N-Q 1 d259216dnq.htm BRIGHTHOUSE FUNDS TRUST II Brighthouse Funds Trust II
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-3618

 

 

BRIGHTHOUSE FUNDS TRUST II

(Exact name of registrant as specified in charter)

 

 

One Financial Center

Boston, Massachusetts 02111

(Address of principal executive offices)(Zip code)

 

(Name and Address of Agent for Service)    Copy to:

Peter H. Duffy

Brighthouse Investment Advisers, LLC

One Financial Center

Boston, Massachusetts 02111

  

Brian McCabe, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

 

 

Registrant’s telephone number, including area code: (617) 578-3408

Date of fiscal year end: December 31

Date of reporting period: January 1, 2017 to March 31, 2017

 

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

 

 

 


Table of Contents
Item 1. Schedule of Investments.

The following is a copy of the unaudited schedules as of the close of the reporting period as set forth in §§ 210.12-12 – 12-14 of Regulation S-X [17 CFR 210.12-12 – 12.14]:


Table of Contents
                   
           
   

Brighthouse Funds Trust II

 

(formerly, Metropolitan Series Fund)

   

 

Schedule of Investments

     
           
     

March 31, 2017

 

           
  


Table of Contents

Brighthouse Funds Trust II

Table of Contents

 

Schedule of Investments as of March 31, 2017 (Unaudited)   

Baillie Gifford International Stock Portfolio

   BHFTII-1

BlackRock Bond Income Portfolio

   BHFTII-5

BlackRock Capital Appreciation Portfolio

   BHFTII-41

BlackRock Large Cap Value Portfolio

   BHFTII-46

BlackRock Ultra-Short Term Bond Portfolio

   BHFTII-51

Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio)

   BHFTII-54

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

   BHFTII-58

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

   BHFTII-95

Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio)

   BHFTII-128

Brighthouse Asset Allocation 20 Portfolio (formerly, MetLife Asset Allocation 20 Portfolio)

   BHFTII-132

Brighthouse Asset Allocation 40 Portfolio (formerly, MetLife Asset Allocation 40 Portfolio)

   BHFTII-134

Brighthouse Asset Allocation 60 Portfolio (formerly, MetLife Asset Allocation 60 Portfolio)

   BHFTII-136

Brighthouse Asset Allocation 80 Portfolio (formerly, MetLife Asset Allocation 80 Portfolio)

   BHFTII-138

Frontier Mid Cap Growth Portfolio

   BHFTII-140

Jennison Growth Portfolio

   BHFTII-145

Loomis Sayles Small Cap Core Portfolio

   BHFTII-149

Loomis Sayles Small Cap Growth Portfolio

   BHFTII-156

MetLife Aggregate Bond Index Portfolio

   BHFTII-161

MetLife Mid Cap Stock Index Portfolio

   BHFTII-177

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

   BHFTII-186

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

   BHFTII-198

MetLife Stock Index Portfolio

   BHFTII-218

MFS Total Return Portfolio

   BHFTII-227

MFS Value Portfolio

   BHFTII-242

Neuberger Berman Genesis Portfolio

   BHFTII-248

T. Rowe Price Large Cap Growth Portfolio

   BHFTII-251

T. Rowe Price Small Cap Growth Portfolio

   BHFTII-257

Van Eck Global Natural Resources Portfolio

   BHFTII-264

Western Asset Management Strategic Bond Opportunities Portfolio

   BHFTII-268

Western Asset Management U.S. Government Portfolio

   BHFTII-293

Notes to Schedule of Investments

   BHFTII-300

 

Not all Portfolios are available under every product.

Refer to your prospectus for information on the Portfolios that are available.

 


Table of Contents

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.7% of Net Assets

 

Security Description   Shares     Value  
Argentina—2.3%  

MercadoLibre, Inc.

    194,209     $ 41,069,377  
   

 

 

 
Australia—2.3%  

Brambles, Ltd.

    2,033,222       14,500,772  

Cochlear, Ltd.

    196,353       20,275,937  

Seek, Ltd.

    530,960       6,457,174  
   

 

 

 
      41,233,883  
   

 

 

 
Brazil—0.9%  

Itau Unibanco Holding S.A. (ADR)

    1,257,865       15,182,431  
   

 

 

 
Canada—4.6%  

Constellation Software, Inc.

    48,139       23,655,928  

Fairfax Financial Holdings, Ltd.

    56,176       25,565,075  

Restaurant Brands International, Inc. (a)

    325,040       18,106,526  

Ritchie Bros. Auctioneers, Inc.

    399,424       13,141,050  
   

 

 

 
      80,468,579  
   

 

 

 
China—3.3%  

Alibaba Group Holding, Ltd. (ADR) (b)

    167,401       18,050,850  

Baidu, Inc. (ADR) (b)

    131,043       22,607,538  

Ctrip.com International, Ltd. (ADR) (b)

    376,514       18,505,663  
   

 

 

 
      59,164,051  
   

 

 

 
Denmark—3.7%  

DSV A/S

    420,806       21,807,597  

Novo Nordisk A/S - Class B

    493,205       16,956,071  

Novozymes A/S - B Shares

    380,479       15,081,113  

Pandora A/S

    111,560       12,360,500  
   

 

 

 
      66,205,281  
   

 

 

 
Finland—1.9%  

Kone Oyj - Class B

    410,585       18,038,273  

Sampo Oyj - A Shares

    345,104       16,385,932  
   

 

 

 
      34,424,205  
   

 

 

 
France—3.7%  

Bureau Veritas S.A.

    541,077       11,414,736  

Edenred

    686,493       16,229,920  

Essilor International S.A.

    132,777       16,125,532  

Legrand S.A.

    354,259       21,374,949  
   

 

 

 
      65,145,137  
   

 

 

 
Germany—6.2%  

Brenntag AG

    266,377       14,940,171  

Continental AG

    72,769       15,952,956  

Deutsche Boerse AG (b)

    328,766       30,131,271  

MTU Aero Engines AG

    106,916       13,909,369  

SAP SE

    358,023       35,130,737  
   

 

 

 
      110,064,504  
   

 

 

 
Hong Kong—3.7%  

AIA Group, Ltd.

    3,070,600       19,354,560  

Hang Seng Bank, Ltd.

    965,700       19,586,096  

 

Security Description   Shares     Value  
Hong Kong—(Continued)  

Hong Kong Exchanges and Clearing, Ltd.

    1,023,700     $ 25,760,493  
   

 

 

 
      64,701,149  
   

 

 

 
Ireland—6.5%  

CRH plc

    605,581       21,357,657  

Experian plc

    1,191,310       24,317,805  

James Hardie Industries plc

    1,101,139       17,298,034  

Kingspan Group plc

    486,677       15,526,223  

Ryanair Holdings plc (ADR) (b)

    444,995       36,925,685  
   

 

 

 
      115,425,404  
   

 

 

 
Japan—12.3%  

Denso Corp.

    461,300       20,351,044  

FANUC Corp.

    92,700       19,052,141  

Japan Exchange Group, Inc.

    2,328,000       33,227,282  

Nidec Corp.

    214,700       20,469,204  

Rakuten, Inc.

    1,939,400       19,461,238  

Shimano, Inc.

    140,100       20,490,177  

SMC Corp.

    83,700       24,842,221  

Square Enix Holdings Co., Ltd.

    521,800       14,779,388  

Sumitomo Mitsui Trust Holdings, Inc.

    600,600       20,910,427  

Toyota Tsusho Corp.

    791,500       24,027,734  
   

 

 

 
      217,610,856  
   

 

 

 
Netherlands—2.9%  

Heineken Holding NV

    325,212       25,862,021  

Unilever NV

    521,341       25,900,077  
   

 

 

 
      51,762,098  
   

 

 

 
Panama—1.2%  

Copa Holdings S.A. - Class A

    194,557       21,839,023  
   

 

 

 
Peru—1.0%  

Credicorp, Ltd.

    110,031       17,968,062  
   

 

 

 
Russia—1.9%  

Magnit PJSC (GDR)

    450,340       17,169,442  

Yandex NV - Class A (b)

    706,174       15,486,396  
   

 

 

 
      32,655,838  
   

 

 

 
Singapore—1.5%  

United Overseas Bank, Ltd.

    1,654,257       26,165,904  
   

 

 

 
South Africa—3.1%  

Naspers, Ltd. - N Shares

    321,915       55,443,075  
   

 

 

 
South Korea—5.4%  

NAVER Corp.

    26,429       20,202,056  

Samsung Electronics Co., Ltd.

    41,102       75,699,236  
   

 

 

 
      95,901,292  
   

 

 

 
Spain—2.8%  

Bankinter S.A.

    2,242,885       18,834,314  

Industria de Diseno Textil S.A.

    862,484       30,399,877  
   

 

 

 
      49,234,191  
   

 

 

 

 

BHFTII-1


Table of Contents

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Sweden—5.0%  

Atlas Copco AB - B Shares

    1,229,015     $ 39,063,926  

Svenska Handelsbanken AB - A Shares (a)

    2,491,862       34,178,455  

Volvo AB - B Shares (a)

    1,007,379       14,831,484  
   

 

 

 
      88,073,865  
   

 

 

 
Switzerland—5.2%  

Cie Financiere Richemont S.A.

    252,632       19,940,957  

LafargeHolcim, Ltd. (b)

    280,146       16,531,646  

Nestle S.A.

    591,239       45,355,746  

SGS S.A.

    4,541       9,695,378  
   

 

 

 
      91,523,727  
   

 

 

 
Taiwan—5.3%  

Hon Hai Precision Industry Co., Ltd.

    5,782,584       17,357,079  

Taiwan Semiconductor Manufacturing Co., Ltd.

    12,199,000       76,553,884  
   

 

 

 
      93,910,963  
   

 

 

 
United Kingdom—11.2%  

ASOS plc (b)

    186,806       14,109,487  

British American Tobacco plc

    351,954       23,330,998  

Burberry Group plc

    607,159       13,141,784  

Capita plc

    1,638,453       11,602,054  

Hargreaves Lansdown plc

    888,687       14,493,195  

Howden Joinery Group plc

    2,135,765       11,614,676  

Just Eat plc (b)

    1,745,179       12,361,188  

Prudential plc

    1,187,170       25,112,771  

Rio Tinto plc

    718,515       28,921,847  

Rolls-Royce Holdings plc (b)

    844,665       7,971,404  

St. James’s Place plc

    1,154,335       15,347,988  

Wolseley plc

    320,845       20,180,749  
   

 

 

 
      198,188,141  
   

 

 

 
United States—0.8%  

Pricesmart, Inc.

    147,487       13,598,301  
   

 

 

 

Total Common Stocks
(Cost $1,353,265,505)

      1,746,959,337  
   

 

 

 
Short-Term Investment—0.7%  
Repurchase Agreement—0.7%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $12,711,653 on 04/03/17, collateralized by $12,950,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $12,970,513.

    12,711,558       12,711,558  
   

 

 

 

Total Short-Term Investments
(Cost $12,711,558)

      12,711,558  
   

 

 

 
Securities Lending Reinvestments (c)—3.0%  
Security Description       
Principal
Amount*
    Value  
Repurchase Agreements—2.7%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $363,655 on 04/03/17, collateralized by $523,032 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $370,905.

    363,632     363,632  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $11,000,807 on 04/03/17, collateralized by $11,258,359 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $11,220,003.

    11,000,000       11,000,000  

Deutsche Bank AG, London

   

Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $86,307 on 04/03/17, collateralized by $87,317 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $88,027.

    86,300       86,300  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $500,325 on 04/03/17, collateralized by $77,249 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $548,993.

    500,000       500,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $4,000,433 on 04/03/17, collateralized by $617,993 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $4,391,946.

    4,000,000       4,000,000  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $10,000,683 on 04/03/17, collateralized by $9,937,441 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $10,206,160.

    10,000,000       10,000,000  

 

BHFTII-2


Table of Contents

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Natixis New York
Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $10,000,817 on 04/03/17, collateralized by $11,706,514 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $10,200,833.

    10,000,000     $ 10,000,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $11,000,853 on 04/03/17, collateralized by $32,928,219 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $11,220,000.

    11,000,000       11,000,000  
   

 

 

 
      46,949,932  
   

 

 

 
Time Deposits—0.3%  

Credit Agricole S.A. London
0.830%, 04/03/17

    2,000,000       2,000,000  

Den Norske Bank Oslo
0.900%, 04/03/17

    2,000,000       2,000,000  

Skandanaviska Enskilda Banken
0.850%, 04/03/17

    2,000,000       2,000,000  
   

 

 

 
      6,000,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $52,949,932)

      52,949,932  
   

 

 

 

Total Investments—102.4%
(Cost $1,418,926,995) (d)

      1,812,620,827  

Other assets and liabilities (net)—(2.4)%

      (43,286,473
   

 

 

 
Net Assets—100.0%     $ 1,769,334,354  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $50,310,142 and the collateral received consisted of cash in the amount of $52,949,932. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)   As of March 31, 2017, the aggregate cost of investments was $1,418,926,995. The aggregate unrealized appreciation and depreciation of investments were $442,480,384 and $(48,786,552), respectively, resulting in net unrealized appreciation of $393,693,832.
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.
(GDR)—   A Global Depositary Receipt is a negotiable certificate issued by one country’s bank against a certain number of shares of a company’s stock held in its custody but traded on the stock exchange of another country.

 

Ten Largest Industries as of
March 31, 2017 (Unaudited)

  

% of
Net Assets

 

Banks

     8.6  

Internet Software & Services

     7.3  

Machinery

     6.5  

Capital Markets

     5.9  

Insurance

     5.8  

Semiconductors & Semiconductor Equipment

     4.3  

Technology Hardware, Storage & Peripherals

     4.3  

Software

     4.2  

Trading Companies & Distributors

     4.0  

Professional Services

     3.6  

 

BHFTII-3


Table of Contents

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  
Common Stocks           

Argentina

   $ 41,069,377      $ —       $ —        $ 41,069,377  

Australia

     —          41,233,883       —          41,233,883  

Brazil

     15,182,431        —         —          15,182,431  

Canada

     80,468,579        —         —          80,468,579  

China

     59,164,051        —         —          59,164,051  

Denmark

     —          66,205,281       —          66,205,281  

Finland

     —          34,424,205       —          34,424,205  

France

     —          65,145,137       —          65,145,137  

Germany

     —          110,064,504       —          110,064,504  

Hong Kong

     —          64,701,149       —          64,701,149  

Ireland

     36,925,685        78,499,719       —          115,425,404  

Japan

     —          217,610,856       —          217,610,856  

Netherlands

     —          51,762,098       —          51,762,098  

Panama

     21,839,023        —         —          21,839,023  

Peru

     17,968,062        —         —          17,968,062  

Russia

     15,486,396        17,169,442       —          32,655,838  

Singapore

     —          26,165,904       —          26,165,904  

South Africa

     —          55,443,075       —          55,443,075  

South Korea

     —          95,901,292       —          95,901,292  

Spain

     —          49,234,191       —          49,234,191  

Sweden

     —          88,073,865       —          88,073,865  

Switzerland

     —          91,523,727       —          91,523,727  

Taiwan

     —          93,910,963       —          93,910,963  

United Kingdom

     —          198,188,141       —          198,188,141  

United States

     13,598,301        —         —          13,598,301  

Total Common Stocks

     301,701,905        1,445,257,432       —          1,746,959,337  

Total Short-Term Investment*

     —          12,711,558       —          12,711,558  

Total Securities Lending Reinvestments*

     —          52,949,932       —          52,949,932  

Total Investments

   $ 301,701,905      $ 1,510,918,922     $ —        $ 1,812,620,827  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (52,949,932   $ —        $ (52,949,932

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-4


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—52.5% of Net Assets

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—37.7%  

Fannie Mae 15 Yr. Pool
2.500%, 01/01/30

    1,587,114     $ 1,594,733  

2.500%, 07/01/30

    434,891       436,478  

2.500%, 08/01/30

    3,646,780       3,666,690  

2.500%, 09/01/30

    1,963,088       1,973,804  

2.500%, 11/01/30

    3,949,661       3,959,138  

2.500%, 06/01/31

    1,018,500       1,020,269  

2.500%, 07/01/31

    3,095,905       3,101,280  

2.500%, 10/01/31

    7,039,268       7,050,907  

2.500%, 11/01/31

    5,160,705       5,170,215  

2.500%, 01/01/32

    4,524,780       4,529,963  

2.500%, 02/01/32

    2,663,297       2,666,348  

2.500%, 03/01/32

    4,575,721       4,583,182  

3.000%, 11/01/28

    4,118,841       4,234,516  

3.000%, 12/01/28

    1,168,294       1,201,650  

3.000%, 01/01/29

    394,425       404,781  

3.000%, 04/01/29

    1,708,093       1,756,004  

3.000%, 05/01/29

    2,529,604       2,598,974  

3.000%, 08/01/29

    3,040,472       3,124,855  

3.000%, 09/01/29

    972,788       1,000,239  

3.000%, 03/01/30

    1,447,113       1,487,959  

3.000%, 04/01/30

    1,251,453       1,286,002  

3.000%, 05/01/30

    1,776,290       1,825,877  

3.000%, 07/01/30

    1,508,397       1,550,005  

3.000%, 08/01/30

    6,806,470       6,993,454  

3.000%, 09/01/30

    2,778,675       2,855,904  

3.000%, TBA (a)

    12,662,000       12,982,697  

3.500%, 11/01/25

    1,757,296       1,837,992  

3.500%, 08/01/26

    1,354,698       1,417,120  

3.500%, 08/01/28

    930,496       974,506  

3.500%, 10/01/28

    3,988,407       4,177,437  

3.500%, 11/01/28

    4,850,771       5,080,834  

3.500%, 02/01/29

    7,270,078       7,614,699  

3.500%, 04/01/29

    2,057,915       2,156,649  

3.500%, 05/01/29

    5,018,806       5,250,658  

3.500%, 06/01/29

    3,008,003       3,152,400  

3.500%, 07/01/29

    11,141,632       11,678,447  

3.500%, 09/01/29

    288,700       302,624  

3.500%, 12/01/29

    13,654,063       14,321,152  

3.500%, 08/01/30

    1,330,764       1,396,201  

4.000%, 01/01/25

    11,527       11,918  

4.000%, 02/01/25

    3,618,279       3,809,781  

4.000%, 09/01/25

    623,150       652,666  

4.000%, 10/01/25

    1,914,210       2,015,643  

4.000%, 01/01/26

    590,770       622,290  

4.000%, 04/01/26

    414,589       436,529  

4.000%, 07/01/26

    1,604,782       1,689,995  

4.000%, 08/01/26

    825,871       857,565  

4.500%, 12/01/20

    686,485       707,054  

4.500%, 02/01/25

    576,978       597,354  

4.500%, 04/01/25

    120,533       127,429  

4.500%, 07/01/25

    433,079       455,609  

4.500%, 06/01/26

    2,749,059       2,899,539  

Fannie Mae 20 Yr. Pool
3.000%, 10/01/36

    140,653       142,657  

3.000%, 11/01/36

    1,402,124       1,418,194  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 20 Yr. Pool
3.000%, 12/01/36

    7,189,391     7,271,789  

5.000%, 05/01/23

    3,019       3,295  

Fannie Mae 30 Yr. Pool
3.000%, 12/01/42

    8,981,514       8,953,762  

3.000%, 01/01/43

    6,078,151       6,059,327  

3.000%, 02/01/43

    2,843,651       2,834,855  

3.000%, 03/01/43

    23,299,650       23,225,093  

3.000%, 04/01/43

    15,939,362       15,888,916  

3.000%, 05/01/43

    21,325,315       21,258,441  

3.000%, 06/01/43

    2,717,140       2,708,572  

3.000%, 07/01/43

    1,508,665       1,503,835  

3.000%, 08/01/43

    1,232,694       1,228,556  

3.000%, 06/01/46

    932,557       928,967  

3.000%, 07/01/46

    7,813,328       7,766,085  

3.000%, 08/01/46

    17,321,418       17,216,977  

3.000%, 09/01/46

    12,408,650       12,339,954  

3.000%, 10/01/46

    7,026,135       6,987,618  

3.000%, 11/01/46

    5,169,589       5,143,882  

3.000%, 12/01/46

    4,057,968       4,037,523  

3.000%, 01/01/47

    90,870,117       90,139,455  

3.000%, 02/01/47

    3,902,268       3,881,620  

3.000%, 03/01/47

    35,798,943       35,519,362  

3.000%, 04/01/47

    3,784,370       3,754,953  

3.500%, 01/01/42

    963,894       992,216  

3.500%, 04/01/42

    257,646       265,229  

3.500%, 05/01/42

    403,943       415,112  

3.500%, 06/01/42

    1,099,408       1,131,882  

3.500%, 07/01/42

    136,348       140,138  

3.500%, 10/01/42

    1,784,830       1,836,691  

3.500%, 12/01/42

    194,416       200,730  

3.500%, 01/01/43

    1,076,036       1,107,158  

3.500%, 02/01/43

    1,750,920       1,800,760  

3.500%, 03/01/43

    4,501,410       4,641,322  

3.500%, 04/01/43

    84,895       87,659  

3.500%, 06/01/43

    1,543,011       1,585,024  

3.500%, 07/01/43

    13,449,328       13,862,749  

3.500%, 08/01/43

    8,998,295       9,260,284  

3.500%, 09/01/43

    150,002       154,569  

3.500%, 10/01/43

    168,575       174,064  

3.500%, 11/01/43

    1,519,378       1,562,860  

3.500%, 01/01/44

    1,903,342       1,961,149  

3.500%, 06/01/44

    12,739,717       13,102,254  

3.500%, 07/01/44

    65,731       67,470  

3.500%, 01/01/47

    20,055,479       20,526,585  

3.500%, 02/01/47

    692,376       713,796  

3.500%, TBA (a)

    58,424,000       59,731,962  

4.000%, 08/01/33

    1,468,301       1,540,132  

4.000%, 06/01/39

    1,078,135       1,134,867  

4.000%, 12/01/39

    104,994       110,130  

4.000%, 07/01/40

    1,360,924       1,428,517  

4.000%, 08/01/40

    2,466,289       2,591,840  

4.000%, 10/01/40

    6,526,071       6,898,462  

4.000%, 11/01/40

    435,694       458,238  

4.000%, 12/01/40

    2,280,979       2,400,388  

4.000%, 04/01/41

    224,498       236,314  

4.000%, 09/01/41

    5,834,329       6,143,239  

 

BHFTII-5


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
4.000%, 10/01/41

    385,224     $ 405,627  

4.000%, 12/01/41

    1,477,820       1,570,473  

4.000%, 02/01/42

    3,490,682       3,675,863  

4.000%, 05/01/42

    1,458,332       1,543,213  

4.000%, 06/01/42

    816,690       859,084  

4.000%, 07/01/42

    5,464,999       5,800,221  

4.000%, 08/01/42

    431,015       453,843  

4.000%, 09/01/42

    1,057,148       1,112,453  

4.000%, 12/01/42

    2,962,863       3,136,103  

4.000%, 01/01/43

    1,286,651       1,354,671  

4.000%, 10/01/43

    956,391       1,006,934  

4.000%, 11/01/43

    4,454,434       4,732,760  

4.000%, 01/01/44

    3,236,256       3,438,938  

4.000%, 02/01/44

    3,050,801       3,242,726  

4.000%, 05/01/44

    4,607,404       4,897,139  

4.000%, 07/01/44

    331,412       349,729  

4.000%, 10/01/44

    4,182,223       4,387,499  

4.000%, 11/01/44

    1,759,445       1,845,574  

4.000%, 12/01/44

    2,618,073       2,774,867  

4.000%, 01/01/45

    474,944       503,534  

4.000%, 02/01/45

    1,431,696       1,516,257  

4.000%, 03/01/45

    1,262,265       1,335,478  

4.000%, 04/01/45

    1,136,910       1,205,409  

4.000%, 05/01/45

    376,862       397,697  

4.000%, 08/01/45

    320,378       336,136  

4.000%, 09/01/45

    600,947       630,439  

4.000%, 10/01/45

    13,842,934       14,608,032  

4.000%, 11/01/45

    5,281,029       5,569,427  

4.000%, 12/01/45

    7,801,605       8,245,597  

4.000%, 01/01/46

    6,163,344       6,485,772  

4.000%, 02/01/46

    2,087,940       2,210,369  

4.000%, 03/01/46

    5,252,773       5,511,789  

4.000%, 04/01/46

    1,353,587       1,420,302  

4.000%, 05/01/46

    1,852,600       1,944,023  

4.000%, 06/01/46

    4,586,845       4,844,522  

4.500%, 08/01/39

    1,871,708       2,012,593  

4.500%, 11/01/39

    395,512       425,779  

4.500%, 01/01/40

    51,621       55,889  

4.500%, 04/01/40

    123,263       132,993  

4.500%, 05/01/40

    321,102       346,242  

4.500%, 06/01/40

    306,686       330,338  

4.500%, 07/01/40

    564,161       606,730  

4.500%, 08/01/40

    4,107,190       4,421,177  

4.500%, 11/01/40

    1,170,772       1,260,411  

4.500%, 07/01/41

    346,237       372,739  

4.500%, 08/01/41

    122,811       131,696  

4.500%, 09/01/41

    1,250,077       1,345,979  

4.500%, 01/01/42

    243,036       261,599  

4.500%, 06/01/42

    165,513       177,475  

4.500%, 08/01/42

    1,332,184       1,433,268  

4.500%, 09/01/42

    3,828,632       4,116,423  

4.500%, 09/01/43

    1,152,579       1,237,748  

4.500%, 10/01/43

    1,714,826       1,840,606  

4.500%, 12/01/43

    2,562,260       2,751,882  

4.500%, 01/01/44

    2,228,085       2,405,484  

4.500%, 11/01/45

    151,424       162,908  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
4.500%, TBA (a)

    5,219,000     5,595,747  

5.000%, 11/01/32

    7,200       7,871  

5.000%, 06/01/39

    12,875,219       14,102,366  

5.000%, 04/01/41

    41,800       45,668  

5.000%, 07/01/41

    599,699       657,239  

5.000%, 08/01/41

    588,265       642,388  

5.000%, 01/01/42

    53,535       58,497  

5.000%, TBA (a)

    5,657,000       6,181,209  

5.500%, 11/01/32

    1,477,147       1,649,793  

5.500%, 12/01/32

    247,036       276,582  

5.500%, 01/01/33

    935,757       1,047,354  

5.500%, 12/01/33

    324,717       363,675  

5.500%, 05/01/34

    2,580,601       2,889,529  

5.500%, 08/01/37

    2,687,898       3,009,628  

5.500%, 02/01/38

    383,059       432,096  

5.500%, 03/01/38

    286,557       321,299  

5.500%, 04/01/38

    271,569       301,276  

5.500%, 06/01/38

    418,920       472,009  

5.500%, 12/01/38

    515,313       572,765  

5.500%, 01/01/39

    444,507       495,654  

5.500%, 08/01/39

    394,690       440,334  

5.500%, 12/01/39

    662,769       738,967  

5.500%, 04/01/40

    113,164       126,075  

5.500%, 04/01/41

    472,575       526,644  

5.500%, TBA (a)

    3,696,000       4,105,640  

6.000%, 02/01/34

    290,496       332,171  

6.000%, 08/01/34

    221,700       253,316  

6.000%, 04/01/35

    3,444,706       3,942,844  

6.000%, 06/01/36

    528,342       607,490  

6.000%, 02/01/38

    675,580       767,627  

6.000%, 03/01/38

    242,532       276,526  

6.000%, 05/01/38

    788,067       902,323  

6.000%, 10/01/38

    954,363       1,078,876  

6.000%, 12/01/38

    272,148       308,079  

6.000%, 04/01/40

    3,075,389       3,474,503  

6.000%, 09/01/40

    300,313       339,071  

6.000%, 06/01/41

    699,272       791,261  

6.500%, 05/01/40

    4,483,172       5,041,723  

Fannie Mae ARM Pool
3.023%, 08/01/38 (b)

    669,964       712,703  

3.144%, 12/01/40 (b)

    942,262       996,446  

3.297%, 03/01/41 (b)

    557,527       589,861  

3.400%, 06/01/41 (b)

    1,781,646       1,875,570  

3.512%, 09/01/41 (b)

    1,285,890       1,352,561  

3.519%, 03/01/41 (b)

    193,603       203,768  

Fannie Mae Pool
2.500%, 05/01/26

    900,000       874,268  

2.690%, 04/01/25

    480,000       477,028  

4.000%, 01/01/41

    591,167       625,223  

Fannie Mae REMICS (CMO)

   

5.000%, 04/25/35

    101,636       107,320  

Fannie Mae-ACES

   

0.131%, 08/25/24 (b) (c)

    115,092,940       1,062,285  

Freddie Mac 15 Yr. Gold Pool
2.500%, 08/01/29

    1,520,859       1,524,730  

2.500%, 12/01/29

    435,157       436,079  

 

BHFTII-6


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Freddie Mac 15 Yr. Gold Pool
2.500%, 05/01/30

    1,425,963     $ 1,428,511  

2.500%, 07/01/30

    982,147       984,067  

2.500%, 08/01/30

    2,795,722       2,801,521  

2.500%, 09/01/30

    3,585,149       3,591,694  

2.500%, TBA (a)

    14,055,000       14,066,529  

3.000%, 01/01/30

    1,149,904       1,181,021  

3.000%, 04/01/30

    5,521,286       5,673,754  

3.000%, 05/01/30

    892,251       917,065  

3.000%, 06/01/30

    37,798       38,839  

3.000%, 07/01/30

    2,017,230       2,072,047  

3.000%, 08/01/30

    623,060       640,134  

3.000%, TBA (a)

    9,752,000       10,001,895  

3.500%, TBA (a)

    6,972,000       7,261,501  

Freddie Mac 30 Yr. Gold Pool
3.000%, 12/01/42

    3,164,126       3,154,822  

3.000%, 01/01/43

    2,136,970       2,130,699  

3.000%, 03/01/43

    4,811,496       4,797,365  

3.000%, 07/01/43

    13,729,366       13,677,768  

3.000%, 09/01/46

    1,367,454       1,357,811  

3.000%, 12/01/46

    12,538,048       12,462,005  

3.000%, 01/01/47

    9,069,619       8,992,299  

3.000%, 02/01/47

    16,832,823       16,689,211  

3.000%, 03/01/47 (d)

    59,630,236       59,121,493  

3.500%, 04/01/42

    2,160,556       2,227,642  

3.500%, 08/01/42

    1,699,144       1,753,746  

3.500%, 10/01/42

    211,869       217,307  

3.500%, 01/01/43

    1,437,181       1,476,359  

3.500%, 06/01/43

    382,362       392,785  

3.500%, 01/01/44

    823,735       849,558  

3.500%, 04/01/44

    160,972       165,968  

3.500%, 05/01/44

    691,084       712,891  

3.500%, 06/01/44

    180,477       186,079  

3.500%, 07/01/44

    138,209       142,798  

3.500%, 08/01/44

    575,334       593,191  

3.500%, 09/01/44

    1,050,759       1,084,007  

3.500%, 08/01/45

    8,110,293       8,362,178  

3.500%, 09/01/45

    229,455       237,079  

3.500%, 12/01/46

    1,435,718       1,469,338  

3.500%, 01/01/47 (d)

    14,656,900       15,000,115  

3.500%, 02/01/47

    6,361,035       6,509,989  

3.500%, TBA (a)

    33,686,164       34,449,364  

4.000%, 08/01/40

    362,466       380,650  

4.000%, 10/01/40

    184,117       194,981  

4.000%, 11/01/40

    813,606       860,610  

4.000%, 04/01/41

    21,501       22,646  

4.000%, 10/01/41

    767,862       813,286  

4.000%, 09/01/43

    551,754       584,655  

4.000%, 04/01/44

    1,081,781       1,141,754  

4.000%, 08/01/44

    4,183,326       4,432,679  

4.000%, 02/01/45

    424,678       448,754  

4.000%, 09/01/45

    1,814,238       1,917,176  

4.000%, 10/01/45

    2,285,917       2,411,909  

4.000%, 12/01/45 (d)

    17,063,905       17,917,004  

4.000%, 01/01/46

    349,091       366,450  

4.000%, 02/01/46

    7,920,225       8,314,062  

4.000%, 10/01/46

    2,019,392       2,119,808  
Agency Sponsored Mortgage - Backed—(Continued)  

Freddie Mac 30 Yr. Gold Pool
4.000%, TBA (a)

    1,917,000     2,010,753  

4.500%, 02/01/39

    1,677,270       1,799,097  

4.500%, 08/01/39

    1,414,294       1,520,650  

4.500%, 12/01/39

    350,595       377,064  

4.500%, 07/01/40

    105,845       113,730  

4.500%, 05/01/41

    2,238,817       2,406,035  

4.500%, 05/01/42

    2,090,352       2,246,192  

4.500%, 10/01/43

    1,031,153       1,106,906  

4.500%, 12/01/43

    2,725,758       2,941,413  

4.500%, 04/01/44

    1,447,592       1,554,051  

4.500%, 09/01/44

    4,009,272       4,302,431  

5.000%, 10/01/41

    861,904       940,302  

5.000%, 11/01/41

    7,827,873       8,541,505  

5.500%, 02/01/35

    213,349       240,317  

5.500%, 09/01/39

    242,811       269,593  

5.500%, 01/01/40

    322,495       357,739  

5.500%, 07/01/40

    334,081       370,592  

5.500%, 06/01/41

    3,309,438       3,669,483  

Freddie Mac ARM Non-Gold Pool

   

3.635%, 02/01/41 (b)

    803,605       852,665  

Freddie Mac Multifamily Structured Pass-Through Certificates
0.068%, 02/25/23 (b) (c)

    101,915       435  

2.770%, 05/25/25

    1,110,000       1,100,361  

3.531%, 07/25/23 (b)

    500,000       527,824  

Ginnie Mae I 30 Yr. Pool
3.000%, TBA (a)

    6,519,000       6,574,037  

3.500%, 02/15/42

    250,410       261,988  

3.500%, 04/15/42

    467,475       488,565  

3.500%, 05/15/42

    430,881       450,813  

3.500%, 08/15/42

    626,399       655,185  

3.500%, 11/15/42

    435,676       453,713  

3.500%, 12/15/42

    1,382,911       1,446,393  

3.500%, 01/15/43

    594,330       618,850  

3.500%, 02/15/43

    933,453       973,879  

3.500%, 03/15/43

    487,667       506,871  

3.500%, 04/15/43

    1,926,356       2,014,920  

3.500%, 05/15/43

    3,341,526       3,487,685  

3.500%, 06/15/43

    818,480       856,066  

3.500%, 07/15/43

    2,800,738       2,929,209  

4.000%, 07/20/39

    512,458       545,114  

4.000%, 01/15/41

    1,819,773       1,922,754  

4.000%, 03/15/41

    1,287,608       1,359,814  

4.000%, 12/15/41

    26,388       27,868  

4.000%, 05/15/42

    146,116       154,353  

4.000%, TBA (a)

    4,542,000       4,794,116  

4.500%, 02/15/42 (d)

    14,273,731       15,287,891  

5.000%, 12/15/38

    396,944       437,533  

5.000%, 07/15/39

    1,122,044       1,236,886  

5.000%, 10/15/39

    481,674       536,094  

5.000%, 09/15/40

    36,806       40,904  

5.000%, 12/15/40

    1,343,922       1,482,518  

5.500%, 04/15/33

    35,953       40,424  

6.500%, 04/15/33

    49,921       56,619  

8.500%, 05/15/22

    619       627  

 

BHFTII-7


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Ginnie Mae II 30 Yr. Pool
3.000%, TBA (a)

    88,185,000     $ 88,956,619  

3.500%, 12/20/41

    5,103,996       5,311,772  

3.500%, 10/20/42

    528,242       550,074  

3.500%, 01/20/43

    469,270       488,664  

3.500%, 04/20/43

    391,594       407,779  

3.500%, 10/20/46

    2,834,153       2,949,504  

3.500%, 02/20/47

    19,256,251       19,988,882  

3.500%, TBA (a)

    75,088,896       77,857,799  

4.000%, 09/20/40

    135,256       144,795  

4.000%, 10/20/40

    1,498,974       1,597,597  

4.000%, 11/20/40

    843,227       902,578  

4.000%, 12/20/40

    3,145,733       3,350,524  

4.000%, 01/20/41

    2,763,619       2,945,314  

4.000%, 02/20/41

    48,956       52,110  

4.000%, 07/20/43

    257,956       273,776  

4.000%, 08/20/44

    1,110,208       1,184,886  

4.000%, 10/20/46

    248,254       263,224  

4.000%, 01/20/47

    36,074,063       38,136,794  

4.000%, 02/20/47

    4,206,944       4,447,500  

4.500%, 12/20/39

    115,051       124,581  

4.500%, 01/20/40

    142,384       154,275  

4.500%, 02/20/40

    113,980       123,054  

4.500%, 05/20/40

    7,819       8,442  

4.500%, 08/20/40

    277,016       300,424  

4.500%, 05/20/41

    15,004,407       16,198,897  

4.500%, 06/20/41

    1,455,642       1,571,530  

4.500%, 07/20/41

    915,623       988,520  

4.500%, 11/20/41

    138,120       149,121  

4.500%, 11/20/44

    338,866       362,155  

5.000%, 10/20/33

    1,198,108       1,334,721  

5.000%, 10/20/39

    416,217       460,598  

5.000%, 07/20/42

    491,653       529,378  

Government National Mortgage Association
0.805%, 02/16/53 (b) (c)

    19,733,986       999,775  

0.825%, 08/16/41 (c)

    4,805,715       89,159  

0.930%, 06/16/58 (b) (c)

    2,781,130       212,036  

0.947%, 01/16/49 (b) (c)

    7,948,403       401,920  

0.987%, 08/15/58 (b) (c)

    7,554,537       628,666  

1.000%, 02/16/39 (c)

    6,838,074       108,314  

1.008%, 08/16/58 (b) (c)

    3,908,444       300,417  

1.048%, 05/16/58 (b) (c)

    2,666,033       210,849  

1.089%, 12/16/57 (b) (c)

    3,904,757       315,487  

1.127%, 04/16/58 (b) (c)

    7,069,811       585,170  

1.186%, 01/16/48 (b) (c)

    7,942,671       465,123  

1.192%, 02/16/58 (b) (c)

    3,356,027       302,268  
   

 

 

 
      1,453,398,676  
   

 

 

 
U.S. Treasury—14.8%  

U.S. Treasury Bonds
2.250%, 08/15/46 (e)

    60,236,000       50,979,413  

2.875%, 11/15/46 (e) (f)

    52,475,300       50,915,367  

3.000%, 02/15/47

    37,613,000       37,479,286  

U.S. Treasury Inflation Indexed Notes
0.125%, 04/15/21 (h)

    47,500,307       47,990,130  

0.375%, 01/15/27 (h)

    20,400,718       20,312,138  
U.S. Treasury—(Continued)  

U.S. Treasury Notes
1.125%, 01/31/19

    27,573,000     27,518,074  

1.125%, 02/28/19

    27,610,000       27,547,436  

1.250%, 03/31/19

    18,509,000       18,505,391  

1.375%, 01/15/20 (f)

    41,396,000       41,298,968  

1.375%, 02/15/20

    41,480,000       41,348,757  

1.500%, 08/15/26 (f)

    36,099,000       33,402,838  

1.625%, 03/15/20

    27,229,000       27,326,861  

1.875%, 01/31/22

    49,591,000       49,482,495  

1.875%, 02/28/22

    49,660,000       49,553,330  

1.875%, 03/31/22

    1,176,000       1,172,968  

2.000%, 11/15/26

    34,370,000       33,201,970  

2.125%, 02/29/24

    4,162,000       4,139,563  

2.125%, 03/31/24

    2,781,000       2,764,598  

2.250%, 01/31/24

    4,120,000       4,132,875  

2.250%, 02/15/27

    976,000       963,533  
   

 

 

 
      570,035,991  
   

 

 

 

Total U.S. Treasury & Government Agencies (Cost $2,032,962,226)

      2,023,434,667  
   

 

 

 
Corporate Bonds & Notes—27.1%  
Advertising—0.1%  

ACE03 MH1 B2
Zero Coupon, 08/15/30

    824,040       627,015  

Interpublic Group of Cos., Inc. (The)
3.750%, 02/15/23

    1,191,000       1,208,314  

4.000%, 03/15/22

    1,468,000       1,529,039  
   

 

 

 
      3,364,368  
   

 

 

 
Aerospace/Defense—0.4%  

BAE Systems Holdings, Inc.
2.850%, 12/15/20 (144A)

    699,000       705,677  

4.750%, 10/07/44 (144A)

    132,000       137,701  

Harris Corp.
2.700%, 04/27/20 (d)

    706,000       712,492  

Lockheed Martin Corp.
3.550%, 01/15/26 (d)

    815,000       828,320  

3.600%, 03/01/35

    1,121,000       1,068,674  

4.070%, 12/15/42

    380,000       373,032  

4.500%, 05/15/36

    323,000       343,036  

4.700%, 05/15/46

    527,000       570,822  

Northrop Grumman Corp.
3.850%, 04/15/45

    1,295,000       1,219,109  

Rockwell Collins, Inc.
3.200%, 03/15/24

    4,342,000       4,337,042  

United Technologies Corp.
1.778%, 05/04/18

    3,052,000       3,051,136  

4.150%, 05/15/45

    836,000       837,909  
   

 

 

 
      14,184,950  
   

 

 

 

 

BHFTII-8


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Agriculture—0.1%  

Reynolds American, Inc.
2.300%, 06/12/18

    1,321,000     $ 1,328,935  

3.250%, 06/12/20 (d)

    561,000       575,620  
   

 

 

 
      1,904,555  
   

 

 

 
Airlines—0.4%  

American Airlines Group, Inc.
4.625%, 03/01/20 (144A) (d)

    2,214,000       2,249,978  

American Airlines Pass-Through Trust
3.375%, 05/01/27

    3,407,475       3,339,325  

Delta Air Lines, Inc.
2.875%, 03/13/20

    9,690,000       9,768,446  

Turkish Airlines Pass-Through Trust
4.200%, 03/15/27 (144A)

    1,192,478       1,120,930  

United Airlines Pass-Through Trust
4.750%, 04/11/22

    360,699       367,913  
   

 

 

 
      16,846,592  
   

 

 

 
Auto Manufacturers—1.1%  

Ford Motor Credit Co. LLC
1.724%, 12/06/17

    6,974,000       6,973,909  

2.145%, 01/09/18

    2,592,000       2,598,586  

3.810%, 01/09/24

    8,543,000       8,570,252  

General Motors Financial Co., Inc.
2.625%, 07/10/17 (d)

    2,036,000       2,041,738  

3.100%, 01/15/19

    814,000       827,131  

3.200%, 07/06/21

    6,453,000       6,477,483  

3.700%, 11/24/20

    1,345,000       1,384,817  

4.000%, 01/15/25 (d)

    1,821,000       1,830,131  

4.750%, 08/15/17

    3,515,000       3,553,201  

Hyundai Capital America
2.550%, 04/03/20 (144A)

    8,645,000       8,645,130  
   

 

 

 
      42,902,378  
   

 

 

 
Auto Parts & Equipment—0.1%  

Delphi Automotive plc
4.250%, 01/15/26

    1,855,000       1,936,473  

4.400%, 10/01/46

    765,000       728,890  
   

 

 

 
      2,665,363  
   

 

 

 
Banks—9.4%  

Banco Espirito Santo S.A.
4.000%, 01/21/19 (EUR) (i)

    200,000       61,874  

Bank of America Corp.
2.250%, 04/21/20

    2,535,000       2,528,282  

3.248%, 10/21/27

    1,588,000       1,511,519  

3.300%, 01/11/23

    3,383,000       3,403,995  

3.500%, 04/19/26

    3,440,000       3,392,287  

3.875%, 08/01/25

    5,164,000       5,255,542  

4.443%, 01/20/48 (b)

    7,130,000       7,176,088  

4.875%, 04/01/44

    494,000       532,800  

Bank of New York Mellon Corp. (The)
2.050%, 05/03/21

    10,424,000       10,286,539  

2.100%, 01/15/19

    3,085,000       3,107,863  
Banks—(Continued)  

Bank of New York Mellon Corp. (The)
4.625%, 09/20/26 (b)

    2,930,000     2,812,800  

Barclays plc
4.950%, 01/10/47

    2,231,000       2,228,575  

BB&T Corp.
2.450%, 01/15/20

    2,395,000       2,419,448  

2.750%, 04/01/22

    16,360,000       16,459,992  

BNP Paribas S.A.
3.800%, 01/10/24 (144A)

    808,000       804,062  

Branch Banking & Trust Co.
2.300%, 10/15/18

    2,160,000       2,175,051  

Capital One Financial Corp.
3.750%, 07/28/26

    1,333,000       1,290,848  

4.750%, 07/15/21

    80,000       86,040  

Capital One N.A.
2.400%, 09/05/19

    250,000       250,786  

Citigroup, Inc.
1.800%, 02/05/18

    2,960,000       2,961,521  

2.500%, 09/26/18 (d)

    4,057,000       4,093,265  

2.500%, 07/29/19 (d)

    3,634,000       3,666,797  

2.900%, 12/08/21

    21,924,000       22,007,618  

3.500%, 05/15/23 (d)

    2,381,000       2,398,293  

3.875%, 03/26/25 (d)

    1,530,000       1,519,995  

3.887%, 01/10/28 (b)

    4,211,000       4,229,768  

4.125%, 07/25/28

    2,767,000       2,720,927  

4.750%, 05/18/46

    4,348,000       4,295,294  

Citizens Bank N.A.
2.250%, 03/02/20

    6,026,000       6,017,347  

2.300%, 12/03/18

    1,395,000       1,401,961  

Credit Suisse AG
3.000%, 10/29/21

    2,270,000       2,290,702  

Credit Suisse Group AG
4.282%, 01/09/28 (144A)

    1,062,000       1,057,381  

Credit Suisse Group Funding Guernsey, Ltd.
2.750%, 03/26/20 (d)

    3,269,000       3,273,956  

4.875%, 05/15/45

    753,000       766,203  

Discover Bank
3.450%, 07/27/26

    2,040,000       1,958,271  

Fifth Third Bank
2.250%, 06/14/21

    3,062,000       3,027,259  

Goldman Sachs Group, Inc. (The)
2.000%, 04/25/19 (d)

    950,000       948,245  

2.350%, 11/15/21

    6,177,000       6,049,649  

2.600%, 04/23/20

    2,774,000       2,789,626  

2.625%, 01/31/19 (d)

    3,624,000       3,664,868  

2.625%, 04/25/21

    2,055,000       2,049,375  

2.750%, 09/15/20

    1,326,000       1,336,985  

3.500%, 01/23/25

    1,683,000       1,676,520  

3.500%, 11/16/26

    5,184,000       5,067,967  

3.750%, 05/22/25

    2,243,000       2,270,652  

4.800%, 07/08/44

    994,000       1,049,653  

HSBC Holdings plc
2.650%, 01/05/22 (d)

    9,883,000       9,757,130  

4.041%, 03/13/28 (b)

    3,608,000       3,647,046  

ING Groep NV
3.950%, 03/29/27

    3,177,000       3,184,517  

 

BHFTII-9


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Banks—(Continued)  

JPMorgan Chase & Co.
2.200%, 10/22/19

    2,326,000     $ 2,337,283  

2.550%, 10/29/20

    3,260,000       3,274,527  

2.750%, 06/23/20 (d)

    667,000       675,699  

2.972%, 01/15/23

    13,360,000       13,349,392  

3.200%, 06/15/26 (d)

    4,172,000       4,050,828  

3.782%, 02/01/28 (b)

    7,472,000       7,542,506  

3.875%, 09/10/24

    2,931,000       2,970,809  

3.900%, 07/15/25

    1,343,000       1,388,228  

4.250%, 10/01/27 (d)

    1,990,000       2,038,799  

Lloyds Banking Group plc
3.750%, 01/11/27

    2,169,000       2,132,281  

Macquarie Bank, Ltd.
6.125%, 03/08/27 (144A) (b) (d)

    2,236,000       2,247,180  

Mitsubishi UFJ Financial Group, Inc.
2.998%, 02/22/22

    5,056,000       5,089,026  

Mizuho Financial Group, Inc.
2.953%, 02/28/22

    14,824,000       14,829,307  

Morgan Stanley
2.625%, 11/17/21

    10,848,000       10,776,512  

2.800%, 06/16/20

    3,889,000       3,936,174  

3.700%, 10/23/24

    3,417,000       3,466,109  

3.750%, 02/25/23

    1,545,000       1,595,528  

3.875%, 01/27/26

    3,069,000       3,109,818  

4.000%, 07/23/25

    1,425,000       1,469,387  

4.375%, 01/22/47

    7,130,000       7,135,162  

Royal Bank of Scotland Group plc
3.875%, 09/12/23

    8,102,000       7,985,007  

Santander UK Group Holdings plc
2.875%, 08/05/21

    7,621,000       7,521,820  

State Street Corp.
2.131%, 06/15/37 (b)

    500,000       438,125  

2.650%, 05/19/26 (d)

    4,226,000       4,048,550  

Sumitomo Mitsui Trust Bank, Ltd.
2.050%, 03/06/19 (144A)

    18,092,000       18,065,459  

U.S. Bancorp
2.950%, 07/15/22 (d)

    3,137,000       3,166,971  

UBS Group Funding Jersey, Ltd.
4.125%, 09/24/25 (144A)

    1,338,000       1,360,638  

Wells Fargo & Co.
2.100%, 07/26/21

    8,020,000       7,854,964  

2.550%, 12/07/20

    1,717,000       1,725,707  

2.600%, 07/22/20

    1,479,000       1,493,624  

3.000%, 10/23/26

    2,919,000       2,794,805  

3.550%, 09/29/25

    1,756,000       1,768,986  

3.900%, 05/01/45

    2,148,000       2,056,607  

4.750%, 12/07/46

    4,236,000       4,327,578  

4.900%, 11/17/45

    969,000       1,010,306  

Westpac Banking Corp.
2.150%, 03/06/20 (d)

    25,085,000       25,099,926  
   

 

 

 
      361,096,810  
   

 

 

 
Beverages—0.6%  

Anheuser-Busch InBev Finance, Inc.
2.650%, 02/01/21

    3,844,000       3,872,907  

3.300%, 02/01/23

    3,105,000       3,160,303  
Beverages—(Continued)  

Anheuser-Busch InBev Finance, Inc.
4.700%, 02/01/36

    1,240,000     1,311,869  

4.900%, 02/01/46

    9,438,000       10,199,873  

Anheuser-Busch InBev Worldwide, Inc.
3.750%, 07/15/42

    860,000       787,597  

Central American Bottling Corp.
5.750%, 01/31/27 (144A)

    441,000       457,079  

Molson Coors Brewing Co.
4.200%, 07/15/46 (d)

    971,000       909,256  

5.000%, 05/01/42

    607,000       640,327  
   

 

 

 
      21,339,211  
   

 

 

 
Biotechnology—0.3%  

Amgen, Inc.
2.125%, 05/01/20

    2,559,000       2,559,043  

4.400%, 05/01/45

    2,028,000       1,968,460  

Gilead Sciences, Inc.
2.350%, 02/01/20

    589,000       593,614  

2.500%, 09/01/23

    1,447,000       1,399,980  

3.650%, 03/01/26

    496,000       500,502  

4.150%, 03/01/47

    2,172,000       2,025,548  

4.500%, 02/01/45

    547,000       539,629  

4.600%, 09/01/35

    564,000       581,044  

4.750%, 03/01/46

    1,278,000       1,303,550  

4.800%, 04/01/44

    1,710,000       1,766,322  
   

 

 

 
      13,237,692  
   

 

 

 
Building Materials—0.2%  

Cemex Finance LLC
9.375%, 10/12/22 (144A)

    280,000       302,540  

Johnson Controls International plc
4.500%, 02/15/47

    676,000       686,114  

5.125%, 09/14/45

    2,020,000       2,233,694  

LafargeHolcim Finance U.S. LLC
4.750%, 09/22/46 (144A)

    3,141,000       3,144,417  

Tecnoglass, Inc.
8.200%, 01/31/22 (144A)

    839,000       876,755  
   

 

 

 
      7,243,520  
   

 

 

 
Chemicals—0.2%  

Agrium, Inc.
4.125%, 03/15/35 (d)

    1,155,000       1,106,736  

Dow Chemical Co. (The)
4.375%, 11/15/42

    726,000       713,605  

4.625%, 10/01/44

    982,000       1,007,124  

Eastman Chemical Co.
4.800%, 09/01/42 (d)

    1,236,000       1,267,380  

Monsanto Co.
3.600%, 07/15/42

    1,222,000       1,037,553  

Sherwin-Williams Co. (The)
4.000%, 12/15/42 (d)

    565,000       522,277  
   

 

 

 
      5,654,675  
   

 

 

 

 

BHFTII-10


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Services—0.3%  

Massachusetts Institute of Technology

   

3.885%, 07/01/2116

    638,000     $ 554,191  

Moody’s Corp.

   

2.750%, 12/15/21

    2,544,000       2,540,049  

Total System Services, Inc.

   

4.800%, 04/01/26 (d)

    3,469,000       3,734,139  

University of Southern California

   

3.028%, 10/01/39

    2,135,000       1,926,611  

Wesleyan University

   

4.781%, 07/01/2116

    1,088,000       1,007,464  
   

 

 

 
      9,762,454  
   

 

 

 
Computers—0.6%  

Apple, Inc.
3.000%, 02/09/24 (d)

    3,075,000       3,101,414  

3.450%, 02/09/45

    1,028,000       916,301  

4.650%, 02/23/46

    5,591,000       5,999,154  

Diamond 1 Finance Corp. / Diamond 2 Finance Corp.

   

8.350%, 07/15/46 (144A)

    2,780,000       3,590,359  

Everett Spinco, Inc.

   

2.875%, 03/27/20 (144A) (d)

    1,369,000       1,380,471  

Hewlett Packard Enterprise Co.
2.850%, 10/05/18

    2,705,000       2,737,592  

3.600%, 10/15/20

    3,456,000       3,554,078  

HP, Inc.

   

3.750%, 12/01/20 (d)

    357,000       371,466  
   

 

 

 
      21,650,835  
   

 

 

 
Diversified Financial Services—1.1%  

AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.500%, 05/26/22 (d)

    5,837,000       5,881,501  

4.625%, 10/30/20

    4,930,000       5,210,088  

Air Lease Corp.
3.000%, 09/15/23

    5,945,000       5,809,519  

3.625%, 04/01/27

    2,270,000       2,206,320  

American Express Credit Corp.
1.125%, 06/05/17 (d)

    6,272,000       6,272,245  

2.250%, 08/15/19

    1,959,000       1,974,445  

Capital One Bank USA N.A.

   

2.300%, 06/05/19

    500,000       501,056  

Discover Financial Services

   

4.100%, 02/09/27 (d)

    4,148,000       4,149,398  

Jefferies Group LLC

   

6.500%, 01/20/43

    648,000       702,911  

Synchrony Financial
2.600%, 01/15/19 (d)

    1,706,000       1,719,324  

2.700%, 02/03/20 (d)

    1,079,000       1,083,327  

4.500%, 07/23/25

    1,243,000       1,275,616  

UBS Group Funding Switzerland AG

   

4.253%, 03/23/28 (144A) (d)

    6,675,000       6,770,646  

Visa, Inc.

   

4.150%, 12/14/35

    411,000       429,976  
   

 

 

 
      43,986,372  
   

 

 

 
Electric—0.8%  

AES Panama SRL

   

6.000%, 06/25/22 (144A)

    213,000     219,390  

Baltimore Gas & Electric Co.

   

3.500%, 08/15/46

    946,000       857,618  

CenterPoint Energy Houston Electric LLC

   

4.500%, 04/01/44 (d)

    560,000       613,509  

Commonwealth Edison Co.

   

4.700%, 01/15/44

    769,000       839,190  

Consumers Energy Co.

   

3.950%, 05/15/43

    894,000       898,363  

Emera U.S. Finance L.P.
2.150%, 06/15/19

    2,058,000       2,057,378  

2.700%, 06/15/21

    3,096,000       3,078,458  

Exelon Corp.
2.450%, 04/15/21

    549,000       542,428  

2.850%, 06/15/20

    3,225,000       3,267,280  

Generacion Mediterranea S.A. / Generacion Frias S.A. / Central Termica Roca S.A.

   

9.625%, 07/27/23 (144A)

    722,000       765,796  

Great Plains Energy, Inc.

   

2.500%, 03/09/20

    3,535,000       3,549,882  

Inkia Energy, Ltd.

   

8.375%, 04/04/21 (144A)

    282,000       289,050  

Pacific Gas & Electric Co.
4.300%, 03/15/45 (d)

    839,000       863,796  

4.750%, 02/15/44

    545,000       598,646  

Pampa Energia S.A.

   

7.500%, 01/24/27 (144A)

    560,000       567,140  

Puget Sound Energy, Inc.

   

4.300%, 05/20/45

    1,241,000       1,296,984  

Southern California Edison Co.

   

1.250%, 11/01/17

    1,080,000       1,079,010  

Stoneway Capital Corp.

   

10.000%, 03/01/27 (144A) (d)

    1,114,000       1,161,657  

Trans-Allegheny Interstate Line Co.

   

3.850%, 06/01/25 (144A)

    3,395,000       3,477,512  

Virginia Electric & Power Co.
3.500%, 03/15/27 (d)

    3,236,000       3,302,532  

4.200%, 05/15/45 (d)

    1,419,000       1,445,196  

4.450%, 02/15/44

    437,000       461,056  
   

 

 

 
      31,231,871  
   

 

 

 
Electronics—0.0%  

Amphenol Corp.

   

3.200%, 04/01/24

    1,254,000       1,255,708  
   

 

 

 
Energy-Alternate Sources—0.0%  

Genneia S.A.

   

8.750%, 01/20/22 (144A)

    277,000       288,772  
   

 

 

 
Engineering & Construction—0.0%  

Aeropuerto Internacional de Tocumen S.A.

   

5.625%, 05/18/36 (144A)

    276,000       287,040  

Aeropuertos Argentina S.A.

   

6.875%, 02/01/27 (144A)

    279,000       288,067  

 

BHFTII-11


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Engineering & Construction—(Continued)  

Aeropuertos Dominicanos Siglo S.A.

   

6.750%, 03/30/29 (144A)

    279,000     $ 291,148  

Cia Latinoamericana de Infraestructura & Servicios S.A.

   

9.500%, 07/20/23 (144A)

    40,000       41,000  
   

 

 

 
      907,255  
   

 

 

 
Environmental Control—0.0%  

Waste Management, Inc.

   

3.900%, 03/01/35

    442,000       438,973  
   

 

 

 
Food—0.0%  

Arcor SAIC

   

6.000%, 07/06/23 (144A) (d)

    341,000       362,313  

Minerva Luxembourg S.A.

   

6.500%, 09/20/26 (144A)

    217,000       212,037  
   

 

 

 
      574,350  
   

 

 

 
Forest Products & Paper—0.1%  

Georgia-Pacific LLC

   

7.375%, 12/01/25

    1,415,000       1,791,531  

Suzano Austria GmbH

   

5.750%, 07/14/26 (144A) (d)

    564,000       574,434  

Suzano Trading, Ltd.

   

5.875%, 01/23/21 (144A)

    423,000       450,622  
   

 

 

 
      2,816,587  
   

 

 

 
Gas—0.0%  

Dominion Gas Holdings LLC

   

4.600%, 12/15/44

    1,137,000       1,140,105  
   

 

 

 
Healthcare-Products—0.4%  

Abbott Laboratories
2.800%, 09/15/20 (d)

    1,578,000       1,591,729  

3.875%, 09/15/25

    505,000       513,104  

Becton Dickinson & Co.
1.800%, 12/15/17

    653,000       653,487  

2.675%, 12/15/19

    2,345,000       2,378,400  

4.685%, 12/15/44

    367,000       383,094  

Boston Scientific Corp.

   

2.650%, 10/01/18

    1,872,000       1,890,471  

Medtronic, Inc.
2.500%, 03/15/20

    1,749,000       1,774,208  

3.625%, 03/15/24

    2,067,000       2,144,512  

4.625%, 03/15/44

    1,365,000       1,457,868  

Stryker Corp.

   

4.625%, 03/15/46

    1,016,000       1,044,776  
   

 

 

 
      13,831,649  
   

 

 

 
Healthcare-Services—0.7%  

Aetna, Inc.
4.125%, 11/15/42

    786,000       773,319  

4.500%, 05/15/42

    881,000       917,466  

4.750%, 03/15/44

    690,000       746,860  
Healthcare-Services—(Continued)  

Anthem, Inc.
1.875%, 01/15/18

    5,068,000     5,071,872  

2.300%, 07/15/18

    7,006,000       7,037,163  

Baylor Scott & White Holdings

   

4.185%, 11/15/45

    775,000       769,145  

Catholic Health Initiatives

   

4.350%, 11/01/42

    550,000       468,915  

Cigna Corp.

   

3.250%, 04/15/25 (d)

    1,947,000       1,924,536  

Laboratory Corp. of America Holdings

   

2.625%, 02/01/20

    1,583,000       1,591,347  

New York and Presbyterian Hospital (The)

   

3.563%, 08/01/36

    547,000       511,435  

Ochsner Clinic Foundation

   

5.897%, 05/15/45

    685,000       780,836  

RWJ Barnabas Health, Inc.

   

3.949%, 07/01/46

    983,000       926,416  

Southern Baptist Hospital of Florida, Inc.

   

4.857%, 07/15/45

    650,000       702,034  

UnitedHealth Group, Inc.
2.700%, 07/15/20

    944,000       962,976  

4.200%, 01/15/47

    1,289,000       1,308,902  

4.625%, 07/15/35

    377,000       411,017  
   

 

 

 
      24,904,239  
   

 

 

 
Housewares—0.0%  

Newell Brands, Inc.

   

2.875%, 12/01/19

    906,000       922,100  
   

 

 

 
Insurance—0.4%  

Allstate Corp. (The)

   

4.200%, 12/15/46

    1,564,000       1,581,547  

American International Group, Inc.
3.750%, 07/10/25

    1,511,000       1,502,573  

3.875%, 01/15/35

    673,000       614,959  

4.500%, 07/16/44

    847,000       808,273  

Aon plc

   

4.750%, 05/15/45

    1,906,000       1,903,860  

Marsh & McLennan Cos., Inc.
3.750%, 03/14/26

    359,000       369,300  

4.350%, 01/30/47 (d)

    601,000       608,672  

Principal Financial Group, Inc.

   

4.300%, 11/15/46

    2,938,000       2,956,965  

Prudential Financial, Inc.

   

4.600%, 05/15/44 (d)

    2,032,000       2,143,591  

Travelers Cos., Inc. (The)

   

4.600%, 08/01/43

    1,395,000       1,516,622  

XLIT, Ltd.

   

2.300%, 12/15/18

    2,013,000       2,025,742  
   

 

 

 
      16,032,104  
   

 

 

 
Iron/Steel—0.0%  

Nucor Corp.

   

5.200%, 08/01/43

    901,000       1,024,013  
   

 

 

 

 

BHFTII-12


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Machinery-Diversified—0.0%  

Roper Technologies, Inc.

   

2.800%, 12/15/21

    1,616,000     $ 1,617,823  
   

 

 

 
Media—1.5%  

21st Century Fox America, Inc.

   

4.750%, 09/15/44

    791,000       798,876  

4.950%, 10/15/45

    223,000       230,806  

Cablevision S.A.

   

6.500%, 06/15/21 (144A)

    277,000       291,819  

CBS Corp.

   

2.300%, 08/15/19

    2,077,000       2,085,013  

Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.464%, 07/23/22

    1,856,000       1,957,210  

4.908%, 07/23/25

    902,000       953,115  

6.384%, 10/23/35

    1,407,000       1,599,410  

6.484%, 10/23/45

    5,668,000       6,525,772  

Comcast Corp.
3.375%, 08/15/25

    1,578,000       1,592,175  

3.400%, 07/15/46 (d)

    835,000       714,454  

4.250%, 01/15/33

    665,000       684,667  

4.400%, 08/15/35

    2,001,000       2,074,076  

4.600%, 08/15/45

    1,017,000       1,051,565  

4.750%, 03/01/44

    2,972,000       3,135,466  

Discovery Communications LLC
3.800%, 03/13/24

    3,436,000       3,406,773  

4.875%, 04/01/43

    1,966,000       1,780,907  

NBCUniversal Enterprise, Inc.

   

5.250%, 03/19/21 (144A)

    4,585,000       4,814,250  

NBCUniversal Media LLC

   

4.450%, 01/15/43

    1,514,000       1,524,045  

Time Warner Cable LLC
4.000%, 09/01/21 (d)

    503,000       521,414  

4.125%, 02/15/21

    3,589,000       3,733,752  

4.500%, 09/15/42 (d)

    161,000       145,912  

5.000%, 02/01/20

    1,723,000       1,832,533  

5.500%, 09/01/41

    588,000       603,022  

Time Warner, Inc.
2.100%, 06/01/19

    3,352,000       3,357,353  

3.600%, 07/15/25

    820,000       810,783  

4.850%, 07/15/45

    1,884,000       1,832,324  

Viacom, Inc.
2.250%, 02/04/22

    2,428,000       2,330,370  

2.750%, 12/15/19

    1,650,000       1,662,055  

3.450%, 10/04/26

    873,000       830,360  

4.500%, 03/01/21 (d)

    1,779,000       1,876,822  

5.250%, 04/01/44

    957,000       938,592  

6.250%, 02/28/57 (b) (d)

    1,952,000       1,967,616  
   

 

 

 
      57,663,307  
   

 

 

 
Mining—0.4%  

Barrick Gold Corp.

   

5.250%, 04/01/42

    2,420,000       2,631,218  

BHP Billiton Finance USA, Ltd.

   

5.000%, 09/30/43

    2,230,000       2,497,252  
Mining—(Continued)  

Glencore Funding LLC

   

4.000%, 03/27/27 (144A) (d)

    4,810,000     4,748,644  

Newmont Mining Corp.
3.500%, 03/15/22

    2,740,000       2,817,449  

4.875%, 03/15/42

    2,030,000       2,028,788  

Rio Tinto Finance USA plc

   

4.125%, 08/21/42

    1,510,000       1,501,083  
   

 

 

 
      16,224,434  
   

 

 

 
Miscellaneous Manufacturing—0.6%  

Eaton Corp.

   

2.750%, 11/02/22

    8,185,000       8,127,975  

General Electric Co.

   

4.500%, 03/11/44

    2,960,000       3,184,365  

Ingersoll-Rand Luxembourg Finance S.A.

   

4.650%, 11/01/44

    306,000       317,318  

Siemens Financieringsmaatschappij NV

   

3.125%, 03/16/24 (144A) (d)

    12,548,000       12,637,743  
   

 

 

 
      24,267,401  
   

 

 

 
Oil & Gas—1.1%  

Anadarko Petroleum Corp.
4.500%, 07/15/44

    1,209,000       1,140,442  

7.950%, 06/15/39

    614,000       788,730  

Apache Corp.

   

4.250%, 01/15/44

    1,507,000       1,413,565  

BP Capital Markets plc

   

2.237%, 05/10/19

    3,701,000       3,723,994  

Devon Energy Corp.

   

5.600%, 07/15/41

    2,344,000       2,478,888  

EOG Resources, Inc.

   

3.900%, 04/01/35

    680,000       650,937  

4.150%, 01/15/26

    1,047,000       1,093,789  

Exxon Mobil Corp.
1.819%, 03/15/19 (d)

    3,300,000       3,312,550  

4.114%, 03/01/46 (d)

    1,386,000       1,424,865  

Nabors Industries, Inc.

   

5.500%, 01/15/23 (144A) (d)

    1,051,000       1,072,677  

Noble Energy, Inc.

   

5.050%, 11/15/44

    1,094,000       1,118,707  

Petro-Canada

   

6.800%, 05/15/38

    1,110,000       1,426,687  

Petrobras Argentina S.A.

   

7.375%, 07/21/23 (144A) (d)

    649,000       677,394  

Petrobras Global Finance B.V.
4.875%, 03/17/20 (d)

    282,000       289,219  

5.375%, 01/27/21 (d)

    5,412,000       5,555,418  

5.750%, 01/20/20 (d)

    282,000       296,100  

6.850%, 06/05/15

    279,000       248,659  

7.375%, 01/17/27 (d)

    300,000       317,160  

8.375%, 05/23/21

    4,988,000       5,633,946  

8.750%, 05/23/26 (d)

    139,000       160,893  

Petroleos Mexicanos
4.625%, 09/21/23 (d)

    224,000       225,288  

6.500%, 03/13/27 (144A)

    3,091,000       3,325,143  

 

BHFTII-13


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Oil & Gas—(Continued)  

Pioneer Natural Resources Co.

   

4.450%, 01/15/26 (d)

    660,000     $ 694,658  

Raizen Fuels Finance S.A.

   

5.300%, 01/20/27 (144A)

    404,000       409,050  

Shell International Finance B.V.
3.625%, 08/21/42

    1,100,000       992,628  

4.125%, 05/11/35

    2,166,000       2,182,496  

Woodside Finance, Ltd.

   

3.650%, 03/05/25 (144A)

    353,000       347,599  

YPF S.A.
8.500%, 03/23/21 (144A)

    139,000       152,301  

8.500%, 07/28/25

    69,000       74,844  

8.875%, 12/19/18 (144A)

    1,082,000       1,177,216  
   

 

 

 
      42,405,843  
   

 

 

 
Oil & Gas Services—0.1%  

Halliburton Co.

   

3.800%, 11/15/25 (d)

    2,410,000       2,440,352  

Schlumberger Holdings Corp.

   

3.000%, 12/21/20 (144A) (d)

    2,972,000       3,038,944  
   

 

 

 
      5,479,296  
   

 

 

 
Pharmaceuticals—1.0%  

AbbVie, Inc.
2.500%, 05/14/20

    3,448,000       3,471,508  

2.900%, 11/06/22

    1,946,000       1,938,703  

4.400%, 11/06/42

    200,000       190,616  

4.500%, 05/14/35

    674,000       669,353  

Actavis Funding SCS
2.350%, 03/12/18

    3,614,000       3,629,757  

3.000%, 03/12/20

    5,509,000       5,603,028  

3.800%, 03/15/25 (d)

    9,701,000       9,789,502  

4.750%, 03/15/45

    3,923,000       3,939,794  

AmerisourceBergen Corp.

   

1.150%, 05/15/17

    2,313,000       2,312,283  

Express Scripts Holding Co.

   

1.250%, 06/02/17

    1,840,000       1,839,282  

Mylan NV

   

5.250%, 06/15/46 (d)

    975,000       998,446  

Teva Pharmaceutical Finance Co. B.V.

   

3.650%, 11/10/21

    841,000       854,549  

Teva Pharmaceutical Finance Netherlands B.V.

   

2.800%, 07/21/23

    2,844,000       2,701,257  
   

 

 

 
      37,938,078  
   

 

 

 
Pipelines—0.7%  

Energy Transfer Partners L.P.

   

6.125%, 12/15/45 (d)

    2,754,000       2,946,485  

Enterprise Products Operating LLC
4.900%, 05/15/46

    2,129,000       2,179,181  

5.100%, 02/15/45

    501,000       523,277  

GNL Quintero S.A.
4.634%, 07/31/29 (144A)

    384,000       392,640  

4.634%, 07/31/29

    200,000       204,500  
Pipelines—(Continued)  

Kinder Morgan Energy Partners L.P.
3.500%, 03/01/21

    1,667,000     1,694,109  

3.950%, 09/01/22

    1,124,000       1,148,319  

Kinder Morgan, Inc.
3.050%, 12/01/19

    703,000       714,837  

5.050%, 02/15/46 (d)

    1,490,000       1,446,373  

MPLX L.P.

   

5.200%, 03/01/47

    754,000       758,725  

Plains All American Pipeline L.P. / PAA Finance Corp.

   

4.650%, 10/15/25

    1,520,000       1,565,747  

Sabine Pass Liquefaction LLC
4.200%, 03/15/28 (144A)

    1,676,000       1,655,575  

5.625%, 04/15/23

    1,650,000       1,790,088  

Spectra Energy Partners L.P.

   

4.500%, 03/15/45

    2,570,000       2,400,981  

Sunoco Logistics Partners Operations L.P.
3.900%, 07/15/26

    424,000       409,667  

5.350%, 05/15/45

    670,000       653,618  

TransCanada PipeLines, Ltd.
1.875%, 01/12/18

    1,111,000       1,112,139  

2.500%, 08/01/22

    1,407,000       1,385,580  

Williams Partners L.P.

   

4.000%, 09/15/25 (d)

    3,350,000       3,364,110  
   

 

 

 
      26,345,951  
   

 

 

 
Real Estate Investment Trusts—0.3%  

American Tower Corp.
3.300%, 02/15/21

    1,342,000       1,360,838  

3.450%, 09/15/21

    1,554,000       1,582,030  

3.500%, 01/31/23

    397,000       399,347  

4.400%, 02/15/26

    264,000       273,101  

5.000%, 02/15/24

    391,000       422,256  

Crown Castle International Corp.
2.250%, 09/01/21 (d)

    2,481,000       2,411,894  

3.400%, 02/15/21

    668,000       679,494  

Scentre Group Trust 1 / Scentre Group Trust 2

   

3.750%, 03/23/27 (144A)

    4,550,000       4,573,528  

Trust F/1401

   

6.950%, 01/30/44 (d)

    280,000       283,220  
   

 

 

 
      11,985,708  
   

 

 

 
Retail—0.2%  

CVS Health Corp.

   

5.300%, 12/05/43

    843,000       942,388  

McDonald’s Corp.
4.450%, 03/01/47

    1,752,000       1,757,834  

4.600%, 05/26/45

    135,000       137,219  

4.700%, 12/09/35

    433,000       453,719  

4.875%, 12/09/45

    510,000       542,438  

Walgreens Boots Alliance, Inc.
4.650%, 06/01/46

    114,000       113,417  

4.800%, 11/18/44

    3,520,000       3,590,551  
   

 

 

 
      7,537,566  
   

 

 

 

 

BHFTII-14


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Savings & Loans—0.1%  

Washington Mutual Bank

   

Zero Coupon, 05/01/09 (i)

    3,780,000     $ 836,325  

Zero Coupon, 11/06/09 (i)

    2,190,000       484,537  

Zero Coupon, 06/16/10 (i)

    1,310,000       289,837  

Zero Coupon, 02/04/11 (i)

    1,247,000       275,899  

5.550%, 06/16/10

    250,000       55,313  
   

 

 

 
      1,941,911  
   

 

 

 
Semiconductors—1.3%  

Analog Devices, Inc.
3.500%, 12/05/26 (d)

    4,930,000       4,882,549  

3.900%, 12/15/25

    347,000       355,440  

5.300%, 12/15/45

    353,000       390,766  

Applied Materials, Inc.
3.300%, 04/01/27

    2,417,000       2,426,600  

4.350%, 04/01/47

    1,427,000       1,444,661  

Broadcom Corp. / Broadcom Cayman Finance, Ltd.
2.375%, 01/15/20 (144A)

    12,247,000       12,245,518  

3.000%, 01/15/22 (144A)

    16,144,000       16,123,433  

3.625%, 01/15/24 (144A)

    8,348,000       8,409,525  

Lam Research Corp.
2.750%, 03/15/20

    1,335,000       1,350,511  

2.800%, 06/15/21

    1,643,000       1,648,990  

QUALCOMM, Inc.

   

4.800%, 05/20/45

    911,000       945,805  
   

 

 

 
      50,223,798  
   

 

 

 
Software—0.7%  

Fidelity National Information Services, Inc.
3.625%, 10/15/20

    259,000       269,145  

4.500%, 08/15/46

    4,601,000       4,440,462  

Microsoft Corp.
3.500%, 02/12/35

    2,044,000       1,966,628  

3.700%, 08/08/46

    8,951,000       8,402,393  

4.250%, 02/06/47

    6,980,000       7,154,849  

Oracle Corp.
3.250%, 05/15/30 (d)

    2,792,000       2,755,137  

4.000%, 07/15/46

    2,144,000       2,045,417  

4.375%, 05/15/55

    939,000       917,072  
   

 

 

 
      27,951,103  
   

 

 

 
Telecommunications—1.0%  

AT&T, Inc.
3.800%, 03/01/24 (d)

    2,669,000       2,710,023  

4.300%, 12/15/42 (d)

    852,000       757,533  

4.750%, 05/15/46

    1,863,000       1,738,341  

5.250%, 03/01/37

    1,953,000       1,990,994  

6.375%, 03/01/41

    1,032,000       1,179,026  

Digicel Group, Ltd.
7.125%, 04/01/22 (144A)

    238,000       185,045  

8.250%, 09/30/20 (144A)

    239,000       205,397  

Juniper Networks, Inc.

   

3.300%, 06/15/20 (d)

    1,478,000       1,511,726  
Telecommunications—(Continued)  

Orange S.A.

   

5.500%, 02/06/44 (d)

    1,256,000     1,428,037  

Rogers Communications, Inc.

   

5.000%, 03/15/44

    394,000       423,624  

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC

   

3.360%, 09/20/21 (144A)

    8,012,000       7,991,970  

Telefonica Emisiones S.A.U.

   

4.103%, 03/08/27

    3,780,000       3,806,675  

Verizon Communications, Inc.
3.850%, 11/01/42

    1,848,000       1,547,258  

4.400%, 11/01/34

    1,294,000       1,224,502  

4.862%, 08/21/46

    5,867,000       5,640,528  

5.250%, 03/16/37

    4,332,000       4,478,725  

Vodafone Group plc

   

4.375%, 02/19/43

    2,600,000       2,377,224  
   

 

 

 
      39,196,628  
   

 

 

 
Transportation—0.6%  

Burlington Northern Santa Fe LLC
4.125%, 06/15/47

    4,550,000       4,537,173  

4.150%, 04/01/45

    758,000       757,001  

4.700%, 09/01/45

    665,000       722,475  

CSX Corp.

   

4.250%, 11/01/66

    1,510,000       1,370,234  

Empresa de Transporte de Pasajeros Metro S.A.

   

5.000%, 01/25/47 (144A)

    200,000       209,330  

FedEx Corp.
3.900%, 02/01/35

    219,000       210,492  

4.100%, 02/01/45

    1,295,000       1,199,393  

4.400%, 01/15/47

    1,569,000       1,525,416  

4.550%, 04/01/46

    1,393,000       1,391,954  

4.750%, 11/15/45

    3,205,000       3,282,430  

4.900%, 01/15/34

    190,000       203,610  

Norfolk Southern Corp.
4.450%, 06/15/45 (d)

    1,195,000       1,243,111  

6.000%, 05/23/11

    1,678,000       1,945,133  

Rumo Luxembourg S.a.r.l.

   

7.375%, 02/09/24 (144A) (d)

    772,000       795,160  

Union Pacific Corp.
3.375%, 02/01/35 (d)

    668,000       644,176  

3.875%, 02/01/55

    1,301,000       1,212,479  

Union Pacific Railroad Co. Pass-Through Trust

   

3.227%, 05/14/26

    1,716,206       1,682,997  
   

 

 

 
      22,932,564  
   

 

 

 
Trucking & Leasing—0.2%  

Aviation Capital Group Corp.

   

2.875%, 09/17/18 (144A)

    3,355,000       3,388,641  

GATX Corp.
2.600%, 03/30/20 (d)

    1,747,000       1,770,040  

3.850%, 03/30/27 (d)

    957,000       949,379  

 

BHFTII-15


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Trucking & Leasing—(Continued)  

Penske Truck Leasing Co. L.P. / PTL Finance Corp.

   

3.400%, 11/15/26 (144A) (d)

    3,274,000     $ 3,147,283  
   

 

 

 
      9,255,343  
   

 

 

 

Total Corporate Bonds & Notes
(Cost $1,043,472,647)

      1,044,174,255  
   

 

 

 
Asset-Backed Securities—11.5%  
Asset-Backed - Credit Card—0.1%  

CHLUPA Trust

   

3.326%, 08/15/20 (144A)

    413,411       413,411  

World Financial Network Credit Card Master Trust

   

4.550%, 08/15/22

    1,600,000       1,636,960  
   

 

 

 
      2,050,371  
   

 

 

 
Asset-Backed - Home Equity—0.5%  

ACE Securities Corp. Home Equity Loan Trust

   

1.112%, 05/25/37 (b)

    1,293,429       424,000  

Bayview Financial Revolving Asset Trust
1.983%, 05/28/39 (144A) (b)

    8,615,286       6,207,325  

1.983%, 12/28/40 (144A) (b)

    717,466       638,545  

Bear Stearns Asset-Backed Securities Trust
1.122%, 11/25/36 (b)

    2,274,438       1,973,852  

1.332%, 04/25/37 (b)

    2,697,248       1,695,408  

2.182%, 01/25/36 (b)

    301,944       288,748  

Citigroup Mortgage Loan Trust, Inc.

   

1.232%, 08/25/36 (b)

    1,810,000       1,432,451  

Countrywide Asset-Backed Certificates

   

1.302%, 10/25/36 (b)

    2,031,739       1,768,571  

Countrywide Home Equity Loan Trust
5.842%, 06/25/35

    651,542       674,681  

6.155%, 06/25/35

    472,353       472,303  

Home Equity Mortgage Loan Asset-Backed Trust

   

3.007%, 07/25/34 (b)

    333,002       314,516  

Home Equity Mortgage Trust

   

5.867%, 07/25/36

    863,365       371,751  

Home Loan Mortgage Loan Trust

   

1.272%, 04/15/36 (b)

    1,142,701       1,041,701  

JPMorgan Mortgage Acquisition Trust
6.000%, 07/25/36

    354,584       203,484  

6.410%, 07/25/36

    480,823       275,764  

MASTR Asset-Backed Securities Trust
1.242%, 06/25/36 (144A) (b)

    665,000       445,650  

1.262%, 05/25/37 (b)

    621,846       377,790  

Nationstar Home Equity Loan Trust

   

1.162%, 06/25/37 (b)

    180,000       170,644  

Option One Mortgage Loan Trust

   

1.192%, 03/25/37 (b)

    930,000       594,870  
   

 

 

 
      19,372,054  
   

 

 

 
Asset-Backed - Manufactured Housing—0.4%  

Bank of America Manufactured Housing Contract Trust

   

7.930%, 12/10/25 (b)

    4,000,000     3,276,116  

BCMSC Trust
6.785%, 03/15/29 (b)

    262,456       222,599  

7.575%, 06/15/30 (b)

    1,270,719       564,296  

7.830%, 06/15/30 (b)

    1,179,242       541,145  

8.290%, 06/15/30 (b)

    2,019,594       980,754  

Conseco Finance Securitizations Corp.
7.960%, 05/01/31

    1,029,523       724,436  

7.970%, 05/01/32

    2,337,803       1,276,260  

8.060%, 09/01/29

    675,440       393,172  

8.200%, 05/01/31

    1,881,219       1,357,315  

Conseco Financial Corp.
6.280%, 09/01/30

    691,808       726,640  

6.830%, 04/01/30 (b)

    144,665       123,766  

6.980%, 09/01/30 (b)

    1,161,646       950,698  

7.500%, 03/01/30 (b)

    528,213       414,964  

7.860%, 03/01/30 (b)

    722,411       585,518  

Credit Suisse First Boston Mortgage Securities Corp.

   

8.100%, 09/25/31 (b)

    720,000       783,287  

Credit-Based Asset Servicing & Securitization LLC

   

6.250%, 10/25/36 (144A)

    344,000       357,176  

Greenpoint Manufactured Housing
8.290%, 12/15/29 (b)

    440,000       475,781  

9.230%, 12/15/29 (b)

    607,165       515,748  

Lehman ABS Manufactured Housing Contract Trust

   

6.630%, 04/15/40 (b)

    2,430,000       2,607,797  

Oakwood Mortgage Investors, Inc.

   

6.930%, 09/15/31 (b)

    316,788       287,702  

Origen Manufactured Housing Contract Trust

   

7.820%, 03/15/32 (b)

    354,770       351,224  
   

 

 

 
      17,516,394  
   

 

 

 
Asset-Backed - Other—9.9%  

Adirondack Park CLO, Ltd.

   

3.023%, 04/15/24 (144A) (b)

    500,000       500,565  

Ajax Mortgage Loan Trust
4.000%, 10/25/57 (144A)

    950,410       945,990  

4.000%, 09/25/65 (144A)

    1,343,122       1,340,482  

Allegro CLO, Ltd.

   

2.335%, 01/21/27 (144A) (b)

    940,000       939,960  

ALM, Ltd.
2.469%, 07/28/26 (144A) (b)

    2,690,000       2,692,434  

3.174%, 10/18/27 (144A) (b)

    900,000       902,659  

3.989%, 07/28/26 (144A) (b)

    514,000       514,175  

4.273%, 04/16/27 (144A) (b)

    625,000       625,172  

American Homes 4 Rent

   

1.943%, 06/17/31 (144A) (b)

    475,580       475,728  

AMMC CLO, Ltd.
2.622%, 05/26/28 (144A) (b)

    2,180,000       2,195,175  

2.934%, 05/10/25 (144A) (b)

    738,000       738,142  

3.339%, 11/15/27 (144A) (b)

    620,000       621,895  

4.623%, 01/15/22 (144A) (b)

    1,060,000       1,063,473  

 

BHFTII-16


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Asset-Backed - Other—(Continued)  

Anchorage Capital CLO, Ltd.
2.212%, 07/13/25 (144A) (b)

    835,000     $ 835,142  

2.772%, 07/13/25 (144A) (b)

    550,000       549,998  

3.089%, 04/28/26 (144A) (b)

    710,000       710,060  

3.689%, 04/28/26 (144A) (b)

    250,000       250,023  

3.722%, 07/13/25 (144A) (b)

    590,000       590,801  

Apidos CLO
2.123%, 04/15/25 (144A) (b)

    3,204,000       3,210,693  

2.353%, 01/16/27 (144A) (b)

    750,000       750,474  

2.475%, 01/19/25 (144A) (b)

    600,000       602,059  

2.873%, 07/15/23 (144A) (b)

    2,065,000       2,068,306  

Arbor Realty Collateralized Loan Obligation, Ltd.

   

2.662%, 09/15/25 (144A) (b)

    940,000       942,350  

Arbor Realty Commercial Real Estate Notes, Ltd.

   

2.612%, 09/15/26 (144A) (b)

    1,590,000       1,599,115  

Ares CLO, Ltd.

   

Zero Coupon, 10/17/24 (144A) (b)

    1,590,000       1,590,965  

2.773%, 01/17/24 (144A) (b)

    2,990,000       2,990,281  

3.523%, 01/17/24 (144A) (b)

    870,000       870,064  

Atlas Senior Loan Fund CLO, Ltd.
2.452%, 07/16/26 (144A) (b)

    700,000       699,684  

2.539%, 02/17/26 (144A) (b)

    2,920,000       2,921,291  

3.022%, 07/16/26 (144A) (b)

    1,010,000       1,010,128  

Atrium XII

   

4.091%, 10/22/26 (144A) (b)

    369,000       370,315  

B2R Mortgage Trust
2.524%, 05/15/48 (144A)

    596,552       589,031  

3.336%, 11/15/48 (144A)

    608,191       611,483  

Battalion CLO, Ltd.

   

Zero Coupon, 10/22/25 (144A) (b)

    5,205,000       5,202,397  

2.441%, 10/22/25 (144A) (b)

    5,205,000       5,205,515  

Bayview Opportunity Master Fund Trust

   

3.623%, 04/28/30 (144A)

    286,651       288,182  

Benefit Street Partners CLO, Ltd.
2.223%, 07/15/24 (144A) (b)

    2,240,000       2,239,579  

3.273%, 10/15/25 (144A) (b)

    3,000,000       3,003,384  

3.280%, 01/20/28 (144A) (b)

    2,010,000       2,018,812  

Betony CLO, Ltd.

   

3.873%, 04/15/27 (144A) (b)

    520,000       518,764  

BlueMountain CLO, Ltd.
1.000%, 04/15/25 (144A) (b)

    3,130,000       3,130,000  

1.495%, 07/15/18 (144A) (b)

    500,000       498,897  

2.523%, 04/15/25 (144A) (b)

    3,130,000       3,142,188  

3.580%, 07/20/23 (144A) (b)

    250,000       250,097  

C-BASS Trust
1.092%, 11/25/36 (b)

    544,080       314,478  

1.142%, 10/25/36 (b)

    316,813       218,192  

1.152%, 04/25/37 (b)

    487,333       364,182  

1.212%, 11/25/36 (b)

    91,858       54,178  

3.826%, 01/25/37

    2,680,959       1,161,672  

Canyon Capital CLO, Ltd.

   

1.381%, 12/15/20 (144A) (b)

    488,839       485,954  

Carlyle Global Market Strategies CLO, Ltd.
2.480%, 01/20/29 (144A) (b)

    7,485,000       7,518,188  

3.130%, 07/20/23 (144A) (b)

    1,230,000       1,230,196  

3.673%, 07/15/25 (144A) (b)

    270,000       270,265  

3.773%, 04/17/25 (144A) (b)

    760,000       761,895  
Asset-Backed - Other—(Continued)  

Carrington Mortgage Loan Trust
1.042%, 01/25/37 (b)

    191,820     155,474  

1.102%, 10/25/36 (b)

    586,062       384,283  

1.132%, 06/25/37 (b)

    565,255       527,733  

1.142%, 10/25/36 (b)

    715,925       506,961  

1.202%, 12/25/36 (b)

    730,000       479,579  

1.222%, 08/25/36 (b)

    4,800,000       2,931,798  

Catamaran CLO, Ltd.

   

3.102%, 12/20/23 (144A) (b)

    1,170,000       1,169,989  

Cedar Funding V CLO, Ltd.

   

2.633%, 07/17/28 (144A) (b)

    770,000       777,682  

Chase Funding Trust

   

6.333%, 04/25/32

    526,573       533,757  

CIFC Funding, Ltd.

   

Zero Coupon, 11/27/24 (144A) (b)

    1,270,000       1,269,986  

2.235%, 05/24/26 (144A) (b)

    4,284,000       4,282,989  

2.423%, 01/17/27 (144A) (b)

    7,295,000       7,297,218  

2.431%, 01/22/27 (144A) (b)

    610,000       610,093  

2.923%, 04/16/25 (144A) (b)

    1,920,000       1,920,148  

3.043%, 07/22/26 (144A) (b)

    290,000       290,043  

3.723%, 01/17/27 (144A) (b)

    290,000       290,590  

3.739%, 01/29/25 (144A) (b)

    570,000       570,182  

3.843%, 07/22/26 (144A) (b)

    470,000       470,065  

Colony American Homes

   

2.143%, 07/17/32 (144A) (b)

    1,685,182       1,690,005  

Countrywide Asset-Backed Certificates
1.142%, 01/25/46 (b)

    2,722,587       2,585,215  

1.202%, 12/25/25 (b)

    119,592       127,046  

Countrywide Asset-Backed Certificates Trust

   

1.142%, 09/25/46 (b)

    165,471       155,156  

Countrywide Revolving Home Equity Loan Resecuritization Trust

   

1.212%, 12/15/33 (144A) (b)

    856,982       742,026  

Countrywide Revolving Home Equity Loan Trust

   

1.092%, 05/15/35 (b)

    667,334       579,450  

Credit Suisse Mortgage Trust

   

4.500%, 03/25/21

    10,230,000       10,236,159  

Credit-Based Asset Servicing & Securitization LLC

   

3.464%, 12/25/36

    261,343       190,072  

DCP Rights LLC

   

5.463%, 10/25/44 (144A)

    6,854,578       7,015,914  

Dryden Senior Loan Fund
2.139%, 08/15/25 (144A) (b)

    1,035,000       1,035,258  

2.223%, 01/15/25 (144A) (b)

    610,000       610,156  

2.522%, 01/15/28 (144A) (b)

    250,000       252,086  

3.523%, 01/15/25 (144A) (b)

    330,000       330,278  

Finn Square CLO, Ltd.
2.367%, 12/24/23 (144A) (b)

    337,618       338,110  

2.857%, 12/24/23 (144A) (b)

    370,000       369,997  

First Franklin Mortgage Loan Trust
1.142%, 04/25/36 (b)

    581,750       528,282  

1.192%, 12/25/36 (b)

    11,415,790       7,199,950  

Flatiron CLO, Ltd.

   

3.538%, 10/25/21 (144A) (b)

    790,000       790,165  

 

BHFTII-17


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Asset-Backed - Other—(Continued)  

Fraser Sullivan CLO, Ltd.

   

3.530%, 04/20/23 (144A) (b)

    1,150,000     $ 1,150,021  

GE-WMC Asset-Backed Pass-Through Certificates

   

1.232%, 12/25/35 (b)

    301,975       288,231  

Greystone Commercial Real Estate Notes, Ltd.

   

2.493%, 03/15/27 (144A) (b)

    400,000       400,560  

GT Loan Financing, Ltd.

   

2.309%, 10/28/24 (144A) (b)

    5,670,000       5,670,363  

Invitation Homes Trust
2.013%, 09/17/31 (144A) (b)

    2,752,598       2,755,186  

2.243%, 08/17/32 (144A) (b)

    2,073,226       2,087,421  

3.143%, 09/17/31 (144A) (b)

    670,000       670,659  

3.943%, 12/17/31 (144A) (b)

    470,000       469,999  

KKR Financial CLO, Ltd.

   

2.173%, 07/15/25 (144A) (b)

    4,895,000       4,891,363  

Knollwood CDO, Ltd.

   

4.209%, 01/10/39 (144A) (b) (j)

    818,247       8  

LCM L.P.
3.330%, 04/20/27 (144A) (b)

    990,000       990,218  

4.152%, 08/25/24 (144A) (b)

    430,000       430,383  

4.180%, 04/20/27 (144A) (b)

    250,000       250,072  

Lehman ABS Mortgage Loan Trust

   

1.072%, 06/25/37 (144A) (b)

    242,583       152,054  

Lime Street CLO, Ltd.

   

1.702%, 06/20/21 (144A) (b)

    500,000       492,628  

Litigation Fee Residual Funding LLC

   

3.500%, 10/30/27

    3,510,902       3,446,245  

Long Beach Mortgage Loan Trust
1.142%, 11/25/36 (b)

    3,075,051       1,416,691  

1.172%, 03/25/46 (b)

    2,922,506       1,362,638  

1.202%, 02/25/36 (b)

    2,745,455       2,473,376  

1.202%, 11/25/36 (b)

    904,842       420,501  

1.272%, 03/25/46 (b)

    862,828       409,149  

Madison Park Funding, Ltd.

   

2.491%, 10/23/25 (144A) (b)

    616,000       616,373  

Merrill Lynch First Franklin Mortgage Loan Trust

   

1.222%, 05/25/37 (b)

    11,821,332       6,967,639  

Morgan Stanley IXIS Real Estate Capital Trust

   

1.092%, 11/25/36 (b)

    534,661       255,729  

Mountain Hawk CLO, Ltd.

   

3.210%, 01/20/24 (144A) (b)

    1,250,000       1,250,161  

MP CLO, Ltd.

   

3.238%, 10/25/25 (144A) (b)

    500,000       500,078  

Neuberger Berman CLO, Ltd.
3.193%, 04/15/26 (144A) (b)

    775,000       776,360  

3.341%, 01/23/24 (144A) (b)

    3,945,000       3,945,892  

Nomura Asset Acceptance Corp. Alternative Loan Trust

   

1.382%, 10/25/36 (144A) (b)

    496,683       452,988  

Northwoods Capital, Ltd.

   

2.444%, 01/18/24 (144A) (b)

    5,070,000       5,070,380  

Oaktree EIF, Ltd.

   

3.339%, 11/15/25 (144A) (b)

    1,195,000       1,195,911  

OCP CLO, Ltd.
2.456%, 10/18/28 (144A) (b)

    540,000       543,594  

2.553%, 04/17/27 (144A) (b)

    1,220,000       1,221,412  
Asset-Backed - Other—(Continued)  

Octagon Investment Partners, Ltd.
2.143%, 07/17/25 (144A) (b)

    5,600,000     5,595,223  

2.368%, 10/25/25 (144A) (b)

    500,000       500,419  

2.718%, 10/25/25 (144A) (b)

    2,920,000       2,922,453  

OFSI Fund, Ltd.

   

2.923%, 03/20/25 (144A) (b)

    1,142,000       1,142,868  

OHA Credit Partners, Ltd.

   

2.150%, 04/20/25 (144A) (b)

    590,000       590,098  

OHA Loan Funding, Ltd.

   

2.323%, 08/23/24 (144A) (b)

    5,670,000       5,670,629  

OneMain Financial Issuance Trust
2.430%, 06/18/24 (144A)

    879,457       879,628  

3.020%, 09/18/24 (144A)

    2,000,000       1,996,447  

3.240%, 06/18/24 (144A)

    910,000       911,657  

4.100%, 03/20/28 (144A)

    692,000       708,663  

4.320%, 07/18/25 (144A)

    3,100,000       3,094,789  

5.310%, 09/18/24 (144A)

    500,000       504,157  

OZLM Funding, Ltd.
2.191%, 07/22/25 (144A) (b)

    9,625,000       9,618,070  

2.479%, 10/30/27 (144A) (b)

    12,103,000       12,150,577  

3.487%, 01/17/26 (144A) (b)

    1,450,000       1,450,020  

4.041%, 01/22/29 (144A) (b)

    3,950,000       3,949,929  

OZLM, Ltd.
2.406%, 01/20/29 (144A) (b)

    1,950,000       1,956,468  

3.016%, 01/20/29 (144A) (b)

    810,000       809,929  

3.073%, 07/17/26 (144A) (b)

    1,250,000       1,250,116  

3.599%, 04/17/26 (144A) (b)

    960,000       960,006  

4.382%, 01/20/27 (144A) (b)

    1,720,000       1,719,757  

Palmer Square CLO, Ltd.

   

2.378%, 10/17/27 (144A) (b)

    780,000       782,825  

3.408%, 10/17/27 (144A) (b) (g)

    360,000       360,000  

4.073%, 10/17/25 (144A) (b)

    360,000       360,054  

PFS Tax Lien Trust

   

1.440%, 05/15/29 (144A)

    1,347,282       1,338,644  

Pretium Mortgage Credit Partners LLC
3.500%, 10/27/31 (144A)

    1,624,366       1,628,860  

4.375%, 11/27/30 (144A)

    1,115,294       1,118,718  

4.375%, 05/27/31 (144A)

    2,330,466       2,344,866  

Progress Residential Trust

   

2.443%, 09/17/33 (144A) (b)

    1,753,690       1,776,104  

2.740%, 06/12/32 (144A)

    1,118,017       1,112,537  

4.493%, 01/17/34 (144A) (b)

    650,000       659,807  

4.793%, 09/17/33 (144A) (b)

    1,190,000       1,216,430  

6.643%, 11/12/32 (144A)

    250,000       258,940  

PRPM LLC

   

4.250%, 01/25/22 (144A)

    347,338       348,336  

Race Point CLO, Ltd.
2.533%, 04/15/27 (144A) (b)

    720,000       724,460  

3.688%, 11/08/24 (144A) (b)

    1,300,000       1,300,094  

RCO Mortgage LLC

   

4.482%, 11/25/45 (144A) (b)

    458,536       458,187  

SG Mortgage Securities Trust

   

1.192%, 10/25/36 (b)

    570,000       369,043  

Shackleton CLO, Ltd.
2.880%, 10/20/23 (144A) (b)

    830,000       830,046  

3.680%, 10/20/23 (144A) (b)

    500,000       500,067  

 

BHFTII-18


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Asset-Backed - Other—(Continued)  

Silvermore CLO, Ltd.

   

2.489%, 05/15/26 (144A) (b)

    6,462,680     $ 6,462,616  

Sound Point CLO, Ltd.
2.232%, 04/26/25 (144A) (b)

    500,000       499,878  

2.390%, 10/20/26 (144A) (b)

    250,000       249,846  

2.411%, 01/21/26 (144A) (b)

    2,185,000       2,191,725  

2.411%, 01/23/29 (144A) (b)

    3,080,000       3,090,238  

2.690%, 10/20/28 (144A) (b)

    1,240,000       1,245,878  

Soundview Home Loan Trust

   

1.777%, 01/25/35 (b)

    77,970       73,966  

SpringCastle America Funding LLC

   

3.050%, 04/25/29 (144A)

    5,214,952       5,246,934  

Springleaf Funding Trust

   

3.620%, 11/15/24 (144A)

    2,062,000       2,059,600  

Stanwich Mortgage Loan Co. LLC

   

3.721%, 08/16/46 (144A)

    1,321,611       1,324,638  

Sunset Mortgage Loan Co. LLC

   

3.721%, 11/16/44 (144A)

    431,411       431,354  

SWAY Residential Trust

   

2.243%, 01/17/32 (144A) (b)

    5,949,173       5,962,161  

Symphony CLO, Ltd.
2.323%, 10/15/25 (144A) (b)

    8,810,000       8,812,220  

3.223%, 01/17/25 (144A) (b)

    360,000       360,069  

3.773%, 10/15/25 (144A) (b)

    1,560,000       1,561,356  

TIAA CLO, Ltd.

   

Zero Coupon, 04/20/29 (144A) (b)

    900,000       899,210  

TICP CLO, Ltd.
2.210%, 01/20/27 (144A) (b)

    1,290,000       1,290,000  

2.570%, 01/20/27 (144A) (b)

    1,290,000       1,290,154  

3.380%, 01/20/27 (144A) (b)

    340,000       340,032  

Tricon American Homes Trust

   

2.193%, 05/17/32 (144A) (b)

    713,796       712,714  

U.S. Residential Opportunity Fund Trust
3.475%, 07/27/36 (144A)

    8,967,074       8,960,976  

3.475%, 08/27/36 (144A)

    13,835,581       13,749,692  

3.598%, 10/27/36 (144A)

    7,887,520       7,868,969  

Venture CLO, Ltd.
2.392%, 01/15/27 (144A) (b)

    890,000       888,676  

2.860%, 07/20/22 (144A) (b)

    3,200,000       3,209,354  

3.023%, 04/15/26 (144A) (b)

    450,000       450,381  

3.123%, 07/15/26 (144A) (b)

    490,000       492,148  

Vericrest Opportunity Loan Trust LLC

   

3.844%, 06/25/46 (144A)

    4,358,776       4,366,982  

Vibrant CLO, Ltd.
2.510%, 04/20/26 (144A) (b)

    570,000       570,039  

2.546%, 01/20/29 (144A) (b)

    1,020,000       1,025,761  

3.080%, 04/20/26 (144A) (b)

    290,000       289,997  

Voya CLO, Ltd.
1.000%, 01/18/26 (144A) (b)

    4,425,000       4,425,000  

2.188%, 04/25/25 (144A) (b)

    1,780,000       1,782,458  

2.474%, 01/18/26 (144A) (b)

    3,140,000       3,140,462  

2.824%, 01/18/26 (144A) (b)

    1,285,000       1,285,039  

2.970%, 10/15/22 (144A) (b)

    1,670,000       1,670,700  

Washington Mutural Asset-Backed Certificates Trust
1.137%, 10/25/36 (b)

    1,052,421       803,372  
Asset-Backed - Other—(Continued)  

Washington Mutural Asset-Backed Certificates Trust
1.162%, 09/25/36 (b)

    2,505,615     1,181,735  

1.202%, 02/25/37 (b)

    2,366,222       976,189  

Wellfleet CLO, Ltd.

   

Zero Coupon, 04/20/29 (144A) (b)

    850,000       850,000  

WestVue Mortgage Loan Trust

   

4.500%, 09/25/20 (144A)

    673,640       676,316  

Wind River CLO, Ltd.

   

2.473%, 07/15/26 (144A) (b)

    2,080,000       2,086,136  

Ziggurat CLO, Ltd.

   

2.603%, 10/17/26 (144A) (b)

    12,105,000       12,105,581  
   

 

 

 
      380,293,779  
   

 

 

 
Asset-Backed - Student Loan—0.6%  

Navient Private Education Loan Trust
2.662%, 10/17/44 (144A) (b)

    4,595,000       4,390,316  

3.500%, 12/16/58 (144A) (b)

    970,000       871,546  

Scholar Funding Trust

   

1.633%, 01/30/45 (144A) (b)

    7,047,922       6,873,401  

SLM Private Credit Student Loan Trust
1.301%, 03/15/23 (b)

    160,675       160,352  

1.461%, 03/15/24 (b)

    4,744,710       4,630,519  

SLM Private Education Loan Trust
2.312%, 10/15/31 (144A) (b)

    3,576,073       3,621,258  

2.500%, 03/15/47 (144A)

    720,000       694,141  

3.000%, 05/16/44 (144A)

    970,000       967,268  

SMB Private Education Loan Trust

   

3.500%, 12/17/40 (144A)

    2,090,000       2,068,144  
   

 

 

 
      24,276,945  
   

 

 

 

Total Asset-Backed Securities
(Cost $438,850,388)

      443,509,543  
   

 

 

 
Mortgage-Backed Securities—5.9%  
Collateralized Mortgage Obligations—2.7%  

Ajax Mortgage Loan Trust

   

4.250%, 08/25/64 (144A)

    1,823,521       1,830,485  

American Home Mortgage Assets Trust
1.558%, 11/25/46 (b)

    337,342       172,324  

1.578%, 10/25/46 (b)

    645,829       508,863  

Angel Oak Mortgage Trust LLC
3.500%, 07/25/46 (144A)

    1,080,728       1,078,035  

4.500%, 11/25/45 (144A)

    346,239       347,523  

APS Resecuritization Trust
3.378%, 04/27/47 (144A) (b)

    1,099,552       1,087,495  

3.628%, 09/27/46 (144A) (b)

    3,754,500       3,734,740  

Banc of America Alternative Loan Trust

   

5.500%, 10/25/35

    1,657,313       1,610,654  

Bear Stearns Asset-Backed Securities Trust
6.250%, 12/25/35

    3,005,253       2,621,267  

6.250%, 02/25/36

    3,509,872       2,675,812  

COLT Funding LLC

   

3.982%, 12/26/45 (144A) (b)

    563,494       560,030  

Countrywide Alternative Loan Trust
1.122%, 04/25/47 (b)

    1,048,791       897,280  

 

BHFTII-19


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Collateralized Mortgage Obligations—(Continued)  

Countrywide Alternative Loan Trust

   

1.122%, 05/25/47 (b)

    3,576,620     $ 3,020,295  

1.168%, 03/20/47 (b)

    2,269,836       1,569,093  

1.172%, 10/25/46 (b)

    1,482,018       1,285,132  

1.178%, 07/20/46 (b)

    4,037,846       2,111,826  

1.192%, 07/25/46 (b)

    1,799,770       1,527,477  

1.282%, 01/25/36 (b)

    836,870       727,433  

2.368%, 11/25/46 (b)

    4,187,498       3,449,160  

5.500%, 04/25/37

    1,138,747       938,875  

6.000%, 05/25/37

    4,031,924       2,867,749  

Countrywide Home Loan Mortgage Pass-Through Trust

   

1.598%, 04/25/46 (b)

    4,484,717       2,234,969  

Credit Suisse Mortgage Capital Certificates
0.958%, 03/27/36 (144A) (b)

    2,818,683       1,796,850  

1.028%, 02/27/36 (144A) (b)

    895,000       755,253  

Deephaven Residential Mortgage Trust

   

4.000%, 07/25/46 (144A)

    1,564,821       1,562,094  

Deutsche ALT-A Securities Mortgage Loan Trust

   

1.132%, 12/25/36 (b)

    3,975,835       3,216,635  

Deutsche ALT-A Securities, Inc. Alternate Loan Trust

   

1.482%, 01/27/37 (144A) (b)

    387,181       789,202  

Fannie Mae Connecticut Avenue Securities
4.532%, 07/25/29 (b)

    1,550,000       1,568,750  

4.627%, 09/25/29 (b)

    1,382,000       1,391,215  

5.232%, 04/25/29 (b)

    1,620,000       1,715,601  

6.232%, 10/25/23 (b)

    7,415,000       8,462,748  

6.732%, 07/25/29 (b)

    683,032       713,537  

Freddie Mac Structured Agency Credit Risk Debt Notes
4.232%, 07/25/29 (b)

    1,320,000       1,317,577  

4.532%, 08/25/29 (b)

    850,000       850,467  

4.782%, 03/25/29 (b)

    1,310,000       1,352,635  

4.832%, 03/25/29 (b)

    1,400,000       1,448,184  

GreenPoint Mortgage Funding Trust

   

2.638%, 03/25/36 (b)

    248,364       209,432  

GSMPS Mortgage Loan Trust
1.332%, 01/25/35 (144A) (b)

    817,942       703,719  

1.332%, 03/25/35 (144A) (b)

    994,784       878,527  

1.332%, 01/25/36 (144A) (b)

    751,253       629,415  

GSR Mortgage Loan Trust

   

6.000%, 07/25/37

    1,093,532       979,688  

JPMorgan Alternative Loan Trust
1.192%, 03/25/37 (b)

    1,659,674       1,239,088  

3.313%, 05/25/37 (b)

    444,627       374,074  

JPMorgan Mortgage Trust

   

6.500%, 08/25/36

    383,986       314,772  

LSTAR Securities Investment Trust

   

2.784%, 11/01/21 (144A) (b)

    4,090,607       4,078,857  

LSTAR Securities Investment, Ltd.
2.784%, 11/02/20 (144A) (b)

    512,924       512,764  

2.784%, 03/01/21 (144A) (b)

    4,987,946       4,967,994  

2.784%, 09/01/21 (144A) (b)

    4,464,994       4,598,944  

2.784%, 02/01/22 (144A) (b)

    4,906,455       4,851,748  

4.284%, 11/02/20 (144A) (b)

    350,000       349,563  
Collateralized Mortgage Obligations—(Continued)  

MASTR Resecuritization Trust

   

1.213%, 08/25/37 (144A) (b)

    687,203     503,686  

Merrill Lynch Mortgage Investors Trust

   

3.450%, 05/25/36 (b)

    2,249,717       1,852,074  

Morgan Stanley Resecuritization Trust

   

1.364%, 06/26/47 (144A) (b)

    533,458       491,484  

Mortgage Loan Resecuritization Trust

   

1.110%, 04/16/36 (144A) (b)

    4,558,946       3,775,134  

Nomura Asset Acceptance Corp. Alternative Loan Trust

   

6.634%, 05/25/36

    294,621       126,682  

Nomura Resecuritization Trust

   

1.446%, 11/26/35 (144A) (b)

    710,000       638,130  

Residential Accredit Loans, Inc. Trust
1.142%, 02/25/37 (b)

    406,413       334,315  

1.172%, 07/25/37 (b)

    1,066,248       914,111  

1.212%, 06/25/46 (b)

    642,476       278,216  

Structured Adjustable Rate Mortgage Loan Trust

   

3.354%, 04/25/47 (b)

    1,629,634       1,264,501  

Structured Asset Mortgage Investments Trust
1.172%, 06/25/36 (b)

    1,141,791       936,639  

1.192%, 05/25/46 (b)

    349,047       263,392  

1.212%, 02/25/36 (b)

    2,613,889       2,283,249  

Structured Asset Securities Corp. Mortgage Loan Trust

   

6.000%, 10/25/36 (144A)

    703,389       605,212  

Wells Fargo Mortgage-Backed Securities Trust

   

3.074%, 07/25/36 (b)

    232,622       229,388  
   

 

 

 
      102,982,063  
   

 

 

 
Commercial Mortgage-Backed Securities—3.2%  

BAMLL Commercial Mortgage Securities Trust
1.962%, 09/15/26 (144A) (b)

    499,000       499,421  

3.512%, 09/15/26 (144A) (b)

    260,000       259,772  

3.596%, 04/14/33 (144A) (b)

    850,000       802,864  

3.606%, 08/14/34 (144A) (b)

    2,470,000       2,154,087  

4.412%, 09/15/26 (144A) (b)

    947,000       944,083  

Banc of America Commercial Mortgage Trust
0.632%, 02/15/50 (b) (c)

    8,000,000       427,440  

1.288%, 02/15/50 (144A) (b) (c)

    2,000,000       190,300  

5.482%, 01/15/49 (b)

    239,147       238,815  

5.708%, 04/10/49 (b)

    76,532       76,445  

5.761%, 06/10/49 (b)

    250,000       250,885  

5.772%, 02/10/51 (b)

    2,590,000       2,642,766  

Bayview Commercial Asset Trust
1.282%, 10/25/36 (144A) (b)

    329,195       288,970  

1.342%, 04/25/36 (144A) (b)

    220,423       192,710  

1.432%, 09/25/37 (144A) (b)

    847,979       741,022  

1.982%, 10/25/37 (144A) (b)

    227,901       220,110  

3.732%, 07/25/38 (144A) (b)

    646,041       667,548  

BB-UBS Trust
0.596%, 11/05/36 (144A) (b) (c)

    85,480,000       3,515,074  

4.026%, 11/05/36 (144A) (b)

    330,000       319,428  

 

BHFTII-20


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Mortgage-Backed Securities—(Continued)  

Bear Stearns Commercial Mortgage Securities Trust
1.571%, 06/11/50 (144A) (b)

    560,000     $ 560,021  

5.768%, 06/11/40 (b)

    969,471       971,515  

BHMS Mortgage Trust

   

2.330%, 07/05/33 (144A) (b)

    3,305,000       3,310,180  

BWAY Mortgage Trust
3.446%, 03/10/33 (144A)

    1,495,000       1,479,141  

3.454%, 03/10/33 (144A)

    2,120,000       2,158,486  

3.633%, 03/10/33 (144A)

    600,000       589,629  

3.928%, 03/10/33 (144A) (b)

    1,210,000       1,167,731  

BXHTL Mortgage Trust

   

4.601%, 05/15/29 (144A) (b)

    180,000       181,016  

CCRESG Commercial Mortgage Trust

   

5.488%, 04/10/29 (144A) (b)

    230,000       225,329  

CD Mortgage Trust
1.049%, 02/10/50 (b) (c)

    5,697,330       451,456  

3.631%, 02/10/50

    350,000       360,615  

5.648%, 10/15/48

    502,589       512,608  

6.159%, 11/15/44 (b)

    2,530,500       2,579,974  

CDGJ Commercial Mortgage Trust

   

2.312%, 12/15/27 (144A) (b)

    2,655,465       2,660,461  

CFCRE Commercial Mortgage Trust
0.731%, 05/10/58 (b) (c)

    2,370,000       131,741  

1.766%, 05/10/58 (b) (c)

    2,565,516       293,656  

CGGS Commercial Mortgage Trust
4.412%, 02/15/33 (144A) (b)

    137,894       138,167  

5.662%, 02/15/33 (144A) (b)

    1,684,000       1,688,750  

Chicago Skyscraper Trust
3.163%, 04/15/30 (144A) (b)

    620,000       625,710  

4.213%, 04/15/30 (144A) (b)

    1,340,000       1,353,199  

5.013%, 04/15/30 (144A) (b)

    170,000       171,754  

Citigroup Commercial Mortgage Trust
1.234%, 10/10/47 (144A) (b) (c)

    1,140,000       80,946  

2.788%, 04/10/49 (144A)

    930,000       622,347  

3.518%, 05/10/35 (144A) (b)

    30,000       28,764  

3.520%, 09/10/31 (144A)

    130,000       128,864  

3.712%, 04/14/50

    1,310,000       1,349,226  

4.023%, 03/10/47

    1,385,000       1,466,937  

4.509%, 09/10/31 (144A)

    250,000       242,732  

COBALT CMBS Commercial Mortgage Trust

   

5.880%, 05/15/46 (b)

    2,457,000       2,495,147  

Commercial Mortgage Pass-Through Certificates Mortgage Trust
0.060%, 02/10/35 (144A) (b) (c)

    60,958,000       426,706  

1.460%, 03/10/46 (b) (c)

    37,522,564       1,318,048  

1.548%, 12/10/49 (144A) (b)

    1,046,000       1,032,625  

2.482%, 02/13/32 (144A) (b)

    1,280,000       1,286,416  

3.132%, 02/13/32 (144A) (b)

    550,000       552,240  

3.179%, 10/10/36 (144A) (b)

    270,000       240,721  

3.550%, 07/15/47

    550,000       564,981  

3.796%, 08/10/47

    540,000       564,955  

3.977%, 05/10/47

    3,754,000       3,960,967  

4.006%, 04/10/47

    400,000       422,588  

4.051%, 04/10/47

    1,896,000       2,008,837  

4.132%, 02/13/32 (144A) (b)

    150,000       150,705  
Commercial Mortgage-Backed Securities—(Continued)  

Commercial Mortgage Pass-Through Certificates Mortgage Trust
4.312%, 07/10/48 (b)

    1,600,000     1,507,525  

4.417%, 12/10/47 (b)

    420,000       413,931  

4.547%, 08/10/48 (b)

    2,170,000       2,126,768  

4.737%, 07/15/47 (b)

    1,280,000       1,310,530  

5.543%, 12/11/49 (144A) (b)

    81,458       81,388  

5.655%, 06/10/44 (144A) (b)

    190,000       197,749  

Commercial Mortgage Trust

   

3.685%, 05/10/48 (144A) (b)

    1,140,000       1,098,152  

Core Industrial Trust
3.077%, 02/10/34 (144A)

    1,990,000       2,032,505  

3.849%, 02/10/34 (144A) (b)

    2,360,000       2,253,056  

Cosmopolitan Hotel Trust

   

2.312%, 11/15/33 (144A) (b)

    2,080,000       2,096,921  

Countrywide Commercial Mortgage Trust

   

6.208%, 11/12/43 (144A) (b)

    400,690       402,871  

Credit Suisse First Boston Mortgage Securities Corp.

   

5.234%, 10/15/39 (144A) (b)

    250,000       259,367  

Credit Suisse Mortgage Capital Certificates Trust

   

2.512%, 11/15/33 (144A) (b)

    290,000       290,672  

CSAIL Commercial Mortgage Trust
1.814%, 01/15/49 (b) (c)

    4,486,256       511,068  

4.360%, 08/15/48 (b)

    340,000       330,727  

DBJPM Mortgage Trust

   

3.495%, 09/10/49 (144A) (b)

    1,148,000       886,319  

DBRR Trust
1.636%, 12/18/49 (144A) (b)

    158,588       158,459  

8.200%, 06/17/49 (144A) (b)

    482,821       482,043  

GAHR Commercial Mortgage Trust
2.212%, 12/15/34 (144A) (b)

    190,369       191,120  

3.382%, 12/15/34 (144A) (b)

    4,097,000       3,968,526  

Greenwich Capital Commercial Mortgage Trust

   

5.867%, 12/10/49 (b)

    520,000       526,153  

GS Mortgage Securities Corp.

   

3.436%, 12/10/27 (144A) (b)

    7,062,358       6,920,875  

GS Mortgage Securities Trust
0.973%, 03/10/50 (b) (c)

    4,000,000       268,008  

3.345%, 07/10/48

    620,000       477,399  

3.931%, 09/10/47

    800,000       841,419  

4.646%, 06/10/47 (144A) (b)

    180,000       149,198  

JPMBB Commercial Mortgage Securities Trust
0.943%, 09/15/47 (b) (c)

    5,403,159       284,105  

0.943%, 05/15/48 (b) (c)

    1,250,734       48,287  

1.192%, 10/15/48 (b) (c)

    5,060,442       292,543  

3.775%, 08/15/47

    550,000       573,192  

3.801%, 09/15/47

    220,000       228,088  

4.560%, 09/15/47 (144A) (b)

    420,000       338,519  

JPMCC Commercial Mortgage Securities Trust

   

4.805%, 03/15/50 (144A) (b)

    650,000       613,433  

JPMDB Commercial Mortgage Securities Trust

   

0.750%, 12/15/49 (144A) (b) (c)

    2,067,000       114,954  

JPMorgan Chase Commercial Mortgage Securities Corp.

   

1.808%, 12/15/47 (b) (c)

    8,449,450       540,792  

 

BHFTII-21


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Mortgage-Backed Securities—(Continued)  

JPMorgan Chase Commercial Mortgage Securities Trust
0.605%, 04/15/46 (b) (c)

    4,900,000     $ 145,059  

0.750%, 08/15/49 (144A) (b) (c)

    5,300,000       292,669  

0.825%, 12/15/49 (b) (c)

    998,255       49,907  

2.312%, 11/15/31 (144A) (b)

    529,278       530,108  

2.381%, 02/12/51 (b)

    1,207,856       1,169,633  

2.612%, 07/15/36 (144A) (b)

    2,263,000       2,274,339  

3.429%, 06/10/27 (144A)

    1,140,000       1,159,660  

4.243%, 01/15/49 (b)

    970,000       876,837  

4.762%, 10/15/29 (144A) (b)

    470,000       473,269  

5.841%, 06/15/49 (b)

    1,249,053       1,249,462  

LB Commercial Mortgage Trust

   

6.052%, 07/15/44 (b)

    330,000       331,620  

Lehman Brothers Small Balance Commercial Mortgage Trust

   

1.232%, 03/25/37 (144A) (b)

    897,331       828,417  

Lone Star Portfolio Trust
2.712%, 09/15/28 (144A) (b)

    264,442       265,762  

6.512%, 09/15/28 (144A) (b)

    409,547       415,678  

LSTAR Commercial Mortgage Trust

   

1.393%, 03/10/50 (144A) (b) (c)

    1,000,000       58,343  

Merrill Lynch Mortgage Trust

   

5.841%, 06/12/50 (b)

    2,650,509       2,658,494  

ML-CFC Commercial Mortgage Trust

   

5.790%, 06/12/50 (b)

    676,759       676,765  

Morgan Stanley Bank of America Merrill Lynch Trust
0.779%, 12/15/49 (b) (c)

    2,994,225       165,767  

1.144%, 12/15/47 (b) (c)

    99,708       5,425  

1.190%, 12/15/47 (144A) (b) (c)

    1,810,000       116,190  

1.290%, 01/15/49 (b) (c)

    1,731,481       143,240  

1.468%, 11/15/49 (b) (c)

    1,116,068       109,353  

3.060%, 10/15/48 (144A)

    820,000       606,374  

3.068%, 10/15/48

    1,300,000       964,687  

3.892%, 06/15/47

    2,600,000       2,734,628  

4.135%, 07/15/50 (144A) (b)

    700,000       577,634  

4.529%, 10/15/48 (b)

    100,000       101,516  

Morgan Stanley Capital Trust
3.446%, 07/13/29 (144A) (b)

    540,000       524,532  

3.662%, 08/15/26 (144A) (b)

    300,000       299,695  

4.312%, 02/15/34 (144A) (b)

    280,000       280,074  

5.406%, 03/15/44

    690,675       689,212  

Morgan Stanley Re-REMIC Trust
2.000%, 07/27/49 (144A)

    443,336       443,429  

5.949%, 08/15/45 (144A) (b)

    1,560,000       1,559,485  

One Market Plaza Trust

   

0.090%, 02/10/32 (144A) (b) (c)

    21,110,000       138,693  

STRIPs, Ltd.

   

0.500%, 12/25/44 (144A)

    2,008,615       1,995,752  

UBS-Barclays Commercial Mortgage Trust

   

4.112%, 02/15/28 (144A) (b)

    950,000       935,017  

Velocity Commercial Capital Loan Trust
2.578%, 10/25/46 (b)

    658,008       658,732  

3.412%, 06/25/45 (144A) (b)

    869,217       875,587  

3.661%, 10/25/46 (b)

    150,000       152,250  
Commercial Mortgage-Backed Securities—(Continued)  

Velocity Commercial Capital Loan Trust
4.458%, 10/25/46 (b)

    100,000     102,250  

5.498%, 10/25/46 (b)

    140,000       136,280  

7.226%, 10/25/46 (b)

    160,000       154,936  

VNDO Trust

   

3.903%, 01/10/35 (144A) (b)

    950,000       874,228  

Wachovia Bank Commercial Mortgage Trust

   

5.632%, 10/15/48 (b)

    237,201       237,794  

Waldorf Astoria Boca Raton Trust

   

2.262%, 06/15/29 (144A) (b)

    1,590,000       1,595,274  

Wells Fargo Commercial Mortgage Trust
0.960%, 12/15/48 (b) (c)

    1,327,874       78,824  

0.985%, 02/15/48 (b) (c)

    8,779,861       497,725  

1.097%, 12/15/59 (b) (c)

    5,088,444       354,958  

1.269%, 08/15/49 (144A) (b) (c)

    1,430,000       129,172  

1.343%, 08/15/49 (b) (c)

    2,800,000       290,388  

3.852%, 11/15/48

    890,000       647,694  

WF-RBS Commercial Mortgage Trust
0.965%, 11/15/47 (b) (c)

    25,553,650       1,294,967  

1.165%, 05/15/47 (b) (c)

    11,863,523       642,013  

3.678%, 08/15/47

    595,000       616,029  

3.766%, 09/15/57 (b)

    1,540,000       1,411,345  
   

 

 

 
      124,401,464  
   

 

 

 

Total Mortgage-Backed Securities
(Cost $232,345,334)

      227,383,527  
   

 

 

 
Foreign Government—3.3%  
Banks—0.0%  

Banque Centrale de Tunisie International Bonds

   

4.500%, 06/22/20 (EUR)

    467,000       515,732  
   

 

 

 
Sovereign—3.3%  

Argentine Republic Government International Bonds
3.875%, 01/15/22 (EUR)

    531,000       561,565  

5.625%, 01/26/22 (144A)

    3,926,000       4,020,224  

6.250%, 04/22/19 (144A) (d)

    11,907,000       12,561,885  

6.875%, 04/22/21

    626,000       672,324  

7.820%, 12/31/33 (EUR) (h)

    939,896       1,038,229  

Brazil Notas do Tesouro Nacional

   

6.000%, 05/15/21 (BRL) (h)

    3,760,000       3,674,722  

Colombia Government International Bonds
4.000%, 02/26/24 (d)

    9,755,000       10,037,895  

4.375%, 07/12/21 (d)

    1,926,000       2,041,560  

11.750%, 02/25/20

    31,000       39,122  

Egypt Government International Bonds
5.750%, 04/29/20

    1,558,000       1,620,320  

8.500%, 01/31/47 (144A)

    315,000       338,625  

8.500%, 01/31/47

    804,000       864,300  

Hungary Government International Bonds

   

5.375%, 03/25/24

    3,500,000       3,895,283  

Indonesia Government International Bonds
3.375%, 04/15/23 (144A)

    2,016,000       2,013,426  

5.375%, 10/17/23 (144A)

    1,350,000       1,492,791  

 

BHFTII-22


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—(Continued)

 

Security Description   Principal
Amount*
    Value  
Sovereign—(Continued)  

Indonesia Government International Bonds
5.875%, 03/13/20

    963,000     $ 1,053,038  

5.875%, 01/15/24 (144A) (d)

    3,964,000       4,495,220  

Kuwait International Government Bonds
2.750%, 03/20/22 (144A)

    4,438,000       4,447,098  

3.500%, 03/20/27 (144A)

    1,488,000       1,504,740  

Lebanon Government International Bonds

   

6.850%, 03/23/27

    1,931,000       1,969,620  

Mexican Bonos

   

4.750%, 06/14/18 (MXN)

    75,800,000       3,963,880  

Mexican Udibonos

   

3.500%, 12/14/17 (MXN) (h)

    20,803,023       1,111,661  

Mexico Government International Bonds
4.125%, 01/21/26 (d)

    3,958,000       4,068,824  

4.150%, 03/28/27 (d)

    19,821,000       20,157,957  

Panama Government International Bonds

   

3.750%, 03/16/25

    3,490,000       3,564,162  

Peruvian Government International Bonds

   

7.350%, 07/21/25 (d)

    2,900,000       3,755,500  

Russian Federal Bonds - OFZ
7.050%, 01/19/28 (RUB)

    342,648,000       5,718,610  

7.500%, 08/18/21 (RUB)

    321,410,000       5,636,518  

7.750%, 09/16/26 (RUB)

    249,083,000       4,383,932  

8.150%, 02/03/27 (RUB)

    345,101,000       6,288,549  

South Africa Government International Bonds

   

4.875%, 04/14/26 (d)

    2,360,000       2,370,620  

Turkey Government Bonds

   

8.800%, 09/27/23 (TRY)

    7,570,000       1,891,224  

Turkey Government International Bonds

   

7.000%, 06/05/20

    2,617,000       2,855,487  

Uruguay Government International Bonds

   

4.375%, 10/27/27 (h)

    3,280,000       3,424,320  
   

 

 

 
      127,533,231  
   

 

 

 

Total Foreign Government
(Cost $127,244,267)

      128,048,963  
   

 

 

 
Municipals—2.8%  

American Municipal Power, Inc., Build America Bonds

   

6.449%, 02/15/44

    355,000       450,090  

Arizona Health Facilities Authority

   

1.479%, 01/01/37 (b)

    780,000       681,353  

Bay Area Toll Bridge Authority, Build America Bonds

   

Series S1

   

6.918%, 04/01/40

    1,575,000       2,141,496  

7.043%, 04/01/50

    2,105,000       3,041,262  

Brooklyn Arena Local Development Corp.

   

5.000%, 07/15/42

    990,000       1,076,932  

Buckeye Tobacco Settlement Financing Authority

   

5.875%, 06/01/47

    1,790,000       1,708,537  

California Health Facilities Financing Authority

   

5.000%, 08/15/33

    495,000       566,998  

California State Public Works Board, Build America Bonds

   

8.361%, 10/01/34

    760,000       1,104,683  

Chesapeake Bay Bridge & Tunnel District
5.000%, 07/01/41

    360,000     402,595  

5.000%, 07/01/51

    275,000       300,047  

Clark County School District
5.000%, 06/15/26

    25,000       29,386  

5.000%, 06/15/27

    355,000       413,990  

5.000%, 06/15/28

    360,000       417,118  

Series A

   

5.000%, 06/15/23

    295,000       344,067  

5.000%, 06/15/24

    350,000       413,084  

Clark County, NV

   

5.000%, 07/01/28

    450,000       546,813  

Colorado Health Facilities Authority

   

5.250%, 02/01/31

    325,000       343,616  

Commonwealth Financing Authority

   

4.144%, 06/01/38

    1,275,000       1,236,380  

Commonwealth of Puerto Rico

   

8.000%, 07/01/35

    14,975,000       9,284,500  

District of Columbia, Income Tax Revenue, Build America Bonds

   

5.591%, 12/01/34

    1,055,000       1,288,756  

Golden State Tobacco Securitization Corp.
5.125%, 06/01/47

    1,820,000       1,791,026  

5.750%, 06/01/47

    360,000       360,014  

Grant County Public Utility District No. 2

   

4.584%, 01/01/40

    315,000       314,102  

Great Lakes Water Authority Water Supply System Revenue

   

5.250%, 07/01/33

    150,000       173,900  

Horry County, SC School District
5.000%, 03/01/24

    325,000       387,819  

5.000%, 03/01/25

    355,000       427,331  

Kentucky Economic Development Finance Authority

   

5.250%, 06/01/50

    330,000       346,490  

Los Angeles, CA Community College District, Build America Bonds

   

6.600%, 08/01/42

    1,150,000       1,598,074  

Los Angeles, CA Department of Water & Power Revenue, Build America Bonds

   

6.603%, 07/01/50

    565,000       798,356  

Los Angeles, CA Unified School District, Build America Bonds

   

6.758%, 07/01/34

    640,000       858,758  

Massachusetts Development Finance Agency

   

5.000%, 07/01/47

    500,000       547,170  

Massachusetts Educational Financing Authority

   

5.000%, 01/01/22

    500,000       554,100  

Massachusetts State Clean Water Trust Revenue
5.000%, 02/01/27

    325,000       394,696  

5.000%, 02/01/28

    500,000       602,790  

Metropolitan Transportation Authority

   

5.000%, 11/15/42

    670,000       767,847  

Metropolitan Transportation Authority, Build America Bonds
6.668%, 11/15/39

    170,000       226,828  

 

BHFTII-23


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Municipals—(Continued)

 

Security Description   Principal
Amount*
    Value  

Metropolitan Transportation Authority, Build America Bonds

   

6.687%, 11/15/40

    590,000     $ 785,078  

6.814%, 11/15/40

    1,005,000       1,352,288  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Build America Bonds

   

7.462%, 10/01/46

    560,000       793,279  

Miami-Dade County, FL

   

5.000%, 07/01/35

    395,000       450,782  

Miami-Dade County, FL Aviation Revenue
5.000%, 10/01/38

    1,025,000       1,120,530  

Series B
2.504%, 10/01/24

    1,000,000       957,890  

Miami-Dade County, FL Educational Facilities Authority

   

5.073%, 04/01/50

    655,000       701,027  

Mississippi State Hospital Equipment & Facilities Authority, Baptist Memorial Health Care

   

5.000%, 09/01/46

    630,000       671,832  

Missouri State Health & Educational Facilities Authority Revenue

   

5.000%, 11/15/29

    340,000       390,051  

Municipal Electric Authority of Georgia

   

5.000%, 01/01/20

    650,000       703,151  

Municipal Electric Authority of Georgia, Build America Bonds

   

6.637%, 04/01/57

    1,000,000       1,122,560  

New Jersey State Turnpike Authority, Build America Bonds

   

7.414%, 01/01/40

    1,451,000       2,087,409  

New Jersey Transportation Trust Fund Authority

   

5.000%, 06/15/29

    380,000       402,667  

New York City Transitional Finance Authority Building Aid Revenue

   

5.000%, 07/15/40

    370,000       415,503  

New York City Transitional Finance Authority Future Tax Secured Revenue
5.000%, 08/01/31

    190,000       221,873  

Series A2

   

2.280%, 05/01/26

    520,000       480,454  

New York City Water & Sewer System
5.000%, 06/15/47

    500,000       568,675  

5.375%, 06/15/43

    2,360,000       2,663,803  

5.500%, 06/15/43

    2,825,000       3,215,358  

5.882%, 06/15/44

    1,150,000       1,497,921  

New York City Water & Sewer System, Build America Bonds

   

5.750%, 06/15/41

    675,000       867,659  

New York State Dormitory Authority
5.000%, 02/15/31

    330,000       387,037  

Series D

   

5.000%, 02/15/27

    370,000       446,768  

5.000%, 02/15/28

    370,000       443,353  

New York State Dormitory Authority Revenue

   

5.000%, 03/15/32

    580,000       675,358  

New York State Dormitory Authority, Build America Bonds

   

5.389%, 03/15/40

    1,075,000       1,284,872  

New York State Urban Development Corp.
5.000%, 03/15/25

    210,000     251,626  

5.000%, 03/15/27

    320,000       389,104  

New York Transportation Development Corp.

