, Inc. (a)		31,408		215,459
Domo, Inc. - Class B (a)		9,814		100,986
E2open Parent Holdings, Inc. (a) (b)		57,793		253,711
eGain Corp. (a)		7,231		60,234
Enfusion, Inc. - Class A (a) (b)		13,228		128,312
EngageSmart, Inc. (a)		16,515		378,194
Envestnet, Inc. (a) (b)		16,807		832,283
Everbridge, Inc. (a)		13,337		324,222
EverCommerce, Inc. (a)		8,186		90,292
Expensify, Inc. - Class A (a)		19,004		46,940
Freshworks, Inc. - Class A (a)		54,559		1,281,591
Instructure Holdings, Inc. (a)		6,115		165,166
Intapp, Inc. (a) (b)		9,390		357,008
InterDigital, Inc. (b)		8,704		944,732
Jamf Holding Corp. (a) (b)		23,449		423,489
Kaltura, Inc. (a) (b)		29,792		58,094
LivePerson, Inc. (a)		24,311		92,139
LiveRamp Holdings, Inc. (a)		22,004		833,512
Marathon Digital Holdings, Inc. (a) (b)		70,873		1,664,807
Matterport, Inc. (a) (b)		85,429		229,804
MeridianLink, Inc. (a) (b)		8,983		222,509
MicroStrategy, Inc. - Class A (a) (b)		4,063		2,566,272
Mitek Systems, Inc. (a) (b)		15,147		197,517
Model N, Inc. (a)		12,650		340,665
N-able, Inc. (a)		24,099		319,312
NextNav, Inc. (a) (b)		19,614		87,282
Olo, Inc. - Class A (a)		35,254		201,653
ON24, Inc.		10,058		79,257
OneSpan, Inc. (a)		13,014		139,510
PagerDuty, Inc. (a) (b)		29,670		686,860
PowerSchool Holdings, Inc. - Class A (a) (b)		19,001		447,664
Progress Software Corp. (b)		14,601		792,834
PROS Holdings, Inc. (a)		15,005		582,044
Q2 Holdings, Inc. (a) (b)		18,911		820,927
Qualys, Inc. (a) (b)		12,476		2,448,789
Rapid7, Inc. (a) (b)		19,953		1,139,316
Red Violet, Inc. (a)		3,327		66,440
Rimini Street, Inc. (a) (b)		16,821		55,005
Riot Platforms, Inc. (a) (b)		63,362		980,210
Sapiens International Corp. NV		9,820		284,191
SEMrush Holdings, Inc. - Class A (a) (b)		10,967		149,809
SolarWinds Corp. (a)		16,368		204,436
Software—(Continued)
SoundHound AI, Inc. - Class A (a) (b)		47,985		101,728
SoundThinking, Inc. (a)		3,138		80,145
Sprinklr, Inc. - Class A (a)		34,779		418,739
Sprout Social, Inc. - Class A (a) (b)		15,663		962,335
SPS Commerce, Inc. (a)		12,307		2,385,589
Tenable Holdings, Inc. (a)		38,291		1,763,683
Terawulf, Inc. (a) (b)		45,615		109,476
Varonis Systems, Inc. (a) (b)		35,958		1,628,178
Verint Systems, Inc. (a)		20,243		547,168
Weave Communications, Inc. (a)		12,297		141,047
Workiva, Inc. (a) (b)		16,400		1,665,092
Xperi, Inc. (a)		14,065		154,996
Yext, Inc. (a)		34,660		204,147
Zeta Global Holdings Corp. - Class A (a)		45,460		400,957
Zuora, Inc. - Class A (a) (b)		42,438		398,917
				49,665,909
Specialized REITs—0.4%
Farmland Partners, Inc. (b)		15,523		193,727
Four Corners Property Trust, Inc. (b)		30,138		762,491
Gladstone Land Corp.		10,827		156,450
Outfront Media, Inc.		49,314		688,423
PotlatchDeltic Corp.		25,955		1,274,391
Safehold, Inc. (b)		16,229		379,759
Uniti Group, Inc. (b)		80,157		463,308
				3,918,549
Specialty Retail—2.6%
1-800-Flowers.com, Inc. - Class A (a) (b)		9,265		99,877
Aaron’s Co., Inc.		10,896		118,548
Abercrombie & Fitch Co. - Class A (a) (b)		16,478		1,453,689
Academy Sports & Outdoors, Inc.		24,165		1,594,890
America’s Car-Mart, Inc. (a) (b)		2,086		158,056
American Eagle Outfitters, Inc. (b)		61,334		1,297,827
Arko Corp. (b)		31,060		256,245
Asbury Automotive Group, Inc. (a) (b)		6,920		1,556,792
Beyond, Inc. (a)		15,298		423,602
Big 5 Sporting Goods Corp. (b)		7,812		49,528
Boot Barn Holdings, Inc. (a) (b)		10,047		771,208
Buckle, Inc.		10,213		485,322
Build-A-Bear Workshop, Inc. (b)		4,959		114,007
Caleres, Inc. (b)		11,585		356,007
Camping World Holdings, Inc. - Class A		14,044		368,795
CarParts.com, Inc. (a)		18,022		56,950
Carvana Co. (a) (b)		32,198		1,704,562
Chico’s FAS, Inc. (a) (b)		41,529		314,790
Children’s Place, Inc. (a)		3,971		92,207
Designer Brands, Inc. - Class A (b)		12,484		110,483
Destination XL Group, Inc. (a) (b)		19,702		86,689
EVgo, Inc. (a) (b)		35,436		126,861
Foot Locker, Inc. (b)		27,087		843,760
Genesco, Inc. (a)		3,961		139,467
Group 1 Automotive, Inc.		4,603		1,402,718
GrowGeneration Corp. (a) (b)		19,482		48,900
Guess?, Inc. (b)		9,669		222,967
Haverty Furniture Cos., Inc. (b)		4,960		176,080

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
Hibbett, Inc. (b)		4,141	$	298,235
Lands’ End, Inc. (a)		5,131		49,052
Leslie’s, Inc. (a) (b)		59,966		414,365
MarineMax, Inc. (a)		7,339		285,487
Monro, Inc. (b)		10,365		304,109
National Vision Holdings, Inc. (a)		26,199		548,345
ODP Corp. (a)		10,699		602,354
OneWater Marine, Inc. - Class A (a) (b)		3,644		123,131
PetMed Express, Inc.		6,446		48,732
Revolve Group, Inc. (a) (b)		14,472		239,946
Sally Beauty Holdings, Inc. (a) (b)		36,161		480,218
Shoe Carnival, Inc. (b)		6,132		185,248
Signet Jewelers Ltd. (b)		14,667		1,573,182
Sleep Number Corp. (a)		7,502		111,255
Sonic Automotive, Inc. - Class A (b)		5,221		293,472
Sportsman’s Warehouse Holdings, Inc. (a)		10,935		46,583
Stitch Fix, Inc. - Class A (a)		28,562		101,966
ThredUp, Inc. - Class A (a)		22,896		51,516
Tile Shop Holdings, Inc. (a)		9,826		72,319
Tilly’s, Inc. - Class A (a)		7,804		58,842
Upbound Group, Inc. (b)		17,965		610,271
Urban Outfitters, Inc. (a)		21,577		770,083
Warby Parker, Inc. - Class A (a)		28,895		407,420
Winmark Corp.		994		415,045
Zumiez, Inc. (a)		5,111		103,958
				22,625,961
Technology Hardware, Storage & Peripherals—0.7%
Corsair Gaming, Inc. (a)		13,698		193,142
Eastman Kodak Co. (a)		19,889		77,567
Immersion Corp. (b)		10,580		74,695
IonQ, Inc. (a) (b)		54,320		673,025
Super Micro Computer, Inc. (a)		15,470		4,397,502
Turtle Beach Corp. (a) (b)		5,364		58,736
Xerox Holdings Corp.		38,468		705,118
				6,179,785
Textiles, Apparel & Luxury Goods—0.5%
Figs, Inc. - Class A (a) (b)		44,317		308,003
G-III Apparel Group Ltd. (a)		13,787		468,482
Hanesbrands, Inc. (a) (b)		118,172		527,047
Kontoor Brands, Inc. (b)		18,681		1,166,068
Movado Group, Inc.		4,696		141,585
Oxford Industries, Inc. (b)		4,988		498,800
Rocky Brands, Inc. (b)		2,393		72,221
Steven Madden Ltd. (b)		25,264		1,061,088
Vera Bradley, Inc. (a)		8,929		68,753
Wolverine World Wide, Inc. (b)		26,161		232,571
				4,544,618
Tobacco—0.2%
Ispire Technology, Inc. (a) (b)		6,668		80,883
Turning Point Brands, Inc.		5,617		147,839
Universal Corp. (b)		8,059		542,532
Tobacco—(Continued)
Vector Group Ltd.		48,791		550,363
				1,321,617
Trading Companies & Distributors—2.0%
Alta Equipment Group, Inc.		7,040		87,085
Applied Industrial Technologies, Inc.		12,837		2,216,821
Beacon Roofing Supply, Inc. (a)		19,289		1,678,529
BlueLinx Holdings, Inc. (a)		2,908		329,505
Boise Cascade Co. (b)		13,372		1,729,802
Custom Truck One Source, Inc. (a)		20,077		124,076
Distribution Solutions Group, Inc. (a) (b)		3,388		106,925
DXP Enterprises, Inc. (a)		4,806		161,962
FTAI Aviation Ltd.		33,508		1,554,771
GATX Corp. (b)		11,909		1,431,700
Global Industrial Co.		3,989		154,933
GMS, Inc. (a)		13,401		1,104,644
H&E Equipment Services, Inc.		10,452		546,849
Herc Holdings, Inc.		9,481		1,411,626
Hudson Technologies, Inc. (a)		14,689		198,155
Karat Packaging, Inc. (b)		2,148		53,378
McGrath RentCorp		8,283		990,812
MRC Global, Inc. (a)		28,411		312,805
NOW, Inc. (a)		33,807		382,695
Rush Enterprises, Inc. - Class A (b)		20,887		1,050,616
Rush Enterprises, Inc. - Class B (b)		2,708		143,470
Textainer Group Holdings Ltd.		13,463		662,380
Titan Machinery, Inc. (a)		6,828		197,193
Transcat, Inc. (a) (b)		2,736		299,127
Willis Lease Finance Corp. (a)		960		46,925
Xometry, Inc. - Class A (a) (b)		11,657		418,603
				17,395,387
Water Utilities—0.4%
American States Water Co.		12,211		982,009
Artesian Resources Corp. - Class A (b)		2,874		119,127
Cadiz, Inc. (a) (b)		13,587		38,044
California Water Service Group (b)		19,296		1,000,883
Consolidated Water Co. Ltd. (b)		5,040		179,424
Global Water Resources, Inc.		4,624		60,482
Middlesex Water Co.		5,991		393,129
Pure Cycle Corp. (a)		6,829		71,500
SJW Group (b)		10,391		679,052
York Water Co.		5,110		197,348
				3,720,998
Wireless Telecommunication Services—0.1%
Gogo, Inc. (a) (b)		22,220		225,089
Spok Holdings, Inc. (b)		5,955		92,183
Telephone & Data Systems, Inc.		34,718		637,075
Tingo Group, Inc. (a) (d) (e)		44,053		30,397
				984,744
Total Common Stocks (Cost $627,532,859)				842,950,411

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Mutual Funds—1.5%

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—1.5%
iShares Russell 2000 ETF (b) (Cost $11,122,315)		65,800	$	13,206,718
Rights—0.0%
Biotechnology—0.0%
Cartesian Therapeutics, Inc.(a) (b)		39,548		7,119
Chinook Therapeutics, Inc.(a)		19,453		7,587
Tobira Therapeutics, Inc.(a) (d) (e)		4,660		37,093
Total Rights (Cost $14,088)				51,799
Warrants—0.0%
Energy Equipment & Services—0.0%
Nabors Industries Ltd., Expires 06/11/26 (a)		882		9,261
Pharmaceuticals—0.0%
Cassava Sciences, Inc., Expires 11/15/24 (a)		5,112		2,607
Total Warrants (Cost $0)				11,868
Short-Term Investments—2.3%
U.S. Treasury—2.3%
U.S. Treasury Bills 2.614%, 01/02/24 (f)		2,075,000		2,075,000
5.228%, 02/06/24 (f)		17,775,000		17,683,764
Total Short-Term Investments (Cost $19,756,002)				19,758,764
Securities Lending Reinvestments (g)—16.2%
Certificates of Deposit—1.5%
Barclays Bank PLC 5.710%, SOFR + 0.320%, 06/20/24 (h)		2,000,000		1,999,994
Mizuho Bank Ltd. 5.790%, SOFR + 0.400%, 04/18/24 (h)		1,000,000		1,000,453
MUFG Bank Ltd. (London) Zero Coupon, 02/20/24		1,000,000		992,110
Oversea-Chinese Banking Corp. Ltd. 5.630%, SOFR + 0.240%, 02/09/24 (h)		3,000,000		3,000,312
Standard Chartered Bank 5.790%, SOFR + 0.390%, 04/19/24 (h)		2,000,000		2,000,000
Sumitomo Mitsui Trust Bank Ltd. 5.800%, SOFR + 0.400%, 04/24/24 (h)		2,000,000		2,001,190
Westpac Banking Corp. 5.950%, SOFR + 0.550%, 10/11/24 (h)		2,000,000		2,002,478
				12,996,537
Commercial Paper—0.5%
Australia & New Zealand Banking Group Ltd. 5.640%, 04/18/24		2,000,000		1,966,676
5.730%, SOFR + 0.330%, 04/18/24 (h)		2,000,000		2,000,448
				3,967,124
Repurchase Agreements—11.4%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $10,311,240; collateralized by various Common Stock with an aggregate market value of $11,477,665.		10,305,000		10,305,000
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,300,770; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $1,326,727.		1,300,000		1,300,000
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $4,002,422; collateralized by various Common Stock with an aggregate market value of $4,459,247.		4,000,000		4,000,000
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $12,357,410; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24 - 11/20/73, and an aggregate market value of $12,597,000.		12,350,000		12,350,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.620%, due on 02/02/24 with a maturity value of $2,010,928; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.750%, maturity dates ranging from 01/15/30 - 08/15/32, and various Common Stock with an aggregate market value of $2,040,002.		2,000,000		2,000,000
Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $6,180,992; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $6,120,028.		6,000,000		6,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $13,896,791; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $14,166,385.		13,888,613		13,888,613
National Bank Financial, Inc. Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $2,001,182; collateralized by U.S. Treasury Obligation at 0.500%, maturing 02/28/26, and an aggregate market value of $2,049,564.		2,000,000		2,000,000

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (g)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank of Canada Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $15,015,896; collateralized by various Common Stock with an aggregate market value of $16,739,838.		15,000,000	$	15,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $16,510,175; collateralized by various Common Stock with an aggregate market value of $18,414,232.		16,500,000		16,500,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/29/23 at 5.590%, due on 02/02/24 with a maturity value of $3,016,304; collateralized by various Common Stock with an aggregate market value of $3,333,851.		3,000,000		3,000,000
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $7,004,146; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $7,155,857.		7,000,000		7,000,000
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $2,067,242; collateralized by various Common Stock with an aggregate market value of $2,299,707.		2,065,977		2,065,977
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $4,002,409; collateralized by various Common Stock with an aggregate market value of $4,408,577.		4,000,000		4,000,000
				99,409,590
Time Deposits—1.1%
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		5,000,000		5,000,000
National Bank of Canada 5.370%, OBFR + 0.050%, 01/05/24 (h)		5,000,000		5,000,000
				10,000,000
Mutual Funds—1.7%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (i)		5,000,000		5,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (i)		2,000,000		2,000,000
Mutual Funds—(Continued)
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (i)		5,000,000		5,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (i)		2,000,000		2,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (i)		1,000,000		1,000,000
				15,000,000
Total Securities Lending Reinvestments (Cost $141,368,456)				141,373,251
Total Investments—116.5% (Cost $799,793,720)				1,017,352,811
Other assets and liabilities (net) —(16.5)%				(143,811,666	)
Net Assets—100.0%			$	873,541,145

*	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, 2023, the market value of securities loaned was $190,457,239 and the collateral received consisted of cash in the amount of $141,337,967 and non-cash collateral with a value of $58,797,525. 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, 2023, the market value of securities pledged was $3,284,652.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2023, these securities represent less than 0.05% of net assets.
(f)	The rate shown represents current yield to maturity.
(g)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(h)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. 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.
(i)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
Russell 2000 Index E-Mini Futures		03/15/24		178		USD	18,224,530	$	1,542,521

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Other Abbreviations

(OBFR)—	U.S. Overnight Bank Funding Rate
(REIT)—	Real Estate Investment Trust
(SOFR)—	Secured Overnight Financing Rate

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	7,306,813	$	—	$	—	$	7,306,813
Air Freight & Logistics		1,893,478		—		—		1,893,478
Automobile Components		11,226,720		—		—		11,226,720
Automobiles		888,607		—		—		888,607
Banks		80,496,763		—		—		80,496,763
Beverages		3,597,248		—		—		3,597,248
Biotechnology		62,461,046		—		—		62,461,046
Broadline Retail		734,971		—		—		734,971
Building Products		16,993,193		—		—		16,993,193
Capital Markets		11,785,271		—		—		11,785,271
Chemicals		15,965,692		—		—		15,965,692
Commercial Services & Supplies		13,078,778		—		—		13,078,778
Communications Equipment		4,867,531		—		—		4,867,531
Construction & Engineering		14,261,200		—		—		14,261,200
Construction Materials		2,969,821		—		—		2,969,821
Consumer Finance		6,585,203		—		—		6,585,203
Consumer Staples Distribution & Retail		4,732,536		—		—		4,732,536
Containers & Packaging		2,347,517		—		—		2,347,517
Distributors		64,539		—		—		64,539
Diversified Consumer Services		10,460,252		—		—		10,460,252
Diversified REITs		5,172,000		—		—		5,172,000
Diversified Telecommunication Services		4,589,116		—		—		4,589,116
Electric Utilities		6,048,163		—		—		6,048,163
Electrical Equipment		11,479,043		—		—		11,479,043
Electronic Equipment, Instruments & Components		23,011,550		—		—		23,011,550
Energy Equipment & Services		20,500,883		—		—		20,500,883
Entertainment		3,235,319		—		—		3,235,319
Financial Services		20,377,719		—		—		20,377,719
Food Products		8,164,030		—		—		8,164,030
Gas Utilities		7,701,719		—		—		7,701,719
Ground Transportation		3,937,539		—		—		3,937,539
Health Care Equipment & Supplies		23,772,261		—		—		23,772,261
Health Care Providers & Services		21,124,278		—		—		21,124,278
Health Care REITs		5,085,253		—		—		5,085,253
Health Care Technology		4,035,594		—		—		4,035,594
Hotel & Resort REITs		7,419,516		—		—		7,419,516

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Hotels, Restaurants & Leisure	$	18,597,052	$	—		$	—	$	18,597,052
Household Durables		20,057,055		—			—		20,057,055
Household Products		2,705,073		—			—		2,705,073
Independent Power and Renewable Electricity Producers		2,251,284		—			—		2,251,284
Industrial Conglomerates		213,990		—			—		213,990
Industrial REITs		3,974,276		—			—		3,974,276
Insurance		14,812,151		—			—		14,812,151
Interactive Media & Services		6,057,555		—			—		6,057,555
IT Services		4,337,937		—			—		4,337,937
Leisure Products		3,392,551		—			—		3,392,551
Life Sciences Tools & Services		2,990,370		—			0		2,990,370
Machinery		29,682,916		—			—		29,682,916
Marine Transportation		2,483,741		—			—		2,483,741
Media		5,231,373		—			—		5,231,373
Metals & Mining		15,534,102		—			—		15,534,102
Mortgage Real Estate Investment Trusts		10,059,285		—			—		10,059,285
Multi-Utilities		3,409,837		—			—		3,409,837
Office REITs		6,328,830		—			—		6,328,830
Oil, Gas & Consumable Fuels		37,718,158		—			—		37,718,158
Paper & Forest Products		797,089		—			—		797,089
Passenger Airlines		3,584,080		—			—		3,584,080
Personal Care Products		8,069,265		—			—		8,069,265
Pharmaceuticals		14,501,825		—			—		14,501,825
Professional Services		21,160,888		—			—		21,160,888
Real Estate Management & Development		6,638,440		—			—		6,638,440
Residential REITs		3,320,903		—			—		3,320,903
Retail REITs		9,983,288		—			—		9,983,288
Semiconductors & Semiconductor Equipment		26,328,367		—			—		26,328,367
Software		49,665,909		—			—		49,665,909
Specialized REITs		3,918,549		—			—		3,918,549
Specialty Retail		22,625,961		—			—		22,625,961
Technology Hardware, Storage & Peripherals		6,179,785		—			—		6,179,785
Textiles, Apparel & Luxury Goods		4,544,618		—			—		4,544,618
Tobacco		1,321,617		—			—		1,321,617
Trading Companies & Distributors		17,395,387		—			—		17,395,387
Water Utilities		3,720,998		—			—		3,720,998
Wireless Telecommunication Services		954,347		—			30,397		984,744
Total Common Stocks		842,920,014		—			30,397		842,950,411
Total Mutual Funds*		13,206,718		—			—		13,206,718
Total Rights*		—		14,706			37,093		51,799
Warrants
Energy Equipment & Services		9,261		—			—		9,261
Pharmaceuticals		—		2,607			—		2,607
Total Warrants		9,261		2,607			—		11,868
Total Short-Term Investments*		—		19,758,764			—		19,758,764
Securities Lending Reinvestments
Certificates of Deposit		—		12,996,537			—		12,996,537
Commercial Paper		—		3,967,124			—		3,967,124
Repurchase Agreements		—		99,409,590			—		99,409,590
Time Deposits		—		10,000,000			—		10,000,000
Mutual Funds		15,000,000		—			—		15,000,000
Total Securities Lending Reinvestments		15,000,000		126,373,251			—		141,373,251
Total Investments	$	871,135,993	$	146,149,328		$	67,490	$	1,017,352,811
Collateral for Securities Loaned (Liability)	$	—	$	(141,337,967	)	$	—	$	(141,337,967	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,542,521	$	—		$	—	$	1,542,521

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	1,017,352,811
Cash		42,130
Receivable for:
Investments sold		371,102
Fund shares sold		90,164
Dividends		927,562
Prepaid expenses		2,962
Total Assets		1,018,786,731
Liabilities
Collateral for securities loaned		141,337,967
Payables for:
Investments purchased		482,469
Fund shares redeemed		2,546,764
Variation margin on futures contracts		281,240
Accrued Expenses:
Management fees		178,650
Distribution and service fees		86,423
Deferred trustees’ fees		169,435
Other expenses		162,638
Total Liabilities		145,245,586
Net Assets	$	873,541,145
Net Assets Consist of:
Paid in surplus	$	625,781,476
Distributable earnings (Accumulated losses)		247,759,669
Net Assets	$	873,541,145
Net Assets
Class A	$	484,164,127
Class B		185,091,055
Class E		18,118,442
Class G		186,167,521
Capital Shares Outstanding*
Class A		27,743,023
Class B		11,056,511
Class E		1,048,715
Class G		11,216,202
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	17.45
Class B		16.74
Class E		17.28
Class G		16.60

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $799,793,720.
(b)	Includes securities loaned at value of $190,457,239.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	12,894,514
Interest		583,340
Securities lending income		1,345,466
Total investment income		14,823,320
Expenses
Management fees		2,038,247
Administration fees		47,022
Custodian and accounting fees		124,491
Distribution and service fees—Class B		437,051
Distribution and service fees—Class E		26,656
Distribution and service fees—Class G		508,333
Audit and tax services		52,861
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		80,260
Insurance		7,275
Miscellaneous		94,623
Total expenses		3,509,642
Less management fee waiver		(15,765	)
Net expenses		3,493,877
Net Investment Income		11,329,443
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		28,724,246
Futures contracts		86,151
Net realized gain (loss)		28,810,397
Net change in unrealized appreciation (depreciation) on:
Investments		87,965,644
Futures contracts		1,798,021
Net change in unrealized appreciation (depreciation)		89,763,665
Net realized and unrealized gain (loss)		118,574,062
Net Increase (Decrease) in Net Assets From Operations	$	129,903,505

(a) Net of foreign withholding taxes of $16,200.

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	11,329,443		$	9,953,361
Net realized gain (loss)		28,810,397			13,942,102
Net change in unrealized appreciation (depreciation)		89,763,665			(235,525,982	)
Increase (decrease) in net assets from operations		129,903,505			(211,630,519	)
From Distributions to Shareholders
Class A		(13,868,401	)		(91,952,917	)
Class B		(5,150,963	)		(36,689,310	)
Class E		(538,424	)		(3,810,032	)
Class G		(5,013,000	)		(34,310,663	)
Total distributions		(24,570,788	)		(166,762,922	)
Increase (decrease) in net assets from capital share transactions		(28,351,081	)		116,158,599
Total increase (decrease) in net assets		76,981,636			(262,234,842	)
Net Assets
Beginning of period		796,559,509			1,058,794,351
End of period	$	873,541,145		$	796,559,509

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		3,804,114		$	58,545,200			1,581,100		$	28,530,255
Reinvestments		866,234			13,868,401			6,130,195			91,952,917
Redemptions		(5,789,621	)		(91,694,034	)		(3,305,338	)		(59,384,543	)
Net increase (decrease)		(1,119,273	)	$	(19,280,433	)		4,405,957		$	61,098,629
Class B
Sales		644,946		$	9,686,494			551,272		$	9,549,287
Reinvestments		335,131			5,150,963			2,544,335			36,689,310
Redemptions		(1,557,377	)		(24,021,438	)		(1,455,986	)		(24,957,387	)
Net increase (decrease)		(577,300	)	$	(9,183,981	)		1,639,621		$	21,281,210
Class E
Sales		80,037		$	1,250,826			105,288		$	1,881,073
Reinvestments		33,949			538,424			256,395			3,810,032
Redemptions		(243,823	)		(3,863,035	)		(218,489	)		(3,805,880	)
Net increase (decrease)		(129,837	)	$	(2,073,785	)		143,194		$	1,885,225
Class G
Sales		917,155		$	13,557,451			980,158		$	18,094,196
Reinvestments		328,721			5,013,000			2,397,670			34,310,663
Redemptions		(1,060,780	)		(16,383,333	)		(1,220,436	)		(20,511,324	)
Net increase (decrease)		185,096		$	2,187,118			2,157,392		$	31,893,535
Increase (decrease) derived from capital shares transactions				$	(28,351,081	)				$	116,158,599

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.40		$	24.24		$	22.47		$	20.30		$	18.13
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.24			0.23			0.20			0.21			0.25
Net realized and unrealized gain (loss)		2.30			(5.23	)		3.09			3.26			4.16
Total income (loss) from investment operations		2.54			(5.00	)		3.29			3.47			4.41
Less Distributions
Distributions from net investment income		(0.21	)		(0.22	)		(0.25	)		(0.25	)		(0.25	)
Distributions from net realized capital gains		(0.28	)		(3.62	)		(1.27	)		(1.05	)		(1.99	)
Total distributions		(0.49	)		(3.84	)		(1.52	)		(1.30	)		(2.24	)
Net Asset Value, End of Period	$	17.45		$	15.40		$	24.24		$	22.47		$	20.30
Total Return (%) (b)		16.80			(20.23	)		14.52			19.62			25.62
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.31			0.30			0.30			0.32			0.31
Net ratio of expenses to average net assets (%) (c)		0.31			0.30			0.30			0.32			0.31
Ratio of net investment income (loss) to average net assets (%)		1.51			1.25			0.80			1.16			1.27
Portfolio turnover rate (%)		17			22			36			34			19
Net assets, end of period (in millions)	$	484.2		$	444.6		$	592.8		$	542.2		$	504.4
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.79		$	23.45		$	21.79		$	19.72		$	17.66
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.19			0.17			0.13			0.16			0.19
Net realized and unrealized gain (loss)		2.21			(5.05	)		3.00			3.16			4.05
Total income (loss) from investment operations		2.40			(4.88	)		3.13			3.32			4.24
Less Distributions
Distributions from net investment income		(0.17	)		(0.16	)		(0.20	)		(0.20	)		(0.19	)
Distributions from net realized capital gains		(0.28	)		(3.62	)		(1.27	)		(1.05	)		(1.99	)
Total distributions		(0.45	)		(3.78	)		(1.47	)		(1.25	)		(2.18	)
Net Asset Value, End of Period	$	16.74		$	14.79		$	23.45		$	21.79		$	19.72
Total Return (%) (b)		16.51			(20.44	)		14.23			19.35			25.30
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.56			0.55			0.55			0.57			0.56
Net ratio of expenses to average net assets (%) (c)		0.56			0.55			0.55			0.57			0.56
Ratio of net investment income (loss) to average net assets (%)		1.26			1.00			0.54			0.91			1.01
Portfolio turnover rate (%)		17			22			36			34			19
Net assets, end of period (in millions)	$	185.1		$	172.1		$	234.3		$	238.3		$	227.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.25		$	24.03		$	22.30		$	20.15		$	18.01
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.21			0.20			0.16			0.18			0.22
Net realized and unrealized gain (loss)		2.29			(5.18	)		3.06			3.24			4.12
Total income (loss) from investment operations		2.50			(4.98	)		3.22			3.42			4.34
Less Distributions
Distributions from net investment income		(0.19	)		(0.18	)		(0.22	)		(0.22	)		(0.21	)
Distributions from net realized capital gains		(0.28	)		(3.62	)		(1.27	)		(1.05	)		(1.99	)
Total distributions		(0.47	)		(3.80	)		(1.49	)		(1.27	)		(2.20	)
Net Asset Value, End of Period	$	17.28		$	15.25		$	24.03		$	22.30		$	20.15
Total Return (%) (b)		16.65			(20.33	)		14.31			19.45			25.40
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.46			0.45			0.45			0.47			0.46
Net ratio of expenses to average net assets (%) (c)		0.46			0.45			0.45			0.47			0.46
Ratio of net investment income (loss) to average net assets (%)		1.35			1.10			0.65			1.01			1.11
Portfolio turnover rate (%)		17			22			36			34			19
Net assets, end of period (in millions)	$	18.1		$	18.0		$	24.9		$	24.4		$	23.9
	Class G
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.67		$	23.30		$	21.66		$	19.62		$	17.59
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.16			0.12			0.15			0.18
Net realized and unrealized gain (loss)		2.20			(5.02	)		2.99			3.14			4.03
Total income (loss) from investment operations		2.38			(4.86	)		3.11			3.29			4.21
Less Distributions
Distributions from net investment income		(0.17	)		(0.15	)		(0.20	)		(0.20	)		(0.19	)
Distributions from net realized capital gains		(0.28	)		(3.62	)		(1.27	)		(1.05	)		(1.99	)
Total distributions		(0.45	)		(3.77	)		(1.47	)		(1.25	)		(2.18	)
Net Asset Value, End of Period	$	16.60		$	14.67		$	23.30		$	21.66		$	19.62
Total Return (%) (b)		16.47			(20.46	)		14.19			19.26			25.20
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.61			0.60			0.60			0.62			0.61
Net ratio of expenses to average net assets (%) (c)		0.61			0.60			0.60			0.62			0.61
Ratio of net investment income (loss) to average net assets (%)		1.21			0.96			0.50			0.86			0.97
Portfolio turnover rate (%)		17			22			36			34			19
Net assets, end of period (in millions)	$	186.2		$	161.9		$	206.8		$	189.3		$	166.0

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Russell 2000 Index Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-30

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-31

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $99,409,590, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(139,576,988	)	$	—	$	—	$	—	$	(139,576,988	)
Mutual Funds		(1,760,979	)		—		—		—		(1,760,979	)
Total Borrowings	$	(141,337,967	)	$	—	$	—	$	—	$	(141,337,967	)
Gross amount of recognized liabilities for securities lending transactions										$	(141,337,967	)

BHFTII-32

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio 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. 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 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 Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the 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.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2023 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts (a)	$	1,542,521

(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, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	86,151
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	1,798,021

For the year ended December 31, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	12,710,493

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

4. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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

BHFTII-33

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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. The 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 the 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.

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.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	137,697,021	$	0	$	181,256,698

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2023 were $2,038,247.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2023 were $294,590.

BHFTII-34

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	810,111,936
Gross unrealized appreciation		321,534,793
Gross unrealized (depreciation)		(114,293,919	)
Net unrealized appreciation (depreciation)	$	207,240,874

BHFTII-35

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$10,026,275	$	24,200,005	$	14,544,513	$	142,562,917	$	24,570,788	$	166,762,922

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$11,594,092	$	29,094,138	$	207,240,875	$	—	$	247,929,105

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-36

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the MetLife Russell 2000 Index Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Russell 2000 Index Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-37

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-38

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-39

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-40

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-41

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2023 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2023. 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, 2023. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-42

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

The Board also considered that the Portfolio’s actual management fee was below the Expense Group median, equal to the Expense Universe Median, and above 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/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe, each at the Portfolio’s current size.

BHFTII-43

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Managed By MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B, D, E and G shares of the MetLife Stock Index Portfolio returned 25.94%, 25.63%, 25.80%, 25.74%, and 25.56%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 26.29%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets climbed in 2023 on signals that the U.S. Federal Reserve (the “Fed”) would begin cutting interest rates in 2024. Equity investors remained hopeful that the Fed would be able to navigate a soft landing as they slowed the pace of quantitative tightening. Other factors that supported the equity markets included a healthy job market, better than expected macroeconomic data, and strong corporate earnings. Some of the fears that concerned equity investors included rising risks of recession and the effect that high bond yields would have on the economy. In addition, continued high inflation and rising geopolitical risk from the wars in Ukraine and Israel weighed on equity markets.

During the year, the Federal Open Market Committee (the “FOMC”) met eight times. In December, the FOMC decided to maintain the target range for the Federal Funds Rate at 5.25% to 5.50%. The FOMC stated that the growth of economic activity had slowed from its strong pace in the third quarter, and inflation had eased over the past year but remained elevated. The FOMC seeks to achieve maximum employment and inflation at the rate of 2 percent over the long run.

Nine of the eleven sectors comprising the S&P 500 Index experienced positive returns for the year. Information Technology (25.7% beginning weight in the benchmark), up 57.8%, was the best-performing sector and had the largest positive impact on the benchmark return. Communication Services (7.3% beginning weight), up 55.8%, and Consumer Discretionary (9.8% beginning weight), up 42.4%, were the next best-performing sectors. Utilities (3.2% beginning weight), down 7.1%, and Energy (5.2% beginning weight), down 1.3%, were the worst-performing sectors.

The stocks with the largest positive impact to the benchmark return for the year were NVIDIA, up 239.0%; Microsoft, up 58.2%; and Apple, up 49.0%. The stocks with the largest negative impact were Pfizer, down 41.2%; NextEra Energy, down 25.3%; and Chevron, down 13.6%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P 500 Index. This strategy seeks to replicate the performance of the S&P 500 Index by owning all the components of the Index at their respective index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P 500 Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, net asset value rounding, and contributions and withdrawals.

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

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

¹ The Standard & Poor’s 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

BHFTII-1

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year		Since Inception1
MetLife Stock Index Portfolio
Class A		25.94		15.39		11.75		—
Class B		25.63		15.10		11.47		—
Class D		25.80		15.27		11.64		—
Class E		25.74		15.21		11.58		—
Class G		25.56		15.05		—		11.21
S&P 500 Index		26.29		15.69		12.03		—

¹ Inception dates of the Class A, Class B, Class D, Class E and Class G shares are 5/1/90, 1/2/01, 4/28/09, 5/1/01 and 11/12/14, respectively.

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
Apple, Inc.		7.0
Microsoft Corp.		6.9
Amazon.com, Inc.		3.4
NVIDIA Corp.		3.0
Alphabet, Inc. - Class A		2.0
Meta Platforms, Inc. - Class A		1.9
Alphabet, Inc. - Class C		1.7
Tesla, Inc.		1.7
Berkshire Hathaway, Inc. - Class B		1.6
JPMorgan Chase & Co.		1.2

Top Sectors

	% of Net Assets
Information Technology		28.6
Financials		13.5
Health Care		12.5
Consumer Discretionary		10.8
Industrials		8.7
Communication Services		8.5
Consumer Staples		6.1
Energy		3.9
Real Estate		2.5
Materials		2.4

BHFTII-2

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.26	%	$	1,000.00	$	1,079.00	$	1.36
	Hypothetical*		0.26	%	$	1,000.00	$	1,023.90	$	1.33
Class B (a)	Actual		0.51	%	$	1,000.00	$	1,077.50	$	2.67
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.64	$	2.60
Class D (a)	Actual		0.36	%	$	1,000.00	$	1,078.40	$	1.89
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.39	$	1.84
Class E (a)	Actual		0.41	%	$	1,000.00	$	1,078.00	$	2.15
	Hypothetical*		0.41	%	$	1,000.00	$	1,023.14	$	2.09
Class G (a)	Actual		0.56	%	$	1,000.00	$	1,077.20	$	2.93
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.38	$	2.85

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

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

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—99.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.6%
Axon Enterprise, Inc. (a)		12,991	$	3,355,965
Boeing Co. (a)		104,885		27,339,324
General Dynamics Corp.		41,776		10,847,974
Howmet Aerospace, Inc.		72,143		3,904,379
Huntington Ingalls Industries, Inc.		7,326		1,902,123
L3Harris Technologies, Inc.		34,958		7,362,854
Lockheed Martin Corp.		40,725		18,458,199
Northrop Grumman Corp.		26,143		12,238,584
RTX Corp.		265,201		22,314,012
Textron, Inc.		36,150		2,907,183
TransDigm Group, Inc.		10,202		10,320,343
				120,950,940
Air Freight & Logistics—0.5%
C.H. Robinson Worldwide, Inc.		21,514		1,858,594
Expeditors International of Washington, Inc.		26,815		3,410,868
FedEx Corp.		42,661		10,791,953
United Parcel Service, Inc. - Class B		133,395		20,973,696
				37,035,111
Automobile Components—0.1%
Aptiv PLC (a) (b)		52,170		4,680,693
BorgWarner, Inc. (b)		43,352		1,554,169
				6,234,862
Automobiles—2.0%
Ford Motor Co. (b)		725,224		8,840,481
General Motors Co. (b)		252,582		9,072,745
Tesla, Inc. (a)		510,090		126,747,163
				144,660,389
Banks—3.2%
Bank of America Corp.		1,269,837		42,755,412
Citigroup, Inc.		352,990		18,157,805
Citizens Financial Group, Inc.		85,988		2,849,642
Comerica, Inc. (b)		24,322		1,357,411
Fifth Third Bancorp (b)		125,604		4,332,082
Huntington Bancshares, Inc.		267,078		3,397,232
JPMorgan Chase & Co.		533,208		90,698,681
KeyCorp		172,680		2,486,592
M&T Bank Corp.		30,609		4,195,882
PNC Financial Services Group, Inc.		73,468		11,376,520
Regions Financial Corp.		171,538		3,324,406
Truist Financial Corp. (b)		245,977		9,081,471
U.S. Bancorp (b)		287,168		12,428,631
Wells Fargo & Co.		669,808		32,967,950
Zions Bancorp NA (b)		27,324		1,198,704
				240,608,421
Beverages—1.5%
Brown-Forman Corp. - Class B (b)		33,748		1,927,011
Coca-Cola Co.		717,656		42,291,468
Constellation Brands, Inc. - Class A		29,809		7,206,326
Keurig Dr Pepper, Inc.		185,691		6,187,224
Beverages—(Continued)
Molson Coors Beverage Co. - Class B		34,151		2,090,383
Monster Beverage Corp. (a)		136,245		7,849,074
PepsiCo, Inc.		253,575		43,067,178
				110,618,664
Biotechnology—2.0%
AbbVie, Inc.		325,630		50,462,881
Amgen, Inc. (b)		98,706		28,429,302
Biogen, Inc. (a)		26,724		6,915,370
Gilead Sciences, Inc.		229,815		18,617,313
Incyte Corp. (a)		34,307		2,154,137
Moderna, Inc. (a)		61,180		6,084,351
Regeneron Pharmaceuticals, Inc. (a)		19,759		17,354,132
Vertex Pharmaceuticals, Inc. (a)		47,526		19,337,854
				149,355,340
Broadline Retail—3.5%
Amazon.com, Inc. (a)		1,677,258		254,842,580
eBay, Inc.		95,722		4,175,394
Etsy, Inc. (a) (b)		22,085		1,789,989
				260,807,963
Building Products—0.5%
A.O. Smith Corp.		22,654		1,867,596
Allegion PLC (b)		16,191		2,051,238
Builders FirstSource, Inc. (a)		22,759		3,799,387
Carrier Global Corp. (b)		154,751		8,890,445
Johnson Controls International PLC		125,475		7,232,379
Masco Corp.		41,406		2,773,374
Trane Technologies PLC		42,125		10,274,287
				36,888,706
Capital Markets—3.0%
Ameriprise Financial, Inc.		18,664		7,089,147
Bank of New York Mellon Corp.		141,845		7,383,032
BlackRock, Inc.		25,791		20,937,134
Blackstone, Inc.		131,050		17,157,066
Cboe Global Markets, Inc.		19,468		3,476,206
Charles Schwab Corp.		274,481		18,884,293
CME Group, Inc.		66,395		13,982,787
FactSet Research Systems, Inc.		7,007		3,342,689
Franklin Resources, Inc. (b)		51,995		1,548,931
Goldman Sachs Group, Inc.		60,147		23,202,908
Intercontinental Exchange, Inc.		105,564		13,557,585
Invesco Ltd.		82,914		1,479,186
MarketAxess Holdings, Inc.		6,991		2,047,314
Moody’s Corp.		29,027		11,336,785
Morgan Stanley		233,093		21,735,922
MSCI, Inc.		14,588		8,251,702
Nasdaq, Inc.		62,784		3,650,262
Northern Trust Corp.		38,185		3,222,050
Raymond James Financial, Inc.		34,659		3,864,479
S&P Global, Inc. (b)		59,758		26,324,594
State Street Corp.		56,914		4,408,559

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—(Continued)
T. Rowe Price Group, Inc.		41,216	$	4,438,551
				221,321,182
Chemicals—1.6%
Air Products & Chemicals, Inc.		40,972		11,218,134
Albemarle Corp. (b)		21,644		3,127,125
Celanese Corp. (b)		18,470		2,869,684
CF Industries Holdings, Inc. (b)		35,237		2,801,341
Corteva, Inc.		129,977		6,228,498
Dow, Inc.		129,363		7,094,267
DuPont de Nemours, Inc.		79,315		6,101,703
Eastman Chemical Co.		21,867		1,964,094
Ecolab, Inc.		46,805		9,283,772
FMC Corp. (b)		23,010		1,450,780
International Flavors & Fragrances, Inc.		47,082		3,812,230
Linde PLC		89,432		36,730,617
LyondellBasell Industries NV - Class A		47,261		4,493,576
Mosaic Co.		60,280		2,153,804
PPG Industries, Inc.		43,490		6,503,929
Sherwin-Williams Co.		43,433		13,546,753
				119,380,307
Commercial Services & Supplies—0.6%
Cintas Corp.		15,968		9,623,275
Copart, Inc. (a)		161,154		7,896,546
Republic Services, Inc.		37,719		6,220,240
Rollins, Inc.		51,779		2,261,189
Veralto Corp. (b)		40,431		3,325,854
Waste Management, Inc. (b)		67,600		12,107,160
				41,434,264
Communications Equipment—0.8%
Arista Networks, Inc. (a)		46,476		10,945,563
Cisco Systems, Inc.		747,068		37,741,875
F5, Inc. (a)		11,012		1,970,928
Juniper Networks, Inc.		58,810		1,733,719
Motorola Solutions, Inc.		30,611		9,583,998
				61,976,083
Construction & Engineering—0.1%
Quanta Services, Inc.		26,796		5,782,577
Construction Materials—0.2%
Martin Marietta Materials, Inc.		11,399		5,687,075
Vulcan Materials Co.		24,507		5,563,334
				11,250,409
Consumer Finance—0.5%
American Express Co.		106,182		19,892,136
Capital One Financial Corp.		70,242		9,210,131
Discover Financial Services (b)		46,119		5,183,775
Synchrony Financial (b)		76,320		2,914,661
				37,200,703
Consumer Staples Distribution & Retail—1.8%
Costco Wholesale Corp.		81,658		53,900,813
Dollar General Corp.		40,479		5,503,120
Dollar Tree, Inc. (a) (b)		38,548		5,475,743
Kroger Co.		122,054		5,579,088
Sysco Corp. (b)		92,993		6,800,578
Target Corp.		85,136		12,125,069
Walgreens Boots Alliance, Inc. (b)		132,250		3,453,048
Walmart, Inc.		263,104		41,478,346
				134,315,805
Containers & Packaging—0.2%
Amcor PLC		266,574		2,569,773
Avery Dennison Corp. (b)		14,853		3,002,682
Ball Corp. (b)		58,153		3,344,961
International Paper Co.		63,818		2,307,021
Packaging Corp. of America (b)		16,530		2,692,902
Westrock Co.		47,290		1,963,481
				15,880,820
Distributors—0.1%
Genuine Parts Co.		25,857		3,581,194
LKQ Corp.		49,354		2,358,628
Pool Corp. (b)		7,134		2,844,397
				8,784,219
Diversified Telecommunication Services—0.7%
AT&T, Inc.		1,318,726		22,128,222
Verizon Communications, Inc.		775,391		29,232,241
				51,360,463
Electric Utilities—1.5%
Alliant Energy Corp. (b)		47,064		2,414,383
American Electric Power Co., Inc.		96,990		7,877,528
Constellation Energy Corp.		58,905		6,885,406
Duke Energy Corp. (b)		142,147		13,793,945
Edison International		70,692		5,053,771
Entergy Corp.		39,003		3,946,714
Evergy, Inc. (b)		42,369		2,211,662
Eversource Energy		64,428		3,976,496
Exelon Corp.		183,595		6,591,061
FirstEnergy Corp.		95,249		3,491,828
NextEra Energy, Inc.		378,410		22,984,623
NRG Energy, Inc. (b)		41,639		2,152,736
PG&E Corp.		393,497		7,094,751
Pinnacle West Capital Corp.		20,914		1,502,462
PPL Corp.		135,952		3,684,299
Southern Co.		201,150		14,104,638
Xcel Energy, Inc.		101,775		6,300,890
				114,067,193
Electrical Equipment—0.6%
AMETEK, Inc.		42,567		7,018,873
Eaton Corp. PLC		73,645		17,735,189
Emerson Electric Co.		105,147		10,233,957
Generac Holdings, Inc. (a) (b)		11,330		1,464,289

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—(Continued)
Hubbell, Inc.		9,892	$	3,253,776
Rockwell Automation, Inc.		21,150		6,566,652
				46,272,736
Electronic Equipment, Instruments & Components—0.6%
Amphenol Corp. - Class A		110,350		10,938,995
CDW Corp.		24,707		5,616,395
Corning, Inc.		141,621		4,312,359
Jabil, Inc.		23,597		3,006,258
Keysight Technologies, Inc. (a)		32,751		5,210,357
TE Connectivity Ltd.		57,319		8,053,320
Teledyne Technologies, Inc. (a)		8,703		3,884,062
Trimble, Inc. (a) (b)		45,881		2,440,869
Zebra Technologies Corp. - Class A (a) (b)		9,473		2,589,255
				46,051,870
Energy Equipment & Services—0.4%
Baker Hughes Co.		185,586		6,343,330
Halliburton Co.		165,080		5,967,642
Schlumberger NV		263,460		13,710,458
				26,021,430
Entertainment—1.2%
Electronic Arts, Inc.		45,142		6,175,877
Live Nation Entertainment, Inc. (a) (b)		26,169		2,449,418
Netflix, Inc. (a)		80,724		39,302,901
Take-Two Interactive Software, Inc. (a)		29,171		4,695,073
Walt Disney Co.		337,478		30,470,889
Warner Bros Discovery, Inc. (a)		409,282		4,657,629
				87,751,787
Financial Services—4.1%
Berkshire Hathaway, Inc. - Class B (a)		335,572		119,685,110
Fidelity National Information Services, Inc.		109,275		6,564,149
Fiserv, Inc. (a)		110,696		14,704,857
FleetCor Technologies, Inc. (a)		13,317		3,763,517
Global Payments, Inc.		48,025		6,099,175
Jack Henry & Associates, Inc. (b)		13,432		2,194,923
Mastercard, Inc. - Class A		152,730		65,140,872
PayPal Holdings, Inc. (a) (b)		198,848		12,211,256
Visa, Inc. - Class A (b)		293,992		76,540,817
				306,904,676
Food Products—0.9%
Archer-Daniels-Midland Co. (b)		98,375		7,104,642
Bunge Global SA		26,796		2,705,056
Campbell Soup Co. (b)		36,229		1,566,180
Conagra Brands, Inc.		88,154		2,526,494
General Mills, Inc.		107,209		6,983,594
Hershey Co.		27,644		5,153,947
Hormel Foods Corp.		53,419		1,715,284
J.M. Smucker Co.		19,574		2,473,762
Kellanova		48,643		2,719,630
Kraft Heinz Co.		147,042		5,437,613
Lamb Weston Holdings, Inc.		26,729		2,889,138
Food Products—(Continued)
McCormick & Co., Inc. (b)		46,347		3,171,062
Mondelez International, Inc. - Class A		250,911		18,173,484
Tyson Foods, Inc. - Class A (b)		52,607		2,827,626
				65,447,512
Gas Utilities—0.0%
Atmos Energy Corp. (b)		27,388		3,174,269
Ground Transportation—1.1%
CSX Corp.		364,471		12,636,209
J.B. Hunt Transport Services, Inc.		15,028		3,001,693
Norfolk Southern Corp. (b)		41,708		9,858,937
Old Dominion Freight Line, Inc. (b)		16,502		6,688,756
Uber Technologies, Inc. (a)		379,544		23,368,524
Union Pacific Corp.		112,432		27,615,548
				83,169,667
Health Care Equipment & Supplies—2.6%
Abbott Laboratories		320,063		35,229,334
Align Technology, Inc. (a) (b)		13,137		3,599,538
Baxter International, Inc.		93,569		3,617,377
Becton Dickinson & Co.		53,507		13,046,612
Boston Scientific Corp. (a)		270,056		15,611,937
Cooper Cos., Inc.		9,134		3,456,671
Dentsply Sirona, Inc. (b)		39,074		1,390,644
DexCom, Inc. (a) (b)		71,261		8,842,777
Edwards Lifesciences Corp. (a)		111,860		8,529,325
GE HealthCare Technologies, Inc. (a) (b)		72,208		5,583,123
Hologic, Inc. (a)		45,176		3,227,825
IDEXX Laboratories, Inc. (a)		15,326		8,506,696
Insulet Corp. (a) (b)		12,879		2,794,485
Intuitive Surgical, Inc. (a)		64,935		21,906,472
Medtronic PLC		245,399		20,215,970
ResMed, Inc. (b)		27,129		4,666,731
STERIS PLC (b)		18,222		4,006,107
Stryker Corp.		62,359		18,674,026
Teleflex, Inc. (b)		8,667		2,161,030
Zimmer Biomet Holdings, Inc.		38,543		4,690,683
				189,757,363
Health Care Providers & Services—2.8%
Cardinal Health, Inc.		45,457		4,582,066
Cencora, Inc. (b)		30,747		6,314,819
Centene Corp. (a)		98,526		7,311,614
Cigna Group		53,970		16,161,317
CVS Health Corp.		236,890		18,704,834
DaVita, Inc. (a)		9,935		1,040,791
Elevance Health, Inc.		43,335		20,435,053
HCA Healthcare, Inc.		36,531		9,888,211
Henry Schein, Inc. (a) (b)		24,084		1,823,400
Humana, Inc.		22,706		10,395,034
Laboratory Corp. of America Holdings (b)		15,659		3,559,134
McKesson Corp.		24,542		11,362,455
Molina Healthcare, Inc. (a)		10,753		3,885,166
Quest Diagnostics, Inc.		20,737		2,859,218
UnitedHealth Group, Inc.		170,590		89,810,517

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
Universal Health Services, Inc. - Class B		11,251	$	1,715,102
				209,848,731
Health Care REITs—0.2%
Healthpeak Properties, Inc.		100,900		1,997,820
Ventas, Inc.		74,213		3,698,776
Welltower, Inc.		102,080		9,204,554
				14,901,150
Hotel & Resort REITs—0.0%
Host Hotels & Resorts, Inc. (b)		130,108		2,533,203
Hotels, Restaurants & Leisure—2.2%
Airbnb, Inc. - Class A (a)		80,182		10,915,977
Booking Holdings, Inc. (a)		6,435		22,826,361
Caesars Entertainment, Inc. (a) (b)		39,785		1,865,121
Carnival Corp. (a) (b)		185,820		3,445,103
Chipotle Mexican Grill, Inc. (a)		5,062		11,576,591
Darden Restaurants, Inc. (b)		22,190		3,645,817
Domino’s Pizza, Inc.		6,433		2,651,876
Expedia Group, Inc. (a) (b)		24,590		3,732,516
Hilton Worldwide Holdings, Inc.		47,297		8,612,311
Las Vegas Sands Corp. (b)		68,084		3,350,414
Marriott International, Inc. - Class A (b)		45,500		10,260,705
McDonald’s Corp.		133,780		39,667,108
MGM Resorts International		50,400		2,251,872
Norwegian Cruise Line Holdings Ltd. (a) (b)		78,464		1,572,418
Royal Caribbean Cruises Ltd. (a) (b)		43,478		5,629,966
Starbucks Corp.		210,737		20,232,859
Wynn Resorts Ltd.		17,706		1,613,194
Yum! Brands, Inc.		51,699		6,754,991
				160,605,200
Household Durables—0.4%
DR Horton, Inc.		55,582		8,447,352
Garmin Ltd. (b)		28,230		3,628,684
Lennar Corp. - Class A		46,137		6,876,259
Mohawk Industries, Inc. (a)		9,748		1,008,918
NVR, Inc. (a)		587		4,109,264
PulteGroup, Inc.		39,763		4,104,337
Whirlpool Corp. (b)		10,116		1,231,825
				29,406,639
Household Products—1.2%
Church & Dwight Co., Inc. (b)		45,441		4,296,901
Clorox Co.		22,870		3,261,033
Colgate-Palmolive Co.		151,860		12,104,761
Kimberly-Clark Corp.		62,328		7,573,475
Procter & Gamble Co.		434,696		63,700,352
				90,936,522
Independent Power and Renewable Electricity Producers—0.0%
AES Corp. (b)		123,504		2,377,452
Industrial Conglomerates—0.8%
3M Co.		101,867		11,136,100
General Electric Co.		200,738		25,620,191
Honeywell International, Inc.		121,590		25,498,639
				62,254,930
Industrial REITs—0.3%
Prologis, Inc.		170,414		22,716,186
Insurance—2.0%
Aflac, Inc.		98,080		8,091,600
Allstate Corp.		48,264		6,755,995
American International Group, Inc.		129,481		8,772,338
Aon PLC - Class A		36,927		10,746,495
Arch Capital Group Ltd. (a)		68,826		5,111,707
Arthur J. Gallagher & Co.		39,820		8,954,722
Assurant, Inc. (b)		9,699		1,634,184
Brown & Brown, Inc.		43,566		3,097,978
Chubb Ltd.		75,247		17,005,822
Cincinnati Financial Corp.		28,939		2,994,029
Everest Group Ltd.		8,005		2,830,408
Globe Life, Inc.		15,796		1,922,689
Hartford Financial Services Group, Inc.		55,473		4,458,920
Loews Corp.		33,764		2,349,637
Marsh & McLennan Cos., Inc.		90,940		17,230,402
MetLife, Inc. (c)		114,675		7,583,458
Principal Financial Group, Inc.		40,454		3,182,516
Progressive Corp.		107,903		17,186,790
Prudential Financial, Inc.		66,581		6,905,115
Travelers Cos., Inc.		42,125		8,024,391
W.R. Berkley Corp.		37,573		2,657,163
Willis Towers Watson PLC		19,045		4,593,654
				152,090,013
Interactive Media & Services—5.8%
Alphabet, Inc. - Class A (a)		1,091,496		152,471,076
Alphabet, Inc. - Class C (a) (d)		918,633		129,462,949
Match Group, Inc. (a)		50,132		1,829,818
Meta Platforms, Inc. - Class A (a)		409,377		144,903,083
				428,666,926
IT Services—1.2%
Accenture PLC - Class A		115,755		40,619,587
Akamai Technologies, Inc. (a) (b)		27,818		3,292,260
Cognizant Technology Solutions Corp. - Class A		92,478		6,984,863
EPAM Systems, Inc. (a)		10,642		3,164,292
Gartner, Inc. (a)		14,377		6,485,609
International Business Machines Corp.		168,412		27,543,783
VeriSign, Inc. (a)		16,383		3,374,243
				91,464,637
Leisure Products—0.0%
Hasbro, Inc. (b)		24,053		1,228,146
Life Sciences Tools & Services—1.4%
Agilent Technologies, Inc.		53,963		7,502,476

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—(Continued)
Bio-Rad Laboratories, Inc. - Class A (a)		3,861	$	1,246,678
Bio-Techne Corp. (b)		29,168		2,250,603
Charles River Laboratories International, Inc. (a)		9,461		2,236,580
Danaher Corp.		121,294		28,060,154
Illumina, Inc. (a)		29,288		4,078,061
IQVIA Holdings, Inc. (a) (b)		33,774		7,814,628
Mettler-Toledo International, Inc. (a)		4,000		4,851,840
Revvity, Inc. (b)		22,760		2,487,896
Thermo Fisher Scientific, Inc.		71,261		37,824,626
Waters Corp. (a) (b)		10,905		3,590,253
West Pharmaceutical Services, Inc.		13,647		4,805,382
				106,749,177
Machinery—1.8%
Caterpillar, Inc. (b)		94,089		27,819,295
Cummins, Inc.		26,143		6,263,078
Deere & Co.		49,400		19,753,578
Dover Corp.		25,800		3,968,298
Fortive Corp.		64,817		4,772,476
IDEX Corp.		13,948		3,028,250
Illinois Tool Works, Inc.		50,500		13,227,970
Ingersoll Rand, Inc.		74,659		5,774,127
Nordson Corp.		9,990		2,638,958
Otis Worldwide Corp.		75,482		6,753,375
PACCAR, Inc.		96,474		9,420,686
Parker-Hannifin Corp.		23,696		10,916,747
Pentair PLC		30,487		2,216,710
Snap-on, Inc.		9,735		2,811,857
Stanley Black & Decker, Inc.		28,276		2,773,876
Westinghouse Air Brake Technologies Corp.		33,043		4,193,157
Xylem, Inc.		44,463		5,084,789
				131,417,227
Media—0.7%
Charter Communications, Inc. - Class A (a) (b)		18,552		7,210,791
Comcast Corp. - Class A		740,630		32,476,625
Fox Corp. - Class A (b)		45,597		1,352,863
Fox Corp. - Class B		24,331		672,752
Interpublic Group of Cos., Inc. (b)		70,640		2,305,690
News Corp. - Class A (b)		70,192		1,723,214
News Corp. - Class B (b)		21,174		544,595
Omnicom Group, Inc.		36,506		3,158,134
Paramount Global - Class B		88,982		1,316,044
				50,760,708
Metals & Mining—0.4%
Freeport-McMoRan, Inc.		264,478		11,258,828
Newmont Corp.		212,561		8,797,900
Nucor Corp. (b)		45,341		7,891,148
Steel Dynamics, Inc. (b)		28,054		3,313,177
				31,261,053
Multi-Utilities—0.7%
Ameren Corp.		48,496		3,508,201
CenterPoint Energy, Inc. (b)		116,420		3,326,119
Multi-Utilities—(Continued)
CMS Energy Corp. (b)		53,812		3,124,863
Consolidated Edison, Inc.		63,671		5,792,151
Dominion Energy, Inc.		154,336		7,253,792
DTE Energy Co.		38,026		4,192,747
NiSource, Inc.		76,219		2,023,614
Public Service Enterprise Group, Inc.		91,907		5,620,113
Sempra		116,071		8,673,986
WEC Energy Group, Inc.		58,177		4,896,758
				48,412,344
Office REITs—0.1%
Alexandria Real Estate Equities, Inc. (b)		28,845		3,656,681
Boston Properties, Inc. (b)		26,629		1,868,557
				5,525,238
Oil, Gas & Consumable Fuels—3.5%
APA Corp.		56,570		2,029,732
Chevron Corp. (b)		323,798		48,297,710
ConocoPhillips		219,001		25,419,446
Coterra Energy, Inc.		138,731		3,540,415
Devon Energy Corp.		118,168		5,353,010
Diamondback Energy, Inc.		33,011		5,119,346
EOG Resources, Inc.		107,554		13,008,656
EQT Corp. (b)		75,864		2,932,902
Exxon Mobil Corp.		738,793		73,864,524
Hess Corp.		50,986		7,350,142
Kinder Morgan, Inc.		356,666		6,291,588
Marathon Oil Corp.		107,941		2,607,855
Marathon Petroleum Corp.		70,030		10,389,651
Occidental Petroleum Corp. (b)		121,779		7,271,424
ONEOK, Inc.		107,443		7,544,647
Phillips 66		81,144		10,803,512
Pioneer Natural Resources Co.		43,031		9,676,811
Targa Resources Corp.		41,124		3,572,442
Valero Energy Corp.		62,792		8,162,960
Williams Cos., Inc.		224,367		7,814,703
				261,051,476
Passenger Airlines—0.2%
American Airlines Group, Inc. (a) (b)		120,536		1,656,165
Delta Air Lines, Inc.		118,678		4,774,416
Southwest Airlines Co. (b)		109,945		3,175,211
United Airlines Holdings, Inc. (a)		60,491		2,495,859
				12,101,651
Personal Care Products—0.2%
Estee Lauder Cos., Inc. - Class A		42,845		6,266,081
Kenvue, Inc.		317,875		6,843,849
				13,109,930
Pharmaceuticals—3.7%
Bristol-Myers Squibb Co.		375,284		19,255,822
Catalent, Inc. (a) (b)		33,248		1,493,833
Eli Lilly & Co.		147,073		85,731,793
Johnson & Johnson		443,990		69,590,993

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—(Continued)
Merck & Co., Inc.		467,367	$	50,952,350
Pfizer, Inc.		1,041,406		29,982,079
Viatris, Inc.		221,263		2,396,278
Zoetis, Inc.		84,677		16,712,699
				276,115,847
Professional Services—0.7%
Automatic Data Processing, Inc.		75,860		17,673,104
Broadridge Financial Solutions, Inc.		21,698		4,464,364
Ceridian HCM Holding, Inc. (a) (b)		28,768		1,930,908
Equifax, Inc. (b)		22,726		5,619,913
Jacobs Solutions, Inc.		23,223		3,014,345
Leidos Holdings, Inc.		25,361		2,745,075
Paychex, Inc.		59,295		7,062,627
Paycom Software, Inc.		9,046		1,869,989
Robert Half, Inc.		19,530		1,717,078
Verisk Analytics, Inc.		26,748		6,389,027
				52,486,430
Real Estate Management & Development—0.2%
CBRE Group, Inc. - Class A (a)		56,215		5,233,054
CoStar Group, Inc. (a)		75,317		6,581,953
				11,815,007
Residential REITs—0.3%
AvalonBay Communities, Inc. (b)		26,193		4,903,853
Camden Property Trust		19,692		1,955,219
Equity Residential		63,732		3,897,849
Essex Property Trust, Inc. (b)		11,838		2,935,114
Invitation Homes, Inc.		106,095		3,618,900
Mid-America Apartment Communities, Inc.		21,521		2,893,714
UDR, Inc.		55,813		2,137,080
				22,341,729
Retail REITs—0.3%
Federal Realty Investment Trust		13,548		1,396,121
Kimco Realty Corp.		122,651		2,613,693
Realty Income Corp. (b)		133,518		7,666,604
Regency Centers Corp.		30,298		2,029,966
Simon Property Group, Inc.		60,170		8,582,649
				22,289,033
Semiconductors & Semiconductor Equipment—8.1%
Advanced Micro Devices, Inc. (a)		297,989		43,926,558
Analog Devices, Inc.		91,907		18,249,054
Applied Materials, Inc.		154,287		25,005,294
Broadcom, Inc.		80,958		90,369,367
Enphase Energy, Inc. (a)		25,185		3,327,946
First Solar, Inc. (a) (b)		19,706		3,394,950
Intel Corp.		777,585		39,073,646
KLA Corp.		25,071		14,573,772
Lam Research Corp.		24,308		19,039,484
Microchip Technology, Inc.		99,788		8,998,882
Micron Technology, Inc.		202,517		17,282,801
Monolithic Power Systems, Inc.		8,837		5,574,203
Semiconductors & Semiconductor Equipment—(Continued)
NVIDIA Corp.		455,559		225,601,928
NXP Semiconductors NV		47,541		10,919,217
ON Semiconductor Corp. (a) (b)		79,436		6,635,289
Qorvo, Inc. (a)		17,954		2,021,800
QUALCOMM, Inc.		205,278		29,689,357
Skyworks Solutions, Inc.		29,397		3,304,811
Teradyne, Inc. (b)		28,196		3,059,830
Texas Instruments, Inc.		167,506		28,553,073
				598,601,262
Software—10.7%
Adobe, Inc. (a)		83,974		50,098,888
ANSYS, Inc. (a)		16,007		5,808,620
Autodesk, Inc. (a) (b)		39,426		9,599,443
Cadence Design Systems, Inc. (a)		50,178		13,666,982
Fair Isaac Corp. (a)		4,559		5,306,722
Fortinet, Inc. (a)		117,553		6,880,377
Gen Digital, Inc.		103,990		2,373,052
Intuit, Inc.		51,690		32,307,801
Microsoft Corp.		1,370,783		515,469,239
Oracle Corp.		293,040		30,895,207
Palo Alto Networks, Inc. (a)		57,326		16,904,291
PTC, Inc. (a)		21,917		3,834,598
Roper Technologies, Inc.		19,702		10,740,939
Salesforce, Inc. (a)		179,457		47,222,315
ServiceNow, Inc. (a)		37,810		26,712,387
Synopsys, Inc. (a)		28,050		14,443,226
Tyler Technologies, Inc. (a)		7,761		3,245,029
				795,509,116
Specialized REITs—1.1%
American Tower Corp.		85,978		18,560,931
Crown Castle, Inc.		80,045		9,220,384
Digital Realty Trust, Inc. (b)		55,857		7,517,235
Equinix, Inc.		17,316		13,946,133
Extra Space Storage, Inc.		38,967		6,247,579
Iron Mountain, Inc. (b)		53,853		3,768,633
Public Storage		29,188		8,902,340
SBA Communications Corp. (b)		19,898		5,047,924
VICI Properties, Inc.		190,805		6,082,863
Weyerhaeuser Co.		134,639		4,681,398
				83,975,420
Specialty Retail—2.0%
AutoZone, Inc. (a)		3,253		8,410,989
Bath & Body Works, Inc. (b)		41,937		1,810,001
Best Buy Co., Inc.		35,725		2,796,553
CarMax, Inc. (a) (b)		29,264		2,245,719
Home Depot, Inc.		184,449		63,920,801
Lowe’s Cos., Inc.		106,441		23,688,445
O’Reilly Automotive, Inc. (a)		10,912		10,367,273
Ross Stores, Inc.		62,456		8,643,286
TJX Cos., Inc.		211,010		19,794,848
Tractor Supply Co. (b)		19,940		4,287,698
Ulta Beauty, Inc. (a)		9,080		4,449,109
				150,414,722

