Proxy Statement (Form DEF 14A)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

BRIGHTHOUSE FUNDS TRUST I

(Name of Registrant as Specified in its Charter)

(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

BRIGHTHOUSE FUNDS TRUST I

BRIGHTHOUSE FUNDS TRUST II

11225 NORTH COMMUNITY HOUSE ROAD

Charlotte, North Carolina 28277

April 13, 2026

Dear Contract Holder:

I am writing to ask for your vote on important matters concerning your investment in the series (each a "Portfolio" and collectively, the "Portfolios") of Brighthouse Funds Trust I ("Trust I") and Brighthouse Funds Trust II ("Trust II" and together with Trust I, the "Trusts"). This proxy statement asks you to consider and vote on two proposals in connection with the merger of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers, LLC (the "Manager"), the investment adviser to the Portfolios, with an affiliate of Aquarian Capital, LLC (the "Transaction"), on a third proposal to approve a modified manager-of-managers structure for the Portfolios and on a fourth proposal to approve the reclassification of certain Portfolios' diversification status (the "Proposals"):

A special meeting of shareholders of the Portfolios has been scheduled for June 5, 2026 at 11:00 a.m. Eastern Time (the "Meeting") for the purpose of considering these Proposals. In addition, shareholders may be asked to consider and act upon other matters which may properly come before the Meeting or any adjournment or postponement thereof.

The Meeting will be held solely by means of remote communication, and shareholders will not be able to attend the Meeting in person. You will be able to attend and participate in the Meeting online by visiting meetnow.global/M6YKRR5 and entering the control number found on your proxy card. Shareholders of record of any Portfolio as of the close of business on March 23, 2026 are entitled to vote at the Meeting and any adjournment or postponement thereof.

In Proposal I, shareholders of each Portfolio are asked to approve a new investment advisory agreement (each a "New Advisory Agreement" and collectively, the "New Advisory Agreements") with the Manager on terms substantially identical to those of the Portfolio's current advisory agreement (each a "Current Advisory Agreement" and collectively, the "Current Advisory Agreements"). Under applicable law, the Transaction will result in a change in control of the Manager, which may be deemed to be an "assignment" of each Portfolio's Current Advisory Agreement, resulting in its automatic termination. The change in control of the Manager is not expected to have a material effect on the management of either Trust.

In Proposal II, shareholders of each MIM Subadvised Portfolio are asked to approve a new subadvisory agreement (each a "New Subadvisory Agreement" and collectively, the "New Subadvisory Agreements") between the Manager and MIM on terms substantially identical to those of the MIM Subadvised Portfolio's current subadvisory agreement (each a "Current Subadvisory Agreement" and collectively, the "Current Subadvisory Agreements"). Because each Current Subadvisory Agreement provides for its automatic termination upon the termination of the applicable Current Advisory Agreement, the Transaction is expected to result in the termination of the Current Subadvisory Agreement as well. The Portfolios currently operate under a "manager-of-managers" structure pursuant to a multi-manager exemptive order (the "Brighthouse Order") from the SEC applicable to each Trust and the Manager that generally permits the Manager, subject to the approval of the Board of Trustees of the Trust (the "Board"), but without the approval of shareholders, to enter into and materially amend subadvisory agreements with subadvisers that are not affiliates of the Manager or the Trusts. The Brighthouse Order does not apply to subadvisory agreements with subadvisers that are affiliates of the Manager or the Trusts, which must be approved by shareholders. MIM may be deemed an affiliate of the Trusts because MIM is an affiliated person of insurance companies that are owned directly or indirectly by MetLife, Inc., some or all of which may be an affiliated person of a Portfolio through ownership of 5% or more of a Portfolio's shares.

In Proposal III, shareholders of each Portfolio are asked to approve a modified "manager-of-managers" structure for the Portfolio that would permit the Manager, subject to the approval of the Board, but without the approval of shareholders, to enter into and materially amend subadvisory agreements with subadvisers that are unaffiliated or affiliated with the Manager or the Trusts subject to certain terms and conditions established by the SEC.

In Proposal IV, shareholders of each Large Cap Portfolio are asked to approve the reclassification of the diversification status of the applicable Large Cap Portfolio from "diversified" to "non-diversified." As the equity markets have become increasingly

concentrated in a limited number of issuers, each Large Cap Portfolio has faced growing difficulty in maintaining issuer level exposures consistent with its principal investment strategy while also remaining within the limitations applicable to a diversified fund. The proposed reclassification of each Large Cap Portfolio from diversified to non-diversified would permit each Large Cap Portfolio to operate as a non-diversified fund under the Investment Company Act of 1940, as amended, and is intended to provide additional flexibility for the Large Cap Portfolio to pursue its principal investment strategy effectively.

After careful consideration, the Board unanimously recommends that you

vote "FOR" each Proposal.

A Notice of Special Meeting of Shareholders is enclosed, followed by a proxy statement relating to the Proposals (the "Proxy Statement"). Please review the enclosed Proxy Statement for a more detailed description of the Proposals.

As an owner of a variable life insurance policy or variable annuity contract issued by separate accounts of Brighthouse Life Insurance Company of NY, Brighthouse Life Insurance Company, Metropolitan Life Insurance Company, Metropolitan Tower Life Insurance Company or New England Life Insurance Company (each an "Insurance Company" and collectively, the "Insurance Companies"), you have the right to instruct your Insurance Company how to vote at the Meeting on the Proposals. You may give voting instructions for the number of shares of the relevant Portfolio(s) attributable to your life insurance policy or annuity contract as of the close of business on March 23, 2026.

Your vote is very important to us regardless of the number of shares attributable to your variable life insurance policy or variable annuity contract. Please read the Proxy Statement and cast your vote promptly. It is important that your vote be received by no later than the time of the Meeting on June 5, 2026. VOTING IS QUICK AND EASY. To cast your vote simply complete, sign and return the Voting Instruction Card in the enclosed postage-paid envelope. As an alternative to voting by mail you may also vote either via the Internet or by telephone, as explained on the Voting Instruction Card.

We encourage you to vote via the Internet or by telephone using the control number that appears on your enclosed Voting Instruction Card. Use of Internet or telephone voting will reduce the time and costs associated with this proxy solicitation.

If you have any questions after considering the enclosed materials, please call your financial representative.

Sincerely,

/s/ Kristi Slavin

Kristi Slavin

President, Brighthouse Funds Trust I and Brighthouse Funds Trust II

BRIGHTHOUSE FUNDS TRUST I

11225 North Community House Road

Charlotte, North Carolina 28277

AB Global Dynamic Allocation Portfolio

AB International Bond Portfolio

Allspring Mid Cap Value Portfolio

American Funds^® Aggressive Allocation Portfolio

American Funds^® Balanced Allocation Portfolio

American Funds^® Growth Portfolio

American Funds^® Moderate Allocation Portfolio

BlackRock Global Tactical Strategies Portfolio

BlackRock High Yield Portfolio

Brighthouse/Artisan International Portfolio

Brighthouse Asset Allocation 100 Portfolio

Brighthouse Balanced Plus Portfolio

Brighthouse/Eaton Vance Floating Rate Portfolio

Brighthouse/Franklin Low Duration Total Return Portfolio

Brighthouse Small Cap Value Portfolio

Brighthouse/Templeton International Bond Portfolio

Brighthouse/Wellington Large Cap Research Portfolio

CBRE Global Real Estate Portfolio

Harris Oakmark International Portfolio

Invesco Balanced-Risk Allocation Portfolio

Invesco Comstock Portfolio

Invesco Global Equity Portfolio

Invesco Small Cap Growth Portfolio

JPMorgan Core Bond Portfolio

JPMorgan Global Active Allocation Portfolio

JPMorgan Small Cap Value Portfolio

Loomis Sayles Global Allocation Portfolio

Loomis Sayles Growth Portfolio

MetLife Multi-Index Targeted Risk Portfolio

MFS^® Research International Portfolio

Morgan Stanley Discovery Portfolio

PanAgora Global Diversified Risk Portfolio

PIMCO Inflation Protected Bond Portfolio

PIMCO Total Return Portfolio

Schroders Global Multi-Asset Portfolio

SSGA Emerging Markets Enhanced Index Portfolio

SSGA Growth and Income ETF Portfolio

SSGA Growth ETF Portfolio

T. Rowe Price Large Cap Value Portfolio

T. Rowe Price Mid Cap Growth Portfolio

TCW Core Fixed Income Portfolio

Victory Sycamore Mid Cap Value Portfolio

Western Asset Management Government Income Portfolio

BRIGHTHOUSE FUNDS TRUST II

11225 North Community House Road

Charlotte, North Carolina 28277

Baillie Gifford International Stock Portfolio

BlackRock Bond Income Portfolio

BlackRock Capital Appreciation Portfolio

BlackRock Ultra-Short Term Bond Portfolio

Brighthouse Asset Allocation 20 Portfolio

Brighthouse Asset Allocation 40 Portfolio

Brighthouse Asset Allocation 60 Portfolio

Brighthouse Asset Allocation 80 Portfolio

Brighthouse/Artisan Mid Cap Value Portfolio

Brighthouse/Dimensional International Small Company Portfolio

Brighthouse/Wellington Balanced Portfolio

Brighthouse/Wellington Core Equity Opportunities Portfolio

Frontier Mid Cap Growth Portfolio

Jennison Growth Portfolio

Loomis Sayles Small Cap Core Portfolio

Loomis Sayles Small Cap Growth Portfolio

MetLife Aggregate Bond Index Portfolio

MetLife Mid Cap Stock Index Portfolio

MetLife MSCI EAFE^® Index Portfolio

MetLife Russell 2000^® Index Portfolio

MetLife Stock Index Portfolio

MFS^® Total Return Portfolio

MFS^® Value Portfolio

Neuberger Berman Genesis Portfolio

T. Rowe Price Large Cap Growth Portfolio

T. Rowe Price Small Cap Growth Portfolio

VanEck Global Natural Resources Portfolio

Western Asset Management Strategic Bond Opportunities Portfolio

Western Asset Management U.S. Government Portfolio

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

Notice is hereby given that a Special Meeting (the "Meeting") of the shareholders of Brighthouse Funds Trust I ("Trust I") and Brighthouse Funds Trust II ("Trust II" and together with Trust I, the "Trusts") and each series of the Trusts (each a "Portfolio" and collectively, the "Portfolios") will be held on June 5, 2026 at 11:00 a.m. Eastern Time for the following purposes:

In addition, shareholders may be asked to consider and act upon other matters which may properly come before the Meeting or any adjournment or postponement thereof.

The Meeting will be held solely by means of remote communication, and shareholders will not be able to attend the Meeting in person. You will be able to attend and participate in the Meeting online by visiting meetnow.global/M6YKRR5 and entering the control number found on your proxy card. Shareholders of record as of the close of business on March 23, 2026 are entitled to notice of and to vote at the Meeting and any adjourned or postponed session thereof.

NOTICE: YOUR VOTE IS IMPORTANT. PLEASE FILL IN, DATE, SIGN AND RETURN THE ENCLOSED VOTING INSTRUCTION CARD PROMPTLY IN THE ENCLOSED POSTAGE-PAID ENVELOPE. YOU CAN ALSO VOTE VIA THE INTERNET OR BY TELEPHONE BY FOLLOWING THE SIMPLE INSTRUCTIONS THAT APPEAR ON THE ENCLOSED VOTING INSTRUCTION CARD.

BRIGHTHOUSE FUNDS TRUST I

11225 North Community House Road

Charlotte, North Carolina 28277

AB Global Dynamic Allocation Portfolio

AB International Bond Portfolio

Allspring Mid Cap Value Portfolio

American Funds^® Aggressive Allocation Portfolio

American Funds^® Balanced Allocation Portfolio

American Funds^® Growth Portfolio

American Funds^® Moderate Allocation Portfolio

BlackRock Global Tactical Strategies Portfolio

BlackRock High Yield Portfolio

Brighthouse/Artisan International Portfolio

Brighthouse Asset Allocation 100 Portfolio

Brighthouse Balanced Plus Portfolio

Brighthouse/Eaton Vance Floating Rate Portfolio

Brighthouse/Franklin Low Duration Total Return Portfolio

Brighthouse Small Cap Value Portfolio

Brighthouse/Templeton International Bond Portfolio

Brighthouse/Wellington Large Cap Research Portfolio

CBRE Global Real Estate Portfolio

Harris Oakmark International Portfolio

Invesco Balanced-Risk Allocation Portfolio

Invesco Comstock Portfolio

Invesco Global Equity Portfolio

Invesco Small Cap Growth Portfolio

JPMorgan Core Bond Portfolio

JPMorgan Global Active Allocation Portfolio

JPMorgan Small Cap Value Portfolio

Loomis Sayles Global Allocation Portfolio

Loomis Sayles Growth Portfolio

MetLife Multi-Index Targeted Risk Portfolio

MFS^® Research International Portfolio

Morgan Stanley Discovery Portfolio

PanAgora Global Diversified Risk Portfolio

PIMCO Inflation Protected Bond Portfolio

PIMCO Total Return Portfolio

Schroders Global Multi-Asset Portfolio

SSGA Emerging Markets Enhanced Index Portfolio

SSGA Growth and Income ETF Portfolio

SSGA Growth ETF Portfolio

T. Rowe Price Large Cap Value Portfolio

T. Rowe Price Mid Cap Growth Portfolio

TCW Core Fixed Income Portfolio

Victory Sycamore Mid Cap Value Portfolio

Western Asset Management Government Income Portfolio

BRIGHTHOUSE FUNDS TRUST II

11225 North Community House Road

Charlotte, North Carolina 28277

Baillie Gifford International Stock Portfolio

BlackRock Bond Income Portfolio

BlackRock Capital Appreciation Portfolio

BlackRock Ultra-Short Term Bond Portfolio

Brighthouse Asset Allocation 20 Portfolio

Brighthouse Asset Allocation 40 Portfolio

Brighthouse Asset Allocation 60 Portfolio

Brighthouse Asset Allocation 80 Portfolio

Brighthouse/Artisan Mid Cap Value Portfolio

Brighthouse/Dimensional International Small Company Portfolio

Brighthouse/Wellington Balanced Portfolio

Brighthouse/Wellington Core Equity Opportunities Portfolio

Frontier Mid Cap Growth Portfolio

Jennison Growth Portfolio

Loomis Sayles Small Cap Core Portfolio

Loomis Sayles Small Cap Growth Portfolio

MetLife Aggregate Bond Index Portfolio

MetLife Mid Cap Stock Index Portfolio

MetLife MSCI EAFE^® Index Portfolio

MetLife Russell 2000^® Index Portfolio

MetLife Stock Index Portfolio

MFS^® Total Return Portfolio

MFS^® Value Portfolio

Neuberger Berman Genesis Portfolio

T. Rowe Price Large Cap Growth Portfolio

T. Rowe Price Small Cap Growth Portfolio

VanEck Global Natural Resources Portfolio

Western Asset Management Strategic Bond Opportunities Portfolio

Western Asset Management U.S. Government Portfolio

TABLE OF CONTENTS

PROXY STATEMENT

April 13, 2026

This Proxy Statement is being furnished in connection with the solicitation of proxies by the Board of Trustees (the "Trustees" or the "Board") of Brighthouse Funds Trust I ("Trust I") and Brighthouse Funds Trust II ("Trust II" and together with Trust I, the "Trusts") and the solicitation of voting instructions by Brighthouse Life Insurance Company of NY, Brighthouse Life Insurance Company, Metropolitan Life Insurance Company, Metropolitan Tower Life Insurance Company or New England Life Insurance Company (each an "Insurance Company" and collectively, the "Insurance Companies"), for use at the special meeting (the "Meeting") of shareholders of the Trusts and each series of the Trusts (each a "Portfolio" and collectively, the "Portfolios"). The Meeting will be held on June 5, 2026 at 11:00 a.m. Eastern Time. This Proxy Statement and its enclosures are being mailed to shareholders of the Portfolios beginning on or about April 13, 2026. Shareholders of record at the close of business on March 23, 2026 (the "Record Date") are entitled to vote on the proposals, as set forth below.