   

5.250%, 01/01/50

    850,000       912,288  

North Carolina Department of Transportation

   

5.000%, 06/30/54

    1,000,000       1,056,580  

Orange County Local Transportation Authority, Build America Bonds

   

6.908%, 02/15/41

    1,420,000       1,926,940  

Pennsylvania Economic Development Financing Authority

   

5.000%, 12/31/38

    510,000       551,483  

Port Authority of New York & New Jersey
4.458%, 10/01/62

    1,435,000       1,512,189  

4.810%, 10/15/65

    720,000       787,910  

4.960%, 08/01/46

    1,910,000       2,165,787  

Port of Seattle, WA

   

5.000%, 01/01/42

    680,000       783,537  

Regents of the University of California Medical Center Pooled Revenue, Build America Bonds

   

6.583%, 05/15/49

    1,455,000       1,910,851  

Riverside, CA, Electric Revenue, Buld America Bonds

   

7.605%, 10/01/40

    1,005,000       1,394,729  

San Antonio, TX Electric & Gas Systems Revenue, Build Amereica Bonds

   

5.808%, 02/01/41

    470,000       589,709  

San Diego County Regional Transportation Commission

   

5.000%, 04/01/48

    670,000       766,373  

San Jose, CA, Airport Revenue

   

5.000%, 03/01/37

    410,000       410,275  

South Carolina Public Service Authority

   

Series A

   

5.000%, 12/01/49

    700,000       723,765  

5.000%, 12/01/50

    700,000       726,054  

5.500%, 12/01/54

    350,000       373,170  

Series D

   

2.388%, 12/01/23

    1,190,000       1,091,932  

State of California General Obligation Unlimited

   

5.000%, 09/01/27

    325,000       390,605  

State of California General Obligation Unlimited, Build America Bonds
7.300%, 10/01/39

    345,000       487,506  

7.350%, 11/01/39

    550,000       776,006  

7.500%, 04/01/34

    1,125,000       1,593,877  

7.550%, 04/01/39

    1,375,000       2,016,561  

7.600%, 11/01/40

    3,780,000       5,634,468  

State of Georgia

   

5.000%, 07/01/26

    355,000       437,016  

State of Illinois

   

5.100%, 06/01/33

    4,320,000       3,941,654  

State of Maryland

   

Series A

   

5.000%, 03/15/28

    330,000       405,827  

 

BHFTII-24


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Municipals—(Continued)

 

Security Description  

Shares/

Principal
Amount*

    Value  

State of Maryland

5.000%, 03/15/29

    330,000     $ 403,214  

5.000%, 03/15/31

    1,070,000       1,288,537  

State of Massachusetts

   

5.000%, 07/01/28

    350,000       433,321  

State of Washington General Obligation Unlimited
5.000%, 07/01/28

    330,000       387,710  

Series R

   

5.000%, 08/01/28

    415,000       496,967  

5.000%, 08/01/29

    415,000       493,564  

5.000%, 08/01/30

    415,000       490,559  

State of Wisconsin

   

Series A

   

5.000%, 05/01/24

    580,000       693,790  

5.000%, 05/01/25

    660,000       799,247  

Sumter Landing Community Development District

   

4.172%, 10/01/47

    385,000       373,804  

Texas Private Activity Bond Surface Transportation Corp.

   

5.000%, 12/31/55

    170,000       179,597  

Tobacco Settlement Financing Corp.

   

5.000%, 06/01/41

    720,000       699,307  

University of California CA, Revenue

   

4.858%, 05/15/2112

    980,000       963,320  

University of Houston

   

Series A

   

5.000%, 02/15/33

    390,000       447,342  

5.000%, 02/15/34

    350,000       399,711  

5.000%, 02/15/35

    800,000       910,312  

5.000%, 02/15/36

    1,040,000       1,179,974  

University of Massachusetts Building Authority

   

5.000%, 11/01/31

    500,000       581,235  

West Virginia Hospital Finance Authority
5.000%, 06/01/19

    365,000       390,619  

5.000%, 06/01/20

    390,000       426,976  

5.000%, 06/01/21

    390,000       435,267  

5.000%, 06/01/22

    425,000       480,254  

5.000%, 06/01/23

    355,000       405,115  

5.000%, 06/01/24

    375,000       431,029  

Wisconsin Health & Educational Facilities Authority

   

5.000%, 12/15/44

    310,000       335,460  
   

 

 

 

Total Municipals
(Cost $109,160,182)

      108,782,235  
   

 

 

 
Preferred Stock—0.2%  
Banks—0.2%  

Citigroup Capital, 7.409% (b)
(Cost $7,956,785)

    292,339       7,790,834  
   

 

 

 
Purchased Options—0.1%    
Security Description       
Notional
Amount*
    Value  
Currency Options—0.1%  

AUD Put/JPY Call, Strike Price JPY 86.00, Expires 04/06/17 (Counterparty - Citibank N.A.) (AUD)

    2,739,000     $ 24,475  

AUD Put/USD Call, Strike Price USD 0.75, Expires 04/06/17 (Counterparty - Barclays Bank plc) (AUD)

    2,374,000       165  

EUR Call/USD Put, Strike Price USD 1.11, Expires 09/18/17 (Counterparty - BNP Paribas S.A.) (EUR)

    38,810,000       439,984  

EUR Put/MXN Call, Strike Price MXN 20.60, Expires 05/22/17 (Counterparty - Goldman Sachs & Co.) (EUR)

    1,599,000       57,164  

EUR Put/MXN Call, Strike Price MXN 21.60, Expires 04/12/17 (Counterparty - Morgan Stanley & Co.) (EUR)

    1,596,000       129,845  

EUR Put/USD Call, Strike Price USD 1.02, Expires 06/01/17 (Counterparty - BNP Paribas S.A.) (EUR)

    55,081,000       213,653  

EUR Put/USD Call, Strike Price USD 1.03, Expires 04/07/17 (Counterparty - BNP Paribas S.A.) (EUR)

    13,160,000       42  

MXN Call/ JPY Put, Strike Price JPY 5.60, Expires 04/11/17 (Counterparty - JPMorgan Chase Bank N.A.) (MXN)

    48,233,000       142,319  

MXN Call/ JPY Put, Strike Price JPY 5.85, Expires 04/11/17 (Counterparty - Bank of America N.A.) (MXN)

    48,233,000       46,220  

MXN Call/ JPY Put, Strike Price JPY 5.85, Expires 04/11/17 (Counterparty - Morgan Stanley & Co. LLC) (MXN)

    24,116,000       23,110  

USD Call/BRL Put, Strike Price BRL 3.35, Expires 04/19/17 (Counterparty - Morgan Stanley & Co. LLC)

    1,389,000       590  

USD Call/JPY Put, Strike Price JPY 120.00, Expires 04/07/17 (Counterparty - Bank of America N.A.)

    10,624,000       0  

USD Call/KRW Put, Strike Price KRW 1,150.00, Expires 04/06/17 (Counterparty - Morgan Stanley & Co. LLC)

    1,600,000       86  

USD Call/KRW Put, Strike Price KRW 1,185.00, Expires 04/06/17 (Counterparty - Morgan Stanley & Co. LLC)

    1,600,000       0  

USD Call/MXN Put, Strike Price MXN 21.45, Expires 04/04/17 (Counterparty - JPMorgan Chase Bank N.A.)

    2,820,000       0  

USD Call/MXN Put, Strike Price MXN 21.50, Expires 07/03/17 (Counterparty - Morgan Stanley & Co. LLC)

    1,005,000       2,457  

USD Call/TRY Put, Strike Price TRY 3.80, Expires 05/05/17 (Counterparty - Goldman Sachs & Co.)

    1,384,000       11,885  

USD Call/ZAR Put, Strike Price ZAR 12.80, Expires 05/19/17 (Counterparty - JPMorgan Chase Bank N.A.)

    950,000       56,641  

USD Put/BRL Call, Strike Price BRL 3.09, Expires 04/19/17 (Counterparty - Goldman Sachs & Co.)

    1,389,000       6,439  

 

BHFTII-25


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Purchased Options—(Continued)

 

Security Description       
Notional
Amount*
    Value  
Currency Options—(Continued)  

USD Put/BRL Call, Strike Price BRL 3.15, Expires 05/18/17 (Counterparty - Morgan Stanley & Co. LLC)

    1,389,000     $ 24,734  
   

 

 

 
      1,179,809  
   

 

 

 
Options on Exchange-Traded Futures Contracts—0.0%  

Put - Eurodollar Midcurve 3 Year Futures @97.50, Expires 04/13/17 (Counterparty - JPMorgan Chase Bank N.A.)

    2,969       222,675  

Put - U.S. Treasury Note 10-Year Futures @123.00, Expires 04/21/17 (Counterparty - JPMorgan Chase Bank N.A.)

    875       68,360  

Put - U.S. Treasury Note 10-Year Futures @124.00, Expires 04/21/17 (Counterparty - JPMorgan Chase Bank N.A.)

    979       244,750  
   

 

 

 
      535,785  
   

 

 

 

Total Purchased Options
(Cost $2,761,828)

      1,715,594  
   

 

 

 
Short-Term Investments—5.8%  
Certificate of Deposit—2.6%  

Bank of Tokyo Mitsubishi UFJ, Ltd.

   

1.672%, 08/17/17

    10,000,000       10,017,830  

BNP Paribas S.A. (NY)

   

1.530%, 08/17/17

    5,120,000       5,125,452  

Cooperatieve Rabobank UA

   

1.537%, 08/16/17

    10,000,000       10,016,790  

Credit Industriel et Commercial (NY)

   

1.637%, 08/16/17

    10,000,000       10,020,560  

Credit Suisse AG
1.822%, 08/16/17

    4,900,000       4,908,830  

1.834%, 08/24/17

    4,990,000       4,999,476  

Skandinaviska Enskilda Banken AB

   

1.522%, 08/17/17

    10,000,000       10,016,650  

Sumitomo Mitsui Banking Corp.

   

1.672%, 08/18/17

    5,200,000       5,209,266  

Sumitomo Mitsui Trust Bank, Ltd.

   

1.530%, 08/16/17

    10,000,000       10,010,614  

Swedbank (Sparbank)

   

1.380%, 08/18/17

    5,120,000       5,125,827  

Toronto-Dominion Bank

   

1.539%, 08/15/17

    9,860,000       9,877,797  

UBS AG (Stamford)

   

1.530%, 09/01/17

    5,230,000       5,237,512  

Wells Fargo Bank N.A.

   

1.636%, 09/22/17

    10,000,000       10,021,330  
   

 

 

 
      100,587,934  
   

 

 

 
Commercial Paper—0.5%  

BPCE

   

1.488%, 08/14/17

    10,050,000       10,003,377  

Mizuho Bank, Ltd.

   

1.366%, 08/16/17

    9,920,000       9,874,748  
   

 

 

 
      19,878,125  
   

 

 

 
Repurchase Agreement—2.7%  

Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $104,436,309 on 04/03/17, collateralized by $106,580,000 U.S. Treasury Notes with rates ranging from 1.375% - 1.500%, due 05/31/20 with a value of $106,525,844.

    104,435,526     104,435,526  
   

 

 

 

Total Short-Term Investments
(Cost $224,719,161)

      224,901,585  
   

 

 

 
Securities Lending Reinvestments (k)— 4.9%  
Certificates of Deposit—3.2%  

Canadian Imperial Bank
1.392%, 10/27/17 (b)

    2,000,000       2,002,406  

1.454%, 05/24/17 (b)

    1,000,585       1,000,350  

Chiba Bank, Ltd., New York

   

1.100%, 04/07/17

    2,600,000       2,600,029  

Cooperative Rabobank UA New York

   

1.422%, 10/13/17 (b)

    2,000,000       2,002,724  

Credit Agricole Corporate and Investment Bank

   

1.491%, 04/12/17 (b)

    5,000,000       5,000,565  

Credit Industriel et Commercial

   

1.440%, 04/05/17 (b)

    1,000,000       1,000,043  

Credit Suisse AG New York
1.511%, 04/03/17 (b)

    1,000,000       1,000,016  

1.581%, 04/11/17 (b)

    5,500,000       5,500,451  

1.581%, 05/12/17 (b)

    4,000,000       4,001,212  

Danske Bank A/S London

   

Zero Coupon, 05/12/17

    3,988,422       3,995,880  

DNB NOR Bank ASA

   

1.279%, 07/28/17 (b)

    3,600,000       3,601,591  

ING Bank NV

   

1.461%, 04/18/17 (b)

    5,400,000       5,402,301  

KBC Bank NV
1.120%, 05/08/17

    500,000       500,075  

1.150%, 04/18/17

    3,000,000       3,000,270  

1.150%, 04/27/17

    4,500,000       4,497,345  

Mitsubishi UFJ Trust and Banking Corp.

   

1.581%, 04/11/17 (b)

    4,000,000       4,000,488  

Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (b)

    1,000,000       1,000,576  

1.591%, 04/11/17 (b)

    3,000,000       3,000,228  

1.643%, 04/18/17 (b)

    5,300,000       5,300,768  

National Australia Bank London
1.199%, 05/02/17 (b)

    6,500,000       6,502,277  

1.338%, 11/09/17 (b)

    4,200,000       4,193,154  

Natixis New York
1.241%, 08/03/17 (b)

    4,500,000       4,502,898  

1.444%, 04/07/17 (b)

    1,500,000       1,500,083  

Norinchukin Bank New York

   

1.451%, 07/12/17 (b)

    2,000,000       2,001,770  

Rabobank London

   

1.422%, 10/13/17 (b)

    2,500,000       2,506,113  

 

BHFTII-26


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (k)—(Continued)

 

Security Description       
Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Royal Bank of Canada New York
1.340%, 04/04/17 (b)

    1,000,000     $ 999,975  

1.422%, 10/13/17 (b)

    4,500,000       4,508,050  

Sumitomo Bank New York

   

1.410%, 05/05/17 (b)

    3,500,000       3,500,682  

Sumitomo Mitsui Banking Corp., New York
1.534%, 04/07/17 (b)

    1,000,000       1,000,058  

1.591%, 04/12/17 (b)

    3,000,000       3,000,598  

Sumitomo Mitsui Trust Bank, Ltd.

   

1.120%, 05/08/17

    2,000,000       2,000,300  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.558%, 04/10/17 (b)

    3,000,000       3,000,378  

1.572%, 04/26/17 (b)

    8,000,000       8,002,648  

Svenska Handelsbanken New York

   

1.508%, 05/18/17 (b)

    6,000,000       6,003,102  

Toronto Dominion Bank New York

   

1.330%, 01/10/18 (b)

    1,500,000       1,500,294  

UBS, Stamford
1.301%, 05/12/17 (b)

    1,500,000       1,500,369  

1.589%, 07/31/17 (b)

    2,104,552       2,105,784  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (b)

    3,500,000       3,505,723  

1.452%, 04/26/17 (b)

    3,600,000       3,600,958  
   

 

 

 
      123,842,532  
   

 

 

 
Commercial Paper—0.9%  

Barton Capital S.A.

   

1.110%, 04/21/17

    3,988,653       3,997,332  

Commonwealth Bank Australia

   

1.389%, 10/23/17 (b)

    4,000,000       4,004,888  

Den Norske ASA

   

1.432%, 04/27/17 (b)

    3,600,000       3,600,777  

HSBC plc

   

1.442%, 04/25/17 (b)

    7,800,000       7,801,404  

Kells Funding LLC

   

1.100%, 06/05/17

    2,490,375       2,494,617  

Macquarie Bank, Ltd.

   

1.120%, 04/20/17

    2,991,600       2,998,053  

Ridgefield Funding Co. LLC

   

1.300%, 06/12/17

    1,989,961       1,995,278  

Versailles Commercial Paper LLC

   

1.120%, 04/24/17

    1,994,400       1,998,774  

Westpac Banking Corp.

   

1.380%, 10/20/17 (b)

    5,200,000       5,209,424  
   

 

 

 
      34,100,547  
   

 

 

 
Repurchase Agreements—0.5%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $210,018 on 04/03/17, collateralized by $302,061 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $214,204.

    210,004       210,004  
Repurchase Agreements—(Continued)  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $30,729 on 04/03/17, collateralized by $31,089 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $31,342.

    30,727     30,727  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $9,005,850 on 04/03/17, collateralized by $1,390,484 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $9,881,879.

    9,000,000       9,000,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $3,000,325 on 04/03/17, collateralized by $463,495 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,293,960.

    3,000,000       3,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $1,005,760 on 06/02/17, collateralized by various Common Stock with a value of $1,100,000.

    1,000,000       1,000,000  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $300,021 on 04/03/17, collateralized by $298,123 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $306,185.

    300,000       300,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $5,351,896 on 07/03/17, collateralized by various Common Stock with a value of $5,830,000.

    5,300,000       5,300,000  
   

 

 

 
      18,840,731  
   

 

 

 
Time Deposits—0.3%  

OP Corporate Bank plc
1.180%, 04/24/17

    4,500,000       4,500,000  

1.200%, 04/10/17

    2,000,000       2,000,000  

Shinkin Central Bank
1.440%, 04/26/17

    2,600,000       2,600,000  

1.440%, 04/27/17

    1,000,000       1,000,000  
   

 

 

 
      10,100,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $186,824,048)

      186,883,810  
   

 

 

 

Total Investments—114.1%
(Cost $4,406,296,866) (l)

      4,396,625,013  

Other assets and liabilities (net)—(14.1)%

      (543,980,555
   

 

 

 
Net Assets—100.0%     $ 3,852,644,458  
   

 

 

 

 

BHFTII-27


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

 

*              Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)   TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(b)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(c)   Interest only security.
(d)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $183,733,819 and the collateral received consisted of cash in the amount of $186,789,280. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(e)   All or a portion of the security was pledged as collateral against open swap contracts. As of March 31, 2017, the market value of securities pledged was $568,147.
(f)   All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $2,393,344.
(g)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.01% of net assets.
(h)   Principal amount of security is adjusted for inflation.
(i)   Non-income producing; security is in default and/or issuer is in bankruptcy.
(j)   Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally
  may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $8, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(k)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(l)   As of March 31, 2017, the aggregate cost of investments was $4,406,296,866. The aggregate unrealized appreciation and depreciation of investments were $37,244,818 and $(46,916,671), respectively, resulting in net unrealized depreciation of $(9,671,853).
(144A)—   Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $656,056,475, which is 17.0% of net assets.
(ACES)—   Alternative Credit Enhancement Securities
(ARM)—   Adjustable-Rate Mortgage
(AUD)—   Australian Dollar
(BRL)—   Brazilian Real
(CDO)—   Collateralized Debt Obligation
(CLO)—   Collateralized Loan Obligation
(CMO)—   Collateralized Mortgage Obligation
(EUR)—   Euro
(MXN)—   Mexican Peso
(REMIC)—   Real Estate Mortgage Investment Conduit
(RUB)—   Russian Ruble
(TRY)—   Turkish Lira

 

Restricted Securities

   Acquisition
Date
     Principal
Amount
     Cost      Value  

Knollwood CDO, Ltd., 4.209%, 01/10/39

     02/10/04      $ 818,247      $ 818,247      $ 8  

TBA Forward Sale Commitments

 

Security Description

   Interest Rate     Maturity      Face Amount     Cost     Value  

Fannie Mae 15 Yr. Pool

     2.500     TBA      $ (17,996,000   $ (17,844,862   $ (18,004,437

Fannie Mae 15 Yr. Pool

     3.500     TBA        (43,724,000     (45,234,938     (45,497,249

Fannie Mae 15 Yr. Pool

     4.000     TBA        (3,709,000     (3,817,662     (3,832,672

Fannie Mae 30 Yr. Pool

     3.000     TBA        (138,972,642     (136,774,698     (137,756,631

Fannie Mae 30 Yr. Pool

     4.000     TBA        (74,408,000     (78,013,281     (78,047,013

Fannie Mae 30 Yr. Pool

     6.000     TBA        (2,002,000     (2,260,070     (2,261,634

Freddie Mac 30 Yr. Gold Pool

     3.000     TBA        (50,873,023     (50,123,128     (50,404,035

Freddie Mac 30 Yr. Gold Pool

     4.500     TBA        (228,000     (243,604     (244,303

Ginnie Mae I 30 Yr. Pool

     3.500     TBA        (9,297,000     (9,511,993     (9,632,457

Ginnie Mae I 30 Yr. Pool

     4.500     TBA        (3,100,000     (3,302,469     (3,309,734

Ginnie Mae II 30 Yr. Pool

     4.000     TBA        (10,587,000     (11,057,058     (11,181,671

Ginnie Mae II 30 Yr. Pool

     4.500     TBA        (7,032,000     (7,440,843     (7,509,957
         

 

 

   

 

 

 

Totals

 

  $ (365,624,606   $ (367,681,793
         

 

 

   

 

 

 

 

BHFTII-28


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts

 

Contracts to Buy

    

Counterparty

     Settlement
Date
       In Exchange
for
       Unrealized
Appreciation/
(Depreciation)
 
AUD     910,000     

Citibank N.A.

       06/01/17          USD        689,122        $ 5,394  
AUD     455,000     

HSBC Bank plc

       06/21/17          USD        341,995          5,131  
AUD     180,000     

Royal Bank of Scotland plc

       06/21/17          USD        137,326          (1
BRL     3,003,770     

BNP Paribas S.A.

       04/04/17          USD        940,000          19,487  
BRL     2,265,625     

Goldman Sachs International

       04/04/17          USD        725,000          (1,297
BRL     2,710,952     

Goldman Sachs International

       04/04/17          USD        856,000          9,953  
BRL     2,755,428     

Goldman Sachs International

       04/04/17          USD        869,659          10,501  
BRL     3,711,752     

Goldman Sachs International

       04/04/17          USD        1,191,000          (5,364
BRL     4,066,428     

Goldman Sachs International

       04/04/17          USD        1,284,000          14,929  
BRL     3,046,610     

JPMorgan Chase Bank N.A.

       04/04/17          USD        961,561          11,610  
BRL     3,015,050     

Morgan Stanley & Co. International plc

       04/04/17          USD        951,600          11,490  
BRL     3,221,078     

Morgan Stanley & Co. International plc

       04/04/17          USD        1,016,626          12,275  
BRL     9,383     

Royal Bank of Scotland plc

       04/04/17          USD        2,961          36  
BRL     3,002,472     

Royal Bank of Scotland plc

       04/04/17          USD        960,000          (928
BRL     6,693,011     

Royal Bank of Scotland plc

       04/04/17          USD        2,112,426          25,506  
BRL     562,363     

BNP Paribas S.A.

       06/01/17          USD        175,000          2,268  
BRL     16,027     

BNP Paribas S.A.

       06/21/17          USD        5,000          29  
BRL     856,575     

Goldman Sachs International

       06/21/17          USD        270,000          (1,191
CAD     481,842     

BNP Paribas S.A.

       06/21/17          USD        360,000          2,716  
CAD     480,005     

Bank of America N.A.

       06/21/17          USD        360,000          1,333  
CAD     490,832     

HSBC Bank plc

       06/21/17          USD        365,000          4,483  
CHF     355,450     

Morgan Stanley & Co. International plc

       06/21/17          USD        360,000          (3,492
CHF     268,745     

UBS AG

       06/21/17          USD        270,000          (455
CLP     830,805,045     

BNP Paribas S.A.

       04/13/17          USD        1,249,500          8,958  
CLP     832,541,850     

Credit Suisse International

       04/13/17          USD        1,249,500          11,589  
CLP     607,788,750     

Barclays Bank plc

       04/24/17          USD        915,000          5,132  
CLP     609,960,000     

Barclays Bank plc

       04/28/17          USD        920,000          3,232  
EUR     1,853,000     

Citibank N.A.

       04/05/17          USD        1,956,110          20,755  
EUR     1,596,000     

Morgan Stanley & Co. International plc

       04/18/17          USD        1,740,689          (37,022
EUR     360,000     

Bank of America N.A.

       06/21/17          USD        388,574          (3,109
EUR     2,046,000     

Deutsche Bank AG

       06/21/17          USD        2,207,427          (16,702
GBP     360,000     

HSBC Bank plc

       06/21/17          USD        438,705          13,181  
GBP     180,000     

Royal Bank of Scotland plc

       06/21/17          USD        222,875          3,068  
JPY     105,351,796     

Morgan Stanley & Co. International plc

       04/13/17          USD        955,500          (8,916
JPY     81,364,476     

Citibank N.A.

       04/18/17          USD        715,000          16,193  
JPY     63,018,175     

Credit Suisse International

       06/21/17          USD        550,000          17,765  
JPY     39,801,096     

Deutsche Bank AG

       06/21/17          USD        360,000          (1,410
MXN     26,781,128     

Citibank N.A.

       04/05/17          USD        1,304,000          126,218  
MXN     21,902,655     

Barclays Bank plc

       04/06/17          USD        1,101,000          68,503  
MXN     17,401,970     

Goldman Sachs International

       04/06/17          USD        810,000          119,187  
MXN     17,796,118     

Goldman Sachs International

       04/06/17          USD        810,000          140,232  
MXN     23,514,068     

JPMorgan Chase Bank N.A.

       04/17/17          USD        1,215,480          37,916  
MXN     29,605,800     

Barclays Bank plc

       04/24/17          USD        1,470,000          106,416  
MXN     14,009,602     

Citibank N.A.

       04/24/17          USD        732,000          13,968  
MXN     17,513,914     

Goldman Sachs International

       04/24/17          USD        915,000          17,561  
MXN     7,232,094     

Nomura International plc

       04/24/17          USD        368,800          16,286  
MXN     43,392,565     

Nomura International plc

       04/24/17          USD        2,212,800          97,718  
MXN     18,783,300     

Goldman Sachs International

       04/27/17          USD        986,000          13,692  
MXN     7,212,458     

Bank of America N.A.

       06/21/17          USD        360,000          20,682  
MXN     762,873,405     

Nomura International plc

       06/21/17          USD        38,605,000          1,660,374  
NOK     1,620,062     

Goldman Sachs International

       06/21/17          USD        190,000          (1,167
NOK     1,875,799     

Goldman Sachs International

       06/21/17          USD        220,000          (1,359
NOK     3,099,428     

JPMorgan Chase Bank N.A.

       06/21/17          USD        360,000          1,266  
NZD     1,100,000     

HSBC Bank plc

       06/21/17          USD        758,930          10,648  
PLN     3,782,110     

Barclays Bank plc

       04/07/17          USD        926,250          27,429  
PLN     596,452     

Citibank N.A.

       04/07/17          USD        146,099          4,300  
PLN     1,512,253     

Deutsche Bank AG

       04/07/17          USD        370,500          10,823  

 

BHFTII-29


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

 

Contracts to Buy

    

Counterparty

     Settlement
Date
       In Exchange
for
       Unrealized
Appreciation/
(Depreciation)
 
PLN     159,913     

Goldman Sachs International

       04/07/17          USD        39,151        $ 1,172  
PLN     44,474,356     

BNP Paribas S.A.

       04/11/17          USD        10,928,904          285,116  
TRY     5,839,586     

HSBC Bank plc

       04/10/17          USD        1,603,000          507  
TRY     21,353,335     

Barclays Bank plc

       04/20/17          USD        5,660,000          186,720  
TRY     40,788,000     

Royal Bank of Scotland plc

       06/19/17          USD        10,115,570          863,911  
TRY     40,788,000     

Royal Bank of Scotland plc

       06/19/17          USD        10,134,672          844,808  
TRY     7,954,583     

Citibank N.A.

       06/28/17          USD        2,023,243          112,589  
TRY     29,257,595     

HSBC Bank plc

       06/28/17          USD        7,553,271          302,492  
TRY     3,806,772     

Royal Bank of Scotland plc

       06/28/17          USD        982,570          39,561  
ZAR     25,369,772     

Citibank N.A.

       04/11/17          USD        1,920,000          (31,244
ZAR     465,065     

Bank of America N.A.

       04/24/17          USD        35,670          (1,124
ZAR     5,166,901     

Citibank N.A.

       04/24/17          USD        396,330          (12,531
ZAR     7,129,197     

JPMorgan Chase Bank N.A.

       05/23/17          USD        542,000          (15,084

Contracts to Deliver

                                        
AUD     910,000     

Westpac Banking Corp.

       06/21/17          USD        690,308          (3,945
BRL     3,003,770     

BNP Paribas S.A.

       04/04/17          USD        948,040          (11,447
BRL     4,066,428     

Goldman Sachs International

       04/04/17          USD        1,283,433          (15,497
BRL     3,711,752     

Goldman Sachs International

       04/04/17          USD        1,171,491          (14,145
BRL     2,755,428     

Goldman Sachs International

       04/04/17          USD        884,000          3,840  
BRL     2,710,952     

Goldman Sachs International

       04/04/17          USD        855,622          (10,331
BRL     2,265,625     

Goldman Sachs International

       04/04/17          USD        715,069          (8,634
BRL     3,046,610     

JPMorgan Chase Bank N.A.

       04/04/17          USD        957,000          (16,171
BRL     3,221,078     

Morgan Stanley & Co. International plc

       04/04/17          USD        1,032,000          3,099  
BRL     3,015,050     

Morgan Stanley & Co. International plc

       04/04/17          USD        940,000          (23,090
BRL     6,693,011     

Royal Bank of Scotland plc

       04/04/17          USD        2,140,000          2,068  
BRL     3,002,472     

Royal Bank of Scotland plc

       04/04/17          USD        947,630          (11,442
BRL     9,383     

Royal Bank of Scotland plc

       04/04/17          USD        3,000          3  
BRL     11,866,906     

Barclays Bank plc

       05/03/17          USD        3,714,270          (51,378
BRL     2,198,093     

UBS AG

       05/03/17          USD        694,500          (3,006
BRL     1,431,000     

Citibank N.A.

       06/21/17          USD        450,000          925  
CHF     552,268     

Royal Bank of Scotland plc

       06/21/17          USD        550,000          (3,912
CHF     448,508     

UBS AG

       06/21/17          USD        450,000          156  
CLP     1,650,664,470     

BNP Paribas S.A.

       04/13/17          USD        2,499,000          (1,336
CNY     106,705,169     

BNP Paribas S.A.

       06/21/17          USD        15,329,000          (82,181
EUR     1,853,000     

Citibank N.A.

       04/05/17          USD        1,959,122          (17,742
EUR     3,898,000     

Morgan Stanley & Co. International plc

       04/05/17          USD        4,139,726          (18,838
EUR     2,553,098     

Goldman Sachs International

       04/19/17          USD        2,740,693          15,238  
EUR     1,528,000     

Goldman Sachs International

       06/21/17          USD        1,623,786          (12,299
EUR     360,000     

JPMorgan Chase Bank N.A.

       06/21/17          USD        387,205          1,740  
EUR     115,589     

Citibank N.A.

       02/21/18          USD        124,694          (768
EUR     190,815     

Deutsche Bank AG

       02/21/18          USD        205,145          (1,968
EUR     188,294     

Morgan Stanley & Co. International plc

       02/21/18          USD        202,425          (1,950
GBP     180,000     

BNP Paribas S.A.

       06/21/17          USD        221,202          (4,741
GBP     180,000     

Bank of America N.A.

       06/21/17          USD        221,239          (4,704
GBP     360,000     

JPMorgan Chase Bank N.A.

       06/21/17          USD        440,884          (11,003
JPY     109,556,674     

Deutsche Bank AG

       04/13/17          USD        955,500          (28,865
JPY     109,384,670     

Goldman Sachs International

       04/27/17          USD        986,000          2,674  
JPY     61,900,300     

JPMorgan Chase Bank N.A.

       06/21/17          USD        550,000          (7,694
KRW     1,693,046,000     

Barclays Bank plc

       04/11/17          USD        1,480,000          (34,109
KRW     1,311,444,600     

JPMorgan Chase Bank N.A.

       04/18/17          USD        1,139,000          (33,944
KRW     624,360,000     

JPMorgan Chase Bank N.A.

       06/21/17          USD        550,000          (8,818
KRW     201,456,000     

JPMorgan Chase Bank N.A.

       06/21/17          USD        180,000          (308
MXN     7,442,599     

Deutsche Bank AG

       04/05/17          USD        372,572          (24,893
MXN     11,160,083     

Royal Bank of Scotland plc

       04/05/17          USD        558,857          (37,135
MXN     7,441,518     

UBS AG

       04/05/17          USD        372,571          (24,835

 

BHFTII-30


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

 

Contracts to Deliver

    

Counterparty

   Settlement
Date
     In Exchange
for
     Unrealized
Appreciation/
(Depreciation)
 
MXN     7,322,444     

BNP Paribas S.A.

     04/06/17        USD        388,714      $ (2,271
MXN     10,968,448     

Bank of America N.A.

     04/06/17        USD        583,071        (2,594
MXN     18,939,348     

Barclays Bank plc

     04/06/17        USD        955,500        (55,776
MXN     7,322,300     

Barclays Bank plc

     04/06/17        USD        388,714        (2,263
MXN     18,780,830     

Goldman Sachs International

     04/06/17        USD        955,500        (47,311
MXN     17,248,950     

Goldman Sachs International

     04/06/17        USD        810,000        (111,016
MXN     7,325,165     

HSBC Bank plc

     04/06/17        USD        388,714        (2,416
MXN     7,319,412     

HSBC Bank plc

     04/06/17        USD        388,714        (2,109
MXN     7,314,320     

HSBC Bank plc

     04/06/17        USD        388,714        (1,837
MXN     3,656,340     

UBS AG

     04/06/17        USD        194,357        (875
MXN     5,648,181     

Citibank N.A.

     04/17/17        USD        294,662        (6,409
MXN     17,646,974     

Goldman Sachs International

     04/17/17        USD        920,818        (19,838
MXN     8,027,678     

Goldman Sachs International

     04/24/17        USD        405,000        (22,449
MXN     24,097,632     

JPMorgan Chase Bank N.A.

     04/24/17        USD        1,215,640        (67,484
MXN     97,069,778     

Royal Bank of Scotland plc

     05/23/17        USD        4,682,236        (463,397
MXN     381,664,629     

Goldman Sachs International

     06/21/17        USD        19,565,000        (579,717
MXN     379,552,880     

Morgan Stanley & Co. International plc

     06/21/17        USD        19,040,000        (993,256
MXN     6,916,229     

Morgan Stanley & Co. International plc

     06/21/17        USD        360,000        (5,047
MXN     7,139,520     

Nomura International plc

     06/21/17        USD        360,000        (16,832
NOK     3,461,221     

Morgan Stanley & Co. International plc

     06/21/17        USD        410,000        6,564  
NOK     3,056,677     

Morgan Stanley & Co. International plc

     06/21/17        USD        360,000        3,717  
PLN     6,046,046     

HSBC Bank plc

     04/07/17        USD        1,482,000        (42,542
PLN     31,582,056     

BNP Paribas S.A.

     04/11/17        USD        7,619,130        (344,152
PLN     355,967     

Barclays Bank plc

     04/11/17        USD        87,440        (2,316
PLN     12,536,333     

HSBC Bank plc

     04/11/17        USD        2,997,643        (163,341
RUB     38,160,399     

Barclays Bank plc

     04/18/17        USD        625,683        (50,128
RUB     20,147,982     

Barclays Bank plc

     04/18/17        USD        331,709        (25,107
RUB     6,390,371     

Barclays Bank plc

     04/18/17        USD        105,713        (7,459
RUB     101,050,825     

Citibank N.A.

     04/18/17        USD        1,668,813        (120,771
RUB     69,462,781     

Citibank N.A.

     04/18/17        USD        1,134,642        (95,526
RUB     6,390,371     

Citibank N.A.

     04/18/17        USD        105,678        (7,494
RUB     3,196,759     

Citibank N.A.

     04/18/17        USD        52,787        (3,827
RUB     159,982,647     

Credit Suisse International

     04/18/17        USD        2,645,216        (188,036
RUB     79,127,094     

Credit Suisse International

     04/18/17        USD        1,303,877        (97,443
RUB     78,746,320     

Credit Suisse International

     04/18/17        USD        1,288,073        (106,505
RUB     78,746,320     

Credit Suisse International

     04/18/17        USD        1,286,494        (108,083
RUB     57,041,664     

Credit Suisse International

     04/18/17        USD        937,260        (72,933
RUB     38,217,788     

Credit Suisse International

     04/18/17        USD        629,981        (46,846
RUB     29,319,325     

Credit Suisse International

     04/18/17        USD        486,394        (32,844
RUB     72,303,000     

HSBC Bank plc

     04/18/17        USD        1,195,733        (84,734
RUB     69,837,086     

HSBC Bank plc

     04/18/17        USD        1,144,870        (91,927
RUB     38,160,399     

JPMorgan Chase Bank N.A.

     04/18/17        USD        626,402        (49,409
RUB     57,945,351     

Morgan Stanley & Co. International plc

     04/18/17        USD        961,509        (64,688
RUB     45,735,286     

Credit Suisse International

     06/16/17        USD        776,728        (22,306
RUB     209,291,897     

Goldman Sachs International

     06/16/17        USD        3,554,550        (101,954
RUB     15,040,800     

Goldman Sachs International

     06/16/17        USD        253,127        (9,648
TRY     2,622,747     

Goldman Sachs International

     04/10/17        USD        692,000        (28,187
TRY     20,644,284     

Citibank N.A.

     04/20/17        USD        5,660,000        7,424  
TRY     7,138,635     

Deutsche Bank AG

     05/03/17        USD        1,942,293        (5,094
TRY     40,788,000     

Citibank N.A.

     06/19/17        USD        10,356,753        (622,727
TRY     40,788,000     

Royal Bank of Scotland plc

     06/19/17        USD        10,341,261        (638,220
TRY     40,788,000     

Citibank N.A.

     06/28/17        USD        10,406,164        (545,552
TRY     230,950     

Goldman Sachs International

     06/28/17        USD        60,225        (1,785
ZAR     3,429,373     

BNP Paribas S.A.

     04/11/17        USD        258,462        3,148  
ZAR     12,244,972     

Barclays Bank plc

     04/11/17        USD        923,077        11,450  
ZAR     9,814,615     

Citibank N.A.

     04/11/17        USD        738,462        7,773  

 

BHFTII-31


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

 

Contracts to Deliver

    

Counterparty

     Settlement
Date
       In Exchange
for
       Unrealized
Appreciation/
(Depreciation)
 
ZAR     5,081,181     

Deutsche Bank AG

       04/24/17          USD        380,000        $ 2,568  
ZAR     7,739,114     

HSBC Bank plc

       05/23/17          USD        594,000          22,005  

Cross Currency Contracts to Buy

                                 
AUD     1,643,400     

Goldman Sachs International

       04/10/17          JPY        139,857,004          (1,064
AUD     1,643,400     

Goldman Sachs International

       04/10/17          JPY        139,981,738          (2,184
AUD     1,643,400     

Citibank N.A.

       04/10/17          JPY        142,474,398          (24,579
AUD     360,000     

BNP Paribas S.A.

       06/21/17          NOK        2,333,898          2,613  
CAD     518,765     

BNP Paribas S.A.

       06/21/17          EUR        360,000          5,045  
CAD     259,322     

UBS AG

       06/21/17          EUR        180,000          2,477  
EUR     730,000     

UBS AG

       06/21/17          SEK        6,933,239          4,978  
EUR     270,000     

UBS AG

       06/21/17          CAD        384,361          (236
EUR     270,000     

UBS AG

       06/21/17          CAD        386,370          (1,749
EUR     270,000     

JPMorgan Chase Bank N.A.

       06/21/17          JPY        32,780,349          (6,237
EUR     360,000     

Deutsche Bank AG

       06/21/17          JPY        43,703,168          (8,281
JPY     141,627,718     

Citibank N.A.

       04/10/17          AUD        1,643,400          16,972  
JPY     46,325,780     

HSBC Bank plc

       04/10/17          AUD        547,800          (2,280
JPY     116,711,760     

Bank of America N.A.

       04/17/17          MXN        20,095,000          (22,338
JPY     46,618,208     

Citibank N.A.

       06/21/17          SEK        3,640,000          12,257  
NOK     588,185     

UBS AG

       06/21/17          AUD        90,000          (104
NOK     588,115     

Morgan Stanley & Co. International plc

       06/21/17          AUD        90,000          (112
NOK     1,176,367     

UBS AG

       06/21/17          AUD        180,000          (209
NOK     2,351,477     

JPMorgan Chase Bank N.A.

       06/21/17          AUD        360,000          (564
NZD     495,840     

Bank of America N.A.

       06/21/17          AUD        455,000          (228
SEK     6,983,290     

UBS AG

       06/21/17          EUR        730,000          629  
SEK     5,225,711     

BNP Paribas S.A.

       06/21/17          EUR        550,000          (3,522
SEK     3,640,000     

Citibank N.A.

       06/21/17          JPY        46,301,892          (9,407
                      

 

 

 

Net Unrealized Depreciation

 

     $ (1,434,628
                      

 

 

 

Futures Contracts

 

Futures Contracts—Long

   Expiration
Date
     Number of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
 

90 Day Eurodollar Futures

     12/18/17        138       USD        33,939,563     $ 25,687  

U.S. Treasury Long Bond Futures

     06/21/17        409       USD        62,049,505       (354,411

U.S. Treasury Note 2 Year Futures

     06/30/17        1,056       USD        228,443,626       130,875  

U.S. Treasury Note 5 Year Futures

     06/30/17        1,813       USD        211,614,606       1,823,652  

Futures Contracts—Short

       

90 Day Eurodollar Futures

     12/17/18        (207     USD        (50,694,018     (15,806

90 Day Eurodollar Futures

     03/18/19        (291     USD        (71,154,167     (78,996

Euro-Bobl Futures

     06/08/17        (10     EUR        (1,321,693     3,939  

Euro-Bund Futures

     06/08/17        (130     EUR        (21,127,056     151,972  

U.S. Treasury Note 10 Year Futures

     06/21/17        (54     USD        (6,715,514     (10,861

U.S. Treasury Ultra Long Bond Futures

     06/21/17        (137     USD        (21,812,555     (193,070
            

 

 

 

Net Unrealized Appreciation

 

  $ 1,482,981  
            

 

 

 

 

BHFTII-32


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Written Options

 

Foreign Currency
Written Options

   Strike Price      Counterparty    Expiration Date      Notional
Amount
    Premiums
Received
    Market
Value
     Unrealized
Appreciation/
(Depreciation)
 

AUD Call/USD Put

     USD        0.767      BNP Paribas S.A.      04/06/17        (2,374,000   $ (6,025   $ (4,451    $ 1,574  

EUR Call/MXN Put

     MXN        21.600      Goldman Sachs & Co.      05/22/17        (1,599,000     (20,349     (6,861      13,488  

MXN Call/ JPY Put

     JPY        5.850      JPMorgan Chase Bank N.A.      04/11/17        (72,349,000     (25,645     (69,330      (43,685

USD Call/BRL Put

     BRL        3.350      Goldman Sachs & Co.      04/19/17        (1,389,000     (6,580     (590      5,990  

USD Call/BRL Put

     BRL        3.300      Morgan Stanley & Co.      05/18/17        (1,389,000     (11,004     (9,311      1,693  

USD Call/KRW Put

     KRW        1,185.000      Morgan Stanley & Co.      04/06/17        (3,200,000     (17,296            17,296  

USD Call/MXN Put

     MXN        22.600      JPMorgan Chase Bank N.A.      07/03/17        (2,010,000     (59,598     (1,608      57,990  

USD Call/TRY Put

     TRY        3.800      JPMorgan Chase Bank N.A.      05/05/17        (1,384,000     (33,089     (11,884      21,205  

USD Call/ZAR Put

     ZAR        12.800      UBS AG      05/19/17        (950,000     (16,886     (56,641      (39,755

USD Put/TRY Call

     TRY        3.800      Deutsche Bank AG      04/07/17        (1,206,000     (29,125     (52,759      (23,634
                

 

 

   

 

 

    

 

 

 

Totals

 

  $ (225,597   $ (213,435    $ 12,162  
                

 

 

   

 

 

    

 

 

 

 

Forward Volatility
Agreements

   Strike Volatility     Counterparty      Expiration Date      Notional
Amount
    Premiums
Received
     Market
Value
     Unrealized
Appreciation/
(Depreciation)
 

USD Put/EUR Call

     EUR        9.05     Deutsche Bank AG        06/05/17        (23,229,000   $      $ (68,766    $ (68,766

USD Put/EUR Call

     EUR        8.95     Deutsche Bank AG        06/05/17        (46,456,000            (117,654      (117,654

USD Put/EUR Call

     EUR        8.95     Deutsche Bank AG        06/05/17        (46,460,000            (117,664      (117,664
               

 

 

    

 

 

    

 

 

 

Totals

                $      $ (304,084    $ (304,084
               

 

 

    

 

 

    

 

 

 

Swap Agreements

OTC Interest Rate Swaps

 

Pay/Receive
Floating Rate

   Floating
Rate Index
   Fixed
Rate
    Maturity
Date
  

Counterparty

   Notional
Amount
     Market
Value
    Upfront
Premium
Paid/(Received)
     Unrealized
Appreciation/
(Depreciation)
 

Pay

   1-Day CDI      10.980   01/02/20    JPMorgan Chase Bank N.A.      BRL        3,987,375      $ 25,228     $      $ 25,228  

Pay

   1-Day CDI      11.000   01/02/20    Bank of America N.A.      BRL        7,973,478        74,618              74,618  

Pay

   1-Day CDI      11.020   01/02/20    Citigroup Global Markets Inc.      BRL        4,248,324        28,059              28,059  

Pay

   1-Day CDI      11.097   01/02/20    Goldman Sachs International      BRL        3,911,516        27,112              27,112  

Pay

   1-Day CDI      11.375   01/02/20    JPMorgan Chase Bank N.A.      BRL        744,258        6,494              6,494  

Pay

   1-Day CDI      9.730   01/02/20    Citibank N.A.      BRL        21,688,790        15,776              15,776  

Pay

   1-Day CDI      9.730   01/02/20    JPMorgan Chase Bank N.A.      BRL        21,688,790        15,776              15,776  

Pay

   1-Day CDI      9.730   01/02/20    JPMorgan Chase Bank N.A.      BRL        21,688,791        15,776              15,776  

Pay

   28-Day TIIE      6.270   12/05/25    Bank of America N.A.      MXN        2,209,451        (8,767            (8,767

Pay

   28-Day TIIE      6.325   07/17/25    Citigroup Global Markets Inc.      MXN        19,973,500        (71,724            (71,724

Pay

   28-Day TIIE      6.330   08/06/25    Citigroup Global Markets Inc.      MXN        59,593,000        (214,181            (214,181

Pay

   28-Day TIIE      6.980   11/28/18    JPMorgan Chase Bank N.A.      MXN        92,466,976        (12,418            (12,418

Pay

   28-Day TIIE      6.980   11/28/18    Citigroup Global Markets Inc.      MXN        163,000,000        (21,890            (21,890

Pay

   28-Day TIIE      7.060   11/21/18    JPMorgan Chase Bank N.A.      MXN        114,610,942        (7,650            (7,650

Pay

   28-Day TIIE      7.070   11/21/18    Citigroup Global Markets Inc.      MXN        95,509,119        (5,571            (5,571

Pay

   3M KWCDC      1.920   11/10/17    Deutsche Bank AG      KRW        6,513,071,110        16,176              16,176  

Receive

   1-Day CDI      12.100   01/02/18    Bank of America N.A.      BRL        18,999,374        (60,093            (60,093

 

BHFTII-33


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements—(Continued)

 

Pay/Receive
Floating Rate

   Floating
Rate Index
   Fixed
Rate
    Maturity
Date
 

Counterparty

   Notional
Amount
    Market
Value
    Upfront
Premium
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
 

Receive

   1-Day CDI      12.850   07/03/17   JPMorgan Chase Bank N.A.      BRL       1,254,878     $ (890   $     $ (890

Receive

   1-Day CDI      13.110   07/03/17   Citigroup Global Markets Inc.      BRL       20,271,357       (21,771           (21,771

Receive

   1-Day CDI      13.130   07/03/17   Bank of America N.A.      BRL       16,890,391       (18,886           (18,886

Receive

   1-Day CDI      9.980%     01/02/18   JPMorgan Chase Bank N.A.      BRL       36,143,971       (2,813           (2,813

Receive

   1-Day CDI      9.980%     01/02/18   JPMorgan Chase Bank N.A.      BRL       36,143,970       (2,813           (2,813

Receive

   1-Day CDI      9.985%     01/02/18   Citibank N.A.      BRL       36,142,712       (3,188           (3,188

Receive

   28-Day TIIE      4.300%     12/07/17   Bank of America N.A.      MXN       12,027,855       12,089             12,089  

Receive

   28-Day TIIE      4.550%     03/21/18   Barclays Bank plc      MXN       26,793,819       34,971             34,971  

Receive

   28-Day TIIE      4.700%     12/06/18   Bank of America N.A.      MXN       8,147,763       17,112             17,112  

Receive

   28-Day TIIE      4.760%     12/06/18   Citigroup Global Markets Inc.      MXN       8,147,763       16,691             16,691  

Receive

   28-Day TIIE      4.770%     12/05/18   Citigroup Global Markets Inc.      MXN       8,147,763       16,593             16,593  

Receive

   28-Day TIIE      4.850%     11/01/18   Bank of America N.A.      MXN       22,482,829       41,915             41,915  

Receive

   28-Day TIIE      6.307%     08/11/25   Deutsche Bank AG      MXN       74,533,884       274,729             274,729  

Receive

   28-Day TIIE      6.310%     08/11/25   Bank of America N.A.      MXN       20,079,000       73,813             73,813  

Receive

   28-Day TIIE      6.310%     08/11/25   Bank of America N.A.      MXN       20,079,000       73,813             73,813  

Receive

   3M KWCDC      1.690%     11/10/17   Deutsche Bank AG      KRW       6,513,071,110       (7,893           (7,893
                

 

 

   

 

 

   

 

 

 

Totals

 

  $ 326,193     $     $ 326,193  
                

 

 

   

 

 

   

 

 

 

Centrally Cleared Interest Rate Swaps

 

Pay/Receive Floating Rate

     Floating
Rate Index
     Fixed
Rate
     Maturity
Date
     Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Pay

     12M UKRPI      3.430%      10/15/26        GBP        14,941,740        $ (77,600)  

Pay

     12M UKRPI      3.447%      10/15/26        GBP        15,168,130          (38,517)  

Pay

     12M UKRPI      3.460%      10/15/26        GBP        15,168,130          (7,691)  

Pay

     12M UKRPI      3.590%      02/15/27        GBP        24,601,000          449,775  

Pay

     28-Day TIIE      6.320%      07/17/25        MXN        40,086,000          (144,023)  

Pay

     28-Day TIIE      7.155%      03/20/20        MXN        180,826,098          1,533  

Pay

     28-Day TIIE      7.165%      03/20/20        MXN        180,823,902          4,173  

Pay

     28-Day TIIE      7.320%      02/20/20        MXN        267,852,955          65,604  

Pay

     28-Day TIIE      7.345%      02/20/20        MXN        26,217,045          7,355  

Pay

     28-Day TIIE      7.445%      03/07/22        MXN        91,257,182          52,700  

Pay

     28-Day TIIE      7.470%      03/07/22        MXN        45,626,378          28,956  

Pay

     28-Day TIIE      7.480%      03/07/22        MXN        45,627,440          30,000  

Pay

     28-Day TIIE      7.815%      03/04/37        MXN        36,510,799          13,215  

Pay

     28-Day TIIE      7.850%      03/02/37        MXN        36,299,201          20,884  

Pay

     3M LIBOR      2.131%      08/25/25        USD        1,285,000          (19,581)  

Receive

     12M UKRPI      3.365%      10/15/21        GBP        14,941,740          117,218  

Receive

     12M UKRPI      3.385%      10/15/21        GBP        15,168,130          97,820  

Receive

     12M UKRPI      3.390%      10/15/21        GBP        15,168,130          92,524  

Receive

     28-Day TIIE      7.361%      01/28/19        MXN        300,263,934          (63,880)  

Receive

     3M LIBOR      2.272%      09/11/25        USD        955,000          4,395  
                           

 

 

 

Net Unrealized Appreciation

 

     $ 634,860  
                           

 

 

 

 

BHFTII-34


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

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

 

Reference Obligation

   Fixed Deal
(Pay) Rate
     Maturity
Date
     Implied Credit
Spread at
March 31,
2017(b)
     Notional
Amount(c)
     Unrealized
Depreciation
 

CDX.NA.IG.28.V1

     (1.000%)        06/20/22        0.662%        USD        40,782,000      $ (27,934)  
                 

 

 

 

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

 

Reference Obligation

   Fixed Deal
Receive
Rate
     Maturity
Date
     Implied Credit
Spread at
March 31,
2017(b)
     Notional
Amount(c)
     Unrealized
Appreciation
 

CDX.NA.HY.27.V1

     5.000%        12/20/21        3.088%        USD        9,147,000      $ 106,296  

CDX.NA.HY.28.V1

     5.000%        06/20/22        3.373%        USD        27,273,000        155,289  
                 

 

 

 

Net Unrealized Appreciation

 

   $ 261,585  
                 

 

 

 

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

 

Reference Obligation

  Fixed Deal
(Pay) Rate
    Maturity
Date
   

Counterparty

  Implied Credit
Spread at
March 31,
2017(b)
     Notional
Amount(c)
    Market
Value
    Upfront
Premium
Paid/
(Received)
    Unrealized
Appreciation/
(Depreciation)
 

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       12/20/21     Bank of America N.A.     1.494%        USD       175,000     $ 3,849     $ 10,450     $ (6,601)  

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       12/20/21     Bank of America N.A.     1.494%        USD       175,000       3,849       10,450       (6,601)  

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       12/20/21     Bank of America N.A.     1.494%        USD       175,000       3,849       10,450       (6,601)  

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       12/20/21     Bank of America N.A.     1.494%        USD       175,000       3,849       10,374       (6,525)  

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       12/20/21     Bank of America N.A.     1.494%        USD       175,000       3,849       10,374       (6,525)  

Federation of Russia
7.50% due 03/31/30

    (1.000%)       12/20/21     Bank of America N.A.     1.494%        USD       105,000       2,309       6,270       (3,961)  

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       12/20/21     JPMorgan Chase Bank N.A.     1.494%        USD       955,000       21,002       59,488       (38,486)  

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       06/20/22     Bank of America N.A.     1.655%        USD       3,260,000       103,761       143,095       (39,334)  

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       06/20/22     Bank of America N.A.     1.655%        USD       1,630,000       51,880       70,684       (18,804)  

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       06/20/22     Bank of America N.A.     1.655%        USD       980,000       31,192       44,295       (13,103)  

Federation of Russia
7.500%, due 03/31/30

    (1.000%)       06/20/22     JPMorgan Chase Bank N.A.     1.655%        USD       3,260,000       103,761       142,647       (38,886)  

HSBC Bank plc
3.750%, due 11/30/16

    (1.000%)       06/20/22     BNP Paribas S.A.     0.635%        EUR       7,490,000       (151,447)       (158,131)       6,684  

HSBC Bank plc
3.750%, due 11/30/16

    (1.000%)       06/20/22     BNP Paribas S.A.     0.635%        EUR       7,874,000       (159,211)       (150,594)       (8,617)  

HSBC Bank plc
3.750%, due 11/30/16

    (1.000%)       06/20/22     BNP Paribas S.A.     0.635%        EUR       9,381,000       (189,683)       (198,055)       8,372  

HSBC Bank plc
3.750%, due 11/30/16

    (1.000%)       06/20/22     Bank of America N.A.     0.635%        EUR       1,086,000       (21,959)       (19,961)       (1,998)  

HSBC Bank plc
3.750%, due 11/30/16

    (1.000%)       06/20/22     Citibank N.A.     0.635%        EUR       3,575,000       (72,286)       (65,711)       (6,575)  

HSBC Bank plc
3.750%, due 11/30/16

    (1.000%)       06/20/22     Citibank N.A.     0.635%        EUR       7,246,000       (146,513)       (133,186)       (13,327)  

 

BHFTII-35


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Reference Obligation

  Fixed Deal
(Pay) Rate
    Maturity
Date
   

Counterparty

  Implied Credit
Spread at
March 31,
2017(b)
     Notional
Amount(c)
    Market
Value
    Upfront
Premium
Paid/
(Received)
    Unrealized
Appreciation/
(Depreciation)
 

Loews Corp.
6.000%, due 02/01/35

    (1.000%)       12/20/20     Barclays Bank plc     0.177%        USD       2,145,000     $ (64,226)     $ (75,932)     $ 11,706  

Mexico Government International Bond
5.950%, due 03/19/19

    (1.000%)       06/20/20     JPMorgan Chase Bank N.A.     0.732%        USD       3,824,276       (32,162)       33,406       (65,568)  

Mexico Government International Bond
5.950%, due 03/19/19

    (1.000%)       09/20/20     Bank of America N.A.     0.811%        USD       3,824,276       (24,349)       50,241       (74,590)  

Republic of Argentina
7.625%, due 04/22/46

    (5.000%)       06/20/22     Barclays Bank plc     3.672%        USD       2,393,100       (147,050)       (116,708)       (30,342)  

Republic of Philippines 10.625%, due 03/16/25

    (1.000%)       06/20/22     JPMorgan Chase Bank N.A.     0.819%        USD       6,851,071       (60,906)       (18,293)       (42,613)  

Republic of South Africa 5.500%, due 03/09/20

    (1.000%)       06/20/22     Bank of America N.A.     2.156%        USD       1,965,000       108,784       101,474       7,310  

Republic of South Africa 5.500%, due 03/09/20

    (1.000%)       06/20/22     Barclays Bank plc     2.156%        USD       2,154,000       119,247       110,014       9,233  

Republic of South Africa 5.500%, due 03/09/20

    (1.000%)       06/20/22     Citibank N.A.     2.156%        USD       4,815,000       266,562       248,650       17,912  

Republic of South Africa 5.500%, due 03/09/20

    (1.000%)       06/20/22     Goldman Sachs & Co.     2.156%        USD       1,202,000       66,544       61,936       4,608  

Standard Chartered Bank 0.431%, due 09/04/17

    (1.000%)       06/20/22     BNP Paribas S.A.     0.800%        EUR       6,568,000       (72,436)       (59,904)       (12,532)  

Standard Chartered Bank 0.431%, due 09/04/17

    (1.000%)       06/20/22     BNP Paribas S.A.     0.800%        EUR       7,293,000       (80,432)       (66,227)       (14,205)  

Standard Chartered Bank 0.431%, due 09/04/17

    (1.000%)       06/20/22     Citibank N.A.     0.800%        EUR       3,000,000       (33,086)       (24,734)       (8,352)  

Standard Chartered Bank 0.431%, due 09/04/17

    (1.000%)       06/20/22     Citibank N.A.     0.800%        EUR       3,748,000       (41,335)       (30,901)       (10,434)  

Standard Chartered Bank 0.431%, due 09/04/17

    (1.000%)       06/20/22     Citibank N.A.     0.800%        EUR       4,122,000       (45,460)       (33,984)       (11,476)  

Standard Chartered Bank 0.431%, due 09/04/17

    (1.000%)       06/20/22     Citibank N.A.     0.800%        EUR       12,383,000       (136,568)       (102,093)       (34,475)  

Valero Energy Corp.
8.750%, due 06/15/30

    (1.000%)       12/20/20     Morgan Stanley Capital Services, LLC     0.550%        USD       2,145,000       (34,864)       51,754       (86,618)  
              

 

 

   

 

 

   

 

 

 

Totals

 

  $ (619,686)     $ (78,362)     $ (541,324)  
              

 

 

   

 

 

   

 

 

 

OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)

 

Reference Obligation

   Fixed Deal
Receive
Rate
     Maturity
Date
    

Counterparty

   Implied Credit
Spread at
March 31,
2017(b)
     Notional
Amount(c)
     Market
Value
     Upfront
Premium
(Received)
     Unrealized
Appreciation
 

Mexico Government International Bond 5.950%, due 03/19/19

     1.000%        06/20/20      Bank of America N.A.      0.732%        USD        3,824,276      $ 32,162      $ (38,756)      $ 70,918  

Mexico Government International Bond 5.950%, due 03/19/19

     1.000%        09/20/20      JPMorgan Chase Bank N.A.      0.811%        USD        3,824,276        24,349        (43,741)        68,090  
                    

 

 

    

 

 

    

 

 

 

Totals

 

   $ 56,511      $ (82,497)      $ 139,008  
                    

 

 

    

 

 

    

 

 

 

 

BHFTII-36


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

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

 

Reference Obligation

  Fixed Deal
(Pay) Rate
    Maturity
Date
   

Counterparty

  Implied Credit
Spread at
March 31,
2017(b)
     Notional
Amount(c)
    Market
Value
    Upfront
Premium
Paid/
(Received)
    Unrealized
Appreciation/
(Depreciation)
 

CMBX.NA.AAA.V6

    (0.500%)       05/11/63     Deutsche Bank AG     0.000%        USD       2,680,000     $ 1,671     $ 744     $ 927  

CMBX.NA.AAA.V6

    (0.500%)       05/11/63     Deutsche Bank AG     0.000%        USD       2,340,000       1,459       (883)       2,342  

CMBX.NA.AAA.V6

    (0.500%)       05/11/63     Deutsche Bank AG     0.000%        USD       1,670,000       1,041       242       799  

CMBX.NA.AAA.V8

    (0.500%)       10/17/57     Credit Suisse International     0.000%        USD       659,800       8,977       29,961       (20,984)  

CMBX.NA.AAA.V8

    (0.500%)       10/17/57     Morgan Stanley Capital Services, LLC     0.000%        USD       680,000       9,252       15,273       (6,021)  

CMBX.NA.AAA.V8

    (0.500%)       10/17/57     Morgan Stanley Capital Services, LLC     0.000%        USD       190,000       2,585       4,420       (1,835)  

CMBX.NA.BBB-.V6

    (3.000%)       05/11/63     Deutsche Bank AG     0.000%        USD       680,000       86,944       62,676       24,268  

CMBX.NA.BBB-.V6

    (3.000%)       05/11/63     JPMorgan Chase Bank N.A.     0.000%        USD       340,000       43,472       22,465       21,007  

CMBX.NA.BBB-.V6

    (3.000%)       05/11/63     JPMorgan Chase Bank N.A.     0.000%        USD       340,000       43,472       22,465       21,007  

CMBX.NA.BBB-.V6

    (3.000%)       05/11/63     JPMorgan Chase Bank N.A.     0.000%        USD       340,000       43,472       34,298       9,174  

CMBX.NA.BBB-.V6

    (3.000%)       05/11/63     Morgan Stanley Capital Services, LLC     0.000%        USD       340,000       43,472       20,627       22,845  
              

 

 

   

 

 

   

 

 

 

Totals

 

  $ 285,817     $ 212,288     $ 73,529  
              

 

 

   

 

 

   

 

 

 

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

 

Reference Obligation

  Fixed Deal
Receive Rate
    Maturity
Date
   

Counterparty

  Implied Credit
Spread at
March 31,
2017(b)
     Notional
Amount(c)
    Market
Value
    Upfront
Premium
(Received)
    Unrealized
Appreciation/
(Depreciation)
 

CMBX.NA.A.V8

    2.000%       10/17/57     Goldman Sachs & Co.     0.000%        USD       670,000     $ (40,539)     $ (38,377)     $ (2,162)  

CMBX.NA.A.V8

    2.000%       10/17/57     Morgan Stanley Capital Services, LLC     0.000%        USD       190,000       (11,496)       (22,074)       10,578  

CMBX.NA.A.V9

    2.000%       09/17/58     Credit Suisse International     0.000%        USD       540,000       (27,644)       (28,165)       521  

CMBX.NA.A.V9

    2.000%       09/17/58     Deutsche Bank AG     0.000%        USD       660,000       (33,788)       (34,251)       463  

CMBX.NA.A.V9

    2.000%       09/17/58     Morgan Stanley     0.000%        USD       660,000       (33,788)       (36,240)       2,452  

CMBX.NA.A.V9

    2.000%       09/17/58     Morgan Stanley Capital Services, LLC     0.000%        USD       340,000       (17,406)       (16,765)       (641)  

CMBX.NA.AAA.V7

    0.500%       01/17/47     Credit Suisse International     0.000%        USD       5,000,000       (30,593)       (156,398)       125,805  

CMBX.NA.AM.V4

    0.500%       02/17/51     Deutsche Bank AG     0.000%        USD       2,370,000       (14,072)       (359,977)       345,905  

CMBX.NA.BBB-.V10

    3.000%       11/17/59     JPMorgan Chase Bank N.A.     0.000%        USD       40,000       (4,075)       (3,575)       (500)  

CMBX.NA.BBB-.V6

    3.000%       05/11/63     Credit Suisse International     0.000%        USD       340,000       (43,472)       (28,925)       (14,547)  

CMBX.NA.BBB-.V9

    3.000%       09/17/58     Credit Suisse International     0.000%        USD       1,360,000       (159,864)       (144,499)       (15,365)  
              

 

 

   

 

 

   

 

 

 

Totals

 

  $ (416,737)     $ (869,246)     $ 452,509  
              

 

 

   

 

 

   

 

 

 

Securities in the amount of $73,872 have been received at the custodian bank as collateral for OTC swap contracts.

 

 

BHFTII-37


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

(a)   If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)   Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)   The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)   If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(AUD)—   Australian Dollar
(BRL)—   Brazilian Real
(CAD)—   Canadian Dollar
(CHF)—   Swiss Franc
(CLP)—   Chilean Peso
(CNY)—   Chinese Yuan
(EUR)—   Euro
(GBP)—   British Pound
(JPY)—   Japanese Yen
(KRW)—   South Korean Won
(MXN)—   Mexican Peso
(NOK)—   Norwegian Krone
(NZD)—   New Zealand Dollar
(PLN)—   Polish Zloty
(RUB)—   Russian Ruble
(SEK)—   Swedish Krona
(TRY)—   Turkish Lira
(USD)—   United States Dollar
(ZAR)—   South African Rand
(CDI)—   Brazil Interbank Deposit Rate
(CMBX)—   Commercial Mortgage-Backed Index
(CDX.NA.HY)—   Markit North America High Yield CDS Index
(CDX.NA.IG)—   Markit North America Investment Grade CDS Index
(CMBX.NA.A)—   Markit North America A Rated CMBS Index
(CMBX.NA.AAA)—   Markit North America AAA Rated CMBS Index
(CMBX.NA.AM)—   Markit North America Mezzanine AAA Rated CMBS Index
(CMBX.NA.BBB-)—   Markit North America BBB- Rated CMBS Index
(KWCDC)—   Korean Certificate of Deposit Rate
(LIBOR)—   London Interbank Offered Rate
(TIIE)—   Mexican Interbank Equilibrium Interest Rate
(UKRPI)—   United Kingdom Retail Price Index

 

BHFTII-38


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1     Level 2     Level 3      Total  

Total U.S. Treasury & Government Agencies*

   $ —       $ 2,023,434,667     $ —        $ 2,023,434,667  

Total Corporate Bonds & Notes*

     —         1,044,174,255       —          1,044,174,255  
Asset-Backed Securities          

Asset-Backed - Credit Card

     —         2,050,371       —          2,050,371  

Asset-Backed - Home Equity

     —         19,372,054       —          19,372,054  

Asset-Backed - Manufactured Housing

     —         17,516,394       —          17,516,394  

Asset-Backed - Other

     —         379,933,779       360,000        380,293,779  

Asset-Backed - Student Loan

     —         24,276,945       —          24,276,945  

Total Asset-Backed Securities

     —         443,149,543       360,000        443,509,543  

Total Mortgage-Backed Securities*

     —         227,383,527       —          227,383,527  

Total Foreign Government*

     —         128,048,963       —          128,048,963  

Total Municipals

     —         108,782,235       —          108,782,235  

Total Preferred Stock*

     7,790,834       —         —          7,790,834  
Purchased Options          

Currency Options

     —         1,179,809       —          1,179,809  

Options on Exchange-Traded Futures Contracts

     535,785       —         —          535,785  

Total Purchased Options

     535,785       1,179,809       —          1,715,594  

Total Short-Term Investments*

     —         224,901,585       —          224,901,585  

Total Securities Lending Reinvestments*

     —         186,883,810       —          186,883,810  

Total Investments

   $ 8,326,619     $ 4,387,938,394     $ 360,000      $ 4,396,625,013  
                                   

Collateral for Securities Loaned (Liability)

   $ —       $ (186,789,280   $ —        $ (186,789,280

TBA Forward Sales Commitments

   $ —       $ (367,681,793   $ —        $ (367,681,793
Forward Contracts          

Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)

   $ —       $ 5,506,472     $ —        $ 5,506,472  

Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)

     —         (6,941,100     —          (6,941,100

Total Forward Contracts

   $ —       $ (1,434,628   $ —        $ (1,434,628
Futures Contracts          

Futures Contracts (Unrealized Appreciation)

   $ 2,136,125     $ —       $ —        $ 2,136,125  

Futures Contracts (Unrealized Depreciation)

     (653,144     —         —          (653,144

Total Futures Contracts

   $ 1,482,981     $ —       $ —        $ 1,482,981  

 

BHFTII-39


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

 

Description    Level 1      Level 2     Level 3      Total  
Written Options           

Foreign Currency Written Options at Value

   $ —        $ (213,435   $ —        $ (213,435

Forward Volatility Agreements at Value

     —          (304,084     —          (304,084

Total Written Options

   $ —        $ (517,519   $ —        $ (517,519
Centrally Cleared Swap Contracts           

Centrally Cleared Swap Contracts (Unrealized Appreciation)

   $ —        $ 1,247,737     $ —        $ 1,247,737  

Centrally Cleared Swap Contracts (Unrealized Depreciation)

     —          (379,226     —          (379,226

Total Centrally Cleared Swap Contracts

   $ —        $ 868,511     $ —        $ 868,511  
OTC Swap Contracts           

OTC Swap Contracts at Value (Assets)

   $ —        $ 2,023,356     $ —        $ 2,023,356  

OTC Swap Contracts at Value (Liabilities)

     —          (2,391,258     —          (2,391,258

Total OTC Swap Contracts

   $ —        $ (367,902   $ —        $ (367,902

 

*   See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

 

BHFTII-40


Table of Contents

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—99.1% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—0.9%  

TransDigm Group, Inc.

    73,165     $ 16,108,006  
   

 

 

 
Banks—5.0%  

Bank of America Corp.

    1,666,239       39,306,578  

Citigroup, Inc.

    253,872       15,186,623  

First Republic Bank (a)

    125,607       11,783,193  

SunTrust Banks, Inc. (a)

    122,553       6,777,181  

Wells Fargo & Co.

    301,517       16,782,436  
   

 

 

 
      89,836,011  
   

 

 

 
Beverages—2.5%  

Constellation Brands, Inc. - Class A (a)

    275,268       44,612,685  
   

 

 

 
Biotechnology—6.9%  

Alexion Pharmaceuticals, Inc. (a) (b)

    474,303       57,504,496  

Biogen, Inc. (b)

    121,470       33,212,327  

Celgene Corp. (b)

    154,942       19,279,433  

Regeneron Pharmaceuticals, Inc. (a) (b)

    35,202       13,641,127  
   

 

 

 
      123,637,383  
   

 

 

 
Chemicals—2.0%  

Monsanto Co.

    96,082       10,876,482  

Sherwin-Williams Co. (The)

    83,966       26,045,414  
   

 

 

 
      36,921,896  
   

 

 

 
Diversified Financial Services—1.5%  

Berkshire Hathaway, Inc. - Class B (b)

    159,055       26,511,287  
   

 

 

 
Diversified Telecommunication Services—0.5%  

Zayo Group Holdings, Inc. (b)

    253,167       8,329,194  
   

 

 

 
Electrical Equipment—1.7%  

Acuity Brands, Inc. (a)

    151,374       30,880,296  
   

 

 

 
Equity Real Estate Investment Trusts—2.6%  

Equinix, Inc.

    55,251       22,120,843  

SBA Communications Corp. (b)

    199,304       23,990,222  
   

 

 

 
      46,111,065  
   

 

 

 
Health Care Equipment & Supplies—2.7%  

Becton Dickinson & Co. (a)

    133,941       24,570,137  

Boston Scientific Corp. (b)

    938,659       23,344,449  
   

 

 

 
      47,914,586  
   

 

 

 
Health Care Providers & Services—5.7%  

Humana, Inc.

    112,815       23,255,684  

UnitedHealth Group, Inc.

    483,579       79,311,792  
   

 

 

 
      102,567,476  
   

 

 

 
Hotels, Restaurants & Leisure—1.5%  

Chipotle Mexican Grill, Inc. (a) (b)

    15,163       6,755,420  

Domino’s Pizza, Inc.

    109,773       20,231,164  
   

 

 

 
      26,986,584  
   

 

 

 
Industrial Conglomerates—1.1%  

Roper Technologies, Inc. (a)

    93,386     19,283,275  
   

 

 

 
Internet & Direct Marketing Retail—14.1%  

Amazon.com, Inc. (a) (b)

    155,270       137,653,066  

Netflix, Inc. (b)

    400,193       59,152,527  

Priceline Group, Inc. (The) (a) (b)

    32,402       57,674,588  
   

 

 

 
      254,480,181  
   

 

 

 
Internet Software & Services—14.1%  

Alibaba Group Holding, Ltd. (ADR) (a) (b)

    167,469       18,058,182  

Alphabet, Inc. - Class A (b)

    153,601       130,222,928  

Facebook, Inc. - Class A (a) (b)

    402,127       57,122,140  

Tencent Holdings, Ltd.

    1,699,900       48,795,493  
   

 

 

 
      254,198,743  
   

 

 

 
IT Services—8.4%  

Cognizant Technology Solutions Corp. - Class A (b)

    308,320       18,351,206  

FleetCor Technologies, Inc. (a) (b)

    136,889       20,729,101  

Global Payments, Inc. (a)

    392,101       31,634,709  

Vantiv, Inc. - Class A (b)

    334,614       21,455,450  

Visa, Inc. - Class A

    668,019       59,366,848  
   

 

 

 
      151,537,314  
   

 

 

 
Multiline Retail—0.4%  

Dollar Tree, Inc. (a) (b)

    93,152       7,308,706  
   

 

 

 
Oil, Gas & Consumable Fuels—1.3%  

EOG Resources, Inc.

    74,212       7,239,381  

Pioneer Natural Resources Co. (a)

    88,939       16,563,110  
   

 

 

 
      23,802,491  
   

 

 

 
Pharmaceuticals—0.8%  

Zoetis, Inc. (a)

    277,135       14,790,695  
   

 

 

 
Professional Services—1.5%  

Equifax, Inc. (a)

    198,078       27,085,186  
   

 

 

 
Semiconductors & Semiconductor Equipment—4.4%  

ASML Holding NV (a)

    307,610       40,850,608  

Broadcom, Ltd.

    142,616       31,227,200  

NVIDIA Corp. (a)

    73,382       7,993,501  
   

 

 

 
      80,071,309  
   

 

 

 
Software—10.9%  

Activision Blizzard, Inc.

    692,269       34,516,532  

Adobe Systems, Inc. (b)

    196,268       25,540,355  

Autodesk, Inc. (a) (b)

    316,356       27,355,303  

Microsoft Corp.

    1,251,943       82,452,966  

Salesforce.com, Inc. (b)

    213,544       17,615,245  

Snap, Inc. - Class A (b)

    403,338       9,087,205  
   

 

 

 
      196,567,606  
   

 

 

 

 

BHFTII-41


Table of Contents

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Specialty Retail—3.0%  

Home Depot, Inc. (The)

    261,780     $ 38,437,157  

Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)

    53,541       15,271,500  
   

 

 

 
      53,708,657  
   

 

 

 
Technology Hardware, Storage & Peripherals—2.6%  

Apple, Inc.

    323,339       46,450,881  
   

 

 

 
Textiles, Apparel & Luxury Goods—3.0%  

NIKE, Inc. - Class B

    964,230       53,736,538  
   

 

 

 

Total Common Stocks
(Cost $1,437,277,138)

      1,783,438,051  
   

 

 

 
Preferred Stock—0.6%  
Software—0.6%  

Palantir Technologies, Inc. - Series I (b) (c) (d) (Cost $15,555,194)

    2,537,552       10,277,086  
   

 

 

 
Short-Term Investment—0.5%  
Repurchase Agreement—0.5%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $7,996,136 on 04/03/17, collateralized by $7,615,000 U.S. Treasury Note at 3.500% due 05/15/20 with a value of $8,157,081.

    7,996,077       7,996,077  
   

 

 

 

Total Short-Term Investments
(Cost $7,996,077)

      7,996,077  
   

 

 

 
Securities Lending Reinvestments (e)—8.4%  
Certificates of Deposit—4.1%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    1,495,673       1,498,770  

Zero Coupon, 06/23/17

    2,988,301       2,992,620  

Banco Del Estado De Chile New York
1.426%, 06/21/17 (f)

    1,500,000       1,500,813  

Bank of Montreal Chicago
1.081%, 09/06/17 (f)

    4,500,000       4,504,593  

Bank of Nova Scotia Houston
1.355%, 11/03/17 (f)

    1,500,000       1,501,648  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (f)

    3,000,000       3,001,449  

1.510%, 08/18/17

    2,018,512       2,001,258  

Canadian Imperial Bank
1.392%, 10/27/17 (f)

    1,000,000       1,001,203  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    750,000       750,008  

1.240%, 05/11/17

    500,000       500,133  
Certificates of Deposit—(Continued)  

Credit Suisse AG New York
1.581%, 05/12/17 (f)

    3,500,000     3,501,060  

1.676%, 04/24/17 (f)

    1,800,000       1,800,425  

Danske Bank A/S London
Zero Coupon, 05/12/17

    3,489,870       3,496,395  

KBC Bank NV
1.150%, 04/27/17

    5,000,000       4,997,050  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (f)

    3,000,000       2,999,823  

Mizuho Bank, Ltd., New York
1.184%, 09/01/17 (f)

    1,500,000       1,499,897  

1.339%, 08/02/17 (f)

    2,500,000       2,501,440  

1.582%, 04/26/17 (f)

    2,000,000       2,000,332  

National Australia Bank London
1.338%, 11/09/17 (f)

    2,000,000       1,996,740  

Norinchukin Bank New York
1.346%, 08/21/17 (f)

    1,500,000       1,500,469  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    3,500,000       3,499,884  

Royal Bank of Canada New York
1.298%, 03/20/18 (f)

    8,000,000       7,999,976  

Sumitomo Bank New York
1.410%, 05/05/17 (f)

    1,250,000       1,250,244  

Sumitomo Mitsui Banking Corp.
1.480%, 08/09/17

    1,513,850       1,500,867  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.572%, 04/26/17 (f)

    2,000,000       2,000,662  

Svenska Handelsbanken New York
1.508%, 05/18/17 (f)

    1,500,000       1,500,775  

Toronto Dominion Bank New York
1.221%, 03/13/18 (f)

    4,500,000       4,498,414  

1.330%, 01/10/18 (f)

    1,500,000       1,500,294  

UBS, Stamford
1.301%, 05/12/17 (f)

    1,100,000       1,100,271  

1.589%, 07/31/17 (f)

    1,302,818       1,303,581  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (f)

    1,250,000       1,252,044  

1.452%, 04/26/17 (f)

    800,000       800,213  
   

 

 

 
      73,753,351  
   

 

 

 
Commercial Paper—2.8%  

Barton Capital S.A.
1.110%, 04/21/17

    1,994,327       1,998,666  

Commonwealth Bank Australia
1.174%, 03/01/18

    4,500,000       4,501,836  

DCAT LLC
1.200%, 04/11/17

    899,040       899,752  

Den Norske ASA
1.432%, 04/27/17 (f)

    700,000       700,151  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (f)

    8,700,000       8,699,234  

HSBC plc
1.442%, 04/25/17 (f)

    2,500,000       2,500,450  

 

BHFTII-42


Table of Contents

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Paper—(Continued)  

Kells Funding LLC
1.010%, 05/25/17

    1,994,557     $ 1,996,314  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    498,516       499,390  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    1,994,400       1,998,702  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (f)

    6,000,000       6,000,492  

Ridgefield Funding Co. LLC
1.184%, 09/07/17 (f)

    2,500,000       2,499,705  

1.300%, 06/12/17

    2,984,942       2,992,917  

Sheffield Receivables Co.
1.170%, 04/04/17

    2,243,492       2,249,836  

Starbird Funding Corp.
1.441%, 06/13/17 (f)

    1,500,000       1,500,529  

Sumitomo Mitsui Trust Bank Ltd.
1.080%, 04/27/17

    4,986,500       4,995,975  

Versailles CDS LLC
1.050%, 06/05/17

    4,985,854       4,989,325  

Westpac Banking Corp.
1.380%, 10/20/17 (f)

    2,000,000       2,003,625  
   

 

 

 
      51,026,899  
   

 

 

 
Repurchase Agreements—0.7%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,115,466 on 04/03/17, collateralized by $1,604,334 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,137,703.

    1,115,395       1,115,395  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $100,645 on 07/03/17, collateralized by various Common Stock with a value of $110,000.

    100,000       100,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $19,770 on 04/03/17, collateralized by $20,001 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $20,164.

    19,768       19,768  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $3,100,336 on 04/03/17, collateralized by $478,945 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,403,759.

    3,100,000       3,100,000  
Repurchase Agreements—(Continued)  

Deutsche Bank AG, London
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $3,001,950 on 04/03/17, collateralized by $463,495 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,293,960.

    3,000,000     $ 3,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $1,005,760 on 06/02/17, collateralized by various Common Stock with a value of $1,100,000.

    1,000,000       1,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,211,750 on 07/03/17, collateralized by various Common Stock with a value of $1,320,000.

    1,200,000       1,200,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $3,000,233 on 04/03/17, collateralized by $8,980,423 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $3,060,000.

    3,000,000       3,000,000  
   

 

 

 
      12,535,163  
   

 

 

 
Time Deposits—0.8%  

Nordea Bank New York
0.810%, 04/03/17

    4,000,000       4,000,000  

OP Corporate Bank plc
1.180%, 04/24/17

    2,500,000       2,500,000  

1.200%, 04/10/17

    1,000,000       1,000,000  

Shinkin Central Bank
1.440%, 04/25/17

    2,500,000       2,500,000  

1.440%, 04/26/17

    5,000,000       5,000,000  

1.440%, 04/27/17

    100,000       100,000  
   

 

 

 
      15,100,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $152,397,296)

      152,415,413  
   

 

 

 

Total Investments—108.6%
(Cost $1,613,225,705) (g)

      1,954,126,627  

Other assets and liabilities
(net)—(8.6)%

      (154,415,772
   

 

 

 
Net Assets—100.0%     $ 1,799,710,855  
   

 

 

 

 

BHFTII-43


Table of Contents

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $148,889,649 and the collateral received consisted of cash in the amount of $152,375,814. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 0.6% of net assets.
(d)   Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $10,277,086, which is 0.6% of net assets. See details shown in the Restricted Securities table that follows.
(e)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(f)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(g)   As of March 31, 2017, the aggregate cost of investments was $1,613,225,705. The aggregate unrealized appreciation and depreciation of investments were $352,294,427 and $(11,393,505), respectively, resulting in net unrealized appreciation of $340,900,922.
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

 

Restricted Securities

   Acquisition
Date
     Shares      Cost      Value  

Palantir Technologies, Inc. - Series I

     02/07/14        2,537,552      $ 15,555,194      $ 10,277,086  
           

 

 

 

 

BHFTII-44


Table of Contents

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  
Common Stocks  

Aerospace & Defense

   $ 16,108,006      $ —       $ —        $ 16,108,006  

Banks

     89,836,011        —         —          89,836,011  

Beverages

     44,612,685        —         —          44,612,685  

Biotechnology

     123,637,383        —         —          123,637,383  

Chemicals

     36,921,896        —         —          36,921,896  

Diversified Financial Services

     26,511,287        —         —          26,511,287  

Diversified Telecommunication Services

     8,329,194        —         —          8,329,194  

Electrical Equipment

     30,880,296        —         —          30,880,296  

Equity Real Estate Investment Trusts

     46,111,065        —         —          46,111,065  

Health Care Equipment & Supplies

     47,914,586        —         —          47,914,586  

Health Care Providers & Services

     102,567,476        —         —          102,567,476  

Hotels, Restaurants & Leisure

     26,986,584        —         —          26,986,584  

Industrial Conglomerates

     19,283,275        —         —          19,283,275  

Internet & Direct Marketing Retail

     254,480,181        —         —          254,480,181  

Internet Software & Services

     205,403,250        48,795,493       —          254,198,743  

IT Services

     151,537,314        —         —          151,537,314  

Multiline Retail

     7,308,706        —         —          7,308,706  

Oil, Gas & Consumable Fuels

     23,802,491        —         —          23,802,491  

Pharmaceuticals

     14,790,695        —         —          14,790,695  

Professional Services

     27,085,186        —         —          27,085,186  

Semiconductors & Semiconductor Equipment

     80,071,309        —         —          80,071,309  

Software

     196,567,606        —         —          196,567,606  

Specialty Retail

     53,708,657        —         —          53,708,657  

Technology Hardware, Storage & Peripherals

     46,450,881        —         —          46,450,881  

Textiles, Apparel & Luxury Goods

     53,736,538        —         —          53,736,538  

Total Common Stocks

     1,734,642,558        48,795,493       —          1,783,438,051  

Total Preferred Stock*

     —          —         10,277,086        10,277,086  

Total Short-Term Investment*

     —          7,996,077       —          7,996,077  

Total Securities Lending Reinvestments*

     —          152,415,413       —          152,415,413  

Total Investments

   $ 1,734,642,558      $ 209,206,983     $ 10,277,086      $ 1,954,126,627  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (152,375,814   $ —        $ (152,375,814

 

*   See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

 

BHFTII-45


Table of Contents

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.9% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—0.1%  

Northrop Grumman Corp.

    4,260     $ 1,013,198  

Raytheon Co.

    4,745       723,613  
   

 

 

 
      1,736,811  
   

 

 

 
Airlines—0.5%  

American Airlines Group, Inc. (a)

    104,880       4,436,424  

Delta Air Lines, Inc.

    57,890       2,660,624  
   

 

 

 
      7,097,048  
   

 

 

 
Auto Components—1.2%  

Lear Corp.

    110,654       15,666,393  

Magna International, Inc.

    38,180       1,647,849  
   

 

 

 
      17,314,242  
   

 

 

 
Banks—13.2%  

Bank of America Corp.

    1,597,630       37,688,092  

Citigroup, Inc.

    1,246,199       74,547,624  

JPMorgan Chase & Co.

    669,161       58,779,102  

KeyCorp

    557,210       9,907,194  

Regions Financial Corp.

    939,871       13,656,326  
   

 

 

 
      194,578,338  
   

 

 

 
Beverages—0.3%  

PepsiCo, Inc.

    35,330       3,952,014  
   

 

 

 
Biotechnology—2.3%  

Gilead Sciences, Inc.

    498,450       33,854,724  
   

 

 

 
Capital Markets—2.4%  

Ameriprise Financial, Inc.

    32,760       4,248,317  

Morgan Stanley

    254,250       10,892,070  

Nasdaq, Inc.

    286,585       19,903,328  
   

 

 

 
      35,043,715  
   

 

 

 
Chemicals—0.8%  

Akzo Nobel NV (ADR)

    409,503       11,285,903  
   

 

 

 
Communications Equipment—5.1%  

Cisco Systems, Inc.

    2,232,936       75,473,237  
   

 

 

 
Consumer Finance—8.3%  

Capital One Financial Corp.

    553,330       47,951,578  

Discover Financial Services

    877,650       60,022,483  

SLM Corp. (a) (b)

    1,019,097       12,331,074  

Synchrony Financial

    65,380       2,242,534  
   

 

 

 
      122,547,669  
   

 

 

 
Containers & Packaging—1.3%  

Avery Dennison Corp.

    35,020       2,822,612  

Bemis Co., Inc. (a)

    90,710       4,432,091  

Crown Holdings, Inc. (b)

    84,540       4,476,393  

Graphic Packaging Holding Co.

    232,890       2,997,294  

Owens-Illinois, Inc. (a) (b)

    195,200       3,978,176  

Sealed Air Corp.

    3,390       147,736  
   

 

 

 
      18,854,302  
   

 

 

 
Diversified Telecommunication Services—1.5%  

Verizon Communications, Inc.

    446,647     21,774,041  
   

 

 

 
Electric Utilities—3.4%  

American Electric Power Co., Inc.

    62,800       4,215,764  

Duke Energy Corp.

    40,730       3,340,267  

Exelon Corp.

    1,190,040       42,817,639  
   

 

 

 
      50,373,670  
   

 

 

 
Energy Equipment & Services—0.6%  

Superior Energy Services, Inc. (a) (b)

    607,079       8,656,947  
   

 

 

 
Equity Real Estate Investment Trusts—0.2%  

Brixmor Property Group, Inc.

    150,180       3,222,863  
   

 

 

 
Food & Staples Retailing—4.6%  

CVS Health Corp.

    58,610       4,600,885  

Kroger Co. (The)

    1,045,704       30,837,811  

Rite Aid Corp. (b)

    278,664       1,184,322  

Walgreens Boots Alliance, Inc.

    365,750       30,375,537  
   

 

 

 
      66,998,555  
   

 

 

 
Food Products—0.6%  

Hormel Foods Corp. (a)

    71,650       2,481,240  

Mondelez International, Inc. - Class A

    114,680       4,940,414  

Pilgrim’s Pride Corp. (a)

    53,160       1,196,366  
   

 

 

 
      8,618,020  
   

 

 

 
Health Care Equipment & Supplies—7.0%  

Baxter International, Inc.

    864,092       44,811,811  

Hologic, Inc. (b)

    134,124       5,706,976  

Medtronic plc

    150,390       12,115,419  

Zimmer Biomet Holdings, Inc.

    331,008       40,419,387  
   

 

 

 
      103,053,593  
   

 

 

 
Hotels, Restaurants & Leisure—0.1%  

Darden Restaurants, Inc. (a)

    14,000       1,171,380  
   

 

 

 
Household Durables—0.9%  

Newell Brands, Inc. (a)

    261,870       12,352,408  

Tupperware Brands Corp. (a)

    26,680       1,673,369  
   

 

 

 
      14,025,777  
   

 

 

 
Independent Power and Renewable Electricity Producers—3.0%  

AES Corp.

    3,164,516       35,379,289  

Dynegy, Inc. (a) (b)

    1,179,150       9,268,119  
   

 

 

 
      44,647,408  
   

 

 

 
Industrial Conglomerates—0.3%  

Honeywell International, Inc.

    30,230       3,774,820  
   

 

 

 
Insurance—4.0%  

Athene Holding, Ltd. - Class A (a) (b)

    53,056       2,652,269  

Hartford Financial Services Group, Inc. (The)

    279,190       13,420,663  

Lincoln National Corp.

    191,730       12,548,729  

 

BHFTII-46


Table of Contents

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description       
    
Shares
    Value  
Insurance—(Continued)  

Prudential Financial, Inc.

    183,990     $ 19,628,053  

XL Group, Ltd. (a)

    281,650       11,226,569  
   

 

 

 
      59,476,283  
   

 

 

 
Internet Software & Services—0.8%  

eBay, Inc. (b)

    343,060       11,516,524  
   

 

 

 
IT Services—0.5%  

Fidelity National Information Services, Inc.

    18,180       1,447,492  

First Data Corp. - Class A (b)

    159,360       2,470,080  

Total System Services, Inc.

    63,340       3,386,156  
   

 

 

 
      7,303,728  
   

 

 

 
Media—3.4%  

Comcast Corp. - Class A

    539,160       20,267,024  

Interpublic Group of Cos., Inc. (The)

    337,820       8,300,237  

Omnicom Group, Inc.

    63,670       5,488,991  

Scripps Networks Interactive, Inc. - Class A (a)

    201,413       15,784,737  
   

 

 

 
      49,840,989  
   

 

 

 
Metals & Mining—0.5%  

Reliance Steel & Aluminum Co.

    91,170       7,295,423  
   

 

 

 
Mortgage Real Estate Investment Trusts—0.9%  

Starwood Property Trust, Inc. (a)

    581,320       13,126,206  
   

 

 

 
Multi-Utilities—0.1%  

Public Service Enterprise Group, Inc.

    39,700       1,760,695  
   

 

 

 
Multiline Retail—0.8%  

Dollar General Corp.

    159,330       11,110,081  
   

 

 

 
Oil, Gas & Consumable Fuels—12.9%  

Apache Corp. (a)

    914,070       46,974,057  

Devon Energy Corp.

    1,206,014       50,314,904  

Gulfport Energy Corp. (a) (b)

    1,194,660       20,536,205  

Hess Corp.

    24,480       1,180,181  

Marathon Oil Corp. (a)

    2,604,003       41,143,247  

Marathon Petroleum Corp.

    247,192       12,493,084  

Occidental Petroleum Corp.

    45,700       2,895,552  

Parsley Energy, Inc. - Class A (b)

    9,770       317,623  

Valero Energy Corp.

    177,220       11,747,914  

Whiting Petroleum Corp. (b)

    148,280       1,402,729  
   

 

 

 
      189,005,496  
   

 

 

 
Personal Products—0.2%  

Unilever NV

    56,930       2,828,282  
   

 

 

 
Pharmaceuticals—5.3%  

Novartis AG (ADR)

    233,970       17,376,952  

Pfizer, Inc.

    1,757,643       60,128,967  
   

 

 

 
      77,505,919  
   

 

 

 
Security Description   Shares/
Principal
Amount*
    Value  
Professional Services—2.4%  

Dun & Bradstreet Corp. (The)

    9,260     $ 999,525  

Nielsen Holdings plc (a)

    822,120       33,961,777  
   

 

 

 
      34,961,302  
   

 

 

 
Semiconductors & Semiconductor Equipment—4.7%  

NXP Semiconductors NV (b)

    41,000       4,243,500  

QUALCOMM, Inc.

    1,032,803       59,220,924  

Teradyne, Inc. (a)

    173,208       5,386,769  
   

 

 

 
      68,851,193  
   

 

 

 
Software—0.5%  

Oracle Corp.

    153,080       6,828,899  
   

 

 

 
Specialty Retail—0.1%  

Lowe’s Cos., Inc.

    8,390       689,742  

Urban Outfitters, Inc. (a) (b)

    50,530       1,200,593  
   

 

 

 
      1,890,335  
   

 

 

 
Technology Hardware, Storage & Peripherals—1.9%  

Apple, Inc.

    199,100       28,602,706  
   

 

 

 
Thrifts & Mortgage Finance—0.2%  

New York Community Bancorp, Inc.

    229,000       3,199,130  
   

 

 

 
Tobacco—0.5%  

Philip Morris International, Inc.

    67,040       7,568,816  
   

 

 

 
Wireless Telecommunication Services—1.5%  

Telephone & Data Systems, Inc.

    771,542       20,453,578  

United States Cellular Corp. (b)

    56,844       2,121,987  
   

 

 

 
      22,575,565  
   

 

 

 

Total Common Stocks
(Cost $1,269,555,686)

      1,453,302,649  
   

 

 

 
Convertible Preferred Stock—0.4%  
Food Products—0.4%  

Tyson Foods, Inc.
4.750%, 07/15/17
(Cost $4,431,350)

    88,627       5,938,009  
   

 

 

 
Short-Term Investment—0.6%  
Repurchase Agreement—0.6%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $8,491,667 on 04/03/17, collateralized by $8,650,000 U.S. Treasury Note at 1.500% due 05/31/20 with a value of $8,662,499.

    8,491,603       8,491,603  
   

 

 

 

Total Short-Term Investments
(Cost $8,491,603)

      8,491,603  
   

 

 

 

 

BHFTII-47


Table of Contents

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—8.0%

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—5.2%  

ABN AMRO Bank NV
Zero Coupon, 06/23/17

    2,988,301     $ 2,992,620  

Banco Del Estado De Chile New York
1.426%, 06/21/17 (d)

    3,000,000       3,001,626  

Bank of Nova Scotia Houston
1.355%, 11/03/17 (d)

    5,000,000       5,005,492  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (d)

    3,000,000       3,001,449  

1.510%, 08/18/17

    2,018,512       2,001,258  

BNP Paribas New York
1.384%, 08/04/17 (d)

    4,500,000       4,503,429  

Canadian Imperial Bank
1.392%, 10/27/17 (d)

    1,000,000       1,001,203  

Credit Suisse AG New York
1.581%, 05/12/17 (d)

    4,500,000       4,501,363  

1.676%, 04/24/17 (d)

    3,200,000       3,200,755  

Danske Bank A/S London
Zero Coupon, 05/12/17

    2,492,764       2,497,425  

DNB NOR Bank ASA
1.279%, 07/28/17 (d)

    1,000,000       1,000,442  

KBC Bank NV
1.150%, 04/27/17

    4,000,000       3,997,640  

Mizuho Bank, Ltd., New York
1.582%, 04/26/17 (d)

    2,000,000       2,000,332  

National Australia Bank London
1.199%, 05/02/17 (d)

    1,500,000       1,500,526  

1.338%, 11/09/17 (d)

    6,000,000       5,990,220  

Norinchukin Bank New York
1.346%, 08/21/17 (d)

    4,000,000       4,001,252  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    3,000,000       2,999,901  

Royal Bank of Canada New York
1.298%, 03/20/18 (d)

    2,000,000       1,999,994  

Sumitomo Bank New York
1.410%, 05/05/17 (d)

    2,500,000       2,500,487  

Sumitomo Mitsui Banking Corp.
1.480%, 08/09/17

    504,617       500,289  

Sumitomo Mitsui Trust Bank, Ltd., London
1.444%, 05/08/17 (d)

    4,000,000       4,002,719  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.572%, 04/26/17 (d)

    3,000,000       3,000,993  

Svenska Handelsbanken New York
1.508%, 05/18/17 (d)

    1,500,000       1,500,776  

Toronto Dominion Bank New York
1.221%, 03/13/18 (d)

    4,100,000       4,098,555  

UBS, Stamford
1.301%, 05/12/17 (d)

    1,700,000       1,700,418  

1.589%, 07/31/17 (d)

    1,002,167       1,002,754  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (d)

    1,500,000       1,502,453  

1.452%, 04/26/17 (d)

    1,000,000       1,000,266  
   

 

 

 
      76,006,637  
   

 

 

 
Commercial Paper—1.8%  

Commonwealth Bank Australia
1.174%, 03/01/18

    2,000,000     $ 2,000,816  

DCAT LLC
1.200%, 04/11/17

    599,360       599,834  

Den Norske ASA
1.432%, 04/27/17 (d)

    1,000,000       1,000,216  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (d)

    5,500,000       5,499,516  

HSBC plc
1.442%, 04/25/17 (d)

    3,000,000       3,000,540  

Kells Funding LLC
1.100%, 06/05/17

    1,693,455       1,696,339  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    2,493,000       2,498,378  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (d)

    3,000,000       3,000,246  

Ridgefield Funding Co. LLC
1.300%, 06/12/17

    994,981       997,639  

Starbird Funding Corp.
1.441%, 06/13/17 (d)

    250,000       250,088  

Versailles CDS LLC
1.050%, 06/05/17

    3,490,098       3,492,528  

Westpac Banking Corp.
1.380%, 10/20/17 (d)

    2,000,000       2,003,625  
   

 

 

 
      26,039,765  
   

 

 

 
Repurchase Agreements—0.8%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $73,163 on 04/03/17, collateralized by $105,228 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $74,622.

    73,159       73,159  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $31,049 on 04/03/17, collateralized by $31,413 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $31,668.

    31,047       31,047  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.

    1,000,000       1,000,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $3,502,275 on 04/03/17, collateralized by $540,744 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,842,953.

    3,500,000       3,500,000  

 

BHFTII-48


Table of Contents

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $5,531,680 on 06/02/17, collateralized by various Common Stock with a value of $6,050,000.

    5,500,000     $ 5,500,000  

Macquarie Bank, Ltd. London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $600,041 on 04/03/17, collateralized by $596,246 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $612,370.

    600,000       600,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,615,667 on 07/03/17, collateralized by various Common Stock with a value of $1,760,000.

    1,600,000       1,600,000  
   

 

 

 
      12,304,206  
   

 

 

 
Time Deposits—0.2%  

OP Corporate Bank plc
1.200%, 04/10/17

    1,500,000       1,500,000  

Shinkin Central Bank
1.440%, 04/26/17

    1,600,000       1,600,000  

1.440%, 04/27/17

    300,000       300,000  
   

 

 

 
      3,400,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $117,731,185)

      117,750,608  
   

 

 

 

Total Investments—107.9%
(Cost $1,400,209,824) (e)

      1,585,482,869  

Other assets and liabilities (net)—(7.9)%

      (115,521,052
   

 

 

 
Net Assets—100.0%     $ 1,469,961,817  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $114,500,248 and the collateral received consisted of cash in the amount of $117,731,461. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)   As of March 31, 2017, the aggregate cost of investments was $1,400,209,824. The aggregate unrealized appreciation and depreciation of investments were $256,569,892 and $(71,296,847), respectively, resulting in net unrealized appreciation of $185,273,045.
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

 

BHFTII-49


Table of Contents

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total Common Stocks*

   $ 1,453,302,649      $ —       $ —        $ 1,453,302,649  

Total Convertible Preferred Stock*

     5,938,009        —         —          5,938,009  

Total Short-Term Investment*

     —          8,491,603       —          8,491,603  

Total Securities Lending Reinvestments*

     —          117,750,608       —          117,750,608  

Total Investments

   $ 1,459,240,658      $ 126,242,211     $ —        $ 1,585,482,869  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (117,731,461   $ —        $ (117,731,461

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-50


Table of Contents

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—100.0% of Net Assets

 

Security Description   Principal
Amount*
    Value  
Certificate of Deposit—28.2%            

Bank of America Corp.
1.178%, 10/03/17

    10,250,000     $ 10,249,498  

Bank of Montreal (Chicago)
1.100%, 04/17/17

    15,000,000       15,001,207  

Bank of Nova Scotia (Houston)
1.418%, 04/12/17 (a)

    5,000,000       5,000,825  

Bank of Tokyo-Mitsubishi, Ltd.
1.260%, 04/27/17

    10,000,000       10,002,322  

1.340%, 08/24/17

    9,000,000       9,001,864  

Canadian Imperial Bank of Commerce (NY)
1.334%, 12/01/17 (a)

    10,000,000       10,020,250  

1.591%, 10/23/17 (a)

    15,000,000       15,040,095  

Citibank N.A. (NY)
1.300%, 07/05/17

    10,000,000       10,005,920  

Credit Industriel et Commercial (NY)
1.150%, 06/30/17

    12,000,000       12,000,000  

Mitsubishi UFJ Trust & Banking Corp. (NY)
1.250%, 06/22/17

    7,500,000       7,501,758  

1.541%, 04/03/17

    8,000,000       8,000,424  

Mizuho Bank, Ltd. (NY)
1.491%, 07/13/17 (a)

    13,000,000       13,010,907  

1.673%, 10/16/17 (a)

    5,000,000       5,010,250  

Norinchukin Bank (NY)
1.500%, 10/27/17

    5,000,000       5,003,081  

1.527%, 07/24/17 (a)

    12,000,000       12,014,628  

1.581%, 04/11/17 (a)

    7,250,000       7,251,464  

Royal Bank of Canada (NY)
1.184%, 03/07/18 (a)

    8,000,000       7,997,192  

Sumitomo Mitsui Banking Corp.
1.430%, 07/05/17 (a)

    10,000,000       10,009,160  

1.530%, 04/04/17

    10,800,000       10,800,691  

1.548%, 07/20/17 (a)

    13,000,000       13,012,831  

Sumitomo Mitsui Trust Bank, Ltd. (NY)
1.404%, 06/01/17 (a)

    5,000,000       5,004,410  

1.618%, 04/20/17 (a)

    12,000,000       12,004,188  

Svenska Handelsbanken AB
1.294%, 08/01/17 (a)

    5,000,000       5,003,780  

1.452%, 05/15/17 (a)

    10,000,000       10,006,310  

Svenska Handelsbanken, Inc.
1.552%, 06/20/17 (a)

    10,000,000       10,003,400  

Toronto-Dominion Bank
1.221%, 03/13/18 (a)

    10,000,000       9,998,170  

UBS AG (Stamford)
1.000%, 06/01/17

    6,450,000       6,450,777  

1.354%, 02/23/18 (a)

    5,000,000       5,000,765  

Westpac Banking Corp. (NY)
1.374%, 01/09/18 (a)

    4,000,000       4,006,924  
   

 

 

 
      263,413,091  
   

 

 

 
Commercial Paper—66.7%            

ABN AMRO Funding USA
1.380%, 07/05/17 (b)

    8,000,000       7,973,888  

Alpine Securitization, Ltd.
1.100%, 06/02/17 (b)

    10,000,000       9,981,782  

1.121%, 06/06/17 (b)

    10,000,000       9,980,347  
Commercial Paper—(Continued)            

Antalis S.A.
1.088%, 05/09/17 (b)

    14,706,000     14,690,483  

Bennington Sark Capital Co. LLC
0.862%, 04/06/17 (b)

    10,000,000       9,998,607  

BNZ International Funding, Ltd.
1.261%, 02/01/18 (b)

    8,000,000       8,003,192  

BPCE S.A.
0.974%, 04/07/17 (b)

    5,000,000       4,999,137  

Cancara Asset Securitisation LLC
0.821%, 04/04/17 (b)

    15,000,000       14,998,618  

Charta LLC
1.112%, 06/09/17 (b)

    15,000,000       14,968,296  

Collateralized Commercial Paper Co. LLC
1.363%, 07/26/17 (b)

    8,000,000       7,968,254  

1.409%, 04/06/17 (b)

    12,000,000       12,001,080  

1.496%, 08/21/17 (b)

    13,000,000       13,015,223  

Commonwealth Bank of Australia
1.322%, 02/15/18 (b)

    6,500,000       6,503,536  

1.483%, 05/17/17 (b)

    8,000,000       8,005,320  

1.578%, 07/18/17 (b)

    5,000,000       5,006,645  

Cooperatieve Rabobank UA
1.202%, 08/07/17 (b)

    15,000,000       14,940,230  

CRC Funding LLC
1.103%, 06/14/17 (b)

    6,000,000       5,986,437  

Crown Point Capital LLC
1.008%, 05/08/17 (b)

    10,000,000       9,989,751  

1.525%, 10/10/17 (b)

    7,000,000       6,944,459  

DBS Bank, Ltd.
0.808%, 04/07/17 (b)

    20,000,000       19,996,733  

Den Norske ASA
1.204%, 05/02/17 (b)

    12,000,000       12,004,596  

1.287%, 03/23/18 (b)

    7,000,000       6,996,234  

Dexia Credit Local S.A.
1.332%, 01/05/18 (a)

    14,000,000       14,000,000  

Erste Abwicklungsanstalt
0.981%, 07/05/17 (b)

    15,000,000       14,996,760  

HSBC Bank plc
1.334%, 02/09/18 (b)

    5,000,000       5,003,510  

1.443%, 04/17/17 (b)

    15,000,000       15,003,615  

ING U.S. Funding LLC
1.289%, 07/05/17 (b)

    17,000,000       16,943,379  

1.300%, 07/10/17 (b)

    6,000,000       5,978,891  

Kells Funding LLC
0.803%, 04/06/17 (b)

    10,000,000       9,998,657  

1.129%, 04/28/17 (b)

    10,000,000       10,002,880  

Landesbank Baden-Wuettertemberg
0.635%, 04/03/17 (b)

    20,000,000       19,998,517  

Liberty Funding LLC
1.145%, 06/23/17 (b)

    18,000,000       17,953,044  

LMA S.A. & LMA Americas
0.548%, 04/03/17 (b)

    10,000,000       9,999,312  

Macquarie Bank, Ltd.
1.000%, 08/25/17 (b)

    9,500,000       9,499,525  

1.073%, 04/18/17 (b)

    10,000,000       9,995,380  

1.356%, 10/04/17 (b)

    4,000,000       3,971,825  

 

BHFTII-51


Table of Contents

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Paper—(Continued)            

Matchpoint Finance plc
0.642%, 04/03/17 (b)

    20,000,000     $ 19,998,417  

1.380%, 07/06/17 (b)

    20,000,000       19,933,124  

Mont Blanc Capital Corp.
1.186%, 05/08/17 (b)

    9,000,000       8,990,775  

Nieuw Amsterdam Receivables Corp.
1.130%, 06/02/17 (b)

    12,000,000       11,977,719  

1.209%, 07/10/17 (b)

    15,000,000       14,949,794  

NRW Bank
1.136%, 06/27/17 (b)

    20,000,000       19,950,769  

Oversea-Chinese Banking Corp., Ltd.
0.920%, 04/04/17 (b)

    25,000,000       25,000,064  

1.150%, 07/10/17 (b)

    10,000,000       10,000,000  

1.322%, 03/28/18 (b)

    6,000,000       5,997,072  

Sheffield Receivables Corp.
1.097%, 04/12/17 (b)

    11,000,000       10,995,934  

1.125%, 04/19/17 (b)

    10,000,000       9,993,983  

Starbird Funding Corp.
0.642%, 04/03/17 (b)

    14,452,000       14,450,910  

1.524%, 10/02/17 (b)

    1,550,000       1,537,717  

Suncorp Group, Ltd.
1.319%, 05/30/17 (b)

    12,000,000       11,976,200  

1.349%, 07/05/17 (b)

    10,000,000       9,966,027  

United Overseas Bank, Ltd.
0.920%, 04/04/17 (b)

    13,000,000       12,998,795  

Victory Receivables Corp.
0.837%, 04/04/17 (b)

    14,000,000       13,998,399  

Westpac Banking Corp.
1.200%, 09/05/17 (b)

    10,000,000       9,946,412  

Westpac Securities NZ, Ltd.
1.465%, 01/26/18 (b)

    3,500,000       3,503,871  
   

 

 

 
      624,464,125  
   

 

 

 
Repurchase Agreement—4.8%            

JPMorgan Securities, Inc.
Repurchase Agreement dated 03/31/17 at 0.800% to be repurchased at $45,003,000 on 04/03/17, collateralized by $46,800,000 U.S. Treasury Notes with rates ranging from 1.250% - 1.375%, maturity date ranging from 03/31/21 - 04/30/21, with a value of $45,887,902.

    45,000,000     45,000,000  
   

 

 

 
U.S. Treasury—0.3%            

U.S. Treasury Floating Rate Note
0.950%, 10/31/17 (a)

    2,371,000       2,373,476  
   

 

 

 

Total Short-Term Investments
(Cost $935,048,624)

      935,250,692  
   

 

 

 

Total Investments—100.0%
(Cost $935,048,624) (c)

      935,250,692  

Other assets and liabilities (net)—0.0%

      286,768  
   

 

 

 
Net Assets—100.0%     $ 935,537,460  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(b)   The rate shown represents current yield to maturity.
(c)   As of March 31, 2017, the aggregate cost of investments was $935,048,624. The aggregate unrealized appreciation and depreciation of investments were $226,365 and $(24,297), respectively, resulting in net unrealized appreciation of $202,068.

 

BHFTII-52


Table of Contents

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  
Short-Term Investments  

Certificate of Deposit

   $ —        $ 263,413,091      $ —        $ 263,413,091  

Commercial Paper

     —          624,464,125        —          624,464,125  

Repurchase Agreement

     —          45,000,000        —          45,000,000  

U.S. Treasury

     —          2,373,476        —          2,373,476  

Total Short-Term Investments

     —          935,250,692        —          935,250,692  

Total Investments

   $ —        $ 935,250,692      $ —        $ 935,250,692  
                                     

 

BHFTII-53


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—93.2% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—1.6%            

Rockwell Collins, Inc.

    183,617     $ 17,840,228  
   

 

 

 
Auto Components—2.1%            

Gentex Corp. (a)

    1,139,609       24,307,860  
   

 

 

 
Automobiles—1.2%            

Harley-Davidson, Inc. (a)

    231,754       14,021,117  
   

 

 

 
Banks—4.5%            

Fifth Third Bancorp (a)

    1,057,874       26,870,000  

M&T Bank Corp.

    157,044       24,299,418  
   

 

 

 
      51,169,418  
   

 

 

 
Capital Markets—1.3%            

Intercontinental Exchange, Inc.

    248,598       14,883,562  
   

 

 

 
Chemicals—4.4%            

Agrium, Inc.

    171,661       16,402,208  

Celanese Corp. - Series A

    379,835       34,128,175  
   

 

 

 
      50,530,383  
   

 

 

 
Construction & Engineering—3.8%            

Fluor Corp. (a)

    450,786       23,720,359  

Jacobs Engineering Group, Inc.

    345,916       19,122,237  
   

 

 

 
      42,842,596  
   

 

 

 
Diversified Consumer Services—1.6%            

H&R Block, Inc. (a)

    796,432       18,517,044  
   

 

 

 
Electric Utilities—0.0%            

OGE Energy Corp. (a)

    14,400       503,712  
   

 

 

 
Electrical Equipment—0.5%            

Hubbell, Inc.

    43,890       5,268,995  
   

 

 

 
Electronic Equipment, Instruments & Components—7.2%  

Arrow Electronics, Inc. (b)

    421,742       30,960,080  

Avnet, Inc.

    631,406       28,893,138  

FLIR Systems, Inc.

    364,245       13,214,809  

Keysight Technologies, Inc. (b)

    250,243       9,043,782  
   

 

 

 
      82,111,809  
   

 

 

 
Equity Real Estate Investment Trusts—1.3%  

Equity Commonwealth (b)

    482,755       15,071,611  
   

 

 

 
Health Care Providers & Services—1.9%            

AmerisourceBergen Corp. (a)

    241,219       21,347,882  
   

 

 

 
Insurance—16.3%            

Alleghany Corp. (b)

    58,442       35,921,960  

Allied World Assurance Co. Holdings AG

    425,525       22,595,378  

Allstate Corp. (The)

    280,207       22,834,068  

Aon plc

    176,967       21,004,213  

Arch Capital Group, Ltd. (b)

    289,837       27,467,853  

Loews Corp. (a)

    352,897       16,504,993  
Insurance—(Continued)            

Progressive Corp. (The)

    271,568     10,640,034  

Torchmark Corp. (a)

    364,006       28,043,022  
   

 

 

 
      185,011,521  
   

 

 

 
Internet & Direct Marketing Retail—5.1%            

Liberty Expedia Holdings, Inc. - Class A (b)

    220,290       10,018,789  

Liberty Interactive Corp. - Class A (a) (b)

    1,240,508       24,834,970  

Liberty Ventures - Series A (b)

    519,094       23,089,301  
   

 

 

 
      57,943,060  
   

 

 

 
Internet Software & Services—2.1%            

IAC/InterActiveCorp (b)

    323,882       23,876,581  
   

 

 

 
Marine—1.9%            

Kirby Corp. (a) (b)

    305,384       21,544,841  
   

 

 

 
Media—4.8%            

News Corp. - Class A

    1,530,595       19,897,735  

Omnicom Group, Inc.

    277,721       23,942,327  

TEGNA, Inc. (a)

    436,871       11,192,635  
   

 

 

 
      55,032,697  
   

 

 

 
Metals & Mining—3.7%            

Goldcorp, Inc.

    1,718,391       25,071,325  

Kinross Gold Corp. (b)

    4,714,379       16,547,470  
   

 

 

 
      41,618,795  
   

 

 

 
Mortgage Real Estate Investment Trusts—1.5%  

AGNC Investment Corp. (a)

    878,766       17,478,656  
   

 

 

 
Multi-Utilities—1.4%            

SCANA Corp.

    234,716       15,338,691  
   

 

 

 
Oil, Gas & Consumable Fuels—11.6%            

Apache Corp. (a)

    547,397       28,130,732  

Devon Energy Corp.

    969,433       40,444,745  

Hess Corp.

    561,666       27,077,918  

Tesoro Corp.

    244,289       19,802,066  

World Fuel Services Corp. (a)

    451,208       16,356,290  
   

 

 

 
      131,811,751  
   

 

 

 
Real Estate Management & Development—0.9%  

Jones Lang LaSalle, Inc. (a)

    88,634       9,878,259  
   

 

 

 
Road & Rail—2.0%            

Ryder System, Inc. (a)

    301,063       22,712,193  
   

 

 

 
Semiconductors & Semiconductor Equipment—2.2%  

Analog Devices, Inc.

    310,239       25,424,086  
   

 

 

 
Software—1.6%            

Synopsys, Inc. (b)

    245,064       17,676,466  
   

 

 

 
Specialty Retail—1.8%            

AutoNation, Inc. (a) (b)

    496,630       21,002,483  
   

 

 

 

 

BHFTII-54


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Textiles, Apparel & Luxury Goods—1.1%  

Coach, Inc. (a)

    298,394     $ 12,332,624  
   

 

 

 
Trading Companies & Distributors—3.8%  

Air Lease Corp. (a)

    1,130,066       43,790,057  
   

 

 

 

Total Common Stocks
(Cost $769,557,710)

      1,060,888,978  
   

 

 

 
Short-Term Investment—7.4%  
Repurchase Agreement—7.4%            

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $84,763,475 on 04/03/17, collateralized by $82,205,000 U.S. Treasury Inflation Indexed Note at 0.125% due 04/15/20 with a value of $86,463,055.

    84,762,840       84,762,840  
   

 

 

 

Total Short-Term Investments
(Cost $84,762,840)

      84,762,840  
   

 

 

 
Securities Lending Reinvestments (c)—13.6%  
Certificates of Deposit—8.4%            

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    1,495,673       1,498,770  

Zero Coupon, 06/23/17

    3,486,351       3,491,390  

Bank of Montreal Chicago
1.081%, 09/06/17 (d)

    3,500,000       3,503,572  

Bank of Nova Scotia Houston
1.355%, 11/03/17 (d)

    3,000,000       3,003,295  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (d)

    3,000,000       3,001,449  

1.510%, 08/18/17

    2,018,512       2,001,258  

BNP Paribas New York
1.384%, 08/04/17 (d)

    3,000,000       3,002,286  

Canadian Imperial Bank
1.392%, 10/27/17 (d)

    1,000,000       1,001,203  

Chiba Bank, Ltd., New York
1.100%, 04/03/17

    2,500,000       2,500,013  

Credit Suisse AG New York
1.581%, 05/12/17 (d)

    3,250,000       3,250,985  

1.676%, 04/24/17 (d)

    1,750,000       1,750,413  

Danske Bank A/S London
Zero Coupon, 05/12/17

    1,994,211       1,997,940  

DNB NOR Bank ASA
1.279%, 07/28/17 (d)

    1,000,000       1,000,442  

KBC Bank NV
1.120%, 05/08/17

    2,000,000       2,000,300  

1.150%, 04/27/17

    1,500,000       1,499,115  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (d)

    3,000,000       2,999,823  
Certificates of Deposit—(Continued)            

Mizuho Bank, Ltd., New York
1.184%, 09/01/17 (d)

    400,000     399,972  

1.543%, 05/17/17

    5,000,000       5,001,485  

1.582%, 04/26/17 (d)

    2,000,000       2,000,332  

National Australia Bank London
1.199%, 05/02/17 (d)

    2,250,000       2,250,788  

1.338%, 11/09/17 (d)

    3,500,000       3,494,295  

Norinchukin Bank New York
1.451%, 07/12/17 (d)

    2,500,000       2,502,212  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    4,000,000       3,999,868  

Royal Bank of Canada New York
1.298%, 03/20/18 (d)

    8,100,000       8,099,976  

Sumitomo Bank New York
1.390%, 06/05/17 (d)

    4,000,000       4,001,892  

1.410%, 05/05/17 (d)

    2,000,000       2,000,390  

1.578%, 06/19/17 (d)

    1,000,000       1,000,676  

Sumitomo Mitsui Banking Corp.
1.480%, 08/09/17

    1,009,233       1,000,578  

Sumitomo Mitsui Trust Bank, Ltd., London
1.444%, 05/08/17 (d)

    2,500,000       2,501,699  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.359%, 06/02/17 (d)

    3,600,000       3,602,333  

1.572%, 04/26/17 (d)

    2,000,000       2,000,662  

Svenska Handelsbanken New York
1.508%, 05/18/17 (d)

    1,000,000       1,000,517  

Toronto Dominion Bank New York
1.221%, 03/13/18 (d)

    4,000,000       3,998,591  

1.330%, 01/10/18 (d)

    3,500,000       3,500,686  

UBS, Stamford
1.301%, 05/12/17 (d)

    1,400,000       1,400,344  

1.589%, 07/31/17 (d)

    2,004,335       2,005,509  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (d)

    1,250,000       1,252,044  

1.452%, 04/26/17 (d)

    1,000,000       1,000,266  
   

 

 

 
      95,517,369  
   

 

 

 
Commercial Paper—3.3%            

Barton Capital S.A.
1.110%, 04/21/17

    2,991,490       2,997,999  

Commonwealth Bank Australia
1.174%, 03/01/18

    4,500,000       4,501,836  

DCAT LLC
1.200%, 04/11/17

    1,098,827       1,099,696  

Den Norske ASA
1.432%, 04/27/17 (d)

    1,000,000       1,000,216  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (d)

    8,000,000       7,999,296  

HSBC plc
1.442%, 04/25/17 (d)

    2,000,000       2,000,360  

Kells Funding LLC
1.100%, 06/05/17

    1,892,685       1,895,909  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (d)

    1,000,000       1,000,082  

 

BHFTII-55


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Paper—(Continued)            

National Australia Bank, Ltd.
1.440%, 12/06/17 (d)

    2,000,000     $ 2,002,988  

Ridgefield Funding Co. LLC
1.184%, 09/07/17 (d)

    4,000,000       3,999,528  

Sheffield Receivables Co.
1.170%, 04/07/17

    2,991,128       2,999,286  

Versailles CDS LLC
1.050%, 06/05/17

    4,985,854       4,989,325  

Westpac Banking Corp.
1.380%, 10/20/17 (d)

    1,300,000       1,302,356  
   

 

 

 
      37,788,877  
   

 

 

 
Repurchase Agreements—1.0%            

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $458,987 on 04/03/17, collateralized by $660,144 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $468,137.

    458,957       458,957  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,006,448 on 07/03/17, collateralized by various Common Stock with a value of $1,100,000.

    1,000,000       1,000,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $5,418 on 04/03/17, collateralized by $5,482 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $5,526.

    5,418       5,418  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.

    1,000,000       1,000,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $7,004,550 on 04/03/17, collateralized by $1,081,488 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $7,685,906.

    7,000,000       7,000,000  
Repurchase Agreements—(Continued)            

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $1,005,760 on 06/02/17, collateralized by various Common Stock with a value of $1,100,000.

    1,000,000     1,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,514,688 on 07/03/17, collateralized by various Common Stock with a value of $1,650,000.

    1,500,000       1,500,000  
   

 

 

 
      11,964,375  
   

 

 

 
Time Deposits—0.9%            

OP Corporate Bank plc
1.180%, 04/24/17

    6,000,000       6,000,000  

Shinkin Central Bank
1.440%, 04/25/17

    750,000       750,000  

1.440%, 04/26/17

    3,000,000       3,000,000  
   

 

 

 
      9,750,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $154,988,942)

      155,020,621  
   

 

 

 

Total Investments—114.2%
(Cost $1,009,309,492) (e)

      1,300,672,439  

Other assets and liabilities
(net)—(14.2)%

      (162,073,745
   

 

 

 
Net Assets—100.0%     $ 1,138,598,694  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $144,487,577 and the collateral received consisted of cash in the amount of $154,077,693. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)   As of March 31, 2017, the aggregate cost of investments was $1,009,309,492. The aggregate unrealized appreciation and depreciation of investments were $305,402,407 and $(14,039,460), respectively, resulting in net unrealized appreciation of $291,362,947.

 

BHFTII-56


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total Common Stocks*

   $ 1,060,888,978      $ —       $ —        $ 1,060,888,978  

Total Short-Term Investment*

     —          84,762,840       —          84,762,840  

Total Securities Lending Reinvestments*

     —          155,020,621       —          155,020,621  

Total Investments

   $ 1,060,888,978      $ 239,783,461     $ —        $ 1,300,672,439  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (154,077,693   $ —        $ (154,077,693

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-57


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.9% of Net Assets

 

Security Description   Shares     Value  
Australia—6.5%  

Acrux, Ltd. (a)

    41,605     $ 9,216  

Adelaide Brighton, Ltd.

    197,116       855,043  

AED Oil, Ltd. (a) (b) (c)

    93,946       0  

Ainsworth Game Technology, Ltd.

    51,616       72,574  

Alkane Resources, Ltd. (a)

    120,355       25,709  

ALS, Ltd.

    76,663       358,766  

Altium, Ltd.

    31,832       184,844  

Altona Mining, Ltd. (a)

    67,875       8,293  

AMA Group, Ltd.

    111,029       89,462  

Ansell, Ltd.

    39,937       732,433  

AP Eagers, Ltd.

    7,774       54,031  

APN News & Media, Ltd.

    109,386       232,191  

ARB Corp., Ltd. (d)

    30,444       342,250  

Ardent Leisure Group

    50,226       70,191  

Arrium, Ltd. (a) (b) (c)

    972,288       5  

AUB Group, Ltd.

    25,969       232,359  

Ausdrill, Ltd.

    110,321       119,602  

Austal, Ltd. (d)

    81,889       107,997  

Australian Agricultural Co., Ltd. (a)

    192,359       243,752  

Australian Pharmaceutical Industries, Ltd.

    174,311       271,382  

Auswide Bank, Ltd.

    9,275       36,731  

Automotive Holdings Group, Ltd.

    101,744       320,158  

Aveo Group

    81,294       199,311  

AVJennings, Ltd.

    10,332       4,894  

AWE, Ltd. (a) (d)

    335,940       127,072  

Bapcor, Ltd.

    23,618       105,126  

Beach Energy, Ltd.

    964,168       589,444  

Beadell Resources, Ltd. (a)

    102,327       23,054  

Bega Cheese, Ltd.

    58,513       282,091  

Bellamy’s Australia, Ltd. (c)

    11,890       38,062  

Billabong International, Ltd. (a)

    56,120       53,615  

Blackmores, Ltd. (d)

    5,495       472,266  

Blue Sky Alternative Investments, Ltd.

    5,962       35,955  

Bradken, Ltd. (a)

    48,239       119,737  

Breville Group, Ltd.

    42,107       331,360  

Brickworks, Ltd.

    5,923       66,391  

BT Investment Management, Ltd.

    25,960       198,213  

Buru Energy, Ltd. (a)

    23,457       3,117  

Cabcharge Australia, Ltd.

    55,813       128,793  

Capral, Ltd.

    136,176       18,209  

Cardno, Ltd. (a)

    69,333       67,796  

Carnarvon Petroleum, Ltd. (a)

    251,902       19,043  

carsales.com, Ltd.

    83,570       712,269  

Cash Converters International, Ltd.

    152,939       36,788  

Cedar Woods Properties, Ltd.

    27,273       116,579  

Cleanaway Waste Management, Ltd.

    693,108       634,890  

Coal of Africa, Ltd. (a) (c)

    133,534       4,387  

Collection House, Ltd. (d)

    19,217       20,907  

Collins Foods, Ltd.

    5,520       21,884  

Cooper Energy, Ltd. (a)

    232,325       65,515  

Corporate Travel Management, Ltd.

    21,828       333,831  

Costa Group Holdings, Ltd.

    53,534       177,773  

Credit Corp. Group, Ltd.

    13,415       176,502  

CSG, Ltd.

    66,837       23,505  

CSR, Ltd.

    282,278       971,921  

Cudeco, Ltd. (a) (b)

    51,210       14,280  

Data #3, Ltd.

    55,471       69,466  
Australia—(Continued)  

Decmil Group, Ltd.

    56,744     40,842  

Downer EDI, Ltd.

    333,686       1,474,597  

DuluxGroup, Ltd.

    165,477       825,194  

DWS, Ltd.

    36,847       44,913  

Elders, Ltd. (a)

    18,937       65,675  

Energy Resources of Australia, Ltd. (a)

    51,910       28,558  

Energy World Corp., Ltd. (a)

    325,379       89,439  

EQT Holdings, Ltd.

    3,062       41,425  

ERM Power, Ltd.

    49,991       50,044  

Euroz, Ltd.

    23,559       22,322  

Event Hospitality and Entertainment, Ltd.

    38,556       379,264  

Evolution Mining, Ltd.

    181,680       295,520  

Fairfax Media, Ltd.

    967,464       756,852  

Finbar Group, Ltd.

    6,909       4,538  

Fleetwood Corp., Ltd. (a)

    22,683       37,282  

FlexiGroup, Ltd.

    49,133       86,669  

Flight Centre Travel Group, Ltd.

    14,871       327,290  

G8 Education, Ltd.

    135,563       422,255  

Gateway Lifestyle

    13,237       21,122  

Global Construction Services, Ltd.

    9,380       4,192  

GrainCorp, Ltd. - Class A

    83,590       580,344  

Grange Resources, Ltd.

    120,000       17,847  

Greencross, Ltd.

    21,334       117,322  

GUD Holdings, Ltd.

    39,734       359,195  

GWA Group, Ltd.

    104,458       231,278  

Hansen Technologies, Ltd.

    47,406       123,960  

HFA Holdings, Ltd.

    45,623       77,024  

Hills, Ltd. (a)

    80,453       12,920  

Horizon Oil, Ltd. (a)

    652,736       28,792  

IDM International, Ltd. (a) (b) (c)

    1,969       0  

Iluka Resources, Ltd.

    160,998       936,677  

Imdex, Ltd. (a)

    100,165       49,722  

IMF Bentham, Ltd.

    49,173       68,142  

Independence Group NL

    112,057       306,258  

Infigen Energy, Ltd. (a)

    282,132       216,652  

Infomedia, Ltd.

    131,353       73,268  

Integrated Research, Ltd.

    28,972       62,600  

International Ferro Metals, Ltd. (a) (b) (c)

    82,765       0  

Invocare, Ltd.

    38,500       415,690  

IOOF Holdings, Ltd. (d)

    103,265       672,833  

Iress, Ltd.

    57,739       515,041  

iSelect, Ltd.

    46,213       69,873  

iSentia Group, Ltd.

    28,120       32,199  

JB Hi-Fi, Ltd.

    46,350       871,418  

Jupiter Mines, Ltd. (a) (b) (c)

    59,374       23,750  

K&S Corp., Ltd.

    1,802       2,346  

Karoon Gas Australia, Ltd. (a)

    75,600       94,746  

Kingsgate Consolidated, Ltd. (a)

    121,238       22,735  

Kingsrose Mining, Ltd. (a) (b) (c)

    102,961       7,866  

MACA, Ltd.

    56,351       65,657  

Macmahon Holdings, Ltd. (a)

    380,170       44,989  

Macquarie Atlas Roads Group

    117,544       459,671  

Magellan Financial Group, Ltd.

    27,343       491,797  

MaxiTRANS Industries, Ltd.

    59,013       32,680  

Mayne Pharma Group, Ltd. (a) (d)

    452,144       492,038  

McMillan Shakespeare, Ltd.

    29,453       296,696  

McPherson’s, Ltd.

    34,460       36,911  

 

BHFTII-58


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Australia—(Continued)  

Medusa Mining, Ltd. (a)

    60,972     $ 16,849  

Melbourne IT, Ltd.

    36,135       62,815  

Metals X, Ltd. (a)

    75,358       44,858  

Metcash, Ltd. (a)

    385,184       725,619  

Michael Hill International, Ltd.

    82,929       89,158  

Mincor Resources NL (a)

    105,687       16,963  

Mineral Resources, Ltd.

    41,091       337,192  

MMA Offshore, Ltd. (a)

    100,235       16,791  

Monadelphous Group, Ltd.

    40,177       378,462  

Monash IVF Group, Ltd.

    21,931       31,790  

Morning Star Gold NL (a) (b) (c)

    33,455       3  

Mortgage Choice, Ltd.

    48,689       87,007  

Mount Gibson Iron, Ltd. (a)

    439,215       140,768  

Myer Holdings, Ltd. (d)

    355,143       329,276  

MYOB Group, Ltd.

    52,571       142,917  

MyState, Ltd.

    3,899       13,683  

Navitas, Ltd. (d)

    96,272       325,741  

New Hope Corp., Ltd.

    6,285       8,540  

nib holdings, Ltd.

    199,351       901,272  

Nick Scali, Ltd.

    16,348       90,051  

Nine Entertainment Co. Holdings, Ltd.

    18,490       17,700  

Northern Star Resources, Ltd.

    220,636       692,977  

Nufarm, Ltd.

    79,335       587,771  

OFX Group, Ltd.

    99,303       111,872  

Orocobre, Ltd. (a)

    49,318       104,694  

Orora, Ltd.

    225,473       509,581  

OrotonGroup, Ltd.

    8,647       10,037  

OZ Minerals, Ltd.

    149,299       892,509  

Pacific Current Group, Ltd.

    1,159       3,966  

Pacific Smiles Group, Ltd.

    13,431       20,513  

Pact Group Holdings, Ltd.

    4,623       24,715  

Paladin Energy, Ltd. (a) (b) (d)

    612,137       49,106  

Panoramic Resources, Ltd. (a)

    146,618       31,352  

Peet, Ltd.

    88,199       79,095  

Peninsula Energy, Ltd. (a)

    11,352       4,335  

Perpetual, Ltd.

    19,256       765,463  

Perseus Mining, Ltd. (a)

    231,401       55,603  

Platinum Asset Management, Ltd.

    21,691       84,969  

Pluton Resources, Ltd. (a) (b) (c)

    48,332       0  

PMP, Ltd.

    158,703       83,049  

Premier Investments, Ltd.

    44,992       492,001  

Primary Health Care, Ltd.

    244,279       665,299  

Prime Media Group, Ltd.

    93,371       21,028  

Programmed Maintenance Services, Ltd.

    95,504       136,743  

Qube Holdings, Ltd. (d)

    283,099       553,459  

Quintis, Ltd. (d)

    106,522       84,626  

RCG Corp., Ltd. (d)

    90,942       75,678  

RCR Tomlinson, Ltd.

    61,564       148,650  

Reckon, Ltd.

    36,898       47,916  

Regis Resources, Ltd.

    180,703       461,029  

Reject Shop, Ltd. (The)

    12,421       78,562  

Resolute Mining, Ltd.

    277,334       280,269  

Retail Food Group, Ltd.

    60,846       247,685  

Ridley Corp., Ltd.

    123,003       125,336  

RungePincockMinarco, Ltd. (a)

    4,190       1,905  

Ruralco Holdings, Ltd.

    9,291       20,007  
Australia—(Continued)  

Salmat, Ltd. (a)

    45,807     20,142  

Sandfire Resources NL

    40,717       198,267  

Saracen Mineral Holdings, Ltd. (a) (d)

    390,479       298,129  

Select Harvests, Ltd.

    30,640       137,582  

Senex Energy, Ltd. (a)

    248,220       67,230  

Servcorp, Ltd.

    23,622       110,984  

Service Stream, Ltd.

    62,705       55,105  

Seven Group Holdings, Ltd.

    15,634       127,800  

Seven West Media, Ltd.

    460,617       276,085  

SG Fleet Group, Ltd.

    4,537       11,783  

Sigma Pharmaceuticals, Ltd.

    621,692       612,347  

Silex Systems, Ltd. (a)

    28,112       11,589  

Silver Chef, Ltd.

    8,928       49,867  

Silver Lake Resources, Ltd. (a)

    112,092       50,380  

Sims Metal Management, Ltd.

    86,197       813,255  

Sirtex Medical, Ltd.

    22,520       307,817  

Slater & Gordon, Ltd. (a)

    116,238       11,540  

SmartGroup Corp., Ltd.

    1,922       9,688  

SMS Management & Technology, Ltd.

    35,576       44,906  

Southern Cross Media Group, Ltd.

    229,061       244,763  

Spark Infrastructure Group

    586,289       1,061,379  

Specialty Fashion Group, Ltd. (a)

    34,701       14,052  

SpeedCast International, Ltd.

    2,909       7,726  

Spotless Group Holdings, Ltd.

    23,095       19,086  

St. Barbara, Ltd. (a)

    192,892       355,678  

Star Entertainment Group, Ltd. (The)

    199,460       832,288  

Steadfast Group, Ltd.