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals—7.2%
Apple, Inc.		2,696,389	$	519,135,774
Hewlett Packard Enterprise Co.		236,607		4,017,587
HP, Inc.		160,400		4,826,436
NetApp, Inc.		38,508		3,394,865
Seagate Technology Holdings PLC (b)		35,880		3,063,076
Western Digital Corp. (a)		59,802		3,131,831
				537,569,569
Textiles, Apparel & Luxury Goods—0.5%
Lululemon Athletica, Inc. (a)		21,239		10,859,288
NIKE, Inc. - Class B		225,753		24,510,003
Ralph Lauren Corp. (b)		7,331		1,057,130
Tapestry, Inc. (b)		42,270		1,555,959
VF Corp. (b)		60,965		1,146,142
				39,128,522
Tobacco—0.5%
Altria Group, Inc.		326,203		13,159,029
Philip Morris International, Inc.		286,320		26,936,986
				40,096,015
Trading Companies & Distributors—0.3%
Fastenal Co.		105,389		6,826,045
United Rentals, Inc. (b)		12,502		7,168,897
WW Grainger, Inc.		8,148		6,752,166
				20,747,108
Water Utilities—0.1%
American Water Works Co., Inc.		35,910		4,739,761
Wireless Telecommunication Services—0.2%
T-Mobile U.S., Inc. (b)		93,850		15,046,971
Total Common Stocks (Cost $2,578,689,014)				7,384,760,782
Mutual Funds—0.6%
Investment Company Securities—0.6%
SPDR S&P 500 ETF Trust (b) (Cost $42,410,202)		97,100		46,152,601
Short-Term Investment—0.1%
U.S. Treasury—0.1%
U.S. Treasury Bill 5.210%, 02/06/24 (e)		9,750,000		9,699,955
Total Short-Term Investments (Cost $9,698,774)				9,699,955
Securities Lending Reinvestments (f)—2.5%
Security Description	Principal Amount*		Value
Certificates of Deposit—0.6%
Bank of America NA 5.730%, SOFR + 0.340%, 03/08/24 (g)		5,000,000		5,001,145
Bank of Montreal 5.950%, SOFR + 0.550%, 11/08/24 (g)		2,000,000		2,001,628
BNP Paribas SA 5.760%, SOFR + 0.360%, 04/10/24 (g)		2,000,000		2,000,616
Credit Agricole Corporate & Investment Bank 5.770%, SOFR + 0.370%, 05/01/24 (g)		5,000,000		5,004,590
Mitsubishi UFJ Trust & Banking Corp. Zero Coupon, 03/13/24		5,000,000		4,944,100
MUFG Bank Ltd. (London) Zero Coupon, 06/10/24		1,000,000		975,750
National Westminster Bank PLC Zero Coupon, 04/29/24		1,000,000		981,890
5.880%, 05/02/24		3,000,000		3,004,860
Royal Bank of Canada 5.880%, FEDEFF PRV + 0.550%, 09/20/24 (g)		5,000,000		5,003,100
Standard Chartered Bank 5.770%, SOFR + 0.370%, 03/12/24 (g)		7,000,000		7,002,899
5.790%, SOFR + 0.390%, 04/19/24 (g)		4,000,000		4,000,000
Westpac Banking Corp. 5.950%, SOFR + 0.550%, 10/11/24 (g)		5,000,000		5,006,195
				44,926,773
Commercial Paper—0.1%
Australia & New Zealand Banking Group Ltd. 5.640%, 04/18/24		1,000,000		983,338
5.730%, SOFR + 0.330%, 04/18/24 (g)		1,000,000		1,000,224
ING U.S. Funding LLC 5.870%, SOFR + 0.480%, 06/13/24 (g)		7,000,000		7,003,808
Old Line Funding LLC 5.560%, 02/09/24		2,000,000		1,987,044
				10,974,414
Repurchase Agreements—1.2%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $13,007,872; collateralized by various Common Stock with an aggregate market value of $14,479,345		13,000,000		13,000,000
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,901,125; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $1,939,063		1,900,000		1,900,000
Repurchase Agreement dated 12/29/23 at 5.670%, due on 04/02/24 with a maturity value of $10,149,625; collateralized by various Common Stock with an aggregate market value of $11,143,970		10,000,000		10,000,000

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $10,006,000; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24 - 11/20/73, and an aggregate market value of $10,200,000		10,000,000	$	10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $20,603,306; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $20,400,093		20,000,000		20,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $161,707; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $164,844		161,612		161,612
National Bank Financial, Inc. Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $2,001,182; collateralized by U.S. Treasury Obligation at 0.500%, maturing 02/28/26, and an aggregate market value of $2,049,564		2,000,000		2,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $15,009,250; collateralized by various Common Stock with an aggregate market value of $16,740,211		15,000,000		15,000,000
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $10,005,922; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $10,222,653		10,000,000		10,000,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $900,533; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $918,000		900,000		900,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $5,003,011; collateralized by various Common Stock with an aggregate market value of $5,514,305		5,000,000		5,000,000
				87,961,612
Time Deposit—0.1%
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		5,000,000		5,000,000
Mutual Funds—0.5%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (h)		12,065,837		12,065,837
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (h)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (h)		5,000,000		5,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (h)		10,000,000		10,000,000
HSBC U.S. Government Money Market Fund, Class I 5.300% (h)		5,000,000		5,000,000
				37,065,837
Total Securities Lending Reinvestments (Cost $185,899,691)				185,928,636
Total Investments—102.5% (Cost $2,816,697,681)				7,626,541,974
Other assets and liabilities (net)—(2.5)%				(187,388,537	)
Net Assets—100.0%			$	7,439,153,437

*	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, 2023, the market value of securities loaned was $257,820,117 and the collateral received consisted of cash in the amount of $185,769,785 and non-cash collateral with a value of $78,541,697. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2023, the market value of securities pledged was $16,911,600.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(g)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. 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.
(h)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Futures Contracts
Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures		03/15/24		60		USD	14,460,000	$	639,951

Glossary Of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ETF)—	Exchange-Traded Fund
(REIT)—	Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	7,384,760,782	$	—		$	—	$	7,384,760,782
Total Mutual Funds*		46,152,601		—			—		46,152,601
Total Short-Term Investment*		—		9,699,955			—		9,699,955
Securities Lending Reinvestments
Certificates of Deposit		—		44,926,773			—		44,926,773
Commercial Paper		—		10,974,414			—		10,974,414
Repurchase Agreements		—		87,961,612			—		87,961,612
Time Deposit		—		5,000,000			—		5,000,000
Mutual Funds		37,065,837		—			—		37,065,837
Total Securities Lending Reinvestments		37,065,837		148,862,799			—		185,928,636
Total Investments	$	7,467,979,220	$	158,562,754		$	—	$	7,626,541,974
Collateral for Securities Loaned (Liability)	$	—	$	(185,769,785	)	$	—	$	(185,769,785	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	639,951	$	—		$	—	$	639,951

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	7,618,958,516
Affiliated investments at value (c)		7,583,458
Cash		3,371,302
Receivable for:
Investments sold		2,858,737
Fund shares sold		171,151
Dividends		7,025,506
Prepaid expenses		26,110
Total Assets		7,639,994,780
Liabilities
Collateral for securities loaned		185,769,785
Payables for:
Investments purchased		177,359
Fund shares redeemed		12,172,079
Variation margin on futures contracts		36,748
Accrued Expenses:
Management fees		1,480,233
Distribution and service fees		441,696
Deferred trustees’ fees		185,577
Other expenses		577,866
Total Liabilities		200,841,343
Net Assets	$	7,439,153,437
Net Assets Consist of:
Paid in surplus	$	2,148,181,265
Distributable earnings (Accumulated losses)		5,290,972,172
Net Assets	$	7,439,153,437
Net Assets
Class A	$	5,256,674,728
Class B		1,998,614,688
Class D		44,566,490
Class E		127,229,297
Class G		12,068,234
Capital Shares Outstanding*
Class A		86,661,036
Class B		35,168,580
Class D		737,550
Class E		2,121,366
Class G		212,618
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	60.66
Class B		56.83
Class D		60.43
Class E		59.98
Class G		56.76

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $2,812,396,145.
(b)	Includes securities loaned at value of $257,820,117.
(c)	Identified cost of affiliated investments was $4,301,536.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	116,246,223
Dividends from affiliated investments		258,804
Interest		628,198
Securities lending income		1,203,911
Total investment income		118,337,136
Expenses
Management fees		17,536,563
Administration fees		274,372
Custodian and accounting fees		339,110
Distribution and service fees—Class B		4,767,329
Distribution and service fees—Class D		42,136
Distribution and service fees—Class E		184,151
Distribution and service fees—Class G		34,949
Audit and tax services		49,026
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		206,705
Insurance		64,424
Miscellaneous		811,361
Total expenses		24,402,949
Less management fee waiver		(877,194	)
Net expenses		23,525,755
Net Investment Income		94,811,381
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		488,368,206
Affiliated investments		389,424
Futures contracts		1,554,581
Net realized gain (loss)		490,312,211
Net change in unrealized appreciation (depreciation) on:
Investments		1,027,790,616
Affiliated investments		(1,293,946	)
Futures contracts		1,176,201
Net change in unrealized appreciation (depreciation)		1,027,672,871
Net realized and unrealized gain (loss)		1,517,985,082
Net Increase (Decrease) in Net Assets From Operations	$	1,612,796,463

(a) Net of foreign withholding taxes of $30,239.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	94,811,381		$	96,702,297
Net realized gain (loss)		490,312,211			470,932,624
Net change in unrealized appreciation (depreciation)		1,027,672,871			(2,140,430,274	)
Increase (decrease) in net assets from operations		1,612,796,463			(1,572,795,353	)
From Distributions to Shareholders
Class A		(394,921,310	)		(523,222,271	)
Class B		(157,894,581	)		(209,856,290	)
Class D		(3,308,461	)		(4,616,007	)
Class E		(9,782,094	)		(13,361,393	)
Class G		(947,670	)		(1,417,670	)
Total distributions		(566,854,116	)		(752,473,631	)
Increase (decrease) in net assets from capital share transactions		(176,414,570	)		98,868,314
Total increase (decrease) in net assets		869,527,777			(2,226,400,670	)
Net Assets
Beginning of period		6,569,625,660			8,796,026,330
End of period	$	7,439,153,437		$	6,569,625,660

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		3,146,086		$	173,762,587			2,899,300		$	162,358,051
Reinvestments		7,151,780			394,921,310			10,227,175			523,222,271
Redemptions		(11,660,749	)		(651,362,161	)		(10,635,824	)		(616,395,193	)
Net increase (decrease)		(1,362,883	)	$	(82,678,264	)		2,490,651		$	69,185,129
Class B
Sales		1,168,610		$	61,632,120			1,991,762		$	109,929,514
Reinvestments		3,048,158			157,894,581			4,350,255			209,856,290
Redemptions		(5,711,591	)		(301,469,356	)		(5,159,347	)		(287,833,483	)
Net increase (decrease)		(1,494,823	)	$	(81,942,655	)		1,182,670		$	31,952,321
Class D
Sales		9,745		$	546,381			2,641		$	153,238
Reinvestments		60,121			3,308,461			90,510			4,616,007
Redemptions		(91,609	)		(5,150,935	)		(112,530	)		(6,391,127	)
Net increase (decrease)		(21,743	)	$	(1,296,093	)		(19,379	)	$	(1,621,882	)
Class E
Sales		34,261		$	1,935,213			48,836		$	2,860,744
Reinvestments		179,028			9,782,094			263,746			13,361,393
Redemptions		(376,829	)		(20,900,970	)		(270,123	)		(15,805,606	)
Net increase (decrease)		(163,540	)	$	(9,183,663	)		42,459		$	416,531
Class G
Sales		4,622		$	245,670			5,776		$	322,416
Reinvestments		18,312			947,670			29,424			1,417,670
Redemptions		(47,849	)		(2,507,235	)		(50,935	)		(2,803,871	)
Net increase (decrease)		(24,915	)	$	(1,313,895	)		(15,735	)	$	(1,063,785	)
Increase (decrease) derived from capital shares transactions				$	(176,414,570	)				$	98,868,314

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	52.23		$	71.87		$	60.62		$	56.03		$	47.25
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.80			0.82			0.77			0.87			1.02
Net realized and unrealized gain (loss)		12.29			(14.10	)		15.72			8.22			13.01
Total income (loss) from investment operations		13.09			(13.28	)		16.49			9.09			14.03
Less Distributions
Distributions from net investment income		(0.81	)		(0.80	)		(1.04	)		(1.04	)		(1.17	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)
Total distributions		(4.66	)		(6.36	)		(5.24	)		(4.50	)		(5.25	)
Net Asset Value, End of Period	$	60.66		$	52.23		$	71.87		$	60.62		$	56.03
Total Return (%) (b)		25.94			(18.30	)		28.36			18.10			31.15
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28			0.28			0.28			0.28			0.28
Net ratio of expenses to average net assets (%) (c)		0.26			0.26			0.26			0.27			0.27
Ratio of net investment income (loss) to average net assets (%)		1.42			1.40			1.17			1.63			1.95
Portfolio turnover rate (%)		11			10			12			13			12
Net assets, end of period (in millions)	$	5,256.7		$	4,597.2		$	6,147.5		$	5,319.9		$	4,933.6
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	49.18		$	68.09		$	57.69		$	53.53		$	45.34
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.62			0.63			0.58			0.71			0.85
Net realized and unrealized gain (loss)		11.55			(13.35	)		14.92			7.82			12.45
Total income (loss) from investment operations		12.17			(12.72	)		15.50			8.53			13.30
Less Distributions
Distributions from net investment income		(0.67	)		(0.63	)		(0.90	)		(0.91	)		(1.03	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)
Total distributions		(4.52	)		(6.19	)		(5.10	)		(4.37	)		(5.11	)
Net Asset Value, End of Period	$	56.83		$	49.18		$	68.09		$	57.69		$	53.53
Total Return (%) (b)		25.63			(18.51	)		28.04			17.83			30.80
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53			0.53			0.53			0.53			0.53
Net ratio of expenses to average net assets (%) (c)		0.51			0.51			0.51			0.52			0.52
Ratio of net investment income (loss) to average net assets (%)		1.17			1.15			0.92			1.38			1.70
Portfolio turnover rate (%)		11			10			12			13			12
Net assets, end of period (in millions)	$	1,998.6		$	1,803.1		$	2,415.9		$	2,158.0		$	2,043.2

Please see page 18 for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class D
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	52.04		$	71.62		$	60.43		$	55.86		$	47.11
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.74			0.75			0.70			0.82			0.96
Net realized and unrealized gain (loss)		12.25			(14.04	)		15.66			8.19			12.98
Total income (loss) from investment operations		12.99			(13.29	)		16.36			9.01			13.94
Less Distributions
Distributions from net investment income		(0.75	)		(0.73	)		(0.97	)		(0.98	)		(1.11	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)
Total distributions		(4.60	)		(6.29	)		(5.17	)		(4.44	)		(5.19	)
Net Asset Value, End of Period	$	60.43		$	52.04		$	71.62		$	60.43		$	55.86
Total Return (%) (b)		25.80			(18.38	)		28.23			17.99			31.03
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.38			0.38			0.38			0.38			0.38
Net ratio of expenses to average net assets (%) (c)		0.36			0.36			0.36			0.37			0.37
Ratio of net investment income (loss) to average net assets (%)		1.32			1.29			1.07			1.54			1.85
Portfolio turnover rate (%)		11			10			12			13			12
Net assets, end of period (in millions)	$	44.6		$	39.5		$	55.8		$	48.1		$	48.3
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	51.68		$	71.17		$	60.08		$	55.56		$	46.88
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.71			0.72			0.67			0.79			0.93
Net realized and unrealized gain (loss)		12.16			(13.96	)		15.57			8.14			12.91
Total income (loss) from investment operations		12.87			(13.24	)		16.24			8.93			13.84
Less Distributions
Distributions from net investment income		(0.72	)		(0.69	)		(0.95	)		(0.95	)		(1.08	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)
Total distributions		(4.57	)		(6.25	)		(5.15	)		(4.41	)		(5.16	)
Net Asset Value, End of Period	$	59.98		$	51.68		$	71.17		$	60.08		$	55.56
Total Return (%) (b)		25.74			(18.43	)		28.17			17.93			30.93
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43			0.43			0.43			0.43			0.43
Net ratio of expenses to average net assets (%) (c)		0.41			0.41			0.41			0.42			0.42
Ratio of net investment income (loss) to average net assets (%)		1.27			1.25			1.02			1.48			1.80
Portfolio turnover rate (%)		11			10			12			13			12
Net assets, end of period (in millions)	$	127.2		$	118.1		$	159.6		$	143.3		$	140.2

Please see page 18 for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class G
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	49.11		$	67.87		$	57.51		$	53.39		$	45.24
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.59			0.60			0.54			0.68			0.82
Net realized and unrealized gain (loss)		11.53			(13.31	)		14.89			7.78			12.44
Total income (loss) from investment operations		12.12			(12.71	)		15.43			8.46			13.26
Less Distributions
Distributions from net investment income		(0.62	)		(0.49	)		(0.87	)		(0.88	)		(1.03	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)
Total distributions		(4.47	)		(6.05	)		(5.07	)		(4.34	)		(5.11	)
Net Asset Value, End of Period	$	56.76		$	49.11		$	67.87		$	57.51		$	53.39
Total Return (%) (b)		25.56			(18.55	)		27.99			17.74			30.77
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58			0.58			0.58			0.58			0.58
Net ratio of expenses to average net assets (%) (c)		0.56			0.56			0.56			0.57			0.57
Ratio of net investment income (loss) to average net assets (%)		1.12			1.09			0.87			1.33			1.65
Portfolio turnover rate (%)		11			10			12			13			12
Net assets, end of period (in millions)	$	12.1		$	11.7		$	17.2		$	23.2		$	21.8

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Stock Index Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers five classes of shares: Class A, B, D, E and G shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-19

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-20

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $87,961,612, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(185,040,406	)	$	—	$	—	$	—	$	(185,040,406	)
Mutual Funds		(729,379	)		—		—		—		(729,379	)
Total Borrowings	$	(185,769,785	)	$	—	$	—	$	—	$	(185,769,785	)
Gross amount of recognized liabilities for securities lending transactions										$	(185,769,785	)

BHFTII-21

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio 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. 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 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 Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the 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.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2023 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts (a)	$	639,951

(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, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	1,554,581
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	1,176,201

For the year ended December 31, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	15,822,844

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

4. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the

BHFTII-22

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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. The 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 the 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. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	758,407,906	$	0	$	1,397,569,051

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2023 were $17,536,563.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.020%	On the first $500 million
0.015%	Of the next $500 million
0.010%	Of the next $1 billion
0.005%	On amounts over $2 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2023 were $525,731.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

BHFTII-23

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2023 is as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2023		Income earned from affiliates during the period		Number of shares held December 31, 2023
MetLife, Inc.	$	9,600,170	$	17,668	$	(1,129,858	)	$	389,424	$	(1,293,946	)	$	7,583,458	$	258,804		114,675

8. 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.

9. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	2,914,244,889
Gross unrealized appreciation		4,910,571,877
Gross unrealized (depreciation)		(198,274,792	)
Net unrealized appreciation (depreciation)	$	4,712,297,085

BHFTII-24

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$94,678,546	$	104,263,779	$	472,175,570	$	648,209,852	$	566,854,116	$	752,473,631

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$98,429,315	$	480,431,350	$	4,712,297,085	$	—	$	5,291,157,750

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-25

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the MetLife Stock Index Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Stock Index Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-26

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-27

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel-Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-28

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-29

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Board of Trustees’ Consideration of Advisory And Sub-advisory Agreements—(Continued)

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-30

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Board of Trustees’ Consideration of Advisory And Sub-advisory Agreements—(Continued)

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. 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, 2023, and the Board noted management’s explanation of the tracking error between the Portfolio and the Index. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees 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

BHFTII-31

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Board of Trustees’ Consideration of Advisory And Sub-advisory Agreements—(Continued)

Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category 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.

BHFTII-32

Brighthouse Funds Trust II

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B, E and F shares of the MFS Total Return Portfolio returned 10.40%, 10.13%, 10.24%, and 10.19%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg U.S. Aggregate Bond Index², returned 26.29% and 5.53%, respectively. A blend of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) returned 17.67%.

MARKET ENVIRONMENT / CONDITIONS

During the reporting period, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially, but the effects of tighter monetary policy may not be fully experienced yet, given that monetary policy works with long and variable lags. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional U.S. banks, which suffered from deposit flight as depositors sought higher yields on their savings. Additionally, activity in the U.S. housing sector slowed as a result of higher mortgage rates. China’s abandonment of its zero-COVID policy ushered in a brief uptick in economic activity in the world’s second-largest economy in early 2023, although its momentum soon stalled as the focus turned to the country’s highly indebted property development sector. In developed markets, consumer demand for services remained stronger than the demand for goods.

Early on, policymakers found themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, central banks focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to juggle achieving their inflation mandates while using macroprudential tools to keep banking systems liquid, a potentially difficult balancing act, and one that suggested that we may be nearing a peak in policy rates. As inflationary pressures eased toward the end of the period, financial conditions loosened in anticipation of easier monetary policy, boosting the market’s appetite for risk. Rapid advancements in artificial intelligence were a focus for investors.

Normalizing supply chains, low levels of unemployment across developed markets and signs that inflation levels have peaked were supportive factors for the macroeconomic backdrop during the reporting period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its blended benchmark during the reporting period. Overall, the equity portion of the Portfolio notably underperformed the S&P 500 Index, while the fixed income portion outperformed the Bloomberg U.S. Aggregate Bond Index.

Within the equity portion of the Portfolio, an underweight position and stock selection within the Information Technology (“IT”) sector detracted from performance relative to the S&P 500 Index. Within this sector, an underweight position in software giant Microsoft and not owning shares of strong-performing computer graphics processor maker Nvidia and computer and personal electronics maker Apple weighed on relative results.

Stock selection and an overweight position in the Financials sector also hindered relative returns. Within this sector, the Portfolio’s overweight position in financial services provider Charles Schwab weighed on relative returns. Security selection and an underweight position in the Consumer Discretionary sector further dampened relative results. Here, not owning shares of strong performing internet retailer Amazon and electric vehicle manufacturer Tesla detracted from relative results.

Elsewhere, not owning shares of social networking service provider Meta Platforms and overweight positions in shares of global health services provider Cigna and building controls and systems supplier Johnson Controls International held back relative results. Additionally, the Portfolio’s holding of crop science and pharmaceuticals company Bayer (Germany) weakened relative performance.

Stock selection within the Industrials sector contributed to relative performance, led by overweight positions in leading diversified industrial manufacturer Eaton and home improvement products maker Masco. The Portfolio’s underweight position in the Real Estate sector further strengthened relative results. Security selection in the Materials sector also helped relative performance over the reporting period.

Stocks in other sectors that contributed to relative results included overweight positions in shares of semiconductor company Intel and semiconductor solutions provider NXP Semiconductors (Netherlands), and an underweight position in integrated energy company Chevron. Additionally, not owning shares of integrated oil and gas company ExxonMobil, health insurance and Medicare/Medicaid provider UnitedHealth Group, household products maker Procter & Gamble, electricity provider NextEra Energy, and global pharmaceutical company Bristol-Myers Squibb further benefited relative returns.

Within the fixed income portion of the Portfolio, an overweight in Agency Mortgage-Backed Securities (“MBS”) and security selection in the sector modestly weighed on relative returns. Additionally, the Portfolio’s duration and yield curve positioning incrementally detracted from relative returns during the period.

Conversely, an underweight exposure to U.S. Treasuries and overweight exposure to Investment Grade (“IG”) corporates contributed to relative performance. The Portfolio’s bond selection within Asset-Backed Securities (“ABS”) and IG corporates sectors further benefited relative results.

BHFTII-1

Brighthouse Funds Trust II

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

At the end of December, the equity portion of the Portfolio had the largest overweight allocations in Financials and Industrials. In contrast, the largest underweight allocations were in IT and Consumer Discretionary. Over the trailing twelve months, the equity portion of the Portfolio increased its weighting in Industrials and Communication Services, while decreasing its exposure to Health Care and Consumer Staples.

The fixed income portion of the Portfolio ended the period approximately neutral duration relative to the Bloomberg U.S. Aggregate Bond Index. In terms of sector positioning, the Portfolio was underweight U.S. Treasuries in order to fund overweight positions in IG corporate bonds, ABS, Commercial Mortgage-Backed Securities (“CMBS”), and Agency MBS. Over the trailing twelve months, the fixed income portion of the Portfolio increased exposure to U.S. Treasuries, Agency MBS, and ABS, while decreasing exposure to IG corporate bonds, and CMBS.

The Portfolio utilized U.S. Treasury futures during the period for yield curve management purposes to ensure that overall Portfolio duration and yield curve positioning were consistent with the team’s views. At period end, U.S. Treasury futures used in the Portfolio were short the 10-year portion of the yield curve and long the 2-year, 5-year, 20-year and 30-year segments. Using U.S. Treasury futures instead of cash bonds to achieve this positioning allowed greater efficiency in modestly adjusting duration and yield positioning over the course of the year.

Steven Gorham

Alexander Mackey

Joshua Marston

Johnathan Munko

Portfolio Managers

Massachusetts Financial Services Company

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

¹ The S&P 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTII-2

Brighthouse Funds Trust II

MFS Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX & THE S&P 500 INDEX & THE BLENDED INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
MFS Total Return Portfolio
Class A		10.40		8.53		6.59
Class B		10.13		8.26		6.33
Class E		10.24		8.36		6.43
Class F		10.19		8.31		6.38
Bloomberg U.S. Aggregate Bond Index		5.53		1.10		1.81
S&P 500 Index		26.29		15.69		12.03
Blended Index		17.67		9.98		8.09

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Equity Sectors

	% of Net Assets
Financials		15.8
Industrials		9.3
Health Care		8.0
Information Technology		6.9
Communication Services		4.8

Top Fixed Income Sectors

	% of Net Assets
Agency Mortgage-Backed Securities		13.0
Corporate Bonds & Notes		12.7
U.S. Treasury		7.0
Asset-Backed Securities		4.8
Non-Agency Mortgage-Backed Securities		1.8

Top Equity Holdings

	% of Net Assets
Goldman Sachs Group, Inc.		2.4
JPMorgan Chase & Co.		2.1
Charles Schwab Corp.		1.9
Comcast Corp.		1.8
Microsoft Corp.		1.8

Top Fixed Income Issuers

	% of Net Assets
Federal National Mortgage Association		5.9
U.S. Treasury Notes		3.6
Federal Home Loan Mortgage Corp.		3.4
U.S. Treasury Bonds		3.4
Government National Mortgage Association		2.9

BHFTII-3

Brighthouse Funds Trust II

MFS Total Return Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MFS Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.63	%	$	1,000.00	$	1,058.30	$	3.27
	Hypothetical*		0.63	%	$	1,000.00	$	1,022.03	$	3.21
Class B (a)	Actual		0.88	%	$	1,000.00	$	1,056.90	$	4.56
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.77	$	4.48
Class E (a)	Actual		0.78	%	$	1,000.00	$	1,057.50	$	4.05
	Hypothetical*		0.78	%	$	1,000.00	$	1,021.27	$	3.97
Class F (a)	Actual		0.83	%	$	1,000.00	$	1,057.20	$	4.30
	Hypothetical*		0.83	%	$	1,000.00	$	1,021.02	$	4.23

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

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

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

BHFTII-4

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—58.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.2%
General Dynamics Corp.		9,666	$	2,509,970
Howmet Aerospace, Inc.		27,467		1,486,514
L3Harris Technologies, Inc.		17,131		3,608,131
				7,604,615
Automobile Components—1.3%
Aptiv PLC (a)		53,135		4,767,272
Lear Corp. (b)		21,497		3,035,592
				7,802,864
Banks—4.7%
Bank of America Corp.		257,408		8,666,927
JPMorgan Chase & Co.		75,547		12,850,545
PNC Financial Services Group, Inc.		18,244		2,825,084
Truist Financial Corp.		123,111		4,545,258
				28,887,814
Beverages—0.8%
Constellation Brands, Inc. - Class A		11,713		2,831,618
Diageo PLC		62,104		2,255,257
				5,086,875
Building Products—2.5%
Johnson Controls International PLC		137,823		7,944,118
Masco Corp.		108,568		7,271,884
				15,216,002
Capital Markets—7.0%
Cboe Global Markets, Inc.		15,425		2,754,288
Charles Schwab Corp.		170,360		11,720,768
CME Group, Inc.		10,474		2,205,824
Goldman Sachs Group, Inc.		37,860		14,605,252
Invesco Ltd.		74,145		1,322,747
Morgan Stanley		52,086		4,857,020
Northern Trust Corp.		69,345		5,851,331
				43,317,230
Chemicals—1.9%
Axalta Coating Systems Ltd. (a)		115,948		3,938,754
DuPont de Nemours, Inc.		45,544		3,503,700
PPG Industries, Inc.		28,233		4,222,245
				11,664,699
Construction Materials—0.2%
Summit Materials, Inc. - Class A (a)		31,736		1,220,567
Consumer Staples Distribution & Retail—0.2%
Target Corp. (b)		9,380		1,335,900
Distributors—0.6%
LKQ Corp.		82,265		3,931,444
Electric Utilities—2.3%
Duke Energy Corp.		43,574		4,228,421
Exelon Corp.		61,863		2,220,882
PG&E Corp.		225,915		4,073,247
Southern Co.		50,634		3,550,456
				14,073,006
Electrical Equipment—2.2%
Eaton Corp. PLC		38,692		9,317,807
Regal Rexnord Corp.		28,549		4,225,823
				13,543,630
Entertainment—0.5%
Electronic Arts, Inc.		9,658		1,321,311
Warner Bros Discovery, Inc. (a)		154,671		1,760,156
				3,081,467
Financial Services—1.0%
Fidelity National Information Services, Inc.		41,164		2,472,721
Fiserv, Inc. (a)		26,244		3,486,253
				5,958,974
Food Products—0.4%
Archer-Daniels-Midland Co. (b)		23,355		1,686,698
J.M. Smucker Co.		8,183		1,034,168
				2,720,866
Ground Transportation—1.1%
Union Pacific Corp.		28,155		6,915,431
Health Care Equipment & Supplies—1.7%
Becton Dickinson & Co.		12,893		3,143,700
Boston Scientific Corp. (a)		37,380		2,160,938
Medtronic PLC		66,370		5,467,561
				10,772,199
Health Care Providers & Services—2.5%
Cigna Group		32,077		9,605,458
McKesson Corp.		12,399		5,740,489
				15,345,947
Hotels, Restaurants & Leisure—0.5%
Booking Holdings, Inc. (a)		477		1,692,024
Wendy’s Co.		62,788		1,223,110
				2,915,134
Industrial Conglomerates—0.6%
Honeywell International, Inc.		18,245		3,826,159
Insurance—3.2%
Aon PLC - Class A		20,424		5,943,792
Chubb Ltd.		27,369		6,185,394
Travelers Cos., Inc.		13,794		2,627,619

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Willis Towers Watson PLC		21,584	$	5,206,061
				19,962,866
Interactive Media & Services—1.0%
Alphabet, Inc. - Class A (a)		45,553		6,363,299
IT Services—1.3%
Accenture PLC - Class A		10,318		3,620,689
Amdocs Ltd.		26,213		2,303,861
Cognizant Technology Solutions Corp. - Class A		31,076		2,347,170
				8,271,720
Life Sciences Tools & Services—0.5%
ICON PLC (a)		10,995		3,112,355
Machinery—1.1%
Ingersoll Rand, Inc.		49,108		3,798,013
Stanley Black & Decker, Inc.		32,202		3,159,016
				6,957,029
Media—2.5%
Comcast Corp. - Class A		253,848		11,131,235
Omnicom Group, Inc. (b)		47,297		4,091,663
				15,222,898
Metals & Mining—0.2%
Glencore PLC		241,832		1,450,808
Multi-Utilities—0.5%
Dominion Energy, Inc.		30,429		1,430,163
National Grid PLC		144,332		1,948,819
				3,378,982
Oil, Gas & Consumable Fuels—3.6%
Chevron Corp. (b)		12,071		1,800,510
ConocoPhillips		67,893		7,880,341
Hess Corp.		39,814		5,739,586
Pioneer Natural Resources Co.		14,800		3,328,224
Suncor Energy, Inc.		108,843		3,486,952
				22,235,613
Personal Care Products—0.5%
Kenvue, Inc.		147,244		3,170,163
Pharmaceuticals—3.2%
Bayer AG		79,633		2,956,280
Johnson & Johnson		47,318		7,416,623
Organon & Co. (b)		42,277		609,634
Pfizer, Inc.		206,937		5,957,716
Roche Holding AG		11,177		3,239,454
				20,179,707
Professional Services—0.6%
Dun & Bradstreet Holdings, Inc.		298,244		3,489,455
Semiconductors & Semiconductor Equipment—3.1%
Analog Devices, Inc. (b)		7,422		1,473,712
Applied Materials, Inc.		16,683		2,703,814
Intel Corp.		129,923		6,528,631
NXP Semiconductors NV		26,464		6,078,251
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) (b)		23,334		2,426,736
				19,211,144
Software—2.1%
Microsoft Corp.		29,523		11,101,829
Oracle Corp.		20,213		2,131,056
				13,232,885
Technology Hardware, Storage & Peripherals—0.1%
Seagate Technology Holdings PLC (b)		8,210		700,888
Tobacco—1.2%
Altria Group, Inc.		41,409		1,670,439
Philip Morris International, Inc.		61,460		5,782,157
				7,452,596
Wireless Telecommunication Services—0.8%
T-Mobile U.S., Inc.		32,071		5,141,943
Total Common Stocks (Cost $275,410,277)				364,755,174
U.S. Treasury & Government Agencies—20.0%
Agency Sponsored Mortgage - Backed—13.0%
Federal Home Loan Mortgage Corp.
1.500%, 03/01/51		106,153		83,113
1.500%, 10/01/51		171,895		133,992
2.000%, 04/01/37		447,072		400,675
2.000%, 02/01/42		457,477		390,615
2.000%, 12/01/50		97,311		79,901
2.000%, 08/01/51		496,146		406,392
2.000%, 11/01/51		226,875		185,621
2.000%, 02/01/52		1,031,880		846,856
2.000%, 03/01/52		2,176,166		1,778,268
2.500%, 04/01/37		190,643		175,499
2.500%, 04/01/48		61,193		53,258
2.500%, 02/01/51		165,145		140,460
2.500%, 09/01/51		34,540		29,376
2.500%, 10/01/51		280,668		240,930
2.500%, 12/01/51		2,379,935		2,025,994
2.500%, 03/01/52		232,777		198,054
2.500%, 04/01/52		531,207		452,046
2.500%, 05/01/52		1,725,403		1,468,232
2.500%, 06/01/52		220,982		188,046
2.500%, 09/01/52		60,809		51,751
3.000%, 01/01/38		183,567		170,288

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp.
3.000%, 10/01/42		208,455	$	191,769
3.000%, 04/01/43		555,898		511,648
3.000%, 05/01/43		471,419		433,889
3.000%, 05/01/46		188,729		172,465
3.000%, 10/01/46		442,098		402,398
3.000%, 11/01/46		459,210		418,334
3.000%, 03/01/48		38,902		35,030
3.000%, 07/01/50		18,128		16,321
3.000%, 01/01/52		320,574		283,677
3.000%, 04/01/52		162,832		144,131
3.000%, 05/01/52		363,334		321,285
3.000%, 06/01/52		795,226		703,544
3.500%, 11/01/37		126,958		121,093
3.500%, 02/01/42		185,540		175,700
3.500%, 04/01/42		122,530		116,341
3.500%, 12/01/42		321,291		304,432
3.500%, 04/01/43		51,665		49,000
3.500%, 07/01/43		15,911		14,988
3.500%, 08/01/43		193,128		181,486
3.500%, 12/01/45		105,957		99,021
3.500%, 12/01/46		511,423		477,474
3.500%, 05/01/52		98,897		91,881
3.500%, 02/01/53		472,337		433,271
4.000%, 08/01/37		33,895		33,103
4.000%, 11/01/40		151,841		148,283
4.000%, 01/01/41		329,689		321,520
4.000%, 04/01/44		114,994		111,018
4.000%, 08/01/47		186,663		178,498
4.000%, 10/01/52		1,189,080		1,124,603
4.500%, 08/01/24		3,277		3,262
4.500%, 04/01/35		13,006		13,058
4.500%, 06/01/38		238,372		237,050
4.500%, 07/01/39		57,441		57,425
4.500%, 09/01/39		31,573		31,570
4.500%, 10/01/39		17,923		17,923
4.500%, 12/01/39		28,788		28,792
4.500%, 05/01/42		52,384		52,390
4.500%, 10/01/52		485,983		471,237
5.000%, 09/01/33		49,575		50,447
5.000%, 03/01/34		16,442		16,731
5.000%, 04/01/34		9,269		9,432
5.000%, 08/01/35		10,668		10,856
5.000%, 10/01/35		32,226		32,747
5.000%, 11/01/35		19,561		19,907
5.000%, 12/01/36		13,406		13,642
5.000%, 07/01/39		91,994		93,619
5.000%, 08/01/52		522,944		518,029
5.000%, 02/01/53		743,957		736,442
5.000%, 09/01/53		98,085		97,036
5.500%, 12/01/33		66,119		68,183
5.500%, 01/01/34		44,020		45,395
5.500%, 04/01/34		7,992		8,241
5.500%, 11/01/34		8,379		8,598
5.500%, 05/01/35		13,287		13,703
5.500%, 09/01/35		12,635		12,965
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp.
5.500%, 10/01/35		15,829		16,242
5.500%, 03/01/53		495,379		498,237
5.500%, 04/01/53		190,182		193,536
6.000%, 04/01/34		32,247		33,545
6.000%, 07/01/34		15,652		16,195
6.000%, 08/01/34		87,536		91,280
6.000%, 09/01/34		1,938		1,995
6.000%, 07/01/35		11,771		12,312
6.000%, 08/01/35		14,624		15,297
6.000%, 11/01/35		15,885		16,616
6.000%, 03/01/36		12,558		12,945
6.000%, 10/01/36		7,071		7,344
6.000%, 05/01/37		31,027		32,562
6.000%, 06/01/37		9,628		10,019
6.000%, 12/01/52		98,875		101,946
6.500%, 05/01/34		7,394		7,711
6.500%, 06/01/34		22,027		22,984
6.500%, 08/01/34		11,685		12,118
6.500%, 10/01/34		21,588		22,349
6.500%, 11/01/34		32,965		34,416
6.500%, 05/01/37		13,792		14,441
6.500%, 07/01/37		14,559		15,330
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
0.195%, 11/25/27 (c) (d)		5,207,000		40,730
0.247%, 12/25/27 (c) (d)		3,235,000		30,928
0.275%, 11/25/24 (c) (d)		4,908,000		13,416
0.279%, 09/25/27 (c) (d)		3,341,000		34,377
0.284%, 11/25/27 (c) (d)		3,580,123		32,906
0.290%, 12/25/27 (c) (d)		3,579,000		40,321
0.294%, 11/25/32 (c) (d)		2,615,970		48,422
0.324%, 11/25/27 (c) (d)		3,234,280		35,177
0.327%, 08/25/27 (c) (d)		3,107,000		37,574
0.328%, 01/25/31 (c) (d)		1,567,996		27,682
0.339%, 10/25/24 (c) (d)		5,580,641		9,040
0.349%, 11/25/31 (c) (d)		2,325,421		53,529
0.365%, 12/25/27 (c) (d)		5,502,088		71,271
0.391%, 08/25/24 (c) (d)		4,897,000		15,142
0.419%, 08/25/27 (c) (d)		2,023,315		26,814
0.460%, 08/25/24 (c) (d)		6,852,472		16,639
0.498%, 12/25/31 (c) (d)		2,074,891		66,768
0.508%, 08/25/31 (c) (d)		484,121		15,209
0.511%, 07/25/24 (c) (d)		4,483,000		12,711
0.515%, 03/25/31 (c) (d)		1,257,393		36,594
0.536%, 09/25/31 (c) (d)		1,578,796		52,869
0.568%, 12/25/31 (c) (d)		3,517,256		126,870
0.570%, 07/25/27 (c) (d)		3,729,333		63,317
0.602%, 07/25/24 (c) (d)		1,098,493		2,161
0.639%, 06/25/27 (c) (d)		4,356,000		95,673
0.732%, 03/25/31 (c) (d)		539,591		24,072
0.745%, 06/25/27 (c) (d)		1,423,605		29,933
0.781%, 01/25/31 (c) (d)		658,188		30,261
0.856%, 09/25/31 (c) (d)		453,515		24,069
0.905%, 04/25/24 (c) (d)		988,370		1,244
0.936%, 01/25/31 (c) (d)		441,180		24,065

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
0.938%, 07/25/31 (c) (d)		361,575	$	21,110
1.081%, 11/25/30 (c) (d)		400,945		24,980
1.091%, 07/25/29 (c) (d)		255,071		12,595
1.142%, 08/25/29 (c) (d)		1,578,470		82,253
1.170%, 09/25/30 (c) (d)		229,735		15,022
1.216%, 05/25/31 (c) (d)		240,722		17,614
1.342%, 06/25/30 (c) (d)		396,103		28,823
1.600%, 08/25/30 (c) (d)		357,560		31,592
1.665%, 05/25/30 (c) (d)		384,386		34,258
1.798%, 05/25/30 (c) (d)		1,002,928		94,760
1.799%, 04/25/30 (c) (d)		300,000		28,693
1.868%, 04/25/30 (c) (d)		808,011		77,811
Federal Home Loan Mortgage Corp. REMICS
3.000%, 07/15/39		33,516		31,650
3.500%, 08/15/42		134,358		125,236
4.500%, 12/15/40 (d)		8,866		713
5.000%, 01/15/40		45,181		45,512
5.500%, 02/15/36 (d)		15,388		2,757
Federal National Mortgage Association
1.500%, 02/01/42		31,279		25,921
1.500%, 09/01/51		959,371		747,783
1.500%, 10/01/51		495,809		386,199
2.000%, 10/01/36		218,432		197,041
2.000%, 11/01/36		205,558		184,225
2.000%, 12/01/36		75,781		67,917
2.000%, 03/01/37		26,594		23,834
2.000%, 04/01/37		212,583		190,521
2.000%, 05/01/37		2,664,925		2,388,360
2.000%, 02/01/42		670,853		572,921
2.000%, 03/01/42		419,551		358,173
2.000%, 04/01/42		700,276		597,832
2.000%, 08/01/50		217,295		178,797
2.000%, 01/01/51		49,636		41,052
2.000%, 02/01/51		81,591		67,856
2.000%, 04/01/51		181,532		149,041
2.000%, 10/01/51		73,117		59,863
2.000%, 12/01/51		3,962,713		3,242,619
2.000%, 02/01/52		378,962		310,032
2.000%, 03/01/52		2,099,191		1,715,702
2.000%, 04/01/52		784,807		642,960
2.000%, 07/01/52		113,972		93,194
2.500%, 11/01/31		16,815		15,855
2.500%, 10/01/36		117,275		108,001
2.500%, 07/01/37		253,739		234,366
2.500%, 03/01/42		324,086		288,166
2.500%, 04/01/42		509,146		449,240
2.500%, 01/01/50		474,334		407,005
2.500%, 02/01/50		180,849		155,994
2.500%, 03/01/50		261,913		224,734
2.500%, 06/01/50		36,412		31,568
2.500%, 07/01/50		362,746		314,812
2.500%, 10/01/50		324,345		281,034
2.500%, 05/01/51		935,478		796,676
2.500%, 06/01/51		694,535		590,766
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
2.500%, 08/01/51		118,899		101,888
2.500%, 10/01/51		46,742		39,759
2.500%, 12/01/51		1,051,205		899,288
2.500%, 01/01/52		1,129,252		967,298
2.500%, 02/01/52		260,073		221,351
2.500%, 03/01/52		607,386		522,360
2.500%, 04/01/52		688,833		586,253
2.500%, 05/01/52		1,060,034		901,582
2.500%, 06/01/52		23,246		19,780
3.000%, 11/01/28		37,523		36,260
3.000%, 09/01/30		25,680		24,654
3.000%, 12/01/31		411,461		394,244
3.000%, 08/01/33		17,026		16,211
3.000%, 10/01/33		403,681		384,349
3.000%, 12/01/33		36,241		34,506
3.000%, 07/01/37		54,907		50,928
3.000%, 11/01/37		95,208		88,296
3.000%, 09/01/46		81,839		74,504
3.000%, 04/01/51		24,079		21,322
3.000%, 06/01/51		108,283		97,255
3.000%, 12/01/51		645,971		575,893
3.000%, 01/01/52		297,710		267,063
3.000%, 03/01/52		1,143,303		1,011,597
3.000%, 05/01/52		593,822		525,393
3.000%, 07/01/52		374,045		330,806
3.000%, 08/01/52		331,728		293,381
3.000%, 09/01/52		24,688		21,848
3.500%, 04/01/38		90,427		85,781
3.500%, 11/01/41		25,408		24,040
3.500%, 01/01/42		235,243		222,833
3.500%, 01/01/43		83,984		79,107
3.500%, 04/01/43		280,253		263,742
3.500%, 05/01/43		234,947		221,207
3.500%, 07/01/43		334,720		314,448
3.500%, 08/01/43		132,373		124,794
3.500%, 09/01/43		487,221		457,912
3.500%, 02/01/45		395,886		371,842
3.500%, 09/01/45		327,673		305,812
3.500%, 10/01/45		271,821		254,861
3.500%, 01/01/46		100,004		93,824
3.500%, 05/01/46		101,277		94,964
3.500%, 07/01/46		342,924		321,546
3.500%, 05/01/52		162,957		150,059
3.500%, 02/01/53		39,566		36,298
4.000%, 09/01/40		245,208		239,130
4.000%, 11/01/40		70,921		69,164
4.000%, 12/01/40		163,565		158,683
4.000%, 02/01/41		88,746		86,545
4.000%, 06/01/41		160,835		156,003
4.000%, 11/01/41		71,839		69,970
4.000%, 01/01/42		481,400		468,271
4.000%, 04/01/42		47,361		46,083
4.000%, 10/01/42		56,810		55,279
4.000%, 12/01/42		60,800		59,160
4.000%, 01/01/43		76,558		74,459

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
4.000%, 04/01/43		15,582	$	15,157
4.000%, 05/01/43		137,365		133,618
4.000%, 06/01/43		65,231		63,467
4.000%, 07/01/43		52,005		50,490
4.000%, 04/01/44		39,530		38,452
4.000%, 05/01/44		132,578		128,962
4.000%, 11/01/44		46,645		44,969
4.000%, 06/01/47		158,781		153,641
4.500%, 08/01/33		44,291		44,397
4.500%, 03/01/34		123,619		123,991
4.500%, 06/01/38		229,662		228,387
4.500%, 01/01/40		36,533		36,417
4.500%, 08/01/40		10,705		10,681
4.500%, 02/01/41		67,592		67,505
4.500%, 04/01/41		135,375		135,200
4.500%, 11/01/42		32,786		32,743
4.500%, 01/01/43		84,837		84,728
4.500%, 04/01/44		524,031		523,355
4.500%, 06/01/44		48,085		47,074
4.500%, 09/01/52		432,603		420,471
5.000%, 03/01/26		73,459		73,967
5.000%, 11/01/33		25,488		25,899
5.000%, 03/01/34		21,857		22,210
5.000%, 05/01/34		6,710		6,818
5.000%, 08/01/34		8,375		8,510
5.000%, 09/01/34		34,073		34,622
5.000%, 06/01/35		24,364		24,758
5.000%, 07/01/35		67,625		68,717
5.000%, 08/01/35		21,679		22,029
5.000%, 09/01/35		13,796		14,019
5.000%, 10/01/35		58,080		59,019
5.000%, 07/01/39		27,339		27,782
5.000%, 10/01/39		34,370		34,919
5.000%, 11/01/39		16,724		16,995
5.000%, 11/01/40		29,268		29,707
5.000%, 03/01/41		23,354		23,704
5.000%, 02/01/53		397,839		393,793
5.500%, 02/01/33		1,620		1,669
5.500%, 05/01/33		1,289		1,321
5.500%, 06/01/33		50,110		51,299
5.500%, 07/01/33		41,084		42,306
5.500%, 11/01/33		25,349		26,104
5.500%, 01/01/34		22,936		23,526
5.500%, 02/01/34		35,195		36,185
5.500%, 03/01/34		14,709		15,059
5.500%, 04/01/34		16,249		16,652
5.500%, 05/01/34		82,272		84,721
5.500%, 06/01/34		129,616		133,476
5.500%, 07/01/34		28,754		29,443
5.500%, 09/01/34		131,892		135,538
5.500%, 10/01/34		118,790		122,064
5.500%, 11/01/34		170,690		175,775
5.500%, 12/01/34		53,708		54,750
5.500%, 01/01/35		97,028		99,921
5.500%, 04/01/35		27,413		28,230
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association
5.500%, 07/01/35		6,936		7,143
5.500%, 09/01/35		67,539		69,553
5.500%, 11/01/52		1,485,811		1,495,283
5.500%, 11/01/53		518,253		520,348
6.000%, 02/01/32		30,888		31,859
6.000%, 03/01/34		8,944		9,272
6.000%, 04/01/34		86,168		89,426
6.000%, 06/01/34		78,326		81,573
6.000%, 07/01/34		50,338		52,369
6.000%, 08/01/34		75,019		77,950
6.000%, 10/01/34		41,340		42,649
6.000%, 11/01/34		16,762		17,404
6.000%, 12/01/34		6,562		6,808
6.000%, 08/01/35		4,930		5,103
6.000%, 09/01/35		13,283		13,836
6.000%, 10/01/35		32,306		33,634
6.000%, 12/01/35		29,246		30,478
6.000%, 02/01/36		40,477		42,043
6.000%, 04/01/36		16,267		16,877
6.000%, 06/01/36		3,122		3,261
6.000%, 07/01/37		26,054		27,035
6.000%, 02/01/53		135,236		141,993
6.500%, 06/01/31		6,817		7,106
6.500%, 09/01/31		14,331		14,939
6.500%, 02/01/32		4,769		5,005
6.500%, 07/01/32		22,735		23,809
6.500%, 08/01/32		14,005		14,498
6.500%, 01/01/33		11,130		11,587
6.500%, 04/01/34		29,643		30,830
6.500%, 06/01/34		6,559		6,840
6.500%, 04/01/36		9,491		9,914
6.500%, 05/01/36		14,406		15,067
6.500%, 02/01/37		33,678		35,243
6.500%, 05/01/37		5,416		5,619
6.500%, 07/01/37		14,363		14,967
Federal National Mortgage Association REMICS
2.000%, 05/25/44		7,508		7,315
2.000%, 04/25/46		53,141		48,179
3.000%, 02/25/33 (d)		61,972		5,208
3.250%, 05/25/40		22,879		21,187
4.000%, 10/25/40		35,510		34,377
4.000%, 07/25/46 (d)		83,651		15,600
5.000%, 03/25/25		2,280		2,254
Government National Mortgage Association
0.584%, 02/16/59 (c) (d)		749,418		22,961
2.000%, 01/20/52		1,136,643		961,628
2.000%, 03/20/52		1,032,838		873,803
2.500%, 08/20/51		259,183		226,651
2.500%, 09/20/51		1,056,156		923,624
2.500%, 11/20/51		984,561		860,896
2.500%, 04/20/52		2,117,290		1,850,830
3.000%, 04/20/45		78,083		71,956
3.000%, 04/20/46		35,223		32,398
3.000%, 08/20/46		38,625		35,489
3.000%, 09/20/46		87,931		80,775

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association
3.000%, 11/20/47		414,385	$	379,902
3.000%, 01/20/48		578,759		530,822
3.000%, 02/20/48		34,658		31,725
3.000%, 04/20/48		11,976		10,967
3.000%, 11/20/51		164,269		148,782
3.000%, 06/20/52		798,426		722,635
3.000%, 11/20/52		439,674		397,937
3.500%, 12/15/41		190,943		180,358
3.500%, 02/15/42		31,488		29,749
3.500%, 06/20/43		201,062		191,034
3.500%, 07/20/43		251,058		238,508
3.500%, 11/20/47		33,831		31,854
3.500%, 03/20/48		395,819		372,619
3.500%, 06/20/52		568,302		528,905
3.500%, 09/20/52		123,763		115,182
4.000%, 01/20/41		220,665		216,287
4.000%, 02/20/41		54,987		53,896
4.000%, 04/20/41		44,308		43,429
4.000%, 02/20/42		57,151		56,017
4.000%, 07/20/52		208,638		199,075
4.000%, 09/20/52		94,054		89,743
4.000%, 10/20/52		573,304		547,024
4.500%, 07/20/33		3,791		3,797
4.500%, 09/15/33		22,164		21,926
4.500%, 09/20/33		2,640		2,644
4.500%, 12/20/34		1,593		1,595
4.500%, 03/20/35		12,396		12,413
4.500%, 11/15/39		48,436		48,218
4.500%, 03/15/40		81,138		80,506
4.500%, 04/15/40		79,173		78,011
4.500%, 06/15/40		26,897		26,487
4.500%, 01/20/41		61,982		61,994
4.500%, 09/20/52		1,455,421		1,420,668
4.500%, 11/20/52		644,039		628,296
4.500%, 12/20/52		695,165		678,493
5.000%, 07/20/33		9,598		9,787
5.000%, 03/15/34		8,294		8,337
5.000%, 06/15/34		20,302		20,409
5.000%, 12/15/34		6,018		6,042
5.000%, 06/15/35		5,503		5,538
5.000%, 01/20/53		48,200		47,886
5.000%, 03/20/53		534,267		530,753
5.000%, 05/20/53		1,426,758		1,416,273
5.000%, 09/20/53		49,809		49,443
5.500%, 11/15/32		35,324		35,702
5.500%, 08/15/33		55,569		56,169
5.500%, 12/15/33		38,690		39,106
5.500%, 09/15/34		22,252		22,430
5.500%, 10/15/35		6,949		7,024
5.500%, 02/20/53		603,385		608,096
5.500%, 04/20/53		438,371		441,598
5.500%, 06/20/53		494,837		498,479
6.000%, 12/15/28		8,906		9,046
6.000%, 12/15/31		4,871		4,967
6.000%, 03/15/32		765		776
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association
6.000%, 10/15/32		53,734		55,668
6.000%, 01/15/33		346		357
6.000%, 02/15/33		907		929
6.000%, 04/15/33		51,024		52,883
6.000%, 08/15/33		390		401
6.000%, 07/15/34		21,609		22,255
6.000%, 09/15/34		15,832		16,210
6.000%, 01/20/35		13,598		14,359
6.000%, 02/20/35		6,695		7,069
6.000%, 04/20/35		11,454		12,095
6.000%, 01/15/38		41,727		43,009
Government National Mortgage Association REMICS
4.000%, 07/20/41		44,951		43,481
4.500%, 10/20/33		101,062		100,060
4.500%, 09/20/41		28,239		28,228
Government National Mortgage Association, TBA
3.000%, TBA (e)		350,000		316,858
6.000%, TBA (e)		300,000		305,027
6.500%, TBA (e)		525,000		537,407
Seasoned Credit Risk Transfer Trust
3.000%, 02/25/59		217,568		193,890
3.250%, 11/25/61		169,153		146,566
3.500%, 08/25/58		72,311		65,743
3.500%, 10/25/58		165,807		153,836
Uniform Mortgage-Backed Security, TBA
2.500%, TBA (e)		771,987		697,236
				80,591,369
U.S. Treasury—7.0%
U.S. Treasury Bonds 1.750%, 08/15/41		2,600,000		1,808,219
1.875%, 11/15/51		650,000		410,922
2.250%, 02/15/52		2,200,000		1,525,047
2.375%, 02/15/42		1,800,000		1,381,078
2.375%, 11/15/49		11,245,000		8,068,287
2.500%, 02/15/45		68,000		51,491
2.875%, 05/15/43		2,550,000		2,093,291
2.875%, 11/15/46		2,439,000		1,953,010
4.000%, 11/15/42		1,500,000		1,457,754
4.000%, 11/15/52		1,100,000		1,085,305
4.125%, 08/15/53 (b)		1,100,000		1,111,859
U.S. Treasury Notes  0.375%, 11/30/25 (f)		3,400,000		3,157,352
2.500%, 03/31/27		3,600,000		3,440,672
4.625%, 06/30/25		3,100,000		3,107,387
4.750%, 07/31/25		3,800,000		3,817,219
5.000%, 08/31/25 (b)		8,900,000		8,982,047
				43,450,940
Total U.S. Treasury & Government Agencies (Cost $137,534,513)				124,042,309
Corporate Bonds & Notes—12.7%
Aerospace/Defense—0.0%
BAE Systems PLC 3.400%, 04/15/30 (144A)		336,000		310,033

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Agriculture—0.4%
BAT International Finance PLC 4.448%, 03/16/28 (b)		1,361,000	$	1,338,492
Philip Morris International, Inc. 5.125%, 11/17/27 (b)		250,000		254,454
5.125%, 02/15/30 (b)		301,000		305,912
5.625%, 11/17/29 (b)		108,000		113,250
5.750%, 11/17/32 (b)		476,000		499,544
				2,511,652
Auto Manufacturers—0.1%
Stellantis Finance U.S., Inc. 2.691%, 09/15/31 (144A) (b)		1,012,000		846,710
Auto Parts & Equipment—0.0%
Lear Corp. 4.250%, 05/15/29		217,000		208,783
Banks—2.5%
Bank of America Corp. 2.572%, SOFR + 1.210%, 10/20/32 (c)		961,000		796,738
Barclays PLC 2.894%, 1Y H15 + 1.300%, 11/24/32 (c)		259,000		212,271
7.437%, 1Y H15 + 3.500%, 11/02/33 (c)		774,000		866,666
Deutsche Bank AG 2.311%, SOFR + 1.219%, 11/16/27 (b) (c)		258,000		235,913
6.720%, SOFR + 3.180%, 01/18/29 (b) (c)		628,000		657,646
7.146%, SOFR + 2.520%, 07/13/27 (c)		239,000		248,078
Goldman Sachs Group, Inc. 2.383%, SOFR + 1.248%, 07/21/32 (c)		891,000		732,069
2.600%, 02/07/30		667,000		586,120
HSBC Holdings PLC 4.000%, 5Y H15 + 3.222%, 03/09/26 (c)		200,000		183,505
4.700%, 5Y H15 + 3.250%, 03/09/31 (c)		332,000		270,396
JPMorgan Chase & Co. 2.545%, SOFR + 1.180%, 11/08/32 (b) (c)		1,450,000		1,209,849
2.963%, SOFR + 1.260%, 01/25/33 (c)		555,000		475,545
3.897%, 3M TSFR + 1.482%, 01/23/49 (c)		320,000		265,239
Macquarie Group Ltd. 4.442%, SOFR + 2.405%, 06/21/33 (144A) (c)		1,713,000		1,562,992
Mitsubishi UFJ Financial Group, Inc. 2.852%, 1Y H15 + 1.100%, 01/19/33 (b) (c)		920,000		788,072
Morgan Stanley 2.699%, SOFR + 1.143%, 01/22/31 (c)		718,000		627,659
2.943%, SOFR + 1.290%, 01/21/33 (b) (c)		919,000		781,755
Northern Trust Corp. 6.125%, 11/02/32 (b)		761,000		817,188
Sumitomo Mitsui Financial Group, Inc. 2.472%, 01/14/29 (b)		1,536,000		1,366,453
UBS Group AG 2.095%, 1Y H15 + 1.000%, 02/11/32 (144A) (b) (c)		1,883,000		1,501,916
Wells Fargo & Co. 3.350%, SOFR + 1.500%, 03/02/33 (b) (c)		1,499,000		1,309,251
				15,495,321
Beverages—0.3%
Anheuser-Busch InBev Worldwide, Inc. 4.375%, 04/15/38		208,000		197,251
8.000%, 11/15/39		868,000		1,120,333
Diageo Capital PLC 2.375%, 10/24/29 (b)		835,000		751,747
Keurig Dr Pepper, Inc. 3.200%, 05/01/30		93,000		85,498
				2,154,829
Building Materials—0.2%
Martin Marietta Materials, Inc. 2.500%, 03/15/30		56,000		49,302
Masco Corp. 2.000%, 02/15/31		1,141,000		937,664
Vulcan Materials Co. 3.500%, 06/01/30 (b)		115,000		106,965
				1,093,931
Chemicals—0.1%
RPM International, Inc. 2.950%, 01/15/32		443,000		373,318
Commercial Services—0.5%
Ashtead Capital, Inc. 5.500%, 08/11/32 (144A)		1,117,000		1,103,400
ERAC USA Finance LLC 7.000%, 10/15/37 (144A)		215,000		251,247
Experian Finance PLC 4.250%, 02/01/29 (144A) (b)		533,000		527,775
Global Payments, Inc. 2.900%, 11/15/31 (b)		467,000		399,467
Verisk Analytics, Inc. 4.125%, 03/15/29		570,000		556,036
5.750%, 04/01/33		413,000		442,977
				3,280,902
Cosmetics/Personal Care—0.1%
Kenvue, Inc. 4.900%, 03/22/33 (b)		846,000		872,048
Diversified Financial Services—1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust  2.450%, 10/29/26		1,700,000		1,574,066
3.650%, 07/21/27		320,000		304,051
4.875%, 01/16/24 (b)		150,000		149,904
Air Lease Corp. 2.200%, 01/15/27 (b)		410,000		375,435
2.875%, 01/15/32 (b)		538,000		455,234
Avolon Holdings Funding Ltd. 3.250%, 02/15/27 (144A)		640,000		591,898
4.375%, 05/01/26 (144A)		215,000		208,033
Capital One Financial Corp. 3.273%, SOFR + 1.790%, 03/01/30 (c)		1,373,000		1,226,230
3.750%, 03/09/27 (b)		554,000		528,964
Charles Schwab Corp. 5.853%, SOFR + 2.500%, 05/19/34 (c)		1,045,000		1,078,703