The Meeting will be held solely by means of remote communication, and shareholders will not be able to attend the Meeting in person. You will be able to attend and participate in the Meeting online by visiting meetnow.global/M6YKRR5 and entering the control number found on your proxy card.

THE PROPOSALS

As described in greater detail below, this Proxy Statement relates to proposals and Portfolios set forth in the table below:

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Proposals I, II, III and IV are each referred to herein as a "Proposal" and collectively as the "Proposals." The shareholders of each Portfolio will vote separately on each Proposal.

INTRODUCTION

Each Trust is an open-end management investment company organized as a Delaware statutory trust. Trust I was formed in 2001 as a series-type company and currently consists of 43 separate Portfolios. Trust II was formed in 1982 as a series-type company and currently consists of 29 separate Portfolios. The Portfolios are currently used solely as funding options in variable annuity and life insurance contracts issued by the Insurance Companies. Both Trusts are managed by the Manager.

All of the voting interests in the Manager are currently owned by Brighthouse Financial, Inc. ("Brighthouse"), the ultimate parent company of the Manager. On November 6, 2025, Brighthouse and affiliates of Aquarian Capital LLC ("Aquarian"), a diversified global holding company with a strategic portfolio of insurance and asset management solutions, providing investment opportunities to millions of people, entered into a definitive agreement under which Aquarian will, directly or indirectly through one or more subsidiaries, acquire Brighthouse in an all cash transaction ("Transaction"). The Transaction was approved by Brighthouse's shareholders on February 12, 2026 and is expected to close in 2026 and is subject to the satisfaction or waiver of customary closing conditions, including the receipt of regulatory approvals.

The Transaction is not expected to have any material effect on the operations or personnel of the Manager or the services it provides to the Trusts.

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THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" PROPOSALS I, II, III AND IV.

Important Notice Regarding the Availability of Proxy Materials for the

Shareholder Meeting to Be Held on June 5, 2026.

This Proxy Statement and each Portfolio's most recent reports to shareholders are available at https://dfinview.com/BHFT.

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PROPOSAL I - APPROVAL OF NEW ADVISORY AGREEMENTS

Introduction

The Manager currently serves as the investment adviser to the Trusts under the Trusts' current advisory agreements (each a "Current Advisory Agreement" and collectively, the "Current Advisory Agreements"). The Manager, as permitted by the Current Advisory Agreements, has engaged one or more investment managers to manage many of the Trusts' Portfolios on a subadvisory basis under each Portfolio's current subadvisory agreements (each a "Current Subadvisory Agreement" and collectively, the "Current Subadvisory Agreements"). The Manager is responsible for, among other things, monitoring the performance of each Trust's subadvisers and, subject to the approval of the Board, may terminate subadvisers and identify and select new subadvisers for the Portfolios. The Manager operates each Trust under a "manager-of-managers" structure pursuant to a multi-manager exemptive order (the "Brighthouse Order") issued by the U.S. Securities and Exchange Commission (the "SEC").¹ The date of each Portfolio's Current Advisory Agreement and the date on which it was last approved by shareholders and last approved or continued by the Board are provided in Appendix A.

As required by the Investment Company Act of 1940, as amended (the "1940 Act"), each Current Advisory Agreement provides for its automatic termination in the event of its assignment. The Transaction is expected to result in a change in control of the Manager, and therefore an "assignment," as that term is defined in the 1940 Act, of each Current Advisory Agreement, resulting in its automatic termination. The change in control of the Manager is not expected to have a material effect on the management of any Portfolio.

In anticipation of the Transaction, shareholders of each Portfolio are being asked to approve a new advisory agreement (each a "New Advisory Agreement" and collectively, the "New Advisory Agreements") between the relevant Trust, on behalf of such Portfolio, and the Manager, to be effective upon the termination of the Current Advisory Agreements in connection with the Transaction. The form of the New Advisory Agreement for each Portfolio is attached hereto as Appendix B. The New Advisory Agreement for each Portfolio will have an initial term of one year and will be substantially identical to the Portfolio's Current Advisory Agreement, including with respect to the services the Manager is required to provide to the Portfolio and the fee rates paid to the Manager by the Portfolio. There are no material differences between each New Advisory Agreement and its corresponding Current Advisory Agreement.

The 1940 Act provides that, in order for an advisory agreement relating to a Portfolio to become effective, it must be approved by the Board, including a majority of the Trustees who

¹ As discussed below, the Brighthouse Order enables the Manager, subject to the approval of the Board, but without the need for shareholder approval, to retain and terminate subadvisers, engage new subadvisers (including entering into new subadvisory agreements) and to make material revisions to the terms of the subadvisory agreements relating to the Trusts, with respect to any subadviser that is not an affiliate of the Manager or the Trusts. Subadvisory agreements with a subadviser that is an affiliated person of the Manager or the Trusts must be approved by shareholders (see Proposal II).

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are not "interested persons," as defined in the 1940 Act, of any Portfolio (the "Independent Trustees"), and by the Portfolio's shareholders. In anticipation of the Transaction, the Board met in person on March 20, 2026 (the "March Meeting"), for the purpose of considering whether it would be in the best interest of each Portfolio to approve a New Advisory Agreement with respect to such Portfolio and, for those Portfolios that are managed on a subadvisory basis, a new subadvisory agreement (each a "New Subadvisory Agreement" and collectively, the "New Subadvisory Agreements") with such Portfolio's current subadviser. At the March Meeting, and for the reasons discussed below, the Board, including a majority of the Independent Trustees, approved a New Advisory Agreement with respect to each Portfolio and recommended its approval by the shareholders of such Portfolio.

Each Current Subadvisory Agreement provides for its automatic termination upon termination of the applicable Current Advisory Agreement, and accordingly, will automatically terminate along with the corresponding Current Advisory Agreement upon the change in control of the Manager in connection with the Transaction. However, under the Brighthouse Order, shareholders of each Portfolio other than MetLife Multi-Index Targeted Risk Portfolio, MetLife Aggregate Bond Index Portfolio, MetLife Mid Cap Stock Index Portfolio, MetLife MSCI EAFE^® Index Portfolio, MetLife Russell 2000^® Index Portfolio and MetLife Stock Index Portfolio (previously defined as the "MIM Subadvised Portfolios"), each of which is subadvised by MIM, which may be deemed an affiliate of the Trusts (see Proposal II), do not need to approve the New Subadvisory Agreements.

At the March Meeting, the Board approved New Subadvisory Agreements with each Portfolio's current subadviser. If the New Advisory Agreement is approved by the shareholders of a Portfolio (other than the MIM Subadvised Portfolios, which are the subject of Proposal II below), a New Subadvisory Agreement with the Portfolio's current subadviser will take effect at the same time as the New Advisory Agreement with respect to the Portfolio, or at the same time as the Interim Advisory Agreement (as defined below) with respect to the Portfolio in the event that the New Advisory Agreement has not been approved by the shareholders of the Portfolio prior to the consummation of the Transaction. As with the New Advisory Agreement, the terms of the New Subadvisory Agreement for each Portfolio will be substantially identical to the terms of the corresponding Current Subadvisory Agreement, including with respect to the fee rates.

In the event that shareholder approval of the New Advisory Agreements has not been obtained before the termination of the Current Advisory Agreements, which is currently expected to occur in 2026, the Board has approved interim advisory agreements (each an "Interim Advisory Agreement" and collectively, the "Interim Advisory Agreements") with the Manager for the Portfolios that will go into effect upon the termination of the Current Advisory Agreements. The Interim Advisory Agreements have the same terms and conditions as the corresponding New Advisory Agreements, except for the dates and certain provisions required by Rule 15a-4 under the 1940 Act.

Rule 15a-4 allows an investment company to enter into an advisory agreement that has not been approved by a majority of the Portfolio's outstanding voting securities under certain

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circumstances, including when a previous advisory agreement is terminated by assignment because of a change in control of an investment adviser. In accordance with the requirements of Rule 15a-4, the Interim Advisory Agreements:

Shareholders of the Portfolios are not being asked to approve the Interim Advisory Agreements, which will go into effect only in the event that a Portfolio's shareholders have not approved the Portfolio's New Advisory Agreement before the change in control of the Manager and the resulting termination of the Current Advisory Agreements in connection with the Transaction.

Comparison of Current Advisory Agreement and New Advisory Agreement

The terms of the New Advisory Agreement for each Portfolio are substantially identical to those of the Current Advisory Agreement for such Portfolio. There is no change in the advisory fee rate payable by any Portfolio. In addition, no contractual expense limitation or reimbursement currently in effect for a Portfolio will be affected by the replacement of the Current Advisory Agreement with the New Advisory Agreement. If approved by shareholders and assuming the Transaction is completed, each New Advisory Agreement is expected to be effective as of the effective date of the Transaction and will have an initial term of one year from the date of its effectiveness. Each New Advisory Agreement will continue in effect from year to year thereafter if its continuance is approved, on behalf of each Portfolio, at least annually in the manner required by the 1940 Act and the rules thereunder. Below is a summary of the principal terms of each Portfolio's Advisory Agreement, which are substantially identical to those of the New Advisory Agreement for each Portfolio. The form of the New Advisory Agreement for the Portfolios is attached hereto as Appendix B.

Services. The Current Advisory Agreements provide that the investment adviser shall manage the investment and reinvestment of each Portfolio's assets in accordance with the Portfolio's investment objectives and policies.

Compensation. In return for the services provided under the Current Advisory Agreement, a Portfolio pays the Manager an advisory fee based on average daily net assets,

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which is payable monthly. The advisory fee rates for each Portfolio under the Current Advisory Agreement and the fees paid by each Portfolio to the Manager during each Portfolio's most recent fiscal year are set forth in Appendix C to this Proxy Statement.

Limitation on Liability. Under the Current Advisory Agreement for each Portfolio, except in the case of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties under the agreement, the Manager will not be liable to the Trust, to any shareholder of the Trust or to any other person, firm or organization, for any act or omission in the course of, or connected with, rendering services thereunder.

Continuance. The Current Advisory Agreement for each Portfolio originally was in effect for an initial term of one year and is eligible to be continued thereafter for successive one-year periods if such continuance is specifically approved at least annually in the manner required by the 1940 Act. As described above, if the shareholders of each Portfolio approve the New Advisory Agreement and the Transaction is consummated, the New Advisory Agreement with respect to each Portfolio will be effective as of the effective date of the Transaction and will have an initial term of one year from the consummation of the Transaction. Thereafter, the New Advisory Agreement for each Portfolio may be continued for successive one-year periods if approved at least annually in the manner required by the 1940 Act.

Termination. The Current Advisory Agreement for each Portfolio may at any time be terminated by the Board or by vote of a majority of the outstanding voting securities of the Portfolio on sixty (60) days' written notice to the Manager, or by the Manager on ninety (90) days' written notice to the Trust, in each case without the payment of any penalty. The Current Advisory Agreement for each Portfolio also terminates automatically in the event of its assignment.

Board Considerations

As described above, the Transaction will result in the automatic termination of each Portfolio's Current Advisory Agreement. At its March 20, 2026 in person meeting, the Board, including a majority of the Independent Trustees, approved the New Advisory Agreements and recommended that the shareholders of the Trusts also approve the New Advisory Agreements (the "March Meeting").

What the Board reviewed. The Board reviewed information relating to the terms of the Transaction between Aquarian and Brighthouse and Aquarian's plans for the businesses of Brighthouse and the Manager, a subsidiary of Brighthouse, after the Transaction. The Board also considered information about the services currently being provided by the Manager and the potential effects that the Transaction could have on the provision of these services.

In particular, the Board requested and considered information about the terms of the Transaction and the expectations for the ongoing continuity and stability of Brighthouse and the Manager post Transaction. The Board reviewed information regarding who would control Brighthouse, the related organizational structure, the operations and personnel of the Manager

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and its affiliates, and obtained assurances regarding the continued support for the Manager following the Transaction. The Board considered representations from Aquarian that no material changes are currently contemplated for the Manager's operations and that Brighthouse will operate as a standalone entity following the Transaction. The Board also considered that the Transaction will not entail changes to the day-to-day business and operations of the Portfolios and that no changes to the service providers of the Trusts were contemplated in the near-term. The Board reviewed information provided by the Manager on the potential benefits and disadvantages to the Portfolios from the change in control of the Manager that would result from Transaction. The Board considered the confirmation that the Transaction would not result in any undue burden being imposed on the Trusts, consistent with Section 15(f) of the 1940 Act. The Board met in person with representatives of Management and Aquarian to discuss the matters identified above.

With respect to the services currently being provided by the Manager, the Board reviewed information relating to the nature, quality and extent of these services and the advisory fees being paid by each Portfolio under the Current Advisory Agreements. The Board also reviewed the bases for the conclusions that it reached on November 20-21, 2025 (the "November Meeting"), when it last approved the Advisory Agreements.

Factors Considered. The Board considered specific factors identified below and acknowledged that the Current Advisory Agreements were the product of multiple years of oversight, negotiation, and the review of information, by the Board in the exercise of its business judgment. The Board acknowledged that at the November Meeting it had concluded that the nature, extent, and quality of the services provided by the Manager and the Sub-Advisers supported the renewal of the Current Advisory Agreements. Further, the Board acknowledged that in November 2026 it would revert to its regular process of considering the renewal of the New Advisory Agreements for another one-year period, and on an annual basis thereafter it would assess the applicable investment advisory services pursuant to those factors.

Nature, Extent, and Quality of Services. The Board considered management's representations that the Transaction would not result in any material changes to the nature, extent and quality of services provided by the Manager, or to the investment processes or strategies employed in the management of the Portfolios or the personnel primarily responsible for such management.

For certain of the Portfolios, the Manager has delegated certain advisory functions under the Current Advisory Agreements to affiliated and unaffiliated subadvisers. The Board approved new Subadvisory Agreements with the subadvisers that will take effect following the Transaction. (In Proposal II, shareholders are asked to approve the new Subadvisory Agreements with respect to the affiliated subadviser, MIM). In approving the New Subadvisory Agreements, the Board considered, among other things, that the nature, extent and quality of the services provided by the subadvisers, the fees paid by the Manager to the subadvisers, and the oversight of the subadvisers by the Manager, are not anticipated to change as a result of the Transaction.