    104,744       202,840  

Strike Energy, Ltd. (a)

    182,555       11,139  

Sundance Energy Australia, Ltd. (a)

    373,357       34,923  

Sunland Group, Ltd.

    40,150       53,516  

Super Retail Group, Ltd.

    69,714       545,504  

Tabcorp Holdings, Ltd.

    236,852       858,485  

Tassal Group, Ltd.

    80,622       278,870  

Technology One, Ltd.

    85,252       334,059  

Ten Network Holdings, Ltd. (a)

    109,315       47,583  

Thorn Group, Ltd.

    62,916       62,865  

Tiger Resources, Ltd. (a) (b)

    591,241       22,134  

Toro Energy, Ltd. (a)

    75,052       2,407  

Tox Free Solutions, Ltd.

    90,131       160,444  

Treasury Wine Estates, Ltd.

    56,464       526,662  

Troy Resources, Ltd. (a)

    106,145       12,635  

Villa World, Ltd.

    15,952       28,992  

Village Roadshow, Ltd.

    32,709       104,628  

Virgin Australia Holdings, Ltd. (a)

    442,369       64,115  

Virgin Australia International Holding, Ltd. (a) (b) (c)

    968,773       1  

Virtus Health, Ltd. (d)

    37,091       163,727  

Vita Group, Ltd.

    18,112       45,347  

Watpac, Ltd. (a)

    37,999       22,644  

Webjet, Ltd.

    25,862       226,664  

Western Areas, Ltd. (a)

    118,029       208,075  

Westgold Resources, Ltd. (a)

    37,679       67,937  

Whitehaven Coal, Ltd. (a)

    121,287       276,868  

WorleyParsons, Ltd. (a)

    33,331       277,992  

WPP AUNZ, Ltd.

    131,382       115,413  
   

 

 

 
      45,395,157  
   

 

 

 

 

BHFTII-59


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Austria—1.2%  

A-TEC Industries AG (a) (b) (c)

    1,312     $ 0  

Agrana Beteiligungs AG

    1,731       183,033  

ams AG

    23,302       1,259,867  

Andritz AG

    10,323       517,314  

Austria Technologie & Systemtechnik AG (d)

    14,133       155,392  

BUWOG AG (a)

    15,282       385,569  

CA Immobilien Anlagen AG (a)

    20,949       460,280  

DO & Co. AG

    1,857       121,039  

EVN AG

    12,657       161,359  

IMMOFINANZ AG (a)

    125,781       240,751  

Kapsch TrafficCom AG

    2,222       99,558  

Lenzing AG

    3,209       539,707  

Mayr Melnhof Karton AG

    3,412       397,308  

Oberbank AG

    198       14,765  

Oesterreichische Post AG

    10,867       433,386  

Palfinger AG

    5,947       220,137  

POLYTEC Holding AG

    10,783       152,786  

Porr AG

    1,436       53,261  

Raiffeisen Bank International AG (a)

    13,074       297,059  

RHI AG

    8,926       228,612  

Rosenbauer International AG (d)

    1,615       95,258  

S IMMO AG (a)

    31,886       382,345  

S&T AG

    3,445       37,851  

Schoeller-Bleckmann Oilfield Equipment AG

    3,509       244,552  

Semperit AG Holding

    6,041       168,025  

Strabag SE

    6,827       266,519  

Telekom Austria AG

    24,392       166,187  

UBM Development AG

    78       2,698  

UNIQA Insurance Group AG

    14,804       115,260  

Wienerberger AG

    39,101       829,192  

Zumtobel Group AG

    14,277       275,165  
   

 

 

 
      8,504,235  
   

 

 

 
Belgium—2.0%  

Ablynx NV (a) (d)

    15,614       193,973  

Ackermans & van Haaren NV

    8,887       1,396,522  

AGFA-Gevaert NV (a)

    93,175       455,419  

Atenor

    1,089       57,582  

Banque Nationale de Belgique

    104       329,752  

Barco NV

    5,609       561,881  

Bekaert S.A.

    11,685       571,476  

bpost S.A.

    6,013       140,969  

Cie d’Entreprises CFE

    4,729       661,905  

Cie Immobiliere de Belgique S.A. (a)

    1,276       78,953  

D’ieteren S.A.

    8,787       411,535  

Dalenys (a)

    1,352       10,444  

Deceuninck NV (c)

    40,599       106,545  

Econocom Group S.A.

    27,496       406,931  

Elia System Operator S.A.

    12,209       643,952  

Euronav NV

    30,049       240,350  

EVS Broadcast Equipment S.A.

    4,761       181,551  

Exmar NV

    10,339       79,746  

Fagron (a)

    17,646       225,732  

Galapagos NV (a)

    16,401       1,427,371  

GIMV NV

    450       25,115  

Ion Beam Applications

    10,326       564,628  
Belgium—(Continued)  

Jensen-Group NV

    738     34,404  

Kinepolis Group NV

    7,227       369,298  

Lotus Bakeries NV

    118       292,050  

MDxHealth (a) (d)

    5,915       33,444  

Melexis NV

    9,084       786,999  

Nyrstar NV (a) (d)

    26,926       167,107  

Ontex Group NV

    7,991       256,604  

Orange Belgium S.A. (a)

    13,209       281,860  

Picanol

    1,699       167,766  

RealDolmen NV

    1,200       33,022  

Recticel S.A.

    21,094       164,946  

Resilux NV

    229       38,807  

Roularta Media Group NV

    1,629       46,108  

Sioen Industries NV

    4,097       121,591  

Sipef S.A.

    3,346       226,093  

Tessenderlo Chemie NV (a)

    17,303       688,522  

ThromboGenics NV (a) (d)

    9,279       30,211  

Umicore S.A.

    25,634       1,460,317  

Van de Velde NV

    2,850       162,905  

Viohalco S.A. (a)

    45,397       85,474  
   

 

 

 
      14,219,860  
   

 

 

 
Cambodia—0.1%  

NagaCorp, Ltd.

    458,000       261,160  
   

 

 

 
Canada—8.7%  

5N Plus, Inc. (a)

    33,732       49,462  

Absolute Software Corp.

    18,754       106,332  

Acadian Timber Corp.

    3,800       52,520  

Advantage Oil & Gas, Ltd. (a)

    113,630       750,213  

Aecon Group, Inc.

    33,422       431,519  

AG Growth International, Inc.

    5,820       221,316  

AGF Management, Ltd. - Class B

    32,280       149,524  

AGT Food & Ingredients, Inc.

    7,901       185,249  

Aimia, Inc.

    40,971       277,279  

Air Canada (a)

    16,200       168,109  

AirBoss of America Corp.

    3,761       33,146  

AKITA Drilling, Ltd. - Class A

    2,003       12,803  

Alacer Gold Corp. (a)

    102,778       207,898  

Alamos Gold, Inc. - Class A

    95,845       769,729  

Alaris Royalty Corp.

    8,954       150,215  

Algoma Central Corp.

    4,410       41,817  

Algonquin Power & Utilities Corp.

    77,093       736,234  

Alterra Power Corp.

    15,076       53,282  

Altius Minerals Corp.

    9,660       89,492  

Altus Group, Ltd.

    14,488       317,029  

Amaya, Inc. (a)

    3,700       62,796  

Andrew Peller, Ltd. - Class A

    6,617       56,077  

Argonaut Gold, Inc. (a)

    57,325       100,438  

Asanko Gold, Inc. (a)

    23,027       60,431  

Athabasca Oil Corp. (a)

    66,624       76,651  

ATS Automation Tooling Systems, Inc. (a)

    36,533       372,789  

AuRico Metals, Inc. (a)

    42,144       37,078  

AutoCanada, Inc.

    8,428       142,215  

Avigilon Corp. (a) (d)

    14,381       166,968  

B2Gold Corp. (a)

    313,368       893,082  

 

BHFTII-60


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Canada—(Continued)  

Badger Daylighting, Ltd. (d)

    11,862     $ 311,747  

Baytex Energy Corp. (a) (d)

    67,105       229,091  

BCE, Inc.

    3,141       139,070  

Bellatrix Exploration, Ltd. (a) (d)

    60,265       47,583  

Birchcliff Energy, Ltd.

    60,552       344,229  

Bird Construction, Inc.

    18,612       140,096  

Black Diamond Group, Ltd.

    19,812       57,655  

BlackPearl Resources, Inc. (a)

    117,817       115,172  

BMTC Group, Inc.

    5,387       52,458  

Bonavista Energy Corp.

    62,296       162,082  

Bonterra Energy Corp.

    12,499       215,609  

Boralex, Inc. - Class A

    17,054       275,203  

Brookfield Real Estate Services, Inc.

    800       9,733  

BRP, Inc. (a)

    10,168       239,319  

Calfrac Well Services, Ltd. (a)

    26,393       70,257  

Calian Group, Ltd.

    2,846       52,882  

Callidus Capital Corp.

    4,100       55,742  

Canaccord Genuity Group, Inc. (a)

    54,653       209,184  

Canacol Energy, Ltd. (a) (d)

    37,461       110,706  

Canadian Energy Services & Technology Corp.

    45,937       251,818  

Canadian Western Bank (d)

    32,028       708,790  

Canam Group, Inc.

    22,324       110,961  

Canfor Corp. (a)

    17,141       233,685  

Canfor Pulp Products, Inc.

    15,297       139,069  

CanWel Building Materials Group, Ltd.

    9,304       42,607  

Canyon Services Group, Inc. (a)

    27,085       135,440  

Capital Power Corp.

    43,408       850,632  

Capstone Mining Corp. (a)

    117,839       115,194  

Cargojet, Inc.

    800       27,071  

Cascades, Inc.

    46,236       476,667  

Celestica, Inc. (a)

    36,485       530,601  

Celestica, Inc. (U.S. Listed Shares) (a)

    223       3,240  

Centerra Gold, Inc.

    62,285       358,296  

Cequence Energy, Ltd. (a)

    86,636       15,961  

Cervus Equipment Corp.

    2,998       26,624  

Chartwell Retirement Residences

    10,400       121,921  

China Gold International Resources Corp., Ltd. (a)

    62,113       124,707  

Chinook Energy, Inc. (a)

    27,917       7,872  

Cineplex, Inc. (d)

    19,436       738,067  

Clairvest Group, Inc.

    200       5,053  

Clarke, Inc. (d)

    1,614       13,108  

Clearwater Seafoods, Inc.

    7,044       55,511  

Cogeco Communications, Inc.

    4,920       262,861  

Cogeco, Inc.

    2,309       103,413  

Colliers International Group, Inc.

    12,580       595,111  

Computer Modelling Group, Ltd.

    21,620       168,265  

Continental Gold, Inc. (a)

    20,900       63,021  

Copper Mountain Mining Corp. (a)

    57,011       44,156  

Corby Spirit and Wine, Ltd.

    3,957       65,848  

Corridor Resources, Inc. (a)

    21,385       6,513  

Corus Entertainment, Inc. - B Shares

    31,990       314,163  

Cott Corp. (U.S. Listed Shares)

    2,000       24,720  

Cott Corp.

    38,179       472,554  

CRAFT Oil, Ltd. (a) (c)

    19,637       0  

Crew Energy, Inc. (a)

    69,029       257,460  

CRH Medical Corp. (a)

    11,000       89,912  

Delphi Energy Corp. (a) (d)

    95,850       95,861  
Canada—(Continued)  

Denison Mines Corp. (a) (d)

    247,548     152,641  

Descartes Systems Group, Inc. (The) (a)

    28,586       654,973  

DH Corp.

    2,600       49,347  

DHX Media, Ltd.

    11,696       48,812  

DIRTT Environmental Solutions (a)

    14,300       75,164  

Dominion Diamond Corp.

    23,880       302,035  

Dominion Diamond Corp. (U.S. Listed Shares)

    9,238       116,676  

Dorel Industries, Inc. - Class B

    12,134       289,424  

Dundee Precious Metals, Inc. (a)

    40,545       85,977  

E-L Financial Corp., Ltd.

    177       109,007  

Eastern Platinum, Ltd. (a)

    25,003       6,486  

Echelon Financial Holdings, Inc. (a)

    900       8,439  

EcoSynthetix, Inc. (a)

    800       1,414  

Enbridge Income Fund Holdings, Inc.

    18,118       451,639  

Endeavour Mining Corp. (a)

    16,215       314,582  

EnerCare, Inc.

    31,725       495,491  

Enerflex, Ltd.

    29,289       418,021  

Energy Fuels, Inc. (a)

    4,125       8,902  

Enghouse Systems, Ltd.

    7,089       306,887  

Ensign Energy Services, Inc.

    51,526       308,803  

Epsilon Energy, Ltd. (a)

    18,214       43,143  

Equitable Group, Inc.

    3,909       203,908  

Equity Financial Holdings, Inc. (a)

    1,100       7,387  

Essential Energy Services Trust (a)

    53,526       27,772  

Evertz Technologies, Ltd.

    9,149       110,626  

Exchange Income Corp. (d)

    6,151       180,573  

Exco Technologies, Ltd.

    13,332       114,989  

EXFO, Inc. (a)

    85       446  

Extendicare, Inc.

    41,356       313,781  

Fiera Capital Corp.

    12,719       131,795  

Firm Capital Mortgage Investment Corp.

    6,774       71,008  

First Majestic Silver Corp. (a) (d)

    33,160       269,050  

First National Financial Corp.

    4,907       98,520  

FirstService Corp.

    12,580       760,656  

Fortress Paper, Ltd. - Class A (a)

    7,338       45,964  

Fortuna Silver Mines, Inc. (a)

    60,121       312,845  

Freehold Royalties, Ltd.

    30,212       306,243  

Gamehost, Inc.

    4,952       37,461  

Genesis Land Development Corp.

    14,348       32,260  

Genworth MI Canada, Inc.

    12,625       349,078  

Gibson Energy, Inc.

    29,744       427,199  

Glacier Media, Inc. (a)

    9,600       4,837  

Gluskin Sheff & Associates, Inc.

    10,533       139,241  

GMP Capital, Inc. (a)

    28,336       77,560  

Goeasy, Ltd.

    2,000       46,020  

Golden Star Resources, Ltd. (a)

    93,633       78,858  

Gran Tierra Energy, Inc. (a)

    109,213       290,720  

Granite Oil Corp.

    10,252       47,180  

Great Canadian Gaming Corp. (a)

    14,894       275,850  

Great Panther Silver, Ltd. (a)

    67,206       109,664  

Guyana Goldfields, Inc. (a)

    48,247       260,853  

Hanfeng Evergreen, Inc. (a) (b) (c)

    12,100       0  

Heroux-Devtek, Inc. (a)

    14,606       127,625  

High Liner Foods, Inc.

    4,807       65,245  

HNZ Group, Inc. (a)

    3,031       30,359  

Home Capital Group, Inc. (d)

    20,814       407,406  

Horizon North Logistics, Inc.

    30,612       40,053  

 

BHFTII-61


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Canada—(Continued)  

HudBay Minerals, Inc.

    103,103     $ 677,610  

Hudson’s Bay Co. (d)

    16,774       136,351  

IAMGOLD Corp. (a) (d)

    152,782       611,197  

Imperial Metals Corp. (a) (d)

    15,126       72,340  

Indigo Books & Music, Inc. (a)

    1,986       23,596  

Information Services Corp.

    800       11,731  

Innergex Renewable Energy, Inc.

    38,391       412,822  

Interfor Corp. (a)

    33,292       430,091  

International Tower Hill Mines, Ltd. (a)

    21,604       11,209  

Intertape Polymer Group, Inc.

    20,313       357,121  

Ithaca Energy, Inc. (a)

    123,116       178,677  

Jean Coutu Group PJC, Inc. (The) - Class A

    19,925       313,592  

Just Energy Group, Inc.

    71,937       451,685  

K-Bro Linen, Inc.

    2,319       68,776  

Kelt Exploration, Ltd. (a)

    21,351       107,249  

Kingsway Financial Services, Inc. (a)

    8,765       51,739  

Kirkland Lake Gold, Ltd. (a)

    42,041       310,127  

Klondex Mines, Ltd. (a)

    48,447       189,074  

Knight Therapeutics, Inc. (a)

    29,505       230,520  

Labrador Iron Ore Royalty Corp.

    15,800       221,463  

Laurentian Bank of Canada

    13,206       581,626  

Leon’s Furniture, Ltd.

    9,639       121,552  

Lightstream Resources, Ltd. (a) (b) (c)

    108,373       0  

Linamar Corp.

    12,500       568,579  

Liquor Stores N.A., Ltd.

    12,660       90,915  

Lucara Diamond Corp.

    110,136       255,909  

Lundin Mining Corp.

    44,577       251,067  

MacDonald Dettwiler & Associates, Ltd. (d)

    4,268       225,459  

Magellan Aerospace Corp.

    5,794       85,177  

Mainstreet Equity Corp. (a)

    2,561       70,503  

Major Drilling Group International, Inc. (a)

    36,670       194,676  

Mandalay Resources Corp.

    87,627       38,877  

Maple Leaf Foods, Inc.

    34,605       839,981  

Martinrea International, Inc.

    32,289       250,571  

Maxim Power Corp. (a)

    2,800       5,727  

Mediagrif Interactive Technologies, Inc.

    4,176       49,835  

Medical Facilities Corp.

    12,861       178,237  

MEG Energy Corp. (a)

    21,200       107,447  

Melcor Developments, Ltd.

    3,120       38,007  

Mitel Networks Corp. (a)

    23,670       164,107  

Morguard Corp.

    800       110,088  

Morneau Shepell, Inc. (d)

    16,285       244,547  

MTY Food Group, Inc.

    5,404       202,774  

Mullen Group, Ltd.

    37,792       480,268  

Nautilus Minerals, Inc. (a)

    134,471       23,257  

Nevsun Resources, Ltd.

    81,011       208,337  

New Flyer Industries, Inc.

    17,136       632,428  

New Gold, Inc. (a)

    96,948       289,419  

Newalta Corp. (a)

    23,919       41,188  

Norbord, Inc.

    8,718       248,130  

North American Energy Partners, Inc.

    14,743       72,947  

North West Co., Inc. (The)

    17,071       407,054  

Northern Blizzard Resources, Inc.

    4,700       11,557  

Northland Power, Inc.

    33,879       625,686  

Novelion Therapeutics, Inc. (a)

    5,100       54,841  

NuVista Energy, Ltd. (a)

    59,117       273,391  

OceanaGold Corp.

    166,811       494,218  
Canada—(Continued)  

Osisko Gold Royalties, Ltd.

    18,606     206,788  

Painted Pony Petroleum, Ltd. (a) (d)

    38,738       156,717  

Pan American Silver Corp.

    55,071       964,058  

Paramount Resources, Ltd. - Class A (a)

    9,617       122,793  

Parex Resources, Inc. (a)

    55,359       705,595  

Parkland Fuel Corp.

    26,463       589,017  

Pason Systems, Inc.

    22,516       325,249  

Pengrowth Energy Corp. (a) (d)

    183,295       183,316  

Penn West Petroleum, Ltd. (a)

    153,488       261,998  

Petrus Resources, Ltd. (a)

    1,290       2,328  

PHX Energy Services Corp. (a)

    12,350       33,990  

Pizza Pizza Royalty Corp.

    6,998       90,774  

Platinum Group Metals, Ltd. (a)

    3,208       5,283  

Points International, Ltd. (a)

    5,320       41,245  

Polymet Mining Corp. (a)

    38,355       28,553  

Precision Drilling Corp. (a)

    82,898       392,096  

Premium Brands Holdings Corp.

    7,879       504,491  

Primero Mining Corp. (a) (d)

    70,253       39,093  

Pulse Seismic, Inc. (a)

    15,720       30,261  

Pure Technologies, Ltd.

    7,900       27,861  

Questerre Energy Corp. - Class A (a)

    83,569       44,617  

Raging River Exploration, Inc. (a)

    56,263       394,732  

RB Energy, Inc. (a) (c)

    76,741       69  

Reitmans Canada, Ltd. - Class A

    20,566       83,974  

Richelieu Hardware, Ltd.

    18,390       380,287  

Richmont Mines, Inc. (a)

    20,415       144,763  

RMP Energy, Inc. (a)

    72,808       39,419  

Rocky Mountain Dealerships, Inc.

    3,738       28,530  

Rogers Sugar, Inc.

    35,106       164,990  

Russel Metals, Inc.

    25,722       503,280  

Sabina Gold & Silver Corp. (a)

    57,206       66,246  

Sandstorm Gold, Ltd. (a) (d)

    48,383       208,107  

Sandvine Corp.

    44,900       103,991  

Savanna Energy Services Corp. (a)

    34,913       50,406  

Sears Canada, Inc. (a)

    5,768       8,111  

Secure Energy Services, Inc.

    55,376       408,080  

SEMAFO, Inc. (a) (d)

    123,983       373,856  

ShawCor, Ltd.

    20,891       611,563  

Sherritt International Corp. (a)

    132,332       93,538  

Sienna Senior Living, Inc. (d)

    14,276       185,931  

Sierra Wireless, Inc. (a)

    18,510       491,336  

Silver Standard Resources, Inc. (a)

    37,551       398,707  

Solium Capital, Inc. (a)

    11,317       64,676  

Spartan Energy Corp. (a)

    70,103       140,222  

Sprott Resource Holdings, Inc. (a)

    112,715       16,952  

Sprott, Inc.

    56,027       93,951  

Stantec, Inc.

    20,482       531,514  

Stella-Jones, Inc.

    10,990       323,126  

Stornoway Diamond Corp. (a)

    51,074       32,261  

Strad Energy Services, Ltd. (a)

    10,641       12,403  

Street Capital Group, Inc. (a)

    5,900       6,655  

Stuart Olson, Inc.

    11,157       49,499  

Student Transportation, Inc. (d)

    27,425       160,650  

SunOpta, Inc. (a)

    26,392       183,574  

Superior Plus Corp.

    44,558       432,228  

Surge Energy, Inc.

    74,075       144,825  

Taseko Mines, Ltd. (a)

    108,786       144,792  

 

BHFTII-62


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Canada—(Continued)  

Tembec, Inc. (a)

    32,111     $ 71,956  

Teranga Gold Corp. (a)

    122,593       78,358  

Teranga Gold Corp. (Australian Listed Shares) (a)

    26,882       16,466  

TFI International, Inc.

    25,364       592,211  

Theratechnologies, Inc. (a)

    11,600       53,645  

Timmins Gold Corp. (a)

    59,665       22,433  

TMX Group, Ltd.

    6,827       346,060  

TORC Oil & Gas, Ltd.

    42,724       219,427  

Torex Gold Resources, Inc. (a)

    16,690       329,069  

Toromont Industries, Ltd.

    22,483       786,656  

Torstar Corp. - Class B

    21,453       29,199  

Total Energy Services, Inc.

    13,248       132,495  

TransAlta Corp.

    62,449       367,223  

TransAlta Renewables, Inc.

    10,414       123,338  

Transcontinental, Inc. - Class A

    26,130       482,968  

TransGlobe Energy Corp. (a)

    36,372       57,709  

Trevali Mining Corp. (a)

    55,100       54,692  

Trican Well Service, Ltd. (a) (d)

    55,663       169,519  

Trilogy Energy Corp. (a)

    19,776       72,421  

Trinidad Drilling, Ltd. (a)

    68,873       119,117  

Uni-Select, Inc.

    13,271       352,969  

Valener, Inc.

    16,303       267,988  

Vecima Networks, Inc.

    2,500       19,288  

Veresen, Inc.

    76,138       841,620  

Wajax Corp.

    7,885       135,839  

Wesdome Gold Mines, Ltd. (a)

    38,107       115,194  

West Fraser Timber Co., Ltd.

    14,515       607,079  

Western Energy Services Corp. (a)

    17,973       31,896  

Western Forest Products, Inc.

    145,247       237,009  

WestJet Airlines, Ltd.

    861       14,762  

Westshore Terminals Investment Corp.

    23,388       465,351  

Whitecap Resources, Inc.

    27,350       212,860  

Wi-Lan, Inc.

    58,061       106,530  

Winpak, Ltd.

    9,102       363,437  

Xtreme Drilling Corp. (a)

    11,600       18,667  

Yellow Pages, Ltd. (a)

    6,975       44,477  

ZCL Composites, Inc.

    9,681       100,097  

Zenith Capital Corp. (a) (b) (c)

    12,830       781  
   

 

 

 
      60,616,684  
   

 

 

 
China—0.0%  

Bund Center Investment, Ltd.

    138,000       76,951  

China Chuanglian Education Group, Ltd. (a)

    336,000       5,706  

China Ludao Technology Co., Ltd. (a)

    56,000       11,170  

New Sports Group, Ltd. (a)

    2,230,000       19,823  
   

 

 

 
      113,650  
   

 

 

 
Denmark—2.0%  

ALK-Abello A/S

    1,596       230,044  

Alm Brand A/S

    37,876       306,614  

Ambu A/S - Class B

    9,548       411,355  

Bakkafrost P/F

    8,908       275,590  

Bang & Olufsen A/S (a)

    9,221       127,394  

Bavarian Nordic A/S (a)

    10,666       540,665  

Brodrene Hartmann A/S

    663       29,823  

D/S Norden A/S (a) (d)

    5,328       107,739  
Denmark—(Continued)  

DFDS A/S

    11,185     615,717  

FLSmidth & Co. A/S

    19,649       1,050,438  

GN Store Nord A/S

    52,383       1,224,472  

Gronlandsbanken A/S

    17       1,433  

H+H International A/S - Class B (a)

    1,737       23,947  

Harboes Bryggeri A/S - Class B

    1,454       27,205  

IC Group A/S

    3,209       75,714  

Jeudan A/S (a)

    201       19,082  

Jyske Bank A/S

    14,672       741,712  

Matas A/S

    972       13,809  

NKT Holding A/S

    6,820       500,622  

NNIT A/S

    717       19,268  

Nordjyske Bank A/S

    185       3,051  

Parken Sport & Entertainment A/S (a)

    2,351       29,129  

PER Aarsleff Holding A/S

    9,110       218,042  

Ringkjoebing Landbobank A/S

    2,122       470,084  

Rockwool International A/S - B Shares

    3,162       561,782  

Royal Unibrew A/S

    15,546       655,034  

RTX A/S

    2,568       70,296  

Santa Fe Group A/S (a)

    7,121       59,222  

Schouw & Co. AB

    6,963       638,469  

SimCorp A/S

    16,061       967,447  

Solar A/S - B Shares

    3,066       169,371  

Spar Nord Bank A/S

    32,428       358,973  

Sydbank A/S

    26,018       901,941  

TDC A/S

    141,824       730,582  

TK Development A/S (a) (d)

    44,643       77,469  

Topdanmark A/S (a)

    27,627       700,409  

Tryg A/S

    18,564       336,802  

United International Enterprises

    1,090       196,778  

Vestjysk Bank A/S (a)

    3,300       6,294  

William Demant Holding A/S (a)

    13,600       284,206  

Zealand Pharma A/S (a) (d)

    3,880       62,558  
   

 

 

 
      13,840,582  
   

 

 

 
Finland—2.8%  

Ahlstrom Oyj

    11,406       165,729  

Aktia Bank Oyj

    3,139       32,768  

Alma Media Oyj

    22,695       126,309  

Amer Sports Oyj (a)

    47,651       1,077,374  

Apetit Oyj

    1,205       17,263  

Aspo Oyj

    8,414       79,551  

Atria Oyj

    2,604       28,945  

BasWare Oyj (a)

    3,525       127,156  

Bittium Oyj

    4,041       27,073  

Cargotec Oyj - B Shares

    12,591       622,977  

Caverion Corp. (a) (d)

    40,680       320,294  

Citycon Oyj

    146,997       348,158  

Cramo Oyj

    9,503       216,744  

Elisa Oyj

    30,080       1,064,504  

F-Secure Oyj

    35,820       128,860  

Finnair Oyj

    24,728       124,146  

Fiskars Oyj Abp

    17,515       361,937  

HKScan Oyj - A Shares

    6,704       24,889  

Huhtamaki Oyj

    37,559       1,337,361  

Ilkka-Yhtyma Oyj

    2,976       9,270  

 

BHFTII-63


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Finland—(Continued)  

Kemira Oyj

    41,153     $ 505,332  

Kesko Oyj - A Shares

    933       44,034  

Kesko Oyj - B Shares (d)

    24,862       1,185,659  

Konecranes Oyj (d)

    16,662       591,583  

Lassila & Tikanoja Oyj

    14,630       287,151  

Lemminkainen Oyj

    5,098       99,959  

Metsa Board Oyj

    110,343       681,474  

Metso Oyj (d)

    25,057       757,937  

Munksjo Oyj (a)

    6,311       93,854  

Nokian Renkaat Oyj

    40,917       1,708,488  

Olvi Oyj - A Shares

    6,303       181,887  

Oriola-KD Oyj - B Shares

    61,632       261,018  

Orion Oyj - Class A

    12,582       653,455  

Orion Oyj - Class B

    30,210       1,575,018  

Outokumpu Oyj

    102,277       997,324  

Outotec Oyj (a)

    52,402       317,818  

Ponsse Oyj

    3,208       75,031  

Poyry Oyj (a)

    14,295       47,465  

Raisio Oyj - V Shares

    58,833       211,627  

Ramirent Oyj

    37,284       300,784  

Rapala VMC Oyj

    8,902       41,185  

Sanoma Oyj

    31,912       266,860  

Sponda Oyj

    44,426       185,784  

Stockmann Oyj Abp - B Shares (a)

    11,956       92,299  

Talvivaara Mining Co. plc (a) (b) (c)

    286,881       1,745  

Technopolis Oyj

    66,184       213,694  

Teleste Oyj

    772       7,172  

Tieto Oyj

    21,736       592,370  

Tikkurila Oyj

    14,683       297,450  

Uponor Oyj

    19,661       348,751  

Vaisala Oyj - A Shares

    4,116       153,709  

Valmet Oyj

    12,429       193,160  

YIT Oyj

    33,084       223,547  
   

 

 

 
      19,435,932  
   

 

 

 
France—4.8%  

ABC Arbitrage

    7,498       54,154  

Actia Group

    5,737       55,141  

Air France-KLM (a)

    50,893       385,864  

Akka Technologies S.A.

    3,864       176,549  

Albioma S.A.

    13,155       232,487  

Altamir Amboise

    9,152       142,586  

Alten S.A.

    9,511       729,795  

Altran Technologies S.A. (a)

    62,318       1,050,182  

APRIL S.A.

    9,077       115,829  

Assystem

    5,619       196,663  

Aubay

    1,785       54,514  

Axway Software S.A.

    2,132       71,799  

Bastide le Confort Medical

    590       19,468  

Beneteau S.A.

    15,076       197,912  

BioMerieux

    4,066       688,164  

Boiron S.A.

    2,586       236,426  

Bonduelle SCA

    6,712       211,378  

Burelle S.A.

    174       217,732  

Catering International Services

    541       10,898  

Cegedim S.A. (a)

    2,643       74,725  
France—(Continued)  

CGG S.A. (a)

    3,847     27,149  

Chargeurs S.A.

    7,816       178,251  

Cie des Alpes

    3,241       67,181  

Coface S.A. (a)

    2,022       15,226  

Derichebourg S.A.

    31,305       156,250  

Devoteam S.A.

    3,889       264,706  

Edenred

    44,518       1,052,485  

Electricite de Strasbourg S.A.

    88       10,655  

Elior Group (d)

    19,633       445,086  

Elis S.A.

    6,943       136,434  

Eramet (a)

    1,499       64,244  

Esso S.A. Francaise (a)

    1,341       59,584  

Euler Hermes Group

    2,457       225,889  

Eutelsat Communications S.A.

    3,630       81,155  

Exel Industries - A Shares

    618       52,948  

Faurecia

    25,665       1,220,161  

Fleury Michon S.A.

    461       29,726  

Gaztransport Et Technigaz S.A.

    5,461       205,595  

GEA

    165       15,490  

GL Events

    3,794       88,276  

Groupe Crit

    1,062       82,571  

Groupe Fnac S.A. (a)

    5,410       388,513  

Groupe Fnac S.A. (a)

    3,721       268,755  

Groupe Gorge (a)

    1,266       29,882  

Groupe Open

    722       18,487  

Guerbet

    2,188       185,558  

Haulotte Group S.A.

    5,337       77,651  

Havas S.A.

    18,291       163,046  

HERIGE SADCS (a)

    235       7,766  

HiPay Group S.A. (a)

    1,527       20,689  

ID Logistics Group (a)

    428       60,803  

Imerys S.A.

    3,235       274,609  

Interparfums S.A.

    4,802       159,351  

Ipsen S.A.

    13,044       1,306,084  

IPSOS

    12,134       376,692  

Jacquet Metal Service

    7,386       178,125  

Korian S.A.

    22,136       670,473  

Lagardere SCA

    36,064       1,062,260  

Lanson-BCC

    15       480  

Laurent-Perrier

    1,367       100,785  

Le Belier

    299       13,773  

Le Noble Age

    1,488       68,234  

Lectra

    8,150       181,531  

Linedata Services

    855       45,819  

LISI

    8,732       315,748  

Maisons France Confort S.A.

    1,526       87,940  

Manitou BF S.A.

    4,534       118,533  

Manutan International

    589       43,708  

Mersen

    8,985       242,519  

METabolic EXplorer S.A. (a)

    6,035       15,483  

Metropole Television S.A.

    15,772       351,747  

MGI Coutier

    3,301       114,575  

Mr. Bricolage

    601       7,655  

Naturex (a)

    2,045       179,723  

Neopost S.A.

    12,528       481,022  

Nexans S.A. (a)

    10,974       569,289  

Nexity S.A.

    12,502       614,688  

 

BHFTII-64


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
France—(Continued)  

NRJ Group (a)

    11,923     $ 134,338  

Oeneo S.A.

    4,362       39,962  

Onxeo S.A. (a) (d)

    3,499       10,379  

Onxeo S.A. (a)

    4,566       13,478  

Orpea

    11,098       1,066,115  

Parrot S.A. (a) (d)

    2,647       25,151  

PCAS

    614       8,978  

Pierre & Vacances S.A. (a)

    2,817       129,570  

Plastic Omnium S.A.

    30,265       1,103,568  

Plastivaloire

    197       32,897  

Rallye S.A.

    8,372       169,525  

Rexel S.A.

    55,587       1,010,802  

Robertet S.A.

    14       5,221  

Rothschild & Co.

    488       13,986  

Rubis SCA

    16,886       1,655,542  

Samse S.A.

    107       16,983  

Sartorius Stedim Biotech

    7,221       486,302  

Savencia S.A.

    3,042       253,264  

Seche Environnement S.A.

    1,555       45,818  

Sequana S.A. (a)

    10,224       15,167  

SES-imagotag S.A. (a)

    715       23,410  

Societe des Bains de Mer et du Cercle des Etrangers a Monaco (a)

    16       564  

Societe Marseillaise du Tunnel Prado-Carenage S.A.

    293       7,138  

Societe pour l’Informatique Industrielle

    713       15,110  

Societe Television Francaise 1

    48,852       582,673  

SOITEC (a) (d)

    5,935       250,868  

Solocal Group (a)

    140,462       149,771  

Somfy S.A.

    329       143,926  

Sopra Steria Group

    5,251       748,431  

SPIE S.A.

    11,799       284,667  

Ste Industrielle d’Aviation Latecoere S.A. (a)

    26,469       114,327  

STEF S.A.

    1,145       98,644  

Sword Group

    3,419       114,901  

Synergie S.A.

    4,031       159,286  

Tarkett S.A.

    3,785       163,565  

Technicolor S.A.

    88,305       406,880  

Teleperformance SE

    18,986       2,051,415  

Tessi S.A.

    727       106,045  

TFF Group

    308       41,687  

Thermador Groupe

    1,043       100,139  

Total Gabon

    324       50,139  

Touax S.A. (a)

    1,706       20,675  

Trigano S.A.

    3,132       301,567  

UBISOFT Entertainment S.A. (a)

    41,482       1,771,508  

Union Financiere de France BQE S.A.

    1,257       36,839  

Vallourec S.A. (a) (d)

    64,313       427,780  

Valneva SE (a) (d)

    15,386       41,198  

Vetoquinol S.A.

    1,341       75,545  

Vicat S.A.

    5,373       381,313  

VIEL & Cie S.A.

    4,205       24,418  

Vilmorin & Cie S.A.

    2,684       184,885  

Virbac S.A. (a)

    1,270       199,004  

Vranken-Pommery Monopole S.A.

    958       22,382  
   

 

 

 
      33,541,070  
   

 

 

 
Germany—6.2%  

Aareal Bank AG

    29,527     1,142,661  

Adler Modemaerkte AG

    2,828       15,749  

ADLER Real Estate AG (a) (d)

    3,954       58,988  

ADVA Optical Networking SE (a)

    13,833       155,695  

AIXTRON SE (a) (d)

    30,799       114,449  

Allgeier SE

    2,942       61,589  

Amadeus Fire AG

    2,107       171,197  

Aurubis AG

    14,317       959,732  

Axel Springer SE

    10,274       567,629  

Basler AG

    236       18,463  

Bauer AG

    4,696       71,425  

BayWa AG

    5,731       188,907  

BayWa AG

    305       10,285  

Bechtle AG

    8,305       901,482  

Bertrandt AG

    1,677       163,078  

Bijou Brigitte AG

    1,603       99,194  

Bilfinger SE (a) (d)

    3,381       130,223  

Biotest AG

    4,221       115,118  

Borussia Dortmund GmbH & Co. KGaA (Xetra Exchange)

    30,779       187,168  

CANCOM SE

    7,164       404,315  

Carl Zeiss Meditec AG

    9,550       407,299  

CENIT AG

    5,012       112,018  

CENTROTEC Sustainable AG

    3,158       60,643  

Cewe Stiftung & Co. KGaA

    2,939       257,584  

Clere AG (a) (d)

    1,425       23,723  

Comdirect Bank AG

    13,399       134,802  

CompuGroup Medical SE

    8,932       397,872  

Constantin Medien AG (a)

    15,941       30,713  

CropEnergies AG

    9,235       88,695  

CTS Eventim AG & Co. KGaA

    17,775       687,618  

Data Modul AG

    138       9,422  

Delticom AG

    1,562       29,123  

Deutsche Beteiligungs AG

    2,815       95,669  

Deutsche Euroshop AG

    6,674       272,876  

Deutsche Pfandbriefbank AG

    10,699       133,062  

Deutz AG

    35,346       244,021  

Dialog Semiconductor plc (a)

    22,851       1,167,398  

DIC Asset AG

    7,859       77,971  

DMG Mori AG

    12,734       622,588  

Dr. Hoenle AG

    2,084       72,793  

Draegerwerk AG & Co. KGaA

    1,062       82,705  

Drillisch AG (d)

    17,268       877,467  

Duerr AG

    8,529       761,213  

Eckert & Ziegler AG

    1,629       46,686  

Elmos Semiconductor AG

    7,336       175,382  

ElringKlinger AG (d)

    11,206       217,846  

Euromicron AG (a)

    2,048       16,013  

Evotec AG (a)

    24,706       241,134  

Fielmann AG

    2,497       192,997  

Francotyp-Postalia Holding AG

    3,300       18,612  

Fraport AG Frankfurt Airport Services Worldwide

    3,441       243,540  

Freenet AG

    51,967       1,690,315  

FUCHS Petrolub SE

    4,292       182,220  

Gerresheimer AG

    9,821       777,985  

Gerry Weber International AG (d)

    9,842       127,043  

Gesco AG

    4,563       121,583  

 

BHFTII-65


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Germany—(Continued)  

GFT Technologies SE (d)

    5,932     $ 113,020  

Grammer AG

    7,596       466,208  

GRENKE AG

    1,704       300,735  

H&R AG GmbH & Co. KGaA (a)

    4,113       66,321  

Hamburger Hafen und Logistik AG

    8,624       161,415  

Heidelberger Druckmaschinen AG (a)

    100,140       249,796  

Hella KGaA Hueck & Co.

    2,951       130,693  

HolidayCheck Group AG (a)

    1,815       4,950  

Hornbach Baumarkt AG

    1,543       48,133  

Hugo Boss AG

    9,989       727,943  

Indus Holding AG

    13,812       892,565  

Isra Vision AG

    2,083       271,102  

Jenoptik AG

    19,047       472,064  

K&S AG (d)

    19,765       459,449  

KION Group AG

    12,333       806,027  

Kloeckner & Co. SE (a)

    38,909       420,685  

Koenig & Bauer AG (a)

    4,373       274,188  

Kontron AG (a) (d)

    21,842       69,948  

Krones AG

    5,091       571,078  

KSB AG

    103       42,331  

KWS Saat SE

    949       294,581  

LANXESS AG

    27,203       1,825,756  

LEG Immobilien AG (a)

    15,885       1,302,199  

Leifheit AG

    945       67,870  

Leoni AG

    12,471       640,998  

LPKF Laser & Electronics AG (a) (d)

    5,852       51,203  

Manz AG (a) (d)

    1,272       53,254  

Medigene AG (a)

    3,423       41,446  

MLP AG

    20,985       121,087  

MTU Aero Engines AG

    14,899       1,938,304  

Nemetschek SE

    11,851       711,222  

Nexus AG

    2,764       59,584  

Nordex SE (a) (d)

    23,261       324,826  

Norma Group SE

    10,781       510,019  

OHB SE

    2,315       50,875  

OSRAM Licht AG

    21,899       1,372,922  

Paragon AG

    137       7,128  

Patrizia Immobilien AG (a)

    17,552       310,821  

Pfeiffer Vacuum Technology AG

    3,596       453,057  

PNE Wind AG (d)

    24,548       67,224  

Progress-Werk Oberkirch AG

    822       38,168  

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie

    2,118       28,748  

Puma SE

    549       171,136  

PVA TePla AG (a)

    3,358       8,243  

QSC AG

    26,632       44,122  

R Stahl AG

    1,594       50,169  

Rational AG

    795       370,531  

Rheinmetall AG

    12,940       1,085,826  

Rhoen Klinikum AG

    19,629       535,441  

RIB Software AG

    8,127       107,507  

SAF-Holland S.A.

    29,975       500,272  

Salzgitter AG

    12,083       436,911  

Schaltbau Holding AG (d)

    2,118       74,545  

SHW AG

    2,013       69,342  

Siltronic AG (a)

    2,093       139,417  

Sixt SE (d)

    8,854       456,100  
Germany—(Continued)  

SMA Solar Technology AG (d)

    3,992     100,881  

SMT Scharf AG (a)

    831       12,154  

Softing AG

    1,971       21,027  

Software AG

    20,357       805,187  

Solarworld AG (a)

    348       1,337  

Stabilus S.A.

    3,005       193,419  

Stada Arzneimittel AG

    19,797       1,209,631  

Stroeer SE & Co. KGaA (d)

    8,451       470,400  

Suedzucker AG

    26,310       659,754  

Surteco SE

    1,501       37,149  

Suss Microtec AG (a)

    6,216       57,687  

TAG Immobilien AG

    39,448       530,875  

Takkt AG

    11,656       270,452  

Technotrans AG

    3,008       88,593  

Tele Columbus AG (a)

    1,323       11,288  

TLG Immobilien AG

    6,129       119,439  

Tom Tailor Holding AG (a)

    6,389       60,152  

Traffic Systems SE (d)

    1,794       27,669  

VERBIO Vereinigte BioEnergie AG

    4,145       46,872  

Vossloh AG (a)

    4,905       311,607  

VTG AG

    5,188       168,521  

Wacker Chemie AG

    2,424       249,612  

Wacker Neuson SE

    10,071       225,877  

Washtec AG

    3,397       206,201  

XING AG

    1,097       226,914  

Zeal Network SE

    1,934       54,675  
   

 

 

 
      43,272,856  
   

 

 

 
Hong Kong—3.3%  

Agritrade Resources, Ltd.

    135,000       23,282  

Alco Holdings, Ltd.

    136,000       37,309  

Allan International Holdings

    20,000       5,404  

Allied Group, Ltd.

    22,000       147,185  

Allied Properties HK, Ltd.

    1,406,024       360,022  

Anxian Yuan China Holdings, Ltd. (a)

    420,000       4,431  

Apac Resources, Ltd. (a)

    472,173       7,224  

Applied Development Holdings, Ltd. (a)

    250,000       21,227  

APT Satellite Holdings, Ltd.

    164,250       87,690  

Arts Optical International Holdings, Ltd.

    16,000       6,115  

Asia Financial Holdings, Ltd.

    278,000       152,004  

Asia Satellite Telecommunications Holdings, Ltd. (a)

    58,500       72,257  

Asia Standard International Group, Ltd.

    370,000       89,499  

Associated International Hotels, Ltd.

    14,000       40,533  

Auto Italia Holdings (a)

    175,000       2,632  

BeijingWest Industries International, Ltd. (a)

    41,200       9,062  

Bel Global Resources Holdings, Ltd. (a) (b) (c)

    520,000       0  

BEP International Holdings, Ltd.

    2,160,000       119,462  

Bonjour Holdings, Ltd.

    615,000       31,646  

Bossini International Holdings, Ltd.

    302,000       18,461  

Bright Smart Securities & Commodities Group, Ltd.

    96,000       31,737  

Brightoil Petroleum Holdings, Ltd. (a)

    664,000       190,521  

Brockman Mining, Ltd. (a)

    2,516,770       51,829  

Burwill Holdings, Ltd. (a)

    1,566,000       32,254  

Cafe de Coral Holdings, Ltd.

    134,000       438,901  

Cash Financial Services Group, Ltd. (a) (b)

    288,000       12,785  

 

BHFTII-66


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Hong Kong—(Continued)  

Century City International Holdings, Ltd.

    616,000     $ 45,974  

CGN Mining Co., Ltd. (a)

    145,000       14,175  

Champion Technology Holdings, Ltd. (a)

    1,233,093       19,350  

Chen Hsong Holdings

    150,000       40,526  

Cheuk Nang Holdings, Ltd.

    94,214       63,625  

Chevalier International Holdings, Ltd.

    75,139       120,125  

China Billion Resources, Ltd. (a)

    238,000       857  

China Display Optoelectronics Technology Holdings, Ltd. (a)

    136,000       17,497  

China Energy Development Holdings, Ltd. (a)

    3,670,000       36,830  

China Flavors & Fragrances Co., Ltd.

    71,446       18,479  

China Healthcare Enterprise Group, Ltd. (a)

    160,000       2,142  

China LNG Group, Ltd.

    1,840,000       41,196  

China Metal International Holdings, Inc.

    198,000       62,161  

China Motor Bus Co., Ltd.

    1,200       16,832  

China Solar Energy Holdings, Ltd. (a) (b) (c)

    162,000       704  

China Star Entertainment, Ltd. (a)

    126,000       5,837  

China Strategic Holdings, Ltd. (a)

    3,402,500       63,917  

China Ting Group Holdings, Ltd.

    318,550       20,290  

Chinese Estates Holdings, Ltd.

    29,000       44,704  

Chinney Investment, Ltd.

    8,000       2,840  

Chong Hing Bank, Ltd.

    7,000       15,299  

Chow Sang Sang Holdings International, Ltd.

    119,000       280,178  

Chuang’s China Investments, Ltd.

    511,500       35,526  

Chuang’s Consortium International, Ltd.

    382,357       77,224  

CITIC Telecom International Holdings, Ltd.

    467,000       141,202  

CK Life Sciences International Holdings, Inc.

    1,594,000       135,295  

CNQC International Holdings, Ltd.

    82,500       28,236  

CNT Group, Ltd.

    246,000       18,995  

Common Splendor International Health Industry Group, Ltd. (a)

    342,000       29,921  

Continental Holdings, Ltd. (a)

    220,000       3,685  

Convoy Global Holdings, Ltd. (a)

    1,314,000       34,658  

CP Lotus Corp. (a)

    1,750,000       29,274  

Crocodile Garments (a)

    216,000       28,925  

Cross-Harbour Holdings, Ltd. (The)

    119,000       177,935  

CSI Properties, Ltd.

    3,194,023       145,914  

Dah Sing Banking Group, Ltd.

    172,671       340,333  

Dah Sing Financial Holdings, Ltd.

    66,260       504,683  

Dickson Concepts International, Ltd.

    131,000       46,691  

Eagle Nice International Holdings, Ltd.

    120,000       33,658  

EcoGreen International Group, Ltd.

    118,800       25,833  

Emperor Capital Group, Ltd.

    540,000       47,238  

Emperor Entertainment Hotel, Ltd.

    235,000       54,118  

Emperor International Holdings, Ltd.

    565,250       176,028  

Emperor Watch & Jewellery, Ltd. (a)

    1,520,000       67,462  

ENM Holdings, Ltd. (a)

    556,000       40,045  

EPI Holdings, Ltd. (a)

    586,800       21,143  

Esprit Holdings, Ltd. (a)

    833,950       698,743  

eSun Holdings, Ltd. (a)

    400,000       50,947  

Fairwood Holdings, Ltd.

    34,500       138,713  

Far East Consortium International, Ltd.

    621,269       287,775  

Far East Holdings International, Ltd. (a)

    150,000       14,672  

First Pacific Co., Ltd.

    74,000       53,682  

Fountain SET Holdings, Ltd.

    422,000       56,467  

Future Bright Holdings, Ltd.

    156,000       16,655  

G-Resources Group, Ltd.

    10,474,800       196,772  
Hong Kong—(Continued)  

GCL New Energy Holdings, Ltd. (a)

    1,406,000     77,854  

Get Nice Financial Group, Ltd.

    64,350       7,700  

Get Nice Holdings, Ltd.

    2,574,000       89,409  

Giordano International, Ltd.

    536,000       291,016  

Global Brands Group Holding, Ltd. (a)

    896,000       95,679  

Glorious Sun Enterprises, Ltd.

    393,000       50,572  

Gold Peak Industries Holdings, Ltd.

    277,714       26,801  

Golden Resources Development International, Ltd.

    370,000       23,801  

Good Resources Holdings, Ltd. (a)

    420,000       22,426  

Great Eagle Holdings, Ltd.

    44,000       206,944  

Guangnan Holdings, Ltd.

    264,000       39,063  

Guoco Group, Ltd.

    3,000       34,745  

Guotai Junan International Holdings, Ltd. (d)

    571,600       185,285  

Haitong International Securities Group, Ltd.

    451,289       265,292  

Hanison Construction Holdings, Ltd.

    148,009       25,903  

Hao Tian Development Group, Ltd. (a)

    858,000       44,720  

Harbour Centre Development, Ltd.

    88,000       159,919  

HKBN, Ltd.

    203,500       227,531  

HKR International, Ltd. (a)

    332,800       177,697  

Hon Kwok Land Investment Co., Ltd.

    140,000       73,847  

Hong Kong Aircraft Engineering Co., Ltd.

    8,800       61,144  

Hong Kong Ferry Holdings Co., Ltd.

    22,000       25,222  

Hong Kong Television Network, Ltd. (a)

    165,000       30,548  

Hongkong & Shanghai Hotels (The)

    21,000       24,700  

Hongkong Chinese, Ltd.

    866,000       161,591  

Hopewell Holdings, Ltd.

    70,000       263,879  

Hsin Chong Group Holdings, Ltd. (a)

    918,000       41,334  

Huarong Investment Stock Corp., Ltd. (a)

    175,000       30,363  

Hung Hing Printing Group, Ltd.

    252,000       50,585  

Hutchison Telecommunications Hong Kong Holdings, Ltd.

    526,000       156,336  

I-CABLE Communications, Ltd. (a)

    177,000       14,146  

Imagi International Holdings, Ltd. (a)

    90,112       10,779  

iOne Holdings, Ltd. (a)

    960,000       28,651  

IPE Group, Ltd.

    285,000       82,168  

IRC, Ltd. (a)

    760,000       35,194  

IT, Ltd.

    250,000       108,458  

ITC Properties Group, Ltd.

    99,556       40,336  

Jinhui Holdings Co., Ltd. (a)

    70,000       9,093  

Johnson Electric Holdings, Ltd.

    106,875       319,019  

K Wah International Holdings, Ltd.

    478,045       317,339  

Kader Holdings Co., Ltd.

    264,000       25,489  

Kam Hing International Holdings, Ltd.

    196,000       13,364  

Kantone Holdings, Ltd. (a)

    93,000       7,654  

Karrie International Holdings, Ltd.

    140,000       16,585  

Keck Seng Investments

    72,000       58,911  

Kerry Logistics Network, Ltd.

    107,000       150,049  

Kingmaker Footwear Holdings, Ltd.

    102,000       29,392  

Kowloon Development Co., Ltd.

    159,000       164,877  

KuangChi Science, Ltd. (a)

    97,000       42,441  

Kwan On Holdings, Ltd. (a)

    50,000       10,166  

L’sea Resources International Holdings, Ltd. (a)

    360,000       5,188  

Lai Sun Development Co., Ltd.

    6,355,666       162,714  

Lai Sun Garment International, Ltd.

    498,800       122,518  

Lam Soon Hong Kong, Ltd.

    15,000       20,653  

Landing International Development, Ltd. (a)

    2,185,000       15,189  

Landsea Green Properties Co., Ltd.

    120,000       9,883  

 

BHFTII-67


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Hong Kong—(Continued)  

Lifestyle International Holdings, Ltd.

    181,500     $ 246,140  

Lippo China Resources, Ltd.

    2,106,000       65,283  

Lippo, Ltd.

    122,000       73,798  

Lisi Group Holdings, Ltd.

    562,000       45,565  

Liu Chong Hing Investment, Ltd.

    86,000       122,823  

Luk Fook Holdings International, Ltd.

    135,000       428,751  

Luks Group Vietnam Holdings Co., Ltd.

    68,000       23,976  

Lung Kee Bermuda Holdings

    116,000       49,536  

Magnificent Hotel Investment, Ltd.

    1,310,000       31,347  

Man Sang International, Ltd. (a)

    150,000       10,032  

Man Wah Holdings, Ltd.

    583,200       462,869  

Mandarin Oriental International, Ltd.

    7,700       10,010  

Mason Financial Holdings, Ltd. (a)

    5,445,000       79,080  

Matrix Holdings, Ltd.

    36,000       13,851  

Melco International Development, Ltd.

    140,000       247,096  

Midland Holdings, Ltd. (a)

    302,000       80,410  

Midland IC&I, Ltd. (a)

    1,510,000       9,906  

Ming Fai International Holdings, Ltd.

    145,000       19,751  

Miramar Hotel & Investment

    12,000       25,781  

National Electronic Holdings, Ltd.

    182,600       25,843  

Neo-Neon Holdings, Ltd. (a)

    322,500       42,306  

NetMind Financial Holdings, Ltd. (a)

    8,984,000       61,276  

New Century Group Hong Kong, Ltd. (a)

    912,000       16,430  

New Times Energy Corp., Ltd. (a)

    306,300       9,850  

Newocean Energy Holdings, Ltd.

    432,000       122,787  

Next Digital, Ltd. (a)

    414,000       19,175  

Nine Express, Ltd. (a)

    216,000       9,864  

Noble Group, Ltd. (a)

    2,264,400       314,055  

O Luxe Holdings, Ltd. (a)

    648,000       70,071  

Orange Sky Golden Harvest Entertainment Holdings, Ltd. (a)

    375,882       38,198  

Orient Overseas International, Ltd.

    45,000       240,322  

Oriental Watch Holdings

    271,600       62,532  

Pacific Andes International Holdings, Ltd. (a) (b) (c)

    1,819,984       6,417  

Pacific Basin Shipping, Ltd. (a)

    976,000       207,155  

Pacific Textiles Holdings, Ltd.

    187,000       206,922  

Paliburg Holdings, Ltd.

    328,000       110,666  

Paradise Entertainment, Ltd. (a)

    168,000       28,307  

Pearl Oriental Oil, Ltd. (a)

    404,000       14,034  

Perfect Shape Beauty Technology, Ltd.

    108,000       10,008  

Pico Far East Holdings, Ltd.

    424,000       170,779  

Playmates Holdings, Ltd.

    56,000       74,083  

Playmates Toys, Ltd.

    236,000       43,431  

Polytec Asset Holdings, Ltd.

    565,000       45,812  

Public Financial Holdings, Ltd.

    166,000       76,673  

PYI Corp., Ltd. (a)

    2,140,366       45,680  

Regal Hotels International Holdings, Ltd.

    402,000       223,455  

Rentian Technology Holdings, Ltd. (a)

    180,000       10,656  

Rivera Holdings, Ltd.

    20,000       1,724  

Sa Sa International Holdings, Ltd.

    343,199       135,130  

SAS Dragon Holdings, Ltd.

    140,000       35,839  

SEA Holdings, Ltd. (b)

    94,000       213,364  

SEEC Media Group, Ltd. (a)

    860,000       13,835  

Shenwan Hongyuan HK, Ltd.

    172,500       73,602  

Shun Ho Property Investments, Ltd.

    21,615       8,205  

Shun Tak Holdings, Ltd. (a)

    701,500       248,137  
Hong Kong—(Continued)  

Silver Base Group Holdings, Ltd. (a)

    633,000     42,338  

Sincere Watch Hong Kong, Ltd. (a)

    250,000       6,080  

Sing Tao News Corp., Ltd.

    276,000       35,863  

Singamas Container Holdings, Ltd. (a)

    786,000       128,463  

SIS International Holdings

    16,000       8,441  

SITC International Holdings Co., Ltd.

    223,000       153,220  

Sitoy Group Holdings, Ltd.

    111,000       22,845  

Skyway Securities Group, Ltd. (a)

    750,000       32,321  

SmarTone Telecommunications Holdings, Ltd.

    142,388       183,571  

SOCAM Development, Ltd. (a)

    179,876       52,766  

Solomon Systech International, Ltd. (a)

    920,000       47,951  

Soundwill Holdings, Ltd.

    41,500       90,793  

South China Holdings Co., Ltd. (a)

    1,240,000       50,233  

Stella International Holdings, Ltd.

    161,500       266,843  

Stelux Holdings International, Ltd. (a)

    260,500       17,745  

Styland Holdings, Ltd.

    460,000       11,827  

Success Universe Group, Ltd. (a)

    240,000       6,734  

Sun Hing Vision Group Holdings, Ltd.

    42,000       15,240  

Sun Hung Kai & Co., Ltd.

    302,440       198,440  

Sunwah Kingsway Capital Holdings, Ltd.

    310,000       5,184  

TAI Cheung Holdings, Ltd.

    218,000       198,245  

Talent Property Group, Ltd. (a)

    420,000       7,783  

Tan Chong International, Ltd.

    63,000       19,131  

Tao Heung Holdings, Ltd.

    204,000       58,796  

Television Broadcasts, Ltd.

    123,500       498,873  

Texwinca Holdings, Ltd.

    300,000       201,871  

Titan Petrochemicals Group, Ltd. (a)

    1,000,000       14,153  

Tom Group, Ltd. (a)

    118,000       27,619  

Town Health International Medical Group, Ltd.

    230,000       36,697  

Tradelink Electronic Commerce, Ltd.

    256,000       53,369  

Transport International Holdings, Ltd.

    132,000       403,226  

Trinity, Ltd. (a)

    466,000       34,170  

TSC Group Holdings, Ltd. (a)

    216,000       25,025  

Tsui Wah Holdings, Ltd.

    40,000       6,484  

United Laboratories International Holdings, Ltd. (The) (a)

    241,000       157,212  

Universal Technologies Holdings, Ltd. (a)

    120,000       4,091  

Up Energy Development Group, Ltd. (a) (b) (c)

    92,000       573  

Upbest Group, Ltd.

    16,000       2,368  

Value Convergence Holdings, Ltd. (a)

    104,000       20,072  

Valuetronics Holdings, Ltd.

    48,900       26,044  

Varitronix International, Ltd.

    137,000       61,525  

Vedan International Holdings, Ltd.

    296,000       37,316  

Victory City International Holdings, Ltd.

    839,449       29,161  

Vitasoy International Holdings, Ltd.

    358,000       711,293  

VS International Group, Ltd. (a)

    160,000       6,482  

VST Holdings, Ltd.

    487,200       171,120  

VTech Holdings, Ltd.

    42,500       508,079  

Wai Kee Holdings, Ltd.

    54,000       22,091  

Win Hanverky Holdings, Ltd.

    332,000       49,111  

Winfull Group Holdings, Ltd. (a)

    528,000       12,633  

Wing On Co. International, Ltd.

    46,000       149,139  

Wing Tai Properties, Ltd.

    280,000       197,041  

Wonderful Sky Financial Group Holdings, Ltd.

    44,000       11,889  

Xinyi Glass Holdings, Ltd.

    826,000       728,173  

Yat Sing Holdings, Ltd. (a)

    160,000       121,248  

Yeebo International Holdings, Ltd.

    158,000       79,691  

 

BHFTII-68


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Hong Kong—(Continued)  

YGM Trading, Ltd.

    46,000     $ 46,200  

Yugang International, Ltd.

    1,466,000       31,711  
   

 

 

 
      22,706,851  
   

 

 

 
Ireland—0.8%  

C&C Group plc

    144,358       559,751  

FBD Holdings plc (a)

    10,350       89,100  

Glanbia plc

    37,294       720,304  

Greencore Group plc

    365,753       1,126,555  

IFG Group plc

    44,002       79,332  

Independent News & Media plc (a)

    35,056       4,632  

Irish Continental Group plc

    22,664       119,680  

Kingspan Group plc

    44,238       1,411,304  

Smurfit Kappa Group plc

    13,745       363,099  

Tarsus Group plc

    6,119       21,833  

UDG Healthcare plc

    104,367       917,996  
   

 

 

 
      5,413,586  
   

 

 

 
Isle of Man—0.1%  

GVC Holdings plc

    61,038       560,953  

Paysafe Group plc (a)

    64,941       380,903  
   

 

 

 
      941,856  
   

 

 

 
Israel—0.9%  

ADO Group, Ltd. (a)

    4,040       51,391  

Africa Israel Investments, Ltd. (a)

    64,935       9,391  

Africa Israel Properties, Ltd. (a)

    4,653       93,732  

Africa Israel Residences, Ltd.

    880       18,474  

Airport City, Ltd. (a)

    25,014       321,454  

Allot Communications, Ltd. (a)

    10,216       48,929  

Alrov Properties and Lodgings, Ltd.

    5,057       119,250  

Amot Investments, Ltd.

    25,066       120,925  

Ashtrom Properties, Ltd.

    6,725       27,406  

AudioCodes, Ltd. (a)

    5,709       40,198  

Avgol Industries 1953, Ltd.

    9,099       11,510  

Azorim-Investment Development & Construction Co., Ltd. (a)

    23,712       24,999  

Bayside Land Corp.

    205       95,149  

Big Shopping Centers, Ltd.

    1,031       73,029  

BioLine RX, Ltd. (a)

    2,565       2,736  

Blue Square Real Estate, Ltd.

    767       35,983  

Cellcom Israel, Ltd. (a)

    13,058       135,338  

Ceragon Networks, Ltd. (a)

    14,799       48,830  

Clal Biotechnology Industries, Ltd. (a)

    17,579       15,286  

Clal Insurance Enterprises Holdings, Ltd. (a)

    7,114       111,739  

Cohen Development & Industrial Buildings, Ltd. (a)

    305       8,762  

Compugen, Ltd. (a)

    14,846       62,863  

Delek Automotive Systems, Ltd.

    10,535       95,897  

Delta-Galil Industries, Ltd.

    4,030       109,688  

Direct Insurance Financial Investments, Ltd.

    5,783       52,851  

El Al Israel Airlines

    54,306       39,996  

Electra Consumer Products 1970, Ltd.

    1,236       25,506  

Electra, Ltd.

    652       129,609  

Elron Electronic Industries, Ltd.

    7,585       38,354  
Israel—(Continued)  

Energix-Renewable Energies, Ltd.

    13,559     9,429  

Equital, Ltd. (a)

    550       12,779  

Evogene, Ltd. (a)

    5,090       27,120  

First International Bank of Israel, Ltd.

    8,900       144,737  

FMS Enterprises Migun, Ltd.

    910       30,873  

Formula Systems 1985, Ltd.

    2,591       103,355  

Fox Wizel, Ltd.

    1,475       29,740  

Gilat Satellite Networks, Ltd. (a)

    7,707       38,573  

Hadera Paper, Ltd. (a)

    1,104       49,094  

Hamlet Israel-Canada, Ltd.

    203       3,279  

Harel Insurance Investments & Financial Services, Ltd.

    43,597       229,706  

Hilan, Ltd.

    2,216       39,132  

IDI Insurance Co., Ltd.

    630       31,284  

Industrial Buildings Corp., Ltd. (a)

    39,465       52,797  

Israel Discount Bank, Ltd. - Class A (a)

    134,749       316,387  

Israel Land Development Co., Ltd. (The)

    3,950       32,696  

Jerusalem Oil Exploration (a)

    4,736       241,250  

Kamada, Ltd. (a)

    11,729       81,538  

Kerur Holdings, Ltd.

    931       28,868  

Maabarot Products, Ltd.

    3,435       66,039  

Magic Software Enterprises, Ltd.

    9,462       73,634  

Matrix IT, Ltd.

    14,215       134,498  

Maytronics, Ltd.

    7,834       32,140  

Mazor Robotics, Ltd. (a)

    11,491       171,312  

Meitav DS Investments, Ltd.

    5,193       22,086  

Melisron, Ltd.

    4,351       242,834  

Menora Mivtachim Holdings, Ltd. (a)

    11,310       126,547  

Migdal Insurance & Financial Holding, Ltd.

    55,471       53,608  

Mivtach Shamir Holdings, Ltd. (a)

    1,401       30,852  

Naphtha Israel Petroleum Corp., Ltd. (a)

    14,775       104,259  

Neto ME Holdings, Ltd.

    963       90,668  

Nova Measuring Instruments, Ltd. (a)

    9,293       166,616  

Oil Refineries, Ltd.

    418,554       165,527  

Ormat Technologies, Inc.

    1       32  

Partner Communications Co., Ltd. (a)

    21,648       113,816  

Paz Oil Co., Ltd.

    1,481       244,947  

Perion Network, Ltd. (a)

    3,246       5,576  

Phoenix Holdings, Ltd. (The) (a)

    20,176       80,762  

Plasson Industries, Ltd.

    1,729       53,814  

Rami Levi Chain Stores Hashikma Marketing, Ltd.

    1,803       76,643  

Sapiens International Corp. NV

    6,702       87,744  

Scope Metals Group, Ltd.

    646       17,105  

Shapir Engineering & Industry, Ltd.

    13,184       36,340  

Shikun & Binui, Ltd.

    73,332       177,484  

Shufersal, Ltd.

    23,137       111,996  

Space Communication, Ltd. (a)

    2,951       19,462  

Strauss Group, Ltd.

    6,965       119,122  

Summit Real Estate Holdings, Ltd. (a)

    2,798       18,738  

Tadiran Holdings, Ltd.

    568       14,469  

Tower Semiconductor, Ltd. (a)

    13,157       304,099  

Tower Semiconductor, Ltd. (U.S. Listed Shares) (a)

    1,303       30,034  

Union Bank of Israel (a)

    7,545       32,403  
   

 

 

 
      6,497,118  
   

 

 

 

 

BHFTII-69


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Italy—3.9%  

A2A S.p.A.

    481,411     $ 728,241  

ACEA S.p.A.

    23,394       318,450  

Aeffe S.p.A. (a)

    11,359       17,292  

Amplifon S.p.A.

    36,377       437,918  

Anima Holding S.p.A.

    31,184       186,298  

Ansaldo STS S.p.A.

    39,015       512,188  

Arnoldo Mondadori Editore S.p.A. (a)

    63,913       124,978  

Ascopiave S.p.A.

    28,294       104,764  

Astaldi S.p.A. (d)

    20,559       137,296  

Autogrill S.p.A.

    44,414       441,087  

Azimut Holding S.p.A.

    40,582       706,981  

Banca Carige S.p.A. (a)

    156,432       44,462  

Banca Finnat Euramerica S.p.A.

    50,851       20,115  

Banca Generali S.p.A.

    19,591       512,051  

Banca IFIS S.p.A.

    7,714       295,683  

Banca Mediolanum S.p.A.

    39,203       287,111  

Banca Popolare dell’Emilia Romagna SC

    202,667       1,011,840  

Banca Popolare dell’Etruria e del Lazio SC (a) (b) (c)

    91,952       0  

Banca Popolare di Sondrio Scarl

    173,614       597,862  

Banca Profilo S.p.A.

    117,883       28,787  

Banco BPM S.p.A.

    390,373       1,147,912  

Banco di Desio e della Brianza S.p.A.

    20,306       51,947  

BasicNet S.p.A.

    13,493       52,137  

Biesse S.p.A.

    6,021       163,664  

Brembo S.p.A.

    9,033       668,290  

Brunello Cucinelli S.p.A.

    8,151       193,905  

Buzzi Unicem S.p.A.

    30,820       789,101  

Cairo Communication S.p.A.

    24,474       116,081  

Caltagirone Editore S.p.A. (a)

    6,273       5,574  

Cementir Holding S.p.A.

    25,697       138,709  

Cerved Information Solutions S.p.A.

    44,102       426,490  

CIR-Compagnie Industriali Riunite S.p.A.

    201,871       308,451  

Credito Emiliano S.p.A.

    44,882       307,494  

Credito Valtellinese S.p.A.

    46,326       174,423  

d’ Amico International Shipping S.A. (a)

    60,320       20,037  

Danieli & C Officine Meccaniche S.p.A.

    4,846       113,475  

Datalogic S.p.A.

    9,916       254,835  

Davide Campari-Milano S.p.A.

    106,679       1,237,062  

De’Longhi S.p.A.

    16,896       491,353  

DeA Capital S.p.A.

    18,071       30,224  

DiaSorin S.p.A.

    6,863       463,151  

Ei Towers S.p.A.

    7,035       395,510  

El.En. S.p.A.

    5,028       147,792  

ERG S.p.A.

    21,603       271,945  

Esprinet S.p.A.

    18,719       158,757  

Eurotech S.p.A. (a)

    13,076       21,538  

Falck Renewables S.p.A.

    34,815       41,376  

Fincantieri S.p.A. (a)

    79,520       60,019  

FNM S.p.A.

    55,327       32,699  

Geox S.p.A.

    42,620       107,212  

Gruppo Editoriale L’Espresso S.p.A. (a)

    75,580       67,447  

Gruppo MutuiOnline S.p.A.

    5,404       57,571  

Hera S.p.A.

    231,619       643,484  

IMMSI S.p.A.

    100,436       45,376  

Industria Macchine Automatiche S.p.A.

    5,461       444,510  

Infrastrutture Wireless Italiane S.p.A.

    27,392       144,415  

Intek Group S.p.A. (a)

    80,757       19,855  
Italy—(Continued)  

Interpump Group S.p.A.

    28,206     655,967  

Iren S.p.A.

    231,134       479,661  

Italgas S.p.A. (a)

    41,417       181,386  

Italmobiliare S.p.A.

    4,262       237,420  

Juventus Football Club S.p.A. (a)

    147,435       75,653  

La Doria S.p.A.

    3,877       40,388  

Maire Tecnimont S.p.A.

    35,567       132,404  

MARR S.p.A.

    13,428       290,799  

Mediaset S.p.A.

    192,042       795,351  

Moncler S.p.A.

    23,859       522,550  

Nice S.p.A.

    9,890       34,817  

Parmalat S.p.A.

    10,144       33,184  

Piaggio & C S.p.A.

    71,430       142,269  

Prelios S.p.A. (a)

    54,976       5,513  

Prima Industrie S.p.A.

    1,853       47,818  

Prysmian S.p.A.

    56,467       1,492,722  

Recordati S.p.A.

    33,633       1,139,897  

Reno de Medici S.p.A.

    29,538       11,224  

Reply S.p.A.

    1,999       315,828  

Retelit S.p.A. (a)

    36,769       53,605  

Sabaf S.p.A.

    3,059       41,706  

SAES Getters S.p.A.

    1,416       25,812  

Safilo Group S.p.A. (a)

    10,142       72,058  

Saipem S.p.A. (a)

    747,418       339,275  

Salini Impregilo S.p.A.

    70,140       233,458  

Salvatore Ferragamo S.p.A.

    16,352       489,836  

Saras S.p.A.

    134,526       256,582  

SAVE S.p.A.

    5,376       116,059  

Snaitech S.p.A. (a)

    21,135       32,107  

Societa Cattolica di Assicurazioni S.c.r.l.

    63,558       509,211  

Societa Iniziative Autostradali e Servizi S.p.A.

    25,981       248,063  

Sogefi S.p.A. (a)

    24,822       97,670  

SOL S.p.A.

    11,001       112,557  

Tamburi Investment Partners S.p.A.

    14,397       71,040  

Tiscali S.p.A. (a)

    802,477       41,202  

Tod’s S.p.A. (d)

    3,954       309,401  

Trevi Finanziaria Industriale S.p.A. (a)

    31,414       31,569  

TXT e-solutions S.p.A.

    1,815       19,554  

Uni Land S.p.A. (a) (b) (c)

    4,937       0  

Unione di Banche Italiane S.p.A.

    6,735       25,700  

Unipol Gruppo Finanziario S.p.A.

    126,457       522,889  

UnipolSai S.p.A.

    34,177       75,399  

Vittoria Assicurazioni S.p.A.

    11,087       138,065  

Yoox Net-A-Porter Group S.p.A. (a)

    21,096       502,320  

Zignago Vetro S.p.A.

    11,476       87,902  
   

 

 

 
      27,415,116  
   

 

 

 
Japan—23.6%  

A&A Material Corp.

    12,000       13,819  

A&D Co., Ltd.

    3,000       12,167  

A/S One Corp.

    4,100       177,998  

Achilles Corp.

    6,500       98,295  

Adastria Co., Ltd.

    9,240       230,509  

ADEKA Corp.

    34,600       505,870  

Advan Co., Ltd.

    8,300       89,743  

Advanex, Inc.

    900       12,033  

 

BHFTII-70


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Aeon Delight Co., Ltd.

    3,900     $ 122,716  

Aeon Fantasy Co., Ltd.

    2,400       62,382  

Aeon Hokkaido Corp.

    2,600       14,164  

AGORA Hospitality Group Co., Ltd. (a)

    27,000       8,725  

Agro-Kanesho Co., Ltd.

    3,500       44,609  

Ahresty Corp.

    9,200       94,192  

Ai Holdings Corp. (d)

    12,200       290,313  

Aica Kogyo Co., Ltd.

    17,200       454,592  

Aichi Bank, Ltd. (The)

    2,600       144,571  

Aichi Corp.

    10,800       83,171  

Aichi Steel Corp.

    4,300       171,498  

Aichi Tokei Denki Co., Ltd.

    1,900       64,144  

Aida Engineering, Ltd.

    20,700       184,284  

Ain Holdings, Inc.

    2,300       155,419  

Aiphone Co., Ltd.

    5,900       95,561  

Airport Facilities Co., Ltd.

    7,500       37,988  

Aisan Industry Co., Ltd.

    10,400       87,754  

Aizawa Securities Co., Ltd.

    13,800       80,977  

Akebono Brake Industry Co., Ltd. (a)

    32,600       102,248  

Akita Bank, Ltd. (The)

    79,000       246,750  

Alconix Corp.

    3,200       53,072  

Alinco, Inc.

    5,800       50,289  

Alpen Co., Ltd.

    7,000       121,754  

Alpha Corp.

    2,200       39,599  

Alpha Systems, Inc.

    3,940       69,469  

Alpine Electronics, Inc.

    16,600       239,448  

Alps Logistics Co., Ltd.

    6,000       41,954  

Altech Corp.

    2,600       84,368  

Amano Corp.

    21,000       420,147  

Amiyaki Tei Co., Ltd.

    1,100       40,859  

Amuse, Inc.

    3,600       80,589  

Anabuki Kosan, Inc.

    400       9,948  

Anest Iwata Corp.

    10,400       94,929  

Anicom Holdings, Inc. (a)

    2,100       44,315  

Anritsu Corp.

    48,800       368,972  

AOI Electronics Co., Ltd.

    1,100       33,757  

AOI TYO Holdings, Inc.

    6,428       48,383  

AOKI Holdings, Inc.

    15,900       184,531  

Aomori Bank, Ltd. (The)

    69,000       237,340  

Aoyama Trading Co., Ltd.

    17,900       615,088  

Arakawa Chemical Industries, Ltd.

    6,600       121,134  

Arata Corp.

    4,200       114,420  

Araya Industrial Co., Ltd.

    26,000       50,909  

Arcland Sakamoto Co., Ltd.

    11,700       140,904  

Arcs Co., Ltd.

    13,364       320,107  

Ardepro Co., Ltd.

    15,000       19,712  

Argo Graphics, Inc.

    2,800       58,781  

Ariake Japan Co., Ltd.

    5,700       358,855  

Arisawa Manufacturing Co., Ltd. (a)

    14,300       100,666  

Arrk Corp. (a)

    22,600       20,731  

Artnature, Inc.

    5,000       33,515  

Asahi Broadcasting Corp.

    2,400       16,382  

Asahi Co., Ltd.

    4,500       52,461  

Asahi Diamond Industrial Co., Ltd.

    21,200       155,694  

Asahi Holdings, Inc.

    9,000       163,265  

Asahi Kogyosha Co., Ltd.

    2,200       62,725  

Asahi Net, Inc.

    5,000       22,256  
Japan—(Continued)  

Asahi Printing Co., Ltd.

    200     4,839  

ASAHI YUKIZAI Corp.

    25,000       52,624  

Asahipen Corp.

    4,000       6,359  

Asanuma Corp.

    24,000       69,102  

Asatsu-DK, Inc.

    12,800       325,114  

Asax Co., Ltd.

    1,800       25,729  

Ashimori Industry Co., Ltd.

    24,000       34,321  

ASKA Pharmaceutical Co., Ltd.

    7,500       110,215  

ASKUL Corp. (d)

    2,700       79,328  

Asunaro Aoki Construction Co., Ltd.

    5,800       42,063  

Ateam, Inc.

    600       14,365  

Atom Corp.

    11,100       72,481  

Atsugi Co., Ltd.

    61,000       71,841  

Autobacs Seven Co., Ltd.

    22,700       337,263  

Avex Group Holdings, Inc.

    12,000       173,416  

Awa Bank, Ltd. (The)

    78,000       495,914  

Axell Corp.

    3,800       27,729  

Axial Retailing, Inc.

    5,100       194,604  

Azbil Corp.

    1,600       53,825  

Bando Chemical Industries, Ltd.

    15,400       136,972  

Bank of Iwate, Ltd. (The)

    6,800       288,520  

Bank of Kochi, Ltd. (The)

    16,000       18,869  

Bank of Nagoya, Ltd. (The)

    5,400       195,425  

Bank of Okinawa, Ltd. (The)

    9,160       351,487  

Bank of Saga, Ltd. (The)

    61,000       167,440  

Bank of the Ryukyus, Ltd.

    15,800       227,940  

Belc Co., Ltd.

    2,800       109,044  

Belluna Co., Ltd.

    21,900       164,118  

Benefit One, Inc.

    5,400       165,900  

Best Denki Co., Ltd.

    30,400       41,500  

Bic Camera, Inc.

    23,500       216,276  

Biofermin Pharmaceutical Co., Ltd.

    500       13,703  

BML, Inc.

    7,600       167,571  

Bookoff Corp.

    4,700       33,380  

BP Castrol KK

    2,600       39,231  

Broadleaf Co., Ltd.

    10,200       69,814  

BRONCO BILLY Co., Ltd.

    2,400       62,228  

Bull-Dog Sauce Co., Ltd.

    600       12,347  

Bunka Shutter Co., Ltd.

    19,000       147,109  

C Uyemura & Co., Ltd.

    2,800       152,369  

CAC Holdings Corp.

    6,200       59,903  

Can Do Co., Ltd.

    3,500       55,809  

Canare Electric Co., Ltd.

    800       15,986  

Canon Electronics, Inc.

    7,400       120,252  

Capcom Co., Ltd.

    14,000       273,862  

Carlit Holdings Co., Ltd.

    7,300       37,435  

Cawachi, Ltd.

    5,700       154,406  

Central Glass Co., Ltd.

    75,000       320,099  

Central Security Patrols Co., Ltd.

    3,300       50,379  

Central Sports Co., Ltd.

    2,600       81,926  

Chiba Kogyo Bank, Ltd. (The)

    16,000       88,644  

Chilled & Frozen Logistics Holdings Co., Ltd.

    2,800       37,998  

CHIMNEY Co., Ltd.

    1,400       34,034  

Chino Corp.

    2,700       29,994  

Chiyoda Co., Ltd.

    7,000       164,453  

Chiyoda Corp.

    6,000       38,783  

Chiyoda Integre Co., Ltd.

    5,300       113,492  

 

BHFTII-71


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Chofu Seisakusho Co., Ltd.

    5,700     $ 133,589  

Chori Co., Ltd.

    5,000       87,230  

Chubu Shiryo Co., Ltd.

    9,200       98,598  

Chudenko Corp.

    8,600       182,845  

Chuetsu Pulp & Paper Co., Ltd.

    35,000       72,391  

Chugai Mining Co., Ltd. (a)

    68,200       16,539  

Chugai Ro Co., Ltd.

    29,000       56,625  

Chugoku Marine Paints, Ltd.

    22,000       164,139  

Chukyo Bank, Ltd. (The)

    3,900       82,444  

Chuo Gyorui Co., Ltd.

    2,000       5,015  

Chuo Spring Co., Ltd.

    19,000       61,842  

Ci:z Holdings Co., Ltd.

    7,500       222,881  

Citizen Watch Co., Ltd.

    28,700       184,629  

CKD Corp.

    20,900       265,213  

Clarion Co., Ltd.

    34,000       140,529  

Cleanup Corp.

    7,300       53,870  

CMIC Holdings Co., Ltd.

    3,900       50,223  

CMK Corp. (a)

    21,400       137,375  

Cocokara fine, Inc.

    5,700       247,745  

COLOPL, Inc. (d)

    8,100       75,187  

Colowide Co., Ltd. (d)

    17,000       285,252  

Computer Engineering & Consulting, Ltd.

    5,200       99,817  

Computer Institute of Japan, Ltd.

    2,000       9,999  

CONEXIO Corp.

    7,900       121,296  

COOKPAD, Inc. (d)

    12,600       106,576  

Corona Corp.

    6,800       69,112  

Cosel Co., Ltd.

    9,900       134,819  

Cosmo Energy Holdings Co., Ltd.

    21,800       375,960  

Cosmos Initia Co., Ltd.

    3,500       13,120  

Create Medic Co., Ltd.

    1,800       15,741  

Create Restaurants Holdings, Inc.

    4,700       41,750  

Create SD Holdings Co., Ltd.

    8,300       197,732  

Cresco, Ltd.

    2,000       49,953  

CROOZ, Inc. (a)

    1,400       43,002  

CTI Engineering Co., Ltd.

    5,900       60,566  

D.A. Consortium Holdings, Inc. (a)

    7,600       93,778  

Dai Nippon Toryo Co., Ltd.

    47,000       104,803  

Dai-Dan Co., Ltd.

    12,000       114,347  

Dai-ichi Seiko Co., Ltd.

    3,100       49,028  

Daibiru Corp.

    19,800       174,280  

Daido Kogyo Co., Ltd.

    10,000       26,293  

Daido Metal Co., Ltd.

    11,200       98,794  

Daido Steel Co., Ltd.

    36,000       172,407  

Daidoh, Ltd.

    10,800       41,649  

Daihatsu Diesel Manufacturing Co., Ltd.

    9,000       55,834  

Daihen Corp.

    36,000       234,623  

Daiho Corp.

    25,000       124,642  

Daiichi Jitsugyo Co., Ltd.

    20,000       125,396  

Daiichi Kigenso Kagaku-Kogyo Co., Ltd.

    1,000       50,668  

Daiichikosho Co., Ltd.

    2,100       84,445  

Daiken Corp.

    4,800       89,090  

Daiken Medical Co., Ltd.

    4,400       31,612  

Daiki Aluminium Industry Co., Ltd.

    9,000       40,434  

Daikoku Denki Co., Ltd.

    2,700       40,419  

Daikokutenbussan Co., Ltd.

    1,900       86,066  

Daikokuya Holdings Co., Ltd. (a)

    21,000       13,602  

Daikyo, Inc.

    115,000       228,568  
Japan—(Continued)  

Daikyonishikawa Corp.

    4,100     53,990  

Dainichi Co., Ltd.

    4,100       26,274  

Dainichiseika Color & Chemicals Manufacturing Co., Ltd.

    25,000       169,561  

Daio Paper Corp.

    25,300       323,273  

Daisan Bank, Ltd. (The)

    6,500       97,155  

Daiseki Co., Ltd.

    10,700       218,378  

Daiseki Eco. Solution Co., Ltd.

    2,400       27,062  

Daishi Bank, Ltd. (The)

    111,000       440,945  

Daishinku Corp.

    3,600       45,870  

Daisue Construction Co., Ltd.

    2,300       20,571  

Daisyo Corp.

    4,100       57,571  

Daito Bank, Ltd. (The)

    52,000       79,028  

Daito Pharmaceutical Co., Ltd.

    3,960       80,077  

Daitron Co., Ltd.

    800       8,800  

Daiwa Industries, Ltd.

    11,000       114,648  

Daiwabo Holdings Co., Ltd.

    73,000       215,705  

DCM Holdings Co., Ltd.

    37,900       349,928  

Denka Co., Ltd.

    24,000       124,975  

Denki Kogyo Co., Ltd.

    21,000       106,578  

Denyo Co., Ltd.

    4,800       72,712  

Descente, Ltd.

    13,700       162,928  

Digital Arts, Inc.

    500       13,698  

Dip Corp.

    4,800       104,935  

DKK-Toa Corp.

    2,200       11,205  

DKS Co., Ltd.

    18,000       69,121  

DMG Mori Co., Ltd.

    23,500       368,275  

DMW Corp.

    700       12,361  

Doshisha Co., Ltd.

    8,200       152,041  

Doutor Nichires Holdings Co., Ltd.

    11,500       225,297  

DSB Co., Ltd.

    5,300       29,563  

DTS Corp.

    6,600       164,930  

Dunlop Sports Co., Ltd.

    4,900       45,635  

Duskin Co., Ltd.

    14,900       325,529  

DyDo Group Holdings, Inc.

    2,700       126,392  

Dynic Corp.

    16,000       28,200  

Eagle Industry Co., Ltd.

    7,800       106,393  

Earth Chemical Co., Ltd.

    2,700       144,976  

Ebara Jitsugyo Co., Ltd.

    2,500       32,198  

EDION Corp. (d)

    28,900       265,765  

eGuarantee, Inc.

    1,200       26,428  

Ehime Bank, Ltd. (The)

    11,400       139,552  

Eidai Co., Ltd.

    14,000       66,289  

Eighteenth Bank, Ltd. (The)

    70,000       226,169  

Eiken Chemical Co., Ltd.

    4,600       127,433  

Eizo Corp.

    6,300       181,421  

Elecom Co., Ltd.

    5,100       97,389  

Elematec Corp.

    4,000       69,178  

EM Systems Co., Ltd.

    1,800       29,274  

en-japan, Inc.

    6,800       151,450  

Endo Lighting Corp.

    2,600       20,744  

Enplas Corp.

    3,400       94,400  

Enshu, Ltd. (a)

    23,000       19,008  

EPS Holdings, Inc.

    7,900       111,123  

eRex Co., Ltd.

    2,100       24,810  

ESPEC Corp.

    9,100       113,260  

Excel Co., Ltd.

    2,500       33,683  

 

BHFTII-72


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Exedy Corp.

    12,400     $ 355,070  

F-Tech, Inc. (d)

    3,600       45,909  

F@N Communications, Inc.

    9,600       71,761  

Faith, Inc.

    2,680       29,308  

FALCO HOLDINGS Co., Ltd.

    3,100       41,989  

Fancl Corp.

    5,300       76,246  

FCC Co., Ltd.

    12,600       252,138  

FDK Corp. (a)

    25,000       28,058  

Feed One Co., Ltd.

    57,180       101,692  

Ferrotec Corp.

    12,700       156,428  

FIDEA Holdings Co., Ltd.

    62,510       116,464  

Fields Corp.

    6,000       62,389  

Financial Products Group Co., Ltd.

    20,000       177,933  

FINDEX, Inc. (d)

    3,900       37,260  

First Juken Co., Ltd.

    3,400       46,600  

Foster Electric Co., Ltd.

    8,800       151,273  

FP Corp.

    3,100       144,358  

France Bed Holdings Co., Ltd.

    11,300       93,973  

Freund Corp.

    2,400       32,961  

FTGroup Co., Ltd.

    1,500       10,278  

Fudo Tetra Corp.

    60,300       104,121  

Fuji Co., Ltd.

    7,300       159,780  

Fuji Corp., Ltd.

    8,600       56,319  

Fuji Kiko Co., Ltd.

    7,600       37,824  

Fuji Kosan Co., Ltd.

    4,600       20,780  

Fuji Kyuko Co., Ltd.

    13,000       115,499  

Fuji Oil Co., Ltd.

    21,100       71,527  

Fuji Oil Holdings, Inc.

    21,300       499,799  

Fuji Pharma Co., Ltd.

    2,800       79,603  

Fuji Seal International, Inc.

    14,000       303,057  

Fuji Soft, Inc.

    7,300       186,515  

Fujibo Holdings, Inc.

    3,700       102,301  

Fujicco Co., Ltd.

    7,100       162,019  

Fujikura Kasei Co., Ltd.

    9,500       55,236  

Fujikura Rubber, Ltd.

    5,800       35,814  

Fujikura, Ltd.

    106,000       764,853  

Fujimi, Inc.

    7,000       140,746  

Fujimori Kogyo Co., Ltd.

    4,800       133,600  

Fujisash Co., Ltd.

    24,500       22,007  

Fujishoji Co., Ltd.

    1,300       13,226  

Fujita Kanko, Inc.

    8,000       25,049  

Fujitec Co., Ltd.

    21,000       230,765  

Fujitsu Frontech, Ltd.

    4,500       63,802  

Fujitsu General, Ltd.

    2,000       39,560  

Fujiya Co., Ltd.

    5,000       11,832  

FuKoKu Co., Ltd.

    5,100       41,882  

Fukuda Corp.

    8,000       73,060  

Fukui Bank, Ltd. (The)

    99,000       235,347  

Fukui Computer Holdings, Inc.

    600       14,081  

Fukushima Bank, Ltd. (The)

    112,000       94,661  

Fukushima Industries Corp.

    4,600       160,535  

Fukuyama Transporting Co., Ltd.

    53,000       318,952  

FULLCAST Holdings Co., Ltd.

    4,300       42,278  

Fumakilla, Ltd.

    5,000       38,784  

Funai Electric Co., Ltd.

    7,900       67,258  

Funai Soken Holdings, Inc.

    7,780       137,572  

Furukawa Battery Co., Ltd. (The)

    5,000       34,253  
Japan—(Continued)  

Furukawa Co., Ltd.

    105,000     193,894  

Furukawa Electric Co., Ltd.

    8,100       291,689  

Furuno Electric Co., Ltd.

    10,500       67,867  

Furusato Industries, Ltd.

    4,600       69,771  

Furuya Metal Co., Ltd.

    1,700       30,471  

Fuso Chemical Co., Ltd.

    4,000       125,481  

Fuso Pharmaceutical Industries, Ltd.

    2,600       65,775  

Futaba Corp.

    10,200       180,302  

Futaba Industrial Co., Ltd.

    23,600       169,746  

Future Corp.

    8,400       66,528  

Fuyo General Lease Co., Ltd.

    8,000       359,725  

G-Tekt Corp.

    7,700       136,550  

Gakken Holdings Co., Ltd.

    2,300       63,725  

GCA Corp.

    4,900       41,716  

Gecoss Corp.

    6,400       62,423  

Genki Sushi Co., Ltd.

    1,600       31,738  

Genky Stores, Inc.

    1,200       74,188  

Geo Holdings Corp.

    12,300       135,205  

GLOBERIDE, Inc.

    3,500       58,244  

Glory, Ltd.

    5,700       187,250  

GMO Click Holdings, Inc.

    1,800       12,624  

GMO internet, Inc.

    20,400       241,877  

GMO Payment Gateway, Inc. (d)

    2,900       144,817  

Godo Steel, Ltd.

    4,100       64,210  

Goldcrest Co., Ltd.

    7,230       129,994  

Grandy House Corp.

    3,600       13,309  

Gree, Inc.

    26,400       166,803  

GSI Creos Corp.

    28,000       34,490  

Gun-Ei Chemical Industry Co., Ltd.

    2,400       78,569  

Gunze, Ltd.

    69,000       282,808  

Gurunavi, Inc.

    8,500       178,125  

H-One Co., Ltd.

    6,000       90,174  

Hagihara Industries, Inc.

    2,900       72,349  

Hakudo Co., Ltd.

    500       7,764  

Hakuto Co., Ltd.

    5,900       54,705  

Hakuyosha Co., Ltd.

    800       20,534  

Hamakyorex Co., Ltd.

    5,600       114,894  

Hanwa Co., Ltd.

    69,000       491,320  

Happinet Corp.

    5,000       77,366  

Hard Off Corp. Co., Ltd.

    3,700       37,137  

Harima Chemicals Group, Inc.

    7,100       49,993  

Haruyama Holdings, Inc.

    5,400       47,410  

Hazama Ando Corp.

    54,490       367,149  

Heiwa Corp.

    200       4,976  

Heiwa Real Estate Co., Ltd.

    14,400       204,009  

Heiwado Co., Ltd.

    11,200       272,309  

HI-LEX Corp.

    7,700       204,596  

Hibiya Engineering, Ltd.

    7,800       114,667  

Hiday Hidaka Corp.

    4,846       104,955  

Himaraya Co., Ltd.

    2,600       19,234  

Hioki EE Corp.

    2,300       48,373  

Hiramatsu, Inc.

    8,300       49,782  

Hirano Tecseed Co., Ltd.

    500       6,110  

Hirata Corp.

    700       56,631  

HIS Co., Ltd.

    1,400       32,772  

Hisaka Works, Ltd.

    11,000       90,530  

Hitachi Kokusai Electric, Inc.

    14,600       335,156  

 

BHFTII-73


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Hitachi Maxell, Ltd.

    2,500     $ 45,714  

Hitachi Transport System, Ltd.

    9,600       199,898  

Hitachi Zosen Corp.

    61,600       351,325  

Hochiki Corp.

    8,000       104,844  

Hodogaya Chemical Co., Ltd.

    2,800       95,032  

Hogy Medical Co., Ltd.

    4,400       277,669  

Hokkaido Electric Power Co., Inc.

    35,000       265,070  

Hokkaido Gas Co., Ltd.

    27,000       66,719  

Hokkan Holdings, Ltd.

    25,000       113,392  

Hokko Chemical Industry Co., Ltd.

    8,000       33,765  

Hokkoku Bank, Ltd. (The)

    101,000       384,768  

Hokuetsu Bank, Ltd. (The)

    8,000       206,947  

Hokuetsu Industries Co., Ltd.

    7,000       64,146  

Hokuetsu Kishu Paper Co., Ltd.

    51,800       361,275  

Hokuriku Electric Industry Co., Ltd.

    28,000       34,500  

Hokuriku Electrical Construction Co., Ltd.

    3,000       23,847  

Hokuriku Gas Co., Ltd.

    1,000       24,744  

Hokuto Corp.

    7,100       128,114  

Honeys Holdings Co., Ltd.

    6,930       69,352  

Hoosiers Holdings Co., Ltd.

    12,700       72,904  

Horiba, Ltd.

    7,800       419,278  

Hosiden Corp.

    20,000       188,414  

Hosokawa Micron Corp.

    2,200       83,738  

House Foods Group, Inc.

    3,300       72,097  

Howa Machinery, Ltd.

    5,700       34,024  

Hurxley Corp.

    800       7,926  

Hyakugo Bank, Ltd. (The)

    94,000       375,955  

Hyakujushi Bank, Ltd. (The)

    98,000       331,845  

I-Net Corp.

    3,520       39,086  

Ibiden Co., Ltd.

    9,500       148,461  

IBJ Leasing Co., Ltd.

    7,200       153,893  

Ichibanya Co., Ltd.

    1,700       56,241  

Ichigo, Inc. (d)

    39,300       115,327  

Ichiken Co., Ltd.

    12,000       47,504  

Ichikoh Industries, Ltd.

    16,000       79,017  

ICHINEN HOLDINGS Co., Ltd.

    7,400       77,298  

Ichiyoshi Securities Co., Ltd.

    12,600       95,188  

Icom, Inc.

    3,800       87,439  

Idec Corp.

    11,300       123,610  

IDOM, Inc.

    20,400       129,792  

Ihara Chemical Industry Co., Ltd.

    13,500       122,784  

Iino Kaiun Kaisha, Ltd.

    32,200       141,260  

IJT Technology Holdings Co., Ltd.

    9,000       54,319  

Ikegami Tsushinki Co., Ltd.

    30,000       39,420  

Imagica Robot Holdings, Inc.

    4,500       30,095  

Imasen Electric Industrial

    7,200       65,115  

Imperial Hotel, Ltd.

    1,300       24,373  

Inaba Denki Sangyo Co., Ltd.

    8,100       290,372  

Inaba Seisakusho Co., Ltd.

    2,100       25,387  

Inabata & Co., Ltd.

    17,700       216,419  

Inageya Co., Ltd.

    11,200       156,202  

Ines Corp.

    11,600       112,234  

Infocom Corp.

    4,000       69,172  

Infomart Corp.

    15,400       88,199  

Information Services International-Dentsu, Ltd.

    4,300       97,335  

Innotech Corp.

    8,200       49,775  

Intage Holdings, Inc.

    6,700       120,520  
Japan—(Continued)  

Internet Initiative Japan, Inc.

    9,800     177,106  

Inui Global Logistics Co., Ltd.

    5,355       44,842  

Iriso Electronics Co., Ltd.

    2,500       160,567  

Ise Chemicals Corp.

    5,000       21,646  

Iseki & Co., Ltd.

    74,000       151,957  

Ishihara Sangyo Kaisha, Ltd. (a)

    12,200       122,316  

Ishii Iron Works Co., Ltd.

    900       13,994  

Ishizuka Glass Co., Ltd.

    5,000       10,252  

Istyle, Inc.

    1,700       13,987  

Itfor, Inc. (a)

    10,300       57,422  

Itochu Enex Co., Ltd.

    19,400       160,622  

Itochu-Shokuhin Co., Ltd.

    2,400       98,942  

Itoki Corp.

    15,600       98,545  

IwaiCosmo Holdings, Inc.

    7,900       77,470  

Iwaki & Co., Ltd.

    14,000       37,508  

Iwasaki Electric Co., Ltd.

    25,000       38,439  

Iwatani Corp.

    58,000       338,200  

Iwatsuka Confectionery Co., Ltd.

    500       20,070  

Izutsuya Co., Ltd. (a)

    4,700       17,199  

J Trust Co., Ltd.

    1,400       11,817  

J-Oil Mills, Inc.

    4,000       151,063  

Jafco Co., Ltd. (a)

    6,400       215,683  

Jalux, Inc. (a)

    2,400       57,949  

Jamco Corp. (d)

    3,400       75,781  

Janome Sewing Machine Co., Ltd.

    7,099       49,664  

Japan Aviation Electronics Industry, Ltd.

    5,000       64,279  

Japan Display, Inc. (a) (d)

    60,000       140,600  

Japan Drilling Co., Ltd. (a)

    2,100       44,215  

Japan Foundation Engineering Co., Ltd.

    10,200       32,701  

Japan Material Co., Ltd.

    1,800       29,943  

Japan Medical Dynamic Marketing, Inc.

    3,000       21,009  

Japan Oil Transportation Co., Ltd.

    100       2,295  

Japan Petroleum Exploration Co., Ltd.

    6,000       137,826  

Japan Property Management Center Co., Ltd.

    2,000       24,443  

Japan Pulp & Paper Co., Ltd.

    37,000       123,461  

Japan Radio Co., Ltd.

    4,000       49,769  

Japan Steel Works, Ltd. (The)

    23,200       374,504  

Japan Transcity Corp.

    22,000       92,381  

Japan Wool Textile Co., Ltd. (The)

    23,000       181,846  

Jastec Co., Ltd.

    5,100       47,709  

JBCC Holdings, Inc.

    7,000       49,099  

JCU Corp.

    3,200       102,080  

Jeol, Ltd.

    26,000       138,590  

Jimoto Holdings, Inc.

    67,900       115,469  

Jin Co., Ltd.

    4,200       219,574  

JK Holdings Co., Ltd.

    5,600       33,293  

JMS Co., Ltd.

    15,000       45,315  

Joban Kosan Co., Ltd. (d)

    1,700       24,533  

Joshin Denki Co., Ltd.

    14,000       143,106  

JP-Holdings, Inc.

    17,900       45,089  

JSP Corp.

    5,100       118,963  

Juki Corp.

    11,200       132,337  

Juroku Bank, Ltd. (The)

    122,000       394,531  

Justsystems Corp.

    9,700       120,330  

JVC Kenwood Corp.

    53,300       139,103  

K&O Energy Group, Inc.

    6,700       106,653  

K’s Holdings Corp.

    5,700       104,631  

 

BHFTII-74


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

kabu.com Securities Co., Ltd.

    47,800     $ 155,726  

Kadokawa Dwango (a)

    12,508       179,647  

Kaga Electronics Co., Ltd.

    7,200       128,041  

Kakiyasu Honten Co., Ltd.

    3,800       66,033  

Kameda Seika Co., Ltd.

    4,100       179,699  

Kamei Corp.

    10,400       115,893  

Kanaden Corp.

    8,600       83,282  

Kanagawa Chuo Kotsu Co., Ltd.

    15,000       95,867  

Kanamoto Co., Ltd.

    8,800       237,399  

Kandenko Co., Ltd.

    37,000       331,306  

Kanematsu Corp.

    149,000       268,160  

Kanematsu Electronics, Ltd.

    4,300       109,787  

Kanemi Co., Ltd.

    100       3,022  

Kansai Urban Banking Corp.

    11,000       140,186  

Kanto Denka Kogyo Co., Ltd.

    15,000       129,594  

Kappa Create Co., Ltd. (a)

    2,100       23,308  

Kasai Kogyo Co., Ltd.

    8,600       110,748  

Katakura & Co-op Agri Corp.

    8,000       18,053  

Katakura Industries Co., Ltd.

    9,500       119,122  

Kato Sangyo Co., Ltd.

    7,100       182,798  

Kato Works Co., Ltd.

    3,800       94,042  

Kawada Technologies, Inc.

    1,500       96,028  

Kawai Musical Instruments Manufacturing Co., Ltd.

    2,600       54,561  

Kawasaki Kinkai Kisen Kaisha, Ltd.

    7,000       19,008  

Kawasaki Kisen Kaisha, Ltd. (a) (d)

    122,000       325,206  

Kawasumi Laboratories, Inc.

    4,900       31,774  

Keihanshin Building Co., Ltd.

    14,500       79,941  

Keihin Co., Ltd./Minato-Ku Tokyo Japan

    23,000       32,843  

Keihin Corp.

    15,600       256,565  

Keiyo Bank, Ltd. (The)

    96,000       415,890  

Keiyo Co., Ltd.

    14,400       73,648  

Kenko Mayonnaise Co., Ltd.

    3,200       78,743  

KEY Coffee, Inc.

    6,700       131,379  

KFC Holdings Japan, Ltd.

    4,000       70,249  

Kimoto Co., Ltd.

    14,900       30,375  

Kimura Chemical Plants Co., Ltd.

    3,300       9,949  

King Jim Co., Ltd.

    5,800       45,375  

Kinki Sharyo Co., Ltd. (The) (a)

    1,200       27,625  

Kintetsu Department Store Co., Ltd. (a)

    19,000       58,272  

Kintetsu World Express, Inc.

    10,800       164,062  

Kissei Pharmaceutical Co., Ltd.

    8,100       212,685  

Kita-Nippon Bank, Ltd. (The)

    2,900       83,852  

Kitagawa Iron Works Co., Ltd.

    3,100       61,178  

Kitamura Co., Ltd.

    3,700       24,661  

Kitano Construction Corp.

    14,000       38,131  

Kito Corp.

    8,200       87,583  

Kitz Corp.

    35,100       234,481  

Kiyo Bank, Ltd. (The)

    27,000       414,797  

KLab, Inc. (a)

    10,600       70,642  

KNT-CT Holdings Co., Ltd. (a)

    33,000       40,927  

Koa Corp.

    12,900       170,399  

Koatsu Gas Kogyo Co., Ltd.

    13,000       83,649  

Kobe Bussan Co., Ltd.

    2,400       92,754  

Kobe Electric Railway Co., Ltd. (a)

    5,000       17,290  

Kobelco Eco-Solutions Co., Ltd.

    6,000       25,672  

Kohnan Shoji Co., Ltd.

    11,400       215,891  

Kohsoku Corp.

    5,400       54,658  
Japan—(Continued)  

Koike Sanso Kogyo Co., Ltd.

    7,000     19,109  

Kojima Co., Ltd. (a)

    12,000       32,376  

Kokusai Co., Ltd.

    3,400       25,991  

Kokuyo Co., Ltd.

    33,800       436,203  

KOMAIHALTEC, Inc.

    1,800       36,051  

Komatsu Seiren Co., Ltd.

    14,200       90,215  

Komatsu Wall Industry Co., Ltd.

    2,700       44,937  

Komeri Co., Ltd.

    12,300       304,729  

Komori Corp.

    18,900       243,112  

Konaka Co., Ltd.

    7,300       40,084  

Kondotec, Inc.

    9,400       78,807  

Konishi Co., Ltd.

    12,100       145,929  

Konoike Transport Co., Ltd.

    3,200       39,682  

Kosaido Co., Ltd. (a)

    3,700       12,610  

Koshidaka Holdings Co., Ltd.

    2,500       53,145  

Kotobuki Spirits Co., Ltd.

    6,700       164,962  

Kourakuen Holdings Corp.

    2,900       43,667  

Krosaki Harima Corp.

    19,000       75,490  

KRS Corp.

    2,200       54,351  

KU Holdings Co., Ltd.

    8,000       65,510  

Kumagai Gumi Co., Ltd.

    91,000       237,599  

Kura Corp.

    3,300       137,819  

Kurabo Industries, Ltd.

    76,000       167,608  

Kureha Corp.

    5,200       229,016  

Kurimoto, Ltd.

    3,500       69,276  

Kuroda Electric Co., Ltd.

    13,800       301,001  

Kusuri No. Aoki Holdings Co., Ltd.

    4,900       218,489  

KYB Corp.

    74,000       386,510  

Kyodo Printing Co., Ltd.

    36,000       117,262  

Kyoei Steel, Ltd.

    6,100       109,136  

Kyokuto Boeki Kaisha, Ltd.

    9,000       18,858  

Kyokuto Kaihatsu Kogyo Co., Ltd.

    11,400       189,634  

Kyokuto Securities Co., Ltd.

    7,600       109,522  

Kyokuyo Co., Ltd.

    3,500       92,350  

KYORIN Holdings, Inc.

    15,500       327,941  

Kyoritsu Maintenance Co., Ltd. (d)

    6,518       194,469  

Kyoritsu Printing Co., Ltd.

    6,800       20,531  

Kyosan Electric Manufacturing Co., Ltd.

    16,000       61,786  

Kyowa Electronic Instruments Co., Ltd.

    8,000       33,617  

Kyowa Exeo Corp.

    32,300       468,557  

Kyowa Leather Cloth Co., Ltd.

    3,300       25,914  

Kyudenko Corp. (d)

    8,100       220,830  

Kyushu Financial Group, Inc.

    67,100       411,695  

LAC Co., Ltd.

    5,900       65,576  

Land Business Co., Ltd.

    7,100       18,121  

Lasertec Corp.

    12,200       163,864  

LEC, Inc.

    5,800       124,286  

Leopalace21 Corp.

    82,400       426,237  

Life Corp.

    5,500       161,324  

Linical Co., Ltd.

    1,700       22,473  

Link And Motivation, Inc.

    8,900       55,681  

Lintec Corp.

    17,100       365,222  

Livesense, Inc. (a)

    3,500       16,491  

Look, Inc.

    11,000       20,574  

M&A Capital Partners Co., Ltd. (a)

    1,200       59,040  

Macnica Fuji Electronics Holdings, Inc.

    16,350       232,273  

Maeda Corp.

    40,000       355,095  

 

BHFTII-75


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Maeda Kosen Co., Ltd.

    5,700     $ 71,477  

Maeda Road Construction Co., Ltd.

    21,000       371,608  

Maezawa Kasei Industries Co., Ltd.

    6,800       70,982  

Maezawa Kyuso Industries Co., Ltd.

    4,800       66,474  

Makino Milling Machine Co., Ltd.

    40,000       347,981  

Mamiya-Op Co., Ltd.

    1,900       21,320  

Mandom Corp.

    5,200       244,183  

Mani, Inc.

    5,700       134,506  

Mars Engineering Corp.

    3,600       74,770  

Marubun Corp.

    8,200       52,659  

Marudai Food Co., Ltd.

    38,000       166,548  

Marufuji Sheet Piling Co., Ltd.

    13,000       31,548  

Maruha Nichiro Corp.

    13,900       421,709  

Maruka Machinery Co., Ltd.

    2,900       47,009  

Marusan Securities Co., Ltd. (d)

    7,600       62,807  

Maruwa Co., Ltd.

    3,700       132,255  

Maruyama Manufacturing Co., Inc.

    1,500       25,257  

Maruzen CHI Holdings Co., Ltd. (a)

    11,900       38,081  

Maruzen Showa Unyu Co., Ltd.

    28,000       111,313  

Marvelous, Inc. (d)

    9,500       74,514  

Matsuda Sangyo Co., Ltd.

    5,900       79,119  

Matsui Construction Co., Ltd.

    7,800       70,258  

Matsui Securities Co., Ltd.

    2,000       15,684  

Matsuya Foods Co., Ltd.

    2,500       93,179  

Max Co., Ltd.

    13,000       172,998  

Maxvalu Nishinihon Co., Ltd.

    2,400       35,044  

Maxvalu Tokai Co., Ltd.

    5,000       85,329  

MCJ Co., Ltd.

    4,300       50,476  

MEC Co., Ltd.

    7,300       83,722  

Media Do Co., Ltd.

    1,000       23,615  

Medical System Network Co., Ltd.

    5,300       25,740  

Megmilk Snow Brand Co., Ltd.

    8,000       220,505  

Meidensha Corp.

    58,000       206,242  

Meiji Shipping Co., Ltd.

    8,500       35,549  

Meiko Electronics Co., Ltd. (a)

    7,500       59,371  

Meiko Network Japan Co., Ltd.

    7,200       79,127  

Meisei Industrial Co., Ltd.

    17,000       98,083  

Meitec Corp.

    9,500       386,288  

Meito Sangyo Co., Ltd.

    4,500       59,739  

Meiwa Corp.

    10,900       40,084  

Meiwa Estate Co., Ltd.

    5,200       33,121  

Melco Holdings, Inc.

    4,500       130,084  

Menicon Co., Ltd.

    900       27,611  

Michinoku Bank, Ltd. (The) (d)

    57,000       95,844  

Micronics Japan Co., Ltd.

    8,600       76,569  

Mie Bank, Ltd. (The)

    4,300       90,893  

Mikuni Corp.

    3,000       12,203  

Milbon Co., Ltd.

    3,660       184,282  

Mimasu Semiconductor Industry Co., Ltd.

    8,200       130,335  

Minato Bank, Ltd. (The)

    6,300       117,069  

Ministop Co., Ltd.

    5,400       101,660  

Miraial Co., Ltd.

    2,900       26,004  

Mirait Holdings Corp.

    24,400       240,058  

Miroku Jyoho Service Co., Ltd.

    5,900       97,601  

Misawa Homes Co., Ltd.

    10,100       94,336  

Mitani Corp.

    8,600       281,335  

Mitani Sekisan Co., Ltd.

    4,100       94,880  
Japan—(Continued)  

Mito Securities Co., Ltd.

    24,000     64,687  

Mitsuba Corp.

    13,200       260,545  

Mitsubishi Nichiyu Forklift Co., Ltd.

    8,000       51,460  

Mitsubishi Paper Mills, Ltd. (a)

    12,000       79,018  

Mitsubishi Pencil Co., Ltd.

    5,900       296,259  

Mitsubishi Research Institute, Inc.

    2,700       78,208  

Mitsubishi Shokuhin Co., Ltd.

    4,800       149,039  

Mitsubishi Steel Manufacturing Co., Ltd.

    59,000       127,734  

Mitsuboshi Belting, Ltd.

    20,000       185,958  

Mitsui Engineering & Shipbuilding Co., Ltd.

    300,000       465,304  

Mitsui High-Tec, Inc.

    11,600       117,498  

Mitsui Home Co., Ltd.

    14,000       78,378  

Mitsui Matsushima Co., Ltd.

    5,200       66,698  

Mitsui Mining & Smelting Co., Ltd.

    228,000       778,500  

Mitsui Sugar Co., Ltd.

    7,200       175,171  

Mitsui-Soko Holdings Co., Ltd.

    37,000       110,513  

Mitsumura Printing Co., Ltd.

    5,000       11,954  

Mitsuuroko Group Holdings Co., Ltd.

    12,900       80,082  

Miyaji Engineering Group, Inc.

    27,000       51,994  

Miyazaki Bank, Ltd. (The)

    60,000       185,344  

Miyoshi Oil & Fat Co., Ltd.

    39,000       49,444  

Mizuno Corp.

    37,000       190,735  

Mochida Pharmaceutical Co., Ltd.

    3,500       260,326  

Modec, Inc.

    3,000       63,894  

Monex Group, Inc.

    73,600       176,895  

Money Partners Group Co., Ltd.

    7,100       29,656  

Monogatari Corp. (The)

    1,700       77,965  

MORESCO Corp.

    2,500       38,267  

Morinaga & Co., Ltd.

    10,000       443,714  

Morinaga Milk Industry Co., Ltd.

    52,000       385,782  

Morita Holdings Corp.

    12,500       181,914  

Morozoff, Ltd.

    13,000       64,708  

Mory Industries, Inc.

    2,800       55,880  

Mr Max Corp.

    10,500       37,945  

MTI, Ltd.

    9,200       55,894  

Mugen Estate Co., Ltd.

    400       3,037  

Murakami Corp.

    3,000       60,677  

Musashi Seimitsu Industry Co., Ltd.

    7,900       202,216  

Musashino Bank, Ltd. (The)

    11,900       353,887  

Mutoh Holdings Co., Ltd.

    9,000       19,479  

N Field Co., Ltd.

    1,300       16,259  

NAC Co., Ltd.

    3,600       31,325  

Nachi-Fujikoshi Corp.

    60,000       308,670  

Nafco Co., Ltd.

    1,400       22,652  

Nagaileben Co., Ltd.

    5,600       115,889  

Nagano Bank, Ltd. (The)

    4,300       77,702  

Nagano Keiki Co., Ltd.

    4,200       27,072  

Nagase & Co., Ltd.

    2,600       36,356  

Nagatanien Holdings Co., Ltd.

    10,000       130,086  

Nagawa Co., Ltd.

    2,800       99,167  

Nakabayashi Co., Ltd.

    18,000       43,067  

Nakamuraya Co., Ltd.

    1,900       83,961  

Nakanishi, Inc.

    4,100       159,821  

Nakano Corp.

    4,000       23,184  

Nakayama Steel Works, Ltd.

    6,300       41,242  

Nakayamafuku Co., Ltd.

    2,000       15,009  

Namura Shipbuilding Co., Ltd.

    18,956       113,718  

 

BHFTII-76


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Nanto Bank, Ltd. (The)

    9,200     $ 337,551  

Narasaki Sangyo Co., Ltd.

    4,000       10,754  

Natori Co., Ltd.

    2,600       43,250  

NDS Co., Ltd.

    2,700       70,321  

NEC Capital Solutions, Ltd.

    3,800       58,406  

NEC Networks & System Integration Corp.

    9,100       176,331  

NET One Systems Co., Ltd.

    31,600       256,663  

Neturen Co., Ltd.

    9,800       79,726  

New Japan Chemical Co., Ltd. (a)

    9,900       13,277  

New Japan Radio Co., Ltd. (a)

    6,000       24,645  

Next Co., Ltd.

    17,000       115,754  

Nexyz Group Corp.

    1,300       19,616  

Nice Holdings, Inc.

    31,000       42,377  

Nichi-iko Pharmaceutical Co., Ltd.

    13,200       205,564  

Nichia Steel Works, Ltd.

    13,000       31,793  

Nichias Corp.

    33,000       331,825  

Nichiban Co., Ltd.

    8,000       66,199  

Nichicon Corp.

    20,100       187,709  

Nichiden Corp.

    2,600       78,301  

Nichiha Corp.

    9,600       282,230  

NichiiGakkan Co., Ltd.

    11,800       89,594  

Nichimo Co., Ltd.

    16,000       26,041  

Nichireki Co., Ltd.

    9,000       73,601  

Nihon Chouzai Co., Ltd.

    1,660       56,492  

Nihon Dempa Kogyo Co., Ltd.

    7,600       55,855  

Nihon Eslead Corp.

    2,700       36,748  

Nihon House Holdings Co., Ltd.

    15,000       65,744  

Nihon Kagaku Sangyo Co., Ltd.

    3,000       35,177  

Nihon Kohden Corp.

    4,400       98,710  

Nihon Nohyaku Co., Ltd.

    14,000       88,110  

Nihon Parkerizing Co., Ltd.

    31,600       391,907  

Nihon Plast Co., Ltd.

    2,500       28,326  

Nihon Tokushu Toryo Co., Ltd.

    2,200       34,083  

Nihon Trim Co., Ltd.

    1,300       43,563  

Nihon Unisys, Ltd.

    16,900       231,027  

Nihon Yamamura Glass Co., Ltd.

    38,000       67,672  

Nikkato Corp.

    300       1,173  

Nikkiso Co., Ltd.

    21,500       246,833  

Nikko Co., Ltd.

    1,800       32,636  

Nikkon Holdings Co., Ltd.

    22,600       483,138  

Nippon Air Conditioning Services Co., Ltd.

    9,600       57,794  

Nippon Beet Sugar Manufacturing Co., Ltd.

    4,500       95,665  

Nippon Carbide Industries Co., Inc.

    23,000       31,669  

Nippon Carbon Co., Ltd. (d)

    39,000       117,447  

Nippon Ceramic Co., Ltd.

    5,200       113,122  

Nippon Chemi-Con Corp.

    59,000       194,152  

Nippon Chemical Industrial Co., Ltd.

    30,000       64,250  

Nippon Chemiphar Co., Ltd.

    800       38,042  

Nippon Coke & Engineering Co., Ltd.

    71,000       60,668  

Nippon Concrete Industries Co., Ltd.

    14,000       44,987  

Nippon Denko Co., Ltd.

    43,865       153,041  

Nippon Densetsu Kogyo Co., Ltd.

    13,400       242,266  

Nippon Felt Co., Ltd.

    8,600       39,472  

Nippon Filcon Co., Ltd.

    5,200       25,688  

Nippon Fine Chemical Co., Ltd.

    4,300       36,709  

Nippon Flour Mills Co., Ltd.

    22,500       332,926  

Nippon Gas Co., Ltd.

    9,600       280,445  
Japan—(Continued)  

Nippon Hume Corp.

    8,200     50,537  

Nippon Kanzai Co., Ltd.

    4,800       77,486  

Nippon Kayaku Co., Ltd.

    8,000       108,745  

Nippon Kinzoku Co., Ltd.

    1,900       24,548  

Nippon Kodoshi Corp.

    1,600       14,294  

Nippon Koei Co., Ltd.

    5,600       147,085  

Nippon Koshuha Steel Co., Ltd. (a)

    31,000       23,701  

Nippon Light Metal Holdings Co., Ltd.

    198,000       437,339  

Nippon Paper Industries Co., Ltd.

    7,000       125,919  

Nippon Parking Development Co., Ltd.

    65,100       86,685  

Nippon Pillar Packing Co., Ltd.

    8,800       118,999  

Nippon Piston Ring Co., Ltd.

    3,200       71,578  

Nippon Rietec Co., Ltd.

    7,000       75,151  

Nippon Road Co., Ltd. (The)

    27,000       124,305  

Nippon Seiki Co., Ltd.

    15,000       323,030  

Nippon Seisen Co., Ltd.

    6,000       37,329  

Nippon Sharyo, Ltd. (a)

    26,000       69,264  

Nippon Sheet Glass Co., Ltd. (a)

    33,000       240,386  

Nippon Signal Co., Ltd.

    20,700       186,504  

Nippon Soda Co., Ltd.

    50,000       276,593  

Nippon Steel & Sumikin Bussan Corp.

    5,196       218,832  

Nippon Suisan Kaisha, Ltd.

    80,500       402,698  

Nippon Systemware Co., Ltd.

    1,300       16,477  

Nippon Thompson Co., Ltd.

    23,200       126,493  

Nippon Valqua Industries, Ltd.

    6,000       98,863  

Nippon Yakin Kogyo Co., Ltd.

    54,000       103,567  

Nipro Corp.

    24,900       351,758  

Nishi-Nippon Railroad Co., Ltd.

    61,000       257,408  

Nishikawa Rubber Co., Ltd.

    1,200       19,156  

Nishimatsu Construction Co., Ltd.

    97,000       478,651  

Nishimatsuya Chain Co., Ltd.

    8,800       99,272  

Nishio Rent All Co., Ltd.

    4,400       124,132  

Nissan Shatai Co., Ltd.

    1,300       11,737  

Nissan Tokyo Sales Holdings Co., Ltd.

    11,000       40,271  

Nissei ASB Machine Co., Ltd.

    2,100       52,517  

Nissei Build Kogyo Co., Ltd.

    18,000       89,212  

Nissei Corp.

    3,700       32,900  

Nissei Plastic Industrial Co., Ltd.

    6,000       63,826  

Nissha Printing Co., Ltd. (d)

    8,700       206,874  

Nisshin Fudosan Co.

    12,300       63,223  

Nisshin Oillio Group, Ltd. (The)

    51,000       290,382  

Nisshin Steel Co., Ltd. (a)

    6,196       81,501  

Nisshinbo Holdings, Inc.

    47,000       470,964  

Nissin Corp.

    30,000       100,415  

Nissin Electric Co., Ltd.

    14,800       171,345  

Nissin Kogyo Co., Ltd.

    15,200       273,035  

Nissui Pharmaceutical Co., Ltd.

    5,100       63,687  

Nitta Corp.

    6,800       190,117  

Nitta Gelatin, Inc.

    4,500       30,469  

Nittan Valve Co., Ltd.

    6,300       22,746  

Nittetsu Mining Co., Ltd.

    2,200       118,925  

Nitto Boseki Co., Ltd.

    49,000       244,744  

Nitto FC Co., Ltd.

    4,500       39,645  

Nitto Fuji Flour Milling Co., Ltd.

    400       14,456  

Nitto Kogyo Corp.

    9,000       124,467  

Nitto Kohki Co., Ltd.

    4,100       93,852  

Nitto Seiko Co., Ltd.

    12,500       51,970  

 

BHFTII-77


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Nittoc Construction Co., Ltd.

    13,550     $ 52,879  

Nittoku Engineering Co., Ltd.

    5,200       116,514  

NJS Co., Ltd.

    3,300       39,689  

Noevir Holdings Co., Ltd.

    4,800       199,011  

NOF Corp.

    52,000       554,185  

Nohmi Bosai, Ltd.

    7,000       96,314  

Nojima Corp.

    4,200       53,486  

Nomura Co., Ltd.

    12,000       211,804  

Noritake Co., Ltd.

    4,200       107,815  

Noritsu Koki Co., Ltd.

    4,000       32,328  

Noritz Corp.

    11,400       216,582  

North Pacific Bank, Ltd.

    122,400       465,367  

NS Solutions Corp.

    10,200       220,864  

NS United Kaiun Kaisha, Ltd.

    41,000       88,603  

NSD Co., Ltd.

    10,670       154,366  

Nuflare Technology, Inc.

    800       48,728  

Obara Group, Inc.

    4,400       194,866  

Obayashi Road Corp.

    10,000       59,761  

Odelic Co., Ltd.

    1,000       35,866  

Oenon Holdings, Inc.

    21,000       46,847  

Ogaki Kyoritsu Bank, Ltd. (The)

    125,000       372,146  

Ohara, Inc.

    2,900       32,185  

Ohashi Technica, Inc.

    4,600       57,006  

Ohsho Food Service Corp.

    3,600       133,150  

Oiles Corp.

    9,100       168,042  

Oita Bank, Ltd. (The)

    57,000       223,173  

Okabe Co., Ltd.

    16,000       145,633  

Okamoto Industries, Inc.

    16,000       171,403  

Okamoto Machine Tool Works, Ltd.

    14,000       22,156  

Okamura Corp.

    26,300       234,036  

Okasan Securities Group, Inc.

    29,000       177,395  

Okaya Electric Industries Co., Ltd.

    8,900       32,018  

Oki Electric Industry Co., Ltd.

    22,700       327,353  

Okinawa Cellular Telephone Co.

    4,400       142,528  

Okinawa Electric Power Co., Inc. (The)

    12,825       305,060  

OKK Corp.

    41,000       43,540  

OKUMA Corp.

    43,000       452,087  

Okumura Corp.

    57,000       346,841  

Okura Industrial Co., Ltd.

    19,000       94,011  

Okuwa Co., Ltd.

    10,000       101,675  

Olympic Group Corp.

    4,900       26,464  

ONO Sokki Co., Ltd.

    4,200       29,916  

Onoken Co., Ltd.

    6,500       79,447  

Onward Holdings Co., Ltd.

    49,000       336,438  

Open House Co., Ltd.

    6,500       155,509  

OPT Holding, Inc.

    4,700       44,578  

Optex Group Co., Ltd.

    4,700       128,455  

Organo Corp.

    14,000       62,942  

Origin Electric Co., Ltd.

    17,000       46,637  

Osaka Organic Chemical Industry, Ltd.

    5,900       47,949  

Osaka Soda Co., Ltd.

    30,000       134,026  

Osaka Steel Co., Ltd.

    5,900       106,827  

OSAKA Titanium Technologies Co., Ltd. (a)

    2,600       40,401  

Osaki Electric Co., Ltd.

    11,000       95,666  

OSG Corp. (d)

    19,600       401,830  

Otsuka Kagu, Ltd. (d)

    5,500       46,681  

OUG Holdings, Inc.

    7,000       16,429  
Japan—(Continued)  

Outsourcing, Inc.

    3,100     123,347  

Oyo Corp.

    7,400       91,824  

Pacific Industrial Co., Ltd.

    16,700       238,039  

Pacific Metals Co., Ltd. (a)

    61,000       213,172  

Pack Corp. (The)

    5,100       144,547  

Pal Group Holdings Co., Ltd.

    3,800       92,344  

Paltac Corp.

    12,650       352,768  

PanaHome Corp. (d)

    32,000       294,110  

Panasonic Corp.

    4,624       52,406  

Paramount Bed Holdings Co., Ltd.

    6,000       240,613  

Parco Co., Ltd.

    8,100       86,780  

Paris Miki Holdings, Inc.

    17,000       71,512  

Pasco Corp.

    6,000       19,069  

Pasona Group, Inc.

    7,700       55,402  

Penta-Ocean Construction Co., Ltd.

    90,500       438,322  

PIA Corp.

    300       7,915  

Pilot Corp.

    9,900       406,192  

Piolax, Inc.

    10,500       240,891  

Pioneer Corp. (a)

    117,700       234,037  

Plenus Co., Ltd.

    7,800       172,915  

Press Kogyo Co., Ltd.

    37,000       185,540  

Pressance Corp.

    10,400       125,346  

Prestige International, Inc.

    13,400       120,781  

Prima Meat Packers, Ltd.

    48,000       212,141  

Pronexus, Inc.

    7,800       84,423  

Proto Corp.

    5,300       69,594  

PS Mitsubishi Construction Co., Ltd.

    8,800       33,390  

Qol Co., Ltd.

    3,400       50,371  

Raito Kogyo Co., Ltd.

    16,900       172,142  

Rasa Industries, Ltd. (a)

    26,000       33,707  

Relo Group, Inc.

    16,000       265,244  

Renaissance, Inc.

    2,800       45,011  

Rengo Co., Ltd.

    72,300       417,466  

Renown, Inc. (a)

    29,200       29,660  

Resort Solution Co., Ltd.

    4,000       12,625  

Retail Partners Co., Ltd.

    1,300       13,497  

Rheon Automatic Machinery Co., Ltd.

    5,000       46,338  

Rhythm Watch Co., Ltd.

    25,000       42,942  

Riberesute Corp.

    4,300       34,680  

Ricoh Leasing Co., Ltd.

    6,400       205,555  

Right On Co., Ltd. (d)

    5,900       50,982  

Riken Corp.

    3,500       154,692  

Riken Keiki Co., Ltd.

    6,000       91,464  

Riken Technos Corp.

    15,000       71,797  

Riken Vitamin Co., Ltd.

    2,700       97,643  

Ringer Hut Co., Ltd.

    4,200       86,193  

Rion Co., Ltd.

    2,200       30,446  

Riso Kagaku Corp.

    9,458       166,125  

Riso Kyoiku Co., Ltd.

    11,590       70,604  

Rock Field Co., Ltd.

    6,600       108,254  

Rohto Pharmaceutical Co., Ltd.

    16,000       300,736  

Rokko Butter Co., Ltd.

    3,600       78,474  

Roland DG Corp.

    3,000       90,455  

Round One Corp.

    28,300       224,920  

Royal Holdings Co., Ltd.

    9,000       182,276  

Ryobi, Ltd.

    47,000       204,788  

Ryoden Corp.

    14,000       92,314  

 

BHFTII-78


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Ryosan Co., Ltd.

    11,600     $ 349,672  

Ryoyo Electro Corp.

    8,600       127,160  

S Foods, Inc. (d)

    4,100       119,446  

S&B Foods, Inc.

    600       32,345  

Sac’s Bar Holdings, Inc.

    6,850       77,906  

Saibu Gas Co., Ltd.

    136,000       313,007  

Saizeriya Co., Ltd.

    10,300       258,818  

Sakai Chemical Industry Co., Ltd.

    30,000       105,289  

Sakai Heavy Industries, Ltd.

    14,000       43,103  

Sakai Moving Service Co., Ltd.

    2,600       72,383  

Sakai Ovex Co., Ltd.

    1,600       25,967  

Sakata INX Corp.

    11,800       162,436  

Sakata Seed Corp.

    3,400       106,406  

Sakura Internet, Inc.

    1,600       13,196  

Sala Corp.

    12,900       72,057  

SAMTY Co., Ltd.

    2,600       25,918  

San Holdings, Inc.

    2,500       36,493  

San-A Co., Ltd.

    5,700       259,381  

San-Ai Oil Co., Ltd.

    21,900       186,282  

San-In Godo Bank, Ltd. (The)

    59,000       474,124  

Sanden Holdings Corp. (a)

    42,000       139,743  

Sanei Architecture Planning Co., Ltd.

    3,500       48,025  

Sangetsu Corp.

    20,500       343,641  

Sanken Electric Co., Ltd. (a)

    37,000       163,363  

Sanki Engineering Co., Ltd.

    19,600       169,142  

Sanko Marketing Foods Co., Ltd.

    3,100       26,731  

Sanko Metal Industrial Co., Ltd.

    1,000       27,732  

Sankyo Frontier Co., Ltd.

    2,000       23,231  

Sankyo Seiko Co., Ltd.

    13,400       46,987  

Sankyo Tateyama, Inc.

    9,600       143,548  

Sankyu, Inc.

    96,000       582,872  

Sanoh Industrial Co., Ltd.

    10,100       75,688  

Sanrio Co., Ltd.

    5,400       99,374  

Sanshin Electronics Co., Ltd.

    9,500       108,690  

Sanwa Holdings Corp.

    25,800       241,696  

Sanyo Chemical Industries, Ltd.

    4,200       176,450  

Sanyo Denki Co., Ltd.

    16,000       119,695  

Sanyo Electric Railway Co., Ltd.

    20,000       101,776  

Sanyo Housing Nagoya Co., Ltd.

    3,000       25,829  

Sanyo Industries, Ltd.

    13,000       24,051  

Sanyo Shokai, Ltd.

    51,000       75,669  

Sanyo Special Steel Co., Ltd.

    47,000       250,102  

Sapporo Holdings, Ltd.

    13,000       352,388  

Sata Construction Co., Ltd.

    2,600       9,940  

Sato Holdings Corp.

    6,900       147,253  

Sato Shoji Corp.

    6,500       50,885  

Satori Electric Co., Ltd.

    7,100       51,717  

Sawada Holdings Co., Ltd. (a)

    10,300       93,970  

Saxa Holdings, Inc.

    24,000       46,414  

SBS Holdings, Inc.

    6,900       49,908  

Scroll Corp.

    13,100       40,776  

SEC Carbon, Ltd.

    7,000       18,322  

Secom Joshinetsu Co., Ltd.

    900       27,743  

Seibu Electric Industry Co., Ltd.

    2,400       47,681  

Seika Corp.

    21,000       66,518  

Seikitokyu Kogyo Co., Ltd.

    12,500       59,795  

Seiko Holdings Corp.

    44,000       180,414  
Japan—(Continued)  

Seino Holdings Co., Ltd.

    13,100     147,404  

Seiren Co., Ltd.

    19,100       285,801  

Sekisui Jushi Corp.

    12,900       214,645  

Sekisui Plastics Co., Ltd.

    10,300       72,118  

Senko Co., Ltd.

    31,000       200,011  

Senshu Electric Co., Ltd.

    2,400       43,026  

Senshu Ikeda Holdings, Inc.

    84,000       347,954  

Senshukai Co., Ltd.

    11,000       79,296  

Septeni Holdings Co., Ltd.

    27,500       98,780  

Shibaura Electronics Co., Ltd.

    2,800       73,079  

Shibaura Mechatronics Corp.

    18,000       47,006  

Shibusawa Warehouse Co., Ltd. (The)

    25,000       79,605  

Shibuya Corp.

    6,500       177,356  

Shidax Corp.

    9,600       37,436  

Shiga Bank, Ltd. (The)

    89,000       457,701  

Shikibo, Ltd.

    47,000       59,561  

Shikoku Bank, Ltd. (The)

    70,000       183,466  

Shikoku Chemicals Corp.

    16,000       172,719  

Shima Seiki Manufacturing, Ltd.

    10,400       392,252  

Shimachu Co., Ltd.

    19,600       478,081  

Shimane Bank, Ltd. (The)

    2,500       31,300  

Shimizu Bank, Ltd. (The)

    3,900       119,109  

Shimojima Co., Ltd.

    6,300       65,797  

Shin Nippon Air Technologies Co., Ltd.

    4,600       55,072  

Shin-Etsu Polymer Co., Ltd.

    18,900       133,071  

Shin-Keisei Electric Railway Co., Ltd.

    23,000       85,732  

Shinagawa Refractories Co., Ltd.

    20,000       54,558  

Shindengen Electric Manufacturing Co., Ltd.

    28,000       117,539  

Shinkawa, Ltd. (a)

    5,300       39,745  

Shinko Electric Industries Co., Ltd.

    27,600       185,865  

Shinko Plantech Co., Ltd.

    16,100       122,725  

Shinko Shoji Co., Ltd.

    7,700       84,130  

Shinko Wire Co., Ltd.

    12,000       15,102  

Shinmaywa Industries, Ltd.