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Consumers Securitization Funding LLC 5.550%, 03/01/28		381,000	$	382,484
Intercontinental Exchange, Inc. 2.100%, 06/15/30 (b)		657,000		569,264
LPL Holdings, Inc. 4.375%, 05/15/31 (144A) (b)		770,000		697,259
				8,141,525
Electric—1.1%
American Electric Power Co., Inc. 5.950%, 11/01/32 (b)		368,000		392,777
Brazos Securitization LLC 5.243%, 03/01/43 (144A)		448,000		462,963
Duke Energy Carolinas LLC 4.950%, 01/15/33		1,151,000		1,172,317
Duke Energy Corp. 4.500%, 08/15/32 (b)		875,000		846,957
Electricite de France SA 6.900%, 05/23/53 (144A)		200,000		226,182
Enel Finance International NV 6.800%, 10/14/25 (144A) (b)		315,000		322,920
Exelon Corp. 4.050%, 04/15/30 (b)		533,000		508,464
Georgia Power Co. 3.700%, 01/30/50		44,000		34,734
Jersey Central Power & Light Co. 2.750%, 03/01/32 (144A)		275,000		232,095
4.300%, 01/15/26 (144A)		422,000		412,788
Oncor Electric Delivery Co. LLC 5.750%, 03/15/29 (b)		646,000		681,813
Pacific Gas & Electric Co. 2.100%, 08/01/27 (b)		145,000		130,679
2.500%, 02/01/31		466,000		384,399
3.000%, 06/15/28 (b)		418,000		380,946
3.300%, 08/01/40 (b)		283,000		207,089
Xcel Energy, Inc. 3.400%, 06/01/30 (b)		297,000		274,649
				6,671,772
Electronics—0.1%
Arrow Electronics, Inc. 2.950%, 02/15/32 (b)		749,000		633,075
Entertainment—0.2%
Warnermedia Holdings, Inc. 5.050%, 03/15/42 (b)		848,000		747,581
5.141%, 03/15/52 (b)		493,000		423,169
				1,170,750
Environmental Control—0.3%
Republic Services, Inc. 1.450%, 02/15/31		272,000		220,647
Waste Management, Inc. 4.875%, 02/15/34 (b)		1,645,000		1,677,970
				1,898,617
Gas—0.1%
APA Infrastructure Ltd. 4.250%, 07/15/27 (144A)		84,000		81,489
East Ohio Gas Co. 2.000%, 06/15/30 (144A) (b)		365,000		303,385
NiSource, Inc. 5.650%, 02/01/45		136,000		136,580
				521,454
Healthcare-Products—0.1%
Alcon Finance Corp. 2.600%, 05/27/30 (144A)		200,000		173,366
Boston Scientific Corp. 2.650%, 06/01/30 (b)		470,000		419,659
				593,025
Healthcare-Services—0.3%
Adventist Health System 5.430%, 03/01/32 (b)		731,000		743,529
HCA, Inc. 5.125%, 06/15/39		522,000		497,418
Humana, Inc. 5.875%, 03/01/33		395,000		420,791
Laboratory Corp. of America Holdings 4.700%, 02/01/45 (b)		152,000		140,074
Northwell Healthcare, Inc. 3.979%, 11/01/46 (b)		51,000		41,208
4.260%, 11/01/47		407,000		344,632
				2,187,652
Insurance—0.8%
AIA Group Ltd. 3.375%, 04/07/30 (144A)		804,000		740,774
Aon Corp. 3.750%, 05/02/29 (b)		539,000		515,587
4.500%, 12/15/28		564,000		557,078
Brown & Brown, Inc. 4.200%, 03/17/32		618,000		563,646
Corebridge Financial, Inc. 3.900%, 04/05/32 (b)		955,000		863,288
5.750%, 01/15/34		351,000		358,780
Fairfax Financial Holdings Ltd. 5.625%, 08/16/32		870,000		869,156
Liberty Mutual Group, Inc. 3.951%, 10/15/50 (144A) (b)		331,000		250,154
				4,718,463
Internet—0.1%
Booking Holdings, Inc. 4.625%, 04/13/30 (b)		424,000		427,172
Lodging—0.2%
Las Vegas Sands Corp. 3.900%, 08/08/29 (b)		257,000		236,802

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Lodging—(Continued)
Marriott International, Inc. 2.750%, 10/15/33 (b)		475,000	$	391,932
2.850%, 04/15/31		2,000		1,731
4.625%, 06/15/30 (b)		582,000		571,519
				1,201,984
Machinery-Diversified—0.2%
CNH Industrial Capital LLC 4.200%, 01/15/24 (b)		540,000		539,584
Westinghouse Air Brake Technologies Corp. 3.200%, 06/15/25 (b)		248,000		239,741
4.700%, 09/15/28		660,000		652,643
				1,431,968
Media—0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.500%, 06/01/41		628,000		443,875
5.250%, 04/01/53 (b)		505,000		422,960
5.375%, 05/01/47		132,000		112,177
6.384%, 10/23/35		310,000		314,679
Cox Communications, Inc. 1.800%, 10/01/30 (144A)		404,000		328,491
Time Warner Cable Enterprises LLC 8.375%, 07/15/33		592,000		685,463
				2,307,645
Mining—0.4%
Anglo American Capital PLC 2.625%, 09/10/30 (144A) (b)		1,340,000		1,139,911
3.875%, 03/16/29 (144A) (b)		200,000		187,585
5.625%, 04/01/30 (144A) (b)		524,000		531,852
Glencore Funding LLC 2.500%, 09/01/30 (144A) (b)		502,000		430,695
2.850%, 04/27/31 (144A) (b)		208,000		179,358
				2,469,401
Oil & Gas—0.6%
BP Capital Markets America, Inc. 2.721%, 01/12/32 (b)		1,226,000		1,068,149
Eni SpA 4.750%, 09/12/28 (144A) (b)		1,046,000		1,045,613
Phillips 66 2.150%, 12/15/30		904,000		761,278
Valero Energy Corp. 6.625%, 06/15/37		596,000		653,309
				3,528,349
Pharmaceuticals—0.1%
Cigna Group 3.200%, 03/15/40		148,000		115,693
CVS Health Corp. 5.300%, 06/01/33 (b)		719,000		737,851
				853,544
Pipelines—0.4%
Kinder Morgan Energy Partners LP 4.150%, 02/01/24 (b)		522,000		521,198
Plains All American Pipeline LP / PAA Finance Corp. 3.800%, 09/15/30		538,000		495,064
Sabine Pass Liquefaction LLC 4.500%, 05/15/30 (b)		147,000		143,658
Spectra Energy Partners LP 3.375%, 10/15/26 (b)		236,000		227,204
Targa Resources Corp. 4.200%, 02/01/33		217,000		199,517
6.125%, 03/15/33 (b)		647,000		681,186
				2,267,827
Real Estate Investment Trusts—0.9%
Boston Properties LP 2.550%, 04/01/32 (b)		389,000		309,671
Brixmor Operating Partnership LP 4.050%, 07/01/30 (b)		512,000		478,439
4.125%, 05/15/29 (b)		51,000		48,534
Crown Castle, Inc. 3.650%, 09/01/27 (b)		843,000		801,346
Equinix, Inc. 1.800%, 07/15/27 (b)		517,000		468,007
2.500%, 05/15/31 (b)		618,000		524,573
2.625%, 11/18/24 (b)		800,000		779,198
GLP Capital LP/GLP Financing II, Inc. 5.300%, 01/15/29 (b)		513,000		510,034
Public Storage Operating Co. 5.100%, 08/01/33 (b)		1,221,000		1,263,980
Realty Income Corp. 3.250%, 01/15/31 (b)		153,000		139,010
				5,322,792
Retail—0.2%
Alimentation Couche-Tard, Inc. 3.439%, 05/13/41 (144A)		619,000		466,000
Genuine Parts Co. 2.750%, 02/01/32 (b)		1,005,000		839,762
				1,305,762
Semiconductors—0.1%
Broadcom, Inc. 4.300%, 11/15/32 (b)		395,000		378,949
4.926%, 05/15/37 (144A)		208,000		201,288
				580,237
Software—0.1%
Fiserv, Inc. 2.650%, 06/01/30 (b)		198,000		174,070
Oracle Corp. 4.900%, 02/06/33 (b)		213,000		212,031
Roper Technologies, Inc. 2.000%, 06/30/30 (b)		422,000		358,231
				744,332

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—0.5%
Rogers Communications, Inc. 3.800%, 03/15/32 (b)		1,514,000	$	1,393,218
T-Mobile USA, Inc. 2.050%, 02/15/28		557,000		502,575
Verizon Communications, Inc. 3.150%, 03/22/30		310,000		283,343
4.812%, 03/15/39 (b)		573,000		553,988
Vodafone Group PLC 5.625%, 02/10/53		214,000		215,779
				2,948,903
Total Corporate Bonds & Notes (Cost $85,270,303)				79,073,776
Asset-Backed Securities—4.8%
Asset-Backed - Automobile—0.4%
ARI Fleet Lease Trust  6.050%, 07/15/32 (144A)		135,447		136,952
Chesapeake Funding II LLC 5.650%, 05/15/35 (144A)		567,831		569,325
Credit Acceptance Auto Loan Trust  1.380%, 07/15/30 (144A)		328,000		317,143
6.390%, 08/15/33 (144A)		155,000		157,180
Enterprise Fleet Financing LLC 6.400%, 03/20/30 (144A)		376,000		384,318
GLS Auto Select Receivables Trust  6.270%, 08/16/27 (144A)		519,779		521,754
6.370%, 06/15/28 (144A)		107,000		107,920
Toyota Lease Owner Trust  5.300%, 08/20/25 (144A)		112,131		111,957
				2,306,549
Asset-Backed - Home Equity—0.0%
Bayview Financial Revolving Asset Trust  7.071%, 1M TSFR + 1.714%, 12/28/40 (144A) (c)		124,336		186,687
GMACM Home Equity Loan Trust  5.805%, 10/25/36 (c)		24,750		24,648
Home Equity Loan Trust  3.889%, 12/25/35 (c)		20,344		692
				212,027
Asset-Backed - Other—4.4%
ACRES Commercial Realty Ltd. 7.226%, 1M TSFR + 1.864%, 01/15/37 (144A) (c)		535,500		526,003
Allegro CLO IV Ltd. 7.206%, 3M TSFR + 1.812%, 01/15/30 (144A) (c)		702,748		699,918
Arbor Realty Commercial Real Estate Notes Ltd. 6.676%, 1M TSFR + 1.314%, 12/15/35 (144A) (c)		625,000		609,797
7.076%, 1M TSFR + 1.714%, 08/15/34 (144A) (c)		522,000		500,834
7.438%, SOFR30A + 2.100%, 01/15/37 (144A) (c)		1,466,500		1,430,185
BSPRT Issuer Ltd. 6.776%, 1M TSFR + 1.414%, 03/15/36 (144A) (c)		1,463,000		1,408,358
7.388%, SOFR30A + 2.050%, 02/15/37 (144A) (c)		524,000		510,445
7.526%, 1M TSFR + 2.164%, 12/15/38 (144A) (c)		245,000		239,804
Asset-Backed - Other—(Continued)
Business Jet Securities LLC 2.162%, 04/15/36 (144A)		218,597		202,208
CHCP Ltd. 6.773%, 1M TSFR + 1.414%, 02/15/38 (144A) (c)		650,500		645,464
Columbia Cent CLO 28 Ltd. 7.342%, 3M TSFR + 1.962%, 11/07/30 (144A) (c)		1,026,773		1,019,472
Cutwater Ltd. 6.876%, 3M TSFR + 1.482%, 01/15/29 (144A) (c)		198,866		198,767
Dryden 55 CLO Ltd. 6.676%, 3M TSFR + 1.282%, 04/15/31 (144A) (c)		1,382,011		1,379,809
Dryden XXVI Senior Loan Fund  6.556%, 3M TSFR + 1.162%, 04/15/29 (144A) (c)		489,179		488,594
Kubota Credit Owner Trust  5.610%, 07/15/26 (144A)		449,940		451,293
LCCM Trust  7.376%, 1M TSFR + 2.014%, 12/13/38 (144A) (c)		682,500		643,398
LoanCore Issuer Ltd. 7.226%, 1M TSFR + 1.864%, 07/15/36 (144A) (c)		1,547,500		1,523,770
7.376%, 1M TSFR + 2.014%, 11/15/38 (144A) (c)		3,913,500		3,731,992
MF1 Ltd. 7.176%, 1M TSFR + 1.814%, 11/15/35 (144A) (c)		256,681		256,699
7.306%, 1M TSFR + 1.950%, 02/19/37 (144A) (c)		650,507		633,645
MidOcean Credit CLO II 7.302%, 3M TSFR + 1.912%, 01/29/30 (144A) (c)		1,156,232		1,150,714
Neuberger Berman CLO XV 7.006%, 3M TSFR + 1.612%, 10/15/29 (144A) (c)		508,944		505,317
Neuberger Berman CLO XX Ltd. 6.816%, 3M TSFR + 1.422%, 07/15/34 (144A) (c)		600,000		598,803
Oaktree CLO Ltd. 7.424%, 3M TSFR + 2.012%, 04/22/30 (144A) (c)		1,503,087		1,482,770
OCP CLO Ltd. 7.291%, 3M TSFR + 1.912%, 01/26/34 (144A) (c)		4,041,128		3,996,255
OneMain Financial Issuance Trust  5.940%, 05/15/34 (144A)		427,000		427,965
Starwood Ltd. 7.138%, SOFR30A + 1.800%, 11/15/38 (144A) (c)		1,507,000		1,426,817
U.S. Small Business Administration 4.770%, 04/01/24		272		271
4.950%, 03/01/25		5,343		5,327
4.990%, 09/01/24		1,550		1,538
5.110%, 08/01/25		7,880		7,807
5.180%, 05/01/24		353		351
5.520%, 06/01/24		811		809
Voya Ltd. 7.106%, 3M TSFR + 1.712%, 10/15/30 (144A) (c)		584,168		579,067
				27,284,266
Total Asset-Backed Securities (Cost $30,361,937)				29,802,842
Mortgage-Backed Securities—1.8%
Commercial Mortgage-Backed Securities—1.8%
AREIT Trust  6.776%, 1M TSFR + 1.414%, 09/14/36 (144A) (c)		1,549,362		1,527,647
7.188%, SOFR30A + 1.850%, 01/20/37 (144A) (c)		892,000		864,410

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Shares/ Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
BANK 5.745%, 08/15/56		533,187	$	560,601
Benchmark Mortgage Trust  6.363%, 07/15/56 (c)		38,197		40,016
BXMT Ltd. 6.776%, 1M TSFR + 1.414%, 05/15/38 (144A) (c)		1,532,500		1,418,349
COMM Mortgage Trust  3.708%, 07/10/48		1,300,833		1,261,749
CSAIL Commercial Mortgage Trust  3.504%, 06/15/57		738,578		714,457
JPMBB Commercial Mortgage Securities Trust  3.494%, 01/15/48		1,590,000		1,549,736
Morgan Stanley Bank of America Merrill Lynch Trust  3.536%, 11/15/52		519,442		484,106
MSWF Commercial Mortgage Trust  6.014%, 12/15/56 (c)		591,406		636,941
Ready Capital Mortgage Financing LLC 6.470%, 1M TSFR + 1.114%, 04/25/38 (144A) † (c)		310,012		309,024
7.270%, 1M TSFR + 1.914%, 11/25/36 (144A) † (c)		320,000		307,766
Wells Fargo Commercial Mortgage Trust  3.540%, 05/15/48		1,706,327		1,649,622
Total Mortgage-Backed Securities (Cost $11,821,192)				11,324,424
Preferred Stocks—0.8%
Household Products—0.5%
Henkel AG & Co. KGaA		39,889		3,208,347
Technology Hardware, Storage & Peripherals—0.3%
Samsung Electronics Co. Ltd.		32,693		1,576,516
Total Preferred Stocks (Cost $4,767,987)				4,784,863
Municipals—0.4%
New Jersey Turnpike Authority 7.414%, 01/01/40		1,050,000		1,308,273
Rhode Island Student Loan Authority 6.081%, 12/01/42		800,000		819,694
State Board of Administration Finance Corp. 2.154%, 07/01/30		314,000		267,841
Total Municipals (Cost $2,206,733)				2,395,808
Short-Term Investments—0.8%
Discount Note—0.8%
Federal Home Loan Bank 2.637%, 01/02/24 (g)		4,986,000		4,983,114
Repurchase Agreement—0.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $1,119; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $1,227.		1,118		1,118
Total Short-Term Investments (Cost $4,986,398)				4,984,232
Securities Lending Reinvestments (h)—3.9%
Repurchase Agreements—1.6%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $2,101,272; collateralized by various Common Stock with an aggregate market value of $2,338,971.		2,100,000		2,100,000
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $400,237; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $408,224.		400,000		400,000
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $1,000,600; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24 - 11/20/73, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $3,006,996; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $3,065,331.		3,005,227		3,005,227
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $2,901,788; collateralized by various Common Stock with an aggregate market value of $3,236,441.		2,900,000		2,900,000
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $200,118; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $204,000.		200,000		200,000
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $100,061; collateralized by various Common Stock with an aggregate market value of $111,313.		100,000		100,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $250,151; collateralized by various Common Stock with an aggregate market value of $275,715.		250,000		250,000
				9,955,227

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (h)—(Continued)

Security Description	Shares		Value
Mutual Funds—2.3%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (i)		3,000,000	$	3,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (i)		4,000,000		4,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (i)		3,000,000		3,000,000
HSBC U.S. Government Money Market Fund, Class I 5.300% (i)		500,000		500,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (i)		1,000,000		1,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (i)		500,000		500,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.320% (i)		2,000,000		2,000,000
				14,000,000
Total Securities Lending Reinvestments (Cost $23,955,227)				23,955,227
Total Investments—103.9% (Cost $576,314,567)				645,118,655
Other assets and liabilities (net)—(3.9)%				(24,176,119	)
Net Assets— 100.0%			$	620,942,536

*	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 registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2023, the market value of restricted securities was $616,790, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2023, the market value of securities loaned was $41,239,273 and the collateral received consisted of cash in the amount of $23,955,227 and non-cash collateral with a value of $18,650,987. 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, 2023. 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.
(d)	Interest only security.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(f)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2023, the market value of securities pledged was $546,965.
(g)	The rate shown represents current yield to maturity.
(h)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(i)	The rate shown represents the annualized seven-day yield as of December 31, 2023.
(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, 2023, the market value of 144A securities was $49,506,767, which is 8.0% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Ready Capital Mortgage Financing LLC, 6.470%, 04/25/38		03/19/21	$	310,012	$	310,012	$	309,024
Ready Capital Mortgage Financing LLC, 7.270%, 11/25/36		11/12/21		320,000		320,000		307,766
							$	616,790

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 2 Year Futures		03/28/24		55			USD	11,325,273		$	116,193
U.S. Treasury Note 5 Year Futures		03/28/24		192			USD	20,884,500			479,803
U.S. Treasury Ultra Long Bond Futures		03/19/24		49			USD	6,546,094			626,019
Futures Contracts—Short
U.S. Treasury Note Ultra 10 Year Futures		03/19/24		(67	)		USD	(7,907,047	)		(354,134	)
Net Unrealized Appreciation										$	867,881

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(TSFR)—	Term Secured Financing Rate

Other Abbreviations

(ADR)—	American Depositary Receipt
(CLO)—	Collateralized Loan Obligation
(DAC)—	Designated Activity Company
(REMIC)—	Real Estate Mortgage Investment Conduit

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	7,604,615	$	—	$	—	$	7,604,615
Automobile Components		7,802,864		—		—		7,802,864
Banks		28,887,814		—		—		28,887,814
Beverages		2,831,618		2,255,257		—		5,086,875
Building Products		15,216,002		—		—		15,216,002
Capital Markets		43,317,230		—		—		43,317,230
Chemicals		11,664,699		—		—		11,664,699
Construction Materials		1,220,567		—		—		1,220,567
Consumer Staples Distribution & Retail		1,335,900		—		—		1,335,900
Distributors		3,931,444		—		—		3,931,444
Electric Utilities		14,073,006		—		—		14,073,006
Electrical Equipment		13,543,630		—		—		13,543,630
Entertainment		3,081,467		—		—		3,081,467
Financial Services		5,958,974		—		—		5,958,974
Food Products		2,720,866		—		—		2,720,866
Ground Transportation		6,915,431		—		—		6,915,431
Health Care Equipment & Supplies		10,772,199		—		—		10,772,199
Health Care Providers & Services		15,345,947		—		—		15,345,947
Hotels, Restaurants & Leisure		2,915,134		—		—		2,915,134
Industrial Conglomerates		3,826,159		—		—		3,826,159
Insurance		19,962,866		—		—		19,962,866
Interactive Media & Services		6,363,299		—		—		6,363,299
IT Services		8,271,720		—		—		8,271,720
Life Sciences Tools & Services		3,112,355		—		—		3,112,355
Machinery		6,957,029		—		—		6,957,029
Media		15,222,898		—		—		15,222,898
Metals & Mining		—		1,450,808		—		1,450,808

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Multi-Utilities	$	1,430,163		$	1,948,819		$	—	$	3,378,982
Oil, Gas & Consumable Fuels		22,235,613			—			—		22,235,613
Personal Care Products		3,170,163			—			—		3,170,163
Pharmaceuticals		13,983,973			6,195,734			—		20,179,707
Professional Services		3,489,455			—			—		3,489,455
Semiconductors & Semiconductor Equipment		19,211,144			—			—		19,211,144
Software		13,232,885			—			—		13,232,885
Technology Hardware, Storage & Peripherals		700,888			—			—		700,888
Tobacco		7,452,596			—			—		7,452,596
Wireless Telecommunication Services		5,141,943			—			—		5,141,943
Total Common Stocks		352,904,556			11,850,618			—		364,755,174
Total U.S. Treasury & Government Agencies*		—			124,042,309			—		124,042,309
Total Corporate Bonds & Notes*		—			79,073,776			—		79,073,776
Total Asset-Backed Securities*		—			29,802,842			—		29,802,842
Total Mortgage-Backed Securities*		—			11,324,424			—		11,324,424
Total Preferred Stocks*		—			4,784,863			—		4,784,863
Total Municipals*		—			2,395,808			—		2,395,808
Total Short-Term Investments*		—			4,984,232			—		4,984,232
Securities Lending Reinvestments
Repurchase Agreements		—			9,955,227			—		9,955,227
Mutual Funds		14,000,000			—			—		14,000,000
Total Securities Lending Reinvestments		14,000,000			9,955,227			—		23,955,227
Total Investments	$	366,904,556		$	278,214,099		$	—	$	645,118,655
Collateral for Securities Loaned (Liability)	$	—		$	(23,955,227	)	$	—	$	(23,955,227	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,222,015		$	—		$	—	$	1,222,015
Futures Contracts (Unrealized Depreciation)		(354,134	)		—			—		(354,134	)
Total Futures Contracts	$	867,881		$	—		$	—	$	867,881

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MFS Total Return Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	645,118,655
Cash		970
Cash denominated in foreign currencies (c)		7
Receivable for:
Fund shares sold		155,987
Dividends and interest		2,601,195
Variation margin on futures contracts		3,673
Prepaid expenses		2,252
Total Assets		647,882,739
Liabilities
Collateral for securities loaned		23,955,227
Payables for:
TBA securities purchased		1,837,950
Fund shares redeemed		457,402
Accrued Expenses:
Management fees		284,046
Distribution and service fees		82,571
Deferred trustees’ fees		169,145
Other expenses		153,862
Total Liabilities		26,940,203
Net Assets	$	620,942,536
Net Assets Consist of:
Paid in surplus	$	511,114,404
Distributable earnings (Accumulated losses)		109,828,132
Net Assets	$	620,942,536
Net Assets
Class A	$	159,711,285
Class B		151,231,359
Class E		19,622,695
Class F		290,377,197
Capital Shares Outstanding*
Class A		1,055,028
Class B		1,020,988
Class E		130,747
Class F		1,944,779
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	151.38
Class B		148.12
Class E		150.08
Class F		149.31

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $576,314,567.
(b)	Includes securities loaned at value of $41,239,273.
(c)	Identified cost of cash denominated in foreign currencies was $7.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	8,501,849
Interest		10,785,753
Securities lending income		69,514
Other income		5,446
Total investment income		19,362,562
Expenses
Management fees		3,488,528
Administration fees		47,339
Custodian and accounting fees		159,446
Distribution and service fees—Class B		376,605
Distribution and service fees—Class E		29,165
Distribution and service fees—Class F		571,034
Audit and tax services		69,608
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		51,338
Insurance		5,705
Miscellaneous		22,768
Total expenses		4,914,360
Less management fee waiver		(140,775	)
Net expenses		4,773,585
Net Investment Income		14,588,977
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		29,573,011
Futures contracts		(1,150,930	)
Foreign currency transactions		(2,082	)
Net realized gain (loss)		28,419,999
Net change in unrealized appreciation (depreciation) on:
Investments		15,485,104
Futures contracts		984,392
Foreign currency transactions		11,904
Net change in unrealized appreciation (depreciation)		16,481,400
Net realized and unrealized gain (loss)		44,901,399
Net Increase (Decrease) in Net Assets From Operations	$	59,490,376

(a) Net of foreign withholding taxes of $122,980.

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MFS Total Return Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	14,588,977		$	12,037,012
Net realized gain (loss)		28,419,999			31,895,327
Net change in unrealized appreciation (depreciation)		16,481,400			(118,575,214	)
Increase (decrease) in net assets from operations		59,490,376			(74,642,875	)
From Distributions to Shareholders
Class A		(11,361,184	)		(19,044,690	)
Class B		(10,868,967	)		(19,219,957	)
Class E		(1,394,786	)		(2,383,256	)
Class F		(20,447,945	)		(35,961,907	)
Total distributions		(44,072,882	)		(76,609,810	)
Increase (decrease) in net assets from capital share transactions		(22,995,157	)		5,101,489
Total increase (decrease) in net assets		(7,577,663	)		(146,151,196	)
Net Assets
Beginning of period		628,520,199			774,671,395
End of period	$	620,942,536		$	628,520,199

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		41,362		$	5,990,728			40,183		$	6,481,341
Reinvestments		80,325			11,361,184			134,354			19,044,690
Redemptions		(139,805	)		(20,384,607	)		(112,852	)		(18,101,618	)
Net increase (decrease)		(18,118	)	$	(3,032,695	)		61,685		$	7,424,413
Class B
Sales		29,917		$	4,300,833			26,320		$	3,944,580
Reinvestments		78,425			10,868,967			138,213			19,219,957
Redemptions		(156,870	)		(22,364,918	)		(171,754	)		(26,706,506	)
Net increase (decrease)		(48,528	)	$	(7,195,118	)		(7,221	)	$	(3,541,969	)
Class E
Sales		4,763		$	695,902			17,666		$	2,678,918
Reinvestments		9,939			1,394,786			16,937			2,383,256
Redemptions		(25,032	)		(3,667,617	)		(21,179	)		(3,256,187	)
Net increase (decrease)		(10,330	)	$	(1,576,929	)		13,424		$	1,805,987
Class F
Sales		61,230		$	8,793,693			56,534		$	8,750,656
Reinvestments		146,412			20,447,945			256,742			35,961,907
Redemptions		(280,452	)		(40,432,053	)		(286,951	)		(45,299,505	)
Net increase (decrease)		(72,810	)	$	(11,190,415	)		26,325		$	(586,942	)
Increase (decrease) derived from capital shares transactions				$	(22,995,157	)				$	5,101,489

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	147.81		$	186.11		$	176.57		$	172.66		$	153.14
Income (Loss) from Investment Operations
Net investment income (loss) (a)		3.72			3.11			2.70			3.23			3.67
Net realized and unrealized gain (loss)		10.89			(21.88	)		21.69			11.99			26.62
Total income (loss) from investment operations		14.61			(18.77	)		24.39			15.22			30.29
Less Distributions
Distributions from net investment income		(3.35	)		(3.10	)		(3.57	)		(4.17	)		(4.05	)
Distributions from net realized capital gains		(7.69	)		(16.43	)		(11.28	)		(7.14	)		(6.72	)
Total distributions		(11.04	)		(19.53	)		(14.85	)		(11.31	)		(10.77	)
Net Asset Value, End of Period	$	151.38		$	147.81		$	186.11		$	176.57		$	172.66
Total Return (%) (b)		10.40			(9.63	)		14.22			9.76			20.37
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64			0.63			0.62			0.64			0.63
Net ratio of expenses to average net assets (%) (c)		0.62			0.60			0.59			0.64			0.63
Ratio of net investment income (loss) to average net assets (%)		2.55			1.96			1.47			1.97			2.23
Portfolio turnover rate (%)		32	(d)		62	(d)		92	(d)		78	(d)		42	(d)
Net assets, end of period (in millions)	$	159.7		$	158.6		$	188.2		$	176.7		$	174.7
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	144.80		$	182.66		$	173.56		$	169.83		$	150.75
Income (Loss) from Investment Operations
Net investment income (loss) (a)		3.28			2.66			2.20			2.77			3.21
Net realized and unrealized gain (loss)		10.67			(21.48	)		21.32			11.80			26.19
Total income (loss) from investment operations		13.95			(18.82	)		23.52			14.57			29.40
Less Distributions
Distributions from net investment income		(2.94	)		(2.61	)		(3.14	)		(3.70	)		(3.60	)
Distributions from net realized capital gains		(7.69	)		(16.43	)		(11.28	)		(7.14	)		(6.72	)
Total distributions		(10.63	)		(19.04	)		(14.42	)		(10.84	)		(10.32	)
Net Asset Value, End of Period	$	148.12		$	144.80		$	182.66		$	173.56		$	169.83
Total Return (%) (b)		10.13			(9.87	)		13.93			9.49			20.07
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89			0.88			0.87			0.89			0.88
Net ratio of expenses to average net assets (%) (c)		0.87			0.85			0.84			0.89			0.88
Ratio of net investment income (loss) to average net assets (%)		2.29			1.70			1.22			1.73			1.98
Portfolio turnover rate (%)		32	(d)		62	(d)		92	(d)		78	(d)		42	(d)
Net assets, end of period (in millions)	$	151.2		$	154.9		$	196.7		$	193.4		$	198.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	146.61		$	184.72		$	175.35		$	171.52		$	152.17
Income (Loss) from Investment Operations
Net investment income (loss) (a)		3.46			2.85			2.41			2.97			3.40
Net realized and unrealized gain (loss)		10.80			(21.71	)		21.55			11.90			26.45
Total income (loss) from investment operations		14.26			(18.86	)		23.96			14.87			29.85
Less Distributions
Distributions from net investment income		(3.10	)		(2.82	)		(3.31	)		(3.90	)		(3.78	)
Distributions from net realized capital gains		(7.69	)		(16.43	)		(11.28	)		(7.14	)		(6.72	)
Total distributions		(10.79	)		(19.25	)		(14.59	)		(11.04	)		(10.50	)
Net Asset Value, End of Period	$	150.08		$	146.61		$	184.72		$	175.35		$	171.52
Total Return (%) (b)		10.24			(9.77	)		14.05			9.60			20.19
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79			0.78			0.77			0.79			0.78
Net ratio of expenses to average net assets (%) (c)		0.77			0.75			0.74			0.79			0.78
Ratio of net investment income (loss) to average net assets (%)		2.39			1.81			1.32			1.83			2.08
Portfolio turnover rate (%)		32	(d)		62	(d)		92	(d)		78	(d)		42	(d)
Net assets, end of period (in millions)	$	19.6		$	20.7		$	23.6		$	23.0		$	24.1
	Class F
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	145.89		$	183.89		$	174.64		$	170.86		$	151.61
Income (Loss) from Investment Operations
Net investment income (loss) (a)		3.38			2.76			2.31			2.87			3.31
Net realized and unrealized gain (loss)		10.75			(21.62	)		21.45			11.86			26.34
Total income (loss) from investment operations		14.13			(18.86	)		23.76			14.73			29.65
Less Distributions
Distributions from net investment income		(3.02	)		(2.71	)		(3.23	)		(3.81	)		(3.68	)
Distributions from net realized capital gains		(7.69	)		(16.43	)		(11.28	)		(7.14	)		(6.72	)
Total distributions		(10.71	)		(19.14	)		(14.51	)		(10.95	)		(10.40	)
Net Asset Value, End of Period	$	149.31		$	145.89		$	183.89		$	174.64		$	170.86
Total Return (%) (b)		10.19			(9.82	)		13.99			9.54			20.13
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84			0.83			0.82			0.84			0.83
Net ratio of expenses to average net assets (%) (c)		0.82			0.80			0.79			0.84			0.83
Ratio of net investment income (loss) to average net assets (%)		2.35			1.76			1.27			1.77			2.03
Portfolio turnover rate (%)		32	(d)		62	(d)		92	(d)		78	(d)		42	(d)
Net assets, end of period (in millions)	$	290.4		$	294.3		$	366.2		$	357.4		$	362.6

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(d)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 22%, 30%, 29%, 40%, and 29% for the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively.

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Total Return Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers four classes of shares: Class A, B, E and F shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

BHFTII-23

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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.

BHFTII-24

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Income Taxes - It is the Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Collateralized Obligations - The Portfolio 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 - The Portfolio 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 of 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 the Statement of Operations of the Portfolio. 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 the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its 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 - The Portfolio 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, the 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 the Portfolio is required to repurchase or 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-25

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

TBA Purchase and Forward Sale Commitments - The Portfolio 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 the 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 - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The 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.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $1,118. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $9,955,227. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-26

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(8,148,709	)	$	—	$	—	$	—	$	(8,148,709	)
Corporate Bonds & Notes		(15,173,734	)		—		—		—		(15,173,734	)
U.S. Treasury & Government Agencies		(632,784	)		—		—		—		(632,784	)
Total Borrowings	$	(23,955,227	)	$	—	$	—	$	—	$	(23,955,227	)
Gross amount of recognized liabilities for securities lending transactions										$	(23,955,227	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio 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. 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 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 Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the 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.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2023 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a)	$	1,222,015	Unrealized depreciation on futures contracts (a)	$	354,134

(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, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(1,150,930	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	984,392

For the year ended December 31, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	35,571,964
Futures contracts short		(10,308,536	)

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

BHFTII-27

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

4. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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 the 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. The 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 the 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.

LIBOR Replacement Risk: LIBOR was the offered rate at which major international banks could obtain wholesale, unsecured funding. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. Alternative reference rates to LIBOR have been established in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. The full impact of the transition on the Portfolio, the financial instruments in which the Portfolio invests and financial markets more generally cannot yet be fully determined.

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

BHFTII-28

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

5. 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, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$118,379,652	$	77,254,775	$	114,114,734	$	134,752,976

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2023 were as follows:

Purchases	Sales
$60,158,113	$	60,955,621

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$3,488,528		0.600	%	Of the first $250 million
		0.550	%	Of the next $500 million
		0.500	%	On amounts in excess of $750 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.070%	$200 million to $250 million
0.020%	$250 million to $500 million
0.050%	$500 million to $1 billion
0.075%	$1 billion to $1.25 billion
0.025%	$1.25 billion to $1.5 billion
(0.025)%	$1.5 billion to $3.84 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

During year ended December 31, 2023, the Subadviser voluntarily reimbursed the Portfolio for certain trading costs. This reimbursement amount of $5,446 is reflected as Other income in the Statement of Operations and had no impact on total return.

Certain officers and trustees of the Trust may also be officers of the Advisers; 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

BHFTII-29

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	579,203,364
Gross unrealized appreciation		102,410,696
Gross unrealized (depreciation)		(36,495,405	)
Net unrealized appreciation (depreciation)	$	65,915,291

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$12,611,575	$	13,064,326	$	31,461,307	$	63,545,484	$	44,072,882	$	76,609,810

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$14,891,215	$	29,180,971	$	65,925,092	$	—	$	109,997,278

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement & Regulatory Updates

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction,

BHFTII-30

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. ASU 2022-03 is only applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date.

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-31

Brighthouse Funds Trust II

MFS Total Return Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the MFS Total Return Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MFS Total Return Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-32

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-33

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-34

Brighthouse Funds Trust II

MFS Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-35

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-36

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2023 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2023. 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- and five-year periods ended October 31, 2023 and outperformed its blended benchmark for the three-year period ended October 31, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-37

Brighthouse Funds Trust II

MFS Total Return Portfolio

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-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category 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.

BHFTII-38

Brighthouse Funds Trust II

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B, D and E shares of the MFS Value Portfolio returned 8.15%, 7.85%, 8.00%, and 7.97%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 11.46%.

MARKET ENVIRONMENT / CONDITIONS

During the reporting period, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially, but the effects of tighter monetary policy may not be fully experienced yet, given that monetary policy works with long and variable lags. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional U.S. banks, which suffered from deposit flight as depositors sought higher yields on their savings. Additionally, activity in the U.S. housing sector slowed as a result of higher mortgage rates. China’s abandonment of its zero-COVID policy ushered in a brief uptick in economic activity in the world’s second-largest economy in early 2023, although its momentum soon stalled as the focus turned to the country’s highly indebted property development sector. In developed markets, consumer demand for services remained stronger than the demand for goods.

Early on, policymakers found themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, central banks focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to juggle achieving their inflation mandates while using macroprudential tools to keep banking systems liquid, a potentially difficult balancing act, and one that suggested that we may be nearing a peak in policy rates. As inflationary pressures eased toward the end of the period, financial conditions loosened in anticipation of easier monetary policy, boosting the market’s appetite for risk. Rapid advancements in artificial intelligence were a focus for investors.

Normalizing supply chains, low levels of unemployment across developed markets, and signs that inflation levels have peaked were supportive factors for the macroeconomic backdrop.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark, the Russell 1000 Value Index (the “Index”), during the reporting period. An underweight position and, to a lesser extent, stock selection in the Communication Services sector detracted most from relative performance. Within this sector, not holding shares of social networking service provider Meta Platforms and technology company Alphabet hindered relative performance. Both companies transitioned out of the Index during the annual reconstitution in June.

Stock selection in the Industrials sector also weakened relative returns. Within this sector, the Portfolio’s overweight position in global security company Northrop Grumman and not owning shares of diversified technology and financial services company General Electric detracted from relative returns.

Stock selection and an underweight position in the Information Technology (“IT”) sector weighed on relative performance. Within this sector, not holding shares of semiconductor company Intel and customer information software manager Salesforce dampened relative results.

Elsewhere, the Portfolio’s overweight positions in pharmaceutical giant Pfizer, global health services provider Cigna, energy products and services supplier Dominion Energy, and holding shares of premium drinks distributor Diageo (United Kingdom) detracted from relative returns.

Conversely, an underweight position and stock selection in the Energy sector contributed to relative results. Within this sector, an underweight position in integrated energy company Chevron and not holding shares of integrated oil and gas company ExxonMobil bolstered relative performance.

Stock selection in the Consumer Discretionary sector also supported relative results led by the Portfolio’s position in hotel and residential properties operator Marriott International.

Individual stocks in other sectors that aided relative performance included semiconductor industry services provider KLA, IT servicing firm Accenture, semiconductor solutions provider NXP Semiconductors (Netherlands), and overweight positions in leading diversified industrial manufacturer Eaton and global financial services firm JPMorgan Chase. Additionally, not holding shares of electricity provider NextEra Energy and pharmaceutical company Bristol-Myers Squibb further supported relative results.

During the reporting period, the Portfolio’s relative currency exposure, resulting primarily from differences in holdings of securities denominated in foreign currencies, was another contributor to relative performance.

BHFTII-1

Brighthouse Funds Trust II

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

Over the trailing twelve months, the Portfolio’s absolute exposure to IT, Energy, and Real Estate increased. Conversely, exposure to Health Care, Industrials, and Materials decreased. At the end of the period, the Portfolio’s top overweights relative to the Index included the Financials, Utilities, and Industrials sectors, while the Portfolio was most underweight Real Estate, Energy, and Consumer Discretionary.

Nevin P. Chitkara

Katherine Cannan

Portfolio Managers

Massachusetts Financial Services Company

 

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

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

BHFTII-2

Brighthouse Funds Trust II

MFS Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
MFS Value Portfolio
Class A		8.15		11.55		8.78
Class B		7.85		11.27		8.51
Class D		8.00		11.43		8.67
Class E		7.97		11.39		8.62
Russell 1000 Value Index		11.46		10.91		8.40

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		4.4
Cigna Group		2.9
Progressive Corp.		2.8
ConocoPhillips		2.7
Comcast Corp. - Class A		2.5
Marsh & McLennan Cos., Inc.		2.4
McKesson Corp.		2.2
Northrop Grumman Corp.		2.2
Johnson & Johnson		2.2
Aon PLC - Class A		2.2

Top Sectors

	% of Net Assets
Financials		25.1
Industrials		16.6
Health Care		14.6
Information Technology		8.5
Consumer Staples		7.8
Utilities		7.6
Energy		5.8
Consumer Discretionary		3.5
Materials		3.5
Communication Services		3.3

BHFTII-3

Brighthouse Funds Trust II

MFS Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MFS Value Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.58%		$1,000.00		$1,059.40		$3.01
	Hypothetical*		0.58%		$1,000.00		$1,022.28		$2.96
Class B (a)	Actual		0.83%		$1,000.00		$1,057.50		$4.30
	Hypothetical*		0.83%		$1,000.00		$1,021.02		$4.23
Class D (a)	Actual		0.68%		$1,000.00		$1,058.90		$3.53
	Hypothetical*		0.68%		$1,000.00		$1,021.78		$3.47
Class E (a)	Actual		0.73%		$1,000.00		$1,058.40		$3.79
	Hypothetical*		0.73%		$1,000.00		$1,021.53		$3.72

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

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

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

BHFTII-4

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—5.7%
General Dynamics Corp.		202,396	$	52,556,170
Northrop Grumman Corp.		132,037		61,811,801
RTX Corp.		510,858		42,983,592
				157,351,563
Banks—6.8%
Citigroup, Inc.		701,033		36,061,138
JPMorgan Chase & Co.		726,065		123,503,656
PNC Financial Services Group, Inc.		200,644		31,069,723
				190,634,517
Beverages—2.5%
Diageo PLC		989,970		35,949,967
PepsiCo, Inc. (a)		205,853		34,962,074
				70,912,041
Biotechnology—1.2%
AbbVie, Inc.		214,431		33,230,372
Building Products—1.5%
Johnson Controls International PLC		315,697		18,196,775
Trane Technologies PLC		93,992		22,924,649
				41,121,424
Capital Markets—5.5%
BlackRock, Inc.		39,532		32,092,078
KKR & Co., Inc. (a)		300,380		24,886,483
Morgan Stanley		585,905		54,635,641
Nasdaq, Inc.		708,682		41,202,771
				152,816,973
Chemicals—3.4%
Corteva, Inc.		292,520		14,017,558
DuPont de Nemours, Inc.		521,361		40,108,302
PPG Industries, Inc.		140,774		21,052,752
Sherwin-Williams Co.		66,838		20,846,772
				96,025,384
Commercial Services & Supplies—0.1%
Veralto Corp. (a)		17,323		1,424,990
Consumer Finance — 1.9%
American Express Co.		275,257		51,566,646
Consumer Staples Distribution & Retail—1.3%
Target Corp.		264,002		37,599,165
Electric Utilities—6.4%
American Electric Power Co., Inc. (a)		162,117		13,167,143
Duke Energy Corp. (a)		516,131		50,085,352
Exelon Corp.		562,171		20,181,939
PG&E Corp. (a)		1,195,199		21,549,438
Southern Co.		706,691		49,553,173
Xcel Energy, Inc.		374,623		23,192,910
				177,729,955
Electrical Equipment—1.5%
Eaton Corp. PLC		167,964		40,449,090
Food Products—1.8%
Archer-Daniels-Midland Co. (a)		102,546		7,405,872
Nestle SA		367,552		42,539,503
				49,945,375
Ground Transportation—2.7%
Canadian National Railway Co.		131,729		16,549,114
Union Pacific Corp.		243,355		59,772,855
				76,321,969
Health Care Equipment & Supplies—2.3%
Abbott Laboratories		263,328		28,984,513
Boston Scientific Corp. (b)		331,315		19,153,320
Medtronic PLC		182,702		15,050,991
				63,188,824
Health Care Providers & Services—5.7%
Cigna Group		265,079		79,377,907
Elevance Health, Inc.		34,762		16,392,369
McKesson Corp.		135,080		62,539,338
				158,309,614
Hotels, Restaurants & Leisure—1.4%
Marriott International, Inc. - Class A		178,634		40,283,753
Household Products—1.0%
Kimberly-Clark Corp.		162,999		19,806,008
Reckitt Benckiser Group PLC		129,636		8,943,553
				28,749,561
Industrial Conglomerates—1.8%
Honeywell International, Inc.		236,263		49,546,714
Industrial REITs—1.9%
Prologis, Inc.		389,619		51,936,213
Insurance—10.9%
Aon PLC - Class A		206,304		60,038,590
Chubb Ltd.		229,596		51,888,696
Marsh & McLennan Cos., Inc.		355,107		67,282,123
Progressive Corp.		493,244		78,563,905
Travelers Cos., Inc.		238,296		45,393,005
				303,166,319
IT Services—2.1%
Accenture PLC - Class A		165,397		58,039,461
Machinery—2.4%
Illinois Tool Works, Inc. (a)		149,129		39,062,850
Otis Worldwide Corp.		102,988		9,214,336
PACCAR, Inc.		191,673		18,716,869
				66,994,055

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Media—3.3%
Charter Communications, Inc. - Class A (a) (b)		55,092	$	21,413,159
Comcast Corp. - Class A		1,601,413		70,221,960
				91,635,119
Multi-Utilities—1.2%
Dominion Energy, Inc. (a)		700,824		32,938,728
Oil, Gas & Consumable Fuels—5.8%
Chevron Corp.		141,923		21,169,235
ConocoPhillips		648,495		75,270,815
EOG Resources, Inc.		204,604		24,746,854
Pioneer Natural Resources Co.		182,663		41,077,255
				162,264,159
Personal Care Products—1.1%
Kenvue, Inc.		1,364,174		29,370,666
Pharmaceuticals—5.4%
Johnson & Johnson		393,538		61,683,146
Merck & Co., Inc.		335,002		36,521,918
Pfizer, Inc.		1,556,784		44,819,811
Roche Holding AG		29,483		8,545,121
				151,569,996
Professional Services—1.0%
Equifax, Inc. (a)		115,767		28,628,021
Semiconductors & Semiconductor Equipment—6.4%
Analog Devices, Inc.		281,625		55,919,460
KLA Corp.		82,893		48,185,701
NXP Semiconductors NV		145,541		33,427,857
Texas Instruments, Inc.		243,539		41,513,658
				179,046,676
Specialized REITs—0.4%
Public Storage		34,049		10,384,945
Specialty Retail—2.1%
Lowe’s Cos., Inc.		259,911		57,843,193
Total Common Stocks (Cost $1,973,860,079)				2,741,025,481
Short-Term Investments—1.4%
Discount Note—1.4%
Federal Home Loan Bank 2.637%, 01/02/24 (c)		39,647,000		39,624,049
Repurchase Agreement—0.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $74,142; collateralized by U.S. Treasury Note at 2.500%, maturing 02/28/26, with a market value of $75,676.		74,121		74,121
Total Short-Term Investments (Cost $39,715,394)				39,698,170
Securities Lending Reinvestments (d)—1.1%
Security Description	Shares/ Principal Amount*		Value
Certificate of Deposit—0.1%
Bank of America NA 5.730%, SOFR + 0.340%, 03/08/24 (e)		2,000,000		2,000,458
Repurchase Agreements—0.7%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $2,001,211; collateralized by various Common Stock with an aggregate market value of $2,227,592.		2,000,000		2,000,000
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $900,533; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $918,503.		900,000		900,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $4,120,661; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $4,080,019.		4,000,000		4,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $3,614,591; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $3,684,713.		3,612,464		3,612,464
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $4,202,590; collateralized by various Common Stock with an aggregate market value of $4,687,259.		4,200,000		4,200,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/29/23 at 5.590%, due on 02/02/24 with a maturity value of $1,005,435; collateralized by various Common Stock with an aggregate market value of $1,111,284.		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $2,901,717; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $2,964,569.		2,900,000		2,900,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $600,355; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $612,000.		600,000		600,000
				19,212,464
Mutual Funds—0.3%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (f)		2,000,000		2,000,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments—(Continued)

Security Description	Shares		Value
Mutual Funds—(Continued)
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (f)		2,000,000	$	2,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (f)		2,000,000		2,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.270% (f)		1,000,000		1,000,000
				7,000,000
Total Securities Lending Reinvestments (Cost $28,212,464)				28,212,922
Total Investments—101.0% (Cost $2,041,787,937)				2,808,936,573
Other assets and liabilities (net)—(1.0)%				(27,350,816	)
Net Assets—100.0%			$	2,781,585,757

*	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, 2023, the market value of securities loaned was $36,649,725 and the collateral received consisted of cash in the amount of $28,212,464 and non-cash collateral with a value of $9,328,081. 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)	The rate shown represents current yield to maturity.
(d)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(e)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(f)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Glossary of Abbreviations

Index Abbreviations

(SOFR)— Secured Overnight Financing Rate

Other Abbreviations

(REIT)— Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	157,351,563	$	—		$	—	$	157,351,563
Banks		190,634,517		—			—		190,634,517
Beverages		34,962,074		35,949,967			—		70,912,041
Biotechnology		33,230,372		—			—		33,230,372
Building Products		41,121,424		—			—		41,121,424
Capital Markets		152,816,973		—			—		152,816,973
Chemicals		96,025,384		—			—		96,025,384
Commercial Services & Supplies		1,424,990		—			—		1,424,990
Consumer Finance		51,566,646		—			—		51,566,646
Consumer Staples Distribution & Retail		37,599,165		—			—		37,599,165
Electric Utilities		177,729,955		—			—		177,729,955
Electrical Equipment		40,449,090		—			—		40,449,090
Food Products		7,405,872		42,539,503			—		49,945,375
Ground Transportation		76,321,969		—			—		76,321,969
Health Care Equipment & Supplies		63,188,824		—			—		63,188,824
Health Care Providers & Services		158,309,614		—			—		158,309,614
Hotels, Restaurants & Leisure		40,283,753		—			—		40,283,753
Household Products		19,806,008		8,943,553			—		28,749,561
Industrial Conglomerates		49,546,714		—			—		49,546,714
Industrial REITs		51,936,213		—			—		51,936,213
Insurance		303,166,319		—			—		303,166,319
IT Services		58,039,461		—			—		58,039,461
Machinery		66,994,055		—			—		66,994,055
Media		91,635,119		—			—		91,635,119
Multi-Utilities		32,938,728		—			—		32,938,728
Oil, Gas & Consumable Fuels		162,264,159		—			—		162,264,159
Personal Care Products		29,370,666		—			—		29,370,666
Pharmaceuticals		143,024,875		8,545,121			—		151,569,996
Professional Services		28,628,021		—			—		28,628,021
Semiconductors & Semiconductor Equipment		179,046,676		—			—		179,046,676
Specialized REITs		10,384,945		—			—		10,384,945
Specialty Retail		57,843,193		—			—		57,843,193
Total Common Stocks		2,645,047,337		95,978,144			—		2,741,025,481
Total Short-Term Investments*		—		39,698,170			—		39,698,170
Securities Lending Reinvestments
Certificate of Deposit		—		2,000,458			—		2,000,458
Repurchase Agreements		—		19,212,464			—		19,212,464
Mutual Funds		7,000,000		—			—		7,000,000
Total Securities Lending Reinvestments		7,000,000		21,212,922			—		28,212,922
Total Investments	$	2,652,047,337	$	156,889,236		$	—	$	2,808,936,573
Collateral for Securities Loaned (Liability)	$	—	$	(28,212,464	)	$	—	$	(28,212,464	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Value Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	2,808,936,573
Cash		81,163
Receivable for:
Fund shares sold		579,404
Dividends and interest		3,491,096
Prepaid expenses		9,989
Total Assets		2,813,098,225
Liabilities
Collateral for securities loaned		28,212,464
Payables for:
Fund shares redeemed		1,326,293
Accrued Expenses:
Management fees		1,292,427
Distribution and service fees		184,264
Deferred trustees’ fees		305,155
Other expenses		191,865
Total Liabilities		31,512,468
Net Assets	$	2,781,585,757
Net Assets Consist of:
Paid in surplus	$	1,715,161,203
Distributable earnings (Accumulated losses)		1,066,424,554
Net Assets	$	2,781,585,757
Net Assets
Class A	$	1,847,926,994
Class B		809,833,772
Class D		9,965,612
Class E		113,859,379
Capital Shares Outstanding*
Class A		132,719,577
Class B		59,438,437
Class D		719,961
Class E		8,268,893
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.92
Class B		13.62
Class D		13.84
Class E		13.77

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,041,787,937.
(b)	Includes securities loaned at value of $36,649,725.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	65,633,235
Interest		897,837
Securities lending income		408,485
Other income		25,450
Total investment income		66,965,007
Expenses
Management fees		17,063,386
Administration fees		116,660
Custodian and accounting fees		160,763
Distribution and service fees—Class B		2,006,560
Distribution and service fees—Class D		9,951
Distribution and service fees—Class E		169,260
Audit and tax services		49,026
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		100,287
Insurance		25,915
Miscellaneous		32,095
Total expenses		19,826,727
Less management fee waiver		(1,760,564	)
Net expenses		18,066,163
Net Investment Income		48,898,844
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		252,196,337
Foreign currency transactions		24,155
Net realized gain (loss)		252,220,492
Net change in unrealized appreciation (depreciation) on:
Investments		(88,766,703	)
Foreign currency transactions		66,846
Net change in unrealized appreciation (depreciation)		(88,699,857	)
Net realized and unrealized gain (loss)		163,520,635
Net Increase (Decrease) in Net Assets From Operations	$	212,419,479

(a) Net of foreign withholding taxes of $389,559.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MFS Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	48,898,844		$	50,479,266
Net realized gain (loss)		252,220,492			328,098,170
Net change in unrealized appreciation (depreciation)		(88,699,857	)		(602,225,796	)
Increase (decrease) in net assets from operations		212,419,479			(223,648,360	)
From Distributions to Shareholders
Class A		(252,945,382	)		(325,553,922	)
Class B		(110,751,351	)		(140,703,302	)
Class D		(1,363,104	)		(1,770,839	)
Class E		(15,486,301	)		(19,633,868	)
Total distributions		(380,546,138	)		(487,661,931	)
Increase (decrease) in net assets from capital share transactions		113,957,024			(33,328,010	)
Total increase (decrease) in net assets		(54,169,635	)		(744,638,301	)
Net Assets
Beginning of period		2,835,755,392			3,580,393,693
End of period	$	2,781,585,757		$	2,835,755,392

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		2,980,330		$	42,506,951			3,558,300		$	62,373,937
Reinvestments		19,623,381			252,945,382			23,850,104			325,553,922
Redemptions		(15,683,933	)		(213,809,170	)		(26,943,916	)		(434,923,735	)
Net increase (decrease)		6,919,778		$	81,643,163			464,488		$	(46,995,876	)
Class B
Sales		2,048,734		$	28,653,519			2,310,908		$	36,958,204
Reinvestments		8,768,911			110,751,351			10,492,416			140,703,302
Redemptions		(8,193,151	)		(110,138,625	)		(10,789,269	)		(170,456,811	)
Net increase (decrease)		2,624,494		$	29,266,245			2,014,055		$	7,204,695
Class D
Sales		9,377		$	127,790			5,410		$	86,922
Reinvestments		106,326			1,363,104			130,305			1,770,839
Redemptions		(107,550	)		(1,473,582	)		(93,633	)		(1,474,422	)
Net increase (decrease)		8,153		$	17,312			42,082		$	383,339
Class E
Sales		387,514		$	5,461,962			547,791		$	8,963,066
Reinvestments		1,213,660			15,486,301			1,451,136			19,633,868
Redemptions		(1,310,107	)		(17,917,959	)		(1,412,098	)		(22,517,102	)
Net increase (decrease)		291,067		$	3,030,304			586,829		$	6,079,832
Increase (decrease) derived from capital shares transactions				$	113,957,024					$	(33,328,010	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.91		$	19.12		$	15.63		$	16.44		$	13.81
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.26			0.28			0.26			0.26			0.29
Net realized and unrealized gain (loss)		0.79			(1.68	)		3.69			0.17			3.71
Total income (loss) from investment operations		1.05			(1.40	)		3.95			0.43			4.00
Less Distributions
Distributions from net investment income		(0.28	)		(0.30	)		(0.28	)		(0.30	)		(0.31	)
Distributions from net realized capital gains		(1.76	)		(2.51	)		(0.18	)		(0.94	)		(1.06	)
Total distributions		(2.04	)		(2.81	)		(0.46	)		(1.24	)		(1.37	)
Net Asset Value, End of Period	$	13.92		$	14.91		$	19.12		$	15.63		$	16.44
Total Return (%) (b)		8.15			(5.98	)		25.54			3.96			30.13
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64			0.63			0.63			0.64			0.63
Net ratio of expenses to average net assets (%) (c)		0.58			0.58			0.57			0.58			0.57
Ratio of net investment income (loss) to average net assets (%)		1.85			1.73			1.47			1.79			1.86
Portfolio turnover rate (%)		14			13			8			13			12
Net assets, end of period (in millions)	$	1,847.9		$	1,876.1		$	2,396.8		$	2,393.8		$	2,400.3
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.63		$	18.81		$	15.38		$	16.20		$	13.62
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.22			0.23			0.21			0.22			0.24
Net realized and unrealized gain (loss)		0.77			(1.65	)		3.64			0.16			3.67
Total income (loss) from investment operations		0.99			(1.42	)		3.85			0.38			3.91
Less Distributions
Distributions from net investment income		(0.24	)		(0.25	)		(0.24	)		(0.26	)		(0.27	)
Distributions from net realized capital gains		(1.76	)		(2.51	)		(0.18	)		(0.94	)		(1.06	)
Total distributions		(2.00	)		(2.76	)		(0.42	)		(1.20	)		(1.33	)
Net Asset Value, End of Period	$	13.62		$	14.63		$	18.81		$	15.38		$	16.20
Total Return (%) (b)		7.85			(6.22	)		25.30			3.66			29.85
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89			0.88			0.88			0.89			0.88
Net ratio of expenses to average net assets (%) (c)		0.83			0.83			0.82			0.83			0.82
Ratio of net investment income (loss) to average net assets (%)		1.60			1.48			1.22			1.54			1.61
Portfolio turnover rate (%)		14			13			8			13			12
Net assets, end of period (in millions)	$	809.8		$	831.3		$	1,030.7		$	947.8		$	948.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class D
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.84		$	19.03		$	15.56		$	16.37		$	13.76
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.24			0.26			0.24			0.24			0.27
Net realized and unrealized gain (loss)		0.78			(1.66	)		3.67			0.17			3.69
Total income (loss) from investment operations		1.02			(1.40	)		3.91			0.41			3.96
Less Distributions
Distributions from net investment income		(0.26	)		(0.28	)		(0.26	)		(0.28	)		(0.29	)
Distributions from net realized capital gains		(1.76	)		(2.51	)		(0.18	)		(0.94	)		(1.06	)
Total distributions		(2.02	)		(2.79	)		(0.44	)		(1.22	)		(1.35	)
Net Asset Value, End of Period	$	13.84		$	14.84		$	19.03		$	15.56		$	16.37
Total Return (%) (b)		8.00			(6.02	)		25.42			3.85			29.96
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74			0.73			0.73			0.74			0.73
Net ratio of expenses to average net assets (%) (c)		0.68			0.68			0.67			0.68			0.67
Ratio of net investment income (loss) to average net assets (%)		1.75			1.64			1.37			1.69			1.76
Portfolio turnover rate (%)		14			13			8			13			12
Net assets, end of period (in millions)	$	10.0		$	10.6		$	12.7		$	11.5		$	12.6
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.77		$	18.96		$	15.50		$	16.32		$	13.71
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.25			0.23			0.23			0.26
Net realized and unrealized gain (loss)		0.79			(1.66	)		3.66			0.16			3.70
Total income (loss) from investment operations		1.02			(1.41	)		3.89			0.39			3.96
Less Distributions
Distributions from net investment income		(0.26	)		(0.27	)		(0.25	)		(0.27	)		(0.29	)
Distributions from net realized capital gains		(1.76	)		(2.51	)		(0.18	)		(0.94	)		(1.06	)
Total distributions		(2.02	)		(2.78	)		(0.43	)		(1.21	)		(1.35	)
Net Asset Value, End of Period	$	13.77		$	14.77		$	18.96		$	15.50		$	16.32
Total Return (%) (b)		7.97			(6.10	)		25.40			3.75			30.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79			0.78			0.78			0.79			0.78
Net ratio of expenses to average net assets (%) (c)		0.73			0.73			0.72			0.73			0.72
Ratio of net investment income (loss) to average net assets (%)		1.70			1.59			1.32			1.64			1.71
Portfolio turnover rate (%)		14			13			8			13			12
Net assets, end of period (in millions)	$	113.9		$	117.8		$	140.1		$	128.5		$	132.8

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Value Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers four classes of shares: Class A, B, D and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-13

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-14

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $74,121. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $19,212,464. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including

BHFTII-15

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	381,456,715	$	0	$	632,412,200

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $361,671 in purchases and $9,095,325 in sales of investments, which are included above, and resulted in net realized gains of $2,857,930.

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31,  2023	% per annum			Average Daily Net Assets
$17,063,386		0.700	%	First $250 million
		0.650	%	Of the next $500 million
		0.600	%	On amounts in excess of $750 million

The Adviser has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company (the “Subadviser”) is compensated by the Adviser to provide subadvisory services for the Portfolio.

BHFTII-16

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.100%	First $100 million
0.050%	$100 million to $200 million
0.075%	$200 million to $250 million
0.025%	$250 million to $500 million
0.050%	$500 million to $750 million
0.025%	$1 billion to $1.5 billion
0.100%	$1.5 billion to $3 billion
0.125%	Over $3 billion

An identical agreement was in place for the period January 1, 2023 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

During the year ended December 31, 2023, the Subadviser voluntarily reimbursed the Portfolio for certain trading costs. This reimbursement amount of $25,450 is reflected as Other income in the Statement of Operations and had no impact on total return.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the 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.

BHFTII-17

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	2,043,726,987
Gross unrealized appreciation		824,031,659
Gross unrealized (depreciation)		(58,822,073	)
Net unrealized appreciation (depreciation)	$	765,209,586

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$49,915,522	$	56,310,542	$	330,630,616	$	431,351,389	$	380,546,138	$	487,661,931

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$49,134,839	$	252,295,751	$	765,299,118	$	—	$	1,066,729,708

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-18

Brighthouse Funds Trust II

MFS Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the MFS Value Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MFS Value Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-19

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-20

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel-Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-21

Brighthouse Funds Trust II

MFS Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-22

Brighthouse Funds Trust II

MFS Value Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-23

Brighthouse Funds Trust II

MFS Value Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 of its Performance Universe and the average of its Morningstar Category for the one-and three-year periods ended June 30, 2023 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the five-year period ended June 30, 2023. The Board further considered that the Portfolio outperformed its benchmark, the Russell 1000 Value Index, for the one-and five-year periods ended October 31, 2023 and underperformed the same benchmark for the three-year period ended October 31, 2023. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. In

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Brighthouse Funds Trust II

MFS Value Portfolio

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

addition, the Board considered that the Adviser had negotiated reductions to the Portfolio’s sub-advisory fee schedule and that the Adviser agreed to waive a portion of its advisory fee in order for contract holders to benefit from the lower sub-advisory fee effective January 1, 2023.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board took into account 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.

BHFTII-25

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed By Neuberger Berman Investment Advisers LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Neuberger Berman Genesis Portfolio returned 15.53%, 15.20%, and 15.35%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 14.65%.

MARKET ENVIRONMENT / CONDITIONS

The market overcame several headwinds during the year, including elevated inflation, the U.S. Federal Reserve’s (the “Fed”) rate hikes, concerns that the economy could fall into a recession, a mini crisis in the regional banking industry, and numerous geopolitical events. Despite this, the economy continued to expand, and corporate results often exceeded expectations. Investor sentiment was positive late in the year, largely driven by the Fed’s “pivot,” as it indicated the likely end to rate hikes and potential for rate cuts in 2024, buoying hopes that the Fed could orchestrate a “soft landing.” All told, the Russell 2000 Value Index rose 14.65% during the year. In contrast, the large-cap S&P 500 Index rose 26.29% during the same period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

It was another volatile year in the equity markets. During 2023, the Portfolio largely performed as we would expect in each material up- and down-market period (outperforming in the down-markets that were characterized by investor fear and uncertainty and underperforming in the up-markets when investor risk tolerance and speculation was on the rise). During the full year, the Portfolio appreciated strongly and outperformed the Russell 2000 Value Index due to strong sector allocation, which was partially offset by negative stock selection.

An overweight to the software industry within the Information Technology (“IT”) sector added the most value. Our overweight in the Industrials sector, a lack of names in the Utilities sector, and underweight to regional banks also added considerable value. On the downside, the Portfolio’s overweight to Health Care and a small cash position were modest drags on relative performance.

Stock selection was positive in the Health Care, Materials, and Consumer Staples sectors in 2023. Within Health Care, our life sciences tools & services positions added the most value, as these long-held names benefited from the increased demand for their higher margin products, driven by the growth in drug research and Glucagon-like peptide-1 (“GLP-1”) demand. Within the Materials sector, our chemicals and containers & packaging names outperformed. Within Consumer Staples, our household product names outperformed.

Examples of individual stocks that contributed to the Portfolio’s absolute performance included FICO, a company that provides decision management tools used to automate and improve business performance. The stock outperformed, driven by strong operating performance for both its Scores and software businesses. Manhattan Associates, Inc., which provides software solutions that enable the efficient movement of goods through the supply chain, was also additive for returns. The stock performed well on the back of earnings results that showed continued progress on its transition toward a subscription-led offering and solid traction for its new product offerings. Elsewhere, Qualys, Inc., a supplier of cloud-based security and compliance solutions, contributed to results. The company has a leading market position in the vulnerability management market and has successfully launched additional add-on products over time. The stock performed well in the period after reporting strong results and continued return of capital to shareholders in the form of a repurchase program.

Holdings in the Industrials, Financials, and Consumer Discretionary sectors were the largest detractors from relative results. Within Industrials, several of our holdings declined due to company-specific factors. Our Industrials holdings are balanced between steadier businesses that have a high percentage of recurring revenue and cyclicals that have greater sensitivity to economic conditions. Our holdings have leadership positions in niche markets, strong technical expertise, durable customer relationships and/or relative scale. Within Financials, our banking names underperformed the names in the benchmark, due in part to their higher valuations at the start of the period. The Portfolio is underweight regional banks, and we reduced our exposure throughout the year due to the challenging industry dynamics. Our bank holdings have conservative credit and risk management cultures, robust capitalization, long-term customer relationships and the ability to compound tangible book value over the long run.