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Performance. The Board acknowledged that on at least a quarterly basis, and most recently at its February 25-26, 2026 meeting, it reviewed information regarding the performance of each Portfolio in the context of the Portfolio's investment objectives and strategies and the performance of the relevant markets in which the Portfolio invests. The Trustees considered that the Manager, and the investment process and strategies employed in the management of the Portfolios would be the same both before and after the Transaction.

Fees and Expenses. The Trustees considered that the fees to be paid by each Portfolio under its New Advisory Agreement are identical to the fees paid under each corresponding Current Agreement.The Trustees also considered the bases for their conclusion at the November Meeting, in connection with the annual renewal of the Current Advisory Agreements, that the fees paid by each Portfolio to the Manager appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Manager.

Profitability. The Trustees considered the bases for their conclusion at the November Meeting, in connection with the annual renewal of the Current Agreements, that the Manager's profitability in providing services under each Current Advisory Agreement did not appear unreasonable in light of the nature, extent and quality of the services provided by the Manager. The Trustees further considered that the fees to be paid by each Portfolio under its New Advisory Agreement, and the structure and resources of the Manager, would remain the same after the Transaction.

Economies of Scale. The Trustees considered the bases for their conclusion at the November Meeting, in connection with the annual renewal of the Current Agreements, that 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, generally supported the renewal of each Current Advisory Agreement. The Trustees noted that the fees to be paid under each New Advisory Agreement are identical to the fees paid under each corresponding Current Advisory Agreement.

Other Factors. The Trustees considered the bases for their conclusions at the November Meeting, in connection with the annual renewal of the Current Agreements, regarding the other benefits that may be realized by the Manager and its affiliates from their relationships with the Trust.

Interim Advisory Agreements. The Board also approved Interim Advisory Agreements with the Manager for each Portfolio that would take effect upon the closing of the Transaction if a Portfolio's shareholders had not yet approved the New Advisory Agreement for that Portfolio. In particular, the Interim Advisory Agreement would enable the Manager to continue serving as investment adviser to the Portfolio following the termination of the Current Advisory Agreement and pending shareholder approval of the New Advisory Agreement. Fees payable to the Manager under an Interim Advisory Agreement would be held in escrow pending shareholder approval.

When it reviewed the information. Listed below are the primary executive sessions and meetings at which the Board and its Independent Trustees reviewed the information relating

9

to the approval of the New Advisory Agreements since the public announcement of the Transaction. On January 16, 2026, February 24, 2026 and March 19, 2026, the Independent Trustees met in executive sessions with counsel to the Independent Trustees, outside of the presence of Management and personnel of Aquarian. On February 25-26, 2026, the Board met in person at its regularly scheduled Meeting and reviewed additional relevant information. On March 20, 2026, the Board met in person, including with personnel of the Manager and Aquarian. Since the public announcement of the Transaction, the Independent Trustees posed inquiries to and received regular updates from personnel of the Manager and Aquarian relating to the Transaction.

Conclusion. The Board concluded, in light of all of the factors that it considered, that the terms of the New Advisory Agreements, including fees to be paid by the Portfolios, were fair and reasonable, and that it would be in the best interests of each Portfolio to approve the New Advisory Agreements. The Board, including a majority of the Independent Trustees, voted to approve the New Advisory Agreements and to recommend approval of the New Advisory Agreements by shareholders of the Portfolios. In considering the New Advisory Agreements, the Trustees did not identify any one factor as determinative and each Trustee may have afforded different weights to the various factors.

Information Regarding the Manager

The Manager is a Delaware limited liability company and is a registered investment adviser and commodity pool operator. Brighthouse Financial, Inc. (previously defined as "Brighthouse"), a Delaware public company whose shares trade on the NASDAQ market, owns all of the voting interests in the Manager. The members of the Manager include each of the Insurance Companies owned directly or indirectly by Brighthouse, and each member's interest in the Manager entitles the member to share in the profit and loss of the Manager in proportion to the profit and loss of the Manager attributable to customers of that insurance company. As discussed above, pursuant to the Transaction, it is currently anticipated that Aquarian will, directly or indirectly through one or more subsidiaries, acquire Brighthouse. Following the Transaction, Aquarian will become the ultimate parent company of Brighthouse and the Manager.

Kristi Slavin is the President and Chief Executive Officer of the Manager and the Trusts and is also the Chair of the Manager's Board of Managers. Alan Otis, Thomas Watterson, Katie Hellmann and Anna Koska are the Manager's officers. Mr. Otis is the Chief Financial Officer and Treasurer of the Trusts, and his principal occupation is Executive Vice President of the Manager. Mr. Watterson is the Secretary of the Trusts, and his principal occupation is Executive Vice President, Chief Legal Officer and Secretary of the Manager. Ms. Hellmann is the Chief Compliance Officer of the Trusts and the Manager. Ms. Koska is the Vice President of the Trusts, and her principal occupation is Vice President, Investment and Advisory Services, of the Manager. Rudrabhishek Sahay is the managing member and majority owner of Aquarian.

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The address of Ms. Slavin, Mr. Otis, Mr. Watterson, Ms. Hellmann, Ms. Koska and the Manager is 11225 North Community House Road, Charlotte, North Carolina 28277. The address of Brighthouse is 11225 North Community House Road, Charlotte, North Carolina 28277. The address of Mr. Sahay and Aquarian is 40 10^th Avenue, 6^th Floor, New York, New York 10014.

Vote Required

The shareholders of each Portfolio vote separately on Proposal I. All shares of a Portfolio vote together as a single class on Proposal I. The approval of Proposal I by any Portfolio is not contingent on the approval of any other Proposal relating to it, as applicable.

The vote required to approve the New Advisory Agreement with respect to a Portfolio is the lesser of (i) 67% of the shares of the Portfolio that are present or represented by proxy at the Meeting, if the holders of more than 50% of the shares of such Portfolio outstanding as of the Record Date are present or represented by proxy at the Meeting, or (ii) more than 50% of the shares of a Portfolio outstanding on the Record Date. If the required vote is not obtained for a Portfolio, the Trustees will consider what other actions to take in the best interests of the Portfolio.

Recommendation of the Board

The Board of Trustees believes that the New Advisory Agreement with respect to each Portfolio is in the best interests of shareholders of such Portfolio. Accordingly, the Board unanimously recommends that shareholders of each Portfolio vote to APPROVE the New Advisory Agreement between the relevant Trust and the Manager with respect to such Portfolio.

PROPOSAL II - APPROVAL OF NEW MIM SUBADVISORY AGREEMENTS WITH AFFILIATED SUBADVISER

Introduction

MIM currently serves as the investment subadviser to MetLife Multi-Index Targeted Risk Portfolio, a series of Trust I, and to each of MetLife Aggregate Bond Index Portfolio, MetLife Mid Cap Stock Index Portfolio, MetLife MSCI EAFE^® Index Portfolio, MetLife Russell 2000^® Index Portfolio and MetLife Stock Index Portfolio, each a series of Trust II (previously defined as the "MIM Subadvised Portfolios") under a Current Subadvisory Agreement between the Manager and MIM with respect to each MIM Subadvised Portfolio (each a "Current MIM Subadvisory Agreement" and collectively, the "Current MIM Subadvisory Agreements"). The date of each Current MIM Subadvisory Agreement and the date on which it was last approved by shareholders and last approved or continued by the Board are provided in Appendix A.

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As described in Proposal I, the Transaction is expected to result in a change in control of the Manager, and therefore an "assignment" of each Portfolio's Current Advisory Agreement for purposes of the 1940 Act, resulting in the automatic termination of the Current Advisory Agreement. In addition, as described in Proposal I, each Current Subadvisory Agreement (including each Current MIM Subadvisory Agreement) provides for its automatic termination upon termination of the applicable Current Advisory Agreement, and accordingly, will automatically terminate along with the corresponding Current Advisory Agreement upon the change in control of the Manager in connection with the Transaction.

Because the Brighthouse Order does not permit the Manager to enter into new subadvisory agreements with MIM, which may be deemed an affiliate of the Trusts, without shareholder approval, the New Subadvisory Agreements on behalf of the MIM Subadvised Portfolios (each a "New MIM Subadvisory Agreement" and collectively, the "New MIM Subadvisory Agreements") cannot become effective without shareholder approval.

In anticipation of the Transaction, shareholders of each MIM Subadvised Portfolio are being asked to approve a New MIM Subadvisory Agreement on behalf of the Portfolio, to be effective upon the consummation of the Transaction. The form of New MIM Subadvisory Agreement for each MIM Subadvised Portfolio is attached hereto as Appendix D. The New MIM Subadvisory Agreement for each MIM Subadvised Portfolio will have an initial term of one year and will be substantially identical to the corresponding Current MIM Subadvisory Agreement, including with respect to the services MIM is required to provide to the Portfolio and the fee rates paid to MIM by the Manager. There are no material differences between each New MIM Subadvisory Agreement and its corresponding Current MIM Subadvisory Agreement.

As with the New Advisory Agreements, in anticipation of the Transaction, the Board met in person at the March Meeting and considered whether it would be in the best interests of each MIM Subadvised Portfolio to approve a New MIM Subadvisory Agreement with respect to such Portfolio. At the March Meeting, and for the reasons discussed below, the Board, including a majority of the Independent Trustees, approved a New MIM Subadvisory Agreement with respect to each MIM Subadvised Portfolio and recommended its approval by the shareholders of such Portfolio.

In the event that approval of the New MIM Subadvisory Agreements by shareholders of the MIM Subadvised Portfolios has not been obtained before the termination of the Current MIM Subadvisory Agreements, the Board has approved interim subadvisory agreements with MIM (the "Interim Subadvisory Agreements") on behalf of the MIM Subadvised Portfolios that will go into effect upon the termination of the Current MIM Subadvisory Agreements. The Interim Subadvisory Agreements have the same terms and conditions as the corresponding New MIM Subadvisory Agreements, except for the dates and certain provisions required by Rule 15a-4 under the 1940 Act, summarized below.

As noted in Proposal I above, Rule 15a-4 allows an investment company to enter into a subadvisory agreement that has not been approved by a majority of the Portfolio's outstanding

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voting securities under certain circumstances, including when previous subadvisory agreements terminate by assignment because of a change in control of an investment adviser or subadviser. In accordance with the requirements of Rule 15a-4, the Interim Subadvisory Agreements:

Shareholders of the MIM Subadvised Portfolios are not being asked to approve the Interim Subadvisory Agreements, which will go into effect only in the event that a MIM Subadvised Portfolio's shareholders have not approved that Portfolio's New MIM Subadvisory Agreement before the change in control of the Manager and the resulting termination of the Current MIM Subadvisory Agreements in connection with the Transaction.

Comparison of Current MIM Subadvisory Agreement and New MIM Subadvisory Agreement

The terms of the New MIM Subadvisory Agreement for each MIM Subadvised Portfolio are substantially identical to those of the Current MIM Subadvisory Agreement for such MIM Subadvised Portfolio. There is no change in the subadvisory fee rate payable by the Manager to MIM. In addition, no contractual expense limitation or reimbursement currently in effect for a MIM Subadvised Portfolio will be affected by the replacement of the Current MIM Subadvisory Agreement with the New MIM Subadvisory Agreement. If approved by shareholders and assuming the Transaction is completed, each New MIM Subadvisory Agreement is expected to be effective as of the effective date of the Transaction and will have an initial term of one year from the date of its effectiveness. Each New MIM Subadvisory Agreement will continue in effect from year to year thereafter if its continuance is approved, on behalf of each MIM Subadvised Portfolio, at least annually in the manner required by the 1940 Act and the rules thereunder. Below is a summary of the principal terms of each MIM Subadvisory Agreement, which are substantially identical to those of the New MIM Subadvisory Agreement for each MIM Subadvised Portfolio. The form of the New MIM Subadvisory Agreement for the Portfolios is attached hereto as Appendix D.

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Services. The Current MIM Subadvisory Agreement for each MIM Subadvised Portfolio provides that MIM shall manage the investment and reinvestment of each MIM Subadvised Portfolio's assets, subject to the supervision of the Manager, in accordance with the MIM Subadvised Portfolio's investment objectives and policies.

Compensation. In return for the services provided under each Current MIM Subadvisory Agreement, the Manager pays MIM a fee based on average daily net assets of the MIM Subadvised Portfolio allocated to MIM by the Manager, which is payable monthly. The MIM Subadvised Portfolios are not responsible for the fees paid to MIM. The fee rates for each MIM Subadvised Portfolio under the Current MIM Subadvisory Agreement and the fees paid by the Manager to MIM during each MIM Subadvised Portfolio's most recent fiscal year are set forth in Appendix C to this Proxy Statement.

Limitation on Liability. Under the Current MIM Subadvisory Agreement for each MIM Subadvised Portfolio, except in the case of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties under the agreement, MIM will not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Current MIM Subadvisory Agreement relates.

Continuance. The Current MIM Subadvisory Agreement for each MIM Subadvised Portfolio originally was in effect for an initial term of one year and is eligible to be continued thereafter for successive one-year periods if such continuance is specifically approved at least annually in the manner required by the 1940 Act. As described above, if the shareholders of each MIM Subadvised Portfolio approve the New MIM Subadvisory Agreement and the Transaction is consummated, the New MIM Subadvisory Agreement with respect to each MIM Subadvised Portfolio will be effective as of the effective date of the Transaction and will have an initial term of one year from the consummation of the Transaction. Thereafter, the New MIM Subadvisory Agreement for each MIM Subadvised Portfolio may be continued for successive one-year periods if approved at least annually in the manner required by the 1940 Act.

Termination. The Current MIM Subadvisory Agreement for MetLife Multi-Index Targeted Risk Portfolio may at any time be terminated by the Board, by the Manager, or by a vote of a majority of the outstanding voting securities of the Portfolio on sixty (60) days' written notice to MIM, or by MIM on ninety (90) days' written notice to the Manager, in each case without the payment of any penalty. The Current MIM Subadvisory Agreement for each of MetLife Aggregate Bond Index Portfolio, MetLife Mid Cap Stock Index Portfolio, MetLife MSCI EAFE^® Index Portfolio, MetLife Russell 2000^® Index Portfolio and MetLife Stock Index Portfolio may at any time be terminated by the Board or by a vote of a majority of the outstanding voting securities of the Portfolio on sixty (60) days' written notice to the Manager and MIM, by the Manager on thirty (30) days' written notice to MIM and the Trust, or by MIM on sixty (60) days' written notice to the Manager and the Trust, in each case without the payment of any penalty. The Current MIM Subadvisory Agreement for each MIM Subadvised Portfolio also terminates automatically in the event of its assignment or upon termination of the corresponding Current Advisory Agreement.

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Board Considerations

As described above, the Transaction will result in the automatic termination of each Current Subadvisory Agreement with MIM. At the March Meeting, the Board, including a majority of the Independent Trustees, approved the New MIM Subadvisory Agreements and recommended that the shareholders of the MIM Subadvised Portfolios also approve the New MIM Subadvisory Agreements.