    34,000       325,630  

Shinnihon Corp.

    10,200       82,094  

Shinoken Group Co., Ltd.

    1,600       30,199  

Shinsho Corp.

    1,400       30,210  

Shinwa Co., Ltd.

    3,900       65,674  

Ship Healthcare Holdings, Inc.

    14,200       378,753  

Shizuki Electric Co., Inc.

    8,000       46,706  

Shizuoka Gas Co., Ltd.

    21,300       144,605  

Shobunsha Publications, Inc.

    6,700       42,003  

Shochiku Co., Ltd.

    3,000       35,365  

Shoei Foods Corp.

    4,300       103,572  

Shofu, Inc.

    3,900       46,340  

Shoko Co., Ltd. (a)

    19,000       14,355  

Showa Aircraft Industry Co., Ltd.

    4,000       42,635  

Showa Corp. (a)

    17,600       149,770  

Showa Denko KK (a)

    22,600       403,978  

Showa Sangyo Co., Ltd.

    33,000       174,489  

Siix Corp.

    4,800       193,382  

Sinanen Holdings Co., Ltd.

    3,600       68,310  

Sinfonia Technology Co., Ltd.

    42,000       122,873  

Sinko Industries, Ltd.

    6,400       92,135  

Sintokogio, Ltd.

    18,200       158,562  

SKY Perfect JSAT Holdings, Inc.

    29,800       126,022  

SMK Corp.

    23,000       81,943  

 

BHFTII-79


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

SMS Co., Ltd.

    7,300     $ 185,362  

SNT Corp.

    7,800       47,106  

Soda Nikka Co., Ltd.

    7,000       31,591  

Sodick Co., Ltd.

    16,800       166,728  

Soft99 Corp.

    5,100       39,534  

Softbank Technology Corp.

    1,600       57,090  

Software Service, Inc.

    1,200       53,056  

Sogo Medical Co., Ltd.

    2,400       90,311  

Sotoh Co., Ltd.

    4,300       43,646  

Space Co., Ltd.

    5,800       71,315  

Sparx Group Co., Ltd.

    35,900       68,213  

SPK Corp.

    2,500       57,113  

SRA Holdings

    3,100       82,214  

Srg Takamiya Co., Ltd.

    5,200       27,498  

ST Corp.

    6,100       99,217  

St. Marc Holdings Co., Ltd.

    5,100       149,971  

Star Mica Co., Ltd.

    800       16,475  

Star Micronics Co., Ltd.

    4,400       67,616  

Starts Corp., Inc.

    5,800       121,515  

Starzen Co., Ltd.

    2,500       100,492  

Stella Chemifa Corp. (d)

    3,600       103,006  

Step Co., Ltd.

    4,100       56,458  

Striders Corp. (a)

    16,000       9,769  

Studio Alice Co., Ltd.

    2,900       59,682  

Subaru Enterprise Co., Ltd.

    1,000       4,338  

Sugimoto & Co., Ltd.

    3,800       51,902  

Sumida Corp.

    6,300       94,148  

Suminoe Textile Co., Ltd.

    23,000       58,722  

Sumitomo Bakelite Co., Ltd.

    76,000       458,260  

Sumitomo Densetsu Co., Ltd.

    7,700       88,648  

Sumitomo Mitsui Construction Co., Ltd.

    260,300       283,466  

Sumitomo Osaka Cement Co., Ltd.

    142,000       591,938  

Sumitomo Precision Products Co., Ltd.

    12,000       38,533  

Sumitomo Real Estate Sales Co., Ltd.

    5,960       192,271  

Sumitomo Riko Co., Ltd.

    16,700       169,310  

Sumitomo Seika Chemicals Co., Ltd.

    3,600       153,126  

Sumitomo Warehouse Co., Ltd. (The)

    53,000       292,014  

Sun Frontier Fudousan Co., Ltd.

    7,600       66,344  

Sun-Wa Technos Corp.

    3,900       39,437  

Suncall Corp.

    11,000       55,411  

SWCC Showa Holdings Co., Ltd. (a)

    116,000       89,753  

Systena Corp.

    6,700       103,126  

T Hasegawa Co., Ltd.

    9,100       173,113  

T RAD Co., Ltd.

    29,000       86,172  

T&K Toka Co., Ltd.

    8,600       82,203  

T-Gaia Corp.

    8,400       144,461  

Tabuchi Electric Co., Ltd.

    8,900       26,984  

Tachi-S Co., Ltd.

    10,300       206,021  

Tachibana Eletech Co., Ltd.

    5,640       70,102  

Tadano, Ltd.

    38,000       445,177  

Taihei Dengyo Kaisha, Ltd.

    12,000       117,609  

Taiheiyo Kouhatsu, Inc.

    21,000       18,321  

Taiho Kogyo Co., Ltd.

    6,400       95,774  

Taikisha, Ltd.

    9,100       223,119  

Taiko Bank, Ltd. (The)

    41,000       81,542  

Taiko Pharmaceutical Co., Ltd.

    2,300       39,144  

Taisei Lamick Co., Ltd.

    2,200       55,467  
Japan—(Continued)  

Taiyo Holdings Co., Ltd.

    5,300     232,201  

Taiyo Yuden Co., Ltd.

    26,600       337,343  

Takachiho Koheki Co., Ltd.

    400       3,607  

Takagi Securities Co., Ltd.

    18,000       43,276  

Takamatsu Construction Group Co., Ltd.

    5,400       126,408  

Takano Co., Ltd.

    4,600       41,832  

Takaoka Toko Co., Ltd.

    4,365       79,872  

Takara Holdings, Inc.

    26,000       281,019  

Takara Leben Co., Ltd.

    28,600       127,946  

Takara Printing Co., Ltd.

    3,100       46,411  

Takara Standard Co., Ltd.

    15,400       245,797  

Takasago International Corp.

    5,400       173,521  

Takasago Thermal Engineering Co., Ltd.

    16,800       237,104  

Takashima & Co., Ltd.

    25,000       44,352  

Takata Corp. (a) (d)

    14,300       61,999  

Take And Give Needs Co., Ltd.

    4,010       35,009  

Takeei Corp.

    8,200       77,324  

Takeuchi Manufacturing Co., Ltd.

    10,000       189,339  

Takihyo Co., Ltd.

    13,000       52,586  

Takiron Co., Ltd.

    18,000       93,743  

Takisawa Machine Tool Co., Ltd.

    22,000       35,027  

Takuma Co., Ltd.

    25,000       244,887  

Tama Home Co., Ltd.

    8,500       48,500  

Tamron Co., Ltd.

    6,000       108,545  

Tamura Corp.

    26,000       115,702  

Tanseisha Co., Ltd.

    11,750       104,056  

TASAKI & Co., Ltd.

    800       15,793  

Tatsuta Electric Wire and Cable Co., Ltd.

    17,000       77,381  

Tayca Corp.

    12,000       81,707  

TBK Co., Ltd.

    8,000       36,163  

Teac Corp. (a)

    40,000       15,097  

TECHNO ASSOCIE Co., Ltd.

    300       3,164  

Techno Medica Co., Ltd.

    2,400       45,746  

Techno Ryowa, Ltd.

    4,800       40,703  

Tecnos Japan, Inc.

    2,000       19,085  

Teikoku Electric Manufacturing Co., Ltd.

    6,800       67,837  

Teikoku Sen-I Co., Ltd.

    6,900       102,095  

Teikoku Tsushin Kogyo Co., Ltd.

    24,000       40,739  

Tenma Corp.

    6,200       114,539  

Teraoka Seisakusho Co., Ltd.

    200       733  

Tigers Polymer Corp.

    2,200       14,210  

TIS, Inc.

    25,700       654,919  

TKC Corp.

    6,700       191,710  

Toa Corp.

    9,600       83,549  

Toa Corp. (a)

    5,800       105,342  

Toa Oil Co., Ltd.

    32,000       39,419  

TOA ROAD Corp.

    18,000       53,922  

Toabo Corp.

    3,400       16,599  

Toagosei Co., Ltd.

    37,000       423,007  

Tobishima Corp.

    55,600       85,073  

Tobu Store Co., Ltd.

    1,100       30,001  

TOC Co., Ltd.

    15,800       130,560  

Tocalo Co., Ltd.

    4,800       124,603  

Tochigi Bank, Ltd. (The)

    38,200       176,616  

Toda Corp.

    78,000       470,455  

Toda Kogyo Corp.

    11,000       27,013  

Toei Animation Co., Ltd.

    1,800       107,663  

 

BHFTII-80


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Toei Co., Ltd.

    28,000     $ 239,365  

Toenec Corp.

    16,000       79,997  

Toho Bank, Ltd. (The)

    83,000       313,031  

Toho Co., Ltd.

    3,400       79,536  

Toho Holdings Co., Ltd.

    19,600       411,311  

Toho Zinc Co., Ltd.

    50,000       246,022  

Tohoku Bank, Ltd. (The)

    47,000       65,091  

Tohokushinsha Film Corp.

    4,800       29,961  

Tohto Suisan Co., Ltd.

    1,400       23,409  

Tokai Carbon Co., Ltd.

    68,000       298,295  

Tokai Corp.

    3,900       142,876  

TOKAI Holdings Corp. (d)

    23,700       182,440  

Tokai Lease Co., Ltd.

    16,000       29,909  

Tokai Rika Co., Ltd.

    8,800       177,877  

Tokai Tokyo Financial Holdings, Inc.

    34,400       179,458  

Token Corp.

    2,460       193,665  

Tokushu Tokai Paper Co., Ltd.

    3,900       146,048  

Tokuyama Corp. (a)

    106,000       514,022  

Tokyo Dome Corp.

    31,000       288,576  

Tokyo Electron Device, Ltd.

    2,400       34,735  

Tokyo Energy & Systems, Inc.

    8,000       68,953  

Tokyo Individualized Educational Institute, Inc.

    5,000       71,560  

Tokyo Keiki, Inc.

    21,000       43,561  

Tokyo Ohka Kogyo Co., Ltd.

    13,100       435,451  

Tokyo Rakutenchi Co., Ltd.

    17,000       82,268  

Tokyo Rope Manufacturing Co., Ltd.

    4,600       69,656  

Tokyo Sangyo Co., Ltd.

    12,000       49,228  

Tokyo Seimitsu Co., Ltd.

    13,800       435,539  

Tokyo Steel Manufacturing Co., Ltd.

    36,800       309,401  

Tokyo Tekko Co., Ltd.

    17,000       69,863  

Tokyo Theatres Co., Inc.

    29,000       38,069  

Tokyo TY Financial Group, Inc.

    9,724       292,395  

Tokyotokeiba Co., Ltd.

    31,000       71,969  

Tokyu Recreation Co., Ltd.

    6,000       43,115  

Toli Corp.

    20,000       68,202  

Tomato Bank, Ltd.

    5,500       77,794  

Tomen Devices Corp.

    1,500       29,936  

Tomoe Corp.

    12,500       41,161  

Tomoe Engineering Co., Ltd.

    2,100       34,282  

Tomoegawa Co., Ltd.

    12,000       24,785  

Tomoku Co., Ltd.

    27,000       81,279  

TOMONY Holdings, Inc.

    56,900       302,564  

Tomy Co., Ltd.

    22,400       224,316  

Tonami Holdings Co., Ltd.

    22,000       80,164  

Topcon Corp.

    11,500       206,423  

Toppan Forms Co., Ltd.

    19,800       194,190  

Topre Corp.

    12,700       331,166  

Topy Industries, Ltd.

    6,800       181,131  

Toridolll Holdings Corp.

    6,900       149,890  

Torigoe Co., Ltd. (The)

    9,200       67,754  

Torii Pharmaceutical Co., Ltd.

    3,600       93,008  

Torishima Pump Manufacturing Co., Ltd.

    7,700       75,850  

Tosei Corp.

    13,200       86,937  

Toshiba Machine Co., Ltd.

    42,000       171,007  

Toshiba Plant Systems & Services Corp. (d)

    14,100       206,171  

Toshiba TEC Corp. (a)

    13,000       72,820  

Tosho Co., Ltd.

    2,400       101,999  
Japan—(Continued)  

Tosho Printing Co., Ltd.

    14,000     64,302  

Totetsu Kogyo Co., Ltd.

    8,400       241,373  

Tottori Bank, Ltd. (The)

    3,700       58,218  

Toukei Computer Co., Ltd.

    1,400       29,090  

Tow Co., Ltd.

    3,600       23,304  

Towa Bank, Ltd. (The)

    115,000       122,120  

Towa Corp.

    8,000       143,200  

Towa Pharmaceutical Co., Ltd.

    2,800       141,854  

Toyo Construction Co., Ltd.

    25,499       91,778  

Toyo Corp.

    9,600       87,299  

Toyo Denki Seizo KK

    3,200       48,883  

Toyo Engineering Corp. (a)

    38,000       95,410  

Toyo Ink SC Holdings Co., Ltd.

    76,000       366,688  

Toyo Kanetsu KK

    38,000       100,664  

Toyo Kohan Co., Ltd.

    16,000       55,575  

Toyo Machinery & Metal Co., Ltd.

    7,800       38,613  

Toyo Securities Co., Ltd.

    23,000       53,274  

Toyo Sugar Refining Co., Ltd.

    9,000       9,388  

Toyo Tanso Co., Ltd.

    4,600       77,196  

Toyo Tire & Rubber Co., Ltd.

    2,900       52,356  

Toyo Wharf & Warehouse Co., Ltd.

    25,000       40,927  

Toyobo Co., Ltd.

    332,000       576,298  

TPR Co., Ltd.

    7,300       240,351  

Trancom Co., Ltd.

    2,300       119,083  

Transcosmos, Inc. (a)

    7,700       181,257  

Trusco Nakayama Corp.

    12,600       292,471  

Trust Tech, Inc.

    3,000       52,522  

TS Tech Co., Ltd.

    2,600       70,104  

TSI Holdings Co., Ltd.

    28,205       203,781  

Tsubakimoto Chain Co.

    45,000       376,217  

Tsubakimoto Kogyo Co., Ltd.

    8,000       29,437  

Tsudakoma Corp. (a)

    16,000       24,185  

Tsugami Corp.

    22,000       146,566  

Tsukada Global Holdings, Inc.

    7,200       39,048  

Tsukamoto Corp. Co., Ltd.

    21,000       23,411  

Tsukishima Kikai Co., Ltd.

    8,600       91,006  

Tsukuba Bank, Ltd.

    34,500       96,946  

Tsukui Corp.

    18,800       111,352  

Tsumura & Co.

    6,600       207,166  

Tsurumi Manufacturing Co., Ltd.

    6,100       89,429  

Tsutsumi Jewelry Co., Ltd.

    3,200       59,824  

TTK Co., Ltd.

    4,000       18,367  

TV Tokyo Holdings Corp.

    3,700       84,737  

TYK Corp.

    6,000       11,314  

U-Shin, Ltd. (a)

    8,400       55,233  

UACJ Corp. (d)

    106,850       281,076  

Ube Industries, Ltd.

    215,000       486,894  

Uchida Yoko Co., Ltd.

    4,200       97,363  

Ueki Corp.

    11,000       25,330  

UKC Holdings Corp.

    5,000       92,186  

Ulvac, Inc.

    13,000       607,694  

Uniden Holdings Corp. (a)

    25,000       40,928  

Union Tool Co.

    3,400       106,744  

Unipres Corp.

    13,900       291,128  

United Arrows, Ltd.

    6,000       182,098  

United Super Markets Holdings, Inc.

    20,700       189,462  

Unitika, Ltd. (a)

    156,000       130,637  

 

BHFTII-81


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Universal Entertainment Corp.

    3,000     $ 95,968  

Unizo Holdings Co., Ltd.

    3,800       93,741  

Ushio, Inc.

    39,000       494,268  

UT Group Co., Ltd. (a)

    9,800       127,635  

Utoc Corp.

    5,100       19,188  

V Technology Co., Ltd.

    800       123,262  

Valor Holdings Co., Ltd.

    11,800       278,880  

Vector, Inc. (a)

    1,200       14,560  

VeriServe Corp.

    500       12,780  

Village Vanguard Co., Ltd.

    2,300       22,629  

Vital KSK Holdings, Inc.

    14,200       131,976  

Vitec Holdings Co., Ltd.

    3,700       44,950  

Voyage Group, Inc.

    1,500       24,275  

VT Holdings Co., Ltd.

    24,300       126,481  

W-Scope Corp. (d)

    3,600       52,983  

Wacoal Holdings Corp.

    29,000       358,505  

Wakachiku Construction Co., Ltd.

    46,000       60,428  

Wakamoto Pharmaceutical Co., Ltd.

    9,000       20,961  

Wakita & Co., Ltd.

    15,300       145,733  

Warabeya Nichiyo Holdings Co., Ltd.

    5,000       115,929  

WATAMI Co., Ltd.

    7,600       85,195  

Weathernews, Inc.

    2,100       68,189  

Wellnet Corp.

    4,600       56,103  

West Holdings Corp.

    7,200       53,785  

WirelessGate, Inc.

    1,000       13,445  

Wood One Co., Ltd.

    19,000       49,080  

Wowow, Inc.

    2,200       76,359  

Xebio Holdings Co., Ltd.

    8,700       135,078  

Y. A. C. Co., Ltd.

    3,900       49,890  

Yachiyo Industry Co., Ltd.

    3,900       44,662  

Yahagi Construction Co., Ltd.

    10,900       96,430  

Yaizu Suisankagaku Industry Co., Ltd.

    4,400       50,908  

YAMABIKO Corp.

    12,800       150,418  

Yamagata Bank, Ltd. (The) (d)

    52,000       227,029  

Yamaichi Electronics Co., Ltd.

    8,200       121,745  

Yamanashi Chuo Bank, Ltd. (The)

    66,000       295,999  

Yamatane Corp.

    3,400       46,423  

Yamato Corp.

    9,000       45,965  

Yamato International, Inc.

    6,700       25,101  

Yamato Kogyo Co., Ltd.

    1,800       46,557  

Yamaya Corp.

    1,150       17,278  

Yamazawa Co., Ltd.

    1,000       16,273  

Yamazen Corp.

    19,500       176,083  

Yaoko Co., Ltd.

    5,200       198,196  

Yashima Denki Co., Ltd.

    7,500       44,928  

Yasuda Logistics Corp.

    7,400       49,857  

Yellow Hat, Ltd.

    5,800       134,597  

Yodogawa Steel Works, Ltd.

    7,600       206,626  

Yokogawa Bridge Holdings Corp.

    12,800       148,356  

Yokohama Reito Co., Ltd.

    16,800       167,112  

Yokowo Co., Ltd.

    6,300       78,151  

Yomeishu Seizo Co., Ltd.

    3,000       56,545  

Yomiuri Land Co., Ltd.

    13,000       50,286  

Yondenko Corp.

    8,000       31,507  

Yondoshi Holdings, Inc.

    4,600       102,370  

Yorozu Corp.

    7,900       121,810  

Yoshinoya Holdings Co., Ltd.

    13,600       197,931  
Japan—(Continued)  

Yuasa Funashoku Co., Ltd.

    13,000     35,406  

Yuasa Trading Co., Ltd.

    6,700       185,982  

Yuken Kogyo Co., Ltd.

    17,000       34,504  

Yuki Gosei Kogyo Co., Ltd.

    6,000       16,519  

Yumeshin Holdings Co., Ltd.

    10,100       73,773  

Yurtec Corp.

    12,000       82,720  

Yusen Logistics Co., Ltd.

    7,100       71,660  

Yushiro Chemical Industry Co., Ltd.

    3,700       45,797  

Yutaka Giken Co., Ltd.

    600       13,197  

Zappallas, Inc. (a)

    4,900       22,084  

Zenrin Co., Ltd.

    7,900       168,434  

ZERIA Pharmaceutical Co., Ltd.

    9,200       141,758  

Zojirushi Corp. (d)

    9,800       142,283  

Zuiko Corp.

    1,000       36,645  

Zuken, Inc.

    7,200       88,361  
   

 

 

 
      164,757,404  
   

 

 

 
Liechtenstein—0.0%  

VP Bank AG

    358       41,280  
   

 

 

 
Luxembourg—0.1%  

B&M European Value Retail S.A.

    136,852       512,265  

L’Occitane International S.A.

    54,000       109,758  
   

 

 

 
      622,023  
   

 

 

 
Macau—0.0%  

Macau Legend Development, Ltd. (a)

    359,000       64,224  
   

 

 

 
Malta—0.1%  

Kindred Group plc

    77,749       804,938  
   

 

 

 
Netherlands—2.6%  

Aalberts Industries NV

    34,547       1,289,611  

Accell Group

    10,956       299,629  

AMG Advanced Metallurgical Group NV

    12,258       283,969  

Amsterdam Commodities NV

    6,535       163,795  

APERAM S.A. (d)

    21,182       1,058,237  

Arcadis NV (d)

    33,193       523,404  

ASM International NV

    19,662       1,103,307  

BE Semiconductor Industries NV

    20,554       837,982  

Beter Bed Holding NV

    5,373       88,545  

BinckBank NV

    28,201       144,046  

Boskalis Westminster

    18,250       629,355  

Brack Capital Properties NV

    1,353       126,968  

Brunel International NV

    9,034       146,933  

Corbion NV

    20,382       557,633  

Delta Lloyd NV

    179,865       1,024,998  

Euronext NV

    13,262       579,307  

Flow Traders

    1,749       55,097  

Fugro NV (a)

    18,901       295,000  

Gemalto NV

    12,688       708,698  

Heijmans NV (a) (d)

    11,179       85,555  

Hunter Douglas NV

    2,423       162,816  

IMCD Group NV

    4,949       242,880  

KAS Bank NV

    6,580       68,374  

Kendrion NV

    3,947       126,084  

 

BHFTII-82


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Netherlands—(Continued)  

Koninklijke BAM Groep NV

    115,348     $ 622,688  

Koninklijke Vopak NV

    6,562       286,422  

Nederland Apparatenfabriek

    2,241       93,042  

OCI NV (a)

    1,097       21,084  

Ordina NV (a)

    44,115       73,867  

PostNL NV (a)

    162,817       768,936  

QIAGEN NV (a)

    49,475       1,436,142  

Refresco Group NV

    662       10,070  

SBM Offshore NV

    72,035       1,182,796  

Sligro Food Group NV

    10,629       400,269  

SNS REAAL NV (a) (b) (c)

    105,329       0  

STMicroelectronics NV

    37,151       568,596  

Telegraaf Media Groep NV (d)

    13,542       89,303  

TKH Group NV

    13,932       597,697  

TomTom NV (a)

    51,405       500,534  

Van Lanschot NV

    45       1,076  

Wessanen

    35,515       479,741  
   

 

 

 
      17,734,486  
   

 

 

 
New Zealand—1.0%  

a2 Milk Co., Ltd. (a)

    134,580       281,668  

Abano Healthcare Group, Ltd.

    880       5,305  

Air New Zealand, Ltd.

    205,023       353,446  

Briscoe Group, Ltd.

    13,123       40,112  

Chorus, Ltd.

    123,027       371,665  

Contact Energy, Ltd.

    88,793       314,620  

Ebos Group, Ltd.

    37,883       484,511  

Fisher & Paykel Healthcare Corp., Ltd.

    8,668       58,889  

Freightways, Ltd.

    61,668       323,838  

Genesis Energy, Ltd.

    64,870       94,530  

Gentrack Group, Ltd.

    6,656       18,190  

Hallenstein Glasson Holdings, Ltd.

    19,012       47,316  

Heartland Bank, Ltd.

    72,313       83,137  

Infratil, Ltd.

    212,874       433,098  

Kathmandu Holdings, Ltd.

    23,984       33,276  

Mainfreight, Ltd.

    34,644       548,652  

Methven, Ltd.

    19,898       16,615  

Metlifecare, Ltd.

    34,148       146,668  

Metro Performance Glass, Ltd.

    8,816       8,027  

New Zealand Oil & Gas, Ltd.

    131,264       54,292  

New Zealand Refining Co., Ltd. (The)

    27,432       45,761  

NZME, Ltd.

    71,247       46,280  

NZX, Ltd.

    98,289       74,394  

Opus International Consultants, Ltd.

    4,000       2,670  

Pacific Edge, Ltd. (a)

    17,353       7,057  

PGG Wrightson, Ltd.

    58,545       21,754  

Port of Tauranga, Ltd.

    135,672       396,306  

Restaurant Brands New Zealand, Ltd.

    61,567       234,714  

Rubicon, Ltd. (a)

    9,922       1,666  

Ryman Healthcare, Ltd.

    3,167       18,582  

Sanford, Ltd.

    314       1,617  

Scales Corp., Ltd.

    7,570       18,400  

Skellerup Holdings, Ltd.

    29,759       31,207  

SKY Network Television, Ltd.

    114,579       312,422  

SKYCITY Entertainment Group, Ltd.

    261,258       756,412  

Summerset Group Holdings, Ltd.

    25,600       92,688  
New Zealand—(Continued)  

Tilt Renewables, Ltd.

    13,980     20,977  

Tourism Holdings, Ltd.

    4,866       12,781  

TOWER, Ltd.

    59,836       52,793  

Trade Me Group, Ltd.

    117,080       419,515  

Trustpower, Ltd.

    13,980       45,079  

Vector, Ltd.

    130,306       292,334  

Vista Group International, Ltd.

    7,356       30,837  

Warehouse Group, Ltd. (The)

    48,253       78,137  

Xero, Ltd. (a)

    18,888       261,858  

Z Energy, Ltd.

    30,805       150,172  
   

 

 

 
      7,144,268  
   

 

 

 
Norway—0.8%  

ABG Sundal Collier Holding ASA

    112,462       71,350  

AF Gruppen ASA

    945       16,887  

Akastor ASA (a)

    21,838       32,923  

Aker ASA - A Shares

    1,245       48,145  

Aker Solutions ASA (a)

    27,627       166,192  

American Shipping Co. ASA (a)

    12,027       40,059  

Atea ASA (a)

    22,644       266,343  

Austevoll Seafood ASA

    29,238       214,605  

Biotec Pharmacon ASA (a)

    10,494       11,344  

Bonheur ASA

    10,311       88,447  

Borregaard ASA

    16,711       187,367  

BW LPG, Ltd.

    9,789       49,799  

BW Offshore, Ltd. (a)

    29,311       71,787  

Deep Sea Supply plc (a)

    40,102       5,793  

DNO ASA (a)

    140,550       118,675  

Ekornes ASA

    11,636       146,396  

Fred Olsen Energy ASA (a)

    4,442       14,595  

Frontline, Ltd.

    10,258       68,631  

Grieg Seafood ASA

    11,731       87,977  

Hexagon Composites ASA (a)

    24,991       79,756  

Hoegh LNG Holdings, Ltd.

    13,626       139,315  

Kongsberg Automotive ASA (a)

    185,093       126,097  

Kvaerner ASA (a)

    92,750       116,751  

Nordic Semiconductor ASA (a)

    44,887       163,384  

Norske Skogindustrier ASA (a) (d)

    121,097       32,139  

Norwegian Air Shuttle ASA (a) (d)

    8,166       224,978  

Norwegian Property ASA

    11,843       13,768  

Ocean Yield ASA

    5,643       40,051  

Odfjell SE - A Shares (a)

    1,949       7,622  

Olav Thon Eiendomsselskap ASA

    1,502       28,163  

Opera Software ASA (a)

    21,316       100,051  

Petroleum Geo-Services ASA (a)

    61,434       162,851  

PhotoCure ASA (a)

    5,477       22,262  

ProSafe SE (a)

    3,505       13,801  

Protector Forsikring ASA

    13,480       100,074  

Q-Free ASA (a)

    24,256       22,006  

REC Silicon ASA (a) (d)

    643,607       76,965  

Scatec Solar ASA

    12,027       53,599  

Selvaag Bolig ASA

    3,405       14,544  

Sevan Marine ASA (a)

    16,466       30,489  

Solstad Offshore ASA (a)

    5,981       8,183  

Songa Offshore (a)

    3,180       11,039  

SpareBank 1 SMN

    40,946       317,315  

 

BHFTII-83


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Norway—(Continued)  

SpareBank 1 SR Bank ASA

    7,986     $ 59,767  

Stolt-Nielsen, Ltd.

    5,818       99,067  

TGS Nopec Geophysical Co. ASA

    14,000       296,258  

Tomra Systems ASA

    37,589       411,536  

Treasure ASA (a)

    21,003       38,639  

Veidekke ASA

    49,276       648,594  

Wilh Wilhelmsen ASA (a)

    21,003       102,781  

Wilh Wilhelmsen Holding ASA - Class A

    4,777       126,189  

XXL ASA

    17,225       187,638  
   

 

 

 
      5,582,987  
   

 

 

 
Philippines—0.0%  

Del Monte Pacific, Ltd.

    77,636       18,870  
   

 

 

 
Portugal—0.3%  

Altri SGPS S.A.

    41,235       184,324  

Banco Comercial Portugues S.A. (a)

    2,143,248       448,405  

Banco Espirito Santo S.A. (a) (b) (c)

    89,078       0  

CTT-Correios de Portugal S.A.

    5,621       30,770  

Mota-Engil SGPS S.A.

    40,942       82,727  

Navigator Co. S.A. (The)

    131,380       527,246  

NOS SGPS S.A.

    73,113       398,590  

Novabase SGPS S.A.

    7,827       25,257  

REN - Redes Energeticas Nacionais SGPS S.A.

    94,602       284,675  

Semapa-Sociedade de Investimento e Gestao

    3,197       48,813  

Sonae SGPS S.A. (a)

    280,308       283,079  

Teixeira Duarte S.A.

    59,382       15,231  
   

 

 

 
      2,329,117  
   

 

 

 
Singapore—1.3%  

Abterra, Ltd. (a)

    51,720       12,941  

Accordia Golf Trust

    47,600       25,017  

Ascendas India Trust

    94,500       76,029  

ASL Marine Holdings, Ltd. (a)

    52,500       5,183  

Baker Technology, Ltd.

    33,200       17,448  

Banyan Tree Holdings, Ltd. (a)

    155,000       53,757  

Bonvests Holdings, Ltd.

    18,000       17,243  

Boustead Projects, Ltd. (a)

    24,607       15,215  

Boustead Singapore, Ltd.

    82,025       51,016  

Breadtalk Group, Ltd.

    37,000       35,449  

Broadway Industrial Group, Ltd.

    156,399       18,443  

Bukit Sembawang Estates, Ltd.

    72,000       312,544  

Centurion Corp., Ltd.

    38,000       11,409  

China Aviation Oil Singapore Corp., Ltd.

    108,400       118,253  

Chip Eng Seng Corp., Ltd.

    157,000       81,932  

Chuan Hup Holdings, Ltd.

    125,000       23,723  

Cosco Corp. Singapore, Ltd. (a)

    477,000       105,708  

Creative Technology, Ltd. (a)

    22,600       18,273  

CSE Global, Ltd.

    197,000       74,685  

CW Group Holdings, Ltd.

    106,000       19,089  

CWT, Ltd.

    81,000       115,813  

Delfi, Ltd.

    66,000       103,871  

DMX Technologies Group, Ltd. (a) (b) (c)

    186,000       2,713  

Dyna-Mac Holdings, Ltd. (a)

    98,000       12,747  

Elec & Eltek International Co., Ltd.

    23,000       28,175  

Ezion Holdings, Ltd. (a)

    516,229       131,022  
Singapore—(Continued)  

Ezra Holdings, Ltd. (a) (b)

    1,000,703     7,869  

Far East Orchard, Ltd.

    74,044       87,601  

First Resources, Ltd.

    86,700       120,242  

First Sponsor Group, Ltd.

    8,628       8,204  

Food Empire Holdings, Ltd. (a)

    54,000       22,398  

Fragrance Group, Ltd.

    752,800       90,945  

Frasers Centrepoint, Ltd.

    29,000       35,981  

Gallant Venture, Ltd. (a)

    126,000       15,859  

Geo Energy Resources, Ltd. (a)

    155,000       37,675  

GK Goh Holdings, Ltd.

    12,000       7,621  

GL, Ltd.

    188,000       104,187  

Global Premium Hotels, Ltd. (a)

    73,200       18,837  

Golden Agri-Resources, Ltd.

    882,200       242,592  

GSH Corp., Ltd.

    108,400       42,234  

GuocoLand, Ltd.

    28,000       37,042  

Halcyon Agri Corp., Ltd. (a)

    188,713       87,713  

Hanwell Holdings, Ltd. (a)

    19,000       4,618  

Haw Par Corp., Ltd.

    12,600       90,255  

Hi-P International, Ltd.

    99,500       45,187  

Hiap Hoe, Ltd.

    58,000       29,654  

Ho Bee Land, Ltd.

    87,000       141,245  

Hong Fok Corp., Ltd.

    146,740       83,923  

Hong Leong Asia, Ltd.

    41,000       37,298  

Hotel Grand Central, Ltd.

    1,000       1,015  

Hour Glass, Ltd. (The)

    129,000       61,328  

Hwa Hong Corp., Ltd.

    138,000       32,453  

Hyflux, Ltd.

    179,500       73,143  

IGG, Inc.

    167,000       231,973  

Indofood Agri Resources, Ltd.

    152,000       56,504  

Japfa, Ltd.

    38,500       22,432  

k1 Ventures, Ltd.

    80,800       43,322  

Kenon Holdings, Ltd. (a)

    2,312       26,690  

Keppel Infrastructure Trust

    549,659       200,297  

Keppel Telecommunications & Transportation, Ltd.

    44,000       56,312  

Koh Brothers Group, Ltd.

    97,000       20,120  

Lian Beng Group, Ltd.

    157,000       59,504  

Low Keng Huat Singapore, Ltd.

    122,600       56,469  

Lum Chang Holdings, Ltd.

    115,000       29,607  

M1, Ltd.

    89,500       136,206  

Metro Holdings, Ltd.

    141,600       119,518  

Mewah International, Inc.

    110,000       26,731  

Midas Holdings, Ltd.

    452,000       75,984  

Nam Cheong, Ltd. (a)

    321,000       6,197  

NSL, Ltd.

    15,000       18,928  

Olam International, Ltd.

    45,700       62,726  

Overseas Union Enterprise, Ltd.

    129,200       197,657  

Oxley Holdings, Ltd.

    155,000       61,541  

Pan-United Corp., Ltd.

    43,000       21,211  

Penguin International, Ltd.

    64,333       12,417  

Q&M Dental Group Singapore, Ltd.

    41,800       20,792  

QAF, Ltd.

    86,667       86,496  

Raffles Education Corp., Ltd. (a)

    384,774       57,756  

Raffles Medical Group, Ltd.

    147,006       148,719  

RHT Health Trust

    84,400       53,697  

Rickmers Maritime (a) (b) (c)

    110,000       1,533  

Riverstone Holdings, Ltd.

    40,000       24,735  

Rotary Engineering, Ltd.

    85,000       24,003  

 

BHFTII-84


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Singapore—(Continued)  

Roxy-Pacific Holdings, Ltd.

    85,750     $ 31,623  

SATS, Ltd.

    100,500       350,684  

SBS Transit, Ltd.

    40,500       74,411  

Sembcorp Industries, Ltd.

    125,400       285,275  

Sembcorp Marine, Ltd.

    39,300       53,803  

Sheng Siong Group, Ltd.

    133,900       90,477  

SHS Holdings, Ltd.

    47,000       7,561  

SIA Engineering Co., Ltd.

    44,300       116,882  

SIIC Environment Holdings, Ltd. (a)

    167,400       66,416  

Sinarmas Land, Ltd.

    694,000       243,300  

Sing Holdings, Ltd.

    82,000       21,117  

Singapore Post, Ltd.

    281,700       273,878  

Singapore Reinsurance Corp., Ltd.

    1,000       225  

Sino Grandness Food Industry Group, Ltd.

    199,272       34,189  

Stamford Land Corp., Ltd.

    278,000       107,339  

StarHub, Ltd.

    101,900       209,315  

Sunningdale Tech, Ltd.

    60,600       71,481  

Super Group, Ltd.

    143,000       133,405  

Swiber Holdings, Ltd. (a) (b) (c)

    117,749       3,443  

Tuan Sing Holdings, Ltd.

    169,000       40,923  

UMS Holdings, Ltd.

    93,000       56,864  

United Engineers, Ltd.

    138,000       281,162  

United Industrial Corp., Ltd.

    13,600       30,047  

United Overseas Insurance, Ltd.

    4,000       14,869  

UOB-Kay Hian Holdings, Ltd.

    131,440       131,082  

UOL Group, Ltd.

    53,000       264,293  

UPP Holdings, Ltd.

    46,000       9,537  

Venture Corp., Ltd.

    97,000       795,509  

Vibrant Group, Ltd.

    47,600       13,100  

Vicom, Ltd.

    2,000       8,282  

Wee Hur Holdings, Ltd.

    85,000       14,891  

Wheelock Properties Singapore, Ltd.

    58,000       77,329  

Wing Tai Holdings, Ltd.

    159,621       215,103  

Yeo Hiap Seng, Ltd.

    19,712       19,587  

Yongnam Holdings, Ltd. (a)

    241,875       35,447  
   

 

 

 
      9,197,743  
   

 

 

 
Spain—2.2%  

Acciona S.A.

    7,188       575,734  

Acerinox S.A.

    70,013       980,296  

Adveo Group International S.A.

    6,292       28,636  

Alantra Partners S.A.

    3,678       40,119  

Almirall S.A.

    20,336       330,203  

Amper S.A. (a)

    186,713       60,807  

Applus Services S.A.

    17,445       209,644  

Atresmedia Corp. de Medios de Comunicacion S.A.

    21,362       269,819  

Azkoyen S.A.

    1,608       12,625  

Baron de Ley (a)

    1,139       137,365  

Bolsas y Mercados Espanoles S.A.

    27,936       926,859  

Caja de Ahorros del Mediterraneo (a) (b) (c)

    14,621       0  

Cellnex Telecom S.A.

    22,587       371,890  

Cia de Distribucion Integral Logista Holdings S.A.

    2,391       55,465  

Cie Automotive S.A.

    17,266       340,394  

Construcciones y Auxiliar de Ferrocarriles S.A.

    5,880       224,881  

Distribuidora Internacional de Alimentacion S.A.

    184,598       1,067,545  
Spain—(Continued)  

Duro Felguera S.A. (a) (d)

    27,756     36,606  

Ebro Foods S.A.

    25,801       521,596  

Elecnor S.A.

    11,262       111,978  

Ence Energia y Celulosa S.A

    61,968       191,049  

Ercros S.A. (a)

    60,314       203,333  

Euskaltel S.A.

    1,702       17,431  

Faes Farma S.A.

    155,476       554,805  

Fluidra S.A.

    12,850       68,208  

Gamesa Corp. Tecnologica S.A.

    69,346       1,640,911  

Grupo Catalana Occidente S.A.

    21,149       750,851  

Grupo Ezentis S.A. (a)

    39,717       30,478  

Iberpapel Gestion S.A.

    612       19,469  

Indra Sistemas S.A. (a)

    39,802       507,306  

Inmobiliaria Colonial S.A.

    34,172       254,882  

Laboratorios Farmaceuticos Rovi S.A.

    5,377       83,905  

Liberbank S.A. (a)

    9,453       12,162  

Mediaset Espana Comunicacion S.A.

    49,361       635,677  

Melia Hotels International S.A.

    21,300       293,123  

Miquel y Costas & Miquel S.A.

    7,469       210,730  

NH Hotel Group S.A. (a)

    69,951       329,834  

Obrascon Huarte Lain S.A. (d)

    35,775       163,817  

Papeles y Cartones de Europa S.A.

    21,436       147,726  

Pescanova S.A. (a) (b) (c)

    7,446       0  

Pharma Mar S.A. (a)

    72,263       229,734  

Prim S.A.

    3,013       31,082  

Promotora de Informaciones S.A. - Class A (a)

    13,933       64,063  

Prosegur Cia de Seguridad S.A.

    54,905       329,551  

Quabit Inmobiliaria S.A. (a)

    12,404       29,324  

Realia Business S.A. (a)

    112,366       113,715  

Sacyr S.A. (a)

    107,800       267,835  

Solaria Energia y Medio Ambiente S.A. (a)

    19,439       22,396  

Talgo S.A. (a)

    7,525       41,728  

Tecnicas Reunidas S.A.

    11,115       438,145  

Tecnocom Telecomunicaciones y Energia S.A.

    13,592       66,624  

Tubacex S.A.

    28,250       89,087  

Tubos Reunidos S.A. (a) (d)

    21,752       23,296  

Vidrala S.A.

    7,952       413,222  

Viscofan S.A.

    14,797       765,086  

Vocento S.A. (a)

    10,923       16,488  

Zardoya Otis S.A.

    9,760       90,167  
   

 

 

 
      15,449,702  
   

 

 

 
Sweden—3.0%  

AAK AB

    11,380       749,313  

Acando AB

    32,705       112,226  

AddLife AB (a)

    8,096       149,536  

AddNode Group AB

    1,849       13,879  

AddTech AB - B Shares

    25,912       428,979  

AF AB - B Shares

    24,002       496,574  

Arise AB (a)

    4,852       9,102  

Atrium Ljungberg AB - B Shares

    6,009       91,506  

Avanza Bank Holding AB

    7,660       288,144  

Axactor AB (a)

    126,649       33,508  

B&B Tools AB - B Shares

    12,796       274,185  

BE Group AB (a)

    1,962       10,267  

Beijer Alma AB

    9,404       250,569  

 

BHFTII-85


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Sweden—(Continued)  

Beijer Electronics AB

    5,229     $ 22,579  

Beijer Ref AB

    6,792       175,893  

Betsson AB (a)

    27,465       238,916  

Bilia AB - A Shares

    18,106       373,674  

BillerudKorsnas AB

    8,804       142,076  

BioGaia AB - B Shares

    5,094       189,957  

Biotage AB

    15,339       72,584  

Bjorn Borg AB

    9,936       40,917  

Bonava AB (a)

    928       13,568  

Bonava AB - B Shares (a)

    684       9,994  

Bulten AB

    2,144       26,859  

Bure Equity AB

    17,448       190,957  

Byggmax Group AB

    18,326       125,771  

Catena AB

    950       13,997  

Clas Ohlson AB - B Shares

    16,271       254,672  

Cloetta AB - B Shares

    92,493       365,353  

Com Hem Holding AB

    7,445       85,357  

Concentric AB

    21,708       332,686  

Concordia Maritime AB - B Shares

    4,217       6,776  

Dios Fastigheter AB

    31,852       156,290  

Doro AB (a)

    3,391       20,332  

Duni AB

    15,028       219,830  

East Capital Explorer AB

    7,088       57,151  

Fabege AB (d)

    48,889       777,644  

Fagerhult AB

    6,390       231,168  

Granges AB

    10,033       91,823  

Gunnebo AB

    12,816       64,099  

Haldex AB

    17,698       235,526  

Hemfosa Fastigheter AB

    14,975       133,756  

HIQ International AB (a)

    23,043       166,481  

Hoist Finance AB

    3,141       27,506  

Holmen AB - B Shares

    15,352       597,339  

Hufvudstaden AB - A Shares

    15,492       229,607  

Indutrade AB

    26,721       509,362  

Intrum Justitia AB (d)

    21,993       821,723  

Inwido AB

    3,779       45,465  

ITAB Shop Concept AB - Class B

    1,944       15,384  

JM AB

    23,748       749,771  

KappAhl AB

    29,980       154,910  

Karo Pharma AB (a)

    17,354       62,751  

Klovern AB - B Shares

    114,185       113,747  

Know It AB

    9,489       125,497  

Kungsleden AB

    47,047       269,621  

Kungsleden AB (a)

    9,409       53,552  

Lagercrantz Group AB - B Shares

    24,681       239,878  

Lindab International AB

    21,316       181,100  

Loomis AB - Class B

    25,196       797,446  

Medivir AB - B Shares (a)

    10,470       82,084  

Mekonomen AB

    9,225       181,772  

Modern Times Group MTG AB - B Shares

    9,830       328,596  

MQ Holding AB

    9,112       33,856  

Mycronic AB

    38,874       398,342  

NCC AB - B Shares (d)

    10,921       269,966  

Nederman Holding AB

    932       24,092  

Net Insight AB - Class B (a)

    98,083       78,795  

NetEnt AB (a)

    45,991       368,891  

New Wave Group AB - B Shares

    15,773       110,122  
Sweden—(Continued)  

Nobia AB

    43,387     445,692  

Nolato AB - B Shares

    9,452       281,403  

OEM International AB - B Shares

    498       10,783  

Pandox AB

    2,349       35,888  

Peab AB

    53,219       508,512  

Pricer AB - B Shares

    32,212       42,723  

Proact IT Group AB

    4,203       82,553  

Probi AB

    826       38,589  

Ratos AB - B Shares (d)

    40,725       191,618  

RaySearch Laboratories AB

    4,401       115,066  

Recipharm AB - B Shares

    2,485       34,418  

Rezidor Hotel Group AB

    37,700       143,892  

Saab AB - Class B

    5,814       245,461  

Sagax AB - Class B

    14,540       139,149  

SAS AB (a)

    30,409       48,585  

Scandi Standard AB

    6,479       39,405  

Sectra AB - B Shares (a)

    4,644       82,921  

Semcon AB

    5,540       35,551  

SkiStar AB

    9,076       168,743  

SSAB AB (Helsinki Exchange) - A Shares (a)

    27,650       109,210  

SSAB AB (Helsinki Exchange) - B Shares (a) (d)

    156,539       510,386  

SSAB AB (Stockholm Exchange) - A Shares (a)

    54,482       215,962  

SSAB AB (Stockholm Exchange) - B Shares (a)

    112,731       370,135  

Sweco AB - B Shares

    29,847       680,654  

Systemair AB

    4,286       71,063  

Thule Group AB

    14,376       241,314  

Transcom Worldwide AB

    1,837       17,938  

Victoria Park AB - B Shares

    9,093       23,923  

Vitrolife AB

    4,321       206,881  

Wallenstam AB - B Shares

    64,604       520,887  

Wihlborgs Fastigheter AB

    28,117       533,161  
   

 

 

 
      20,808,115  
   

 

 

 
Switzerland—5.2%  

Allreal Holding AG (a)

    3,866       631,439  

ALSO Holding AG (a)

    144       17,698  

APG SGA S.A.

    468       218,311  

Arbonia AG (a) (d)

    10,560       178,708  

Aryzta AG (a)

    11,588       371,954  

Ascom Holding AG

    13,341       235,786  

Autoneum Holding AG

    1,411       414,606  

Bachem Holding AG - Class B

    1,074       126,908  

Baloise Holding AG

    958       131,888  

Bank Coop AG

    2,772       126,621  

Banque Cantonale de Geneve

    750       117,184  

Banque Cantonale Vaudoise

    739       509,811  

Basler Kantonalbank

    130       9,396  

Belimo Holding AG

    215       751,478  

Bell AG

    560       232,388  

Bellevue Group AG (a)

    3,322       55,887  

Berner Kantonalbank AG

    1,950       358,947  

BFW Liegenschaften AG (a)

    528       24,033  

BKW AG

    4,798       259,386  

Bobst Group S.A.

    5,037       464,757  

Bossard Holding AG - Class A (a)

    2,245       401,640  

Bucher Industries AG

    2,604       761,733  

Burckhardt Compression Holding AG

    1,124       304,386  

 

BHFTII-86


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Switzerland—(Continued)  

Burkhalter Holding AG

    1,291     $ 193,348  

Calida Holding AG (a)

    2,002       78,703  

Carlo Gavazzi Holding AG

    48       13,848  

Cembra Money Bank AG (a)

    4,192       346,378  

Cham Paper Holding AG (a)

    113       42,876  

Cicor Technologies, Ltd. (a)

    644       25,971  

Cie Financiere Tradition S.A.

    557       55,443  

Clariant AG (a)

    41,461       783,220  

Coltene Holding AG

    1,326       105,462  

Conzzeta AG

    292       259,622  

Daetwyler Holding AG

    2,920       450,218  

DKSH Holding AG

    2,596       200,863  

dormakaba Holding AG (a)

    1,085       863,431  

Edmond de Rothschild Suisse S.A.

    3       47,904  

EFG International AG (a)

    20,307       125,241  

Emmi AG (a)

    1,164       793,294  

Energiedienst Holding AG

    3,017       79,263  

Feintool International Holding AG (a)

    684       80,457  

Fenix Outdoor International AG

    883       85,603  

FIH Mobile, Ltd.

    214,000       83,452  

Flughafen Zuerich AG

    7,026       1,497,836  

Forbo Holding AG (a)

    521       797,568  

GAM Holding AG (a)

    68,723       847,419  

Georg Fischer AG

    1,395       1,268,999  

Gurit Holding AG (a)

    240       207,527  

Helvetia Holding AG

    2,402       1,330,988  

Hiag Immobilien Holding AG (a)

    891       98,111  

Highlight Communications AG (a)

    7,829       44,279  

HOCHDORF Holding AG (a)

    174       52,508  

Huber & Suhner AG

    5,559       361,315  

Implenia AG

    7,145       501,549  

Inficon Holding AG (a)

    688       341,429  

Interroll Holding AG

    253       290,530  

Intershop Holding AG

    418       207,832  

IWG plc

    206,169       822,868  

Jungfraubahn Holding AG

    85       8,161  

Kardex AG (a)

    2,548       248,954  

Komax Holding AG

    1,321       321,175  

Kudelski S.A.

    13,221       216,482  

LEM Holding S.A.

    279       260,156  

Liechtensteinische Landesbank AG

    2,973       147,219  

Logitech International S.A.

    59,506       1,893,132  

Luzerner Kantonalbank AG

    1,489       630,333  

MCH Group AG

    831       58,074  

Metall Zug AG - B Shares

    66       263,384  

Meyer Burger Technology AG (a)

    24,493       20,710  

Mikron Holding AG (a)

    474       2,816  

Mobilezone Holding AG

    10,014       158,453  

Mobimo Holding AG (a)

    2,998       775,961  

OC Oerlikon Corp. AG (a)

    74,629       797,420  

Orascom Development Holding AG (a)

    5,250       28,362  

Orell Fuessli Holding AG

    428       56,147  

Oriflame Holding AG

    4,387       175,416  

Orior AG

    2,240       160,345  

Panalpina Welttransport Holding AG

    2,641       318,858  

Phoenix Mecano AG

    316       162,447  

Plazza AG - Class A

    292       65,882  
Switzerland—(Continued)  

PSP Swiss Property AG

    9,560     869,987  

Rieter Holding AG (a)

    1,344       282,717  

Romande Energie Holding S.A.

    111       139,070  

Schaffner Holding AG (a)

    238       64,210  

Schmolz & Bickenbach AG (a)

    161,565       124,228  

Schweiter Technologies AG

    381       422,142  

Siegfried Holding AG (a)

    1,665       438,409  

St. Galler Kantonalbank AG

    1,175       492,399  

Sulzer AG

    2,848       298,385  

Sunrise Communications Group AG (a)

    1,477       111,343  

Swiss Prime Site AG (a)

    3,399       299,176  

Swissquote Group Holding S.A. (a)

    3,968       107,368  

Tamedia AG

    904       139,077  

Tecan Group AG

    2,995       478,823  

Temenos Group AG

    19,016       1,508,670  

U-Blox Holding AG (a)

    2,262       497,962  

Valiant Holding AG

    5,102       542,985  

Valora Holding AG

    1,316       454,918  

Vaudoise Assurances Holding S.A.

    464       239,507  

Vetropack Holding AG

    88       164,814  

Von Roll Holding AG (a)

    7,038       5,130  

Vontobel Holding AG

    9,780       559,434  

VZ Holding AG

    318       87,379  

Walliser Kantonalbank

    1,160       97,357  

Walter Meier AG

    872       39,363  

Warteck Invest AG

    15       28,996  

Ypsomed Holding AG (a)

    1,609       306,091  

Zehnder Group AG (a)

    4,642       151,548  

Zug Estates Holding AG - B Shares (a)

    83       142,012  

Zuger Kantonalbank AG

    68       352,686  
   

 

 

 
      36,306,373  
   

 

 

 
United Arab Emirates—0.0%  

Lamprell plc (a)

    100,553       140,448  
   

 

 

 
United Kingdom—15.4%  

4imprint Group plc

    7,338       164,215  

888 Holdings plc

    47,916       160,298  

A.G. Barr plc

    43,047       312,292  

AA plc

    96,328       320,535  

Aberdeen Asset Management plc

    24,859       82,290  

Acacia Mining plc

    56,954       319,650  

Acal plc

    17,866       50,351  

Afren plc (a) (b) (c)

    251,096       0  

Aggreko plc

    26,887       297,650  

Air Partner plc

    4,960       6,681  

Aldermore Group plc (a)

    6,451       17,971  

Amec Foster Wheeler plc

    99,456       663,667  

Anglo Pacific Group plc

    35,633       54,179  

Anglo-Eastern Plantations plc

    4,252       36,653  

Arrow Global Group plc

    27,741       124,161  

Ashmore Group plc

    105,606       467,758  

Atrium European Real Estate, Ltd.

    107,547       435,172  

Auto Trader Group plc

    87,711       431,120  

AVEVA Group plc

    4,501       109,808  

Avon Rubber plc

    10,973       132,183  

Balfour Beatty plc

    272,534       920,759  

 

BHFTII-87


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
United Kingdom—(Continued)  

BBA Aviation plc

    419,362     $ 1,601,404  

Beazley plc

    227,019       1,218,314  

Bellway plc

    55,252       1,872,448  

Berendsen plc

    63,707       582,570  

BGEO Group plc

    6,261       252,758  

Bloomsbury Publishing plc

    25,349       56,831  

Bodycote plc

    101,186       1,008,316  

Booker Group plc

    459,166       1,123,244  

Bovis Homes Group plc

    60,601       643,014  

Braemar Shipping Services plc

    7,120       23,054  

Brewin Dolphin Holdings plc

    136,293       532,134  

Britvic plc

    71,540       580,757  

BTG plc (a)

    51,257       377,178  

Cairn Energy plc (a)

    234,247       600,155  

Cape plc

    51,292       158,211  

Capital & Counties Properties plc

    46,906       170,778  

Carclo plc (a)

    16,990       28,524  

Carillion plc (d)

    169,977       474,949  

Carr’s Group plc

    15,540       26,384  

Castings plc

    1,484       8,831  

Centamin plc

    342,133       739,243  

Centaur Media plc

    92,526       48,251  

Chemring Group plc (a)

    123,138       296,285  

Chesnara plc

    58,648       264,176  

Cineworld Group plc

    70,599       586,023  

City of London Investment Group plc

    2,966       14,178  

Clarkson plc

    4,101       133,269  

Close Brothers Group plc

    58,401       1,126,103  

CLS Holdings plc

    4,071       90,329  

Cobham plc

    545,934       910,268  

Communisis plc

    57,478       39,610  

Computacenter plc

    33,426       312,281  

Connect Group plc

    113,354       191,431  

Consort Medical plc

    23,287       301,939  

Costain Group plc

    22,166       127,497  

Countrywide plc

    2,910       5,688  

Cranswick plc

    22,372       716,235  

Crest Nicholson Holdings plc

    18,352       124,979  

Daejan Holdings plc

    1,147       92,480  

Daily Mail & General Trust plc - Class A

    83,431       752,659  

Dairy Crest Group plc

    61,577       427,044  

De La Rue plc

    32,774       252,947  

Debenhams plc

    426,182       290,173  

Dechra Pharmaceuticals plc

    29,807       625,167  

Devro plc

    61,396       140,057  

Dialight plc (a)

    3,360       42,057  

Dignity plc

    22,395       667,693  

Diploma plc

    38,305       508,511  

Domino’s Pizza Group plc

    147,744       570,943  

Drax Group plc

    137,597       561,452  

DS Smith plc

    336,909       1,829,019  

Dunelm Group plc

    12,749       101,904  

EI Group plc (a)

    256,620       436,301  

Electrocomponents plc

    174,930       1,034,780  

Elementis plc

    171,004       620,283  

EnQuest plc (a)

    582,443       307,219  

EnQuest plc (a)

    38,556       20,294  
United Kingdom—(Continued)  

Essentra plc

    78,989     519,617  

esure Group plc

    6,724       19,784  

Euromoney Institutional Investor plc

    14,736       196,723  

Evraz plc (a)

    60,200       163,153  

FDM Group Holdings plc

    1,458       13,487  

Fenner plc

    78,996       290,130  

Ferrexpo plc

    36,701       77,438  

Fidessa Group plc

    14,501       453,119  

Findel plc (a)

    17,439       43,907  

Firstgroup plc (a)

    412,049       681,507  

Foxtons Group plc

    51,116       61,651  

Fuller Smith & Turner plc - Class A

    7,667       95,717  

G4S plc

    27,804       106,009  

Galliford Try plc

    39,495       728,815  

Gem Diamonds, Ltd.

    35,552       41,748  

Genus plc

    26,031       562,633  

Go-Ahead Group plc

    12,021       259,633  

Gocompare.Com Group plc (a)

    15,908       17,936  

Grafton Group plc

    88,160       787,695  

Grainger plc

    65,581       202,226  

Greene King plc

    121,167       1,065,027  

Greggs plc

    41,552       542,563  

Halfords Group plc

    99,977       444,395  

Halma plc

    135,194       1,734,531  

Hansard Global plc

    2,566       2,926  

Hays plc

    439,356       862,546  

Headlam Group plc

    56,817       444,191  

Helical plc

    60,022       235,746  

Henderson Group plc

    414,124       1,207,593  

Henry Boot plc

    5,947       17,071  

Hill & Smith Holdings plc

    46,114       734,933  

Hilton Food Group plc

    5,520       44,686  

Hiscox, Ltd.

    106,215       1,456,456  

Hochschild Mining plc

    74,658       258,906  

Hogg Robinson Group plc

    72,262       62,967  

HomeServe plc

    112,845       799,391  

Howden Joinery Group plc

    194,200       1,056,095  

Hunting plc

    52,837       374,647  

Huntsworth plc

    31,310       17,289  

IG Group Holdings plc

    127,101       792,001  

Imagination Technologies Group plc (a)

    15,307       51,492  

IMI plc

    33,106       494,483  

Inchcape plc

    161,511       1,705,433  

Indivior plc

    173,858       701,651  

Inmarsat plc

    89,261       951,877  

Intermediate Capital Group plc

    26,473       234,966  

International Personal Finance plc

    79,366       162,519  

Interserve plc

    69,361       193,905  

IP Group plc (a)

    139,902       274,654  

ITE Group plc

    82,799       167,013  

Jackpotjoy plc (a)

    2,200       15,113  

James Fisher & Sons plc

    20,005       400,041  

Jardine Lloyd Thompson Group plc

    46,166       654,748  

JD Sports Fashion plc

    168,830       814,489  

JD Wetherspoon plc

    38,521       456,460  

John Menzies plc

    24,573       208,710  

John Wood Group plc

    122,821       1,172,198  

 

BHFTII-88


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
United Kingdom—(Continued)  

Jupiter Fund Management plc

    117,655     $ 626,878  

KAZ Minerals plc (a)

    44,157       252,198  

Kcom Group plc

    240,465       271,129  

Keller Group plc

    25,571       290,147  

Kier Group plc

    26,579       455,964  

Ladbrokes Coral Group plc

    312,983       506,646  

Laird plc

    140,241       268,867  

Lancashire Holdings, Ltd.

    67,933       572,700  

Laura Ashley Holdings plc

    25,157       4,650  

Lonmin plc (a)

    12,029       12,839  

Lookers plc

    131,372       211,091  

Low & Bonar plc

    37,972       34,423  

LSL Property Services plc

    11,741       30,749  

Man Group plc

    598,620       1,104,809  

Marshalls plc

    63,336       280,015  

Marston’s plc

    282,541       475,459  

McBride plc (a)

    87,417       216,501  

McColl’s Retail Group plc

    12,767       31,192  

Mears Group plc

    41,542       262,084  

Meggitt plc

    11,991       66,957  

Melrose Industries plc

    556,450       1,556,955  

Millennium & Copthorne Hotels plc

    69,703       385,395  

Mitchells & Butlers plc

    69,112       211,903  

Mitie Group plc (d)

    137,149       381,299  

Moneysupermarket.com Group plc

    143,669       594,754  

Morgan Advanced Materials plc

    113,848       442,065  

Morgan Sindall Group plc

    17,569       215,178  

Mothercare plc (a)

    51,119       74,458  

N Brown Group plc

    73,957       194,370  

National Express Group plc

    225,819       1,018,918  

NCC Group plc

    76,130       126,874  

New World Resources plc - A Shares (a) (b) (c)

    11,898       6  

NEX Group plc

    114,424       813,900  

Norcros plc

    4,097       7,785  

Northgate plc

    48,315       333,117  

Novae Group plc

    22,502       178,297  

Ocado Group plc (a)

    86,941       262,535  

OneSavings Bank plc

    14,286       72,401  

Ophir Energy plc (a)

    122,457       132,159  

Oxford Instruments plc

    13,946       143,305  

Pagegroup plc

    84,971       455,752  

PayPoint plc

    19,490       250,292  

Pendragon plc

    345,188       151,565  

Pennon Group plc

    139,688       1,542,593  

Petra Diamonds, Ltd. (a)

    172,115       287,467  

Petrofac, Ltd.

    30,916       356,364  

Petropavlovsk plc (a)

    192,556       17,611  

Phoenix Group Holdings

    51,559       482,921  

Photo-Me International plc

    49,810       98,497  

Playtech plc

    58,243       679,411  

Polypipe Group plc

    12,916       61,555  

Porvair plc

    4,494       29,280  

Premier Foods plc (a)

    334,879       184,609  

Premier Oil plc (a) (d)

    172,107       135,132  

Punch Taverns plc (a)

    16,132       35,338  

PZ Cussons plc

    102,110       410,404  

QinetiQ Group plc

    183,469       641,506  
United Kingdom—(Continued)  

Rank Group plc

    29,633     77,577  

Rathbone Brothers plc

    21,429       642,355  

Raven Russia, Ltd. (a)

    80,649       55,596  

REA Holdings plc (a)

    1,120       4,560  

Redrow plc

    150,678       962,408  

Renishaw plc

    17,538       684,771  

Renold plc (a)

    64,766       45,642  

Rentokil Initial plc

    507,726       1,571,259  

Restaurant Group plc (The)

    63,027       263,357  

Ricardo plc

    13,452       146,924  

Rightmove plc

    30,801       1,539,037  

RM plc

    43,283       93,652  

Robert Walters plc

    14,599       79,762  

Rotork plc

    286,300       873,599  

RPC Group plc

    177,856       1,737,979  

RPS Group plc

    100,537       310,628  

Saga plc

    42,815       109,009  

Savills plc

    62,765       724,251  

SDL plc

    33,826       245,815  

Senior plc

    166,890       431,392  

Sepura plc (a)

    11,245       1,898  

Serco Group plc (a)

    96,155       139,158  

Severfield plc

    100,890       105,492  

Shanks Group plc

    221,260       264,975  

SIG plc

    252,797       353,138  

Soco International plc

    50,968       86,536  

Spectris plc

    44,465       1,393,240  

Speedy Hire plc

    205,988       136,803  

Spirax-Sarco Engineering plc

    22,020       1,317,134  

Spirent Communications plc

    240,086       358,992  

Sportech plc (a)

    20,264       25,738  

SSP Group plc

    49,415       257,985  

St. Ives plc

    36,663       24,352  

St. Modwen Properties plc

    89,779       366,046  

Stagecoach Group plc

    127,734       335,305  

Stallergenes Greer plc (a)

    569       19,353  

SThree plc

    33,106       130,217  

Stobart Group, Ltd.

    12,441       32,237  

SuperGroup plc

    18,185       338,753  

Synthomer plc

    102,899       613,329  

TalkTalk Telecom Group plc (d)

    151,305       357,815  

Tate & Lyle plc

    139,162       1,333,005  

Ted Baker plc

    8,726       301,426  

Telecom Plus plc

    21,749       326,295  

Thomas Cook Group plc

    438,591       470,115  

Topps Tiles plc

    83,374       101,551  

TP ICAP plc

    203,445       1,183,570  

Trifast plc

    15,629       41,914  

Trinity Mirror plc

    157,693       227,913  

TT electronics plc

    79,682       201,450  

Tullow Oil plc (a)

    283,543       833,326  

U & I Group plc

    54,856       115,001  

UBM plc

    98,172       941,374  

Ultra Electronics Holdings plc

    27,882       723,806  

UNITE Group plc (The)

    68,331       545,496  

Vectura Group plc (a)

    245,376       470,119  

Vedanta Resources plc

    28,343       288,312  

 

BHFTII-89


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description  

Shares

    Value  
United Kingdom—(Continued)  

Vesuvius plc

    97,752     $ 638,236  

Victrex plc

    29,970       714,502  

Vitec Group plc (The)

    10,351       103,030  

Volex plc (a)

    20,438       10,432  

Vp plc

    3,307       33,751  

Weir Group plc (The)

    18,886       454,019  

WH Smith plc

    53,179       1,182,128  

William Hill plc

    315,264       1,148,635  

Wincanton plc

    37,122       121,437  

WS Atkins plc

    34,945       674,886  

Xaar plc

    18,088       80,256  

XP Power, Ltd.

    4,116       108,698  

ZPG plc

    4,612       20,992  
   

 

 

 
      107,487,668  
   

 

 

 

Total Common Stocks
(Cost $562,286,612)

      690,665,359  
   

 

 

 
Preferred Stocks—0.2%  
Germany—0.2%  

Biotest AG

    3,558       67,645  

Draegerwerk AG & Co. KGaA

    1,122       115,397  

FUCHS Petrolub SE

    7,687       375,008  

Jungheinrich AG

    13,710       455,693  

Sartorius AG

    3,540       310,615  

Sixt SE

    554       22,580  

Sto SE & Co. KGaA

    102       10,556  
   

 

 

 

Total Preferred Stocks
(Cost $968,302)

      1,357,494  
   

 

 

 
Rights—0.0%  
Australia—0.0%  

Centrebet International, Ltd.
(Litigation Units) (a) (c)

    9,600       0  

Cooper Energy, Ltd., Expires 04/21/17 (a)

    116,163       0  

Silver Chef, Ltd., Expires 04/12/17 (a)

    686       0  
   

 

 

 
      0  
   

 

 

 
Austria—0.0%  

Intercell AG (a) (b) (c)

    24,163       0  
   

 

 

 
Canada—0.0%  

Epsilon Energy, Ltd., Expires 04/19/17 (a)

    18,214       959  
   

 

 

 
France—0.0%  

Etablissements Maurel et Prom (a) (b)

    27,199       0  
   

 

 

 
Hong Kong—0.0%  

Landing International Development, Ltd., Expires 04/19/17 (a)

    10,925,000       5,623  

New Times Energy Corp., Ltd., Expires 04/11/17 (a)

    153,150       0  
   

 

 

 
      5,623  
   

 

 

 
United Kingdom—0.0%  

Fortune Oil CVR (a) (b)

    575,627     0  

Laird plc, Expires 04/03/17 (a)

    120,319       104,770  
   

 

 

 
      104,770  
   

 

 

 

Total Rights
(Cost $115,528)

      111,352  
   

 

 

 
Warrants—0.0%  
Canada—0.0%  

Novelion Therapeutics, Inc., Expires

11/23/17 (a) (c)

    51,000       0  
   

 

 

 
Hong Kong—0.0%  

Styland Holdings, Ltd., Expires 02/13/18 (a)

    92,000       1,113  
   

 

 

 
Switzerland—0.0%  

BFW Liegenschaften AG, Expires 04/06/17 (a)

    528       74  
   

 

 

 

Total Warrants
(Cost $979)

      1,187  
   

 

 

 
Short-Term Investment—0.2%  
Repurchase Agreement—0.2%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $1,584,842 on 04/03/17, collateralized by $1,615,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $1,617,558.

    1,584,830       1,584,830  
   

 

 

 

Total Short-Term Investments
(Cost $1,584,830)

      1,584,830  
   

 

 

 
Securities Lending Reinvestments (e)—3.5%  
Certificates of Deposit—2.0%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    199,423       199,836  

Zero Coupon, 06/23/17

    796,880       798,032  

Bank of America N.A.
1.271%, 07/11/17 (f)

    750,000       750,794  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (f)

    250,000       250,121  

Canadian Imperial Bank
1.392%, 10/27/17 (f)

    200,000       200,241  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    400,000       400,004  

Credit Agricole Corporate and Investment Bank
1.491%, 04/12/17 (f)

    250,000       250,028  

Credit Industriel et Commercial
1.440%, 04/05/17 (f)

    200,000       200,009  

Credit Suisse AG New York
1.511%, 04/03/17 (f)

    200,000       200,003  

1.581%, 04/11/17 (f)

    300,000       300,025  

1.581%, 05/12/17 (f)

    250,000       250,076  

 

BHFTII-90


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Danske Bank A/S London
Zero Coupon, 05/12/17

    249,276     $ 249,743  

DNB NOR Bank ASA
1.279%, 07/28/17 (f)

    200,000       200,088  

ING Bank NV
1.461%, 04/18/17 (f)

    250,000       250,107  

KBC Bank NV
1.120%, 05/08/17

    400,000       400,060  

1.150%, 04/26/17

    200,000       200,028  

1.150%, 04/27/17

    200,000       199,882  

1.170%, 04/06/17

    200,000       200,002  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (f)

    500,000       499,971  

1.581%, 04/11/17 (f)

    200,000       200,024  

Mizuho Bank, Ltd., New York
1.543%, 05/17/17

    200,000       200,059  

1.582%, 04/26/17 (f)

    200,000       200,033  

1.591%, 04/11/17 (f)

    200,000       200,015  

1.643%, 04/18/17 (f)

    300,000       300,044  

National Australia Bank London
1.338%, 11/09/17 (f)

    500,000       499,185  

Norinchukin Bank New York
1.346%, 08/21/17 (f)

    1,000,000       1,000,313  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    1,000,000       999,967  

Royal Bank of Canada New York
1.340%, 04/04/17 (f)

    500,000       499,987  

Sumitomo Bank New York
1.390%, 06/05/17 (f)

    500,000       500,236  

Sumitomo Mitsui Banking Corp., New York
1.534%, 04/07/17 (f)

    250,000       250,015  

Sumitomo Mitsui Trust Bank, Ltd.
1.120%, 05/08/17

    250,000       250,038  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.308%, 08/16/17 (f)

    300,000       300,141  

1.558%, 04/10/17 (f)

    200,000       200,025  

1.572%, 04/26/17 (f)

    500,000       500,165  

Svenska Handelsbanken New York
1.508%, 05/18/17 (f)

    500,000       500,258  

Toronto Dominion Bank New York
1.221%, 03/13/18 (f)

    500,000       499,824  

UBS, Stamford
1.301%, 05/12/17 (f)

    300,000       300,074  

1.589%, 07/31/17 (f)

    100,217       100,275  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (f)

    200,000       200,327  

1.452%, 04/26/17 (f)

    200,000       200,053  
   

 

 

 
      13,900,108  
   

 

 

 
Commercial Paper—0.9%  

Barton Capital S.A.
1.110%, 04/21/17

    398,865       399,733  

Commonwealth Bank Australia

   

1.174%, 03/01/18

    250,000       250,102  

1.389%, 10/23/17 (f)

    500,000       500,611  
Commercial Paper—(Continued)  

Den Norske ASA
1.432%, 04/27/17 (f)

    200,000     200,043  

HSBC plc
1.442%, 04/25/17 (f)

    500,000       500,090  

Kells Funding LLC

   

1.010%, 05/25/17

    747,959       748,618  

1.100%, 06/05/17

    199,230       199,569  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    398,813       399,512  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    498,600       499,676  

National Australia Bank, Ltd.
1.440%, 12/06/17 (f)

    500,000       500,747  

Ridgefield Funding Co. LLC
1.300%, 06/12/17

    746,235       748,229  

Sheffield Receivables Co.
1.170%, 04/04/17

    249,277       249,982  

Versailles CDS LLC
1.050%, 06/05/17

    997,171       997,865  

Versailles Commercial Paper LLC
1.120%, 04/24/17

    199,440       199,877  

Westpac Banking Corp.
1.380%, 10/20/17 (f)

    300,000       300,544  
   

 

 

 
      6,695,198  
   

 

 

 
Repurchase Agreements—0.3%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $238,138 on 04/03/17, collateralized by $342,505 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $242,885.

    238,122       238,122  

Deutsche Bank AG, London

   

Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $3,423 on 04/03/17, collateralized by $3,463 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $3,492.

    3,423       3,423  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $500,054 on 04/03/17, collateralized by $77,249 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $548,993.

    500,000       500,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $1,000,650 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.

    1,000,000       1,000,000  

 

BHFTII-91


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $40,230 on 06/02/17, collateralized by various Common Stock with value of $44,000.

    40,000     $ 40,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $302,938 on 07/03/17, collateralized by various Common Stock with value of $330,000.

    300,000       300,000  
   

 

 

 
      2,081,545  
   

 

 

 
Time Deposits—0.3%  

OP Corporate Bank plc
1.180%, 04/24/17

    750,000       750,000  

1.200%, 04/10/17

    250,000       250,000  

Shinkin Central Bank
1.350%, 04/21/17

    600,000       600,000  

1.440%, 04/26/17

    300,000       300,000  
   

 

 

 
      1,900,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $24,572,714)

      24,576,851  
   

 

 

 

Total Investments—102.8%
(Cost $589,528,965) (g)

      718,297,073  

Other assets and liabilities (net)—(2.8)%

      (19,776,642
   

 

 

 
Net Assets—100.0%     $ 698,520,431  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Non-income producing security.
(b)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 0.1% of net assets.
(c)   Illiquid security. As of March 31, 2017, these securities represent 0.0% of net assets.
(d)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $23,226,527 and the collateral received consisted of cash in the amount of $24,562,932. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(e)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(f)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(g)   As of March 31, 2017, the aggregate cost of investments was $589,528,965. The aggregate unrealized appreciation and depreciation of investments were $213,147,021 and $(84,378,913), respectively, resulting in net unrealized appreciation of $128,768,108.

 

Ten Largest Industries as of
March 31, 2017 (Unaudited)

  

% of
Net Assets

 

Machinery

     6.0  

Metals & Mining

     5.0  

Real Estate Management & Development

     4.0  

Banks

     3.9  

Food Products

     3.8  

Chemicals

     3.7  

Construction & Engineering

     3.6  

Capital Markets

     3.3  

Hotels, Restaurants & Leisure

     3.1  

Electronic Equipment, Instruments & Components

     3.0  

 

BHFTII-92


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  
Common Stocks            

Australia

   $ 4,387      $ 45,273,625      $ 117,145      $ 45,395,157  

Austria

     —          8,504,235        0        8,504,235  

Belgium

     1,427,371        12,792,489        —          14,219,860  

Cambodia

     —          261,160        —          261,160  

Canada

     60,599,437        16,466        781        60,616,684  

China

     —          113,650        —          113,650  

Denmark

     —          13,840,582        —          13,840,582  

Finland

     —          19,434,187        1,745        19,435,932  

France

     —          33,541,070        —          33,541,070  

Germany

     —          43,272,856        —          43,272,856  

Hong Kong

     161,754        22,311,254        233,843        22,706,851  

Ireland

     —          5,413,586        —          5,413,586  

Isle of Man

     —          941,856        —          941,856  

Israel

     30,034        6,467,084        —          6,497,118  

Italy

     —          27,415,116        0        27,415,116  

Japan

     —          164,757,404        —          164,757,404  

Liechtenstein

     —          41,280        —          41,280  

Luxembourg

     —          622,023        —          622,023  

Macau

     —          64,224        —          64,224  

Malta

     —          804,938        —          804,938  

Netherlands

     —          17,734,486        0        17,734,486  

New Zealand

     —          7,144,268        —          7,144,268  

Norway

     —          5,582,987        —          5,582,987  

Philippines

     —          18,870        —          18,870  

Portugal

     —          2,329,117        0        2,329,117  

Singapore

     28,035        9,154,150        15,558        9,197,743  

Spain

     —          15,449,702        0        15,449,702  

Sweden

     53,552        20,754,563        —          20,808,115  

Switzerland

     —          36,306,373        —          36,306,373  

United Arab Emirates

     —          140,448        —          140,448  

United Kingdom

     —          107,487,662        6        107,487,668  

Total Common Stocks

     62,304,570        627,991,711        369,078        690,665,359  

Total Preferred Stocks*

     —          1,357,494        —          1,357,494  

 

BHFTII-93


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

 

Description    Level 1      Level 2     Level 3      Total  
Rights           

Australia

   $ 0      $ —       $ —        $ 0  

Austria

     —          —         0        0  

Canada

     959        —         —          959  

France

     —          —         0        0  

Hong Kong

     0        5,623       —          5,623  

United Kingdom

     104,770        —         0        104,770  

Total Rights

     105,729        5,623       0        111,352  
Warrants           

Canada

     —          0       —          0  

Hong Kong

     1,113        —         —          1,113  

Switzerland

     74        —         —          74  

Total Warrants

     1,187        0       —          1,187  

Total Short-Term Investment*

     —          1,584,830       —          1,584,830  

Total Securities Lending Reinvestments*

     —          24,576,851       —          24,576,851  

Total Investments

   $ 62,411,486      $ 655,516,509     $ 369,078      $ 718,297,073  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (24,562,932   $ —        $ (24,562,932

 

*   See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

Transfers from Level 3 to Level 2 in the amount of $149,545 were due to the initiation of a vendor or broker providing prices that are based on market activity which has been determined to be significant observable inputs. Transfers from Level 1 to Level 2 in the amount of $2,091,526 were due to the application of a systematic fair valuation model factor. Transfers from Level 2 to Level 1 in the amount of $60,375 were due to the discontinuation of a systematic fair valuation model factor.

 

BHFTII-94


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—59.5% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—1.9%  

Boeing Co. (The)

    25,173     $ 4,452,097  

General Dynamics Corp.

    18,120       3,392,064  

Lockheed Martin Corp.

    27,648       7,398,605  

United Technologies Corp.

    73,897       8,291,982  
   

 

 

 
      23,534,748  
   

 

 

 
Air Freight & Logistics—0.3%  

FedEx Corp.

    14,814       2,890,952  

XPO Logistics, Inc. (a) (b)

    26,545       1,271,240  
   

 

 

 
      4,162,192  
   

 

 

 
Airlines—0.2%  

American Airlines Group, Inc. (b)

    33,079       1,399,242  

United Continental Holdings, Inc. (a)

    7,593       536,369  
   

 

 

 
      1,935,611  
   

 

 

 
Banks—2.5%  

Bank of America Corp.

    812,860       19,175,367  

Huntington Bancshares, Inc.

    280,312       3,753,378  

PNC Financial Services Group, Inc. (The)

    73,330       8,817,199  
   

 

 

 
      31,745,944  
   

 

 

 
Beverages—2.4%  

Anheuser-Busch InBev S.A. (ADR)

    16,427       1,803,027  

Constellation Brands, Inc. - Class A

    28,841       4,674,261  

Dr Pepper Snapple Group, Inc.

    16,780       1,643,098  

Molson Coors Brewing Co. - Class B

    45,524       4,357,102  

Monster Beverage Corp. (a) (b)

    157,892       7,289,874  

PepsiCo, Inc.

    94,322       10,550,859  
   

 

 

 
      30,318,221  
   

 

 

 
Biotechnology—0.9%  

Aduro Biotech, Inc. (a) (b)

    39,469       424,292  

Aimmune Therapeutics, Inc. (a) (b)

    24,026       522,085  

Alnylam Pharmaceuticals, Inc. (a) (b)

    4,677       239,696  

Biogen, Inc. (a)

    1,037       283,536  

Bluebird Bio, Inc. (a) (b)

    4,704       427,594  

Calithera Biosciences, Inc. (a) (b)

    9,600       110,880  

Celgene Corp. (a)

    25,540       3,177,942  

GlycoMimetics, Inc. (a) (b)

    55,683       302,359  

Incyte Corp. (a) (b)

    8,773       1,172,687  

Ironwood Pharmaceuticals, Inc. (a) (b)

    59,748       1,019,301  

Jounce Therapeutics, Inc. (a)

    1,100       24,189  

Karyopharm Therapeutics, Inc. (a) (b)

    35,087       450,517  

Loxo Oncology, Inc. (a)

    11,000       462,880  

Otonomy, Inc. (a)

    33,765       413,621  

Ra Pharmaceuticals, Inc. (a)

    18,229       388,095  

Regeneron Pharmaceuticals, Inc. (a)

    1,263       489,425  

Syndax Pharmaceuticals, Inc. (a)

    36,000       493,920  

TESARO, Inc. (a) (b)

    7,103       1,092,939  

Trevena, Inc. (a)

    63,243       232,102  
   

 

 

 
      11,728,060  
   

 

 

 
Capital Markets—0.9%  

Evercore Partners, Inc. - Class A

    11,799     919,142  

Financial Engines, Inc. (b)

    20,064       873,787  

Intercontinental Exchange, Inc.

    32,747       1,960,563  

Investment Technology Group, Inc.

    22,400       453,600  

Legg Mason, Inc. (b)

    26,612       960,959  

Morgan Stanley

    50,145       2,148,212  

Northern Trust Corp.

    28,664       2,481,729  

TD Ameritrade Holding Corp.

    42,553       1,653,610  

WisdomTree Investments, Inc. (b)

    51,390       466,621  
   

 

 

 
      11,918,223  
   

 

 

 
Chemicals—1.3%  

Cabot Corp. (b)

    19,850       1,189,213  

Celanese Corp. - Series A

    31,083       2,792,808  

Dow Chemical Co. (The)

    79,770       5,068,586  

Monsanto Co.

    15,990       1,810,068  

PPG Industries, Inc.

    41,691       4,380,890  

Westlake Chemical Corp. (b)

    13,264       876,087  
   

 

 

 
      16,117,652  
   

 

 

 
Commercial Services & Supplies—0.4%  

Waste Management, Inc.

    73,142       5,333,515  
   

 

 

 
Communications Equipment—0.9%  

Arista Networks, Inc. (a) (b)

    52,569       6,953,302  

Cisco Systems, Inc.

    141,587       4,785,640  
   

 

 

 
      11,738,942  
   

 

 

 
Construction Materials—0.3%  

CRH plc (ADR)

    21,879       769,484  

Martin Marietta Materials, Inc.

    8,051       1,757,131  

Vulcan Materials Co.

    15,175       1,828,284  
   

 

 

 
      4,354,899  
   

 

 

 
Consumer Finance—1.8%  

American Express Co.

    106,436       8,420,152  

Capital One Financial Corp.

    114,924       9,959,314  

Santander Consumer USA Holdings, Inc. (a) (b)

    367,529       4,895,486  
   

 

 

 
      23,274,952  
   

 

 

 
Containers & Packaging—0.6%  

Ardagh Group S.A. (a)

    33,200       729,072  

Ball Corp.

    48,799       3,623,814  

International Paper Co.

    55,346       2,810,470  

Owens-Illinois, Inc. (a) (b)

    35,933       732,314  
   

 

 

 
      7,895,670  
   

 

 

 
Electric Utilities—1.8%  

Avangrid, Inc.

    81,098       3,466,129  

Edison International

    36,101       2,874,001  

Eversource Energy

    29,299       1,722,195  

Exelon Corp.

    71,588       2,575,736  

NextEra Energy, Inc.

    57,332       7,359,709  

 

BHFTII-95


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Electric Utilities—(Continued)  

PG&E Corp.

    61,154     $ 4,058,179  

Pinnacle West Capital Corp.

    16,971       1,415,042  
   

 

 

 
      23,470,991  
   

 

 

 
Electrical Equipment—0.6%  

AMETEK, Inc. (b)

    63,976       3,459,822  

Eaton Corp. plc

    50,774       3,764,892  
   

 

 

 
      7,224,714  
   

 

 

 
Energy Equipment & Services—0.4%  

Baker Hughes, Inc.

    74,901       4,480,578  

Helix Energy Solutions Group, Inc. (a)

    59,903       465,446  

Tesco Corp. (a)

    73,560       592,158  
   

 

 

 
      5,538,182  
   

 

 

 
Equity Real Estate Investment Trusts—2.4%  

Alexandria Real Estate Equities, Inc. (b)

    29,811       3,294,712  

American Tower Corp.

    69,277       8,419,926  

Apartment Investment & Management Co. - Class A

    72,419       3,211,783  

Crown Castle International Corp.

    41,386       3,908,908  

Equinix, Inc.

    6,850       2,742,534  

Invitation Homes, Inc. (a)

    95,600       2,086,948  

Outfront Media, Inc.

    56,707       1,505,571  

Park Hotels & Resorts, Inc.

    40,809       1,047,567  

Prologis, Inc.

    33,114       1,717,954  

Simon Property Group, Inc.

    13,027       2,241,035  
   

 

 

 
      30,176,938  
   

 

 

 
Food & Staples Retailing—0.8%  

Costco Wholesale Corp.

    41,922       7,029,900  

Walgreens Boots Alliance, Inc.

    42,825       3,556,617  
   

 

 

 
      10,586,517  
   

 

 

 
Food Products—0.7%  

Hostess Brands, Inc. (a)

    201,479       3,197,472  

Post Holdings, Inc. (a)

    58,148       5,089,113  
   

 

 

 
      8,286,585  
   

 

 

 
Gas Utilities—0.2%  

UGI Corp. (b)

    39,758       1,964,045  
   

 

 

 
Health Care Equipment & Supplies—3.3%  

Abbott Laboratories

    80,940       3,594,545  

Baxter International, Inc.

    65,556       3,399,734  

Becton Dickinson & Co.

    19,666       3,607,531  

Boston Scientific Corp. (a)

    223,437       5,556,878  

ConforMIS, Inc. (a) (b)

    45,600       238,032  

Danaher Corp.

    91,669       7,840,450  

Medtronic plc

    154,442       12,441,848  

Stryker Corp.

    37,929       4,993,353  
   

 

 

 
      41,672,371  
   

 

 

 
Health Care Providers & Services—2.2%  

Cardinal Health, Inc.

    26,224     2,138,567  

Cigna Corp.

    27,109       3,971,198  

HCA Holdings, Inc. (a)

    51,186       4,555,042  

McKesson Corp.

    43,631       6,468,732  

UnitedHealth Group, Inc.

    63,720       10,450,717  
   

 

 

 
      27,584,256  
   

 

 

 
Hotels, Restaurants & Leisure—0.1%  

Hilton Worldwide Holdings, Inc. (b)

    27,158       1,587,657  

Wingstop, Inc. (b)

    1,800       50,904  
   

 

 

 
      1,638,561  
   

 

 

 
Household Durables—0.2%  

Mohawk Industries, Inc. (a)

    13,630       3,127,949  
   

 

 

 
Industrial Conglomerates—0.2%  

General Electric Co.

    77,494       2,309,321  
   

 

 

 
Insurance—3.4%  

Allstate Corp. (The)

    32,620       2,658,204  

American International Group, Inc.

    130,648       8,156,355  

Assured Guaranty, Ltd.

    129,862       4,819,179  

Athene Holding, Ltd. - Class A (a)

    48,900       2,444,511  

Chubb, Ltd.

    17,020       2,318,975  

Hartford Financial Services Group, Inc. (The)

    62,948       3,025,910  

Manulife Financial Corp.

    184,551       3,273,935  

Marsh & McLennan Cos., Inc.

    93,511       6,909,528  

Prudential Financial, Inc.

    45,780       4,883,810  

XL Group, Ltd.

    119,160       4,749,717  
   

 

 

 
      43,240,124  
   

 

 

 
Internet & Direct Marketing Retail—2.7%  

Amazon.com, Inc. (a)

    18,266       16,193,540  

Expedia, Inc.

    30,914       3,900,419  

Netflix, Inc. (a)

    35,273       5,213,702  

Priceline Group, Inc. (The) (a)

    3,577       6,366,953  

Wayfair, Inc. - Class A (a) (b)

    70,831       2,867,947  
   

 

 

 
      34,542,561  
   

 

 

 
Internet Software & Services—2.2%  

Akamai Technologies, Inc. (a) (b)

    11,690       697,893  

Alphabet, Inc. - Class A (a)

    12,318       10,443,200  

Blucora, Inc. (a)

    55,533       960,721  

eBay, Inc. (a)

    111,071       3,728,654  

Envestnet, Inc. (a) (b)

    13,406       433,014  

Facebook, Inc. - Class A (a)

    79,248       11,257,178  
   

 

 

 
      27,520,660  
   

 

 

 
IT Services—2.4%  

Accenture plc - Class A

    15,793       1,893,265  

Alliance Data Systems Corp.

    10,982       2,734,518  

Automatic Data Processing, Inc.

    16,779       1,718,002  

Cognizant Technology Solutions Corp. - Class A (a)

    12,839       764,177  

FleetCor Technologies, Inc. (a)

    10,425       1,578,658  

 

BHFTII-96


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
IT Services—(Continued)  

Genpact, Ltd.

    72,685     $ 1,799,681  

Global Payments, Inc.

    65,483       5,283,168  

PayPal Holdings, Inc. (a)

    77,000       3,312,540  

Total System Services, Inc.

    10,379       554,861  

Visa, Inc. - Class A

    107,209       9,527,664  

WEX, Inc. (a)

    12,054       1,247,589  
   

 

 

 
      30,414,123  
   

 

 

 
Life Sciences Tools & Services—0.2%  

Thermo Fisher Scientific, Inc.

    20,535       3,154,176  
   

 

 

 
Machinery—1.1%  

AGCO Corp. (b)

    9,835       591,870  

Fortive Corp.

    54,642       3,290,541  

Illinois Tool Works, Inc.

    48,690       6,449,964  

Pentair plc

    59,343       3,725,554  
   

 

 

 
      14,057,929  
   

 

 

 
Marine—0.0%  

Kirby Corp. (a) (b)

    2,630       185,547  
   

 

 

 
Media—2.1%  

Charter Communications, Inc. - Class A (a)

    24,584       8,046,835  

Comcast Corp. - Class A

    250,947       9,433,098  

Liberty Media Corp.-Liberty Formula One - Class C (a) (b)

    49,920       1,704,768  

Twenty-First Century Fox, Inc. - Class A

    123,597       4,003,307  

Viacom, Inc. - Class B

    75,363       3,513,423  
   

 

 

 
      26,701,431  
   

 

 

 
Metals & Mining—0.2%  

Freeport-McMoRan, Inc. (a)

    42,884       572,930  

Reliance Steel & Aluminum Co.

    5,548       443,951  

Steel Dynamics, Inc.

    35,646       1,239,055  
   

 

 

 
      2,255,936  
   

 

 

 
Multi-Utilities—0.6%  

Dominion Resources, Inc. (b)

    50,934       3,950,950  

Sempra Energy

    37,000       4,088,500  
   

 

 

 
      8,039,450  
   

 

 

 
Oil, Gas & Consumable Fuels—3.0%  

Antero Resources Corp. (a)

    61,981       1,413,787  

Callon Petroleum Co. (a)

    39,250       516,530  

Chevron Corp.

    15,250       1,637,392  

Cobalt International Energy, Inc. (a) (b)

    614,721       327,892  

Diamondback Energy, Inc. (a) (b)

    21,055       2,183,719  

Enbridge, Inc.

    18,351       767,806  

Extraction Oil & Gas, Inc. (a)

    157,165       2,915,411  

Exxon Mobil Corp.

    11,170       916,052  

Kinder Morgan, Inc.

    180,198       3,917,504  

Newfield Exploration Co. (a)

    223,023       8,231,779  

ONEOK, Inc. (b)

    16,848       934,053  

Parsley Energy, Inc. - Class A (a)

    53,028       1,723,940  

PDC Energy, Inc. (a) (b)

    26,951       1,680,395  
Oil, Gas & Consumable Fuels—(Continued)  

Pioneer Natural Resources Co.

    31,538     5,873,322  

QEP Resources, Inc. (a)

    201,059       2,555,460  

Rice Energy, Inc. (a)

    58,984       1,397,921  

TransCanada Corp.

    35,980       1,660,477  
   

 

 

 
      38,653,440  
   

 

 

 
Paper & Forest Products—0.1%  

Boise Cascade Co. (a)

    39,010       1,041,567  
   

 

 

 
Personal Products—1.1%  

Coty, Inc. - Class A

    313,001       5,674,708  

Estee Lauder Cos., Inc. (The) - Class A

    66,772       5,661,598  

Herbalife, Ltd. (a) (b)

    34,510       2,006,411  
   

 

 

 
      13,342,717  
   

 

 

 
Pharmaceuticals—2.6%  

Aerie Pharmaceuticals, Inc. (a)

    15,329       695,170  

Allergan plc

    26,692       6,377,253  

AstraZeneca plc (ADR) (b)

    93,025       2,896,798  

Bristol-Myers Squibb Co.

    126,537       6,881,082  

Eli Lilly & Co.

    71,144       5,983,922  

Johnson & Johnson

    48,086       5,989,111  

Mylan NV (a)

    72,998       2,846,192  

MyoKardia, Inc. (a) (b)

    30,360       399,234  

Teva Pharmaceutical Industries, Ltd. (ADR)

    23,029       739,001  
   

 

 

 
      32,807,763  
   

 

 

 
Professional Services—0.6%  

Equifax, Inc.

    18,160       2,483,199  

IHS Markit, Ltd. (a)

    27,594       1,157,568  

TransUnion (a) (b)

    93,852       3,599,224  
   

 

 

 
      7,239,991  
   

 

 

 
Real Estate Management & Development—0.1%  

Conyers Park Acquisition Corp. (a)

    148,420       1,644,494  
   

 

 

 
Road & Rail—0.4%  

CSX Corp.

    35,744       1,663,883  

Genesee & Wyoming, Inc. - Class A (a)

    14,107       957,301  

J.B. Hunt Transport Services, Inc.

    7,432       681,812  

Kansas City Southern

    2,463       211,227  

Knight Transportation, Inc. (b)

    39,926       1,251,680  
   

 

 

 
      4,765,903  
   

 

 

 
Semiconductors & Semiconductor Equipment—1.7%  

Analog Devices, Inc.

    58,018       4,754,575  

Broadcom, Ltd.

    32,018       7,010,661  

First Solar, Inc. (a) (b)

    6,436       174,416  

Microchip Technology, Inc. (b)

    85,404       6,301,107  

Micron Technology, Inc. (a)

    102,577       2,964,475  

SunPower Corp. (a) (b)

    6,525       39,803  
   

 

 

 
      21,245,037  
   

 

 

 

 

BHFTII-97


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Software—2.1%  

Adobe Systems, Inc. (a)

    16,716     $ 2,175,253  

Atlassian Corp. plc - Class A (a) (b)

    36,342       1,088,443  

Electronic Arts, Inc. (a)

    31,901       2,855,778  

Guidewire Software, Inc. (a) (b)

    8,896       501,112  

HubSpot, Inc. (a)

    16,187       980,123  

Microsoft Corp.

    176,147       11,601,041  

Salesforce.com, Inc. (a)

    35,899       2,961,308  

ServiceNow, Inc. (a) (b)

    17,302       1,513,406  

Splunk, Inc. (a) (b)

    12,456       775,884  

SS&C Technologies Holdings, Inc.

    23,930       847,122  

Workday, Inc. - Class A (a)

    24,222       2,017,208  
   

 

 

 
      27,316,678  
   

 

 

 
Specialty Retail—1.0%  

Advance Auto Parts, Inc. (b)

    39,489       5,854,639  

L Brands, Inc.

    10,591       498,836  

O’Reilly Automotive, Inc. (a)

    12,806       3,455,571  

TJX Cos., Inc. (The)

    37,426       2,959,648  
   

 

 

 
      12,768,694  
   

 

 

 
Technology Hardware, Storage & Peripherals—2.6%  

Apple, Inc.

    211,747       30,419,574  

Seagate Technology plc (b)

    43,915       2,017,016  
   

 

 

 
      32,436,590  
   

 

 

 
Textiles, Apparel & Luxury Goods—1.1%  

NIKE, Inc. - Class B

    231,239       12,886,950  

Under Armour, Inc. - Class C (a) (b)

    16,684       305,317  

VF Corp. (b)

    21,200       1,165,364  
   

 

 

 
      14,357,631  
   

 

 

 
Tobacco—0.9%  

Altria Group, Inc.

    137,620       9,828,820  

British American Tobacco plc (ADR) (b)

    26,024       1,725,912  
   

 

 

 
      11,554,732  
   

 

 

 
Trading Companies & Distributors—0.0%  

NOW, Inc. (a) (b)

    34,836       590,819  
   

 

 

 

Total Common Stocks
(Cost $648,362,233)

      757,517,052  
   

 

 

 
U.S. Treasury & Government Agencies—18.8%  
Agency Sponsored Mortgage - Backed—16.8%  

Fannie Mae 15 Yr. Pool
2.500%, TBA (c)

    10,035,000       10,039,704  

3.000%, 07/01/28

    2,102,934       2,158,911  

3.000%, 02/01/31

    242,635       249,006  

3.000%, 03/01/31

    28,232       28,973  

3.000%, TBA (c)

    6,953,000       7,124,649  

3.500%, 07/01/28

    310,561       325,544  

4.000%, 04/01/26

    54,336       57,212  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 15 Yr. Pool
4.000%, 02/01/29

    1,359,633     1,431,225  

4.500%, 06/01/24

    295,927       312,894  

4.500%, 02/01/25

    82,310       85,217  

4.500%, 04/01/25

    13,393       14,159  

4.500%, 07/01/25

    63,157       66,443  

4.500%, 06/01/26

    1,317,025       1,389,118  

5.000%, TBA (c)

    500,000       513,156  

Fannie Mae 20 Yr. Pool
3.000%, 03/01/37

    1,004,519       1,016,043  

Fannie Mae 30 Yr. Pool
2.500%, 08/01/46

    1,698,476       1,619,662  

2.500%, 09/01/46

    5,429,653       5,177,698  

2.500%, 10/01/46

    310,462       296,056  

2.500%, 11/01/46

    1,339,403       1,277,252  

2.500%, 12/01/46

    279,993       267,000  

2.500%, 01/01/47

    5,067,363       4,832,210  

3.000%, 02/01/43

    906,250       903,443  

3.000%, 03/01/43

    1,168,965       1,165,348  

3.000%, 04/01/43

    1,063,439       1,060,146  

3.000%, 05/01/43

    2,992,280       2,983,004  

3.000%, 06/01/43

    343,340       342,263  

3.000%, 04/01/47

    14,000,000       13,891,172  

3.500%, 03/01/43

    64,824       66,663  

3.500%, 05/01/43

    120,169       123,580  

3.500%, 07/01/43

    269,672       277,324  

3.500%, 08/01/43

    508,881       523,339  

3.500%, 10/01/44

    477,748       490,860  

3.500%, 02/01/45

    607,550       621,822  

3.500%, 01/01/46

    1,074,379       1,099,616  

3.500%, 02/01/46

    1,350,008       1,381,720  

3.500%, 06/01/46

    4,041,062       4,135,987  

3.500%, 09/01/46

    1,053,935       1,078,692  

3.500%, 10/01/46

    434,536       444,743  

3.500%, 11/01/46

    294,828       302,993  

3.500%, TBA (c)

    19,335,000       19,777,590  

4.000%, 10/01/40

    1,079,335       1,135,992  

4.000%, 11/01/40

    458,523       482,545  

4.000%, 12/01/40

    330,755       348,131  

4.000%, 02/01/41

    164,253       172,975  

4.000%, 03/01/41

    379,831       399,242  

4.000%, 08/01/42

    217,558       228,848  

4.000%, 09/01/42

    355,790       373,452  

4.000%, 03/01/45

    67,085       70,377  

4.000%, 07/01/45

    299,622       316,733  

4.000%, 02/01/46

    687,550       721,367  

4.000%, 05/01/46

    726,885       762,741  

4.000%, 06/01/46

    375,868       394,419  

4.000%, TBA (c)

    890,000       933,527  

4.500%, 10/01/40

    992,255       1,066,917  

4.500%, 09/01/41

    119,241       128,388  

4.500%, 10/01/41

    452,878       487,291  

4.500%, 08/01/42

    137,812       148,269  

4.500%, 09/01/43

    2,320,535       2,490,574  

4.500%, 10/01/43

    312,647       335,492  

4.500%, 12/01/43

    297,937       319,986  

 

BHFTII-98


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
4.500%, 01/01/44

    732,949     $ 792,243  

5.000%, 04/01/33

    4,416       4,849  

5.000%, 07/01/33

    14,805       16,231  

5.000%, 09/01/33

    225,438       247,225  

5.000%, 11/01/33

    57,381       62,926  

5.000%, 12/01/33

    23,551       25,823  

5.000%, 02/01/34

    10,276       11,265  

5.000%, 03/01/34

    4,894       5,365  

5.000%, 04/01/34

    4,671       5,119  

5.000%, 06/01/34

    4,456       4,882  

5.000%, 07/01/34

    68,595       75,088  

5.000%, 10/01/34

    172,706       189,388  

5.000%, 07/01/35

    117,864       129,078  

5.000%, 10/01/35

    131,016       143,650  

5.000%, 12/01/35

    103,915       113,743  

5.000%, 08/01/36

    95,975       105,078  

5.000%, 07/01/37

    51,490       56,481  

5.000%, 07/01/41

    99,950       109,540  

5.000%, 08/01/41

    56,025       61,180  

5.500%, 08/01/28

    28,013       31,075  

5.500%, 04/01/33

    61,830       69,244  

5.500%, 08/01/37

    369,894       414,169  

5.500%, 04/01/41

    36,352       40,511  

6.000%, 03/01/28

    2,753       3,109  

6.000%, 05/01/28

    8,644       9,760  

6.000%, 02/01/34

    246,481       281,842  

6.000%, 08/01/34

    133,724       152,794  

6.000%, 04/01/35

    1,113,440       1,274,455  

6.000%, 02/01/38

    84,447       95,953  

6.000%, 03/01/38

    30,317       34,566  

6.000%, 05/01/38

    98,504       112,786  

6.000%, 10/01/38

    28,575       32,421  

6.000%, 12/01/38

    33,324       37,724  

6.000%, TBA (c)

    1,000,000       1,130,781  

6.500%, 05/01/40

    696,957       783,789  

Fannie Mae ARM Pool
3.144%, 12/01/40 (d)

    194,689       205,885  

3.297%, 03/01/41 (d)

    128,605       136,063  

3.400%, 06/01/41 (d)

    218,895       230,434  

3.512%, 09/01/41 (d)

    155,194       163,240  

3.519%, 03/01/41 (d)

    43,023       45,282  

Fannie Mae Pool
2.350%, 11/01/26

    500,000       476,664  

2.930%, 01/01/27

    900,000       897,236  

3.020%, 03/01/27

    385,000       386,283  

3.140%, 11/01/27

    684,718       696,115  

3.205%, 01/01/27

    797,806       811,799  

3.240%, 12/01/26

    83,563       85,275  

3.340%, 04/01/24

    83,828       87,432  

3.410%, 08/01/27

    488,967       505,190  

3.450%, 01/01/24

    33,844       35,484  

3.470%, 01/01/24

    33,465       35,125  

3.670%, 08/01/23

    80,986       85,533  

3.700%, 10/01/23

    25,000       26,491  

3.760%, 03/01/24

    30,000       31,840  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae Pool
3.765%, 12/01/25

    1,300,000     1,375,365  

3.855%, 12/01/25

    45,000       47,913  

3.860%, 11/01/23

    25,000       26,766  

3.870%, 10/01/25

    75,990       81,332  

3.890%, 05/01/30

    102,006       106,511  

3.960%, 05/01/34

    43,235       45,205  

3.970%, 05/01/29

    29,657       31,726  

4.060%, 10/01/28

    64,946       70,223  

Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/36 (e)

    39,788       34,223  

Zero Coupon, 06/25/36 (e)

    336,926       297,030  

1.805%, 04/25/55 (d) (f)

    1,192,176       56,830  

1.836%, 05/25/46 (d) (f) (g)

    1,242,435       65,365  

2.002%, 08/25/44 (d) (f) (g)

    1,168,616       67,659  

2.500%, 06/25/28 (f) (g)

    255,641       21,561  

3.000%, 09/25/27 (f) (g)

    223,036       20,563  

3.000%, 01/25/28 (f) (g)

    1,633,757       153,339  

3.000%, 04/25/28 (f) (g)

    739,928       71,533  

3.500%, 10/25/27 (f) (g)

    414,593       48,875  

3.500%, 05/25/30 (f) (g)

    402,997       53,897  

3.500%, 08/25/30 (f) (g)

    131,495       16,060  

3.500%, 09/25/35 (f) (g)

    250,367       37,827  

4.000%, 03/25/42 (f) (g)

    180,803       25,557  

4.000%, 05/25/42 (f) (g)

    1,063,482       166,326  

4.000%, 11/25/42 (f) (g)

    103,251       14,067  

4.500%, 07/25/27 (f) (g)

    240,278       25,223  

5.460%, 05/25/42 (d) (f)

    142,306       16,189  

5.500%, 04/25/35 (g)

    392,391       433,133  

5.500%, 04/25/37

    177,399       197,164  

Fannie Mae-ACES
2.289%, 01/25/22 (d) (f)

    1,559,032       104,406  

3.329%, 10/25/23 (d)

    505,000       528,847  

Freddie Mac 15 Yr. Gold Pool
2.500%, TBA (c)

    3,190,000       3,192,617  

3.000%, 07/01/28

    790,564       811,570  

3.000%, 08/01/29

    529,594       544,308  

3.000%, TBA (c)

    775,000       794,859  

3.500%, TBA (c)

    1,500,000       1,562,285  

Freddie Mac 20 Yr. Gold Pool
3.000%, 11/01/36

    1,369,712       1,384,779  

3.000%, 01/01/37

    988,619       999,494  

3.500%, 08/01/34

    1,031,535       1,070,387  

Freddie Mac 30 Yr. Gold Pool
3.000%, 08/01/46

    1,982,753       1,965,850  

3.000%, 10/01/46

    1,984,567       1,967,649  

3.000%, 11/01/46

    2,268,741       2,252,499  

3.000%, 12/01/46

    962,958       955,795  

3.000%, 01/01/47

    7,010,279       6,950,515  

3.000%, TBA (c)

    1,600,000       1,585,250  

3.500%, 08/01/42

    152,987       158,069  

3.500%, 11/01/42

    229,795       236,039  

3.500%, 06/01/46

    339,193       347,136  

3.500%, TBA (c)

    16,065,000       16,428,972  

4.000%, 05/01/42

    1,027,603       1,082,235  

4.000%, 08/01/42

    293,876       310,560  

 

BHFTII-99


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Freddie Mac 30 Yr. Gold Pool
4.000%, 09/01/42

    434,877     $ 459,423  

4.000%, 07/01/44

    94,360       99,280  

4.000%, 01/01/46

    662,082       695,004  

4.000%, 02/01/46

    366,071       384,274  

4.000%, 01/01/47

    1,399,999       1,480,504  

4.000%, TBA (c)

    2,795,000       2,925,360  

4.500%, 09/01/43

    180,494       194,059  

4.500%, 11/01/43

    1,755,567       1,883,009  

4.500%, 09/01/44

    244,592       262,138  

4.500%, TBA (c)

    3,305,000       3,541,320  

5.000%, TBA (c)

    1,500,000       1,633,274  

5.500%, 07/01/33

    162,598       180,379  

5.500%, 04/01/39

    69,720       77,330  

5.500%, 06/01/41

    262,134       290,652  

Freddie Mac ARM Non-Gold Pool
3.635%, 02/01/41 (d)

    186,885       198,294  

Freddie Mac Multifamily Structured Pass-Through Certificates
1.478%, 06/25/22 (d) (f)

    1,865,733       118,049  

1.526%, 12/25/18 (d) (f)

    3,064,352       63,767  

1.690%, 03/25/22 (d) (f)

    1,410,214       96,733  

1.757%, 05/25/19 (d) (f)

    2,356,701       68,642  

Freddie Mac REMICS (CMO)
Zero Coupon, 11/15/36 (e)

    39,431       35,500  

3.000%, 03/15/28 (f) (g)

    864,974       75,821  

3.000%, 05/15/32 (f)

    361,310       30,967  

3.000%, 03/15/33 (f) (g)

    235,585       28,877  

3.000%, 07/15/41

    1,731,072       1,767,827  

3.500%, 06/15/26 (f) (g)

    465,960       38,618  

3.500%, 09/15/26 (f)

    153,296       15,007  

3.500%, 03/15/27 (f)

    262,258       26,644  

3.500%, 03/15/41 (f) (g)

    96,360       12,324  

4.000%, 07/15/27 (f) (g)

    1,064,332       116,307  

4.500%, 03/15/41

    300,015       336,420  

4.750%, 07/15/39

    760,271       819,353  

5.000%, 09/15/33 (f)

    339,242       72,001  

5.500%, 08/15/33

    86,383       94,289  

5.500%, 07/15/36

    191,081       213,693  

5.500%, 06/15/46

    263,612       294,253  

6.500%, 07/15/36

    259,432       291,124  

FREMF Mortgage Trust
3.003%, 10/25/47 (144A) (d)

    770,000       767,540  

Ginnie Mae I 30 Yr. Pool
3.000%, 12/15/44

    26,567       26,855  

3.000%, 02/15/45

    83,536       84,341  

3.000%, 04/15/45

    1,184,618       1,196,036  

3.000%, 05/15/45

    1,710,727       1,727,215  

3.000%, 07/15/45

    41,044       41,439  

4.000%, 09/15/42

    1,147,130       1,214,998  

4.500%, 04/15/41

    858,915       919,093  

4.500%, 02/15/42

    1,781,321       1,907,885  

5.000%, 12/15/38

    60,735       66,945  

5.000%, 04/15/39

    1,249,472       1,378,306  

5.000%, 07/15/39

    132,525       146,089  

5.000%, 12/15/40

    173,783       191,705  

5.500%, 12/15/40

    593,826       663,116  
Agency Sponsored Mortgage - Backed—(Continued)  

Ginnie Mae II 30 Yr. Pool
3.000%, 11/20/45

    99,085     100,070  

3.000%, 09/20/46

    500,915       505,897  

3.000%, 10/20/46

    1,999,998       2,019,890  

3.000%, TBA (c)

    5,100,000       5,144,625  

3.500%, 03/20/47

    1,899,989       1,972,277  

3.500%, TBA (c)

    3,010,000       3,120,994  

4.000%, 04/20/47

    1,268,555       1,342,538  

4.000%, TBA (c)

    3,877,000       4,094,778  

4.500%, 01/20/46

    207,654       221,925  

4.500%, TBA (c)

    4,170,000       4,451,285  

5.000%, 10/20/39

    29,135       32,242  

Government National Mortgage Association
0.805%, 02/16/53 (d) (f)

    2,373,468       120,246  

Government National Mortgage Association (CMO)
3.000%, 09/20/28 (f)

    309,251       30,308  

3.500%, 02/16/27 (f)

    132,799       12,966  

3.500%, 03/20/27 (f)

    331,956       34,203  

3.500%, 05/20/43 (f) (g)

    150,359       28,597  

3.500%, 07/20/43 (f) (g)

    601,020       91,126  

4.000%, 12/16/26 (f)

    100,576       11,797  

4.000%, 05/20/29 (f)

    1,411,006       143,877  

4.000%, 05/16/42 (f) (g)

    128,965       20,999  

4.000%, 01/20/44 (f) (g)

    89,715       17,895  

4.000%, 11/20/44 (f) (g)

    1,410,623       254,703  

4.500%, 04/20/45 (f) (g)

    319,356       74,714  

5.000%, 10/16/41 (f) (g)

    529,817       85,658  

5.500%, 03/20/39 (f) (g)

    611,338       141,009  

5.500%, 02/16/47 (f)

    588,693       131,253  

5.500%, 02/20/47 (f)

    366,339       81,306  

6.000%, 09/20/40 (f)

    516,080       119,268  
   

 

 

 
      214,375,315  
   

 

 

 
U.S. Treasury—2.0%  

U.S. Treasury Bonds
2.750%, 08/15/42 (h)

    350,000       333,676  

3.000%, 11/15/44 (h)

    595,000       592,281  

3.000%, 02/15/47

    1,500,000       1,494,667  

4.500%, 02/15/36 (h)

    1,199,000       1,520,575  

U.S. Treasury Inflation Indexed Notes
0.250%, 01/15/25 (h) (i) (j)

    8,224,217       8,154,262  

U.S. Treasury Notes
1.625%, 03/15/20

    8,750,000       8,781,447  

2.000%, 11/15/26 (h)

    4,474,000       4,321,956  
   

 

 

 
      25,198,864  
   

 

 

 

Total U.S. Treasury & Government Agencies
(Cost $240,066,203)

      239,574,179  
   

 

 

 
Corporate Bonds & Notes—12.1%  
Advertising—0.0%  

Lamar Media Corp.
5.750%, 02/01/26

    20,000       21,400  
   

 

 

 

 

BHFTII-100


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Aerospace/Defense—0.1%  

Embraer Netherlands Finance B.V.
5.400%, 02/01/27 (b)

    650,000     $ 670,462  

L3 Technologies, Inc.
3.850%, 12/15/26 (b)

    70,000       70,974  

Lockheed Martin Corp.
2.500%, 11/23/20

    225,000       226,554  

4.700%, 05/15/46

    390,000       422,430  
   

 

 

 
      1,390,420  
   

 

 

 
Agriculture—0.2%  

Altria Group, Inc.
2.850%, 08/09/22 (b)

    250,000       250,508  

3.875%, 09/16/46

    190,000       176,129  

BAT International Finance plc
2.750%, 06/15/20 (144A) (b)

    400,000       403,445  

Imperial Brands Finance plc
2.050%, 07/20/18 (144A)

    200,000       200,136  

2.950%, 07/21/20 (144A)

    550,000       557,011  

3.750%, 07/21/22 (144A)

    310,000       318,385  

Reynolds American, Inc.
3.250%, 06/12/20

    517,000       530,473  
   

 

 

 
      2,436,087  
   

 

 

 
Airlines—0.1%  

Delta Air Lines, Inc.
3.625%, 03/15/22

    910,000       928,933  
   

 

 

 
Apparel—0.0%  

Hanesbrands, Inc.
4.875%, 05/15/26 (144A) (b)

    100,000       98,250  

William Carter Co. (The)
5.250%, 08/15/21

    165,000       169,686  
   

 

 

 
      267,936  
   

 

 

 
Auto Manufacturers—0.3%  

Ford Motor Co.
4.346%, 12/08/26

    265,000       270,227  

5.291%, 12/08/46 (b)

    345,000       344,206  

Ford Motor Credit Co. LLC
4.134%, 08/04/25

    200,000       200,975  

General Motors Co.
6.250%, 10/02/43

    195,000       214,761  

6.600%, 04/01/36

    430,000       494,379  

6.750%, 04/01/46

    55,000       64,476  

General Motors Financial Co., Inc.
2.400%, 04/10/18

    285,000       286,456  

3.500%, 07/10/19

    925,000       950,325  

3.700%, 05/09/23

    300,000       301,131  
   

 

 

 
      3,126,936  
   

 

 

 
Banks—4.1%  

Allied Irish Banks plc
7.375%, 12/03/20 (EUR) (d)

    400,000       451,790  
Banks—(Continued)  

Banco Bilbao Vizcaya Argentaria S.A.
7.000%, 02/19/19 (EUR) (d)

    800,000     852,796  

9.000%, 05/09/18 (d)

    600,000       628,830  

Banco Santander S.A.
6.250%, 03/12/19 (EUR) (d)

    300,000       316,049  

Bank of America Corp.
2.503%, 10/21/22

    925,000       901,685  

2.625%, 04/19/21 (b)

    595,000       593,539  

3.124%, 01/20/23 (b) (d)

    1,285,000       1,291,604  

3.950%, 04/21/25

    350,000       348,483  

4.000%, 04/01/24 (b)

    245,000       254,016  

4.000%, 01/22/25

    1,210,000       1,208,726  

4.125%, 01/22/24

    265,000       276,802  

4.183%, 11/25/27 (b)

    540,000       541,962  

7.750%, 05/14/38

    630,000       866,739  

Bank of Ireland
7.375%, 06/18/20 (EUR) (d)

    300,000       342,932  

Barclays Bank plc
6.050%, 12/04/17 (144A)

    1,190,000       1,221,093  

Barclays plc
3.684%, 01/10/23

    555,000       557,630  

8.000%, 12/15/20 (EUR) (d)

    550,000       635,146  

BNP Paribas S.A.
7.625%, 03/30/21 (144A) (b) (d)

    390,000       414,375  

Capital One Financial Corp.
3.050%, 03/09/22

    750,000       749,549  

Capital One N.A.
1.650%, 02/05/18

    670,000       669,887  

2.350%, 08/17/18

    580,000       583,653  

Citigroup, Inc.
2.700%, 03/30/21

    295,000       295,352  

3.200%, 10/21/26

    140,000       133,919  

4.300%, 11/20/26

    675,000       681,471  

4.450%, 09/29/27

    1,815,000       1,836,858  

4.600%, 03/09/26

    215,000       220,788  

4.650%, 07/30/45

    56,000       58,345  

5.500%, 09/13/25

    365,000       399,040  

Credit Agricole S.A.
8.125%, 12/23/25 (144A) (b) (d)

    725,000       772,125  

Credit Bank of Moscow Via CBOM Finance plc
7.500%, 10/05/27 (144A) (d)

    495,000       503,326  

Credit Suisse Group AG
6.250%, 12/18/24 (144A) (b) (d)

    1,320,000       1,341,012  

Credit Suisse Group Funding Guernsey, Ltd.
3.125%, 12/10/20

    495,000       497,746  

Goldman Sachs Group, Inc. (The)
2.350%, 11/15/21

    560,000       548,454  

2.600%, 04/23/20

    1,605,000       1,614,041  

2.750%, 09/15/20

    440,000       443,645  

2.875%, 02/25/21

    520,000       523,369  

4.750%, 10/21/45

    215,000       226,512  

5.150%, 05/22/45

    640,000       672,470  

6.250%, 02/01/41

    430,000       540,008  

6.750%, 10/01/37

    1,375,000       1,696,665  

HSBC Holdings plc
2.950%, 05/25/21 (b)

    255,000       256,253  

 

BHFTII-101


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Banks—(Continued)  

HSBC Holdings plc
3.262%, 03/13/23 (d)

    1,225,000     $ 1,231,821  

3.400%, 03/08/21

    765,000       782,382  

3.600%, 05/25/23 (b)

    255,000       259,116  

4.250%, 08/18/25

    390,000       392,705  

HSBC USA, Inc.
2.750%, 08/07/20

    375,000       379,224  

Intesa Sanpaolo S.p.A.
7.700%, 09/17/25 (144A) (b) (d)

    650,000       620,750  

7.750%, 01/11/27 (EUR) (d)

    200,000       219,761  

JPMorgan Chase & Co.
2.273%, 10/24/23 (d)

    325,000       332,452  

2.295%, 08/15/21 (b)

    420,000       415,639  

2.400%, 06/07/21 (b)

    565,000       562,088  

2.550%, 10/29/20

    730,000       733,253  

2.700%, 05/18/23

    480,000       470,408  

2.750%, 06/23/20 (b)

    830,000       840,825  

4.250%, 10/01/27

    635,000       650,571  

5.600%, 07/15/41

    125,000       149,081  

6.000%, 01/15/18

    195,000       201,582  

Landsbanki Islands

   

Zero Coupon, 08/25/20 (g) (k)

    320,000       0  

Lloyds Banking Group plc
7.000%, 06/27/19 (GBP) (d)

    280,000       358,719  

Morgan Stanley
2.500%, 01/24/19

    455,000       459,489  

2.500%, 04/21/21

    1,190,000       1,183,574  

3.125%, 07/27/26 (b)

    320,000       305,432  

3.625%, 01/20/27

    685,000       679,997  

4.000%, 07/23/25

    280,000       288,722  

4.350%, 09/08/26

    95,000       97,306  

5.000%, 11/24/25

    532,000       571,252  

5.550%, 04/27/17

    1,350,000       1,353,595  

6.250%, 08/28/17

    555,000       565,629  

Royal Bank of Scotland Group plc
3.875%, 09/12/23

    680,000       670,181  

6.125%, 12/15/22

    125,000       132,365  

7.500%, 08/10/20 (d)

    720,000       710,100  

Santander Holdings USA, Inc.
3.700%, 03/28/22 (144A)

    675,000       677,329  

Santander UK Group Holdings plc
3.571%, 01/10/23

    330,000       329,993  

Societe Generale S.A.
7.375%, 09/13/21 (144A) (d)

    650,000       660,140  

8.250%, 11/29/18 (d)

    885,000       925,852  

UBS Group AG
5.750%, 02/19/22 (EUR) (d)

    250,000       288,329  

6.875%, 03/22/21 (d)

    450,000       467,437  

7.000%, 02/19/25 (d)

    200,000       215,000  

7.125%, 02/19/20 (d)

    470,000       490,211  

UBS Group Funding Jersey, Ltd.
2.650%, 02/01/22 (144A)

    620,000       607,829  

Wells Fargo & Co.
3.000%, 04/22/26

    310,000       297,513  

3.000%, 10/23/26

    200,000       191,491  

3.069%, 01/24/23

    960,000       965,839  
Banks—(Continued)  

Wells Fargo & Co.
4.400%, 06/14/46

    295,000     285,700  

4.900%, 11/17/45

    1,060,000       1,105,185  

5.606%, 01/15/44

    635,000       727,446  

Wells Fargo Bank N.A.
2.150%, 12/06/19

    880,000       882,964  
   

 

 

 
      51,704,962  
   

 

 

 
Beverages—0.5%  

Anheuser-Busch InBev Finance, Inc.
1.900%, 02/01/19

    840,000       841,218  

2.150%, 02/01/19

    175,000       176,132  

3.300%, 02/01/23

    1,665,000       1,694,655  

3.650%, 02/01/26

    120,000       121,344  

4.700%, 02/01/36

    510,000       539,559  

4.900%, 02/01/46

    1,585,000       1,712,948  

Anheuser-Busch InBev Worldwide, Inc.
2.500%, 07/15/22

    290,000       286,616  

3.750%, 07/15/42

    405,000       370,904  
   

 

 

 
      5,743,376  
   

 

 

 
Biotechnology—0.0%  

Baxalta, Inc.
3.600%, 06/23/22

    55,000       56,223  

Celgene Corp.
4.625%, 05/15/44

    195,000       193,399  

Gilead Sciences, Inc.
2.500%, 09/01/23

    120,000       116,100  

3.250%, 09/01/22

    165,000       168,550  
   

 

 

 
      534,272  
   

 

 

 
Building Materials—0.1%  

Boise Cascade Co.
5.625%, 09/01/24 (144A)

    35,000       35,525  

Eagle Materials, Inc.
4.500%, 08/01/26

    75,000       74,625  

Norbord, Inc.
6.250%, 04/15/23 (144A)

    125,000       131,250  

Standard Industries, Inc.
5.375%, 11/15/24 (144A)

    115,000       116,509  

6.000%, 10/15/25 (144A) (b)

    220,000       227,150  
   

 

 

 
      585,059  
   

 

 

 
Chemicals—0.0%  

Methanex Corp.
4.250%, 12/01/24 (b)

    230,000       229,755  

5.650%, 12/01/44

    235,000       224,721  

Versum Materials, Inc.
5.500%, 09/30/24 (144A)

    20,000       20,675  
   

 

 

 
      475,151  
   

 

 

 
Commercial Services—0.1%  

Cardtronics, Inc.
5.125%, 08/01/22

    130,000       131,625  

 

BHFTII-102


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Services—(Continued)  

ERAC USA Finance LLC
2.600%, 12/01/21 (144A)

    515,000     $ 506,300  

United Rentals North America, Inc.
4.625%, 07/15/23

    60,000       61,800  

5.500%, 07/15/25

    110,000       113,300  
   

 

 

 
      813,025  
   

 

 

 
Computers—0.2%  

Apple, Inc.
3.350%, 02/09/27

    175,000       177,093  

3.450%, 02/09/45

    550,000       490,239  

3.850%, 08/04/46

    95,000       90,624  

Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
3.480%, 06/01/19 (144A)

    250,000       256,178  

4.420%, 06/15/21 (144A)

    195,000       203,920  

8.350%, 07/15/46 (144A)

    125,000       161,437  

Hewlett Packard Enterprise Co.
3.600%, 10/15/20

    1,540,000       1,583,704  

NCR Corp.
5.000%, 07/15/22

    115,000       116,725  
   

 

 

 
      3,079,920  
   

 

 

 
Diversified Financial Services—0.4%  

Aircastle, Ltd.
5.000%, 04/01/23

    25,000       26,313  

5.500%, 02/15/22 (b)

    50,000       53,625  

American Express Credit Corp.
2.200%, 03/03/20

    1,055,000       1,056,597  

CBOE Holdings, Inc.
3.650%, 01/12/27

    455,000       457,434  

CIT Group, Inc.
5.500%, 02/15/19 (144A)

    275,000       289,094  

GTP Acquisition Partners LLC
3.482%, 06/15/25 (144A)

    1,355,000       1,355,515  

Intercontinental Exchange, Inc.
2.750%, 12/01/20

    355,000       360,447  

Nasdaq, Inc.
3.850%, 06/30/26

    100,000       99,463  

Navient Corp.
5.500%, 01/15/19

    330,000       341,880  

6.500%, 06/15/22 (b)

    400,000       403,500  

Visa, Inc.
2.800%, 12/14/22

    415,000       418,608  

4.300%, 12/14/45

    545,000       571,944  
   

 

 

 
      5,434,420  
   

 

 

 
Electric—0.5%  

AES Corp.
4.875%, 05/15/23

    20,000       19,900  

5.500%, 03/15/24 (b)

    325,000       329,875  

Dominion Resources, Inc.
2.850%, 08/15/26

    320,000       298,805  

DTE Energy Co.
1.500%, 10/01/19 (b)

    315,000       309,715  
Electric—(Continued)  

Duke Energy Carolinas LLC
4.250%, 12/15/41

    275,000     284,676  

Duke Energy Corp.
2.650%, 09/01/26 (b)

    165,000       153,733  

Duke Energy Florida LLC
3.400%, 10/01/46

    430,000       385,788  

Duke Energy Progress LLC
4.375%, 03/30/44

    320,000       335,547  

Electricite de France S.A.
4.950%, 10/13/45 (144A) (b)

    460,000       465,051  

Emera U.S. Finance L.P.
2.700%, 06/15/21

    80,000       79,547  

4.750%, 06/15/46

    90,000       90,815  

Exelon Corp.
2.450%, 04/15/21

    80,000       79,042  

2.850%, 06/15/20

    530,000       536,948  

FirstEnergy Corp.
4.250%, 03/15/23

    515,000       532,177  

Fortis, Inc.
2.100%, 10/04/21 (144A)

    155,000       150,185  

3.055%, 10/04/26 (144A)

    330,000       308,694  

Great Plains Energy, Inc.
3.150%, 04/01/22

    235,000       237,283  

3.900%, 04/01/27

    220,000       222,142  

NextEra Energy Capital Holdings, Inc.
1.649%, 09/01/18

    210,000       209,377  

NRG Energy, Inc.
6.250%, 07/15/22 (b)

    130,000       132,925  

Oncor Electric Delivery Co. LLC
7.000%, 09/01/22

    110,000       132,699  

Southern Co. (The)
1.850%, 07/01/19

    270,000       268,532  

2.950%, 07/01/23

    170,000       165,478  

4.400%, 07/01/46

    155,000       148,148  
   

 

 

 
      5,877,082  
   

 

 

 
Electrical Components & Equipment—0.0%  

EnerSys
5.000%, 04/30/23 (144A)

    130,000       130,813  
   

 

 

 
Electronics—0.0%  

Fortive Corp.
2.350%, 06/15/21 (144A)

    275,000       271,632  

Keysight Technologies, Inc.
4.600%, 04/06/27

    235,000       236,704  
   

 

 

 
      508,336  
   

 

 

 
Entertainment—0.0%  

GLP Capital L.P. / GLP Financing II, Inc.
5.375%, 04/15/26

    50,000       51,625  

WMG Acquisition Corp.
4.875%, 11/01/24 (144A) (b)

    150,000       150,750  

5.000%, 08/01/23 (144A)

    40,000       40,400  
   

 

 

 
      242,775  
   

 

 

 

 

BHFTII-103


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Environmental Control—0.0%  

Clean Harbors, Inc.
5.250%, 08/01/20

    210,000     $ 213,734  
   

 

 

 
Food—0.2%  

Danone S.A.
1.691%, 10/30/19 (144A)

    705,000       695,599  

Kraft Heinz Foods Co.
2.000%, 07/02/18

    270,000       270,671  

2.800%, 07/02/20

    205,000       207,792  

4.375%, 06/01/46

    240,000       225,217  

Kroger Co. (The)
1.500%, 09/30/19

    180,000       177,318  

2.650%, 10/15/26

    40,000       36,846  

3.875%, 10/15/46

    30,000       26,926  

Lamb Weston Holdings, Inc.
4.625%, 11/01/24 (144A) (b)

    65,000       66,300  

4.875%, 11/01/26 (144A) (b)

    65,000       66,300  

Sigma Alimentos S.A. de C.V.
4.125%, 05/02/26 (144A)

    200,000       195,500  

Sysco Corp.
2.500%, 07/15/21 (b)

    405,000       403,649  
   

 

 

 
      2,372,118  
   

 

 

 
Forest Products & Paper—0.0%  

Cascades, Inc.
5.750%, 07/15/23 (144A)

    95,000       95,000  

Clearwater Paper Corp.
5.375%, 02/01/25 (144A) (b)

    25,000       24,750  
   

 

 

 
      119,750  
   

 

 

 
Gas—0.0%  

AmeriGas Partners L.P. / AmeriGas Finance Corp.
5.625%, 05/20/24

    95,000       95,475  

5.875%, 08/20/26

    95,000       94,525  

Southern Co. Gas Capital Corp.
2.450%, 10/01/23

    95,000       91,119  

Southern Star Central Corp.
5.125%, 07/15/22 (144A)

    25,000       25,063  
   

 

 

 
      306,182  
   

 

 

 
Healthcare-Products—0.2%  

Kinetic Concepts, Inc. / KCI USA, Inc.
7.875%, 02/15/21 (144A)

    125,000       132,500  

Medtronic, Inc.
4.375%, 03/15/35

    398,000       417,230  

4.625%, 03/15/45

    170,000       182,531  

Thermo Fisher Scientific, Inc.
2.950%, 09/19/26

    95,000       90,451  

3.000%, 04/15/23

    525,000       520,240  

Zimmer Biomet Holdings, Inc.
1.450%, 04/01/17

    555,000       555,000  
   

 

 

 
      1,897,952  
   

 

 

 
Healthcare-Services—0.3%  

Aetna, Inc.
2.800%, 06/15/23

    175,000     173,570  

Anthem, Inc.
3.500%, 08/15/24

    900,000       905,636  

4.625%, 05/15/42

    170,000       172,706  

CHS/Community Health Systems, Inc.
5.125%, 08/01/21 (b)

    125,000       123,594  

6.250%, 03/31/23

    35,000       35,613  

HCA, Inc.
7.500%, 02/15/22 (b)

    200,000       228,750  

MEDNAX, Inc.
5.250%, 12/01/23 (144A)

    40,000       40,800  

Tenet Healthcare Corp.
6.000%, 10/01/20 (b)

    335,000       354,263  

UnitedHealth Group, Inc.
1.700%, 02/15/19

    465,000       465,033  

3.350%, 07/15/22

    460,000       475,931  

3.750%, 07/15/25

    475,000       496,050  

4.250%, 04/15/47

    110,000       112,312  

4.750%, 07/15/45

    130,000       142,465  
   

 

 

 
      3,726,723  
   

 

 

 
Home Builders—0.0%  

CalAtlantic Group, Inc.
5.375%, 10/01/22 (b)

    170,000       177,650  

Meritage Homes Corp.
6.000%, 06/01/25 (b)

    125,000       130,235  
   

 

 

 
      307,885  
   

 

 

 
Household Products/Wares—0.0%  

ACCO Brands Corp.
5.250%, 12/15/24 (144A)

    20,000       20,100  
   

 

 

 
Insurance—0.1%  

American International Group, Inc.
4.700%, 07/10/35

    305,000       308,675  

CNO Financial Group, Inc.
4.500%, 05/30/20

    10,000       10,325  

5.250%, 05/30/25

    90,000       92,307  

Genworth Financial, Inc.
7.200%, 02/15/21

    20,000       18,850  

Genworth Holdings, Inc.
4.900%, 08/15/23

    40,000       33,300  

7.700%, 06/15/20

    5,000       4,940  

Marsh & McLennan Cos., Inc.
3.500%, 03/10/25

    340,000       344,678  

Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/39 (144A)

    67,000       108,787  

MGIC Investment Corp.
5.750%, 08/15/23

    45,000       47,475  

Radian Group, Inc.
7.000%, 03/15/21

    80,000       88,500  
   

 

 

 
      1,057,837  
   

 

 

 

 

BHFTII-104


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Internet—0.0%  

Netflix, Inc.
4.375%, 11/15/26 (144A) (b)

    65,000     $ 63,862  

Symantec Corp.
5.000%, 04/15/25 (144A)

    30,000       30,763  
   

 

 

 
      94,625  
   

 

 

 
Iron/Steel—0.0%  

Steel Dynamics, Inc.
5.500%, 10/01/24 (b)

    105,000       109,725  

Vale Overseas, Ltd.
6.250%, 08/10/26

    205,000       222,681  

6.875%, 11/10/39

    55,000       58,817  
   

 

 

 
      391,223  
   

 

 

 
Lodging—0.0%  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.375%, 03/15/22

    171,000       175,061  
   

 

 

 
Machinery-Construction & Mining—0.0%  

Oshkosh Corp.
5.375%, 03/01/25

    120,000       123,900  
   

 

 

 
Machinery-Diversified—0.0%  

CNH Industrial Capital LLC
3.375%, 07/15/19

    15,000       15,131  

CNH Industrial NV
4.500%, 08/15/23 (b)

    145,000       146,994  
   

 

 

 
      162,125  
   

 

 

 
Media—0.9%  

21st Century Fox America, Inc.