Individual holdings that were negative for the Portfolio’s absolute performance during the reporting period included Valmont Industries, Inc. The company is the leading manufacturer of engineered, fabricated metal products, steel and aluminum pole, tower, and other structures with market-leading positions across a portfolio of duopoly/oligopoly businesses. The stock underperformed due to concerns about lower farm income and crop prices impacting the company’s agriculture segment (~30% of sales). Driven Brands Holdings, Inc., the largest auto services company in North America serving both retail and commercial customers, detracted from returns. The company operates in a large, defensive, and fragmented market and enjoys strong competitive moats from its technology, marketing, diversified platform and superior franchise economics. The stock underperformed due to weak earnings results driven by challenges in its car wash and glass business, as well as elevated financial leverage. CVB Financial Corp., a Southern California-based

BHFTII-1

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed By Neuberger Berman Investment Advisers LLC

Portfolio Manager Commentary*—(Continued)

small business-oriented lender, was also a headwind for performance. The stock underperformed due to concerns around its liquidity, funding costs and commercial real estate exposure.

We made several adjustments to Portfolio holdings throughout the reporting period. While the Portfolio’s sector positioning is driven by bottom-up stock selection, the Portfolio had the largest overweights in IT and Industrials at the end of the reporting period. In contrast, the Portfolio’s largest sector underweights relative to the benchmark were Financials and Real Estate.

Judy Vale^

Robert W. D’Alelio

Brett S. Reiner

Gregory G. Spiegel

Portfolio Managers

Neuberger Berman Investment Advisers LLC

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

^ Judy Vale relinquished her portfolio management duties for the Portfolio in January 2024.

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

BHFTII-2

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Neuberger Berman Genesis Portfolio
Class A		15.53		12.40		8.75
Class B		15.20		12.13		8.48
Class E		15.35		12.24		8.58
Russell 2000 Value Index		14.65		10.00		6.76

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

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

BHFTII-3

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
Fair Isaac Corp.		2.5
Qualys, Inc.		2.4
Manhattan Associates, Inc.		2.2
RBC Bearings, Inc.		2.2
Pool Corp.		2.2
SPS Commerce, Inc.		2.1
Lattice Semiconductor Corp.		1.9
Eagle Materials, Inc.		1.8
Chemed Corp.		1.8
Bio-Techne Corp.		1.8

Top Sectors

	% of Net Assets
Industrials		27.8
Information Technology		21.6
Financials		12.0
Health Care		10.8
Consumer Discretionary		9.8
Energy		5.7
Materials		4.2
Consumer Staples		2.6
Communication Services		2.3
Real Estate		1.8

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Neuberger Berman Genesis Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.81	%	$	1,000.00	$	1,031.30	$	4.15
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13
Class B (a)	Actual		1.06	%	$	1,000.00	$	1,029.70	$	5.42
	Hypothetical*		1.06	%	$	1,000.00	$	1,019.86	$	5.40
Class E (a)	Actual		0.96	%	$	1,000.00	$	1,030.40	$	4.91
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.37	$	4.89

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

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

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

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Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—98.6% of Net Assets

Security Description	Shares		Value
Automobile Components—1.6%
Fox Factory Holding Corp. (a)		126,878	$	8,561,727
LCI Industries		48,038		6,038,857
				14,600,584
Banks—6.6%
Bank of Hawaii Corp.		83,242		6,031,715
Community Bank System, Inc.		178,646		9,309,243
Cullen/Frost Bankers, Inc.		85,144		9,237,273
First Financial Bankshares, Inc.		230,741		6,991,452
Glacier Bancorp, Inc.		182,880		7,556,602
Lakeland Financial Corp.		70,037		4,563,611
Prosperity Bancshares, Inc.		104,491		7,077,175
Stock Yards Bancorp, Inc.		80,212		4,130,116
United Community Banks, Inc.		233,182		6,822,905
				61,720,092
Building Products—2.1%
CSW Industrials, Inc.		66,792		13,853,329
Hayward Holdings, Inc. (a)		454,688		6,183,757
				20,037,086
Capital Markets—1.8%
Hamilton Lane, Inc. - Class A		41,818		4,743,834
Houlihan Lokey, Inc.		60,069		7,202,874
MarketAxess Holdings, Inc.		16,210		4,747,098
				16,693,806
Chemicals—1.4%
Element Solutions, Inc.		330,275		7,642,564
Quaker Chemical Corp.		24,970		5,329,097
				12,971,661
Commercial Services & Supplies—2.5%
Casella Waste Systems, Inc. - Class A (a)		32,003		2,734,976
Rollins, Inc.		168,762		7,369,837
Tetra Tech, Inc.		79,121		13,207,669
				23,312,482
Communications Equipment—0.3%
NetScout Systems, Inc. (a)		130,518		2,864,870
Construction & Engineering—2.3%
Arcosa, Inc.		92,507		7,644,779
Valmont Industries, Inc.		60,146		14,044,692
				21,689,471
Construction Materials—1.8%
Eagle Materials, Inc.		84,862		17,213,408
Consumer Staples Distribution & Retail—0.4%
Grocery Outlet Holding Corp. (a)		126,149		3,400,977
Containers & Packaging—0.9%
AptarGroup, Inc.		70,179		8,675,528
Distributors—2.2%
Pool Corp.		51,053		20,355,342
Diversified Consumer Services—0.6%
Bright Horizons Family Solutions, Inc. (a)		55,281		5,209,681
Electronic Equipment, Instruments & Components—3.8%
Advanced Energy Industries, Inc.		55,862		6,084,489
Littelfuse, Inc.		62,280		16,663,637
Novanta, Inc. (a)		54,660		9,205,290
Rogers Corp. (a)		23,300		3,077,231
				35,030,647
Energy Equipment & Services—2.9%
Cactus, Inc. - Class A		109,477		4,970,256
Oceaneering International, Inc. (a)		299,139		6,365,678
Tidewater, Inc. (a)		170,121		12,267,425
Transocean Ltd. (a)		508,444		3,228,619
				26,831,978
Financial Services—1.3%
Jack Henry & Associates, Inc.		39,303		6,422,503
Shift4 Payments, Inc. - Class A (a)		73,275		5,447,264
				11,869,767
Food Products—0.9%
Simply Good Foods Co. (a)		115,812		4,586,155
Utz Brands, Inc.		244,737		3,974,529
				8,560,684
Health Care Equipment & Supplies—3.3%
Atrion Corp.		11,462		4,341,691
Haemonetics Corp. (a)		176,329		15,077,893
QuidelOrtho Corp. (a)		50,156		3,696,497
UFP Technologies, Inc. (a)		46,813		8,053,709
				31,169,790
Health Care Providers & Services—2.2%
Chemed Corp.		28,910		16,905,123
CorVel Corp. (a)		13,202		3,263,666
				20,168,789
Health Care Technology—0.4%
Simulations Plus, Inc.		80,260		3,591,635
Hotels, Restaurants & Leisure—1.2%
Texas Roadhouse, Inc.		92,149		11,263,372
Household Products—1.3%
Church & Dwight Co., Inc.		39,691		3,753,181
WD-40 Co.		34,369		8,216,597
				11,969,778

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—2.3%
AMERISAFE, Inc.		115,630	$	5,409,171
Hagerty, Inc. - Class A (a)		210,933		1,645,277
RLI Corp.		77,224		10,280,059
Stewart Information Services Corp.		68,085		3,999,994
				21,334,501
Life Sciences Tools & Services—4.3%
Bio-Techne Corp.		216,343		16,693,026
ICON PLC (a)		29,602		8,379,438
Stevanato Group SpA		202,217		5,518,502
West Pharmaceutical Services, Inc.		25,926		9,129,063
				39,720,029
Machinery—12.7%
Crane Co.		23,695		2,799,327
Esab Corp.		111,099		9,623,395
ESCO Technologies, Inc.		46,447		5,435,692
Federal Signal Corp.		17,119		1,313,712
Graco, Inc.		111,132		9,641,812
Hillman Solutions Corp. (a)		497,178		4,579,009
Kadant, Inc.		56,206		15,755,104
Lindsay Corp.		49,611		6,407,757
Nordson Corp.		37,593		9,930,567
Omega Flex, Inc.		27,327		1,926,827
RBC Bearings, Inc. (a)		71,467		20,360,234
SPX Technologies, Inc. (a)		106,267		10,734,030
Standex International Corp.		50,429		7,986,945
Toro Co.		123,308		11,836,335
				118,330,746
Marine Transportation—1.6%
Kirby Corp. (a)		191,449		15,024,918
Media—2.3%
Cable One, Inc.		9,488		5,280,926
Nexstar Media Group, Inc.		86,169		13,506,991
TechTarget, Inc. (a)		89,454		3,118,366
				21,906,283
Oil, Gas & Consumable Fuels—2.8%
Matador Resources Co.		101,227		5,755,767
Sitio Royalties Corp. - Class A		344,938		8,109,492
Southwestern Energy Co. (a)		1,096,673		7,183,208
Texas Pacific Land Corp.		2,429		3,819,481
Viper Energy, Inc.		43,828		1,375,323
				26,243,271
Pharmaceuticals—0.7%
Amphastar Pharmaceuticals, Inc. (a)		102,987		6,369,746
Professional Services—3.6%
CBIZ, Inc. (a)		39,506		2,472,681
CRA International, Inc.		35,671		3,526,079
Exponent, Inc.		151,108		13,303,548
FTI Consulting, Inc. (a)		72,882		14,514,450
				33,816,758
Real Estate Management & Development—1.8%
Colliers International Group, Inc.		13,606		1,721,431
FirstService Corp.		93,919		15,223,331
				16,944,762
Semiconductors & Semiconductor Equipment—4.2%
Lattice Semiconductor Corp. (a)		258,875		17,859,786
MKS Instruments, Inc.		57,848		5,950,824
Power Integrations, Inc.		184,981		15,188,790
				38,999,400
Software—13.3%
Aspen Technology, Inc. (a)		50,436		11,103,485
CommVault Systems, Inc. (a)		93,255		7,446,412
Fair Isaac Corp. (a)		19,976		23,252,264
Manhattan Associates, Inc. (a)		95,127		20,482,746
Model N, Inc. (a)		210,696		5,674,043
Qualys, Inc. (a)		112,347		22,051,469
SPS Commerce, Inc. (a)		99,071		19,203,923
Tyler Technologies, Inc. (a)		21,587		9,025,956
Vertex, Inc. - Class A (a)		221,601		5,969,931
				124,210,229
Specialty Retail—4.3%
Asbury Automotive Group, Inc. (a)		70,006		15,749,250
Floor & Decor Holdings, Inc. - Class A (a)		88,725		9,898,161
Tractor Supply Co.		31,651		6,805,915
Winmark Corp.		18,855		7,872,905
				40,326,231
Trading Companies & Distributors—2.9%
Richelieu Hardware Ltd.		133,234		4,824,397
SiteOne Landscape Supply, Inc. (a)		36,888		5,994,300
Transcat, Inc. (a)		42,085		4,601,153
Watsco, Inc.		27,350		11,718,655
				27,138,505
Total Common Stocks (Cost $566,636,950)				919,566,807

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of December 31, 2023

Short-Term Investment—1.5%

Security Description	Principal Amount*		Value
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $14,083,053; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $14,360,797.		14,079,142	$	14,079,142
Total Short-Term Investments (Cost $14,079,142)				14,079,142
Total Investments— 100.1% (Cost $580,716,092)				933,645,949
Other assets and liabilities (net)—(0.1)%				(1,033,535	)
Net Assets—100.0%			$	932,612,414

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Total Common Stocks*	$	919,566,807	$	—	$	—	$	919,566,807
Total Short-Term Investment*		—		14,079,142		—		14,079,142
Total Investments	$	919,566,807	$	14,079,142	$	—	$	933,645,949

 * See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a)	$	933,645,949
Receivable for:
Fund shares sold		308,967
Dividends and interest		437,545
Prepaid expenses		3,310
Total Assets		934,395,771
Liabilities
Payables for:
Investments purchased		227,611
Fund shares redeemed		580,832
Accrued Expenses:
Management fees		592,922
Distribution and service fees		64,936
Deferred trustees’ fees		192,719
Other expenses		124,337
Total Liabilities		1,783,357
Net Assets	$	932,612,414
Net Assets Consist of:
Paid in surplus	$	491,210,817
Distributable earnings (Accumulated losses)		441,401,597
Net Assets	$	932,612,414
Net Assets
Class A	$	593,885,780
Class B		273,466,741
Class E		65,259,893
Capital Shares Outstanding*
Class A		32,157,377
Class B		15,476,364
Class E		3,632,001
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.47
Class B		17.67
Class E		17.97

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $580,716,092.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	9,033,305
Interest		224,364
Total investment income		9,257,669
Expenses
Management fees		7,521,467
Administration fees		46,306
Custodian and accounting fees		75,213
Distribution and service fees—Class B		663,282
Distribution and service fees-—Class E		97,470
Audit and tax services		46,856
Legal		46,603
Trustees’ fees and expenses		46,220
Shareholder reporting		75,926
Insurance		8,127
Miscellaneous		18,886
Total expenses		8,646,356
Less management fee waiver		(579,467	)
Less broker commission recapture		(19,853	)
Net expenses		8,047,036
Net Investment Income		1,210,633
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		87,446,440
Foreign currency transactions		(498	)
Net realized gain (loss)		87,445,942
Net change in unrealized appreciation on investments		43,080,157
Net realized and unrealized gain (loss)		130,526,099
Net Increase (Decrease) in Net Assets From Operations	$	131,736,732

(a) Net of foreign withholding taxes of $25,819.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	1,210,633		$	979,597
Net realized gain (loss)		87,445,942			80,792,553
Net change in unrealized appreciation (depreciation)		43,080,157			(311,766,210	)
Increase (decrease) in net assets from operations		131,736,732			(229,994,060	)
From Distributions to Shareholders
Class A		(51,424,650	)		(106,970,605	)
Class B		(24,209,465	)		(50,463,350	)
Class E		(5,813,703	)		(12,512,018	)
Total distributions		(81,447,818	)		(169,945,973	)
Increase (decrease) in net assets from capital share transactions		(8,695,362	)		76,708,143
Total increase (decrease) in net assets		41,593,552			(323,231,890	)
Net Assets
Beginning of period		891,018,862			1,214,250,752
End of period	$	932,612,414		$	891,018,862

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		458,017		$	8,073,333			403,662		$	8,348,547
Reinvestments		2,960,544			51,424,650			6,413,106			106,970,605
Redemptions		(3,618,864	)		(65,270,485	)		(3,336,606	)		(63,956,922	)
Net increase (decrease)		(200,303	)	$	(5,772,502	)		3,480,162		$	51,362,230
Class B
Sales		682,055		$	11,541,873			596,860		$	11,834,859
Reinvestments		1,454,022			24,209,465			3,142,176			50,463,350
Redemptions		(2,066,712	)		(35,441,549	)		(2,136,947	)		(40,638,832	)
Net increase (decrease)		69,365		$	309,789			1,602,089		$	21,659,377
Class E
Sales		30,435		$	523,699			34,853		$	711,204
Reinvestments		343,599			5,813,703			768,551			12,512,018
Redemptions		(550,244	)		(9,570,051	)		(489,775	)		(9,536,686	)
Net increase (decrease)		(176,210	)	$	(3,232,649	)		313,629		$	3,686,536
Increase (decrease) derived from capital shares transactions				$	(8,695,362	)				$	76,708,143

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	17.51		$	26.57		$	24.01		$	20.75		$	18.56
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.04			0.04			(0.01	)		0.03			0.05
Net realized and unrealized gain (loss)		2.57			(5.32	)		4.26			4.74			5.19
Total income (loss) from investment operations		2.61			(5.28	)		4.25			4.77			5.24
Less Distributions
Distributions from net investment income		(0.02	)		0.00			(0.02	)		(0.04	)		(0.05	)
Distributions from net realized capital gains		(1.63	)		(3.78	)		(1.67	)		(1.47	)		(3.00	)
Total distributions		(1.65	)		(3.78	)		(1.69	)		(1.51	)		(3.05	)
Net Asset Value, End of Period	$	18.47		$	17.51		$	26.57		$	24.01		$	20.75
Total Return (%) (b)		15.53			(19.15	)		18.41			25.11			29.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87			0.86			0.84			0.86			0.87
Net ratio of expenses to average net assets (%) (c)		0.80			0.81			0.83			0.85			0.85
Ratio of net investment income (loss) to average net assets (%)		0.22			0.18			(0.04	)		0.17			0.23
Portfolio turnover rate (%)		16			13			10			12			11
Net assets, end of period (in millions)	$	593.9		$	566.6		$	767.1		$	739.6		$	670.9
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	16.84		$	25.79		$	23.39		$	20.27		$	18.18
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.01	)		(0.07	)		(0.02	)		(0.00	) (d)
Net realized and unrealized gain (loss)		2.47			(5.16	)		4.14			4.61			5.09
Total income (loss) from investment operations		2.46			(5.17	)		4.07			4.59			5.09
Less Distributions
Distributions from net realized capital gains		(1.63	)		(3.78	)		(1.67	)		(1.47	)		(3.00	)
Total distributions		(1.63	)		(3.78	)		(1.67	)		(1.47	)		(3.00	)
Net Asset Value, End of Period	$	17.67		$	16.84		$	25.79		$	23.39		$	20.27
Total Return (%) (b)		15.20			(19.32	)		18.12			24.76			29.41
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.12			1.11			1.09			1.11			1.12
Net ratio of expenses to average net assets (%) (c)		1.05			1.06			1.08			1.10			1.10
Ratio of net investment income (loss) to average net assets (%)		(0.03	)		(0.07	)		(0.29	)		(0.08	)		(0.02	)
Portfolio turnover rate (%)		16			13			10			12			11
Net assets, end of period (in millions)	$	273.5		$	259.4		$	356.0		$	345.9		$	313.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	17.08		$	26.07		$	23.61		$	20.42		$	18.30
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			0.01			(0.05	)		0.00	(d)		0.02
Net realized and unrealized gain (loss)		2.51			(5.22	)		4.18			4.67			5.12
Total income (loss) from investment operations		2.52			(5.21	)		4.13			4.67			5.14
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.01	)		(0.02	)
Distributions from net realized capital gains		(1.63	)		(3.78	)		(1.67	)		(1.47	)		(3.00	)
Total distributions		(1.63	)		(3.78	)		(1.67	)		(1.48	)		(3.02	)
Net Asset Value, End of Period	$	17.97		$	17.08		$	26.07		$	23.61		$	20.42
Total Return (%) (b)		15.35			(19.26	)		18.21			24.96			29.49
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02			1.01			0.99			1.01			1.02
Net ratio of expenses to average net assets (%) (c)		0.95			0.96			0.98			1.00			1.00
Ratio of net investment income (loss) to average net assets (%)		0.06			0.03			(0.19	)		0.02			0.08
Portfolio turnover rate (%)		16			13			10			12			11
Net assets, end of period (in millions)	$	65.3		$	65.0		$	91.1		$	90.2		$	82.5

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(d)	Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust.The series included in this report is Neuberger Berman Genesis Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-12

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-13

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $14,079,142, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	146,383,161	$	0	$	235,236,204

BHFTII-14

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$7,521,467		0.850	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

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

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.075%	First $500 million
0.050%	Over $500 million

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

BHFTII-15

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	581,008,247
Gross unrealized appreciation		379,159,964
Gross unrealized (depreciation)		(26,522,262	)
Net unrealized appreciation (depreciation)	$	352,637,702

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$746,186	$	—	$	80,701,632	$	169,945,973	$	81,447,818	$	169,945,973

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$800,176	$	88,156,438	$	352,637,702	$	—	$	441,594,316

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-16

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Neuberger Berman Genesis Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Neuberger Berman Genesis Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-17

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-18

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel-Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-19

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-20

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-21

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of one of its Performance Universes and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. The Board also considered that the Portfolio outperformed the median of its other Performance Universe and the average of a different, but still comparable, Morningstar Category for the one-and five-year periods ended June 30, 2023 and underperformed the median of that Performance Universe and average of that Morningstar Category for the three-year period ended June 30, 2023. The Board further considered that the Portfolio outperformed its benchmark, the Russell 2000 Value Index, for the one-

BHFTII-22

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

and five-year periods ended October 31, 2023 and underperformed its benchmark for the three-year period ended October 31, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median, 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/Morningstar Category 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.

BHFTII-23

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the T. Rowe Price Large Cap Growth Portfolio returned 46.81%, 46.53%, and 46.66%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 42.68%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities produced strong gains in 2023, driven by generally favorable corporate earnings, a resilient economy, and increased investor interest in artificial intelligence. The market overcame bearish factors such as regional bank turmoil in March, uncertainty around Congress and President Biden agreeing to raise the debt ceiling, geopolitical concerns stemming from the ongoing Russian invasion of Ukraine and from Israel’s response to deadly Hamas attacks in early October, and a sluggish Chinese economic recovery. Arguably the most significant factor affecting the U.S. economy throughout the year was rising interest rates in response to elevated inflation. The U.S. Federal Reserve (the “Fed”) raised short-term interest rates four times through the end of July, lifting the federal funds target rate to the 5.25% to 5.50% range. Equities rallied through year-end as the Federal Open Market Committee at their mid-December policy meeting projected three quarter-point interest rate cuts in 2024.

Domestic Investment Grade bonds produced positive returns in 2023, as a strong year-end rally offset earlier losses stemming from rising interest rates. Short-term U.S. Treasury yields rose as the Fed lifted the fed funds target rate through July, before keeping the target range steady through year-end. Intermediate- and long-term U.S. Treasury yields climbed to multiyear highs by late October and the 10-year yield reached the 5.00% level for the first time in about 16 years. Yields then plunged in the last two months of the year amid signs of disinflation, labor market softening, and expectations for interest rate cuts in 2024. The 10-year yield ended the year at 3.88%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio posted positive returns and outperformed its benchmark, the Russell 1000 Growth Index (the “Index”), during the reporting period. Broadly speaking, both security selection and sector allocation drove relative outperformance.

The Communication Services sector was a significant contributor to relative returns due to an overweight allocation and favorable stock selection, led by Meta Platforms and Spotify. Shares of Meta Platforms bounced back significantly in 2023 as the social media giant’s advertising revenue reaccelerated and engagement trends improved, while its aggressive pivot toward cost discipline benefited margins. Spotify outperformed during the year as investors appreciated the streaming platform company’s renewed focus on profitability and expense efficiency alongside continued strength in monthly active user and premium subscriber metrics, which provided support for the company’s freemium conversion model.

An underweight allocation coupled with strong stock selection in Industrials also contributed to relative performance. A position in FedEx, which was eliminated in August, contributed. The stock traded higher early in the year as investors responded positively to earnings that demonstrated improving margins and the company’s cost cutting efforts and focus on efficiency.

An underweight allocation to the Consumer Staples sector further contributed to relative results. We maintained an underweight given the sector’s moderate growth trajectory. Many Consumer Staples firms operate well-entrenched, mature businesses that enjoy relatively stable demand; however, there are few companies in the sector that meet our growth threshold.

Stock selection in the Information Technology sector contributed and was driven by a holding in Nvidia. Shares of the leading chipmaker traded sharply higher following consecutive blowout quarterly reports and impressive guidance that reflected improved visibility around future demand for advanced graphics processing units (“GPUs”) that are critical for the build out of artificial intelligence infrastructure. Nvidia’s dominant position in state-of-the-art GPUs, combined with its embedded software, has created an expanding moat behind which the chipmaker should be able to continue to innovate and grow earnings. An underweight position in Apple was also beneficial as the technology giant underperformed its sector peers during the period.

Conversely, the Financials sector detracted from relative results due to an overweight allocation, which was partially offset by favorable stock selection. While the sector had double-digit positive returns for the year, it underperformed the broader index driven by regional bank failures early in the period that weighed on the overall sector.

Unfavorable stock selection in the Consumer Discretionary sector further detracted from relative results, which was partially offset by asset allocation effects. The Portfolio’s underweight exposure to Tesla detracted. Shares of the electric vehicle manufacturer outperformed in the first half of the year, recovering ground early in the period after management assuaged concerns about the low-end of margin structures following price cuts and reaffirmed strong levels of demand.

At the end of the period, the Portfolio was overweight relative to the Index in the Communication Services, Health Care, and Financials

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

sectors. The Portfolio was underweight Consumer Staples and Industrials. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

Joseph B. Fath

Portfolio Manager

T. Rowe Price Associates, Inc.

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

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

BHFTII-2

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
T. Rowe Price Large Cap Growth Portfolio
Class A		46.81		13.52		11.88
Class B		46.53		13.23		11.60
Class E		46.66		13.35		11.72
Russell 1000 Growth Index		42.68		19.50		14.86

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
Microsoft Corp.		13.5
Apple, Inc.		8.4
Amazon.com, Inc.		7.5
NVIDIA Corp.		6.2
Alphabet, Inc. - Class A		5.6
Meta Platforms, Inc. - Class A		3.8
Visa, Inc. - Class A		3.2
Eli Lilly & Co.		3.0
UnitedHealth Group, Inc.		2.7
Mastercard, Inc. - Class A		2.4

Top Sectors

	% of Net Assets
Information Technology		43.0
Communication Services		15.0
Consumer Discretionary		14.9
Health Care		12.9
Financials		8.5
Industrials		2.5
Consumer Staples		1.0
Materials		0.9
Energy		0.8

BHFTII-3

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

T. Rowe Price Large Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.54	%	$	1,000.00	$	1,103.40	$	2.86
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.48	$	2.75
Class B (a)	Actual		0.79	%	$	1,000.00	$	1,102.10	$	4.19
	Hypothetical*		0.79	%	$	1,000.00	$	1,021.22	$	4.02
Class E (a)	Actual		0.69	%	$	1,000.00	$	1,102.70	$	3.66
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.73	$	3.52

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

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

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

BHFTII-4

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—97.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.5%
Airbus SE		63,357	$	9,779,679
Automobiles—3.4%
Ferrari NV (a)		34,451		11,659,252
Rivian Automotive, Inc. - Class A (a) (b)		1,292,590		30,324,161
Tesla, Inc. (b)		120,518		29,946,313
				71,929,726
Biotechnology—1.5%
Argenx SE (ADR) (b)		25,812		9,819,659
Legend Biotech Corp. (ADR) (a) (b)		101,801		6,125,366
Vertex Pharmaceuticals, Inc. (b)		40,232		16,369,999
				32,315,024
Broadline Retail—8.1%
Amazon.com, Inc. (b)		1,059,033		160,909,474
Coupang, Inc. (b)		782,572		12,669,841
				173,579,315
Capital Markets—0.7%
Charles Schwab Corp.		211,791		14,571,221
Chemicals—0.9%
Linde PLC		47,099		19,344,030
Commercial Services & Supplies—0.3%
Cintas Corp.		10,919		6,580,444
Consumer Staples Distribution & Retail—1.1%
Dollar General Corp.		154,058		20,944,185
Maplebear, Inc. (a) (b)		26,334		618,059
Maplebear, Inc. † (b) (d)		58,169		1,296,965
				22,859,209
Electronic Equipment, Instruments & Components—1.1%
Amphenol Corp. - Class A		1,951		193,403
Teledyne Technologies, Inc. (b)		52,409		23,389,612
				23,583,015
Energy Equipment & Services—0.8%
Schlumberger NV		317,747		16,535,554
Entertainment—1.9%
Netflix, Inc. (b)		57,009		27,756,542
Spotify Technology SA (b)		67,366		12,658,745
				40,415,287
Financial Services—6.7%
Fiserv, Inc. (b)		178,191		23,670,892
Mastercard, Inc. - Class A		121,103		51,651,640
Visa, Inc. - Class A (a)		259,299		67,508,495
				142,831,027
Ground Transportation—0.9%
Old Dominion Freight Line, Inc.		23,172		9,392,307
Uber Technologies, Inc. (b)		154,900		9,537,193
				18,929,500
Health Care Equipment & Supplies—2.0%
Intuitive Surgical, Inc. (b)		99,076		33,424,279
Stryker Corp.		31,887		9,548,881
				42,973,160
Health Care Providers & Services—3.7%
Cigna Group		75,845		22,711,785
UnitedHealth Group, Inc.		107,850		56,779,790
				79,491,575
Hotels, Restaurants & Leisure—1.7%
Booking Holdings, Inc. (b)		2,524		8,953,183
Chipotle Mexican Grill, Inc. (b)		6,735		15,402,676
Las Vegas Sands Corp. (a)		245,350		12,073,673
				36,429,532
Insurance—1.0%
Chubb Ltd.		93,110		21,042,860
Interactive Media & Services—11.8%
Alphabet, Inc. - Class A (b)		854,420		119,353,930
Alphabet, Inc. - Class C (b)		271,442		38,254,321
Meta Platforms, Inc. - Class A (b)		228,570		80,904,637
Pinterest, Inc. - Class A (b)		386,516		14,316,553
				252,829,441
IT Services—1.7%
Accenture PLC - Class A		48,467		17,007,555
MongoDB, Inc. (a) (b)		10,532		4,306,008
Shopify, Inc. - Class A (b)		180,060		14,026,674
Stripe, Inc. - Class B † (b) (c) (d)		63,278		1,413,631
				36,753,868
Life Sciences Tools & Services—1.6%
Avantor, Inc. (a) (b)		295,276		6,741,151
Danaher Corp.		60,710		14,044,651
Thermo Fisher Scientific, Inc.		24,488		12,997,986
				33,783,788
Media—0.3%
Trade Desk, Inc. - Class A (a) (b)		76,885		5,532,644
Pharmaceuticals—3.5%
Eli Lilly & Co.		108,689		63,356,992
Zoetis, Inc.		57,643		11,376,999
				74,733,991
Professional Services—0.5%
Ceridian HCM Holding, Inc. (a) (b)		74,159		4,977,552
TransUnion		98,425		6,762,782
				11,740,334

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—9.6%
Advanced Micro Devices, Inc. (b)		141,528	$	20,862,643
ASML Holding NV		37,370		28,286,100
Intel Corp.		177,400		8,914,350
Lam Research Corp.		18,596		14,565,503
NVIDIA Corp.		269,301		133,363,241
				205,991,837
Software—21.9%
Adobe, Inc. (b)		44,224		26,384,038
Atlassian Corp. - Class A (b)		63,709		15,153,823
Aurora Innovation, Inc. (a) (b)		804,390		3,515,184
Dynatrace, Inc. (a) (b)		242,357		13,254,504
Epic Games, Inc. † (b) (c) (d)		7,488		3,524,602
Intuit, Inc.		55,059		34,413,527
Magic Leap, Inc. - Class A † (b) (c) (d)		10,914		52,387
Microsoft Corp.		769,333		289,299,981
Monday.com Ltd. (b)		9,224		1,732,360
Roper Technologies, Inc.		35,599		19,407,507
Salesforce, Inc. (b)		95,201		25,051,191
ServiceNow, Inc. (b)		51,692		36,519,881
				468,308,985
Specialty Retail—0.6%
Floor & Decor Holdings, Inc. - Class A (a) (b)		41,434		4,622,377
Ross Stores, Inc.		62,279		8,618,791
				13,241,168
Technology Hardware, Storage & Peripherals—8.4%
Apple, Inc.		936,115		180,230,221
Textiles, Apparel & Luxury Goods—0.6%
NIKE, Inc. - Class B		120,012		13,029,703
Wireless Telecommunication Services—1.0%
T-Mobile U.S., Inc. (a)		141,009		22,607,973
Total Common Stocks (Cost $1,231,713,375)				2,091,974,111
Preferred Stocks—0.9%
Automobiles—0.3%
Dr. Ing HC F Porsche AG		70,729		6,237,316
Life Sciences Tools & Services—0.6%
Sartorius AG		33,527		12,335,256
Total Preferred Stocks (Cost $19,340,390)				18,572,572
Convertible Preferred Stocks—0.8%
Automobiles—0.2%
GM Cruise Holdings LLC - Class F † (b) (c) (d)		196,100		1,145,224
Nuro, Inc. - Series C † (b) (c) (d)		179,741		735,141
Automobiles—(Continued)
Sila Nanotechnologies, Inc. - Series F † (b) (c) (d)		52,110		1,056,791
Waymo LLC - Series A2 † (b) (c) (d)		26,511		1,512,452
				4,449,608
Commercial Services & Supplies—0.2%
Redwood Materials, Inc. - Series D † (b) (c) (d)		110,579		5,278,580
Consumer Staples Distribution & Retail—0.1%
Rappi, Inc. - Series E † (b) (c) (d)		52,748		1,198,435
Financial Services—0.1%
ANT Group Co. Ltd. † (b) (c) (d)		2,959,806		2,898,242
Software—0.2%
Celonis SE - Series D † (b) (c) (d)		1,177		262,565
Databricks, Inc. - Series I † (b) (c) (d)		68,560		4,893,813
				5,156,378
Total Convertible Preferred Stocks (Cost $27,216,699)				18,981,243
Short-Term Investment—0.4%
Mutual Funds—0.4%
T. Rowe Price Government Reserve Fund (e)		7,856,074		7,856,074
Total Short-Term Investments (Cost $7,856,074)				7,856,074
Securities Lending Reinvestments (f)—5.5%
Certificates of Deposit—0.6%
Mizuho Bank Ltd. 5.790%, SOFR + 0.400%, 04/18/24 (g)		1,000,000		1,000,453
National Westminster Bank PLC 5.880%, 05/02/24		2,000,000		2,003,240
Oversea-Chinese Banking Corp. Ltd. 5.630%, SOFR + 0.240%, 02/09/24 (g)		2,000,000		2,000,208
Royal Bank of Canada 5.880%, FEDEFF PRV + 0.550%, 09/20/24 (g)		2,000,000		2,001,240
Standard Chartered Bank 5.790%, SOFR + 0.390%, 04/19/24 (g)		1,000,000		1,000,000
Sumitomo Mitsui Banking Corp. 5.860%, SOFR + 0.460%, 01/11/24 (g)		4,000,000		4,000,492
Sumitomo Mitsui Trust Bank Ltd. 5.800%, SOFR + 0.400%, 04/24/24 (g)		1,000,000		1,000,595
Westpac Banking Corp. 5.950%, SOFR + 0.550%, 10/11/24 (g)		1,000,000		1,001,239
				14,007,467
Commercial Paper—0.2%
Australia & New Zealand Banking Group Ltd. 5.640%, 04/18/24		1,000,000		983,338
5.730%, SOFR + 0.330%, 04/18/24 (g)		1,000,000		1,000,224

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Old Line Funding LLC 5.620%, SOFR + 0.230%, 03/11/24 (g)		2,000,000	$	2,000,000
				3,983,562
Repurchase Agreements—3.6%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $13,107,933; collateralized by various Common Stock with an aggregate market value of $14,590,725		13,100,000		13,100,000
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,600,948; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $1,632,895		1,600,000		1,600,000
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $5,003,028; collateralized by various Common Stock with an aggregate market value of $5,574,059		5,000,000		5,000,000
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $10,006,000; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24 - 11/20/73, and an aggregate market value of $10,200,000		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.620%, due on 02/02/24 with a maturity value of $7,038,247; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.750%, maturity dates ranging from 01/15/30 - 08/15/32, and various Common Stock with an aggregate market value of $7,140,007		7,000,000		7,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $2,316,262; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $2,361,197		2,314,899		2,314,899
National Bank of Canada Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $15,015,896; collateralized by various Common Stock with an aggregate market value of $16,739,838		15,000,000		15,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $7,204,440; collateralized by various Common Stock with an aggregate market value of $8,035,301		7,200,000		7,200,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/29/23 at 5.590%, due on 02/02/24 with a maturity value of $3,016,304; collateralized by various Common Stock with an aggregate market value of $3,333,851		3,000,000		3,000,000
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $7,004,146; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $7,155,857		7,000,000		7,000,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $100,059; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $102,000		100,000		100,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $5,003,011; collateralized by various Common Stock with an aggregate market value of $5,510,005		5,000,000		5,000,000
				76,314,899
Time Deposits—0.5%
DZ Bank AG (NY) 5.300%, 01/02/24		3,000,000		3,000,000
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		4,000,000		4,000,000
National Bank of Canada 5.370%, OBFR + 0.050%, 01/05/24 (g)		5,000,000		5,000,000
				12,000,000
Mutual Funds—0.6%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (h)		5,000,000		5,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (h)		2,000,000		2,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (h)		5,000,000		5,000,000
				12,000,000
Total Securities Lending Reinvestments (Cost $118,298,136)				118,305,928
Total Investments—105.4% (Cost $1,404,424,674)				2,255,689,928
Other assets and liabilities (net)—(5.4)%				(116,327,397	)
Net Assets—100.0%			$	2,139,362,531

*

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 registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2023, the market value of restricted securities was $25,268,828, which is 1.2% of net assets. See details shown in the Restricted Securities table that follows.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

(a)	All or a portion of the security was held on loan. As of December 31, 2023, the market value of securities loaned was $146,682,223 and the collateral received consisted of cash in the amount of $118,286,229 and non-cash collateral with a value of $32,039,726. 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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2023, these securities represent 1.2% of net assets.
(e)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(f)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(g)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. 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.
(h)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Restricted Securities	Acquisition Date		Shares		Cost		Value
ANT Group Co. Ltd.		08/14/23		2,959,806	$	2,959,806	$	2,898,242
Celonis SE - Series D		10/04/22		1,177		435,243		262,565
Databricks, Inc. - Series I		09/14/23		68,560		5,039,160		4,893,813
Epic Games, Inc.		06/18/20		7,488		4,310,738		3,524,602
GM Cruise Holdings LLC - Class F		05/07/19		196,100		3,578,825		1,145,224
Magic Leap, Inc. - Class A		01/20/16-10/12/17		10,914		5,305,346		52,387
Maplebear, Inc.		07/02/20-11/18/20		58,169		2,796,825		1,296,965
Nuro, Inc. - Series C		10/30/20		179,741		2,346,447		735,141
Rappi, Inc. - Series E		09/08/20-09/24/20		52,748		3,151,484		1,198,435
Redwood Materials, Inc. - Series D		06/02/23		110,579		5,278,583		5,278,580
Sila Nanotechnologies, Inc. - Series F		01/07/21		52,110		2,150,726		1,056,791
Stripe, Inc. - Class B		12/17/19		63,278		992,832		1,413,631
Waymo LLC - Series A2		05/08/20		26,511		2,276,425		1,512,452
							$	25,268,828

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	—	$	9,779,679		$	—	$	9,779,679
Automobiles		71,929,726		—			—		71,929,726
Biotechnology		32,315,024		—			—		32,315,024
Broadline Retail		173,579,315		—			—		173,579,315
Capital Markets		14,571,221		—			—		14,571,221
Chemicals		19,344,030		—			—		19,344,030
Commercial Services & Supplies		6,580,444		—			—		6,580,444
Consumer Staples Distribution & Retail		21,562,244		1,296,965			—		22,859,209
Electronic Equipment, Instruments & Components		23,583,015		—			—		23,583,015
Energy Equipment & Services		16,535,554		—			—		16,535,554
Entertainment		40,415,287		—			—		40,415,287
Financial Services		142,831,027		—			—		142,831,027
Ground Transportation		18,929,500		—			—		18,929,500
Health Care Equipment & Supplies		42,973,160		—			—		42,973,160
Health Care Providers & Services		79,491,575		—			—		79,491,575
Hotels, Restaurants & Leisure		36,429,532		—			—		36,429,532
Insurance		21,042,860		—			—		21,042,860
Interactive Media & Services		252,829,441		—			—		252,829,441
IT Services		35,340,237		—			1,413,631		36,753,868
Life Sciences Tools & Services		33,783,788		—			—		33,783,788
Media		5,532,644		—			—		5,532,644
Pharmaceuticals		74,733,991		—			—		74,733,991
Professional Services		11,740,334		—			—		11,740,334
Semiconductors & Semiconductor Equipment		205,991,837		—			—		205,991,837
Software		464,731,996		—			3,576,989		468,308,985
Specialty Retail		13,241,168		—			—		13,241,168
Technology Hardware, Storage & Peripherals		180,230,221		—			—		180,230,221
Textiles, Apparel & Luxury Goods		13,029,703		—			—		13,029,703
Wireless Telecommunication Services		22,607,973		—			—		22,607,973
Total Common Stocks		2,075,906,847		11,076,644			4,990,620		2,091,974,111
Total Preferred Stocks*		—		18,572,572			—		18,572,572
Total Convertible Preferred Stocks*		—		—			18,981,243		18,981,243
Total Short-Term Investment*		7,856,074		—			—		7,856,074
Securities Lending Reinvestments
Certificates of Deposit		—		14,007,467			—		14,007,467
Commercial Paper		—		3,983,562			—		3,983,562
Repurchase Agreements		—		76,314,899			—		76,314,899
Time Deposits		—		12,000,000			—		12,000,000
Mutual Funds		12,000,000		—			—		12,000,000
Total Securities Lending Reinvestments		12,000,000		106,305,928			—		118,305,928
Total Investments	$	2,095,762,921	$	135,955,144		$	23,971,863	$	2,255,689,928
Collateral for Securities Loaned (Liability)	$	—	$	(118,286,229	)	$	—	$	(118,286,229	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

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 December 31, 2022		Purchases		Sales			Realized Gain/ (Loss)			Transfers Out			Change in Unrealized Appreciation/ (Depreciation)			Balance as of December 31, 2023		Change in Unrealized Appreciation/ (Depreciation) from Investments Held at December 31, 2023
Common Stocks
Consumer Staples Distribution & Retail	$	917,097	$	—	$	—		$	—		$	(917,097	)	$	—		$	—	$	—
IT Services		1,171,276		—		—			—			—			242,355			1,413,631		242,355
Software		5,615,913		—		(251,752	)		42,990			—			(1,830,162	)		3,576,989		(1,830,162	)
Convertible Preferred Stocks
Automobiles		9,356,576		—		—			—			—			(4,906,968	)		4,449,608		(4,906,968	)
Commercial Services & Supplies		—		5,278,584		—			—			—			(4	)		5,278,580		(4	)
Consumer Staples Distribution & Retail		3,802,392		—		—			—			(1,902,937	)		(701,020	)		1,198,435		(701,020	)
Financial Services		—		2,959,806		—			—			—			(61,564	)		2,898,242		(61,564	)
Internet & Direct Marketing Retail		4,358,552		—		(4,228,294	)		(3,954,996	)		—			3,824,738			—		—
Software		435,243		5,039,160		—			—			—			(318,025	)		5,156,378		(318,025	)
	$	25,657,049	$	13,277,550	$	(4,480,046	)	$	(3,912,006	)	$	(2,820,034	)	$	(3,750,650	)	$	23,971,863	$	(7,575,388	)

	Fair Value at December 31, 2023			Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Common Stock
IT Services		$1,413,631 (a)		Market Transaction Method	Precedent Transaction	$	20.13		$	21.42		$	20.78			Increase
				Calibration Model	Enterprise Value/Gross Profit		11.6x			13.19x			12.8x			Increase
					Implied Discount		0.00	%		0.00	%		0.00	%		Decrease
Software		3,524,602	(b)	Calibration Model	Enterprise Value/Sales		5.0x			5.8x			5.4x			Increase
					Enterprise Value/Gross Profit		8.1x			8.1x			8.1x			Increase
					Implied Discount		10.00	%		10.00	%		10.00	%		Decrease
		52,387		Market Transaction Method	Precedent Transaction	$	19.20		$	19.20		$	19.20			Increase
					Discount for Lack of Certainty		75.00	%		75.00	%		75.00	%		Decrease
Convertible Preferred Stocks
Automobiles		1,145,224		Discounted Projected Multiple	Forward Enterprise Value/Sales		3.5x			5.3x			4.4x			Increase
					Discount Rate		35.00	%		35.00	%		35.00	%		Decrease
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
		735,141	(c)	Comparable Company Analysis	Market Comparable Adjustment		-80.00	%		-80.00	%		-80.00	%		Decrease
		1,056,791	(d)	Comparable Company Analysis	Enterprise Value/Sales		1.4x			1.4x			1.4x			Increase
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
		1,512,452		Market Transaction Method	Precedent Transaction	$	78.20		$	78.20		$	78.20			Increase
				Discounted Projected Multiple	Forward Enterprise Value/Sales		3.6x			5.5x			4.6x			Increase
					Discount Rate		30.00	%		30.00	%		30.00	%		Decrease
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
Commercial Services & Supplies		5,278,580		Market Transaction Method	Precedent Transaction	$	47.74		$	47.74		$	47.74			Increase
Consumer Staples Distribution & Retail		1,198,435	(d)	Comparable Company Analysis	Enterprise Value/GMV		0.5x			0.6x			0.6x			Increase
					Enterprise Value/Gross Profit		5.0x			6.0x			5.5x			Increase
					Enterprise Value/EBITDA		14.5x			23.1x			18.8x			Increase
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
Financial Services		2,898,242	(e)	Discounted Cash Flow	Contingent Payment Owed		70.00	%		70.00	%		70.00	%		Increase
					Accrued Interest Rate		3.55	%		3.55	%		3.55	%		Increase
					Discount Rate		5.73	%		5.73	%		5.73	%		Decrease
Software		262,565	(f)	Calibration Model	Enterprise Value/Sales		11.7x			14.8x			13.3x			Increase
					Enterprise Value/Gross Profit		14.9x			18.9x			16.9x			Increase
					Implied Premium		0.0	%		0.0	%		0.0	%		Increase
		4,893,813		Market Transaction Method	Precedent Transactions	$	65.00		$	73.50		$	71.38			Increase

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

(a) For the year ended December 31, 2023, the valuation technique for investments amounting to $1,413,631 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.

(b) For the year ended December 31, 2023, the valuation technique for investments amounting to $3,524,602 changed to a calibration model 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.

(c) For the year ended December 31, 2023, the valuation technique for investments amounting to $735,141 changed to a comparable company approach. The investments were previously valued utilizing a discounted cash flow analysis. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

(d) For the year ended December 31, 2023, the valuation technique for investments amounting to $2,255,225 changed to a comparable company 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.

(e) For the year ended December 31, 2023, the valuation technique for investments amounting to $2,898,242 changed to a discounted cash flow method. The investments were previously valued utilizing 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.

(f) For the year ended December 31, 2023, the valuation technique for investments amounting to $262,565 changed to a calibration model 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.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	2,247,833,854
Affiliated investments at value (c)		7,856,074
Cash		1,300,000
Cash denominated in foreign currencies (d)		79
Receivable for:
Investments sold		3,020,538
Fund shares sold		328,975
Dividends and interest		308,997
Dividends on affiliated investments		51,570
Prepaid expenses		7,955
Total Assets		2,260,708,042
Liabilities
Collateral for securities loaned		118,286,229
Payables for:
Affiliated investments purchased		36,250
Fund shares redeemed		1,539,142
Accrued Expenses:
Management fees		928,509
Distribution and service fees		204,928
Deferred trustees’ fees		192,719
Other expenses		157,734
Total Liabilities		121,345,511
Net Assets	$	2,139,362,531
Net Assets Consist of:
Paid in surplus	$	1,170,642,360
Distributable earnings (Accumulated losses)		968,720,171
Net Assets	$	2,139,362,531
Net Assets
Class A	$	1,153,209,477
Class B		951,886,682
Class E		34,266,372
Capital Shares Outstanding*
Class A		55,703,422
Class B		48,431,617
Class E		1,698,419
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.70
Class B		19.65
Class E		20.18

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,396,568,600.
(b)	Includes securities loaned at value of $146,682,223.
(c)	Identified cost of affiliated investments was $7,856,074.
(d)	Identified cost of cash denominated in foreign currencies was $78.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	10,326,255
Dividends from affiliated investments		440,803
Securities lending income		383,392
Total investment income		11,150,450
Expenses
Management fees		12,123,508
Administration fees		89,467
Custodian and accounting fees		122,274
Distribution and service fees—Class B		2,217,045
Distribution and service fees—Class E		47,240
Audit and tax services		59,836
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		77,800
Insurance		17,601
Miscellaneous		26,498
Total expenses		14,874,093
Less management fee waiver		(1,647,833	)
Net expenses		13,226,260
Net Investment Loss		(2,075,810	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		195,722,979
Foreign currency transactions		11,897
Net realized gain (loss)		195,734,876
Net change in unrealized appreciation (depreciation) on:
Investments		568,165,564
Foreign currency transactions		258
Net change in unrealized appreciation (depreciation)		568,165,822
Net realized and unrealized gain (loss)		763,900,698
Net Increase (Decrease) in Net Assets From Operations	$	761,824,888

(a) Net of foreign withholding taxes of $128,497.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(2,075,810	)	$	(4,315,887	)
Net realized gain (loss)		195,734,876			(72,248,029	)
Net change in unrealized appreciation (depreciation)		568,165,822			(1,079,294,369	)
Increase (decrease) in net assets from operations		761,824,888			(1,155,858,285	)
From Distributions to Shareholders
Class A		0			(234,334,024	)
Class B		0			(196,064,384	)
Class E		0			(7,160,168	)
From return of capital
Class A		0			(268,119	)
Class B		0			(224,332	)
Class E		0			(8,192	)
Total distributions		0			(438,059,219	)
Increase (decrease) in net assets from capital share transactions		(347,909,887	)		496,138,148
Total increase (decrease) in net assets		413,915,001			(1,097,779,356	)
Net Assets
Beginning of period		1,725,447,530			2,823,226,886
End of period	$	2,139,362,531		$	1,725,447,530

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		2,535,682		$	41,954,459			4,855,504		$	105,816,814
Reinvestments		0			0			15,619,317			234,602,143
Redemptions		(13,590,400	)		(247,229,763	)		(2,515,907	)		(48,783,830	)
Net increase (decrease)		(11,054,718	)	$	(205,275,304	)		17,958,914		$	291,635,127
Class B
Sales		2,596,348		$	43,211,852			5,967,725		$	112,865,385
Reinvestments		0			0			13,716,891			196,288,716
Redemptions		(10,659,879	)		(181,785,768	)		(5,765,886	)		(105,167,463	)
Net increase (decrease)		(8,063,531	)	$	(138,573,916	)		13,918,730		$	203,986,638
Class E
Sales		57,910		$	989,546			71,309		$	1,293,534
Reinvestments		0			0			488,641			7,168,360
Redemptions		(290,887	)		(5,050,213	)		(391,485	)		(7,945,511	)
Net increase (decrease)		(232,977	)	$	(4,060,667	)		168,465		$	516,383
Increase (decrease) derived from capital shares transactions				$	(347,909,887	)				$	496,138,148

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.10		$	30.81		$	28.79		$	22.93		$	20.71
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(b)		(0.02	)		(0.06	)		(0.01	)		0.06
Net realized and unrealized gain (loss)		6.60			(12.17	)		5.55			7.90			5.91
Total income (loss) from investment operations		6.60			(12.19	)		5.49			7.89			5.97
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.06	)		(0.10	)
Distributions from net realized capital gains		0.00			(4.52	)		(3.47	)		(1.97	)		(3.65	)
Distributions from return of capital		0.00			(0.00	)(d)		0.00			0.00			0.00
Total distributions		0.00			(4.52	)		(3.47	)		(2.03	)		(3.75	)
Net Asset Value, End of Period	$	20.70		$	14.10		$	30.81		$	28.79		$	22.93
Total Return (%) (e)		46.81			(40.46	)		20.22			36.95			30.99
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63			0.62			0.62			0.63			0.63
Net ratio of expenses to average net assets (%) (f) (g)		0.54			0.55			0.54			0.55			0.55
Ratio of net investment income (loss) to average net assets (%)		0.01			(0.10	)		(0.21	)		(0.05	)		0.26
Portfolio turnover rate (%)		31			31			21			33			26
Net assets, end of period (in millions)	$	1,153.2		$	941.0		$	1,503.7		$	1,507.0		$	1,427.4
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	13.42		$	29.74		$	27.96		$	22.32		$	20.25
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.04	)		(0.06	)		(0.14	)		(0.07	)		0.00	(b)
Net realized and unrealized gain (loss)		6.27			(11.74	)		5.39			7.68			5.76
Total income (loss) from investment operations		6.23			(11.80	)		5.25			7.61			5.76
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.00	)(c)		(0.04	)
Distributions from net realized capital gains		0.00			(4.52	)		(3.47	)		(1.97	)		(3.65	)
Distributions from return of capital		0.00			(0.00	)(d)		0.00			0.00			0.00
Total distributions		0.00			(4.52	)		(3.47	)		(1.97	)		(3.69	)
Net Asset Value, End of Period	$	19.65		$	13.42		$	29.74		$	27.96		$	22.32
Total Return (%) (e)		46.42	(h)		(40.67	)		19.95			36.64			30.59
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88			0.87			0.87			0.88			0.88
Net ratio of expenses to average net assets (%) (f) (g)		0.79			0.80			0.79			0.80			0.80
Ratio of net investment income (loss) to average net assets (%)		(0.24	)		(0.35	)		(0.46	)		(0.30	)		0.01
Portfolio turnover rate (%)		31			31			21			33			26
Net assets, end of period (in millions)	$	951.9		$	757.9		$	1,266.1		$	1,175.6		$	973.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	13.76		$	30.29		$	28.39		$	22.63		$	20.49
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.05	)		(0.11	)		(0.05	)		0.02
Net realized and unrealized gain (loss)		6.44			(11.96	)		5.48			7.80			5.84
Total income (loss) from investment operations		6.42			(12.01	)		5.37			7.75			5.86
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.02	)		(0.07	)
Distributions from net realized capital gains		0.00			(4.52	)		(3.47	)		(1.97	)		(3.65	)
Distributions from return of capital		0.00			(0.00	)(d)		0.00			0.00			0.00
Total distributions		0.00			(4.52	)		(3.47	)		(1.99	)		(3.72	)
Net Asset Value, End of Period	$	20.18		$	13.76		$	30.29		$	28.39		$	22.63
Total Return (%) (e)		46.66			(40.58	)		20.08			36.79			30.70
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78			0.77			0.77			0.78			0.78
Net ratio of expenses to average net assets (%) (f) (g)		0.69			0.70			0.69			0.70			0.70
Ratio of net investment income (loss) to average net assets (%)		(0.14	)		(0.25	)		(0.36	)		(0.20	)		0.11
Portfolio turnover rate (%)		31			31			21			33			26
Net assets, end of period (in millions)	$	34.3		$	26.6		$	53.4		$	51.6		$	42.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Distributions from net investment income were less than $0.01.
(d)	Distributions from return of capital were less than $0.01.
(e)	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.
(f)	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, 2023 and 2022 and 0.03% for each of the years ended December 31, 2021 through 2019 (see Note 5 of the Notes to Financial Statements).
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust.The series included in this report is T. Rowe Price Large Cap Growth Portfolio (the “Portfolio”), which is diversified.Shares of the Portfolio 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 (together, the “Insurance Companies”).

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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. Book tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $76,314,899, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases		Sales
U.S. Government	Non-U.S. Government	U.S. Government		Non-U.S. Government
$ 0	$ 613,739,377	$	0	$ 892,235,084

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $1,472,918 in purchases of investments, which are included above.

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$12,123,508		0.650	%	Of the first $50 million
		0.600	%	On amounts in excess of $50 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

If the Portfolio’s average daily net assets are between $1 billion to $2 billion.

% per annum reduction	Average Daily Net Assets
0.080%	On the first $50 million
0.050%	Of the next $50 million
0.060%	Of the next $900 million
0.045%	Of the next $500 million
0.060%	On amounts in excess of $1.5 billion

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

If the Portfolio’s average daily net assets are between $2 billion to $3 billion.

% per annum reduction	Average Daily Net Assets
0.090%	On the first $50 million
0.060%	Of the next $50 million
0.070%	Of the next $900 million
0.045%	Of the next $500 million
0.060%	On amounts in excess of $1.5 billion

An identical expense agreement was in place for the period April 1, 2023 to April 30, 2023.

For the period April 29, 2022 to March 31, 2023, the Adviser had agreed to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows provided the Portfolio’s average daily net assets exceeded $1 billion.

% per annum reduction	Average Daily Net Assets
0.080%	On the first $50 million
0.050%	Of the next $50 million
0.060%	Of the next $900 million
0.035%	Of the next $500 million
0.050%	Of the next $1.5 billion
0.075%	On amounts in excess of $3 billion

Amounts waived for the year ended December 31, 2023 amounted to $1,174,593 and are included in the total amount shown as management fee waivers in the Statement of Operations.

With respect to the Portfolio, T. Rowe Price will provide the Adviser a transitional fee credit to eliminate any discontinuity between the tiered subadvisory fee schedule and the flat fee schedule that takes effect once assets exceed certain fee breakpoint levels. During the year ended December 31, 2023, credits received amounted to $8,438 and are included in the total amount shown as management fee waivers in the Statement of Operations.

T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Brighthouse Funds Trust I (“BHFTI), an affiliate of the Trust, in the aggregate, exceed $750 million, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and BHFTI in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived by Brighthouse Investment Advisers for the year ended December 31, 2023 amounted to $464,802 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers 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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-20

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2023 is as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Ending Value as of December 31, 2023		Income earned from affiliates during the period		Number of shares held December 31, 2023
T. Rowe Price Government Reserve Fund	$	80,378,630	$	306,484,386	$	(379,006,942	)	$	7,856,074	$	440,803		7,856,074

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	1,415,502,429
Gross unrealized appreciation		875,088,850
Gross unrealized (depreciation)		(34,901,350	)
Net unrealized appreciation (depreciation)	$	840,187,500

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2023	2022		2023		2022		2023		2022		2023		2022
$—	$	43,467,423	$	—	$	394,091,153	$	—	$	500,643	$	—	$	438,059,219

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$—	$	128,725,020	$	840,187,870	$	—	$	968,912,890

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

During the year ended December 31, 2023, the Portfolio utilized accumulated short-term capital losses of $63,510,258.

9. Recent Accounting Pronouncement & Regulatory Updates

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and

BHFTII-21

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. ASU 2022-03 is only applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date.

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-22

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the T. Rowe Price Large Cap Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the T. Rowe Price Large Cap Growth Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-23

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-24

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel-Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-25

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTII-26

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

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 Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-27

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2023 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the three-and five-year periods ended June 30, 2023. The Board also considered that the Portfolio outperformed its benchmark, the Russell 1000 Growth Index, for the one-year period ended October 31, 2023 and underperformed its benchmark for the three-and five-year periods ended October 31, 2023. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to

BHFTII-28

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. In addition, the Board considered that the Adviser had negotiated reductions to the Portfolio’s sub-advisory fee schedule and that the Adviser agreed to waive a portion of its advisory fee in order for contract holders to benefit from the lower sub-advisory fee effective April 1, 2023.

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/Morningstar Category 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.

BHFTII-29

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B, E and G shares of the T. Rowe Price Small Cap Growth Portfolio returned 21.57%, 21.28%, 21.42%, and 21.24%, respectively. The Portfolio’s benchmark, the MSCI U.S. Small Cap Growth Index¹, returned 22.27%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities produced strong gains in 2023, driven by generally favorable corporate earnings, a resilient economy, and increased investor interest in artificial intelligence. The market overcame bearish factors such as regional bank turmoil in March, uncertainty around Congress and President Biden agreeing to raise the debt ceiling, geopolitical concerns stemming from the ongoing Russian invasion of Ukraine and from Israel’s response to deadly Hamas attacks in early October, and a sluggish Chinese economic recovery. Arguably the most significant factor affecting the U.S. economy throughout the year was rising interest rates in response to elevated inflation. The U.S. Federal Reserve (the “Fed”) raised short-term interest rates four times through the end of July, lifting the federal funds target rate to the 5.25% to 5.50% range. Equities rallied through year-end as the Federal Open Market Committee at their mid-December policy meeting projected three quarter-point interest rate cuts in 2024.

Domestic Investment Grade bonds produced positive returns in 2023, as a strong year-end rally offset earlier losses stemming from rising interest rates. Short-term U.S. Treasury yields rose as the Fed lifted the fed funds target rate through July, before keeping the target range steady through year-end. Intermediate- and long-term U.S. Treasury yields climbed to multiyear highs by late October and the 10-year yield reached the 5.00% level for the first time in about 16 years. Yields then plunged in the last two months of the year amid signs of disinflation, labor market softening, and expectations for interest rate cuts in 2024. The 10-year yield ended the year at 3.88%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio posted positive returns but underperformed its benchmark, the MSCI U.S. Small Cap Growth Index (the “Index”), during the reporting period. Broadly speaking, sector allocation detracted from relative performance, which was partially offset by stock selection.

Stock selection in the Financials sector detracted from relative performance. Affirm Holdings offers a digital commerce platform with point-of-sale payment and merchant commerce solutions, as well as a consumer-focused app. The stock traded higher during the period due to strong product differentiation as instability in financial markets and legacy banks drove consumers to alternative payment options. Additionally, optimism around the end of the tightening cycle helped results in the latter part of 2023. An underweight position in Affirm Holdings for most of the year weighed on relative performance.

The Real Estate sector also weighed on relative performance due to unfavorable stock selection. Rexford Industrial Realty is a real estate investment trust that invests in, operates, and redevelops industrial properties throughout southern California, the largest industrial market in the U.S. The company felt the pressure of weakened industrial fundamentals during the year as constrained supply eased with rent increases pricing tenants out of the market and as reduced port traffic due to shifts in global trade increased availability.

Stock selection in the Information Technology (“IT”) sector further hindered relative returns, driven by an underweight position in MicroStrategy for most of the year. MicroStrategy provides enterprise analytics and mobility software through licensing and cloud-based subscriptions. The company’s capital allocation strategy is highly levered to bitcoin as it remains the single largest corporate holder of the cryptocurrency.

In contrast, the Industrials sector was the largest contributor to relative results, primarily due to favorable security selection. Builders FirstSource manufactures and supplies building materials and construction elements for contractors and consumers. The company outperformed its Index counterparts during the year and benefited from a strong balance sheet and solid cash flows.

Positive stock selection in the Consumer Staples sector also aided relative performance. Coca-Cola Consolidated is the largest independent Coca-Cola bottler in the U.S. In our view, it has a solid, long-term relationship with The Coca-Cola Company, enabling it to secure new distribution and manufacturing territories as The Coca-Cola Company divests its company-owned bottling rights in the U.S. The stock rose during the period as net sales and earnings increased significantly compared with the prior year.

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

At the end of the period, the Portfolio was overweight relative to the Index in the Industrials, IT, Health Care, Energy, and Consumer Staples sectors. The Portfolio was underweight Financials, Real Estate, Communication Services, Materials, Utilities, and Consumer Discretionary. While stock selection is primarily based on a quantitative model, we take into consideration fundamental insights. In constructing the Portfolio, sector weights are usually in-line with those of the Index, but we will occasionally overweight or underweight certain sectors based on our analysis.

Sudhir Nanda

Portfolio Manager

T. Rowe Price Associates, Inc.

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

¹ The MSCI U.S. Small Cap Growth Index represents the growth companies of the MSCI U.S. Small Cap 1750 Index. (The MSCI U.S. Small Cap 1750 Index represents the universe of small capitalization companies in the U.S. equity market).

BHFTII-2

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI U.S. SMALL CAP GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year		Since Inception1
T. Rowe Price Small Cap Growth Portfolio
Class A		21.57		11.84		9.44		—
Class B		21.28		11.56		9.17		—
Class E		21.42		11.67		9.28		—
Class G		21.24		11.51		—		9.40
MSCI U.S. Small Cap Growth Index		22.27		12.29		8.55		—

¹ Inception dates of the Class A, Class B, Class E and Class G shares are 3/3/97, 7/30/02, 5/1/01 and 11/12/14, respectively.