In connection with its review of the New MIM Subadvisory Agreements, the Board generally followed the same process and reviewed similar kinds of information as it did when it reviewed and approved the New Advisory Agreements (see "Board Considerations" under Proposal 1). In particular, the Board considered that the nature, quality and extent of services provided under the Current MIM Subadvisory Agreements were not anticipated to change as a result of the Transaction and the fees paid to MIM under the New MIM Subadvisory Agreements would be identical to those paid under the Current MIM Subadvisory Agreements. The Board also considered the conclusions that it had reached with respect to the Current MIM Subadvisory Agreements at its November Meeting.

In the event a MIM Subadvised Portfolio's shareholders do not approve the New MIM Subadvisory Agreement for that MIM Subadvised Portfolio prior to the closing of the Transaction, the Board also approved Interim Subadvisory Agreements with MIM for each MIM Subadvised Portfolio. Those Interim Subadvisory Agreements would take effect upon the closing of the Transaction and enable MIM to continue serving as subadviser to the MIM Subadvised Portfolio following the termination of the Current MIM Subadvisory Agreement and pending shareholder approval of the New MIM Subadvisory Agreement. Fees payable to the MIM under those Interim Subadvisory Agreements would be held in escrow pending shareholder approval.

Conclusion. The Board concluded, in light of all factors considered and the recommendation of the Manager, that the terms of the New MIM Subadvisory Agreements, including fees to be paid to MIM, were fair and reasonable, and that it would be in the best interests of each MIM Subadvised Portfolio to approve the New MIM Subadvisory Agreements. The Board, including a majority of the Independent Trustees, voted to approve the New MIM Subadvisory Agreements and to recommend approval of the New MIM Subadvisory Agreements by shareholders of the MIM Subadvised Portfolios. In considering the New MIM Subadvisory Agreements, the Trustees did not identify any one factor as determinative and each Trustee may have afforded different weights to the various factors.

Information Regarding the Affiliated Subadviser

MIM is a Delaware limited liability company. MetLife, Inc., a publicly-owned Delaware corporation, is the ultimate parent of MIM through its wholly owned subsidiary, MetLife Investment Management Holdings, LLC ("MIMH").

Brian Funk is the President of MIM. Michael Karpik, Hugh McCrory, Michael Yick, Israel Grafstein and Claudia Cromie are officers of MIM. Mr. Karpik is Chief Operating

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Officer of MIM. Mr. McCrory is the Corporate Secretary of MIM and his principal occupation is Chief Counsel of MIM. Mr. Yick is Chief Financial Officer of MIM. Mr. Grafstein is Chief Compliance Officer of MIM. Ms. Cromie is Chief Risk Officer of MIM.

The address of Mr. Funk, Mr. Karpik, Mr. McCrory, Mr. Yick, Mr. Grafstein and Ms. Cromie is One MetLife Way, Whippany, New Jersey 07981. The address of MetLife, Inc., MIMH and MIM is One MetLife Way, Whippany, New Jersey 07981.

Vote Required

The shareholders of each MIM Subadvised Portfolio vote separately on Proposal II. All shares of a MIM Subadvised Portfolio vote together as a single class on Proposal II. The approval of Proposal II by any MIM Subadvised Portfolio is not contingent on the approval of any other Proposal relating to it, as applicable.

The vote required to approve the New MIM Subadvisory Agreement with respect to a MIM Subadvised Portfolio is the lesser of (i) 67% of the shares of the Portfolio that are present or represented by proxy at the Meeting, if the holders of more than 50% of the shares of such Portfolio outstanding as of the Record Date are present or represented by proxy at the Meeting, or (ii) more than 50% of the shares of the Portfolio outstanding on the Record Date. If the required vote is not obtained for a MIM Subadvised Portfolio, the Trustees will consider what other actions to take in the best interests of the Portfolio.

Recommendation of the Board

The Board of Trustees believes that the New MIM Subadvisory Agreement is in the best interests of shareholders of each MIM Subadvised Portfolio. Accordingly, the Board unanimously recommends that shareholders of each MIM Subadvised Portfolio vote to APPROVE the New MIM Subadvisory Agreement between the Manager and MIM with respect to the relevant MIM Subadvised Portfolio.

PROPOSAL III APPROVAL OF A MODIFIED "MANAGER-OF-MANAGERS" STRUCTURE FOR THE PORTFOLIOS

Introduction

The Portfolios and the Manager would like to rely on SEC exemptive relief that would modify the Manager's existing manager-of-managers relief and permit the Manager to enter into or materially amend a subadvisory agreement with an "affiliated person" (as such term is defined in Section 2(a)(3) of the 1940 Act) of the Manager or the Trusts (in addition to unaffiliated persons under the current relief) without first obtaining shareholder approval. Thus, shareholder approval is being sought to permit reliance on this SEC exemptive relief with respect to affiliated subadvisers.

In particular, under Section 15(a) of the 1940 Act, an investment adviser to a mutual fund generally cannot enter into or materially amend a subadvisory agreement without obtaining

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shareholder approval. The Portfolios currently operate in a manager-of-managers structure pursuant to the Brighthouse Order that was previously obtained by the Manager and the Trusts. The Brighthouse Order enables the Manager, subject to the approval of the Board, but without the need for shareholder approval, to enter into and materially amend subadvisory agreements with subadvisers that are not affiliates of the Manager or the Trusts. Currently, if the subadviser is an affiliate of the Manager or the Trusts, a shareholder vote is required. Obtaining shareholder approval can be costly and time-consuming due to the efforts necessary to prepare and distribute proxy materials and solicit votes from shareholders. The Board believes that it is in the best interests of shareholders to provide the Manager and the Board with increased flexibility to make changes to affiliated and unaffiliated subadvisers of the Portfolios and material changes to investment subadvisory agreements without incurring the delay and expense associated with obtaining shareholder approval. Accordingly, the Board and the Manager are asking shareholders to grant authority to the Manager and the Trusts to enter into and materially amend investment subadvisory agreements with subadvisers that are affiliated persons of the Trusts, with the approval of the Board, but without obtaining additional shareholder approval.

Background on the Regulatory Relief

On May 29, 2019, the SEC issued an exemptive order to Carillon Tower Advisers, Inc., et al., Investment Company Release Nos. 33464 (May 2, 2019) (notice) and 33494 (May 29, 2019) (order) (the "Carillon Order") that allows the Carillon Series Trust and its investment adviser, without the approval of fund shareholders, to enter into or amend a subadvisory agreement with a subadviser, including any subadviser that is an affiliated person of the investment adviser or a fund (an "Affiliated Subadviser"). The Carillon Order was the first exemptive order issued by the SEC extending multi-manager exemptive relief to Affiliated Subadvisers and contains several conditions, some of which are already included in the Brighthouse Order.

On July 9, 2019, the staff of the SEC's Division of Investment Management issued a no-action letter to the BNY Mellon family of funds and BNY Mellon Investment Adviser, Inc. (the "BNYM No-Action Letter") stating that the staff would not recommend enforcement action if a fund complex and adviser that previously obtained a "manager of managers" exemptive order essentially extends that order to cover Affiliated Subadvisers without seeking an amended exemptive order from the SEC. The staff's no-action relief is conditioned on compliance with the conditions set forth in the Carillon Order. The BNYM No-Action Letter and the Carillon Order are referred to herein as the "Relief."

As noted above, shareholder approval of Proposal III would permit the Manager to rely on the Relief to enter into or materially amend a subadvisory agreement with an Affiliated Subadviser without first obtaining shareholder approval. To the extent the Trusts rely on the Relief for this purpose, the Trusts intend to comply with the conditions set forth in the Carillon Order.

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Under the Relief, the Manager and the Trusts are subject to several conditions imposed by the SEC to ensure that the interests of a Portfolio's shareholders are adequately protected. Among these conditions are that, within ninety (90) days of the hiring of a new subadviser, shareholders of the applicable Portfolio will be furnished with an information statement that contains substantially the same information about the subadviser and the subadvisory agreement that the Portfolio would otherwise have been required to send to shareholders in a proxy statement. The prospectus for the Portfolio will disclose the existence, substance and effect of reliance on the Relief and that the Manager has the ultimate responsibility, subject to oversight by the Board, to oversee the Portfolio's subadvisers and recommend their hiring, termination and replacement. Also, as noted above, shareholders must approve the Manager's and the Portfolio's authority to enter into and materially amend these investment subadvisory agreements.²

Board Considerations

In recommending shareholders approve this proposal, the Board considered the delay inherent in holding shareholder meetings and that the Manager would be able to act more quickly to appoint a new subadviser that is an affiliate if and when the Board and the Manager believe that the appointment would benefit a Portfolio. The Board also took into account that if the Manager and the Board appoint an Affiliated Subadviser, the Portfolio's shareholders would receive an information statement containing substantially the same information about the Affiliated Subadviser and the subadvisory agreement that the Portfolio would otherwise have been required to send shareholders in a proxy statement.

The Board believes that it will retain sufficient oversight of the Portfolio's investment subadvisory arrangements to be able to continue to seek to ensure that shareholders' interests are protected whenever the Manager selects an Affiliated Subadviser or materially modifies an investment subadvisory agreement with an Affiliated Subadviser, in the same manner as the Board currently exercises its oversight. The Board, including a majority of the Independent Trustees, will continue to evaluate and to approve all proposed investment subadvisory agreements, as well as any proposed modifications to existing subadvisory agreements. In doing so, the Trustees will analyze such factors as they consider to be relevant to the approval of or proposed modifications to an investment subadvisory agreement.

Accordingly, the Board believes that granting the Manager and the Board maximum flexibility to select Affiliated Subadvisers, in addition to the flexibility they currently have to select unaffiliated subadvisers, without incurring the delay or expense of obtaining further shareholder approval, is in the best interest of shareholders.

² In addition to these conditions, any proposed subadvisory agreement or proposed modification to an existing subadvisory agreement would be subject to the requirements of the 1940 Act and the Manager's regular fiduciary duties to the Portfolios.

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Oversight of Affiliated Subadvisers

The Manager serves as investment manager to the Portfolios under the Current Advisory Agreements. Pursuant to the Current Advisory Agreements, the Manager has agreed to manage the investment and reinvestment of assets of the Portfolios. For some Portfolios, the Manager has delegated certain of these responsibilities, including responsibility for determining what investments such Portfolio should purchase, hold or sell and directing all trading for the Portfolio's account, to subadvisers under subadvisory agreements. The Manager is responsible for overseeing the Portfolios' subadvisers and for making recommendations to the Board relating to, as necessary, hiring and replacing subadvisers to the Portfolios.  

The Manager will retain these responsibilities if Proposal III is approved.

Vote Required

The shareholders of each Portfolio vote separately on Proposal III. All shares of a Portfolio vote together as a single class on Proposal III. The approval of Proposal III by any Portfolio is not contingent on the approval of any other Proposal relating to it, as applicable.

The vote required to approve the modified manager-of-managers structure with respect to a Portfolio is the lesser of (i) 67% of the shares of the Portfolio that are present or represented by proxy at the Meeting, if the holders of more than 50% of the shares of such Portfolio outstanding as of the Record Date are present or represented by proxy at the Meeting, or (ii) more than 50% of the shares of a Portfolio outstanding on the Record Date.

If the required vote is not obtained for a Portfolio, the Portfolio will continue to operate under a manager-of-managers structure pursuant to the Brighthouse Order and the Portfolio will continue to be required to seek the approval of its shareholders to enter into or materially amend subadvisory agreements with Affiliated Subadvisers.

Recommendation of the Board

The Board of Trustees believes that the modified manager-of-managers structure with respect to each Portfolio is in the best interests of shareholders of such Portfolio. Accordingly, the Board unanimously recommends that shareholders of each Portfolio vote to APPROVE the modified manager-of-managers structure with respect to such Portfolio that would permit the Manager to enter into and materially amend subadvisory agreements with unaffiliated and affiliated subadvisers without obtaining shareholder approval.

PROPOSAL IV APPROVAL OF THE RECLASSIFICATION OF THE LARGE CAP PORTFOLIOS' DIVERSIFICATION STATUS

Introduction

Each of Brighthouse/Wellington Large Cap Research Portfolio and Loomis Sayles Growth Portfolio, each a series of Trust I, and each of BlackRock Capital Appreciation

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Portfolio, Jennison Growth Portfolio and T. Rowe Price Large Cap Growth Portfolio, each a series of Trust II (previously defined as the "Large Cap Portfolios") is currently classified as a diversified fund under the 1940 Act. The Manager recommends that you approve the re-classification of each Large Cap Portfolio to a non-diversified fund under the 1940 Act to provide each Large Cap Portfolio's portfolio managers with increased investment flexibility to adjust individual securities positions based on the portfolio managers' relative risk expectations for these issuers and therefore, provide the potential for better long-term investment performance.

Section 5(b)(1) of the 1940 Act requires funds to be classified as either "diversified" or "non-diversified." Such classification as "diversified" must also be a fundamental investment policy, meaning that it cannot be changed or eliminated without shareholder approval. As a diversified fund, pursuant to Section 5(b)(1) of the 1940 Act, at least 75 percent of the total assets of each Large Cap Portfolio must be represented by cash and cash items (including receivables), U.S. government securities, securities of other investment companies, and other securities that are limited in respect of any single issuer to no more than 5 percent of the Large Cap Portfolio's total assets and to no more than 10 percent of the outstanding voting securities of that issuer. In effect, the aggregate total of single-issuer positions of 5% or more cannot exceed 25% of each Large Cap Portfolio's assets. The Large Cap Portfolios are subject to investment restrictions that reflect these requirements.³

In contrast, a non-diversified fund does not have this limitation and therefore can invest a greater percentage of its assets in fewer issuers. A non-diversified fund can hold securities of a smaller number of issuers and can invest a larger percentage of its assets in a single issuer than a diversified fund, which could cause the value of a non-diversified fund, as compared to the value of a diversified fund, to be more volatile and more sensitive to the performance of any one of those issuers and to economic, political, market or regulatory events affecting any one of those issuers.

Each Large Cap Portfolio is also subject to tax diversification requirements under Subchapter M of the Internal Revenue Code (the "Code"). The proposed reclassification will not affect any Large Cap Portfolio's qualification as a regulated investment company under Subchapter M of the Code, as the tax diversification requirements apply independently of the 1940 Act. The Large Cap Portfolios will also continue to comply with other applicable diversification standards, including the diversification requirements of Section 817(h) of the Code for certain insurance company separate accounts.

Rationale

Each of Loomis Sayles Growth Portfolio, BlackRock Capital Appreciation Portfolio, Jennison Growth Portfolio and T. Rowe Price Large Cap Growth Portfolio uses the Russell

³ Brighthouse/Wellington Large Cap Research Portfolio and Loomis Sayles Growth Portfolio are subject to fundamental policies to operate as diversified funds. Although BlackRock Capital Appreciation Portfolio, Jennison Growth Portfolio and T. Rowe Price Large Cap Growth Portfolio are subject to non-fundamental policies to operate as diversified funds, shareholder approval is nonetheless required to change these Portfolios' classifications from diversified to non-diversified given the requirements of Section 13(a)(1) under the 1940 Act.