   

3.375%, 11/15/26

    305,000       298,725  

4.750%, 11/15/46

    55,000       55,129  

6.150%, 03/01/37

    685,000       810,015  

Altice U.S. Finance I Corp.
5.500%, 05/15/26 (144A)

    200,000       205,500  

CBS Corp.
4.000%, 01/15/26

    150,000       153,587  

CCO Holdings LLC / CCO Holdings Capital Corp.
5.125%, 02/15/23

    10,000       10,275  

5.250%, 09/30/22

    35,000       36,312  

5.750%, 09/01/23

    60,000       62,400  

5.750%, 02/15/26 (144A)

    30,000       31,500  

Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
3.579%, 07/23/20

    270,000       277,732  

4.464%, 07/23/22

    815,000       859,443  

4.908%, 07/23/25

    135,000       142,650  

6.484%, 10/23/45

    815,000       938,339  

Comcast Corp.
2.750%, 03/01/23

    655,000       652,617  
Media—(Continued)  

Comcast Corp.
3.150%, 03/01/26

    860,000     846,145  

3.400%, 07/15/46 (b)

    400,000       342,253  

4.750%, 03/01/44

    240,000       253,200  

COX Communications, Inc.
3.250%, 12/15/22 (144A)

    190,000       186,611  

3.350%, 09/15/26 (144A)

    95,000       91,911  

3.850%, 02/01/25 (144A) (b)

    355,000       353,908  

4.800%, 02/01/35 (144A)

    115,000       108,281  

DISH DBS Corp.
5.875%, 11/15/24 (b)

    280,000       294,070  

Grupo Televisa S.A.B.
6.125%, 01/31/46

    360,000       378,851  

Liberty Interactive LLC
8.250%, 02/01/30 (b)

    320,000       344,000  

NBCUniversal Media LLC
5.150%, 04/30/20

    86,000       93,866  

Sky plc
2.625%, 09/16/19 (144A)

    480,000       482,816  

TEGNA, Inc.
4.875%, 09/15/21 (144A)

    225,000       228,375  

5.125%, 10/15/19

    105,000       107,494  

6.375%, 10/15/23

    10,000       10,575  

Time Warner Cable LLC
4.500%, 09/15/42

    400,000       362,514  

7.300%, 07/01/38

    500,000       619,583  

8.250%, 04/01/19

    231,000       257,533  

8.750%, 02/14/19

    759,000       848,421  

Time Warner, Inc.
4.850%, 07/15/45 (b)

    415,000       403,617  

Viacom, Inc.
4.375%, 03/15/43

    173,000       149,952  

5.875%, 02/28/57 (d)

    10,000       10,200  

6.250%, 02/28/57 (d)

    20,000       20,160  

Videotron, Ltd.
5.375%, 06/15/24 (144A)

    145,000       150,619  
   

 

 

 
      11,479,179  
   

 

 

 
Mining—0.0%  

Anglo American Capital plc
4.875%, 05/14/25 (144A)

    210,000       214,242  

Kaiser Aluminum Corp.
5.875%, 05/15/24 (b)

    45,000       46,898  

Rio Tinto Finance USA, Ltd.
3.750%, 06/15/25 (b)

    145,000       150,737  

Teck Resources, Ltd.
8.500%, 06/01/24 (144A)

    105,000       121,144  
   

 

 

 
      533,021  
   

 

 

 
Oil & Gas—1.0%  

Anadarko Petroleum Corp.
3.450%, 07/15/24

    600,000       585,019  

4.500%, 07/15/44

    240,000       226,391  

4.850%, 03/15/21 (b)

    370,000       395,809  

5.550%, 03/15/26

    5,000       5,549  

 

BHFTII-105


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Oil & Gas—(Continued)  

Anadarko Petroleum Corp.
6.600%, 03/15/46

    400,000     $ 483,892  

6.950%, 06/15/19

    75,000       82,477  

Antero Resources Corp.
5.625%, 06/01/23 (b)

    50,000       51,125  

Apache Corp.
4.250%, 01/15/44

    35,000       32,830  

BP Capital Markets plc
2.112%, 09/16/21 (b)

    355,000       348,630  

2.750%, 05/10/23

    500,000       493,744  

3.062%, 03/17/22

    125,000       126,723  

Cenovus Energy, Inc.
3.000%, 08/15/22

    295,000       290,862  

Concho Resources, Inc.
5.500%, 04/01/23 (b)

    75,000       77,625  

ConocoPhillips Co.
4.950%, 03/15/26 (b)

    490,000       543,863  

Continental Resources, Inc.
3.800%, 06/01/24

    5,000       4,650  

4.500%, 04/15/23 (b)

    60,000       58,387  

4.900%, 06/01/44 (b)

    10,000       8,600  

5.000%, 09/15/22

    70,000       70,700  

Devon Energy Corp.
3.250%, 05/15/22 (b)

    895,000       886,617  

5.000%, 06/15/45 (b)

    150,000       150,500  

Devon Financing Co. LLC
7.875%, 09/30/31

    100,000       129,158  

Diamondback Energy, Inc.
4.750%, 11/01/24 (144A)

    10,000       10,059  

Encana Corp.
3.900%, 11/15/21 (b)

    300,000       306,488  

EOG Resources, Inc.
4.150%, 01/15/26

    225,000       235,055  

Hess Corp.
4.300%, 04/01/27 (b)

    370,000       363,418  

5.600%, 02/15/41

    210,000       210,324  

5.800%, 04/01/47 (b)

    165,000       170,522  

6.000%, 01/15/40

    260,000       267,245  

Kerr-McGee Corp.
6.950%, 07/01/24

    480,000       566,678  

Marathon Oil Corp.
2.700%, 06/01/20

    200,000       198,594  

2.800%, 11/01/22 (b)

    370,000       355,502  

3.850%, 06/01/25

    100,000       98,314  

5.200%, 06/01/45 (b)

    30,000       29,572  

6.600%, 10/01/37 (b)

    15,000       17,021  

6.800%, 03/15/32

    15,000       17,141  

MEG Energy Corp.
6.500%, 01/15/25 (144A)

    35,000       35,000  

7.000%, 03/31/24 (144A) (b)

    61,000       54,595  

Petrobras Global Finance B.V.
7.375%, 01/17/27

    325,000       343,590  

Petroleos Mexicanos
3.500%, 07/23/20

    180,000       181,575  

5.500%, 02/04/19

    380,000       399,000  

5.500%, 06/27/44

    99,000       87,372  
Oil & Gas—(Continued)  

Petroleos Mexicanos
6.375%, 02/04/21

    195,000     211,522  

6.500%, 03/13/27 (144A)

    25,000       26,894  

6.750%, 09/21/47

    376,000       381,414  

Pioneer Natural Resources Co.
3.450%, 01/15/21

    65,000       66,539  

3.950%, 07/15/22

    120,000       124,914  

4.450%, 01/15/26 (b)

    580,000       610,457  

QEP Resources, Inc.
5.375%, 10/01/22

    5,000       4,925  

6.800%, 03/01/20 (g)

    15,000       15,705  

Shell International Finance B.V.
2.500%, 09/12/26 (b)

    185,000       174,525  

3.250%, 05/11/25

    490,000       494,756  

4.375%, 05/11/45

    470,000       476,628  

SM Energy Co.
6.125%, 11/15/22

    55,000       55,413  

Statoil ASA
3.950%, 05/15/43

    420,000       406,209  

Tesoro Corp.
5.125%, 04/01/24 (b)

    150,000       156,000  

Valero Energy Corp.
3.400%, 09/15/26

    660,000       630,495  

4.900%, 03/15/45

    75,000       74,938  
   

 

 

 
      12,911,550  
   

 

 

 
Packaging & Containers—0.0%  

Crown Americas LLC / Crown Americas Capital Corp.
4.250%, 09/30/26 (144A) (b)

    55,000       52,903  

Owens-Brockway Glass Container, Inc.
5.875%, 08/15/23 (144A)

    95,000       100,522  

Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.125%, 07/15/23 (144A)

    170,000       174,675  
   

 

 

 
      328,100  
   

 

 

 
Pharmaceuticals—0.5%  

AbbVie, Inc.
3.200%, 05/14/26 (b)

    235,000       225,900  

Actavis Funding SCS
2.350%, 03/12/18

    1,545,000       1,551,736  

3.000%, 03/12/20

    1,060,000       1,078,092  

Cardinal Health, Inc.
1.950%, 06/15/18

    265,000       265,811  

EMD Finance LLC
2.950%, 03/19/22 (144A)

    535,000       536,497  

Mylan NV
3.000%, 12/15/18

    245,000       247,844  

3.150%, 06/15/21 (b)

    300,000       301,103  

3.750%, 12/15/20 (b)

    325,000       333,383  

Shire Acquisitions Investments Ireland DAC
2.400%, 09/23/21

    520,000       508,515  

Teva Pharmaceutical Finance Netherlands B.V.
1.700%, 07/19/19

    805,000       795,823  

2.200%, 07/21/21 (b)

    635,000       612,813  

 

BHFTII-106


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Pharmaceuticals—(Continued)  

Valeant Pharmaceuticals International, Inc.
6.500%, 03/15/22 (144A)

    20,000     $ 20,575  

7.000%, 03/15/24 (144A)

    30,000       30,788  
   

 

 

 
      6,508,880  
   

 

 

 
Pipelines—0.5%  

DCP Midstream Operating L.P.
2.700%, 04/01/19

    30,000       29,700  

3.875%, 03/15/23

    20,000       19,200  

4.950%, 04/01/22

    66,000       66,660  

5.600%, 04/01/44

    50,000       46,000  

Energy Transfer Equity L.P.
7.500%, 10/15/20

    310,000       345,650  

Energy Transfer Partners L.P.
3.600%, 02/01/23

    40,000       39,758  

4.050%, 03/15/25

    180,000       177,981  

5.950%, 10/01/43

    120,000       124,246  

Enterprise Products Operating LLC
3.950%, 02/15/27 (b)

    220,000       224,325  

Kinder Morgan Energy Partners L.P.
6.500%, 04/01/20

    50,000       55,335  

6.850%, 02/15/20

    215,000       239,270  

Kinder Morgan, Inc.
5.050%, 02/15/46

    580,000       563,018  

Magellan Midstream Partners L.P.
5.000%, 03/01/26 (b)

    145,000       159,617  

MPLX L.P.
4.125%, 03/01/27

    260,000       258,873  

5.200%, 03/01/47

    65,000       65,407  

Phillips 66 Partners L.P.
3.550%, 10/01/26

    145,000       138,497  

Plains All American Pipeline L.P. / PAA Finance Corp.
2.850%, 01/31/23

    470,000       450,540  

3.650%, 06/01/22

    470,000       476,547  

4.500%, 12/15/26 (b)

    275,000       280,431  

Regency Energy Partners L.P. / Regency Energy Finance Corp.
4.500%, 11/01/23

    275,000       282,183  

5.875%, 03/01/22

    55,000       60,450  

Sabine Pass Liquefaction LLC
4.200%, 03/15/28 (144A)

    200,000       197,563  

Sunoco Logistics Partners Operations L.P.
3.900%, 07/15/26

    25,000       24,155  

4.250%, 04/01/24

    300,000       305,399  

Tesoro Logistics L.P. / Tesoro Logistics Finance Corp.
6.250%, 10/15/22

    110,000       116,187  

Texas Eastern Transmission L.P.
2.800%, 10/15/22 (144A)

    420,000       406,598  

Williams Cos., Inc. (The)
3.700%, 01/15/23

    70,000       68,775  

4.550%, 06/24/24

    21,000       21,157  

7.875%, 09/01/21

    25,000       28,812  
Pipelines—(Continued)  

Williams Partners L.P.
3.600%, 03/15/22

    775,000     786,143  

4.000%, 11/15/21

    280,000       289,738  

4.300%, 03/04/24

    260,000       267,531  
   

 

 

 
      6,615,746  
   

 

 

 
Real Estate—0.1%  

ProLogis L.P.
3.350%, 02/01/21

    525,000       540,584  
   

 

 

 
Real Estate Investment Trusts—0.2%  

American Tower Corp.
3.400%, 02/15/19

    385,000       393,606  

3.450%, 09/15/21

    95,000       96,713  

4.500%, 01/15/18

    280,000       285,974  

Brandywine Operating Partnership L.P.
3.950%, 02/15/23

    400,000       401,208  

Crown Castle International Corp.
3.400%, 02/15/21

    105,000       106,807  

3.700%, 06/15/26

    245,000       240,430  

Kimco Realty Corp.
3.125%, 06/01/23

    605,000       595,451  

3.400%, 11/01/22 (b)

    70,000       70,650  

Ventas Realty L.P. / Ventas Capital Corp.
2.700%, 04/01/20

    265,000       267,207  
   

 

 

 
      2,458,046  
   

 

 

 
Retail—0.3%  

CVS Health Corp.
2.800%, 07/20/20

    595,000       604,971  

3.875%, 07/20/25

    324,000       333,832  

5.125%, 07/20/45

    670,000       739,209  

Home Depot, Inc. (The)
3.500%, 09/15/56

    390,000       340,471  

KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC
5.250%, 06/01/26 (144A)

    110,000       111,925  

Lowe’s Cos., Inc.
2.500%, 04/15/26

    625,000       593,656  

3.700%, 04/15/46

    520,000       483,245  

Suburban Propane Partners L.P. / Suburban Energy Finance Corp.
5.875%, 03/01/27

    80,000       78,800  

Walgreens Boots Alliance, Inc.
2.600%, 06/01/21 (b)

    220,000       220,266  
   

 

 

 
      3,506,375  
   

 

 

 
Savings & Loans—0.0%  

Nationwide Building Society
6.875%, 06/20/19 (GBP) (d)

    130,000       165,320  
   

 

 

 
Semiconductors—0.3%  

Applied Materials, Inc.
3.300%, 04/01/27

    100,000       100,397  

4.350%, 04/01/47

    70,000       70,866  

 

BHFTII-107


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Semiconductors—(Continued)  

Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.000%, 01/15/22 (144A)

    1,310,000     $ 1,308,331  

3.625%, 01/15/24 (144A)

    1,010,000       1,017,444  

Intel Corp.
4.100%, 05/19/46 (b)

    235,000       234,354  

Lam Research Corp.
2.800%, 06/15/21

    375,000       376,367  

Sensata Technologies B.V.
5.000%, 10/01/25 (144A)

    120,000       120,900  

5.625%, 11/01/24 (144A)

    20,000       20,850  
   

 

 

 
      3,249,509  
   

 

 

 
Shipbuilding—0.0%  

Huntington Ingalls Industries, Inc.
5.000%, 11/15/25 (144A)

    25,000       26,125  
   

 

 

 
Software—0.2%  

First Data Corp.
5.000%, 01/15/24 (144A)

    40,000       40,700  

5.375%, 08/15/23 (144A) (b)

    185,000       192,631  

Microsoft Corp.
1.550%, 08/08/21

    655,000       638,250  

2.400%, 08/08/26

    255,000       241,273  

3.300%, 02/06/27

    200,000       203,069  

3.700%, 08/08/46

    390,000       366,097  

3.950%, 08/08/56

    400,000       373,826  

MSCI, Inc.
5.250%, 11/15/24 (144A) (b)

    75,000       78,938  

5.750%, 08/15/25 (144A)

    65,000       69,063  

Open Text Corp.
5.625%, 01/15/23 (144A)

    80,000       83,200  

Quintiles IMS, Inc.
4.875%, 05/15/23 (144A)

    85,000       86,169  
   

 

 

 
      2,373,216  
   

 

 

 
Telecommunications—0.5%  

AT&T, Inc.
3.600%, 02/17/23

    770,000       779,857  

4.125%, 02/17/26

    170,000       172,397  

4.500%, 05/15/35

    130,000       122,724  

4.750%, 05/15/46

    445,000       415,224  

5.150%, 03/15/42

    439,000       435,557  

Frontier Communications Corp.
10.500%, 09/15/22

    65,000       65,812  

Nokia Oyj
6.625%, 05/15/39

    110,000       116,737  

Sprint Communications, Inc.
7.000%, 03/01/20 (144A)

    320,000       348,800  

Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
3.360%, 09/20/21 (144A)

    1,235,000       1,231,912  

T-Mobile USA, Inc.
6.731%, 04/28/22

    125,000       129,325  
Telecommunications—(Continued)  

Telecom Italia Capital S.A.
6.000%, 09/30/34

    45,000     44,438  

6.375%, 11/15/33

    10,000       10,106  

7.721%, 06/04/38

    50,000       55,375  

Telefonica Emisiones S.A.U.
4.103%, 03/08/27

    355,000       357,505  

Verizon Communications, Inc.
4.125%, 03/16/27

    365,000       371,183  

4.400%, 11/01/34

    535,000       506,266  

4.672%, 03/15/55

    843,000       752,799  

4.862%, 08/21/46

    310,000       298,034  

5.012%, 08/21/54

    523,000       496,159  

5.500%, 03/16/47

    95,000       99,574  
   

 

 

 
      6,809,784  
   

 

 

 
Transportation—0.1%  

Burlington Northern Santa Fe LLC
3.250%, 06/15/27

    70,000       70,522  

4.125%, 06/15/47

    450,000       448,732  

FedEx Corp.
4.400%, 01/15/47

    200,000       194,444  

4.550%, 04/01/46

    315,000       314,763  

4.750%, 11/15/45

    125,000       128,020  

Norfolk Southern Corp.
2.900%, 06/15/26

    365,000       352,419  

Ryder System, Inc.
2.550%, 06/01/19

    260,000       262,119  
   

 

 

 
      1,771,019  
   

 

 

 
Trucking & Leasing—0.1%  

Penske Truck Leasing Co. L.P. / PTL Finance Corp.
2.500%, 06/15/19 (144A)

    335,000       336,898  

4.875%, 07/11/22 (144A)

    655,000       707,081  
   

 

 

 
      1,043,979  
   

 

 

 

Total Corporate Bonds & Notes
(Cost $154,731,669)

      154,590,551  
   

 

 

 
Asset-Backed Securities—6.7%  
Asset-Backed - Automobile—0.2%  

AmeriCredit Automobile Receivables Trust
3.310%, 10/08/19

    245,000       248,203  

First Investors Auto Owner Trust
2.390%, 11/16/20 (144A)

    285,000       286,465  

GM Financial Automobile Leasing Trust
1.960%, 03/20/18 (144A)

    200,000       200,359  

Honor Automobile Trust Securitization
2.940%, 11/15/19 (144A)

    895,596       898,693  

Santander Drive Auto Receivables Trust
3.780%, 10/15/19 (144A)

    195,000       198,230  

4.670%, 01/15/20 (144A)

    1,085,000       1,102,875  
   

 

 

 
      2,934,825  
   

 

 

 

 

BHFTII-108


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Asset-Backed - Home Equity—0.5%  

GSAA Home Equity Trust
1.032%, 12/25/46 (d) (g)

    110,834     $ 68,938  

1.052%, 12/25/46 (d) (g)

    362,760       197,289  

1.082%, 03/25/37 (d) (g)

    805,675       436,183  

1.202%, 05/25/47 (d) (g)

    26,143       20,792  

1.212%, 04/25/47 (d) (g)

    258,435       170,534  

1.222%, 11/25/36 (d) (g)

    326,334       197,687  

1.282%, 03/25/36 (d) (g)

    1,450,571       1,020,892  

5.876%, 09/25/36 (g)

    160,851       81,759  

5.985%, 06/25/36 (d) (g)

    625,600       311,122  

Morgan Stanley ABS Capital, Inc. Trust
1.132%, 06/25/36 (d) (g)

    51,469       43,604  

New Residential Mortgage Loan Trust
4.000%, 02/25/57 (144A) (d)

    2,396,128       2,470,948  

Renaissance Home Equity Loan Trust
5.909%, 04/25/37 (g)

    671,934       356,646  

6.120%, 11/25/36 (g)

    259,805       164,686  

Soundview Home Loan Trust
1.232%, 11/25/36 (d) (g)

    595,000       436,134  
   

 

 

 
      5,977,214  
   

 

 

 
Asset-Backed - Other—6.0%  

AMMC CLO, Ltd.
2.488%, 07/27/26 (144A) (d)

    1,340,000       1,340,878  

Anchorage Capital CLO, Ltd.
2.461%, 01/15/29 (144A) (d)

    760,744       762,706  

Apidos CLO
2.353%, 01/16/27 (144A) (d)

    480,000       480,303  

2.475%, 01/19/25 (144A) (d)

    895,000       898,071  

2.873%, 07/15/23 (144A) (d)

    465,000       465,744  

Atlas Senior Loan Fund CLO, Ltd.
2.452%, 07/16/26 (144A) (d)

    620,000       619,720  

Atlas Senior Loan Fund, Ltd.
2.284%, 10/15/26 (144A) (d)

    1,190,000       1,190,093  

Avery Point CLO, Ltd.
2.558%, 04/25/26 (144A) (d)

    1,460,000       1,462,914  

2.670%, 04/25/26 (144A) (d)

    1,460,000       1,460,000  

Babson CLO, Ltd.
2.180%, 07/20/25 (144A) (d)

    340,000       340,658  

Battalion CLO, Ltd.
2.441%, 10/22/25 (144A) (d)

    615,000       615,061  

Bayview Opportunity Master Fund Trust
4.000%, 10/28/64 (144A) (d)

    1,415,000       1,462,361  

Benefit Street Partners CLO, Ltd.
2.223%, 07/15/24 (144A) (d)

    320,000       319,940  

BlueMountain CLO, Ltd.
2.275%, 04/30/26 (144A) (d)

    1,100,000       1,099,634  

Camden Parc Dus
3.150%, 04/01/27 () (d)

    775,000       784,597  

Carlyle Global Market Strategies CLO, Ltd.
2.507%, 04/27/27 (144A) (d)

    1,425,000       1,434,535  

Cent CLO, Ltd.

   

Zero Coupon, 07/27/26 (144A) (d)

    930,000       930,144  

2.339%, 01/30/25 (144A) (d)

    1,135,000       1,135,663  

2.444%, 11/07/26 (144A) (d)

    755,000       755,258  
Asset-Backed - Other—(Continued)  

Cent CLO, Ltd.

   

2.513%, 04/17/26 (144A) (d)

    1,345,000     1,345,928  

3.073%, 04/17/26 (144A) (d)

    530,000       530,254  

CIFC Funding, Ltd.
2.235%, 05/24/26 (144A) (d)

    1,580,000       1,579,627  

2.524%, 04/18/25 (144A) (d)

    1,585,000       1,585,095  

3.800%, 12/05/24 (144A) (d)

    950,000       951,582  

Consumer Credit Origination Loan Trust
2.820%, 03/15/21 (144A) (l)

    3,057       3,057  

Dryden Senior Loan Fund
2.453%, 07/15/27 (144A) (d)

    1,215,000       1,224,556  

2.453%, 10/15/28 (144A) (d)

    1,604,000       1,608,802  

Finance America Mortgage Loan Trust
2.032%, 09/25/33 (d) (g)

    94,447       88,711  

First Franklin Mortgage Loan Trust
1.292%, 09/25/36 (d) (g)

    560,000       450,792  

Fremont Home Loan Trust
2.032%, 12/25/33 (d) (g)

    86,521       82,240  

Galaxy CLO, Ltd.
2.273%, 04/15/25 (144A) (d)

    400,000       400,564  

GMACM Home Equity Loan Trust
1.482%, 10/25/34 (144A) (d)

    77,242       73,134  

GreatAmerica Leasing Receivables Funding LLC
1.720%, 04/22/19 (144A)

    150,000       149,805  

Green Tree Agency Advance Funding Trust
3.095%, 10/15/48 (144A)

    705,000       704,457  

Highbridge Loan Management, Ltd.
2.484%, 05/05/27 (144A) (d)

    895,000       895,067  

JFIN CLO, Ltd.
2.324%, 04/24/29 (144A) (d)

    1,315,000       1,316,976  

KKR Financial CLO, Ltd.
2.173%, 07/15/25 (144A) (d)

    565,000       564,580  

Knollwood CDO, Ltd.
4.209%, 01/10/39 (144A) (d)

    600,440       6  

Lakeview APT DUS
3.160%, 04/01/27 () (d)

    585,000       592,130  

Laurel PNS AP II DUS
3.230%, 04/01/27 () (d)

    735,000       747,920  

Lehman XS Trust
1.502%, 11/25/35 (d) (g)

    220,466       147,916  

Lendmark Funding Trust
3.260%, 04/21/25 (144A) (l)

    875,000       871,361  

Madison Park Funding, Ltd.
2.275%, 07/20/26 (144A) (d)

    1,485,000       1,486,311  

2.321%, 10/23/25 (144A) (d)

    1,341,165       1,341,911  

Magnetite, Ltd.
2.323%, 04/15/26 (144A) (d)

    865,000       867,675  

2.353%, 04/15/27 (144A) (d)

    955,000       955,117  

2.458%, 07/25/26 (144A) (d)

    1,255,000       1,256,482  

2.988%, 07/25/26 (144A) (d)

    1,010,000       1,010,159  

Metropl Town CTR DUS
3.105%, 04/01/27 () (d)

    1,820,317       1,833,543  

Nationstar HECM Loan Trust
2.239%, 06/25/26 (144A)

    117,049       117,844  

2.981%, 02/25/26 (144A)

    360,613       360,613  

Neuberger Berman CLO, Ltd.
2.504%, 08/04/25 (144A) (d)

    1,230,000       1,230,138  

 

BHFTII-109


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Asset-Backed - Other—(Continued)  

New Residential Advance Receivables Trust
2.575%, 10/15/49 (144A)

    1,249,000     $ 1,235,729  

3.214%, 02/15/51 (144A)

    1,065,000       1,057,918  

NRZ Advance Receivables Trust
3.107%, 12/15/50 (144A)

    1,195,000       1,188,604  

Oak Hill Credit Partners, Ltd.

   

Zero Coupon, 07/20/26 (144A) (d)

    455,000       454,773  

Oaktree EIF, Ltd.
2.589%, 02/15/26 (144A) (d)

    1,345,000       1,345,285  

OCP CLO, Ltd.
2.553%, 04/17/27 (144A) (d)

    1,230,000       1,231,423  

Octagon Investment Partners, Ltd.
2.143%, 07/17/25 (144A) (d)

    720,000       719,386  

2.355%, 03/17/30 (144A) (d)

    725,000       728,262  

OHA Loan Funding, Ltd.
2.323%, 08/23/24 (144A) (d)

    695,000       695,077  

OneMain Financial Issuance Trust
4.100%, 03/20/28 (144A)

    1,650,000       1,689,731  

OZLM Funding, Ltd.
2.191%, 07/22/25 (144A) (d)

    1,205,000       1,204,132  

OZLM, Ltd.
2.489%, 04/30/27 (144A) (d)

    1,360,000       1,362,307  

Race Point CLO, Ltd.
2.533%, 04/15/27 (144A) (d)

    1,610,000       1,619,974  

SBA Tower Trust
2.898%, 10/15/44 (144A)

    845,000       847,626  

Securitized Asset-Backed Receivables LLC Trust
1.072%, 07/25/36 (d) (g)

    537,064       265,288  

Seneca Park CLO, Ltd.

   

Zero Coupon, 07/17/26 (144A) (d)

    1,095,000       1,094,452  

2.503%, 07/17/26 (144A) (d)

    1,095,000       1,094,995  

Shackleton CLO
2.503%, 07/17/26 (144A) (d)

    1,105,000       1,097,457  

SoFi Consumer Loan Program LLC
3.090%, 10/27/25 (144A) (l)

    772,065       772,655  

3.280%, 01/26/26 (144A) (l)

    605,451       608,344  

Sound Point CLO, Ltd.
2.411%, 01/21/26 (144A) (d)

    1,415,000       1,419,355  

2.496%, 01/23/29 (144A) (d)

    505,000       506,674  

2.553%, 04/15/27 (144A) (d)

    1,315,000       1,322,739  

Springleaf Funding Trust
2.900%, 11/15/29 (144A)

    960,000       965,492  

SPS Servicer Advance Receivables Trust
2.750%, 11/15/49 (144A)

    1,020,000       1,012,987  

2.920%, 07/15/47 (144A)

    1,185,000       1,186,818  

Symphony CLO, Ltd.
2.285%, 07/14/26 (144A) (d)

    1,295,000       1,294,413  

2.513%, 01/09/23 (144A) (d)

    1,280,000       1,280,504  

Treman Park CLO, Ltd.
2.530%, 04/20/27 (144A) (d)

    1,300,000       1,293,558  

Voya CLO, Ltd.
2.504%, 04/18/27 (144A) (d)

    1,265,000       1,272,805  

3.124%, 04/18/27 (144A) (d)

    440,000       440,493  
   

 

 

 
      76,241,889  
   

 

 

 

Total Asset-Backed Securities
(Cost $85,556,591)

      85,153,928  
   

 

 

 
Mortgage-Backed Securities—4.9%  
Security Description   Principal
Amount*
    Value  
Collateralized Mortgage Obligations—2.6%  

Adjustable Rate Mortgage Trust
1.482%, 01/25/36 (d)

    319,269     276,217  

1.502%, 01/25/36 (d)

    63,979       59,471  

1.522%, 11/25/35 (d)

    379,218       351,819  

4.255%, 11/25/37 (144A) (d)

    193,141       179,038  

Angel Oak Mortgage Trust LLC
2.810%, 01/25/47 (144A) (d)

    291,590       291,584  

Banc of America Funding Trust
1.208%, 02/20/47 (d)

    1,366,451       1,271,624  

Bear Stearns Adjustable Rate Mortgage Trust
3.338%, 07/25/36 (d)

    535,775       518,584  

Bear Stearns ALT-A Trust
1.462%, 02/25/36 (d)

    821,740       713,936  

Bear Stearns Mortgage Funding Trust
1.162%, 10/25/36 (d)

    462,182       397,484  

1.182%, 02/25/37 (d)

    909,626       800,234  

COLT Mortgage Loan Trust
2.800%, 12/26/46 (144A) (d)

    489,765       490,074  

Countrywide Alternative Loan Trust
1.252%, 01/25/36 (d)

    322,808       280,399  

1.302%, 11/25/35 (d)

    168,889       141,268  

1.382%, 10/25/36 (d)

    42,802       26,498  

1.432%, 04/25/35 (d)

    317,166       266,170  

1.782%, 12/25/35 (d)

    236,856       194,608  

1.988%, 08/25/35 (d)

    416,540       336,223  

5.500%, 11/25/35

    971,715       833,688  

5.500%, 12/25/35

    121,698       104,384  

5.750%, 05/25/36

    73,449       56,033  

6.000%, 12/25/36

    201,593       137,094  

Countrywide Home Loan Mortgage Pass-Through Trust
1.182%, 04/25/46 (d)

    397,779       321,390  

1.662%, 02/25/35 (d)

    190,416       166,257  

1.662%, 03/25/35 (d)

    189,050       166,784  

3.036%, 06/20/35 (d)

    27,771       26,064  

3.140%, 09/25/47 (d)

    793,786       732,610  

3.249%, 03/20/36 (d)

    77,486       63,372  

Deutsche ALT-A Securities Mortgage Loan Trust
1.132%, 12/25/36 (d)

    478,104       386,808  

DSLA Mortgage Loan Trust
1.534%, 03/19/46 (d)

    819,032       704,112  

Fannie Mae Connecticut Avenue Securities

   

4.532%, 07/25/29 (144A) (d)

    390,000       394,718  

5.332%, 04/25/29 (d)

    780,142       824,404  

GreenPoint Mortgage Funding Trust
2.014%, 10/25/45 (d)

    303,512       234,489  

GSR Mortgage Loan Trust
1.282%, 01/25/37 (d)

    924,133       554,929  

3.355%, 01/25/36 (d)

    766,583       712,116  

6.000%, 07/25/37

    402,034       360,179  

HarborView Mortgage Loan Trust
1.678%, 01/19/35 (d)

    97,638       66,957  

IndyMac INDX Mortgage Loan Trust
1.172%, 04/25/37 (d)

    60,353       44,053  

3.402%, 10/25/35 (d)

    73,635       65,669  

 

BHFTII-110


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Collateralized Mortgage Obligations—(Continued)  

JPMorgan Mortgage Trust
3.225%, 05/25/36 (d)

    50,510     $ 46,462  

Lehman XS Trust
1.172%, 11/25/46 (d) (g)

    918,140       786,225  

1.222%, 06/25/47 (d)

    813,989       660,688  

LSTAR Securities Investment, Ltd.
2.784%, 10/01/20 (144A) (d)

    1,063,015       1,059,029  

2.784%, 09/01/21 (144A) (d)

    387,469       399,093  

2.784%, 01/01/22 (144A) (d)

    559,229       557,831  

2.784%, 02/01/22 (144A) (d)

    1,103,460       1,091,156  

Luminent Mortgage Trust
1.182%, 10/25/46 (d)

    145,223       124,344  

1.242%, 11/25/35 (d)

    68,498       62,406  

Master Adjustable Rate Mortgages Trust
3.050%, 11/21/34 (d)

    197,912       202,012  

MASTR Adjustable Rate Mortgages Trust
1.222%, 05/25/37 (d)

    149,511       92,567  

2.765%, 09/25/33 (d)

    121,919       114,405  

Morgan Stanley Mortgage Loan Trust
3.394%, 05/25/36 (d)

    484,827       340,286  

Mortgage Repurchase Agreement Financing Trust
2.028%, 06/10/19 (144A) (d)

    1,688,000       1,688,282  

New Residential Mortgage Loan Trust
3.750%, 11/26/35 (144A) (d)

    1,284,817       1,298,226  

3.750%, 11/25/56 (144A) (d)

    1,173,294       1,197,815  

Nomura Asset Acceptance Corp. Alternative Loan Trust
3.951%, 06/25/36 (d)

    77,404       63,527  

Residential Accredit Loans, Inc. Trust
1.202%, 02/25/46 (d)

    451,122       195,562  

1.282%, 04/25/36 (d)

    804,791       579,959  

6.000%, 12/25/35

    387,931       358,595  

Residential Asset Securitization Trust
1.432%, 03/25/35 (d)

    308,969       241,957  

RFMSI Trust
3.287%, 08/25/35 (d)

    122,543       92,923  

Structured Adjustable Rate Mortgage Loan Trust
1.282%, 09/25/34 (d)

    86,560       74,955  

Structured Asset Mortgage Investments Trust
1.212%, 02/25/36 (d)

    170,067       143,549  

Towd Point Mortgage Trust
2.250%, 04/25/56 (144A) (d)

    1,135,593       1,124,524  

2.750%, 02/25/55 (144A) (d)

    287,589       287,779  

2.750%, 08/25/55 (144A) (d)

    931,561       927,692  

2.750%, 10/25/56 (144A) (d)

    2,393,551       2,391,303  

3.000%, 03/25/54 (144A) (d)

    69,921       70,400  

WaMu Mortgage Pass-Through Certificates Trust
1.402%, 06/25/44 (d)

    164,506       153,076  

1.434%, 12/25/46 (d)

    705,935       594,361  

1.618%, 07/25/46 (d)

    99,309       86,758  

2.116%, 11/25/46 (d)

    105,928       95,354  

2.658%, 06/25/37 (d)

    195,505       175,788  

Washington Mutual Mortgage Pass-Through Certificates
1.582%, 07/25/36 (d)

    143,871       91,206  
Collateralized Mortgage Obligations—(Continued)  

Wells Fargo Alternative Loan Trust
3.167%, 12/28/37 (d)

    31,196     28,619  

Wells Fargo Mortgage-Backed Securities Trust
3.004%, 09/25/36 (d)

    298,440       293,007  

3.078%, 10/25/35 (d)

    1,541,000       1,548,025  

3.230%, 10/25/36 (d)

    358,625       331,731  
   

 

 

 
      33,222,818  
   

 

 

 
Commercial Mortgage-Backed Securities—2.3%  

Banc of America Commercial Mortgage Trust
3.116%, 09/15/48 (144A) (d) (l)

    413,000       245,506  

3.705%, 09/15/48

    150,000       155,822  

BB-UBS Trust
3.430%, 11/05/36 (144A)

    2,520,000       2,576,567  

Bear Stearns Commercial Mortgage Securities Trust
5.118%, 10/12/42 (d)

    145,000       142,256  

CD Mortgage Trust
6.159%, 11/15/44 (d)

    80,000       81,564  

Citigroup Commercial Mortgage Trust
1.057%, 07/10/47 (d) (f)

    4,408,927       261,718  

1.165%, 04/10/48 (d) (f)

    5,033,472       325,046  

2.935%, 04/10/48

    85,000       83,623  

3.110%, 04/10/48 (144A)

    245,000       175,109  

3.616%, 02/10/49

    310,000       318,198  

3.762%, 06/10/48

    295,000       306,290  

3.818%, 11/10/48

    220,000       229,011  

3.855%, 05/10/47

    25,000       26,203  

Commercial Mortgage Loan Trust
6.101%, 12/10/49 (d)

    359,403       362,970  

Commercial Mortgage Pass-Through Certificates Mortgage Trust
0.830%, 02/10/47 (d) (f)

    3,838,883       123,019  

1.895%, 10/15/45 (d) (f)

    445,719       29,642  

2.853%, 10/15/45

    160,000       160,832  

3.101%, 03/10/46

    145,000       147,340  

3.183%, 02/10/48

    145,000       145,509  

3.213%, 03/10/46

    280,000       285,342  

3.350%, 02/10/48

    320,000       321,489  

3.424%, 03/10/31 (144A)

    1,065,000       1,097,046  

3.612%, 06/10/46 (d)

    260,000       270,994  

3.620%, 07/10/50

    130,000       133,341  

3.694%, 08/10/47

    395,000       407,508  

3.765%, 02/10/49

    295,000       304,558  

3.796%, 08/10/47

    225,000       235,398  

3.902%, 07/10/50

    210,000       218,606  

3.961%, 03/10/47

    95,125       99,926  

4.074%, 02/10/47 (d)

    115,000       121,945  

4.205%, 08/10/46

    100,035       107,268  

4.210%, 08/10/46 (d)

    175,000       188,594  

4.236%, 02/10/47 (d)

    100,000       106,957  

4.571%, 10/15/45 (144A) (d) (l)

    210,000       89,645  

4.750%, 10/15/45 (144A) (d) (l)

    355,000       219,330  

Credit Suisse Commercial Mortgage Trust
5.715%, 06/15/39 (d)

    35,776       35,757  

 

BHFTII-111


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Mortgage-Backed Securities—(Continued)  

Credit Suisse First Boston Mortgage Securities Corp.
4.877%, 04/15/37

    34,706     $ 33,285  

CSAIL Commercial Mortgage Trust
0.875%, 06/15/57 (d) (f)

    13,235,445       652,318  

1.056%, 11/15/48 (d) (f)

    1,158,599       70,843  

3.447%, 08/15/48

    80,000       81,215  

3.502%, 11/15/49

    235,000       237,160  

3.544%, 11/15/48

    280,000       284,976  

FREMF Mortgage Trust
5.251%, 09/25/43 (144A) (d)

    855,000       923,608  

GE Commercial Mortgage Corp. Trust
5.606%, 12/10/49 (d)

    65,000       64,620  

GS Mortgage Securities Corp.
2.943%, 02/10/46

    20,000       20,200  

2.954%, 11/05/34 (144A)

    1,200,000       1,212,410  

GS Mortgage Securities Corp. Trust
3.633%, 06/05/31 (144A)

    130,000       130,511  

GS Mortgage Securities Trust
0.202%, 07/10/46 (d) (f)

    12,467,593       70,228  

1.364%, 08/10/44 (144A) (d) (f)

    1,044,779       50,071  

3.674%, 04/10/47 (144A) (l)

    235,000       80,600  

4.511%, 11/10/47 (144A) (d)

    205,000       169,694  

4.868%, 04/10/47 (144A) (d) (l)

    585,000       441,967  

JPMBB Commercial Mortgage Securities Trust
0.841%, 09/15/47 (d) (f)

    4,720,471       163,748  

3.611%, 05/15/48

    150,000       154,061  

3.739%, 10/15/48 (144A) (d)

    220,000       161,578  

3.775%, 08/15/47

    160,000       166,747  

JPMorgan Chase Commercial Mortgage Securities Trust
2.381%, 02/12/51 (d)

    1,606,001       1,555,178  

2.733%, 10/15/45 (144A) (d) (l)

    400,000       188,012  

3.905%, 05/05/30 (144A)

    872,459       907,595  

4.413%, 12/15/47 (144A) (d) (l)

    130,000       98,072  

6.068%, 02/12/51

    192,362       194,673  

LB-UBS Commercial Mortgage Trust
6.127%, 04/15/41 (d)

    275,687       283,416  

Morgan Stanley Bank of America Merrill Lynch Trust
1.118%, 10/15/48 (d) (f)

    911,755       63,595  

1.144%, 12/15/47 (d) (f)

    2,934,318       159,659  

2.918%, 02/15/46

    130,000       131,303  

3.134%, 12/15/48

    315,000       320,862  

3.176%, 08/15/45

    245,000       251,369  

3.766%, 11/15/46

    180,000       188,535  

4.259%, 10/15/46 (d)

    115,000       123,612  

4.500%, 08/15/45 (144A) (l)

    220,000       149,341  

Morgan Stanley Capital Trust
2.782%, 08/15/49

    210,000       201,697  

3.337%, 12/15/49

    175,000       176,207  

3.596%, 12/15/49

    60,000       61,474  

5.156%, 07/15/49 (144A) (d) (l)

    265,000       217,902  

5.333%, 10/12/52 (144A) (d)

    135,000       76,310  

6.301%, 01/11/43 (144A) (d)

    100,000       99,240  
Commercial Mortgage-Backed Securities—(Continued)  

Morgan Stanley Re-REMIC Trust
5.949%, 08/12/45 (144A) (d)

    15,126     15,114  

5.949%, 08/15/45 (144A) (d)

    9,765       9,752  

SFAVE Commercial Mortgage Securities Trust
3.872%, 01/05/43 (144A) (d)

    250,000       243,394  

UBS-Barclays Commercial Mortgage Trust
1.531%, 02/15/50 (d) (f)

    5,756,216       635,058  

3.091%, 08/10/49

    355,000       362,756  

3.185%, 03/10/46

    155,000       158,107  

3.244%, 04/10/46

    300,119       307,040  

VNDO Mortgage Trust
2.996%, 11/15/30 (144A)

    1,105,000       1,117,809  

Wells Fargo Commercial Mortgage Trust
1.181%, 09/15/57 (d) (f)

    8,438,240       510,244  

1.190%, 05/15/48 (d) (f)

    3,913,268       252,198  

2.881%, 05/15/48 (144A) (d) (l)

    510,000       304,547  

2.918%, 10/15/45

    320,000       324,289  

3.290%, 05/15/48

    230,000       231,064  

3.356%, 09/15/58 (144A) (l)

    245,000       142,150  

3.560%, 01/15/59

    230,000       234,486  

3.637%, 06/15/48

    190,000       194,938  

3.839%, 09/15/58

    225,000       234,099  

3.957%, 12/15/47 (144A) (d)

    72,000       57,233  

4.104%, 05/15/48 (d)

    80,000       66,132  

4.225%, 06/15/48 (d)

    150,000       120,782  

WF-RBS Commercial Mortgage Trust
1.377%, 03/15/47 (d) (f)

    2,395,743       140,210  

2.870%, 11/15/45

    400,000       404,370  

2.875%, 12/15/45

    175,000       176,316  

3.016%, 11/15/47 (144A) (l)

    550,000       218,408  

3.071%, 03/15/45

    185,000       187,930  

3.345%, 05/15/45

    100,000       101,313  

3.607%, 11/15/47

    190,000       195,576  

3.723%, 05/15/47

    190,000       197,218  

3.995%, 05/15/47

    160,281       169,011  

4.045%, 03/15/47

    40,000       42,295  

4.101%, 03/15/47

    335,000       355,721  

4.351%, 03/15/48 (144A) (d)

    55,000       50,147  

5.000%, 06/15/44 (144A) (d) (l)

    105,000       84,558  

5.582%, 04/15/45 (144A) (d)

    255,000       254,899  
   

 

 

 
      28,856,985  
   

 

 

 

Total Mortgage-Backed Securities
(Cost $62,575,661)

      62,079,803  
   

 

 

 
Floating Rate Loans (m)—1.7%  
Advertising—0.0%  

inVentiv Health, Inc.

   

Term Loan B, 4.804%, 11/09/23

    244,388       245,588  
   

 

 

 
Aerospace/Defense—0.0%  

TransDigm, Inc.

   

Term Loan E, 4.037%, 05/14/22

    292,627       292,108  
   

 

 

 

 

BHFTII-112


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (m)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Agriculture—0.0%  

American Rock Salt Holdings LLC
1st Lien Term Loan, 4.897%, 05/20/21

    281,750     $ 283,041  

Incremental
Term Loan, 4.897%, 05/20/21

    122,362       122,209  
   

 

 

 
      405,250  
   

 

 

 
Auto Manufacturers—0.1%  

FCA U.S. LLC

   

Term Loan B, 3.390%, 12/31/18

    512,322       514,522  
   

 

 

 
Building Materials—0.0%  

Quikrete Holdings, Inc.
1st Lien Term Loan, 4.232%, 11/15/23

    129,675       131,188  
   

 

 

 
Chemicals—0.1%  

Chemours Co. (The)

   

Term Loan B, 6.000%, 05/12/22

    245,852       246,390  

Nexeo Solutions LLC

   

Term Loan B, 5.516%, 06/09/23

    168,727       170,541  

Univar, Inc.

   

Term Loan B, 3.732%, 07/01/22

    119,700       119,999  
   

 

 

 
      536,930  
   

 

 

 
Commercial Services—0.1%  

Acosta Holdco, Inc.

   

Term Loan, 4.289%, 09/26/21

    154,452       145,262  

Brickman Group, Ltd. LLC
1st Lien Term Loan, 4.001%, 12/18/20

    297,698       299,140  

Jaguar Holding Co. II

   

Term Loan B, 4.328%, 08/18/22

    132,351       132,947  

ON Assignment, Inc.

   

Term Loan B, 3.232%, 06/03/22

    107,248       108,098  

WEX, Inc.

   

Term Loan B, 4.482%, 07/01/23

    416,850       422,396  
   

 

 

 
      1,107,843  
   

 

 

 
Computers—0.0%  

Dell, Inc.

   

Term Loan B, 3.490%, 09/07/23

    164,588       165,579  

Xerox Business Services LLC

   

Term Loan B, 6.334%, 12/07/23

    134,663       136,598  
   

 

 

 
      302,177  
   

 

 

 
Containers & Packaging—0.0%  

Berry Plastics Group, Inc.

   

Term Loan K, 3.108%, 02/08/20

    247,751       249,316  
   

 

 

 
Cosmetics/Personal Care—0.0%  

Galleria Co.

   

Term Loan B, 3.813%, 09/29/23

    90,000       90,731  

Revlon Consumer Products Corp.

   

Term Loan B, 4.482%, 09/07/23

    243,775       244,283  
   

 

 

 
      335,014  
   

 

 

 
Diversified Financial Services—0.0%  

AlixPartners LLP

   

Term Loan B, 04/29/24 (n)

    180,000     181,125  

Russell Investment Group

   

Term Loan B, 6.750%, 06/01/23

    133,988       135,327  
   

 

 

 
      316,452  
   

 

 

 
Electric—0.1%  

Calpine Construction Finance Co. L.P.

   

Term Loan B2, 3.480%, 01/31/22

    831,665       831,145  

Energy Future Intermediate Holding Co. LLC

   

Term Loan, 4.304%, 06/30/17

    100,000       100,083  

Helix Gen Funding LLC

   

Term Loan B, 02/23/24 (n)

    100,000       101,531  

TEX Operations Co. LLC

   

Term Loan B, 3.732%, 08/04/23

    144,638       144,532  

Term Loan C, 3.732%, 08/04/23

    35,000       34,975  
   

 

 

 
      1,212,266  
   

 

 

 
Energy Equipment & Services—0.0%  

Chief Exploration & Development LLC
2nd Lien Term Loan, 7.932%, 05/16/21

    105,000       102,605  

Seadrill Partners Finco LLC

   

Term Loan B, 4.147%, 02/21/21

    221,279       151,023  
   

 

 

 
      253,628  
   

 

 

 
Food—0.1%  

Albertson’s LLC

   

Term Loan B4, 3.982%, 08/22/21

    190,620       191,772  

Aramark Services, Inc.

   

Term Loan B, 03/06/24 (n)

    290,000       292,039  

Hostess Brands LLC
1st Lien Term Loan, 4.000%, 08/03/22

    109,171       110,385  
   

 

 

 
      594,196  
   

 

 

 
Healthcare-Services—0.1%  

Community Health Systems, Inc.

   

Term Loan H, 4.048%, 01/27/21

    133,662       131,922  

Envision Healthcare Corp.

   

Term Loan B, 4.150%, 12/01/23

    158,403       160,185  

MPH Acquisition Holdings LLC

   

Term Loan B, 4.897%, 06/07/23

    164,179       166,453  

Ortho-Clinical Diagnostics, Inc.

   

Term Loan B, 4.750%, 06/30/21

    134,418       133,611  

Team Health Holdings, Inc.
1st Lien Term Loan, 3.750%, 02/06/24

    105,000       104,725  

U.S. Renal Care, Inc.

   

Term Loan B, 5.397%, 12/31/22

    256,750       241,345  
   

 

 

 
      938,241  
   

 

 

 
Hotels, Restaurants & Leisure—0.0%  

1011778 B.C. Unlimited Liability Co.

   

Term Loan B3, 02/16/24 (n)

    99,798       100,141  

 

BHFTII-113


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (m)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Hotels, Restaurants & Leisure—(Continued)  

Eldorado Resorts LLC

   

Term Loan B, 03/13/24 (n)

    160,000     $ 160,600  
   

 

 

 
      260,741  
   

 

 

 
Insurance—0.2%  

Asurion LLC
2nd Lien Term Loan, 8.500%, 03/03/21

    385,000       389,572  

Term Loan B2, 4.232%, 07/08/20

    305,070       307,645  

Term Loan B4, 4.250%, 08/04/22

    322,785       324,971  

Camelot UK Holdco, Ltd.

   

Term Loan B, 4.750%, 10/03/23

    109,450       109,942  

Hub International, Ltd.

   

Term Loan B, 4.035%, 10/02/20

    338,425       340,250  

Sedgwick Claims Management Services, Inc.
1st Lien Term Loan, 3.750%, 03/01/21

    787,138       790,253  

2nd Lien Term Loan, 6.750%, 02/28/22

    205,000       206,025  
   

 

 

 
      2,468,658  
   

 

 

 
Internet—0.0%  

Go Daddy Operating Co. LLC

   

Delayed Draw Term Loan, 02/15/24 (o)

    111,261       111,512  

Term Loan B, 3.412%, 02/15/24

    83,739       83,927  

Zayo Group LLC

   

Term Loan B2, 3.500%, 01/19/24

    105,000       105,722  
   

 

 

 
      301,161  
   

 

 

 
Internet & Direct Marketing Retail—0.0%  

Lands’ End, Inc.

   

Term Loan B, 4.250%, 04/04/21

    208,354       168,767  
   

 

 

 
Leisure Time—0.1%  

Delta 2 (LUX) S.a.r.l.
2nd Lien Term Loan, 8.068%, 07/29/22

    115,500       116,092  

Term Loan B3, 4.568%, 02/01/24

    500,000       500,402  
   

 

 

 
      616,494  
   

 

 

 
Lodging—0.1%  

Boyd Gaming Corp.

   

Term Loan B2, 09/15/23 (n)

    130,000       130,536  

La Quinta Intermediate Holdings LLC

   

Term Loan B, 3.772%, 04/14/21

    241,930       243,817  

MGM Growth Properties Operating Partnership L.P.

   

Term Loan B, 3.482%, 04/25/23

    222,750       224,198  
   

 

 

 
      598,551  
   

 

 

 
Machinery-Diversified—0.1%  

Gardner Denver, Inc.

   

Term Loan, 4.559%, 07/30/20

    556,266       555,831  
   

 

 

 
Media—0.0%  

Advantage Sales & Marketing, Inc.
1st Lien Term Loan, 4.250%, 07/23/21

    100,449       99,558  
Media—(Continued)  

Mission Broadcasting, Inc.

   

Term Loan B2, 3.943%, 01/17/24

    9,416     9,479  

Nexstar Broadcasting, Inc.

   

Term Loan B, 3.943%, 01/17/24

    97,125       97,772  

Univision Communications, Inc.

   

Term Loan C5, 03/15/24 (n)

    149,598       148,733  
   

 

 

 
      355,542  
   

 

 

 
Oil & Gas—0.1%  

California Resources Corp.

   

Term Loan, 11.375%, 12/31/21

    130,000       144,300  

Calpine Corp.

   

Term Loan B7, 3.900%, 05/31/23

    153,838       154,703  

Chesapeake Energy Corp.

   

Term Loan, 8.553%, 08/23/21

    110,000       117,391  

Fieldwood Energy LLC
1st Lien Term Loan, 3.875%, 10/01/18

    499,780       482,912  

Foresight Energy LLC
1st Lien Term Loan, 03/10/24 (n)

    205,000       198,337  

Paragon Offshore Finance Co.

   

Term Loan B, 5.750%, 07/18/21

    88,750       34,890  
   

 

 

 
      1,132,533  
   

 

 

 
Packaging & Containers—0.1%  

Caesars Growth Properties Holdings LLC

   

Term Loan, 6.250%, 05/08/21

    209,088       210,394  

Flex Acquisition Co., Inc.
1st Lien Term Loan, 4.250%, 12/29/23

    100,000       100,844  

Reynolds Group Holdings, Inc.

   

Term Loan, 3.982%, 02/05/23

    407,953       410,120  

Signode Industrial Group U.S., Inc.

   

Term Loan B, 4.064%, 05/01/21

    197,847       199,455  
   

 

 

 
      920,813  
   

 

 

 
Pharmaceuticals—0.1%  

Change Healthcare Holdings, Inc.

   

Term Loan B, 3.750%, 03/01/24

    175,000       175,511  

Endo Luxembourg Finance Co. I S.a.r.l.

   

Term Loan B, 4.000%, 09/26/22

    271,064       271,534  

Valeant Pharmaceuticals International, Inc.

   

Term Loan B F1, 5.570%, 04/01/22

    147,578       148,152  
   

 

 

 
      595,197  
   

 

 

 
Pipelines—0.0%  

Energy Transfer Equity L.P.

   

Term Loan B, 3.539%, 02/02/24

    325,000       324,652  
   

 

 

 
Professional Services—0.0%  

Trans Union LLC

   

Term Loan B2, 3.482%, 04/09/23

    276,950       279,442  
   

 

 

 
Real Estate—0.0%  

DTZ U.S. Borrower LLC
1st Lien Term Loan, 4.304%, 11/04/21

    401,084       404,092  
   

 

 

 

 

BHFTII-114


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (m)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Retail—0.1%  

Bass Pro Group LLC

   

Term Loan B, 6.147%, 12/16/23

    275,000     $ 265,604  

Harbor Freight Tools USA, Inc.

   

Term Loan B, 4.232%, 08/19/23

    119,400       119,500  

J. Crew Group, Inc.

   

Term Loan B, 4.078%, 03/05/21

    313,253       192,128  

Michaels Stores, Inc.

   

Term Loan B1, 3.750%, 01/30/23

    99,890       99,682  

Neiman Marcus Group, Ltd. LLC

   

Term Loan, 4.250%, 10/25/20

    226,164       182,557  

Party City Holdings, Inc.

   

Term Loan, 3.872%, 08/19/22

    166,976       166,812  
   

 

 

 
      1,026,283  
   

 

 

 
Semiconductors—0.0%  

Entegris, Inc.

   

Term Loan B, 3.232%, 04/30/21

    222,471       224,325  

ON Semiconductor Corp.

   

Incremental Term Loan, 4.232%, 03/31/23

    109,725       110,450  

Term Loan B, 03/31/23 (n)

    83,211       83,580  
   

 

 

 
      418,355  
   

 

 

 
Software—0.1%  

First Data Corp.

   

Term Loan, 3.984%, 07/10/22

    615,022       620,702  

Infor (U.S.), Inc.

   

Term Loan B6, 3.897%, 02/01/22

    247,397       247,596  

Quintiles IMS, Inc.

   

Term Loan B, 2.926%, 03/01/24

    673,200       678,501  

SS&C Technologies, Inc.

   

Term Loan B1, 3.232%, 07/08/22

    186,527       187,876  

Term Loan B2, 3.232%, 07/08/22

    15,387       15,499  
   

 

 

 
      1,750,174  
   

 

 

 
Telecommunications—0.1%  

CSC Holdings LLC

   

Term Loan, 3.943%, 10/11/24

    108,281       108,236  

Level 3 Financing, Inc.

   

Term Loan B, 3.227%, 02/22/24

    565,000       566,271  

Sprint Communications, Inc.
1st Lien Term Loan B, 3.500%, 02/02/24

    340,000       340,496  

UPC Financing Partnership

   

Term Loan AP, 3.662%, 04/15/25

    150,000       150,656  
   

 

 

 
      1,165,659  
   

 

 

 
Trading Companies & Distributors—0.0%  

Neff Rental LLC
2nd Lien Term Loan, 7.543%, 06/09/21

    100,831       101,125  
   

 

 

 
Transportation—0.0%  

Kenan Advantage Group, Inc.

   

Term Loan, 4.000%, 07/31/22

    83,766       83,913  
Transportation—(Continued)  

Kenan Advantage Group, Inc.

   

Term Loan B, 4.000%, 07/31/22

    30,902     30,956  
   

 

 

 
      114,869  
   

 

 

 
Trucking & Leasing—0.0%  

Avolon TLB Borrower 1 (Luxembourg) S.a.r.l.

   

Term Loan B2, 3.728%, 03/20/22

    240,000       243,633  
   

 

 

 

Total Floating Rate Loans
(Cost $21,447,546)

      21,237,291  
   

 

 

 
Foreign Government—1.0%  
Sovereign—1.0%  

Argentine Republic Government International Bonds
6.875%, 01/26/27 (144A)

    175,000       177,450  

Brazil Notas do Tesouro Nacional
10.000%, 01/01/23 (BRL)

    5,554,000       1,780,852  

Hungary Government Bonds
0.230%, 06/23/21 (HUF) (d)

    434,040,000       1,474,104  

6.500%, 06/24/19 (HUF)

    121,070,000       475,424  

Kuwait International Government Bonds
2.750%, 03/20/22 (144A)

    675,000       676,384  

3.500%, 03/20/27 (144A)

    675,000       682,594  

Mexican Bonos
5.000%, 12/11/19 (MXN)

    18,288,700       935,552  

Mexican Udibonos
4.000%, 11/08/46 (MXN) (i)

    10,595,783       603,700  

Mexico Government International Bonds
4.150%, 03/28/27

    210,000       213,570  

5.750%, 10/12/10

    598,000       595,010  

Oman Government International Bonds
5.375%, 03/08/27 (144A)

    1,230,000       1,285,350  

6.500%, 03/08/47 (144A)

    435,000       458,925  

Republic of South Africa Government Bonds
2.000%, 01/31/25 (ZAR) (i)

    9,815,170       707,541  

6.250%, 03/31/36 (ZAR)

    15,900,000       842,341  

Romania Government Bonds
1.350%, 02/25/19 (RON)

    3,990,000       930,644  

Saudi Government International Bonds
4.500%, 10/26/46

    1,527,000       1,505,164  
   

 

 

 

Total Foreign Government
(Cost $13,246,796)

      13,344,605  
   

 

 

 
Municipals—0.5%  

Chicago Transit Authority Transfer Tax Receipts Revenue
6.899%, 12/01/40

    805,000       1,003,111  

City of Chicago IL, General Obligation Unlimited
7.045%, 01/01/29

    975,000       994,734  

Municipal Electric Authority of Georgia, Build America Bonds
6.637%, 04/01/57

    55,000       61,741  

 

BHFTII-115


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Municipals—(Continued)

 

Security Description   Shares/
Principal/
Notional
Amount*
    Value  

Puerto Rico Commonwealth Government Employees Retirement System
6.150%, 07/01/38 (g)

    1,990,000     $ 820,875  

6.200%, 07/01/39 (g)

    955,000       393,937  

6.550%, 07/01/58 (g)

    315,000       129,937  

State of California General Obligation Unlimited, Build America Bonds
7.350%, 11/01/39

    1,355,000       1,911,797  

7.600%, 11/01/40

    300,000       447,180  

State of Illinois
5.100%, 06/01/33

    140,000       127,739  

State of Illinois General Obligation Unlimited
5.665%, 03/01/18

    300,000       307,953  
   

 

 

 

Total Municipals
(Cost $6,429,108)

      6,199,004  
   

 

 

 
Purchased Options—0.0%  
Interest Rate Swaptions—0.0%  

Call - OTC - 10 Year Interest Rate Swap, Exercise Rate 2.88%, Expires 03/16/27 (Counterparty - Deutsche Bank AG) (g)

    1,500,000       204,274  

Put - OTC - 10 Year Interest Rate Swap, Exercise Rate 2.88%, Expires 03/16/27 (Counterparty - Deutsche Bank AG) (g)

    1,500,000       171,263  
   

 

 

 

Total Purchased Options
(Cost $493,350)

      375,537  
   

 

 

 
Preferred Stock—0.0%  
Electrical Components & Equipment—0.0%  

TE Holdings LLC Corp. - Class A (g) (k)
(Cost $24,262)

    2,426       24,262  
   

 

 

 
Short-Term Investments—1.8%  
Repurchase Agreement—1.5%  

Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $18,641,900 on 04/03/17, collateralized by $18,985,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $19,015,072.

    18,641,760       18,641,760  
   

 

 

 
Foreign Government—0.3%  

Argentina Treasury Bills
2.696%, 05/26/17 (p)

    397,294       394,918  

3.151%, 12/15/17 (p)

    748,588       723,350  

Egypt Treasury Bills
19.143%, 09/26/17 (EGP) (p)

    9,750,000       494,691  
Foreign Government—(Continued)  

Romania Treasury Bills
0.576%, 06/26/17 (RON) (p)

    8,195,000     1,917,955  
   

 

 

 
      3,530,914  
   

 

 

 

Total Short-Term Investments
(Cost $22,298,412)

      22,172,674  
   

 

 

 
Securities Lending Reinvestments (q)—5.8%  
Certificates of Deposit—3.7%  

ABN AMRO Bank NV

   

Zero Coupon, 05/05/17

    897,404       899,262  

Banco Del Estado De Chile New York
1.426%, 06/21/17 (d)

    2,000,000       2,001,084  

Canadian Imperial Bank
1.392%, 10/27/17 (d)

    750,000       750,902  

Cooperative Rabobank UA New York
1.422%, 10/13/17 (d)

    500,000       500,681  

Credit Agricole Corporate and Investment Bank
1.491%, 04/12/17 (d)

    2,000,000       2,000,226  

Credit Industriel et Commercial
1.440%, 04/05/17 (d)

    1,200,000       1,200,052  

Credit Suisse AG New York
1.511%, 04/03/17 (d)

    1,200,000       1,200,019  

1.581%, 04/11/17 (d)

    1,200,000       1,200,098  

1.581%, 05/12/17 (d)

    1,000,000       1,000,303  

Danske Bank A/S London

   

Zero Coupon, 05/12/17

    1,744,935       1,748,198  

DNB NOR Bank ASA
1.279%, 07/28/17 (d)

    900,000       900,398  

ING Bank NV
1.461%, 04/18/17 (d)

    2,200,000       2,200,938  

KBC Bank NV
1.120%, 05/08/17

    1,750,000       1,750,262  

1.150%, 04/27/17

    1,500,000       1,499,115  

1.170%, 04/06/17

    250,000       250,003  

Mitsubishi UFJ Trust and Banking Corp.
1.581%, 04/11/17 (d)

    2,000,000       2,000,244  

Mizuho Bank, Ltd., New York
1.543%, 05/17/17

    2,000,000       2,000,594  

1.591%, 04/11/17 (d)

    2,000,000       2,000,152  

1.643%, 04/18/17 (d)

    500,000       500,073  

National Australia Bank London
1.199%, 05/02/17 (d)

    1,750,000       1,750,613  

1.338%, 11/09/17 (d)

    2,500,000       2,495,925  

Natixis New York
1.444%, 04/07/17 (d)

    2,000,000       2,000,110  

Rabobank London
1.422%, 10/13/17 (d)

    500,000       501,223  

Royal Bank of Canada New York
1.340%, 04/04/17 (d)

    1,000,000       999,975  

1.422%, 10/13/17 (d)

    500,000       500,895  

 

BHFTII-116


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (q)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Sumitomo Bank New York
1.410%, 05/05/17 (d)

    750,000     $ 750,146  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (d)

    1,400,000       1,400,749  

1.534%, 04/07/17 (d)

    750,000       750,043  

1.591%, 04/12/17 (d)

    1,000,000       1,000,199  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.558%, 04/10/17 (d)

    1,000,000       1,000,126  

1.572%, 04/26/17 (d)

    2,000,000       2,000,662  

Svenska Handelsbanken New York
1.508%, 05/18/17 (d)

    2,000,000       2,001,034  

UBS, Stamford
1.301%, 05/12/17 (d)

    900,000       900,221  

1.589%, 07/31/17 (d)

    1,503,251       1,504,132  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (d)

    900,000       901,471  

1.452%, 04/26/17 (d)

    900,000       900,239  
   

 

 

 
      46,960,367  
   

 

 

 
Commercial Paper—0.8%  

Barton Capital S.A.
1.110%, 04/21/17

    498,582       499,667  

Commonwealth Bank Australia
1.389%, 10/23/17 (d)

    1,500,000       1,501,833  

Den Norske ASA
1.432%, 04/27/17 (d)

    900,000       900,194  

HSBC plc
1.442%, 04/25/17 (d)

    2,000,000       2,000,360  

Kells Funding LLC
1.100%, 06/05/17

    1,195,380       1,197,416  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    997,033       998,781  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    1,994,400       1,998,702  

Westpac Banking Corp.
1.380%, 10/20/17 (d)

    1,300,000       1,302,356  
   

 

 

 
      10,399,309  
   

 

 

 
Repurchase Agreements—0.8%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $3,069,696 on 04/03/17, collateralized by $4,415,030 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,130,891.

    3,069,499       3,069,499  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $100,007 on 04/03/17, collateralized by $102,349 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $102,000.

    100,000       100,000  
Repurchase Agreements—(Continued)  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $352,257 on 07/03/17, collateralized by various Common Stock with a value of $385,000.

    350,000     350,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $15,109 on 04/03/17, collateralized by $15,286 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $15,410.

    15,108       15,108  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $3,502,275 on 04/03/17, collateralized by $540,744 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,842,953.

    3,500,000       3,500,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.

    1,000,000       1,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $160,922 on 06/02/17, collateralized by various Common Stock with a value of $176,000.

    160,000       160,000  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $100,007 on 04/03/17, collateralized by $99,374 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $102,062.

    100,000       100,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,413,708 on 07/03/17, collateralized by various Common Stock with a value of $1,540,000.

    1,400,000       1,400,000  
   

 

 

 
      9,694,607  
   

 

 

 
Time Deposits—0.5%  

OP Corporate Bank plc
1.180%, 04/24/17

    3,000,000       3,000,000  

Shinkin Central Bank
1.350%, 04/21/17

    450,000       450,000  

1.440%, 04/26/17

    2,100,000       2,100,000  

 

BHFTII-117


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (q)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Time Deposits—(Continued)  

Shinkin Central Bank
1.440%, 04/27/17

    200,000     $ 200,000  
   

 

 

 
      5,750,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $72,788,811)

      72,804,283  
   

 

 

 

Total Investments—112.8%
(Cost $1,328,020,642)

      1,435,073,169  

Unfunded Loan Commitments—(0.0)%
(Cost $(111,261))

      (111,261

Net Investments—112.8%
(Cost $1,327,909,381) (r)

      1,434,961,908  

Other assets and liabilities (net)—(12.8)%

      (162,600,584
   

 

 

 
Net Assets—100.0%     $ 1,272,361,324  
   

 

 

 

 

*   Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)   Non-income producing security.
(b)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $70,669,234 and the collateral received consisted of cash in the amount of $72,775,591. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)   TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)   Principal only security.
(f)   Interest only security.
(g)   Illiquid security. As of March 31, 2017, these securities represent 0.7% of net assets.
(h)   All or a portion of the security was pledged as collateral against open swap contracts. As of March 31, 2017, the market value of securities pledged was $2,832,215.
(i)   Principal amount of security is adjusted for inflation.
(j)   All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $2,561,229.
(k)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.05% of net assets.
(l)   Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $4,735,455, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.
(m)   Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(n)   This loan will settle after March 31, 2017, at which time the interest rate will be determined.
(o)   Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(p)   The rate shown represents current yield to maturity.
(q)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(r)   As of March 31, 2017, the aggregate cost of investments was $1,327,909,381. The aggregate unrealized appreciation and depreciation of investments were $134,882,818 and $(27,830,291), respectively, resulting in net unrealized appreciation of $107,052,527.
(144A)—   Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $130,095,385, which is 10.2% of net assets.
(ACES)—   Alternative Credit Enhancement Securities
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.
(ARM)—   Adjustable-Rate Mortgage
(BRL)—   Brazilian Real
(CDO)—   Collateralized Debt Obligation
(CLO)—   Collateralized Loan Obligation
(CMO)—   Collateralized Mortgage Obligation
(DUS)—   Delegated Underwriting & Servicing
(EGP)—   Egyptian Pound
(EMTN)—   Euro Medium-Term Note
(EUR)—   Euro
(GBP)—   British Pound
(HUF)—   Hungarian Forint
(MXN)—   Mexican Peso
(REMIC)—   Real Estate Mortgage Investment Conduit
(RON)—   New Romanian Leu
(ZAR)—   South African Rand

 

BHFTII-118


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

 

Restricted Securities

   Acquisition
Date
     Principal
Amount
     Cost      Value  

Banc of America Commercial Mortgage Trust, 3.116%, 09/15/48

     01/21/16 - 02/01/16      $ 413,000      $ 220,479      $ 245,506  

Commercial Mortgage Pass-Through Certificates Mortgage Trust, 4.750%, 10/15/45

     02/18/15        355,000        256,041        219,330  

Commercial Mortgage Pass-Through Certificates Mortgage Trust, 4.571%, 10/15/45

     12/05/14        210,000        149,074        89,645  

Consumer Credit Origination Loan Trust, 2.820%, 03/15/21

     02/03/15        3,057        3,057        3,057  

GS Mortgage Securities Trust, 4.868%, 04/10/47

     03/27/14 - 06/20/14        585,000        534,065        441,967  

GS Mortgage Securities Trust, 3.674%, 04/10/47

     04/03/14        235,000        147,173        80,600  

JPMorgan Chase Commercial Mortgage Securities Trust, 2.733%, 10/15/45

     05/19/15        400,000        269,984        188,012  

JPMorgan Chase Commercial Mortgage Securities Trust, 4.413%, 12/15/47

     03/17/14        130,000        105,300        98,072  

Lendmark Funding Trust, 3.260%, 04/21/25

     10/26/16        875,000        874,901        871,361  

Morgan Stanley Bank of America Merrill Lynch Trust, 4.500%, 08/15/45

     07/10/14        220,000        173,387        149,341  

Morgan Stanley Capital Trust, 5.156%, 07/15/49

     03/13/15        265,000        242,868        217,902  

SoFi Consumer Loan Program LLC, 3.090%, 10/27/25

     07/26/16        772,065        771,944        772,655  

SoFi Consumer Loan Program LLC, 3.280%, 01/26/26

     01/20/17        605,451        605,399        608,344  

WF-RBS Commercial Mortgage Trust, 5.000%, 06/15/44

     03/27/14        105,000        94,365        84,558  

WF-RBS Commercial Mortgage Trust, 3.016%, 11/15/47

     11/05/14        550,000        362,270        218,408  

Wells Fargo Commercial Mortgage Trust, 3.356%, 09/15/58

     09/24/15        245,000        147,153        142,150  

Wells Fargo Commercial Mortgage Trust, 2.881%, 05/15/48

     09/15/15        510,000        315,702        304,547  
           

 

 

 
            $ 4,735,455  
           

 

 

 

TBA Forward Sale Commitments

 

Security Description

   Interest Rate     Maturity      Face
Amount
    Cost     Value  

Fannie Mae 15 Yr. Pool

     3.500     TBA      $ (4,035,000   $ (4,201,458   $ (4,198,641

Fannie Mae 15 Yr. Pool

     4.500     TBA        (3,500,000     (3,583,672     (3,584,985

Fannie Mae 30 Yr. Pool

     2.500     TBA        (14,100,000     (13,278,234     (13,434,450

Fannie Mae 30 Yr. Pool

     3.000     TBA        (19,150,000     (18,882,047     (18,982,438

Fannie Mae 30 Yr. Pool

     4.500     TBA        (5,705,000     (6,108,137     (6,116,830

Fannie Mae 30 Yr. Pool

     5.000     TBA        (1,850,000     (2,020,547     (2,021,431

Freddie Mac 30 Yr. Gold Pool

     5.500     TBA        (200,000     (220,844     (221,886
         

 

 

   

 

 

 

Totals

 

  $ (48,294,939   $ (48,560,661
         

 

 

   

 

 

 

Forward Foreign Currency Exchange Contracts

 

Contracts to Buy

      

Counterparty

     Settlement
Date
       In Exchange
for
       Unrealized
Appreciation/
(Depreciation)
 
BRL     2,833,000       

Morgan Stanley & Co. International plc

       06/21/17        $ 892,171        $ (3,123
BRL     2,842,000       

Morgan Stanley & Co. International plc

       06/21/17          891,468          405  
CNH     2,175,000       

Morgan Stanley & Co. International plc

       06/21/17          315,721          (1,097
CNH     2,175,000       

Standard Chartered Bank

       06/21/17          314,534          91  
EGP     684,000       

Citibank N.A.

       06/21/17          38,974          (1,471
EGP     1,989,000       

Citibank N.A.

       06/21/17          115,842          (6,785
EGP     559,000       

Standard Chartered Bank

       06/21/17          31,316          (667
EGP     1,367,000       

Citibank N.A.

       03/06/18          73,693          (3,347
EGP     497,000       

Goldman Sachs International

       03/06/18          26,158          (582
EGP     622,000       

Goldman Sachs International

       03/06/18          32,823          (815
EUR     19,000       

Citibank N.A.

       06/21/17          20,165          179  
GHS     404,000       

Citibank N.A.

       06/21/17          83,299          6,088  
GHS     404,000       

Citibank N.A.

       06/21/17          82,114          7,273  
GHS     809,000       

Standard Chartered Bank

       06/21/17          165,779          13,217  
PHP     30,415,000       

Barclays Bank plc

       06/21/17          603,712          368  
PHP     30,415,000       

HSBC Bank plc

       06/21/17          600,731          3,349  
THB     21,360,000       

HSBC Bank plc

       06/21/17          610,547          10,707  
THB     135,000       

JPMorgan Chase Bank N.A.

       06/21/17          3,821          106  

 

BHFTII-119


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

 

Contracts to Buy

      

Counterparty

     Settlement
Date
       In Exchange
for
       Unrealized
Appreciation/
(Depreciation)
 
THB     21,360,000       

JPMorgan Chase Bank N.A.

       06/21/17        $ 609,293        $ 11,961  
TRY     2,298,000       

BNP Paribas S.A.

       06/21/17          598,247          19,990  
TRY     2,297,000       

HSBC Bank plc

       06/21/17          591,887          26,080  
TRY     2,243,000       

JPMorgan Chase Bank N.A.

       06/21/17          592,297          11,143  
TRY     2,242,000       

Morgan Stanley & Co. International plc

       06/21/17          604,851          (1,680
ZAR     10,000       

Citibank N.A.

       06/21/17          754          (19
ZMW     451,000       

Citibank N.A.

       06/21/17          44,965          376  
ZMW     902,000       

Citibank N.A.

       06/21/17          91,574          (890
ZMW     1,805,000       

Citibank N.A.

       06/21/17          182,323          (856
ZMW     451,000       

Standard Chartered Bank

       06/21/17          44,653          688  

Contracts to Deliver

                                   
BRL     2,826,000       

Morgan Stanley & Co. International plc

       06/21/17        $ 896,944        $ 10,092  
BRL     2,815,000       

Morgan Stanley & Co. International plc

       06/21/17          883,110          (290
BRL     5,305,000       

State Street Bank and Trust

       06/21/17          1,634,470          (30,338
COP     2,151,007,000       

Standard Chartered Bank

       06/21/17          705,537          (34,858
EUR     20,000       

Citibank N.A.

       04/28/17          21,494          135  
EUR     2,924,000       

HSBC Bank plc

       04/28/17          3,185,786          63,107  
EUR     19,000       

UBS AG

       06/21/17          20,356          12  
GBP     427,000       

HSBC Bank plc

       04/28/17          538,788          3,500  
HUF     194,328,000       

Bank of America N.A.

       06/21/17          669,127          (4,425
HUF     164,925,000       

Bank of America N.A.

       06/21/17          567,124          (4,516
HUF     142,580,000       

Barclays Bank plc

       06/21/17          490,218          (3,973
HUF     68,001,000       

Credit Suisse International

       06/21/17          234,585          (1,110
JPY     730,000,000       

BNP Paribas S.A.

       04/04/17          6,434,519          (122,563
JPY     459,000,000       

BNP Paribas S.A.

       04/04/17          4,110,509          (12,369
JPY     307,000,000       

Credit Suisse International

       04/04/17          2,741,191          (16,376
MXN     1,723,000       

Goldman Sachs International

       06/21/17          90,544          (398
MXN     18,103,000       

Royal Bank of Canada

       06/21/17          902,816          (52,682
MXN     9,570,000       

State Street Bank and Trust

       06/21/17          497,233          (7,883
PHP     60,830,000       

Barclays Bank plc

       06/21/17          1,191,110          (17,049
RON     8,195,000       

Citibank N.A.

       06/26/17          2,045,962          122,620  
RON     1,520,000       

BNP Paribas S.A.

       08/28/17          387,508          30,366  
RON     2,515,000       

JPMorgan Chase Bank N.A.

       08/28/17          641,909          50,980  
THB     42,720,000       

JPMorgan Chase Bank N.A.

       06/21/17          1,223,543          (18,965
TRY     2,298,000       

Deutsche Bank AG

       06/21/17          597,696          (20,541
TRY     2,243,000       

Goldman Sachs International

       06/21/17          587,989          (15,451
TRY     2,242,000       

HSBC Bank plc

       06/21/17          585,486          (17,685
TRY     2,297,000       

Standard Chartered Bank

       06/21/17          597,460          (20,508
ZAR     7,621,000       

Citibank N.A.

       06/21/17          582,487          22,019  
ZAR     3,792,000       

HSBC Bank plc

       06/21/17          279,900          1,026  
ZAR     9,752,000       

JPMorgan Chase Bank N.A.

       06/21/17          736,843          19,655  
                     

 

 

 

Net Unrealized Appreciation

 

     $ 12,221  
                     

 

 

 

Futures Contracts

 

Futures Contracts—Long

   Expiration
Date
     Number of
Contracts
     Notional
Amount
     Unrealized
Appreciation/
(Depreciation)
 

S&P 500 Index E-Mini Futures

     06/16/17        34        USD        3,971,267      $ 39,373  

U.S. Treasury Long Bond Futures

     06/21/17        3        USD        450,240        2,291  

U.S. Treasury Note 5 Year Futures

     06/30/17        317        USD        37,242,970        76,350  

U.S. Treasury Note Ultra 10 Year Futures

     06/21/17        107        USD        14,192,223        134,074  

U.S. Treasury Ultra Long Bond Futures

     06/21/17        153        USD        24,342,370        233,255  

 

BHFTII-120


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts—(Continued)

 

Futures Contracts—Short

   Expiration
Date
     Number of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
 

U.S. Treasury Note 10 Year Futures

     06/21/17        (24     USD        (2,987,519   $ (1,981

U.S. Treasury Note 2 Year Futures

     06/30/17        (132     USD        (28,559,197     (12,615

United Kingdom Long Gilt Bond Futures

     06/28/17        (51     GBP        (6,481,239     (31,750
            

 

 

 

Net Unrealized Appreciation

 

  $ 438,997  
            

 

 

 

Swap Agreements

OTC Interest Rate Swaps

 

Pay/Receive
Floating Rate

   Floating
Rate Index
   Fixed
Rate
    Maturity
Date
  

Counterparty

   Notional
Amount
     Market
Value
     Upfront
Premium
Paid/(Received)
     Unrealized
Appreciation
 

Receive

   CPI-U      1.810   09/04/25    Bank of America N.A.      USD        3,803,000      $ 113,578      $      $ 113,578  

Receive

   CPI-U      1.820   09/22/25    Bank of America N.A.      USD        10,320,000        297,976               297,976  
                   

 

 

    

 

 

    

 

 

 

Totals

 

   $ 411,554      $      $ 411,554  
                   

 

 

    

 

 

    

 

 

 

Centrally Cleared Interest Rate Swaps

 

Pay/Receive Floating Rate

   Floating
Rate Index
   Fixed
Rate
    Maturity
Date
     Notional
Amount
     Unrealized
Appreciation/
(Depreciation)
 

Receive

   28-Day TIIE      8.270     12/30/26        MXN        7,770,000      $ (25,993

Receive

   3M LIBOR      2.754     03/20/47        USD        600,000        (13,156

Receive

   Federal Funds Rate
Compounded - OIS
     1.625     11/14/26        USD        2,610,000        82,367  
                

 

 

 

Net Unrealized Appreciation

 

   $ 43,218  
                

 

 

 

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

 

Reference Obligation

   Fixed Deal
(Pay) Rate
     Maturity
Date
    

Implied Credit
Spread at
March 31,
2017(b)

   Notional
Amount(c)
     Unrealized
Depreciation
 

CDX.EM.27.V1

     (1.000%)        06/20/22      2.131%      USD        3,775,000      $ (9,483)  

CDX.NA.HY.28.V1

     (5.000%)        06/20/22      3.385%      USD        10,975,000        (107,888)  
                 

 

 

 

Net Unrealized Depreciation

 

   $ (117,371)  
                 

 

 

 

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

 

Reference Obligation

   Fixed Deal
Receive Rate
     Maturity
Date
    

Implied Credit
Spread at
March 31,
2017(b)

   Notional
Amount(c)
     Unrealized
Appreciation
 

CDX.NA.HY.27.V2

     5.000%        12/20/21      3.088%      USD        2,512,620      $ 23,154  

CDX.NA.IG.27.V1

     1.000%        12/20/21      0.586%      USD        3,934,000        8,851  

ITRAXX.EUR.27.V1

     1.000%        06/20/22      0.735%      EUR        7,134,000        5,272  

ITRAXX.XO.27.V1

     5.000%        06/20/22      2.897%      EUR        3,267,000        6,023  
                 

 

 

 

Net Unrealized Appreciation

 

   $ 43,300  
                 

 

 

 

 

BHFTII-121


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)

 

 

Reference Obligation

  Fixed Deal
Receive Rate
    Maturity
Date
   

Counterparty

  Implied Credit
Spread at
March 31,
2017(b)
    Notional
Amount(c)
    Market
Value
    Upfront
Premium
(Received)
    Unrealized
Appreciation
 

Federative Republic of Brazil
4.250%, due 01/0725

    1.000%       12/20/21     Goldman Sachs International     2.050%       USD       260,000     $ (11,981)     $ (21,282)     $ 9,301  

Federative Republic of Brazil
4.250%, due 01/0725

    1.000%       12/20/21     Goldman Sachs International     2.050%       USD       265,000       (12,211)       (21,493)       9,282  

Federative Republic of Brazil
4.250%, due 01/0725

    1.000%       12/20/21     Goldman Sachs International     2.050%       USD       410,000       (18,892)       (20,661)       1,769  

Republic of South Africa
5.500%, due 03/09/20

    1.000%       12/20/21     Goldman Sachs International     1.977%       USD       405,000       (17,398)       (19,535)       2,137  

Republic of Turkey
11.875%, due 01/15/30

    1.000%       12/20/21     Goldman Sachs International     2.177%       USD       415,000       (21,343)       (25,566)       4,223  
             

 

 

   

 

 

   

 

 

 

Totals

 

  $ (81,825)     $ (108,537)     $ 26,712  
             

 

 

   

 

 

   

 

 

 

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

 

Reference Obligation

  Fixed Deal
(Pay) Rate
    Maturity
Date
   

Counterparty

  Implied Credit
Spread at
March 31,
2017(b)
    Notional
Amount(c)
    Market
Value
    Upfront
Premium
Paid/
(Received)
    Unrealized
Appreciation/
(Depreciation)
 

ABX.HE.AAA.6-1

    (0.180%)       07/25/45     JPMorgan Chase Bank N.A.     0.000%       USD       40,364     $ 706     $ 1,016     $ (310)  

ABX.HE.AAA.6-1

    (0.180%)       07/25/45     JPMorgan Chase Bank N.A.     0.000%       USD       12,527       219             219  

ABX.HE.AAA.7-1

    (0.090%)       08/25/37     JPMorgan Chase Bank N.A.     0.000%       USD       335,622       27,129       85,585       (58,456)  

ABX.HE.AAA.7-1

    (0.090%)       08/25/37     JPMorgan Chase Bank N.A.     0.000%       USD       144,848       11,709       36,937       (25,228)  

ABX.HE.AAA.7-1

    (0.090%)       08/25/37     JPMorgan Chase Bank N.A.     0.000%       USD       98,920       7,996       25,720       (17,724)  

ABX.HE.PEN.AAA.6-2

    (0.110%)       05/25/46     JPMorgan Chase Bank N.A.     0.000%       USD       260,551       23,884       36,519       (12,635)  

CMBX.NA.A.7

    (2.000%)       01/17/47     JPMorgan Chase Bank N.A.     0.000%       USD       355,000       15,800       (7,572)       23,372  

CMBX.NA.A.9

    (2.000%)       09/17/58     Deutsche Bank AG     0.000%       USD       185,000       9,471       9,450       21  

CMBX.NA.A.9

    (2.000%)       09/17/58     Morgan Stanley & Co. International plc     0.000%       USD       615,000       31,484       21,727       9,757  

CMBX.NA.A.9

    (2.000%)       09/17/58     Morgan Stanley & Co. International plc     0.000%       USD       280,000       14,334       12,474       1,860  

CMBX.NA.AA.7

    (1.500%)       01/17/47     Credit Suisse International     0.000%       USD       735,000       12,164       23,330       (11,166)  

CMBX.NA.AA.7

    (1.500%)       01/17/47     Credit Suisse International     0.000%       USD       635,000       10,509       20,156       (9,647)  

CMBX.NA.AA.7

    (1.500%)       01/17/47     Credit Suisse International     0.000%       USD       600,000       9,929       19,045       (9,116)  

CMBX.NA.AA.7

    (1.500%)       01/17/47     Morgan Stanley & Co. International plc     0.000%       USD       80,000       1,324       946       378  

CMBX.NA.AA.8

    (1.500%)       10/17/57     Morgan Stanley & Co. International plc     0.000%       USD       265,000       6,956       10,823       (3,867)  

CMBX.NA.AS.7

    (1.000%)       01/17/47     Credit Suisse International     0.000%       USD       1,375,000       3,962       25,476       (21,514)  

CMBX.NA.AS.7

    (1.000%)       01/17/47     Goldman Sachs International     0.000%       USD       145,000       418       4,199       (3,781)  

CMBX.NA.AS.8

    (1.000%)       10/17/57     Deutsche Bank AG     0.000%       USD       210,000       1,583       15,785       (14,202)  

CMBX.NA.BB.8

    (5.000%)       10/17/57     Credit Suisse International     0.000%       USD       270,000       69,735       64,373       5,362  

CMBX.NA.BB.8

    (5.000%)       10/17/57     Credit Suisse International     0.000%       USD       265,000       68,443       62,607       5,836  

CMBX.NA.BB.8

    (5.000%)       10/17/57     Credit Suisse International     0.000%       USD       135,000       34,867       32,715       2,152  

CMBX.NA.BB.8

    (5.000%)       10/17/57     Goldman Sachs International     0.000%       USD       200,000       51,655       49,218       2,437  

CMBX.NA.BB.8

    (5.000%)       10/17/57     Goldman Sachs International     0.000%       USD       200,000       51,655       49,581       2,074  

CMBX.NA.BB.9

    (5.000%)       09/17/58     Credit Suisse International     0.000%       USD       645,000       131,590       135,812       (4,222)  

CMBX.NA.BBB-.10

    (3.000%)       11/17/59     Morgan Stanley & Co. International plc     0.000%       USD       315,000       32,088       24,793       7,295  

CMBX.NA.BBB-.10

    (3.000%)       11/17/59     Morgan Stanley & Co. International plc     0.000%       USD       195,000       19,864       12,849       7,015  

CMBX.NA.BBB-.10

    (3.000%)       11/17/59     Morgan Stanley & Co. International plc     0.000%       USD       155,000       15,789       15,341       448  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Credit Suisse International     0.000%       USD       375,000       34,239       34,662       (423)  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Credit Suisse International     0.000%       USD       300,000       27,391       29,605       (2,214)  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Credit Suisse International     0.000%       USD       255,000       23,282       25,164       (1,882)  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Deutsche Bank AG     0.000%       USD       175,000       15,978       22,550       (6,572)  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Deutsche Bank AG     0.000%       USD       170,000       15,522       12,815       2,707  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Deutsche Bank AG     0.000%       USD       165,000       15,065       16,233       (1,168)  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Goldman Sachs International     0.000%       USD       1,020,000       93,130       98,003       (4,873)  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Goldman Sachs International     0.000%       USD       175,000       15,978       25,231       (9,253)  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Goldman Sachs International     0.000%       USD       175,000       15,978       15,318       660  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Morgan Stanley & Co. International plc     0.000%       USD       750,000       68,478       74,013       (5,535)  

 

BHFTII-122


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Reference Obligation

  Fixed Deal
(Pay) Rate
    Maturity
Date
   

Counterparty

  Implied Credit
Spread at
March 31,
2017(b)
    Notional
Amount(c)
    Market
Value
    Upfront
Premium
Paid/
(Received)
    Unrealized
Appreciation/
(Depreciation)
 

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Morgan Stanley & Co. International plc     0.000%       USD       715,000     $ 65,282     $ 53,646     $ 11,636  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Morgan Stanley & Co. International plc     0.000%       USD       385,000       35,152       40,214       (5,062)  

CMBX.NA.BBB-.7

    (3.000%)       01/17/47     Morgan Stanley & Co. International plc     0.000%       USD       230,000       21,000       19,356       1,644  

CMBX.NA.BBB-.9

    (3.000%)       09/17/58     Credit Suisse International     0.000%       USD       55,000       6,465       6,381       84  

CMBX.NA.BBB-.9

    (3.000%)       09/17/58     Deutsche Bank AG     0.000%       USD       540,000       63,475       66,637       (3,162)  

CMBX.NA.BBB-.9

    (3.000%)       09/17/58     Deutsche Bank AG     0.000%       USD       10,000       1,175       1,139       36  

CMBX.NA.BBB-.9

    (3.000%)       09/17/58     Goldman Sachs International     0.000%       USD       580,000       68,177       72,471       (4,294)  

CMBX.NA.BBB-.9

    (3.000%)       09/17/58     Goldman Sachs International     0.000%       USD       215,000       25,273       24,816       457  

CMBX.NA.BBB-.9

    (3.000%)       09/17/58     Morgan Stanley & Co. International plc     0.000%       USD       190,000       22,334       20,879       1,455  

CMBX.NA.BBB-.9

    (3.000%)       09/17/58     Morgan Stanley & Co. International plc     0.000%       USD       175,000       20,571       20,495       76  

CMBX.NA.BBB-.9

    (3.000%)       09/17/58     Morgan Stanley & Co. International plc     0.000%       USD       105,000       12,342       12,423       (81)  
             

 

 

   

 

 

   

 

 

 

Totals

 

  $ 1,331,550     $ 1,480,956     $ (149,406)  
             

 

 

   

 

 

   

 

 

 

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

 

Reference Obligation

  Fixed Deal
Receive Rate
    Maturity
Date
   

Counterparty

  Implied Credit
Spread at
March 31,
2017(b)
    Notional
Amount(c)
    Market
Value
    Upfront
Premium
Paid/
(Received)
    Unrealized
Appreciation/
(Depreciation)
 

CMBX.NA.A.6

    2.000%       05/11/63     Goldman Sachs International     0.000%       USD       355,000     $ (18,403)     $ 4,634     $ (23,037)  

CMBX.NA.AAA.6

    0.500%       05/11/63     Credit Suisse International     0.000%       USD       1,972,397       (1,230)       (21,329)       20,099  

CMBX.NA.AAA.6

    0.500%       05/11/63     Credit Suisse International     0.000%       USD       1,972,397       (1,230)       (21,329)       20,099  

CMBX.NA.AAA.6

    0.500%       05/11/63     Credit Suisse International     0.000%       USD       2,291,168       (1,429)       (24,776)       23,347  

CMBX.NA.AAA.6

    0.500%       05/11/63     Goldman Sachs International     0.000%       USD       84,674       (53)       (1,014)       961  

CMBX.NA.AAA.6

    0.500%       05/11/63     Morgan Stanley & Co. International plc     0.000%       USD       328,733       (205)       (2,741)       2,536  

CMBX.NA.AAA.6

    0.500%       05/11/63     Morgan Stanley & Co. International plc     0.000%       USD       662,446       (413)       (5,330)       4,917  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       51,000       (10,407)       (9,123)       (1,284)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       200,000       (40,813)       (34,006)       (6,807)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       265,000       (54,077)       (39,508)       (14,569)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       270,000       (55,098)       (40,770)       (14,328)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       270,000       (55,098)       (53,314)       (1,784)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       360,000       (73,464)       (73,198)       (266)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       460,000       (93,870)       (85,670)       (8,200)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       465,000       (94,890)       (86,601)       (8,289)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       465,000       (94,890)       (86,601)       (8,289)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       465,000       (94,890)       (86,601)       (8,289)  

CMBX.NA.BB.6

    5.000%       05/11/63     Credit Suisse International     0.000%       USD       645,000       (131,622)       (135,820)       4,198  

CMBX.NA.BB.6

    5.000%       05/11/63     Goldman Sachs International     0.000%       USD       10,000       (2,041)       (1,703)       (338)  

CMBX.NA.BB.6

    5.000%       05/11/63     Goldman Sachs International     0.000%       USD       200,000       (40,813)       (34,216)       (6,597)  

CMBX.NA.BB.6

    5.000%       05/11/63     Goldman Sachs International     0.000%       USD       304,000       (62,036)       (50,355)       (11,681)  

CMBX.NA.BB.6

    5.000%       05/11/63     Goldman Sachs International     0.000%       USD       530,000       (108,155)       (58,813)       (49,342)  

CMBX.NA.BB.6

    5.000%       05/11/63     Morgan Stanley & Co. International plc     0.000%       USD       135,000       (27,549)       (22,497)       (5,052)  

CMBX.NA.BB.6

    5.000%       05/11/63     Morgan Stanley & Co. International plc     0.000%       USD       1,020,000       (208,147)       (189,964)       (18,183)  

CMBX.NA.BB.8

    5.000%       10/17/57     Bank of America N.A.     0.000%       USD       335,000       (86,523)       (24,355)       (62,168)  

CMBX.NA.BB.8

    5.000%       10/17/57     Credit Suisse International     0.000%       USD       60,000       (15,497)       (15,152)       (345)  

CMBX.NA.BB.8

    5.000%       10/17/57     Credit Suisse International     0.000%       USD       285,000       (73,609)       (80,923)       7,314  

CMBX.NA.BB.8

    5.000%       10/17/57     Credit Suisse International     0.000%       USD       550,000       (142,052)       (156,166)       14,114  

CMBX.NA.BB.8

    5.000%       10/17/57     Credit Suisse International     0.000%       USD       550,000       (142,052)       (156,166)       14,114  

CMBX.NA.BB.8

    5.000%       10/17/57     Goldman Sachs International     0.000%       USD       75,000       (19,371)       (22,824)       3,453  

CMBX.NA.BB.8

    5.000%       10/17/57     Goldman Sachs International     0.000%       USD       115,000       (29,702)       (32,462)       2,760  

CMBX.NA.BB.8

    5.000%       10/17/57     Goldman Sachs International     0.000%       USD       170,000       (43,907)       (27,682)       (16,225)  

CMBX.NA.BB.8

    5.000%       10/17/57     Goldman Sachs International     0.000%       USD       191,000       (49,331)       (22,902)       (26,429)  

CMBX.NA.BB.8

    5.000%       10/17/57     Goldman Sachs International     0.000%       USD       580,000       (149,800)       (181,510)       31,710  

CMBX.NA.BB.8

    5.000%       10/17/57     Morgan Stanley & Co. International plc     0.000%       USD       160,000       (41,324)       (46,535)       5,211  

CMBX.NA.BB.8

    5.000%       10/17/57     Morgan Stanley & Co. International plc     0.000%       USD       190,000       (49,072)       (55,341)       6,269  

 

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Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Reference Obligation

  Fixed Deal
Receive Rate
    Maturity
Date
   

Counterparty

  Implied Credit
Spread at
March 31,
2017(b)
    Notional
Amount(c)
    Market
Value
    Upfront
Premium
Paid/
(Received)
    Unrealized
Appreciation/
(Depreciation)
 

CMBX.NA.BB.8

    5.000%       10/17/57     Morgan Stanley & Co. International plc     0.000%       USD       1,289,000     $ (332,918)     $ (365,997)     $ 33,079  

CMBX.NA.BB.9

    5.000%       09/15/58     Goldman Sachs International     0.000%       USD       130,000       (26,522)       (36,481)       9,959  

CMBX.NA.BB.9

    5.000%       09/15/58     Goldman Sachs International     0.000%       USD       250,000       (51,004)       (70,766)       19,762  

CMBX.NA.BB.9

    5.000%       09/17/58     Goldman Sachs International     0.000%       USD       10,000       (2,040)       (2,859)       819  

CMBX.NA.BB.9

    5.000%       09/17/58     Morgan Stanley & Co. International plc     0.000%       USD       255,000       (52,024)       (80,525)       28,501  

CMBX.NA.BBB-.6

    3.000%       05/11/63     Credit Suisse International     0.000%       USD       185,000       (23,654)       (26,509)       2,855  

CMBX.NA.BBB-.6

    3.000%       05/11/63     Morgan Stanley & Co. International plc     0.000%       USD       90,000       (11,507)       (8,031)       (3,476)  

PRIMEX.ARM.2

    4.580%       12/25/37     JPMorgan Chase Bank N.A.     0.000%       USD       520,197       3,576       15,621       (12,045)  
             

 

 

   

 

 

   

 

 

 

Totals

 

  $ (2,609,156)     $ (2,558,210)     $ (50,946)  
             

 

 

   

 

 

   

 

 

 

 

(a)   If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)   Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)   The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)   If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(BRL)—   Brazilian Real
(CNH)—   Chinese Renminbi
(COP)—   Colombian Peso
(EGP)—   Egyptian Pound
(EUR)—   Euro
(GBP)—   British Pound
(GHS)—   Ghana Cedi
(HUF)—   Hungarian Forint
(JPY)—   Japanese Yen
(MXN)—   Mexican Peso
(PHP)—   Philippine Peso
(RON)—   New Romanian Leu
(THB)—   Thai Baht
(TRY)—   Turkish Lira
(USD)—   United States Dollar
(ZAR)—   South African Rand
(ZMW)—   Zambian Kwacha
(ABX.HE)—   Markit Asset-Backed Home Equity Index
(ABX.HE.PEN)—   Markit Asset-Backed Home Equity Penultimate Index
(CMBX)—   Commercial Mortgage-Backed Index
(CDX.EM)—   Markit Emerging Market CDS Index
(CDX.NA.HY)—   Markit North America High Yield CDS Index
(CDX.NA.IG)—   Markit North America Investment Grade CDS Index
(CMBX.NA.A)—   Markit North America A Rated CMBS Index
(CMBX.NA.AA)—   Markit North America AA Rated CMBS Index
(CMBX.NA.AAA)—   Markit North America AAA Rated CMBS Index
(CMBX.NA.AS)—   Markit North America Junior AAA Rated CMBS Index

 

BHFTII-124


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

 

(CMBX.NA.BB)—   Markit North America BB Rated CMBS Index
(CMBX.NA.BBB-)—   Markit North America BBB- Rated CMBS Index
(CPI-U)—   U.S. Consumer Price Index for All Urban Consumers
(ITRAXX.EUR)—   Markit iTraxx Europe Index
(ITRAXX.XO)—   Markit iTraxx Crossover Index
(LIBOR)—   London Interbank Offered Rate
(PRIMEX.ARM)—   Markit Primex Adjustable Rate Mortgage Index
(TIIE)—   Mexican Interbank Equilibrium Interest Rate

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  

Total Common Stocks*

   $ 757,517,052      $ —        $ —        $ 757,517,052  

Total U.S. Treasury & Government Agencies*

     —          239,574,179        —          239,574,179  
Corporate Bonds & Notes  

Advertising

     —          21,400        —          21,400  

Aerospace/Defense

     —          1,390,420        —          1,390,420  

Agriculture

     —          2,436,087        —          2,436,087  

Airlines

     —          928,933        —          928,933  

Apparel

     —          267,936        —          267,936  

Auto Manufacturers

     —          3,126,936        —          3,126,936  

Banks

     —          51,704,962        0        51,704,962  

Beverages

     —          5,743,376        —          5,743,376  

Biotechnology

     —          534,272        —          534,272  

Building Materials

     —          585,059        —          585,059  

Chemicals

     —          475,151        —          475,151  

Commercial Services

     —          813,025        —          813,025  

Computers

     —          3,079,920        —          3,079,920  

Diversified Financial Services

     —          5,434,420        —          5,434,420  

Electric

     —          5,877,082        —          5,877,082  

Electrical Components & Equipment

     —          130,813        —          130,813  

Electronics

     —          508,336        —          508,336  

Entertainment

     —          242,775        —          242,775  

Environmental Control

     —          213,734        —          213,734  

Food

     —          2,372,118        —          2,372,118  

Forest Products & Paper

     —          119,750        —          119,750  

Gas

     —          306,182        —          306,182  

Healthcare-Products

     —          1,897,952        —          1,897,952  

 

BHFTII-125


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

 

Description    Level 1     Level 2     Level 3      Total  

Healthcare-Services

   $ —       $ 3,726,723     $ —        $ 3,726,723  

Home Builders

     —         307,885       —          307,885  

Household Products/Wares

     —         20,100       —          20,100  

Insurance

     —         1,057,837       —          1,057,837  

Internet

     —         94,625       —          94,625  

Iron/Steel

     —         391,223       —          391,223  

Lodging

     —         175,061       —          175,061  

Machinery-Construction & Mining

     —         123,900       —          123,900  

Machinery-Diversified

     —         162,125       —          162,125  

Media

     —         11,479,179       —          11,479,179  

Mining

     —         533,021       —          533,021  

Oil & Gas

     —         12,911,550       —          12,911,550  

Packaging & Containers

     —         328,100       —          328,100  

Pharmaceuticals

     —         6,508,880       —          6,508,880  

Pipelines

     —         6,615,746       —          6,615,746  

Real Estate

     —         540,584       —          540,584  

Real Estate Investment Trusts

     —         2,458,046       —          2,458,046  

Retail

     —         3,506,375       —          3,506,375  

Savings & Loans

     —         165,320       —          165,320  

Semiconductors

     —         3,249,509       —          3,249,509  

Shipbuilding

     —         26,125       —          26,125  

Software

     —         2,373,216       —          2,373,216  

Telecommunications

     —         6,809,784       —          6,809,784  

Transportation

     —         1,771,019       —          1,771,019  

Trucking & Leasing

     —         1,043,979       —          1,043,979  

Total Corporate Bonds & Notes

     —         154,590,551       0        154,590,551  

Total Asset-Backed Securities*

     —         85,153,928       —          85,153,928  

Total Mortgage-Backed Securities*

     —         62,079,803       —          62,079,803  

Total Floating Rate Loans (Less Unfunded Loan Commitments)*

     —         21,126,030       —          21,126,030  

Total Foreign Government*

     —         13,344,605       —          13,344,605  

Total Municipals

     —         6,199,004       —          6,199,004  

Total Purchased Options*

     —         375,537       —          375,537  

Total Preferred Stock*

     —         —         24,262        24,262  
Short-Term Investments  

Repurchase Agreement

     —         18,641,760       —          18,641,760  

Foreign Government

     —         3,530,914       —          3,530,914  

Total Short-Term Investments

     —         22,172,674       —          22,172,674  

Total Securities Lending Reinvestments*

     —         72,804,283       —          72,804,283  

Total Net Investments

   $ 757,517,052     $ 677,420,594     $ 24,262      $ 1,434,961,908  
                                   

Collateral for Securities Loaned (Liability)

   $ —       $ (72,775,591   $ —        $ (72,775,591

TBA Forward Sales Commitments

   $ —       $ (48,560,661   $ —        $ (48,560,661
Forward Contracts  

Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)

   $ —       $ 435,533     $ —        $ 435,533  

Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)

     —         (423,312     —          (423,312

Total Forward Contracts

   $ —       $ 12,221     $ —        $ 12,221  
Futures Contracts  

Futures Contracts (Unrealized Appreciation)

   $ 485,343     $ —       $ —        $ 485,343  

Futures Contracts (Unrealized Depreciation)

     (46,346     —         —          (46,346

Total Futures Contracts

   $ 438,997     $ —       $ —        $ 438,997  
Centrally Cleared Swap Contracts  

Centrally Cleared Swap Contracts (Unrealized Appreciation)

   $ —       $ 125,667     $ —        $ 125,667  

Centrally Cleared Swap Contracts (Unrealized Depreciation)

     —         (156,520     —          (156,520

Total Centrally Cleared Swap Contracts

   $ —       $ (30,853   $ —        $ (30,853

 

BHFTII-126


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio (formerly, Met/Wellington Balanced Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

 

Description    Level 1      Level 2     Level 3      Total  
OTC Swap Contracts  

OTC Swap Contracts at Value (Assets)

   $ —        $ 1,746,680     $ —        $ 1,746,680  

OTC Swap Contracts at Value (Liabilities)

     —          (2,694,557     —          (2,694,557

Total OTC Swap Contracts

   $ —        $ (947,877   $ —        $ (947,877

 

*   See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

Transfers from Level 2 to Level 3 in the amount of $30,800 were due to a decline in market activity for significant observable inputs, which resulted in a lack of available market inputs to determine price.

 

BHFTII-127


Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.6% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—7.2%  

General Dynamics Corp.

    269,283     $ 50,409,777  

Lockheed Martin Corp. (a)

    368,353       98,571,263  

Northrop Grumman Corp.

    261,844       62,276,977  

United Technologies Corp. (a)

    736,828       82,679,470  
   

 

 

 
      293,937,487  
   

 

 

 
Air Freight & Logistics—2.8%  

United Parcel Service, Inc. - Class B (a)

    1,072,554       115,085,044  
   

 

 

 
Banks—2.2%  

PNC Financial Services Group, Inc. (The) (a)

    741,889       89,204,733  
   

 

 

 
Beverages—7.0%  

Coca-Cola Co. (The)

    2,454,581       104,172,418  

Diageo plc

    3,004,522       86,064,618  

PepsiCo, Inc.

    848,439       94,906,386  
   

 

 

 
      285,143,422  
   

 

 

 
Biotechnology—1.6%  

Amgen, Inc.

    406,271       66,656,883  
   

 

 

 
Capital Markets—1.5%  

BlackRock, Inc. (a)

    160,284       61,470,517  
   

 

 

 
Chemicals—3.5%  

Ecolab, Inc. (a)

    496,064       62,176,662  

Praxair, Inc. (a)

    694,294       82,343,268  
   

 

 

 
      144,519,930  
   

 

 

 
Consumer Finance—2.0%  

American Express Co. (a)

    1,040,731       82,332,229  
   

 

 

 
Energy Equipment & Services—2.0%  

Schlumberger, Ltd.

    1,029,832       80,429,879  
   

 

 

 
Equity Real Estate Investment Trusts—3.8%  

American Tower Corp. (a)

    540,470       65,688,724  

Public Storage (a)

    408,323       89,385,988  
   

 

 

 
      155,074,712  
   

 

 

 
Food & Staples Retailing—7.2%  

Costco Wholesale Corp. (a)

    863,718       144,836,871  

CVS Health Corp. (a)

    874,420       68,641,970  

Walgreens Boots Alliance, Inc.

    961,131       79,821,930  
   

 

 

 
      293,300,771  
   

 

 

 
Health Care Equipment & Supplies—2.5%  

Medtronic plc

    1,264,685       101,883,024  
   

 

 

 
Health Care Providers & Services—6.8%  

Cardinal Health, Inc. (a)

    1,267,684       103,379,630  

McKesson Corp. (a)

    570,495       84,581,589  

UnitedHealth Group, Inc.

    552,347       90,590,431  
   

 

 

 
      278,551,650  
   

 

 

 
Hotels, Restaurants & Leisure—2.1%  

McDonald’s Corp.

    652,559     84,578,172  
   

 

 

 
Household Products—3.8%  

Colgate-Palmolive Co. (a)

    1,398,417       102,350,140  

Procter & Gamble Co. (The)

    576,335       51,783,700  
   

 

 

 
      154,133,840  
   

 

 

 
Industrial Conglomerates—2.2%  

Honeywell International, Inc. (a)

    735,606       91,855,121  
   

 

 

 
Insurance—5.0%  

Chubb, Ltd.

    826,358       112,591,278  

Marsh & McLennan Cos., Inc. (a)

    1,259,687       93,078,272  
   

 

 

 
      205,669,550  
   

 

 

 
IT Services—7.4%  

Accenture plc - Class A (a)

    830,430       99,551,948  

Automatic Data Processing, Inc.

    988,310       101,193,061  

Visa, Inc. - Class A

    1,157,350       102,853,695  
   

 

 

 
      303,598,704  
   

 

 

 
Media—1.5%  

Walt Disney Co. (The)

    558,537       63,332,510  
   

 

 

 
Oil, Gas & Consumable Fuels—2.0%  

Exxon Mobil Corp.

    1,000,869       82,081,267  
   

 

 

 
Pharmaceuticals—5.4%  

Johnson & Johnson

    665,147       82,844,059  

Merck & Co., Inc. (a)

    1,407,555       89,436,044  

Roche Holding AG

    183,760       46,878,163  
   

 

 

 
      219,158,266  
   

 

 

 
Road & Rail—5.0%  

Canadian National Railway Co.

    1,423,084       105,041,866  

Union Pacific Corp. (a)

    949,219       100,541,277  
   

 

 

 
      205,583,143  
   

 

 

 
Software—3.6%  

Microsoft Corp.

    2,242,899       147,717,328  
   

 

 

 
Specialty Retail—4.9%  

Lowe’s Cos., Inc. (a)

    1,019,152       83,784,486  

TJX Cos., Inc. (The) (a)

    1,470,858       116,315,451  
   

 

 

 
      200,099,937  
   

 

 

 
Textiles, Apparel & Luxury Goods—5.6%  

NIKE, Inc. - Class B

    2,737,360       152,553,073  

VF Corp. (a)

    1,381,163       75,922,530  
   

 

 

 
      228,475,603  
   

 

 

 

Total Common Stocks
(Cost $3,435,146,370)

      4,033,873,722  
   

 

 

 

 

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Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Escrow Shares—0.0%

 

Security Description   Shares/
Principal
Amount*
    Value  
Forest Products & Paper—0.0%  

Sino-Forest Corp. (b)
(Cost $0)

    5,844,000     $ 0  
   

 

 

 
Short-Term Investment—1.3%  
Repurchase Agreement—1.3%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $54,147,616 on 04/03/17, collateralized by $52,515,000 U.S. Treasury Inflation Indexed Note at 0.125% due 04/15/20 with a value of $55,235,172.

    54,147,210       54,147,210  
   

 

 

 

Total Short-Term Investments
(Cost $54,147,210)

      54,147,210  
   

 

 

 
Securities Lending Reinvestments (c)—4.3%  
Certificates of Deposit—2.1%  

ABN AMRO Bank NV
Zero Coupon, 06/23/17

    4,980,501       4,987,700  

Bank of Montreal Chicago
1.081%, 09/06/17 (d)

    5,000,000       5,005,103  

Bank of Tokyo UFJ Ltd., New York
1.300%, 04/21/17

    2,004,529       2,000,338  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (d)

    2,000,000       2,000,966  

1.510%, 08/18/17

    908,331       900,566  

Chiba Bank, Ltd., New York
1.100%, 04/03/17

    2,000,000       2,000,010  

Credit Suisse AG New York
1.581%, 05/12/17 (d)

    4,500,000       4,501,364  

Danske Bank A/S London

   

Zero Coupon, 05/12/17

    3,489,870       3,496,395  

KBC Bank NV
1.120%, 05/08/17

    3,000,000       3,000,450  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (d)

    3,500,000       3,499,794  

1.384%, 06/01/17 (d)

    2,999,019       3,001,704  

Mizuho Bank, Ltd., New York
1.184%, 09/01/17 (d)

    6,300,000       6,299,565  

1.543%, 05/17/17

    5,000,000       5,001,485  

Norinchukin Bank New York
1.451%, 07/12/17 (d)

    3,000,000       3,002,655  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    8,000,000       7,999,736  

Royal Bank of Canada New York
1.298%, 03/20/18 (d)

    11,500,000       11,499,965  

Sumitomo Bank New York
1.578%, 06/19/17 (d)

    2,000,000       2,001,352  

Toronto Dominion Bank New York
1.221%, 03/13/18 (d)

    11,500,000       11,495,948  
Certificates of Deposit—(Continued)  

UBS, Stamford
1.301%, 05/12/17 (d)

    1,500,000     1,500,369  

1.589%, 07/31/17 (d)

    1,803,901       1,804,958  
   

 

 

 
      85,000,423  
   

 

 

 
Commercial Paper—1.4%  

Barton Capital S.A.
1.110%, 04/21/17

    1,994,327       1,998,666  

Commonwealth Bank Australia
1.174%, 03/01/18

    7,000,000       7,002,856  

DCAT LLC
1.200%, 04/11/17

    1,698,187       1,699,531  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (d)

    12,000,000       11,998,944  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (d)

    13,500,000       13,501,107  

Ridgefield Funding Co. LLC
1.184%, 09/07/17 (d)

    5,000,000       4,999,410  

Starbird Funding Corp.
1.441%, 06/13/17 (d)

    6,000,000       6,002,118  

Versailles CDS LLC
1.050%, 06/05/17

    8,974,538       8,980,785  
   

 

 

 
      56,183,417  
   

 

 

 
Repurchase Agreements—0.6%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $3,027,772 on 04/03/17, collateralized by $4,354,733 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,088,131.

    3,027,578       3,027,578  

Citigroup Global Markets, Ltd.

   

Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $4,000,293 on 04/03/17, collateralized by $4,093,949 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $4,080,001.

    4,000,000       4,000,000  

Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $654,191 on 07/03/17, collateralized by various Common Stock with a value of $715,000.

    650,000       650,000  

Deutsche Bank AG, London

   

Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $300,024 on 04/03/17, collateralized by $303,534 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $306,004.

    300,000       300,000  

 

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Table of Contents

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Deutsche Bank AG, London

   

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $5,003,250 on 04/03/17, collateralized by $772,491 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $5,489,933.

    5,000,000     $ 5,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $7,844,928 on 06/02/17, collateralized by various Common Stock with a value of $8,580,000.

    7,800,000       7,800,000  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $100,007 on 04/03/17, collateralized by $99,374 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $102,062.

    100,000       100,000  

Natixis New York
Repurchase Agreement dated 03/30/17 at 0.980% to be repurchased at $5,000,953 on 04/06/17, collateralized by $10,891,657 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/09/19 - 08/16/58, with a value of $5,100,557.

    5,000,000       5,000,000  
   

 

 

 
      25,877,578  
   

 

 

 
Time Deposits—0.2%  

OP Corporate Bank plc
1.200%, 04/10/17

    3,000,000     3,000,000  

Shinkin Central Bank
1.440%, 04/25/17

    3,000,000       3,000,000  

1.440%, 04/26/17

    2,500,000       2,500,000  

1.440%, 04/27/17

    1,500,000       1,500,000  
   

 

 

 
      10,000,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $177,043,630)

      177,061,418  
   

 

 

 

Total Investments—104.2%
(Cost $3,666,337,210) (e)

      4,265,082,350  

Other assets and liabilities (net)—(4.2)%

      (172,286,167
   

 

 

 
Net Assets—100.0%     $ 4,092,796,183  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $174,132,443 and the collateral received consisted of cash in the amount of $177,030,780. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.05% of net assets.
(c)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)   As of March 31, 2017, the aggregate cost of investments was $3,666,337,210. The aggregate unrealized appreciation and depreciation of investments were $629,599,950 and $(30,854,810), respectively, resulting in net unrealized appreciation of $598,745,140.

 

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Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  
Common Stocks  

Aerospace & Defense

   $ 293,937,487      $ —       $ —        $ 293,937,487  

Air Freight & Logistics

     115,085,044        —         —          115,085,044  

Banks

     89,204,733        —         —          89,204,733  

Beverages

     199,078,804        86,064,618       —          285,143,422  

Biotechnology

     66,656,883        —         —          66,656,883  

Capital Markets

     61,470,517        —         —          61,470,517  

Chemicals

     144,519,930        —         —          144,519,930  

Consumer Finance

     82,332,229        —         —          82,332,229  

Energy Equipment & Services

     80,429,879        —         —          80,429,879  

Equity Real Estate Investment Trusts

     155,074,712        —         —          155,074,712  

Food & Staples Retailing

     293,300,771        —         —          293,300,771  

Health Care Equipment & Supplies

     101,883,024        —         —          101,883,024  

Health Care Providers & Services

     278,551,650        —         —          278,551,650  

Hotels, Restaurants & Leisure

     84,578,172        —         —          84,578,172  

Household Products

     154,133,840        —         —          154,133,840  

Industrial Conglomerates

     91,855,121        —         —          91,855,121  

Insurance

     205,669,550        —         —          205,669,550  

IT Services

     303,598,704        —         —          303,598,704  

Media

     63,332,510        —         —          63,332,510  

Oil, Gas & Consumable Fuels

     82,081,267        —         —          82,081,267  

Pharmaceuticals

     172,280,103        46,878,163       —          219,158,266  

Road & Rail

     205,583,143        —         —          205,583,143  

Software

     147,717,328        —         —          147,717,328  

Specialty Retail

     200,099,937        —         —          200,099,937  

Textiles, Apparel & Luxury Goods

     228,475,603        —         —          228,475,603  

Total Common Stocks

     3,900,930,941        132,942,781       —          4,033,873,722  

Total Escrow Shares*

     —          —         0        0  

Total Short-Term Investment*

     —          54,147,210       —          54,147,210  

Total Securities Lending Reinvestments*

     —          177,061,418       —          177,061,418  

Total Investments

   $ 3,900,930,941      $ 364,151,409     $ 0      $ 4,265,082,350  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (177,030,780   $ —        $ (177,030,780

 

*   See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

 

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Table of Contents

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio (formerly, MetLife Asset Allocation 20 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—100.0% of Net Assets

 

Security Description   Shares     Value  
Affiliated Investment Companies—100.0%  

Baillie Gifford International Stock Portfolio (Class A) (a)

    583,413     $ 6,452,549  

BlackRock Bond Income Portfolio (Class A) (a)

    754,938       80,868,977  

BlackRock Capital Appreciation Portfolio (Class A) (a)

    176,609       6,467,417  

BlackRock High Yield Portfolio (Class A) (b)

    410,217       3,236,610  

BlackRock Large Cap Value Portfolio (Class A) (a)

    709,726       6,423,016  

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio) (Class A) (b)

    200,044       3,234,710  

Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio) (Class A) (b)

    160,076       1,602,361  

Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio) (Class A) (b)

    683,401       6,464,971  

Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio) (Class A) (a)

    6,763       1,609,010  

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio) (Class A) (b)

    1,236,669       12,935,557  

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio) (Class A) (b)

    3,334,274       32,342,453  

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio) (Class A) (b)

    937,846       9,706,705  

Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio) (Class A) (a)

    426,355       12,905,774  

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio) (Class A) (b)

    434,404       6,463,937  

Clarion Global Real Estate Portfolio (Class A) (b)

    274,666       3,238,315  

Goldman Sachs Mid Cap Value Portfolio (Class A) (b)

    134,972       1,618,318  

Harris Oakmark International Portfolio (Class A) (b)

    557,207       8,085,071  
Affiliated Investment Companies—(Continued)  

Invesco Comstock Portfolio (Class A) (b)

    857,201     12,832,296  

Jennison Growth Portfolio (Class A) (a)

    437,476       6,457,151  

JPMorgan Core Bond Portfolio (Class A) (b)

    5,957,886       61,485,382  

JPMorgan Small Cap Value Portfolio (Class A) (b)

    182,687       3,237,218  

MFS Research International Portfolio (Class A) (b)

    442,845       4,835,865  

MFS Value Portfolio (Class A) (a)

    798,492       12,823,781  

Neuberger Berman Genesis Portfolio (Class A) (a)

    293,399       6,454,787  

Oppenheimer Global Equity Portfolio (Class A) (b)

    75,929       1,617,282  

PIMCO Inflation Protected Bond Portfolio (Class A) (b) (c)

    5,856,147       58,268,660  

PIMCO Total Return Portfolio (Class A) (b)

    6,761,667       77,691,553  

T. Rowe Price Large Cap Growth Portfolio (Class A) (a)

    288,164       6,466,391  

T. Rowe Price Large Cap Value Portfolio (Class A) (b)

    365,206       12,877,169  

TCW Core Fixed Income Portfolio (Class A) (b)

    6,679,993       67,935,529  

Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)

    1,882,365       25,882,517  

Western Asset Management U.S. Government Portfolio (Class A) (a)

    7,117,969       84,134,390  
   

 

 

 

Total Mutual Funds
(Cost $647,408,391)

      646,655,722  
   

 

 

 

Total Investments—100.0%
(Cost $647,408,391) (d)

      646,655,722  

Other assets and liabilities (net)—0.0%

      (293,437
   

 

 

 
Net Assets—100.0%     $ 646,362,285  
   

 

 

 

 

(a)   A Portfolio of Brighthouse Funds Trust II.
(b)   A Portfolio of Brighthouse Funds Trust I.
(c)   Non-income producing security.
(d)   As of March 31, 2017, the aggregate cost of investments was $647,408,391. The aggregate unrealized appreciation and depreciation of investments were $13,370,425 and $(14,123,094), respectively, resulting in net unrealized depreciation of $(752,669).

 

BHFTII-132


Table of Contents

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio (formerly, MetLife Asset Allocation 20 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  
Mutual Funds            

Affiliated Investment Companies

   $ 646,655,722      $ —        $ —        $ 646,655,722  

Total Investments

   $ 646,655,722      $ —        $ —        $ 646,655,722  
                                     

 

 

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Table of Contents

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio (formerly, MetLife Asset Allocation 40 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—100.0% of Net Assets

 

Security Description   Shares     Value  
Affiliated Investment Companies—100.0%  

Baillie Gifford International Stock Portfolio (Class A) (a)

    12,235,728     $ 135,327,149  

BlackRock Bond Income Portfolio (Class A) (a)

    6,016,364       644,472,906  

BlackRock Capital Appreciation Portfolio (Class A) (a)

    3,701,693       135,556,008  

BlackRock High Yield Portfolio (Class A) (b)

    4,312,246       34,023,622  

BlackRock Large Cap Value Portfolio (Class A) (a)

    14,790,721       133,856,021  

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio) (Class A) (b)

    4,169,893       67,427,176  

Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio) (Class A) (b)

    6,728,939       67,356,675  

Brighthouse/Artisan International Portfolio (foremrly, Met/Artisan International Portfolio) (Class A) (b)

    8,958,156       84,744,152  

Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio) (Class A) (a)

    70,719       16,825,392  

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio) (Class A) (b)

    12,937,397       135,325,172  

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio) (Class A) (b)

    20,950,745       203,222,230  

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio) (Class A) (b)

    16,440,535       170,159,538  

Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio) (Class A) (a)

    8,355,203       252,912,008  

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio) (Class A) (b)

    10,231,627       152,246,605  

Clarion Global Real Estate Portfolio (Class A) (b)

    4,187,599       49,371,792  

ClearBridge Aggressive Growth Portfolio (Class A) (b)

    5,875,534       100,647,901  

Goldman Sachs Mid Cap Value Portfolio (Class A) (b)

    1,413,901       16,952,669  

Harris Oakmark International Portfolio (Class A) (b)

    12,870,865       186,756,254  

Invesco Comstock Portfolio (Class A) (b)

    13,384,955       200,372,781  

Invesco Small Cap Growth Portfolio (Class A) (b)

    5,811,616       85,082,056  
Affiliated Investment Companies—(Continued)  

Jennison Growth Portfolio (Class A) (a)

    6,901,904     101,872,105  

JPMorgan Core Bond Portfolio
(Class A) (b)

    46,027,126       474,999,945  

JPMorgan Small Cap Value Portfolio (Class A) (b)

    2,830,968       50,164,757  

MFS Research International Portfolio (Class A) (b)

    9,278,977       101,326,426  

MFS Value Portfolio (Class A) (a)

    14,604,874       234,554,270  

Neuberger Berman Genesis Portfolio (Class A) (a)

    2,296,530       50,523,657  

Oppenheimer Global Equity Portfolio (Class A) (b)

    3,185,867       67,858,973  

PIMCO Inflation Protected Bond Portfolio (Class A) (b) (c)

    40,953,955       407,491,848  

PIMCO Total Return Portfolio
(Class A) (b)

    53,206,443       611,342,035  

T. Rowe Price Large Cap Growth Portfolio (Class A) (a)

    6,060,200       135,990,878  

T. Rowe Price Large Cap Value Portfolio (Class A) (b)

    6,679,379       235,514,913  

T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)

    3,023,727       33,956,454  

TCW Core Fixed Income Portfolio (Class A) (b)

    53,343,012       542,498,431  

Van Eck Global Natural Resources Portfolio (Class A) (a)

    5,970,697       62,692,319  

Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)

    17,295,955       237,819,379  

Western Asset Management U.S. Government Portfolio (Class A) (a)

    45,909,179       542,646,498  
   

 

 

 

Total Mutual Funds
(Cost $6,541,743,769)

      6,763,890,995  
   

 

 

 

Total Investments—100.0%
(Cost $6,541,743,769) (d)

      6,763,890,995  

Other assets and liabilities (net)—0.0%

      (1,747,316
   

 

 

 
Net Assets—100.0%     $ 6,762,143,679  
   

 

 

 

 

(a)   A Portfolio of Brighthouse Funds Trust II.
(b)   A Portfolio of Brighthouse Funds Trust I.
(c)   Non-income producing security.
(d)   As of March 31, 2017, the aggregate cost of investments was $6,541,743,769. The aggregate unrealized appreciation and depreciation of investments were $366,156,709 and $(144,009,483), respectively, resulting in net unrealized appreciation of $222,147,226.

 

BHFTII-134


Table of Contents

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio (formerly, MetLife Asset Allocation 40 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  
Mutual Funds            

Affiliated Investment Companies

   $ 6,763,890,995      $ —        $ —        $ 6,763,890,995  

Total Investments

   $ 6,763,890,995      $ —        $ —        $ 6,763,890,995  
                                     

 

BHFTII-135


Table of Contents

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio (formerly, MetLife Asset Allocation 60 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—100.0% of Net Assets

 

Security Description   Shares     Value  
Affiliated Investment Companies—100.0%  

Baillie Gifford International Stock Portfolio (Class A) (a)

    33,396,505     $ 369,365,340  

BlackRock Bond Income Portfolio (Class A) (a)

    8,545,443       915,387,827  

BlackRock Capital Appreciation Portfolio (Class A) (a)

    12,072,586       442,098,091  

BlackRock High Yield Portfolio
(Class A) (b)

    11,161,485       88,064,118  

BlackRock Large Cap Value Portfolio (Class A) (a)

    55,800,035       504,990,319  

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio) (Class A) (b)

    9,006,635       145,637,294  

Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio) (Class A) (b)

    25,644,336       256,699,807  

Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio) (Class A) (b)

    34,087,455       322,467,325  

Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio) (Class A) (a)

    305,338       72,646,124  

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio) (Class A) (a)

    10,808,556       147,428,707  

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)
(Class A) (b)

    27,801,197       290,800,516  

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio) (Class A) (b)

    29,607,113       287,188,995  

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio) (Class A) (b)

    42,752,175       442,485,006  

Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio) (Class A) (a)

    21,766,672       658,877,160  

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio) (Class A) (b)

    29,626,098       440,836,337  

Clarion Global Real Estate Portfolio (Class A) (b)

    17,593,239       207,424,286  

ClearBridge Aggressive Growth Portfolio (Class A) (b)

    27,836,707       476,842,798  

Goldman Sachs Mid Cap Value Portfolio (Class A) (b)

    3,048,225       36,548,224  

Harris Oakmark International Portfolio (Class A) (b)

    33,229,856       482,165,217  

Invesco Comstock Portfolio
(Class A) (b)

    33,819,487       506,277,722  
Affiliated Investment Companies—(Continued)  

Invesco Small Cap Growth Portfolio (Class A) (b)

    15,130,220     221,506,418  

Jennison Growth Portfolio (Class A) (a)

    35,101,072       518,091,830  

JPMorgan Core Bond Portfolio
(Class A) (b)

    61,156,944       631,139,666  

JPMorgan Small Cap Value Portfolio (Class A) (b)

    6,087,357       107,867,971  

Loomis Sayles Small Cap Growth Portfolio (Class A) (a)

    5,539,782       74,066,886  

MFS Research International Portfolio (Class A) (b)

    26,974,660       294,563,290  

MFS Value Portfolio (Class A) (a)

    40,893,100       656,743,191  

Neuberger Berman Genesis Portfolio (Class A) (a)

    6,632,758       145,920,666  

Oppenheimer Global Equity Portfolio (Class A) (b)

    6,938,318       147,786,166  

PIMCO Inflation Protected Bond Portfolio (Class A) (b) (c)

    42,839,105       426,249,097  

PIMCO Total Return Portfolio
(Class A) (b)

    73,972,632       849,945,536  

T. Rowe Price Large Cap Growth Portfolio (Class A) (a)

    19,773,281       443,712,433  

T. Rowe Price Large Cap Value Portfolio (Class A) (b)

    16,598,564       585,265,362  

T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)

    13,128,678       147,435,053  

T. Rowe Price Small Cap Growth Portfolio (Class A) (a)

    9,672,629       221,309,741  

TCW Core Fixed Income Portfolio (Class A) (b)

    74,390,351       756,549,873  

Van Eck Global Natural Resources Portfolio (Class A) (a)

    25,681,322       269,653,878  

Western Asset Management Strategic Bond Opportunities Portfolio
(Class A) (a)

    21,141,108       290,690,230  

Western Asset Management U.S. Government Portfolio (Class A) (a)

    47,534,029       561,852,223  
   

 

 

 

Total Mutual Funds
(Cost $13,580,081,498)

      14,444,580,723  
   

 

 

 

Total Investments—100.0%
(Cost $13,580,081,498) (d)

      14,444,580,723  

Other assets and liabilities
(net)—0.0%

      (3,353,003
   

 

 

 
Net Assets—100.0%     $ 14,441,227,720  
   

 

 

 
   

 

 

 

 

(a)   A Portfolio of Brighthouse Funds Trust II.
(b)   A Portfolio of Brighthouse Funds Trust I.
(c)   Non-income producing security.
(d)   As of March 31, 2017, the aggregate cost of investments was $13,580,081,498. The aggregate unrealized appreciation and depreciation of investments were $1,065,109,168 and $(200,609,943), respectively, resulting in net unrealized appreciation of $864,499,225.

 

BHFTII-136


Table of Contents

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio (formerly, MetLife Asset Allocation 60 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  
Mutual Funds            

Affiliated Investment Companies

   $ 14,444,580,723      $ —        $ —        $ 14,444,580,723  

Total Investments

   $ 14,444,580,723      $ —        $ —        $ 14,444,580,723  
                                     

 

BHFTII-137


Table of Contents

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio (formerly, MetLife Asset Allocation 80 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—100.0% of Net Assets

 

Security Description   Shares     Value  
Affiliated Investment Companies—100.0%  

Baillie Gifford International Stock Portfolio (Class A) (a)

    36,075,094     $ 398,990,535  

BlackRock Bond Income Portfolio (Class A) (a)

    2,968,111       317,944,061  

BlackRock Capital Appreciation Portfolio (Class A) (a)

    10,887,343       398,694,485  

BlackRock High Yield Portfolio (Class A) (b)

    7,143,953       56,365,787  

BlackRock Large Cap Value Portfolio (Class A) (a)

    42,948,740       388,686,098  

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio)
(Class A) (b)

    10,411,277       168,350,343  

Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio) (Class A) (b)

    28,134,911       281,630,457  

Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio) (Class A) (b)

    37,728,840       356,914,830  

Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio) (Class A) (a)

    235,443       56,016,594  

Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio) (Class A) (a)

    16,729,763       228,193,969  

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)
(Class A) (b)

    10,487,187       109,695,973  

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio) (Class A) (b)

    32,867,438       340,177,979  

Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio) (Class A) (a)

    18,678,195       565,388,951  

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio) (Class A) (b)

    26,710,298       397,449,232  

Clarion Global Real Estate Portfolio (Class A) (b)

    22,475,603       264,987,357  

ClearBridge Aggressive Growth Portfolio (Class A) (b)

    31,399,161       537,867,634  

Frontier Mid Cap Growth Portfolio (Class A) (a)

    1,670,275       56,973,094  

Goldman Sachs Mid Cap Value Portfolio (Class A) (b)

    9,391,963       112,609,630  

Harris Oakmark International Portfolio (Class A) (b)

    33,674,599       488,618,428  

Invesco Comstock Portfolio
(Class A) (b)

    33,531,395       501,964,985  
Affiliated Investment Companies—(Continued)  

Invesco Small Cap Growth Portfolio (Class A) (b)

    19,491,383     285,353,847  

Jennison Growth Portfolio (Class A) (a)

    38,798,221       572,661,739  

JPMorgan Core Bond Portfolio
(Class A) (b)

    20,428,862       210,825,853  

JPMorgan Small Cap Value Portfolio (Class A) (b)

    9,380,815       166,228,035  

Loomis Sayles Small Cap Growth Portfolio (Class A) (a)

    10,706,743       143,149,148  

MFS Research International Portfolio (Class A) (b)

    31,216,187       340,880,758  

MFS Value Portfolio (Class A) (a)

    35,094,946       563,624,828  

Morgan Stanley Mid Cap Growth Portfolio (Class A) (b) (c)

    3,471,132       56,510,023  

Neuberger Berman Genesis Portfolio (Class A) (a)

    2,559,139       56,301,055  

Oppenheimer Global Equity Portfolio (Class A) (b)

    8,054,885       171,569,059  

PIMCO Inflation Protected Bond Portfolio (Class A) (b) (c)

    16,135,933       160,552,531  

PIMCO Total Return Portfolio
(Class A) (b)

    27,865,726       320,177,191  

T. Rowe Price Large Cap Growth Portfolio (Class A) (a)

    22,939,928       514,771,978  

T. Rowe Price Large Cap Value Portfolio (Class A) (b)

    14,424,241       508,598,739  

T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)

    10,151,570       114,002,133  

T. Rowe Price Small Cap Growth Portfolio (Class A) (a)

    7,474,660       171,020,226  

TCW Core Fixed Income Portfolio (Class A) (b)

    25,864,376       263,040,705  

Van Eck Global Natural Resources Portfolio (Class A) (a)

    29,621,473       311,025,471  

Western Asset Management Strategic Bond Opportunities Portfolio
(Class A) (a)

    15,923,688       218,950,713  
   

 

 

 

Total Mutual Funds
(Cost $10,238,792,236)

      11,176,764,454  
   

 

 

 

Total Investments—100.0%
(Cost $10,238,792,236) (d)

      11,176,764,454  

Other assets and liabilities
(net)—0.0%

      (2,644,779
   

 

 

 
Net Assets—100.0%     $ 11,174,119,675  
   

 

 

 

 

(a)   A Portfolio of Brighthouse Funds Trust II.
(b)   A Portfolio of Brighthouse Funds Trust I.
(c)   Non-income producing security.
(d)   As of March 31, 2017, the aggregate cost of investments was $10,238,792,236. The aggregate unrealized appreciation and depreciation of investments were $1,077,502,621 and $(139,530,403), respectively, resulting in net unrealized appreciation of $937,972,218.