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
TopBuild Corp.		1.0
Fabrinet		1.0
Weatherford International PLC		0.9
Ensign Group, Inc.		0.9
Curtiss-Wright Corp.		0.9
Comfort Systems USA, Inc.		0.9
UFP Industries, Inc.		0.8
SPS Commerce, Inc.		0.8
Onto Innovation, Inc.		0.8
Murphy USA, Inc.		0.8

Top Sectors

	% of Net Assets
Health Care		23.1
Industrials		22.5
Information Technology		18.8
Consumer Discretionary		13.7
Financials		6.4
Consumer Staples		4.2
Materials		3.8
Energy		3.8
Communication Services		2.1
Real Estate		0.8

BHFTII-3

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

T. Rowe Price Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.49	%	$	1,000.00	$	1,064.20	$	2.55
	Hypothetical*		0.49	%	$	1,000.00	$	1,022.74	$	2.50
Class B (a)	Actual		0.74	%	$	1,000.00	$	1,062.70	$	3.85
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.48	$	3.77
Class E (a)	Actual		0.64	%	$	1,000.00	$	1,063.50	$	3.33
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.98	$	3.26
Class G (a)	Actual		0.79	%	$	1,000.00	$	1,062.50	$	4.11
	Hypothetical*		0.79	%	$	1,000.00	$	1,021.22	$	4.02

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

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

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

BHFTII-4

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—99.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
Cadre Holdings, Inc.		39,400	$	1,295,866
Curtiss-Wright Corp.		49,492		11,026,323
Leonardo DRS, Inc. (a)		228,037		4,569,862
Moog, Inc. - Class A		8,258		1,195,593
Woodward, Inc.		49,411		6,726,319
				24,813,963
Air Freight & Logistics—0.5%
GXO Logistics, Inc. (a)		99,244		6,069,763
Automobile Components—0.6%
LCI Industries (b)		5,702		716,799
Patrick Industries, Inc. (b)		25,532		2,562,136
Visteon Corp. (a)		28,030		3,500,947
				6,779,882
Banks—0.7%
Bancorp, Inc. (a)		133,069		5,131,141
ServisFirst Bancshares, Inc. (b)		43,500		2,898,405
				8,029,546
Beverages—0.8%
Celsius Holdings, Inc. (a)		37,861		2,064,182
Coca-Cola Consolidated, Inc.		8,174		7,588,741
				9,652,923
Biotechnology—10.0%
ACADIA Pharmaceuticals, Inc. (a)		152,764		4,783,041
Agios Pharmaceuticals, Inc. (a)		46,240		1,029,765
Akero Therapeutics, Inc. (a) (b)		62,748		1,465,166
Alector, Inc. (a)		28,182		224,892
Alkermes PLC (a)		109,363		3,033,730
Allogene Therapeutics, Inc. (a) (b)		61,692		198,031
Amicus Therapeutics, Inc. (a)		148,739		2,110,606
Arcellx, Inc. (a)		22,700		1,259,850
Avidity Biosciences, Inc. (a)(b)		64,328		582,168
Biohaven Ltd. (a)(b)		118,829		5,085,881
Biomea Fusion, Inc. (a)(b)		19,500		283,140
Blueprint Medicines Corp. (a)		77,023		7,104,601
Bridgebio Pharma, Inc. (a)(b)		71,600		2,890,492
Catalyst Pharmaceuticals, Inc. (a)(b)		135,800		2,282,798
Cerevel Therapeutics Holdings, Inc. (a)		77,954		3,305,250
Crinetics Pharmaceuticals, Inc. (a)		30,972		1,101,984
CRISPR Therapeutics AG (a)(b)		63,278		3,961,203
Cytokinetics, Inc. (a)(b)		76,277		6,368,367
Day One Biopharmaceuticals, Inc. (a)(b)		36,371		531,017
Denali Therapeutics, Inc. (a)(b)		40,732		874,109
Exelixis, Inc. (a)		255,707		6,134,411
Halozyme Therapeutics, Inc. (a)(b)		156,293		5,776,589
Ideaya Biosciences, Inc. (a)		33,824		1,203,458
IGM Biosciences, Inc. (a)(b)		22,768		189,202
ImmunoGen, Inc. (a)		114,300		3,388,995
Immunovant, Inc. (a)		30,416		1,281,426
Insmed, Inc. (a)		181,860		5,635,841
Intellia Therapeutics, Inc. (a)(b)		52,699		1,606,792
Ionis Pharmaceuticals, Inc. (a) (b)		101,146	$	5,116,976
Iovance Biotherapeutics, Inc. (a) (b)		134,544		1,093,843
Karuna Therapeutics, Inc. (a) (b)		27,342		8,654,016
Krystal Biotech, Inc. (a) (b)		12,900		1,600,374
Kymera Therapeutics, Inc. (a) (b)		56,695		1,443,455
Madrigal Pharmaceuticals, Inc. (a)		6,151		1,423,218
Monte Rosa Therapeutics, Inc. (a)		9,800		55,370
MoonLake Immunotherapeutics (a) (b)		12,800		772,992
Morphic Holding, Inc. (a) (b)		30,637		884,797
Natera, Inc. (a)		56,244		3,523,124
Neurocrine Biosciences, Inc. (a)		26,879		3,541,577
Nurix Therapeutics, Inc. (a)		23,600		243,552
Nuvalent, Inc. - Class A (a)		20,557		1,512,790
Prothena Corp. PLC (a)(b)		66,278		2,408,542
PTC Therapeutics, Inc. (a)		72,654		2,002,344
Relay Therapeutics, Inc. (a) (b)		91,000		1,001,910
Replimune Group, Inc. (a)		73,809		622,210
Revolution Medicines, Inc. (a) (b)		35,256		1,011,142
Rhythm Pharmaceuticals, Inc. (a)		30,800		1,415,876
Rocket Pharmaceuticals, Inc. (a) (b)		45,297		1,357,551
Scholar Rock Holding Corp. (a) (b)		55,206		1,037,873
SpringWorks Therapeutics, Inc. (a)		17,096		624,004
Ultragenyx Pharmaceutical, Inc. (a)		52,135		2,493,096
Vaxcyte, Inc. (a) (b)		42,309		2,657,005
Xencor, Inc. (a)		74,124		1,573,653
Zentalis Pharmaceuticals, Inc. (a)		24,973		378,341
				122,142,436
Building Products—3.2%
AAON, Inc. (b)		61,006		4,506,513
Azek Co., Inc. (a)		92,700		3,545,775
Builders FirstSource, Inc. (a)		38,986		6,508,323
CSW Industrials, Inc.		23,231		4,818,342
Gibraltar Industries, Inc. (a)		18,223		1,439,253
Simpson Manufacturing Co., Inc.		41,600		8,235,968
UFP Industries, Inc.		78,635		9,872,624
				38,926,798
Capital Markets—1.9%
Blue Owl Capital, Inc. (b)		251,301		3,744,385
FactSet Research Systems, Inc.		9,889		4,717,547
Hamilton Lane, Inc. - Class A		39,000		4,424,160
LPL Financial Holdings, Inc.		10,431		2,374,304
MarketAxess Holdings, Inc.		13,294		3,893,148
StoneX Group, Inc. (a)		51,300		3,787,479
				22,941,023
Chemicals—1.4%
Axalta Coating Systems Ltd. (a)		159,171		5,407,039
Balchem Corp.		15,399		2,290,601
Element Solutions, Inc.		126,262		2,921,703
Olin Corp.		87,783		4,735,893
Quaker Chemical Corp.		9,300		1,984,806
				17,340,042

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—1.8%
Casella Waste Systems, Inc. - Class A (a)(b)		104,462	$	8,927,322
Clean Harbors, Inc. (a)		35,417		6,180,621
MSA Safety, Inc.		23,705		4,002,115
Rentokil Initial PLC (ADR) (b)		107,121		3,064,732
				22,174,790
Communications Equipment—0.1%
Extreme Networks, Inc. (a)		72,780		1,283,839
Construction & Engineering—1.9%
API Group Corp. (a)		157,100		5,435,660
Comfort Systems USA, Inc.		51,691		10,631,288
EMCOR Group, Inc.		11,370		2,449,439
WillScot Mobile Mini Holdings Corp. (a)		95,068		4,230,526
				22,746,913
Construction Materials—0.7%
Eagle Materials, Inc.		39,691		8,050,922
Consumer Staples Distribution & Retail—0.8%
BJ’s Wholesale Club Holdings, Inc. (a)		16,222		1,081,359
Casey’s General Stores, Inc.		12,318		3,384,247
Performance Food Group Co. (a)		74,321		5,139,297
				9,604,903
Containers & Packaging—0.2%
Graphic Packaging Holding Co.		119,814		2,953,415
Distributors—0.4%
Pool Corp.		13,531		5,394,945
Diversified Consumer Services—1.0%
Bright Horizons Family Solutions, Inc. (a) (b)		28,163		2,654,081
Duolingo, Inc. (a)		17,600		3,992,560
Grand Canyon Education, Inc. (a)		44,674		5,898,755
				12,545,396
Diversified Telecommunication Services—0.7%
Cogent Communications Holdings, Inc. (b)		41,733		3,174,212
Iridium Communications, Inc. (b)		140,816		5,795,987
				8,970,199
Electrical Equipment—1.2%
Array Technologies, Inc. (a) (b)		120,596		2,026,013
Atkore, Inc. (a) (b)		46,232		7,397,120
Vertiv Holdings Co. (b)		118,937		5,712,544
				15,135,677
Electronic Equipment, Instruments & Components—3.1%
Advanced Energy Industries, Inc. (b)		41,824		4,555,470
Fabrinet (a)(b)		62,650		11,924,174
Littelfuse, Inc.		10,201		2,729,380
Novanta, Inc. (a)		51,992		8,755,973
Teledyne Technologies, Inc. (a)		8,542		3,812,209
Vontier Corp.		154,661		5,343,538
Zebra Technologies Corp. - Class A (a)		4,007		1,095,233
				38,215,977
Energy Equipment & Services—2.3%
ChampionX Corp.		109,855	$	3,208,865
Expro Group Holdings NV (a)		69,608		1,108,159
Noble Corp. PLC (b)		88,100		4,242,896
TechnipFMC PLC (b)		132,116		2,660,816
Tidewater, Inc. (a)		54,100		3,901,151
Transocean Ltd. (a) (b)		285,600		1,813,560
Weatherford International PLC (a)		115,926		11,341,041
				28,276,488
Entertainment—0.7%
Endeavor Group Holdings, Inc. - Class A		221,207		5,249,242
TKO Group Holdings, Inc. (b)		43,686		3,563,904
				8,813,146
Financial Services—2.0%
Affirm Holdings, Inc. (a) (b)		187,800		9,228,492
Euronet Worldwide, Inc. (a)		36,156		3,669,472
EVERTEC, Inc.		70,243		2,875,748
NCR Atleos Corp. (a)		31,768		771,645
Payoneer Global, Inc. (a)		447,500		2,331,475
Shift4 Payments, Inc. - Class A (a) (b)		77,199		5,738,974
				24,615,806
Food Products—0.7%
Post Holdings, Inc. (a) (b)		60,725		5,347,443
Simply Good Foods Co. (a) (b)		76,350		3,023,460
				8,370,903
Ground Transportation—1.7%
Landstar System, Inc.		26,103		5,054,846
Saia, Inc. (a)		19,668		8,618,911
XPO, Inc. (a)		82,533		7,229,065
				20,902,822
Health Care Equipment & Supplies—4.4%
AtriCure, Inc. (a)		41,634		1,485,917
CONMED Corp. (b)		33,717		3,692,349
Embecta Corp.		13,180		249,497
Globus Medical, Inc. - Class A (a)		99,189		5,285,782
Haemonetics Corp. (a)(b)		42,077		3,598,004
Inari Medical, Inc. (a) (b)		41,252		2,678,080
Inspire Medical Systems, Inc. (a)		19,899		4,048,054
iRhythm Technologies, Inc. (a) (b)		26,104		2,794,172
Lantheus Holdings, Inc. (a) (b)		92,169		5,714,478
Merit Medical Systems, Inc. (a) (b)		91,427		6,944,795
Omnicell, Inc. (a)		33,934		1,276,936
Penumbra, Inc. (a) (b)		14,414		3,625,698
PROCEPT BioRobotics Corp. (a)(b)		62,915		2,636,768
Shockwave Medical, Inc. (a)		11,431		2,178,291
STERIS PLC		23,090		5,076,337
TransMedics Group, Inc. (a)		29,900		2,360,007
				53,645,165
Health Care Providers & Services—4.3%
Addus HomeCare Corp. (a)		44,308		4,113,998
AMN Healthcare Services, Inc. (a) (b)		57,304		4,290,924

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
Chemed Corp.		2,795	$	1,634,376
CorVel Corp. (a) (b)		25,518		6,308,305
Ensign Group, Inc. (b)		99,723		11,189,918
Guardant Health, Inc. (a)		83,685		2,263,679
Molina Healthcare, Inc. (a) (b)		24,591		8,884,974
NeoGenomics, Inc. (a) (b)		65,673		1,062,589
Option Care Health, Inc. (a)		197,091		6,639,996
Tenet Healthcare Corp. (a)		86,200		6,514,134
				52,902,893
Health Care Technology—0.2%
Evolent Health, Inc. - Class A (a)		69,552		2,297,303
Hotels, Restaurants & Leisure—5.1%
Bloomin’ Brands, Inc. (b)		115,405		3,248,651
Boyd Gaming Corp.		111,290		6,967,867
Cava Group, Inc. (a) (b)		15,723		675,775
Choice Hotels International, Inc. (b)		39,227		4,444,419
Churchill Downs, Inc. (b)		67,238		9,072,423
Domino’s Pizza, Inc.		13,321		5,491,316
Everi Holdings, Inc. (a)		56,481		636,541
Hilton Grand Vacations, Inc. (a)		57,668		2,317,100
Light & Wonder, Inc. (a) (b)		38,400		3,153,024
Red Rock Resorts, Inc. - Class A		42,100		2,245,193
SeaWorld Entertainment, Inc. (a) (b)		24,697		1,304,743
Texas Roadhouse, Inc.		74,706		9,131,314
Travel & Leisure Co. (b)		33,835		1,322,610
Wendy’s Co.		168,725		3,286,763
Wingstop, Inc.		32,600		8,364,508
				61,662,247
Household Durables—2.5%
Cavco Industries, Inc. (a) (b)		12,220		4,235,696
Green Brick Partners, Inc. (a)		56,468		2,932,948
Skyline Champion Corp. (a)		56,160		4,170,442
Tempur Sealy International, Inc. (b)		140,086		7,140,183
TopBuild Corp. (a)		33,581		12,568,025
				31,047,294
Independent Power and Renewable Electricity Producers—0.3%
Ormat Technologies, Inc. (b)		45,173		3,423,662
Industrial REITs—0.6%
First Industrial Realty Trust, Inc.		65,629		3,456,679
Rexford Industrial Realty, Inc. (b)		39,933		2,240,241
Terreno Realty Corp.		25,483		1,597,020
				7,293,940
Insurance—1.9%
Kinsale Capital Group, Inc. (b)		8,435		2,824,966
Palomar Holdings, Inc. (a)		14,915		827,783
Primerica, Inc.		32,225		6,630,616
RLI Corp.		26,400		3,514,368
Ryan Specialty Holdings, Inc. (a) (b)		105,463		4,537,018
Selective Insurance Group, Inc.		46,038		4,579,860
				22,914,611
IT Services—0.5%
Gartner, Inc. (a)		7,478	$	3,373,401
Perficient, Inc. (a) (b)		44,059		2,899,963
				6,273,364
Leisure Products—0.7%
Brunswick Corp. (b)		31,611		3,058,364
Mattel, Inc. (a)		260,649		4,921,053
				7,979,417
Life Sciences Tools & Services—2.5%
10X Genomics, Inc. - Class A (a) (b)		73,700		4,124,252
Bruker Corp.		32,437		2,383,471
Charles River Laboratories International, Inc. (a)		18,218		4,306,735
Medpace Holdings, Inc. (a)		28,035		8,593,569
Repligen Corp. (a) (b)		30,118		5,415,216
West Pharmaceutical Services, Inc.		14,973		5,272,293
				30,095,536
Machinery—4.2%
Albany International Corp. - Class A (b)		7,836		769,652
Federal Signal Corp.		85,129		6,532,799
John Bean Technologies Corp. (b)		38,517		3,830,516
Kadant, Inc. (b)		27,100		7,596,401
Lincoln Electric Holdings, Inc. (b)		28,126		6,116,280
RBC Bearings, Inc. (a)(b)		26,539		7,560,696
SPX Technologies, Inc. (a) (b)		65,701		6,636,458
Symbotic, Inc. (a) (b)		44,800		2,299,584
Toro Co. (b)		20,551		1,972,690
Watts Water Technologies, Inc. - Class A (b)		38,606		8,043,174
				51,358,250
Media—0.7%
Nexstar Media Group, Inc.		45,774		7,175,074
Thryv Holdings, Inc. (a) (b)		48,957		996,275
				8,171,349
Metals & Mining—1.1%
Alpha Metallurgical Resources, Inc. (b)		15,388		5,215,301
ATI, Inc. (a) (b)		151,959		6,909,576
Ivanhoe Electric, Inc. (a) (b)		101,200		1,020,096
				13,144,973
Oil, Gas & Consumable Fuels—1.5%
Centrus Energy Corp. - Class A (a) (b)		34,400		1,871,704
Kosmos Energy Ltd. (a)		349,682		2,346,366
Matador Resources Co. (b)		106,213		6,039,271
PBF Energy, Inc. - Class A		11,700		514,332
Range Resources Corp. (b)		43,630		1,328,097
SM Energy Co.		56,766		2,197,980
Southwestern Energy Co. (a)		596,300		3,905,765
				18,203,515
Paper & Forest Products—0.4%
Louisiana-Pacific Corp.		76,177		5,395,617

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Personal Care Products—1.9%
BellRing Brands, Inc. (a)		137,140	$	7,601,670
Coty, Inc. - Class A (a) (b)		237,575		2,950,682
elf Beauty, Inc. (a)		51,500		7,433,510
Inter Parfums, Inc.		37,301		5,371,717
				23,357,579
Pharmaceuticals—1.8%
Amphastar Pharmaceuticals, Inc. (a) (b)		68,600		4,242,910
Arvinas, Inc. (a) (b)		39,254		1,615,695
Catalent, Inc. (a)		58,118		2,611,242
Cymabay Therapeutics, Inc. (a) (b)		68,730		1,623,403
Intra-Cellular Therapies, Inc. (a)		79,496		5,693,503
Pacira BioSciences, Inc. (a)		41,035		1,384,521
Pliant Therapeutics, Inc. (a) (b)		24,605		445,596
Prestige Consumer Healthcare, Inc. (a)		41,135		2,518,285
Supernus Pharmaceuticals, Inc. (a)		48,192		1,394,676
				21,529,831
Professional Services—4.4%
ASGN, Inc. (a)		21,220		2,040,727
Booz Allen Hamilton Holding Corp.		63,736		8,152,472
Broadridge Financial Solutions, Inc.		17,898		3,682,514
CACI International, Inc. - Class A (a)		24,128		7,814,094
CBIZ, Inc. (a) (b)		96,873		6,063,281
ExlService Holdings, Inc. (a) (b)		244,721		7,549,643
Exponent, Inc.		12,294		1,082,364
FTI Consulting, Inc. (a)		28,766		5,728,749
Insperity, Inc.		40,357		4,730,648
NV5 Global, Inc. (a) (b)		13,554		1,506,120
Paylocity Holding Corp. (a)		12,831		2,115,190
Verra Mobility Corp. (a)		153,400		3,532,802
				53,998,604
Residential REITs—0.2%
Equity LifeStyle Properties, Inc. (b)		35,019		2,470,240
Semiconductors & Semiconductor Equipment—4.7%
Axcelis Technologies, Inc. (a)		52,330		6,786,678
Cirrus Logic, Inc. (a)		38,512		3,203,813
Diodes, Inc. (a)		66,466		5,351,842
Entegris, Inc.		17,974		2,153,645
FormFactor, Inc. (a) (b)		56,981		2,376,678
Kulicke & Soffa Industries, Inc. (b)		66,922		3,661,972
Lattice Semiconductor Corp. (a)		73,772		5,089,530
MaxLinear, Inc. (a)		80,973		1,924,728
MKS Instruments, Inc.		17,752		1,826,148
Monolithic Power Systems, Inc.		6,450		4,068,531
Onto Innovation, Inc. (a) (b)		62,165		9,505,029
Photronics, Inc. (a)		15,800		495,646
Power Integrations, Inc.		47,159		3,872,225
Rambus, Inc. (a)		107,493		7,336,397
				57,652,862
Software—10.2%
A10 Networks, Inc.		124,626		1,641,324

Security Description	Shares		Value
Software—(Continued)
ACI Worldwide, Inc. (a) (b)		71,434	$	2,185,880
Agilysys, Inc. (a)		44,200		3,749,044
Appfolio, Inc. - Class A (a)		22,300		3,863,252
Aspen Technology, Inc. (a)		7,290		1,604,894
Blackbaud, Inc. (a)		42,700		3,702,090
Box, Inc. - Class A (a) (b)		167,031		4,277,664
Descartes Systems Group, Inc. (a)		100,767		8,470,474
DoubleVerify Holdings, Inc. (a)		148,440		5,459,623
Fair Isaac Corp. (a)		4,801		5,588,412
Fortinet, Inc. (a)		51,174		2,995,214
Informatica, Inc. - Class A (a) (b)		129,100		3,665,149
Manhattan Associates, Inc. (a) (b)		25,337		5,455,563
Marathon Digital Holdings, Inc. (a) (b)		83,900		1,970,811
MicroStrategy, Inc. - Class A (a) (b)		6,800		4,295,016
NCR Voyix Corp. (a)		75,409		1,275,166
Nutanix, Inc. - Class A (a) (b)		190,188		9,070,066
PowerSchool Holdings, Inc. - Class A (a) (b)		136,010		3,204,396
PTC, Inc. (a)		33,261		5,819,345
Qualys, Inc. (a) (b)		43,253		8,489,699
Rapid7, Inc. (a) (b)		54,949		3,137,588
Riot Platforms, Inc. (a) (b)		66,500		1,028,755
Sapiens International Corp. NV		101,842		2,947,307
Smartsheet, Inc. - Class A (a)		108,431		5,185,170
SPS Commerce, Inc. (a)		50,248		9,740,072
Tenable Holdings, Inc. (a)		100,529		4,630,366
Teradata Corp. (a)		64,082		2,788,208
Tyler Technologies, Inc. (a)		12,082		5,051,726
Workiva, Inc. (a) (b)		35,608		3,615,280
				124,907,554
Specialty Retail—2.7%
Abercrombie & Fitch Co. - Class A (a)		33,400		2,946,548
Academy Sports & Outdoors, Inc.		48,525		3,202,650
Asbury Automotive Group, Inc. (a) (b)		17,556		3,949,573
Carvana Co. (a)(b)		64,600		3,419,924
Dick’s Sporting Goods, Inc. (b)		30,147		4,430,102
Murphy USA, Inc.		26,520		9,455,971
Penske Automotive Group, Inc. (b)		21,735		3,488,685
Valvoline, Inc. (a) (b)		52,998		1,991,665
				32,885,118
Technology Hardware, Storage & Peripherals—0.1%
Pure Storage, Inc. - Class A (a)		12,694		452,668
Super Micro Computer, Inc. (a)		3,592		1,021,062
				1,473,730
Textiles, Apparel & Luxury Goods—0.7%
Crocs, Inc. (a)		32,546		3,040,122
Deckers Outdoor Corp. (a)		8,479		5,667,618
				8,707,740
Trading Companies & Distributors—1.5%
Boise Cascade Co.		3,900		504,504
Core & Main, Inc. - Class A (a)		126,900		5,128,029

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—(Continued)
Herc Holdings, Inc. (b)		15,678	$	2,334,297
McGrath RentCorp		14,087		1,685,087
SiteOne Landscape Supply, Inc. (a) (b)		31,902		5,184,075
Watsco, Inc. (b)		9,232		3,955,635
				18,791,627
Total Common Stocks (Cost $918,155,591)				1,216,336,538
Escrow Shares—0.0%
Wireless Telecommunication Services—0.0%
GCI Liberty, Inc. (a) (c) (d) (Cost $0)		89,469		0
Short-Term Investment—0.2%
Mutual Funds—0.2%
T. Rowe Price Government Reserve Fund (e)		2,922,979		2,922,979
Total Short-Term Investments (Cost $2,922,979)				2,922,979
Securities Lending Reinvestments (f)—11.2%
Certificates of Deposit—0.7%
Barclays Bank PLC
5.710%, SOFR + 0.320%, 06/20/24 (g)		2,000,000		1,999,994
Mizuho Bank Ltd.
5.790%, SOFR + 0.400%, 04/18/24 (g)		1,000,000		1,000,453
Standard Chartered Bank
5.790%, SOFR + 0.390%, 04/19/24 (g)		2,000,000		2,000,000
Sumitomo Mitsui Trust Bank Ltd.
5.800%, SOFR + 0.400%, 04/24/24 (g)		2,000,000		2,001,190
Westpac Banking Corp.
5.950%, SOFR + 0.550%, 10/11/24 (g)		2,000,000		2,002,478
				9,004,115
Commercial Paper—0.3%
Australia & New Zealand Banking Group Ltd.
5.640%, 04/18/24		1,000,000		983,338
5.730%, SOFR + 0.330%, 04/18/24 (g)		1,000,000		1,000,224
Old Line Funding LLC
5.620%, SOFR + 0.230%, 03/11/24 (g)		1,000,000		1,000,000
				2,983,562
Repurchase Agreements—6.8%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $14,408,720; collateralized by various Common Stock with an aggregate market value of $16,038,659.		14,400,000		14,400,000
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,701,007; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $1,734,951.		1,700,000		1,700,000
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $4,002,422; collateralized by various Common Stock with an aggregate market value of $4,459,247.		4,000,000		4,000,000
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $2,001,200; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24 - 11/20/73, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $4,120,661; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $4,080,019.		4,000,000		4,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $7,022,690; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $7,158,928.		7,018,557		7,018,557
National Bank of Canada Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $14,014,836; collateralized by various Common Stock with an aggregate market value of $15,623,849.		14,000,000		14,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $27,617,020; collateralized by various Common Stock with an aggregate market value of $30,801,988.		27,600,000		27,600,000
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $7,004,146; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $7,155,857.		7,000,000		7,000,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $900,533; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $918,000.		900,000		900,000
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $400,245; collateralized by various Common Stock with an aggregate market value of $445,253.		400,000		400,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $600,361; collateralized by various Common Stock with an aggregate market value of $661,717.		600,000		600,000
				83,618,557

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (f)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Time Deposits—0.7%
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		4,000,000	$	4,000,000
National Bank of Canada 5.370%, OBFR + 0.050%, 01/05/24 (g)		4,000,000		4,000,000
				8,000,000
Mutual Funds—2.7%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (h)		10,000,000		10,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (h)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Class I 5.250% (h)		5,000,000		5,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (h)		5,000,000		5,000,000
HSBC U.S. Government Money Market Fund, Class I 5.300% (h)		1,000,000		1,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (h)		3,780,445		3,780,445
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (h)		1,000,000		1,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.270% (h)		2,000,000		2,000,000
				32,780,445
Total Securities Lending Reinvestments (Cost $136,382,239)				136,386,679
Total Investments—110.9% (Cost $1,057,460,809)				1,355,646,196
Other assets and liabilities (net)—(10.9)%				(133,474,871	)
Net Assets—100.0%			$1,222,171,325

*	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, 2023, the market value of securities loaned was $197,583,142 and the collateral received consisted of cash in the amount of $136,370,331 and non-cash collateral with a value of $69,268,614. 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, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(f)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(g)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. 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.
(h)	The rate shown represents the annualized seven-day yield as of December 31, 2023.

Glossary of Abbreviations

Index Abbreviations

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

Other Abbreviations

(REIT)—	Real Estate Investment Trust
(ADR)—	American Depositary Receipt

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,216,336,538	$	—		$	—	$	1,216,336,538
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		2,922,979		—			—		2,922,979
Securities Lending Reinvestments
Certificates of Deposit		—		9,004,115			—		9,004,115
Commercial Paper		—		2,983,562			—		2,983,562
Repurchase Agreements		—		83,618,557			—		83,618,557
Time Deposits		—		8,000,000			—		8,000,000
Mutual Funds		32,780,445		—			—		32,780,445
Total Securities Lending Reinvestments		32,780,445		103,606,234			—		136,386,679
Total Investments	$	1,252,039,962	$	103,606,234		$	0	$	1,355,646,196
Collateral for Securities Loaned (Liability)	$	—	$	(136,370,331	)	$	—	$	(136,370,331	)

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	1,352,723,217
Affiliated investments at value (c)		2,922,979
Cash		736,083
Receivable for:
Investments sold		5,381,199
Fund shares sold		120,156
Dividends and interest		291,262
Dividends on affiliated investments		42,689
Prepaid expenses		4,373
Total Assets		1,362,221,958
Liabilities
Collateral for securities loaned		136,370,331
Payables for:
Affiliated investments purchased		28,825
Investments purchased		1,466,412
Fund shares redeemed		1,364,185
Accrued Expenses:
Management fees		457,066
Distribution and service fees		68,255
Deferred trustees’ fees		169,435
Other expenses		126,124
Total Liabilities		140,050,633
Net Assets	$	1,222,171,325
Net Assets Consist of:
Paid in surplus	$	861,649,272
Distributable earnings (Accumulated losses)		360,522,053
Net Assets	$	1,222,171,325
Net Assets
Class A	$	888,333,005
Class B		319,786,244
Class E		11,793,510
Class G		2,258,566
Capital Shares Outstanding*
Class A		44,635,317
Class B		18,687,524
Class E		651,957
Class G		142,790
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.90
Class B		17.11
Class E		18.09
Class G		15.82

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $197,583,142.
(b)	Identified cost of investments, excluding affiliated investments, was $1,054,537,830.
(c)	Identified cost of affiliated investments was $2,922,979.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	6,126,243
Dividends from affiliated investments		478,760
Securities lending income		386,952
Total investment income		6,991,955
Expenses
Management fees		5,536,286
Administration fees		58,550
Custodian and accounting fees		99,730
Distribution and service fees—Class B		760,630
Distribution and service fees—Class E		17,114
Distribution and service fees—Class G		7,015
Audit and tax services		49,026
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		64,793
Insurance		10,369
Miscellaneous		24,268
Total expenses		6,720,605
Less management fee waiver		(250,677)
Net expenses		6,469,928
Net Investment Income		522,027
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		62,927,469
Net change in unrealized appreciation on investments		168,667,135
Net realized and unrealized gain (loss)		231,594,604
Net Increase (Decrease) in Net Assets From Operations	$	232,116,631

(a) Net of foreign withholding taxes of $14,249.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	522,027		$	1,110,558
Net realized gain (loss)		62,927,469			28,492,225
Net change in unrealized appreciation (depreciation)		168,667,135			(380,886,473	)
Increase (decrease) in net assets from operations		232,116,631			(351,283,690	)
From Distributions to Shareholders
Class A		(21,037,626	)		(171,022,527	)
Class B		(8,437,862	)		(66,915,169	)
Class E		(301,040	)		(2,467,717	)
Class G		(72,978	)		(608,513	)
Total distributions		(29,849,506	)		(241,013,926	)
Increase (decrease) in net assets from capital share transactions		(125,038,073	)		139,260,329
Total increase (decrease) in net assets		77,229,052			(453,037,287	)
Net Assets
Beginning of period		1,144,942,273			1,597,979,560
End of period	$	1,222,171,325		$	1,144,942,273

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		766,043		$	13,786,603			1,159,910		$	24,725,896
Reinvestments		1,150,855			21,037,626			10,803,697			171,022,527
Redemptions		(7,200,895	)		(133,051,591	)		(4,704,546	)		(86,774,666	)
Net increase (decrease)		(5,283,997	)	$	(98,227,362	)		7,259,061		$	108,973,757
Class B
Sales		671,872		$	10,482,622			469,023		$	8,199,606
Reinvestments		536,078			8,437,862			4,880,756			66,915,169
Redemptions		(2,800,769	)		(43,955,810	)		(2,665,685	)		(44,533,888	)
Net increase (decrease)		(1,592,819	)	$	(25,035,326	)		2,684,094		$	30,580,887
Class E
Sales		29,068		$	494,268			14,846		$	263,506
Reinvestments		18,102			301,040			170,776			2,467,717
Redemptions		(129,780	)		(2,138,004	)		(155,646	)		(2,933,087	)
Net increase (decrease)		(82,610	)	$	(1,342,696	)		29,976		$	(201,864	)
Class G
Sales		2,804		$	40,564			4,589		$	79,792
Reinvestments		5,016			72,978			47,877			608,513
Redemptions		(37,943	)		(546,231	)		(48,856	)		(780,756	)
Net increase (decrease)		(30,123	)	$	(432,689	)		3,610		$	(92,451	)
Increase (decrease) derived from capital shares transactions				$	(125,038,073	)				$	139,260,329

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	16.77		$	27.02		$	27.04		$	24.43		$	21.23
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.02			0.03			(0.01	)		0.03			0.05
Net realized and unrealized gain (loss)		3.56			(6.25	)		2.99			5.09			6.61
Total income (loss) from investment operations		3.58			(6.22	)		2.98			5.12			6.66
Less Distributions
Distributions from net investment income		(0.01	)		(0.05	)		(0.01	)		(0.05	)		(0.01	)
Distributions from net realized capital gains		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)
Total distributions		(0.45	)		(4.03	)		(3.00	)		(2.51	)		(3.46	)
Net Asset Value, End of Period	$	19.90		$	16.77		$	27.02		$	27.04		$	24.43
Total Return (%) (b)		21.57			(22.15	)		11.67			24.34			33.16
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.51			0.50			0.49			0.50			0.50
Net ratio of expenses to average net assets (%) (c)		0.48			0.48			0.47			0.48			0.48
Ratio of net investment income (loss) to average net assets (%)		0.11			0.16			(0.04	)		0.13			0.23
Portfolio turnover rate (%)		34			34			28			36			17
Net assets, end of period (in millions)	$	888.3		$	837.2		$	1,152.5		$	1,174.3		$	985.3
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.50		$	24.09		$	24.47		$	22.36		$	19.71
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.02	)		(0.07	)		(0.02	)		(0.00	)(d)
Net realized and unrealized gain (loss)		3.07			(5.59	)		2.68			4.59			6.10
Total income (loss) from investment operations		3.05			(5.61	)		2.61			4.57			6.10
Less Distributions
Distributions from net realized capital gains		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)
Total distributions		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)
Net Asset Value, End of Period	$	17.11		$	14.50		$	24.09		$	24.47		$	22.36
Total Return (%) (b)		21.28			(22.34	)		11.36			24.04			32.84
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76			0.75			0.74			0.75			0.75
Net ratio of expenses to average net assets (%) (c)		0.73			0.73			0.72			0.73			0.73
Ratio of net investment income (loss) to average net assets (%)		(0.14	)		(0.10	)		(0.29	)		(0.11	)		(0.02	)
Portfolio turnover rate (%)		34			34			28			36			17
Net assets, end of period (in millions)	$	319.8		$	294.1		$	423.9		$	441.3		$	408.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.29		$	25.09		$	25.34		$	23.05		$	20.22
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.00	)(d)		(0.05	)		(0.00	)(d)		0.02
Net realized and unrealized gain (loss)		3.25			(5.82	)		2.79			4.76			6.26
Total income (loss) from investment operations		3.24			(5.82	)		2.74			4.76			6.28
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.01	)		0.00
Distributions from net realized capital gains		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)
Total distributions		(0.44	)		(3.98	)		(2.99	)		(2.47	)		(3.45	)
Net Asset Value, End of Period	$	18.09		$	15.29		$	25.09		$	25.34		$	23.05
Total Return (%) (b)		21.42			(22.28	)		11.49			24.20			32.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.66			0.65			0.64			0.65			0.65
Net ratio of expenses to average net assets (%) (c)		0.63			0.63			0.62			0.63			0.63
Ratio of net investment income (loss) to average net assets (%)		(0.04	)		(0.00	)(e)		(0.19	)		(0.01	)		0.08
Portfolio turnover rate (%)		34			34			28			36			17
Net assets, end of period (in millions)	$	11.8		$	11.2		$	17.7		$	18.6		$	16.9
	Class G
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	13.44		$	22.74		$	23.26		$	21.39		$	18.99
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.02	)		(0.08	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		2.85			(5.30	)		2.55			4.36			5.86
Total income (loss) from investment operations		2.82			(5.32	)		2.47			4.33			5.85
Less Distributions
Distributions from net realized capital gains		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)
Total distributions		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)
Net Asset Value, End of Period	$	15.82		$	13.44		$	22.74		$	23.26		$	21.39
Total Return (%) (b)		21.24			(22.40	)		11.34			24.00			32.75
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.81			0.80			0.79			0.80			0.80
Net ratio of expenses to average net assets (%) (c)		0.78			0.78			0.77			0.78			0.78
Ratio of net investment income (loss) to average net assets (%)		(0.19	)		(0.15	)		(0.34	)		(0.17	)		(0.07	)
Portfolio turnover rate (%)		34			34			28			36			17
Net assets, end of period (in millions)	$	2.3		$	2.3		$	3.8		$	4.2		$	4.5

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(d)	Net investment income (loss) was less than $0.01.
(e)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust.The series included in this report is T. Rowe Price Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $83,618,557, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	397,474,702	$	0	$	542,953,500

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$5,536,286		0.550	%	Of the first $100 million
		0.500	%	Of the next $300 million
		0.450	%	On amounts in excess of $400 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Brighthouse Funds Trust I (“BHFTI”), an affiliate of the Trust, in the aggregate, exceed $750 million (ii) T. Rowe Price subadvises three or more portfolios of the Trust and BHFTI in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts waived for the year ended December 31, 2023 are shown as management fee waivers in the Statement of Operations.

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2023 is as follows:

Security Description	Market Value December 31, 2022		Purchases	Sales	Ending Value as of December 31, 2023	Income earned from affiliates during the period	Number of shares held at December 31, 2023
T. Rowe Price Government Reserve Fund	$	12,481,374	$153,833,426	$(163,391,821)	$2,922,979	$478,760	2,922,979

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	1,058,507,286
Gross unrealized appreciation		346,003,955
Gross unrealized (depreciation)		(48,865,046	)
Net unrealized appreciation (depreciation)	$	297,138,909

BHFTII-20

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$470,640	$	8,966,857	$	29,378,866	$	232,047,069	$	29,849,506	$	241,013,926

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$537,739	$	63,014,842	$	297,138,909	$	—	$	360,691,490

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-21

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the T. Rowe Price Small Cap Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the T. Rowe Price Small Cap Growth Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-22

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-23

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel-Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-24

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-25

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. The Board considered that Broadridge selected the peer funds, which were funds

BHFTII-26

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. The Board also considered that the Portfolio outperformed its benchmark, the MSCI U.S. Small Cap Growth Index, for the one-, three-, and five-year periods ended October 31, 2023. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTII-27

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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/Morningstar Category 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.

BHFTII-28

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Managed By Van Eck Associates Corporation

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A and B shares of the VanEck Global Natural Resources Portfolio returned -3.49% and -3.64%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) North American Natural Resources Sector Index¹, returned 3.66%.

MARKET ENVIRONMENT / CONDITIONS

On the whole, resource equities underperformed broader global equity and bond markets during the year. From a macroeconomic perspective, drivers of underperformance included easing inflationary pressures, a pullback in commodity prices and shifting investor sentiment amid a more dovish outlook for interest rates in 2024.

Within traditional energy, West Texas Intermediate (“WTI”) crude oil prices surged above $90 per barrel in September due to supply constraints, strong demand, and geopolitical tensions, before falling below $70 by year’s end amid global growth concerns and increased U.S. output. The year was marked by significant consolidation within the U.S. oil and gas industry, highlighted by Exxon Mobil’s acquisition of Pioneer Natural Resources and Chevron’s purchase of Hess. Meanwhile, within renewable energy, lingering supply-chain issues and higher borrowing costs weighed on companies for the second year in a row.

In the metals and mining industry, base and industrial metals experienced price declines, largely affected by China’s slowing real estate market and subdued electric vehicle sales in the U.S. Supply overhangs for metals like copper, lithium and cobalt contrasted with iron ore, though, which benefited from relatively strong demand. Gold reached an all-time high in 2023, buoyed by central bank purchases and geopolitical uncertainties, outshining the miners who underperformed relative to the metal.

Agriculture saw mixed results in 2023. U.S. stocks of wheat and corn ended higher, but usage remained flat due to decreasing exports and lower animal feed demand. Fertilizer prices stabilized, benefiting from more secure European natural gas supplies. Notably, protein producers, especially in the poultry industry, found success, driven by high cattle prices and the impact of avian flu.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s underperformance was largely a result of security selection within the Materials sector, including positions within the diversified metals & mining and copper sub-industries. The Portfolio’s overweight allocation to the fertilizers & agricultural chemicals sub-industry also detracted. Relative losses were partially offset by positive security selection within the Energy sector, including positions within the integrated oil & gas and oil & gas equipment & services sub-industries.

Notable Portfolio changes during the period included the addition of two integrated oil & gas companies, Exxon Mobil and BP PLC (United Kingdom), as well as the exit of oil & gas equipment & services company, Liberty Energy and oil & gas exploration & production company, Devon Energy.

At the end of the year, the Portfolio’s largest allocations were to the Energy and Materials sectors which, combined, accounted for approximately 80% of the Portfolio’s total exposure. At the industry level, the Portfolio’s largest allocations were to oil, gas & consumable fuels and metals & mining, which accounted for approximately 33% and 28% of the Portfolio’s total exposure, respectively.

Shawn Reynolds

Charles Cameron

Portfolio Managers

Van Eck Associates Corporation

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

¹ The S&P North American Natural Resources Sector Index was developed as an equity benchmark for U.S. traded natural resource related stocks.

BHFTII-1

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
VanEck Global Natural Resources Portfolio
Class A		-3.49		11.18		-0.48
Class B		-3.64		10.92		-0.72
S&P North American Natural Resources Sector Index		3.66		13.13		2.85

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Holdings

	% of Net Assets
Freeport-McMoRan, Inc.		3.3
Shell PLC (ADR)		3.3
Glencore PLC		3.0
Vale SA (ADR)		2.8
Valero Energy Corp.		2.8
Exxon Mobil Corp.		2.6
Eni SpA		2.5
ConocoPhillips		2.4
JBS SA		2.1
OCI NV		2.1

Top Sectors

	% of Net Assets
Energy		42.5
Materials		39.2
Industrials		6.1
Consumer Staples		5.2
Utilities		2.7
Financials		2.0
Information Technology		0.3

BHFTII-2

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

VanEck Global Natural Resources Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.77	%	$	1,000.00	$	1,016.20	$	3.91
	Hypothetical*		0.77	%	$	1,000.00	$	1,021.32	$	3.92
Class B (a)	Actual		1.02	%	$	1,000.00	$	1,015.50	$	5.18
	Hypothetical*		1.02	%	$	1,000.00	$	1,020.06	$	5.19

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

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

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

BHFTII-3

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Schedule of Investments as of December 31, 2023

Common Stocks—98.0% of Net Assets

Security Description	Shares		Value
Chemicals—10.9%
Arcadium Lithium PLC (a)		1,632,347	$	12,469,589
CF Industries Holdings, Inc. (b)		195,200		15,518,400
Corteva, Inc.		326,533		15,647,461
Mosaic Co.		352,100		12,580,533
Nutrien Ltd. (b)		244,323		13,762,715
OCI NV		600,357		17,453,470
Yara International ASA		97,500		3,464,468
				90,896,636
Containers & Packaging—0.3%
Graphic Packaging Holding Co.		95,725		2,359,621
Electrical Equipment—2.7%
Array Technologies, Inc. (a) (b)		531,200		8,924,160
Nexans SA		97,870		8,570,906
Soltec Power Holdings SA (a) (b)		121,089		460,334
Stem, Inc. (a) (b)		1,197,832		4,647,588
				22,602,988
Energy Equipment & Services—9.6%
Baker Hughes Co.		447,200		15,285,296
ChampionX Corp. (b)		76,422		2,232,287
Halliburton Co.		352,100		12,728,415
NOV, Inc.		302,350		6,131,658
Saipem SpA (a) (b)		5,940,200		9,646,053
Schlumberger NV		298,400		15,528,736
TechnipFMC PLC		613,000		12,345,820
Valaris Ltd. (a) (b)		91,643		6,283,960
				80,182,225
Food Products—5.2%
Bunge Global SA (b)		111,300		11,235,735
JBS SA		3,428,000		17,522,674
Pilgrim’s Pride Corp. (a)		521,500		14,424,690
				43,183,099
Independent Power and Renewable Electricity Producers—2.7%
Ormat Technologies, Inc. (b)		161,300		12,224,927
Sunnova Energy International, Inc. (a) (b)		690,366		10,528,081
				22,753,008
Machinery—1.7%
Chart Industries, Inc. (a) (b)		102,120		13,922,020
Marine Transportation—1.7%
Kirby Corp. (a)		177,831		13,956,177
Metals & Mining—28.0%
5E Advanced Materials, Inc. (a) (b)		139,500		196,695
Agnico Eagle Mines Ltd. (b)		261,233		14,328,630
Alamos Gold, Inc. - Class A		705,000		9,496,350
Barrick Gold Corp.		934,035		16,896,693
Eldorado Gold Corp. (a) (b)		514,200		6,669,174
Endeavour Mining PLC (b)		449,300		10,094,458
Metals & Mining—(Continued)
Euro Manganese, Inc. (a)		2,118,507	$	143,990
First Quantum Minerals Ltd.		478,300		3,916,497
Franco-Nevada Corp.		96,000		10,637,760
Freeport-McMoRan, Inc.		644,100		27,419,337
Glencore PLC		4,230,300		25,378,581
Ivanhoe Mines Ltd. - Class A (a) (b)		1,316,800		12,769,994
Kinross Gold Corp.		2,196,400		13,288,220
MP Materials Corp. (a) (b)		712,985		14,152,752
Newmont Corp.		335,517		13,887,049
Nouveau Monde Graphite, Inc. (a)		179,033		467,276
Pan American Silver Corp.		529,900		8,653,267
Piedmont Lithium, Inc. (a) (b)		142,008		4,008,886
Rio Tinto PLC (ADR) (b)		222,200		16,545,012
Talon Metals Corp. (a)		3,846,700		522,551
Vale SA (ADR) (b)		1,474,500		23,385,570
				232,858,742
Mortgage Real Estate Investment Trusts—2.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		608,990		16,795,944
Oil, Gas & Consumable Fuels—32.9%
BP PLC (ADR) (b)		454,500		16,089,300
Chesapeake Energy Corp. (b)		154,100		11,856,454
Chevron Corp.		54,100		8,069,556
ConocoPhillips		175,522		20,372,839
Diamondback Energy, Inc.		94,606		14,671,498
Eni SpA		1,226,800		20,823,175
EQT Corp. (b)		397,700		15,375,082
Equinor ASA (ADR)		457,400		14,472,136
Excelerate Energy, Inc. - Class A (b)		212,200		3,280,612
Exxon Mobil Corp.		213,224		21,318,135
Hess Corp.		29,000		4,180,640
Kosmos Energy Ltd. (a) (b)		1,222,500		8,202,975
Marathon Oil Corp.		371,900		8,985,104
Neste OYJ		116,200		4,128,483
Permian Resources Corp. (b)		640,070		8,704,952
PetroChina Co. Ltd. - Class H		25,278,000		16,663,422
Pioneer Natural Resources Co.		38,887		8,744,909
Shell PLC (ADR)		413,000		27,175,400
TotalEnergies SE		255,500		17,355,721
Valero Energy Corp. (b)		177,400		23,062,000
				273,532,393
Semiconductors & Semiconductor Equipment—0.3%
SolarEdge Technologies, Inc. (a) (b)		28,600		2,676,960
Total Common Stocks (Cost $757,166,833)				815,719,813
Short-Term Investment—1.8%
Mutual Funds—1.8%
Invesco STIC Prime Portfolio, Institutional Class, 5.300% (c)		14,828,686		14,830,169
Total Short-Term Investments (Cost $14,830,169)				14,830,169

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (d)—18.4%

Security Description	Principal Amount*		Value
Certificates of Deposit—3.7%
Barclays Bank PLC 5.710%, SOFR + 0.320%, 06/20/24 (e)		3,000,000	$	2,999,991
5.790%, SOFR + 0.400%, 02/14/24 (e)		2,000,000		2,000,564
BNP Paribas SA 5.760%, SOFR + 0.360%, 04/10/24 (e)		2,000,000		2,000,616
Mizuho Bank Ltd. 5.790%, SOFR + 0.400%, 04/18/24 (e)		3,000,000		3,001,359
MUFG Bank Ltd. (London) Zero Coupon, 06/10/24		1,000,000		975,750
National Westminster Bank PLC 5.880%, 05/02/24		3,000,000		3,004,860
Oversea-Chinese Banking Corp. Ltd. 5.630%, SOFR + 0.240%, 02/09/24 (e)		3,000,000		3,000,312
Royal Bank of Canada 5.880%, FEDEFF PRV + 0.550%, 09/20/24 (e)		3,000,000		3,001,860
Standard Chartered Bank 5.790%, SOFR + 0.390%, 04/19/24 (e)		2,000,000		2,000,000
Sumitomo Mitsui Banking Corp. 5.860%, SOFR + 0.460%, 01/11/24 (e)		3,000,000		3,000,369
Sumitomo Mitsui Trust Bank Ltd. 5.800%, SOFR + 0.400%, 04/24/24 (e)		3,000,000		3,001,785
Westpac Banking Corp. 5.950%, SOFR + 0.550%, 10/11/24 (e)		3,000,000		3,003,717
				30,991,183
Commercial Paper—0.6%
Australia & New Zealand Banking Group Ltd. 5.640%, 04/18/24		2,000,000		1,966,676
5.730%, SOFR + 0.330%, 04/18/24 (e)		2,000,000		2,000,448
Old Line Funding LLC 5.620%, SOFR + 0.230%, 03/11/24 (e)		1,000,000		1,000,000
				4,967,124
Repurchase Agreements—11.4%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $19,511,809; collateralized by various Common Stock with an aggregate market value of $21,719,018.		19,500,000		19,500,000
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $3,101,836; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $3,163,734.		3,100,000		3,100,000
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $8,981,338; collateralized by various Common Stock with an aggregate market value of $10,006,442.		8,975,903		8,975,903
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.620%, due on 02/02/24 with a maturity value of $5,027,319; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.750%, maturity dates ranging from 01/15/30 - 08/15/32, and various Common Stock with an aggregate market value of $5,100,005.		5,000,000		5,000,000
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $5,150,826; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $5,100,023.		5,000,000	$	5,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 12/29/23 at 5.300%, due on 01/02/24 with a maturity value of $4,798,587; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 05/15/34 - 08/15/51, and an aggregate market value of $4,891,678.		4,795,763		4,795,763
Mizuho Securities USA, Inc. Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $2,501,478; collateralized by U.S. Treasury Obligation at 3.875%, maturing 05/15/43, and an aggregate market value of $2,550,005.		2,500,000		2,500,000
National Bank Financial, Inc. Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $2,001,182; collateralized by U.S. Treasury Obligation at 0.500%, maturing 02/28/26, and an aggregate market value of $2,049,564.		2,000,000		2,000,000
National Bank of Canada Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $20,021,194; collateralized by various Common Stock with an aggregate market value of $22,319,784.		20,000,000		20,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $12,407,647; collateralized by various Common Stock with an aggregate market value of $13,838,574.		12,400,000		12,400,000
Societe Generale Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $1,701,007; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $1,737,851.		1,700,000		1,700,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $2,001,184; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $2,040,001.		2,000,000		2,000,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $8,004,818; collateralized by various Common Stock with an aggregate market value of $8,815,721.		8,000,000		8,000,000
				94,971,666

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (d)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Time Deposits—1.2%
DZ Bank AG (NY) 5.300%, 01/02/24		2,000,000	$	2,000,000
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		4,000,000		4,000,000
National Bank of Canada 5.370%, OBFR + 0.050%, 01/05/24 (e)		4,500,000		4,500,000
				10,500,000
Mutual Funds—1.5%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (c)		5,000,000		5,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (c)		1,000,000		1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (c)		5,000,000		5,000,000
HSBC U.S. Government Money Market Fund, Class I 5.300% (c)		250,000		250,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.270% (c)		1,000,000		1,000,000
				12,250,000
Total Securities Lending Reinvestments (Cost $153,663,946)				153,679,973
Total Investments—118.2% (Cost $925,660,948)				984,229,955
Other assets and liabilities (net)—(18.2)%				(151,867,044	)
Net Assets—100.0%			$	832,362,911

*	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, 2023, the market value of securities loaned was $191,829,999 and the collateral received consisted of cash in the amount of $153,636,353 and non-cash collateral with a value of $46,842,354. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	The rate shown represents the annualized seven-day yield as of December 31, 2023.
(d)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(e)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. 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.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Chemicals	$	69,978,698	$	20,917,938		$	—	$	90,896,636
Containers & Packaging		2,359,621		—			—		2,359,621
Electrical Equipment		13,571,748		9,031,240			—		22,602,988
Energy Equipment & Services		70,536,172		9,646,053			—		80,182,225
Food Products		25,660,425		17,522,674			—		43,183,099
Independent Power and Renewable Electricity Producers		22,753,008		—			—		22,753,008
Machinery		13,922,020		—			—		13,922,020
Marine Transportation		13,956,177		—			—		13,956,177
Metals & Mining		207,336,171		25,522,571			—		232,858,742
Mortgage Real Estate Investment Trusts		16,795,944		—			—		16,795,944
Oil, Gas & Consumable Fuels		214,561,592		58,970,801			—		273,532,393
Semiconductors & Semiconductor Equipment		2,676,960		—			—		2,676,960
Total Common Stocks		674,108,536		141,611,277			—		815,719,813
Total Short-Term Investment*		14,830,169		—			—		14,830,169
Securities Lending Reinvestments
Certificates of Deposit		—		30,991,183			—		30,991,183
Commercial Paper		—		4,967,124			—		4,967,124
Repurchase Agreements		—		94,971,666			—		94,971,666
Time Deposits		—		10,500,000			—		10,500,000
Mutual Funds		12,250,000		—			—		12,250,000
Total Securities Lending Reinvestments		12,250,000		141,429,973			—		153,679,973
Total Investments	$	701,188,705	$	283,041,250		$	—	$	984,229,955
Collateral for Securities Loaned (Liability)	$	—	$	(153,636,353	)	$	—	$	(153,636,353	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b)	$	984,229,955
Cash		292,640
Cash denominated in foreign currencies (c)		1,600
Receivable for:
Investments sold		6,620,866
Fund shares sold		24,396
Dividends		609,239
Prepaid expenses		2,721
Total Assets		991,781,417
Liabilities
Collateral for securities loaned		153,636,353
Payables for:
Investments purchased		4,946,693
Fund shares redeemed		63,809
Accrued Expenses:
Management fees		490,680
Distribution and service fees		16,155
Deferred trustees’ fees		168,251
Other expenses		96,565
Total Liabilities		159,418,506
Net Assets	$	832,362,911
Net Assets Consist of:
Paid in surplus	$	730,637,341
Distributable earnings (Accumulated losses)		101,725,570
Net Assets	$	832,362,911
Net Assets
Class A	$	753,744,575
Class B		78,618,336
Capital Shares Outstanding*
Class A		63,365,390
Class B		6,657,266
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.90
Class B		11.81

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $925,660,948.
(b)	Includes securities loaned at value of $191,829,999.
(c)	Identified cost of cash denominated in foreign currencies was $1,592.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends (a)	$	25,982,722
Interest		1,630
Securities lending income		1,598,890
Total investment income		27,583,242
Expenses
Management fees		6,302,876
Administration fees		44,995
Custodian and accounting fees		93,064
Distribution and service fees—Class B		200,478
Audit and tax services		49,026
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		31,494
Insurance		7,816
Miscellaneous		23,271
Total expenses		6,845,844
Less management fee waiver		(478,907	)
Less broker commission recapture		(3,971	)
Net expenses		6,362,966
Net Investment Income		21,220,276
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		58,853,731
Foreign currency transactions		19,530
Net realized gain (loss)		58,873,261
Net change in unrealized appreciation (depreciation) on:
Investments		(102,075,413	)
Foreign currency transactions		2,685
Net change in unrealized appreciation (depreciation)		(102,072,728	)
Net realized and unrealized gain (loss)		(43,199,467	)
Net Increase (Decrease) in Net Assets From Operations	$	(21,979,191	)

(a) Net of foreign withholding taxes of $1,626,511.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	21,220,276		$	26,243,421
Net realized gain (loss)		58,873,261			259,684,223
Net change in unrealized appreciation (depreciation)		(102,072,728	)		(172,518,168	)
Increase (decrease) in net assets from operations		(21,979,191	)		113,409,476
From Distributions to Shareholders
Class A		(22,123,408	)		(23,035,876	)
Class B		(2,280,208	)		(2,217,944	)
Total distributions		(24,403,616	)		(25,253,820	)
Increase (decrease) in net assets from capital share transactions		56,889,649			(378,938,677	)
Total increase (decrease) in net assets		10,506,842			(290,783,021	)
Net Assets
Beginning of period		821,856,069			1,112,639,090
End of period	$	832,362,911		$	821,856,069

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		7,825,456		$	88,544,541			4,082,759		$	51,049,554
Reinvestments		1,902,271			22,123,408			1,765,201			23,035,876
Redemptions		(4,713,626	)		(57,094,484	)		(31,319,887	)		(425,200,626	)
Net increase (decrease)		5,014,101		$	53,573,465			(25,471,927	)	$	(351,115,196	)
Class B
Sales		985,783		$	11,819,500			819,909		$	10,172,694
Reinvestments		197,079			2,280,208			171,006			2,217,944
Redemptions		(898,037	)		(10,783,524	)		(2,991,889	)		(40,214,119	)
Net increase (decrease)		284,825		$	3,316,184			(2,000,974	)	$	(27,823,481	)
Increase (decrease) derived from capital shares transactions				$	56,889,649					$	(378,938,677	)

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	12.71		$	12.08		$	10.29		$	8.59		$	7.69
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.32			0.36			0.24			0.10			0.12
Net realized and unrealized gain (loss)		(0.76	)		0.65			1.70			1.70			0.83
Total income (loss) from investment operations		(0.44	)		1.01			1.94			1.80			0.95
Less Distributions
Distributions from net investment income		(0.37	)		(0.38	)		(0.15	)		(0.10	)		(0.05	)
Total distributions		(0.37	)		(0.38	)		(0.15	)		(0.10	)		(0.05	)
Net Asset Value, End of Period	$	11.90		$	12.71		$	12.08		$	10.29		$	8.59
Total Return (%) (b)		(3.49	)		8.24			18.82			21.58			12.44	(c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.81			0.81			0.81			0.81
Net ratio of expenses to average net assets (%) (d)		0.77			0.75			0.74			0.75			0.77
Ratio of net investment income (loss) to average net assets (%)		2.66			2.74			2.01			1.34			1.46
Portfolio turnover rate (%)		43			40			23			48			33
Net assets, end of period (in millions)	$	753.7		$	741.5		$	1,012.3		$	1,115.4		$	1,084.7
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	12.61		$	11.98		$	10.21		$	8.53		$	7.62
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.29			0.32			0.20			0.08			0.10
Net realized and unrealized gain (loss)		(0.76	)		0.65			1.69			1.68			0.84
Total income (loss) from investment operations		(0.47	)		0.97			1.89			1.76			0.94
Less Distributions
Distributions from net investment income		(0.33	)		(0.34	)		(0.12	)		(0.08	)		(0.03	)
Total distributions		(0.33	)		(0.34	)		(0.12	)		(0.08	)		(0.03	)
Net Asset Value, End of Period	$	11.81		$	12.61		$	11.98		$	10.21		$	8.53
Total Return (%) (b)		(3.64	)		7.98			18.51			21.18			12.35
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.08			1.06			1.06			1.06			1.06
Net ratio of expenses to average net assets (%) (d)		1.02			1.00			0.99			1.00			1.02
Ratio of net investment income (loss) to average net assets (%)		2.43			2.50			1.76			1.09			1.20
Portfolio turnover rate (%)		43			40			23			48			33
Net assets, end of period (in millions)	$	78.6		$	80.4		$	100.3		$	109.6		$	105.5

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(d)	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

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is VanEck Global Natural Resources Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

BHFTII-11

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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.

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.

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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-12

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $94,971,666, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

BHFTII-13

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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.

Natural Resource and Foreign Investment Risk: The 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 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. In addition, the investments by the Portfolio in foreign securities, whether direct or indirect, may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies and 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 the 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.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0		$405,534,953		$0		$335,745,590

BHFTII-14

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31,  2023	% per annum	Average Daily Net Assets
$6,302,876	0.800%	Of the first $250 million
	0.775%	Of the next $750 million
	0.750%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Van Eck Associates Corporation is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050% 0.075%	Of the first $500 million On amounts over $500 million

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

BHFTII-15

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	933,404,111
Gross unrealized appreciation		103,557,624
Gross unrealized (depreciation)		(52,731,780	)
Net unrealized appreciation (depreciation)	$	50,825,844

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income		Long-Term Capital Gain			Total
2023	2022		2023	2022		2023	2022
$24,403,616	$25,253,820		$—	$—		$24,403,616	$25,253,820

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain			Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$20,995,001		$	30,072,751		$	50,826,113		$	—		$	101,893,865

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had no accumulated capital losses.

During the year ended December 31, 2023, the Portfolio utilized accumulated short-term capital losses of $2,552,494 and accumulated long-term capital losses of $24,721,656.

8. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-16

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the VanEck Global Natural Resources Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the VanEck Global Natural Resources Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-17

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTII-18

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-19

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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.

BHFTII-20

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

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

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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their 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 Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual

BHFTII-21

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

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

sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-and five-year periods ended June 30, 2023 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the three-year period ended

BHFTII-22

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

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

June 30, 2023. The Board also considered that the Portfolio underperformed its benchmark, the S&P North American Natural Resources Sector Index, for the one-, three-, and five-year periods ended October 31, 2023. The Board also noted that the Portfolio underperformed its other benchmark, the S&P Global Natural Resources Index, for the one-, three-, and five-year periods ended October 31, 2023. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and the Sub-advised Expense Universe median and above the Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were equal to 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/Morningstar Category 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.

BHFTII-23

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Managed By Western Asset Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Western Asset Management Strategic Bond Opportunities Portfolio returned 9.44%, 9.22%, and 9.30%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned 5.53%.

MARKET ENVIRONMENT / CONDITIONS

2023 was marked by market volatility, including a significant rise—and subsequent sharp fall—in United States Treasury (“UST”) yields as well as spread-tightening across spread sectors. The market digested shifting fundamental crosscurrents including continued U.S. economic resilience, moderating inflation and a data-dependent U.S. Federal Reserve (the “Fed”) outlook. During the first quarter of 2023, developments in the regional banking sector came to the forefront when Silicon Valley Bank and Signature Bank were shut down after the banks failed to stem deposit outflows, but contagion risks were mitigated when the Federal Deposit Insurance Corporation guaranteed uninsured deposits. Midway through the year, strong economic momentum, continued signs of labor market tightness and higher fed funds rate expectations from Federal Open Market Committee (“FOMC”) members revived a “higher-for-longer” fed funds narrative. Concerns over UST supply also put upward pressure on long-term yields with the 30- and 10-year yields surpassing the 5% mark for the first time since the global financial crisis. However, softer inflation readings ultimately set the stage for the Fed to slow the pace of rate hikes and ultimately hold the fed funds target rate range steady at 5.25% to 5.50% during the last three meetings of the year. The Fed’s December “dot plot” showed the median FOMC member was expecting 75 basis points in rate cuts during 2024. During the fourth quarter of 2023, optimism that the Fed might have succeeded in controlling inflation while averting an economic “hard landing”—coupled with the possibility of less restrictive policy rates next year—spurred UST yields to change course and plummet with the yield on the 10-year UST ultimately ending the year at 3.88%, close to where it began 2023.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the twelve-month period ended December 31, 2023, the Western Asset Strategic Bond Opportunities Portfolio had a positive return and outperformed its benchmark.

One of the most significant contributors to the Portfolio’s outperformance over the reporting period was its tactical credit exposure, including High Yield (“HY”) and Bank Loans as spreads tightened over the year. The Portfolio’s underweight to Investment Grade (“IG”) corporates had a negative impact as spreads tightened.

The Portfolio’s structured product exposure was in aggregate a positive contributor mainly due to Collateralized Loan Obligations (“CLO”) and Non-agency Residential Mortgage-Backed Securities (“RMBS”). In the residential space, housing was expected to cool and we did not see a significant risk of defaults relative to historical levels. In the commercial space, fundamental performance was positive with limited distress outside of the office sector.

The Portfolio’s exposure to Emerging Market (“EM”) Debt and Currency in aggregate had a positive impact over the year. The team maintained modest EM exposure throughout the year given the ongoing hiking cycle across Domestic Market (“DM”) and EM central banks, the sharp rise in the U.S. dollar, and China downside growth risks. Value opportunities exist in select EM countries where fundamentals still appear sound. EM corporate spreads and sovereign yields remain attractive relative to comparable DM yields.

The Portfolio’s macro positioning, including the effects of both duration and yield curve, was significantly negative for performance as the negative impact during the second and third quarters, when rates rose to multi-year highs, offset the positive impact during the first and fourth quarters, when rates rallied. We calibrated portfolio duration positioning within a range of 5.7 years to 7.0 years to take advantage of UST volatility engendered by heightened market uncertainty around Fed policy and the U.S. economic outlook.

Sector positioning changes during the year were mainly focused on corporate credit, where the team added select names which had been impacted by the higher move in rates, and Bank Loans where the team reduced exposure given the relative outperformance of the sector and the potential impact that rising rates might have on more vulnerable credits. Security selection focused on high-yielding names with resilient credit profiles that could potentially deliver double-digit returns.

During the period, we tactically calibrated the Portfolio’s exposure in commodity currencies such as the Canadian dollar and Australian dollar as a way to express global growth sentiment, as well as in the British pound and Euro given shifting market concerns over recession risks in those regions.

During the twelve months ended December 31, 2023, the Portfolio utilized derivatives including interest rate futures and options as well as interest rate swaps to manage the Portfolio’s duration and yield curve exposure. Credit default swaps (“CDX”) on single names and on the CDX HY Index were used as an efficient, low-cost way of adjusting credit exposures on the margin. We also used Mortgage-Backed Securities (“MBS”) derivatives to gain exposure to specific characteristics of MBS. The Portfolio used FX forwards and options to hedge and take outright positions in a variety of currencies. Finally, we used equity options for tail risk hedging. The net impact of all derivative transactions on the Portfolio’s performance was negative.

During the reporting period, the Portfolio remained diversified across HY and Bank Loans, which continued to offer strong income and return generation potential, EM debt for attractive spread pick-up, mortgage credit with an emphasis on RMBS due to the better

BHFTII-1

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Managed By Western Asset Management Company, LLC

Portfolio Manager Commentary*—(continued)

fundamental outlook for housing, CLO tranches given their attractive valuations and IG corporate credit (mainly for carry and liquidity).