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3000 Index as its broad-based securities market index and the Russell 1000 Growth Index as an additional performance benchmark. Brighthouse/Wellington Large Cap Research Portfolio uses the S&P 500 Index (together with the Russell 3000 Index and the Russell 1000 Growth Index, the "Benchmarks") as its broad-based securities market index and its performance benchmark. In contrast to the Large Cap Portfolios, the Benchmarks are not limited by the 1940 Act diversification requirement. While the Large Cap Portfolios are not index funds (i.e., funds that seek to track the performance of a benchmark), they do select securities from the Benchmarks' universe and the Large Cap Portfolios' performance is assessed against the Benchmarks.

In recent years, the Benchmarks have become increasingly concentrated in a limited number of large capitalization and large capitalization growth issuers. Specific Benchmark constituents have grown to represent more than 5% of the Benchmark and, at times, 25% or more of the Benchmark has been comprised of such large Benchmark constituents. Although levels of concentration have historically fluctuated in the Benchmarks, the Manager believes that this market concentration is likely to continue.

Currently, the Large Cap Portfolios are not able to invest in these large Benchmark constituents in similar proportions as the Benchmarks because of their diversified status. In particular, each Large Cap Portfolio faces difficulty in maintaining issuer level exposures consistent with the investment processes and portfolio construction approaches that are central to its strategy, while also remaining within the limitations applicable to a diversified fund. The current diversified classifications restrict each Large Cap Portfolio's ability to hold positions in certain issuers at levels that may be necessary to implement its strategy as intended. Changing the Large Cap Portfolios' status to non-diversified would give the portfolio managers of each Large Cap Portfolio enhanced flexibility to invest a greater portion of a Large Cap Portfolio's assets in one or more of these large Benchmark constituents, if desired for investment purposes and provide additional flexibility for each Large Cap Portfolio to continue to pursue its principal investment strategy effectively.

For these reasons, the Manager believes that reclassifying each Large Cap Portfolio as a non-diversified fund is in the best interests of each Large Cap Portfolio and its shareholders.

If shareholders approve Proposal IV, effective July 1, 2026, the applicable Large Cap Portfolio will revise its current investment restriction(s) to reflect that such Large Cap Portfolio is not subject to the investment restriction(s) regarding diversification, with the new language marked as underlined in the table below.⁴ In such case, the Large Cap Portfolio may operate as a non-diversified fund or, in the subadviser's or Manager's discretion, it may not, subject to the best interests of the Large Cap Portfolio and its shareholders.

⁴ The Large Cap Portfolios' investment restrictions are disclosed in the Trusts' Statement of Additional Information, as supplemented, that relates to all Portfolios of the Trusts and therefore apply to certain other Portfolios in addition to the Large Cap Portfolios.

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Board Considerations

The Board considered the recommendation of the Manager that each Large Cap Portfolio should be reclassified as non-diversified under the 1940 Act. The Board considered, among other things, the principal investment strategy of each Large Cap Portfolio, the composition of each Large Cap Portfolio's Benchmark(s), and information from the Manager regarding the increased concentration of the Benchmarks. Additionally, the Board reviewed information from the Manager regarding the constraints on the portfolio managers of the Large Cap Portfolios to manage the Portfolios in line with their principal investment strategies and in line with the 1940 Act diversification requirements. The Board considered that the Large Cap Portfolios would remain subject to the tax diversification requirements under the Code for regulated investment companies and insurance company separate accounts. The Board further considered that as non-diversified funds, the Large Cap Portfolios would carry additional risk because they would have greater flexibility to concentrate their holdings in fewer issuers. Based on a review of this information and the recommendation from the Manager, and any additional considerations that each Trustee found relevant, the Board determined to recommend that shareholders of each Large Cap Portfolio approve the proposed reclassification of the Large Cap Portfolio to non-diversified.

Vote Required

The shareholders of each Large Cap Portfolio vote separately on Proposal IV. All shares of a Large Cap Portfolio vote together as a single class on Proposal IV. The approval of Proposal IV by any Large Cap Portfolio is not contingent on the approval of any other Proposal relating to it, as applicable.

The vote required to approve the reclassification of a Large Cap Portfolio's diversification status is the lesser of (i) 67% of the shares of such Large Cap Portfolio that are

23

present or represented by proxy at the Meeting, if the holders of more than 50% of the shares of such Large Cap Portfolio outstanding as of the Record Date are present or represented by proxy at the Meeting, or (ii) more than 50% of the shares of such Large Cap Portfolio outstanding on the Record Date.

If the required vote is not obtained for a Large Cap Portfolio, such Large Cap Portfolio will continue to operate as a diversified fund and its current investment restriction(s) will remain unchanged.

Recommendation of the Board

The Board of Trustees believes that the reclassification of each Large Cap Portfolio's diversification status is in the best interests of shareholders of such Large Cap Portfolio. Accordingly, the Board unanimously recommends that shareholders of each Large Cap Portfolio vote to APPROVE the reclassification of such Large Cap Portfolio from "diversified" to "non-diversified".

OTHER INFORMATION

Information about Voting Instructions and the Conduct of the Meeting

Solicitation of Voting Instructions

Voting instructions will be solicited primarily by mailing this Proxy Statement and its enclosures, but voting instructions may also be solicited through further mailings, telephone calls, personal interviews or e-mail by officers of the Trusts, the Insurance Companies or by their agents. In addition, Computershare Fund Services has been engaged to assist in the solicitation of proxies at an estimated cost of up to $4,789,763, although the actual costs of the solicitation may be higher. The Manager will bear all of the costs of the Meeting, including the costs of printing and mailing this Proxy Statement and soliciting voting instructions. In addition, the Manager has agreed to reimburse the Trusts for their expenses relating to the Transaction, including the costs of Trustee meetings, legal counsel, and independent consultants.

Voting Process

The shares of each Portfolio are currently sold to the separate accounts of the Insurance Companies as the record owners for allocation to the corresponding investment divisions or sub-accounts of certain of their separate accounts that are registered as investment companies with the SEC. Most of the shares of the Portfolios are attributable to contracts issued by the Insurance Companies.

Record owners of the shares of each Portfolio as of the Record Date will be entitled to vote and may cast one vote for each share held and a fractional vote for each fractional share held. For each Portfolio, one-third (33 1/3%) of the shares issued and outstanding constitutes a quorum for the transaction of business by the shareholders of such Portfolio at the Meeting.

24

In determining whether a quorum is present, the tellers (persons appointed by the Trusts to receive, count and report all ballots cast at the Meeting) will count shares represented by proxies that reflect abstentions or votes withheld as shares that are present and entitled to vote. Since these shares will be counted as present, but not as voting in favor of any Proposal, these shares will have the same effect as if they cast votes against Proposals I, II, III and IV.

In accordance with their understanding of presently applicable law, the Insurance Companies will vote the shares of a Portfolio that are attributable to the contracts based on voting instructions received from owners of such contracts that participate in the corresponding investment divisions in the separate accounts. The number of Portfolio shares held in the corresponding investment division of a separate account deemed attributable to each Contract Holder is determined by dividing a variable life insurance policy's or variable benefit option's cash value or a variable annuity contract's accumulation units (or if variable annuity payments are currently being made, the amount of the Insurance Company's reserves attributable to that variable annuity contract), as the case may be, in that division by the net asset value of one share in the Portfolio.

Each Portfolio currently issues one or more of the following share classes: Class A shares, Class B shares, Class C shares, Class D shares, Class E shares, Class F shares and Class G shares, which, among other things, have different net asset values. Whether Class A shares, Class B shares, Class C shares, Class D shares, Class E shares, Class F shares or Class G shares are offered in connection with a given contract depends on the particular contract. Each Class A share, Class B share, Class C share, Class D share, Class E share, Class F share and Class G share has one vote. For purposes of determining the number of Portfolio shares for which a Contract Holder is entitled to give voting instructions, the Insurance Companies use the per share net asset value for such class of Portfolio shares that are offered under that contract. Fractional votes will be counted. The number of shares for which a Contract Holder has a right to give voting instructions is determined as of the Record Date.

Portfolio shares held in an investment division attributable to contracts for which no timely instructions are received or that are not attributable to contracts will be represented at the Meeting by the record owners and voted in the same proportion as the shares for which voting instructions are received for all contracts participating in that investment division. Because the Trusts and the Portfolios use proportional voting, a small number of shareholders may determine the outcome of a vote, including the vote on the Proposals.

With respect to Proposals I, II, III and IV, if you are a Contract Holder of units that relate to shares of more than one Portfolio, you may provide separate voting instructions for each such Portfolio on your Voting Instruction Card, as applicable.

A shareholder may revoke its proxy prior to the Meeting by providing written notice to Computershare Fund Services, PO Box 43130, Providence, Rhode Island 02940-3130, or change its vote by submitting a subsequently executed and dated proxy card, by authorizing its proxy by internet or telephone on a later date, by attending the Meeting and casting its vote

25

virtually or written notice of the death or incapacity of the maker of that proxy is received by each Trust before the vote. If a shareholder authorizes its proxy by internet or telephone, it may change its vote prior to the Meeting by authorizing a subsequent proxy by completing, signing and returning a proxy card dated as of a date that is later than its last internet or telephone proxy authorization or by attending the Meeting and casting its vote virtually. Merely attending the Meeting without voting will not revoke a prior proxy. If you simply sign the Voting Instruction Card without specifying an instruction, the Voting Instruction Card will be voted in favor of the Proposals.

If you wish to attend the Meeting virtually and vote, visit meetnow.global/M6YKRR5 and enter the control number found on your proxy card. You may also vote either via the Internet or by telephone, as explained on the Voting Instruction Card. For further information regarding the proposals or voting instructions, please call (866) 486-9631.

Adjournments; Other Business

With respect to Proposals I, II, III and IV, the Meeting as to any Portfolio may be adjourned by (a) the vote of a majority of the total number of shares of the relevant Portfolio represented at the Meeting virtually or by proxy or (b) in his or her discretion by the chair of the Meeting. The Meeting has been called to transact any business that properly comes before it. The only business that management of the Trusts intends to present or knows that others will present are the Proposals. If any other matters properly come before the Meeting, and on all matters incidental to the conduct of the Meeting, the persons named as proxies intend to vote the proxies in their discretion, unless the Secretary of the Trusts has previously received written contrary instructions from the shareholder entitled to vote the shares. Shares represented by properly executed proxy cards that constitute abstentions will have the effect of a vote against any adjournment.

Shareholder Proposals at Future Meetings

Under each Trust's Amended and Restated By-laws, the Trusts are not required to hold an annual meeting of shareholders. Shareholder proposals to be presented at any future meeting of shareholders of a Portfolio or the Trusts must be received by the Trusts in writing a reasonable amount of time before the Trusts solicit proxies for that meeting in order to be considered for inclusion in the proxy materials for that meeting.

Information about the Trusts

Distributor and Administrator

Brighthouse Securities, LLC is the distributor (the "Distributor") for the Trusts and its principal place of business is 11225 North Community House Road, Charlotte, North Carolina 28277. The amounts paid by each Portfolio to the Distributor pursuant to a Distribution and Services Plan during each Portfolio's most recent fiscal year are set forth in Appendix C to this Proxy Statement. State Street Bank and Trust Company is the administrator (the "Administrator") to the Trusts and its principal place of business is John Adams Building,

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1776 Heritage Drive, North Quincy, Massachusetts 02171. These services will continue to be provided to the Trusts following the Transaction.

Affiliated Brokerage

The table below sets forth the commissions paid by the Portfolios to a broker (i) that is an affiliated person of the Portfolios, (ii) that is an affiliated person of such person, or (iii) an affiliated person of which is an affiliated person of the Portfolios, the Manager, a Portfolio's subadviser, the Distributor or the Administrator ("Affiliated Brokers") during the fiscal year ended December 31, 2025. In each case, the broker is an Affiliated Broker because it is an affiliate of the relevant Portfolio's subadviser.

Reports

Copies of the most recent annual report, the most recent semiannual report succeeding the most recent annual report of each Portfolio, if any, and Form N-CSR filing of each Trust may be obtained without charge by calling (800) 882-1292 or by writing to Thomas Watterson, Brighthouse Funds Trust I and Brighthouse Funds Trust II, c/o Brighthouse Investment Advisers, LLC, 11225 North Community House Road, Charlotte, North Carolina 28277. This Proxy Statement, the most recent annual report, semiannual report and financial statements, and any amendments or supplements to the foregoing material that are required to be furnished to shareholders, are available on the Internet at https://dfinview.com/BHFT.

Ownership of Shares

As of the Record Date, the following number of shares of each Portfolio were outstanding and entitled to vote:

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28

29

30

As of the Record Date, all of the outstanding voting securities of the Trusts were owned by the Insurance Companies for allocation to the corresponding investment divisions or sub-accounts of certain of their separate accounts. Because the Insurance Companies owned 100% of the shares of each Trust, they may be deemed to be in control (as defined in the 1940 Act) of the Trusts. Shares of the Portfolios are not offered for direct purchase by the investing public.

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The Insurance Companies have informed the Trusts that, as of the Record Date, the contract owners listed below were entitled to give voting instructions to the Insurance Companies with respect to 5% or more of a class of a Portfolio's outstanding shares. Each contract owner's address is c/o Brighthouse Funds Trust I or Brighthouse Funds Trust II (as applicable), 11225 North Community House Road, Charlotte, North Carolina 28277.

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The Trusts have been informed that, as of the Record Date, the officers and Trustees as a group owned less than 1% of the outstanding shares of each Portfolio.

Certain Interests in the Proposals

The Trustees beneficially own shares of certain Portfolios through participation in the Trusts' Deferred Fee Agreements and/or through ownership of insurance products issued by insurance companies, including insurance companies affiliated with Brighthouse, that utilize the Portfolios as investment vehicles. Summary information regarding the Trustees' beneficial interests in the Portfolios is included in the Trusts' Statement of Additional Information dated April 28, 2025, as supplemented.

John Rosenthal, a Trustee who is deemed an "interested person" of the Trusts, as such term is defined in the 1940 Act, because of his position with Brighthouse, may be deemed to have a substantial interest in the Transaction, including because of his ownership of and exposure to equity interests in Brighthouse.

INSTRUCTIONS FOR EXECUTING VOTING INSTRUCTIONS

The following general rules for signing voting instructions may be of assistance to you and may help to avoid the time and expense involved in validating your vote if you fail to sign your voting instructions properly.

1. INDIVIDUAL ACCOUNTS: Sign your name exactly as it appears in the Registration on the voting instructions.

2. JOINT ACCOUNTS: Either party may sign, but the name of the party signing should conform exactly to a name shown in the Registration on the voting instructions.

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3. ALL OTHER ACCOUNTS: The capacity of the individual signing the voting instructions should be indicated unless it is reflected in the form of Registration. For example:

After completing your voting instructions, return it in the enclosed postage paid envelope.

If you have any questions about the voting instructions, please call the Portfolio at (800) 882-1292.

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Appendix A

The tables below set forth the date of each Current Advisory Agreement, the date on which it was last approved by the Board, the date on which it was last submitted to a vote of shareholders, and the purpose of such submission.