 

BHFTII-138


Table of Contents

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio (formerly, MetLife Asset Allocation 80 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  
Mutual Funds            

Affiliated Investment Companies

   $ 11,176,764,454      $ —        $ —        $ 11,176,764,454  

Total Investments

   $ 11,176,764,454      $ —        $ —        $ 11,176,764,454  
                                     

 

BHFTII-139


Table of Contents

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—99.2% of Net Assets

 

Security Description   Shares     Value  
Airlines—0.5%  

United Continental Holdings, Inc. (a)

    82,502     $ 5,827,941  
   

 

 

 
Banks—2.4%  

Popular, Inc.

    126,064       5,134,587  

Signature Bank (a) (b)

    107,112       15,894,349  

Webster Financial Corp. (b)

    160,946       8,053,738  
   

 

 

 
      29,082,674  
   

 

 

 
Beverages—1.0%  

Brown-Forman Corp. - Class B (b)

    128,067       5,914,134  

Monster Beverage Corp. (a)

    134,318       6,201,462  
   

 

 

 
      12,115,596  
   

 

 

 
Biotechnology—4.2%  

Alkermes plc (a) (b)

    125,296       7,329,816  

BioMarin Pharmaceutical, Inc. (a) (b)

    153,904       13,509,693  

Incyte Corp. (a)

    213,740       28,570,626  
   

 

 

 
      49,410,135  
   

 

 

 
Building Products—1.1%  

A.O. Smith Corp. (b)

    245,032       12,535,837  
   

 

 

 
Capital Markets—5.4%  

E*Trade Financial Corp. (a)

    251,927       8,789,733  

Moody’s Corp.

    74,557       8,353,366  

Nasdaq, Inc.

    257,899       17,911,086  

Raymond James Financial, Inc.

    298,952       22,798,080  

SEI Investments Co.

    114,105       5,755,456  
   

 

 

 
      63,607,721  
   

 

 

 
Chemicals—2.5%  

CF Industries Holdings, Inc. (b)

    177,199       5,200,790  

FMC Corp.

    171,088       11,906,014  

Sherwin-Williams Co. (The)

    39,683       12,309,270  
   

 

 

 
      29,416,074  
   

 

 

 
Commercial Services & Supplies—5.5%  

Cintas Corp. (b)

    219,571       27,784,514  

KAR Auction Services, Inc.

    356,175       15,554,162  

Waste Connections, Inc.

    249,385       22,000,745  
   

 

 

 
      65,339,421  
   

 

 

 
Construction Materials—3.8%  

Eagle Materials, Inc. (b)

    158,087       15,356,571  

Martin Marietta Materials, Inc.

    70,649       15,419,144  

Vulcan Materials Co.

    117,011       14,097,486  
   

 

 

 
      44,873,201  
   

 

 

 
Containers & Packaging—1.9%  

Ball Corp.

    127,754       9,487,012  

Berry Plastics Group, Inc. (a)

    276,479       13,428,585  
   

 

 

 
      22,915,597  
   

 

 

 
Distributors—1.1%  

LKQ Corp. (a)

    464,545     $ 13,597,232  
   

 

 

 
Diversified Consumer Services—0.7%  

Bright Horizons Family Solutions, Inc. (a) (b)

    108,994       7,900,975  
   

 

 

 
Diversified Telecommunication Services—0.7%  

Cogent Communications Holdings, Inc.

    182,953       7,876,127  
   

 

 

 
Electronic Equipment, Instruments & Components—3.0%  

Amphenol Corp. - Class A

    154,076       10,965,589  

Flex, Ltd. (a)

    402,515       6,762,252  

Universal Display Corp. (b)

    204,393       17,598,237  
   

 

 

 
      35,326,078  
   

 

 

 
Equity Real Estate Investment Trusts—1.3%  

SBA Communications Corp. (a)

    125,196       15,069,843  
   

 

 

 
Food Products—0.5%  

Blue Buffalo Pet Products, Inc. (a) (b)

    280,770       6,457,710  
   

 

 

 
Health Care Equipment & Supplies—8.4%  

Align Technology, Inc. (a) (b)

    106,393       12,204,341  

C.R. Bard, Inc.

    96,418       23,963,730  

Cooper Cos., Inc. (The) (b)

    148,976       29,778,812  

DexCom, Inc. (a) (b)

    33,616       2,848,284  

Edwards Lifesciences Corp. (a)

    102,412       9,633,897  

STERIS plc (b)

    141,801       9,849,497  

Teleflex, Inc. (b)

    61,904       11,992,662  
   

 

 

 
      100,271,223  
   

 

 

 
Health Care Providers & Services—0.7%  

Acadia Healthcare Co., Inc. (a) (b)

    191,328       8,341,901  
   

 

 

 
Hotels, Restaurants & Leisure—4.2%  

Aramark

    670,646       24,726,718  

MGM Resorts International (b)

    480,499       13,165,672  

Royal Caribbean Cruises, Ltd.

    47,380       4,648,452  

Texas Roadhouse, Inc. (b)

    152,192       6,777,110  
   

 

 

 
      49,317,952  
   

 

 

 
Insurance—2.7%  

Aon plc

    167,727       19,907,517  

Willis Towers Watson plc

    90,483       11,843,320  
   

 

 

 
      31,750,837  
   

 

 

 
Internet & Direct Marketing Retail—1.2%  

Expedia, Inc.

    113,808       14,359,155  
   

 

 

 
IT Services—10.5%  

Alliance Data Systems Corp.

    48,507       12,078,243  

Computer Sciences Corp.

    143,741       9,919,566  

Conduent, Inc. (a)

    490,265       8,226,647  

Euronet Worldwide, Inc. (a) (b)

    315,219       26,957,529  

Gartner, Inc. (a) (b)

    70,799       7,645,584  

Genpact, Ltd.

    272,135       6,738,063  

 

BHFTII-140


Table of Contents

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description       
    
Shares
    Value  
IT Services—(Continued)  

Global Payments, Inc.

    325,034     $ 26,223,743  

Jack Henry & Associates, Inc.

    98,969       9,214,014  

Vantiv, Inc. - Class A (a)

    277,862       17,816,511  
   

 

 

 
      124,819,900  
   

 

 

 
Leisure Products—1.3%  

Brunswick Corp. (b)

    261,085       15,978,402  
   

 

 

 
Life Sciences Tools & Services—2.4%  

Illumina, Inc. (a)

    52,702       8,993,069  

PAREXEL International Corp. (a) (b)

    124,117       7,833,024  

QIAGEN NV (a)

    393,292       11,393,669  
   

 

 

 
      28,219,762  
   

 

 

 
Machinery—1.3%  

Wabtec Corp. (b)

    63,673       4,966,494  

Woodward, Inc. (b)

    155,428       10,556,670  
   

 

 

 
      15,523,164  
   

 

 

 
Media—0.7%  

IMAX Corp. (a) (b)

    242,541       8,246,394  
   

 

 

 
Multiline Retail—2.1%  

Dollar General Corp.

    210,307       14,664,707  

Dollar Tree, Inc. (a)

    125,901       9,878,193  
   

 

 

 
      24,542,900  
   

 

 

 
Oil, Gas & Consumable Fuels—1.3%  

Carrizo Oil & Gas, Inc. (a) (b)

    288,521       8,269,012  

Concho Resources, Inc. (a) (b)

    55,670       7,144,688  
   

 

 

 
      15,413,700  
   

 

 

 
Pharmaceuticals—2.3%  

Medicines Co. (The) (a) (b)

    94,597       4,625,793  

Zoetis, Inc. (b)

    432,186       23,065,767  
   

 

 

 
      27,691,560  
   

 

 

 
Professional Services—2.6%  

Equifax, Inc.

    224,972       30,762,671  
   

 

 

 
Road & Rail—0.8%  

J.B. Hunt Transport Services, Inc.

    102,593       9,411,882  
   

 

 

 
Semiconductors & Semiconductor Equipment—4.4%  

Integrated Device Technology, Inc. (a) (b)

    449,133       10,630,978  

Lam Research Corp.

    172,673       22,164,306  

Qorvo, Inc. (a) (b)

    289,972       19,880,481  
   

 

 

 
      52,675,765  
   

 

 

 
Software—10.3%  

Activision Blizzard, Inc.

    374,991       18,697,051  

Cadence Design Systems, Inc. (a) (b)

    721,805       22,664,677  
Software—(Continued)  

CDK Global, Inc.

    422,965     27,496,955  

Electronic Arts, Inc. (a)

    358,849       32,124,163  

Fortinet, Inc. (a) (b)

    163,135       6,256,227  

Red Hat, Inc. (a)

    172,592       14,929,208  
   

 

 

 
      122,168,281  
   

 

 

 
Specialty Retail—3.8%  

O’Reilly Automotive, Inc. (a)

    60,925       16,440,002  

Ross Stores, Inc.

    437,241       28,801,065  
   

 

 

 
      45,241,067  
   

 

 

 
Trading Companies & Distributors—2.6%  

Beacon Roofing Supply, Inc. (a)

    297,729       14,636,358  

HD Supply Holdings, Inc. (a)

    394,209       16,211,845  
   

 

 

 
      30,848,203  
   

 

 

 

Total Common Stocks
(Cost $933,717,038)

      1,176,936,881  
   

 

 

 
Short-Term Investment—0.6%  
Repurchase Agreement—0.6%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $7,359,760 on 04/03/17, collateralized by $7,500,000 U.S. Treasury Note at 1.500% due 05/31/20 with a value of $7,510,838.

    7,359,704       7,359,704  
   

 

 

 

Total Short-Term Investments
(Cost $7,359,704)

      7,359,704  
   

 

 

 
Securities Lending Reinvestments (c)—12.4%  
Certificates of Deposit—7.2%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    997,115       999,180  

Zero Coupon, 06/23/17

    3,486,351       3,491,390  

Banco Del Estado De Chile New York
1.426%, 06/21/17 (d)

    2,500,000       2,501,355  

Bank of Montreal Chicago
1.081%, 09/06/17 (d)

    5,000,000       5,005,103  

Bank of Nova Scotia Houston
1.355%, 11/03/17 (d)

    3,000,000       3,003,295  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (d)

    2,000,000       2,000,966  

1.510%, 08/18/17

    2,321,289       2,301,447  

BNP Paribas New York
1.384%, 08/04/17 (d)

    750,000       750,572  

Canadian Imperial Bank
1.392%, 10/27/17 (d)

    1,000,000       1,001,203  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    1,000,000       1,000,011  

 

BHFTII-141


Table of Contents

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Credit Suisse AG New York
1.581%, 05/12/17 (d)

    3,750,000     $ 3,751,136  

1.676%, 04/24/17 (d)

    1,900,000       1,900,448  

Danske Bank A/S London
Zero Coupon, 05/12/17

    3,489,870       3,496,395  

DNB NOR Bank ASA
1.279%, 07/28/17 (d)

    900,000       900,398  

KBC Bank NV
1.150%, 04/27/17

    4,000,000       3,997,640  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (d)

    3,500,000       3,499,794  

Mizuho Bank, Ltd., New York
1.184%, 09/01/17 (d)

    1,700,000       1,699,883  

1.339%, 08/02/17 (d)

    2,000,000       2,001,152  

1.582%, 04/26/17 (d)

    2,500,000       2,500,415  

National Australia Bank London
1.199%, 05/02/17 (d)

    1,750,000       1,750,613  

1.338%, 11/09/17 (d)

    3,200,000       3,194,784  

Norinchukin Bank New York
1.451%, 07/12/17 (d)

    3,000,000       3,002,655  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    3,000,000       2,999,901  

Royal Bank of Canada New York
1.298%, 03/20/18 (d)

    5,800,000       5,799,983  

Sumitomo Bank New York
1.390%, 06/05/17 (d)

    1,000,000       1,000,473  

1.410%, 05/05/17 (d)

    1,500,000       1,500,292  

1.578%, 06/19/17 (d)

    1,500,000       1,501,014  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (d)

    2,000,000       2,001,070  

Sumitomo Mitsui Trust Bank, Ltd., London
1.444%, 05/08/17 (d)

    1,000,000       1,000,680  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.359%, 06/02/17 (d)

    1,000,000       1,000,648  

1.572%, 04/26/17 (d)

    3,000,000       3,000,993  

Svenska Handelsbanken New York
1.508%, 05/18/17 (d)

    500,000       500,259  

Toronto Dominion Bank New York
1.221%, 03/13/18 (d)

    4,500,000       4,498,414  

1.330%, 01/10/18 (d)

    2,500,000       2,500,490  

UBS, Stamford
1.301%, 05/12/17 (d)

    1,400,000       1,400,344  

1.589%, 07/31/17 (d)

    1,202,601       1,203,305  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (d)

    1,250,000       1,252,044  

1.452%, 04/26/17 (d)

    900,000       900,239  
   

 

 

 
      85,809,984  
   

 

 

 
Commercial Paper—3.7%  

Barton Capital S.A.
1.160%, 04/07/17

    3,987,884       3,999,452  

Commonwealth Bank Australia
1.174%, 03/01/18

    5,000,000       5,002,040  

DCAT LLC
1.200%, 04/11/17

    998,933       999,724  
Commercial Paper—(Continued)  

Den Norske ASA
1.432%, 04/27/17 (d)

    900,000     900,194  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (d)

    7,100,000       7,099,375  

HSBC plc
1.442%, 04/25/17 (d)

    2,250,000       2,250,405  

Kells Funding LLC
1.100%, 06/05/17

    996,150       997,847  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    997,033       998,781  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    997,200       999,351  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (d)

    3,500,000       3,500,287  

Ridgefield Funding Co. LLC
1.184%, 09/07/17 (d)

    4,000,000       3,999,528  

1.300%, 06/12/17

    994,981       997,639  

Sheffield Receivables Co.
1.170%, 04/07/17

    1,994,085       1,999,524  

Starbird Funding Corp.
1.441%, 06/13/17 (d)

    3,250,000       3,251,147  

Versailles CDS LLC
1.050%, 06/05/17

    4,985,854       4,989,325  

Westpac Banking Corp.
1.380%, 10/20/17 (d)

    1,500,000       1,502,719  
   

 

 

 
      43,487,338  
   

 

 

 
Repurchase Agreements—1.2%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $702,065 on 04/03/17, collateralized by $1,009,754 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $716,060.

    702,020       702,020  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $754,836 on 07/03/17, collateralized by various Common Stock with a value of $825,000.

    750,000       750,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $15,083 on 04/03/17, collateralized by $15,260 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $15,384.

    15,082       15,082  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.

    2,000,000       2,000,000  

 

BHFTII-142


Table of Contents

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Deutsche Bank AG, London
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,001,300 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.

    2,000,000     $ 2,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $7,040,320 on 06/02/17, collateralized by various Common Stock with a value of $7,700,000.

    7,000,000       7,000,000  

Macquarie Bank, Ltd. London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $100,007 on 04/03/17, collateralized by $99,374 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $102,062.

    100,000       100,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,514,688 on 07/03/17, collateralized by various Common Stock a value of $1,650,000.

    1,500,000       1,500,000  
   

 

 

 
      14,067,102  
   

 

 

 
Time Deposits—0.3%  

OP Corporate Bank plc
1.200%, 04/10/17

    2,000,000       2,000,000  
Time Deposits—(Continued)  

Shinkin Central Bank
1.440%, 04/26/17

    1,300,000     1,300,000  

1.440%, 04/27/17

    200,000       200,000  
   

 

 

 
      3,500,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $146,838,223)

      146,864,424  
   

 

 

 

Total Investments—112.2%
(Cost $1,087,914,965) (e)

      1,331,161,009  

Other assets and liabilities (net)—(12.2)%

      (144,277,385
   

 

 

 
Net Assets—100.0%     $ 1,186,883,624  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Non-income producing security.
(b)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $143,703,332 and the collateral received consisted of cash in the amount of $146,816,448. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)   As of March 31, 2017, the aggregate cost of investments was $1,087,914,965. The aggregate unrealized appreciation and depreciation of investments were $259,075,646 and $(15,829,602), respectively, resulting in net unrealized appreciation of $243,246,044.

 

BHFTII-143


Table of Contents

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total Common Stocks*

   $ 1,176,936,881      $ —       $ —        $ 1,176,936,881  

Total Short-Term Investment*

     —          7,359,704       —          7,359,704  

Total Securities Lending Reinvestments*

     —          146,864,424       —          146,864,424  

Total Investments

   $ 1,176,936,881      $ 154,224,128     $ —        $ 1,331,161,009  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (146,816,448   $ —        $ (146,816,448

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-144


Table of Contents

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—100.0% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—2.0%  

Boeing Co. (The) (a)

    309,113     $ 54,669,725  
   

 

 

 
Automobiles—1.3%  

Tesla, Inc. (a) (b)

    125,755       34,997,616  
   

 

 

 
Banks—1.2%  

JPMorgan Chase & Co.

    361,880       31,787,539  
   

 

 

 
Beverages—1.7%  

Constellation Brands, Inc. - Class A

    133,708       21,670,056  

Monster Beverage Corp. (a) (b)

    552,059       25,488,564  
   

 

 

 
      47,158,620  
   

 

 

 
Biotechnology—7.0%  

Alexion Pharmaceuticals, Inc. (b)

    339,901       41,209,597  

BioMarin Pharmaceutical, Inc. (b)

    216,138       18,972,594  

Celgene Corp. (b)

    461,981       57,484,296  

Regeneron Pharmaceuticals, Inc. (a) (b)

    36,941       14,315,007  

Shire plc (ADR) (a)

    253,214       44,117,475  

Vertex Pharmaceuticals, Inc. (b)

    126,642       13,848,303  
   

 

 

 
      189,947,272  
   

 

 

 
Capital Markets—3.8%  

Goldman Sachs Group, Inc. (The)

    221,977       50,992,556  

Morgan Stanley

    502,053       21,507,951  

S&P Global, Inc.

    241,285       31,545,601  
   

 

 

 
      104,046,108  
   

 

 

 
Chemicals—1.0%  

Albemarle Corp.

    245,318       25,915,394  
   

 

 

 
Energy Equipment & Services—0.4%  

Halliburton Co.

    239,392       11,780,480  
   

 

 

 
Food & Staples Retailing—1.7%  

Costco Wholesale Corp.

    283,309       47,508,086  
   

 

 

 
Hotels, Restaurants & Leisure—2.1%  

Marriott International, Inc. - Class A (a)

    618,016       58,204,747  
   

 

 

 
Internet & Direct Marketing Retail—11.9%  

Amazon.com, Inc. (b)

    178,505       158,251,822  

Expedia, Inc.

    180,522       22,776,461  

Netflix, Inc. (b)

    533,916       78,918,124  

Priceline Group, Inc. (The) (b)

    36,274       64,566,632  
   

 

 

 
      324,513,039  
   

 

 

 
Internet Software & Services—15.8%  

Alibaba Group Holding, Ltd. (ADR) (a) (b)

    817,966       88,201,274  

Alphabet, Inc. - Class A (b)

    90,730       76,920,894  

Alphabet, Inc. - Class C (b)

    89,629       74,352,633  

Facebook, Inc. - Class A (b)

    805,402       114,407,354  

Tencent Holdings, Ltd.

    2,689,005       77,187,672  
   

 

 

 
      431,069,827  
   

 

 

 
IT Services—5.9%  

MasterCard, Inc. - Class A

    722,886     $ 81,302,989  

Visa, Inc. - Class A (a)

    906,807       80,587,938  
   

 

 

 
      161,890,927  
   

 

 

 
Life Sciences Tools & Services—1.3%  

Illumina, Inc. (a) (b)

    198,765       33,917,260  
   

 

 

 
Machinery—1.1%  

Parker-Hannifin Corp.

    180,763       28,979,924  
   

 

 

 
Media—2.8%  

Charter Communications, Inc. - Class A (b)

    134,319       43,965,295  

Time Warner, Inc.

    337,142       32,942,145  
   

 

 

 
      76,907,440  
   

 

 

 
Oil, Gas & Consumable Fuels—1.6%  

Concho Resources, Inc. (a) (b)

    153,756       19,733,045  

EOG Resources, Inc.

    241,934       23,600,662  
   

 

 

 
      43,333,707  
   

 

 

 
Pharmaceuticals—3.3%  

Allergan plc

    159,019       37,992,820  

Bristol-Myers Squibb Co.

    955,988       51,986,627  
   

 

 

 
      89,979,447  
   

 

 

 
Semiconductors & Semiconductor Equipment—5.4%  

Broadcom, Ltd.

    167,616       36,701,199  

NVIDIA Corp.

    609,187       66,358,740  

NXP Semiconductors NV (b)

    264,702       27,396,657  

QUALCOMM, Inc.

    284,380       16,306,349  
   

 

 

 
      146,762,945  
   

 

 

 
Software—13.0%  

Activision Blizzard, Inc.

    534,533       26,651,815  

Adobe Systems, Inc. (b)

    564,882       73,508,095  

Microsoft Corp.

    1,538,797       101,345,170  

Red Hat, Inc. (b)

    361,030       31,229,095  

Salesforce.com, Inc. (b)

    676,731       55,823,540  

Snap, Inc. - Class A (b)

    273,237       6,156,030  

Splunk, Inc. (a) (b)

    456,306       28,423,301  

Workday, Inc. - Class A (a) (b)

    354,625       29,533,170  
   

 

 

 
      352,670,216  
   

 

 

 
Specialty Retail—5.6%  

Home Depot, Inc. (The)

    298,696       43,857,534  

Industria de Diseno Textil S.A.

    1,544,404       54,435,435  

O’Reilly Automotive, Inc. (b)

    157,349       42,459,054  

Ulta Salon Cosmetics & Fragrance, Inc. (b)

    45,166       12,882,698  
   

 

 

 
      153,634,721  
   

 

 

 
Technology Hardware, Storage & Peripherals—6.2%  

Apple, Inc.

    1,172,503       168,441,781  
   

 

 

 

 

BHFTII-145


Table of Contents

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Textiles, Apparel & Luxury Goods—3.9%  

adidas AG

    281,528     $ 53,538,738  

NIKE, Inc. - Class B (a)

    945,950       52,717,793  
   

 

 

 
      106,256,531  
   

 

 

 

Total Common Stocks
(Cost $1,839,784,972)

      2,724,373,352  
   

 

 

 
Securities Lending Reinvestments (c)—11.7%  
Certificates of Deposit—6.2%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    2,991,345       2,997,540  

Zero Coupon, 06/23/17

    6,972,702       6,982,780  

Bank of Montreal Chicago
1.081%, 09/06/17 (d)

    4,550,000       4,554,644  

Bank of Nova Scotia Houston
1.355%, 11/03/17 (d)

    5,000,000       5,005,492  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (d)

    2,000,000       2,000,966  

1.510%, 08/18/17

    3,027,768       3,001,887  

BNP Paribas New York
1.384%, 08/04/17 (d)

    2,500,000       2,501,905  

Canadian Imperial Bank
1.392%, 10/27/17 (d)

    1,000,000       1,001,203  

Chiba Bank, Ltd., New York
1.100%, 04/03/17

    1,000,000       1,000,005  

1.100%, 04/07/17

    2,500,000       2,500,028  

Credit Suisse AG New York
1.581%, 05/12/17 (d)

    2,000,000       2,000,606  

1.676%, 04/24/17 (d)

    8,500,000       8,502,006  

Danske Bank A/S London
Zero Coupon, 05/12/17

    4,985,528       4,994,850  

DNB NOR Bank ASA
1.279%, 07/28/17 (d)

    2,900,000       2,901,282  

KBC Bank NV
1.150%, 04/27/17

    12,000,000       11,992,920  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (d)

    8,900,000       8,899,475  

Mizuho Bank, Ltd., New York
1.184%, 09/01/17 (d)

    1,500,000       1,499,897  

1.339%, 08/02/17 (d)

    3,700,000       3,702,131  

1.543%, 05/17/17

    5,000,000       5,001,485  

1.582%, 04/26/17 (d)

    5,000,000       5,000,830  

National Australia Bank London
1.199%, 05/02/17 (d)

    6,500,000       6,502,277  

Norinchukin Bank New York
1.346%, 08/21/17 (d)

    2,000,000       2,000,626  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    8,000,000       7,999,736  

Royal Bank of Canada New York
1.298%, 03/20/18 (d)

    10,000,000       9,999,970  

Sumitomo Bank New York
1.390%, 06/05/17 (d)

    3,000,000       3,001,419  

1.410%, 05/05/17 (d)

    1,000,000       1,000,195  

1.578%, 06/19/17 (d)

    2,500,000       2,501,690  
Certificates of Deposit—(Continued)  

Sumitomo Mitsui Banking Corp.
1.480%, 08/09/17

    504,617     500,289  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (d)

    7,500,000       7,504,012  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.359%, 06/02/17 (d)

    2,000,000       2,001,296  

1.572%, 04/26/17 (d)

    10,000,000       10,003,310  

Svenska Handelsbanken New York
1.508%, 05/18/17 (d)

    6,000,000       6,003,102  

Toronto Dominion Bank New York
1.221%, 03/13/18 (d)

    12,500,000       12,495,596  

UBS, Stamford
1.301%, 05/12/17 (d)

    2,900,000       2,900,713  

1.589%, 07/31/17 (d)

    2,505,419       2,506,886  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (d)

    3,500,000       3,505,723  

1.452%, 04/26/17 (d)

    2,900,000       2,900,771  
   

 

 

 
      169,369,543  
   

 

 

 
Commercial Paper—3.2%  

Barton Capital S.A.
1.110%, 04/21/17

    2,991,490       2,997,999  

Commonwealth Bank Australia
1.174%, 03/01/18

    9,000,000       9,003,672  

DCAT LLC
1.200%, 04/11/17

    2,021,147       2,022,746  

Den Norske ASA
1.432%, 04/27/17 (d)

    2,900,000       2,900,626  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (d)

    14,100,000       14,098,759  

HSBC plc
1.442%, 04/25/17 (d)

    9,000,000       9,001,620  

Kells Funding LLC
1.010%, 05/25/17

    2,044,421       2,046,222  

1.100%, 06/05/17

    3,685,755       3,692,033  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    4,586,351       4,594,393  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    5,983,200       5,996,106  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (d)

    1,250,000       1,250,103  

National Australia Bank, Ltd.
1.440%, 12/06/17 (d)

    2,000,000       2,002,988  

Ridgefield Funding Co. LLC
1.184%, 09/07/17 (d)

    5,000,000       4,999,410  

1.300%, 06/12/17

    5,969,883       5,985,834  

Versailles CDS LLC
1.050%, 06/05/17

    9,971,708       9,978,650  

Westpac Banking Corp.
1.380%, 10/20/17 (d)

    5,300,000       5,309,605  
   

 

 

 
      85,880,766  
   

 

 

 

 

BHFTII-146


Table of Contents

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—1.8%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,520,667 on 04/03/17, collateralized by $3,625,382 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,570,917.

    2,520,505     $ 2,520,505  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $900,066 on 04/03/17, collateralized by $921,138 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $918,000.

    900,000       900,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $47,638 on 04/03/17, collateralized by $48,195 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $48,587.

    47,634       47,634  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $22,014,300 on 04/03/17, collateralized by $3,398,961 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $24,155,704.

    22,000,000       22,000,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.

    1,000,000       1,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $4,023,040 on 06/02/17, collateralized by various Common Stock with a value of $4,400,000.

    4,000,000       4,000,000  

Macquarie Bank, Ltd. London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,000,068 on 04/03/17, collateralized by $993,744 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,020,616.

    1,000,000       1,000,000  
Repurchase Agreements—(Continued)  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $4,544,063 on 07/03/17, collateralized by various Common Stock with a value of $4,950,000.

    4,500,000     4,500,000  

Natixis New York
Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $3,000,245 on 04/03/17, collateralized by $3,511,954 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $3,060,250.

    3,000,000       3,000,000  

Repurchase Agreement dated 03/30/17 at 0.980% to be repurchased at $10,001,906 on 04/06/17, collateralized by $21,783,314 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/09/19 - 08/16/58, with a value of $10,201,114.

    10,000,000       10,000,000  
   

 

 

 
      48,968,139  
   

 

 

 
Time Deposits—0.5%  

OP Corporate Bank plc
1.180%, 04/24/17

    4,500,000       4,500,000  

1.200%, 04/10/17

    5,000,000       5,000,000  

Shinkin Central Bank
1.440%, 04/26/17

    4,400,000       4,400,000  

1.440%, 04/27/17

    900,000       900,000  
   

 

 

 
      14,800,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $318,963,304)

      319,018,448  
   

 

 

 

Total Investments—111.7%
(Cost $2,158,748,276) (e)

      3,043,391,800  

Other assets and liabilities
(net)—(11.7)%

      (319,790,074
   

 

 

 
Net Assets—100.0%     $ 2,723,601,726  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $306,472,809 and the collateral received consisted of cash in the amount of $318,909,473. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.

 

BHFTII-147


Table of Contents

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

 

(e)   As of March 31, 2017, the aggregate cost of investments was $2,158,748,276. The aggregate unrealized appreciation and depreciation of investments were $911,985,317 and $(27,341,793), respectively, resulting in net unrealized appreciation of $884,643,524.
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  
Common Stocks  

Aerospace & Defense

   $ 54,669,725      $ —       $ —        $ 54,669,725  

Automobiles

     34,997,616        —         —          34,997,616  

Banks

     31,787,539        —         —          31,787,539  

Beverages

     47,158,620        —         —          47,158,620  

Biotechnology

     189,947,272        —         —          189,947,272  

Capital Markets

     104,046,108        —         —          104,046,108  

Chemicals

     25,915,394        —         —          25,915,394  

Energy Equipment & Services

     11,780,480        —         —          11,780,480  

Food & Staples Retailing

     47,508,086        —         —          47,508,086  

Hotels, Restaurants & Leisure

     58,204,747        —         —          58,204,747  

Internet & Direct Marketing Retail

     324,513,039        —         —          324,513,039  

Internet Software & Services

     353,882,155        77,187,672       —          431,069,827  

IT Services

     161,890,927        —         —          161,890,927  

Life Sciences Tools & Services

     33,917,260        —         —          33,917,260  

Machinery

     28,979,924        —         —          28,979,924  

Media

     76,907,440        —         —          76,907,440  

Oil, Gas & Consumable Fuels

     43,333,707        —         —          43,333,707  

Pharmaceuticals

     89,979,447        —         —          89,979,447  

Semiconductors & Semiconductor Equipment

     146,762,945        —         —          146,762,945  

Software

     352,670,216        —         —          352,670,216  

Specialty Retail

     99,199,286        54,435,435       —          153,634,721  

Technology Hardware, Storage & Peripherals

     168,441,781        —         —          168,441,781  

Textiles, Apparel & Luxury Goods

     52,717,793        53,538,738       —          106,256,531  

Total Common Stocks

     2,539,211,507        185,161,845       —          2,724,373,352  

Total Securities Lending Reinvestments*

     —          319,018,448       —          319,018,448  

Total Investments

   $ 2,539,211,507      $ 504,180,293     $ —        $ 3,043,391,800  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (318,909,473   $ —        $ (318,909,473

 

BHFTII-148


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—97.9% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—2.1%  

Aerojet Rocketdyne Holdings, Inc. (a)

    81,921     $ 1,777,686  

BWX Technologies, Inc.

    72,196       3,436,529  

DigitalGlobe, Inc. (a)

    50,879       1,666,287  

Hexcel Corp.

    30,872       1,684,068  

Mercury Systems, Inc. (a)

    29,760       1,162,128  
   

 

 

 
      9,726,698  
   

 

 

 
Air Freight & Logistics—0.3%  

Echo Global Logistics, Inc. (a)

    55,910       1,193,679  
   

 

 

 
Auto Components—2.9%  

Adient plc

    33,516       2,435,608  

Cooper Tire & Rubber Co. (b)

    38,074       1,688,582  

Dorman Products, Inc. (a)

    20,708       1,700,748  

Fox Factory Holding Corp. (a)

    85,483       2,453,362  

Horizon Global Corp. (a) (b)

    111,073       1,541,693  

LCI Industries (b)

    35,319       3,524,836  
   

 

 

 
      13,344,829  
   

 

 

 
Banks—13.7%  

BancorpSouth, Inc.

    89,585       2,709,946  

Bank of the Ozarks, Inc. (b)

    57,069       2,968,159  

Bryn Mawr Bank Corp.

    71,718       2,832,861  

Cathay General Bancorp

    90,289       3,402,090  

CenterState Banks, Inc.

    50,982       1,320,434  

Chemical Financial Corp.

    88,939       4,549,230  

CVB Financial Corp. (b)

    142,216       3,141,551  

First Financial Bancorp

    135,728       3,725,734  

First Financial Bankshares, Inc. (b)

    41,971       1,683,037  

Home BancShares, Inc.

    109,626       2,967,576  

Iberiabank Corp.

    38,475       3,043,372  

LegacyTexas Financial Group, Inc.

    44,495       1,775,351  

PacWest Bancorp

    65,575       3,492,524  

Pinnacle Financial Partners, Inc.

    62,229       4,135,117  

Popular, Inc.

    75,510       3,075,522  

PrivateBancorp, Inc.

    15,596       925,935  

Prosperity Bancshares, Inc.

    42,944       2,993,626  

Renasant Corp.

    36,965       1,467,141  

Signature Bank (a)

    25,553       3,791,810  

Texas Capital Bancshares, Inc. (a)

    33,961       2,834,045  

Triumph Bancorp, Inc. (a)

    71,247       1,838,173  

Wintrust Financial Corp.

    61,820       4,272,998  
   

 

 

 
      62,946,232  
   

 

 

 
Beverages—0.3%  

Cott Corp.

    123,495       1,526,398  
   

 

 

 
Biotechnology—1.2%  

Acorda Therapeutics, Inc. (a)

    37,072       778,512  

Genomic Health, Inc. (a)

    41,176       1,296,632  

Ironwood Pharmaceuticals, Inc. (a) (b)

    83,761       1,428,963  

Lexicon Pharmaceuticals, Inc. (a) (b)

    64,434       923,984  

Prothena Corp. plc (a) (b)

    18,390       1,025,978  
   

 

 

 
      5,454,069  
   

 

 

 
Building Products—2.8%  

Apogee Enterprises, Inc. (b)

    57,274     $ 3,414,103  

Armstrong World Industries, Inc. (a)

    43,018       1,980,979  

Gibraltar Industries, Inc. (a)

    41,139       1,694,927  

Masonite International Corp. (a)

    29,564       2,342,947  

Patrick Industries, Inc. (a)

    24,769       1,756,122  

Trex Co., Inc. (a)

    22,730       1,577,235  
   

 

 

 
      12,766,313  
   

 

 

 
Capital Markets—2.2%  

Donnelley Financial Solutions, Inc. (a)

    64,345       1,241,215  

Financial Engines, Inc. (b)

    42,502       1,850,962  

Hercules Capital, Inc. (b)

    122,023       1,846,208  

MarketAxess Holdings, Inc.

    12,222       2,291,503  

Stifel Financial Corp. (a)

    53,544       2,687,373  
   

 

 

 
      9,917,261  
   

 

 

 
Chemicals—1.5%  

AdvanSix, Inc. (a)

    81,841       2,235,896  

Cabot Corp.

    33,522       2,008,303  

Minerals Technologies, Inc.

    33,085       2,534,311  
   

 

 

 
      6,778,510  
   

 

 

 
Commercial Services & Supplies—3.6%  

Clean Harbors, Inc. (a)

    26,285       1,461,972  

Healthcare Services Group, Inc.

    38,421       1,655,561  

KAR Auction Services, Inc.

    73,609       3,214,505  

Kimball International, Inc. - Class B

    81,822       1,350,063  

Knoll, Inc.

    28,418       676,633  

LSC Communications, Inc.

    64,341       1,618,819  

RR Donnelley & Sons Co.

    101,746       1,232,144  

Team, Inc. (a)

    24,958       675,114  

Viad Corp.

    66,814       3,019,993  

West Corp.

    65,591       1,601,732  
   

 

 

 
      16,506,536  
   

 

 

 
Communications Equipment—1.1%  

ARRIS International plc (a)

    64,351       1,702,084  

Digi International, Inc. (a)

    95,393       1,135,177  

Viavi Solutions, Inc. (a)

    197,588       2,118,143  
   

 

 

 
      4,955,404  
   

 

 

 
Construction & Engineering—1.3%  

Granite Construction, Inc.

    32,124       1,612,304  

MYR Group, Inc. (a)

    16,725       685,725  

Primoris Services Corp.

    55,819       1,296,117  

Quanta Services, Inc. (a)

    61,747       2,291,431  
   

 

 

 
      5,885,577  
   

 

 

 
Construction Materials—0.7%  

Summit Materials, Inc. - Class A (a)

    62,578       1,546,302  

U.S. Concrete, Inc. (a) (b)

    26,382       1,702,958  
   

 

 

 
      3,249,260  
   

 

 

 

 

BHFTII-149


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Consumer Finance—0.3%  

PRA Group, Inc. (a) (b)

    45,646     $ 1,513,165  
   

 

 

 
Distributors—0.8%  

Core-Mark Holding Co., Inc.

    61,419       1,915,659  

Pool Corp.

    14,355       1,712,982  
   

 

 

 
      3,628,641  
   

 

 

 
Diversified Consumer Services—1.8%  

Bright Horizons Family Solutions, Inc. (a)

    25,892       1,876,911  

DeVry Education Group, Inc.

    52,979       1,878,106  

Grand Canyon Education, Inc. (a)

    27,376       1,960,395  

Houghton Mifflin Harcourt Co. (a)

    77,103       782,595  

Nord Anglia Education, Inc. (a) (b)

    70,750       1,792,805  
   

 

 

 
      8,290,812  
   

 

 

 
Diversified Financial Services—0.5%  

FNFV Group (a)

    160,467       2,126,188  
   

 

 

 
Diversified Telecommunication Services—0.6%  

Cogent Communications Holdings, Inc.

    40,267       1,733,495  

ORBCOMM, Inc. (a)

    90,615       865,373  
   

 

 

 
      2,598,868  
   

 

 

 
Electric Utilities—0.8%  

ALLETE, Inc.

    55,503       3,758,108  
   

 

 

 
Electrical Equipment—0.5%  

AZZ, Inc.

    15,920       947,240  

Generac Holdings, Inc. (a)

    36,131       1,346,964  
   

 

 

 
      2,294,204  
   

 

 

 
Electronic Equipment, Instruments & Components—4.4%  

Belden, Inc.

    29,998       2,075,562  

II-VI, Inc. (a)

    97,686       3,521,580  

IPG Photonics Corp. (a)

    15,478       1,868,195  

Kimball Electronics, Inc. (a)

    23,162       392,596  

Littelfuse, Inc.

    32,710       5,230,656  

Methode Electronics, Inc.

    59,503       2,713,337  

Orbotech, Ltd. (a)

    37,151       1,198,120  

Rogers Corp. (a)

    16,434       1,411,187  

VeriFone Systems, Inc. (a)

    38,737       725,544  

Vishay Intertechnology, Inc. (b)

    60,772       999,699  
   

 

 

 
      20,136,476  
   

 

 

 
Energy Equipment & Services—2.6%  

Bristow Group, Inc.

    77,571       1,179,855  

C&J Energy Services, Inc. (a)

    56,279       1,916,300  

Dril-Quip, Inc. (a) (b)

    20,968       1,143,804  

Forum Energy Technologies, Inc. (a) (b)

    57,748       1,195,384  

Natural Gas Services Group, Inc. (a)

    67,192       1,750,351  

RPC, Inc. (b)

    91,061       1,667,327  

U.S. Silica Holdings, Inc.

    67,138       3,221,953  
   

 

 

 
      12,074,974  
   

 

 

 
Equity Real Estate Investment Trusts—4.3%  

American Campus Communities, Inc.

    50,208     2,389,399  

CubeSmart

    96,732       2,511,163  

CyrusOne, Inc.

    37,480       1,929,096  

Hersha Hospitality Trust

    75,629       1,421,069  

iStar, Inc. (a)

    94,419       1,114,144  

Mid-America Apartment Communities, Inc.

    22,567       2,295,966  

National Retail Properties, Inc.

    42,345       1,847,089  

Retail Opportunity Investments Corp. (b)

    164,831       3,466,396  

Rexford Industrial Realty, Inc.

    55,974       1,260,534  

Sabra Health Care REIT, Inc.

    57,386       1,602,791  
   

 

 

 
      19,837,647  
   

 

 

 
Food & Staples Retailing—0.5%  

SpartanNash Co.

    69,016       2,414,870  
   

 

 

 
Food Products—1.6%  

Darling Ingredients, Inc. (a)

    87,244       1,266,783  

J&J Snack Foods Corp.

    6,991       947,700  

Post Holdings, Inc. (a)

    39,728       3,476,995  

Snyder’s-Lance, Inc.

    38,449       1,549,879  
   

 

 

 
      7,241,357  
   

 

 

 
Health Care Equipment & Supplies—3.4%  

AtriCure, Inc. (a) (b)

    54,669       1,046,911  

Halyard Health, Inc. (a)

    55,540       2,115,519  

Inogen, Inc. (a)

    21,357       1,656,449  

Insulet Corp. (a) (b)

    39,747       1,712,698  

Merit Medical Systems, Inc. (a)

    56,375       1,629,238  

Neogen Corp. (a)

    18,900       1,238,895  

Nevro Corp. (a)

    12,380       1,160,006  

NxStage Medical, Inc. (a)

    50,273       1,348,825  

Spectranetics Corp. (The) (a)

    61,411       1,788,595  

Wright Medical Group NV (a) (b)

    68,283       2,124,967  
   

 

 

 
      15,822,103  
   

 

 

 
Health Care Providers & Services—1.4%  

AMN Healthcare Services, Inc. (a)

    37,930       1,539,958  

HealthEquity, Inc. (a)

    46,833       1,988,061  

PharMerica Corp. (a)

    73,609       1,722,450  

Teladoc, Inc. (a) (b)

    52,490       1,312,250  
   

 

 

 
      6,562,719  
   

 

 

 
Health Care Technology—0.4%  

Medidata Solutions, Inc. (a)

    32,746       1,889,117  
   

 

 

 
Hotels, Restaurants & Leisure—3.5%  

Carrols Restaurant Group, Inc. (a)

    76,567       1,083,423  

Churchill Downs, Inc.

    21,073       3,347,446  

Chuy’s Holdings, Inc. (a)

    40,916       1,219,297  

Cracker Barrel Old Country Store, Inc. (b)

    6,635       1,056,624  

Marriott Vacations Worldwide Corp.

    34,539       3,451,482  

Planet Fitness, Inc. - Class A

    73,866       1,423,398  

Six Flags Entertainment Corp.

    24,309       1,446,142  

Vail Resorts, Inc.

    10,970       2,105,143  

 

BHFTII-150


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Hotels, Restaurants & Leisure—(Continued)  

Wingstop, Inc. (b)

    41,203     $ 1,165,221  
   

 

 

 
      16,298,176  
   

 

 

 
Household Durables—1.1%  

Helen of Troy, Ltd. (a)

    24,675       2,324,385  

Installed Building Products, Inc. (a)

    31,800       1,677,450  

iRobot Corp. (a) (b)

    18,250       1,207,055  
   

 

 

 
      5,208,890  
   

 

 

 
Household Products—0.3%  

HRG Group, Inc. (a)

    82,704       1,597,841  
   

 

 

 
Industrial Conglomerates—0.5%  

Raven Industries, Inc.

    73,899       2,146,766  
   

 

 

 
Insurance—2.4%  

Atlas Financial Holdings, Inc. (a)

    34,991       477,627  

Employers Holdings, Inc.

    103,942       3,944,599  

First American Financial Corp.

    29,964       1,176,986  

ProAssurance Corp.

    45,299       2,729,265  

Reinsurance Group of America, Inc.

    21,990       2,792,290  
   

 

 

 
      11,120,767  
   

 

 

 
Internet & Direct Marketing Retail—1.2%  

1-800-Flowers.com, Inc. - Class A (a)

    85,575       872,865  

HSN, Inc.

    22,661       840,723  

Liberty Expedia Holdings, Inc. - Class A (a)

    28,384       1,290,905  

Liberty Ventures - Series A (a)

    60,890       2,708,387  
   

 

 

 
      5,712,880  
   

 

 

 
Internet Software & Services—2.9%  

2U, Inc. (a) (b)

    47,250       1,873,935  

CommerceHub, Inc. - Series C (a)

    49,308       765,753  

Envestnet, Inc. (a)

    37,030       1,196,069  

IAC/InterActiveCorp (a)

    25,996       1,916,425  

LogMeIn, Inc.

    17,323       1,688,993  

Mimecast, Ltd. (a)

    36,096       808,189  

Q2 Holdings, Inc. (a) (b)

    52,694       1,836,386  

Quotient Technology, Inc. (a) (b)

    91,208       871,036  

Wix.com, Ltd. (a)

    33,701       2,288,298  
   

 

 

 
      13,245,084  
   

 

 

 
IT Services—3.8%  

Acxiom Corp. (a)

    43,779       1,246,388  

Booz Allen Hamilton Holding Corp.

    80,913       2,863,511  

CSG Systems International, Inc.

    25,784       974,893  

DST Systems, Inc.

    24,972       3,059,070  

Euronet Worldwide, Inc. (a)

    61,015       5,218,003  

InterXion Holding NV (a)

    43,262       1,711,445  

WEX, Inc. (a)

    22,459       2,324,506  
   

 

 

 
      17,397,816  
   

 

 

 
Leisure Products—0.4%  

Nautilus, Inc. (a)

    98,103       1,790,380  
   

 

 

 
Life Sciences Tools & Services—1.4%  

Accelerate Diagnostics, Inc. (a) (b)

    47,899     1,159,156  

Albany Molecular Research, Inc. (a) (b)

    94,016       1,319,044  

PRA Health Sciences, Inc. (a)

    26,745       1,744,576  

VWR Corp. (a)

    81,539       2,299,400  
   

 

 

 
      6,522,176  
   

 

 

 
Machinery—3.6%  

Alamo Group, Inc.

    18,612       1,418,048  

Albany International Corp. - Class A

    47,020       2,165,271  

Altra Industrial Motion Corp.

    18,279       711,967  

Astec Industries, Inc.

    23,963       1,473,605  

EnPro Industries, Inc.

    10,286       731,952  

John Bean Technologies Corp.

    30,622       2,693,205  

Middleby Corp. (The) (a)

    5,323       726,323  

RBC Bearings, Inc. (a)

    41,220       4,002,050  

Standex International Corp.

    27,048       2,708,857  
   

 

 

 
      16,631,278  
   

 

 

 
Marine—0.3%  

Kirby Corp. (a)

    16,727       1,180,090  
   

 

 

 
Media—1.2%  

EW Scripps Co. (The) - Class A (a)

    76,560       1,794,566  

John Wiley & Sons, Inc. - Class A

    40,041       2,154,206  

National CineMedia, Inc.

    108,662       1,372,401  
   

 

 

 
      5,321,173  
   

 

 

 
Metals & Mining—0.4%  

Ferroglobe plc

    62,950       650,273  

Ferroglobe Representation & Warranty Insurance Trust (a) (c)

    141,548       0  

Haynes International, Inc.

    37,282       1,421,190  
   

 

 

 
      2,071,463  
   

 

 

 
Multi-Utilities—0.6%  

NorthWestern Corp.

    50,004       2,935,235  
   

 

 

 
Multiline Retail—0.3%  

Ollie’s Bargain Outlet Holdings, Inc. (a) (b)

    37,946       1,271,191  
   

 

 

 
Oil, Gas & Consumable Fuels—1.7%  

Arch Coal, Inc. - Class A (a)

    11,631       801,841  

Gulfport Energy Corp. (a)

    105,535       1,814,147  

PDC Energy, Inc. (a)

    20,439       1,274,372  

QEP Resources, Inc. (a)

    116,408       1,479,546  

SRC Energy, Inc. (a) (b)

    308,833       2,606,550  
   

 

 

 
      7,976,456  
   

 

 

 
Pharmaceuticals—1.4%  

Aclaris Therapeutics, Inc. (a)

    28,470       848,975  

Akorn, Inc. (a) (b)

    53,846       1,296,612  

Catalent, Inc. (a)

    58,046       1,643,863  

Dermira, Inc. (a) (b)

    29,843       1,017,945  

Supernus Pharmaceuticals, Inc. (a)

    48,715       1,524,779  
   

 

 

 
      6,332,174  
   

 

 

 

 

BHFTII-151


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description  

Shares

    Value  
Professional Services—1.4%  

Insperity, Inc.

    21,133     $ 1,873,440  

Korn/Ferry International

    80,832       2,545,400  

WageWorks, Inc. (a)

    30,232       2,185,774  
   

 

 

 
      6,604,614  
   

 

 

 
Road & Rail—1.1%  

Avis Budget Group, Inc. (a)

    27,857       824,010  

Genesee & Wyoming, Inc. - Class A (a)

    24,991       1,695,889  

Old Dominion Freight Line, Inc.

    28,758       2,460,822  
   

 

 

 
      4,980,721  
   

 

 

 
Semiconductors & Semiconductor Equipment—3.5%  

Advanced Energy Industries, Inc. (a)

    6,978       478,412  

Inphi Corp. (a)

    29,741       1,451,955  

Mellanox Technologies, Ltd. (a) (b)

    52,286       2,663,972  

MKS Instruments, Inc.

    29,314       2,015,337  

Monolithic Power Systems, Inc.

    20,328       1,872,209  

Semtech Corp. (a)

    76,334       2,580,089  

Silicon Laboratories, Inc. (a)

    25,085       1,845,002  

Teradyne, Inc.

    98,211       3,054,362  
   

 

 

 
      15,961,338  
   

 

 

 
Software—3.6%  

Blackbaud, Inc.

    20,430       1,566,368  

Callidus Software, Inc. (a)

    71,019       1,516,256  

CommVault Systems, Inc. (a)

    24,594       1,249,375  

Guidewire Software, Inc. (a)

    34,489       1,942,765  

HubSpot, Inc. (a)

    23,815       1,441,998  

RealPage, Inc. (a)

    37,920       1,323,408  

RingCentral, Inc. - Class A (a)

    65,992       1,867,574  

Synchronoss Technologies, Inc. (a)

    70,217       1,713,295  

Ultimate Software Group, Inc. (The) (a)

    9,042       1,765,089  

Verint Systems, Inc. (a)

    50,416       2,186,794  
   

 

 

 
      16,572,922  
   

 

 

 
Specialty Retail—1.3%  

Camping World Holdings, Inc. - Class A (b)

    42,697       1,376,551  

Genesco, Inc. (a) (b)

    38,244       2,120,630  

Sally Beauty Holdings, Inc. (a)

    44,399       907,516  

Tile Shop Holdings, Inc.

    78,425       1,509,681  
   

 

 

 
      5,914,378  
   

 

 

 
Technology Hardware, Storage & Peripherals—0.2%  

Cray, Inc. (a)

    48,293       1,057,617  
   

 

 

 
Textiles, Apparel & Luxury Goods—0.5%  

Columbia Sportswear Co.

    16,832       988,880  

Steven Madden, Ltd. (a)

    34,906       1,345,626  
   

 

 

 
      2,334,506  
   

 

 

 
Thrifts & Mortgage Finance—1.0%  

Essent Group, Ltd. (a)

    41,602       1,504,744  
Thrifts & Mortgage Finance—(Continued)  

Federal Agricultural Mortgage Corp. - Class C

    33,757     1,943,390  

OceanFirst Financial Corp.

    38,586       1,087,161  
   

 

 

 
      4,535,295  
   

 

 

 
Trading Companies & Distributors—0.7%  

Beacon Roofing Supply, Inc. (a)

    27,116       1,333,022  

SiteOne Landscape Supply, Inc. (a)

    39,590       1,916,552  
   

 

 

 
      3,249,574  
   

 

 

 

Total Common Stocks
(Cost $316,125,058)

      450,410,816  
   

 

 

 
Short-Term Investment—2.4%  
Repurchase Agreement—2.4%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $10,976,169 on 04/03/17, collateralized by $11,230,000 U.S. Treasury Note at 1.375% due 05/31/20 with a value of $11,199,623.

    10,976,087       10,976,087  
   

 

 

 

Total Short-Term Investments
(Cost $10,976,087)

      10,976,087  
   

 

 

 
Securities Lending Reinvestments (d) – 12.9%  
Certificates of Deposit—5.4%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    797,692       799,344  

Zero Coupon, 06/23/17

    1,494,150       1,496,310  

Bank of Montreal Chicago
1.081%, 09/06/17 (e)

    750,000       750,766  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (e)

    1,000,000       1,000,483  

1.510%, 08/18/17

    302,777       300,189  

Canadian Imperial Bank
1.392%, 10/27/17 (e)

    500,000       500,601  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    1,000,000       1,000,011  

Credit Suisse AG New York
1.676%, 04/24/17 (e)

    900,000       900,212  

Danske Bank A/S London
Zero Coupon, 05/12/17

    747,829       749,228  

DNB NOR Bank ASA
1.279%, 07/28/17 (e)

    300,000       300,133  

KBC Bank NV
1.120%, 05/08/17

    700,000       700,105  

1.150%, 04/26/17

    1,400,000       1,400,196  

1.170%, 04/06/17

    250,000       250,003  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (e)

    1,000,000       999,941  

Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (e)

    1,000,000       1,000,576  

 

BHFTII-152


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Mizuho Bank, Ltd., New York
1.543%, 05/17/17

    300,000     $ 300,089  

1.582%, 04/26/17 (e)

    1,000,000       1,000,166  

Norinchukin Bank New York
1.346%, 08/21/17 (e)

    2,250,000       2,250,704  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    2,000,000       1,999,934  

Sumitomo Bank New York
1.390%, 06/05/17 (e)

    1,500,000       1,500,709  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (e)

    800,000       800,428  

Sumitomo Mitsui Trust Bank, Ltd., London
1.444%, 05/08/17 (e)

    750,000       750,510  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.308%, 08/16/17 (e)

    1,000,000       1,000,471  

1.359%, 06/02/17 (e)

    400,000       400,259  

Toronto Dominion Bank New York
1.221%, 03/13/18 (e)

    1,200,000       1,199,577  

UBS, Stamford
1.301%, 05/12/17 (e)

    300,000       300,074  

1.589%, 07/31/17 (e)

    701,517       701,928  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (e)

    300,000       300,490  

1.452%, 04/26/17 (e)

    300,000       300,080  
   

 

 

 
      24,953,517  
   

 

 

 
Commercial Paper—2.5%  

Barton Capital S.A.
1.160%, 04/07/17

    1,296,062       1,299,822  

Commonwealth Bank Australia
1.174%, 03/01/18

    1,250,000       1,250,510  

Den Norske ASA
1.432%, 04/27/17 (e)

    300,000       300,065  

HSBC plc
1.442%, 04/25/17 (e)

    800,000       800,144  

Kells Funding LLC
1.010%, 05/25/17

    2,194,013       2,195,945  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    997,033       998,781  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    997,200       999,351  

National Australia Bank, Ltd.
1.440%, 12/06/17 (e)

    1,500,000       1,502,241  

Ridgefield Funding Co. LLC
1.300%, 06/12/17

    1,741,216       1,745,868  

Westpac Banking Corp.
1.380%, 10/20/17 (e)

    500,000       500,906  
   

 

 

 
      11,593,633  
   

 

 

 
Repurchase Agreements—3.9%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,930,215 on 04/03/17, collateralized by $2,776,157 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,968,694.

    1,930,091     1,930,091  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,600,117 on 04/03/17, collateralized by $1,637,580 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,632,000.

    1,600,000       1,600,000  

Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $201,290 on 07/03/17, collateralized by various Common Stock with a value of $220,000.

    200,000       200,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $81,443 on 04/03/17, collateralized by $82,396 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $83,067.

    81,437       81,437  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.

    2,000,000       2,000,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,301,495 on 04/03/17, collateralized by $355,346 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,525,369.

    2,300,000       2,300,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $1,106,336 on 06/02/17, collateralized by various Common Stock with a value of $1,210,000.

    1,100,000       1,100,000  

Macquarie Bank, Ltd. London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,800,123 on 04/03/17, collateralized by $1,788,739 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,837,109.

    1,800,000       1,800,000  

 

BHFTII-153


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $201,958 on 07/03/17, collateralized by various Common Stock with a value of $220,000.

    200,000     $ 200,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $6,500,504 on 04/03/17, collateralized by $19,457,584 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $6,630,000.

    6,500,000       6,500,000  
   

 

 

 
      17,711,528  
   

 

 

 
Time Deposits—1.1%  

Nordea Bank New York
0.810%, 04/03/17

    1,000,000       1,000,000  

OP Corporate Bank plc
1.180%, 04/24/17

    750,000       750,000  

1.200%, 04/10/17

    500,000       500,000  

Shinkin Central Bank
1.350%, 04/21/17

    350,000       350,000  

1.440%, 04/25/17

    750,000       750,000  

1.440%, 04/26/17

    200,000       200,000  

1.440%, 04/27/17

    700,000       700,000  
Time Deposits—(Continued)  

Skandanaviska Enskilda Banken
0.850%, 04/03/17

    1,000,000     1,000,000  
   

 

 

 
      5,250,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $59,497,289)

      59,508,678  
   

 

 

 

Total Investments—113.2%
(Cost $386,598,434) (f)

      520,895,581  

Other assets and liabilities (net)—(13.2)%

      (60,885,117
   

 

 

 
Net Assets—100.0%     $ 460,010,464  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Non-income producing security.
(b)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $58,252,117 and the collateral received consisted of cash in the amount of $59,481,018. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)   Illiquid security. As of March 31, 2017, these securities represent 0.0% of net assets.
(d)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(e)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)   As of March 31, 2017, the aggregate cost of investments was $386,598,434. The aggregate unrealized appreciation and depreciation of investments were $145,414,385 and $(11,117,238), respectively, resulting in net unrealized appreciation of $134,297,147.

 

BHFTII-154


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total Common Stocks*

   $ 450,410,816      $ 0     $ —        $ 450,410,816  

Total Short-Term Investment*

     —          10,976,087       —          10,976,087  

Total Securities Lending Reinvestments*

     —          59,508,678       —          59,508,678  

Total Investments

   $ 450,410,816      $ 70,484,765     $ —        $ 520,895,581  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (59,481,018   $ —        $ (59,481,018

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-155


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—96.9% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—1.9%  

Hexcel Corp.

    75,532     $ 4,120,270  

Mercury Systems, Inc. (a)

    72,852       2,844,871  
   

 

 

 
      6,965,141  
   

 

 

 
Air Freight & Logistics—0.8%  

Echo Global Logistics, Inc. (a)

    136,864       2,922,046  
   

 

 

 
Auto Components—2.9%  

Dorman Products, Inc. (a)

    50,665       4,161,117  

Fox Factory Holding Corp. (a)

    100,513       2,884,723  

LCI Industries (b)

    35,463       3,539,207  
   

 

 

 
      10,585,047  
   

 

 

 
Banks—3.8%  

Chemical Financial Corp.

    68,362       3,496,716  

Pinnacle Financial Partners, Inc.

    67,409       4,479,328  

PrivateBancorp, Inc.

    38,178       2,266,628  

Renasant Corp.

    90,439       3,589,524  
   

 

 

 
      13,832,196  
   

 

 

 
Biotechnology—3.7%  

Acorda Therapeutics, Inc. (a)

    90,761       1,905,981  

Genomic Health, Inc. (a)

    100,740       3,172,302  

Ironwood Pharmaceuticals, Inc. (a) (b)

    204,929       3,496,089  

Lexicon Pharmaceuticals, Inc. (a) (b)

    157,644       2,260,615  

Prothena Corp. plc (a) (b)

    44,992       2,510,104  
   

 

 

 
      13,345,091  
   

 

 

 
Building Products—3.2%  

Apogee Enterprises, Inc. (b)

    79,956       4,766,177  

Patrick Industries, Inc. (a)

    41,842       2,966,598  

Trex Co., Inc. (a)

    55,611       3,858,847  
   

 

 

 
      11,591,622  
   

 

 

 
Capital Markets—2.8%  

Financial Engines, Inc. (b)

    103,984       4,528,503  

MarketAxess Holdings, Inc.

    29,904       5,606,701  
   

 

 

 
      10,135,204  
   

 

 

 
Commercial Services & Supplies—1.6%  

Healthcare Services Group, Inc.

    94,001       4,050,503  

Team, Inc. (a)

    61,102       1,652,809  
   

 

 

 
      5,703,312  
   

 

 

 
Construction & Engineering—2.0%  

Granite Construction, Inc.

    78,595       3,944,683  

Primoris Services Corp.

    136,566       3,171,063  
   

 

 

 
      7,115,746  
   

 

 

 
Distributors—1.2%  

Pool Corp.

    35,122       4,191,108  
   

 

 

 
Diversified Consumer Services—3.8%  

Bright Horizons Family Solutions, Inc. (a)

    63,348     4,592,096  

Grand Canyon Education, Inc. (a)

    66,978       4,796,295  

Nord Anglia Education, Inc. (a) (b)

    173,096       4,386,253  
   

 

 

 
      13,774,644  
   

 

 

 
Diversified Telecommunication Services—1.8%  

Cogent Communications Holdings, Inc.

    98,516       4,241,114  

ORBCOMM, Inc. (a)

    221,696       2,117,197  
   

 

 

 
      6,358,311  
   

 

 

 
Electrical Equipment—0.9%  

Generac Holdings, Inc. (a)

    88,397       3,295,440  
   

 

 

 
Electronic Equipment, Instruments & Components—2.9%  

II-VI, Inc. (a)

    82,566       2,976,504  

IPG Photonics Corp. (a)

    37,868       4,570,668  

Orbotech, Ltd. (a)

    90,893       2,931,299  
   

 

 

 
      10,478,471  
   

 

 

 
Energy Equipment & Services—1.6%  

Dril-Quip, Inc. (a) (b)

    51,300       2,798,415  

Forum Energy Technologies, Inc. (a) (b)

    141,285       2,924,600  
   

 

 

 
      5,723,015  
   

 

 

 
Food Products—1.1%  

Snyder’s-Lance, Inc.

    94,069       3,791,921  
   

 

 

 
Health Care Equipment & Supplies—9.3%  

AtriCure, Inc. (a) (b)

    133,753       2,561,370  

Inogen, Inc. (a)

    52,253       4,052,743  

Insulet Corp. (a) (b)

    97,246       4,190,330  

Merit Medical Systems, Inc. (a)

    137,927       3,986,090  

Neogen Corp. (a)

    46,240       3,031,032  

Nevro Corp. (a)

    30,290       2,838,173  

NxStage Medical, Inc. (a)

    122,998       3,300,037  

Spectranetics Corp. (The) (a)

    150,248       4,375,973  

Wright Medical Group NV (a) (b)

    167,060       5,198,907  
   

 

 

 
      33,534,655  
   

 

 

 
Health Care Providers & Services—3.3%  

AMN Healthcare Services, Inc. (a)

    92,798       3,767,599  

HealthEquity, Inc. (a) (b)

    114,580       4,863,921  

Teladoc, Inc. (a) (b)

    128,421       3,210,525  
   

 

 

 
      11,842,045  
   

 

 

 
Health Care Technology—1.3%  

Medidata Solutions, Inc. (a)

    80,115       4,621,834  
   

 

 

 
Hotels, Restaurants & Leisure—4.0%  

Chuy’s Holdings, Inc. (a)

    100,104       2,983,099  

Planet Fitness, Inc. - Class A

    180,719       3,482,455  

Vail Resorts, Inc.

    26,841       5,150,788  

Wingstop, Inc. (b)

    100,808       2,850,850  
   

 

 

 
      14,467,192  
   

 

 

 

 

BHFTII-156


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description  

Shares

    Value  
Household Durables—2.0%  

Installed Building Products, Inc. (a)

    77,801     $ 4,104,003  

iRobot Corp. (a) (b)

    44,652       2,953,283  
   

 

 

 
      7,057,286  
   

 

 

 
Internet Software & Services—7.2%  

2U, Inc. (a) (b)

    115,601       4,584,736  

Envestnet, Inc. (a)

    90,598       2,926,315  

LogMeIn, Inc.

    42,383       4,132,343  

Mimecast, Ltd. (a)

    88,402       1,979,321  

Q2 Holdings, Inc. (a) (b)

    128,920       4,492,862  

Quotient Technology, Inc. (a) (b)

    223,148       2,131,063  

Wix.com, Ltd. (a)

    82,452       5,598,491  
   

 

 

 
      25,845,131  
   

 

 

 
IT Services—3.4%  

Acxiom Corp. (a)

    107,057       3,047,913  

Euronet Worldwide, Inc. (a)

    57,108       4,883,876  

InterXion Holding NV (a)

    105,845       4,187,228  
   

 

 

 
      12,119,017  
   

 

 

 
Life Sciences Tools & Services—2.0%  

Accelerate Diagnostics, Inc. (a) (b)

    117,189       2,835,974  

PRA Health Sciences, Inc. (a)

    65,435       4,268,325  
   

 

 

 
      7,104,299  
   

 

 

 
Machinery—2.6%  

Astec Industries, Inc.

    58,628       3,605,329  

Middleby Corp. (The) (a)

    13,023       1,776,988  

RBC Bearings, Inc. (a)

    42,088       4,086,324  
   

 

 

 
      9,468,641  
   

 

 

 
Multiline Retail—0.9%  

Ollie’s Bargain Outlet Holdings, Inc. (a)

    92,902       3,112,217  
   

 

 

 
Oil, Gas & Consumable Fuels—0.9%  

PDC Energy, Inc. (a)

    50,007       3,117,936  
   

 

 

 
Pharmaceuticals—2.3%  

Aclaris Therapeutics, Inc. (a)

    69,702       2,078,514  

Dermira, Inc. (a)

    73,013       2,490,473  

Supernus Pharmaceuticals, Inc. (a)

    119,186       3,730,522  
   

 

 

 
      8,299,509  
   

 

 

 
Professional Services—1.5%  

WageWorks, Inc. (a)

    73,966       5,347,742  
   

 

 

 
Semiconductors & Semiconductor Equipment—5.8%  

Inphi Corp. (a)

    72,764       3,552,339  

MKS Instruments, Inc.

    71,720       4,930,750  

Monolithic Power Systems, Inc.

    49,734       4,580,501  

Semtech Corp. (a)

    96,020       3,245,476  
Semiconductors & Semiconductor Equipment—(Continued)  

Silicon Laboratories, Inc. (a)

    61,374     4,514,058  
   

 

 

 
      20,823,124  
   

 

 

 
Software—8.6%  

Blackbaud, Inc.

    49,984       3,832,273  

Callidus Software, Inc. (a)

    173,754       3,709,648  

CommVault Systems, Inc. (a)

    60,171       3,056,687  

Guidewire Software, Inc. (a)

    84,381       4,753,182  

HubSpot, Inc. (a)

    58,265       3,527,946  

RealPage, Inc. (a)

    92,665       3,234,008  

RingCentral, Inc. - Class A (a)

    161,456       4,569,205  

Ultimate Software Group, Inc. (The) (a)

    22,122       4,318,435  
   

 

 

 
      31,001,384  
   

 

 

 
Specialty Retail—1.0%  

Tile Shop Holdings, Inc.

    191,645       3,689,166  
   

 

 

 
Textiles, Apparel & Luxury Goods—1.6%  

Columbia Sportswear Co.

    41,180       2,419,325  

Steven Madden, Ltd. (a)

    85,402       3,292,247  
   

 

 

 
      5,711,572  
   

 

 

 
Thrifts & Mortgage Finance—1.0%  

Essent Group, Ltd. (a)

    101,783       3,681,491  
   

 

 

 
Trading Companies & Distributors—2.2%  

Beacon Roofing Supply, Inc. (a)

    66,343       3,261,422  

SiteOne Landscape Supply, Inc. (a)

    96,860       4,688,993  
   

 

 

 
      7,950,415  
   

 

 

 

Total Common Stocks
(Cost $260,255,663)

      348,602,971  
   

 

 

 
Short-Term Investment—3.8%  
Repurchase Agreement—3.8%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $13,510,457 on 04/03/17, collateralized by $13,760,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $13,781,796.

    13,510,356       13,510,356  
   

 

 

 

Total Short-Term Investments
(Cost $13,510,356)

      13,510,356  
   

 

 

 
Securities Lending Reinvestments (c)—17.1%  
Certificates of Deposit—7.6%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    797,692       799,344  

Zero Coupon, 06/23/17

    1,394,540       1,396,556  

 

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Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Bank of Montreal Chicago
1.081%, 09/06/17 (d)

    750,000     $ 750,766  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (d)

    1,000,000       1,000,483  

1.510%, 08/18/17

    605,554       600,377  

Canadian Imperial Bank
1.392%, 10/27/17 (d)

    500,000       500,602  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    1,000,000       1,000,011  

Credit Suisse AG New York
1.676%, 04/24/17 (d)

    1,200,000       1,200,283  

Danske Bank A/S London
Zero Coupon, 05/12/17

    747,829       749,228  

DNB NOR Bank ASA
1.279%, 07/28/17 (d)

    400,000       400,177  

KBC Bank NV
1.120%, 05/08/17

    1,000,000       1,000,150  

1.150%, 04/26/17

    1,500,000       1,500,210  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (d)

    1,000,000       999,941  

Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (d)

    700,000       700,403  

1.543%, 05/17/17

    750,000       750,223  

1.582%, 04/26/17 (d)

    1,000,000       1,000,166  

National Australia Bank London
1.338%, 11/09/17 (d)

    500,000       499,185  

Norinchukin Bank New York
1.346%, 08/21/17 (d)

    2,250,000       2,250,704  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    2,000,000       1,999,934  

Sumitomo Bank New York
1.390%, 06/05/17 (d)

    1,500,000       1,500,709  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (d)

    500,000       500,268  

Sumitomo Mitsui Trust Bank, Ltd.
1.120%, 05/08/17

    300,000       300,045  

Sumitomo Mitsui Trust Bank, Ltd., London
1.444%, 05/08/17 (d)

    250,000       250,170  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.308%, 08/16/17 (d)

    900,000       900,424  

1.359%, 06/02/17 (d)

    100,000       100,065  

1.572%, 04/26/17 (d)

    1,000,000       1,000,331  

Toronto Dominion Bank New York
1.221%, 03/13/18 (d)

    1,500,000       1,499,471  

UBS, Stamford
1.301%, 05/12/17 (d)

    500,000       500,123  

1.589%, 07/31/17 (d)

    1,002,167       1,002,754  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (d)

    400,000       400,654  

1.452%, 04/26/17 (d)

    400,000       400,106  
   

 

 

 
      27,453,863  
   

 

 

 
Commercial Paper—2.8%  

Commonwealth Bank Australia
1.174%, 03/01/18

    1,250,000       1,250,510  
Commercial Paper—(Continued)  

Den Norske ASA
1.432%, 04/27/17 (d)

    400,000     400,086  

HSBC plc
1.442%, 04/25/17 (d)

    1,100,000       1,100,198  

Kells Funding LLC
1.010%, 05/25/17

    2,393,469       2,395,577  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    997,200       999,351  

National Australia Bank, Ltd.
1.440%, 12/06/17 (d)

    1,000,000       1,001,494  

Ridgefield Funding Co. LLC
1.300%, 06/12/17

    1,989,961       1,995,278  

Westpac Banking Corp.
1.380%, 10/20/17 (d)

    700,000       701,269  
   

 

 

 
      9,843,763  
   

 

 

 
Repurchase Agreements—5.0%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $3,188,453 on 04/03/17, collateralized by $4,585,834 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,252,015.

    3,188,248       3,188,248  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,500,110 on 04/03/17, collateralized by $1,535,231 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,530,000.

    1,500,000       1,500,000  

Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $201,290 on 07/03/17, collateralized by various Common Stock with a value of $220,000.

    200,000       200,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $78,139 on 04/03/17, collateralized by $79,053 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $79,697.

    78,133       78,133  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,501,625 on 04/03/17, collateralized by $386,246 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,744,966.

    2,500,000       2,500,000  

 

BHFTII-158


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.

    2,000,000     $ 2,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $352,016 on 06/02/17, collateralized by various Common Stock with a value of $385,000.

    350,000       350,000  

Macquarie Bank, Ltd. London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,700,116 on 04/03/17, collateralized by $1,689,365 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,735,047.

    1,700,000       1,700,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $504,896 on 07/03/17, collateralized by various Common Stock with a value of $550,000.

    500,000       500,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $6,000,465 on 04/03/17, collateralized by $17,960,847 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $6,120,000.

    6,000,000       6,000,000  
   

 

 

 
      18,016,381  
   

 

 

 
Time Deposits—1.7%  

OP Corporate Bank plc
1.180%, 04/24/17

    1,000,000       1,000,000  

1.200%, 04/10/17

    500,000       500,000  
Time Deposits—(Continued)  

Shinkin Central Bank
1.350%, 04/21/17

    900,000     900,000  

1.440%, 04/25/17

    1,000,000       1,000,000  

1.440%, 04/26/17

    400,000       400,000  

1.440%, 04/27/17

    400,000       400,000  

Skandanaviska Enskilda Banken
0.810%, 04/03/17

    2,000,000       2,000,000  
   

 

 

 
      6,200,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $61,503,244)

      61,514,007  
   

 

 

 

Total Investments—117.8%
(Cost $335,269,263) (e)

      423,627,334  

Other assets and liabilities (net)—(17.8)%

      (63,902,445
   

 

 

 
Net Assets—100.0%     $ 359,724,889  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Non-income producing security.
(b)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $60,320,992 and the collateral received consisted of cash in the amount of $61,494,794. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)   As of March 31, 2017, the aggregate cost of investments was $335,269,263. The aggregate unrealized appreciation and depreciation of investments were $93,226,175 and $(4,868,104), respectively, resulting in net unrealized appreciation of $88,358,071.

 

BHFTII-159


Table of Contents

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total Common Stocks*

   $ 348,602,971      $ —       $ —        $ 348,602,971  

Total Short-Term Investment*

     —          13,510,356       —          13,510,356  

Total Securities Lending Reinvestments*

     —          61,514,007       —          61,514,007  

Total Investments

   $ 348,602,971      $ 75,024,363     $ —        $ 423,627,334  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (61,494,794   $ —        $ (61,494,794

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-160


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—67.6% of Net Assets

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—28.7%  

Fannie Mae 15 Yr. Pool
2.500%, 12/01/27

    3,594,034     $ 3,635,573  

2.500%, 02/01/28

    2,767,796       2,799,171  

2.500%, 07/01/28

    4,930,984       4,986,880  

2.500%, 10/01/28

    3,114,927       3,150,237  

2.500%, 03/01/30

    3,119,085       3,134,802  

2.500%, 09/01/31

    4,668,745       4,673,264  

2.500%, 01/01/32

    1,491,365       1,492,809  

2.500%, 04/01/32

    3,000,000       3,003,438  

3.000%, 01/01/27

    1,378,928       1,419,170  

3.000%, 02/01/27

    2,297,353       2,365,847  

3.000%, 03/01/27

    1,217,995       1,254,309  

3.000%, 01/01/29

    5,488,006       5,641,260  

3.000%, 10/01/29

    2,421,251       2,487,858  

3.000%, 06/01/30

    2,956,717       3,036,321  

3.500%, 02/01/26

    2,117,250       2,209,379  

3.500%, 03/01/26

    918,242       958,198  

3.500%, 05/01/29

    2,292,712       2,392,455  

4.000%, 04/01/19

    44,926       46,442  

4.000%, 05/01/19

    94,494       97,682  

4.000%, 01/01/20

    213,186       220,379  

4.000%, 06/01/24

    347,918       365,231  

4.000%, 11/01/24

    1,874,506       1,967,789  

4.500%, 07/01/18

    95,415       96,756  

4.500%, 05/01/19

    48,776       50,023  

4.500%, 08/01/24

    457,942       486,214  

4.500%, 06/01/25

    842,162       896,879  

5.000%, 06/01/18

    13,175       13,540  

5.000%, 01/01/19

    44,181       45,405  

5.000%, 02/01/20

    122,109       126,640  

5.000%, 01/01/22

    175,894       186,171  

5.000%, 02/01/24

    521,952       557,935  

5.500%, 11/01/17

    1,647       1,652  

5.500%, 02/01/18

    6,731       6,785  

5.500%, 04/01/18

    58,871       59,691  

6.000%, 09/01/17

    2,041       2,044  

6.500%, 04/01/17

    1,215       1,213  

Fannie Mae 20 Yr. Pool
3.000%, 02/01/33

    1,786,606       1,818,151  

3.000%, 08/01/35

    2,467,466       2,506,540  

3.000%, 05/01/36

    3,461,944       3,501,165  

3.500%, 04/01/32

    1,646,129       1,715,487  

3.500%, 09/01/35

    2,512,934       2,609,019  

4.000%, 02/01/31

    756,434       803,821  

4.500%, 08/01/30

    474,025       511,796  

5.000%, 02/01/24

    191,887       209,456  

5.000%, 09/01/25

    146,550       159,968  

5.500%, 07/01/23

    109,102       121,029  

5.500%, 01/01/24

    72,112       79,995  

5.500%, 07/01/24

    190,930       211,803  

5.500%, 07/01/25

    163,790       181,696  

7.000%, 10/01/21

    8,091       8,596  

Fannie Mae 30 Yr. Pool
2.500%, 08/01/46

    3,845,276       3,666,092  

3.000%, 08/01/42

    1,533,557       1,529,374  

3.000%, 09/01/42

    2,030,606       2,025,067  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
3.000%, 11/01/42

    2,557,294     2,550,318  

3.000%, 12/01/42

    4,775,217       4,762,190  

3.000%, 01/01/43

    1,248,147       1,244,742  

3.000%, 02/01/43

    4,465,906       4,452,686  

3.000%, 03/01/43

    5,428,160       5,412,091  

3.000%, 05/01/43

    3,784,985       3,773,781  

3.000%, 07/01/43

    9,859,223       9,830,036  

3.000%, 09/01/43

    3,115,516       3,106,294  

3.000%, 05/01/45

    3,441,576       3,420,477  

3.000%, 05/01/46

    3,578,229       3,549,858  

3.000%, 06/01/46

    4,581,277       4,544,954  

3.000%, 08/01/46

    4,633,136       4,596,402  

3.000%, 10/01/46

    9,613,829       9,537,604  

3.000%, 11/01/46

    2,524,446       2,504,431  

3.000%, 02/01/47

    9,973,855       9,894,776  

3.500%, 12/01/40

    1,881,081       1,935,873  

3.500%, 03/01/42

    1,265,604       1,301,950  

3.500%, 04/01/42

    2,727,399       2,805,727  

3.500%, 05/01/42

    3,152,486       3,243,022  

3.500%, 06/01/42

    2,390,974       2,459,639  

3.500%, 08/01/42

    1,552,781       1,597,375  

3.500%, 09/01/42

    4,522,019       4,651,885  

3.500%, 10/01/42

    2,167,417       2,229,662  

3.500%, 01/01/43

    1,976,822       2,033,593  

3.500%, 02/01/43

    3,121,823       3,211,477  

3.500%, 04/01/43

    3,570,646       3,669,211  

3.500%, 06/01/43

    2,009,498       2,064,969  

3.500%, 08/01/44

    2,260,362       2,316,529  

3.500%, 02/01/45

    3,332,943       3,415,763  

3.500%, 03/01/45

    5,243,066       5,367,978  

3.500%, 04/01/45

    6,469,396       6,623,525  

3.500%, 09/01/45

    10,797,896       11,055,148  

3.500%, 11/01/45

    3,810,110       3,900,883  

3.500%, 01/01/46

    4,187,088       4,286,842  

3.500%, 03/01/46

    4,238,797       4,338,874  

3.500%, 05/01/46

    3,486,183       3,568,491  

3.500%, 04/01/47

    8,835,842       9,046,039  

4.000%, 08/01/39

    1,203,445       1,267,825  

4.000%, 09/01/39

    940,048       990,337  

4.000%, 12/01/39

    1,170,244       1,232,848  

4.000%, 06/01/40

    1,664,790       1,754,793  

4.000%, 09/01/40

    742,300       782,430  

4.000%, 12/01/40

    5,614,930       5,918,488  

4.000%, 01/01/41

    2,953,563       3,112,321  

4.000%, 02/01/41

    3,594,737       3,786,764  

4.000%, 12/01/41

    1,307,601       1,377,452  

4.000%, 02/01/42

    1,479,922       1,559,206  

4.000%, 09/01/43

    2,173,575       2,285,687  

4.000%, 02/01/44

    3,106,959       3,267,970  

4.000%, 05/01/44

    2,395,001       2,519,116  

4.000%, 08/01/44

    3,437,490       3,615,629  

4.000%, 10/01/44

    2,040,189       2,145,917  

4.000%, 11/01/44

    4,253,838       4,474,283  

4.000%, 01/01/45

    3,449,901       3,628,684  

4.000%, 03/01/45

    2,851,154       2,995,098  

 

BHFTII-161


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
4.000%, 10/01/45

    3,708,351     $ 3,895,572  

4.000%, 03/01/47

    1,427,303       1,498,334  

4.500%, 08/01/33

    234,789       253,140  

4.500%, 10/01/33

    232,622       250,803  

4.500%, 04/01/34

    76,127       81,593  

4.500%, 01/01/39

    103,102       110,824  

4.500%, 07/01/39

    1,534,273       1,648,521  

4.500%, 09/01/39

    2,288,919       2,459,361  

4.500%, 10/01/39

    1,155,734       1,241,794  

4.500%, 05/01/40

    1,390,056       1,494,152  

4.500%, 08/01/40

    2,222,348       2,388,771  

4.500%, 11/01/40

    1,153,573       1,239,960  

4.500%, 12/01/40

    2,110,917       2,268,995  

4.500%, 04/01/41

    4,887,169       5,261,976  

4.500%, 05/01/41

    1,206,696       1,299,240  

4.500%, 03/01/44

    1,692,254       1,816,366  

5.000%, 07/01/33

    145,504       159,600  

5.000%, 08/01/33

    464,468       509,465  

5.000%, 09/01/33

    207,909       228,051  

5.000%, 10/01/33

    2,052,560       2,251,407  

5.000%, 03/01/34

    241,184       264,549  

5.000%, 04/01/34

    562,155       616,600  

5.000%, 05/01/34

    73,060       80,134  

5.000%, 09/01/34

    210,626       231,020  

5.000%, 02/01/35

    334,543       366,936  

5.000%, 04/01/35

    152,598       167,231  

5.000%, 05/01/35

    43,518       47,691  

5.000%, 11/01/35

    140,312       153,767  

5.000%, 03/01/36

    565,960       620,228  

5.000%, 07/01/37

    458,794       502,573  

5.000%, 01/01/39

    428,454       468,018  

5.000%, 04/01/40

    1,584,993       1,734,877  

5.000%, 07/01/41

    1,031,312       1,128,175  

5.500%, 10/01/32

    41,953       46,837  

5.500%, 02/01/33

    121,993       136,187  

5.500%, 03/01/33

    407,237       454,621  

5.500%, 05/01/33

    1,491,149       1,664,651  

5.500%, 08/01/33

    662,172       739,219  

5.500%, 10/01/33

    70,157       78,320  

5.500%, 12/01/33

    823,825       919,682  

5.500%, 02/01/34

    181,622       202,661  

5.500%, 03/01/34

    121,027       135,047  

5.500%, 04/01/34

    56,702       63,270  

5.500%, 06/01/34

    221,767       247,456  

5.500%, 09/01/34

    201,097       224,392  

5.500%, 12/01/34

    492,509       549,561  

5.500%, 01/01/35

    146,628       163,613  

5.500%, 02/01/35

    392,990       438,514  

5.500%, 04/01/35

    169,960       189,541  

5.500%, 06/01/35

    844,060       941,308  

5.500%, 01/01/37

    212,400       236,723  

5.500%, 05/01/37

    130,570       145,333  

5.500%, 05/01/38

    107,591       119,694  

5.500%, 06/01/38

    130,175       144,819  

5.500%, 07/01/38

    102,577       114,116  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
6.000%, 08/01/28

    2,720     3,071  

6.000%, 11/01/28

    823       931  

6.000%, 12/01/28

    844       961  

6.000%, 06/01/31

    36,909       41,366  

6.000%, 09/01/32

    88,055       98,974  

6.000%, 01/01/33

    17,856       20,070  

6.000%, 02/01/33

    71,816       80,794  

6.000%, 03/01/33

    95,418       107,348  

6.000%, 04/01/33

    265,283       298,450  

6.000%, 05/01/33

    278,129       312,902  

6.000%, 05/01/34

    395,246       444,339  

6.000%, 09/01/34

    229,025       257,471  

6.000%, 11/01/34

    306,942       345,067  

6.000%, 01/01/35

    103,799       116,734  

6.000%, 07/01/36

    53,374       60,063  

6.000%, 09/01/36

    160,062       180,121  

6.000%, 07/01/37

    48,317       54,380  

6.000%, 08/01/37

    222,610       250,543  

6.000%, 09/01/37

    480,511       540,804  

6.000%, 10/01/37

    184,652       207,821  

6.000%, 05/01/38

    604,642       680,510  

6.000%, 12/01/38

    139,936       157,664  

6.500%, 05/01/28

    46,260       52,591  

6.500%, 12/01/28

    116,463       129,489  

6.500%, 03/01/29

    2,836       3,154  

6.500%, 04/01/29

    26,269       29,305  

6.500%, 05/01/29

    5,037       5,600  

6.500%, 08/01/29

    828       921  

6.500%, 05/01/30

    29,485       32,783  

6.500%, 09/01/31

    5,999       6,791  

6.500%, 06/01/32

    23,178       26,325  

6.500%, 09/01/33

    14,006       15,572  

6.500%, 10/01/33

    102,268       113,707  

6.500%, 10/01/34

    253,263       288,225  

6.500%, 10/01/37

    87,474       99,236  

7.000%, 06/01/26

    539       582  

7.000%, 06/01/28

    7,053       7,123  

7.000%, 10/01/29

    8,803       10,189  

7.000%, 12/01/29

    3,442       3,529  

7.000%, 06/01/32

    54,461       61,406  

7.000%, 10/01/37

    172,188       200,749  

7.500%, 09/01/25

    4,202       4,780  

7.500%, 06/01/26

    4,872       5,646  

7.500%, 07/01/29

    10,233       11,976  

7.500%, 10/01/29

    6,891       7,301  

8.000%, 11/01/29

    134       154  

8.000%, 05/01/30

    16,565       17,146  

8.000%, 11/01/30

    2,949       3,389  

8.000%, 01/01/31

    2,992       3,383  

8.000%, 02/01/31

    5,382       6,255  

Fannie Mae ARM Pool
2.527%, 02/01/45 (a)

    832,306       851,804  

2.772%, 11/01/43 (a)

    1,294,618       1,339,961  

2.796%, 02/01/42 (a)

    1,703,576       1,768,040  

2.990%, 10/01/41 (a)

    194,326       203,130  

 

BHFTII-162


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae-ACES
2.679%, 05/25/21 (a)

    5,000,000     $ 5,066,300  

Freddie Mac 15 Yr. Gold Pool
2.500%, 12/01/27

    1,707,110       1,727,742  

2.500%, 02/01/28

    2,644,492       2,675,850  

2.500%, 04/01/28

    2,165,983       2,191,667  

2.500%, 12/01/29

    3,257,471       3,281,873  

2.500%, 01/01/31

    4,117,761       4,124,763  

2.500%, 01/01/32

    2,946,276       2,951,286  

3.000%, 03/01/27

    1,254,091       1,291,737  

3.000%, 05/01/27

    1,705,763       1,756,968  

3.000%, 11/01/28

    2,047,728       2,106,651  

3.000%, 12/01/29

    3,677,861       3,780,742  

3.000%, 05/01/31

    4,257,003       4,370,981  

3.500%, 12/01/25

    1,474,010       1,538,562  

3.500%, 05/01/26

    493,514       515,398  

3.500%, 09/01/30

    3,182,767       3,330,269  

4.000%, 06/01/19

    68,990       71,385  

4.000%, 05/01/25

    773,541       813,113  

4.000%, 08/01/25

    404,904       425,618  

4.000%, 10/01/25

    381,591       401,112  

4.500%, 09/01/18

    51,308       52,031  

4.500%, 10/01/18

    118,380       120,049  

4.500%, 04/01/19

    130,346       133,619  

4.500%, 06/01/19

    85,818       87,874  

4.500%, 08/01/19

    22,634       23,176  

5.000%, 05/01/18

    111,131       114,360  

5.000%, 12/01/18

    20,727       21,330  

5.000%, 06/01/19

    101,637       105,068  

5.500%, 11/01/17

    6,688       6,732  

5.500%, 01/01/24

    362,274       388,370  

6.000%, 05/01/17

    295       295  

Freddie Mac 20 Yr. Gold Pool
3.000%, 04/01/33

    2,809,815       2,857,579  

3.000%, 02/01/37

    2,944,133       2,975,506  

3.500%, 04/01/32

    2,124,929       2,214,091  

4.000%, 01/01/31

    835,055       887,373  

4.000%, 08/01/31

    832,917       885,101  

4.500%, 05/01/29

    219,293       234,856  

5.000%, 03/01/27

    118,723       129,171  

Freddie Mac 30 Yr. Gold Pool
2.500%, 07/01/43

    2,630,436       2,510,366  

3.000%, 10/01/42

    2,451,679       2,443,299  

3.000%, 01/01/43

    2,378,468       2,370,338  

3.000%, 03/01/43

    5,796,294       5,775,157  

3.000%, 04/01/43

    4,408,693       4,392,616  

3.000%, 06/01/43

    1,810,111       1,803,510  

3.000%, 07/01/43

    3,886,264       3,872,093  

3.000%, 06/01/45

    4,266,385       4,237,549  

3.000%, 01/01/46

    2,607,001       2,589,381  

3.000%, 06/01/46

    4,566,013       4,526,589  

3.000%, 10/01/46

    3,775,847       3,743,245  

3.000%, 11/01/46

    4,766,967       4,725,808  

3.000%, 01/01/47

    7,470,059       7,405,561  

3.000%, 02/01/47

    4,092,504       4,057,168  

3.500%, 01/01/42

    1,369,016       1,408,033  
Agency Sponsored Mortgage - Backed—(Continued)  

Freddie Mac 30 Yr. Gold Pool
3.500%, 03/01/42

    1,242,078     1,277,477  

3.500%, 08/01/42

    4,237,261       4,358,023  

3.500%, 02/01/43

    1,787,111       1,836,030  

3.500%, 05/01/43

    2,877,372       2,956,135  

3.500%, 06/01/43

    1,879,838       1,931,295  

3.500%, 06/01/44

    2,089,058       2,140,654  

3.500%, 10/01/44

    2,305,795       2,362,744  

3.500%, 11/01/44

    3,220,121       3,299,653  

3.500%, 12/01/44

    3,072,609       3,148,498  

3.500%, 05/01/45

    3,762,273       3,851,019  

3.500%, 08/01/45

    3,621,087       3,706,502  

3.500%, 11/01/45

    3,932,936       4,025,707  

3.500%, 12/01/45

    2,391,276       2,447,682  

3.500%, 03/01/46

    7,322,177       7,493,519  

3.500%, 02/01/47

    4,864,357       4,978,264  

4.000%, 06/01/39

    746,547       786,456  

4.000%, 12/01/39

    1,223,037       1,288,418  

4.000%, 11/01/40

    1,159,306       1,221,979  

4.000%, 04/01/41

    1,157,201       1,219,016  

4.000%, 09/01/41

    1,164,769       1,226,988  

4.000%, 10/01/41

    2,698,649       2,842,804  

4.000%, 11/01/41

    1,154,952       1,216,646  

4.000%, 10/01/43

    3,220,138       3,386,572  

4.000%, 07/01/44

    3,430,146       3,608,038  

4.000%, 10/01/44

    2,618,273       2,754,060  

4.000%, 07/01/45

    4,159,655       4,368,437  

4.000%, 01/01/46

    4,223,041       4,436,289  

4.000%, 02/01/46

    2,246,309       2,359,739  

4.500%, 10/01/35

    404,398       434,739  

4.500%, 06/01/38

    588,967       632,757  

4.500%, 02/01/39

    396,352       425,611  

4.500%, 03/01/39

    285,128       306,176  

4.500%, 04/01/39

    615,420       660,850  

4.500%, 09/01/39

    725,506       779,063  

4.500%, 10/01/39

    1,834,586       1,970,016  

4.500%, 11/01/39

    559,003       600,269  

4.500%, 01/01/40

    380,788       409,062  

4.500%, 05/01/40

    717,163       770,414  

4.500%, 11/01/40

    1,067,264       1,146,510  

4.500%, 02/01/41

    468,360       504,017  

4.500%, 05/01/41

    651,519       701,121  

4.500%, 06/01/41

    450,498       484,795  

4.500%, 12/01/43

    1,006,386       1,079,702  

4.500%, 12/01/45

    1,374,303       1,473,600  

5.000%, 10/01/33

    556,566       608,785  

5.000%, 03/01/34

    94,853       103,745  

5.000%, 08/01/35

    458,617       501,177  

5.000%, 09/01/35

    216,833       236,956  

5.000%, 10/01/35

    189,082       206,629  

5.000%, 01/01/36

    593,439       648,511  

5.000%, 04/01/38

    313,698       341,690  

5.000%, 11/01/39

    1,335,297       1,457,304  

5.000%, 05/01/40

    1,718,214       1,875,115  

5.500%, 06/01/34

    400,530       445,900  

5.500%, 10/01/35

    174,481       194,154  

 

BHFTII-163


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Freddie Mac 30 Yr. Gold Pool
5.500%, 12/01/35

    603,476     $ 671,519  

5.500%, 01/01/36

    386,849       430,269  

5.500%, 12/01/37

    359,960       400,235  

5.500%, 04/01/38

    1,585,375       1,759,395  

5.500%, 07/01/38

    182,367       202,385  

5.500%, 08/01/38

    510,559       566,601  

6.000%, 11/01/28

    7,368       8,363  

6.000%, 12/01/28

    5,763       6,582  

6.000%, 04/01/29

    2,323       2,623  

6.000%, 05/01/29

    1,886       2,129  

6.000%, 06/01/31

    2,087       2,356  

6.000%, 07/01/31

    688       788  

6.000%, 09/01/31

    57,638       65,088  

6.000%, 11/01/32

    30,083       33,861  

6.000%, 06/01/34

    111,827       125,912  

6.000%, 11/01/35

    75,785       85,194  

6.000%, 02/01/36

    130,333       146,663  

6.000%, 08/01/36

    70,401       79,221  

6.000%, 10/01/36

    149,896       168,676  

6.000%, 11/01/36

    90,590       101,940  

6.000%, 01/01/37

    131,409       147,874  

6.000%, 02/01/38

    156,825       176,773  

6.000%, 11/01/39

    1,350,744       1,519,911  

6.000%, 04/01/40

    408,900       460,913  

6.500%, 02/01/30

    5,215       5,801  

6.500%, 08/01/31

    8,350       9,305  

6.500%, 10/01/31

    6,983       7,769  

6.500%, 11/01/31

    18,188       20,454  

6.500%, 03/01/32

    340,733       381,120  

6.500%, 04/01/32

    261,576       302,599  

6.500%, 09/01/36

    363,735       413,626  

6.500%, 11/01/37

    168,852       191,200  

7.000%, 12/01/27

    1,159       1,314  

7.000%, 11/01/28

    3,312       3,829  

7.000%, 04/01/29

    3,316       3,839  

7.000%, 05/01/29

    658       720  

7.000%, 06/01/29

    5,750       5,929  

7.000%, 07/01/29

    1,919       2,129  

7.000%, 01/01/31

    98,015       103,714  

7.500%, 08/01/24

    7,730       7,753  

7.500%, 10/01/27

    9,262       10,379  

7.500%, 10/01/29

    11,876       13,553  

7.500%, 05/01/30

    11,730       13,167  

8.000%, 02/01/27

    2,988       3,422  

8.000%, 10/01/28

    5,779       6,689  

Freddie Mac Multifamily Structured Pass-Through Certificates
2.902%, 08/25/20

    894,127       909,023  

3.060%, 07/25/23 (a)

    4,800,000       4,940,976  

Ginnie Mae I 15 Yr. Pool
3.000%, 08/15/28

    2,440,903       2,531,567  

5.000%, 10/15/20

    106,483       113,083  

5.000%, 01/15/21

    99,824       106,085  

Ginnie Mae I 30 Yr. Pool
3.000%, 11/15/42

    2,622,831       2,660,789  
Agency Sponsored Mortgage - Backed—(Continued)  

Ginnie Mae I 30 Yr. Pool
3.000%, 12/15/42

    2,056,202     2,085,959  

3.000%, 02/15/43

    1,725,013       1,748,438  

3.000%, 03/15/43

    2,089,322       2,117,695  

3.000%, 05/15/43

    2,868,816       2,907,775  

3.000%, 07/15/43

    1,861,850       1,887,134  

3.500%, 01/15/42

    2,557,035       2,663,861  

3.500%, 02/15/42

    846,458       880,961  

3.500%, 03/15/42

    1,741,827       1,812,826  

3.500%, 05/15/42

    1,186,471       1,234,833  

3.500%, 09/15/42

    1,564,956       1,628,746  

3.500%, 05/15/43

    2,016,752       2,097,990  

4.000%, 07/15/39

    1,813,051       1,927,221  

4.000%, 07/15/40

    1,013,650       1,073,723  

4.000%, 03/15/41

    776,945       825,735  

4.000%, 10/15/41

    1,688,006       1,794,008  

4.500%, 01/15/39

    270,022       289,367  

4.500%, 04/15/39

    823,270       882,251  

4.500%, 05/15/39

    1,757,317       1,883,213  

4.500%, 08/15/39

    789,569       846,135  

4.500%, 01/15/40

    813,594       874,526  

4.500%, 04/15/40

    1,038,466       1,116,239  

4.500%, 02/15/41

    203,324       218,075  

4.500%, 04/15/41

    467,393       501,302  

5.000%, 12/15/35

    297,477       328,218  

5.000%, 12/15/36

    138,061       152,458  

5.000%, 01/15/39

    930,334       1,019,530  

5.000%, 02/15/39

    188,645       206,534  

5.000%, 08/15/39

    1,232,321       1,349,181  

5.000%, 09/15/39

    296,548       324,670  

5.000%, 12/15/39

    551,740       604,061  

5.000%, 05/15/40

    897,069       983,037  

5.500%, 03/15/36

    247,078       275,653  

5.500%, 01/15/37

    348,149       387,880  

5.500%, 11/15/37

    491,098       547,142  

5.500%, 09/15/38

    215,181       238,607  

5.500%, 08/15/39

    949,206       1,057,946  

6.000%, 01/15/29

    5,184       5,966  

6.000%, 01/15/33

    204,008       236,319  

6.000%, 03/15/35

    218,512       253,323  

6.000%, 12/15/35

    161,597       186,550  

6.000%, 06/15/36

    135,583       154,297  

6.000%, 09/15/36

    153,597       173,977  

6.000%, 07/15/38

    878,413       1,000,025  

6.500%, 05/15/23

    1,091       1,237  

6.500%, 02/15/27

    25,804       29,308  

6.500%, 07/15/28

    8,762       9,938  

6.500%, 08/15/28

    9,262       10,504  

6.500%, 11/15/28

    8,091       9,315  

6.500%, 12/15/28

    8,767       9,943  

6.500%, 07/15/29

    2,005       2,274  

6.500%, 05/15/36

    115,942       131,498  

7.000%, 01/15/28

    1,500       1,656  

7.000%, 04/15/28

    2,838       2,907  

7.000%, 05/15/28

    9,440       10,021  

7.000%, 06/15/28

    7,654       8,490  

 

BHFTII-164


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Ginnie Mae I 30 Yr. Pool
7.000%, 10/15/28

    7,345     $ 8,034  

7.000%, 06/15/29

    1,928       1,964  

7.000%, 09/15/29

    2,374       2,420  

7.000%, 01/15/31

    1,290       1,312  

7.000%, 03/15/31

    11,922       12,129  

7.000%, 07/15/31

    363,999       424,328  

7.000%, 08/15/31

    61,287       73,332  

7.000%, 02/15/32

    9,745       9,859  

7.000%, 07/15/32

    23,514       28,172  

7.500%, 04/15/30

    7,962       8,086  

8.000%, 08/15/26

    3,093       3,464  

8.000%, 09/15/26

    2,638       2,923  

8.000%, 06/15/29

    21,758       23,173  

9.000%, 11/15/24

    5,241       5,674  

Ginnie Mae II 30 Yr. Pool
3.000%, 12/20/42

    2,431,808       2,462,018  

3.000%, 03/20/43

    3,454,100       3,500,120  

3.000%, 12/20/44

    3,157,998       3,191,348  

3.000%, 04/20/45

    2,957,505       2,987,834  

3.000%, 08/20/45

    4,204,741       4,247,861  

3.000%, 11/20/45

    2,419,024       2,443,831  

3.000%, 01/20/46

    4,178,076       4,220,921  

3.000%, 08/20/46

    4,558,723       4,601,748  

3.000%, 09/20/46

    4,644,928       4,688,766  

3.000%, 10/20/46

    4,713,719       4,758,206  

3.000%, 11/20/46

    4,859,024       4,904,882  

3.000%, 01/20/47

    8,836,642       8,924,530  

3.000%, 03/20/47

    2,970,000       2,999,539  

3.500%, 12/20/41

    1,526,751       1,593,246  

3.500%, 03/20/42

    3,172,740       3,306,844  

3.500%, 08/20/42

    1,482,031       1,544,673  

3.500%, 01/20/43

    4,453,491       4,640,511  

3.500%, 04/20/43

    1,840,095       1,917,013  

3.500%, 05/20/43

    2,945,701       3,068,835  

3.500%, 07/20/44

    3,985,275       4,143,470  

3.500%, 02/20/45

    4,303,250       4,469,184  

3.500%, 06/20/45

    2,770,272       2,877,094  

3.500%, 08/20/45

    6,215,356       6,455,022  

3.500%, 09/20/45

    7,097,724       7,371,414  

3.500%, 10/20/45

    4,196,065       4,357,866  

3.500%, 12/20/45

    3,665,628       3,806,976  

3.500%, 01/20/46

    3,690,574       3,832,884  

3.500%, 02/20/46

    3,019,375       3,133,400  

3.500%, 05/20/46

    4,151,149       4,307,915  

3.500%, 06/20/46

    3,475,979       3,607,248  

3.500%, 03/20/47

    4,812,500       4,995,598  

4.000%, 11/20/40

    1,479,203       1,572,809  

4.000%, 12/20/40

    1,624,277       1,727,063  

4.000%, 05/20/43

    2,423,442       2,576,473  

4.000%, 11/20/43

    1,114,637       1,185,022  

4.000%, 02/20/44

    3,622,373       3,841,463  

4.000%, 04/20/44

    1,538,016       1,631,038  

4.000%, 05/20/44

    1,889,550       2,003,834  

4.000%, 09/20/44

    2,940,982       3,118,859  

4.000%, 10/20/44

    4,252,997       4,510,229  
Agency Sponsored Mortgage - Backed—(Continued)  

Ginnie Mae II 30 Yr. Pool
4.000%, 11/20/44

    837,498     888,152  

4.000%, 10/20/45

    3,502,529       3,704,866  

4.000%, 11/20/45

    1,829,844       1,935,552  

4.500%, 08/20/40

    1,290,026       1,383,810  

4.500%, 12/20/40

    814,386       873,591  

4.500%, 04/20/41

    715,053       771,489  

4.500%, 03/20/42

    563,175       607,624  

4.500%, 10/20/43

    927,512       994,699  

4.500%, 02/20/44

    1,794,344       1,924,322  

4.500%, 04/20/45

    1,762,213       1,889,864  

5.000%, 08/20/40

    583,076       629,903  

5.000%, 10/20/40

    590,836       638,286  

5.000%, 06/20/44

    1,414,762       1,528,382  

6.500%, 06/20/31

    22,317       26,200  

6.500%, 11/20/38

    496,923       565,791  

7.500%, 02/20/28

    2,864       3,379  
   

 

 

 
      771,304,928  
   

 

 

 
Federal Agencies—2.5%  

Federal Home Loan Bank
1.750%, 06/12/20 (b)

    17,700,000       17,735,400  

Federal Home Loan Mortgage Corp.
1.125%, 04/15/19

    12,000,000       11,941,932  

1.250%, 10/02/19 (b)

    3,000,000       2,983,140  

1.375%, 05/01/20 (b)

    5,145,000       5,105,949  

Federal National Mortgage Association
0.875%, 05/21/18 (b)

    10,160,000       10,129,723  

2.125%, 04/24/26 (b)

    13,500,000       12,905,730  

6.625%, 11/15/30 (b)

    2,450,000       3,454,378  

Tennessee Valley Authority
5.250%, 09/15/39

    3,350,000       4,234,635  
   

 

 

 
      68,490,887  
   

 

 

 
U.S. Treasury—36.4%  

U.S. Treasury Bonds
2.250%, 08/15/46

    3,000,000       2,539,830  

2.500%, 02/15/45

    14,400,000       12,942,864  

2.500%, 02/15/46

    8,200,000       7,351,792  

2.500%, 05/15/46

    4,800,000       4,299,888  

2.750%, 08/15/42

    2,020,000       1,926,393  

2.875%, 05/15/43

    4,760,000       4,635,907  

2.875%, 08/15/45

    5,000,000       4,850,250  

2.875%, 11/15/46 (b)

    3,000,000       2,911,770  

3.000%, 11/15/44

    11,000,000       10,953,580  

3.000%, 05/15/45

    4,500,000       4,475,250  

3.000%, 11/15/45

    7,700,000       7,654,878  

3.000%, 02/15/47

    3,000,000       2,990,070  

3.125%, 02/15/42

    1,800,000       1,842,480  

3.125%, 02/15/43

    3,270,000       3,336,054  

3.125%, 08/15/44

    4,700,000       4,793,154  

3.375%, 05/15/44

    3,000,000       3,202,050  

3.500%, 02/15/39

    2,080,000       2,289,601  

3.625%, 02/15/44

    10,120,000       11,277,829  

3.750%, 08/15/41

    1,830,000       2,076,300  

 

BHFTII-165


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
U.S. Treasury—(Continued)  

U.S. Treasury Bonds
3.875%, 08/15/40 (b)

    10,380,000     $ 12,000,423  

4.250%, 11/15/40

    7,280,000       8,888,953  

4.375%, 11/15/39

    3,900,000       4,841,616  

4.375%, 05/15/40

    5,220,000       6,482,353  

4.375%, 05/15/41

    5,850,000       7,285,999  

4.500%, 05/15/38

    4,950,000       6,280,164  

5.000%, 05/15/37

    6,560,000       8,825,299  

5.250%, 02/15/29 (b)

    750,000       961,732  

5.375%, 02/15/31

    3,675,000       4,908,550  

6.125%, 11/15/27

    5,750,000       7,736,797  

6.250%, 08/15/23

    7,700,000       9,596,433  

6.375%, 08/15/27 (b)

    6,900,000       9,402,699  

6.500%, 11/15/26

    4,500,000       6,091,020  

7.125%, 02/15/23 (b)

    11,125,000       14,238,775  

7.250%, 08/15/22

    6,120,000       7,746,818  

7.875%, 02/15/21 (b)

    4,450,000       5,466,024  

8.000%, 11/15/21

    2,920,000       3,708,225  

8.125%, 08/15/19

    2,645,000       3,061,296  

8.125%, 08/15/21 (b)

    1,250,000       1,578,000  

8.500%, 02/15/20 (b)

    6,700,000       8,026,465  

8.750%, 08/15/20

    1,000,000       1,232,940  

8.875%, 02/15/19 (b)

    10,215,000       11,679,218  

9.125%, 05/15/18 (b)

    1,600,000       1,743,680  

U.S. Treasury Notes
0.625%, 04/30/18

    5,000,000       4,974,550  

0.750%, 02/15/19 (b)

    14,100,000       13,973,241  

0.750%, 08/15/19

    5,000,000       4,929,500  

0.875%, 04/15/19

    6,000,000       5,951,280  

1.000%, 08/15/18

    28,000,000       27,943,159  

1.125%, 05/31/19 (b)

    12,300,000       12,254,613  

1.125%, 03/31/20

    5,100,000       5,041,095  

1.125%, 02/28/21

    10,100,000       9,855,378  

1.125%, 07/31/21

    12,300,000       11,929,081  

1.250%, 10/31/19

    5,130,000       5,109,685  

1.250%, 01/31/20

    15,000,000       14,904,899  

1.250%, 02/29/20

    25,800,000       25,617,594  

1.250%, 03/31/21

    6,100,000       5,975,377  

1.375%, 09/30/18 (b)

    50,790,000       50,936,272  

1.375%, 11/30/18 (b)

    15,000,000       15,042,902  

1.375%, 01/31/20

    27,100,000       27,027,102  

1.375%, 08/31/20 (b)

    14,900,000       14,766,347  

1.500%, 03/31/19

    16,870,000       16,949,121  

1.500%, 02/28/23 (b)

    4,000,000       3,866,920  

1.625%, 11/30/20

    5,000,000       4,985,500  

1.625%, 11/15/22

    5,000,000       4,885,000  

1.625%, 05/31/23

    7,900,000       7,669,241  

1.625%, 05/15/26

    15,900,000       14,916,107  

1.750%, 10/31/20

    10,000,000       10,023,399  

1.750%, 12/31/20

    14,800,000       14,811,247  

1.750%, 11/30/21

    11,000,000       10,928,247  

1.750%, 02/28/22

    9,000,000       8,921,520  

1.750%, 05/15/22

    4,900,000       4,848,060  

1.750%, 05/15/23

    17,520,000       17,138,939  

1.875%, 02/28/22

    15,000,000       14,968,950  

1.875%, 08/31/22

    7,400,000       7,343,316  
U.S. Treasury—(Continued)  

U.S. Treasury Notes
2.000%, 11/30/20

    14,800,000     14,952,144  

2.000%, 02/28/21

    5,000,000       5,044,151  

2.000%, 10/31/21

    6,000,000       6,027,960  

2.000%, 02/15/22

    3,800,000       3,816,188  

2.000%, 11/30/22

    9,600,000       9,565,344  

2.000%, 02/15/23

    6,900,000       6,864,051  

2.000%, 02/15/25

    5,000,000       4,890,150  

2.000%, 08/15/25

    11,100,000       10,809,624  

2.000%, 11/15/26

    13,300,000       12,849,130  

2.125%, 08/31/20

    5,800,000       5,891,872  

2.125%, 06/30/21

    12,000,000       12,144,959  

2.125%, 08/15/21

    8,710,000       8,813,475  

2.125%, 12/31/21

    11,900,000       12,013,883  

2.125%, 02/29/24

    12,000,000       11,935,308  

2.125%, 05/15/25 (b)

    7,100,000       6,993,500  

2.250%, 07/31/21

    19,000,000       19,315,781  

2.250%, 11/15/24

    7,800,000       7,780,578  

2.250%, 11/15/25

    6,800,000       6,741,452  

2.375%, 05/31/18

    31,000,000       31,439,890  

2.375%, 12/31/20

    7,600,000       7,779,283  

2.375%, 08/15/24

    16,800,000       16,933,728  

2.500%, 08/15/23

    14,400,000       14,692,752  

2.500%, 05/15/24

    7,000,000       7,124,670  

2.625%, 08/15/20

    6,000,000       6,192,960  

2.750%, 11/15/23 (b)

    19,335,000       20,020,812  

2.750%, 02/15/24

    5,600,000       5,794,488  

3.125%, 05/15/19

    3,000,000       3,114,090  

3.375%, 11/15/19

    4,350,000       4,570,284  

3.500%, 05/15/20

    7,790,000       8,248,597  

3.625%, 02/15/20

    17,190,000       18,229,651  

3.750%, 11/15/18

    4,550,000       4,736,186  

3.875%, 05/15/18 (b)

    4,700,000       4,844,854  

4.000%, 08/15/18 (b)

    9,620,000       9,995,468  
   

 

 

 
      976,788,324  
   

 

 

 

Total U.S. Treasury & Government Agencies
(Cost $1,822,084,886)

      1,816,584,139  
   

 

 

 
Corporate Bonds & Notes—27.7%  
Aerospace/Defense—0.4%  

Boeing Co. (The)
7.250%, 06/15/25

    460,000       593,967  

Lockheed Martin Corp.
4.700%, 05/15/46

    3,000,000       3,238,950  

6.150%, 09/01/36

    1,700,000       2,139,790  

Northrop Grumman Systems Corp.
7.750%, 02/15/31

    515,000       726,536  

Raytheon Co.
3.125%, 10/15/20

    1,000,000       1,033,550  

United Technologies Corp.
4.500%, 06/01/42

    2,645,000       2,797,246  

7.500%, 09/15/29

    200,000       279,400  
   

 

 

 
      10,809,439  
   

 

 

 

 

BHFTII-166


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Agriculture—0.3%  

Altria Group, Inc.
9.700%, 11/10/18 (b)

    750,000     $ 841,125  

Archer-Daniels-Midland Co.
4.479%, 03/01/21 (b)

    2,000,000       2,157,060  

Philip Morris International, Inc.
3.250%, 11/10/24 (b)

    3,000,000       3,013,140  

4.500%, 03/26/20

    925,000       986,753  

Reynolds American, Inc.
4.450%, 06/12/25

    1,900,000       1,998,040  
   

 

 

 
      8,996,118  
   

 

 

 
Auto Manufacturers—0.7%  

American Honda Finance Corp.
2.300%, 09/09/26 (b)

    1,100,000       1,025,552  

Daimler Finance North America LLC
8.500%, 01/18/31

    1,050,000       1,584,250  

Ford Motor Co.
7.450%, 07/16/31

    2,200,000       2,768,216  

Ford Motor Credit Co. LLC
2.597%, 11/04/19

    3,000,000       3,015,750  

General Motors Financial Co., Inc.
2.400%, 05/09/19

    5,000,000       5,015,850  

Toyota Motor Credit Corp.
3.300%, 01/12/22

    4,000,000       4,139,360  
   

 

 

 
      17,548,978  
   

 

 

 
Banks—6.3%  

Bank of America Corp.
2.625%, 04/19/21 (b)

    1,000,000       998,150  

3.300%, 01/11/23

    4,075,000       4,099,002  

4.100%, 07/24/23 (b)

    2,905,000       3,038,979  

4.200%, 08/26/24

    3,000,000       3,060,120  

5.875%, 02/07/42

    3,000,000       3,624,570  

6.500%, 07/15/18

    200,000       211,344  

Bank of New York Mellon Corp. (The)
5.450%, 05/15/19

    2,000,000       2,144,220  

Bank of Nova Scotia (The)
2.050%, 10/30/18 (b)

    3,480,000       3,499,279  

Barclays plc
5.250%, 08/17/45

    2,700,000       2,828,358  

BNP Paribas S.A.
5.000%, 01/15/21

    3,225,000       3,486,935  

Branch Banking & Trust Co.
2.850%, 04/01/21

    3,400,000       3,449,980  

Capital One Financial Corp.
6.750%, 09/15/17

    1,200,000       1,227,901  

Capital One N.A.
2.250%, 09/13/21 (b)

    3,000,000       2,931,750  

Citigroup, Inc.
4.125%, 07/25/28 (b)

    3,000,000       2,957,910  

4.750%, 05/18/46

    3,000,000       2,961,510  

5.375%, 08/09/20 (b)

    2,200,000       2,403,324  

6.125%, 05/15/18 (b)

    1,900,000       1,988,255  

Cooperatieve Rabobank UA
5.250%, 05/24/41

    3,640,000       4,243,512  
Banks—(Continued)  

Credit Suisse
4.375%, 08/05/20

    2,611,000     2,764,240  

Credit Suisse Group Funding Guernsey, Ltd.
3.800%, 09/15/22

    3,000,000       3,045,060  

Deutsche Bank AG
6.000%, 09/01/17

    1,500,000       1,524,796  

Fifth Third Bancorp
8.250%, 03/01/38

    1,175,000       1,669,076  

Goldman Sachs Group, Inc. (The)
6.000%, 06/15/20

    2,000,000       2,212,020  

6.125%, 02/15/33

    2,075,000       2,507,492  

6.450%, 05/01/36

    2,000,000       2,383,760  

HSBC Holdings plc
5.100%, 04/05/21

    2,556,000       2,772,289  

6.500%, 09/15/37

    905,000       1,115,530  

HSBC USA, Inc.
2.350%, 03/05/20 (b)

    3,000,000       3,005,850  

JPMorgan Chase & Co.
1.700%, 03/01/18

    2,000,000       2,000,800  

3.250%, 09/23/22

    2,850,000       2,900,588  

3.900%, 07/15/25

    4,700,000       4,858,249  

4.950%, 03/25/20

    2,650,000       2,860,277  

6.300%, 04/23/19

    1,900,000       2,063,058  

KeyBank N.A.
3.300%, 06/01/25

    3,800,000       3,802,166  

KFW
0.875%, 04/19/18 (b)

    3,500,000       3,486,105  

1.000%, 06/11/18

    3,536,000       3,522,598  

1.500%, 02/06/19 (b)

    5,000,000       5,002,350  

1.625%, 03/15/21 (b)

    3,500,000       3,452,470  

2.375%, 08/25/21 (b)

    1,945,000       1,970,713  

2.750%, 09/08/20

    2,300,000       2,366,401  

Landwirtschaftliche Rentenbank
2.000%, 01/13/25

    3,500,000       3,373,860  

Lloyds Bank plc
6.375%, 01/21/21

    1,500,000       1,700,160  

Morgan Stanley
4.350%, 09/08/26

    3,800,000       3,878,052  

5.625%, 09/23/19

    1,900,000       2,052,494  

7.250%, 04/01/32

    1,850,000       2,514,372  

7.300%, 05/13/19

    2,460,000       2,719,874  

Oesterreichische Kontrollbank AG
1.625%, 03/12/19

    3,025,000       3,026,089  

PNC Bank N.A.
2.950%, 02/23/25

    4,100,000       4,043,666  

4.875%, 09/21/17

    1,000,000       1,015,522  

Royal Bank of Canada
2.150%, 03/15/19

    3,915,000       3,937,355  

Sumitomo Mitsui Banking Corp.
1.950%, 07/23/18

    4,000,000       4,002,040  

Toronto-Dominion Bank (The)
2.250%, 11/05/19

    4,000,000       4,022,840  

U.S. Bancorp
3.600%, 09/11/24

    3,000,000       3,084,210  

UBS AG
4.875%, 08/04/20

    3,500,000       3,771,215  

 

BHFTII-167


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Banks—(Continued)  

Wachovia Corp.
5.750%, 06/15/17

    700,000     $ 706,115  

Wells Fargo & Co.
2.600%, 07/22/20

    4,000,000       4,037,200  

3.000%, 01/22/21

    3,400,000       3,461,030  

Wells Fargo Bank N.A.
5.950%, 08/26/36

    1,900,000       2,296,815  

Westpac Banking Corp.
1.950%, 11/23/18

    3,000,000       3,005,820  

2.800%, 01/11/22

    2,000,000       2,012,010  
   

 

 

 
      169,101,726  
   

 

 

 
Beverages—0.7%  

Anheuser-Busch Cos. LLC
6.450%, 09/01/37

    880,000       1,160,394  

Anheuser-Busch InBev Finance, Inc.
4.900%, 02/01/46

    7,800,000       8,420,022  

Coca-Cola Co. (The)
3.150%, 11/15/20

    280,000       292,054  

3.200%, 11/01/23

    3,000,000       3,091,530  

Pepsi-Cola Metropolitan Bottling Co., Inc.
7.000%, 03/01/29

    300,000       408,504  

PepsiCo, Inc.
3.600%, 03/01/24 (b)

    3,975,000       4,171,445  

5.000%, 06/01/18

    1,000,000       1,041,650  
   

 

 

 
      18,585,599  
   

 

 

 
Biotechnology—0.4%  

Amgen, Inc.
5.700%, 02/01/19

    850,000       908,293  

6.150%, 06/01/18

    1,650,000       1,732,846  

Celgene Corp.
4.625%, 05/15/44

    4,000,000       3,959,720  

Gilead Sciences, Inc.
3.650%, 03/01/26

    3,000,000       3,020,310  
   

 

 

 
      9,621,169  
   

 

 

 
Chemicals—0.6%  

Dow Chemical Co. (The)
4.250%, 11/15/20

    2,750,000       2,916,375  

9.400%, 05/15/39

    650,000       1,024,881  

E. I. du Pont de Nemours & Co.
5.600%, 12/15/36

    1,000,000       1,153,590  

6.000%, 07/15/18

    1,000,000       1,054,120  

LyondellBasell Industries NV
4.625%, 02/26/55

    4,400,000       4,137,584  

Potash Corp. of Saskatchewan, Inc.
4.875%, 03/30/20 (b)

    970,000       1,028,695  

Praxair, Inc.
3.000%, 09/01/21

    3,950,000       4,042,232  
   

 

 

 
      15,357,477  
   

 

 

 
Computers—0.6%  

Apple, Inc.
2.250%, 02/23/21

    3,000,000       3,007,740  
Computers—(Continued)  

Apple, Inc.
2.400%, 05/03/23

    2,072,000     2,037,439  

4.450%, 05/06/44

    2,944,000       3,055,313  

HP, Inc.
4.650%, 12/09/21 (b)

    3,600,000       3,857,292  

International Business Machines Corp.
4.000%, 06/20/42 (b)

    3,200,000       3,191,200  

8.375%, 11/01/19

    425,000       494,160  
   

 

 

 
      15,643,144  
   

 

 

 
Cosmetics/Personal Care—0.1%  

Procter & Gamble Co. (The)
2.300%, 02/06/22

    3,600,000       3,616,380  
   

 

 

 
Diversified Financial Services—0.9%  

Air Lease Corp.
2.625%, 09/04/18

    4,000,000       4,031,360  

American Express Co.
7.000%, 03/19/18

    3,000,000       3,149,550  

Associates Corp. of North America
6.950%, 11/01/18

    1,700,000       1,826,412  

BlackRock, Inc.
3.500%, 03/18/24

    3,800,000       3,967,086  

GE Capital International Funding Co.
4.418%, 11/15/35

    2,700,000       2,852,091  

HSBC Finance Corp.
6.676%, 01/15/21

    3,500,000       3,954,125  

Nomura Holdings, Inc.
6.700%, 03/04/20

    1,325,000       1,472,751  

Visa, Inc.
2.800%, 12/14/22

    3,000,000       3,025,290  
   

 

 

 
      24,278,665  
   

 

 

 
Electric—1.5%  

Consolidated Edison Co. of New York, Inc.
3.950%, 03/01/43

    3,070,000       2,990,579  

5.850%, 04/01/18

    855,000       890,568  

Dominion Resources, Inc.
6.400%, 06/15/18

    1,750,000       1,840,737  

DTE Electric Co.
3.700%, 03/15/45 (b)

    4,000,000       3,840,600  

Duke Energy Carolinas LLC
5.300%, 02/15/40

    2,000,000       2,349,940  

Duke Energy Corp.
3.050%, 08/15/22

    4,000,000       4,034,800  

Exelon Corp.
3.400%, 04/15/26

    3,000,000       2,948,580  

5.625%, 06/15/35 (b)

    1,500,000       1,711,860  

Florida Power & Light Co.
5.950%, 02/01/38 (b)

    1,700,000       2,146,131  

Georgia Power Co.
5.700%, 06/01/17

    1,400,000       1,409,106  

Northern States Power Co.
6.250%, 06/01/36

    2,200,000       2,841,894  

 

BHFTII-168


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Electric—(Continued)  

Ohio Power Co.
5.375%, 10/01/21

    1,640,000     $ 1,822,926  

Oncor Electric Delivery Co. LLC
7.000%, 05/01/32

    950,000       1,299,296  

Pacific Gas & Electric Co.
5.400%, 01/15/40

    3,320,000       3,923,443  

PacifiCorp
2.950%, 02/01/22

    2,800,000       2,850,372  

PPL Capital Funding, Inc.
3.400%, 06/01/23

    2,000,000       2,018,220  

PSEG Power LLC
8.625%, 04/15/31

    1,000,000       1,232,010  
   

 

 

 
      40,151,062  
   

 

 

 
Electrical Components & Equipment—0.1%  

Emerson Electric Co.
4.875%, 10/15/19

    1,800,000       1,933,704  
   

 

 

 
Electronics—0.1%  

Tyco Electronics Group S.A.
6.550%, 10/01/17

    1,600,000       1,638,896  
   

 

 

 
Environmental Control—0.1%  

Waste Management, Inc.
7.000%, 07/15/28

    1,265,000       1,620,389  
   

 

 

 
Food—0.6%  

General Mills, Inc.
5.650%, 02/15/19

    1,700,000       1,816,178  

Kraft Heinz Foods Co.
3.000%, 06/01/26 (b)

    3,300,000       3,099,954  

Kroger Co. (The)
3.300%, 01/15/21 (b)

    3,900,000       3,996,447  

Mondelez International, Inc.
5.375%, 02/10/20

    1,800,000       1,942,992  

Sysco Corp.
2.600%, 06/12/22

    2,400,000       2,387,352  

Unilever Capital Corp.
5.900%, 11/15/32

    1,500,000       1,922,400  
   

 

 

 
      15,165,323  
   

 

 

 
Forest Products & Paper—0.1%  

Georgia-Pacific LLC
8.000%, 01/15/24

    1,800,000       2,305,692  
   

 

 

 
Gas—0.2%  

Nisource Finance Corp.
4.800%, 02/15/44

    4,000,000       4,204,480  

Sempra Energy
6.150%, 06/15/18

    900,000       946,782  
   

 

 

 
      5,151,262  
   

 

 

 
Healthcare-Products—0.6%  

Abbott Laboratories
4.750%, 11/30/36

    3,000,000       3,088,920  
Healthcare-Products—(Continued)  

Abbott Laboratories
5.125%, 04/01/19

    1,073,000     1,135,899  

Becton Dickinson & Co.
4.685%, 12/15/44

    3,500,000       3,652,495  

Medtronic, Inc.
4.000%, 04/01/43 (b)

    3,900,000       3,791,112  

Thermo Fisher Scientific, Inc.
4.150%, 02/01/24

    3,445,000       3,611,049  
   

 

 

 
      15,279,475  
   

 

 

 
Healthcare-Services—0.5%  

Aetna, Inc.
2.750%, 11/15/22

    3,000,000       2,997,150  

Anthem, Inc.
5.850%, 01/15/36

    1,800,000       2,072,052  

Cigna Corp.
5.375%, 02/15/42

    3,000,000       3,474,630  

Laboratory Corp. of America Holdings
4.625%, 11/15/20 (b)

    1,900,000       2,022,227  

UnitedHealth Group, Inc.
3.750%, 07/15/25 (b)

    3,600,000       3,756,168  
   

 

 

 
      14,322,227  
   

 

 

 
Household Products/Wares—0.0%  

Kimberly-Clark Corp.
6.125%, 08/01/17

    500,000       507,462  
   

 

 

 
Insurance—1.0%  

Aflac, Inc.
3.625%, 06/15/23

    2,975,000       3,085,611  

Allstate Corp. (The)
6.900%, 05/15/38

    150,000       200,000  

7.450%, 05/16/19 (b)

    1,700,000       1,879,316  

American International Group, Inc.
3.300%, 03/01/21 (b)

    3,000,000       3,054,810  

5.850%, 01/16/18

    1,800,000       1,857,272  

AXA S.A.
8.600%, 12/15/30 (b)

    1,165,000       1,614,958  

Berkshire Hathaway, Inc.
3.125%, 03/15/26

    2,900,000       2,894,635  

Chubb Corp. (The)
6.000%, 05/11/37

    865,000       1,090,999  

Chubb INA Holdings, Inc.
3.350%, 05/15/24

    4,000,000       4,080,120  

Hartford Financial Services Group, Inc. (The)
6.100%, 10/01/41

    780,000       938,145  

Marsh & McLennan Cos., Inc.
3.750%, 03/14/26

    4,000,000       4,107,920  

Prudential Financial, Inc.
5.700%, 12/14/36

    1,525,000       1,794,361  
   

 

 

 
      26,598,147  
   

 

 

 
Internet—0.1%  

Amazon.com, Inc.
3.800%, 12/05/24 (b)

    3,800,000       4,019,944  
   

 

 

 

 

BHFTII-169


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Iron/Steel—0.0%  

Vale Overseas, Ltd.
6.875%, 11/21/36 (b)

    1,100,000     $ 1,181,125  
   

 

 

 
Machinery-Construction & Mining—0.1%  

Caterpillar, Inc.
7.900%, 12/15/18

    1,757,000       1,931,821  
   

 

 

 
Machinery-Diversified—0.1%  

Deere & Co.
2.600%, 06/08/22

    1,950,000       1,948,947  
   

 

 

 
Media—0.9%  

21st Century Fox America, Inc.
6.550%, 03/15/33

    1,950,000       2,362,795  

Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.464%, 07/23/22

    2,800,000       2,950,500  

Comcast Corp.
4.650%, 07/15/42

    3,670,000       3,821,388  

5.650%, 06/15/35

    1,500,000       1,764,915  

Discovery Communications LLC
6.350%, 06/01/40

    1,800,000       1,895,850  

Historic TW, Inc.
6.875%, 06/15/18

    1,800,000       1,909,224  

Thomson Reuters Corp.
6.500%, 07/15/18 (b)

    800,000       846,080  

Time Warner Cable LLC
5.000%, 02/01/20 (b)

    1,900,000       2,021,125  

6.550%, 05/01/37

    100,000       114,375  

Time Warner Entertainment Co. L.P.
8.375%, 03/15/23

    380,000       474,050  

Time Warner, Inc.
6.100%, 07/15/40

    925,000       1,041,679  

7.700%, 05/01/32

    685,000       934,580  

Viacom, Inc.
4.375%, 03/15/43 (b)

    3,500,000       3,032,610  

Walt Disney Co. (The)
2.750%, 08/16/21 (b)

    1,930,000       1,968,291  
   

 

 

 
      25,137,462  
   

 

 

 
Mining—0.3%  

Barrick North America Finance LLC
4.400%, 05/30/21 (b)

    3,125,000       3,341,406  

Newmont Mining Corp.
6.250%, 10/01/39

    1,800,000       2,088,072  

Rio Tinto Alcan, Inc.
6.125%, 12/15/33

    1,751,000       1,999,240  
   

 

 

 
      7,428,718  
   

 

 

 
Miscellaneous Manufacturing—0.4%  

General Electric Co.
3.375%, 03/11/24 (b)

    2,900,000       3,013,361  

5.250%, 12/06/17

    1,800,000       1,845,585  

5.300%, 02/11/21

    1,915,000       2,121,513  

6.750%, 03/15/32

    1,250,000       1,684,113  
Miscellaneous Manufacturing—(Continued)  

General Electric Co.
7.500%, 08/21/35

    100,000     138,334  

Ingersoll-Rand Luxembourg Finance S.A.
2.625%, 05/01/20

    1,200,000       1,211,268  
   

 

 

 
      10,014,174  
   

 

 

 
Multi-National—1.4%  

Asian Development Bank
1.625%, 08/26/20

    4,000,000       3,976,480  

European Bank for Reconstruction & Development
1.000%, 06/15/18

    3,564,000       3,551,063  

European Investment Bank
1.625%, 06/15/17

    1,975,000       1,977,054  

2.500%, 10/15/24 (b)

    3,800,000       3,801,634  

4.000%, 02/16/21

    1,700,000       1,823,777  

4.875%, 02/15/36

    3,700,000       4,621,152  

5.125%, 05/30/17

    1,750,000       1,760,987  

Inter-American Development Bank
2.125%, 01/15/25

    3,900,000       3,809,403  

2.375%, 08/15/17

    2,000,000       2,008,258  

6.800%, 10/15/25

    500,000       628,312  

7.000%, 06/15/25

    200,000       259,346  

International Bank for Reconstruction & Development
2.125%, 03/03/25

    3,000,000       2,916,150  

7.625%, 01/19/23 (b)

    2,970,000       3,822,746  

8.875%, 03/01/26

    535,000       782,211  

International Finance Corp.
1.750%, 09/04/18

    2,975,000       2,992,820  
   

 

 

 
      38,731,393  
   

 

 

 
Office/Business Equipment—0.1%  

Xerox Corp.
6.350%, 05/15/18

    2,550,000       2,661,716  
   

 

 

 
Oil & Gas—1.6%  

Apache Finance Canada Corp.
7.750%, 12/15/29

    300,000       393,855  

BP Capital Markets plc
3.245%, 05/06/22

    3,900,000       3,980,496  

Canadian Natural Resources, Ltd.
6.250%, 03/15/38

    1,800,000       2,057,706  

Chevron Corp.
3.191%, 06/24/23 (b)

    3,025,000       3,098,356  

ConocoPhillips Canada Funding Co. I
5.950%, 10/15/36

    1,550,000       1,813,609  

ConocoPhillips Holding Co.
6.950%, 04/15/29

    700,000       903,791  

Hess Corp.
8.125%, 02/15/19 (b)

    1,630,000       1,788,925  

Marathon Oil Corp.
6.600%, 10/01/37 (b)

    2,000,000       2,262,500  

Noble Energy, Inc.
3.900%, 11/15/24

    4,200,000       4,256,070  

 

BHFTII-170


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Oil & Gas—(Continued)  

Petroleos Mexicanos
6.625%, 06/15/35 (b)

    3,400,000     $ 3,517,776  

Shell International Finance B.V.
1.875%, 05/10/21

    5,000,000       4,894,650  

4.300%, 09/22/19

    1,000,000       1,057,670  

4.375%, 05/11/45

    1,900,000       1,926,524  

Statoil ASA
3.250%, 11/10/24 (b)

    3,100,000       3,134,782  

6.700%, 01/15/18

    300,000       311,829  

Suncor Energy, Inc.
6.100%, 06/01/18

    2,500,000       2,625,450  

Total Capital International S.A.
2.700%, 01/25/23

    3,000,000       2,972,370  

XTO Energy, Inc.
6.500%, 12/15/18

    1,600,000       1,728,096  
   

 

 

 
      42,724,455  
   

 

 

 
Oil & Gas Services—0.1%  

Halliburton Co.
3.500%, 08/01/23

    4,000,000       4,068,160  
   

 

 

 
Pharmaceuticals—1.3%  

AbbVie, Inc.
4.400%, 11/06/42

    3,200,000       3,054,400  

Actavis Funding SCS
2.350%, 03/12/18

    3,900,000       3,917,043  

AstraZeneca plc
4.000%, 09/18/42

    1,200,000       1,165,044  

Express Scripts Holding Co.
4.500%, 02/25/26 (b)

    2,700,000       2,770,470  

6.125%, 11/15/41

    313,000       355,014  

GlaxoSmithKline Capital, Inc.
6.375%, 05/15/38

    2,100,000       2,753,247  

Johnson & Johnson
5.950%, 08/15/37

    910,000       1,180,406  

6.950%, 09/01/29

    250,000       336,553  

Merck & Co., Inc.
2.400%, 09/15/22

    4,000,000       3,966,480  

6.550%, 09/15/37

    1,000,000       1,334,610  

Merck Sharp & Dohme Corp.
5.950%, 12/01/28

    300,000       369,138  

Novartis Capital Corp.
4.400%, 04/24/20 (b)

    900,000       965,844  

Sanofi
4.000%, 03/29/21

    2,775,000       2,946,162  

Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26

    3,000,000       2,860,950  

Teva Pharmaceutical Finance Netherlands B.V.
2.800%, 07/21/23

    3,000,000       2,850,630  

Wyeth LLC
5.950%, 04/01/37

    3,300,000       4,074,741  
   

 

 

 
      34,900,732  
   

 

 

 
Pipelines—0.9%  

El Paso Natural Gas Co. LLC
8.375%, 06/15/32

    220,000       276,199  
Pipelines—(Continued)  

Enbridge Energy Partners L.P.
5.875%, 10/15/25 (b)

    3,000,000     3,361,800  

Energy Transfer Partners L.P.
4.650%, 06/01/21 (b)

    1,950,000       2,050,620  

5.150%, 03/15/45

    2,600,000       2,445,534  

Enterprise Products Operating LLC
3.950%, 02/15/27 (b)

    3,800,000       3,871,250  

Kinder Morgan Energy Partners L.P.
6.500%, 02/01/37

    2,000,000       2,174,560  

Plains All American Pipeline L.P. / PAA Finance Corp.
6.500%, 05/01/18 (b)

    2,485,000       2,599,782  

Tennessee Gas Pipeline Co. LLC
7.000%, 10/15/28 (b)

    1,050,000       1,240,711  

7.625%, 04/01/37

    640,000       760,621  

TransCanada PipeLines, Ltd.
6.200%, 10/15/37

    1,800,000       2,201,904  

Williams Partners L.P.
5.250%, 03/15/20

    3,575,000       3,845,377  
   

 

 

 
      24,828,358  
   

 

 

 
Real Estate Investment Trusts—0.4%  

AvalonBay Communities, Inc.
6.100%, 03/15/20

    860,000       947,574  

Boston Properties L.P.
3.850%, 02/01/23

    2,950,000       3,052,512  

ERP Operating L.P.
5.750%, 06/15/17

    900,000       907,699  

HCP, Inc.
5.375%, 02/01/21

    2,591,000       2,817,816  

Kimco Realty Corp.
6.875%, 10/01/19

    550,000       612,684  

Simon Property Group L.P.
3.300%, 01/15/26

    3,800,000       3,749,004  
   

 

 

 
      12,087,289  
   

 

 

 
Retail—1.1%  

CVS Health Corp.
2.250%, 12/05/18

    3,930,000       3,956,331  

Home Depot, Inc. (The)
2.000%, 04/01/21

    3,000,000       2,984,580  

4.400%, 04/01/21

    1,450,000       1,570,988  

Lowe’s Cos., Inc.
6.875%, 02/15/28

    1,000,000       1,306,450  

Macy’s Retail Holdings, Inc.
4.300%, 02/15/43

    4,600,000       3,667,304  

McDonald’s Corp.
3.700%, 01/30/26

    6,000,000       6,126,360  

5.350%, 03/01/18

    885,000       915,798  

Target Corp.
6.350%, 11/01/32

    708,000       897,015  

Wal-Mart Stores, Inc.
2.550%, 04/11/23 (b)

    4,000,000       3,995,760  

5.250%, 09/01/35

    935,000       1,102,786  

 

BHFTII-171


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Retail—(Continued)  

Wal-Mart Stores, Inc.
5.625%, 04/15/41

    1,900,000     $ 2,343,783  
   

 

 

 
      28,867,155  
   

 

 

 
Semiconductors—0.2%  

Intel Corp.
2.700%, 12/15/22

    2,000,000       2,007,140  

QUALCOMM, Inc.
3.450%, 05/20/25 (b)

    4,000,000       4,057,360  
   

 

 

 
      6,064,500  
   

 

 

 
Software—1.1%  

Adobe Systems, Inc.
4.750%, 02/01/20

    2,200,000       2,367,332  

Fidelity National Information Services, Inc.
2.850%, 10/15/18

    4,000,000       4,054,159  

Microsoft Corp.
2.000%, 11/03/20

    3,000,000       3,008,520  

3.125%, 11/03/25 (b)

    5,100,000       5,145,186  

3.300%, 02/06/27

    2,000,000       2,029,980  

4.200%, 06/01/19 (b)

    2,700,000       2,853,549  

4.250%, 02/06/47

    3,000,000       3,078,210  

Oracle Corp.
2.375%, 01/15/19

    3,885,000       3,938,186  

4.125%, 05/15/45

    4,200,000       4,074,042  
   

 

 

 
      30,549,164  
   

 

 

 
Telecommunications—1.4%  

AT&T Mobility LLC
7.125%, 12/15/31

    100,000       124,427  

AT&T, Inc.
2.450%, 06/30/20

    4,100,000       4,098,114  

4.125%, 02/17/26 (b)

    3,000,000       3,041,490  

5.000%, 03/01/21

    2,600,000       2,813,486  

5.800%, 02/15/19 (b)

    1,700,000       1,813,934  

6.300%, 01/15/38

    1,300,000       1,495,091  

British Telecommunications plc
9.125%, 12/15/30

    1,000,000       1,493,420  

Cisco Systems, Inc.
5.500%, 01/15/40

    2,000,000       2,439,260  

Deutsche Telekom International Finance B.V.
8.750%, 06/15/30

    1,000,000       1,458,040  

Orange S.A.
5.500%, 02/06/44 (b)

    2,400,000       2,719,320  

Rogers Communications, Inc.
6.800%, 08/15/18

    800,000       853,576  

Telefonica Emisiones S.A.U.
6.221%, 07/03/17

    1,400,000       1,415,400  

Verizon Communications, Inc.
2.946%, 03/15/22 (144A)

    1,690,000       1,683,798  

4.600%, 04/01/21 (b)

    2,400,000       2,564,328  

4.812%, 03/15/39 (144A)

    3,927,000       3,838,328  

5.012%, 04/15/49 (144A)

    3,532,000       3,423,179  
Telecommunications—(Continued)  

Vodafone Group plc
6.150%, 02/27/37

    2,170,000     2,487,753  
   

 

 

 
      37,762,944  
   

 

 

 
Transportation—0.4%  

Burlington Northern Santa Fe LLC
4.150%, 04/01/45

    3,900,000       3,891,966  

CSX Corp.
6.150%, 05/01/37

    1,600,000       1,963,360  

7.900%, 05/01/17

    500,000       502,247  

FedEx Corp.
8.000%, 01/15/19

    675,000       745,571  

Norfolk Southern Corp.
3.000%, 04/01/22

    1,911,000       1,935,346  

5.590%, 05/17/25

    28,000       31,698  

Union Pacific Corp.
6.625%, 02/01/29

    1,200,000       1,552,536  

United Parcel Service, Inc.
5.125%, 04/01/19

    760,000       811,741  
   

 

 

 
      11,434,465  
   

 

 

 

Total Corporate Bonds & Notes
(Cost $705,681,545)

      744,574,856  
   

 

 

 
Foreign Government—1.5%  
Electric—0.1%  

Hydro-Quebec
8.400%, 01/15/22

    1,000,000       1,240,230  
   

 

 

 
Provincial—0.3%  

Province of British Columbia Canada
2.000%, 10/23/22

    1,970,000       1,937,239  

Province of Nova Scotia Canada
9.250%, 03/01/20

    250,000       295,790  

Province of Ontario Canada
2.450%, 06/29/22

    4,000,000       4,013,240  

4.400%, 04/14/20

    2,100,000       2,249,457  

Province of Quebec Canada
7.500%, 07/15/23

    350,000       440,433  
   

 

 

 
      8,936,159  
   

 

 

 
Sovereign—1.1%  

Canada Government International Bonds
1.625%, 02/27/19 (b)

    4,000,000       4,022,760  

Colombia Government International Bonds
5.000%, 06/15/45

    1,000,000       1,003,820  

8.125%, 05/21/24 (b)

    1,500,000       1,902,600  

Japan Bank for International Cooperation
1.750%, 05/28/20

    5,000,000       4,917,450  

Mexico Government International Bonds
5.750%, 10/12/10 (b)

    2,000,000       1,993,400  

6.750%, 09/27/34

    1,050,000       1,307,502  

8.000%, 09/24/22

    2,200,000       2,735,172  

 

BHFTII-172


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—(Continued)

 

Security Description   Principal
Amount*
    Value  
Sovereign—(Continued)  

Panama Government International Bonds
5.200%, 01/30/20

    1,370,000     $ 1,480,477  

Peruvian Government International Bonds
8.750%, 11/21/33 (b)

    1,450,000       2,195,372  

Philippine Government International Bonds
5.000%, 01/13/37

    1,740,000       2,032,668  

Republic of Korea
7.125%, 04/16/19

    4,900,000       5,414,157  
   

 

 

 
      29,005,378  
   

 

 

 

Total Foreign Government
(Cost $38,812,574)

      39,181,767  
   

 

 

 
Mortgage-Backed Securities—1.4%  
Commercial Mortgage-Backed Securities—1.4%  

CD Mortgage Trust
2.724%, 08/10/49

    1,664,000       1,590,218  

Commercial Mortgage Pass-Through Certificates Mortgage Trust
3.765%, 02/10/49

    1,539,000       1,594,881  

3.902%, 07/10/50

    1,835,000       1,908,914  

Commercial Mortgage Trust
3.838%, 09/10/47

    3,800,000       3,973,242  

Credit Suisse Mortgage Capital Certificates Trust
3.795%, 12/15/49 (a)

    2,889,000       2,990,567  

GS Mortgage Securities Corp. II
3.382%, 05/10/50

    1,835,000       1,853,588  

GS Mortgage Securities Trust
3.135%, 06/10/46

    2,935,000       2,983,428  

3.377%, 05/10/45

    2,750,000       2,853,813  

4.243%, 08/10/46

    966,000       1,039,909  

JPMBB Commercial Mortgage Securities Trust
3.598%, 11/15/48

    3,900,000       3,994,965  

3.801%, 08/15/48

    1,534,000       1,590,712  

Morgan Stanley Bank of America Merrill Lynch Trust
3.544%, 01/15/49

    3,850,000       3,928,617  

3.635%, 10/15/48

    1,547,000       1,587,841  

3.732%, 05/15/48

    3,750,000       3,878,062  

WF-RBS Commercial Mortgage Trust
3.488%, 06/15/46

    1,054,000       1,067,143  
   

 

 

 

Total Mortgage-Backed Securities
(Cost $37,178,550)

      36,835,900  
   

 

 

 
Municipals—0.6%  

Los Angeles, Unified School District, Build America Bonds
6.758%, 07/01/34

    2,160,000       2,898,309  

Municipal Electric Authority of Georgia, Build America Bonds
6.637%, 04/01/57

    2,000,000       2,245,120  

New Jersey State Turnpike Authority, Build America Bonds
7.414%, 01/01/40

    3,500,000       5,035,100  

Oregon School Boards Association, Build America Bonds
5.680%, 06/30/28

    1,900,000     2,216,122  

State of California General Obligation Unlimited, Build America Bonds
7.300%, 10/01/39

    2,000,000       2,826,120  

State of Illinois, Build America Bonds
5.100%, 06/01/33

    1,230,000       1,122,277  
   

 

 

 

Total Municipals
(Cost $14,824,920)

      16,343,048  
   

 

 

 
Asset-Backed Securities—0.5%  
Asset-Backed - Automobile—0.2%  

Capital Auto Receivables Asset Trust
1.940%, 01/21/20

    2,000,000       2,006,711  

Honda Auto Receivables Owner Trust
1.330%, 11/18/22

    1,011,000       996,719  

Nissan Auto Receivables Owner Trust
1.790%, 01/17/22

    1,498,000       1,498,086  
   

 

 

 
      4,501,516  
   

 

 

 
Asset-Backed - Credit Card—0.3%  

Citibank Credit Card Issuance Trust
2.150%, 07/15/21

    2,980,000       3,005,397  

2.880%, 01/23/23

    4,924,000       5,057,165  
   

 

 

 
      8,062,562  
   

 

 

 

Total Asset-Backed Securities
(Cost $12,524,967)

      12,564,078  
   

 

 

 
Short-Term Investments—0.6%  
Discount Notes—0.3%  

Federal Home Loan Bank
0.453%, 04/03/17 (c)

    100,000       100,000  

0.523%, 04/28/17 (c)

    400,000       399,808  

0.541%, 05/10/17 (c)

    1,600,000       1,598,800  

0.579%, 05/24/17 (c)

    2,800,000       2,797,105  

0.687%, 04/17/17 (c)

    3,500,000       3,499,062  
   

 

 

 
      8,394,775  
   

 

 

 
U.S. Treasury—0.3%  

U.S. Treasury Bills
0.524%, 05/11/17 (c)

    400,000       399,697  

0.630%, 08/10/17 (c)

    2,700,000       2,692,356  

0.727%, 06/22/17 (c)

    5,900,000       5,890,135  
   

 

 

 
      8,982,188  
   

 

 

 

Total Short-Term Investments
(Cost $17,379,252)

      17,376,963  
   

 

 

 

 

BHFTII-173


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—10.7%

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—5.9%  

ABN AMRO Bank NV

   

Zero Coupon, 06/23/17

    4,980,501     $ 4,987,700  

Banco Del Estado De Chile New York
1.426%, 06/21/17 (a)

    4,000,000       4,002,168  

Bank of America N.A.
1.271%, 07/11/17 (a)

    10,000,000       10,010,582  

Bank of Montreal Chicago
1.081%, 09/06/17 (a)

    7,500,000       7,507,655  

Bank of Nova Scotia Houston
1.355%, 11/03/17 (a)

    4,000,000       4,004,394  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (a)

    3,000,000       3,001,449  

1.510%, 08/18/17

    7,973,124       7,904,969  

Canadian Imperial Bank
1.392%, 10/27/17 (a)

    2,500,000       2,503,007  

Chiba Bank, Ltd., New York
1.100%, 04/03/17

    1,000,000       1,000,005  

1.100%, 04/07/17

    3,000,000       3,000,033  

Cooperative Rabobank UA New York
1.422%, 10/13/17 (a)

    500,000       500,681  

Credit Agricole Corporate and Investment Bank
1.491%, 04/12/17 (a)

    1,500,000       1,500,169  

Credit Industriel et Commercial
1.440%, 04/05/17 (a)

    300,000       300,013  

Credit Suisse AG New York
1.511%, 04/03/17 (a)

    300,000       300,005  

1.581%, 04/11/17 (a)

    1,500,000       1,500,123  

1.581%, 05/12/17 (a)

    5,000,000       5,001,515  

Danske Bank A/S London

   

Zero Coupon, 05/12/17

    4,484,471       4,492,856  

DNB NOR Bank ASA
1.279%, 07/28/17 (a)

    2,800,000       2,801,238  

ING Bank NV
1.461%, 04/18/17 (a)

    1,600,000       1,600,682  

KBC Bank NV
1.120%, 05/08/17

    7,500,000       7,501,125  

1.150%, 04/27/17

    2,000,000       1,998,820  

1.170%, 04/06/17

    1,000,000       1,000,010  

Mitsubishi UFJ Trust and Banking Corp.
1.581%, 04/11/17 (a)

    1,000,000       1,000,122  

Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (a)

    4,500,000       4,502,592  

1.591%, 04/11/17 (a)

    1,000,000       1,000,076  

1.643%, 04/18/17 (a)

    1,400,000       1,400,203  

National Australia Bank London
1.199%, 05/02/17 (a)

    3,500,000       3,501,226  

1.338%, 11/09/17 (a)

    3,500,000       3,494,295  

Natixis New York
1.241%, 08/03/17 (a)

    7,500,000       7,504,830  

Norinchukin Bank New York
1.346%, 08/21/17 (a)

    7,500,000       7,502,347  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    5,000,000       4,999,835  

Rabobank London
1.422%, 10/13/17 (a)

    500,000       501,223  
Certificates of Deposit—(Continued)  

Royal Bank of Canada New York
1.340%, 04/04/17 (a)

    500,000     499,988  

1.422%, 10/13/17 (a)

    500,000       500,895  

Sumitomo Bank New York
1.390%, 06/05/17 (a)

    4,000,000       4,001,892  

1.410%, 05/05/17 (a)

    500,000       500,097  

1.578%, 06/19/17 (a)

    3,000,000       3,002,028  

Sumitomo Mitsui Banking Corp.
1.480%, 08/09/17

    1,009,233       1,000,578  

Sumitomo Mitsui Banking Corp., New York
1.534%, 04/07/17 (a)

    500,000       500,029  

1.591%, 04/12/17 (a)

    1,000,000       1,000,199  

Sumitomo Mitsui Trust Bank, Ltd.
1.120%, 05/08/17

    1,000,000       1,000,150  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.308%, 08/16/17 (a)

    2,500,000       2,501,177  

1.359%, 06/02/17 (a)

    4,000,000       4,002,592  

1.558%, 04/10/17 (a)

    1,000,000       1,000,126  

1.572%, 04/26/17 (a)

    3,000,000       3,000,993  

Svenska Handelsbanken New York
1.508%, 05/18/17 (a)

    2,000,000       2,001,034  

Toronto Dominion Bank New York
1.221%, 03/13/18 (a)

    12,000,000       11,995,772  

UBS, Stamford
1.301%, 05/12/17 (a)

    1,600,000       1,600,394  

1.589%, 07/31/17 (a)

    3,507,586       3,509,641  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (a)

    2,100,000       2,103,433  

1.452%, 04/26/17 (a)

    2,100,000       2,100,559  
   

 

 

 
      157,647,525  
   

 

 

 
Commercial Paper—2.6%  

Barton Capital S.A.
1.160%, 04/07/17

    9,969,711       9,998,630  

Commonwealth Bank Australia
1.389%, 10/23/17 (a)

    2,000,000       2,002,444  

DCAT LLC
1.200%, 04/11/17

    1,897,973       1,899,476  

Den Norske ASA
1.432%, 04/27/17 (a)

    4,000,000       4,000,864  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (a)

    13,000,000       12,998,856  

HSBC plc
1.442%, 04/25/17 (a)

    4,000,000       4,000,720  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    4,486,648       4,494,514  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    997,200       999,351  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (a)

    5,300,000       5,300,435  

National Australia Bank, Ltd.
1.440%, 12/06/17 (a)

    2,750,000       2,754,108  

Ridgefield Funding Co. LLC
1.184%, 09/07/17 (a)

    2,500,000       2,499,705  

 

BHFTII-174


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Paper—(Continued)  

Sheffield Receivables Co.
1.170%, 04/04/17

    5,982,645     $ 5,999,562  

Starbird Funding Corp.
1.441%, 06/13/17 (a)

    8,000,000       8,002,824  

Versailles Commercial Paper LLC
1.120%, 04/24/17

    2,991,600       2,998,161  

Westpac Banking Corp.
1.380%, 10/20/17 (a)

    2,100,000       2,103,806  
   

 

 

 
      70,053,456  
   

 

 

 
Repurchase Agreements—1.7%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $854,658 on 04/03/17, collateralized by $1,229,224 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $871,696.