S. Kenneth Leech

Michael Buchanan

Mark S. Lindbloom

Annabel Rudebeck

Rafael Zielonka

Portfolio Managers

Western Asset Management Company, LLC

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

¹ The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTII-2

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Western Asset Management Strategic Bond Opportunities Portfolio
Class A		9.44		2.80		3.01
Class B		9.22		2.54		2.76
Class E		9.30		2.65		2.87
Bloomberg U.S. Aggregate Bond Index		5.53		1.10		1.81

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		51.4
Floating Rate Loans		13.8
Asset-Backed Securities		9.7
Non-Agency Mortgage-Backed Securities		9.4
Agency Mortgage-Backed Securities		7.1
Foreign Government		3.6
Convertible Preferred Stocks		0.5
Convertible Bonds		0.5
Purchased Options		0.1
Common Stocks		0.1

BHFTII-3

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Western Asset Management Strategic Bond Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.56	%	$	1,000.00	$	1,055.80	$	2.90
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.38	$	2.85
Class B (a)	Actual		0.81	%	$	1,000.00	$	1,054.40	$	4.19
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13
Class E (a)	Actual		0.71	%	$	1,000.00	$	1,055.10	$	3.68
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.63	$	3.62

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—51.4% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—1.4%
Boeing Co. 5.805%, 05/01/50 (a)		2,000,000	$	2,071,102
5.930%, 05/01/60		2,630,000		2,723,339
Bombardier, Inc. 7.875%, 04/15/27 (144A) (a)		5,925,000		5,926,043
TransDigm, Inc. 6.250%, 03/15/26 (144A)		4,350,000		4,342,484
6.750%, 08/15/28 (144A) (a)		4,100,000		4,194,636
7.125%, 12/01/31 (144A) (a)		4,760,000		4,988,075
Triumph Group, Inc. 9.000%, 03/15/28 (144A) (a)		6,347,000		6,749,051
				30,994,730
Agriculture—0.3%
Altria Group, Inc. 2.450%, 02/04/32 (a)		530,000		432,199
4.800%, 02/14/29 (a)		115,000		114,633
5.950%, 02/14/49 (a)		529,000		538,793
Darling Ingredients, Inc. 6.000%, 06/15/30 (144A) (a)		6,010,000		6,014,447
				7,100,072
Airlines—1.7%
Air Canada 3.875%, 08/15/26 (144A)		6,033,000		5,763,867
Air Canada Pass-Through Trust  4.125%, 11/15/26 (144A)		431,522		415,340
American Airlines Pass-Through Trust  4.950%, 08/15/26		1,976,250		1,919,722
American Airlines, Inc. 7.250%, 02/15/28 (144A)		3,420,000		3,459,091
8.500%, 05/15/29 (144A) (a)		2,950,000		3,115,197
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.500%, 04/20/26 (144A)		5,566,667		5,526,511
5.750%, 04/20/29 (144A) (a)		2,590,000		2,524,635
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8.000%, 09/20/25 (144A) (a)		9,375,999		6,742,919
United Airlines Pass-Through Trust  4.875%, 07/15/27		456,000		441,696
United Airlines, Inc. 4.625%, 04/15/29 (144A)		2,590,000		2,422,260
VistaJet Malta Finance PLC / Vista Management Holding, Inc. 7.875%, 05/01/27 (144A) (a)		4,820,000		4,145,616
9.500%, 06/01/28 (144A) (a)		1,120,000		947,859
				37,424,713
Auto Manufacturers—1.7%
Ford Motor Co. 3.250%, 02/12/32 (a)		11,420,000		9,498,055
5.291%, 12/08/46 (a)		1,000,000		881,164
Ford Motor Credit Co. LLC 3.625%, 06/17/31 (a)		5,930,000		5,112,541
General Motors Co. 6.600%, 04/01/36 (a)		2,564,000		2,744,137
Auto Manufacturers—(Continued)
JB Poindexter & Co., Inc. 8.750%, 12/15/31 (144A) (a)		2,410,000		2,458,200
Mclaren Finance PLC 7.500%, 08/01/26 (144A)		6,510,000		5,582,729
PM General Purchaser LLC 9.500%, 10/01/28 (144A) (a)		11,555,000		11,717,747
				37,994,573
Auto Parts & Equipment—0.9%
Clarios Global LP/Clarios U.S. Finance Co. 8.500%, 05/15/27 (144A) (a)		3,960,000		3,973,805
Titan International, Inc. 7.000%, 04/30/28 (a)		10,820,000		10,824,555
ZF North America Capital, Inc. 4.750%, 04/29/25 (144A) (a)		4,115,000		4,068,376
7.125%, 04/14/30 (144A) (a)		950,000		1,012,504
				19,879,240
Banks—4.8%
Banco Mercantil del Norte SA 7.625%, 10Y H15 + 5.353%, 01/10/28 (144A) (a) (b)		2,150,000		2,064,218
Bank of Nova Scotia 8.625%, 5Y H15 + 4.389%, 10/27/82 (b)		900,000		935,016
Barclays PLC 5.088%, 06/20/30 (a)		200,000		193,635
8.000%, 5Y H15 + 5.672% 06/15/24 (b)		5,160,000		5,124,522
BBVA Bancomer SA 5.125%, 5Y H15 + 2.650%, 01/18/33 (144A) (a) (b)		5,980,000		5,417,731
BNP Paribas SA 7.750%, 5Y H15 + 4.899%, 08/16/29 (144A) (b)		1,930,000		1,970,086
Citigroup, Inc. 4.000%, 5Y H15 + 3.597%, 12/10/25 (b)		3,890,000		3,580,403
Comerica Bank 2.500%, 07/23/24		9,782,000		9,580,400
Credit Agricole SA 7.875%, 5Y USD Swap + 4.898%, 01/23/24 (144A) (b)		1,750,000		1,750,644
8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (b)		8,970,000		9,135,263
Credit Suisse AG 3.625%, 09/09/24		1,530,000		1,508,303
4.750%, 08/09/24 (a)		2,700,000		2,683,276
7.950%, 01/09/25		2,990,000		3,055,844
Danske Bank AS 6.466%, 1Y H15 + 2.100%, 01/09/26 (144A) (b)		6,450,000		6,495,727
HSBC Holdings PLC 6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (b)		390,000		372,474
6.500%, 5Y USD ICE Swap + 3.606%, 03/23/28 (b)		670,000		646,242
Intesa Sanpaolo SpA 5.710%, 01/15/26 (144A) (a)		3,090,000		3,074,514
7.800%, 11/28/53 (144A) †		4,870,000		5,347,121

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Lloyds Banking Group PLC 4.947%, 5Y EUR Swap + 5.290%, 06/27/25 (EUR) (b)		5,450,000	$	5,858,498
7.500%, 5Y USD Swap + 4.760%, 06/27/24 (b)		3,580,000		3,543,850
8.000%, 5Y H15 + 3.913%, 09/27/29 (b)		3,260,000		3,266,513
NatWest Group PLC 4.500%, 5Y UKG + 3.992%, 03/31/28 (GBP) (b)		6,600,000		7,024,597
PNC Financial Services Group, Inc. 5.068%, SOFR + 1.933%, 01/24/34 (a) (b)		570,000		557,723
6.037%, SOFR + 2.140%, 10/28/33 (b)		115,000		120,153
Toronto-Dominion Bank 8.125%, 5Y H15 + 4.075%, 10/31/82 (b)		3,122,000		3,249,343
Truist Financial Corp. 5.122%, SOFR + 1.852%, 01/26/34 (b)		190,000		183,978
U.S. Bancorp 4.839%, SOFR + 1.600%, 02/01/34 (b)		270,000		258,618
UBS Group AG 6.537%, SOFR + 3.920%, 08/12/33 (144A) (a) (b)		890,000		949,770
7.000%, 5Y USD Swap + 4.344%, 01/31/24 (144A) (b)		6,080,000		6,078,124
9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (b)		4,090,000		4,412,198
UniCredit SpA 5.459%, 5Y H15 + 4.750%, 06/30/35 (144A) (a) (b)		4,960,000		4,664,770
7.296%, 5Y USD ICE Swap + 4.914%, 04/02/34 (144A) (a) (b)		1,750,000		1,799,149
				104,902,703
Biotechnology—0.2%
Cidron Aida Finco SARL 6.250%, 04/01/28 (144A) (GBP)		4,110,000		4,920,188
Building Materials—0.5%
Builders FirstSource, Inc. 4.250%, 02/01/32 (144A) (a)		2,644,000		2,384,836
Smyrna Ready Mix Concrete LLC 6.000%, 11/01/28 (144A) (a)		5,470,000		5,385,649
8.875%, 11/15/31 (144A) (a)		2,520,000		2,648,964
				10,419,449
Chemicals—0.1%
Minerals Technologies, Inc. 5.000%, 07/01/28 (144A) (a)		1,690,000		1,625,256
Coal—0.1%
Teck Resources Ltd. 6.000%, 08/15/40		1,774,000		1,799,695
Commercial Services—2.5%
Adtalem Global Education, Inc. 5.500%, 03/01/28 (144A) (a)		2,601,000		2,501,914
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/26 (144A) (a)		3,050,000		3,033,984
Commercial Services—(Continued)
Carriage Services, Inc. 4.250%, 05/15/29 (144A) (a)		5,050,000		4,485,107
GEO Group, Inc. 10.500%, 06/30/28 (a)		5,880,000		5,968,200
GTCR W-2 Merger Sub LLC 7.500%, 01/15/31 (144A) (a)		5,740,000		6,065,586
Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc. 5.000%, 02/01/26 (144A) (a)		6,680,000		6,669,980
Metropolitan Museum of Art 3.400%, 07/01/45		2,025,000		1,620,508
Paysafe Finance PLC / Paysafe Holdings U.S. Corp. 4.000%, 06/15/29 (144A) (a)		3,300,000		2,912,137
PECF USS Intermediate Holding III Corp. 8.000%, 11/15/29 (144A)		5,656,000		2,884,560
Prime Security Services Borrower LLC / Prime Finance, Inc. 6.250%, 01/15/28 (144A) (a)		2,720,000		2,704,139
RR Donnelley & Sons Co. 9.750%, 07/31/28 (144A)		1,740,000		1,729,125
StoneMor, Inc. 8.500%, 05/15/29 (144A)		3,000,000		2,355,000
United Rentals North America, Inc. 4.875%, 01/15/28 (a)		2,260,000		2,206,302
5.250%, 01/15/30 (a)		4,000,000		3,938,484
5.500%, 05/15/27 (a)		2,316,000		2,321,114
6.000%, 12/15/29 (144A)		1,760,000		1,786,872
WW International, Inc. 4.500%, 04/15/29 (144A)		1,210,000		793,456
ZipRecruiter, Inc. 5.000%, 01/15/30 (144A) (a)		1,810,000		1,579,995
				55,556,463
Computers—0.4%
Crowdstrike Holdings, Inc. 3.000%, 02/15/29 (a)		2,405,000		2,173,463
NCR Voyix Corp. 5.125%, 04/15/29 (144A) (a)		3,900,000		3,707,346
Vericast Corp. 11.000%, 09/15/26 (144A) (a)		1,800,000		1,908,000
12.500%, 12/15/27 (144A) (a)		230,000		260,475
				8,049,284
Distribution/Wholesale—0.7%
American News Co. LLC 8.500%, 10.000% PIK, 09/01/26 (144A) (a) (d)		11,543,742		12,842,413
H&E Equipment Services, Inc. 3.875%, 12/15/28 (144A) (a)		3,480,000		3,164,418
				16,006,831
Diversified Financial Services—2.8%
Accelerate360 Holdings LLC 8.000%, 03/01/28 (144A)		10,418,100		10,834,824
AerCap Ireland Capital DAC / AerCap Global Aviation Trust  3.300%, 01/30/32 (a)		2,410,000		2,097,494

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Aviation Capital Group LLC 5.500%, 12/15/24 (144A)		1,760,000	$	1,750,244
Avolon Holdings Funding Ltd. 4.250%, 04/15/26 (144A)		1,950,000		1,883,338
B3 SA - Brasil Bolsa Balcao 4.125%, 09/20/31 (144A) (a)		4,000,000		3,496,842
Burford Capital Global Finance LLC 6.250%, 04/15/28 (144A) (a)		720,000		690,432
9.250%, 07/01/31 (144A)		2,850,000		3,028,980
Charles Schwab Corp. 2.900%, 03/03/32		520,000		446,963
5.853%, SOFR + 2.500%, 05/19/34 (a) (b)		1,370,000		1,414,185
Global Aircraft Leasing Co. Ltd. 6.500%, 7.250% PIK, 09/15/24 (144A) (d)		8,831,208		8,301,336
LPL Holdings, Inc. 4.000%, 03/15/29 (144A) (a)		3,910,000		3,618,379
Midcap Financial Issuer Trust  6.500%, 05/01/28 (144A) (a)		4,665,000		4,364,107
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 3.625%, 03/01/29 (144A) (a)		11,350,000		10,272,731
StoneX Group, Inc. 8.625%, 06/15/25 (144A) (a)		4,252,000		4,295,455
Vanguard Group, Inc. 3.050%, 08/28/50 (e) (f)		7,460,000		4,884,588
				61,379,898
Electric—0.7%
FirstEnergy Corp. 2.650%, 03/01/30 (a)		1,830,000		1,580,992
4.150%, 07/15/27 (a)		1,640,000		1,577,359
NSG Holdings LLC / NSG Holdings, Inc. 7.750%, 12/15/25 (144A)		130,779		129,635
Panoche Energy Center LLC 6.885%, 07/31/29 (144A)		409,524		414,643
Southern California Edison Co. 3.900%, 03/15/43		1,217,000		994,321
TransAlta Corp. 6.500%, 03/15/40 (a)		8,869,000		8,812,208
7.750%, 11/15/29 (a)		2,110,000		2,240,999
				15,750,157
Energy-Alternate Sources—0.2%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A)		750,315		647,116
Sunnova Energy Corp. 5.875%, 09/01/26 (144A)		4,460,000		3,796,620
				4,443,736
Engineering & Construction—0.8%
Gatwick Airport Finance PLC 4.375%, 04/07/26 (GBP)		5,030,000		6,130,988
TopBuild Corp. 3.625%, 03/15/29 (144A)		3,960,000		3,588,203
4.125%, 02/15/32 (144A) (a)		320,000		284,666
Engineering & Construction—(Continued)
Tutor Perini Corp. 6.875%, 05/01/25 (144A)		6,993,000		6,823,436
				16,827,293
Entertainment—1.0%
Allen Media LLC / Allen Media Co.-Issuer, Inc. 10.500%, 02/15/28 (144A)		6,590,000		3,524,530
AMC Entertainment Holdings, Inc. 7.500%, 02/15/29 (144A)		2,390,000		1,660,060
Banijay Entertainment SASU 8.125%, 05/01/29 (144A) (a)		1,340,000		1,379,577
Boyne USA, Inc. 4.750%, 05/15/29 (144A) (a)		3,030,000		2,849,396
Caesars Entertainment, Inc. 7.000%, 02/15/30 (144A) (a)		2,560,000		2,625,119
Caesars Resort Collection LLC / CRC Finco, Inc. 5.750%, 07/01/25 (144A)		6,122,000		6,121,356
Mohegan Tribal Gaming Authority 8.000%, 02/01/26 (144A) (a)		3,372,000		3,182,325
13.250%, 12/15/27 (144A)		1,520,000		1,618,800
				22,961,163
Environmental Control—0.6%
Clean Harbors, Inc. 5.125%, 07/15/29 (144A) (a)		2,528,000		2,416,420
GFL Environmental, Inc. 4.750%, 06/15/29 (144A) (a)		7,457,000		7,024,196
5.125%, 12/15/26 (144A) (a)		1,660,000		1,642,408
6.750%, 01/15/31 (144A)		2,020,000		2,081,167
				13,164,191
Food—0.1%
Co-operative Group Holdings Ltd. 7.500%, 07/08/26 (GBP) (g)		2,410,000		3,017,092
Food Service—0.0%
TKC Holdings, Inc. 6.875%, 05/15/28 (144A)		1,190,000		1,100,750
Forest Products & Paper—0.2%
Suzano Austria GmbH 3.125%, 01/15/32 (a)		3,010,000		2,497,672
5.750%, 07/14/26		1,200,000		1,211,177
				3,708,849
Healthcare-Products—0.3%
Medline Borrower LP 5.250%, 10/01/29 (144A) (a)		6,700,000		6,315,262
Healthcare-Services—1.3%
Akumin, Inc. 7.000%, 11/01/25 (144A) †		2,332,000		1,888,920
7.500%, 08/01/28 (144A) †		3,840,000		2,911,104

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
CHS / Community Health Systems, Inc. 4.750%, 02/15/31 (144A) (a)		6,140,000	$	4,826,869
6.000%, 01/15/29 (144A) (a)		1,850,000		1,665,240
6.125%, 04/01/30 (144A)		5,530,000		3,580,343
10.875%, 01/15/32 (144A) (a)		3,110,000		3,250,354
Fresenius Medical Care U.S. Finance II, Inc. 4.750%, 10/15/24 (144A)		700,000		690,843
HCA, Inc. 5.500%, 06/15/47		360,000		346,579
7.500%, 11/06/33		1,938,000		2,180,714
LifePoint Health, Inc. 9.875%, 08/15/30 (144A) (a)		7,190,000		7,266,147
U.S. Renal Care, Inc. 10.625%, 06/28/28 (144A)		1,375,850		1,045,646
				29,652,759
Home Builders—0.3%
MDC Holdings, Inc. 6.000%, 01/15/43		1,195,000		1,110,874
Winnebago Industries, Inc. 6.250%, 07/15/28 (144A) (a)		5,189,000		5,098,192
				6,209,066
Housewares—0.2%
Newell Brands, Inc. 5.200%, 04/01/26 (a)		4,350,000		4,290,017
Insurance—1.0%
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co.-Issuer, Inc. 7.625%, 8.375% PIK, 10/15/25 (144A) (a) (d)		8,209,469		8,342,503
Massachusetts Mutual Life Insurance Co. 4.900%, 04/01/77 (144A) †		6,285,000		5,331,451
NMI Holdings, Inc. 7.375%, 06/01/25 (144A) (a)		3,380,000		3,385,611
Saga PLC 5.500%, 07/15/26 (GBP)		5,800,000		5,914,377
				22,973,942
Internet—0.7%
Acuris Finance U.S., Inc. / Acuris Finance SARL 5.000%, 05/01/28 (144A) (a)		2,900,000		2,363,500
Gen Digital, Inc. 7.125%, 09/30/30 (144A) (a)		5,110,000		5,339,030
Tencent Holdings Ltd. 3.595%, 01/19/28 (144A)		2,640,000		2,512,175
Ziff Davis, Inc. 4.625%, 10/15/30 (144A) (a)		5,586,000		5,124,765
				15,339,470
Iron/Steel—0.2%
Vale Overseas Ltd. 6.250%, 08/10/26 (a)		2,990,000		3,057,946
Iron/Steel—(Continued)
Vale Overseas Ltd. 6.875%, 11/10/39 (a)		1,180,000		1,295,743
				4,353,689
Leisure Time—2.0%
Carnival Corp. 4.000%, 08/01/28 (144A)		2,140,000		1,989,639
5.750%, 03/01/27 (144A) (a)		6,090,000		5,940,390
10.500%, 06/01/30 (144A)		210,000		229,698
Carnival Holdings Bermuda Ltd. 10.375%, 05/01/28 (144A) (a)		6,010,000		6,541,398
NCL Corp. Ltd. 5.875%, 03/15/26 (144A) (a)		8,470,000		8,276,525
8.125%, 01/15/29 (144A)		1,790,000		1,869,802
Royal Caribbean Cruises Ltd. 4.250%, 07/01/26 (144A) (a)		5,900,000		5,698,657
8.250%, 01/15/29 (144A)		1,340,000		1,424,014
9.250%, 01/15/29 (144A) (a)		2,010,000		2,162,002
11.625%, 08/15/27 (144A)		950,000		1,033,761
Viking Cruises Ltd. 5.875%, 09/15/27 (144A) (a)		2,700,000		2,605,500
9.125%, 07/15/31 (144A)		3,710,000		3,953,364
VOC Escrow Ltd. 5.000%, 02/15/28 (144A) (a)		3,420,000		3,275,741
				45,000,491
Lodging—1.4%
Full House Resorts, Inc. 8.250%, 02/15/28 (144A) (a)		5,025,000		4,723,500
Melco Resorts Finance Ltd. 4.875%, 06/06/25 (144A)		940,000		911,800
5.375%, 12/04/29 (144A) (a)		7,230,000		6,364,420
Sands China Ltd. 2.550%, 03/08/27		200,000		181,826
3.100%, 03/08/29		1,240,000		1,080,897
3.500%, 08/08/31 (a)		470,000		393,342
5.375%, 08/08/25 (a)		4,610,000		4,546,215
5.650%, 08/08/28		1,240,000		1,229,644
Wynn Macau Ltd. 4.875%, 10/01/24 (144A)		11,000,000		10,852,331
				30,283,975
Machinery-Construction & Mining—0.2%
Vertiv Group Corp. 4.125%, 11/15/28 (144A) (a)		4,110,000		3,856,082
Media—2.8%
Altice Financing SA 5.750%, 08/15/29 (144A)		4,030,000		3,576,256
CCO Holdings LLC / CCO Holdings Capital Corp. 4.250%, 02/01/31 (144A) (a)		4,630,000		4,046,297
5.000%, 02/01/28 (144A) (a)		2,990,000		2,860,780
Charter Communications Operating LLC / Charter Communications Operating Capital 4.400%, 04/01/33		1,260,000		1,162,833
5.375%, 04/01/38		1,580,000		1,424,804

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
CSC Holdings LLC 4.125%, 12/01/30 (144A) (a)		4,370,000	$	3,324,477
5.250%, 06/01/24		3,790,000		3,710,054
6.500%, 02/01/29 (144A) (a)		5,320,000		4,695,432
7.500%, 04/01/28 (144A) (a)		7,830,000		5,857,545
11.250%, 05/15/28 (144A)		5,110,000		5,265,140
Directv Financing LLC / Directv Financing Co.-Obligor, Inc. 5.875%, 08/15/27 (144A) (a)		5,690,000		5,346,192
DISH DBS Corp. 5.750%, 12/01/28 (144A) (a)		4,330,000		3,453,608
5.875%, 11/15/24 (a)		6,460,000		6,057,947
DISH Network Corp. 11.750%, 11/15/27 (144A) (a)		5,240,000		5,469,811
Gannett Holdings LLC 6.000%, 11/01/26 (144A)		600,000		529,500
McClatchy Co. LLC 11.000%, 12,500% PIK, 07/15/27 (144A) (d)		3,135,999		3,433,919
Time Warner Cable LLC 5.875%, 11/15/40		2,362,000		2,138,077
				62,352,672
Metal Fabricate/Hardware—0.4%
Advanced Drainage Systems, Inc. 5.000%, 09/30/27 (144A) (a)		490,000		472,850
6.375%, 06/15/30 (144A) (a)		2,710,000		2,730,308
Park-Ohio Industries, Inc. 6.625%, 04/15/27		5,700,000		5,272,500
				8,475,658
Mining—2.0%
Anglo American Capital PLC 4.000%, 09/11/27 (144A)		2,740,000		2,631,871
First Quantum Minerals Ltd. 6.875%, 03/01/26 (144A) (a)		7,550,000		6,758,273
6.875%, 10/15/27 (144A) (a)		9,300,000		7,903,558
7.500%, 04/01/25 (144A) (a)		1,000,000		953,495
Freeport Minerals Corp. 7.125%, 11/01/27		4,240,000		4,399,000
Freeport-McMoRan, Inc. 5.450%, 03/15/43 (a)		14,801,000		14,399,006
Glencore Finance Canada Ltd. 5.550%, 10/25/42 (144A) (a)		1,000,000		968,588
Hudbay Minerals, Inc. 4.500%, 04/01/26 (144A) (a)		2,660,000		2,572,956
6.125%, 04/01/29 (144A) (a)		2,854,000		2,798,287
Midwest Vanadium Pty, Ltd. 13.250%, 02/15/18 (144A) † (e) (f) (h)		931,574		0
Northwest Acquisitions ULC / Dominion Finco, Inc. 7.125%, 11/01/22 (144A) † (h)		8,475,000		848
				43,385,882
Multi-National—0.5%
Inter-American Development Bank 7.350%, 10/06/30 (INR)		876,000,000		10,752,281
Office/Business Equipment—0.1%
CDW LLC / CDW Finance Corp. 3.250%, 02/15/29 (a)		1,610,000		1,472,176
Oil & Gas—6.5%
Berry Petroleum Co. LLC 7.000%, 02/15/26 (144A) (a)		10,690,000		10,342,575
Chord Energy Corp. 6.375%, 06/01/26 (144A) (a)		6,890,000		6,890,000
Continental Resources, Inc. 5.750%, 01/15/31 (144A) (a)		3,630,000		3,613,517
Crescent Energy Finance LLC 9.250%, 02/15/28 (144A)		2,590,000		2,687,306
Endeavor Energy Resources LP / EER Finance, Inc. 5.750%, 01/30/28 (144A)		3,770,000		3,773,558
EQT Corp. 7.000%, 02/01/30 (a)		3,480,000		3,734,875
Hilcorp Energy I LP / Hilcorp Finance Co. 6.250%, 04/15/32 (144A)		3,440,000		3,308,974
8.375%, 11/01/33 (144A) (a)		2,500,000		2,648,600
KazMunayGas National Co. JSC 5.375%, 04/24/30 (144A)		300,000		297,151
6.375%, 10/24/48 (144A)		1,060,000		995,128
MEG Energy Corp. 5.875%, 02/01/29 (144A) (a)		870,000		845,329
7.125%, 02/01/27 (144A) (a)		5,290,000		5,375,878
Nabors Industries Ltd. 7.250%, 01/15/26 (144A)		1,220,000		1,172,676
Neptune Energy Bondco PLC 6.625%, 05/15/25 (144A)		5,270,000		5,222,493
Noble Finance II LLC 8.000%, 04/15/30 (144A)		2,560,000		2,663,816
Northern Oil & Gas, Inc. 8.125%, 03/01/28 (144A) (a)		5,580,000		5,649,750
Occidental Petroleum Corp. 4.400%, 08/15/49		1,630,000		1,208,221
6.450%, 09/15/36 (a)		5,682,000		6,011,563
7.150%, 05/15/28		6,482,000		6,848,039
7.950%, 06/15/39		9,359,000		10,903,235
Permian Resources Operating LLC 5.875%, 07/01/29 (144A) (a)		8,880,000		8,657,643
7.000%, 01/15/32 (144A) (a)		1,790,000		1,846,694
9.875%, 07/15/31 (144A)		3,670,000		4,078,287
Petrobras Global Finance BV 5.750%, 02/01/29		1,000,000		1,007,642
6.850%, 06/05/15 (a)		6,170,000		5,809,288
Range Resources Corp. 4.750%, 02/15/30 (144A)		2,970,000		2,745,438
8.250%, 01/15/29 (a)		9,260,000		9,583,845
Shelf Drilling Holdings Ltd. 9.625%, 04/15/29 (144A) (a)		3,680,000		3,601,113
Southwestern Energy Co. 4.750%, 02/01/32 (a)		7,230,000		6,689,282
8.375%, 09/15/28 (a)		5,212,000		5,392,241

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
YPF SA 6.950%, 07/21/27 (144A)		3,360,000	$	3,006,340
8.500%, 07/28/25 (144A)		6,350,000		6,130,032
				142,740,529
Packaging & Containers—0.4%
ARD Finance SA 6.500%, 7.250% PIK, 06/30/27 (144A) (a) (d)		4,470,000		2,088,295
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.000%, 06/15/27 (144A)		3,680,000		3,666,816
Cascades, Inc. / Cascades USA, Inc. 5.375%, 01/15/28 (144A) (a)		2,610,000		2,525,175
Sealed Air Corp. / Sealed Air Corp. U.S. 6.125%, 02/01/28 (144A) (a)		1,560,000		1,573,435
				9,853,721
Pharmaceuticals—1.4%
AdaptHealth LLC 4.625%, 08/01/29 (144A) (a)		890,000		686,858
Bausch Health Cos., Inc. 5.000%, 01/30/28 (144A)		480,000		217,660
5.500%, 11/01/25 (144A) (a)		2,470,000		2,259,482
6.125%, 02/01/27 (144A)		2,150,000		1,451,250
7.000%, 01/15/28 (144A)		1,070,000		465,033
Cheplapharm Arzneimittel GmbH 5.500%, 01/15/28 (144A) (a)		2,840,000		2,685,241
Option Care Health, Inc. 4.375%, 10/31/29 (144A) (a)		5,440,000		4,916,447
Teva Pharmaceutical Finance Co. LLC 6.150%, 02/01/36		5,085,000		4,866,304
Teva Pharmaceutical Finance Netherlands III BV 3.150%, 10/01/26 (a)		2,490,000		2,305,490
4.750%, 05/09/27 (a)		5,760,000		5,515,199
8.125%, 09/15/31		4,210,000		4,591,346
				29,960,310
Pipelines—3.7%
Blue Racer Midstream LLC / Blue Racer Finance Corp. 7.625%, 12/15/25 (144A) (a)		5,130,000		5,196,499
El Paso Natural Gas Co. LLC 7.500%, 11/15/26		1,000,000		1,067,925
8.375%, 06/15/32		190,000		221,391
Energy Transfer LP 6.250%, 04/15/49 (a)		1,090,000		1,127,173
7.125%, 5Y H15 + 5.306%, 05/15/30 (b)		1,950,000		1,796,883
9.669%, 3M TSFR + 4.290%, 01/16/24 (b)		2,030,000		1,949,438
Enterprise Products Operating LLC 5.375%, 3M TSFR + 2.832%, 02/15/78 (a) (b)		13,090,000		11,731,784
EQM Midstream Partners LP 6.000%, 07/01/25 (144A)		1,880,000		1,879,137
6.500%, 07/01/27 (144A) (a)		1,660,000		1,690,265
7.500%, 06/01/30 (144A) (a)		2,660,000		2,859,551
Pipelines—(Continued)
Howard Midstream Energy Partners LLC 6.750%, 01/15/27 (144A) (a)		3,590,000		3,550,053
8.875%, 07/15/28 (144A) (a)		2,570,000		2,697,379
Kinder Morgan, Inc. 7.800%, 08/01/31		67,000		76,569
Plains All American Pipeline LP 9.751%, 3M TSFR + 4.372%, 01/29/24 (b)		4,228,000		4,085,305
Rockies Express Pipeline LLC 7.500%, 07/15/38 (144A) (a)		2,480,000		2,503,634
Southern Natural Gas Co. LLC 8.000%, 03/01/32		25,000		29,187
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 9.000%, 10/15/26 (144A) (a) (g)		1,220,000		1,210,264
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6.000%, 12/31/30 (144A) (a)		3,230,000		3,002,423
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.875%, 02/01/31 (a)		3,480,000		3,380,507
Venture Global Calcasieu Pass LLC 3.875%, 11/01/33 (144A) (a)		2,200,000		1,864,386
4.125%, 08/15/31 (144A)		2,450,000		2,158,464
6.250%, 01/15/30 (144A) (a)		6,270,000		6,236,074
Venture Global LNG, Inc. 8.375%, 06/01/31 (144A)		3,090,000		3,088,400
9.875%, 02/01/32 (144A)		2,720,000		2,833,258
Western Midstream Operating LP 5.300%, 03/01/48		4,900,000		4,264,108
5.450%, 04/01/44		11,710,000		10,601,110
				81,101,167
Real Estate—0.2%
Country Garden Holdings Co. Ltd. 8.000%, 01/27/24 (h)		1,110,000		81,862
Cushman & Wakefield U.S. Borrower LLC 8.875%, 09/01/31 (144A) (a)		2,400,000		2,543,448
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/25 (144A) (a)		2,007,000		1,986,930
				4,612,240
Real Estate Investment Trusts—0.3%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 4.250%, 02/01/27 (144A) (a)		526,000		495,609
4.750%, 06/15/29 (144A) (a)		2,090,000		1,884,521
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/29 (a)		570,000		409,865
Service Properties Trust  5.500%, 12/15/27		2,416,000		2,211,984
8.625%, 11/15/31 (144A) (a)		690,000		722,729
				5,724,708

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—1.5%
Bath & Body Works, Inc. 5.250%, 02/01/28 (a)		1,810,000	$	1,790,200
6.625%, 10/01/30 (144A) (a)		4,890,000		4,997,834
Doman Building Materials Group Ltd. 5.250%, 05/15/26 (144A) (CAD)		3,680,000		2,553,352
FirstCash, Inc. 5.625%, 01/01/30 (144A) (a)		3,060,000		2,930,467
Foot Locker, Inc. 4.000%, 10/01/29 (144A) (a)		6,295,000		5,209,113
Michaels Cos., Inc. 5.250%, 05/01/28 (144A) (a)		2,630,000		2,079,238
QVC, Inc. 4.375%, 09/01/28		2,450,000		1,768,952
4.450%, 02/15/25 (a)		1,010,000		947,940
4.850%, 04/01/24 (a)		3,540,000		3,503,628
Sally Holdings LLC/Sally Capital, Inc. 5.625%, 12/01/25 (a)		3,910,000		3,910,974
Suburban Propane Partners LP / Suburban Energy Finance Corp. 5.000%, 06/01/31 (144A) (a)		2,430,000		2,203,005
Superior Plus LP / Superior General Partner, Inc. 4.500%, 03/15/29 (144A) (a)		2,320,000		2,151,266
				34,045,969
Software—0.9%
AthenaHealth Group, Inc. 6.500%, 02/15/30 (144A) (a)		3,840,000		3,483,562
Black Knight InfoServ LLC 3.625%, 09/01/28 (144A)		3,680,000		3,498,686
Central Parent, Inc./CDK Global, Inc. 7.250%, 06/15/29 (144A) (a)		8,550,000		8,719,790
Open Text Holdings, Inc. 4.125%, 02/15/30 (144A) (a)		2,500,000		2,262,687
Rackspace Technology Global, Inc. 3.500%, 02/15/28 (144A)		4,980,000		1,999,991
				19,964,716
Telecommunications—1.0%
Altice France Holding SA 10.500%, 05/15/27 (144A)		10,320,000		6,683,429
British Telecommunications PLC 9.625%, 12/15/30		3,875,000		4,794,919
CommScope, Inc. 6.000%, 03/01/26 (144A) (a)		390,000		347,677
Millicom International Cellular SA 4.500%, 04/27/31 (144A) (a)		3,930,000		3,267,453
6.250%, 03/25/29 (144A) (a)		1,395,000		1,322,217
Sprint Capital Corp. 8.750%, 03/15/32		2,069,000		2,553,690
Vmed O2 U.K. Financing I PLC 4.750%, 07/15/31 (144A) (a)		4,620,000		4,123,840
				23,093,225
Transportation—0.4%
Carriage Purchaser, Inc. 7.875%, 10/15/29 (144A)		3,155,000		2,583,044
RXO, Inc. 7.500%, 11/15/27 (144A)		1,170,000		1,207,276
XPO, Inc. 6.250%, 06/01/28 (144A) (a)		2,630,000		2,661,586
7.125%, 02/01/32 (144A)		1,900,000		1,960,956
				8,412,862
Total Corporate Bonds & Notes (Cost $1,175,379,129)				1,133,249,195
Floating Rate Loans (i)—13.8%
Advertising—0.2%
CB Poly U.S. Holdings, Inc. Term Loan B, 10.848%, 3M TSFR + 5.500%, 05/18/29		5,302,875		5,273,046
Aerospace/Defense—0.2%
Vertex Aerospace Services Corp.
2021 First Lien Term Loan, 8.706%, 1M TSFR + 3.250%, 12/06/28		4,967,031		4,978,580
Airlines—0.0%
United Airlines, Inc. 2021 Term Loan B, 9.220%, 1M TSFR + 3.750%, 04/21/28		901,180		905,573
Apparel—0.1%
Fanatics Commerce Intermediate Holdco LLC Term Loan B, 8.720%, 1M TSFR + 3.250%, 11/24/28		2,161,058		2,161,058
Auto Parts & Equipment—0.3%
Clarios Global LP
2023 Incremental Term Loan, 9.106%, 1M TSFR + 3.750%, 05/06/30		3,291,750		3,302,037
First Brands Group LLC
2022 Incremental Term Loan, 10.881%, 6M TSFR + 5.000%, 03/30/27		3,404,211		3,382,934
				6,684,971
Building Materials—0.2%
Emrld Borrower LP Term Loan B, 8.356%, 1M TSFR + 3.000%, 05/31/30		2,593,500		2,604,382
Quikrete Holdings, Inc.
2023 Term Loan B, 8.220%, 1M TSFR + 2.750%, 03/19/29		2,340,751		2,351,577
				4,955,959
Commercial Services—1.8%
Adtalem Global Education, Inc.
2021 Term Loan B, 9.470%, 1M TSFR + 4.000%, 08/12/28		778,127		781,434

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
Allied Universal Holdco LLC
2021 USD Incremental Term Loan B, 9.206%, 1M TSFR + 3.750%, 05/12/28		5,352,621	$	5,330,038
2023 Term Loan B, 10.106%, 1M TSFR + 4.750%, 05/12/28		2,513,700		2,519,087
DS Parent, Inc. Term Loan B, 12/13/30 (j)		4,830,000		4,624,725
Garda World Security Corp.
2022 Term Loan B, 9.625%, 3M TSFR + 4.250%, 02/01/29		3,654,670		3,663,047
GTCR W Merger Sub LLC
USD Term Loan B, 09/20/30 (j)		2,530,000		2,540,462
MPH Acquisition Holdings LLC
2021 Term Loan B, 9.900%, 3M TSFR + 4.250%, 09/01/28		3,581,679		3,463,036
PECF USS Intermediate Holding III Corp. Term Loan B, 9.606% - 9.895%, 3M TSFR + 4.250%, 12/15/28 (c)		5,213,600		4,090,142
Peer Holding III BV 2023 USD Term Loan B4,10/28/30 (j)		3,340,000		3,353,567
Prime Security Services Borrower LLC
2023 Term Loan B, 7.841%, 1M TSFR + 2.500%, 10/14/30		2,250,000		2,258,125
Ryan LLC
Delayed Draw Term Loan, 11/14/30 (k)		493,333		495,800
Term Loan, 9.856%, 1M TSFR + 4.500%, 11/14/30		4,796,667		4,820,650
Verscend Holding Corp.
2021 Term Loan B, 9.470%, 1M TSFR + 4.000%, 08/27/25		1,862,672		1,867,620
WW International, Inc. Term Loan B, 04/13/28 (j)		2,260,000		1,613,075
				41,420,808
Computers—1.2%
Amentum Government Services Holdings LLC
2022 Term Loan, 9.358%, 1M TSFR + 4.000%, 02/15/29		5,708,001		5,722,271
Term Loan B, 9.470%, 1M TSFR + 4.000%, 01/29/27		4,554,873		4,569,107
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, 10.645%, 3M TSFR + 5.000%, 07/27/28		2,976,890		2,093,126
NEXUS Buyer LLC
2023 Term Loan B2, 9.738%, 1M TSFR + 4.500%, 12/13/28		4,910,000		4,897,725
Redstone Holdco 2 LP
2021 Term Loan, 10.220%, 1M TSFR + 4.750%, 04/27/28		5,344,792		4,064,549
UST Holdings Ltd. Term Loan, 8.955%, 1M TSFR + 3.500%, 11/20/28		3,361,301		3,354,998
				24,701,776
Diversified Financial Services—1.5%
Advisor Group, Inc.
2023 Term Loan B, 9.856%, 1M TSFR + 4.500%, 08/17/28		3,150,000		3,163,976
Diversified Financial Services—(Continued)
AqGen Island Holdings, Inc.
Term Loan, 8.970%, 1M TSFR + 3.500%, 08/02/28		4,442,771		4,442,771
Aretec Group, Inc.
2023 Incremental Term Loan, 9.956%, 1M TSFR + 4.500%, 08/09/30		2,683,258		2,686,194
Citadel Securities LP
2023 Term Loan B, 7.970%, 1M TSFR + 2.500%, 07/29/30		2,924,096		2,933,053
CTC Holdings LP Term Loan B, 10.522%, 3M TSFR + 5.000%, 02/20/29		2,212,365		2,198,538
Deerfield Dakota Holding LLC
2021 USD 2nd Lien Term Loan, 12.360%, 3M TSFR + 6.750%, 04/07/28		2,060,000		1,980,175
Focus Financial Partners LLC
2021 Term Loan B4, 7.856%, 1M TSFR + 2.500%, 06/30/28		4,965,082		4,974,391
2022 Term Loan B5, 8.606%, 1M TSFR + 3.250%, 06/30/28		3,740		3,752
Greystone Select Financial LLC Term Loan B, 10.658%, 3M TSFR + 5.000%, 06/16/28		3,367,988		3,351,148
Hudson River Trading LLC
2021 Term Loan, 8.356%, 1M TSFR + 3.000%, 03/20/28		3,384,667		3,378,849
Jane Street Group LLC
2021 Term Loan, 8.220%, 1M TSFR + 2.750%, 01/26/28		3,183,900		3,205,789
				32,318,636
Engineering & Construction—0.3%
Brown Group Holding LLC
2022 Incremental Term Loan B2, 9.106% - 9.138%, 3M TSFR + 3.750%, 07/02/29 (c)		664,950		667,800
Term Loan B, 8.206%, 1M TSFR + 2.750%, 06/07/28		4,917,913		4,926,475
				5,594,275
Entertainment—1.2%
Allen Media LLC
2021 Term Loan B, 10.998%, 3M TSFR + 5.500%, 02/10/27		8,672,673		7,769,267
Caesars Entertainment Corp. Term Loan B, 8.706%, 1M TSFR + 3.250%, 02/06/30		1,756,725		1,764,411
Cinemark USA, Inc.
2023 Term Loan B, 9.106% - 9.110%, 1M TSFR + 3.750%, 05/24/30 (c)		6,669,600		6,682,939
Flutter Entertainment PLC Term Loan B, 7.698%, 3M TSFR + 2.250%, 11/25/30		5,540,000		5,559,623
UFC Holdings LLC
2021 Term Loan B, 8.399%, 3M TSFR + 2.750%, 04/29/26		3,592,050		3,607,765
				25,384,005

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Environmental Control—0.2%
LRS Holdings LLC Term Loan B, 9.720%, 1M TSFR + 4.250%, 08/31/28		4,115,703	$	4,053,967
Food—0.2%
8th Avenue Food & Provisions, Inc.
2018 2nd Lien Term Loan, 13.220%, 1M TSFR + 7.750%, 10/01/26		1,452,297		1,164,259
Froneri International Ltd.
2020 EUR Term Loan B1, 6.097%, 6M EURIBOR + 2.125%, 01/29/27 (EUR)		2,780,000		3,045,006
				4,209,265
Healthcare-Products—0.3%
Agiliti Health, Inc.
2023 Term Loan, 8.395%, 3M TSFR + 3.000%, 05/01/30		3,341,625		3,345,802
Sotera Health Holdings LLC
2023 Incremental Term Loan B, 9.106%, 1M TSFR + 3.750%, 12/11/26		3,383,000		3,387,229
				6,733,031
Healthcare-Services—0.4%
EyeCare Partners LLC
2021 2nd Lien Term Loan, 12.395%, 3M TSFR + 6.750%, 11/15/29		3,930,000		1,185,551
2021 Incremental Term Loan, 9.395%, 3M TSFR + 3.750%, 11/15/28		4,195,275		2,106,028
Knight Health Holdings LLC Term Loan B, 10.720%, 1M TSFR + 5.250%, 12/23/28		5,674,141		1,645,501
LifePoint Health, Inc.
2023 Term Loan B, 11.168%, 3M TSFR + 5.500%, 11/16/28		3,816,772		3,811,605
				8,748,685
Home Furnishings—0.3%
AI Aqua Merger Sub, Inc.
2023 Incremental Term Loan, 07/31/28 (j)		5,850,000		5,882,906
Housewares—0.2%
Solis IV BV
USD Term Loan B1, 8.880%, 3M TSFR + 3.500%, 02/26/29		4,391,991		4,385,131
Insurance—1.0%
Acrisure LLC
2020 Term Loan B, 9.150%, 3M LIBOR + 3.500%, 02/15/27		2,877,875		2,876,592
AssuredPartners, Inc.
2023 Term Loan B4, 9.106%, 1M TSFR + 3.750%, 02/12/27		2,871,658		2,887,093
Insurance—(Continued)
Asurion LLC
2021 Second Lien Term Loan B4, 10.720%, 1M TSFR + 5.250%, 01/20/29		8,950,000		8,476,133
2021 Term Loan B9, 8.606%, 1M TSFR + 3.250%, 07/31/27		3,195,870		3,177,893
Howden Group Holdings Ltd.
2023 USD Term Loan B, 9.356%, 1M TSFR + 4.000%, 04/18/30		932,950		936,158
Sedgwick Claims Management Services, Inc.
2023 Term Loan B, 9.106%, 1M TSFR + 3.750%, 02/24/28		3,794,471		3,811,664
				22,165,533
Investment Companies—0.3%
Cardinal Parent, Inc.
2020 Term Loan B, 9.998%, 3M TSFR + 4.500%, 11/12/27		6,107,781		5,626,793
Jump Financial LLC Term Loan B, 10.110%, 3M TSFR + 4.500%, 08/07/28		1,825,857		1,816,727
				7,443,520
Leisure Time—0.7%
19th Holdings Golf LLC
2022 Term Loan B, 8.696%, 1M TSFR + 3.350%, 02/07/29		5,998,601		5,968,608
Carnival Corp.
2023 Term Loan B, 8.357%, 1M TSFR + 3.000%, 08/08/27		1,781,050		1,787,729
Equinox Holdings, Inc.
2020 Term Loan B2, 14.612%, 6M LIBOR + 9.000%, 03/08/24		2,142,300		2,100,257
Hayward Industries, Inc.
2022 Term Loan, 8.706%, 1M TSFR + 3.250%, 05/30/28		2,073,750		2,073,103
Topgolf Callaway Brands Corp. Term Loan B, 8.956%, 1M TSFR + 3.500%, 03/15/30		3,414,200		3,417,857
				15,347,554
Machinery-Diversified—0.2%
SPX Flow, Inc.
2022 Term Loan, 9.956%, 1M TSFR + 4.500%, 04/05/29		4,709,977		4,730,583
Media—0.3%
A-L Parent LLC
2023 Take Back Term Loan, 10.856%, 1M TSFR + 5.500%, 06/30/28		3,471,300		3,356,313
Virgin Media Bristol LLC
2023 USD Term Loan Y, 8.790%, 6M TSFR + 3.250%, 03/31/31		2,620,000		2,615,908
				5,972,221

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—0.1%
Apollo Commercial Real Estate Finance, Inc.
2021 Incremental Term Loan B1, 8.970%, 1M TSFR + 3.500%, 03/11/28		2,091,605	$	2,055,002
Retail—0.9%
Dave & Buster’s, Inc.
2023 Term Loan B5, 7.606%, 1M TSFR + 2.250%, 09/20/30		3,235,925		3,241,413
Lakeshore Intermediate LLC Term Loan, 8.856%, 1M TSFR + 3.500%, 09/29/28		3,684,574		3,686,416
Michaels Cos., Inc.
2021 Term Loan B, 9.860%, 3M TSFR + 4.250%, 04/15/28		418,926		350,589
Pacific Bells LLC Term Loan B, 10.110%, 3M TSFR + 4.500%, 11/10/28		3,204,684		3,200,679
Spencer Spirit IH LLC Term Loan B, 11.441%, 1M TSFR + 6.000%, 06/19/26		5,163,227		5,158,384
Thermostat Purchaser III, Inc. Term Loan, 10.038%, 3M TSFR + 4.500%, 08/31/28		4,072,718		4,042,172
				19,679,653
Software—1.4%
Athenahealth Group, Inc.
2022 Term Loan B, 8.606%, 1M TSFR + 3.250%, 02/15/29		717,635		716,140
Cloudera, Inc.
2021 Second Lien Term Loan, 11.456%, 1M TSFR + 6.000%, 10/08/29		1,090,000		1,050,033
2021 Term Loan, 9.206%, 1M TSFR + 3.750%, 10/08/28		3,420,000		3,397,199
DCert Buyer, Inc.
2019 Term Loan B, 9.356%, 1M TSFR + 4.000%, 10/16/26		4,237,379		4,208,577
2021 2nd Lien Term Loan, 12.356%, 1M TSFR + 7.000%, 02/19/29		8,990,000		8,220,231
EVERTEC Group LLC
2023 Term Loan B, 8.956%, 1M TSFR + 3.500%, 10/30/30		1,971,000		1,978,391
MRI Software LLC
2020 Term Loan, 10.948%, 3M TSFR + 5.500%, 02/10/26		925,154		907,808
2020 Term Loan B, 10.948%, 3M TSFR + 5.500%, 02/10/27		1,608,595		1,584,466
Planview Parent, Inc. Term Loan, 9.610%, 3M TSFR + 4.000%, 12/17/27		5,551,276		5,516,220
Project Alpha Intermediate Holding, Inc.
2023 1st Lien Term Loan B, 10.106%, 1M TSFR + 4.750%, 10/28/30		3,650,000		3,680,226
				31,259,291
Telecommunications—0.2%
Global Tel*Link Corp.
2018 1st Lien Term Loan, 9.748% - 9.783%, 3M TSFR + 4.250%, 11/29/25 (c)		4,096,927		3,918,113
Transportation—0.1%
Worldwide Express Operations LLC
2021 1st Lien Term Loan, 9.360%, 3M TSFR + 4.000%, 07/26/28		2,699,356		2,652,748
Total Floating Rate Loans (Cost $316,009,398)				303,615,890
Asset-Backed Securities—9.7%
Asset-Backed - Automobile—0.3%
Avis Budget Rental Car Funding AESOP LLC 3.710%, 08/20/27 (144A)		7,750,000		6,910,513
Asset-Backed - Home Equity—0.2%
Bear Stearns Asset-Backed Securities Trust  6.210%, 1M TSFR + 0.854%, 01/25/34 (b)		8,770		8,440
WaMu Asset-Backed Certificates WaMu Trust  5.640%, 1M TSFR + 0.284%, 07/25/47 (b)		6,575,570		4,697,898
				4,706,338
Asset-Backed - Manufactured Housing—0.1%
Origen Manufactured Housing Contract Trust  6.962%, 10/15/37 (b)		288,805		264,730
7.800%, 04/15/37 (b)		292,890		274,379
UCFC Manufactured Housing Contract 7.095%, 04/15/29 (b)		928,863		817,500
				1,356,609
Asset-Backed - Other—8.7%
AB BSL CLO 4 Ltd. 7.416%, 3M TSFR + 2.000%, 04/20/36 (144A) (b)		1,200,000		1,203,540
Apidos CLO XXII Ltd. 12.427%, 3M TSFR + 7.012%, 04/20/31 (144A) (b)		5,490,000		5,446,327
APL Finance DAC 7.861%, 07/21/31		1,200,000		1,207,469
Applebee’s Funding LLC / IHOP Funding LLC 7.824%, 03/05/53 (144A)		3,150,000		3,229,537
Bain Capital Credit CLO Ltd. 7.224%, 3M TSFR + 1.830%, 04/16/36 (144A) (b)		4,690,000		4,697,978
Barings CLO Ltd. 11.357%, 3M TSFR + 5.942%, 01/20/32 (144A) (b)		5,740,000		5,559,810
Bear Stearns Asset-Backed Securities Trust  6.000%, 10/25/36		969,230		411,450
Benefit Street Partners CLO IV Ltd. 9.277%, 3M TSFR + 3.862%, 01/20/32 (144A) (b)		3,120,000		3,119,910
Buckhorn Park CLO Ltd. 6.777%, 3M TSFR + 1.382%, 07/18/34 (144A) (b)		5,890,000		5,883,026

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Canyon Capital CLO Ltd. 12.066%, 3M TSFR + 6.672%, 04/15/34 (144A) (b)		750,000	$	727,675
Carlyle Global Market Strategies CLO Ltd. 6.691%, 3M TSFR + 1.312%, 05/15/31 (144A) (b)		8,383,428		8,370,593
Carlyle U.S. CLO Ltd. 9.377%, 3M TSFR + 3.962%, 07/20/31 (144A) (b)		8,500,000		8,168,891
CarVal CLO VII-C Ltd. 7.616%, 3M TSFR + 2.200%, 01/20/35 (144A) (b)		5,900,000		5,919,311
Catskill Park CLO Ltd. 11.677%, 3M TSFR + 6.262%, 04/20/29 (144A) (b)		7,600,000		7,144,380
CWHEQ Revolving Home Equity Loan Resuritization Trust  5.776%, 1M TSFR + 0.414%, 12/15/33 (144A) (b)		5,260		5,257
Dividend Solar Loans LLC 3.670%, 08/22/39 (144A)		2,504,297		2,209,496
Driven Brands Funding, LLC 4.641%, 04/20/49 (144A)		1,905,000		1,839,687
Dryden 43 Senior Loan Fund  12.077%, 3M TSFR + 6.662%, 04/20/34 (144A) (b)		2,790,000		2,560,718
Dryden 75 CLO Ltd. 12.256%, 3M TSFR + 6.862%, 04/15/34 (144A) (b)		7,200,000		6,622,020
FNA VI LLC 1.350%, 01/10/32 (144A)		713,204		650,791
Fortress Credit BSL XII Ltd. 12.786%, 3M TSFR + 7.392%, 10/15/34 (144A) (b)		2,250,000		1,984,615
Golub Capital Partners CLO 53B Ltd. 12.377%, 3M TSFR + 6.962%, 07/20/34 (144A) (b)		3,640,000		3,507,064
Golub Capital Partners CLO 66B Ltd. 7.328%, 3M TSFR + 1.950%, 04/25/36 (144A) (b)		1,210,000		1,211,764
Greenwood Park CLO Ltd. 10.606%, 3M TSFR + 5.212%, 04/15/31 (144A) (b)		7,380,000		6,433,419
Greywolf CLO II Ltd. 9.313%, 3M TSFR + 3.910%, 04/17/34 (144A) (b)		4,090,000		3,937,840
Halsey Point CLO I Ltd. 13.877%, 3M TSFR + 8.462%, 01/20/33 (144A) (b)		2,770,000		2,438,348
Kestrel Aircraft Funding Ltd. 4.250%, 12/15/38 (144A)		1,316,491		1,161,803
LFS LLC 8.250%, 07/15/35 (144A)		1,000,000		984,432
Long Beach Mortgage Loan Trust  5.992%, 1M TSFR + 0.634%, 01/21/31 (b)		1,717		1,704
Marathon CLO 14 Ltd. 8.977%, 3M TSFR + 3.562%, 01/20/33 (144A) (b)		2,950,000		2,919,998
MidOcean Credit CLO VII 9.536%, 3M TSFR + 4.142%, 07/15/29 (144A) (b)		4,000,000		3,814,336
MKS CLO Ltd. 8.327%, 3M TSFR + 2.912%, 01/20/31 (144A) (b)		2,150,000		2,074,539
Neuberger Berman Loan Advisers CLO 44 Ltd. 11.656%, 3M TSFR + 6.262%, 10/16/34 (144A) (b)		3,560,000		3,486,194
Oaktree CLO Ltd. 9.474%, 3M TSFR + 4.062%, 04/22/30 (144A) (b)		4,550,000		4,328,488
Ocean Trails CLO X 13.226%, 3M TSFR + 7.832%, 10/15/34 (144A) (b)		4,690,000		4,196,162
Asset-Backed - Other—(Continued)
Ocean Trails CLO XIV Ltd. 7.416%, 3M TSFR + 2.000%, 01/20/35 (144A) (b)		5,190,000		5,206,302
Palmer Square Loan Funding Ltd. 10.794%, 3M TSFR + 5.400%, 04/15/31 (144A) (b)		5,270,000		5,273,204
Peace Park CLO Ltd. 11.677%, 3M TSFR + 6.262%, 10/20/34 (144A) (b)		2,250,000		2,190,406
Pioneer Aircraft Finance Ltd. 3.967%, 06/15/44 (144A)		2,512,504		2,211,079
Rad CLO Ltd. 9.774%, 3M TSFR + 4.400%, 01/25/33 (144A) (b)		2,160,000		2,158,404
RR 18 Ltd. 11.906%, 3M TSFR + 6.512%, 10/15/34 (144A) (b)		7,070,000		6,880,312
Sculptor CLO XXVI Ltd. 12.927%, 3M TSFR + 7.512%, 07/20/34 (144A) (b)		4,370,000		4,092,286
Structured Asset Securities Corp. Mortgage Loan Trust  5.690%, 1M TSFR + 0.334%, 02/25/36 (144A) (b)		2,536,543		54,265
Sycamore Tree CLO Ltd. 7.746%, 3M TSFR + 2.330%, 04/20/35 (144A) (b)		5,830,000		5,838,162
Symphony CLO XIX Ltd. 6.616%, 3M TSFR + 1.222%, 04/16/31 (144A) (b)		2,147,144		2,143,939
TCI-Symphony CLO Ltd. 8.755%, 3M TSFR + 3.362%, 10/13/32 (144A) (b)		1,720,000		1,662,512
12.405%, 3M TSFR + 7.012%, 10/13/32 (144A) (b)		6,440,000		5,942,561
Thrust Engine Leasing DAC 4.163%, 07/15/40 (144A)		3,055,489		2,625,841
Trinitas CLO XXVI Ltd.
8.268%, 3M TSFR + 2.950%, 01/20/35 (144A) (b)		3,100,000		3,100,000
TSTAT Ltd. 10.216%, 3M TSFR + 4.800%, 01/20/31 (144A) (b)		3,550,000		3,550,128
Valley Stream Park CLO Ltd. 9.566%, 3M TSFR + 4.150%, 10/20/34 (144A) (b)		2,725,000		2,717,446
Voya CLO Ltd. 12.627%, 3M TSFR + 7.212%, 04/20/34 (144A) (b)		2,360,000		2,281,745
Whitebox CLO IV Ltd. 7.566%, 3M TSFR + 2.150%, 04/20/36 (144A) (b)		6,220,000		6,239,873
Whitehorse XII Ltd. 9.306%, 3M TSFR + 3.912%, 10/15/31 (144A) (b)		6,180,000		5,828,686
Z Capital Credit Partners CLO Ltd. 9.856%, 3M TSFR + 4.462%, 07/15/33 (144A) (b)		4,290,000		3,937,285
				191,393,008
Asset-Backed - Student Loan—0.4%
College Avenue Student Loans LLC 6.060%, 05/25/55 (144A)		2,558,000		2,474,738
Educational Funding Co. LLC 5.990%, 3M TSFR + 0.612%, 04/25/33 (144A) (b)		2,811,689		1,780,391
National Collegiate Student Loan Trust  5.760%, 1M TSFR + 0.404%, 01/25/33 (b)		1,952,760		1,819,563
SMB Private Education Loan Trust  3.860%, 01/15/53 (144A)		3,467,749		3,118,571
				9,193,263
Total Asset-Backed Securities (Cost $221,379,180)				213,559,731

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—9.4%

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—6.0%
Angel Oak Mortgage Trust  4.136%, 01/25/67 (144A) (b)		3,722,458	$	3,353,212
Banc of America Funding Corp. 3.658%, 02/27/37 (144A) (b)		15,994,402		13,098,135
Banc of America Funding Trust  2.862%, 1M TSFR + 0.279%, 09/29/36 (144A) (b)		19,928,113		14,795,279
4.733%, 03/27/36 (144A) (b)		3,924,534		3,219,842
7.259%, 01/27/30 (144A) (b)		23,676,570		8,491,223
Banc of America Mortgage Trust  5.139%, 09/25/35 (b)		22,029		18,839
BCAP LLC Trust  3.877%, 05/26/47 (144A) (b)		2,749,876		2,432,093
Bear Stearns Asset-Backed Securities I Trust  12.547%, -4.33x 1M TSFR + 35.754%, 07/25/36 (b)		171,425		208,173
BRAVO Residential Funding Trust  3.125%, 01/29/70 (144A) (g)		5,669,895		5,295,790
6.435%, 05/25/63 (144A) (g)		3,921,907		3,957,617
7.103%, 10/25/63 (144A) (g)		3,719,801		3,742,994
CIM Trust  5.000%, 05/25/62 (144A) (b)		1,329,258		1,316,993
Citigroup Mortgage Loan Trust, Inc. 6.170%, 09/25/62 (144A) (g)		4,368,480		4,384,483
Countrywide Alternative Loan Trust  4.905%, -2.2x 1M TSFR + 16.688%, 06/25/35 (b)		727,358		624,631
5.750%, 01/25/37		1,363,472		669,226
6.000%, 01/25/37		1,077,464		653,466
6.177%, -6x 1M TSFR + 38.313%, 08/25/37 (b)		570,169		734,922
6.718%, -4x 1M TSFR + 28.142%, 07/25/36 (b)		1,429,517		1,346,490
Countrywide Alternative Loan Trust Resecuritization 4.080%, 08/25/37 (b)		1,859,339		888,415
Countrywide Reperforming Loan REMICS Trust  0.789%, 03/25/35 (144A) † (b) (l)		1,742,133		84,052
CSMC Mortgage-Backed Trust  0.438%, -5.5x 1M TSFR + 29.895%, 02/25/36 (b)		464,612		450,206
CSMC Trust  1.796%, 12/27/60 (144A) (b)		1,757,698		1,708,374
3.937%, 09/27/60 (144A)		5,360,000		5,199,120
GreenPoint Mortgage Funding Trust  5.910%, 1M TSFR + 0.554%, 06/25/45 (b)		460,760		432,830
GSMPS Mortgage Loan Trust  5.870%, 1M TSFR + 0.514%, 04/25/36 (144A) (b)		710,882		581,913
HarborView Mortgage Loan Trust  6.470%, 1M TSFR + 2.114%, 10/25/37 (b)		542,516		496,407
IndyMac INDX Mortgage Loan Trust  6.190%, 1M TSFR + 0.834%, 01/25/35 (b)		489,766		343,296
Legacy Mortgage Asset Trust  3.844%, 10/25/66 (144A) (g)		2,770,000		2,767,797
6.250%, 06/25/60 (144A) (g)		1,937,346		1,935,537
Lehman XS Trust  5.870%, 1M TSFR + 0.514%, 08/25/46 (b)		743,831		675,980
MASTR Seasoned Securitization Trust  5.259%, 10/25/32 (b)		27,624		27,327
Merrill Lynch Mortgage Investors Trust  4.578%, 05/25/34 (b)		20,975		18,319
5.395%, 08/25/33 (b)		172,846		157,314
Collateralized Mortgage Obligations—(Continued)
MFA Trust  6.784%, 12/25/68 (144A) (g)		3,380,000		3,391,893
New Residential Mortgage Loan Trust  3.500%, 12/25/57 (144A) (b)		2,860,000		2,348,362
3.500%, 12/25/58 (144A) (b)		2,572,211		2,387,428
3.750%, 11/25/58 (144A) (b)		3,197,836		2,976,711
4.014%, 04/25/62 (144A) (b)		4,239,096		3,774,592
4.250%, 09/25/56 (144A) (b)		5,006,637		4,688,330
NovaStar Mortgage Funding Trust  0.523%, 1M TSFR + 0.494%, 09/25/46 (b)		196,237		177,240
OBX Trust  5.949%, 02/25/63 (144A) (g)		1,011,222		1,011,301
PRKCM Trust  7.304%, 02/25/58 (144A) (g)		4,922,620		4,911,395
Residential Accredit Loans, Inc. Trust  6.288%, 11/25/37 (b)		1,734,847		1,409,942
Residential Asset Securitization Trust  5.750%, 02/25/36		685,801		637,277
Residential Mortgage Loan Trust  2.508%, 05/25/60 (144A) (b)		2,980,000		2,854,833
Sequoia Mortgage Trust  3.726%, 07/25/45 (144A) (b)		3,979		3,793
6.483%, 6M TSFR + 1.108%, 06/20/33 (b)		27,989		26,658
Structured Adjustable Rate Mortgage Loan Trust  4.213%, 09/25/35 (b)		274,783		172,013
6.957%, 1M TSFR + 1.614%, 09/25/37 (b)		1,671,765		1,514,936
Structured Asset Mortgage Investments II Trust  5.890%, 1M TSFR + 0.534%, 05/25/46 (b)		99,045		68,464
6.030%, 1M TSFR + 0.674%, 02/25/36 (b)		1,207,553		985,936
Towd Point Mortgage Trust  3.635%, 06/25/57 (144A) (b)		2,900,000		2,267,384
7.720%, 1M TSFR + 2.364%, 05/25/58 (144A) (b)		1,220,000		1,245,840
Verus Securitization Trust  4.910%, 06/25/67 (144A) (g)		2,995,815		2,909,925
6.968%, 12/25/68 (144A) (g)		2,620,000		2,640,737
WaMu Mortgage Pass-Through Certificates Trust  4.238%, 09/25/36 (b)		223,906		197,217
5.584%, 08/25/33 (b)		353,241		338,283
5.810%, 12M MTA + 0.798%, 03/25/47 (b)		704,355		604,626
6.010%, 1M TSFR + 0.654%, 12/25/45 (b)		144,974		140,748
6.430%, 1M TSFR + 1.074%, 12/25/45 (b)		5,006,686		3,241,196
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust  1.210%, -1x 1M TSFR + 6.566%, 04/25/37 (b) (l)		6,491,024		1,040,405
				132,077,760
Commercial Mortgage-Backed Securities—3.4%
2023-MIC Trust  8.437%, 12/05/38 (144A) (b)		1,080,000		1,128,402
BAMLL Re-REMICS Trust  5.630%, 08/10/45 (144A) (b)		4,663,101		954,723
Benchmark Mortgage Trust  3.666%, 01/15/51 (b)		1,210,000		1,130,753
6.363%, 07/15/56 (b)		1,120,000		1,173,340