Brighthouse Funds Trust I

A-1

A-2

A-3

Brighthouse Funds Trust II

A-4

A-5

The table below sets forth the date of each Current MIM Subadvisory Agreement, the date on which it was last approved by the Board, the date on which it was last submitted to a vote of shareholders, and the purpose of such submission.

MIM Sub-Advised Portfolios

A-6

Appendix B

FORMS OF ADVISORY AGREEMENTS

For the fund-of-funds Portfolios of Brighthouse Funds Trust I: American Funds^® Aggressive Allocation Portfolio, American Funds^® Balanced Allocation Portfolio, American Funds^® Moderate Allocation Portfolio, Brighthouse Asset Allocation 100 Portfolio, Brighthouse Balanced Plus Portfolio, and MetLife Multi-Index Targeted Risk Portfolio.

FORM OF MANAGEMENT AGREEMENT

(BRIGHTHOUSE FUNDS TRUST I)

MANAGEMENT AGREEMENT

______________, ______

Brighthouse Investment Advisers, LLC

11225 North Community House Road

Charlotte, North Carolina 28277

Ladies and Gentlemen:

Brighthouse Funds Trust I (the "Trust"), a Delaware trust created pursuant to an Agreement and Declaration of Trust, herewith confirms its agreement with Brighthouse Investment Advisers, LLC, a Delaware limited liability company (the "Manager"), as follows:

1.  Investment Description; Appointment

The Trust desires to employ its capital by investing and reinvesting in investments of the kind and in accordance with the limitations specified in its Agreement and Declaration of Trust, as amended from time to time, and in its registration statement filed with the Securities and Exchange Commission ("SEC") on Form N-1A, as amended from time to time (the "Registration Statement"), and in such manner and to such extent as may from time to time be approved by the Board of Trustees. The Trust has designated certain separate investment portfolios set forth in Schedule A. The Trust may in the future designate additional separate investment portfolios. Such existing and future portfolios are hereinafter referred to as the "Portfolios." Copies of the Registration Statement and the Trust's Agreement and Declaration of Trust, as amended, have been or will be submitted to the Manager. The Manager is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is engaged in the business of rendering investment advisory services to registered investment companies. The Trust desires to employ the Manager to act as its investment manager and adviser on behalf of the Portfolios specified in Schedule A. The Manager accepts this appointment and agrees to furnish the services described herein for the compensation set forth below. The Manager will be an independent contractor and will have no authority to act for or represent the Trust in any way or otherwise be deemed an agent unless expressly authorized by this Agreement or another writing signed by the Trust and the Manager.

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2. Duties of Manager

a.   Subject to the general supervision and control of the Trustees of the Trust and under the terms and conditions set forth in this Agreement, the Manager will manage the investment operations and composition of each Portfolio and render investment advice for each Portfolio, including the purchase, retention, and disposition of the investments, securities and cash contained in each Portfolio, in accordance with each Portfolio's investment objectives, policies and restrictions as stated in the Trust's Agreement and Declaration of Trust, By-Laws, and such Trust's Prospectus, Statement of Additional Information ("SAI") and Compliance Manual, as is from time to time in effect.

b.   As part of the advisory services it will provide hereunder, the Manager will:

(i)   obtain and evaluate, to the extent deemed necessary and advisable by the Manager in its discretion, pertinent economic, statistical, financial, and other information affecting the economy generally and individual companies or industries, the securities of which are directly or indirectly included in the Portfolios or are under consideration for inclusion in the Portfolios;

(ii)   formulate and implement a continuous investment program for the Portfolios, which may consist of investing the assets of one or more of the Portfolios in other registered investment companies;

(iii)   take whatever steps are necessary to implement the investment program for the Portfolios by arranging for the purchase and sale of securities and other investments, including issuing directives to the administrator of the Trust as necessary for the appropriate implementation of the investment program of the Portfolios;

(iv)   keep the Trustees of the Trust fully informed in writing on an ongoing basis of all material facts concerning the investment and reinvestment of the assets in the Portfolios, its key investment personnel and operations, make regular and periodic special written reports of such additional information concerning the same as may reasonably be requested from time to time by the Trustees of the Trust;

(v)   in accordance with procedures and methods established by the Trustee of the Trust, which may be amended from time to time, provide assistance in determining the fair value of all securities and other investments/assets in the Portfolios, as necessary, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Manager for each security or other investment/asset in the Portfolios for which market prices are not readily available;

(vi)   cooperate with and provide reasonable assistance to the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the Trust, keep all such persons fully informed as to such matters as they may reasonably

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deem necessary to the performance of their obligations to the Trust, provide prompt response to reasonable requests made by such persons and maintain any appropriate interfaces with each so as to promote the efficient exchange of information.

b.   The Manager will furnish to the Trust such statistical information, with respect to the investments that a Portfolio may hold or contemplate purchasing, as the Trust may reasonably request. The Manager also agrees to furnish to third-party data reporting services all currently available standardized performance information and other customary data.

c.   Subject to the supervision and direction of the Board of Trustees of the Trust, the Manager, at its own expense, will also supply the Trust with (i) office facilities (which may be in the Manager's own offices), and (ii) necessary executive and other personnel, including personnel for the performance of clerical and other office functions, exclusive of those functions: (a) related to and to be performed under the Trust's contract or contracts for administration, custodial, accounting, bookkeeping, transfer, and dividend disbursing agency or similar services by any entity, including the Manager or its affiliates, selected to perform such services under such contracts; and (b) related to the services to be provided by any investment adviser pursuant to a contract with such investment adviser; and (iii) other information and services required in connection with the preparation of all registration statements and prospectuses, prospectus supplements, statements of additional information, all annual, semiannual, and periodic reports to shareholders of the Trust, regulatory authorities, or others, and all notices and proxy solicitation materials, furnished to shareholders of the Trust or regulatory authorities, and all tax returns, except for (a) services of outside counsel or independent accountants or (b) services to be provided by any investment adviser under any contract with such investment adviser.

d.   Subject to the appropriate policies and procedures approved by the Board of Trustees, the Manager may, to the extent authorized by Section 28(e) of the Securities Exchange Act of 1934, cause a Portfolio to pay a broker or dealer that provides brokerage or research services to the Manager, an investment adviser, the Trust and the Portfolio an amount of commission for effecting a Portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager determines, in good faith, that such amount of commission is reasonable in relationship to the value of such brokerage or research services provided in terms of that particular transaction or the Manager's overall responsibilities to the Portfolio, the Trust or its other investment advisory clients. To the extent authorized by said Section 28(e) and the Board of Trustees, the Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of such action. In addition, subject to seeking "best execution" and in compliance with the Conduct Rules of the National Association of Securities Dealers, Inc., the Manager may also consider sales of shares of the Trust as a factor in the selection of brokers and dealers.

e.   Subject to the requirement to seek best price and execution, and to the appropriate policies and procedures approved by the Board of Trustees, the Trust reserves the

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right to direct the Manager effect transactions in a Portfolio's securities through broker-dealers in a manner that will help generate resources to pay the cost of certain expenses which the Trust is required to pay or for which the Trust is required to arrange payment pursuant to this Agreement.

f.   The services of the Manager to the Trust hereunder are not to be deemed exclusive, and the Manager shall be free to render similar services to others and to engage in other activities, so long as the services rendered to the Trust are not impaired.

3. Delegation of Manager's Duties as Investment Adviser

With respect to any or all of the Portfolios, the Manager may contract with one or more investment advisers ("Advisers") to carry out any and all of its duties specified in Paragraph 2 of this Agreement, provided that any contract with an Adviser (an "Advisory Agreement") imposes on the Adviser all the duties and conditions to which Manager is subject by Paragraph 2 of this Agreement, and further provided that each Advisory Agreement meets all requirements of the Investment Company Act of 1940 (the "1940 Act") and rules thereunder.

4. Compensation

In consideration of services rendered pursuant to this Agreement, the Trust will pay the Manager a fee at the respective annual rates of the value of each Portfolio's average daily net assets set forth in Schedule A hereto as such schedule may be amended from time to time. Such fees shall be accrued daily and paid monthly as soon as practicable after the end of each month. If the Manager shall serve for less than the whole of any month, the foregoing compensation shall be prorated. For the purpose of determining fees payable to the Manager, the value of the Portfolios' net assets shall be computed at the times and in the manner specified from time to time in the Registration Statement.

5. Expenses

The Trust shall pay all expenses other than those expressly assumed by the Manager herein, which expenses payable by the Trust shall include, but are not limited to:

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6. Use of Name

The Manager hereby consents to the Trust being named the Brighthouse Funds Trust I. The Trust shall not use the name "Brighthouse Funds Trust I", "Brighthouse", and any of the other names of the Manager or its affiliated companies and any derivative or logo or trade or service mark thereof, or disclose information related to the business of the Manager or any of its affiliates in any prospectus, sales literature or other material relating to the Trust in any manner not approved prior thereto by the Manager; provided, however, that the Manager shall approve all uses of its name and that of its affiliates which merely refer in accurate terms to its appointment hereunder or which are required by the SEC or a state securities commission; and provided, further, that in no event shall such approval be unreasonably withheld. The Manager shall not use the name of the Trust or any of its affiliates in any material relating to the

B-5

Manager in any manner not approved prior thereto by the Trust; provided, however, that the Trust shall approve all uses of its name which merely refer in accurate terms to the appointment of the Manager hereunder or which are required by the SEC or a state securities commission; and, provided, further, that in no event shall such approval be unreasonably withheld.

The Trust recognizes that from time to time directors, officers and employees of the Manager may serve as directors, trustees, partners, officers and employees of other corporations, business trusts, partnerships or other entities (including other investment companies) and that such other entities may include the name "Brighthouse", or any derivative or abbreviation thereof as part of their name, and that the Manager or its affiliates may enter into investment advisory, administration or other agreements with such other entities.

Unless provided in any other agreement between the Trust and the Manager, upon termination of this Agreement for any reason, the Trust shall cease within 30 days all use of the name and mark "Brighthouse Funds Trust I."

7. Records

The records relating to the services provided under this Agreement shall be the property of the Trust and shall be under its control; however, the Trust shall furnish to the Manager such records and permit it to retain such records (either in original or in duplicate form) as it shall reasonably require in order to carry out its duties. In the event of the termination of this Agreement, such records shall promptly be returned to the Trust by the Manager free from any claim or retention of rights therein. The Manager shall keep confidential any information obtained in connection with its duties hereunder and disclose such information only if the Trust has authorized such disclosure or if such disclosure is expressly required or lawfully requested by applicable federal or state regulatory authorities.

8. Standard of Care

The Manager shall exercise its best judgment in rendering the services hereunder. The Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which this Agreement relates, provided that nothing herein shall be deemed to protect or purport to protect the Manager against liability to the Trust or to the shareholders of the Trust to which the Manager would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the Manager's reckless disregard of its obligations and duties under this Agreement.

9. Term

This Agreement shall continue in effect, unless sooner terminated as hereinafter provided, for a period of one year from the date hereof and indefinitely thereafter provided that its continuance after such one year period as to each Portfolio shall be specifically

B-6

approved at least annually by vote of a majority of the outstanding voting securities of such Portfolio or by vote of a majority of the Trust's Board of Trustees; and further provided that such continuance is also approved annually by the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of the Trust or the Manager. This Agreement may be terminated as to any Portfolio at any time, without payment of any penalty, by the Trust's Board of Trustees or by a vote of majority of the outstanding voting securities of such Portfolio upon 60 days' prior written notice to the Manager, or by the Manager upon 90 days' prior written notice to the Trust, or upon such shorter notice as may be mutually agreed upon. This Agreement may be amended at any time by the Manager and the Trust, subject to approval by the Trust's Board of Trustees and, if required by applicable SEC rules and regulations, a vote of a majority of the Trust's outstanding voting securities. This Agreement shall terminate automatically and immediately in the event of its assignment. The terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the meaning set forth for such terms in the 1940 Act.

10. Limitation of Trust's Liability

The Manager acknowledges that it has received notice of and accepts the limitations upon the Trust's liability set forth in its Agreement and Declaration of Trust. The Manager agrees that the Trust's obligations hereunder in any case shall be limited to the Trust and to its assets and that the Manager shall not seek satisfaction of any such obligation from the shareholders of the Trust nor from any Trustee, officer, employee or agent of the Trust.

11. Force Majeure

The Manager shall not be liable for delays or errors occurring by reason of circumstances beyond its control, including but not limited to acts of civil or military authority, national emergencies, work stoppages, fire, flood, catastrophe, acts of God, insurrection, war, riot, or failure of communication or power supply. In the event of equipment breakdowns beyond its control, the Manager shall take reasonable steps to minimize service interruptions but shall have no liability with respect thereto.

12. Severability

If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

13. Interpretation

Nothing herein contained shall be deemed to require the Trust to take any action contrary to its Declaration of Trust or By-Laws as the same may from time to time be amended, or any applicable statutory or regulatory requirements to which it is subject or by which it is bound, or to relieve or deprive the Trustees of their responsibility for and control of the conduct of the affairs of the Trust.

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14. Miscellaneous

This Agreement constitutes the full and complete agreement of the parties hereto with respect to the subject matter hereof. Each party agrees to perform such further actions and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware and the applicable provisions of the 1940 Act. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement may be executed in several counterparts, all of which together shall for all purposes constitute one Agreement, binding on all the parties.

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If the foregoing is in accordance with your understanding, kindly indicate your acceptance hereof by signing and returning to us the enclosed copy hereof.

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SCHEDULE A

B-10

B-11

For all Portfolios of Brighthouse Funds Trust I except the fund-of-funds Portfolios: American Funds^® Aggressive Allocation Portfolio, American Funds^® Balanced Allocation Portfolio, American Funds^® Moderate Allocation Portfolio, Brighthouse Asset Allocation 100 Portfolio, Brighthouse Balanced Plus Portfolio, and MetLife Multi-Index Targeted Risk Portfolio.

FORM OF MANAGEMENT AGREEMENT

(BRIGHTHOUSE FUNDS TRUST I)

MANAGEMENT AGREEMENT

______________, ______

Brighthouse Investment Advisers, LLC

11225 North Community House Road

Charlotte, North Carolina 28277

Ladies and Gentlemen:

Brighthouse Funds Trust I (the "Trust"), a Delaware trust created pursuant to an Agreement and Declaration of Trust, herewith confirms its agreement with Brighthouse Investment Advisers, LLC, a Delaware limited liability company (the "Manager"), as follows:

1.  Investment Description; Appointment

The Trust desires to employ its capital by investing and reinvesting in investments of the kind and in accordance with the limitations specified in its Agreement and Declaration of Trust, as amended from time to time, and in its registration statement filed with the Securities and Exchange Commission ("SEC") on Form N-1A, as amended from time to time (the "Registration Statement"), and in such manner and to such extent as may from time to time be approved by the Board of Trustees. The Trust has designated the separate investment portfolios set forth in Schedule A. The Trust may in the future designate additional separate investment portfolios. Such existing and future portfolios are hereinafter referred to as the "Portfolios." Copies of the Registration Statement and the Trust's Agreement and Declaration of Trust, as amended, have been or will be submitted to the Manager. The Manager is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is engaged in the business of rendering investment advisory services to registered investment companies. The Trust desires to employ the Manager to act as its investment manager. The Manager accepts this appointment and agrees to furnish the services described herein for the compensation set forth below. The Manager will be an independent contractor and will have no authority to act for or represent the Trust in any way or otherwise be deemed an agent unless expressly authorized by this Agreement or another writing signed by the Trust and the Manager.