    854,604       854,604  

Citigroup Global Markets, Ltd.

   

Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $2,200,161 on 04/03/17, collateralized by $2,251,672 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $2,244,001.

    2,200,000       2,200,000  

Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,509,673 on 07/03/17, collateralized by various Common Stock with a value of $1,650,000.

    1,500,000       1,500,000  

Deutsche Bank AG, London

   

Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $100,008 on 04/03/17, collateralized by $101,178 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $102,001.

    100,000       100,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $13,008,450 on 04/03/17, collateralized by $2,008,477 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $14,273,825.

    13,000,000       13,000,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $3,000,325 on 04/03/17, collateralized by $463,495 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,293,960.

    3,000,000       3,000,000  
Repurchase Agreements—(Continued)  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $6,537,440 on 06/02/17, collateralized by various Common Stock with a value of $7,150,000.

    6,500,000     6,500,000  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,000,068 on 04/03/17, collateralized by $993,744 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,020,616.

    1,000,000       1,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $4,140,146 on 07/03/17, collateralized by various Common Stock with a value of $4,510,000.

    4,100,000       4,100,000  

Natixis New York

   

Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $6,000,490 on 04/03/17, collateralized by $7,023,908 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $6,120,500.

    6,000,000       6,000,000  

Repurchase Agreement dated 03/30/17 at 0.980% to be repurchased at $5,000,953 on 04/06/17, collateralized by $10,891,657 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/09/19 - 08/16/58, with a value of $5,100,557.

    5,000,000       5,000,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $1,500,116 on 04/03/17, collateralized by $4,490,212 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $1,530,000.

    1,500,000       1,500,000  
   

 

 

 
      44,754,604  
   

 

 

 
Time Deposits—0.5%  

Nordea Bank New York
0.810%, 04/03/17

    2,000,000       2,000,000  

OP Corporate Bank plc
1.180%, 04/24/17

    3,500,000       3,500,000  

Shinkin Central Bank
1.350%, 04/21/17

    1,150,000       1,150,000  

1.440%, 04/25/17

    1,500,000       1,500,000  

1.440%, 04/26/17

    2,000,000       2,000,000  

1.440%, 04/27/17

    2,000,000       2,000,000  

 

BHFTII-175


Table of Contents

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Time Deposits—(Continued)  

Skandanaviska Enskilda Banken
0.810%, 04/03/17

    2,000,000     $ 2,000,000  
   

 

 

 
      14,150,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $286,530,206)

      286,605,585  
   

 

 

 

Total Investments—110.6%
(Cost $2,935,016,900) (e)

      2,970,066,336  

Other assets and liabilities (net)—(10.6)%

      (284,519,189
   

 

 

 
Net Assets—100.0%     $ 2,685,547,147  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(b)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $264,336,728 and the collateral received consisted of cash in the amount of $286,535,296. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)   The rate shown represents current yield to maturity.
(d)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(e)   As of March 31, 2017, the aggregate cost of investments was $2,935,016,900. The aggregate unrealized appreciation and depreciation of investments were $81,320,581 and $(46,271,145), respectively, resulting in net unrealized appreciation of $35,049,436.
(144A)—   Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $8,945,305, which is 0.3% of net assets.
(ACES)—   Alternative Credit Enhancement Securities
(ARM)—   Adjustable-Rate Mortgage

 

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total U.S. Treasury & Government Agencies*

   $ —        $ 1,816,584,139     $ —        $ 1,816,584,139  

Total Corporate Bonds & Notes*

     —          744,574,856       —          744,574,856  

Total Foreign Government*

     —          39,181,767       —          39,181,767  

Total Mortgage-Backed Securities*

     —          36,835,900       —          36,835,900  

Total Municipals

     —          16,343,048       —          16,343,048  

Total Asset-Backed Securities*

     —          12,564,078       —          12,564,078  

Total Short-Term Investments*

     —          17,376,963       —          17,376,963  

Total Securities Lending Reinvestments*

     —          286,605,585       —          286,605,585  

Total Investments

   $ —        $ 2,970,066,336     $ —        $ 2,970,066,336  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (286,535,296   $ —        $ (286,535,296

 

*   See Schedule of Investments for additional detailed categorizations.

 

 

BHFTII-176


Table of Contents

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—95.4% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—2.0%  

BE Aerospace, Inc.

    64,410     $ 4,129,325  

Curtiss-Wright Corp.

    28,266       2,579,555  

Esterline Technologies Corp. (a) (b)

    18,845       1,621,612  

Huntington Ingalls Industries, Inc.

    29,220       5,851,013  

KLX, Inc. (a)

    33,331       1,489,896  

Orbital ATK, Inc.

    36,530       3,579,940  

Teledyne Technologies, Inc. (a)

    22,355       2,827,014  
   

 

 

 
      22,078,355  
   

 

 

 
Airlines—0.4%  

JetBlue Airways Corp. (a)

    213,943       4,409,365  
   

 

 

 
Auto Components—0.7%  

Cooper Tire & Rubber Co. (b)

    33,433       1,482,754  

Dana, Inc.

    91,418       1,765,282  

Gentex Corp. (b)

    182,371       3,889,973  
   

 

 

 
      7,138,009  
   

 

 

 
Automobiles—0.3%  

Thor Industries, Inc. (b)

    30,376       2,920,045  
   

 

 

 
Banks—7.2%  

Associated Banc-Corp.

    96,363       2,351,257  

BancorpSouth, Inc. (b)

    54,143       1,637,826  

Bank of Hawaii Corp. (b)

    27,070       2,229,485  

Bank of the Ozarks, Inc.

    57,870       3,009,819  

Cathay General Bancorp (b)

    47,509       1,790,139  

Chemical Financial Corp. (b)

    45,112       2,307,479  

Commerce Bancshares, Inc. (b)

    55,473       3,115,364  

Cullen/Frost Bankers, Inc. (b)

    36,018       3,204,521  

East West Bancorp, Inc.

    91,515       4,723,089  

First Horizon National Corp.

    148,334       2,744,179  

FNB Corp.

    203,421       3,024,870  

Fulton Financial Corp. (b)

    110,513       1,972,657  

Hancock Holding Co.

    53,486       2,436,287  

International Bancshares Corp.

    36,862       1,304,915  

MB Financial, Inc. (b)

    45,175       1,934,393  

PacWest Bancorp (b)

    76,091       4,052,607  

PrivateBancorp, Inc.

    50,799       3,015,937  

Prosperity Bancshares, Inc. (b)

    44,103       3,074,420  

Signature Bank (a)

    34,077       5,056,686  

SVB Financial Group (a) (b)

    33,206       6,179,305  

Synovus Financial Corp.

    77,633       3,184,506  

TCF Financial Corp.

    108,427       1,845,428  

Texas Capital Bancshares, Inc. (a)

    31,433       2,623,084  

Trustmark Corp. (b)

    42,967       1,365,921  

UMB Financial Corp.

    27,824       2,095,425  

Umpqua Holdings Corp.

    139,870       2,481,294  

Valley National Bancorp (b)

    167,479       1,976,252  

Webster Financial Corp. (b)

    58,410       2,922,836  

Wintrust Financial Corp.

    33,254       2,298,516  
   

 

 

 
      79,958,497  
   

 

 

 
Beverages—0.1%  

Boston Beer Co., Inc. (The) - Class A (a) (b)

    5,907       854,448  
   

 

 

 
Biotechnology—0.7%  

Bioverativ, Inc. (a)

    68,526     $ 3,731,926  

United Therapeutics Corp. (a) (b)

    28,541       3,863,881  
   

 

 

 
      7,595,807  
   

 

 

 
Building Products—0.8%  

A.O. Smith Corp.

    93,487       4,782,795  

Lennox International, Inc.

    24,556       4,108,219  
   

 

 

 
      8,891,014  
   

 

 

 
Capital Markets—2.7%  

Eaton Vance Corp.

    72,854       3,275,516  

FactSet Research Systems, Inc. (b)

    25,116       4,141,880  

Federated Investors, Inc. - Class B (b)

    58,745       1,547,343  

Janus Capital Group, Inc. (b)

    91,252       1,204,526  

Legg Mason, Inc.

    55,053       1,987,964  

MarketAxess Holdings, Inc.

    23,885       4,478,199  

MSCI, Inc.

    57,476       5,586,092  

SEI Investments Co.

    84,875       4,281,095  

Stifel Financial Corp. (a)

    43,258       2,171,119  

Waddell & Reed Financial, Inc. - Class A (b)

    53,495       909,415  
   

 

 

 
      29,583,149  
   

 

 

 
Chemicals—3.3%  

Ashland Global Holdings, Inc.

    39,494       4,889,752  

Cabot Corp.

    39,478       2,365,127  

Chemours Co. (The)

    116,261       4,476,048  

Minerals Technologies, Inc.

    22,241       1,703,661  

NewMarket Corp. (b)

    5,869       2,660,007  

Olin Corp. (b)

    104,992       3,451,087  

PolyOne Corp. (b)

    52,157       1,778,032  

RPM International, Inc.

    84,791       4,666,049  

Scotts Miracle-Gro Co. (The)

    28,110       2,625,193  

Sensient Technologies Corp.

    28,159       2,231,882  

Valspar Corp. (The)

    46,401       5,147,727  
   

 

 

 
      35,994,565  
   

 

 

 
Commercial Services & Supplies—1.4%  

Clean Harbors, Inc. (a) (b)

    33,086       1,840,243  

Copart, Inc. (a) (b)

    64,884       4,018,266  

Deluxe Corp. (b)

    30,793       2,222,331  

Herman Miller, Inc.

    38,028       1,199,783  

HNI Corp.

    27,919       1,286,787  

MSA Safety, Inc.

    19,894       1,406,307  

Pitney Bowes, Inc.

    118,322       1,551,201  

Rollins, Inc.

    60,897       2,261,106  
   

 

 

 
      15,786,024  
   

 

 

 
Communications Equipment—1.4%  

ARRIS International plc (a)

    120,752       3,193,890  

Brocade Communications Systems, Inc.

    258,801       3,229,837  

Ciena Corp. (a) (b)

    89,658       2,116,825  

InterDigital, Inc.

    21,777       1,879,355  

NetScout Systems, Inc. (a)

    58,264       2,211,119  

Plantronics, Inc.

    21,064       1,139,773  

 

BHFTII-177


Table of Contents

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Communications Equipment—(Continued)  

ViaSat, Inc. (a) (b)

    33,632     $ 2,146,394  
   

 

 

 
      15,917,193  
   

 

 

 
Construction & Engineering—1.1%  

AECOM (a)

    98,591       3,508,854  

Dycom Industries, Inc. (a) (b)

    19,946       1,853,981  

EMCOR Group, Inc.

    37,871       2,383,979  

Granite Construction, Inc. (b)

    25,153       1,262,429  

KBR, Inc.

    90,696       1,363,161  

Valmont Industries, Inc.

    14,296       2,223,028  
   

 

 

 
      12,595,432  
   

 

 

 
Construction Materials—0.3%  

Eagle Materials, Inc.

    30,730       2,985,112  
   

 

 

 
Consumer Finance—0.3%  

SLM Corp. (a)

    272,384       3,295,846  
   

 

 

 
Containers & Packaging—1.7%  

AptarGroup, Inc. (b)

    39,566       3,046,186  

Bemis Co., Inc.

    58,685       2,867,349  

Greif, Inc. - Class A

    16,387       902,760  

Owens-Illinois, Inc. (a) (b)

    102,959       2,098,304  

Packaging Corp. of America (b)

    59,800       5,478,876  

Silgan Holdings, Inc.

    23,763       1,410,572  

Sonoco Products Co. (b)

    62,999       3,333,907  
   

 

 

 
      19,137,954  
   

 

 

 
Distributors—0.3%  

Pool Corp.

    26,125       3,117,496  
   

 

 

 
Diversified Consumer Services—0.7%  

DeVry Education Group, Inc.

    36,325       1,287,721  

Graham Holdings Co. - Class B

    2,953       1,770,471  

Service Corp. International

    119,483       3,689,635  

Sotheby’s (a)

    29,256       1,330,563  
   

 

 

 
      8,078,390  
   

 

 

 
Diversified Telecommunication Services—0.1%  

Frontier Communications Corp. (b)

    744,645       1,593,540  
   

 

 

 
Electric Utilities—1.8%  

Great Plains Energy, Inc. (b)

    136,722       3,995,017  

Hawaiian Electric Industries, Inc. (b)

    69,029       2,299,356  

IDACORP, Inc. (b)

    31,991       2,653,973  

OGE Energy Corp. (b)

    126,768       4,434,345  

PNM Resources, Inc.

    50,562       1,870,794  

Westar Energy, Inc.

    90,167       4,893,363  
   

 

 

 
      20,146,848  
   

 

 

 
Electrical Equipment—0.8%  

EnerSys

    27,568       2,176,218  

Hubbell, Inc.

    32,732       3,929,476  
Electrical Equipment—(Continued)  

Regal-Beloit Corp.

    28,432     2,150,881  
   

 

 

 
      8,256,575  
   

 

 

 
Electronic Equipment, Instruments & Components—4.4%  

Arrow Electronics, Inc. (a)

    56,451       4,144,068  

Avnet, Inc.

    81,820       3,744,083  

Belden, Inc.

    26,777       1,852,701  

Cognex Corp. (b)

    54,625       4,585,769  

Coherent, Inc. (a)

    15,587       3,205,311  

IPG Photonics Corp. (a)

    23,780       2,870,246  

Jabil Circuit, Inc.

    115,676       3,345,350  

Keysight Technologies, Inc. (a)

    116,147       4,197,552  

Knowles Corp. (a) (b)

    56,299       1,066,866  

Littelfuse, Inc.

    14,367       2,297,427  

National Instruments Corp. (b)

    67,422       2,195,260  

SYNNEX Corp.

    18,501       2,071,002  

Tech Data Corp. (a) (b)

    21,954       2,061,481  

Trimble, Inc. (a) (b)

    160,144       5,126,209  

VeriFone Systems, Inc. (a)

    70,826       1,326,571  

Vishay Intertechnology, Inc. (b)

    85,026       1,398,678  

Zebra Technologies Corp. - Class A (a)

    33,565       3,062,806  
   

 

 

 
      48,551,380  
   

 

 

 
Energy Equipment & Services—1.4%  

Diamond Offshore Drilling, Inc. (a)

    40,924       683,840  

Dril-Quip, Inc. (a) (b)

    23,999       1,309,145  

Ensco plc - Class A (b)

    192,368       1,721,694  

Nabors Industries, Ltd. (b)

    181,131       2,367,382  

Noble Corp. plc (b)

    155,316       961,406  

Oceaneering International, Inc. (b)

    62,254       1,685,838  

Oil States International, Inc. (a)

    32,610       1,081,022  

Patterson-UTI Energy, Inc.

    105,586       2,562,572  

Rowan Cos. plc - Class A (a) (b)

    79,662       1,241,134  

Superior Energy Services, Inc. (a) (b)

    97,014       1,383,420  
   

 

 

 
      14,997,453  
   

 

 

 
Equity Real Estate Investment Trusts—8.9%  

American Campus Communities, Inc.

    84,610       4,026,590  

Camden Property Trust

    55,560       4,470,358  

Care Capital Properties, Inc. (b)

    53,355       1,433,649  

CoreCivic, Inc.

    74,692       2,346,823  

Corporate Office Properties Trust (b)

    62,635       2,073,218  

Cousins Properties, Inc. (b)

    265,569       2,196,256  

CyrusOne, Inc. (b)

    47,172       2,427,943  

DCT Industrial Trust, Inc.

    58,334       2,807,032  

Douglas Emmett, Inc.

    92,321       3,545,126  

Duke Realty Corp. (b)

    225,701       5,929,165  

Education Realty Trust, Inc. (b)

    46,437       1,896,951  

EPR Properties (b)

    40,693       2,996,226  

First Industrial Realty Trust, Inc. (b)

    74,443       1,982,417  

Geo Group, Inc. (The)

    51,996       2,411,055  

Healthcare Realty Trust, Inc.

    73,913       2,402,172  

Highwoods Properties, Inc.

    64,536       3,170,654  

Hospitality Properties Trust

    104,274       3,287,759  

Kilroy Realty Corp.

    62,065       4,473,645  

 

BHFTII-178


Table of Contents

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Equity Real Estate Investment Trusts—(Continued)  

Lamar Advertising Co. - Class A (b)

    52,575     $ 3,929,455  

LaSalle Hotel Properties

    71,767       2,077,655  

Liberty Property Trust

    93,307       3,596,985  

Life Storage, Inc.

    29,509       2,423,279  

Mack-Cali Realty Corp.

    57,031       1,536,415  

Medical Properties Trust, Inc. (b)

    203,722       2,625,977  

National Retail Properties, Inc.

    93,461       4,076,769  

Omega Healthcare Investors, Inc. (b)

    124,888       4,120,055  

Potlatch Corp.

    25,738       1,176,227  

Quality Care Properties, Inc. (a)

    59,411       1,120,491  

Rayonier, Inc.

    78,048       2,211,880  

Senior Housing Properties Trust

    150,788       3,053,457  

Tanger Factory Outlet Centers, Inc.

    61,103       2,002,345  

Taubman Centers, Inc.

    38,414       2,536,092  

Uniti Group, Inc. (a)

    89,000       2,300,650  

Urban Edge Properties (b)

    58,253       1,532,054  

Washington Prime Group, Inc.

    117,649       1,022,370  

Weingarten Realty Investors

    74,795       2,497,405  
   

 

 

 
      97,716,600  
   

 

 

 
Food & Staples Retailing—0.6%  

Casey’s General Stores, Inc. (b)

    24,871       2,791,770  

Sprouts Farmers Market, Inc. (a)

    81,431       1,882,685  

United Natural Foods, Inc. (a) (b)

    32,109       1,388,072  
   

 

 

 
      6,062,527  
   

 

 

 
Food Products—2.9%  

Dean Foods Co.

    57,612       1,132,652  

Flowers Foods, Inc.

    116,695       2,265,050  

Hain Celestial Group, Inc. (The) (a)

    65,666       2,442,775  

Ingredion, Inc.

    45,571       5,488,115  

Lamb Weston Holdings, Inc.

    88,079       3,704,603  

Lancaster Colony Corp.

    12,363       1,592,849  

Post Holdings, Inc. (a)

    40,803       3,571,079  

Snyder’s-Lance, Inc. (b)

    54,413       2,193,388  

Tootsie Roll Industries, Inc. (b)

    11,360       424,287  

TreeHouse Foods, Inc. (a)

    36,054       3,052,332  

WhiteWave Foods Co. (The) (a)

    112,499       6,316,819  
   

 

 

 
      32,183,949  
   

 

 

 
Gas Utilities—2.1%  

Atmos Energy Corp.

    66,763       5,273,609  

National Fuel Gas Co. (b)

    54,166       3,229,377  

New Jersey Resources Corp. (b)

    54,789       2,169,644  

ONE Gas, Inc.

    33,161       2,241,684  

Southwest Gas Holdings, Inc.

    30,182       2,502,390  

UGI Corp.

    109,773       5,422,786  

WGL Holdings, Inc. (b)

    32,513       2,683,298  
   

 

 

 
      23,522,788  
   

 

 

 
Health Care Equipment & Supplies—3.6%  

ABIOMED, Inc. (a)

    25,703       3,218,016  

Align Technology, Inc. (a)

    47,900       5,494,609  

Globus Medical, Inc. - Class A (a) (b)

    45,658       1,352,390  

Halyard Health, Inc. (a) (b)

    29,625       1,128,416  
Health Care Equipment & Supplies—(Continued)  

Hill-Rom Holdings, Inc.

    37,752     2,665,291  

LivaNova plc (a) (b)

    27,524       1,348,951  

Masimo Corp. (a)

    28,485       2,656,511  

NuVasive, Inc. (a) (b)

    32,119       2,398,647  

ResMed, Inc.

    89,921       6,471,614  

STERIS plc

    53,914       3,744,866  

Teleflex, Inc.

    28,505       5,522,274  

West Pharmaceutical Services, Inc.

    46,504       3,795,192  
   

 

 

 
      39,796,777  
   

 

 

 
Health Care Providers & Services—1.8%  

HealthSouth Corp. (b)

    56,528       2,419,964  

LifePoint Health, Inc. (a) (b)

    25,356       1,660,818  

MEDNAX, Inc. (a)

    59,538       4,130,746  

Molina Healthcare, Inc. (a)

    27,017       1,231,975  

Owens & Minor, Inc. (b)

    38,745       1,340,577  

Tenet Healthcare Corp. (a) (b)

    50,687       897,667  

VCA, Inc. (a)

    51,567       4,718,380  

WellCare Health Plans, Inc. (a)

    28,122       3,942,986  
   

 

 

 
      20,343,113  
   

 

 

 
Health Care Technology—0.1%  

Allscripts Healthcare Solutions, Inc. (a) (b)

    114,586       1,452,950  
   

 

 

 
Hotels, Restaurants & Leisure—2.6%  

Brinker International, Inc. (b)

    31,026       1,363,903  

Buffalo Wild Wings, Inc. (a) (b)

    11,039       1,686,207  

Cheesecake Factory, Inc. (The) (b)

    28,175       1,785,168  

Churchill Downs, Inc.

    7,823       1,242,683  

Cracker Barrel Old Country Store, Inc. (b)

    15,262       2,430,473  

Domino’s Pizza, Inc. (b)

    30,502       5,621,519  

Dunkin’ Brands Group, Inc.

    58,360       3,191,125  

International Speedway Corp. - Class A

    16,072       593,860  

Jack in the Box, Inc.

    20,086       2,043,148  

Panera Bread Co. - Class A (a) (b)

    13,548       3,547,815  

Papa John’s International, Inc.

    16,799       1,344,592  

Texas Roadhouse, Inc.

    40,856       1,819,318  

Wendy’s Co. (The) (b)

    122,260       1,663,959  
   

 

 

 
      28,333,770  
   

 

 

 
Household Durables—1.5%  

CalAtlantic Group, Inc. (b)

    45,779       1,714,423  

Helen of Troy, Ltd. (a)

    17,131       1,613,740  

KB Home (b)

    52,790       1,049,465  

NVR, Inc. (a) (b)

    2,187       4,607,747  

Tempur Sealy International, Inc. (a) (b)

    29,710       1,380,327  

Toll Brothers, Inc. (a) (b)

    93,847       3,388,815  

TRI Pointe Group, Inc. (a)

    100,692       1,262,678  

Tupperware Brands Corp.

    32,163       2,017,263  
   

 

 

 
      17,034,458  
   

 

 

 
Household Products—0.2%  

Energizer Holdings, Inc. (b)

    39,314       2,191,756  
   

 

 

 

 

BHFTII-179


Table of Contents

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Industrial Conglomerates—0.4%  

Carlisle Cos., Inc.

    40,985     $ 4,361,214  
   

 

 

 
Insurance—4.7%  

Alleghany Corp. (a)

    9,801       6,024,283  

American Financial Group, Inc.

    46,397       4,427,202  

Aspen Insurance Holdings, Ltd.

    37,981       1,976,911  

Brown & Brown, Inc.

    72,865       3,039,928  

CNO Financial Group, Inc.

    110,321       2,261,580  

Everest Re Group, Ltd.

    25,955       6,068,539  

First American Financial Corp. (b)

    69,804       2,741,901  

Genworth Financial, Inc. - Class A (a) (b)

    316,389       1,303,523  

Hanover Insurance Group, Inc. (The)

    27,006       2,432,160  

Kemper Corp. (b)

    30,932       1,234,187  

Mercury General Corp. (b)

    23,163       1,412,711  

Old Republic International Corp.

    155,150       3,177,472  

Primerica, Inc. (b)

    29,010       2,384,622  

Reinsurance Group of America, Inc.

    40,839       5,185,736  

RenaissanceRe Holdings, Ltd.

    25,991       3,759,598  

W.R. Berkley Corp. (b)

    61,555       4,347,630  
   

 

 

 
      51,777,983  
   

 

 

 
Internet & Direct Marketing Retail—0.1%  

HSN, Inc.

    20,277       752,277  
   

 

 

 
Internet Software & Services—0.6%  

j2 Global, Inc. (b)

    30,575       2,565,548  

LogMeIn, Inc.

    33,372       3,253,770  

WebMD Health Corp. (a) (b)

    23,951       1,261,739  
   

 

 

 
      7,081,057  
   

 

 

 
IT Services—3.8%  

Acxiom Corp. (a)

    49,553       1,410,774  

Broadridge Financial Solutions, Inc.

    75,079       5,101,618  

Computer Sciences Corp.

    89,642       6,186,194  

Convergys Corp.

    59,962       1,268,196  

CoreLogic, Inc. (a)

    53,555       2,180,760  

DST Systems, Inc.

    20,026       2,453,185  

Gartner, Inc. (a) (c)

    52,467       5,665,911  

Jack Henry & Associates, Inc.

    49,278       4,587,782  

Leidos Holdings, Inc. (b)

    90,668       4,636,762  

MAXIMUS, Inc.

    41,142       2,559,032  

NeuStar, Inc. - Class A (a)

    35,008       1,160,515  

Science Applications International Corp.

    27,855       2,072,412  

WEX, Inc. (a)

    24,415       2,526,953  
   

 

 

 
      41,810,094  
   

 

 

 
Leisure Products—0.6%  

Brunswick Corp.

    56,829       3,477,935  

Polaris Industries, Inc. (b)

    37,156       3,113,673  
   

 

 

 
      6,591,608  
   

 

 

 
Life Sciences Tools & Services—0.9%  

Bio-Rad Laboratories, Inc. - Class A (a)

    13,198       2,630,889  

Bio-Techne Corp. (b)

    23,685       2,407,580  

Charles River Laboratories International, Inc. (a)

    30,071       2,704,887  
Life Sciences Tools & Services—(Continued)  

PAREXEL International Corp. (a)

    32,345     2,041,293  
   

 

 

 
      9,784,649  
   

 

 

 
Machinery—4.6%  

AGCO Corp.

    42,363       2,549,405  

Crane Co.

    31,914       2,388,125  

Donaldson Co., Inc.

    83,827       3,815,805  

Graco, Inc. (b)

    35,550       3,346,677  

IDEX Corp.

    48,401       4,525,978  

ITT, Inc. (b)

    55,987       2,296,587  

Joy Global, Inc.

    63,236       1,786,417  

Kennametal, Inc. (b)

    50,905       1,997,003  

Lincoln Electric Holdings, Inc.

    39,204       3,405,259  

Nordson Corp. (b)

    33,972       4,173,120  

Oshkosh Corp.

    47,362       3,248,560  

Terex Corp. (b)

    67,223       2,110,802  

Timken Co. (The)

    44,313       2,002,948  

Toro Co. (The)

    68,686       4,290,128  

Trinity Industries, Inc. (b)

    96,606       2,564,889  

Wabtec Corp. (b)

    54,723       4,268,394  

Woodward, Inc.

    35,101       2,384,060  
   

 

 

 
      51,154,157  
   

 

 

 
Marine—0.2%  

Kirby Corp. (a) (b)

    34,187       2,411,893  
   

 

 

 
Media—1.4%  

AMC Networks, Inc. - Class A (a)

    35,709       2,095,404  

Cable One, Inc.

    2,978       1,859,672  

Cinemark Holdings, Inc.

    67,128       2,976,455  

John Wiley & Sons, Inc. - Class A

    28,530       1,534,914  

Live Nation Entertainment, Inc. (a)

    83,939       2,549,227  

Meredith Corp. (b)

    23,221       1,500,077  

New York Times Co. (The) - Class A

    77,374       1,114,186  

Time, Inc.

    62,967       1,218,411  
   

 

 

 
      14,848,346  
   

 

 

 
Metals & Mining—2.0%  

Allegheny Technologies, Inc. (b)

    69,043       1,240,012  

Carpenter Technology Corp. (b)

    29,657       1,106,206  

Commercial Metals Co. (b)

    73,359       1,403,358  

Compass Minerals International, Inc. (b)

    21,453       1,455,586  

Reliance Steel & Aluminum Co.

    46,248       3,700,765  

Royal Gold, Inc. (b)

    41,472       2,905,114  

Steel Dynamics, Inc.

    153,838       5,347,409  

United States Steel Corp.

    110,636       3,740,603  

Worthington Industries, Inc.

    27,889       1,257,515  
   

 

 

 
      22,156,568  
   

 

 

 
Multi-Utilities—1.0%  

Black Hills Corp. (b)

    33,887       2,252,469  

MDU Resources Group, Inc.

    123,975       3,393,196  

NorthWestern Corp.

    30,694       1,801,738  

Vectren Corp.

    52,637       3,085,054  
   

 

 

 
      10,532,457  
   

 

 

 

 

BHFTII-180


Table of Contents

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Multiline Retail—0.3%  

Big Lots, Inc. (b)

    28,286     $ 1,376,963  

Dillard’s, Inc. - Class A (b)

    16,042       838,034  

J.C. Penney Co., Inc. (a) (b)

    195,702       1,205,524  
   

 

 

 
      3,420,521  
   

 

 

 
Oil, Gas & Consumable Fuels—1.8%  

CONSOL Energy, Inc. (a)

    112,147       1,881,827  

Energen Corp. (a)

    61,615       3,354,321  

Gulfport Energy Corp. (a)

    100,822       1,733,130  

HollyFrontier Corp. (b)

    112,584       3,190,630  

QEP Resources, Inc. (a)

    152,097       1,933,153  

SM Energy Co.

    62,149       1,492,819  

Western Refining, Inc.

    50,369       1,766,441  

World Fuel Services Corp.

    44,392       1,609,210  

WPX Energy, Inc. (a)

    251,578       3,368,629  
   

 

 

 
      20,330,160  
   

 

 

 
Paper & Forest Products—0.3%  

Domtar Corp. (b)

    39,730       1,450,940  

Louisiana-Pacific Corp. (a)

    91,609       2,273,735  
   

 

 

 
      3,724,675  
   

 

 

 
Personal Products—0.5%  

Avon Products, Inc. (a) (b)

    278,028       1,223,323  

Edgewell Personal Care Co. (a)

    36,448       2,665,807  

Nu Skin Enterprises, Inc. - Class A (b)

    31,367       1,742,123  
   

 

 

 
      5,631,253  
   

 

 

 
Pharmaceuticals—0.6%  

Akorn, Inc. (a)

    55,283       1,331,214  

Catalent, Inc. (a)

    79,185       2,242,519  

Endo International plc (a) (b)

    125,961       1,405,725  

Prestige Brands Holdings, Inc. (a) (b)

    33,603       1,866,983  
   

 

 

 
      6,846,441  
   

 

 

 
Professional Services—0.6%  

CEB, Inc.

    20,488       1,610,357  

FTI Consulting, Inc. (a)

    26,150       1,076,595  

ManpowerGroup, Inc. (b)

    42,938       4,404,151  
   

 

 

 
      7,091,103  
   

 

 

 
Real Estate Management & Development—0.4%  

Alexander & Baldwin, Inc. (b)

    29,286       1,303,813  

Jones Lang LaSalle, Inc.

    28,723       3,201,178  
   

 

 

 
      4,504,991  
   

 

 

 
Road & Rail—1.0%  

Avis Budget Group, Inc. (a)

    54,586       1,614,654  

Genesee & Wyoming, Inc. - Class A (a)

    38,912       2,640,568  

Landstar System, Inc.

    26,518       2,271,267  

Old Dominion Freight Line, Inc.

    43,972       3,762,684  

Werner Enterprises, Inc. (b)

    28,412       744,394  
   

 

 

 
      11,033,567  
   

 

 

 
Semiconductors & Semiconductor Equipment—2.3%  

Cirrus Logic, Inc. (a)

    40,773     2,474,513  

Cree, Inc. (a) (b)

    61,830       1,652,716  

Cypress Semiconductor Corp. (b)

    208,140       2,864,006  

First Solar, Inc. (a) (b)

    49,534       1,342,371  

Integrated Device Technology, Inc. (a)

    84,692       2,004,660  

Microsemi Corp. (a)

    73,194       3,771,687  

Monolithic Power Systems, Inc. (b)

    24,044       2,214,452  

Silicon Laboratories, Inc. (a)

    26,592       1,955,842  

Synaptics, Inc. (a)

    22,444       1,111,203  

Teradyne, Inc.

    127,147       3,954,272  

Versum Materials, Inc. (a)

    68,984       2,110,910  
   

 

 

 
      25,456,632  
   

 

 

 
Software—3.9%  

ACI Worldwide, Inc. (a) (b)

    74,452       1,592,528  

ANSYS, Inc. (a)

    54,193       5,791,606  

Cadence Design Systems, Inc. (a)

    176,957       5,556,450  

CDK Global, Inc.

    92,047       5,983,976  

CommVault Systems, Inc. (a)

    26,612       1,351,890  

Fair Isaac Corp.

    19,716       2,542,378  

Fortinet, Inc. (a)

    94,596       3,627,757  

Manhattan Associates, Inc. (a) (b)

    44,688       2,326,010  

PTC, Inc. (a) (b)

    73,457       3,860,165  

Take-Two Interactive Software, Inc. (a)

    64,373       3,815,388  

Tyler Technologies, Inc. (a) (b)

    21,274       3,288,109  

Ultimate Software Group, Inc. (The) (a) (b)

    18,830       3,675,804  
   

 

 

 
      43,412,061  
   

 

 

 
Specialty Retail—2.1%  

Aaron’s, Inc. (b)

    40,399       1,201,466  

American Eagle Outfitters, Inc.

    108,525       1,522,606  

Cabela’s, Inc. (a)

    32,620       1,732,448  

Chico’s FAS, Inc. (b)

    82,017       1,164,641  

CST Brands, Inc.

    48,046       2,310,532  

Dick’s Sporting Goods, Inc.

    55,820       2,716,201  

GameStop Corp. - Class A

    64,668       1,458,264  

Michaels Cos., Inc. (The) (a)

    67,147       1,503,421  

Murphy USA, Inc. (a) (b)

    22,017       1,616,488  

Office Depot, Inc.

    326,798       1,524,513  

Sally Beauty Holdings, Inc. (a) (b)

    91,131       1,862,718  

Urban Outfitters, Inc. (a)

    56,075       1,332,342  

Williams-Sonoma, Inc. (b)

    51,302       2,750,813  
   

 

 

 
      22,696,453  
   

 

 

 
Technology Hardware, Storage & Peripherals—0.6%  

3D Systems Corp. (a) (b)

    68,241       1,020,886  

Diebold Nixdorf, Inc. (b)

    47,889       1,470,192  

NCR Corp. (a)

    79,093       3,612,968  
   

 

 

 
      6,104,046  
   

 

 

 
Textiles, Apparel & Luxury Goods—0.7%  

Carter’s, Inc.

    30,851       2,770,420  

Deckers Outdoor Corp. (a)

    20,273       1,210,906  

Kate Spade & Co. (a) (b)

    81,436       1,891,758  

 

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Table of Contents

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Textiles, Apparel & Luxury Goods—(Continued)  

Skechers USA, Inc. - Class A (a)

    84,915     $ 2,330,917  
   

 

 

 
      8,204,001  
   

 

 

 
Thrifts & Mortgage Finance—0.6%  

New York Community Bancorp, Inc.

    310,066       4,331,622  

Washington Federal, Inc.

    56,668       1,875,711  
   

 

 

 
      6,207,333  
   

 

 

 
Trading Companies & Distributors—0.8%  

GATX Corp. (b)

    25,010       1,524,610  

MSC Industrial Direct Co., Inc. - Class A

    28,469       2,925,474  

NOW, Inc. (a) (b)

    68,223       1,157,062  

Watsco, Inc.

    19,273       2,759,508  
   

 

 

 
      8,366,654  
   

 

 

 
Water Utilities—0.3%  

Aqua America, Inc. (b)

    112,639       3,621,344  
   

 

 

 
Wireless Telecommunication Services—0.1%  

Telephone & Data Systems, Inc.

    59,460       1,576,285  
   

 

 

 

Total Common Stocks
(Cost $755,225,414)

      1,054,011,008  
   

 

 

 
Mutual Fund – 2.2%  
Investment Company Security—2.2%  

SPDR S&P MidCap 400 ETF Trust (b)
(Cost $23,296,897)

    76,800       23,993,856  
   

 

 

 
Short-Term Investments—2.5%  
Discount Notes—1.4%  

Federal Home Loan Bank
0.475%, 04/10/17 (d)

    950,000       949,873  

0.487%, 04/17/17 (d)

    925,000       924,752  

0.493%, 04/21/17 (d)

    400,000       399,862  

0.545%, 05/12/17 (d)

    6,625,000       6,619,760  

0.624%, 07/19/17 (d)

    475,000       473,899  

0.664%, 04/11/17 (d)

    225,000       224,965  

0.689%, 06/01/17 (d)

    3,125,000       3,121,159  

0.740%, 04/19/17 (d)

    200,000       199,939  

0.761%, 05/19/17 (d)

    350,000       349,673  

0.783%, 06/21/17 (d)

    1,775,000       1,772,078  
   

 

 

 
      15,035,960  
   

 

 

 
U.S. Treasury—1.1%  

U.S. Treasury Bills
0.461%, 04/13/17 (d)

    8,000,000       7,998,392  

0.630%, 08/03/17 (d)

    1,050,000       1,047,188  

0.705%, 04/27/17 (d)

    3,350,000       3,348,369  
   

 

 

 
      12,393,949  
   

 

 

 

Total Short-Term Investments
(Cost $27,431,955)

      27,429,909  
   

 

 

 
Securities Lending Reinvestments (e)–18.1%  
Security Description  

Principal
Amount*

    Value  
Certificates of Deposit—10.8%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    2,193,653     2,198,196  

Banco Del Estado De Chile New York
1.426%, 06/21/17 (f)

    1,000,000       1,000,542  

Bank of America N.A.
1.271%, 07/11/17 (f)

    9,000,000       9,009,524  

Canadian Imperial Bank
1.392%, 10/27/17 (f)

    2,000,000       2,002,406  

1.454%, 05/24/17 (f)

    1,000,585       1,000,350  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    1,000,000       1,000,011  

1.240%, 05/11/17

    3,000,000       3,000,798  

Cooperative Rabobank UA New York
1.422%, 10/13/17 (f)

    1,500,000       1,502,043  

Credit Agricole Corporate and Investment Bank
1.491%, 04/12/17 (f)

    3,000,000       3,000,339  

Credit Industriel et Commercial
1.440%, 04/05/17 (f)

    1,500,000       1,500,064  

Credit Suisse AG New York
1.511%, 04/03/17 (f)

    1,500,000       1,500,024  

1.581%, 04/11/17 (f)

    2,000,000       2,000,164  

1.581%, 05/12/17 (f)

    2,000,000       2,000,606  

Danske Bank A/S London
Zero Coupon, 05/12/17

    2,991,317       2,996,910  

DNB NOR Bank ASA
1.279%, 07/28/17 (f)

    2,500,000       2,501,105  

ING Bank NV
1.461%, 04/18/17 (f)

    4,000,000       4,001,705  

KBC Bank NV
1.120%, 05/08/17

    2,500,000       2,500,375  

1.150%, 04/27/17

    3,000,000       2,998,230  

1.170%, 04/06/17

    3,000,000       3,000,030  

Mitsubishi UFJ Trust and Banking Corp.
1.581%, 04/11/17 (f)

    3,000,000       3,000,366  

Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (f)

    2,000,000       2,001,152  

1.591%, 04/11/17 (f)

    3,000,000       3,000,228  

1.643%, 04/18/17 (f)

    3,700,000       3,700,536  

National Australia Bank London
1.199%, 05/02/17 (f)

    4,500,000       4,501,577  

1.338%, 11/09/17 (f)

    2,500,000       2,495,925  

Natixis New York
1.241%, 08/03/17 (f)

    3,500,000       3,502,254  

1.444%, 04/07/17 (f)

    3,000,000       3,000,165  

Norinchukin Bank New York
1.451%, 07/12/17 (f)

    6,000,000       6,005,310  

Rabobank London
1.422%, 10/13/17 (f)

    1,500,000       1,503,667  

Royal Bank of Canada New York
1.340%, 04/04/17 (f)

    2,000,000       1,999,950  

Sumitomo Bank New York
1.410%, 05/05/17 (f)

    750,000       750,146  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (f)

    4,000,000       4,002,140  

1.534%, 04/07/17 (f)

    2,000,000       2,000,116  

1.591%, 04/12/17 (f)

    2,000,000       2,000,399  

 

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Table of Contents

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Sumitomo Mitsui Trust Bank, Ltd.
1.120%, 05/08/17

    1,500,000     $ 1,500,225  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.359%, 06/02/17 (f)

    1,000,000       1,000,648  

1.558%, 04/10/17 (f)

    2,500,000       2,500,315  

1.572%, 04/26/17 (f)

    5,000,000       5,001,655  

Svenska Handelsbanken New York
1.508%, 05/18/17 (f)

    4,000,000       4,002,068  

Toronto Dominion Bank New York
1.330%, 01/10/18 (f)

    4,000,000       4,000,784  

UBS, Stamford
1.301%, 05/12/17 (f)

    2,100,000       2,100,517  

1.589%, 07/31/17 (f)

    1,703,685       1,704,683  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (f)

    2,400,000       2,403,924  

1.452%, 04/26/17 (f)

    2,500,000       2,500,665  
   

 

 

 
      118,892,837  
   

 

 

 
Commercial Paper—3.1%  

Barton Capital S.A.
1.110%, 04/21/17

    997,163       999,333  

1.160%, 04/07/17

    3,489,399       3,499,520  

Commonwealth Bank Australia
1.389%, 10/23/17 (f)

    3,000,000       3,003,666  

Den Norske ASA
1.432%, 04/27/17 (f)

    2,500,000       2,500,540  

HSBC plc
1.442%, 04/25/17 (f)

    5,700,000       5,701,026  

Kells Funding LLC
1.100%, 06/05/17

    2,789,220       2,793,971  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    1,495,549       1,498,172  

1.120%, 04/13/17

    1,994,400       1,999,288  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    1,994,400       1,998,702  

Sheffield Receivables Co.
1.170%, 04/04/17

    3,988,430       3,999,708  

Versailles Commercial Paper LLC
1.120%, 04/24/17

    1,994,400       1,998,774  

Westpac Banking Corp.
1.380%, 10/20/17 (f)

    3,800,000       3,806,887  
   

 

 

 
      33,799,587  
   

 

 

 
Repurchase Agreements—3.2%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $3,463,511 on 04/03/17, collateralized by $4,981,441 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,532,557.

    3,463,289       3,463,289  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $2,100,154 on 04/03/17, collateralized by $2,149,323 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $2,142,001.

    2,100,000     2,100,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $100,008 on 04/03/17, collateralized by $101,178 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $102,001.

    100,000       100,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $8,005,200 on 04/03/17, collateralized by $1,235,986 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $8,783,893.

    8,000,000       8,000,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.

    2,000,000       2,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $5,028,800 on 06/02/17, collateralized by various Common Stock with a value of $5,500,000.

    5,000,000       5,000,000  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $2,000,137 on 04/03/17, collateralized by $1,987,488 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $2,041,232.

    2,000,000       2,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $4,039,167 on 07/03/17, collateralized by various Common Stock with a value of $4,400,000.

    4,000,000       4,000,000  

Natixis New York
Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $7,000,572 on 04/03/17, collateralized by $8,194,560 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $7,140,583.

    7,000,000       7,000,000  

 

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Table of Contents

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $2,000,155 on 04/03/17, collateralized by $5,986,949 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $2,040,000.

    2,000,000     $ 2,000,000  
   

 

 

 
      35,663,289  
   

 

 

 
Time Deposits—1.0%  

OP Corporate Bank plc
1.180%, 04/24/17

    1,000,000       1,000,000  

1.200%, 04/10/17

    3,000,000       3,000,000  

Shinkin Central Bank
1.350%, 04/21/17

    1,400,000       1,400,000  

1.440%, 04/26/17

    3,200,000       3,200,000  

1.440%, 04/27/17

    800,000       800,000  

Skandanaviska Enskilda Banken
0.810%, 04/03/17

    2,000,000       2,000,000  
   

 

 

 
      11,400,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $199,698,881)

      199,755,713  
   

 

 

 

Total Investments—118.2%
(Cost $1,005,653,147) (g)

      1,305,190,486  

Other assets and liabilities (net)—(18.2)%

      (200,848,256
   

 

 

 
Net Assets—100.0%     $ 1,104,342,230  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Non-income producing security.
(b)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $194,635,902 and the collateral received consisted of cash in the amount of $199,645,490. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)   All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the amount value of securities pledged was $2,699,750.
(d)   The rate shown represents current yield to maturity.
(e)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(f)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(g)   As of March 31, 2017, the aggregate cost of investments was $1,005,653,147. The aggregate unrealized appreciation and depreciation of investments were $344,927,817 and $(45,390,478), respectively, resulting in net unrealized appreciation of $299,537,339.
(ETF)—   Exchange-Traded Fund

 

Futures Contracts

 

Futures Contracts—Long

   Expiration
Date
     Number of
Contracts
     Notional
Amount
     Unrealized
Appreciation
 

S&P Midcap 400 Index E-Mini Futures

     06/16/17        142        USD       24,164,344      $ 234,096  
             

 

 

 

 

(USD)—   United States Dollar

 

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Table of Contents

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total Common Stocks*

   $ 1,054,011,008      $ —       $ —        $ 1,054,011,008  

Total Mutual Fund*

     23,993,856        —         —          23,993,856  

Total Short-Term Investments*

     —          27,429,909       —          27,429,909  

Total Securities Lending Reinvestments*

     —          199,755,713       —          199,755,713  

Total Investments

   $ 1,078,004,864      $ 227,185,622     $ —        $ 1,305,190,486  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (199,645,490   $ —        $ (199,645,490
Futures Contracts           

Futures Contracts (Unrealized Appreciation)

   $ 234,096      $ —       $ —        $ 234,096  

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-185


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—97.0% of Net Assets

 

Security Description    Shares      Value  
Australia—7.6%  

AGL Energy, Ltd.

     54,235      $ 1,090,985  

Alumina, Ltd. (a)

     191,453        261,226  

Amcor, Ltd.

     95,202        1,092,970  

AMP, Ltd.

     234,994        926,260  

APA Group

     98,264        671,409  

Aristocrat Leisure, Ltd.

     41,217        564,697  

ASX, Ltd.

     16,055        616,958  

Aurizon Holdings, Ltd.

     157,842        631,795  

AusNet Services

     138,423        177,702  

Australia & New Zealand Banking Group, Ltd.

     237,205        5,752,640  

Bank of Queensland, Ltd.

     24,917        231,025  

Bendigo & Adelaide Bank, Ltd.

     35,779        331,105  

BHP Billiton plc

     172,349        2,667,868  

BHP Billiton, Ltd.

     257,180        4,687,914  

Boral, Ltd.

     114,731        510,678  

Brambles, Ltd.

     129,540        922,478  

Caltex Australia, Ltd.

     24,958        560,586  

Challenger, Ltd.

     44,035        420,180  

CIMIC Group, Ltd.

     8,428        230,758  

Coca-Cola Amatil, Ltd.

     42,510        350,702  

Cochlear, Ltd.

     5,478        564,822  

Commonwealth Bank of Australia

     137,934        9,034,070  

Computershare, Ltd.

     41,806        446,676  

Crown Resorts, Ltd.

     29,464        265,316  

CSL, Ltd.

     37,261        3,552,616  

Dexus Property Group (REIT)

     77,269        576,955  

Domino’s Pizza Enterprises, Ltd.

     4,938        218,690  

DUET Group

     178,971        380,834  

Fortescue Metals Group, Ltd.

     125,869        597,439  

Goodman Group (REIT)

     139,425        823,391  

GPT Group (The) (REIT)

     140,241        551,472  

Harvey Norman Holdings, Ltd. (a)

     44,837        154,258  

Healthscope, Ltd.

     134,432        232,604  

Incitec Pivot, Ltd.

     152,808        436,987  

Insurance Australia Group, Ltd.

     184,566        850,267  

Lend Lease Group (REIT)

     51,045        606,369  

Macquarie Group, Ltd.

     24,276        1,668,533  

Medibank Private, Ltd.

     199,900        429,851  

Mirvac Group (REIT)

     298,553        498,708  

National Australia Bank, Ltd.

     212,826        5,395,310  

Newcrest Mining, Ltd.

     60,310        1,035,010  

Oil Search, Ltd.

     104,563        573,426  

Orica, Ltd.

     26,176        351,222  

Origin Energy, Ltd.

     140,897        755,342  

QBE Insurance Group, Ltd.

     110,125        1,078,341  

Ramsay Health Care, Ltd.

     10,616        565,763  

REA Group, Ltd.

     4,158        187,527  

Rio Tinto, Ltd.

     34,042        1,568,568  

Santos, Ltd. (b)

     164,725        475,046  

Scentre Group (REIT)

     417,733        1,366,743  

Seek, Ltd.

     22,233        269,976  

Sonic Healthcare, Ltd.

     32,696        551,417  

South32, Ltd.

     422,905        889,393  

Stockland (REIT)

     205,214        727,046  

Suncorp Group, Ltd.

     108,776        1,095,287  

Sydney Airport

     80,467        415,413  

Tabcorp Holdings, Ltd.

     54,472        197,140  
Australia—(Continued)  

Tatts Group, Ltd.

     123,533      417,277  

Telstra Corp., Ltd.

     335,688        1,192,967  

Transurban Group

     159,204        1,416,663  

Treasury Wine Estates, Ltd.

     68,905        641,737  

Vicinity Centres (REIT)

     252,185        544,298  

Vocus Group, Ltd. (a)

     38,375        126,296  

Wesfarmers, Ltd.

     90,211        3,096,773  

Westfield Corp. (REIT)

     163,017        1,104,089  

Westpac Banking Corp.

     266,028        7,088,004  

Woodside Petroleum, Ltd.

     60,391        1,473,551  

Woolworths, Ltd.

     104,896        2,118,352  
     

 

 

 
        81,307,771  
     

 

 

 
Austria—0.2%  

Andritz AG

     5,828        292,810  

Erste Group Bank AG

     25,311        826,435  

OMV AG

     12,416        489,838  

Raiffeisen Bank International AG (b)

     9,390        213,903  

Voestalpine AG

     9,525        375,834  
     

 

 

 
        2,198,820  
     

 

 

 
Belgium—1.1%  

Ageas

     15,573        610,320  

Anheuser-Busch InBev S.A.

     61,052        6,724,440  

Colruyt S.A.

     5,430        267,270  

Groupe Bruxelles Lambert S.A.

     5,864        533,739  

KBC Groep NV

     19,558        1,301,023  

Proximus

     14,232        447,753  

Solvay S.A.

     5,735        702,663  

Telenet Group Holding NV (b)

     4,184        249,484  

UCB S.A.

     9,619        748,073  

Umicore S.A.

     8,519        486,561  
     

 

 

 
        12,071,326  
     

 

 

 
Denmark—1.6%  

AP Moeller - Maersk A/S - Class A

     274        443,497  

AP Moeller - Maersk A/S - Class B

     566        939,262  

Carlsberg A/S - Class B

     9,405        870,399  

Chr Hansen Holding A/S

     7,473        480,786  

Coloplast A/S - Class B

     9,594        751,506  

Danske Bank A/S

     53,815        1,840,916  

DONG Energy A/S

     11,778        455,232  

DSV A/S

     16,462        855,675  

Genmab A/S (b)

     4,236        818,922  

ISS A/S

     13,228        500,910  

Novo Nordisk A/S - Class B

     153,669        5,298,884  

Novozymes A/S - B Shares

     17,609        700,064  

Pandora A/S

     9,197        1,022,055  

TDC A/S

     59,338        306,586  

Tryg A/S

     8,735        158,952  

Vestas Wind Systems A/S

     17,209        1,404,831  

William Demant Holding A/S (b)

     9,405        197,130  
     

 

 

 
        17,045,607  
     

 

 

 

 

BHFTII-186


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Finland—0.9%  

Elisa Oyj

    13,058     $ 463,302  

Fortum Oyj (a)

    39,670       629,579  

Kone Oyj - Class B

    26,344       1,160,357  

Metso Oyj (a)

    7,511       227,782  

Neste Oyj (a)

    9,073       354,762  

Nokia Oyj

    468,997       2,537,119  

Nokian Renkaat Oyj

    10,639       445,376  

Orion Oyj - Class B

    6,779       354,338  

Sampo Oyj - A Shares

    35,348       1,682,690  

Stora Enso Oyj - R Shares

    40,497       480,727  

UPM-Kymmene Oyj

    42,203       995,707  

Wartsila Oyj Abp

    12,999       696,985  
   

 

 

 
      10,028,724  
   

 

 

 
France—9.4%  

Accor S.A.

    13,973       583,637  

Aeroports de Paris

    2,209       273,663  

Air Liquide S.A.

    31,702       3,631,694  

Alstom S.A. (b)

    13,067       390,953  

Arkema S.A.

    5,073       502,311  

Atos SE

    7,084       878,086  

AXA S.A.

    155,873       4,044,058  

BNP Paribas S.A.

    84,745       5,659,288  

Bollore S.A.

    61,600       239,143  

Bouygues S.A.

    14,921       609,659  

Bureau Veritas S.A.

    19,643       415,463  

Cap Gemini S.A.

    13,915       1,289,287  

Carrefour S.A.

    46,421       1,098,054  

Casino Guichard Perrachon S.A.

    4,364       244,492  

Christian Dior SE

    4,654       1,085,248  

Cie de St-Gobain

    40,023       2,063,299  

Cie Generale des Etablissements Michelin

    14,364       1,750,884  

CNP Assurances

    10,520       214,692  

Credit Agricole S.A.

    90,038       1,225,258  

Danone S.A.

    47,151       3,216,904  

Dassault Aviation S.A.

    183       233,417  

Dassault Systemes SE

    10,162       882,411  

Edenred

    20,034       474,860  

Eiffage S.A.

    4,533       355,801  

Electricite de France S.A.

    22,603       190,131  

Engie S.A.

    126,717       1,797,948  

Essilor International S.A.

    16,817       2,047,659  

Eurazeo S.A.

    2,479       163,674  

Eutelsat Communications S.A.

    14,990       335,991  

Fonciere Des Regions (REIT)

    3,163       264,608  

Gecina S.A. (REIT)

    3,255       442,851  

Groupe Eurotunnel SE

    32,808       331,097  

Hermes International

    2,256       1,071,604  

ICADE (REIT)

    3,450       253,174  

Iliad S.A.

    2,335       523,910  

Imerys S.A.

    2,253       191,743  

Ingenico Group S.A.

    4,093       386,865  

JCDecaux S.A.

    4,706       166,281  

Kering

    5,893       1,529,556  

Klepierre (REIT)

    16,658       649,714  

L’Oreal S.A.

    20,265       3,904,843  
France—(Continued)  

Lagardere SCA

    8,303     245,194  

Legrand S.A.

    20,811       1,258,911  

LVMH Moet Hennessy Louis Vuitton SE

    22,305       4,917,047  

Natixis S.A.

    80,165       495,282  

Orange S.A.

    164,771       2,570,656  

Pernod-Ricard S.A.

    17,290       2,051,673  

Peugeot S.A. (b)

    40,345       815,591  

Publicis Groupe S.A.

    15,420       1,080,415  

Remy Cointreau S.A.

    1,860       182,582  

Renault S.A.

    15,031       1,309,241  

Rexel S.A.

    28,808       525,199  

Safran S.A.

    24,884       1,863,908  

Sanofi

    92,334       8,375,593  

Schneider Electric SE

    45,859       3,369,839  

SCOR SE

    11,686       443,413  

SEB S.A.

    1,809       253,397  

SES S.A.

    29,140       680,072  

SFR Group S.A. (b)

    9,888       311,897  

Societe BIC S.A.

    2,149       268,464  

Societe Generale S.A.

    60,631       3,091,422  

Sodexo S.A.

    7,921       934,091  

Suez

    22,682       359,176  

Thales S.A.

    7,807       757,034  

Total S.A.

    182,167       9,226,604  

Unibail-Rodamco SE (REIT)

    7,985       1,868,078  

Valeo S.A.

    20,400       1,364,002  

Veolia Environnement S.A.

    38,440       721,978  

Vinci S.A. (a)

    40,596       3,229,851  

Vivendi S.A.

    82,472       1,608,875  

Wendel S.A.

    2,267       287,964  

Zodiac Aerospace

    14,929       374,635  
   

 

 

 
      100,456,295  
   

 

 

 
Germany—8.6%  

adidas AG

    14,905       2,841,820  

Allianz SE

    36,569       6,791,433  

Axel Springer SE

    3,006       166,507  

BASF SE

    73,821       7,336,519  

Bayer AG

    66,149       7,644,621  

Bayerische Motoren Werke AG

    26,677       2,439,767  

Beiersdorf AG

    8,429       800,006  

Brenntag AG

    12,657       711,718  

Commerzbank AG

    87,047       788,642  

Continental AG

    8,799       1,933,954  

Covestro AG

    5,610       433,145  

Daimler AG

    77,142       5,711,770  

Deutsche Bank AG (b)

    109,061       1,883,835  

Deutsche Boerse AG (b)

    15,450       1,419,636  

Deutsche Lufthansa AG

    17,782       289,085  

Deutsche Post AG

    76,616       2,629,753  

Deutsche Telekom AG

    262,317       4,608,215  

Deutsche Wohnen AG

    28,299       934,283  

E.ON SE

    159,825       1,273,680  

Evonik Industries AG

    13,109       428,675  

Fraport AG Frankfurt Airport Services Worldwide

    4,331       307,321  

Fresenius Medical Care AG & Co. KGaA

    17,215       1,455,492  

 

BHFTII-187


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Germany—(Continued)  

Fresenius SE & Co. KGaA

    32,401     $ 2,609,146  

GEA Group AG

    14,300       608,764  

Hannover Rueck SE

    5,368       620,609  

HeidelbergCement AG

    11,924       1,119,230  

Henkel AG & Co. KGaA

    7,933       883,685  

HOCHTIEF AG

    1,646       272,859  

Hugo Boss AG

    4,934       360,489  

Infineon Technologies AG

    90,469       1,852,039  

Innogy SE (b)

    11,200       423,875  

K&S AG (a)

    14,121       329,097  

LANXESS AG

    7,402       498,073  

Linde AG

    15,006       2,504,237  

MAN SE

    3,022       312,515  

Merck KGaA

    10,657       1,216,882  

Metro AG

    15,747       504,934  

Muenchener Rueckversicherungs-Gesellschaft AG

    13,047       2,559,654  

OSRAM Licht AG

    8,388       527,227  

ProSiebenSat.1 Media SE

    18,669       828,748  

RWE AG (b)

    39,146       650,483  

SAP SE

    78,616       7,734,020  

Siemens AG

    60,751       8,343,437  

Symrise AG

    10,907       727,232  

Telefonica Deutschland Holding AG

    58,800       292,534  

ThyssenKrupp AG

    32,245       791,628  

TUI AG

    37,093       513,753  

United Internet AG

    8,781       389,511  

Volkswagen AG

    2,495       372,792  

Vonovia SE

    36,786       1,299,724  

Zalando SE (b)

    6,525       264,686  
   

 

 

 
      92,241,740  
   

 

 

 
Hong Kong—3.4%  

AIA Group, Ltd.

    969,200       6,109,047  

ASM Pacific Technology, Ltd.

    19,600       266,559  

Bank of East Asia, Ltd. (The)

    103,920       430,151  

BOC Hong Kong Holdings, Ltd.

    290,465       1,186,438  

Cheung Kong Infrastructure Holdings, Ltd.

    57,000       447,332  

Cheung Kong Property Holdings, Ltd.

    214,440       1,447,743  

CK Hutchison Holdings, Ltd.

    213,440       2,625,368  

CLP Holdings, Ltd.

    131,377       1,374,371  

Galaxy Entertainment Group, Ltd.

    181,000       989,607  

Hang Lung Group, Ltd.

    74,000       315,730  

Hang Lung Properties, Ltd.

    222,000       578,177  

Hang Seng Bank, Ltd.

    60,800       1,233,131  

Henderson Land Development Co., Ltd.

    98,093       607,650  

HK Electric Investments & HK Electric Investments, Ltd.

    206,500       190,510  

HKT Trust & HKT, Ltd.

    314,980       407,749  

Hong Kong & China Gas Co., Ltd.

    646,116       1,291,852  

Hong Kong Exchanges and Clearing, Ltd.

    95,700       2,408,205  

Hongkong Land Holdings, Ltd.

    95,400       734,408  

Hysan Development Co., Ltd.

    45,000       204,173  

Jardine Matheson Holdings, Ltd.

    19,700       1,265,768  

Jardine Strategic Holdings, Ltd.

    18,200       764,412  

Kerry Properties, Ltd.

    57,500       199,215  
Hong Kong—(Continued)  

Li & Fung, Ltd.

    429,600     186,540  

Link REIT (REIT)

    181,141       1,268,913  

Melco Crown Entertainment, Ltd. (ADR)

    16,000       296,640  

MTR Corp., Ltd.

    110,500       620,556  

New World Development Co., Ltd.

    476,707       587,759  

NWS Holdings, Ltd.

    177,000       322,889  

PCCW, Ltd.

    481,000       283,728  

Power Assets Holdings, Ltd.

    107,549       927,660  

Sands China, Ltd.

    190,000       879,397  

Sino Land Co., Ltd.

    289,600       507,456  

Sun Hung Kai Properties, Ltd.

    115,250       1,693,185  

Swire Pacific, Ltd. - Class A

    44,317       443,556  

Swire Properties, Ltd.

    83,600       267,820  

Techtronic Industries Co., Ltd.

    128,000       517,576  

WH Group, Ltd.

    660,000       568,855  

Wharf Holdings, Ltd. (The)

    104,976       900,773  

Wheelock & Co., Ltd.

    68,000       537,604  

Wynn Macau, Ltd.

    134,800       273,966  

Yue Yuen Industrial Holdings, Ltd.

    50,500       198,620  
   

 

 

 
      36,361,089  
   

 

 

 
Ireland—1.1%  

Bank of Ireland (b)

    2,405,091       604,166  

CRH plc

    67,317       2,379,012  

DCC plc

    7,008       615,915  

Experian plc

    79,898       1,627,741  

James Hardie Industries plc

    40,250       631,344  

Kerry Group plc - Class A

    13,003       1,026,348  

Paddy Power Betfair plc

    6,200       667,456  

Shire plc

    71,765       4,167,389  
   

 

 

 
      11,719,371  
   

 

 

 
Israel—0.6%  

Azrieli Group, Ltd.

    3,653       194,081  

Bank Hapoalim B.M.

    86,396       525,152  

Bank Leumi Le-Israel B.M. (b)

    120,713       531,697  

Bezeq The Israeli Telecommunication Corp., Ltd.

    178,026       319,082  

Check Point Software Technologies, Ltd. (b)

    10,500       1,077,930  

Elbit Systems, Ltd.

    1,987       226,722  

Frutarom Industries, Ltd.

    3,269       182,012  

Israel Chemicals, Ltd.

    45,583       193,225  

Mizrahi Tefahot Bank, Ltd.

    11,922       201,653  

Nice, Ltd.

    5,213       352,936  

Teva Pharmaceutical Industries, Ltd. (ADR)

    73,053       2,344,271  
   

 

 

 
      6,148,761  
   

 

 

 
Italy—1.8%  

Assicurazioni Generali S.p.A.

    93,308       1,486,983  

Atlantia S.p.A.

    31,412       813,049  

Enel S.p.A.

    626,740       2,958,864  

Eni S.p.A.

    203,492       3,343,774  

Intesa Sanpaolo S.p.A.

    993,553       2,705,577  

Intesa Sanpaolo S.p.A. - Risparmio Shares

    65,400       166,761  

Leonardo S.p.A. (b)

    28,782       409,122  

 

BHFTII-188


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Italy—(Continued)  

Luxottica Group S.p.A.

    13,581     $ 751,637  

Mediobanca S.p.A.

    44,816       405,033  

Poste Italiane S.p.A.

    41,357       276,459  

Prysmian S.p.A.

    19,125       506,878  

Saipem S.p.A. (b)

    422,993       192,504  

Snam S.p.A.

    193,977       841,085  

Telecom Italia S.p.A. (b)

    866,636       781,397  

Telecom Italia S.p.A. - Risparmio Shares

    501,246       367,132  

Terna Rete Elettrica Nazionale S.p.A.

    118,746       590,577  

UniCredit S.p.A.

    151,938       2,348,201  

UnipolSai S.p.A.

    64,500       142,663  
   

 

 

 
      19,087,696  
   

 

 

 
Japan—22.9%  

ABC-Mart, Inc.

    2,200       128,780  

Aeon Co., Ltd.

    51,500       752,173  

AEON Financial Service Co., Ltd.

    8,400       158,691  

Air Water, Inc.

    10,000       184,909  

Aisin Seiki Co., Ltd.

    16,500       812,130  

Ajinomoto Co., Inc.

    44,000       868,683  

Alfresa Holdings Corp.

    15,300       265,361  

Alps Electric Co., Ltd.

    13,100       372,513  

Amada Holdings Co., Ltd.

    27,000       308,839  

ANA Holdings, Inc.

    84,000       256,536  

Aozora Bank, Ltd.

    96,000       353,730  

Asahi Glass Co., Ltd.

    81,000       657,351  

Asahi Group Holdings, Ltd.

    30,700       1,160,955  

Asahi Kasei Corp.

    97,000       942,041  

Asics Corp.

    11,000       176,854  

Astellas Pharma, Inc.

    174,100       2,295,358  

Bandai Namco Holdings, Inc.

    16,000       478,930  

Bank of Kyoto, Ltd. (The)

    22,000       160,638  

Benesse Holdings, Inc.

    5,400       169,200  

Bridgestone Corp.

    51,600       2,090,132  

Brother Industries, Ltd.

    16,400       343,656  

Calbee, Inc.

    5,500       187,742  

Canon, Inc.

    83,900       2,626,250  

Casio Computer Co., Ltd.

    16,900       235,734  

Central Japan Railway Co.

    11,700       1,910,691  

Chiba Bank, Ltd. (The)

    49,000       315,568  

Chubu Electric Power Co., Inc.

    57,000       765,278  

Chugai Pharmaceutical Co., Ltd.

    16,800       578,130  

Chugoku Bank, Ltd. (The)

    12,000       174,987  

Chugoku Electric Power Co., Inc. (The)

    23,700       262,417  

Coca-Cola West Co., Ltd.

    9,900       319,309  

Concordia Financial Group, Ltd.

    83,000       385,527  

Credit Saison Co., Ltd.

    10,500       187,888  

Dai Nippon Printing Co., Ltd.

    40,000       431,811  

Dai-ichi Life Holdings, Inc.

    83,600       1,505,772  

Daicel Corp.

    22,000       265,698  

Daiichi Sankyo Co., Ltd.

    49,000       1,104,438  

Daikin Industries, Ltd.

    18,800       1,893,178  

Daito Trust Construction Co., Ltd.

    6,200       851,848  

Daiwa House Industry Co., Ltd.

    47,500       1,365,929  

Daiwa House Residential Investment Corp. (REIT)

    110       285,819  

Daiwa Securities Group, Inc.

    126,000       769,117  
Japan—(Continued)  

DeNA Co., Ltd.

    8,500     172,619  

Denso Corp.

    40,100       1,767,493  

Dentsu, Inc.

    16,600       902,043  

Don Quijote Holdings Co., Ltd.

    8,200       284,552  

East Japan Railway Co.

    26,900       2,344,687  

Eisai Co., Ltd.

    19,300       1,000,510  

Electric Power Development Co., Ltd.

    10,900       255,221  

FamilyMart UNY Holdings Co., Ltd.

    6,600       393,207  

FANUC Corp.

    15,300       3,141,706  

Fast Retailing Co., Ltd.

    4,200       1,320,630  

Fuji Electric Co., Ltd.

    43,000       255,991  

Fuji Heavy Industries, Ltd.

    49,600       1,824,645  

FUJIFILM Holdings Corp.

    36,700       1,435,791  

Fujitsu, Ltd.

    146,000       894,952  

Fukuoka Financial Group, Inc.

    53,000       229,956  

Hachijuni Bank, Ltd. (The)

    30,000       169,868  

Hakuhodo DY Holdings, Inc.

    17,600       208,983  

Hamamatsu Photonics KK

    9,600       276,617  

Hankyu Hanshin Holdings, Inc.

    20,400       663,944  

Hikari Tsushin, Inc.

    1,800       175,982  

Hino Motors, Ltd.

    19,000       230,461  

Hirose Electric Co., Ltd.

    2,300       318,741  

Hiroshima Bank, Ltd. (The)

    38,000       161,865  

Hisamitsu Pharmaceutical Co., Inc.

    4,500       257,529  

Hitachi Chemical Co., Ltd.

    8,500       235,496  

Hitachi Construction Machinery Co., Ltd.

    8,900       222,367  

Hitachi High-Technologies Corp.

    5,500       224,358  

Hitachi Metals, Ltd.

    20,000       281,152  

Hitachi, Ltd.

    383,000       2,078,603  

Honda Motor Co., Ltd.

    130,600       3,942,693  

Hoshizaki Corp.

    4,100       323,001  

Hoya Corp.

    31,900       1,537,499  

Hulic Co., Ltd.

    32,300       304,144  

Idemitsu Kosan Co., Ltd.

    7,200       250,760  

IHI Corp. (b)

    145,000       458,221  

Iida Group Holdings Co., Ltd.

    12,700       195,046  

Inpex Corp.

    71,100       700,790  

Isetan Mitsukoshi Holdings, Ltd.

    26,900       295,777  

Isuzu Motors, Ltd.

    54,500       723,468  

ITOCHU Corp.

    124,100       1,762,974  

J Front Retailing Co., Ltd.

    23,000       341,576  

Japan Airlines Co., Ltd.

    8,400       266,474  

Japan Exchange Group, Inc.

    46,400       661,668  

Japan Post Bank Co., Ltd.

    30,800       382,526  

Japan Post Holdings Co., Ltd.

    34,200       429,584  

Japan Prime Realty Investment Corp. (REIT)

    88       340,424  

Japan Real Estate Investment Corp. (REIT)

    105       555,963  

Japan Retail Fund Investment Corp. (REIT)

    202       396,128  

Japan Tobacco, Inc.

    88,100       2,865,308  

JFE Holdings, Inc.

    41,700       716,858  

JGC Corp.

    14,000       244,007  

JSR Corp.

    19,100       322,549  

JTEKT Corp.

    20,000       311,456  

JX Holdings, Inc.

    191,000       940,803  

Kajima Corp.

    80,000       522,566  

Kakaku.com, Inc.

    11,000       149,514  

Kamigumi Co., Ltd.

    17,000       147,022  

 

BHFTII-189


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Kaneka Corp.

    22,000     $ 164,296  

Kansai Electric Power Co., Inc. (The)

    55,000       675,868  

Kansai Paint Co., Ltd.

    17,200       365,358  

Kao Corp.

    40,000       2,195,242  

Kawasaki Heavy Industries, Ltd.

    124,000       377,512  

KDDI Corp.

    149,300       3,919,327  

Keihan Holdings Co., Ltd.

    39,000       238,768  

Keikyu Corp.

    36,000       395,550  

Keio Corp.

    45,000       356,737  

Keisei Electric Railway Co., Ltd.

    10,000       232,225  

Keyence Corp.

    7,800       3,125,890  

Kikkoman Corp.

    12,000       358,727  

Kintetsu Group Holdings Co., Ltd.

    157,120       566,353  

Kirin Holdings Co., Ltd.

    66,100       1,247,755  

Kobe Steel, Ltd. (b)

    27,200       248,681  

Koito Manufacturing Co., Ltd.

    10,100       526,079  

Komatsu, Ltd.

    75,400       1,970,731  

Konami Holdings Corp.

    7,300       310,034  

Konica Minolta, Inc.

    37,000       331,731  

Kose Corp.

    2,300       208,378  

Kubota Corp.

    89,000       1,338,431  

Kuraray Co., Ltd.

    24,500       372,258  

Kurita Water Industries, Ltd.

    7,100       171,918  

Kyocera Corp.

    24,900       1,389,545  

Kyowa Hakko Kirin Co., Ltd.

    20,000       317,091  

Kyushu Electric Power Co., Inc.

    39,700       424,009  

Kyushu Financial Group, Inc.

    26,400       161,833  

Lawson, Inc.

    4,900       332,296  

Lion Corp.

    19,000       341,697  

LIXIL Group Corp.

    24,500       622,316  

M3, Inc.

    18,600       461,942  

Mabuchi Motor Co., Ltd.

    3,600       203,162  

Makita Corp.

    19,000       666,053  

Marubeni Corp.

    133,500       823,146  

Marui Group Co., Ltd.

    16,000       217,744  

Maruichi Steel Tube, Ltd.

    4,600       130,975  

Mazda Motor Corp.

    43,000       620,846  

McDonald’s Holdings Co. Japan, Ltd.

    5,400       157,626  

Mebuki Financial Group, Inc.

    63,100       252,717  

Medipal Holdings Corp.

    10,700       167,978  

MEIJI Holdings Co., Ltd.

    10,200       849,437  

Minebea Co., Ltd.

    30,800       412,109  

Miraca Holdings, Inc.

    4,000       184,190  

MISUMI Group, Inc.

    22,200       401,929  

Mitsubishi Chemical Holdings Corp.

    116,300       901,645  

Mitsubishi Corp.

    119,900       2,594,362  

Mitsubishi Electric Corp.

    160,000       2,299,586  

Mitsubishi Estate Co., Ltd.

    99,000       1,808,784  

Mitsubishi Gas Chemical Co., Inc.

    13,000       270,398  

Mitsubishi Heavy Industries, Ltd.

    260,000       1,045,393  

Mitsubishi Materials Corp.

    7,900       239,156  

Mitsubishi Motors Corp.

    44,999       270,906  

Mitsubishi Tanabe Pharma Corp.

    22,000       458,322  

Mitsubishi UFJ Financial Group, Inc.

    1,021,088       6,439,754  

Mitsubishi UFJ Lease & Finance Co., Ltd.

    41,500       207,327  

Mitsui & Co., Ltd.

    137,517       1,995,391  

Mitsui Chemicals, Inc.

    75,000       371,223  
Japan—(Continued)  

Mitsui Fudosan Co., Ltd.

    75,000     1,603,049  

Mitsui OSK Lines, Ltd.

    75,000       236,407  

Mixi, Inc.

    3,700       178,387  

Mizuho Financial Group, Inc.

    1,933,900       3,550,538  

MS&AD Insurance Group Holdings, Inc.

    40,200       1,281,842  

Murata Manufacturing Co., Ltd.

    15,900       2,266,377  

Nabtesco Corp.

    7,500       198,933  

Nagoya Railroad Co., Ltd.

    74,000       333,465  

NEC Corp.

    225,000       542,461  

Nexon Co., Ltd.

    19,100       303,986  

NGK Insulators, Ltd.

    23,000       521,631  

NGK Spark Plug Co., Ltd.

    12,000       275,099  

NH Foods, Ltd.

    14,000       375,707  

Nidec Corp.

    20,000       1,905,061  

Nikon Corp.

    31,200       452,689  

Nintendo Co., Ltd.

    9,000       2,091,400  

Nippon Building Fund, Inc. (REIT)

    118       644,781  

Nippon Electric Glass Co., Ltd.

    31,000       187,700  

Nippon Express Co., Ltd.

    59,000       303,459  

Nippon Paint Holdings Co., Ltd.

    13,000       452,464  

Nippon Prologis REIT, Inc. (REIT)

    109       236,028  

Nippon Steel & Sumitomo Metal Corp.

    62,800       1,451,807  

Nippon Telegraph & Telephone Corp.

    54,900       2,342,981  

Nippon Yusen KK (b)

    142,000       300,389  

Nissan Chemical Industries, Ltd.

    10,000       291,467  

Nissan Motor Co., Ltd.

    197,400       1,906,585  

Nisshin Seifun Group, Inc.

    15,700       234,756  

Nissin Foods Holdings Co., Ltd.

    4,700       260,190  

Nitori Holdings Co., Ltd.

    6,900       871,736  

Nitto Denko Corp.

    12,600       974,775  

NOK Corp.

    7,900       183,495  

Nomura Holdings, Inc.

    303,200       1,889,904  

Nomura Real Estate Holdings, Inc.

    13,100       208,990  

Nomura Real Estate Master Fund, Inc. (REIT)

    322       499,658  

Nomura Research Institute, Ltd.

    9,900       365,057  

NSK, Ltd.

    39,000       559,907  

NTT Data Corp.

    10,776       511,972  

NTT DoCoMo, Inc.

    112,700       2,624,192  

Obayashi Corp.

    58,000       543,655  

Obic Co., Ltd.

    5,000       238,389  

Odakyu Electric Railway Co., Ltd.

    27,500       535,513  

OJI Holdings Corp.

    68,000       318,545  

Olympus Corp.

    22,800       878,070  

Omron Corp.

    16,400       720,938  

Ono Pharmaceutical Co., Ltd.

    32,000       662,831  

Oracle Corp. Japan

    3,000       171,524  

Oriental Land Co., Ltd.

    17,300       992,222  

ORIX Corp.

    110,600       1,640,366  

Osaka Gas Co., Ltd.

    161,000       612,088  

Otsuka Corp.

    3,700       201,034  

Otsuka Holdings Co., Ltd.

    32,000       1,445,074  

Panasonic Corp.

    183,800       2,081,224  

Park24 Co., Ltd.

    7,400       193,728  

Pola Orbis Holdings, Inc.

    7,600       183,561  

Rakuten, Inc.

    76,600       767,966  

Recruit Holdings Co., Ltd.

    29,300       1,495,822  

Resona Holdings, Inc.

    169,400       911,851  

 

BHFTII-190


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Japan—(Continued)  

Ricoh Co., Ltd.

    63,700     $ 524,703  

Rinnai Corp.

    2,800       223,021  

Rohm Co., Ltd.

    6,700       446,418  

Ryohin Keikaku Co., Ltd.

    1,800       394,398  

Santen Pharmaceutical Co., Ltd.

    27,500       398,532  

SBI Holdings, Inc.

    19,011       265,414  

Secom Co., Ltd.

    17,500       1,254,469  

Sega Sammy Holdings, Inc.

    13,300       178,396  

Seibu Holdings, Inc.

    13,800       228,016  

Seiko Epson Corp.

    20,000       421,707  

Sekisui Chemical Co., Ltd.

    37,900       637,699  

Sekisui House, Ltd.

    46,800       770,674  

Seven & i Holdings Co., Ltd.

    62,400       2,450,857  

Seven Bank, Ltd. (a)

    43,000       140,724  

Sharp Corp. (a) (b)

    120,000       508,582  

Shimadzu Corp.

    16,000       254,595  

Shimamura Co., Ltd.

    2,300       303,931  

Shimano, Inc.

    6,000       876,736  

Shimizu Corp.

    39,000       350,585  

Shin-Etsu Chemical Co., Ltd.

    30,900       2,684,855  

Shinsei Bank, Ltd.

    160,000       295,176  

Shionogi & Co., Ltd.

    25,200       1,302,626  

Shiseido Co., Ltd.

    29,300       771,824  

Shizuoka Bank, Ltd. (The)

    41,000       334,348  

Showa Shell Sekiyu KK

    15,400       156,108  

SMC Corp.

    4,500       1,334,405  

SoftBank Group Corp.

    66,100       4,677,388  

Sohgo Security Services Co., Ltd.

    4,800       179,284  

Sompo Holdings, Inc.

    26,999       991,878  

Sony Corp.

    103,400       3,504,601  

Sony Financial Holdings, Inc.

    12,800       206,369  

Stanley Electric Co., Ltd.

    11,800       337,044  

Start Today Co., Ltd.

    14,400       318,151  

Sumitomo Chemical Co., Ltd.

    126,000       706,141  

Sumitomo Corp.

    93,000       1,252,053  

Sumitomo Dainippon Pharma Co., Ltd.

    12,500       206,579  

Sumitomo Electric Industries, Ltd.

    66,334       1,102,601  

Sumitomo Heavy Industries, Ltd.

    39,000       272,488  

Sumitomo Metal Mining Co., Ltd.

    40,000       569,123  

Sumitomo Mitsui Financial Group, Inc.

    106,500       3,879,572  

Sumitomo Mitsui Trust Holdings, Inc.

    26,526       922,698  

Sumitomo Realty & Development Co., Ltd.

    28,000       728,338  

Sumitomo Rubber Industries, Ltd.

    12,500       213,529  

Sundrug Co., Ltd.

    6,000       201,183  

Suntory Beverage & Food, Ltd.

    10,400       438,280  

Suruga Bank, Ltd.

    13,000       274,209  

Suzuken Co., Ltd.

    5,800       190,540  

Suzuki Motor Corp.

    26,200       1,089,877  

Sysmex Corp.

    12,200       740,747  

T&D Holdings, Inc.

    49,200       717,165  

Taiheiyo Cement Corp.

    82,000       274,653  

Taisei Corp.

    80,000       583,115  

Taisho Pharmaceutical Holdings Co., Ltd.

    3,000       243,906  

Takashimaya Co., Ltd.

    19,000       166,384  

Takeda Pharmaceutical Co., Ltd.

    56,400       2,651,162  

TDK Corp.

    10,500       666,381  

Teijin, Ltd.

    13,200       249,281  
Japan—(Continued)  

Terumo Corp.

    27,200     945,423  

THK Co., Ltd.

    7,700       194,445  

Tobu Railway Co., Ltd.

    73,000       370,358  

Toho Co., Ltd.

    8,500       225,604  

Toho Gas Co., Ltd.

    31,000       219,540  

Tohoku Electric Power Co., Inc.

    39,800       539,449  

Tokio Marine Holdings, Inc.

    53,500       2,263,099  

Tokyo Electric Power Co. Holdings, Inc. (b)

    124,100       486,535  

Tokyo Electron, Ltd.

    13,500       1,476,844  

Tokyo Gas Co., Ltd.

    162,000       737,649  

Tokyo Tatemono Co., Ltd.

    14,500       191,498  

Tokyu Corp.

    96,000       680,156  

Tokyu Fudosan Holdings Corp.

    37,000       200,956  

TonenGeneral Sekiyu KK (b)

    18,000       225,195  

Toppan Printing Co., Ltd.

    41,000       418,467  

Toray Industries, Inc.

    126,000       1,118,222  

Toshiba Corp. (b)

    313,000       677,810  

TOTO, Ltd.

    10,400       393,558  

Toyo Seikan Group Holdings, Ltd.

    17,200       280,299  

Toyo Suisan Kaisha, Ltd.

    6,000       223,597  

Toyota Industries Corp.

    12,600       627,521  

Toyota Motor Corp.

    209,000       11,363,517  

Toyota Tsusho Corp.

    15,500       470,115  

Trend Micro, Inc.

    10,400       463,034  

Tsuruha Holdings, Inc.

    2,900       268,376  

Unicharm Corp.

    33,200       795,782  

United Urban Investment Corp. (REIT)

    266       408,183  

USS Co., Ltd.

    16,600       276,983  

West Japan Railway Co.

    13,700       891,540  

Yahoo Japan Corp.

    132,900       615,118  

Yakult Honsha Co., Ltd.

    6,300       349,918  

Yamada Denki Co., Ltd.

    55,900       279,332  

Yamaguchi Financial Group, Inc.

    15,000       162,880  

Yamaha Corp.

    15,800       434,502  

Yamaha Motor Co., Ltd.

    23,700       572,403  

Yamato Holdings Co., Ltd.

    27,000       566,290  

Yamazaki Baking Co., Ltd.

    9,000       185,309  

Yaskawa Electric Corp.

    18,000       361,891  

Yokogawa Electric Corp.

    16,300       257,055  

Yokohama Rubber Co., Ltd. (The)

    9,200       180,448  
   

 

 

 
      244,394,242  
   

 

 

 
Luxembourg—0.2%  

ArcelorMittal (b)

    145,609       1,221,347  

Eurofins Scientific SE

    878       383,090  

RTL Group S.A. (b)

    2,700       218,028  

Tenaris S.A.

    43,902       752,767  
   

 

 

 
      2,575,232  
   

 

 

 
Netherlands—3.9%  

ABN AMRO Group NV

    22,595       549,507  

Aegon NV

    144,233       735,734  

AerCap Holdings NV (b)

    13,600       625,192  

Airbus SE

    46,190       3,524,091  

Akzo Nobel NV

    19,973       1,659,592  

Altice NV - Class A (b)

    27,259       617,942  

 

BHFTII-191


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Netherlands—(Continued)  

Altice NV - Class B (b)

    8,752     $ 198,357  

ASML Holding NV

    29,885       3,974,163  

Boskalis Westminster

    6,294       217,609  

CNH Industrial NV

    78,026       754,418  

EXOR NV

    10,723       556,015  

Ferrari NV

    9,578       714,559  

Gemalto NV

    7,697       431,030  

Heineken Holding NV

    8,233       656,405  

Heineken NV

    17,749       1,514,337  

ING Groep NV

    310,514       4,703,450  

Koninklijke Ahold Delhaize NV

    106,335       2,281,656  

Koninklijke DSM NV

    13,712       929,631  

Koninklijke KPN NV

    263,537       795,496  

Koninklijke Philips NV

    74,893       2,413,621  

Koninklijke Vopak NV

    7,217       315,824  

NN Group NV

    24,394       795,452  

NXP Semiconductors NV (b)

    23,300       2,411,550  

QIAGEN NV (b)

    15,166       441,368  

Randstad Holding NV (a)

    9,402       543,882  

RELX NV

    78,420       1,460,703  

STMicroelectronics NV

    51,024       782,936  

Unilever NV

    130,477       6,498,770  

Wolters Kluwer NV

    26,213       1,092,122  
   

 

 

 
      42,195,412  
   

 

 

 
New Zealand—0.2%  

Auckland International Airport, Ltd.

    99,212       466,880  

Contact Energy, Ltd.

    58,969       208,363  

Fletcher Building, Ltd.

    56,031       324,696  

Meridian Energy, Ltd.

    124,449       243,349  

Ryman Healthcare, Ltd.

    29,900       174,947  

Spark New Zealand, Ltd.

    153,824       375,125  
   

 

 

 
      1,793,360  
   

 

 

 
Norway—0.6%  

DNB ASA

    81,386       1,289,857  

Gjensidige Forsikring ASA

    14,357       218,667  

Marine Harvest ASA (b)

    30,284       461,214  

Norsk Hydro ASA

    110,802       643,809  

Orkla ASA

    68,492       612,913  

Schibsted ASA - B Shares

    6,744       154,294  

Schibsted ASA - Class A

    6,052       155,878  

Statoil ASA

    87,269       1,499,496  

Telenor ASA

    58,784       978,246  

Yara International ASA

    15,820       609,032  
   

 

 

 
      6,623,406  
   

 

 

 
Portugal—0.2%  

Banco Espirito Santo S.A. (b) (c) (d)

    199,038       0  

EDP - Energias de Portugal S.A.

    185,244       629,512  

Galp Energia SGPS S.A.

    40,100       610,646  

Jeronimo Martins SGPS S.A.

    22,596       405,542  
   

 

 

 
      1,645,700  
   

 

 

 
Singapore—1.3%  

Ascendas Real Estate Investment Trust (REIT)

    215,000     387,752  

CapitaLand Commercial Trust (REIT)

    143,000       158,404  

CapitaLand Mall Trust (REIT)

    240,200       338,849  

CapitaLand, Ltd.

    227,200       590,251  

City Developments, Ltd.

    34,000       248,412  

ComfortDelGro Corp., Ltd.

    153,000       280,320  

DBS Group Holdings, Ltd.

    141,667       1,968,264  

Genting Singapore plc

    418,200       305,282  

Global Logistic Properties, Ltd.

    184,100       366,576  

Golden Agri-Resources, Ltd.

    605,100       166,578  

Hutchison Port Holdings Trust - Class U

    538,000       223,265  

Jardine Cycle & Carriage, Ltd.

    8,888       278,999  

Keppel Corp., Ltd.

    128,900       640,893  

Oversea-Chinese Banking Corp., Ltd.

    247,264       1,721,274  

SATS, Ltd.

    56,300       196,670  

Sembcorp Industries, Ltd.

    71,000       161,699  

Singapore Airlines, Ltd.

    51,440       370,719  

Singapore Exchange, Ltd.

    54,400       299,952  

Singapore Press Holdings, Ltd.

    153,050       388,844  

Singapore Technologies Engineering, Ltd.

    130,000       347,247  

Singapore Telecommunications, Ltd.

    656,420       1,842,405  

Suntec Real Estate Investment Trust (REIT)

    179,000       229,615  

United Overseas Bank, Ltd.

    105,192       1,665,701  

UOL Group, Ltd.

    33,000       164,742  

Wilmar International, Ltd.

    159,200       401,860  
   

 

 

 
      13,744,573  
   

 

 

 
Spain—3.3%  

Abertis Infraestructuras S.A.

    51,494       831,680  

ACS Actividades de Construccion y Servicios S.A.

    14,772       503,957  

Aena S.A.

    5,774       915,888  

Amadeus IT Group S.A.

    36,080       1,834,021  

Banco Bilbao Vizcaya Argentaria S.A.

    528,740       4,111,218  

Banco de Sabadell S.A.

    465,409       855,283  

Banco Popular Espanol S.A. (a) (b)

    253,956       247,170  

Banco Santander S.A.

    1,167,905       7,176,135  

Bankia S.A.

    323,299       368,644  

Bankinter S.A.

    48,939       412,018  

CaixaBank S.A. (a)

    268,510       1,157,045  

Distribuidora Internacional de Alimentacion S.A.

    40,490       234,761  

Enagas S.A.

    17,953       467,092  

Endesa S.A.

    23,384       550,976  

Ferrovial S.A.

    38,372       769,919  

Gas Natural SDG S.A.

    31,745       696,396  

Grifols S.A.

    23,842       586,301  

Iberdrola S.A.

    442,748       3,175,076  

Industria de Diseno Textil S.A.

    89,257       3,154,141  

International Consolidated Airlines Group S.A. - Class DI

    69,940       463,827  

Mapfre S.A.

    74,474       256,105  

Red Electrica Corp. S.A.

    36,520       702,120  

Repsol S.A.

    90,138       1,395,482  

Telefonica S.A.

    373,718       4,203,594  
   

 

 

 
      35,068,849  
   

 

 

 

 

BHFTII-192


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Sweden—2.8%  

Alfa Laval AB

    20,852     $ 394,260  

Assa Abloy AB - Class B

    80,175       1,651,280  

Atlas Copco AB - A Shares

    53,715       1,903,007  

Atlas Copco AB - B Shares

    32,703       1,043,223  

Boliden AB

    20,002       598,850  

Electrolux AB - Series B (a)

    17,118       477,734  

Getinge AB - B Shares (a)

    19,011       334,930  

Hennes & Mauritz AB - B Shares

    74,424       1,906,134  

Hexagon AB - B Shares

    19,206       774,422  

Husqvarna AB - B Shares

    25,677       226,365  

ICA Gruppen AB (a)

    5,619       192,533  

Industrivarden AB - C Shares

    16,050       349,204  

Investor AB - B Shares

    35,158       1,486,624  

Kinnevik AB - Class B

    21,519       576,481  

L E Lundbergforetagen AB - B Shares

    3,045       207,332  

Lundin Petroleum AB (b)

    16,017       326,458  

Millicom International Cellular S.A.

    5,384       301,345  

Nordea Bank AB

    237,519       2,723,647  

Sandvik AB

    84,986       1,272,229  

Securitas AB - B Shares

    21,462       336,756  

Skandinaviska Enskilda Banken AB - Class A (a)

    125,966       1,406,725  

Skanska AB - B Shares (a)

    30,119       712,354  

SKF AB - B Shares (a)

    32,785       651,409  

Svenska Cellulosa AB SCA - Class B (a)

    51,018       1,652,669  

Svenska Handelsbanken AB - A Shares (a)

    123,478       1,699,765  

Swedbank AB - A Shares (a)

    75,029       1,744,620  

Swedish Match AB

    14,499       472,974  

Tele2 AB - B Shares

    23,661       226,875  

Telefonaktiebolaget LM Ericsson - B Shares (a)

    245,096       1,643,327  

Telia Co. AB

    219,400       924,333  

Volvo AB - B Shares (a)

    126,102       1,863,307  
   

 

 

 
      30,081,172  
   

 

 

 
Switzerland—8.9%  

ABB, Ltd.

    149,315       3,494,588  

Actelion, Ltd. (b)

    8,051       2,273,939  

Adecco Group AG

    12,943       920,086  

Aryzta AG (b)

    7,132       229,085  

Baloise Holding AG

    4,297       591,983  

Barry Callebaut AG (b)

    132       172,665  

Chocoladefabriken Lindt & Spruengli AG

    9       598,233  

Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)

    81       459,658  

Cie Financiere Richemont S.A.

    40,858       3,227,293  

Coca-Cola HBC AG (b)

    13,800       355,659  

Credit Suisse Group AG (b)

    159,081       2,364,609  

Dufry AG (b)

    3,625       553,066  

EMS-Chemie Holding AG

    579       337,608  

Galenica AG

    295       311,553  

Geberit AG

    3,038       1,311,262  

Givaudan S.A.

    717       1,292,341  

Glencore plc (b)

    976,977       3,833,071  

Julius Baer Group, Ltd. (b)

    17,027       850,638  

Kuehne & Nagel International AG

    4,135       584,973  

LafargeHolcim, Ltd. (b)

    35,455       2,100,666  

Lonza Group AG (b)

    4,579       865,256  
Switzerland—(Continued)  

Nestle S.A.

    249,363     19,142,774  

Novartis AG

    179,478       13,334,124  

Pargesa Holding S.A.

    3,763       266,182  

Partners Group Holding AG

    1,388       746,759  

Roche Holding AG

    56,166       14,338,268  

Schindler Holding AG

    1,428       270,965  

Schindler Holding AG (Participation Certificate)

    3,216       621,722  

SGS S.A.

    429       916,588  

Sika AG

    170       1,020,910  

Sonova Holding AG

    4,058       563,461  

Swatch Group AG (The)

    5,039       350,719  

Swatch Group AG (The) - Bearer Shares

    2,384       852,696  

Swiss Life Holding AG (b)

    2,458       793,728  

Swiss Prime Site AG (b)

    6,356       559,839  

Swiss Re AG

    26,071       2,342,992  

Swisscom AG (a)

    2,156       995,419  

Syngenta AG

    7,276       3,213,814  

UBS Group AG

    294,259       4,712,938  

Zurich Insurance Group AG

    12,336       3,295,736  
   

 

 

 
      95,067,866  
   

 

 

 
United Kingdom—16.3%  

3i Group plc

    83,477       782,388  

Aberdeen Asset Management plc

    62,282       205,768  

Admiral Group plc

    16,009       398,187  

Anglo American plc (b)

    114,075       1,725,775  

Antofagasta plc

    26,957       280,384  

Ashtead Group plc

    37,846       781,884  

Associated British Foods plc

    27,546       898,285  

AstraZeneca plc

    101,128       6,203,058  

Auto Trader Group plc

    75,401       369,889  

Aviva plc

    331,823       2,207,567  

Babcock International Group plc

    22,688       250,371  

BAE Systems plc

    259,623       2,088,330  

Barclays plc

    1,358,982       3,823,134  

Barratt Developments plc

    88,548       605,582  

Berkeley Group Holdings plc

    10,289       412,811  

BP plc

    1,514,753       8,681,509  

British American Tobacco plc

    149,122       9,865,951  

British Land Co. plc (The) (REIT)

    73,348       559,932  

BT Group plc

    669,710       2,664,968  

Bunzl plc

    27,344       792,215  

Burberry Group plc

    32,742       707,305  

Capita plc

    56,282       397,759  

Carnival plc

    15,318       875,082  

Centrica plc

    433,996       1,177,711  

Cobham plc

    148,611       247,303  

Coca-Cola European Partners plc

    17,100       641,100  

Compass Group plc

    136,155       2,560,349  

Croda International plc

    12,193       543,839  

Diageo plc

    202,310       5,783,842  

Direct Line Insurance Group plc

    120,497       523,488  

Dixons Carphone plc

    87,082       345,847  

easyJet plc

    10,815       138,757  

Fiat Chrysler Automobiles NV (b)

    70,787       771,793  

Fresnillo plc

    22,254       430,910  

 

BHFTII-193


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description  

Shares

    Value  
United Kingdom—(Continued)  

G4S plc

    145,464     $ 553,532  

GKN plc

    126,099       573,838  

GlaxoSmithKline plc

    389,565       8,087,805  

Hammerson plc (REIT)

    74,953       535,294  

Hargreaves Lansdown plc

    23,808       387,515  

Hikma Pharmaceuticals plc

    11,370       281,435  

HSBC Holdings plc

    1,592,402       12,985,550  

IMI plc

    20,055       298,963  

Imperial Brands plc

    77,211       3,737,544  

Inmarsat plc

    33,445       355,959  

InterContinental Hotels Group plc

    15,517       758,307  

Intertek Group plc

    14,174       698,162  

Intu Properties plc (REIT)

    92,411       322,753  

Investec plc

    52,596       358,277  

J Sainsbury plc

    120,106       396,957  

Johnson Matthey plc

    15,590       601,027  

Kingfisher plc

    189,541       773,284  

Land Securities Group plc (REIT)

    69,232       917,283  

Legal & General Group plc

    465,307       1,438,989  

Lloyds Banking Group plc

    5,102,788       4,237,273  

London Stock Exchange Group plc

    25,259       1,001,630  

Marks & Spencer Group plc

    137,472       578,506  

Mediclinic International plc

    30,600       272,266  

Meggitt plc

    55,862       311,320  

Merlin Entertainments plc

    52,353       313,978  

Mondi plc

    27,093       653,845  

National Grid plc

    299,625       3,792,779  

Next plc

    11,803       638,077  

Old Mutual plc

    378,865       951,484  

Pearson plc

    63,486       540,477  

Persimmon plc

    22,805       597,694  

Petrofac, Ltd.

    17,337       199,450  

Provident Financial plc

    11,099       416,275  

Prudential plc

    205,782       4,344,491  

Randgold Resources, Ltd.

    8,250       718,902  

Reckitt Benckiser Group plc

    50,862       4,626,464  

RELX plc

    85,441       1,672,415  

Rio Tinto plc

    100,627       4,042,542  

Rolls-Royce Holdings plc (b)

    152,053       1,432,172  

Royal Bank of Scotland Group plc (b)

    315,947       956,602  

Royal Dutch Shell plc - A Shares

    349,822       9,183,050  

Royal Dutch Shell plc - B Shares

    299,606       8,215,489  

Royal Mail plc

    67,965       361,336  

RSA Insurance Group plc

    93,305       684,338  

Sage Group plc (The)

    93,810       740,617  

Schroders plc

    10,735       406,748  

Segro plc (REIT)

    74,212       423,376  

Severn Trent plc

    20,415       607,191  

Sky plc

    81,836       998,307  

Smith & Nephew plc

    70,070       1,065,656  

Smiths Group plc

    31,976       648,003  

SSE plc

    80,939       1,494,112  

St. James’s Place plc

    38,927       516,560  

Standard Chartered plc (b)

    260,617       2,489,297  

Standard Life plc

    166,532       739,365  

Tate & Lyle plc

    33,576       320,989  
United Kingdom—(Continued)  

Taylor Wimpey plc

    240,026     $ 580,098  

Tesco plc (b)

    671,221       1,558,170  

Travis Perkins plc

    20,832       394,411  

Unilever plc

    103,156       5,081,592  

United Utilities Group plc

    57,234       710,535  

Vodafone Group plc

    2,124,260       5,513,972  

Weir Group plc (The)

    17,104       410,376  

Whitbread plc

    14,502       717,756  

William Hill plc

    82,380       299,557  

WM Morrison Supermarkets plc

    166,578       499,934  

Wolseley plc

    20,872       1,310,255  

Worldpay Group plc

    144,225       532,775  

WPP plc

    101,031       2,213,568  
   

 

 

 
      173,821,622  
   

 

 

 
United States—0.1%  

Mobileye NV (b)

    14,200       871,880  
   

 

 

 

Total Common Stocks
(Cost $928,791,163)

      1,036,550,514  
   

 

 

 
Preferred Stocks – 0.5%  
Germany—0.5%  

Bayerische Motoren Werke (BMW) AG

    3,581       282,796  

FUCHS Petrolub SE

    4,900       239,661  

Henkel AG & Co. KGaA

    13,964       1,794,068  

Porsche Automobil Holding SE

    11,870       649,251  

Schaeffler AG

    13,141       231,747  

Volkswagen AG

    15,111       2,207,042  
   

 

 

 

Total Preferred Stocks
(Cost $4,157,085)

      5,404,565  
   

 

 

 
Mutual Fund—0.3%  
United States—0.3%  

iShares MSCI EAFE ETF (e)
(Cost $3,346,948)

    57,600       3,587,904  
   

 

 

 
Rights—0.0%  
Germany—0.0%  

Deutsche Bank AG, Expires 04/06/17 (b)
(Cost $0)

    109,061       261,287  
   

 

 

 
Short-Term Investments—1.8%  
Discount Notes—1.0%  

Federal Home Loan Bank
0.475%, 04/10/17 (f)

    225,000       224,970  

0.487%, 04/17/17 (f)

    125,000       124,966  

0.522%, 04/21/17 (f)

    125,000       124,957  

0.545%, 05/12/17 (f)

    325,000       324,743  

0.624%, 07/19/17 (f)

    700,000       698,377  

 

BHFTII-194


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—(Continued)

 

Security Description   Principal
Amount*
    Value  
Discount Notes—(Continued)  

Federal Home Loan Bank
0.638%, 05/26/17 (f)

    425,000     $ 424,543  

0.769%, 05/31/17 (f)

    650,000       649,236  

0.783%, 06/21/17 (f)

    8,400,000       8,386,174  
   

 

 

 
      10,957,966  
   

 

 

 
U.S. Treasury—0.8%  

U.S. Treasury Bills
0.349%, 04/06/17 (f)

    925,000       924,953  

0.463%, 04/13/17 (f)

    2,225,000       2,224,553  

0.509%, 04/27/17 (f)

    4,750,000       4,747,686  

0.764%, 08/03/17 (f)

    600,000       598,393  
   

 

 

 
      8,495,585  
   

 

 

 

Total Short-Term Investments
(Cost $19,453,621)

      19,453,551  
   

 

 

 
Securities Lending Reinvestments (g)—1.9%  
Repurchase Agreements—1.7%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,148,330 on 04/03/17, collateralized by $1,651,601 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,171,223.

    1,148,257       1,148,257  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $3,800,279 on 04/03/17, collateralized by $3,889,251 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $3,876,001.

    3,800,000       3,800,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $83,159 on 04/03/17, collateralized by $84,132 Foreign Obligations at 1.875, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $84,816.

    83,152       83,152  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $500,054 on 04/03/17, collateralized by $77,249 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $548,993.

    500,000       500,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $1,200,780 on 04/03/17, collateralized by $185,398 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,317,584.

    1,200,000       1,200,000  
Repurchase Agreements—(Continued)  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $4,000,273 on 04/03/17, collateralized by $3,974,976 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $4,082,464.

    4,000,000     $ 4,000,000  

Natixis New York
Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $3,000,245 on 04/03/17, collateralized by $3,511,954 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000%, maturity dates ranging from 06/30/18 - 01/16/58, with a value of $3,060,250.

    3,000,000       3,000,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $4,000,310 on 04/03/17, collateralized by $11,973,898 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $4,080,000.

    4,000,000       4,000,000  
   

 

 

 
      17,731,409  
   

 

 

 
Time Deposits—0.2%  

Credit Agricole S.A. London
0.830%, 04/03/17

    1,000,000       1,000,000  

Skandanaviska Enskilda Banken
0.850%, 04/03/17

    1,000,000       1,000,000  

Svenska
0.800%, 04/03/17

    500,000       500,000  
   

 

 

 
      2,500,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $20,231,409)

      20,231,409  
   

 

 

 

Total Investments—101.5%
(Cost $975,980,226) (h)

      1,085,489,230  

Other assets and liabilities (net)—(1.5)%

      (16,330,298
   

 

 

 
Net Assets—100.0%     $ 1,069,158,932  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $19,139,498 and the collateral received consisted of cash in the amount of $20,231,409. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.05% of net assets.

 

BHFTII-195


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

 

(d)   Illiquid security. As of March 31, 2017, these securities represent 0.0% of net assets.
(e)   All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $2,491,600.
(f)   The rate shown represents current yield to maturity.
(g)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(h)   As of March 31, 2017, the aggregate cost of investments was $975,980,226. The aggregate unrealized appreciation and depreciation of investments were $251,073,840 and $(141,564,836), respectively, resulting in net unrealized appreciation of $109,509,004.
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.
(ETF)—   Exchange-Traded Fund
(REIT)—   A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.

 

Ten Largest Industries as of
March 31, 2017 (Unaudited)

  

% of
Net Assets

 

Banks

     12.3  

Pharmaceuticals

     7.6  

Insurance

     5.3  

Oil, Gas & Consumable Fuels

     4.8  

Chemicals

     3.9  

Automobiles

     3.5  

Food Products

     3.0  

Metals & Mining

     2.8  

Diversified Telecommunication Services

     2.7  

Machinery

     2.5  

 

Futures Contracts

 

Futures Contracts—Long

   Expiration
Date
     Number of
Contracts
     Notional
Amount
     Unrealized
Appreciation
 

MSCI EAFE Index Mini Futures

     06/16/17        216        USD       19,162,250      $ 83,350  
             

 

 

 

 

(USD)—   United States Dollar

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

 

BHFTII-196


Table of Contents

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  
Common Stocks           

Australia

   $ —        $ 81,307,771     $ —        $ 81,307,771  

Austria

     —          2,198,820       —          2,198,820  

Belgium

     —          12,071,326       —          12,071,326  

Denmark

     —          17,045,607       —          17,045,607  

Finland

     —          10,028,724       —          10,028,724  

France

     —          100,456,295       —          100,456,295  

Germany

     —          92,241,740       —          92,241,740  

Hong Kong

     296,640        36,064,449       —          36,361,089  

Ireland

     —          11,719,371       —          11,719,371  

Israel

     3,422,201        2,726,560       —          6,148,761  

Italy

     —          19,087,696       —          19,087,696  

Japan

     —          244,394,242       —          244,394,242  

Luxembourg

     —          2,575,232       —          2,575,232  

Netherlands

     3,036,742        39,158,670       —          42,195,412  

New Zealand

     —          1,793,360       —          1,793,360  

Norway

     —          6,623,406       —          6,623,406  

Portugal

     —          1,645,700       0        1,645,700  

Singapore

     —          13,744,573       —          13,744,573  

Spain

     —          35,068,849       —          35,068,849  

Sweden

     —          30,081,172       —          30,081,172  

Switzerland

     —          95,067,866       —          95,067,866  

United Kingdom

     —          173,821,622       —          173,821,622  

United States

     871,880        —         —          871,880  

Total Common Stocks

     7,627,463        1,028,923,051       0        1,036,550,514  

Total Preferred Stocks*

     —          5,404,565       —          5,404,565  

Total Mutual Fund*

     3,587,904        —         —          3,587,904  

Total Rights*

     261,287        —         —          261,287  

Total Short-Term Investments*

     —          19,453,551       —          19,453,551  

Total Securities Lending Reinvestments*

     —          20,231,409       —          20,231,409  

Total Investments

   $ 11,476,654      $ 1,074,012,576     $ 0      $ 1,085,489,230  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (20,231,409   $ —        $ (20,231,409
Futures Contracts           

Futures Contracts (Unrealized Appreciation)

   $ 83,350      $ —       $ —        $ 83,350  

 

*   See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

 

BHFTII-197


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—93.8% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—1.5%  

AAR Corp.

    16,635     $ 559,435  

Aerojet Rocketdyne Holdings, Inc. (a)

    29,383       637,611  

Aerovironment, Inc. (a) (b)

    8,967       251,345  

Astronics Corp. (a)

    8,569       271,894  

Axon Enterprise, Inc. (a)

    26,071       594,158  

Cubic Corp. (b)

    12,431       656,357  

Curtiss-Wright Corp.

    21,215       1,936,081  

DigitalGlobe, Inc. (a)

    29,669       971,660  

Ducommun, Inc. (a)

    5,959       171,560  

Engility Holdings, Inc. (a)

    8,737       252,849  

Esterline Technologies Corp. (a)

    14,168       1,219,156  

KEYW Holding Corp. (The) (a) (b)

    17,571       165,870  

KLX, Inc. (a)

    24,991       1,117,098  

Kratos Defense & Security Solutions, Inc. (a)

    32,972       256,522  

Mercury Systems, Inc. (a) (b)

    22,228       868,003  

Moog, Inc. - Class A (a)

    15,634       1,052,950  

National Presto Industries, Inc. (b)

    2,572       262,858  

Teledyne Technologies, Inc. (a)

    15,874       2,007,426  

Triumph Group, Inc. (b)

    24,082       620,112  

Vectrus, Inc. (a)

    5,647       126,211  

Wesco Aircraft Holdings, Inc. (a) (b)

    29,211       333,005  
   

 

 

 
      14,332,161  
   

 

 

 
Air Freight & Logistics—0.5%  

Air Transport Services Group, Inc. (a)

    25,431       408,167  

Atlas Air Worldwide Holdings, Inc. (a)

    11,728       650,318  

Echo Global Logistics, Inc. (a)

    14,649       312,756  

Forward Air Corp.

    14,772       702,704  

HUB Group, Inc. - Class A (a)

    15,117       701,429  

Park-Ohio Holdings Corp.

    4,748       170,691  

XPO Logistics, Inc. (a) (b)

    45,582       2,182,922  
   

 

 

 
      5,128,987  
   

 

 

 
Airlines—0.3%  

Allegiant Travel Co. (b)

    6,072       973,038  

Hawaiian Holdings, Inc. (a)

    24,998       1,161,157  

SkyWest, Inc.

    24,419       836,351  
   

 

 

 
      2,970,546  
   

 

 

 
Auto Components—1.2%  

American Axle & Manufacturing Holdings, Inc. (a)

    37,813       710,128  

Cooper Tire & Rubber Co. (b)

    27,246       1,208,360  

Cooper-Standard Holding, Inc. (a)

    6,881       763,309  

Dana, Inc.

    69,361       1,339,361  

Dorman Products, Inc. (a) (b)

    12,774       1,049,129  

Fox Factory Holding Corp. (a)

    11,504       330,165  

Gentherm, Inc. (a)

    17,276       678,083  

Horizon Global Corp. (a)

    9,617       133,484  

LCI Industries

    11,598       1,157,480  

Metaldyne Performance Group, Inc.

    6,210       141,899  

Modine Manufacturing Co. (a)

    23,187       282,881  

Motorcar Parts of America, Inc. (a) (b)

    8,000       245,840  

Spartan Motors, Inc.

    17,934       143,472  

Standard Motor Products, Inc.

    9,638       473,611  

Stoneridge, Inc. (a)

    13,705       248,609  
Auto Components—(Continued)  

Superior Industries International, Inc. (b)

    12,615     319,790  

Tenneco, Inc.

    25,977       1,621,484  

Tower International, Inc.

    10,455       283,331  
   

 

 

 
      11,130,416  
   

 

 

 
Automobiles—0.0%  

Winnebago Industries, Inc.

    12,257       358,517  
   

 

 

 
Banks—10.6%  

1st Source Corp.

    7,645       358,933  

Access National Corp. (b)

    7,093       212,932  

Allegiance Bancshares, Inc. (a)

    5,825       216,690  

American National Bankshares, Inc.

    4,311       160,585  

Ameris Bancorp

    16,855       777,015  

Ames National Corp.

    4,647       142,198  

Arrow Financial Corp. (b)

    5,994       203,197  

Atlantic Capital Bancshares, Inc. (a) (b)

    7,046       133,522  

Banc of California, Inc. (b)

    23,881       494,337  

BancFirst Corp.

    3,589       322,651  

Banco Latinoamericano de Comercio Exterior S.A. - Class E

    14,005       388,499  

Bancorp, Inc. (The) (a) (b)

    25,747       131,310  

BancorpSouth, Inc.

    41,566       1,257,371  

Bank of Marin Bancorp

    3,199       205,856  

Bank of NT Butterfield & Son, Ltd. (The)

    6,168       196,821  

Bank of the Ozarks, Inc.

    41,195       2,142,552  

Banner Corp.

    14,787       822,749  

Bar Harbor Bankshares

    7,342       242,873  

Berkshire Hills Bancorp, Inc.

    14,754       531,882  

Blue Hills Bancorp, Inc. (b)

    13,063       233,175  

BNC Bancorp

    18,833       660,097  

Boston Private Financial Holdings, Inc.

    40,232       659,805  

Bridge Bancorp, Inc.

    8,870       310,450  

Brookline Bancorp, Inc.

    33,001       516,466  

Bryn Mawr Bank Corp. (b)

    8,151       321,964  

Camden National Corp.

    7,839       345,230  

Capital Bank Financial Corp. - Class A

    11,940       518,196  

Capital City Bank Group, Inc.

    5,769       123,399  

Cardinal Financial Corp. (b)

    14,931       447,034  

Carolina Financial Corp.

    5,566       166,980  

Cascade Bancorp (a)

    16,748       129,127  

Cathay General Bancorp (b)

    34,405       1,296,380  

CenterState Banks, Inc.

    21,605       559,569  

Central Pacific Financial Corp.

    15,142       462,437  

Chemical Financial Corp.

    30,595       1,564,934  

Citizens & Northern Corp.

    6,716       156,348  

City Holding Co.

    6,429       414,542  

CNB Financial Corp. (b)

    6,782       162,022  

CoBiz Financial, Inc.

    17,832       299,578  

Codorus Valley Bancorp, Inc.

    4,262       110,428  

Columbia Banking System, Inc. (b)

    28,451       1,109,304  

Community Bank System, Inc. (b)

    20,283       1,115,159  

Community Trust Bancorp, Inc.

    8,162       373,411  

ConnectOne Bancorp, Inc. (b)

    13,860       336,105  

CU Bancorp (a) (b)

    8,163       323,663  

Customers Bancorp, Inc. (a)

    11,686       368,460  

 

BHFTII-198


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Banks—(Continued)  

CVB Financial Corp. (b)

    45,830     $ 1,012,385  

Eagle Bancorp, Inc. (a)

    15,010       896,097  

Enterprise Bancorp, Inc.

    4,064       141,265  

Enterprise Financial Services Corp.

    9,318       395,083  

Equity Bancshares, Inc. - Class A (a)

    3,583       113,832  

Farmers Capital Bank Corp. (b)

    3,713       150,005  

Farmers National Banc Corp.

    13,414       192,491  

FB Financial Corp. (a) (b)

    3,500       123,760  

FCB Financial Holdings, Inc. - Class A (a)

    14,825       734,579  

Fidelity Southern Corp.

    10,827       242,308  

Financial Institutions, Inc.

    6,461       212,890  

First BanCorp (a)

    55,535       313,773  

First Bancorp (b)

    8,573       251,103  

First Bancorp, Inc.

    5,308       144,643  

First Busey Corp.

    15,850       465,990  

First Business Financial Services, Inc.

    4,184       108,617  

First Citizens BancShares, Inc. - Class A

    3,585       1,202,301  

First Commonwealth Financial Corp.

    41,887       555,422  

First Community Bancshares, Inc.

    8,470       211,496  

First Connecticut Bancorp, Inc. (b)

    7,629       189,199  

First Financial Bancorp

    28,214       774,474  

First Financial Bankshares, Inc. (b)

    30,167       1,209,697  

First Financial Corp.

    4,114       195,415  

First Foundation, Inc. (a)

    13,966       216,613  

First Interstate BancSystem, Inc. - Class A (b)

    9,233       366,088  

First Merchants Corp. (b)

    20,166       792,927  

First Mid-Illinois Bancshares, Inc.

    4,235       143,312  

First Midwest Bancorp, Inc.

    42,153       998,183  

First of Long Island Corp. (The) (b)

    9,924       268,444  

Flushing Financial Corp.

    13,422       360,649  

FNB Corp.

    149,175       2,218,232  

Franklin Financial Network, Inc. (a)

    4,922       190,728  

Fulton Financial Corp. (b)

    82,075       1,465,039  

German American Bancorp, Inc.

    6,759       319,971  

Glacier Bancorp, Inc. (b)

    34,577       1,173,198  

Great Southern Bancorp, Inc.

    4,991       252,046  

Great Western Bancorp, Inc. (b)

    28,884       1,224,970  

Green Bancorp, Inc. (a)

    11,285       200,873  

Guaranty Bancorp

    8,675       211,236  

Hancock Holding Co.

    39,741       1,810,203  

Hanmi Financial Corp.

    15,681       482,191  

HarborOne Bancorp, Inc. (a) (b)

    7,619       144,685  

Heartland Financial USA, Inc.

    10,964       547,652  

Heritage Commerce Corp.

    10,489       147,895  

Heritage Financial Corp.

    12,644       312,939  

Heritage Oaks Bancorp

    11,367       151,749  

Hilltop Holdings, Inc.