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
BFLD Trust  9.677%, 1M TSFR + 4.314%, 10/15/35 (144A) (b)		2,960,000	$	92,802
BX Commercial Mortgage Trust  3.549%, 03/11/44 (144A) (b)		9,066,697		7,307,476
CFK Trust  3.458%, 03/15/39 (144A) (b)		4,800,000		3,514,913
Citigroup Commercial Mortgage Trust  3.110%, 04/10/48 (144A)		1,750,000		1,416,396
3.225%, 09/15/48 (144A)		2,000,000		1,500,198
4.422%, 07/10/47 (b)		1,210,000		1,127,189
5.820%, 10/12/40 (144A) (b)		1,120,000		1,133,761
CoreVest American Finance Ltd. 7.553%, 12/28/30 (144A) (g)		4,010,000		4,018,000
CSMC Trust  3.160%, 12/15/41 (144A)		7,420,000		6,544,889
4.373%, 09/15/37 (144A)		6,620,000		3,111,019
12.794%, PRIME + 4.294%, 07/15/32 (144A) (b)		6,285,000		5,262,393
CSMC Trust Capital Certificates 8.059%, 1M TSFR + 2.697%, 05/15/36 (144A) (b)		10,593,644		10,487,129
GS Mortgage Securities Corp. Trust  7.977%, 1M TSFR + 2.614%, 05/15/26 (144A) (b)		1,540,000		918,992
GS Mortgage Securities Trust  3.384%, 05/10/50		4,000,000		2,773,755
JP Morgan Chase Commercial Mortgage Securities Trust  4.723%, 01/15/49 (b)		568,000		474,423
6.349%, 02/15/51 (b)		26,681		24,675
9.742%, 1M TSFR + 4.379%, 11/15/38 (144A) (b)		3,760,000		3,569,349
MHC Trust  7.427%, 1M TSFR + 2.064%, 05/15/38 (144A) (b)		4,496,000		4,377,373
ML-CFC Commercial Mortgage Trust  5.450%, 08/12/48 (b)		131,595		19,871
5.450%, 08/12/48 (144A) (b)		15,057		2,274
6.193%, 09/12/49 (b)		39,625		38,602
6.222%, 09/12/49 (b)		54,761		53,356
MSWF Commercial Mortgage Trust  5.472%, 05/15/56		2,210,000		2,287,958
7.252%, 12/15/56 (b)		2,260,000		2,317,689
Multifamily Trust  6.270%, 04/25/46 (144A) (b)		2,342,274		2,335,835
SMR Mortgage Trust  11.362%, 1M TSFR + 6.000%, 02/15/39 (144A) (b)		2,755,343		2,160,631
Soho Trust  2.697%, 08/10/38 (144A) (b)		3,330,000		1,923,391
UBS Commercial Mortgage Trust  3.418%, 12/15/50		1,004,064		943,313
Waikiki Beach Hotel Trust  7.757%, 1M TSFR + 2.144%, 12/15/33 (144A) (b)		1,860,000		1,805,718
				75,930,588
Total Mortgage-Backed Securities (Cost $230,875,369)				208,008,348
U.S. Treasury & Government Agencies—7.1%
Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—7.1%
Federal Home Loan Mortgage Corp. 1.500%, 05/01/41		729,309		605,480
1.500%, 07/01/41		578,468		479,349
3.000%, 06/01/35		2,373,426		2,223,080
4.000%, 07/01/49		5,576,629		5,373,774
4.500%, 02/01/47		1,426,072		1,410,572
7.000%, 03/01/39		30,743		32,795
Federal Home Loan Mortgage Corp. STACR REMICS Trust  8.337%, SOFR30A + 3.000%, 12/25/50 (144A) (b)		8,290,000		8,579,337
8.387%, SOFR30A + 3.050%, 01/25/34 (144A) (b)		4,750,000		4,793,236
9.087%, SOFR30A + 3.750%, 02/25/42 (144A) (b)		2,717,000		2,805,088
10.087%, SOFR30A + 4.750%, 02/25/42 (144A) (b)		1,090,000		1,127,513
10.552%, SOFR30A + 5.214%, 06/25/50 (144A) (b)		3,939,234		4,317,115
11.087%, SOFR30A + 5.750%, 09/25/42 (144A) (b)		3,780,000		4,202,560
Federal National Mortgage Association
2.000%, 07/01/36		3,901,286		3,519,291
2.000%, 08/01/41		4,064,835		3,481,562
2.000%, 08/01/51		2,537,379		2,112,386
2.000%, 10/01/51		12,465,820		10,367,210
2.500%, 07/01/41		2,290,816		2,039,239
2.500%, 04/01/51		7,780,418		6,654,301
2.500%, 09/01/51		326,600		282,107
2.500%, 10/01/51		1,455,855		1,253,171
2.500%, 03/01/52		4,786,398		4,111,563
3.000%, 06/01/51		14,170,085		12,555,241
3.500%, 08/01/45		15,702,440		14,654,627
4.000%, 03/01/52		3,760,981		3,561,017
4.500%, 04/01/48		1,004,072		993,476
4.500%, 04/01/49		41,032		40,422
4.500%, 10/01/49		22,155		21,842
4.500%, 08/01/58		70,136		68,311
7.000%, 05/01/26		214		221
7.000%, 07/01/30		159		164
7.000%, 07/01/31		812		837
7.000%, 09/01/31		586		605
7.000%, 10/01/31		778		803
7.000%, 11/01/31		12,120		12,504
7.000%, 01/01/32		3,943		4,068
7.500%, 01/01/30		137		141
7.500%, 02/01/30		185		185
7.500%, 06/01/30		22		22
7.500%, 08/01/30		47		47
7.500%, 09/01/30		240		243
7.500%, 10/01/30		4		3
7.500%, 11/01/30		6,283		6,304
7.500%, 02/01/31		384		384
8.000%, 08/01/27		55		55
8.000%, 07/01/30		146		154
8.000%, 09/01/30		261		263
Federal National Mortgage Association Connecticut Avenue Securities 7.552%, SOFR30A + 2.214%, 10/25/39 (144A) (b)		23,832		23,832
7.837%, SOFR30A + 2.500%, 10/25/43 (144A) (b)		1,810,000		1,851,723

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Federal National Mortgage Association Connecticut Avenue Securities 8.437%, SOFR30A + 3.100%, 10/25/41 (144A) (b)		7,990,000	$	8,054,488
8.852%, SOFR30A + 3.514%, 10/25/39 (144A) (b)		11,030,000		11,204,482
9.237%, SOFR30A + 3.900%, 07/25/43 (144A) (b)		1,470,000		1,498,969
9.552%, SOFR30A + 4.214%, 07/25/39 (144A) (b)		3,341,753		3,466,242
9.802%, SOFR30A + 4.464%, 04/25/31 (144A) (b)		5,000,000		5,352,569
Federal National Mortgage Association REMICS 4.500%, 06/25/29		14,948		14,739
5.802%, SOFR30A + 0.464%, 05/25/34 (b)		32,042		31,944
FREMF Mortgage Trust  11.731%, SOFR30A + 6.400%, 07/25/31 (144A) (b)		2,174,173		2,157,058
Government National Mortgage Association
Zero Coupon, 04/16/52 (b) (l)		1,899,020		19
0.164%, 03/16/47 (b) (l)		81,704		24
0.585%, 07/16/58 (b) (l)		983,630		27,763
2.500%, 03/20/51		2,650,953		2,318,289
2.500%, 05/20/51		290,410		249,609
3.500%, 12/20/50		2,533,573		2,378,968
4.500%, 11/20/50		970,977		948,109
4.500%, 12/20/50		166,191		164,193
5.500%, 01/15/34		15,024		15,186
5.500%, 03/20/34		2,421		2,521
5.500%, 04/15/34		4,593		4,642
5.500%, 07/15/34		25,184		25,456
5.500%, 10/15/34		25,984		26,188
5.750%, 10/15/38		22,725		23,444
6.000%, 05/20/32		3,201		3,343
6.000%, 02/15/33		577		595
6.000%, 03/15/33		1,774		1,820
6.000%, 06/15/33		1,054		1,089
6.000%, 07/15/33		2,445		2,512
6.000%, 09/15/33		934		951
6.000%, 10/15/33		951		980
6.000%, 11/20/33		3,913		4,097
6.500%, 03/15/29		326		333
6.500%, 02/15/32		200		208
6.500%, 03/15/32		211		216
6.500%, 11/15/32		454		463
Government National Mortgage Association REMICS 3.000%, 04/20/41		2,378		2,369
Government National Mortgage Association, TBA 2.000%, TBA (m)		900,000		761,941
5.500%, TBA (m)		1,500,000		1,510,785
Multifamily Connecticut Avenue Securities Trust  8.702%, SOFR30A + 3.364%, 10/25/49 (144A) (b)		2,620,063		2,547,891
9.202%, SOFR30A + 3.864%, 03/25/50 (144A) (b)		3,918,971		3,777,675
Seasoned Credit Risk Transfer Trust
4.000%, 07/25/56 (b)		2,275,958		2,245,225
4.250%, 05/25/60 (144A) (b)		4,710,000		4,185,108
Total U.S. Treasury & Government Agencies (Cost $166,898,524)				156,580,726
Foreign Government—3.6%
Security Description	Principal Amount*		Value
Regional Government—0.6%
Provincia de Buenos Aires 6.375%, 09/01/37 (144A) (g)		24,455,990		9,335,234
Provincia de Cordoba 6.990%, 06/01/27 (144A) (g)		5,515,415		4,655,560
				13,990,794
Sovereign—3.0%
Angola Government International Bonds 8.750%, 04/14/32 (144A)		1,520,000		1,334,536
9.125%, 11/26/49		1,710,000		1,393,650
Bahamas Government International Bonds 5.750%, 01/16/24 (144A)		2,570,000		2,546,613
8.950%, 10/15/32		1,660,000		1,557,339
Brazil Government International Bond 6.000%, 04/07/26		2,970,000		3,048,960
Dominican Republic International Bonds 4.500%, 01/30/30		1,200,000		1,104,000
4.875%, 09/23/32		4,020,000		3,654,783
5.500%, 02/22/29 (144A)		2,100,000		2,050,125
Egypt Government International Bonds 5.800%, 09/30/27		2,450,000		1,883,315
7.053%, 01/15/32		1,940,000		1,324,566
El Salvador Government International Bond 6.375%, 01/18/27		500,000		440,484
Ghana Government International Bond 10.750%, 10/14/30		1,630,000		1,020,791
Indonesia Treasury Bonds 6.500%, 02/15/31 (IDR)		9,599,000,000		620,004
7.000%, 05/15/27 (IDR)		131,339,000,000		8,659,144
Ivory Coast Government International Bonds 4.875%, 01/30/32 (144A) (EUR)		1,630,000		1,512,752
6.125%, 06/15/33		1,840,000		1,688,826
Jamaica Government International Bond 9.625%, 11/03/30 (JMD)		227,000,000		1,470,116
Jordan Government International Bonds 7.500%, 01/13/29		2,340,000		2,366,325
7.750%, 01/15/28 (144A)		3,150,000		3,254,517
Mexico Bonos 8.500%, 05/31/29 (MXN)		271,470,000		15,637,862
Nigeria Government International Bond 7.143%, 02/23/30		2,600,000		2,339,012
Republic of Kenya Government International Bond 6.300%, 01/23/34		1,520,000		1,215,725
Republic of Uzbekistan International Bond 3.900%, 10/19/31		1,650,000		1,381,875
Senegal Government International Bond 6.250%, 05/23/33		1,520,000		1,355,870
Sri Lanka Government International Bond 6.200%, 05/11/27 (h)		1,580,000		792,453
Ukraine Government International Bond 7.375%, 09/25/34 (h)		6,330,000		1,472,358
Uruguay Government International Bond 3.875%, 07/02/40 (UYU) (n)		48,339,319		1,292,638
				66,418,639
Total Foreign Government (Cost $85,316,739)				80,409,433

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Convertible Preferred Stocks—0.5%

Security Description	Shares/ Principal Amount*		Value
Banks—0.3%
Wells Fargo & Co. - Series L, 7.500%		4,965	$	5,936,253
Pipelines—0.2%
Equitrans Midstream Corp, 9.750% (g)		34,193		760,794
MPLX LP - Series A
9.539% (e) (f) (g)		164,916		5,870,417
				6,631,211
Total Convertible Preferred Stocks (Cost $11,710,308)				12,567,464
Convertible Bonds—0.5%
Entertainment—0.2%
DraftKings Holdings, Inc.
Zero Coupon, 03/15/28		6,160,000		4,937,240
Media—0.3%
DISH Network Corp.
Zero Coupon, 12/15/25		7,460,000		4,625,200
3.375%, 08/15/26		140,000		74,200
Gannett Co., Inc. 6.000%, 12/01/27		695,000		559,128
				5,258,528
Total Convertible Bonds (Cost $11,205,758)				10,195,768
Common Stocks—0.1%
Automobile Components—0.0%
Lear Corp. (a)		399		56,343
Chemicals—0.0%
LyondellBasell Industries NV - Class A		23		2,184
Media—0.0%
Cengage Learning, Inc. (o)		10,995		99,417
Oil, Gas & Consumable Fuels—0.1%
Ascent CNR Corp. - Class A (e) (f) (o)		1,399,556		27,991
Berry Corp.		170,615		1,199,423
				1,227,414
Total Common Stocks (Cost $2,222,896)				1,385,358
Municipals—0.0%
Virginia Housing Development Authority 6.000%, 06/25/34 (Cost $257,685)		260,160		258,267
Escrow Shares—0.0%
Security Description	Shares/ Principal Amount*		Value
Forest Products & Paper—0.0%
Sino Forest Corp. (e) (f) (o)		1,246,000		0
Sino Forest Corp. (e) (f) (o)		500,000		0
Total Escrow Shares (Cost $0)				0
Short-Term Investment—0.7%
Repurchase Agreement—0.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $15,255,683; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $15,556,533.		15,251,446		15,251,446
Total Short-Term Investments (Cost $15,251,446)				15,251,446
Securities Lending Reinvestments (p)—15.7%
Certificates of Deposit—3.3%
Bank of America NA 5.730%, SOFR + 0.340%, 03/08/24 (b)		2,000,000		2,000,458
Bank of Montreal 5.950%, SOFR + 0.550%, 11/08/24 (b)		2,000,000		2,001,628
Barclays Bank PLC 5.710%, SOFR + 0.320%, 06/20/24 (b)		3,000,000		2,999,991
5.790%, SOFR + 0.400%, 02/14/24 (b)		4,000,000		4,001,128
BNP Paribas SA 5.760%, SOFR + 0.360%, 04/10/24 (b)		2,000,000		2,000,616
Citibank NA 5.740%, SOFR + 0.350%, 02/20/24 (b)		3,000,000		3,000,738
Mitsubishi UFJ Trust & Banking Corp.
Zero Coupon, 03/13/24		5,000,000		4,944,100
Mizuho Bank Ltd. 5.790%, SOFR + 0.400%, 04/18/24 (b)		5,000,000		5,002,265
MUFG Bank Ltd. (London)
Zero Coupon, 06/10/24		6,500,000		6,342,375
National Westminster Bank PLC 5.880%, 05/02/24		3,000,000		3,004,860
Oversea-Chinese Banking Corp. Ltd. 5.630%, SOFR + 0.240%, 02/09/24 (b)		5,000,000		5,000,520
Standard Chartered Bank 5.770%, SOFR + 0.370%, 03/12/24 (b)		4,000,000		4,001,657
5.790%, SOFR + 0.390%, 04/19/24 (b)		2,000,000		2,000,000
Sumitomo Mitsui Banking Corp. 5.860%, SOFR + 0.460%, 01/11/24 (b)		5,000,000		5,000,615
Sumitomo Mitsui Trust Bank Ltd.
Zero Coupon, 02/15/24		1,000,000		992,860
Zero Coupon, 02/27/24		2,000,000		1,982,100
5.800%, SOFR + 0.400%, 04/24/24 (b)		5,000,000		5,002,975

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (p)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Svenska Handelsbanken AB 5.910%, SOFR + 0.520%, 04/19/24 (b)		5,000,000	$	5,004,135
Wells Fargo Bank NA 5.900%, SOFR + 0.550%, 05/14/24 (b)		2,000,000		2,001,646
Westpac Banking Corp. 5.950%, SOFR + 0.550%, 10/11/24 (b)		6,000,000		6,007,434
				72,292,101
Commercial Paper—0.7%
Australia & New Zealand Banking Group Ltd. 5.640%, 04/18/24		4,000,000		3,933,352
5.730%, SOFR + 0.330%, 04/18/24 (b)		4,000,000		4,000,896
ING U.S. Funding LLC 5.870%, SOFR + 0.480%, 06/13/24 (b)		5,000,000		5,002,720
Old Line Funding LLC 5.560%, 02/09/24		2,000,000		1,987,044
5.620%, SOFR + 0.230%, 03/11/24 (b)		1,000,000		1,000,000
				15,924,012
Repurchase Agreements—9.3%
Bank of Nova Scotia Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $27,016,350; collateralized by various Common Stock with an aggregate market value of $30,072,487		27,000,000		27,000,000
Barclays Bank PLC
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $4,991,390; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.500%, maturity dates ranging from 01/31/24 - 05/15/48, and an aggregate market value of $5,090,995		4,988,436		4,988,436
Barclays Bank PLC Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/02/24 with a maturity value of $8,004,844; collateralized by various Common Stock with an aggregate market value of $8,918,494		8,000,000		8,000,000
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/29/23 at 5.400%, due on 01/02/24 with a maturity value of $5,003,000; collateralized by U.S. Government Agency Obligations with rates ranging from 0.375% - 26.636%, maturity dates ranging from 10/15/24 - 11/20/73, and an aggregate market value of $5,100,000		5,000,000		5,000,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 12/29/23 at 5.620%, due on 02/02/24 with a maturity value of $3,016,392; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.750%, maturity dates ranging from 01/15/30 - 08/15/32, and various Common Stock with an aggregate market value of $3,060,003		3,000,000		3,000,000
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc.
Repurchase Agreement dated 12/29/23 at 5.870%, due on 07/01/24 with a maturity value of $10,301,653; collateralized by U.S. Treasury Obligations with rates ranging from 0.875% - 3.750%, maturity dates ranging from 05/15/28 - 02/15/32, and various Common Stock with an aggregate market value of $10,200,046		10,000,000		10,000,000
ING Financial Markets LLC Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $2,923,765; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.352%, maturity dates ranging from 01/15/24 - 11/15/53, and an aggregate market value of $2,980,479		2,922,038		2,922,038
National Bank Financial, Inc. Repurchase Agreement dated 12/29/23 at 5.320%, due on 01/02/24 with a maturity value of $5,805,921; collateralized by U.S. Treasury Obligation at 0.500%, maturing 02/28/26, and an aggregate market value of $5,946,290		5,802,492		5,802,492
National Bank of Canada
Repurchase Agreement dated 12/29/23 at 5.450%, due on 01/05/24 with a maturity value of $50,052,986; collateralized by various Common Stock with an aggregate market value of $55,799,460		50,000,000		50,000,000
Repurchase Agreement dated 12/29/23 at 5.470%, due on 01/02/24 with a maturity value of $5,003,039; collateralized by various Common Stock with an aggregate market value of $5,580,036		5,000,000		5,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 12/29/23 at 5.550%, due on 01/02/24 with a maturity value of $42,526,208; collateralized by various Common Stock with an aggregate market value of $47,430,597		42,500,000		42,500,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/29/23 at 5.590%, due on 02/02/24 with a maturity value of $15,081,521; collateralized by various Common Stock with an aggregate market value of $16,669,255		15,000,000		15,000,000
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $10,005,922; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 4.750%, maturity dates ranging from 04/15/26 - 08/15/51, and an aggregate market value of $10,222,653		10,000,000		10,000,000
Repurchase Agreement dated 12/29/23 at 5.330%, due on 01/02/24 with a maturity value of $2,101,244; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 5.240%, maturity dates ranging from 04/30/24 - 05/15/32, and an aggregate market value of $2,142,001		2,100,000		2,100,000

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Securities Lending Reinvestments (p)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 12/29/23 at 5.510%, due on 01/02/24 with a maturity value of $1,000,612; collateralized by various Common Stock with an aggregate market value of $1,113,133		1,000,000	$	1,000,000
TD Prime Services LLC Repurchase Agreement dated 12/29/23 at 5.420%, due on 01/02/24 with a maturity value of $12,132,302; collateralized by various Common Stock with an aggregate market value of $13,357,856		12,125,000		12,125,000
				204,437,966
Time Deposits—1.7%
DZ Bank AG (NY) 5.300%, 01/02/24		8,000,000		8,000,000
First Abu Dhabi Bank USA NV 5.320%, 01/02/24		10,000,000		10,000,000
National Bank of Canada 5.370%, OBFR + 0.050%, 01/05/24 (b)		15,000,000		15,000,000
Nordea Bank Abp 5.300%, 01/02/24		5,000,000		5,000,000
				38,000,000
Mutual Funds—0.7%
BlackRock Liquidity Funds FedFund, Institutional Shares 5.260% (q)		1,000,000		1,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.250% (q)		5,000,000		5,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.230% (q)		5,000,000		5,000,000
HSBC U.S. Government Money Market Fund, Class I 5.300% (q)		2,000,000		2,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.270% (q)		2,000,000		2,000,000
RBC U.S. Government Money Market Fund, Institutional Share 5.230% (q)		1,000,000		1,000,000
				16,000,000
Total Securities Lending Reinvestments (Cost $346,621,779)				346,654,079
Total Purchased Options—0.1% (r) (Cost $2,056,523)				1,631,014
Total Investments—112.6% (Cost $2,585,184,734)				2,483,366,719
Unfunded Loan Commitments—(0.0)% (Cost $(493,333))				(493,333	)
Net Investments—112.6% (Cost $2,584,691,401)				2,482,873,386
Other assets and liabilities (net)—(12.6)%				(277,618,806	)
Net Assets—100.0%			$	2,205,254,580

*	Principal and notional amounts 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 registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2023, the market value of restricted securities was $15,563,496, which is 0.7% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of the security was held on loan. As of December 31, 2023, the market value of securities loaned was $376,565,675 and the collateral received consisted of cash in the amount of $346,426,548 and non-cash collateral with a value of $45,365,654. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(c)	The stated interest rates represent the range of rates at December 31, 2023 of the underlying contracts within the senior loan facility.
(d)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(e)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2023, these securities represent 0.5% of net assets.
(f)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(g)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(h)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(i)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate
(j)	This loan will settle after December 31, 2023, at which time the interest rate will be determined.
(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 fund these commitments at the borrower’s discretion.
(l)	Interest only security.
(m)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(n)	Principal amount of security is adjusted for inflation.
(o)	Non-income producing security.
(p)	Represents investment of cash collateral received from securities on loan as of December 31, 2023.
(q)	The rate shown represents the annualized seven-day yield as of December 31, 2023.
(r)	For a breakout of open positions, see details shown in the Purchased Options table that follows.

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

(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, 2023, the market value of 144A securities was $1,251,881,311, which is 56.8% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Akumin, Inc., 7.500%, 08/01/28		03/17/22-03/21/22	$	3,840,000	$	3,276,759	$	2,911,104
Akumin, Inc., 7.000%, 11/01/25		09/01/22-02/16/23		2,332,000		2,085,246		1,888,920
Countrywide Reperforming Loan REMICS Trust, 0.789%, 03/25/35		01/08/15		1,742,133		253,698		84,052
Intesa Sanpaolo SpA, 7.800%, 11/28/53		11/28/23-12/01/23		4,870,000		4,986,755		5,347,121
Massachusetts Mutual Life Insurance Co., 4.900%, 04/01/77		03/20/17		6,285,000		6,262,919		5,331,451
Midwest Vanadium Pty, Ltd., 13.250%, 02/15/18		05/24/11		931,574		960,686		0
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125%, 11/01/22		10/06/17-11/21/19		8,475,000		8,571,525		848
							$	15,563,496

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	65,003,994	BNP		01/19/24		USD	41,366,408	$	2,953,416
BRL	20,550,000	GSBU		01/19/24		USD	4,137,389		88,502
BRL	29,890,000	JPMC		01/19/24		USD	6,091,546		55,018
BRL	3,853,206	MSCS		01/19/24		USD	752,565		39,807
CAD	5,120,940	BOA		01/19/24		USD	3,746,488		119,187
CAD	29,151,622	BOA		01/19/24		USD	21,399,770		606,091
CAD	4,000,000	MSCS		01/19/24		USD	2,927,814		91,690
EUR	2,756,000	BNP		01/19/24		USD	2,977,031		67,351
GBP	5,624,840	BNP		01/19/24		USD	6,858,564		311,763
GBP	7,338,000	BNP		01/19/24		USD	9,010,770		343,426
IDR	24,556,068,998	MSCS		01/19/24		USD	1,593,102		1,518
JPY	3,127,193,649	MSCS		01/19/24		USD	21,226,338		1,001,162
MXN	22,990,000	GSBU		01/19/24		USD	1,268,496		81,953
MXN	46,003,790	GSBU		01/19/24		USD	2,532,899		169,397
MXN	52,861,645	GSBU		01/19/24		USD	2,957,763		147,368
MXN	99,988,800	GSBU		01/19/24		USD	5,408,472		464,942
MXN	13,690,000	JPMC		01/19/24		USD	777,934		26,226
MXN	18,772,000	JPMC		01/19/24		USD	1,027,649		75,032
MXN	21,444,000	JPMC		01/19/24		USD	1,222,827		36,809
MXN	23,110,000	JPMC		01/19/24		USD	1,277,572		79,926
MXN	27,319,000	JPMC		01/19/24		USD	1,561,398		43,340
MXN	34,898,000	JPMC		01/19/24		USD	1,997,637		52,296
MXN	38,693,000	JPMC		01/19/24		USD	2,186,730		86,125
MXN	47,260,000	JPMC		01/19/24		USD	2,628,272		147,814
MXN	47,340,000	JPMC		01/19/24		USD	2,628,783		152,003
MXN	47,480,000	JPMC		01/19/24		USD	2,629,429		159,581
MXN	51,610,000	JPMC		01/19/24		USD	2,944,432		87,177
MXN	51,650,000	JPMC		01/19/24		USD	2,937,804		96,154
MXN	90,340,000	JPMC		01/19/24		USD	4,863,629		443,008
MXN	99,700,000	JPMC		01/19/24		USD	5,706,959		149,491
MXN	109,490,000	JPMC		01/19/24		USD	5,971,781		459,740
MXN	39,960,000	MSCS		01/19/24		USD	2,304,325		42,953
NOK	90,189,450	MSCS		01/19/24		USD	8,376,036		504,506

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	13,030,000	BNP		01/19/24		USD	8,924,437	$	40,563
AUD	986,000	BNP		01/19/24		USD	630,409		(41,847	)
AUD	5,640,000	MSCS		01/19/24		USD	3,843,178		(2,182	)
CAD	11,502,133	BNP		01/19/24		USD	8,379,783		(302,901	)
CAD	8,051,540	BNP		01/19/24		USD	5,921,404		(156,511	)
CAD	7,310,000	CBNA		01/19/24		USD	5,335,439		(182,704	)
CAD	8,220,000	JPMC		01/19/24		USD	5,988,775		(216,306	)
CAD	7,030,000	JPMC		01/19/24		USD	5,118,753		(188,026	)
CHF	9,710,000	GSBU		01/19/24		USD	11,619,419		56,280
CNH	60,360,000	JPMC		01/19/24		USD	8,481,292		1,219
CNH	400	JPMC		01/19/24		USD	55		(1	)
EUR	11,740,974	BNP		01/19/24		USD	12,447,795		(521,732	)
EUR	4,320,000	BNP		01/19/24		USD	4,590,889		(181,148	)
EUR	4,080,000	BNP		01/19/24		USD	4,393,387		(113,536	)
EUR	3,860,000	BNP		01/19/24		USD	4,202,534		(61,369	)
GBP	34,269,215	BNP		01/19/24		USD	41,884,723		(1,800,338	)
GBP	5,870,000	BNP		01/19/24		USD	7,271,814		(211,034	)
GBP	5,830,000	BNP		01/19/24		USD	7,217,209		(214,648	)
IDR	66,342,324,172	JPMC		01/19/24		USD	4,231,555		(76,575	)
IDR	102,837,040,000	MSCS		01/19/24		USD	6,611,189		(66,831	)
JPY	796,610,000	MSCS		01/19/24		USD	5,361,238		(300,915	)
JPY	766,860,000	MSCS		01/19/24		USD	5,180,725		(269,971	)
JPY	684,355,000	MSCS		01/19/24		USD	4,748,871		(115,395	)
JPY	456,540,000	MSCS		01/19/24		USD	3,061,765		(183,235	)
JPY	320,530,000	MSCS		01/19/24		USD	2,180,337		(97,930	)
MXN	185,860,812	CBNA		01/16/24		USD	10,341,400		(581,473	)
MXN	110,580,000	GSBU		01/19/24		USD	6,217,866		(277,683	)
MXN	111,293,200	JPMC		01/19/24		USD	6,219,700		(317,742	)
MXN	60,130,000	JPMC		01/19/24		USD	3,477,809		(54,270	)
MXN	56,110,000	JPMC		01/19/24		USD	3,239,546		(56,396	)
MXN	52,940,000	JPMC		01/19/24		USD	3,049,829		(59,904	)
MXN	52,172,400	JPMC		01/19/24		USD	2,965,649		(98,996	)
MXN	46,760,000	JPMC		01/19/24		USD	2,698,923		(47,793	)
MXN	38,458,000	JPMC		01/19/24		USD	2,237,581		(21,469	)
MXN	37,290,000	JPMC		01/19/24		USD	2,027,179		(163,262	)
MXN	36,441,289	JPMC		01/19/24		USD	1,985,663		(154,924	)
MXN	27,261,000	JPMC		01/19/24		USD	1,466,385		(134,946	)
MXN	21,491,000	JPMC		01/19/24		USD	1,244,616		(17,781	)
MXN	7,890,000	JPMC		01/19/24		USD	454,650		(8,815	)
MXN	1,797,600	JPMC		01/19/24		USD	102,399		(3,193	)
MXN	1,420,000	JPMC		01/19/24		USD	80,726		(2,686	)
MXN	65,470,000	MSCS		01/19/24		USD	3,773,238		(72,517	)
MXN	38,720,000	MSCS		01/19/24		USD	2,196,379		(78,062	)
NOK	34,820,000	BNP		01/19/24		USD	3,220,140		(208,426	)
NOK	32,370,000	BNP		01/19/24		USD	2,942,739		(244,587	)
NOK	23,000,000	BNP		01/19/24		USD	2,108,229		(156,476	)
NZD	2,981,769	JPMC		01/19/24		USD	1,797,072		(87,943	)
Net Unrealized Appreciation								$	1,128,355

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
3 Month SOFR Futures		03/18/25		410			USD	98,676,750		$	(362,611	)
3 Month SONIA Futures		03/19/24		287			GBP	68,008,238			840,063
3 Month SONIA Futures		09/17/24		296			GBP	70,658,900			1,045,632
3 Month SONIA Futures		03/18/25		5			GBP	1,204,813			25,883
Australian 10 Year Treasury Bond Futures		03/15/24		202			AUD	23,566,475			395,877
Euro-Bund Futures		03/07/24		493			EUR	67,649,460			1,980,407
U.S. Treasury Long Bond Futures		03/19/24		229			USD	28,610,688			2,120,903
U.S. Treasury Note 10 Year Futures		03/19/24		1,612			USD	181,979,688			6,086,742
U.S. Treasury Note 2 Year Futures		03/28/24		2,402			USD	494,605,577			5,047,430
U.S. Treasury Note 5 Year Futures		03/28/24		979			USD	106,489,196			2,391,050
U.S. Treasury Note Ultra 10 Year Futures		03/19/24		591			USD	69,747,234			3,337,204
U.S. Treasury Ultra Long Bond Futures		03/19/24		1,379			USD	184,225,781			16,579,250
United Kingdom Long Gilt Bond Futures		03/26/24		225			GBP	23,096,250			1,651,334
Futures Contracts—Short
3 Month SOFR Futures		03/19/24		(508	)		USD	(120,195,975	)		662,233
3 Month SOFR Futures		06/18/24		(167	)		USD	(39,668,763	)		(184,343	)
Euro-Buxl 30 Year Bond Futures		03/07/24		(25	)		EUR	(3,543,000	)		(301,301	)
Net Unrealized Appreciation										$	41,315,753

Purchased Options

Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
USD Call/CAD Put	CAD	1.372	BNP		03/21/24		15,350,000		USD	15,350,000	$	36,226	$	17,852	$	(18,374	)
USD Call/CHF Put	CHF	0.853	GSBU		03/15/24		11,703,575		USD	11,703,575		66,523		64,557		(1,966	)
USD Call/EUR Put	EUR	1.055	CBNA		02/02/24		1,522,334		USD	1,522,334		19,996		344		(19,652	)
USD Call/EUR Put	EUR	1.055	JPMC		02/02/24		11,983,427		USD	11,983,427		140,505		2,708		(137,797	)
USD Call/EUR Put	EUR	1.060	JPMC		02/06/24		8,327,498		USD	8,327,498		57,585		3,581		(54,004	)
USD Call/EUR Put	EUR	1.062	BNP		02/22/24		15,530,000		USD	15,530,000		42,858		14,256		(28,602	)
USD Put/MXN Call	MXN	17.973	CBNA		01/11/24		17,840,000		USD	17,840,000		371,875		868,380		496,505
USD Put/NOK Call	NOK	10.132	GSBU		02/16/24		24,390,000		USD	24,390,000		181,949		418,800		236,851
Totals											$	917,517	$	1,390,478	$	472,961

Options on Exchange-Traded Futures Contracts	Strike Price			Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Put - S&P 500 Index E-Mini Futures		USD	4,000.000		02/16/24		312		USD	15,600	$	742,718	$	46,020	$	(696,698	)
Put - U.S. Treasury Note 10 Year Futures		USD	111.000		01/26/24		690		USD	690,000		173,694		172,500		(1,194	)
Put - U.S. Treasury Note 5 Year Futures		USD	105.000		01/26/24		1,409		USD	1,409,000		222,594		22,016		(200,578	)
Totals											$	1,139,006	$	240,536	$	(898,470	)

Written Options

Foreign Currency Options	Strike Price			Counterparty		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
USD Put/BRL Call		BRL	4.710		GSBU		02/15/24		(12,900,000	)		USD	(12,900,000	)	$	(108,567	)	$	(63,816	)	$	44,751
USD Put/MXN Call		MXN	17.293		JPMC		01/11/24		(17,840,000	)		USD	(17,840,000	)		(122,382	)		(387,628	)		(265,246	)
Totals															$	(230,949	)	$	(451,444	)	$	(220,495	)

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Written Options—(Continued)

Options on Exchange-Traded Futures Contracts	Strike Price			Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - U.S. Treasury Note 5 Year Futures		USD	110.000		01/26/24		(1,409	)		USD	(1,409,000	)	$	(228,727	)	$	(341,243	)	$	(112,516	)
Put - S&P 500 Index E-Mini Futures		USD	3,600.000		02/16/24		(119	)		USD	(5,950	)		(169,325	)		(7,735	)		161,590
Put - S&P 500 Index E-Mini Futures		USD	3,700.000		02/16/24		(193	)		USD	(9,650	)		(115,310	)		(15,440	)		99,870
Totals													$	(513,362	)	$	(364,418	)	$	148,944

Securities in the amount of $552,045 have been received at the custodian bank as collateral for OTC option contracts.

Swap Agreements

OTC Interest Rate Swaps

Pay/Receive Floating Rate

Floating Rate Index

Payment Frequency

Fixed Rate

Payment Frequency

Maturity Date

Counterparty

Notional Amount

Market Value

Upfront Premium Paid/ (Received)

Unrealized Appreciation/ (Depreciation)(1)

Pay

1-Day CDI

Maturity

10.230%

Maturity

01/02/29

JPMC

BRL

179,120,000

$

141,737

$

—

$

141,737

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	28-Day TIIE	Monthly	7.440%	Monthly		07/20/29		MXN	1,162,650,000	$	(3,220,842	)	$	333,744		$	(3,554,586	)
Pay	28-Day TIIE	Monthly	7.450%	Monthly		07/18/29		MXN	1,118,490,000		(3,068,189	)		264,598			(3,332,787	)
Receive	12M SOFR	Annually	2.600%	Annually		02/15/48		USD	1,500,000		194,793			166,379			28,414
Receive	12M SOFR	Annually	3.050%	Annually		02/15/48		USD	21,216,000		1,197,614			737,762			459,852
Receive	12M SOFR	Annually	3.150%	Annually		05/15/48		USD	27,465,000		1,092,734			(25,821	)		1,118,555
Totals										$	(3,803,890	)	$	1,476,662		$	(5,280,552	)

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.41		(5.000	%)		Quarterly		12/20/28		3.563	%		USD	8,919,009	$	(520,219	)	$	(60,604	)	$	(459,615	)
General Motors Co. 4.200%, due 10/01/27		(5.000	%)		Quarterly		06/20/26		0.808	%		USD	13,700,000		(1,339,846	)		(1,319,565	)		(20,281	)
Totals														$	(1,860,065	)	$	(1,380,169	)	$	(479,896	)

Centrally Cleared Credit Default Swaps on Corporate Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency	Maturity Date	Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)			Market Value		Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Ford Motor Co. 4.346%, due 12/08/26		5.000	%	Quarterly	06/20/26		1.172	%		USD	13,700,000	$	1,214,436	$	981,779	$	232,657

OTC Credit Default Swaps on Corporate Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency	Maturity Date	Counterparty	Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Daimler AG 1.400%, due 01/12/24		(1.000	%)	Quarterly	12/20/24	MSCS		0.352	%		EUR	11,300,000	$	(99,613	)	$	(49,450	)	$	(50,163	)

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

OTC Credit Default Swaps on Corporate Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency	Maturity Date	Counterparty	Implied Credit Spread at December 31, 2023 (b)			Notional Amount (c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Volkswagen International Finance NV 5.547%, due 11/16/24		1.000	%	Quarterly	12/20/24	MSCS		0.888	%		EUR	11,300,000	$	67,117	$	25,919	$	41,198

(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.
(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.
(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.
(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.
(1)	There was no upfront premium paid or (received) therefore, Market Value equals Unrealized Appreciation/(Depreciation).

Glossary of Abbreviations

Counterparties

(BNP)—	BNP Paribas SA
(BOA)—	Bank of America NA
(CBNA)—	Citibank NA
(GSBU)—	Goldman Sachs Bank USA
(JPMC)—	JPMorgan Chase Bank NA
(MSCS)—	Morgan Stanley Capital Services LLC

Currencies

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(CNH)—	Chinese Renminbi
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(JMD)—	Jamaican Dollar
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(USD)—	United States Dollar
(UYU)—	Uruguayan Peso

Index Abbreviations

(CDI)—	Brazil Interbank Deposit Rate
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(EURIBOR)—	Euro InterBank Offered Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(MTA)—	Monthly Treasury Average Index
(OBFR)—	U.S. Overnight Bank Funding Rate
(PRIME)—	U.S. Federal Reserve Prime Rate
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(SONIA)—	Sterling Overnight Index Average Deposit Rate
(TIIE)—	Mexican Interbank Equilibrium Interest Rate
(TSFR)—	Term Secured Financing Rate
(UKG) —	U.K. Government Bond

Other Abbreviations

(CLO)—	Collateralized Loan Obligation
(DAC)—	Designated Activity Company
(ICE)—	Intercontinental Exchange, Inc.
(REMIC)—	Real Estate Mortgage Investment Conduit
(STACR)—	Structured Agency Credit Risk

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Aerospace/Defense	$	—	$	30,994,730	$	—	$	30,994,730
Agriculture		—		7,100,072		—		7,100,072
Airlines		—		37,424,713		—		37,424,713
Auto Manufacturers		—		37,994,573		—		37,994,573
Auto Parts & Equipment		—		19,879,240		—		19,879,240
Banks		—		104,902,703		—		104,902,703
Biotechnology		—		4,920,188		—		4,920,188
Building Materials		—		10,419,449		—		10,419,449
Chemicals		—		1,625,256		—		1,625,256
Coal		—		1,799,695		—		1,799,695
Commercial Services		—		55,556,463		—		55,556,463
Computers		—		8,049,284		—		8,049,284
Distribution/Wholesale		—		16,006,831		—		16,006,831
Diversified Financial Services		—		56,495,310		4,884,588		61,379,898
Electric		—		15,750,157		—		15,750,157
Energy-Alternate Sources		—		4,443,736		—		4,443,736
Engineering & Construction		—		16,827,293		—		16,827,293
Entertainment		—		22,961,163		—		22,961,163
Environmental Control		—		13,164,191		—		13,164,191
Food		—		3,017,092		—		3,017,092
Food Service		—		1,100,750		—		1,100,750
Forest Products & Paper		—		3,708,849		—		3,708,849
Healthcare-Products		—		6,315,262		—		6,315,262
Healthcare-Services		—		29,652,759		—		29,652,759
Home Builders		—		6,209,066		—		6,209,066
Housewares		—		4,290,017		—		4,290,017
Insurance		—		22,973,942		—		22,973,942
Internet		—		15,339,470		—		15,339,470
Iron/Steel		—		4,353,689		—		4,353,689
Leisure Time		—		45,000,491		—		45,000,491
Lodging		—		30,283,975		—		30,283,975
Machinery-Construction & Mining		—		3,856,082		—		3,856,082
Media		—		62,352,672		—		62,352,672
Metal Fabricate/Hardware		—		8,475,658		—		8,475,658
Mining		—		43,385,882		0		43,385,882
Multi-National		—		10,752,281		—		10,752,281
Office/Business Equipment		—		1,472,176		—		1,472,176
Oil & Gas		—		142,740,529		—		142,740,529
Packaging & Containers		—		9,853,721		—		9,853,721
Pharmaceuticals		—		29,960,310		—		29,960,310
Pipelines		—		81,101,167		—		81,101,167

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Real Estate	$	—		$	4,612,240		$	—	$	4,612,240
Real Estate Investment Trusts		—			5,724,708			—		5,724,708
Retail		—			34,045,969			—		34,045,969
Software		—			19,964,716			—		19,964,716
Telecommunications		—			23,093,225			—		23,093,225
Transportation		—			8,412,862			—		8,412,862
Total Corporate Bonds & Notes		—			1,128,364,607			4,884,588		1,133,249,195
Total Floating Rate Loans (Less Unfunded Loan Commitments of $493,333)*		—			303,122,557			—		303,122,557
Total Asset-Backed Securities*		—			213,559,731			—		213,559,731
Total Mortgage-Backed Securities*		—			208,008,348			—		208,008,348
Total U.S. Treasury & Government Agencies*		—			156,580,726			—		156,580,726
Total Foreign Government*		—			80,409,433			—		80,409,433
Convertible Preferred Stocks
Banks		5,936,253			—			—		5,936,253
Pipelines		760,794			—			5,870,417		6,631,211
Total Convertible Preferred Stocks		6,697,047			—			5,870,417		12,567,464
Total Convertible Bonds*		—			10,195,768			—		10,195,768
Common Stocks
Automobile Components		56,343			—			—		56,343
Chemicals		2,184			—			—		2,184
Media		99,417			—			—		99,417
Oil, Gas & Consumable Fuels		1,199,423			—			27,991		1,227,414
Total Common Stocks		1,357,367			—			27,991		1,385,358
Total Municipals*		—			258,267			—		258,267
Total Escrow Shares*		—			—			0		0
Total Short-Term Investment*		—			15,251,446			—		15,251,446
Securities Lending Reinvestments
Certificates of Deposit		—			72,292,101			—		72,292,101
Commercial Paper		—			15,924,012			—		15,924,012
Repurchase Agreements		—			204,437,966			—		204,437,966
Time Deposits		—			38,000,000			—		38,000,000
Mutual Funds		16,000,000			—			—		16,000,000
Total Securities Lending Reinvestments		16,000,000			330,654,079			—		346,654,079
Purchased Options
Foreign Currency Options at Value		—			1,390,478			—		1,390,478
Options on Exchange-Traded Futures Contracts at Value		240,536			—			—		240,536
Total Purchased Options		240,536			1,390,478			—		1,631,014
Total Net Investments	$	24,294,950		$	2,447,795,440		$	10,782,996	$	2,482,873,386
Collateral for Securities Loaned (Liability)	$	—		$	(346,426,548	)	$	—	$	(346,426,548	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	9,282,834		$	—	$	9,282,834
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(8,154,479	)		—		(8,154,479	)
Total Forward Contracts	$	—		$	1,128,355		$	—	$	1,128,355
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	42,164,008		$	—		$	—	$	42,164,008
Futures Contracts (Unrealized Depreciation)		(848,255	)		—			—		(848,255	)
Total Futures Contracts	$	41,315,753		$	—		$	—	$	41,315,753
Written Options
Foreign Currency Options at Value	$	—		$	(451,444	)	$	—	$	(451,444	)
Options on Exchange-Traded Futures Contracts at Value		(364,418	)		—			—		(364,418	)
Total Written Options	$	(364,418	)	$	(451,444	)	$	—	$	(815,862	)

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	1,839,478		$	—	$	1,839,478
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(7,367,269	)		—		(7,367,269	)
Total Centrally Cleared Swap Contracts	$	—	$	(5,527,791	)	$	—	$	(5,527,791	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	208,854		$	—	$	208,854
OTC Swap Contracts at Value (Liabilities)		—		(99,613	)		—		(99,613	)
Total OTC Swap Contracts	$	—	$	109,241		$	—	$	109,241

* 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, 2023 is not presented.

During the year ended December 31, 2023, transfers into Level 3 in the amount of $16,712,986 were due to the cessation of a vendor or broker providing prices based on market indications which resulted in a lack of significant observable inputs.

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Statement of Assets and Liabilities

December 31, 2023

Assets
Investments at value (a) (b) (c)	$	2,482,873,386
Cash		745,272
Cash denominated in foreign currencies (d)		13,049,596
Cash collateral (e)		38,912,108
OTC swap contracts at market value (f)		208,854
Unrealized appreciation on forward foreign currency exchange contracts		9,282,834
Receivable for:
Investments sold		7,309,982
Fund shares sold		622,114
Interest		30,281,518
Variation margin on futures contracts		4,912,242
Interest on OTC swap contracts		4,204
Variation margin on centrally cleared swap contracts		163,212
Prepaid expenses		8,244
Total Assets		2,588,373,566
Liabilities
Written options at value (g)		815,862
OTC swap contracts at market value (h)		99,613
Unrealized depreciation on forward foreign currency exchange contracts		8,154,479
Collateral for securities loaned		346,426,548
Cash collateral for OTC option contacts		950,000
Payables for:
Investments purchased		21,882,276
TBA securities purchased		2,172,164
Fund shares redeemed		644,028
Premium on purchased options		240,217
Interest on OTC swap contracts		381
Accrued Expenses:
Management fees		967,444
Distribution and service fees		163,119
Deferred trustees’ fees		306,049
Other expenses		296,806
Total Liabilities		383,118,986
Net Assets	$	2,205,254,580
Net Assets Consist of:
Paid in surplus	$	2,701,327,879
Distributable earnings (Accumulated losses)		(496,073,299	)
Net Assets	$	2,205,254,580
Net Assets
Class A	$	1,367,933,887
Class B		698,727,776
Class E		138,592,917
Capital Shares Outstanding*
Class A		124,622,557
Class B		64,321,833
Class E		12,701,589
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.98
Class B		10.86
Class E		10.91

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,584,691,401.
(b)	Includes securities loaned at value of $376,565,675.
(c)	Investments at value is net of unfunded loan commitments of $493,333.
(d)	Identified cost of cash denominated in foreign currencies was $12,708,880
(e)	Includes collateral of $18,246,908 for futures contracts, $240,000 for OTC option contracts and OTC swap contracts, and $20,425,200 for centrally cleared swap contracts.
(f)	Net premium paid on OTC swap contracts was $25,919.
(g)	Premiums received on written options were $744,311.
(h)	Net premium received on OTC swap contracts was $49,450.

Statement of Operations

Year Ended December 31, 2023

Investment Income
Dividends	$	1,354,511
Interest (a)		170,018,973
Securities lending income		1,044,041
Total investment income		172,417,525
Expenses
Management fees		12,569,327
Administration fees		107,710
Custodian and accounting fees		300,005
Distribution and service fees—Class B		1,719,818
Distribution and service fees—Class E		209,742
Audit and tax services		102,621
Legal		49,341
Trustees’ fees and expenses		46,220
Shareholder reporting		118,438
Insurance		20,710
Miscellaneous		35,353
Total expenses		15,279,285
Less management fee waiver		(1,045,817	)
Net expenses		14,233,468
Net Investment Income		158,184,057
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(104,986,676	)
Purchased options		(12,467,915	)
Futures contracts		(87,794,064	)
Written options		4,394,091
Swap contracts		(2,583,647	)
Foreign currency transactions		2,753,131
Forward foreign currency transactions		3,741,339
Net realized gain (loss)		(196,943,741	)
Net change in unrealized appreciation (depreciation) on:
Investments		172,129,023
Purchased options		2,016,462
Futures contracts		64,776,942
Written options		(538,622	)
Swap contracts		617,741
Foreign currency transactions		(311,508	)
Forward foreign currency transactions		(3,195,795	)
Net change in unrealized appreciation (depreciation)		235,494,243
Net realized and unrealized gain (loss)		38,550,502
Net Increase (Decrease) in Net Assets From Operations	$	196,734,559

(a) Net of foreign withholding taxes of $135,748.

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	158,184,057		$	136,427,170
Net realized gain (loss)		(196,943,741	)		(261,837,234	)
Net change in unrealized appreciation (depreciation)		235,494,243			(363,442,900	)
Increase (decrease) in net assets from operations		196,734,559			(488,852,964	)
From Distributions to Shareholders
Class A		(90,318,027	)		(93,994,936	)
Class B		(43,728,800	)		(44,422,317	)
Class E		(9,014,042	)		(9,671,952	)
Total distributions		(143,060,869	)		(148,089,205	)
Increase (decrease) in net assets from capital share transactions		(68,706,337	)		(188,743,143	)
Total increase (decrease) in net assets		(15,032,647	)		(825,685,312	)
Net Assets
Beginning of period		2,220,287,227			3,045,972,539
End of period	$	2,205,254,580		$	2,220,287,227

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		2,435,159		$	25,907,780			1,315,656		$	15,365,983
Reinvestments		8,701,159			90,318,027			8,568,363			93,994,936
Redemptions		(15,878,941	)		(169,015,191	)		(21,420,235	)		(255,304,453	)
Net increase (decrease)		(4,742,623	)	$	(52,789,384	)		(11,536,216	)	$	(145,943,534	)
Class B
Sales		3,022,691		$	31,935,935			2,908,805		$	34,162,427
Reinvestments		4,249,640			43,728,800			4,082,933			44,422,317
Redemptions		(7,898,744	)		(83,486,126	)		(9,234,182	)		(108,086,123	)
Net increase (decrease)		(626,413	)	$	(7,821,391	)		(2,242,444	)	$	(29,501,379	)
Class E
Sales		422,658		$	4,487,539			607,209		$	7,561,747
Reinvestments		872,608			9,014,042			885,710			9,671,952
Redemptions		(2,030,606	)		(21,597,143	)		(2,587,227	)		(30,531,929	)
Net increase (decrease)		(735,340	)	$	(8,095,562	)		(1,094,308	)	$	(13,298,230	)
Increase (decrease) derived from capital shares transactions				$	(68,706,337	)				$	(188,743,143	)

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	10.72		$	13.73		$	13.87		$	13.81		$	12.68
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.78			0.65			0.62			0.68			0.71
Net realized and unrealized gain (loss)		0.21			(2.93	)		(0.24	)		0.20			1.09
Total income (loss) from investment operations		0.99			(2.28	)		0.38			0.88			1.80
Less Distributions
Distributions from net investment income		(0.73	)		(0.73	)		(0.52	)		(0.82	)		(0.67	)
Total distributions		(0.73	)		(0.73	)		(0.52	)		(0.82	)		(0.67	)
Net Asset Value, End of Period	$	10.98		$	10.72		$	13.73		$	13.87		$	13.81
Total Return (%) (b)		9.64	(c)		(16.66	)		2.82			6.92			14.49
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.61			0.60			0.60			0.60			0.60
Net ratio of expenses to average net assets (%) (d)		0.56			0.55			0.54			0.55			0.54
Ratio of net investment income (loss) to average net assets (%)		7.29			5.51			4.55			5.17			5.32
Portfolio turnover rate (%)		47	(e)		28			69	(e)		66	(e)		58	(e)
Net assets, end of period (in millions)	$	1,367.9		$	1,387.4		$	1,934.4		$	1,971.5		$	2,007.9
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	10.62		$	13.59		$	13.73		$	13.69		$	12.57
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.75			0.61			0.58			0.64			0.67
Net realized and unrealized gain (loss)		0.19			(2.89	)		(0.23	)		0.18			1.08
Total income (loss) from investment operations		0.94			(2.28	)		0.35			0.82			1.75
Less Distributions
Distributions from net investment income		(0.70	)		(0.69	)		(0.49	)		(0.78	)		(0.63	)
Total distributions		(0.70	)		(0.69	)		(0.49	)		(0.78	)		(0.63	)
Net Asset Value, End of Period	$	10.86		$	10.62		$	13.59		$	13.73		$	13.69
Total Return (%) (b)		9.22			(16.93	)		2.61			6.61			14.23
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86			0.85			0.85			0.85			0.85
Net ratio of expenses to average net assets (%) (d)		0.81			0.80			0.79			0.80			0.79
Ratio of net investment income (loss) to average net assets (%)		7.05			5.28			4.30			4.92			5.07
Portfolio turnover rate (%)		47	(e)		28			69	(e)		66	(e)		58	(e)
Net assets, end of period (in millions)	$	698.7		$	689.6		$	913.2		$	879.8		$	852.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	10.66		$	13.65		$	13.79		$	13.73		$	12.61
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.76			0.63			0.60			0.66			0.69
Net realized and unrealized gain (loss)		0.20			(2.91	)		(0.24	)		0.19			1.08
Total income (loss) from investment operations		0.96			(2.28	)		0.36			0.85			1.77
Less Distributions
Distributions from net investment income		(0.71	)		(0.71	)		(0.50	)		(0.79	)		(0.65	)
Total distributions		(0.71	)		(0.71	)		(0.50	)		(0.79	)		(0.65	)
Net Asset Value, End of Period	$	10.91		$	10.66		$	13.65		$	13.79		$	13.73
Total Return (%) (b)		9.30			(16.78	)		2.68			6.77			14.30
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76			0.75			0.75			0.75			0.75
Net ratio of expenses to average net assets (%) (d)		0.71			0.70			0.69			0.70			0.69
Ratio of net investment income (loss) to average net assets (%)		7.14			5.37			4.40			5.03			5.17
Portfolio turnover rate (%)		47	(e)		28			69	(e)		66	(e)		58	(e)
Net assets, end of period (in millions)	$	138.6		$	143.3		$	198.3		$	215.1		$	224.2

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(d)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(e)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 46%, 69%, 63%, and 52% for the years ended December 31, 2023, 2021, 2020, and 2019, respectively.

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management Strategic Bond Opportunities Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

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

BHFTII-34

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The 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 are valued at 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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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

BHFTII-35

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

High-Yield Debt Securities - The Portfolio 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 - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The 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.

The 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 participations 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.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the 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 - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of December 31, 2023, the Portfolio had open unfunded loan commitments of $493,333. At December 31, 2023, the Portfolio had sufficient cash and/or securities to cover these commitments.

BHFTII-36

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Collateralized Obligations - The Portfolio 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 - The Portfolio 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 of 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 the Statement of Operations of the Portfolio. 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 the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its 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 - The Portfolio 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, the 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 the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

TBA Purchase and Forward Sale Commitments - The Portfolio 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 the 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”.

BHFTII-37

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The 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.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $15,251,446. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $204,437,966. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-38

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 As of December 31, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(51,821	)	$	—	$	—	$	—	$	(51,821	)
Corporate Bonds & Notes		(346,374,727	)		—		—		—		(346,374,727	)
Total Borrowings	$	(346,426,548	)	$	—	$	—	$	—	$	(346,426,548	)
Gross amount of recognized liabilities for securities lending transactions										$	(346,426,548	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the 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 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 Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable or unwilling to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The 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 - The Portfolio 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. 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 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 Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the 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 the 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 the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio 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

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

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

An Option on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

Swap Agreements - The Portfolio may enter into swap agreements in which the 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”). The 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 Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. The 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 Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the 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

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the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio 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. The 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 Portfolio is not a member of a clearinghouse and only members of a clearinghouse (“clearing members” or “clearing brokers”) can participate directly in the clearinghouse, the Portfolio holds cleared swaps through accounts at a clearing member. The 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: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The 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.

The 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

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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 the 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, 2023, for which the Portfolio is the seller of protection, are disclosed in the 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: The 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. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the 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. The 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.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2023 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a) (e)	$	194,516
	OTC swap contracts at market value		141,737
	Unrealized appreciation on centrally cleared swap contracts (a) (b)		1,606,821	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	6,887,373
	Unrealized appreciation on futures contracts (a) (c)		42,164,008	Unrealized depreciation on futures contracts (a) (c)		848,255
				Written options at value (a)		341,243
Credit	OTC swap contracts at market value (d)		67,117	OTC swap contracts at market value (d)		99,613
	Unrealized appreciation on centrally cleared swap contracts (a) (b)		232,657	Unrealized depreciation on centrally cleared swap contracts (a) (b)		479,896
Equity	Investments at market value (a) (e)		46,020
				Written options at value (a)		23,175
Foreign Exchange	Investments at market value (e)		1,390,478
	Unrealized appreciation on forward foreign currency exchange contracts		9,282,834	Unrealized depreciation on forward foreign currency exchange contracts		8,154,479
				Written options at value		451,444
Total		$	55,126,188		$	17,285,478

(a)	Financial instrument not subject to a master netting agreement.
(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.
(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.
(d)	Excludes OTC swap interest receivable of $4,204 and OTC swap interest payable of $381.
(e)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

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

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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, 2023.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America NA	$	725,278	$	—		$	—		$	725,278
BNP Paribas SA		3,748,627		(3,748,627	)		—			—
Citibank NA		868,724		(764,177	)		(104,547	)		—
Goldman Sachs Bank USA		1,491,799		(341,499	)		(485,178	)		665,122
JPMorgan Chase Bank NA		2,298,985		(2,098,656	)		—			200,329
Morgan Stanley Capital Services LLC		1,748,753		(1,286,651	)		—			462,102
	$	10,882,166	$	(8,239,610	)	$	(589,725	)	$	2,052,831

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, 2023.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
BNP Paribas SA	$	4,214,553	$	(3,748,627	)	$	—	$	465,926
Citibank NA		764,177		(764,177	)		—		—
Goldman Sachs Bank USA		341,499		(341,499	)		—		—
JPMorgan Chase Bank NA		2,098,656		(2,098,656	)		—		—
Morgan Stanley Capital Services LLC		1,286,651		(1,286,651	)		—		—
	$	8,705,536	$	(8,239,610	)	$	—	$	465,926

*	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, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options	$	(598,856)		$	(259,622	)	$	(8,582,347)		$	(3,027,090)		$	(12,467,915)
Forward foreign currency transactions		—			—			—			3,741,339			3,741,339
Futures contracts		(87,794,064	)		—			—			—			(87,794,064	)
Swap contracts		(378,069	)		(2,205,578	)		—			—			(2,583,647	)
Written options		420,356			744,901			2,385,237			843,597			4,394,091
	$	(88,350,633)		$	(1,720,299)		$	(6,197,110)		$	1,557,846		$	(94,710,196)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options	$	(192,971	)	$	434,317		$	755,350		$	1,019,766		$	2,016,462
Forward foreign currency transactions		—			—			—			(3,195,795	)		(3,195,795	)
Futures contracts		64,776,942			—			—			—			64,776,942
Swap contracts		(868,831	)		1,486,572			—			—			617,741
Written options		(112,516	)		186,722			(303,665	)		(309,163	)		(538,622	)
	$	63,602,624		$	2,107,611		$	451,685		$	(2,485,192)		$	63,676,728

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For the year ended December 31, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	135,390,000
Forward foreign currency transactions		412,088,022
Futures contracts long		1,803,256,472
Futures contracts short		(176,825,124	)
Swap contracts		277,507,181
Written options		(235,208,086	)

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

4. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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 the 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 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 the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the 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.

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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 the 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. The 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 the 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.

Foreign Investment Risk: The investments by the 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 the 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.

LIBOR Replacement Risk: LIBOR was the offered rate at which major international banks could obtain wholesale, unsecured funding. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. Alternative reference rates to LIBOR have been established in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. The full impact of the transition on the Portfolio, the financial instruments in which the Portfolio invests and financial markets more generally cannot yet be fully determined.

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

5. 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, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$82,085,710	$	893,286,794	$	120,838,695	$	917,142,171

Purchases and sales of TBA transactions for the year ended December 31, 2023 were as follows:

Purchases	Sales
$13,372,066	$	11,154,164

BHFTII-45

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$12,569,327		0.650	%	Of the first $500 million
		0.550	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company, LLC (“Western Asset”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Western Asset may delegate to its affiliate, Western Asset Management Company Limited, any of its responsibilities with respect to transactions in foreign currencies and debt securities denominated in foreign currencies, and may delegate to its affiliate, Western Asset Management Company Pte. Ltd., any of its responsibilities with respect to transactions in investments exposed to China.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.055%	On the first $500 million
0.025%	On the next $500 million
0.050%	On the next $1 billion
0.075%	On amounts in excess of $2 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are shown as a management fee waiver in the Statement of Operations.

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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.

BHFTII-46

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	2,596,076,492
Gross unrealized appreciation		45,672,781
Gross unrealized (depreciation)		(163,082,738	)
Net unrealized appreciation (depreciation)	$	(117,409,957	)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$143,060,869	$	148,089,205	$	—	$	—	$	143,060,869	$	148,089,205

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$158,363,664	$	—	$	(116,880,040	)	$	(537,250,873	)	$	(495,767,249	)

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had accumulated short-term capital losses of $153,201,209 and accumulated long-term capital losses of $384,049,664.

9. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-47

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Western Asset Management Strategic Bond Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Western Asset Management Strategic Bond Opportunities Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, 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 23, 2024

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

BHFTII-48

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-49

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-50

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, and risk management

BHFTII-51

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. 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

BHFTII-52

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

Western Asset Management Strategic Bond Opportunities Portfolio. The Board also considered the following information in relation to the Agreement with the Adviser, Western Asset Management Company, LLC 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 underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2023. 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, 2023. The Board also considered that the Portfolio outperformed its blended benchmark for the one-and three-year periods ended October 31, 2023 and underperformed its blended benchmark for the five-year period ended October 31, 2023. The Board took into account management’s discussion of the Portfolio’s performance,

BHFTII-53

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees 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/Morningstar Category 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.

BHFTII-54

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Managed By Western Asset Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the twelve months ended December 31, 2023, the Class A, B and E shares of the Western Asset Management U.S. Government Portfolio returned 4.87%, 4.59%, and 4.70%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Intermediate Government Bond Index¹, returned 4.30%.

MARKET ENVIRONMENT / CONDITIONS

2023 was marked by market volatility, including a significant rise—and subsequent sharp fall—in U.S. Treasury (“UST”) yields as well as spread-tightening across spread sectors. The market digested shifting fundamental crosscurrents including continued U.S. economic resilience, moderating inflation and a data-dependent U.S. Federal Reserve (the “Fed”) outlook. During the first quarter of 2023, developments in the regional banking sector came to the forefront when Silicon Valley Bank and Signature Bank were shut down after the banks failed to stem deposit outflows, but contagion risks were mitigated when the Federal Deposit Insurance Corporation guaranteed uninsured deposits. Midway through the year, strong economic momentum, continued signs of labor market tightness and higher fed funds rate expectations from the Federal Open Market Committee (“FOMC”) members revived a “higher-for-longer” fed funds narrative. Concerns over UST supply also put upward pressure on long-term yields with the 30- and 10-year yields surpassing the 5% mark for the first time since the global financial crisis. However, softer inflation readings ultimately set the stage for the Fed to slow the pace of rate hikes and ultimately hold the fed funds target rate range steady at 5.25% to 5.50% during the last three meetings of the year. The Fed’s December “dot plot” showed the median FOMC member was expecting 75 basis points in rate cuts during 2024. During the fourth quarter of 2023, optimism that the Fed might have succeeded in controlling inflation while averting an economic “hard landing”—coupled with the possibility of less restrictive policy rates next year—spurred UST yields to change course and plummet with the yield on the 10-year UST ultimately ending the year at 3.88%, close to where it began 2023.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the twelve-month period ended December 31, 2023, the Western Asset Management U.S. Government Portfolio had a positive return and outperformed its benchmark, the Bloomberg U.S. Intermediate Government Bond Index (the “Index”).

Over the twelve-month period, the most significant contributor to the Portfolio’s performance was its interest rate positioning, including both duration and yield curve. The Portfolio generally maintained a modest duration overweight, and tactically added at the start of the fourth quarter of the year, which contributed to performance as yields significantly fell. Tactical yield curve positioning that was generally overweight the intermediate and long end segments and underweight the front end (2-year Key Rate Duration) modestly contributed as yield curve movement was mixed, but the full yield curve (3-month to 30-year) ended flatter over the course of the reporting period. The second largest contributor to performance was the Portfolio’s tactical positioning in Agency Mortgage-Backed Securities (“MBS”) as spreads fluctuated but ultimately tightened during the period. The third largest contributor to performance was the Portfolio’s overweight exposure to structured products, including Non-Agency Residential MBS and Commercial MBS (“CMBS”), as structured product spreads were mostly tighter during the period. The fourth largest contributor was the Portfolio’s overweight exposure to Emerging Markets (“EM”) as U.S. dollar-denominated EM bond spreads tightened. Finally, exposures to Agency Debentures contributed as spreads tightened, particularly during the first half of 2023.