2.  Services as Manager

 a.  Subject to the supervision and direction of the Board of Trustees of the Trust, the Trust acknowledges and agrees that the Manager may, at its own expense, select a

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person or persons to act as investment adviser (an "Adviser") to render investment advice to each of the Portfolios. Each such Adviser shall make all determinations with respect to the Portfolio's assets for which it has responsibility in accordance with the Portfolio's investment objectives, policies, and restrictions as stated in the Trust's Agreement and Declaration of Trust, By-Laws, and the Registration Statement as from time to time in effect; provided, that any contract with an Adviser (an "Advisory Agreement") shall be in compliance with and approved as required by the Investment Company Act of 1940, as amended (the "1940 Act") or as otherwise permitted by the SEC.

 b.  Subject to the supervision and direction of the Trustees of the Trust, the Manager will have (i) overall supervisory responsibility for the general management and investment of each Portfolio's assets; (ii) full discretion to select new or additional Advisers for each Portfolio; (iii) full discretion to enter into and materially modify existing Advisory Agreements with Advisers; (iv) full discretion to terminate and replace any Adviser; and (v) full investment discretion to make all determinations with respect to the investment of a Portfolio's assets not then managed by an Adviser. In connection with the Manager's responsibilities herein, the Manager will assess each Portfolio's investment focus and will seek to implement decisions with respect to the allocation and reallocation of each Portfolio's assets among one or more current or additional Advisers from time to time, as the Manager deems appropriate, to enable each Portfolio to achieve its investment goals. In addition, the Manager will monitor compliance of each Adviser with the investment objectives, policies, and restrictions of any Portfolio or Portfolios (or portions of any Portfolio) under the management of such Adviser, and review and report to the Trustees of the Trust on the performance of each Adviser. The Manager will furnish, or cause the appropriate Adviser(s) to furnish, to the Trust such statistical information, with respect to the investments that a Portfolio (or portions of any Portfolio) may hold or contemplate purchasing, as the Trust may reasonably request. On the Manager's own initiative, the Manager will apprise, or cause the appropriate Adviser(s) to apprise, the Trust of important developments materially affecting each Portfolio (or any portions of a Portfolio that they advise) and will furnish the Trust, from time to time, with such information as may be appropriate for this purpose. Further, the Manager agrees to furnish, or cause the appropriate Adviser(s) to furnish, to the Trustees of the Trust such periodic and special reports as the Trustees of the Trust may reasonably request. In addition, the Manager agrees to cause the appropriate Adviser(s) to furnish to third-party data reporting services all currently available standardized performance information and other customary data.

 c.  Subject to the supervision and direction of the Board of Trustees of the Trust, the Manager, at its own expense, will also supply the Trust with (i) office facilities (which may be in the Manager's own offices), and (ii) necessary executive and other personnel, including personnel for the performance of clerical and other office functions, exclusive of those functions: (a) related to and to be performed under the Trust's contract or contracts for administration, custodial, accounting, bookkeeping, transfer, and dividend disbursing agency or similar services by any entity, including the Manager or its affiliates, selected to perform such services under such contracts; and (b) related to the services to be provided by any Adviser pursuant to an Advisory Agreement; and (iii) other information and

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services required in connection with the preparation of all registration statements and prospectuses, prospectus supplements, statements of additional information, all annual, semiannual, and periodic reports to shareholders of the Trust, regulatory authorities, or others, and all notices and proxy solicitation materials, furnished to shareholders of the Trust or regulatory authorities, and all tax returns, except for (a) services of outside counsel or independent accountants or (b) services to be provided by any Adviser under any Advisory Agreement.

 d.  Subject to the requirement to seek best price and execution, and to the appropriate policies and procedures approved by the Board of Trustees, the Trust reserves the right to direct the Manager to cause Advisers to effect transactions in portfolio securities through broker-dealers in a manner that will help generate resources to: (i) pay the cost of certain expenses which the Trust is required to pay or for which the Trust is required to arrange payment pursuant to this Agreement; or (ii) finance activities that are primarily intended to result in the sale of Trust shares. At the discretion of the Board of Trustees, such resources may be used to pay or cause the payment of Trust expenses or may be used to finance activities that are primarily intended to result in the sale of Trust shares.

 e.  The services of the Manager to the Trust hereunder are not to be deemed exclusive, and the Manager shall be free to render similar services to others and to engage in other activities, so long as the services rendered to the Trust are not impaired.

3.  Compensation

In consideration of services rendered pursuant to this Agreement, the Trust will pay the Manager a fee at the respective annual rates of the value of each Portfolio's average daily net assets set forth in Schedule A hereto as such schedule may be amended from time to time. Such fees shall be accrued daily and paid monthly as soon as practicable after the end of each month. If the Manager shall serve for less than the whole of any month, the foregoing compensation shall be prorated. For the purpose of determining fees payable to the Manager, the value of the Portfolios' net assets shall be computed at the times and in the manner specified from time to time in the Registration Statement.

4.  Expenses

The Trust shall pay all expenses other than those expressly assumed by the Manager herein, which expenses payable by the Trust shall include, but are not limited to:

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5.  Use of Name

The Manager hereby consents to the Trust being named the Brighthouse Funds Trust I. The Trust shall not use the name "Brighthouse Funds Trust I", "Brighthouse", and any of the other names of the Manager or its affiliated companies and any derivative or logo or trade or service mark thereof, or disclose information related to the business of the Manager or any of its affiliates in any prospectus, sales literature or other material relating to the Trust in any manner not approved prior thereto by the Manager; provided, however, that the Manager shall approve all uses of its name and that of its affiliates which merely refer in accurate terms to its

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appointment hereunder or which are required by the SEC or a state securities commission; and provided, further, that in no event shall such approval be unreasonably withheld. The Manager shall not use the name of the Trust or any of its affiliates in any material relating to the Manager in any manner not approved prior thereto by the Trust; provided, however, that the Trust shall approve all uses of its name which merely refer in accurate terms to the appointment of the Manager hereunder or which are required by the SEC or a state securities commission; and, provided, further, that in no event shall such approval be unreasonably withheld.

The Trust recognizes that from time to time directors, officers and employees of the Manager may serve as directors, trustees, partners, officers and employees of other corporations, business trusts, partnerships or other entities (including other investment companies) and that such other entities may include the name "Brighthouse", or any derivative or abbreviation thereof as part of their name, and that the Manager or its affiliates may enter into investment advisory, administration or other agreements with such other entities.

Upon termination of this Agreement for any reason, the Trust shall cease within 30 days all use of the name and mark "Brighthouse Funds Trust I."

6.  Records

The records relating to the services provided under this Agreement shall be the property of the Trust and shall be under its control; however, the Trust shall furnish to the Manager such records and permit it to retain such records (either in original or in duplicate form) as it shall reasonably require in order to carry out its duties. In the event of the termination of this Agreement, such records shall promptly be returned to the Trust by the Manager free from any claim or retention of rights therein. The Manager shall keep confidential any information obtained in connection with its duties hereunder and disclose such information only if the Trust has authorized such disclosure or if such disclosure is expressly required or lawfully requested by applicable federal or state regulatory authorities.

7.  Standard of Care

The Manager shall exercise its best judgment in rendering the services hereunder. The Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which this Agreement relates, provided that nothing herein shall be deemed to protect or purport to protect the Manager against liability to the Trust or to the shareholders of the Trust to which the Manager would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the Manager's reckless disregard of its obligations and duties under this Agreement.

8.  Term

This Agreement shall continue in effect, unless sooner terminated as hereinafter provided, for a period of one year from the date hereof and indefinitely thereafter provided

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that its continuance after such one year period as to each Portfolio shall be specifically approved at least annually by vote of a majority of the outstanding voting securities of such Portfolio or by vote of a majority of the Trust's Board of Trustees; and further provided that such continuance is also approved annually by the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of the Trust or the Manager. This Agreement may be terminated as to any Portfolio at any time, without payment of any penalty, by the Trust's Board of Trustees or by a vote of a majority of the outstanding voting securities of such Portfolio upon 60 days' prior written notice to the Manager, or by the Manager upon 90 days' prior written notice to the Trust, or upon such shorter notice as may be mutually agreed upon. This Agreement may be amended at any time by the Manager and the Trust, subject to approval by the Trust's Board of Trustees and, if required by applicable SEC rules and regulations, a vote of a majority of the Trust's outstanding voting securities. This Agreement shall terminate automatically and immediately in the event of its assignment. The terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the meaning set forth for such terms in the 1940 Act.

9.  Limitation of Trust's Liability

The Manager acknowledges that it has received notice of and accepts the limitations upon the Trust's liability set forth in its Agreement and Declaration of Trust. The Manager agrees that the Trust's obligations hereunder in any case shall be limited to the Trust and to its assets and that the Manager shall not seek satisfaction of any such obligation from the shareholders of the Trust nor from any Trustee, officer, employee or agent of the Trust.

10.  Force Majeure

The Manager shall not be liable for delays or errors occurring by reason of circumstances beyond its control, including but not limited to acts of civil or military authority, national emergencies, work stoppages, fire, flood, catastrophe, acts of God, insurrection, war, riot, or failure of communication or power supply. In the event of equipment breakdowns beyond its control, the Manager shall take reasonable steps to minimize service interruptions but shall have no liability with respect thereto.

11.  Severability

If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

12.  Miscellaneous

This Agreement constitutes the full and complete agreement of the parties hereto with respect to the subject matter hereof. Each party agrees to perform such further actions and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware and the applicable provisions of the 1940 Act. The captions in this Agreement are included for convenience only and in no way define or delimit any of the

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provisions hereof or otherwise affect their construction or effect. This Agreement may be executed in several counterparts, all of which together shall for all purposes constitute one Agreement, binding on all the parties.

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If the foregoing is in accordance with your understanding, kindly indicate your acceptance hereof by signing and returning to us the enclosed copy hereof.

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SCHEDULE A

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For the fund-of-funds Portfolios of Brighthouse Funds Trust II: Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio, and Brighthouse Asset Allocation 80 Portfolio.

FORM OF ADVISORY AGREEMENT

(BRIGHTHOUSE FUNDS TRUST II)

ADVISORY AGREEMENT

(    Portfolio)

AGREEMENT made as of this ___ day of ______________, ____ by and between BRIGHTHOUSE FUNDS TRUST II, a Delaware trust (the "Fund"), with respect to its [   ] PORTFOLIO (the "Portfolio"), and BRIGHTHOUSE INVESTMENT ADVISERS, LLC, a Delaware limited liability company (the "Manager").

WITNESSETH:

WHEREAS, the Fund and the Manager wish to enter into an agreement setting forth the terms upon which the Manager (or certain other parties acting pursuant to delegation from the Manager) will perform certain services for the Portfolio;

NOW THEREFORE, in consideration of the premises and covenants hereinafter contained, the parties agree as follows:

1.  (a)  The Fund hereby employs the Manager to furnish the Fund with Portfolio Management Services (as defined in Section 2 hereof) and Other Services (as defined in Section 3 hereof), subject to the authority of the Manager to delegate any or all of its responsibilities hereunder to other parties as provided in Sections 1(b) and (c) hereof. The Manager hereby accepts such employment and agrees, at its own expense, to furnish such services (either directly or pursuant to delegation to other parties as permitted by Sections 1(b) and (c) hereof) and to assume the obligations herein set forth, for the compensation herein provided. The Manager shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

(b) The Manager may delegate any or all of its responsibilities hereunder with respect to the provision of Portfolio Management Services (and assumption of related expenses) to one or more other parties (each such party, a "Sub-Adviser"), pursuant in each case to a written agreement with such Sub-Adviser that meets the requirements of Section 15 of the Investment Company Act of 1940 and the rules thereunder (the "1940 Act") applicable to contracts for service as investment adviser of a registered investment company (including without limitation the requirements for approval by the directors of the Fund and the shareholders of the Portfolio), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission. Any Sub-Adviser may (but need not) be affiliated with the Manager. If different Sub-Advisers are engaged to

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provide Portfolio Management Services with respect to different segments of the Portfolio, the Manager shall determine, in the manner described in the prospectus of the Portfolio from time to time in effect, what portion of the assets belonging to the Portfolio shall be managed by each Sub-Adviser.

(c)  The Manager may delegate any or all of its responsibilities hereunder with respect to the provision of Other Services to one or more other parties (each such party, a "Delegatee") selected by the Manager. Any Delegatee may (but need not) be affiliated with the Manager.

(d)  The Manager agrees that all books and records which it maintains for the Fund are the Fund's property. The Manager also agrees upon request of the Fund, promptly to surrender the books and records to the requester or make the books and records available for inspection by representatives of regulatory authorities. The Manager shall permit all books and records with respect to the Portfolio to be inspected and audited by the Fund and the Administrator at all reasonable times during normal business hours, upon reasonable notice. Except with respect to books and records of the Fund that are contractually required to be maintained by a Delegatee or a service provider to the Fund, the Manager further agrees to maintain and preserve the Fund's books and records in accordance with the 1940 Act and rules thereunder.

2.  As used in this Agreement, "Portfolio Management Services" means management of the investment and reinvestment of the assets belonging to the Portfolio, consisting specifically of the following:

(a)  obtaining and evaluating such economic, statistical and financial data and information and undertaking such additional investment research as shall be necessary or advisable for the management of the investment and reinvestment of the assets belonging to the Portfolio in accordance with the Portfolio's investment objectives and policies;

(b)  formulating and implementing a continuous investment program for the Portfolio, which may consist of investing the assets of the Portfolio in other registered investment companies;

(c)  taking such steps as are necessary to implement the investment policies of the Portfolio by purchasing and selling of securities, including the placing of orders for such purchase and sale; and

(d)  regularly reporting to the Board of Directors of the Fund with respect to the implementation of the investment policies of the Portfolio.

For so long as the Portfolio is an asset allocation portfolio and a fund of funds under Section 12(d)(1)(G) of the 1940 Act, the Manager shall be responsible for the following:

(a) at least annually, in conjunction with the publication of the Portfolio's annual prospectus update and at such other dates as shall be determined by the Manager, set the

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annual asset allocation targets and select the underlying portfolios in which the Portfolio shall invest to approximate such targets ("Portfolio Targets");

(b) re-evaluating and adjusting, as appropriate, such targets and underlying portfolios;

(c) re-balancing on a quarterly basis or such other basis as shall be determined by the Manager the assets of the Portfolio based on the Portfolio's then-current Portfolio Targets;

(d) monitoring the performance of the Portfolio and the performance of the underlying portfolios throughout the year;

(e) monitoring the subadvisers of the underlying portfolios throughout the year; and

(f) determining whether an underlying portfolio change, or a Portfolio Target change is appropriate in the event of a change in the subadviser of an underlying portfolio.

3.  As used in this Agreement, "Other Services" means the provision to the Fund, by or at the expense of the Manager, of the following:

(a)  office space in such place or places as may be agreed upon from time to time by the Fund and the Manager, and all necessary office supplies, facilities and equipment;

(b)  necessary executive and other personnel for managing and overseeing the affairs of the Portfolio, including personnel to perform clerical, bookkeeping, accounting, stenographic and other office functions (exclusive of those related to and to be performed under contract for administration, accounting, custodial, transfer, dividend and plan agency services by the entity or entities selected to perform such services);

(c)  compensation, if any, of directors of the Fund who are directors, officers or employees of the Manager, any Sub-Adviser or any Delegatee or of any affiliated person (other than a registered investment company) of the Manager, any Sub-Adviser or any Delegatee;

(d)  all services, other than services of counsel, required in connection with the preparation of registration statements and prospectuses, including amendments and revisions thereto;

(e)  supervision and oversight of the Portfolio Management Services provided by each Sub-Adviser and Other Services provided by any Delegatee; and

(f)  oversight of all matters relating to compliance by the Fund with applicable laws and with the Fund's investment policies, restrictions and guidelines.

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4.  Nothing in section 3 hereof shall require the Manager to bear, or to reimburse the Fund for:

(a)  any of the costs of printing and mailing the items referred to in sub-section (d) of this section 3;

(b)  any of the costs of preparing, printing and distributing sales literature;

(c)  compensation of directors of the Fund who are not directors, officers or employees of the Manager, any Sub-Adviser or any Delegatee or of any affiliated person (other than a registered investment company) of the Manager, any Sub-Adviser or any Delegatee;

(d)  registration, filing and other fees in connection with requirements of regulatory authorities;

(e)  the charges and expenses of any entity appointed by the Fund for administration, accounting, custodial, paying agent, shareholder servicing and plan agent services;

(f)  charges and expenses of independent accountants retained by the Fund;

(g)  charges and expenses of any transfer agents and registrars appointed by the Fund;

(h)  brokers' commissions and issue and transfer taxes chargeable to the Fund in connection with securities transactions to which the Fund is a party;

(i)   taxes and fees payable by the Fund to federal, state or other governmental agencies;

(j)   any cost of certificates representing shares of the Fund;

(k)   legal fees and expenses in connection with the affairs of the Fund including registering and qualifying its shares with Federal and State regulatory authorities;

(l)  expenses of meetings of shareholders and directors of the Fund; and

(m)  interest, including interest on borrowings by the Fund.

5.  All activities undertaken by the Manager or any Sub-Adviser or Delegatee pursuant to this Agreement shall at all times be subject to the supervision and control of the Board of Directors of the Fund, any duly constituted committee thereof or any officer of the Fund acting pursuant to like authority.

6.  The services to be provided by the Manager and any Sub-Adviser or Delegatee hereunder are not to be deemed exclusive and the Manager and any Sub-Adviser or Delegatee shall be free to render similar services to others, so long as its services hereunder are not impaired thereby.

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7.  As full compensation for all services rendered, facilities furnished and expenses borne by the Manager hereunder, the Fund shall pay the Manager compensation at the annual rate of [  ]. Such compensation shall be payable monthly in arrears or at such other intervals, not less frequently than quarterly, as the Board of Directors of the Fund may from time to time determine and specify in writing to the Manager. The Manager hereby acknowledges that the Fund's obligation to pay such compensation is binding only on the assets and property belonging to the Portfolio.

8.  Reserved.

9.  It is understood that any of the shareholders, directors, officers, employees and agents of the Fund may be a shareholder, director, officer, employee or agent of, or be otherwise interested in, the Manager, any affiliated person of the Manager, any organization in which the Manager may have an interest or any organization which may have an interest in the Manager; that the Manager, any such affiliated person or any such organization may have an interest in the Fund; and that the existence of any such dual interest shall not affect the validity hereof or of any transactions hereunder except as otherwise provided in the articles of incorporation of the Fund, the limited liability company agreement of the Manager or specific provisions of applicable law.

10.  This Agreement shall become effective as of the date of its execution, and

(a)  unless otherwise terminated, this Agreement shall continue in effect for a period of one year, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Directors of the Fund or by vote of a majority of the outstanding voting securities of the Portfolio, and (ii) by vote of a majority of the directors of the Fund who are not interested persons of the Fund or the Manager, cast in person at a meeting called for the purpose of voting on, such approval;

(b)  this Agreement may at any time be terminated on sixty days' written notice to the Manager either by vote of the Board of Directors of the Fund or by vote of a majority of the outstanding voting securities of the Portfolio;

(c)  this Agreement shall automatically terminate in the event of its assignment; and

(d)  this Agreement may be terminated by the Manager on ninety days' written notice to the Fund.

Termination of this Agreement pursuant to this section 10 shall be without the payment of any penalty.

11.  This Agreement may be amended at any time by mutual consent of the parties, provided that, if required by law (as may be modified by any exemptions received by the Manager), such consent on the part of the Fund shall have been approved by vote of a majority of the outstanding voting securities of the Portfolio and by vote of a majority of the directors of the Fund who are not interested persons of the Fund or the Manager, cast in person at a meeting called for the purpose of voting on such approval.

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12.  For the purpose of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested person," "affiliated person" and "assignment" shall have their respective meanings defined in the 1940 Act, subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under the 1940 Act. References in this Agreement to any assets, property or liabilities "belonging to" the Portfolio shall have the meaning defined in the Fund's articles of incorporation as amended from time to time.

13.  In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund, to any shareholder of the Fund or to any other person, firm or organization, for any act or omission in the course of, or connected with, rendering services hereunder.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

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SCHEDULE A

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For all Portfolios of Brighthouse Funds Trust II except the fund-of-funds Portfolios: Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio, and Brighthouse Asset Allocation 80 Portfolio.

FORM OF ADVISORY AGREEMENT

(BRIGHTHOUSE FUNDS TRUST II)

ADVISORY AGREEMENT

(    Portfolio)

AGREEMENT made as of this ___ day of ______________, ____ by and between BRIGHTHOUSE FUNDS TRUST II, a Delaware trust (the "Fund"), with respect to its [   ] PORTFOLIO (the "Portfolio"), and BRIGHTHOUSE INVESTMENT ADVISERS, LLC, a Delaware limited liability company (the "Manager").

WITNESSETH:

WHEREAS, the Fund and the Manager wish to enter into an agreement setting forth the terms upon which the Manager (or certain other parties acting pursuant to delegation from the Manager) will perform certain services for the Portfolio;

NOW THEREFORE, in consideration of the premises and covenants hereinafter contained, the parties agree as follows:

1.  (a)  The Fund hereby employs the Manager to furnish the Fund with Portfolio Management Services (as defined in Section 2 hereof) and Other Services (as defined in Section 3 hereof), subject to the authority of the Manager to delegate any or all of its responsibilities hereunder to other parties as provided in Sections 1(b) and (c) hereof. The Manager hereby accepts such employment and agrees, at its own expense, to furnish such services (either directly or pursuant to delegation to other parties as permitted by Sections 1(b) and (c) hereof) and to assume the obligations herein set forth, for the compensation herein provided. The Manager shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

 (b)  The Manager may delegate any or all of its responsibilities hereunder with respect to the provision of Portfolio Management Services (and assumption of related expenses) to one or more other parties (each such party, a "Sub-Adviser"), pursuant in each case to a written agreement with such Sub-Adviser that meets the requirements of Section 15 of the Investment Company Act of 1940 and the rules thereunder (the "1940 Act") applicable to contracts for service as investment adviser of a registered investment company (including without limitation the requirements for approval by the directors of the Fund and the shareholders of the Portfolio), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission. Any Sub-Adviser may (but need not) be affiliated with the Manager. If different Sub-Advisers are engaged to

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provide Portfolio Management Services with respect to different segments of the Portfolio, the Manager shall determine, in the manner described in the prospectus of the Portfolio from time to time in effect, what portion of the assets belonging to the Portfolio shall be managed by each Sub-Adviser.

 (c)  The Manager may delegate any or all of its responsibilities hereunder with respect to the provision of Other Services to one or more other parties (each such party, a "Delegatee") selected by the Manager. Any Delegatee may (but need not) be affiliated with the Manager.

2.  As used in this Agreement, "Portfolio Management Services" means management of the investment and reinvestment of the assets belonging to the Portfolio, consisting specifically of the following:

 (a)  obtaining and evaluating such economic, statistical and financial data and information and undertaking such additional investment research as shall be necessary or advisable for the management of the investment and reinvestment of the assets belonging to the Portfolio in accordance with the Portfolio's investment objectives and policies;

 (b)  taking such steps as are necessary to implement the investment policies of the Portfolio by purchasing and selling of securities, including the placing of orders for such purchase and sale; and

 (c)  regularly reporting to the Board of Directors of the Fund with respect to the implementation of the investment policies of the Portfolio.

3.  As used in this Agreement, "Other Services" means the provision to the Fund, by or at the expense of the Manager, of the following:

 (a)  office space in such place or places as may be agreed upon from time to time by the Fund and the Manager, and all necessary office supplies, facilities and equipment;

 (b)  necessary executive and other personnel for managing and overseeing the affairs of the Portfolio, including personnel to perform clerical, bookkeeping, accounting, stenographic and other office functions (exclusive of those related to and to be performed under contract for administration, accounting, custodial, transfer, dividend and plan agency services by the entity or entities selected to perform such services);

 (c)  compensation, if any, of directors of the Fund who are directors, officers or employees of the Manager, any Sub-Adviser or any Delegatee or of any affiliated person (other than a registered investment company) of the Manager, any Sub-Adviser or any Delegatee;

 (d)  all services, other than services of counsel, required in connection with the preparation of registration statements and prospectuses, including amendments and revisions thereto;

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 (e)  supervision and oversight of the Portfolio Management Services provided by each Sub-Adviser and Other Services provided by any Delegatee; and

 (f)  oversight of all matters relating to compliance by the Fund with applicable laws and with the Fund's investment policies, restrictions and guidelines.

4.  Nothing in section 3 hereof shall require the Manager to bear, or to reimburse the Fund for:

 (a)  any of the costs of printing and mailing the items referred to in sub-section (d) of this section 3;

 (b)  any of the costs of preparing, printing and distributing sales literature;

 (c)  compensation of directors of the Fund who are not directors, officers or employees of the Manager, any Sub-Adviser or any Delegatee or of any affiliated person (other than a registered investment company) of the Manager, any Sub-Adviser or any Delegatee;

 (d)  registration, filing and other fees in connection with requirements of regulatory authorities;

 (e)  the charges and expenses of any entity appointed by the Fund for administration, accounting, custodial, paying agent, shareholder servicing and plan agent services;

 (f)  charges and expenses of independent accountants retained by the Fund;

 (g)  charges and expenses of any transfer agents and registrars appointed by the Fund;

 (h)  brokers' commissions and issue and transfer taxes chargeable to the Fund in connection with securities transactions to which the Fund is a party;

 (i)  taxes and fees payable by the Fund to federal, state or other governmental agencies;

 (j)  any cost of certificates representing shares of the Fund;

 (k)  legal fees and expenses in connection with the affairs of the Fund including registering and qualifying its shares with Federal and State regulatory authorities;

 (l)  expenses of meetings of shareholders and directors of the Fund; and

 (m) interest, including interest on borrowings by the Fund.

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5.  All activities undertaken by the Manager or any Sub-Adviser or Delegatee pursuant to this Agreement shall at all times be subject to the supervision and control of the Board of Directors of the Fund, any duly constituted committee thereof or any officer of the Fund acting pursuant to like authority.

6.  The services to be provided by the Manager and any Sub-Adviser or Delegatee hereunder are not to be deemed exclusive and the Manager and any Sub-Adviser or Delegatee shall be free to render similar services to others, so long as its services hereunder are not impaired thereby.

7.  As full compensation for all services rendered, facilities furnished and expenses borne by the Manager hereunder, the Fund shall pay the Manager compensation at the annual rate of [ ]. Such compensation shall be payable monthly in arrears or at such other intervals, not less frequently than quarterly, as the Board of Directors of the Fund may from time to time determine and specify in writing to the Manager. The Manager hereby acknowledges that the Fund's obligation to pay such compensation is binding only on the assets and property belonging to the Portfolio.

8.  Reserved.

9.  It is understood that any of the shareholders, directors, officers, employees and agents of the Fund may be a shareholder, director, officer, employee or agent of, or be otherwise interested in, the Manager, any affiliated person of the Manager, any organization in which the Manager may have an interest or any organization which may have an interest in the Manager; that the Manager, any such affiliated person or any such organization may have an interest in the Fund; and that the existence of any such dual interest shall not affect the validity hereof or of any transactions hereunder except as otherwise provided in the articles of incorporation of the Fund, the limited liability company agreement of the Manager or specific provisions of applicable law.

10.  This Agreement shall become effective as of the date of its execution, and

 (a)  unless otherwise terminated, this Agreement shall continue in effect for a period of one year, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Directors of the Fund or by vote of a majority of the outstanding voting securities of the Portfolio, and (ii) by vote of a majority of the directors of the Fund who are not interested persons of the Fund or the Manager, cast in person at a meeting called for the purpose of voting on, such approval;

 (b)  this Agreement may at any time be terminated on sixty days' written notice to the Manager either by vote of the Board of Directors of the Fund or by vote of a majority of the outstanding voting securities of the Portfolio;

 (c)  this Agreement shall automatically terminate in the event of its assignment; and

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 (d)  this Agreement may be terminated by the Manager on ninety days' written notice to the Fund.

Termination of this Agreement pursuant to this section 10 shall be without the payment of any penalty.

11.  This Agreement may be amended at any time by mutual consent of the parties, provided that, if required by law (as may be modified by any exemptions received by the Manager), such consent on the part of the Fund shall have been approved by vote of a majority of the outstanding voting securities of the Portfolio and by vote of a majority of the directors of the Fund who are not interested persons of the Fund or the Manager, cast in person at a meeting called for the purpose of voting on such approval.

12.  For the purpose of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested person," "affiliated person" and "assignment" shall have their respective meanings defined in the 1940 Act, subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under the 1940 Act. References in this Agreement to any assets, property or liabilities "belonging to" the Portfolio shall have the meaning defined in the Fund's articles of incorporation as amended from time to time.

13.  In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund, to any shareholder of the Fund or to any other person, firm or organization, for any act or omission in the course of, or connected with, rendering services hereunder.

B-37

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

B-38

SCHEDULE A

B-39

B-40

Appendix C

The tables below set forth the annual advisory fee rates for each Portfolio and the fees paid to the Manager by each Portfolio during the most recent fiscal year ended December 31, 2025.

Brighthouse Funds Trust I

C-1

C-2

C-3

C-4

C-5

Brighthouse Funds Trust II

C-6

C-7

The table below sets forth the annual subadvisory fee rates for each MIM Subadvised Portfolio and the fees paid by the Manager to MIM during the most recent fiscal year ended December 31, 2025.

MIM Sub-Advised Portfolios

C-8

The tables below set forth the fees paid to the Distributor by each Portfolio pursuant to a Distribution and Services Plan during the most recent fiscal year ended December 31, 2025.

Brighthouse Funds Trust I

C-9

C-10

Brighthouse Funds Trust II