The Portfolio’s modest exposure to Treasury Inflation-Protected Securities (“TIPS”) was the main detractor from performance as breakeven inflation rates fluctuated but ultimately ended lower during the reporting period.

During the twelve-month period ended December 31, 2023, the Portfolio used interest rate futures to adjust its duration and yield curve exposure. The Portfolio also used Agency MBS derivatives to gain exposure to specific characteristics of Agency MBS. The net impact of all derivative transactions on the Portfolio’s performance was slightly negative.

BHFTII-1

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Managed By Western Asset Management Company, LLC

Portfolio Manager Commentary*—(Continued)

As of December 31, 2023, the Portfolio continued to be overweight duration and spread products. It was underweight U.S. Treasuries relative to the Index. The Portfolio was overweight Agency Debentures and modestly overweight Agency MBS. At period-end, the Portfolio also held out-of-benchmark exposures to EM Debt, structured products (including Non-Agency Residential MBS and CMBS) and TIPS.

Fredrick Marki

S. Kenneth Leech

Mark S. Lindbloom

Portfolio Managers

Western Asset Management Company, LLC

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

¹ The Bloomberg U.S. Intermediate Government Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations having maturities between one and ten years.

BHFTII-2

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. INTERMEDIATE GOVERNMENT BOND INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2023

	1 Year		5 Year		10 Year
Western Asset Management U.S. Government Portfolio
Class A		4.87		0.95		1.23
Class B		4.59		0.70		0.98
Class E		4.70		0.81		1.07
Bloomberg U.S. Intermediate Government Bond Index		4.30		1.03		1.24

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2023

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		50.1
Agency Mortgage-Backed Securities		36.7
Foreign Government		5.1
Corporate Bonds & Notes		4.3
Non-Agency Mortgage-Backed Securities		3.8

BHFTII-3

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 through December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Western Asset Management U.S. Government Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period** July 1, 2023 to December 31, 2023
Class A (a)	Actual		0.50	%	$	1,000.00	$	1,031.30	$	2.56
	Hypothetical*		0.50	%	$	1,000.00	$	1,022.69	$	2.55
Class B (a)	Actual		0.75	%	$	1,000.00	$	1,030.50	$	3.84
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.43	$	3.82
Class E (a)	Actual		0.65	%	$	1,000.00	$	1,031.40	$	3.33
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.93	$	3.31

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—86.8% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage—Backed—36.7%
Federal Home Loan Mortgage Corp.
1.500%, 05/01/41		3,808,616	$	3,161,950
1.500%, 07/01/41		2,809,701		2,328,268
1.500%, 10/01/41		679,484		563,049
1.500%, 11/01/41		85,732		71,041
2.000%, 10/01/40		2,322,546		1,999,044
2.000%, 07/01/41		2,267,487		1,945,283
2.000%, 09/01/41		3,356,836		2,872,929
2.000%, 11/01/41		1,413,864		1,216,433
2.000%, 12/01/41		2,998,686		2,562,307
2.000%, 01/01/42		2,458,818		2,100,981
2.000%, 08/01/42		2,512,931		2,145,655
2.000%, 11/01/50		844,154		702,356
2.000%, 02/01/51		2,170,376		1,802,640
2.000%, 03/01/51		2,292,417		1,906,344
2.000%, 04/01/51		1,968,534		1,641,369
2.000%, 05/01/51		3,531,610		2,918,186
2.000%, 06/01/51		4,580,054		3,780,602
2.000%, 08/01/51		1,260,767		1,032,496
2.000%, 11/01/51		515,686		427,615
2.000%, 02/01/52		90,064		74,661
2.106%, 5Y H15 + 1.285%, 03/01/47 (a)		244,756		228,086
2.500%, 04/01/41		147,778		131,570
2.500%, 06/01/50		119,540		102,784
2.500%, 10/01/50		1,088,445		943,044
2.500%, 11/01/50		3,529,847		3,056,289
2.500%, 12/01/50		3,911,841		3,381,028
2.500%, 01/01/51		1,113,049		954,291
2.500%, 02/01/51		130,851		112,019
2.500%, 03/01/51		215,523		187,476
2.500%, 05/01/51		155,345		135,259
2.500%, 07/01/51		4,539,248		3,892,027
2.500%, 08/01/51		2,913,662		2,511,714
2.500%, 09/01/51		1,461,779		1,262,186
2.500%, 11/01/51		1,448,574		1,248,410
2.500%, 01/01/52		13,393,179		11,535,567
2.500%, 02/01/52		1,139,175		981,939
2.500%, 03/01/52		619,693		533,897
2.871%, 1Y RFUCCT + 1.619%, 11/01/47 (a)		926,953		889,179
3.000%, 09/01/32		163,712		156,579
3.000%, 04/01/38		320,450		296,915
3.000%, 10/01/46		251,394		228,858
3.000%, 04/01/47		446,599		405,544
3.000%, 09/01/48		1,048,025		944,696
3.000%, 09/01/49		3,089,182		2,784,339
3.000%, 11/01/49		677,213		609,693
3.000%, 01/01/50		42,483		38,494
3.000%, 03/01/50		60,994		54,905
3.000%, 05/01/50		175,085		157,785
3.000%, 03/01/52		533,337		471,891
3.000%, 04/01/52		809,899		716,547
3.006%, 1Y RFUCCT + 1.628%, 11/01/48 (a)		3,129,229		2,967,149
3.098%, 1Y RFUCCT + 1.621%, 02/01/50 (a)		1,539,274		1,458,856
3.500%, 04/01/33		1,487,154		1,446,636
3.500%, 01/01/38		1,778,495		1,689,852
3.500%, 10/01/42		377,134		354,300
Agency Sponsored Mortgage—Backed—(Continued)
Federal Home Loan Mortgage Corp.
3.500%, 02/01/44		148,045		138,715
3.500%, 06/01/46		248,369		233,190
3.500%, 07/01/47		3,997,311		3,730,311
3.500%, 01/01/48		80,298		74,934
3.500%, 04/01/52		1,612,215		1,492,089
4.000%, 04/01/43		514,855		500,236
4.000%, 07/01/43		1,406,873		1,370,406
4.000%, 08/01/43		1,472,316		1,427,336
4.220%, 08/01/33		100,000		97,456
4.500%, 06/01/38		446,098		448,072
4.500%, 04/01/47		264,832		261,003
4.500%, 05/01/47		243,666		240,987
4.500%, 06/01/47		443,667		440,238
4.500%, 04/01/49		216,402		213,132
4.500%, 06/01/52		3,943,594		3,841,153
5.000%, 08/01/33		7,985		8,126
5.000%, 01/01/36		10,109		10,272
5.000%, 01/01/40		7,191		7,279
5.000%, 04/01/41		9,009		9,168
5.000%, 06/01/41		930,646		936,878
5.000%, 04/01/44		16,721		16,944
5.000%, 07/01/52		1,798,503		1,781,599
5.000%, 12/01/52		374,317		370,625
5.000%, 01/01/53		1,010,152		1,000,658
5.000%, 03/01/53		564,715		561,605
5.000%, 04/01/53		779,509		771,473
5.000%, 05/01/53		1,257,451		1,252,861
5.500%, 04/01/53		2,288,219		2,299,494
5.500%, 05/01/53		285,490		287,305
5.500%, 07/01/53		392,910		394,923
5.500%, 08/01/53		1,247,615		1,253,726
5.500%, 09/01/53		496,984		500,034
6.000%, 10/01/36		240,315		249,874
6.000%, 07/01/53		191,654		196,650
6.000%, 09/01/53		984,823		1,005,974
6.500%, 09/01/39		82,991		87,119
8.000%, 09/01/30		1,110		1,157
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates 0.363%, 12/25/28 (a) (b)		62,986,701		979,607
0.482%, 01/25/34 (a) (b)		52,258,136		1,756,856
0.508%, 01/25/29 (a) (b)		84,798,929		1,886,072
0.743%, 09/25/27 (a) (b)		16,705,738		390,390
0.850%, 11/25/30 (a) (b)		31,716,530		1,414,043
0.879%, 11/25/30 (a) (b)		41,737,809		1,970,425
3.291%, 03/25/27		4,670,000		4,492,911
Federal Home Loan Mortgage Corp. REMICS 2.000%, 03/25/51 (b)		1,595,985		214,982
2.500%, 05/25/50 (b)		705,051		109,248
2.500%, 01/25/51 (b)		22,162,926		3,511,414
4.500%, 04/15/32		105,829		104,140
6.000%, 05/15/36		162,940		170,865
Federal Home Loan Mortgage Corp. STACR REMICS Trust 6.337%, SOFR30A + 1.000%, 01/25/42 (144A) (a)		2,222,108		2,214,837
6.637%, SOFR30A + 1.300%, 02/25/42 (144A) (a)		2,044,842		2,044,850
6.837%, SOFR30A + 1.500%, 10/25/41 (144A) (a)		2,270,000		2,250,139
7.437%, SOFR30A + 2.100%, 10/25/33 (144A) (a)		980,000		983,092
7.737%, SOFR30A + 2.400%, 02/25/42 (144A) (a)		3,420,000		3,460,532

BHFTII-5

See accompanying notes to financial statements.

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage—Backed—(Continued)
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
7.637%, SOFR30A + 2.300%, 08/25/33 (144A) (a)		1,735,270	$	1,751,570
Federal National Mortgage Association
1.500%, 04/01/41		318,196		264,689
2.000%, 08/01/40		68,085		58,611
2.000%, 11/01/41		3,941,605		3,389,216
2.000%, 12/01/41		170,700		145,885
2.000%, 06/01/42		3,681,303		3,143,900
2.000%, 08/01/42		1,063,462		906,140
2.000%, 08/01/50		128,975		107,594
2.000%, 09/01/50		208,509		172,083
2.000%, 10/01/50		1,278,903		1,051,994
2.000%, 12/01/50		2,667,592		2,195,026
2.000%, 01/01/51		6,185,657		5,141,598
2.000%, 02/01/51		4,239,508		3,515,264
2.000%, 03/01/51		7,718,239		6,393,515
2.000%, 04/01/51		4,512,067		3,713,396
2.000%, 05/01/51		3,576,233		2,931,708
2.000%, 08/01/51		942,600		776,884
2.000%, 10/01/51		1,903,179		1,582,780
2.000%, 02/01/52		958,322		794,639
2.000%, 03/01/52		4,903,655		4,057,019
2.149%, 02/01/32 (a)		437,412		367,985
2.500%, 10/01/40		2,757,262		2,455,071
2.500%, 03/01/41		452,946		403,276
2.500%, 04/01/41		775,992		690,893
2.500%, 05/01/41		1,758,426		1,568,880
2.500%, 06/01/50		423,719		364,870
2.500%, 10/01/50		2,339,049		2,004,524
2.500%, 11/01/50		411,605		355,385
2.500%, 12/01/50		209,787		180,174
2.500%, 01/01/51		305,596		264,101
2.500%, 02/01/51		1,680,698		1,444,586
2.500%, 03/01/51		368,885		318,782
2.500%, 04/01/51		690,316		597,089
2.500%, 05/01/51		1,542,858		1,320,270
2.500%, 06/01/51		2,590,165		2,231,768
2.500%, 07/01/51		2,437,805		2,107,470
2.500%, 08/01/51		836,632		721,071
2.500%, 09/01/51		2,178,684		1,882,464
2.500%, 10/01/51		3,219,181		2,768,398
2.500%, 11/01/51		1,405,926		1,215,415
2.500%, 12/01/51		8,308,342		7,149,720
2.500%, 01/01/52		3,455,811		2,967,334
2.500%, 02/01/52		3,303,480		2,842,248
2.500%, 03/01/52		1,424,699		1,225,563
2.500%, 04/01/52		355,287		305,722
2.500%, 09/01/61		5,101,568		4,224,602
2.930%, 07/01/28		2,506,483		2,364,651
2.930%, 06/01/30		149,110		137,077
3.000%, 07/01/35		396,273		371,411
3.000%, 02/01/36		617,440		577,020
3.000%, 04/01/36		460,293		430,364
3.000%, 07/01/36		990,308		923,529
3.000%, 08/01/36		5,148,854		4,799,352
Agency Sponsored Mortgage—Backed—(Continued)
Federal National Mortgage Association
3.000%, 10/01/36		2,041,560		1,900,371
3.000%, 12/01/36		1,695,318		1,578,045
3.000%, 12/01/37		399,901		369,071
3.000%, 06/01/38		521,402		486,722
3.000%, 09/01/42		1,075,973		992,471
3.000%, 06/01/43		158,773		145,923
3.000%, 07/01/43		389,134		357,640
3.000%, 10/01/43		364,542		335,069
3.000%, 01/01/45		326,053		299,696
3.000%, 08/01/46		343,279		312,645
3.000%, 09/01/46		256,549		233,651
3.000%, 02/01/47		78,570		72,212
3.000%, 08/01/47		38,054		34,659
3.000%, 11/01/48		3,435,468		3,125,260
3.000%, 01/01/50		83,754		75,497
3.000%, 02/01/50		10,277,187		9,327,195
3.000%, 03/01/50		5,480,777		4,934,992
3.000%, 08/01/50		338,980		303,166
3.000%, 11/01/50		505,762		456,552
3.000%, 06/01/51		358,702		324,360
3.000%, 08/01/51		1,800,827		1,626,813
3.000%, 09/01/51		310,101		276,198
3.000%, 11/01/51		408,380		368,410
3.000%, 12/01/51		664,292		599,200
3.000%, 01/01/52		1,417,084		1,278,396
3.000%, 03/01/52		4,306,811		3,873,547
3.500%, 12/01/34		115,120		110,302
3.500%, 01/01/35		78,989		75,684
3.500%, 02/01/37		142,054		135,597
3.500%, 03/01/37		90,083		86,539
3.500%, 12/01/37		148,590		141,342
3.500%, 08/01/39		144,837		138,416
3.500%, 02/01/40		570,954		547,018
3.500%, 06/01/42		2,280,837		2,131,445
3.500%, 08/01/42		2,547,859		2,393,611
3.500%, 09/01/42		185,815		174,565
3.500%, 10/01/42		1,320,383		1,240,445
3.500%, 12/01/42		150,402		141,918
3.500%, 03/01/43		912,316		863,938
3.500%, 12/01/46		1,507,634		1,420,489
3.500%, 03/01/47		127,408		118,905
3.500%, 11/01/48		380,214		355,087
3.500%, 06/01/49		9,369,183		8,743,903
3.500%, 03/01/50		149,174		138,846
3.500%, 01/01/52		767,870		714,091
3.500%, 03/01/52		1,300,170		1,207,939
3.500%, 05/01/52		3,018,159		2,792,174
4.000%, 02/01/40		291,375		284,154
4.000%, 06/01/42		2,129,576		2,075,900
4.000%, 07/01/42		622,085		605,312
4.000%, 10/01/42		704,015		683,072
4.000%, 11/01/42		501,102		486,197
4.000%, 05/01/43		5,437,906		5,291,861
4.000%, 07/01/43		18,321		17,776
4.000%, 08/01/43		482,760		468,395
4.000%, 10/01/43		2,677,401		2,604,352

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage—Backed—(Continued)
Federal National Mortgage Association
4.000%, 09/01/44		408,300	$	393,633
4.000%, 05/01/48		3,227,049		3,108,063
4.000%, 10/01/48		1,636,488		1,571,254
4.000%, 07/01/52		1,578,589		1,493,292
4.230%, 10/01/32		100,000		98,104
4.500%, 11/01/31		178,216		177,376
4.500%, 12/01/31		226,208		224,831
4.500%, 10/01/44		517,560		513,698
4.500%, 01/01/45		42,439		42,132
4.500%, 06/01/47		158,324		156,847
4.500%, 07/01/47		571,762		565,551
4.500%, 08/01/47		39,423		39,121
4.500%, 06/01/48		202,765		200,692
4.500%, 07/01/48		442,912		436,824
4.500%, 08/01/48		718,972		708,941
4.500%, 11/01/48		378,570		373,249
4.500%, 02/01/49		146,619		144,467
4.500%, 08/01/49		163,375		161,601
4.500%, 09/01/49		1,982,290		1,954,654
4.500%, 11/01/49		578,966		574,409
4.500%, 04/01/50		107,636		104,805
4.500%, 06/01/52		252,925		245,250
4.500%, 07/01/52		3,939,430		3,827,215
4.500%, 08/01/58		736,431		717,266
4.500%, 01/01/59		1,535,737		1,495,770
4.720%, 05/01/33		200,000		203,520
4.820%, 07/01/33		100,000		102,066
4.880%, 09/01/28		1,702,000		1,737,590
5.000%, 01/01/39		3,224		3,277
5.000%, 12/01/39		5,277		5,363
5.000%, 05/01/40		13,922		14,144
5.000%, 07/01/40		10,174		10,339
5.000%, 11/01/40		259,881		264,095
5.000%, 01/01/41		20,824		21,145
5.000%, 02/01/41		20,571		20,904
5.000%, 04/01/41		28,385		28,810
5.000%, 05/01/41		618,734		628,518
5.000%, 06/01/41		51,496		52,268
5.000%, 12/01/47		1,265,301		1,285,750
5.000%, 06/01/52		436,232		435,709
5.000%, 07/01/52		1,310,797		1,320,076
5.000%, 10/01/52		655,519		649,779
5.000%, 11/01/52		732,266		724,953
5.000%, 12/01/52		94,578		93,631
5.000%, 01/01/53		476,157		471,682
5.000%, 02/01/53		478,705		474,203
5.000%, 06/01/53		879,297		878,892
5.000%, 07/01/53		758,885		767,481
5.100%, 12/01/33		300,000		314,136
5.340%, 09/01/28		200,000		208,062
5.360%, 12/01/33		1,000,000		1,067,764
5.490%, 10/01/33		99,850		106,140
5.500%, 10/01/33		99,850		106,214
5.500%, 11/01/33 (c) (d)		300,000		319,025
5.500%, 08/01/52		165,727		166,454
5.500%, 10/01/52		180,294		181,301
Agency Sponsored Mortgage—Backed—(Continued)
Federal National Mortgage Association
5.500%, 11/01/52		1,972,163		1,984,691
5.500%, 04/01/53		382,579		385,189
5.500%, 05/01/53		670,622		673,737
5.500%, 06/01/53		1,867,642		1,877,356
5.500%, 07/01/53		580,991		585,994
5.500%, 08/01/53		1,097,679		1,107,568
5.850%, 11/01/33		700,000		772,425
6.000%, 07/01/41		176,763		184,649
6.000%, 12/01/52		1,244,522		1,266,621
6.000%, 03/01/53		752,233		765,010
6.000%, 06/01/53		5,586,951		5,729,837
6.000%, 07/01/53		286,703		296,900
6.500%, 03/01/26		208		215
6.500%, 04/01/29		18,780		19,682
6.500%, 05/01/32		3,451		3,518
7.000%, 02/01/29		182		188
7.000%, 11/01/37		12,047		12,429
7.000%, 12/01/37		6,557		6,765
7.000%, 02/01/38		2,392		2,468
7.000%, 11/01/38		25,881		26,956
7.000%, 02/01/39		293,610		309,333
8.000%, 05/01/28		211		211
8.000%, 07/01/32		596		609
Federal National Mortgage Association Interest STRIPS
2.000%, 03/25/50 (b)		2,490,964		296,812
2.500%, 01/25/48 (b)		920,067		106,987
3.500%, 11/25/41 (b)		584,928		88,346
4.000%, 04/25/42 (b)		843,705		154,657
4.500%, 11/25/39 (b)		469,481		86,499
Federal National Mortgage Association REMICS
Zero Coupon, 03/25/42 (e)		126,219		113,492
0.698%, -1 x SOFR30A + 6.036%, 03/25/42 (a) (b)		2,053,157		124,847
0.698%, -1 x SOFR30A + 6.036%, 12/25/42 (a) (b)		227,122		29,569
1.098%, -1 x SOFR30A + 6.436%, 10/25/41 (a) (b)		1,427,697		120,302
1.198%, -1 x SOFR30A + 6.536%, 03/25/42 (a) (b)		496,460		33,600
2.000%, 10/25/50 (b)		4,714,269		574,812
2.500%, 10/25/47 (b)		792,353		111,696
2.500%, 12/25/47 (b)		843,871		112,783
2.500%, 04/25/48 (b)		814,091		116,829
2.500%, 08/25/50 (b)		10,079,195		1,634,028
2.500%, 09/25/50 (b)		702,201		110,997
3.000%, 02/25/51 (b)		662,291		106,810
3.500%, 10/25/48		32,579		30,298
4.490%, 01/25/43 (a)		100,678		96,426
5.500%, 07/25/41		2,730,024		2,816,843
5.500%, 04/25/42		654,061		670,959
6.000%, 05/25/42		363,029		380,502
6.500%, 06/25/39		9,402		9,564
6.500%, 07/25/42		696,259		745,474
Federal National Mortgage Association-Aces
2.232%, 02/25/27		586,643		555,857
3.061%, 05/25/27 (a)		158,146		151,675
Government National Mortgage Association
Zero Coupon, 09/16/46 (a) (b)		7,645,960		76
0.029%, 03/16/49 (a) (b)		1,184,683		133

.

BHFTII-7

See accompanying notes to financial statements.

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage—Backed—(Continued)
Government National Mortgage Association
0.051%, 10/16/54 (a)(b)		10,362,952	$	13,630
0.111%, 02/16/53 (a)(b)		3,841,386		7,682
0.125%, 04/16/54 (a)(b)		9,745,699		29,425
0.152%, 02/16/48 (a)(b)		820,788		2,867
0.618%, 03/16/60 (a)(b)		1,422,517		49,513
0.628%, 09/16/55 (a)(b)		6,225,649		153,913
0.633%, 10/16/58 (a)(b)		11,232,146		385,433
0.640%, 02/16/61 (a)(b)		1,350,414		66,139
0.706%, 12/16/59 (a)(b)		26,362,089		1,077,548
1.008%, 02/16/46 (a)(b)		2,711,717		58,296
1.500%, 06/16/63		2,518,724		1,913,865
2.000%, 08/20/50		122,249		103,514
2.000%, 03/20/51		3,250,722		2,686,098
2.500%, 10/20/49		365,607		321,691
2.500%, 06/20/51		81,928		70,869
2.500%, 08/20/51		80,569		69,690
2.500%, 10/20/51		333,768		288,695
2.500%, 12/20/51		171,144		148,047
2.500%, 08/20/52		10,869,601		9,506,908
3.000%, 09/15/42		290,308		265,038
3.000%, 10/15/42		1,568,559		1,423,492
3.000%, 11/15/42		567,778		511,405
3.000%, 11/20/46		157,830		144,861
3.000%, 09/20/47		50,232		46,031
3.000%, 11/20/47		63,743		58,438
3.000%, 12/20/47		676,331		619,204
3.000%, 01/20/50		595,825		540,169
3.000%, 02/20/51		100,322		91,539
3.000%, 09/20/51		7,376,437		6,680,872
3.000%, 11/20/51		776,019		705,200
3.000%, 01/20/52		92,289		82,588
3.000%, 02/20/52		2,430,123		2,206,089
3.000%, 03/20/52		1,769,884		1,598,979
3.000%, 04/20/52		2,296,478		2,030,232
3.500%, 06/20/44		613,495		582,225
3.500%, 03/20/45		47,814		45,131
3.500%, 01/20/46		125,806		118,905
3.500%, 03/20/46		666,656		628,597
3.500%, 04/20/46		349,051		329,102
3.500%, 05/20/46		163,013		153,695
3.500%, 06/20/46		277,821		261,900
3.500%, 07/20/46		168,342		158,684
3.500%, 09/20/46		15,358		14,451
3.500%, 05/20/47		2,222,887		2,095,050
3.500%, 06/15/48		1,860,058		1,758,915
3.500%, 09/20/48		420,601		395,951
3.500%, 02/20/49		13,209		12,400
3.500%, 10/20/49		104,987		98,336
3.500%, 01/20/50		996,473		930,785
3.500%, 02/20/50		139,277		129,635
3.500%, 05/15/50		320,005		299,850
3.500%, 07/20/50		167,887		157,768
3.500%, 02/20/52		3,948,363		3,674,643
3.500%, 03/20/52		461,760		425,208
3.500%, 06/20/52		547,828		503,075
4.000%, 09/20/45		219,976		214,248
Agency Sponsored Mortgage—Backed—(Continued)
Government National Mortgage Association
4.000%, 11/20/45		2,487,918		2,414,084
4.000%, 08/20/46		1,807,282		1,745,726
4.000%, 06/20/47		795,205		766,579
4.000%, 07/20/47		134,459		129,607
4.000%, 11/20/47		384,488		371,159
4.000%, 12/20/47		150,166		144,711
4.000%, 02/20/48		138,804		134,100
4.000%, 03/20/48		1,072,354		1,035,951
4.000%, 04/20/48		131,678		127,195
4.000%, 05/20/48		108,629		104,897
4.000%, 08/20/48		1,487,341		1,430,936
4.000%, 09/20/48		413,805		397,798
4.000%, 03/20/49		227,402		219,240
4.000%, 04/20/49		198,231		191,112
4.000%, 11/20/49		68,655		65,692
4.000%, 01/20/50		107,682		105,341
4.000%, 02/20/50		93,391		91,146
4.000%, 03/15/50		31,753		30,524
4.000%, 03/20/50		59,041		57,758
4.000%, 04/20/50		392,696		377,243
4.000%, 06/20/52		646,022		618,992
4.500%, 01/20/40		175,344		175,504
4.500%, 05/20/40		223,144		223,280
4.500%, 09/20/40		5,018		5,016
4.500%, 01/20/41		42,742		42,751
4.500%, 07/20/41		276,149		276,204
4.500%, 08/20/47		258,793		256,453
4.500%, 04/20/48		390,006		385,696
4.500%, 05/20/48		713,920		705,701
4.500%, 06/20/48		716,062		707,709
4.500%, 07/20/48		53,655		53,024
4.500%, 08/20/48		1,828,102		1,806,490
4.500%, 09/20/48		157,405		155,536
4.500%, 10/20/48		380,420		375,884
4.500%, 12/20/48		166,087		164,090
4.500%, 01/20/49		1,464,370		1,446,680
4.500%, 02/20/49		537,552		531,035
4.500%, 03/20/49		1,375,640		1,359,046
4.500%, 04/20/49		174,837		172,717
4.500%, 02/20/50		241,915		238,992
4.500%, 03/20/50		158,140		156,189
4.500%, 12/20/50		234,181		231,365
4.500%, 08/20/52		933,736		911,439
4.500%, 09/20/52		1,203,398		1,179,876
5.000%, 07/20/40		180,420		183,658
5.000%, 05/20/48		120,096		120,991
5.000%, 10/20/48		606,557		610,608
5.000%, 11/20/48		335,313		337,974
5.000%, 12/20/48		364,635		366,677
5.000%, 01/20/49		243,704		244,768
5.000%, 03/20/49		74,582		74,885
5.000%, 04/20/49		274,135		275,324
5.000%, 09/20/49		107,852		108,622
5.000%, 11/20/49		162,999		164,188
5.000%, 12/20/49		105,475		106,274
5.000%, 01/20/50		288,017		289,885

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage—Backed—(Continued)
Government National Mortgage Association
5.000%, 04/20/50		62,060	$	62,563
5.000%, 09/20/52		471,005		473,523
5.000%, 10/20/52		1,122,114		1,115,455
5.000%, 11/20/52		1,418,035		1,408,037
5.000%, 12/20/52		3,796,382		3,772,238
5.000%, 01/20/53		3,148,738		3,133,796
5.000%, 08/20/53		2,664,698		2,656,258
5.500%, 06/15/36		134,963		136,401
5.500%, 11/20/52		1,680,537		1,694,001
5.500%, 02/20/53		1,636,446		1,654,985
5.500%, 03/20/53		2,708,677		2,731,585
5.500%, 04/20/53		3,403,269		3,428,318
5.500%, 05/20/53		1,081,005		1,091,930
5.500%, 07/20/53		691,974		700,534
5.500%, 08/20/53		3,586,248		3,624,124
6.000%, 03/15/33		325,010		335,816
6.000%, 11/20/34		511		539
6.000%, 06/20/35		798		843
6.000%, 07/20/36		38,822		40,235
6.000%, 09/20/36		1,877		1,982
6.000%, 07/20/38		112,133		118,429
6.000%, 09/20/38		267,172		277,240
6.000%, 06/20/39		1,328		1,402
6.000%, 05/20/40		21,159		22,342
6.000%, 06/20/40		73,898		78,013
6.000%, 08/20/40		42,600		44,176
6.000%, 09/20/40		97,720		103,205
6.000%, 10/20/40		43,802		46,256
6.000%, 11/20/40		79,900		83,098
6.000%, 01/20/41		45,475		47,844
6.000%, 03/20/41		280,783		296,342
6.000%, 07/20/41		68,965		72,832
6.000%, 12/20/41		34,573		36,514
6.000%, 06/20/53		585,138		595,106
6.000%, 07/20/53		1,277,775		1,305,611
6.000%, 09/20/53		1,194,232		1,218,614
6.500%, 06/15/31		793		813
6.500%, 08/15/34		62,048		64,359
6.500%, 10/20/37		104,285		110,475
6.500%, 09/20/53		396,457		409,485
6.500%, 11/20/53		300,000		311,365
7.500%, 09/15/29		424		428
8.500%, 06/15/25		1,074		1,073
Government National Mortgage Association REMICS
0.627%, -1 x 1M TSFR + 5.986%, 08/16/42 (a) (b)		345,471		39,866
1.178%, -1 x 1M TSFR + 6.536%, 01/20/40 (a) (b)		20,107		102
3.000%, 07/20/49		529,394		472,356
4.000%, 08/20/48		42,404		40,391
5.768%, 12M TSFR + 0.965%, 10/20/68 (a)		1,521,913		1,517,822
5.817%, 1M TSFR + 0.494%, 12/20/60 (a)		6,580,590		6,544,546
5.837%, 1M TSFR + 0.514%, 12/20/60 (a)		1,256,060		1,249,142
5.837%, 1M TSFR + 0.514%, 08/20/70 (a)		39,039		38,492
5.867%, 1M TSFR + 0.544%, 10/20/64 (a)		2,510,811		2,494,794
5.887%, 1M TSFR + 0.564%, 07/20/70 (a)		4,370,473		4,233,147
5.917%, 1M TSFR + 0.594%, 03/20/61 (a)		1,145,195		1,140,838
5.937%, 1M TSFR + 0.614%, 12/20/60 (a)		10,115,644		10,068,792
Agency Sponsored Mortgage—Backed—(Continued)
Government National Mortgage Association REMICS
5.937%, 1M TSFR + 0.614%, 07/20/70 (a)		293,539		285,487
6.587%, 1M TSFR + 1.264%, 05/20/70 (a)		1,047,446		1,043,378
6.687%, 1M TSFR + 1.364%, 04/20/70 (a)		102,389		103,300
Government National Mortgage Association, TBA
2.000%, TBA (f)		1,900,000		1,608,543
2.500%, TBA (f)		2,800,000		2,449,132
3.000%, TBA (f)		2,600,000		2,353,806
3.500%, TBA (f)		2,500,000		2,328,125
4.000%, TBA (f)		700,000		668,283
5.000%, TBA (f)		100,000		99,297
5.500%, TBA (f)		500,000		503,595
6.000%, TBA (f)		100,000		101,676
6.500%, TBA (f)		700,000		714,793
Uniform Mortgage-Backed Security, TBA
2.000%, TBA (f)		1,300,000		1,062,344
3.000%, TBA (f)		1,200,000		1,061,391
4.000%, TBA (f)		1,100,000		1,040,316
4.500%, TBA (f)		900,000		872,367
5.000%, TBA (f)		4,800,000		4,748,625
5.500%, TBA (f)		6,100,000		6,125,734
6.000%, TBA (f)		300,000		304,594
6.500%, TBA (f)		2,000,000		2,049,453
				521,151,136
Federal Agencies—32.3%
Federal Farm Credit Banks Funding Corp.
0.200%, 01/04/24		10,000,000		9,997,154
0.230%, 01/19/24		15,000,000		14,963,998
0.375%, 01/15/25		10,000,000		9,581,051
0.460%, 11/03/25		10,000,000		9,316,932
0.780%, 06/16/25		10,000,000		9,457,627
0.875%, 11/18/24		5,000,000		4,827,645
1.050%, 11/17/25		10,000,000		9,411,244
1.240%, 09/03/30		8,000,000		6,565,847
1.680%, 09/17/35		1,195,000		878,827
1.750%, 02/25/25		18,350,000		17,758,612
2.600%, 04/05/27		10,000,000		9,556,727
2.625%, 05/16/24		15,000,000		14,850,515
2.700%, 10/26/27		10,000,000		9,532,078
5.480%, 06/27/42		3,000,000		2,938,443
Federal Home Loan Banks
0.375%, 09/04/25		15,000,000		14,025,733
0.500%, 04/14/25		14,000,000		13,297,238
0.750%, 06/30/25		7,770,000		7,363,062
1.020%, 02/24/27		9,990,000		9,052,831
1.750%, 09/12/25		10,000,000		9,566,177
2.250%, 03/04/36		15,000,000		11,568,900
2.500%, 02/13/24		10,000,000		9,966,217
2.750%, 12/13/24		10,000,000		9,809,073
3.000%, 07/08/24		7,000,000		6,919,437
Federal Home Loan Mortgage Corp.
Zero Coupon, 12/14/29		7,443,000		5,830,435
Zero Coupon, 12/17/29		5,562,000		4,353,558
Zero Coupon, 09/15/36		10,000,000		5,727,480
Zero Coupon, 12/15/36		24,765,000		13,708,942

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal Home Loan Mortgage Corp. STRIPS
Zero Coupon, 07/15/28		5,400,000	$	4,497,716
Zero Coupon, 07/15/32		9,000,000		6,219,331
Federal National Mortgage Association
0.625%, 04/22/25		5,000,000		4,753,899
2.625%, 09/06/24		17,500,000		17,216,148
Federal National Mortgage Association Principal STRIPS
Zero Coupon, 05/15/30		30,000,000		22,996,879
Resolution Funding Corp. Interest STRIPS
Zero Coupon, 07/15/26		4,230,000		3,770,810
Zero Coupon, 07/15/29		14,000,000		11,009,729
Zero Coupon, 10/15/29		14,996,000		11,762,811
Resolution Funding Corp. Principal STRIPS
Zero Coupon, 01/15/30		51,000,000		39,226,591
Zero Coupon, 04/15/30		54,000,000		41,122,406
Tennessee Valley Authority
3.875%, 03/15/28		15,000,000		14,933,106
U.S. Department of Housing & Urban Development
2.668%, 08/01/24		8,000,000		7,894,210
2.738%, 08/01/25		6,000,000		5,827,239
U.S. International Development Finance Corp.
1.110%, 05/15/29		11,000,000		10,048,703
3.540%, 06/15/30		7,647,333		7,502,846
				459,608,207
U.S. Treasury—17.8%
U.S. Treasury Bonds
1.375%, 08/15/50		50,000		27,861
4.000%, 11/15/42		4,000,000		3,887,344
4.750%, 02/15/41		4,500,000		4,865,098
U.S. Treasury Inflation-Indexed Bond 0.250%, 02/15/50 (g)		5,864,026		3,818,666
U.S. Treasury Inflation-Indexed Notes 0.500%, 01/15/28 (g)		13,097,070		12,392,224
1.125%, 01/15/33 (g)		2,065,800		1,954,036
1.625%, 10/15/27 (g)		15,579,600		15,460,346
U.S. Treasury Notes 0.250%, 03/15/24		10,000,000		9,900,391
1.875%, 08/31/24		20,000,000		19,590,625
1.875%, 07/31/26		39,900,000		37,744,465
2.750%, 05/31/29		22,000,000		20,770,234
3.875%, 11/30/29		67,000,000		66,871,758
3.875%, 08/15/33		48,000,000		47,940,000
4.125%, 08/31/30		8,000,000		8,100,312
				253,323,360
Total U.S. Treasury & Government Agencies (Cost $1,306,197,198)				1,234,082,703
Foreign Government—5.1%
Sovereign—5.1%
Colombia Government International Bond
5.625%, 02/26/44		4,840,000		4,063,247
Indonesia Government International Bond
4.750%, 02/11/29		6,280,000		6,324,973
Sovereign—(Continued)
Israel Government AID Bonds
5.500%, 04/26/24		21,550,000		21,541,247
5.500%, 09/18/33		6,961,000		7,644,994
Mexico Government International Bond
4.500%, 04/22/29 (h)		12,280,000		12,084,728
Peru Government International Bonds
3.300%, 03/11/41		3,420,000		2,656,177
3.550%, 03/10/51		1,090,000		824,967
3.600%, 01/15/72		1,580,000		1,111,672
6.550%, 03/14/37		320,000		356,000
Qatar Government International Bond
5.103%, 04/23/48 (144A)		7,300,000		7,383,220
Republic of Poland Government International Bonds
3.250%, 04/06/26		5,010,000		4,854,690
4.000%, 01/22/24		2,858,000		2,852,415
Total Foreign Government
(Cost $79,871,880)				71,698,330
Corporate Bonds & Notes—4.3%
Chemicals—0.1%
MEGlobal BV
4.250%, 11/03/26 (144A)		1,540,000		1,486,112
Diversified Financial Services—3.1%
Private Export Funding Corp.
3.250%, 06/15/25		20,000,000		19,609,777
5.500%, 03/14/25 (144A)		25,000,000		25,163,145
				44,772,922
Electric—0.6%
Enel Chile SA
4.875%, 06/12/28		4,000,000		3,952,118
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.450%, 05/21/28 (144A)		4,000,000		4,065,000
				8,017,118
Oil & Gas—0.5%
Ecopetrol SA
5.375%, 06/26/26		4,260,000		4,176,170
Petroleos Mexicanos
6.375%, 01/23/45		3,610,000		2,352,201
				6,528,371
Total Corporate Bonds & Notes (Cost $55,099,129)				60,804,523
Mortgage-Backed Securities—3.8%
Collateralized Mortgage Obligations—2.0%
Banc of America Mortgage Trust 5.217%, 07/25/35 (a)		10,414		9,628
CIM Trust 1.425%, 07/25/61 (144A) (a)		2,281,419		1,988,233
5.000%, 05/25/62 (144A) (a)		2,732,364		2,707,151
Citigroup Mortgage Loan Trust, Inc. 7.780%, 1Y H15 + 2.400%, 10/25/35 (a)		23,181		22,481

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Countrywide Alternative Loan Trust 5.672%, 1M TSFR + 0.314%, 07/20/46 (a)		879,391	$	700,129
Countrywide Reperforming Loan REMICS Trust 5.890%, 1M TSFR + 0.534%, 07/25/36 (144A) (a)		161,948		148,032
CSMC Trust 0.830%, 03/25/56 (144A) (a)		627,256		491,188
0.938%, 05/25/66 (144A) (a)		955,018		756,023
1.169%, 03/25/56 (144A) (a)		539,986		418,804
1.756%, 10/25/66 (144A) (a)		631,879		524,251
2.000%, 10/25/60 (144A) (a)		778,388		690,377
3.904%, 04/25/62 (144A) (a)		1,737,783		1,628,255
8.830%, SOFR30A + 3.500%, 10/25/66 (144A) † (a)		2,069,895		2,015,511
Ellington Financial Mortgage Trust 3.001%, 01/25/67 (144A) (a)		950,000		660,178
GMACM Mortgage Loan Trust 3.637%, 11/19/35 (a)		69,609		62,224
GS Mortgage-Backed Securities Trust 3.750%, 10/25/57 (144A)		1,528,614		1,469,346
4.000%, 05/25/62 (144A) (a)		711,874		657,927
JP Morgan Mortgage Trust 3.500%, 10/25/48 (144A) (a)		392,033		343,953
5.201%, 06/25/34 (a)		25,916		24,213
Legacy Mortgage Asset Trust 2.250%, 07/25/67 (144A) (i)		708,687		684,189
MASTR Adjustable Rate Mortgages Trust 3.337%, 02/25/34 (a)		96,732		83,248
MASTR Reperforming Loan Trust 3.569%, 05/25/35 (144A) (a)		1,855,292		932,111
Morgan Stanley Mortgage Loan Trust 3.357%, 07/25/35 (a)		50,189		43,644
5.610%, 1M TSFR + 0.254%, 06/25/36 (a)		412,527		81,466
New Residential Mortgage Loan Trust 1.156%, 11/27/56 (144A) (a)		543,886		449,711
2.750%, 07/25/59 (144A) (a)		1,113,589		1,047,657
3.250%, 09/25/56 (144A) (a)		1,020,498		937,444
4.000%, 02/25/57 (144A) (a)		862,224		816,393
4.000%, 05/25/57 (144A) (a)		1,314,212		1,240,291
NovaStar Mortgage Funding Trust 0.523%, 1M TSFR + 0.494%, 09/25/46 (a)		385,707		348,369
OBX Trust 1.054%, 07/25/61 (144A) (a)		675,509		516,187
5.949%, 02/25/63 (144A) (i)		659,100		659,151
PRKCM Trust
1.510%, 08/25/56 (144A) (a)		1,494,738		1,185,746
2.071%, 11/25/56 (144A) (a)		795,384		663,057
SACO I Trust 4.856%, 06/25/21 (144A) (a)		7,492		6,076
Structured Asset Mortgage Investments II Trust 5.830%, 1M TSFR + 0.474%, 07/25/46 (a)		77,925		63,913
Structured Asset Securities Corp. 4.061%, 06/25/35 (144A) (a)		49,361		43,239
5.820%, 1M TSFR + 0.464%, 04/25/35 (144A) (a)		1,171,369		1,014,599
Towd Point Mortgage Trust 1.636%, 04/25/60 (144A) (a)		763,046		676,492
3.000%, 04/25/60 (144A) (a)		940,000		705,006
				27,515,893
Commercial Mortgage-Backed Securities—1.8%
BANK 2.643%, 04/15/54		860,000		736,265
3.538%, 11/15/54		1,580,000		1,488,924
5.779%, 04/15/56		770,000		784,525
Benchmark Mortgage Trust 5.525%, 04/15/56		2,700,000		2,779,779
BLP Commercial Mortgage Trust 7.054%, 1M TSFR + 1.692%, 03/15/40 (144A) (a)		4,300,000		4,274,577
BX Commercial Mortgage Trust 7.643%, 1M TSFR + 2.281%, 06/15/40 (144A) (a)		1,130,000		1,130,925
BX Trust 6.212%, 1M TSFR + 0.850%, 01/15/39 (144A) (a)		3,000,000		2,936,068
6.277%, 1M TSFR + 0.914%, 02/15/36 (144A) (a)		585,199		575,659
Citigroup Commercial Mortgage Trust 5.820%, 10/12/40 (144A) (a)		1,520,000		1,538,676
GS Mortgage Securities Trust 2.911%, 02/13/53		3,414,000		3,024,438
LAQ Mortgage Trust 7.453%, 1M TSFR + 2.091%, 03/15/36 (144A) (a)		693,060		687,731
Morgan Stanley Bank of America Merrill Lynch Trust 3.459%, 12/15/49		3,129,700		2,985,958
MTN Commercial Mortgage Trust 6.767%, 1M TSFR + 1.397%, 03/15/39 (144A) (a)		2,980,000		2,905,054
				25,848,579
Total Mortgage-Backed Securities (Cost $57,033,560)				53,364,472
Asset-Backed Securities—0.0%
Asset-Backed-Home Equity—0.0%
Morgan Stanley Mortgage Loan Trust 5.650%, 1M TSFR + 0.294%, 12/25/36 (a)		110,015		38,389
5.770%, 1M TSFR + 0.414%, 03/25/36 (a)		37,312		36,903
				75,292
Asset-Backed-Other—0.0%
Structured Asset Securities Corp. Mortgage Loan Trust 5.690%, 1M TSFR + 0.334%, 02/25/36 (144A) (a)		4,548,285		97,303
Total Asset-Backed Securities (Cost $2,105,189)				172,595
Short-Term Investment—1.4%
Repurchase Agreement—1.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/29/23 at 2.500%, due on 01/02/24 with a maturity value of $20,348,230; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $20,749,508.		20,342,579		20,342,579
Total Short-Term Investments (Cost $20,342,579)				20,342,579
Total Investments—101.4% (Cost $1,520,649,535)				1,440,465,202
Other assets and liabilities (net) —(1.4)%				(19,199,179	)
Net Assets —100.0%			$	1,421,266,023

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2023

*	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 registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2023, the market value of restricted securities was $2,015,511, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Variable or floating rate security. The stated rate represents the rate at December 31, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	Interest only security.
(c)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Principal only security.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(g)	Principal amount of security is adjusted for inflation.
(h)	All or a portion of the security was held on loan. As of December 31, 2023, the market value of securities loaned was $353,291 and the collateral received consisted of non-cash collateral with a value of $364,456. 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.
(i)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(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, 2023, the market value of 144A securities was $91,025,068, which is 6.4% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
CSMC Trust, 8.830%, 10/25/66		07/14/22	$	2,069,895	$	2,069,894	$	2,015,511

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2023

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 10 Year Futures		03/19/24		2		USD	225,781	$	965

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(RFUCCT)—	Refinitiv USD IBOR Consumer Cash Fallbacks Term
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(TSFR)—	Term Secured Financing Rate

Other Abbreviations

(ACES)—	Alternative Credit Enhancement Securities
(REMIC)—	Real Estate Mortgage Investment Conduit
(STACR)—	Structured Agency Credit Risk

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the 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, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2023:

Description	Level 1		Level 2		Level 3		Total
U.S. Treasury & Government Agencies
Agency Sponsored Mortgage - Backed	$	—	$	520,832,111	$	319,025	$	521,151,136
Federal Agencies		—		459,608,207		—		459,608,207
U.S. Treasury		—		253,323,360		—		253,323,360
Total U.S. Treasury & Government Agencies		—		1,233,763,678		319,025		1,234,082,703
Total Foreign Government*		—		71,698,330		—		71,698,330
Total Corporate Bonds & Notes*		—		60,804,523		—		60,804,523
Total Mortgage-Backed Securities*		—		53,364,472		—		53,364,472
Total Asset-Backed Securities*		—		172,595		—		172,595
Total Short-Term Investment*		—		20,342,579		—		20,342,579
Total Investments	$	—	$	1,440,146,177	$	319,025	$	1,440,465,202
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	965	$	—	$	—	$	965

* 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, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statement of Assets and Liabilities
December 31, 2023
Assets
Investments at value (a)(b)	$	1,440,465,202
Cash		419
Cash collateral for futures contracts		30,873
Receivable for:
Investments sold		1,040,856
TBA securities sold		92,210,965
Fund shares sold		380,710
Principal paydowns		36,684
Interest		6,424,040
Variation margin on futures contracts		3,917
Prepaid expenses		5,448
Total Assets		1,540,599,114
Liabilities
Payables for:
Investments purchased		1,014,750
TBA securities purchased		117,200,576
Fund shares redeemed		155,654
Accrued Expenses:
Management fees		552,284
Distribution and service fees		64,658
Deferred trustees’ fees		169,327
Other expenses		175,842
Total Liabilities		119,333,091
Net Assets	$	1,421,266,023
Net Assets Consist of:
Paid in surplus	$	1,674,806,140
Distributable earnings (Accumulated losses)		(253,540,117	)
Net Assets	$	1,421,266,023
Net Assets
Class A	$	1,108,441,752
Class B		299,531,129
Class E		13,293,142
Capital Shares Outstanding*
Class A		105,169,979
Class B		28,555,056
Class E		1,264,953
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.54
Class B		10.49
Class E		10.51

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,520,649,535.
(b)	Includes securities loaned at value of $353,291.

Statement of Operations
Year Ended December 31, 2023
Investment Income
Interest	$	44,628,722
Securities lending income		8,697
Total investment income		44,637,419
Expenses
Management fees		6,967,244
Administration fees		76,962
Custodian and accounting fees		183,410
Distribution and service fees - Class B		748,293
Distribution and service fees - Class E		20,313
Audit and tax services		75,018
Legal		46,604
Trustees’ fees and expenses		46,220
Shareholder reporting		56,755
Insurance		13,866
Miscellaneous		27,518
Total expenses		8,262,203
Less management fee waiver		(330,500	)
Net expenses		7,931,703
Net Investment Income		36,705,716
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(29,247,970	)
Futures contracts		(4,518,500	)
Net realized gain (loss)		(33,766,470	)
Net change in unrealized appreciation (depreciation) on:
Investments		62,015,868
Futures contracts		241,462
Net change in unrealized appreciation (depreciation)		62,257,330
Net realized and unrealized gain (loss)		28,490,860
Net Increase (Decrease) in Net Assets From Operations	$	65,196,576

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	36,705,716		$	23,542,377
Net realized gain (loss)		(33,766,470	)		(38,710,791	)
Net change in unrealized appreciation (depreciation)		62,257,330			(148,836,492	)
Increase (decrease) in net assets from operations		65,196,576			(164,004,906	)
From Distributions to Shareholders
Class A		(26,339,958	)		(29,881,117	)
Class B		(6,192,310	)		(6,716,761	)
Class E		(291,071	)		(335,920	)
Total distributions		(32,823,339	)		(36,933,798	)
Increase (decrease) in net assets from capital share transactions		(71,461,470	)		(266,436,445	)
Total increase (decrease) in net assets		(39,088,233	)		(467,375,149	)
Net Assets
Beginning of period		1,460,354,256			1,927,729,405
End of period	$	1,421,266,023		$	1,460,354,256

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		2,397,782		$	24,808,435			1,219,504		$	13,184,971
Reinvestments		2,579,820			26,339,958			2,867,670			29,881,117
Redemptions		(11,627,271	)		(118,736,964	)		(23,993,655	)		(258,436,571	)
Net increase (decrease)		(6,649,669	)	$	(67,588,571	)		(19,906,481	)	$	(215,370,483	)
Class B
Sales		3,569,147		$	36,782,857			3,089,388		$	33,212,463
Reinvestments		608,282			6,192,310			647,087			6,716,761
Redemptions		(4,464,311	)		(45,667,375	)		(8,317,215	)		(89,135,628	)
Net increase (decrease)		(286,882	)	$	(2,692,208	)		(4,580,740	)	$	(49,206,404	)
Class E
Sales		70,269		$	727,876			62,148		$	673,994
Reinvestments		28,564			291,071			32,331			335,920
Redemptions		(213,234	)		(2,199,638	)		(267,442	)		(2,869,472	)
Net increase (decrease)		(114,401	)	$	(1,180,691	)		(172,963	)	$	(1,859,558	)
Increase (decrease) derived from capital shares transactions				$	(71,461,470	)				$	(266,436,445	)

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	10.29		$	11.58		$	12.08		$	11.85		$	11.49
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.27			0.16			0.10			0.20			0.29
Net realized and unrealized gain (loss)		0.22			(1.20	)		(0.28	)		0.42			0.40
Total income (loss) from investment operations		0.49			(1.04	)		(0.18	)		0.62			0.69
Less Distributions
Distributions from net investment income		(0.24	)		(0.25	)		(0.32	)		(0.39	)		(0.33	)
Total distributions		(0.24	)		(0.25	)		(0.32	)		(0.39	)		(0.33	)
Net Asset Value, End of Period	$	10.54		$	10.29		$	11.58		$	12.08		$	11.85
Total Return (%) (b)		4.87			(9.01	)		(1.52	)		5.24			6.03
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52			0.51			0.50			0.51			0.50
Net ratio of expenses to average net assets (%) (c)		0.50			0.49			0.48			0.48			0.48
Ratio of net investment income (loss) to average net assets (%)		2.61			1.48			0.83			1.69			2.48
Portfolio turnover rate (%)		86	(d)		103	(d)		167	(d)		226	(d)		208	(d)
Net assets, end of period (in millions)	$	1,108.4		$	1,150.8		$	1,525.0		$	1,493.8		$	1,544.1
	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	10.24		$	11.51		$	12.01		$	11.79		$	11.43
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.24			0.13			0.07			0.17			0.26
Net realized and unrealized gain (loss)		0.22			(1.18	)		(0.28	)		0.40			0.39
Total income (loss) from investment operations		0.46			(1.05	)		(0.21	)		0.57			0.65
Less Distributions
Distributions from net investment income		(0.21	)		(0.22	)		(0.29	)		(0.35	)		(0.29	)
Total distributions		(0.21	)		(0.22	)		(0.29	)		(0.35	)		(0.29	)
Net Asset Value, End of Period	$	10.49		$	10.24		$	11.51		$	12.01		$	11.79
Total Return (%) (b)		4.59			(9.17	)		(1.77	)		4.91			5.78
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77			0.76			0.75			0.76			0.75
Net ratio of expenses to average net assets (%)(c)		0.75			0.74			0.73			0.73			0.73
Ratio of net investment income (loss) to average net assets (%)		2.36			1.24			0.58			1.43			2.23
Portfolio turnover rate (%)		86	(d)		103	(d)		167	(d)		226	(d)		208	(d)
Net assets, end of period (in millions)	$	299.5		$	295.4		$	384.8		$	396.6		$	367.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	10.26		$	11.54		$	12.03		$	11.81		$	11.45
Income (Loss) from Investment Operations
Net investment income (loss)(a)		0.25			0.14			0.08			0.18			0.27
Net realized and unrealized gain (loss)		0.23			(1.19	)		(0.27	)		0.41			0.40
Total income (loss) from investment operations		0.48			(1.05	)		(0.19	)		0.59			0.67
Less Distributions
Distributions from net investment income		(0.23	)		(0.23	)		(0.30	)		(0.37	)		(0.31	)
Total distributions		(0.23	)		(0.23	)		(0.30	)		(0.37	)		(0.31	)
Net Asset Value, End of Period	$	10.51		$	10.26		$	11.54		$	12.03		$	11.81
Total Return (%) (b)		4.70			(9.12	)		(1.60	)		5.01			5.88
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.67			0.66			0.65			0.66			0.65
Net ratio of expenses to average net assets (%)(c)		0.65			0.64			0.63			0.63			0.63
Ratio of net investment income (loss) to average net assets (%)		2.46			1.34			0.69			1.54			2.33
Portfolio turnover rate (%)		86	(d)		103	(d)		167	(d)		226	(d)		208	(d)
Net assets, end of period (in millions)	$	13.3		$	14.2		$	17.9		$	20.1		$	19.5

(a)	Per share amounts based on average shares outstanding during the period.
(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.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(d)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 39%, 43%, 70%, 100%, and 76% for the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively.

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2023

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 (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management U.S. Government Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio 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.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the 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 the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of 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, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows 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 Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The 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 the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

solely on foreign exchanges that close before the time as of which the 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. The 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 are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 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 procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform 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 the 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 the 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.

Foreign Currency Translation - The books and records of the Portfolio 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 the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the 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.

Investment Transactions and Related Investment Income - Portfolio 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 the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records 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 Portfolio’s 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. The Portfolio files U.S. federal tax returns. No

BHFTII-19

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

income tax returns are currently under examination. The 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, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Inflation-Indexed Bonds - The Portfolio 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 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 - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

Mortgage Dollar Rolls - The Portfolio 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, the 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 the 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.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio 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 of 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 the Statement of Operations of the Portfolio. 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 the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its 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.

TBA Purchase and Forward Sale Commitments -The Portfolio 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

BHFTII-20

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

value of the 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 - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The 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.

Repurchase Agreements - The Portfolio 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 the 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 Portfolio’s 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.

At December 31, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $20,342,579, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the 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 the 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 market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in 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 the Portfolio in securities lending transactions during the year ended December 31, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2023.

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 the 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 the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Foreign Government in the Portfolio’s Schedule of Investments as of December 31, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

BHFTII-21

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio 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. 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 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 Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the 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.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2023 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a)	$	965

(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, 2023:

Statement of Operations Location-Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(4,518,500	)
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	241,462

For the year ended December 31, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	57,260,450
Futures contracts short		(22,900,332	)

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

4. Certain Risks

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

Market Risk: The value of securities held by the 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, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

Credit and Counterparty Risk: The 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 the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist

BHFTII-22

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

principally of cash due from counterparties and investments. The 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 Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the 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.

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 the 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. The 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 the 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.

LIBOR Replacement Risk: LIBOR was the offered rate at which major international banks could obtain wholesale, unsecured funding. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. Alternative reference rates to LIBOR have been established in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. The full impact of the transition on the Portfolio, the financial instruments in which the Portfolio invests and financial markets more generally cannot yet be fully determined.

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

5. 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, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$1,170,422,967	$	58,764,427	$	1,313,967,240	$	45,554,607

BHFTII-23

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2023 were as follows:

Purchases	Sales
$683,813,398	$	697,664,622

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2023	% per annum			Average Daily Net Assets
$6,967,244		0.550	%	Of the first $500 million
		0.450	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company, LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Brighthouse Funds Trust I that are managed by the Subadviser.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.030%	Of the first $100 million
0.050%	On amounts over $200 million and under $500 million
0.010%	On amounts over $1 billion and under $2 billion
0.030%	On amounts in excess of $2 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are included in the amount shown as a management fee waiver in the Statement of Operations.

Additionally, for the period May 1, 2023 to April 30, 2024, Brighthouse Investment Advisers has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Portfolio and those of Western Asset Management Government Income Portfolio, a series of Brighthouse Funds Trust I also advised by the Subadviser. An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the year ended December 31, 2023 are included in the amount shown as a management fee waiver in the Statement of Operations.

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

BHFTII-24

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

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 the Portfolio for the year ended December 31, 2023 are shown as Distribution and service fees in the 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 the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2023 was as follows:

Cost basis of investments	$	1,529,674,699
Gross unrealized appreciation		10,703,507
Gross unrealized (depreciation)		(99,913,005	)
Net unrealized appreciation (depreciation)	$	(89,209,498	)

The tax character of distributions paid for the years ended December 31, 2023 and 2022 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2023	2022		2023		2022		2023		2022
$32,823,339	$	36,933,798	$	—	$	—	$	32,823,339	$	36,933,798

As of December 31, 2023, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$41,782,122	$	—	$	(89,209,498	)	$	(205,943,414	)	$	(253,370,790	)

The Portfolio utilizes 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.

As of December 31, 2023, the Portfolio had accumulated short-term capital losses of $34,128,316 and accumulated long-term capital losses of $171,815,098.

BHFTII-25

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2023—(Continued)

9. Recent Accounting Pronouncement & Regulatory Updates

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

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semiannual reports to shareholders that highlight certain information deemed by the SEC to be particularly important for investors. Certain other information, including financial statements, will no longer appear in shareholder reports but will, as required, be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until its 2024 semiannual shareholder report.

BHFTII-26

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Western Asset Management U.S. Government Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Western Asset Management U.S. Government Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of December 31, 2023, the related statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 Fund is 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2024

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

BHFTII-27

Brighthouse Funds Trust II

Trustees and Officers

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds Trust I and Brighthouse Funds Trust II, 11225 N. Community House Rd., Charolette, North Carolina 28277. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve, other than pursuant to the retirement policy adopted by the Independent Trustees. Trustees serve until their death, resignation, retirement or removal in accordance with Trust I’s and Trust II’s respective organizational documents and policies adopted by the Board of the Trust from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Retired; Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield & Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed- end fund);** Until 2021, Director, Mid- Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTII-28

Brighthouse Funds Trust II

Trustees and Officers—(Continued)

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

Executive Officers of the Trusts

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Thomas Watterson (1985)	Secretary, of Trust I and Trust II	From November 2023 (Trust I and Trust II) to present	Executive Vice President, Chief Legal Officer and Secretary, Brighthouse Investment Advisers, LLC (2023-Present); Managing Corporate Counsel, Brighthouse Financial Inc. (2023-present); Managing Counsel and Director, The Bank of New York Mellon Corporation (2019-2023); Counsel and Vice President, The Bank of New York Mellon Corporation (2016-2019).
Katie Hellmann (1980)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2023-present) and Head of Funds and Investments Compliance (2023-present). Deputy Chief Compliance Officer, Transamerica Asset Management (2022-2023). Leader and Senior Compliance Counsel – Funds Compliance, Edward Jones (2017-2022).
Rosemary Morgan (1983)	Anti-Money Laundering Officer, of Trust I and Trust II	From May 2023 (Trust I and Trust II) to present	Chief Privacy Officer, Leader of Compliance Programs and Assistant General Counsel, Brighthouse Financial, Inc. (2019-2022); Chief Privacy Officer, Head of Compliance Programs & Contracts Law, Brighthouse Financial, Inc. (2022-2023), Chief Compliance Officer and Associate General Counsel, Brighthouse Financial, Inc. (2023-present); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2023-present); Vice President and Chief Compliance Officer (2023-present), Brighthouse Life Insurance Company of NY; Vice President and Chief Compliance Officer (2023-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

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

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

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

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

BHFTII-29

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 13-14, 2023 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory and sub-sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers and sub-sub-adviser (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2024 through December 31, 2024.

The Board met with personnel of the Adviser on September 28-29, 2023 (the “September Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At the September Meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the September Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the September Meeting and the November Meeting are referred to collectively as, the “Meetings”). 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, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled meetings of the Board and its committees. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

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 during the September Meeting to review 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 Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements 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. 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 relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTII-30

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

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 Trusts’ 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 resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ 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. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, 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, 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 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 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 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 Portfolios. The Board also considered, among other things, information about each Sub-Adviser’s compliance program, 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 Adviser’s assessment of the financial condition of each Sub-Adviser.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of 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 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 groups.

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 Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing 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, 2022 and various asset levels) and expenses with those of its peers, including, as applicable, a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), 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 comparisons of each Portfolio’s contractual management fees with its Expense Group and Sub-advised Expense Universe, contractual sub-adviser fees with its Sub-advised Expense Universe and Sub-advised Expense Group, and total expenses with its Expense Universe, Expense Group and Sub-advised Expense Universe. The Board considered that Broadridge selected the peer funds, which were funds

BHFTII-31

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

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, 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.

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 expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed 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. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the 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 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 Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, 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 Portfolio. In addition, 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 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 Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers 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.

* * * * *

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 median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2023. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one-and five-year periods ended June 30, 2023 and underperformed the average of its Morningstar Category for the three-year period ended June 30, 2023. The Board further considered

BHFTII-32

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

that the Portfolio underperformed its benchmark, the Bloomberg U.S. Intermediate Government Bond Index for the one-, three-, and five-year periods ended October 31, 2023. The Board also considered that the Portfolio underperformed its blended benchmark for the one-and five-year periods ended October 31, 2023 and performed equal to its blended benchmark for the three-year period ended October 31, 2023. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees 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/Morningstar Category 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.

BHFTII-33

(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, 2022 and December 31, 2023 were $1,417,863 and $1,498,318, respectively.

(b)  Audit-Related Fees

During the fiscal years ended December 31, 2022 and December 31, 2023, 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, 2022 and December 31, 2023 were $184,970 and $194,870, respectively. Represent fees for services rendered to the registrant for review of tax returns for the fiscal years ended December 31, 2022 and December 31, 2023.

During the fiscal years ended December 31, 2022 and December 31, 2023, 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, 2022 and December 31, 2023 other than the services reported in paragraphs (a) through (c) above.

During the fiscal years ended December 31, 2022 and December 31, 2023, 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 2022 and 2023 were $7,235 and $57,780, 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 Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)   Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b)  Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 1940 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)  Not applicable.

(b)  Not applicable.

Item 13.  Exhibits

(a)(1)  Code of Ethics is attached hereto.

(a)(2)  The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3)  Not applicable.

(a)(4)  Not applicable.

(b)(1)  The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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, 2024

By:	/s/ Alan R. Otis
	Alan R. Otis
	Chief Financial Officer and Treasurer
Date:	March 6, 2024

EX-99.CODE ETH

Exhibit 13(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

For Principal Executive and Senior Financial Officers

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 Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● 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;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

● 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:

● 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;

● 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;

● exercise inappropriate influence in connection with the Covered Officer’s official duties that causes the Trusts to violate applicable laws, rules and regulations;

● 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:

● 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

● 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

● Each Covered Officer should review the relevant disclosure pertaining to the Trusts and disclosure requirements generally applicable to the Trusts;

● 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;

● 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

● 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:

● 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;

● annually thereafter affirm to the Trusts that the Covered Officer has complied with the requirements of this Code;

● 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

● 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:

● 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;

● 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;

● 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”);

● 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 Exhibit A, 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

Exhibit A

Persons Covered by this Code of Ethics

Trust	Principal Executive Officer	Principal Financial Officer	Principal Accounting Officer
Brighthouse Funds Trust I	Kristi Slavin, President and Chief Executive Officer	Alan R. Otis, CFO and Treasurer	Alan R. Otis, CFO and Treasurer
Brighthouse Funds Trust II	Kristi Slavin, President and Chief Executive Officer	Alan R. Otis, CFO and Treasurer	Alan R. Otis, CFO and Treasurer

EX-99.CERT

Exhibit 13(a)(2)

CERTIFICATIONS

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:

(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;

(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;

(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

(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):

(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

(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, 2024
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:

(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;

(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;

(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

(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):

(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

(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, 2024
By:	/s/ Alan R. Otis
	Alan R. Otis
	Chief Financial Officer and Treasurer

EX-99.906 CERT

Exhibit 13(b)(1)

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
By:	/s/ Alan R. Otis
	Alan R. Otis
	Chief Financial Officer and Treasurer

Date: March 6, 2024