    34,409       945,215  

Home BancShares, Inc.

    57,149       1,547,023  

HomeTrust Bancshares, Inc. (a)

    6,444       151,434  

Hope Bancorp, Inc.

    59,993       1,150,066  

Horizon Bancorp

    9,708       254,544  

Iberiabank Corp.

    23,786       1,881,473  

Independent Bank Corp.

    11,863       245,564  

Independent Bank Corp./Rockland Trust (b)

    12,760       829,400  

Independent Bank Group, Inc. (b)

    5,438       349,663  

International Bancshares Corp.

    25,537       904,010  

Investors Bancorp, Inc.

    137,546       1,977,911  
Banks—(Continued)  

Lakeland Bancorp, Inc.

    19,901     390,060  

Lakeland Financial Corp.

    12,208       526,409  

LegacyTexas Financial Group, Inc. (b)

    21,060       840,294  

Live Oak Bancshares, Inc. (b)

    10,388       224,900  

Macatawa Bank Corp.

    14,416       142,430  

MainSource Financial Group, Inc.

    10,246       337,401  

MB Financial, Inc.

    36,413       1,559,205  

Mercantile Bank Corp.

    8,647       297,457  

Merchants Bancshares, Inc. (b)

    3,000       146,100  

MidWestOne Financial Group, Inc. (b)

    3,645       124,987  

National Bank Holdings Corp. - Class A

    12,889       418,892  

National Bankshares, Inc. (b)

    3,487       130,937  

National Commerce Corp. (a)

    4,628       169,385  

NBT Bancorp, Inc. (b)

    20,117       745,737  

Nicolet Bankshares, Inc. (a) (b)

    3,298       156,127  

OFG Bancorp

    19,884       234,631  

Old Line Bancshares, Inc.

    4,370       124,458  

Old National Bancorp

    65,101       1,129,502  

Old Second Bancorp, Inc.

    14,296       160,830  

Opus Bank

    8,631       173,915  

Pacific Continental Corp.

    10,841       265,605  

Pacific Premier Bancorp, Inc. (a) (b)

    12,610       486,115  

Park National Corp.

    6,727       707,680  

Park Sterling Corp. (b)

    23,392       287,956  

Peapack Gladstone Financial Corp. (b)

    6,672       197,424  

People’s Utah Bancorp

    7,011       185,441  

Peoples Bancorp, Inc.

    6,641       210,254  

Peoples Financial Services Corp.

    3,673       153,531  

Pinnacle Financial Partners, Inc.

    22,099       1,468,479  

Preferred Bank

    5,630       302,106  

PrivateBancorp, Inc.

    36,340       2,157,506  

Prosperity Bancshares, Inc. (b)

    31,257       2,178,925  

QCR Holdings, Inc.

    5,811       246,096  

Renasant Corp.

    20,087       797,253  

Republic Bancorp, Inc. - Class A

    5,421       186,428  

Republic First Bancorp, Inc. (a)

    25,144       208,695  

S&T Bancorp, Inc. (b)

    15,660       541,836  

Sandy Spring Bancorp, Inc.

    10,533       431,748  

Seacoast Banking Corp. of Florida (a)

    15,100       362,098  

ServisFirst Bancshares, Inc.

    20,928       761,361  

Shore Bancshares, Inc.

    6,528       109,083  

Sierra Bancorp

    5,841       160,219  

Simmons First National Corp. - Class A (b)

    13,943       768,956  

South State Corp.

    12,408       1,108,655  

Southside Bancshares, Inc. (b)

    12,681       425,701  

Southwest Bancorp, Inc.

    9,007       235,533  

State Bank Financial Corp.

    16,379       427,819  

Sterling Bancorp

    57,925       1,372,822  

Stock Yards Bancorp, Inc.

    10,633       432,231  

Stonegate Bank (b)

    5,132       241,666  

Sun Bancorp, Inc.

    4,652       113,509  

Texas Capital Bancshares, Inc. (a)

    23,642       1,972,925  

Tompkins Financial Corp. (b)

    6,322       509,237  

Towne Bank

    27,456       889,574  

TriCo Bancshares

    9,787       347,732  

TriState Capital Holdings, Inc. (a)

    11,422       266,704  

Triumph Bancorp, Inc. (a) (b)

    7,480       192,984  

 

BHFTII-199


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Banks—(Continued)  

Trustmark Corp. (b)

    31,188     $ 991,467  

UMB Financial Corp.

    20,613       1,552,365  

Umpqua Holdings Corp.

    104,556       1,854,823  

Union Bankshares Corp.

    20,843       733,257  

United Bankshares, Inc. (b)

    33,033       1,395,644  

United Community Banks, Inc.

    34,521       955,886  

Univest Corp. of Pennsylvania (b)

    12,133       314,245  

Valley National Bancorp (b)

    112,863       1,331,783  

Veritex Holdings, Inc. (a) (b)

    4,364       122,716  

Washington Trust Bancorp, Inc.

    7,713       380,251  

WashingtonFirst Bankshares, Inc.

    4,653       130,284  

Webster Financial Corp.

    43,929       2,198,207  

WesBanco, Inc.

    17,895       681,978  

West Bancorp, Inc.

    8,036       184,426  

Westamerica Bancorp (b)

    10,790       602,406  

Wintrust Financial Corp.

    23,663       1,635,587  
   

 

 

 
      100,910,056  
   

 

 

 
Beverages—0.2%  

Boston Beer Co., Inc. (The) - Class A (a) (b)

    4,334       626,913  

Coca-Cola Bottling Co. Consolidated

    2,376       489,504  

MGP Ingredients, Inc. (b)

    5,440       295,011  

National Beverage Corp.

    5,742       485,371  

Primo Water Corp. (a)

    10,997       149,339  
   

 

 

 
      2,046,138  
   

 

 

 
Biotechnology—4.5%  

Acceleron Pharma, Inc. (a) (b)

    13,695       362,507  

Achillion Pharmaceuticals, Inc. (a)

    56,103       236,194  

Acorda Therapeutics, Inc. (a) (b)

    20,455       429,555  

Adamas Pharmaceuticals, Inc. (a) (b)

    7,040       123,200  

Aduro Biotech, Inc. (a) (b)

    18,643       200,412  

Advaxis, Inc. (a) (b)

    18,811       153,686  

Agenus, Inc. (a) (b)

    38,088       143,592  

Aimmune Therapeutics, Inc. (a) (b)

    14,043       305,154  

Akebia Therapeutics, Inc. (a)

    22,828       210,018  

Alder Biopharmaceuticals, Inc. (a) (b)

    23,239       483,371  

AMAG Pharmaceuticals, Inc. (a)

    16,034       361,567  

Amicus Therapeutics, Inc. (a) (b)

    70,916       505,631  

Ardelyx, Inc. (a)

    16,415       207,650  

Arena Pharmaceuticals, Inc. (a)

    114,310       166,893  

Array BioPharma, Inc. (a) (b)

    82,904       741,162  

Atara Biotherapeutics, Inc. (a) (b)

    11,963       245,840  

Avexis, Inc. (a) (b)

    2,726       207,258  

Axovant Sciences, Ltd. (a) (b)

    13,161       196,625  

Bellicum Pharmaceuticals, Inc. (a)

    11,404       140,725  

BioCryst Pharmaceuticals, Inc. (a) (b)

    42,881       360,200  

BioSpecifics Technologies Corp. (a)

    3,039       166,537  

BioTime, Inc. (a) (b)

    39,767       137,196  

Bluebird Bio, Inc. (a)

    19,539       1,776,095  

Blueprint Medicines Corp. (a)

    12,101       483,919  

Cara Therapeutics, Inc. (a) (b)

    11,468       210,897  

Celldex Therapeutics, Inc. (a) (b)

    47,742       172,349  

Chimerix, Inc. (a)

    24,480       156,182  

Clovis Oncology, Inc. (a)

    17,614       1,121,483  

Coherus Biosciences, Inc. (a)

    15,243       322,389  
Biotechnology—(Continued)  

Concert Pharmaceuticals, Inc. (a)

    8,973     153,079  

Curis, Inc. (a)

    63,039       175,248  

Cytokinetics, Inc. (a)

    18,716       240,501  

CytomX Therapeutics, Inc. (a)

    11,599       200,315  

Dynavax Technologies Corp. (a)

    24,492       145,727  

Eagle Pharmaceuticals, Inc. (a) (b)

    4,073       337,815  

Emergent BioSolutions, Inc. (a) (b)

    15,717       456,422  

Enanta Pharmaceuticals, Inc. (a)

    7,598       234,018  

Epizyme, Inc. (a)

    20,920       358,778  

Esperion Therapeutics, Inc. (a)

    7,538       266,167  

Exact Sciences Corp. (a) (b)

    50,476       1,192,243  

Exelixis, Inc. (a)

    107,444       2,328,311  

FibroGen, Inc. (a) (b)

    24,972       615,560  

Five Prime Therapeutics, Inc. (a) (b)

    13,422       485,205  

Flexion Therapeutics, Inc. (a)

    12,372       332,931  

Foundation Medicine, Inc. (a) (b)

    7,156       230,781  

Genomic Health, Inc. (a)

    8,810       277,427  

Geron Corp. (a) (b)

    75,588       171,585  

Global Blood Therapeutics, Inc. (a) (b)

    9,929       365,884  

Halozyme Therapeutics, Inc. (a) (b)

    51,119       662,502  

Heron Therapeutics, Inc. (a) (b)

    18,692       280,380  

Idera Pharmaceuticals, Inc. (a)

    56,719       140,096  

Ignyta, Inc. (a)

    16,158       138,959  

ImmunoGen, Inc. (a) (b)

    46,019       178,094  

Immunomedics, Inc. (a) (b)

    49,803       322,225  

Inovio Pharmaceuticals, Inc. (a) (b)

    36,297       240,286  

Insmed, Inc. (a) (b)

    30,343       531,306  

Insys Therapeutics, Inc. (a) (b)

    11,118       116,850  

Invitae Corp. (a)

    15,995       176,905  

Ironwood Pharmaceuticals, Inc. (a) (b)

    63,682       1,086,415  

Karyopharm Therapeutics, Inc. (a)

    15,254       195,861  

Keryx Biopharmaceuticals, Inc. (a) (b)

    40,309       248,303  

Kite Pharma, Inc. (a) (b)

    20,623       1,618,699  

La Jolla Pharmaceutical Co. (a)

    6,436       192,115  

Lexicon Pharmaceuticals, Inc. (a) (b)

    23,843       341,909  

Ligand Pharmaceuticals, Inc. (a) (b)

    9,331       987,593  

Lion Biotechnologies, Inc. (a)

    25,388       189,141  

Loxo Oncology, Inc. (a)

    7,131       300,072  

MacroGenics, Inc. (a) (b)

    14,803       275,336  

Merrimack Pharmaceuticals, Inc. (a) (b)

    64,388       198,315  

MiMedx Group, Inc. (a) (b)

    48,233       459,660  

Momenta Pharmaceuticals, Inc. (a)

    32,218       430,110  

Myriad Genetics, Inc. (a) (b)

    33,438       642,010  

Natera, Inc. (a)

    13,813       122,521  

NewLink Genetics Corp. (a)

    11,288       272,041  

Novavax, Inc. (a) (b)

    138,764       177,618  

Organovo Holdings, Inc. (a) (b)

    45,372       144,283  

Otonomy, Inc. (a)

    12,561       153,872  

PDL BioPharma, Inc.

    77,531       175,995  

Portola Pharmaceuticals, Inc. (a)

    23,603       925,002  

Progenics Pharmaceuticals, Inc. (a) (b)

    32,263       304,563  

Prothena Corp. plc (a)

    16,405       915,235  

PTC Therapeutics, Inc. (a)

    15,786       155,334  

Puma Biotechnology, Inc. (a)

    13,791       513,025  

Radius Health, Inc. (a)

    15,372       594,128  

REGENXBIO, Inc. (a)

    11,312       218,322  

Repligen Corp. (a)

    15,913       560,138  

 

BHFTII-200


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Biotechnology—(Continued)  

Retrophin, Inc. (a)

    16,403     $ 302,799  

Rigel Pharmaceuticals, Inc. (a)

    66,270       219,354  

Sage Therapeutics, Inc. (a)

    14,728       1,046,719  

Sangamo Therapeutics, Inc. (a) (b)

    31,616       164,403  

Sarepta Therapeutics, Inc. (a) (b)

    24,301       719,310  

Spark Therapeutics, Inc. (a)

    9,557       509,770  

Spectrum Pharmaceuticals, Inc. (a) (b)

    40,647       264,205  

Synergy Pharmaceuticals, Inc. (a) (b)

    91,913       428,315  

TESARO, Inc. (a) (b)

    13,684       2,105,557  

TG Therapeutics, Inc. (a) (b)

    20,926       243,788  

Ultragenyx Pharmaceutical, Inc. (a) (b)

    18,315       1,241,391  

Vanda Pharmaceuticals, Inc. (a)

    20,273       283,822  

Versartis, Inc. (a)

    16,518       352,659  

XBiotech, Inc. (a)

    9,818       161,899  

Xencor, Inc. (a)

    16,674       398,842  

ZIOPHARM Oncology, Inc. (a) (b)

    61,375       389,117  
   

 

 

 
      42,913,453  
   

 

 

 
Building Products—1.2%  

AAON, Inc.

    19,095       675,008  

Advanced Drainage Systems, Inc. (b)

    15,729       344,465  

American Woodmark Corp. (a)

    6,699       614,968  

Apogee Enterprises, Inc. (b)

    13,684       815,703  

Armstrong Flooring, Inc. (a)

    11,681       215,164  

Builders FirstSource, Inc. (a)

    41,041       611,511  

Caesarstone, Ltd. (a)

    11,687       423,654  

Continental Building Products, Inc. (a)

    17,313       424,168  

CSW Industrials, Inc. (a)

    6,168       226,366  

Gibraltar Industries, Inc. (a)

    14,856       612,067  

Griffon Corp.

    14,438       355,897  

Insteel Industries, Inc. (b)

    7,222       261,003  

JELD-WEN Holding, Inc. (a)

    12,966       425,933  

Masonite International Corp. (a) (b)

    14,468       1,146,589  

NCI Building Systems, Inc. (a)

    13,110       224,837  

Patrick Industries, Inc. (a)

    7,120       504,808  

PGT Innovations, Inc. (a) (b)

    22,494       241,810  

Ply Gem Holdings, Inc. (a)

    11,295       222,512  

Quanex Building Products Corp. (b)

    17,697       358,364  

Simpson Manufacturing Co., Inc. (b)

    19,498       840,169  

Trex Co., Inc. (a) (b)

    13,230       918,030  

Universal Forest Products, Inc.

    9,556       941,648  
   

 

 

 
      11,404,674  
   

 

 

 
Capital Markets—1.3%  

Arlington Asset Investment Corp. - Class A (b)

    10,056       142,091  

BGC Partners, Inc. - Class A

    106,454       1,209,317  

Cohen & Steers, Inc. (b)

    9,693       387,429  

Cowen Group, Inc. - Class A (a) (b)

    13,196       197,280  

Diamond Hill Investment Group, Inc. (b)

    1,546       300,774  

Evercore Partners, Inc. - Class A

    17,826       1,388,645  

Financial Engines, Inc. (b)

    25,168       1,096,066  

Gain Capital Holdings, Inc. (b)

    20,006       166,650  

Greenhill & Co., Inc. (b)

    13,790       404,047  

Houlihan Lokey, Inc.

    10,141       349,358  

International FCStone, Inc. (a)

    7,668       291,077  

Investment Technology Group, Inc. (b)

    17,949       363,467  
Capital Markets—(Continued)  

Janus Capital Group, Inc.

    67,529     891,383  

KCG Holdings, Inc. - Class A (a)

    19,230       342,871  

Ladenburg Thalmann Financial Services, Inc. (a) (b)

    51,479       127,668  

Moelis & Co. - Class A

    11,404       439,054  

OM Asset Management plc

    20,265       306,407  

Piper Jaffray Cos.

    7,063       450,973  

PJT Partners, Inc. - Class A

    7,794       273,492  

Safeguard Scientifics, Inc. (a)

    10,084       128,067  

Stifel Financial Corp. (a)

    29,866       1,498,975  

Virtu Financial, Inc. - Class A

    12,905       219,385  

Virtus Investment Partners, Inc.

    2,514       266,233  

Waddell & Reed Financial, Inc. - Class A (b)

    38,993       662,881  

Westwood Holdings Group, Inc.

    3,235       172,781  

Wins Finance Holdings, Inc. (a) (b)

    669       96,998  

WisdomTree Investments, Inc. (b)

    53,688       487,487  
   

 

 

 
      12,660,856  
   

 

 

 
Chemicals—2.6%  

A. Schulman, Inc.

    12,704       399,541  

American Vanguard Corp.

    14,887       247,124  

Balchem Corp. (b)

    14,840       1,223,113  

Calgon Carbon Corp.

    24,113       352,050  

Chase Corp.

    3,533       337,048  

Chemours Co. (The)

    85,221       3,281,008  

Chemtura Corp. (a)

    30,064       1,004,138  

Ferro Corp. (a)

    40,624       617,078  

Flotek Industries, Inc. (a) (b)

    28,523       364,809  

FutureFuel Corp.

    10,195       144,565  

GCP Applied Technologies, Inc. (a)

    34,475       1,125,609  

Hawkins, Inc.

    4,778       234,122  

HB Fuller Co. (b)

    23,919       1,233,264  

Ingevity Corp. (a)

    19,155       1,165,582  

Innophos Holdings, Inc.

    9,207       496,902  

Innospec, Inc.

    11,303       731,869  

KMG Chemicals, Inc.

    3,094       142,541  

Koppers Holdings, Inc. (a)

    10,265       434,723  

Kraton Corp. (a)

    14,021       433,529  

Kronos Worldwide, Inc.

    11,199       183,999  

Minerals Technologies, Inc.

    16,456       1,260,530  

Olin Corp. (b)

    76,354       2,509,756  

OMNOVA Solutions, Inc. (a)

    22,821       225,928  

PolyOne Corp.

    39,392       1,342,873  

Quaker Chemical Corp.

    5,838       768,631  

Rayonier Advanced Materials, Inc.

    19,176       257,917  

Sensient Technologies Corp.

    20,810       1,649,401  

Stepan Co.

    9,222       726,786  

Trecora Resources (a)

    10,819       120,091  

Tredegar Corp.

    13,367       234,591  

Trinseo S.A.

    12,370       830,027  

Tronox, Ltd. - Class A

    30,359       560,123  
   

 

 

 
      24,639,268  
   

 

 

 
Commercial Services & Supplies—2.2%  

ABM Industries, Inc.

    25,771       1,123,616  

ACCO Brands Corp. (a)

    52,031       684,208  

Advanced Disposal Services, Inc. (a)

    11,089       250,611  

 

BHFTII-201


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Commercial Services & Supplies—(Continued)  

Aqua Metals, Inc. (a)

    6,413     $ 125,310  

Brady Corp. - Class A

    20,184       780,112  

Brink’s Co. (The)

    21,829       1,166,760  

Casella Waste Systems, Inc. - Class A (a)

    20,153       284,359  

Ceco Environmental Corp.

    14,983       157,471  

Deluxe Corp.

    22,214       1,603,184  

Ennis, Inc.

    14,123       240,091  

Essendant, Inc.

    18,301       277,260  

Healthcare Services Group, Inc.

    33,776       1,455,408  

Herman Miller, Inc.

    28,305       893,023  

HNI Corp.

    20,835       960,285  

InnerWorkings, Inc. (a)

    18,741       186,660  

Interface, Inc.

    31,333       596,894  

Kimball International, Inc. - Class B

    16,738       276,177  

Knoll, Inc.

    23,781       566,226  

Matthews International Corp. - Class A

    15,251       1,031,730  

McGrath RentCorp

    10,515       352,989  

Mobile Mini, Inc. (b)

    20,245       617,473  

MSA Safety, Inc.

    15,204       1,074,771  

Multi-Color Corp. (b)

    6,168       437,928  

Quad/Graphics, Inc.

    13,076       330,038  

SP Plus Corp. (a) (b)

    8,683       293,051  

Steelcase, Inc. - Class A

    42,340       709,195  

Team, Inc. (a) (b)

    14,183       383,650  

Tetra Tech, Inc. (b) (c)

    27,830       1,136,855  

TRC Cos., Inc. (a)

    9,745       170,050  

U.S. Ecology, Inc.

    10,067       471,639  

UniFirst Corp. (b)

    7,187       1,016,601  

Viad Corp.

    8,932       403,726  

VSE Corp.

    4,190       170,952  

West Corp.

    20,298       495,677  
   

 

 

 
      20,723,980  
   

 

 

 
Communications Equipment—1.8%  

Acacia Communications, Inc. (a) (b)

    2,652       155,460  

ADTRAN, Inc.

    24,190       501,943  

Applied Optoelectronics, Inc. (a) (b)

    8,622       484,125  

Bel Fuse, Inc. - Class B

    4,719       120,570  

CalAmp Corp. (a) (b)

    19,380       325,390  

Calix, Inc. (a)

    19,494       141,332  

Ciena Corp. (a)

    66,636       1,573,276  

Comtech Telecommunications Corp.

    11,475       169,142  

Digi International, Inc. (a)

    12,500       148,750  

EMCORE Corp. (b)

    13,561       122,049  

Extreme Networks, Inc. (a)

    50,414       378,609  

Finisar Corp. (a)

    50,382       1,377,444  

Harmonic, Inc. (a) (b)

    42,437       252,500  

Infinera Corp. (a)

    66,643       681,758  

InterDigital, Inc.

    16,024       1,382,871  

Ixia (a)

    28,748       564,898  

Lumentum Holdings, Inc. (a)

    22,876       1,220,435  

NETGEAR, Inc. (a)

    14,969       741,714  

NetScout Systems, Inc. (a)

    43,077       1,634,772  

Oclaro, Inc. (a)

    49,350       484,617  

Plantronics, Inc.

    15,665       847,633  

ShoreTel, Inc. (a)

    28,961       178,110  
Communications Equipment—(Continued)  

Silicom, Ltd.

    2,866     142,354  

Sonus Networks, Inc. (a)

    24,015       158,259  

Ubiquiti Networks, Inc. (a) (b)

    12,458       626,139  

ViaSat, Inc. (a) (b)

    24,578       1,568,568  

Viavi Solutions, Inc. (a)

    114,315       1,225,457  
   

 

 

 
      17,208,175  
   

 

 

 
Construction & Engineering—0.9%  

Aegion Corp. (a)

    17,495       400,810  

Argan, Inc. (b)

    6,140       406,161  

Comfort Systems USA, Inc.

    17,796       652,223  

Dycom Industries, Inc. (a) (b)

    13,889       1,290,983  

EMCOR Group, Inc.

    28,215       1,776,134  

Granite Construction, Inc. (b)

    19,068       957,023  

Great Lakes Dredge & Dock Corp. (a) (b)

    30,133       120,532  

MasTec, Inc. (a)

    32,059       1,283,963  

MYR Group, Inc. (a)

    6,874       281,834  

NV5 Global, Inc. (a)

    3,969       149,234  

Primoris Services Corp. (b)

    17,845       414,361  

Tutor Perini Corp. (a)

    19,192       610,306  
   

 

 

 
      8,343,564  
   

 

 

 
Construction Materials—0.3%  

Forterra, Inc. (a)

    9,011       175,714  

Headwaters, Inc. (a)

    34,173       802,382  

Summit Materials, Inc. - Class A (a)

    50,598       1,250,277  

U.S. Concrete, Inc. (a) (b)

    7,217       465,857  
   

 

 

 
      2,694,230  
   

 

 

 
Consumer Finance—0.5%  

Encore Capital Group, Inc. (a) (b)

    9,952       306,522  

Enova International, Inc. (a)

    13,048       193,763  

EZCORP, Inc. - Class A (a)

    25,543       208,175  

FirstCash, Inc.

    22,224       1,092,310  

Green Dot Corp. - Class A (a)

    21,594       720,376  

LendingClub Corp. (a)

    161,286       885,460  

Nelnet, Inc. - Class A

    9,125       400,222  

PRA Group, Inc. (a) (b)

    22,334       740,372  

World Acceptance Corp. (a) (b)

    3,560       184,337  
   

 

 

 
      4,731,537  
   

 

 

 
Containers & Packaging—0.1%  

Greif, Inc. - Class A

    12,112       667,250  

Greif, Inc. - Class B

    2,277       148,688  

Multi Packaging Solutions International, Ltd. (a)

    9,350       167,833  

Myers Industries, Inc.

    10,665       169,040  
   

 

 

 
      1,152,811  
   

 

 

 
Distributors—0.1%  

Core-Mark Holding Co., Inc. (b)

    19,693       614,225  
   

 

 

 
Diversified Consumer Services—0.9%  

American Public Education, Inc. (a)

    8,921       204,291  

Bright Horizons Family Solutions, Inc. (a)

    21,377       1,549,619  

 

BHFTII-202


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Diversified Consumer Services—(Continued)  

Capella Education Co.

    5,633     $ 478,946  

Career Education Corp. (a)

    35,115       305,500  

Carriage Services, Inc. (b)

    7,506       203,563  

Chegg, Inc. (a) (b)

    36,609       308,980  

DeVry Education Group, Inc.

    29,702       1,052,936  

Grand Canyon Education, Inc. (a)

    20,833       1,491,851  

Houghton Mifflin Harcourt Co. (a)

    59,125       600,119  

K12, Inc. (a)

    17,337       332,003  

Laureate Education, Inc. - Class A (a)

    19,236       274,498  

Regis Corp. (a)

    18,180       213,069  

Sotheby’s (a)

    23,893       1,086,654  

Strayer Education, Inc. (b)

    5,524       444,627  

Weight Watchers International, Inc. (a)

    13,493       210,086  
   

 

 

 
      8,756,742  
   

 

 

 
Diversified Financial Services—0.1%  

FNFV Group (a)

    30,326       401,819  

NewStar Financial, Inc.

    11,793       124,770  

On Deck Capital, Inc. (a) (b)

    24,943       125,713  

PICO Holdings, Inc. (a)

    12,147       170,058  
   

 

 

 
      822,360  
   

 

 

 
Diversified Telecommunication Services—0.5%  

ATN International, Inc.

    4,754       334,777  

Cincinnati Bell, Inc. (a)

    19,517       345,451  

Cogent Communications Holdings, Inc.

    19,575       842,704  

Consolidated Communications Holdings, Inc. (b)

    24,229       567,443  

FairPoint Communications, Inc. (a)

    11,602       192,593  

General Communication, Inc. - Class A (a) (b)

    10,930       227,344  

Globalstar, Inc. (a) (b)

    163,738       261,981  

IDT Corp. - Class B

    8,438       107,331  

Iridium Communications, Inc. (a) (b)

    38,356       370,135  

Lumos Networks Corp. (a) (b)

    8,396       148,609  

ORBCOMM, Inc. (a)

    31,662       302,372  

pdvWireless, Inc. (a)

    3,369       73,613  

Straight Path Communications, Inc. -
Class B (a) (b)

    4,955       178,231  

Vonage Holdings Corp. (a)

    86,416       546,149  

Windstream Holdings, Inc. (b)

    86,995       474,123  
   

 

 

 
      4,972,856  
   

 

 

 
Electric Utilities—1.0%  

ALLETE, Inc.

    23,439       1,587,055  

El Paso Electric Co.

    18,779       948,339  

IDACORP, Inc.

    23,882       1,981,251  

MGE Energy, Inc.

    16,879       1,097,135  

Otter Tail Corp. (b)

    18,873       715,287  

PNM Resources, Inc.

    38,721       1,432,677  

Portland General Electric Co.

    42,222       1,875,501  
   

 

 

 
      9,637,245  
   

 

 

 
Electrical Equipment—0.6%  

Atkore International Group, Inc. (a)

    6,426       168,875  

AZZ, Inc.

    12,522       745,059  

Babcock & Wilcox Enterprises, Inc. (a)

    22,628       211,346  
Electrical Equipment—(Continued)  

Encore Wire Corp. (b)

    9,729     447,534  

Energous Corp. (a) (b)

    7,743       120,791  

EnerSys

    19,774       1,560,960  

Generac Holdings, Inc. (a)

    28,764       1,072,322  

General Cable Corp. (b)

    24,951       447,870  

LSI Industries, Inc.

    10,801       108,982  

Plug Power, Inc. (a)

    97,992       135,229  

Powell Industries, Inc.

    4,404       151,674  

Sunrun, Inc. (a) (b)

    34,164       184,486  

Thermon Group Holdings, Inc. (a) (b)

    15,847       330,251  

Vicor Corp. (a) (b)

    8,793       141,567  
   

 

 

 
      5,826,946  
   

 

 

 
Electronic Equipment, Instruments & Components—2.9%  

Anixter International, Inc. (a)

    13,642       1,081,811  

AVX Corp.

    21,871       358,247  

Badger Meter, Inc. (b)

    13,640       501,270  

Belden, Inc.

    19,822       1,371,484  

Benchmark Electronics, Inc. (a)

    24,418       776,492  

Coherent, Inc. (a)

    11,226       2,308,515  

Control4 Corp. (a)

    10,604       167,437  

CTS Corp.

    15,701       334,431  

Daktronics, Inc. (b)

    18,513       174,948  

ePlus, Inc. (a)

    2,743       370,442  

Fabrinet (a)

    17,507       735,819  

FARO Technologies, Inc. (a) (b)

    8,551       305,698  

II-VI, Inc. (a)

    29,121       1,049,812  

Insight Enterprises, Inc. (a) (c)

    17,579       722,321  

InvenSense, Inc. (a)

    39,596       500,097  

Itron, Inc. (a)

    16,214       984,190  

Kimball Electronics, Inc. (a)

    14,109       239,148  

Knowles Corp. (a) (b)

    43,119       817,105  

Littelfuse, Inc.

    10,066       1,609,654  

Mesa Laboratories, Inc.

    1,474       180,860  

Methode Electronics, Inc.

    17,959       818,930  

MTS Systems Corp. (b)

    7,482       411,884  

Novanta, Inc. (a)

    15,349       407,516  

OSI Systems, Inc. (a)

    8,490       619,685  

Park Electrochemical Corp. (b)

    10,569       188,762  

PC Connection, Inc.

    5,366       159,853  

Plexus Corp. (a) (c)

    15,422       891,392  

Rogers Corp. (a)

    8,965       769,825  

Sanmina Corp. (a)

    35,180       1,428,308  

ScanSource, Inc. (a)

    12,162       477,359  

SYNNEX Corp.

    13,358       1,495,295  

Tech Data Corp. (a)

    16,978       1,594,234  

TTM Technologies, Inc. (a) (b)

    35,998       580,648  

Universal Display Corp.

    18,997       1,635,642  

Vishay Intertechnology, Inc. (b)

    66,423       1,092,658  
   

 

 

 
      27,161,772  
   

 

 

 
Energy Equipment & Services—1.1%  

Archrock, Inc.

    34,795       431,458  

Atwood Oceanics, Inc. (a)

    37,266       355,145  

Bristow Group, Inc. (b)

    17,044       259,239  

CARBO Ceramics, Inc. (a) (b)

    11,978       156,193  

 

BHFTII-203


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Energy Equipment & Services—(Continued)  

Era Group, Inc. (a) (b)

    10,295     $ 136,512  

Exterran Corp. (a)

    14,849       467,001  

Fairmount Santrol Holdings, Inc. (a) (b)

    44,533       326,427  

Forum Energy Technologies, Inc. (a)

    29,182       604,067  

Geospace Technologies Corp. (a)

    7,045       114,340  

Helix Energy Solutions Group, Inc. (a)

    67,569       525,011  

Keane Group, Inc. (a)

    17,150       245,245  

Matrix Service Co. (a)

    14,196       234,234  

McDermott International, Inc. (a)

    116,414       785,794  

Natural Gas Services Group, Inc. (a)

    6,643       173,050  

Newpark Resources, Inc. (a) (b)

    41,815       338,702  

Oil States International, Inc. (a)

    24,545       813,667  

Parker Drilling Co. (a)

    59,681       104,442  

Pioneer Energy Services Corp. (a)

    42,051       168,204  

RigNet, Inc. (a)

    7,269       155,920  

SEACOR Holdings, Inc. (a)

    7,977       551,929  

Seadrill, Ltd. (a) (b)

    188,659       311,287  

Tesco Corp. (a)

    19,926       160,404  

TETRA Technologies, Inc. (a)

    57,683       234,770  

U.S. Silica Holdings, Inc.

    35,317       1,694,863  

Unit Corp. (a)

    24,655       595,665  
   

 

 

 
      9,943,569  
   

 

 

 
Equity Real Estate Investment Trusts—7.0%  

Acadia Realty Trust

    38,553       1,158,903  

Agree Realty Corp.

    11,290       541,468  

Alexander’s, Inc.

    1,029       444,384  

American Assets Trust, Inc. (b)

    19,187       802,784  

Armada Hoffler Properties, Inc. (b)

    19,662       273,105  

Ashford Hospitality Prime, Inc.

    14,521       154,068  

Ashford Hospitality Trust, Inc.

    39,201       249,710  

Bluerock Residential Growth REIT, Inc.

    9,427       116,046  

CareTrust REIT, Inc.

    27,942       469,984  

CatchMark Timber Trust, Inc. - Class A

    19,002       218,903  

CBL & Associates Properties, Inc. (b)

    82,772       789,645  

Cedar Realty Trust, Inc.

    37,954       190,529  

Chatham Lodging Trust

    18,798       371,261  

Chesapeake Lodging Trust

    28,075       672,677  

City Office REIT, Inc.

    10,122       122,982  

Colony Starwood Homes (b)

    34,194       1,160,886  

Community Healthcare Trust, Inc.

    6,730       160,847  

CorEnergy Infrastructure Trust, Inc. (b)

    5,980       202,004  

CoreSite Realty Corp.

    15,225       1,371,011  

Cousins Properties, Inc.

    170,293       1,408,323  

DiamondRock Hospitality Co.

    92,371       1,029,937  

DuPont Fabros Technology, Inc. (b)

    35,214       1,746,262  

Easterly Government Properties, Inc. (b)

    16,288       322,340  

EastGroup Properties, Inc. (b)

    15,137       1,113,024  

Education Realty Trust, Inc. (b)

    35,414       1,446,662  

Farmland Partners, Inc.

    13,291       148,460  

FelCor Lodging Trust, Inc.

    66,829       501,886  

First Industrial Realty Trust, Inc.

    52,815       1,406,463  

First Potomac Realty Trust

    27,829       286,082  

Four Corners Property Trust, Inc.

    29,818       680,745  

Franklin Street Properties Corp.

    48,177       584,869  

Geo Group, Inc. (The) (b)

    38,231       1,772,772  
Equity Real Estate Investment Trusts—(Continued)  

Getty Realty Corp.

    13,449     339,856  

Gladstone Commercial Corp. (b)

    10,038       207,485  

Global Net Lease, Inc. (b)

    31,987       770,247  

Government Properties Income Trust (b)

    33,503       701,218  

Gramercy Property Trust (b)

    64,707       1,701,794  

Healthcare Realty Trust, Inc.

    53,728       1,746,160  

Hersha Hospitality Trust

    21,188       398,123  

Hudson Pacific Properties, Inc.

    57,520       1,992,493  

Independence Realty Trust, Inc.

    27,689       259,446  

InfraREIT, Inc.

    19,986       359,748  

Investors Real Estate Trust

    56,725       336,379  

iStar, Inc. (a)

    31,393       370,437  

Kite Realty Group Trust (b)

    38,990       838,285  

LaSalle Hotel Properties

    49,406       1,430,304  

Lexington Realty Trust

    112,246       1,120,215  

LTC Properties, Inc.

    17,896       857,218  

Mack-Cali Realty Corp.

    43,539       1,172,941  

MedEquities Realty Trust, Inc. (b)

    10,709       120,048  

Medical Properties Trust, Inc. (b)

    140,719       1,813,868  

Monmouth Real Estate Investment Corp.

    32,365       461,849  

Monogram Residential Trust, Inc.

    82,552       823,043  

National Health Investors, Inc. (b)

    17,654       1,282,210  

National Storage Affiliates Trust

    20,224       483,354  

New Senior Investment Group, Inc. (b)

    40,485       412,947  

NexPoint Residential Trust, Inc.

    9,072       219,180  

NorthStar Realty Europe Corp.

    30,012       347,839  

One Liberty Properties, Inc.

    6,290       146,934  

Parkway, Inc.

    20,151       400,803  

Pebblebrook Hotel Trust (b)

    33,791       987,035  

Pennsylvania Real Estate Investment Trust

    32,570       493,110  

Physicians Realty Trust (b)

    72,857       1,447,669  

Potlatch Corp.

    19,692       899,924  

Preferred Apartment Communities, Inc. - Class A

    11,149       147,278  

PS Business Parks, Inc.

    9,635       1,105,713  

QTS Realty Trust, Inc. - Class A

    22,822       1,112,573  

RAIT Financial Trust

    39,654       126,893  

Ramco-Gershenson Properties Trust

    37,976       532,424  

Retail Opportunity Investments Corp. (b)

    52,344       1,100,794  

Rexford Industrial Realty, Inc.

    31,246       703,660  

RLJ Lodging Trust (b)

    58,062       1,365,038  

Ryman Hospitality Properties, Inc.

    20,440       1,263,805  

Sabra Health Care REIT, Inc. (b)

    29,659       828,376  

Saul Centers, Inc.

    4,228       260,529  

Select Income REIT

    31,114       802,430  

Seritage Growth Properties - Class A (b)

    11,383       491,176  

Silver Bay Realty Trust Corp.

    16,953       363,981  

STAG Industrial, Inc. (b)

    39,233       981,610  

Summit Hotel Properties, Inc.

    44,058       704,047  

Sunstone Hotel Investors, Inc.

    99,222       1,521,073  

Terreno Realty Corp.

    20,992       587,776  

Tier REIT, Inc.

    22,342       387,857  

UMH Properties, Inc.

    11,462       174,337  

Universal Health Realty Income Trust (b)

    6,109       394,031  

Urban Edge Properties (b)

    43,765       1,151,020  

Urstadt Biddle Properties, Inc. - Class A

    13,207       271,536  

Washington Prime Group, Inc.

    90,826       789,278  

Washington Real Estate Investment Trust

    34,947       1,093,142  

 

BHFTII-204


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Equity Real Estate Investment Trusts—(Continued)  

Whitestone REIT (b)

    14,069     $ 194,715  

Xenia Hotels & Resorts, Inc.

    47,706       814,341  
   

 

 

 
      66,130,617  
   

 

 

 
Food & Staples Retailing—0.5%  

Andersons, Inc. (The)

    13,251       502,213  

Chefs’ Warehouse, Inc. (The) (a)

    8,577       119,220  

Ingles Markets, Inc. - Class A (b)

    6,173       266,365  

Performance Food Group Co. (a) (b)

    18,393       437,753  

Pricesmart, Inc. (b)

    9,802       903,744  

Smart & Final Stores, Inc. (a) (b)

    12,072       146,071  

SpartanNash Co.

    16,917       591,926  

SUPERVALU, Inc. (a)

    122,481       472,777  

United Natural Foods, Inc. (a) (b)

    23,843       1,030,733  

Weis Markets, Inc. (b)

    4,490       267,829  
   

 

 

 
      4,738,631  
   

 

 

 
Food Products—1.3%  

AdvancePierre Foods Holdings, Inc.

    10,704       333,644  

Amplify Snack Brands, Inc. (a)

    14,688       123,379  

B&G Foods, Inc. (b)

    31,647       1,273,792  

Cal-Maine Foods, Inc. (b)

    14,936       549,645  

Calavo Growers, Inc. (b)

    7,353       445,592  

Darling Ingredients, Inc. (a)

    78,508       1,139,936  

Dean Foods Co.

    44,397       872,845  

Farmer Bros Co. (a)

    3,967       140,233  

Fresh Del Monte Produce, Inc. (b)

    15,644       926,594  

Freshpet, Inc. (a) (b)

    10,616       116,776  

J&J Snack Foods Corp.

    6,995       948,242  

John B Sanfilippo & Son, Inc.

    3,295       241,161  

Lancaster Colony Corp.

    9,036       1,164,198  

Landec Corp. (a) (b)

    14,010       168,120  

Limoneira Co.

    6,209       129,830  

Omega Protein Corp. (b)

    11,349       227,548  

Sanderson Farms, Inc. (b)

    9,453       981,600  

Seaboard Corp. (b)

    132       550,369  

Seneca Foods Corp. - Class A (a) (b)

    3,507       126,603  

Snyder’s-Lance, Inc. (b)

    37,953       1,529,885  

Tootsie Roll Industries, Inc. (b)

    8,613       321,707  
   

 

 

 
      12,311,699  
   

 

 

 
Gas Utilities—1.2%  

Chesapeake Utilities Corp. (b)

    6,975       482,670  

New Jersey Resources Corp.

    41,016       1,624,234  

Northwest Natural Gas Co.

    13,257       783,489  

ONE Gas, Inc.

    24,719       1,671,004  

South Jersey Industries, Inc.

    37,607       1,340,690  

Southwest Gas Holdings, Inc.

    21,731       1,801,717  

Spire, Inc. (b)

    21,579       1,456,582  

WGL Holdings, Inc.

    23,231       1,917,254  
   

 

 

 
      11,077,640  
   

 

 

 
Health Care Equipment & Supplies—3.1%  

Abaxis, Inc.

    11,146       540,581  

Accuray, Inc. (a)

    37,218       176,785  
Health Care Equipment & Supplies—(Continued)  

Analogic Corp.

    6,383     484,470  

AngioDynamics, Inc. (a)

    13,423       232,889  

Anika Therapeutics, Inc. (a) (b)

    7,087       307,859  

AtriCure, Inc. (a) (b)

    16,270       311,570  

Atrion Corp. (b)

    618       289,348  

AxoGen, Inc. (a) (b)

    13,718       143,353  

Cantel Medical Corp.

    16,951       1,357,775  

Cardiovascular Systems, Inc. (a)

    14,951       422,739  

Cerus Corp. (a) (b)

    58,326       259,551  

CONMED Corp.

    13,371       593,806  

CryoLife, Inc. (a) (b)

    17,220       286,713  

Cutera, Inc. (a)

    6,744       139,601  

Endologix, Inc. (a) (b)

    44,063       319,016  

Exactech, Inc. (a)

    5,785       145,782  

GenMark Diagnostics, Inc. (a)

    19,362       248,221  

Glaukos Corp. (a)

    8,646       443,540  

Globus Medical, Inc. - Class A (a) (b)

    34,489       1,021,564  

Haemonetics Corp. (a)

    23,946       971,489  

Halyard Health, Inc. (a)

    23,074       878,889  

ICU Medical, Inc. (a)

    7,246       1,106,464  

Inogen, Inc. (a)

    7,470       579,373  

Insulet Corp. (a) (b)

    27,643       1,191,137  

Integer Holdings Corp. (a)

    15,275       614,055  

Integra LifeSciences Holdings Corp. (a)

    29,050       1,223,876  

Invacare Corp. (b)

    15,930       189,567  

iRhythm Technologies, Inc. (a) (b)

    4,090       153,784  

K2M Group Holdings, Inc. (a)

    13,487       276,618  

LeMaitre Vascular, Inc. (b)

    7,651       188,444  

Masimo Corp. (a)

    18,818       1,754,967  

Meridian Bioscience, Inc.

    22,552       311,218  

Merit Medical Systems, Inc. (a)

    21,638       625,338  

Natus Medical, Inc. (a)

    16,472       646,526  

Neogen Corp. (a)

    17,828       1,168,625  

Nevro Corp. (a)

    11,810       1,106,597  

Novocure, Ltd. (a)

    25,960       210,276  

NuVasive, Inc. (a)

    22,848       1,706,289  

NxStage Medical, Inc. (a)

    30,508       818,530  

OraSure Technologies, Inc. (a) (b)

    29,491       381,319  

Orthofix International NV (a)

    9,598       366,164  

Oxford Immunotec Global plc (a)

    12,520       193,935  

Penumbra, Inc. (a) (b)

    13,208       1,102,208  

Quidel Corp. (a)

    13,903       314,764  

Rockwell Medical, Inc. (a) (b)

    30,372       190,129  

RTI Surgical, Inc. (a)

    32,498       129,992  

Spectranetics Corp. (The) (a)

    21,548       627,585  

STAAR Surgical Co. (a)

    19,419       190,306  

SurModics, Inc. (a)

    6,159       148,124  

Utah Medical Products, Inc.

    2,002       124,725  

Wright Medical Group NV (a) (b)

    47,569       1,480,347  

Zeltiq Aesthetics, Inc. (a)

    15,960       887,536  
   

 

 

 
      29,584,359  
   

 

 

 
Health Care Providers & Services—1.7%  

Aceto Corp. (b)

    14,101       222,937  

Addus HomeCare Corp. (a)

    4,191       134,112  

Air Methods Corp. (a)

    16,113       692,859  

 

BHFTII-205


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Health Care Providers & Services—(Continued)  

Almost Family, Inc. (a) (b)

    4,667     $ 226,816  

Amedisys, Inc. (a)

    13,972       713,829  

AMN Healthcare Services, Inc. (a)

    21,592       876,635  

BioTelemetry, Inc. (a) (b)

    11,643       337,065  

Capital Senior Living Corp. (a) (b)

    14,260       200,496  

Chemed Corp. (b)

    7,393       1,350,627  

Civitas Solutions, Inc. (a) (b)

    6,456       118,468  

Community Health Systems, Inc. (a)

    54,438       482,865  

Corvel Corp. (a)

    5,325       231,637  

Cross Country Healthcare, Inc. (a)

    16,495       236,868  

Diplomat Pharmacy, Inc. (a)

    22,308       355,813  

Ensign Group, Inc. (The)

    24,374       458,231  

HealthEquity, Inc. (a)

    21,384       907,751  

HealthSouth Corp.

    42,354       1,813,175  

Kindred Healthcare, Inc. (b)

    40,056       334,468  

Landauer, Inc. (b)

    5,165       251,794  

LHC Group, Inc. (a)

    6,847       369,053  

Magellan Health, Inc. (a)

    11,100       766,455  

Molina Healthcare, Inc. (a)

    21,194       966,446  

National Healthcare Corp. (b)

    5,246       374,040  

Owens & Minor, Inc. (b)

    28,475       985,235  

PharMerica Corp. (a)

    16,508       386,287  

Providence Service Corp. (The) (a)

    4,768       211,890  

RadNet, Inc. (a)

    21,044       124,160  

Select Medical Holdings Corp. (a)

    52,961       707,029  

Surgery Partners, Inc. (a) (b)

    8,043       156,839  

Teladoc, Inc. (a) (b)

    11,307       282,675  

Tivity Health, Inc. (a)

    16,239       472,555  

Triple-S Management Corp. - Class B (a)

    12,074       212,140  

U.S. Physical Therapy, Inc.

    6,011       392,518  

UnitedHealth Group, Inc.

    1       91  

Universal American Corp. (a)

    21,072       210,088  
   

 

 

 
      16,563,947  
   

 

 

 
Health Care Technology—0.5%  

Computer Programs & Systems, Inc. (b)

    5,856       163,968  

Cotiviti Holdings, Inc. (a) (b)

    6,657       277,131  

Evolent Health, Inc. - Class A (a) (b)

    7,002       156,145  

HealthStream, Inc. (a) (b)

    12,016       291,148  

HMS Holdings Corp. (a)

    40,747       828,386  

Medidata Solutions, Inc. (a) (b)

    26,132       1,507,555  

Omnicell, Inc. (a)

    16,746       680,725  

Quality Systems, Inc. (a)

    24,814       378,165  

Vocera Communications, Inc. (a)

    11,244       279,189  
   

 

 

 
      4,562,412  
   

 

 

 
Hotels, Restaurants & Leisure—2.8%  

Belmond, Ltd. - Class A (a)

    38,098       460,986  

Biglari Holdings, Inc. (a)

    528       228,085  

BJ’s Restaurants, Inc. (a)

    9,083       366,953  

Bloomin’ Brands, Inc.

    47,353       934,275  

Bob Evans Farms, Inc.

    8,975       582,208  

Boyd Gaming Corp. (a)

    40,615       893,936  

Buffalo Wild Wings, Inc. (a)

    8,283       1,265,228  

Caesars Acquisition Co. - Class A (a)

    23,146       356,448  

Caesars Entertainment Corp. (a) (b)

    25,824       246,619  
Hotels, Restaurants & Leisure—(Continued)  

Carrols Restaurant Group, Inc. (a)

    17,458     247,031  

Cheesecake Factory, Inc. (The) (b)

    21,038       1,332,968  

Churchill Downs, Inc.

    6,613       1,050,475  

Chuy’s Holdings, Inc. (a)

    8,272       246,506  

ClubCorp Holdings, Inc.

    32,025       514,001  

Cracker Barrel Old Country Store, Inc. (b)

    9,084       1,446,627  

Dave & Buster’s Entertainment, Inc. (a)

    18,558       1,133,708  

Del Frisco’s Restaurant Group, Inc. (a)

    12,052       217,539  

Del Taco Restaurants, Inc. (a)

    10,164       134,775  

Denny’s Corp. (a)

    31,940       395,098  

DineEquity, Inc.

    8,597       467,849  

El Pollo Loco Holdings, Inc. (a) (b)

    10,816       129,251  

Eldorado Resorts, Inc. (a) (b)

    14,157       267,921  

Fiesta Restaurant Group, Inc. (a) (b)

    13,371       323,578  

Habit Restaurants, Inc. (The) - Class A (a)

    7,224       127,865  

ILG, Inc.

    53,999       1,131,819  

International Speedway Corp. - Class A

    12,935       477,948  

Intrawest Resorts Holdings, Inc. (a)

    8,831       220,863  

Isle of Capri Casinos, Inc. (a)

    12,013       316,663  

Jack in the Box, Inc.

    15,472       1,573,812  

La Quinta Holdings, Inc. (a)

    43,635       589,945  

Marcus Corp. (The)

    9,550       306,555  

Marriott Vacations Worldwide Corp. (b)

    10,700       1,069,251  

Monarch Casino & Resort, Inc. (a)

    5,265       155,528  

Papa John’s International, Inc.

    12,261       981,370  

Penn National Gaming, Inc. (a)

    39,722       732,077  

Pinnacle Entertainment, Inc. (a)

    23,578       460,243  

Planet Fitness, Inc. - Class A

    13,067       251,801  

Potbelly Corp. (a)

    12,520       174,028  

Red Robin Gourmet Burgers, Inc. (a)

    5,863       342,692  

Red Rock Resorts, Inc. - Class A

    13,488       299,164  

Ruth’s Hospitality Group, Inc.

    13,027       261,191  

Scientific Games Corp. - Class A (a)

    23,377       552,866  

SeaWorld Entertainment, Inc.

    32,101       586,485  

Shake Shack, Inc. - Class A (a) (b)

    7,924       264,662  

Sonic Corp. (b)

    20,556       521,300  

Speedway Motorsports, Inc.

    7,078       133,350  

Texas Roadhouse, Inc.

    31,030       1,381,766  

Wingstop, Inc.

    8,064       228,050  

Zoe’s Kitchen, Inc. (a) (b)

    9,191       170,034  
   

 

 

 
      26,553,393  
   

 

 

 
Household Durables—1.3%  

Bassett Furniture Industries, Inc.

    5,374       144,561  

Beazer Homes USA, Inc. (a)

    13,700       166,181  

Cavco Industries, Inc. (a)

    4,452       518,213  

Century Communities, Inc. (a)

    7,561       192,049  

CSS Industries, Inc.

    4,201       108,890  

Ethan Allen Interiors, Inc.

    12,159       372,673  

Flexsteel Industries, Inc.

    3,005       151,452  

GoPro, Inc. - Class A (a) (b)

    49,877       433,930  

Green Brick Partners, Inc. (a)

    12,508       124,455  

Helen of Troy, Ltd. (a)

    13,453       1,267,273  

Hooker Furniture Corp.

    5,444       169,036  

Hovnanian Enterprises, Inc. - Class A (a)

    60,910       138,266  

Installed Building Products, Inc. (a)

    9,469       499,490  

 

BHFTII-206


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Household Durables—(Continued)  

iRobot Corp. (a) (b)

    12,468     $ 824,634  

KB Home (b)

    41,097       817,008  

La-Z-Boy, Inc.

    24,718       667,386  

LGI Homes, Inc. (a) (b)

    8,210       278,401  

Libbey, Inc.

    10,247       149,401  

Lifetime Brands, Inc.

    5,977       120,138  

M/I Homes, Inc. (a) (b)

    12,868       315,266  

MDC Holdings, Inc. (b)

    20,862       626,903  

Meritage Homes Corp. (a) (b)

    18,033       663,614  

NACCO Industries, Inc. - Class A

    2,176       151,885  

Taylor Morrison Home Corp. - Class A (a)

    19,582       417,488  

TopBuild Corp. (a)

    18,904       888,488  

TRI Pointe Group, Inc. (a)

    69,898       876,521  

Universal Electronics, Inc. (a) (b)

    7,461       511,078  

William Lyon Homes - Class A (a) (b)

    12,315       253,935  
   

 

 

 
      11,848,615  
   

 

 

 
Household Products—0.3%  

Central Garden and Pet Co. (a)

    4,446       164,813  

Central Garden and Pet Co. - Class A (a)

    16,480       572,186  

HRG Group, Inc. (a)

    58,164       1,123,728  

Orchids Paper Products Co. (b)

    5,348       128,352  

WD-40 Co. (b)

    6,750       735,413  
   

 

 

 
      2,724,492  
   

 

 

 
Independent Power and Renewable Electricity Producers—0.5%  

Atlantic Power Corp. (a)

    57,898       153,430  

Atlantica Yield plc

    28,653       600,567  

Dynegy, Inc. (a) (b)

    59,317       466,232  

NRG Yield, Inc. - Class A

    16,087       279,753  

NRG Yield, Inc. - Class C (b)

    29,107       515,194  

Ormat Technologies, Inc.

    18,869       1,077,042  

Pattern Energy Group, Inc.

    30,133       606,577  

TerraForm Global, Inc. - Class A (a)

    51,489       247,147  

TerraForm Power, Inc. - Class A (a)

    44,539       550,947  
   

 

 

 
      4,496,889  
   

 

 

 
Industrial Conglomerates—0.0%  

Raven Industries, Inc.

    15,289       444,145  
   

 

 

 
Insurance—2.3%  

Ambac Financial Group, Inc. (a)

    22,444       423,294  

American Equity Investment Life Holding Co.

    41,683       984,969  

AMERISAFE, Inc. (b)

    9,298       603,440  

Argo Group International Holdings, Ltd.

    14,148       959,234  

Baldwin & Lyons, Inc. - Class B

    4,133       101,052  

Citizens, Inc. (a) (b)

    22,172       164,738  

CNO Financial Group, Inc.

    81,775       1,676,387  

eHealth, Inc. (a)

    9,348       112,550  

EMC Insurance Group, Inc.

    3,800       106,628  

Employers Holdings, Inc.

    14,789       561,243  

Enstar Group, Ltd. (a)

    5,573       1,066,115  

FBL Financial Group, Inc. - Class A

    4,790       313,506  

Federated National Holding Co.

    5,884       102,558  

Fidelity & Guaranty Life (b)

    4,816       133,885  
Insurance—(Continued)  

Genworth Financial, Inc. - Class A (a)

    246,697     1,016,392  

Global Indemnity, Ltd. (a)

    3,335       128,364  

Greenlight Capital Re, Ltd. - Class A (a) (b)

    13,998       309,356  

HCI Group, Inc. (b)

    4,347       198,136  

Heritage Insurance Holdings, Inc. (b)

    11,792       150,584  

Horace Mann Educators Corp. (b)

    18,978       779,047  

Infinity Property & Casualty Corp.

    5,597       534,514  

Investors Title Co.

    736       116,398  

James River Group Holdings, Ltd.

    7,276       311,849  

Kemper Corp. (b)

    18,020       718,998  

Kinsale Capital Group, Inc.

    3,454       110,666  

Maiden Holdings, Ltd. (b)

    33,144       464,016  

MBIA, Inc. (a) (b)

    65,336       553,396  

National General Holdings Corp.

    23,963       569,361  

National Western Life Group, Inc. - Class A

    1,054       320,585  

Navigators Group, Inc. (The)

    11,118       603,707  

OneBeacon Insurance Group, Ltd. - Class A

    11,496       183,936  

Primerica, Inc.

    22,155       1,821,141  

RLI Corp. (b)

    18,544       1,113,011  

Safety Insurance Group, Inc.

    6,815       477,732  

Selective Insurance Group, Inc. (b)

    26,789       1,263,101  

State Auto Financial Corp. (b)

    7,940       217,953  

State National Cos., Inc. (b)

    15,205       218,952  

Stewart Information Services Corp. (b)

    11,286       498,615  

Third Point Reinsurance, Ltd. (a)

    32,322       391,096  

United Fire Group, Inc.

    9,677       413,885  

United Insurance Holdings Corp. (b)

    8,654       138,031  

Universal Insurance Holdings, Inc. (b)

    15,753       385,949  

WMIH Corp. (a)

    88,867       128,857  
   

 

 

 
      21,447,227  
   

 

 

 
Internet & Direct Marketing Retail—0.5%  

1-800-Flowers.com, Inc. - Class A (a)

    13,330       135,966  

Etsy, Inc. (a)

    51,942       552,144  

FTD Cos., Inc. (a) (b)

    9,600       193,344  

HSN, Inc.

    14,279       529,751  

Lands’ End, Inc. (a) (b)

    8,472       181,725  

Liberty TripAdvisor Holdings, Inc. - Class A (a)

    34,803       490,722  

Nutrisystem, Inc.

    14,262       791,541  

Overstock.com, Inc. (a)

    6,439       110,751  

PetMed Express, Inc. (b)

    11,281       227,199  

Shutterfly, Inc. (a)

    17,108       826,145  

Wayfair, Inc. - Class A (a) (b)

    15,513       628,121  
   

 

 

 
      4,667,409  
   

 

 

 
Internet Software & Services—2.0%  

2U, Inc. (a) (b)

    18,127       718,917  

Actua Corp. (a) (b)

    20,148       283,079  

Alarm.com Holdings, Inc. (a)

    5,307       163,137  

Angie’s List, Inc. (a)

    21,237       121,051  

Appfolio, Inc. - Class A (a)

    3,969       107,957  

Bankrate, Inc. (a)

    20,088       193,849  

Bazaarvoice, Inc. (a)

    41,849       179,951  

Benefitfocus, Inc. (a) (b)

    6,419       179,411  

Blucora, Inc. (a)

    20,338       351,847  

Box, Inc. - Class A (a) (b)

    24,267       395,795  

 

BHFTII-207


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Internet Software & Services—(Continued)  

Brightcove, Inc. (a)

    16,995     $ 151,256  

Carbonite, Inc. (a)

    9,317       189,135  

ChannelAdvisor Corp. (a)

    10,403       115,993  

Cimpress NV (a)

    12,234       1,054,449  

Cornerstone OnDemand, Inc. (a)

    24,008       933,671  

Coupa Software, Inc. (a) (b)

    4,215       107,061  

Endurance International Group Holdings, Inc. (a)

    27,384       214,964  

Envestnet, Inc. (a)

    20,207       652,686  

Five9, Inc. (a)

    16,631       273,746  

Gogo, Inc. (a) (b)

    27,419       301,609  

GrubHub, Inc. (a)

    39,224       1,290,077  

GTT Communications, Inc. (a)

    11,597       282,387  

Hortonworks, Inc. (a)

    20,178       197,946  

Instructure, Inc. (a)

    5,674       132,772  

j2 Global, Inc. (b)

    22,619       1,897,960  

LivePerson, Inc. (a) (b)

    29,330       200,911  

LogMeIn, Inc.

    24,585       2,397,038  

MeetMe, Inc. (a)

    24,500       144,305  

MINDBODY, Inc. - Class A (a)

    7,507       206,067  

New Relic, Inc. (a)

    10,856       402,432  

NIC, Inc.

    29,109       588,002  

Q2 Holdings, Inc. (a) (b)

    12,619       439,772  

Quotient Technology, Inc. (a)

    29,125       278,144  

RetailMeNot, Inc. (a)

    18,130       146,853  

Shutterstock, Inc. (a)

    9,230       381,661  

SPS Commerce, Inc. (a)

    7,550       441,600  

Stamps.com, Inc. (a) (b)

    7,949       940,764  

Trade Desk, Inc. (The) - Class A (a)

    4,733       176,304  

TrueCar, Inc. (a) (b)

    23,179       358,579  

Web.com Group, Inc. (a)

    20,520       396,036  

WebMD Health Corp. (a) (b)

    17,955       945,869  

Xactly Corp. (a)

    11,677       138,956  

XO Group, Inc. (a)

    11,305       194,559  
   

 

 

 
      19,268,558  
   

 

 

 
IT Services—1.8%  

Acxiom Corp. (a)

    37,591       1,070,216  

Blackhawk Network Holdings, Inc. (a)

    27,022       1,097,093  

CACI International, Inc. - Class A (a) (c)

    11,262       1,321,032  

Cardtronics plc - Class A (a)

    22,064       1,031,492  

Cass Information Systems, Inc. (b)

    5,928       391,841  

Convergys Corp. (b)

    42,882       906,954  

CSG Systems International, Inc.

    15,258       576,905  

EPAM Systems, Inc. (a)

    22,354       1,688,174  

EVERTEC, Inc.

    30,384       483,106  

ExlService Holdings, Inc. (a)

    15,842       750,277  

Forrester Research, Inc.

    5,782       229,834  

Hackett Group, Inc. (The)

    11,151       217,333  

ManTech International Corp. - Class A

    12,440       430,797  

MAXIMUS, Inc.

    29,631       1,843,048  

MoneyGram International, Inc. (a)

    14,692       246,972  

NeuStar, Inc. - Class A (a)

    26,451       876,851  

Perficient, Inc. (a)

    17,369       301,526  

Science Applications International Corp.

    19,917       1,481,825  

ServiceSource International, Inc. (a)

    29,419       114,146  

Sykes Enterprises, Inc. (a)

    18,634       547,840  
IT Services—(Continued)  

Syntel, Inc. (b)

    14,931     251,289  

TeleTech Holdings, Inc. (b)

    7,377       218,359  

Travelport Worldwide, Ltd.

    56,729       667,700  

Unisys Corp. (a) (b)

    26,228       365,881  

Virtusa Corp. (a)

    11,780       355,992  
   

 

 

 
      17,466,483  
   

 

 

 
Leisure Products—0.2%  

Acushnet Holdings Corp. (a)

    10,349       178,831  

American Outdoor Brands Corp. (a) (b)

    25,637       507,869  

Callaway Golf Co.

    46,706       517,035  

Malibu Boats, Inc. - Class A (a) (b)

    8,768       196,842  

Nautilus, Inc. (a) (b)

    16,328       297,986  

Sturm Ruger & Co., Inc. (b)

    8,538       457,210  
   

 

 

 
      2,155,773  
   

 

 

 
Life Sciences Tools & Services—0.6%  

Accelerate Diagnostics, Inc. (a) (b)

    11,348       274,622  

Albany Molecular Research, Inc. (a) (b)

    12,484       175,151  

Cambrex Corp. (a)

    15,180       835,659  

Enzo Biochem, Inc. (a)

    21,985       184,014  

INC Research Holdings, Inc. - Class A (a)

    20,394       935,065  

Luminex Corp.

    18,901       347,211  

Medpace Holdings, Inc. (a)

    4,563       136,206  

NanoString Technologies, Inc. (a)

    7,907       157,112  

NeoGenomics, Inc. (a)

    26,497       209,061  

Pacific Biosciences of California, Inc. (a) (b)

    40,732       210,584  

PAREXEL International Corp. (a)

    25,369       1,601,038  

PRA Health Sciences, Inc. (a)

    12,050       786,021  
   

 

 

 
      5,851,744  
   

 

 

 
Machinery—3.2%  

Actuant Corp. - Class A (b)

    28,401       748,366  

Alamo Group, Inc.

    4,629       352,684  

Albany International Corp. - Class A

    14,147       651,469  

Altra Industrial Motion Corp.

    12,135       472,658  

American Railcar Industries, Inc. (b)

    4,708       193,499  

Astec Industries, Inc.

    9,004       553,701  

Barnes Group, Inc.

    23,751       1,219,376  

Briggs & Stratton Corp.

    21,617       485,302  

Chart Industries, Inc. (a) (b)

    15,307       534,827  

CIRCOR International, Inc. (b)

    7,291       433,377  

Columbus McKinnon Corp. (b)

    10,074       250,037  

Douglas Dynamics, Inc.

    9,877       302,730  

Energy Recovery, Inc. (a) (b)

    17,996       149,727  

EnPro Industries, Inc.

    9,829       699,432  

ESCO Technologies, Inc.

    12,540       728,574  

Federal Signal Corp.

    29,548       408,058  

Franklin Electric Co., Inc.

    21,104       908,527  

Global Brass & Copper Holdings, Inc.

    11,099       381,806  

Gorman-Rupp Co. (The) (b)

    7,300       229,220  

Graham Corp.

    5,130       117,990  

Greenbrier Cos., Inc. (The) (b)

    12,008       517,545  

Harsco Corp. (a)

    37,700       480,675  

Hillenbrand, Inc.

    27,246       976,769  

 

BHFTII-208


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Machinery—(Continued)  

Hyster-Yale Materials Handling, Inc.

    4,976     $ 280,597  

John Bean Technologies Corp.

    14,810       1,302,540  

Joy Global, Inc.

    46,555       1,315,179  

Kadant, Inc.

    5,766       342,212  

Kennametal, Inc.

    37,400       1,467,202  

Lindsay Corp. (b)

    4,595       404,911  

Lydall, Inc. (a)

    8,342       447,131  

Manitowoc Co., Inc. (The) (a)

    63,397       361,363  

Meritor, Inc. (a) (b)

    37,321       639,309  

Milacron Holdings Corp. (a)

    6,533       121,579  

Miller Industries, Inc.

    5,680       149,668  

Mueller Industries, Inc.

    26,115       893,916  

Mueller Water Products, Inc. - Class A

    73,654       870,590  

Navistar International Corp. (a)

    23,914       588,763  

NN, Inc. (b)

    12,696       319,939  

Proto Labs, Inc. (a)

    12,094       618,003  

RBC Bearings, Inc. (a) (b)

    10,876       1,055,951  

REV Group, Inc. (a)

    7,261       200,186  

Rexnord Corp. (a) (b)

    40,317       930,516  

SPX Corp. (a)

    20,781       503,939  

SPX FLOW, Inc. (a)

    17,419       604,614  

Standex International Corp.

    6,262       627,139  

Sun Hydraulics Corp.

    10,558       381,249  

Supreme Industries, Inc. - Class A

    6,762       136,998  

Tennant Co.

    8,362       607,499  

Titan International, Inc.

    22,706       234,780  

TriMas Corp. (a)

    22,514       467,166  

Wabash National Corp. (b)

    27,273       564,278  

Watts Water Technologies, Inc. - Class A

    13,118       817,907  

Woodward, Inc.

    24,351       1,653,920  
   

 

 

 
      30,705,393  
   

 

 

 
Marine—0.1%  

Matson, Inc.

    20,127       639,233  

Scorpio Bulkers, Inc. (a)

    29,948       275,522  
   

 

 

 
      914,755  
   

 

 

 
Media—1.6%  

AMC Entertainment Holdings, Inc. - Class A

    25,675       807,479  

Central European Media Enterprises, Ltd. -
Class A (a) (b)

    41,674       129,189  

Daily Journal Corp. (a) (b)

    598       128,145  

Entercom Communications Corp. - Class A

    14,538       207,893  

Entravision Communications Corp. - Class A

    29,645       183,799  

Eros International plc (a) (b)

    13,360       137,608  

EW Scripps Co. (The) - Class A (a) (b)

    29,695       696,051  

Gannett Co., Inc.

    57,579       482,512  

Gray Television, Inc. (a)

    30,714       445,353  

IMAX Corp. (a) (b)

    28,090       955,060  

Liberty Braves Group - Class A (a)

    4,959       118,718  

Liberty Braves Group - Class C (a)

    16,010       378,637  

Liberty Media Corp.-Liberty Formula One -
Class A (a)

    11,738       383,833  

Liberty Media Corp.-Liberty Formula One -
Class C (a)

    22,971       784,460  

Loral Space & Communications, Inc. (a) (b)

    6,669       262,759  
Media—(Continued)  

MDC Partners, Inc. - Class A (b)

    25,380     238,572  

Meredith Corp. (b)

    18,346       1,185,152  

MSG Networks, Inc. - Class A (a)

    29,478       688,311  

National CineMedia, Inc. (b)

    31,052       392,187  

New Media Investment Group, Inc.

    22,310       317,025  

New York Times Co. (The) - Class A

    58,218       838,339  

Nexstar Media Group, Inc.

    19,989       1,402,228  

Reading International, Inc. - Class A (a)

    8,504       132,152  

Scholastic Corp.

    12,129       516,332  

Sinclair Broadcast Group, Inc. - Class A (b)

    34,775       1,408,387  

Time, Inc.

    50,189       971,157  

tronc, Inc. (a) (b)

    14,706       204,708  

World Wrestling Entertainment, Inc. - Class A (b)

    18,113       402,471  
   

 

 

 
      14,798,517  
   

 

 

 
Metals & Mining—1.2%  

AK Steel Holding Corp. (a) (b)

    148,008       1,064,178  

Allegheny Technologies, Inc. (b)

    52,856       949,294  

Carpenter Technology Corp.

    20,845       777,519  

Century Aluminum Co. (a)

    24,781       314,471  

Cliffs Natural Resources, Inc. (a)

    132,754       1,089,910  

Coeur Mining, Inc. (a)

    85,970       694,638  

Commercial Metals Co.

    53,553       1,024,469  

Ferroglobe plc (b)

    31,634       326,779  

Ferroglobe Representation & Warranty Insurance Trust (a) (d)

    31,634       0  

Gold Resource Corp.

    24,859       112,363  

Haynes International, Inc. (b)

    6,653       253,612  

Hecla Mining Co.

    185,576       981,697  

Kaiser Aluminum Corp.

    8,616       688,418  

Materion Corp.

    9,498       318,658  

Schnitzer Steel Industries, Inc. - Class A (b)

    13,529       279,374  

Stillwater Mining Co. (a)

    56,563       976,843  

SunCoke Energy, Inc. (a) (b)

    32,541       291,567  

TimkenSteel Corp. (a) (b)

    18,629       352,274  

Worthington Industries, Inc.

    21,960       990,176  
   

 

 

 
      11,486,240  
   

 

 

 
Mortgage Real Estate Investment Trusts—1.0%  

AG Mortgage Investment Trust, Inc.

    14,345       258,927  

Altisource Residential Corp. (b)

    26,537       404,689  

Anworth Mortgage Asset Corp. (b)

    49,995       277,472  

Apollo Commercial Real Estate Finance, Inc. (b)

    39,035       734,248  

Ares Commercial Real Estate Corp.

    11,438       153,041  

ARMOUR Residential REIT, Inc.

    16,682       378,848  

Capstead Mortgage Corp. (b)

    44,863       472,856  

CYS Investments, Inc.

    74,681       593,714  

Dynex Capital, Inc.

    26,422       187,332  

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)

    20,919       422,564  

Invesco Mortgage Capital, Inc.

    55,256       852,048  

Ladder Capital Corp.

    20,825       300,713  

Mortgage Investment Corp. (b)

    23,775       398,231  

New Residential Investment Corp.

    140,542       2,386,403  

New York Mortgage Trust, Inc. (b)

    51,471       317,576  

Orchid Island Capital, Inc. (b)

    15,529       155,135  

 

BHFTII-209


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Mortgage Real Estate Investment Trusts—(Continued)  

PennyMac Mortgage Investment Trust

    32,716     $ 580,709  

Redwood Trust, Inc. (b)

    33,524       556,834  

Resource Capital Corp.

    16,059       156,897  

Western Asset Mortgage Capital Corp.

    20,929       204,476  
   

 

 

 
      9,792,713  
   

 

 

 
Multi-Utilities—0.5%  

Avista Corp.

    30,657       1,197,156  

Black Hills Corp. (b)

    23,488       1,561,247  

NorthWestern Corp.

    23,557       1,382,796  

Unitil Corp.

    7,429       334,528  
   

 

 

 
      4,475,727  
   

 

 

 
Multiline Retail—0.2%  

Big Lots, Inc. (b)

    21,721       1,057,378  

Fred’s, Inc. - Class A (b)

    16,936       221,862  

Ollie’s Bargain Outlet Holdings, Inc. (a) (b)

    10,284       344,514  
   

 

 

 
      1,623,754  
   

 

 

 
Oil, Gas & Consumable Fuels—2.2%  

Abraxas Petroleum Corp. (a)

    72,356       146,159  

Alon USA Energy, Inc.

    18,417       224,503  

Ardmore Shipping Corp.

    14,743       118,681  

Bill Barrett Corp. (a)

    32,028       145,727  

California Resources Corp. (a) (b)

    16,775       252,296  

Callon Petroleum Co. (a)

    88,765       1,168,148  

Carrizo Oil & Gas, Inc. (a) (b)

    29,574       847,591  

Clayton Williams Energy, Inc. (a) (b)

    3,063       404,561  

Clean Energy Fuels Corp. (a) (b)

    51,916       132,386  

Cobalt International Energy, Inc. (a) (b)

    207,968       110,930  

CVR Energy, Inc. (b)

    8,864       177,989  

Delek U.S. Holdings, Inc.

    30,748       746,254  

Denbury Resources, Inc. (a)

    174,216       449,477  

DHT Holdings, Inc.

    44,160       197,395  

Dorian LPG, Ltd. (a)

    12,382       130,383  

Frontline, Ltd. (b)

    32,746       220,708  

GasLog, Ltd. (b)

    20,748       318,482  

Gener8 Maritime, Inc. (a)

    20,545       116,490  

Golar LNG, Ltd.

    44,104       1,231,825  

Green Plains, Inc. (b)

    17,956       444,411  

International Seaways, Inc. (a)

    7,786       148,868  

Jagged Peak Energy, Inc. (a)

    17,872       233,051  

Matador Resources Co. (a) (b)

    42,436       1,009,553  

Nordic American Tankers, Ltd. (b)

    48,340       395,421  

Oasis Petroleum, Inc. (a) (b)

    110,800       1,580,008  

Panhandle Oil and Gas, Inc. - Class A (b)

    7,855       150,816  

Par Pacific holdings, Inc. (a) (b)

    16,282       268,490  

PDC Energy, Inc. (a)

    26,602       1,658,635  

Renewable Energy Group, Inc. (a) (b)

    22,727       237,497  

REX American Resources Corp. (a)

    2,989       270,475  

Ring Energy, Inc. (a)

    19,854       214,820  

RSP Permian, Inc. (a)

    46,570       1,929,395  

Sanchez Energy Corp. (a)

    33,313       317,806  

Scorpio Tankers, Inc.

    83,337       370,016  

SemGroup Corp. - Class A (b)

    32,021       1,152,756  
Oil, Gas & Consumable Fuels—(Continued)  

Ship Finance International, Ltd. (b)

    28,428     417,892  

SRC Energy, Inc. (a) (b)

    91,847       775,189  

Teekay Corp.

    22,735       208,025  

Teekay Tankers, Ltd. - Class A

    53,596       109,872  

Western Refining, Inc.

    38,502       1,350,265  

Westmoreland Coal Co. (a)

    9,538       138,492  

WildHorse Resource Development Corp. (a)

    12,410       154,380  
   

 

 

 
      20,676,118  
   

 

 

 
Paper & Forest Products—0.6%  

Boise Cascade Co. (a)

    18,411       491,574  

Clearwater Paper Corp. (a)

    7,836       438,816  

Deltic Timber Corp. (b)

    5,314       415,130  

KapStone Paper and Packaging Corp.

    39,372       909,493  

Louisiana-Pacific Corp. (a)

    67,805       1,682,920  

Neenah Paper, Inc.

    7,745       578,551  

PH Glatfelter Co.

    21,278       462,584  

Schweitzer-Mauduit International, Inc.

    14,898       617,075  
   

 

 

 
      5,596,143  
   

 

 

 
Personal Products—0.3%  

Avon Products, Inc. (a) (b)

    215,512       948,253  

elf Beauty, Inc. (a) (b)

    4,255       122,544  

Inter Parfums, Inc. (b)

    8,191       299,381  

Medifast, Inc.

    5,660       251,134  

Natural Health Trends Corp.

    3,882       112,190  

Nutraceutical International Corp.

    4,388       136,686  

Revlon, Inc. - Class A (a)

    6,172       171,890  

USANA Health Sciences, Inc. (a)

    5,606       322,906  
   

 

 

 
      2,364,984  
   

 

 

 
Pharmaceuticals—1.7%  

Aclaris Therapeutics, Inc. (a)

    5,550       165,501  

Aerie Pharmaceuticals, Inc. (a)

    14,203       644,106  

Amphastar Pharmaceuticals, Inc. (a) (b)

    18,205       263,973  

ANI Pharmaceuticals, Inc. (a)

    3,945       195,317  

Catalent, Inc. (a)

    48,749       1,380,572  

Corcept Therapeutics, Inc. (a)

    39,100       428,536  

Depomed, Inc. (a)

    31,379       393,806  

Dermira, Inc. (a)

    14,136       482,179  

Heska Corp. (a)

    3,277       344,019  

Horizon Pharma plc (a)

    78,756       1,164,014  

Impax Laboratories, Inc. (a)

    35,866       453,705  

Innoviva, Inc. (a)

    40,393       558,635  

Intersect ENT, Inc. (a)

    11,434       196,093  

Intra-Cellular Therapies, Inc. (a)

    16,993       276,136  

Lannett Co., Inc. (a) (b)

    12,710       284,068  

Medicines Co. (The) (a) (b)

    32,038       1,566,658  

Nektar Therapeutics (a)

    69,236       1,624,969  

Omeros Corp. (a) (b)

    18,771       283,818  

Pacira Pharmaceuticals, Inc. (a)

    17,459       796,130  

Paratek Pharmaceuticals, Inc. (a)

    10,327       198,795  

Phibro Animal Health Corp. - Class A

    9,993       280,803  

Prestige Brands Holdings, Inc. (a)

    25,686       1,427,114  

Revance Therapeutics, Inc. (a) (b)

    8,949       186,139  

 

BHFTII-210


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Pharmaceuticals—(Continued)  

Sciclone Pharmaceuticals, Inc. (a) (b)

    27,839     $ 272,822  

Sucampo Pharmaceuticals, Inc. - Class A (a) (b)

    12,005       132,055  

Supernus Pharmaceuticals, Inc. (a)

    23,502       735,613  

Teligent, Inc. (a)

    15,665       122,344  

Tetraphase Pharmaceuticals, Inc. (a)

    19,335       177,689  

TherapeuticsMD, Inc. (a) (b)

    70,014       504,101  

Theravance Biopharma, Inc. (a)

    19,690       724,986  

WAVE Life Sciences, Ltd. (a)

    4,065       111,788  

Zogenix, Inc. (a) (b)

    13,652       148,124  
   

 

 

 
      16,524,608  
   

 

 

 
Professional Services—1.3%  

Acacia Research Corp. (a)

    26,966       155,054  

Advisory Board Co. (The) (a)

    20,097       940,540  

Barrett Business Services, Inc.

    3,858       210,724  

CBIZ, Inc. (a)

    24,387       330,444  

CEB, Inc.

    15,566       1,223,488  

CRA International, Inc.

    4,868       171,986  

Exponent, Inc.

    12,398       738,301  

FTI Consulting, Inc. (a)

    19,255       792,728  

GP Strategies Corp. (a)

    5,793       146,563  

Heidrick & Struggles International, Inc.

    9,634       253,856  

Huron Consulting Group, Inc. (a)

    10,356       435,988  

ICF International, Inc. (a)

    8,868       366,248  

Insperity, Inc.

    7,461       661,418  

Kelly Services, Inc. - Class A

    14,944       326,676  

Kforce, Inc.

    12,692       301,435  

Korn/Ferry International

    28,161       886,790  

Mistras Group, Inc. (a) (b)

    8,222       175,786  

Navigant Consulting, Inc. (a)

    21,686       495,742  

On Assignment, Inc. (a)

    24,181       1,173,504  

Resources Connection, Inc.

    12,083       202,390  

RPX Corp. (a)

    26,264       315,168  

TriNet Group, Inc. (a)

    19,326       558,521  

TrueBlue, Inc. (a)

    19,573       535,322  

WageWorks, Inc. (a) (b)

    17,251       1,247,247  
   

 

 

 
      12,645,919  
   

 

 

 
Real Estate Management & Development—0.5%  

Alexander & Baldwin, Inc.

    22,995       1,023,737  

Altisource Portfolio Solutions S.A. (a) (b)

    6,754       248,547  

Consolidated-Tomoka Land Co.

    2,461       131,762  

Forestar Group, Inc. (a)

    17,933       244,785  

FRP Holdings, Inc. (a)

    3,389       135,560  

HFF, Inc. - Class A

    17,641       488,126  

Kennedy-Wilson Holdings, Inc.

    38,983       865,423  

Marcus & Millichap, Inc. (a) (b)

    6,463       158,861  

RE/MAX Holdings, Inc. - Class A (b)

    8,877       527,738  

RMR Group, Inc. (The) - Class A

    3,481       172,310  

St. Joe Co. (The) (a)

    25,487       434,553  

Tejon Ranch Co. (a)

    7,566       165,620  
   

 

 

 
      4,597,022  
   

 

 

 
Road & Rail—0.4%  

ArcBest Corp.

    12,815       333,190  
Road & Rail—(Continued)  

Covenant Transportation Group, Inc. - Class A (a) (b)

    5,776     108,589  

Heartland Express, Inc.

    22,410       449,321  

Knight Transportation, Inc.

    32,744       1,026,524  

Marten Transport, Ltd. (b)

    11,626       272,630  

Saia, Inc. (a)

    11,835       524,290  

Swift Transportation Co. (a) (b)

    36,623       752,236  

Werner Enterprises, Inc. (b)

    22,043       577,527  

YRC Worldwide, Inc. (a)

    14,785       162,783  
   

 

 

 
      4,207,090  
   

 

 

 
Semiconductors & Semiconductor Equipment—3.9%  

Advanced Energy Industries, Inc. (a)

    18,734       1,284,403  

Advanced Micro Devices, Inc. (a)

    352,617       5,130,577  

Alpha & Omega Semiconductor, Ltd. (a)

    10,203       175,390  

Ambarella, Inc. (a) (b)

    15,830       866,059  

Amkor Technology, Inc. (a)

    46,149       534,867  

Axcelis Technologies, Inc. (a)

    13,934       261,959  

Brooks Automation, Inc.

    32,611       730,486  

Cabot Microelectronics Corp.

    11,541       884,156  

Cavium, Inc. (a)

    29,819       2,136,830  

Ceva, Inc. (a)

    9,018       320,139  

Cirrus Logic, Inc. (a)

    28,876       1,752,484  

Cohu, Inc.

    11,848       218,714  

Diodes, Inc. (a)

    18,315       440,476  

DSP Group, Inc. (a)

    11,248       134,976  

Entegris, Inc. (a)

    65,120       1,523,808  

Exar Corp. (a) (c)

    20,123       261,800  

FormFactor, Inc. (a) (c)

    31,704       375,687  

Inphi Corp. (a) (b)

    19,424       948,280  

Integrated Device Technology, Inc. (a)

    64,575       1,528,490  

IXYS Corp.

    13,771       200,368  

Kopin Corp. (a) (b)

    32,479       133,164  

Lattice Semiconductor Corp. (a)

    55,774       385,956  

MACOM Technology Solutions Holdings, Inc. (a) (b)

    15,079       728,316  

MaxLinear, Inc. - Class A (a)

    26,699       748,907  

Microsemi Corp. (a)

    53,406       2,752,011  

MKS Instruments, Inc.

    24,449       1,680,869  

Monolithic Power Systems, Inc.

    17,868       1,645,643  

Nanometrics, Inc. (a)

    12,771       389,005  

NeoPhotonics Corp. (a)

    14,422       129,942  

NVE Corp.

    2,605       215,668  

PDF Solutions, Inc. (a) (b)

    13,631       308,333  

Photronics, Inc. (a) (b)

    30,362       324,873  

Power Integrations, Inc.

    12,391       814,708  

Rambus, Inc. (a) (b)

    49,965       656,540  

Rudolph Technologies, Inc. (a)

    13,085       293,104  

Semtech Corp. (a)

    29,669       1,002,812  

Sigma Designs, Inc. (a)

    18,886       118,038  

Silicon Laboratories, Inc. (a)

    19,814       1,457,320  

Synaptics, Inc. (a)

    17,366       859,791  

Ultra Clean Holdings, Inc. (a)

    16,793       283,298  

Ultratech, Inc. (a)

    9,957       294,926  

Veeco Instruments, Inc. (a) (b)

    20,425       609,686  

Xcerra Corp. (a)

    26,473       235,345  

 

BHFTII-211


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Semiconductors & Semiconductor Equipment—(Continued)  

Xperi Corp.

    24,436     $ 829,602  
   

 

 

 
      36,607,806  
   

 

 

 
Software—3.4%  

8x8, Inc. (a)

    41,065       626,241  

A10 Networks, Inc. (a)

    21,727       198,802  

ACI Worldwide, Inc. (a)

    53,497       1,144,301  

American Software, Inc. - Class A

    12,761       131,183  

Aspen Technology, Inc. (a) (c)

    37,022       2,181,336  

Barracuda Networks, Inc. (a)

    11,138       257,399  

Blackbaud, Inc. (b)

    22,367       1,714,878  

Blackline, Inc. (a) (b)

    5,176       154,038  

Bottomline Technologies de, Inc. (a)

    19,170       453,371  

BroadSoft, Inc. (a) (b)

    14,701       590,980  

Callidus Software, Inc. (a) (b)

    28,634       611,336  

CommVault Systems, Inc. (a)

    18,850       957,580  

Digimarc Corp. (a) (b)

    3,943       106,461  

Ebix, Inc. (b)

    12,122       742,473  

Ellie Mae, Inc. (a)

    15,728       1,577,047  

Fair Isaac Corp.

    14,308       1,845,017  

Gigamon, Inc. (a)

    15,887       564,783  

Globant S.A. (a) (b)

    12,602       458,713  

Glu Mobile, Inc. (a)

    52,822       119,906  

HubSpot, Inc. (a)

    14,089       853,089  

Imperva, Inc. (a)

    14,007       574,987  

Jive Software, Inc. (a)

    29,952       128,794  

MicroStrategy, Inc. - Class A (a)

    4,589       861,814  

Model N, Inc. (a) (b)

    11,583       121,042  

Monotype Imaging Holdings, Inc.

    18,592       373,699  

Paycom Software, Inc. (a) (b)

    21,414       1,231,519  

Paylocity Holding Corp. (a)

    10,675       412,375  

Pegasystems, Inc.

    16,572       726,682  

Progress Software Corp.

    23,712       688,834  

Proofpoint, Inc. (a) (b)

    19,783       1,471,064  

PROS Holdings, Inc. (a) (b)

    10,832       262,026  

QAD, Inc. - Class A

    4,798       133,624  

Qualys, Inc. (a)

    13,378       507,026  

Rapid7, Inc. (a) (b)

    10,207       152,901  

RealPage, Inc. (a)

    24,417       852,153  

RingCentral, Inc. - Class A (a)

    28,664       811,191  

Rubicon Project, Inc. (The) (a)

    18,549       109,254  

Sapiens International Corp. NV

    11,949       153,903  

Silver Spring Networks, Inc. (a)

    17,691       199,731  

Synchronoss Technologies, Inc. (a)

    19,823       483,681  

Take-Two Interactive Software, Inc. (a)

    45,772       2,712,907  

Telenav, Inc. (a)

    16,939       146,522  

TiVo Corp. (b)

    54,357       1,019,194  

Varonis Systems, Inc. (a)

    5,014       159,445  

VASCO Data Security International, Inc. (a)

    15,031       202,919  

Verint Systems, Inc. (a)

    28,969       1,256,530  

Workiva, Inc. (a)

    11,206       175,374  

Zendesk, Inc. (a)

    39,450       1,106,178  

Zix Corp. (a)

    28,558       137,364  
   

 

 

 
      32,461,667  
   

 

 

 
Specialty Retail—2.1%  

Aaron’s, Inc. (b)

    32,279     959,977  

Abercrombie & Fitch Co. - Class A (b)

    32,535       388,143  

America’s Car-Mart, Inc. (a)

    3,580       130,491  

American Eagle Outfitters, Inc.

    80,529       1,129,822  

Asbury Automotive Group, Inc. (a) (b)

    9,029       542,643  

Ascena Retail Group, Inc. (a) (b)

    79,891       340,336  

Barnes & Noble Education, Inc. (a)

    20,589       197,449  

Barnes & Noble, Inc. (b)

    31,637       292,642  

Big 5 Sporting Goods Corp. (b)

    9,615       145,187  

Buckle, Inc. (The) (b)

    14,188       263,897  

Caleres, Inc.

    20,189       533,393  

Camping World Holdings, Inc. - Class A

    5,917       190,764  

Cato Corp. (The) - Class A (b)

    13,930       305,903  

Chico’s FAS, Inc. (b)

    60,613       860,705  

Children’s Place, Inc. (The) (b)

    8,817       1,058,481  

Citi Trends, Inc.

    8,551       145,367  

DSW, Inc. - Class A (b)

    33,068       683,846  

Express, Inc. (a) (b)

    37,753       343,930  

Finish Line, Inc. (The) - Class A

    20,123       286,350  

Five Below, Inc. (a) (b)

    25,874       1,120,603  

Francesca’s Holdings Corp. (a)

    18,782       288,304  

Genesco, Inc. (a) (b)

    10,535       584,166  

GNC Holdings, Inc. - Class A (b)

    33,443       246,140  

Group 1 Automotive, Inc.

    9,411       697,167  

Guess?, Inc. (b)

    30,485       339,908  

Haverty Furniture Cos., Inc.

    10,391       253,021  

Hibbett Sports, Inc. (a)

    10,209       301,165  

Lithia Motors, Inc. - Class A (b)

    11,630       996,109  

Lumber Liquidators Holdings, Inc. (a) (b)

    13,856       290,837  

MarineMax, Inc. (a) (b)

    12,696       274,868  

Monro Muffler Brake, Inc. (b)

    15,070       785,147  

Office Depot, Inc.

    245,668       1,146,041  

Party City Holdco, Inc. (a) (b)

    13,656       191,867  

Pier 1 Imports, Inc.

    35,527       254,373  

Rent-A-Center, Inc. (b)

    21,277       188,727  

RH (a) (b)

    19,129       884,908  

Select Comfort Corp. (a) (b)

    19,982       495,354  

Shoe Carnival, Inc. (b)

    8,227       202,137  

Sonic Automotive, Inc. - Class A (b)

    14,688       294,494  

Tailored Brands, Inc.

    22,434       335,164  

Tile Shop Holdings, Inc. (b)

    14,624       281,512  

Vitamin Shoppe, Inc. (a) (b)

    12,621       254,313  

Winmark Corp.

    1,140       128,820  

Zumiez, Inc. (a)

    10,452       191,272  
   

 

 

 
      19,825,743  
   

 

 

 
Technology Hardware, Storage & Peripherals—0.5%  

3D Systems Corp. (a) (b)

    52,340       783,006  

Cray, Inc. (a)

    19,290       422,451  

Diebold Nixdorf, Inc.

    31,066       953,726  

Electronics for Imaging, Inc. (a) (b)

    22,186       1,083,342  

Immersion Corp. (a) (b)

    15,004       129,935  

Nimble Storage, Inc. (a)

    31,351       391,888  

Pure Storage, Inc. - Class A (a)

    30,203       296,895  

Stratasys, Ltd. (a)

    23,667       484,937  

 

BHFTII-212


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Technology Hardware, Storage & Peripherals—(Continued)  

Super Micro Computer, Inc. (a)

    17,788     $ 450,926  
   

 

 

 
      4,997,106  
   

 

 

 
Textiles, Apparel & Luxury Goods—0.7%  

Columbia Sportswear Co.

    13,362       785,018  

Crocs, Inc. (a) (b) (c)

    36,244       256,245  

Culp, Inc.

    4,697       146,546  

Deckers Outdoor Corp. (a)

    14,873       888,364  

Fossil Group, Inc. (a) (b)

    20,656       360,447  

G-III Apparel Group, Ltd. (a) (b)

    21,024       460,215  

Iconix Brand Group, Inc. (a)

    23,416       176,088  

Movado Group, Inc. (b)

    7,984       199,201  

Oxford Industries, Inc. (b)

    7,657       438,440  

Perry Ellis International, Inc. (a)

    7,318       157,191  

Steven Madden, Ltd. (a)

    30,077       1,159,468  

Unifi, Inc. (a) (b)

    7,892       224,054  

Wolverine World Wide, Inc. (b)

    45,644       1,139,731  
   

 

 

 
      6,391,008  
   

 

 

 
Thrifts & Mortgage Finance—2.2%  

Astoria Financial Corp.

    45,250       928,078  

Bank Mutual Corp.

    22,673       213,126  

BankFinancial Corp.

    7,874       114,331  

Beneficial Bancorp, Inc. (b)

    32,692       523,072  

BofI Holding, Inc. (a) (b)

    28,164       735,925  

BSB Bancorp, Inc. (a)

    4,295       121,334  

Capitol Federal Financial, Inc. (b)

    59,838       875,430  

Charter Financial Corp.

    7,188       141,388  

Clifton Bancorp, Inc.

    7,634       123,595  

Dime Community Bancshares, Inc.

    15,501       314,670  

Essent Group, Ltd. (a)

    35,226       1,274,124  

EverBank Financial Corp.

    50,515       984,032  

Federal Agricultural Mortgage Corp. - Class C

    4,263       245,421  

First Defiance Financial Corp.

    5,038       249,431  

Flagstar Bancorp, Inc. (a)

    9,133       257,459  

Hingham Institution for Savings

    716       126,625  

HomeStreet, Inc. (a) (b)

    12,382       346,077  

Kearny Financial Corp. (b)

    43,899       660,680  

LendingTree, Inc. (a)

    2,772       347,470  

Meridian Bancorp, Inc.

    23,292       426,244  

Meta Financial Group, Inc.

    4,218       373,293  

MGIC Investment Corp. (a)

    157,888       1,599,405  

Nationstar Mortgage Holdings, Inc. (a)

    13,208       208,158  

NMI Holdings, Inc. - Class A (a)

    20,655       235,467  

Northfield Bancorp, Inc.

    19,366       348,975  

Northwest Bancshares, Inc.

    47,880       806,299  

OceanFirst Financial Corp.

    12,572       354,216  

Ocwen Financial Corp. (a)

    51,713       282,870  

Oritani Financial Corp. (b)

    16,857       286,569  

PennyMac Financial Services, Inc. - Class A (a)

    7,300       124,465  

PHH Corp. (a)

    24,884       316,773  

Provident Financial Services, Inc.

    29,105       752,364  

Radian Group, Inc.

    99,468       1,786,445  

Territorial Bancorp, Inc.

    4,282       133,470  

TrustCo Bank Corp. (b)

    45,137       354,325  

United Community Financial Corp.

    24,319       202,821  
Thrifts & Mortgage Finance—(Continued)  

United Financial Bancorp, Inc.

    21,901     372,536  

Walker & Dunlop, Inc. (a)

    12,545       523,001  

Washington Federal, Inc.

    43,725       1,447,298  

Waterstone Financial, Inc.

    10,900       198,925  

Western New England Bancorp, Inc.

    13,397       140,669  

WSFS Financial Corp.

    14,223       653,547  
   

 

 

 
      20,510,403  
   

 

 

 
Tobacco—0.2%  

Universal Corp.

    11,709       828,412  

Vector Group, Ltd. (b)

    44,917       934,273  
   

 

 

 
      1,762,685  
   

 

 

 
Trading Companies & Distributors—1.1%  

Aircastle, Ltd. (b)

    23,576       568,889  

Applied Industrial Technologies, Inc.

    17,771       1,099,136  

Beacon Roofing Supply, Inc. (a)

    28,149       1,383,805  

BMC Stock Holdings, Inc. (a)

    26,965       609,409  

CAI International, Inc. (a)

    8,107       127,604  

DXP Enterprises, Inc. (a)

    6,978       264,257  

Foundation Building Materials, Inc. (a)

    8,353       133,398  

GATX Corp. (b)

    18,372       1,119,957  

GMS, Inc. (a)

    3,580       125,443  

H&E Equipment Services, Inc. (b)

    15,412       377,902  

Kaman Corp. (b)

    13,043       627,760  

MRC Global, Inc. (a)

    44,689       819,149  

NOW, Inc. (a) (b)

    51,271       869,556  

Rush Enterprises, Inc. - Class A (a)

    12,945       428,221  

SiteOne Landscape Supply, Inc. (a)

    5,340       258,509  

Textainer Group Holdings, Ltd.

    11,532       176,440  

Titan Machinery, Inc. (a)

    9,306       142,754  

Triton International, Ltd. (b)

    20,087       518,044  

Univar, Inc. (a)

    21,106       647,110  

Veritiv Corp. (a)

    3,938       203,988  
   

 

 

 
      10,501,331  
   

 

 

 
Water Utilities—0.3%  

American States Water Co. (b)

    16,817       744,993  

Artesian Resources Corp. - Class A

    3,766       122,621  

California Water Service Group

    22,665       812,540  

Connecticut Water Service, Inc. (b)

    4,871       258,894  

Middlesex Water Co.

    7,497       277,014  

SJW Group

    7,394       356,539  

York Water Co. (The)

    6,695       234,660  
   

 

 

 
      2,807,261  
   

 

 

 
Wireless Telecommunication Services—0.1%  

Boingo Wireless, Inc. (a) (b)

    17,390       225,896  

Shenandoah Telecommunications Co. (b)

    22,906       642,513  

Spok Holdings, Inc.

    11,723       222,737  
   

 

 

 
      1,091,146  
   

 

 

 

Total Common Stocks
(Cost $609,700,563)

      890,344,256  
   

 

 

 

 

BHFTII-213


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Fund–3.1%

 

Security Description   Shares/
Principal
Amount*
    Value  
Investment Company Security—3.1%  

iShares Russell 2000 Index Fund (b)
(Cost $28,920,713)

    213,000     $ 29,283,240  
   

 

 

 
Rights—0.0%                
Biotechnology—0.0%  

Dyax Corp.
Expires 12/31/19 (a) (d) (e)

    69,204       169,550  

Tobira Therapeutics, Inc.,
Expires 12/31/28 (a) (d) (e)

    4,660       64,028  
   

 

 

 
      233,578  
   

 

 

 
Machinery—0.0%  

Gerber Scientific, Inc. (a) (d)

    14,024       0  
   

 

 

 

Total Rights (Cost $140,845)

      233,578  
   

 

 

 
Corporate Bonds & Notes—0.0%                
Metal Fabricate/Hardware—0.0%  

Mueller Industries, Inc.

   

6.000%, 03/01/27 (Cost $130,000)

    130,000       129,025  
   

 

 

 
Short-Term Investments—3.2%                
Discount Notes—2.1%  

Federal Home Loan Bank
0.475%, 04/10/17 (f)

    2,800,000       2,799,625  

0.487%, 04/17/17 (f)

    800,000       799,786  

0.493%, 04/21/17 (f)

    2,625,000       2,624,094  

0.545%, 05/12/17 (f)

    5,375,000       5,370,748  

0.638%, 05/26/17 (f)

    400,000       399,570  

0.664%, 04/11/17 (f)

    1,050,000       1,049,839  

0.689%, 06/01/17 (f)

    1,750,000       1,747,849  

0.740%, 04/19/17 (f)

    225,000       224,931  

0.783%, 06/21/17 (f)

    4,875,000       4,866,976  
   

 

 

 
      19,883,418  
   

 

 

 
U.S. Treasury—1.1%  

U.S. Treasury Bills
0.349%, 04/06/17 (f)

    2,625,000       2,624,866  

0.463%, 04/13/17 (f)

    6,625,000       6,623,668  

0.630%, 08/03/17 (f)

    800,000       797,858  

0.718%, 04/27/17 (f)

    600,000       599,708  
   

 

 

 
      10,646,100  
   

 

 

 

Total Short-Term Investments
(Cost $30,530,771)

      30,529,518  
   

 

 

 
Securities Lending Reinvestments (g)—19.0%  
Certificates of Deposit—11.0%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    1,794,807       1,798,524  
Certificates of Deposit—(Continued)  

Bank of America N.A.
1.271%, 07/11/17 (h)

    7,000,000     7,007,408  

Canadian Imperial Bank
1.392%, 10/27/17 (h)

    1,500,000       1,501,805  

1.454%, 05/24/17 (h)

    500,293       500,175  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    1,500,000       1,500,017  

Cooperative Rabobank UA New York
1.422%, 10/13/17 (h)

    2,500,000       2,503,405  

Credit Agricole Corporate and Investment Bank
1.491%, 04/12/17 (h)

    5,000,000       5,000,565  

Credit Industriel et Commercial
1.440%, 04/05/17 (h)

    2,000,000       2,000,086  

Credit Suisse AG New York
1.511%, 04/03/17 (h)

    2,300,000       2,300,037  

1.581%, 04/11/17 (h)

    1,500,000       1,500,123  

Danske Bank A/S London
Zero Coupon, 05/12/17

    3,739,146       3,746,138  

DNB NOR Bank ASA
1.279%, 07/28/17 (h)

    2,200,000       2,200,972  

ING Bank NV
1.461%, 04/18/17 (h)

    4,500,000       4,501,918  

KBC Bank NV
1.120%, 05/08/17

    750,000       750,113  

1.150%, 04/18/17

    3,000,000       3,000,270  

1.150%, 04/27/17

    2,500,000       2,498,525  

1.170%, 04/06/17

    1,500,000       1,500,015  

Mitsubishi UFJ Trust and Banking Corp.
1.581%, 04/11/17 (h)

    4,000,000       4,000,488  

Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (h)

    1,000,000       1,000,576  

1.591%, 04/11/17 (h)

    4,000,000       4,000,304  

1.643%, 04/18/17 (h)

    2,100,000       2,100,304  

National Australia Bank London
1.199%, 05/02/17 (h)

    3,500,000       3,501,226  

Natixis New York
1.241%, 08/03/17 (h)

    2,500,000       2,501,610  

1.444%, 04/07/17 (h)

    2,000,000       2,000,110  

Norinchukin Bank New York
1.451%, 07/12/17 (h)

    5,000,000       5,004,425  

Rabobank London
1.422%, 10/13/17 (h)

    2,000,000       2,004,890  

Royal Bank of Canada New York
1.340%, 04/04/17 (h)

    2,500,000       2,499,937  

1.422%, 10/13/17 (h)

    3,000,000       3,005,367  

Sumitomo Bank New York
1.410%, 05/05/17 (h)

    750,000       750,146  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (h)

    2,700,000       2,701,444  

1.534%, 04/07/17 (h)

    2,000,000       2,000,116  

1.591%, 04/12/17 (h)

    2,000,000       2,000,399  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.558%, 04/10/17 (h)

    2,500,000       2,500,315  

1.572%, 04/26/17 (h)

    3,750,000       3,751,241  

 

BHFTII-214


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Svenska Handelsbanken New York
1.508%, 05/18/17 (h)

    4,000,000     $ 4,002,068  

Toronto Dominion Bank New York
1.330%, 01/10/18 (h)

    3,500,000       3,500,686  

UBS, Stamford
1.301%, 05/12/17 (h)

    1,800,000       1,800,443  

1.589%, 07/31/17 (h)

    1,603,468       1,604,407  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (h)

    2,100,000       2,103,433  

1.452%, 04/26/17 (h)

    2,200,000       2,200,585  
   

 

 

 
      104,344,616  
   

 

 

 
Commercial Paper—3.0%  

Barton Capital S.A.
1.110%, 04/21/17

    2,991,490       2,997,999  

Commonwealth Bank Australia
1.389%, 10/23/17 (h)

    2,500,000       2,503,055  

Den Norske ASA
1.432%, 04/27/17 (h)

    2,200,000       2,200,475  

HSBC plc
1.442%, 04/25/17 (h)

    5,100,000       5,100,918  

Kells Funding LLC
1.100%, 06/05/17

    2,291,145       2,295,047  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    997,033       998,781  

1.120%, 04/13/17

    1,495,800       1,499,466  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    1,495,800       1,499,027  

Sheffield Receivables Co.
1.170%, 04/04/17

    2,492,769       2,499,817  

Versailles Commercial Paper LLC
1.120%, 04/24/17

    2,991,600       2,998,161  

Westpac Banking Corp.
1.380%, 10/20/17 (h)

    3,400,000       3,406,162  
   

 

 

 
      27,998,908  
   

 

 

 
Repurchase Agreements—3.7%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $992,766 on 04/03/17, collateralized by $1,427,859 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,012,557.

    992,702       992,702  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,900,139 on 04/03/17, collateralized by $1,944,626 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,938,000.

    1,900,000       1,900,000  
Repurchase Agreements—(Continued)  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $50,322 on 07/03/17, collateralized by various Common Stock with a value of $55,000.

    50,000     50,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $100,008 on 04/03/17, collateralized by $101,178 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $102,001.

    100,000       100,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.

    2,000,000       2,000,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $8,005,200 on 04/03/17, collateralized by $1,235,986 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $8,783,893.

    8,000,000       8,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $3,017,280 on 06/02/17, collateralized by various Common Stock with a value of $3,300,000.

    3,000,000       3,000,000  

Goldman Sachs & Co.
Repurchase Agreement dated 03/31/17 at 0.790% to be repurchased at $2,141,290 on 04/03/17, collateralized by $10,724,220 U.S. Government Agency Obligations with rates ranging from 2.000% - 10.500%, maturity dates ranging from 06/20/17 - 03/20/47, with a value of $2,183,972.

    2,141,150       2,141,150  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $2,600,178 on 04/03/17, collateralized by $2,583,735 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $2,653,602.

    2,600,000       2,600,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $3,534,271 on 07/03/17, collateralized by various Common Stock with a value of $3,850,000.

    3,500,000       3,500,000  

 

BHFTII-215


Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Natixis New York
Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $10,000,817 on 04/03/17, collateralized by $11,706,514 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $10,200,833.

    10,000,000     $ 10,000,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $650,050 on 04/03/17, collateralized by $1,945,758 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $663,000.

    650,000       650,000  
   

 

 

 
      34,933,852  
   

 

 

 
Time Deposits—1.3%  

OP Corporate Bank plc
1.180%, 04/24/17

    2,500,000       2,500,000  

1.200%, 04/10/17

    2,500,000       2,500,000  

Shinkin Central Bank
1.350%, 04/21/17

    575,000       575,000  

1.440%, 04/26/17

    3,000,000       3,000,000  

1.440%, 04/27/17

    700,000       700,000  

Skandanaviska Enskilda Banken
0.810%, 04/03/17

    2,000,000       2,000,000  

Svenska
0.800%, 04/03/17

    1,000,000       1,000,000  
   

 

 

 
      12,275,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $179,494,333)

      179,552,376  
   

 

 

 

Total Investments—119.1%
(Cost $848,917,225) (i)

      1,130,071,993  

Other assets and liabilities (net)—(19.1)%

      (181,387,295
   

 

 

 
Net Assets—100.0%     $ 948,684,698  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Non-income producing security.
(b)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $173,682,555 and the collateral received consisted of cash in the amount of $179,452,202. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)   All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $3,339,931.
(d)   Illiquid security. As of March 31, 2017, these securities represent 0.0% of net assets.
(e)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.05% of net assets.
(f)   The rate shown represents current yield to maturity.
(g)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(h)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(i)   As of March 31, 2017, the aggregate cost of investments was $848,917,225. The aggregate unrealized appreciation and depreciation of investments were $327,599,169 and $(46,444,401), respectively, resulting in net unrealized appreciation of $281,154,768.

 

Futures Contracts

 

Futures Contracts—Long

   Expiration
Date
     Number of
Contracts
     Notional
Amount
     Unrealized
Appreciation
 

Russell 2000 Index Mini Futures

     06/16/17        394        USD       26,733,396      $ 539,284  
             

 

 

 

 

(USD)—   United States Dollar

 

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Table of Contents

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total Common Stocks*

   $ 890,344,256      $ 0     $ —        $ 890,344,256  

Total Mutual Fund*

     29,283,240        —         —          29,283,240  

Total Rights*

     —          —         233,578        233,578  

Total Corporate Bonds & Notes*

     —          129,025       —          129,025  

Total Short-Term Investments*

     —          30,529,518       —          30,529,518  

Total Securities Lending Reinvestments*

     —          179,552,376       —          179,552,376  

Total Investments

   $ 919,627,496      $ 210,210,919     $ 233,578      $ 1,130,071,993  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (179,452,202   $ —        $ (179,452,202
Futures Contracts           

Futures Contracts (Unrealized Appreciation)

   $ 539,284      $ —       $ —        $ 539,284  

 

*   See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

 

BHFTII-217


Table of Contents

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.5% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—2.2%  

Arconic, Inc. (a)

    145,171     $ 3,823,804  

Boeing Co. (The)

    187,704       33,197,329  

General Dynamics Corp.

    93,778       17,555,242  

L3 Technologies, Inc.

    25,637       4,237,540  

Lockheed Martin Corp.

    82,275       22,016,790  

Northrop Grumman Corp.

    57,536       13,684,362  

Raytheon Co.

    96,514       14,718,385  

Rockwell Collins, Inc.

    43,112       4,188,762  

Textron, Inc.

    89,002       4,235,605  

TransDigm Group, Inc.

    16,370       3,604,019  

United Technologies Corp.

    246,969       27,712,392  
   

 

 

 
      148,974,230  
   

 

 

 
Air Freight & Logistics—0.7%  

C.H. Robinson Worldwide, Inc. (a)

    46,582       3,600,323  

Expeditors International of Washington, Inc. (a)

    59,355       3,352,964  

FedEx Corp.

    80,798       15,767,729  

United Parcel Service, Inc. - Class B

    227,123       24,370,298  
   

 

 

 
      47,091,314  
   

 

 

 
Airlines—0.6%  

Alaska Air Group, Inc. (a)

    40,687       3,752,155  

American Airlines Group, Inc. (a)

    166,135       7,027,510  

Delta Air Lines, Inc.

    240,812       11,067,720  

Southwest Airlines Co.

    202,746       10,899,625  

United Continental Holdings, Inc. (b)

    94,347       6,664,672  
   

 

 

 
      39,411,682  
   

 

 

 
Auto Components—0.2%  

BorgWarner, Inc. (a)

    65,883       2,753,251  

Delphi Automotive plc

    88,829       7,149,846  

Goodyear Tire & Rubber Co. (The)

    82,927       2,985,372  
   

 

 

 
      12,888,469  
   

 

 

 
Automobiles—0.5%  

Ford Motor Co.

    1,286,312       14,972,672  

General Motors Co. (a)

    449,201       15,883,747  

Harley-Davidson, Inc. (a)

    58,110       3,515,655  
   

 

 

 
      34,372,074  
   

 

 

 
Banks—6.4%  

Bank of America Corp.

    3,303,604       77,932,018  

BB&T Corp.

    266,392       11,907,722  

Citigroup, Inc.

    913,039       54,617,993  

Citizens Financial Group, Inc.

    167,767       5,796,350  

Comerica, Inc.

    57,951       3,974,280  

Fifth Third Bancorp

    247,307       6,281,598  

Huntington Bancshares, Inc. (a)

    357,835       4,791,411  

JPMorgan Chase & Co.

    1,177,078       103,394,531  

KeyCorp

    353,403       6,283,505  

M&T Bank Corp. (a)

    50,805       7,861,058  

People’s United Financial, Inc. (a)

    113,186       2,059,985  

PNC Financial Services Group, Inc. (The)

    160,204       19,262,929  

Regions Financial Corp.

    397,172       5,770,909  

SunTrust Banks, Inc.

    161,936       8,955,061  
Banks—(Continued)  

U.S. Bancorp (a)

    524,756     27,024,934  

Wells Fargo & Co.

    1,483,895       82,593,596  

Zions Bancorp (a)

    66,704       2,801,568  
   

 

 

 
      431,309,448  
   

 

 

 
Beverages—2.0%  

Brown-Forman Corp. - Class B (a)

    58,290       2,691,832  

Coca-Cola Co. (The)

    1,273,352       54,041,059  

Constellation Brands, Inc. - Class A

    56,912       9,223,728  

Dr Pepper Snapple Group, Inc.

    60,335       5,908,003  

Molson Coors Brewing Co. - Class B

    60,760       5,815,340  

Monster Beverage Corp. (a) (b)

    132,570       6,120,757  

PepsiCo, Inc.

    470,314       52,609,324  
   

 

 

 
      136,410,043  
   

 

 

 
Biotechnology—2.8%  

AbbVie, Inc. (a)

    525,248       34,225,160  

Alexion Pharmaceuticals, Inc. (b)

    74,018       8,973,942  

Amgen, Inc.

    242,685       39,817,328  

Biogen, Inc. (b)

    71,148       19,453,286  

Celgene Corp. (b)

    256,365       31,899,497  

Gilead Sciences, Inc.

    430,721       29,254,570  

Incyte Corp. (a) (b)

    58,047       7,759,143  

Regeneron Pharmaceuticals, Inc. (a) (b)

    25,059       9,710,613  

Vertex Pharmaceuticals, Inc. (b)

    81,868       8,952,266  
   

 

 

 
      190,045,805  
   

 

 

 
Building Products—0.3%  

Allegion plc (a)

    31,461       2,381,598  

Fortune Brands Home & Security, Inc.

    50,444       3,069,517  

Johnson Controls International plc

    309,335       13,029,190  

Masco Corp.

    105,555       3,587,815  
   

 

 

 
      22,068,120  
   

 

 

 
Capital Markets—2.8%  

Affiliated Managers Group, Inc. (a)

    18,686       3,063,383  

Ameriprise Financial, Inc.

    50,767       6,583,465  

Bank of New York Mellon Corp. (The)

    341,875       16,146,756  

BlackRock, Inc.

    40,101       15,379,134  

CBOE Holdings, Inc.

    30,229       2,450,665  

Charles Schwab Corp. (The)

    400,323       16,337,182  

CME Group, Inc. (a)

    111,925       13,296,690  

E*Trade Financial Corp. (b)

    90,515       3,158,068  

Franklin Resources, Inc.

    113,637       4,788,663  

Goldman Sachs Group, Inc. (The)

    122,089       28,046,285  

Intercontinental Exchange, Inc.

    196,294       11,752,122  

Invesco, Ltd.

    132,986       4,073,361  

Moody’s Corp.

    54,701       6,128,700  

Morgan Stanley

    473,520       20,285,597  

Nasdaq, Inc.

    37,914       2,633,127  

Northern Trust Corp. (a)

    70,871       6,136,011  

Raymond James Financial, Inc.

    42,141       3,213,673  

S&P Global, Inc.

    85,151       11,132,642  

State Street Corp.

    118,310       9,418,659  

T. Rowe Price Group, Inc. (a)

    80,213       5,466,516  
   

 

 

 
      189,490,699  
   

 

 

 

 

BHFTII-218


Table of Contents

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Chemicals—2.1%  

Air Products & Chemicals, Inc.

    71,703     $ 9,700,699  

Albemarle Corp.

    37,094       3,918,610  

CF Industries Holdings, Inc. (a)

    76,819       2,254,638  

Dow Chemical Co. (The)

    367,839       23,372,490  

E.I. du Pont de Nemours & Co.

    284,905       22,886,419  

Eastman Chemical Co.

    48,273       3,900,458  

Ecolab, Inc. (a)

    86,518       10,844,166  

FMC Corp. (a)

    44,055       3,065,787  

International Flavors & Fragrances, Inc. (a)

    26,046       3,451,876  

LyondellBasell Industries NV - Class A

    108,770       9,918,736  

Monsanto Co.

    144,495       16,356,834  

Mosaic Co. (The)

    115,400       3,367,372  

PPG Industries, Inc.

    84,721       8,902,483  

Praxair, Inc.

    93,940       11,141,284  

Sherwin-Williams Co. (The)

    26,751       8,297,893  
   

 

 

 
      141,379,745  
   

 

 

 
Commercial Services & Supplies—0.3%  

Cintas Corp. (a)

    28,383       3,591,585  

Republic Services, Inc. (a)

    75,992       4,773,057  

Stericycle, Inc. (a) (b)

    28,037       2,323,987  

Waste Management, Inc. (a)

    133,304       9,720,528  
   

 

 

 
      20,409,157  
   

 

 

 
Communications Equipment—1.0%  

Cisco Systems, Inc.

    1,650,252       55,778,518  

F5 Networks, Inc. (a) (b)

    21,350       3,043,869  

Harris Corp.

    41,014       4,563,628  

Juniper Networks, Inc.

    125,875       3,503,101  

Motorola Solutions, Inc.

    54,288       4,680,711  
   

 

 

 
      71,569,827  
   

 

 

 
Construction & Engineering—0.1%  

Fluor Corp.

    45,922       2,416,415  

Jacobs Engineering Group, Inc. (a)

    39,896       2,205,451  

Quanta Services, Inc. (a) (b)

    49,834       1,849,340  
   

 

 

 
      6,471,206  
   

 

 

 
Construction Materials—0.1%  

Martin Marietta Materials, Inc. (a)

    20,783       4,535,890  

Vulcan Materials Co.

    43,616       5,254,855  
   

 

 

 
      9,790,745  
   

 

 

 
Consumer Finance—0.8%  

American Express Co.

    249,478       19,736,205  

Capital One Financial Corp.

    158,387       13,725,817  

Discover Financial Services

    127,046       8,688,676  

Navient Corp.

    95,896       1,415,425  

Synchrony Financial

    253,821       8,706,060  
   

 

 

 
      52,272,183  
   

 

 

 
Containers & Packaging—0.3%  

Avery Dennison Corp.

    29,470       2,375,282  

Ball Corp.

    57,687       4,283,837  
Containers & Packaging—(Continued)  

International Paper Co.

    135,521     6,881,756  

Sealed Air Corp. (a)

    63,756       2,778,487  

WestRock Co.

    82,515       4,293,255  
   

 

 

 
      20,612,617  
   

 

 

 
Distributors—0.1%  

Genuine Parts Co. (a)

    48,896       4,518,479  

LKQ Corp. (b)

    101,496       2,970,788  
   

 

 

 
      7,489,267  
   

 

 

 
Diversified Consumer Services—0.0%  

H&R Block, Inc. (a)

    68,251       1,586,836  
   

 

 

 
Diversified Financial Services—1.6%  

Berkshire Hathaway, Inc. - Class B (b)

    625,879       104,321,512  

Leucadia National Corp.

    106,711       2,774,486  
   

 

 

 
      107,095,998  
   

 

 

 
Diversified Telecommunication Services—2.3%  

AT&T, Inc. (a)

    2,023,847       84,090,843  

CenturyLink, Inc. (a)

    180,114       4,245,287  

Level 3 Communications, Inc. (b)

    96,272       5,508,684  

Verizon Communications, Inc.

    1,343,270       65,484,412  
   

 

 

 
      159,329,226  
   

 

 

 
Electric Utilities—2.0%  

Alliant Energy Corp.

    75,030       2,971,938  

American Electric Power Co., Inc. (a)

    162,035       10,877,410  

Duke Energy Corp.

    230,544       18,906,914  

Edison International (a)

    107,365       8,547,328  

Entergy Corp.

    59,116       4,490,451  

Eversource Energy (a)

    104,424       6,138,043  

Exelon Corp.

    305,341       10,986,169  

FirstEnergy Corp.

    145,810       4,639,674  

NextEra Energy, Inc.

    154,084       19,779,763  

PG&E Corp.

    167,037       11,084,575  

Pinnacle West Capital Corp.

    36,690       3,059,212  

PPL Corp. (a)

    223,993       8,375,098  

Southern Co. (The)

    326,583       16,257,302  

Xcel Energy, Inc. (a)

    167,146       7,429,640  
   

 

 

 
      133,543,517  
   

 

 

 
Electrical Equipment—0.5%  

Acuity Brands, Inc. (a)

    14,530       2,964,120  

AMETEK, Inc. (a)

    75,618       4,089,422  

Eaton Corp. plc

    148,191       10,988,363  

Emerson Electric Co.

    212,570       12,724,440  

Rockwell Automation, Inc.

    42,378       6,598,678  
   

 

 

 
      37,365,023  
   

 

 

 
Electronic Equipment, Instruments & Components—0.4%  

Amphenol Corp. - Class A (a)

    101,385       7,215,571  

Corning, Inc.

    305,837       8,257,599  

FLIR Systems, Inc.

    44,929       1,630,024  

 

BHFTII-219


Table of Contents

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Electronic Equipment, Instruments & Components—(Continued)  

TE Connectivity, Ltd.

    117,080     $ 8,728,314  
   

 

 

 
      25,831,508  
   

 

 

 
Energy Equipment & Services—1.1%  

Baker Hughes, Inc.

    140,158       8,384,252  

Halliburton Co.

    285,682       14,058,411  

Helmerich & Payne, Inc. (a)

    35,775       2,381,542  

National Oilwell Varco, Inc. (a)

    124,802       5,003,312  

Schlumberger, Ltd.

    459,408       35,879,765  

TechnipFMC plc (b)

    153,757       4,997,102  

Transocean, Ltd. (a) (b)

    128,284       1,597,136  
   

 

 

 
      72,301,520  
   

 

 

 
Equity Real Estate Investment Trusts—2.8%  

Alexandria Real Estate Equities, Inc.

    29,288       3,236,910  

American Tower Corp.

    140,775       17,109,793  

Apartment Investment & Management Co. - Class A

    51,742       2,294,758  

AvalonBay Communities, Inc. (a)

    45,255       8,308,818  

Boston Properties, Inc. (a)

    50,694       6,712,392  

Crown Castle International Corp. (a)

    118,809       11,221,510  

Digital Realty Trust, Inc. (a)

    52,484       5,583,773  

Equinix, Inc.

    25,610       10,253,476  

Equity Residential (a)

    120,970       7,526,753  

Essex Property Trust, Inc.

    21,601       5,001,279  

Extra Space Storage, Inc. (a)

    41,492       3,086,590  

Federal Realty Investment Trust (a)

    23,761       3,172,093  

GGP, Inc.

    192,468       4,461,408  

HCP, Inc.

    154,280       4,825,878  

Host Hotels & Resorts, Inc. (a)

    243,607       4,545,707  

Iron Mountain, Inc. (a)

    80,822       2,882,921  

Kimco Realty Corp. (a)

    140,258       3,098,299  

Macerich Co. (The) (a)

    39,834       2,565,310  

Mid-America Apartment Communities, Inc.

    37,417       3,806,806  

Prologis, Inc.

    174,436       9,049,740  

Public Storage

    49,209       10,772,342  

Realty Income Corp. (a)

    89,338       5,318,291  

Regency Centers Corp.

    48,122       3,194,820  

Simon Property Group, Inc.

    105,393       18,130,758  

SL Green Realty Corp. (a)

    33,144       3,533,813  

UDR, Inc. (a)

    88,066       3,193,273  

Ventas, Inc. (a)

    116,859       7,600,509  

Vornado Realty Trust

    56,725       5,690,085  

Welltower, Inc. (a)

    119,474       8,461,149  

Weyerhaeuser Co.

    246,819       8,386,910  
   

 

 

 
      193,026,164  
   

 

 

 
Food & Staples Retailing—1.9%  

Costco Wholesale Corp.

    144,646       24,255,688  

CVS Health Corp.

    338,001       26,533,079  

Kroger Co. (The) (a)

    304,488       8,979,351  

Sysco Corp. (a)

    163,776       8,503,250  

Wal-Mart Stores, Inc.

    496,231       35,768,330  

Walgreens Boots Alliance, Inc.

    281,003       23,337,299  

Whole Foods Market, Inc. (a)

    104,977       3,119,916  
   

 

 

 
      130,496,913  
   

 

 

 
Food Products—1.5%  

Archer-Daniels-Midland Co.

    188,189     8,664,222  

Campbell Soup Co. (a)

    63,745       3,648,764  

Conagra Brands, Inc.

    136,245       5,496,123  

General Mills, Inc.

    191,132       11,278,699  

Hershey Co. (The)

    46,020       5,027,685  

Hormel Foods Corp. (a)

    88,871       3,077,603  

J.M. Smucker Co. (The)

    38,366       5,029,015  

Kellogg Co. (a)

    83,312       6,049,284  

Kraft Heinz Co. (The)

    196,532       17,847,071  

McCormick & Co., Inc. (a)

    37,453       3,653,540  

Mead Johnson Nutrition Co. (a)

    60,446       5,384,530  

Mondelez International, Inc. - Class A

    503,068       21,672,170  

Tyson Foods, Inc. - Class A

    94,558       5,835,174  
   

 

 

 
      102,663,880  
   

 

 

 
Health Care Equipment & Supplies—2.6%  

Abbott Laboratories

    569,432       25,288,475  

Baxter International, Inc. (a)

    160,177       8,306,779  

Becton Dickinson & Co.

    70,133       12,865,198  

Boston Scientific Corp. (b)

    449,314       11,174,439  

C.R. Bard, Inc.

    23,737       5,899,594  

Cooper Cos., Inc. (The) (a)

    16,126       3,223,426  

Danaher Corp.

    201,043       17,195,208  

DENTSPLY SIRONA, Inc. (a)

    75,687       4,725,896  

Edwards Lifesciences Corp. (a) (b)

    70,024       6,587,158  

Hologic, Inc. (b)

    92,037       3,916,174  

IDEXX Laboratories, Inc. (a) (b)

    29,001       4,483,845  

Intuitive Surgical, Inc. (a) (b)

    12,103       9,276,586  

Medtronic plc

    451,092       36,339,971  

Stryker Corp. (a)

    101,987       13,426,589  

Varian Medical Systems, Inc. (a) (b)

    30,800       2,806,804  

Zimmer Biomet Holdings, Inc.

    66,270       8,092,230  
   

 

 

 
      173,608,372  
   

 

 

 
Health Care Providers & Services—2.6%  

Aetna, Inc.

    115,897       14,782,662  

AmerisourceBergen Corp. (a)

    54,416       4,815,816  

Anthem, Inc.

    87,122       14,408,236  

Cardinal Health, Inc.

    103,953       8,477,367  

Centene Corp. (a) (b)

    56,689       4,039,658  

Cigna Corp.

    84,707       12,408,729  

DaVita, Inc. (b)

    51,301       3,486,929  

Envision Healthcare Corp. (b)

    38,707       2,373,513  

Express Scripts Holding Co. (b)

    199,604       13,155,900  

HCA Holdings, Inc. (a) (b)

    95,142       8,466,687  

Henry Schein, Inc. (b)

    26,098       4,435,877  

Humana, Inc.

    49,207       10,143,531  

Laboratory Corp. of America Holdings (b)

    33,711       4,836,517  

McKesson Corp.

    69,879       10,360,261  

Patterson Cos., Inc. (a)

    27,101       1,225,778  

Quest Diagnostics, Inc.

    45,309       4,448,891  

UnitedHealth Group, Inc.

    317,039       51,997,566  

Universal Health Services, Inc. - Class B

    29,432       3,662,812  
   

 

 

 
      177,526,730  
   

 

 

 

 

BHFTII-220


Table of Contents

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Health Care Technology—0.1%  

Cerner Corp. (a) (b)

    96,701     $ 5,690,854  
   

 

 

 
Hotels, Restaurants & Leisure—1.6%  

Carnival Corp.

    137,728       8,113,556  

Chipotle Mexican Grill, Inc. (a) (b)

    9,482       4,224,421  

Darden Restaurants, Inc. (a)

    40,916       3,423,442  

Marriott International, Inc. - Class A (a)

    103,644       9,761,192  

McDonald’s Corp.

    269,885       34,979,795  

Royal Caribbean Cruises, Ltd.

    55,212       5,416,849  

Starbucks Corp.

    480,260       28,042,381  

Wyndham Worldwide Corp. (a)

    34,594       2,915,928  

Wynn Resorts, Ltd.

    26,198       3,002,553  

Yum! Brands, Inc.

    110,773       7,078,395  
   

 

 

 
      106,958,512  
   

 

 

 
Household Durables—0.4%  

DR Horton, Inc.

    111,977       3,729,954  

Garmin, Ltd.

    37,904       1,937,273  

Leggett & Platt, Inc. (a)

    44,073       2,217,753  

Lennar Corp. - Class A

    66,957       3,427,529  

Mohawk Industries, Inc. (b)

    20,780       4,768,802  

Newell Brands, Inc. (a)

    158,966       7,498,426  

PulteGroup, Inc.

    94,263       2,219,894  

Whirlpool Corp. (a)

    24,547       4,205,638  
   

 

 

 
      30,005,269  
   

 

 

 
Household Products—1.8%  

Church & Dwight Co., Inc. (a)

    83,909       4,184,542  

Clorox Co. (The)

    42,268       5,698,994  

Colgate-Palmolive Co.

    290,930       21,293,167  

Kimberly-Clark Corp.

    117,232       15,431,248  

Procter & Gamble Co. (The)

    842,443       75,693,504  
   

 

 

 
      122,301,455  
   

 

 

 
Independent Power and Renewable Electricity Producers—0.1%  

AES Corp.

    217,222       2,428,542  

NRG Energy, Inc. (a)

    104,123       1,947,100  
   

 

 

 
      4,375,642  
   

 

 

 
Industrial Conglomerates—2.4%  

3M Co.

    196,468       37,590,222  

General Electric Co.

    2,875,101       85,678,010  

Honeywell International, Inc.

    250,838       31,322,141  

Roper Technologies, Inc.

    33,571       6,932,076  
   

 

 

 
      161,522,449  
   

 

 

 
Insurance—2.6%  

Aflac, Inc.

    132,283       9,579,935  

Allstate Corp. (The)

    120,322       9,805,040  

American International Group, Inc.

    306,657       19,144,596  

Aon plc

    86,536       10,270,958  

Arthur J. Gallagher & Co.

    58,860       3,327,944  

Assurant, Inc.

    18,334       1,754,014  

Chubb, Ltd.

    153,490       20,913,012  

Cincinnati Financial Corp. (a)

    49,394       3,569,704  
Insurance—(Continued)  

Hartford Financial Services Group, Inc. (The)

    123,212     5,922,801  

Lincoln National Corp.

    74,215       4,857,372  

Loews Corp.

    90,963       4,254,339  

Marsh & McLennan Cos., Inc.

    169,710       12,539,872  

MetLife, Inc. (c)

    358,286       18,924,667  

Principal Financial Group, Inc. (a)

    88,101       5,560,054  

Progressive Corp. (The) (a)

    191,393       7,498,778  

Prudential Financial, Inc.

    141,699       15,116,449  

Torchmark Corp.

    36,089       2,780,297  

Travelers Cos., Inc. (The)

    92,165       11,109,569  

Unum Group

    75,538       3,541,977  

Willis Towers Watson plc

    41,981       5,494,893  

XL Group, Ltd.

    87,316       3,480,416  
   

 

 

 
      179,446,687  
   

 

 

 
Internet & Direct Marketing Retail—2.5%  

Amazon.com, Inc. (b)

    130,512       115,704,109  

Expedia, Inc.

    39,731       5,012,860  

Netflix, Inc. (b)

    141,835       20,964,631  

Priceline Group, Inc. (The) (b)

    16,204       28,842,634  

TripAdvisor, Inc. (a) (b)

    37,213       1,606,113  
   

 

 

 
      172,130,347  
   

 

 

 
Internet Software & Services—4.5%  

Akamai Technologies, Inc. (a) (b)

    57,072       3,407,199  

Alphabet, Inc. - Class A (b)

    97,911       83,008,946  

Alphabet, Inc. - Class C (b) (d)

    97,377       80,780,064  

eBay, Inc. (b)

    333,141       11,183,543  

Facebook, Inc. - Class A (b)

    776,105       110,245,715  

VeriSign, Inc. (a) (b)

    29,337       2,555,546  

Yahoo!, Inc. (b)

    289,261       13,424,603  
   

 

 

 
      304,605,616  
   

 

 

 
IT Services—3.6%  

Accenture plc - Class A (a)

    205,177       24,596,619  

Alliance Data Systems Corp. (a)

    18,429       4,588,821  

Automatic Data Processing, Inc.

    147,928       15,146,348  

Cognizant Technology Solutions Corp. -
Class A (b)

    200,565       11,937,629  

CSRA, Inc.

    47,837       1,401,146  

Fidelity National Information Services, Inc.

    108,344       8,626,349  

Fiserv, Inc. (b)

    70,706       8,153,109  

Global Payments, Inc.

    50,175       4,048,119  

International Business Machines Corp. (a)

    282,846       49,254,802  

MasterCard, Inc. - Class A

    310,471       34,918,673  

Paychex, Inc. (a)

    105,243       6,198,813  

PayPal Holdings, Inc. (b)

    370,082       15,920,928  

Teradata Corp. (a) (b)

    43,131       1,342,237  

Total System Services, Inc.

    54,379       2,907,101  

Visa, Inc. - Class A (a)

    612,278       54,413,146  

Western Union Co. (The) (a)

    158,473       3,224,925  
   

 

 

 
      246,678,765  
   

 

 

 
Leisure Products—0.1%  

Hasbro, Inc. (a)

    36,864       3,679,765  

 

BHFTII-221


Table of Contents

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Leisure Products—(Continued)  

Mattel, Inc.

    112,846     $ 2,889,986  
   

 

 

 
      6,569,751  
   

 

 

 
Life Sciences Tools & Services—0.6%  

Agilent Technologies, Inc. (a)

    106,128       5,610,987  

Illumina, Inc. (a) (b)

    48,211       8,226,725  

Mettler-Toledo International, Inc. (b)

    8,548       4,093,723  

PerkinElmer, Inc. (a)

    36,178       2,100,495  

Thermo Fisher Scientific, Inc.

    128,647       19,760,179  

Waters Corp. (a) (b)

    26,391       4,125,177  
   

 

 

 
      43,917,286  
   

 

 

 
Machinery—1.5%  

Caterpillar, Inc.

    193,266       17,927,354  

Cummins, Inc.

    50,980       7,708,176  

Deere & Co.

    96,575       10,513,155  

Dover Corp.

    51,243       4,117,375  

Flowserve Corp. (a)

    43,010       2,082,544  

Fortive Corp.

    99,197       5,973,643  

Illinois Tool Works, Inc.

    102,780       13,615,267  

Ingersoll-Rand plc

    85,516       6,954,161  

PACCAR, Inc. (a)

    115,632       7,770,470  

Parker-Hannifin Corp.

    43,925       7,042,056  

Pentair plc

    55,098       3,459,052  

Snap-on, Inc. (a)

    19,103       3,222,103  

Stanley Black & Decker, Inc.

    50,281       6,680,837  

Xylem, Inc.

    59,141       2,970,061  
   

 

 

 
      100,036,254  
   

 

 

 
Media—3.2%  

CBS Corp. - Class B

    122,565       8,501,108  

Charter Communications, Inc. - Class A (b)

    70,889       23,203,387  

Comcast Corp. - Class A

    1,559,584       58,624,762  

Discovery Communications, Inc. - Class A (a) (b)

    50,297       1,463,140  

Discovery Communications, Inc. - Class C (a) (b)

    71,093       2,012,643  

DISH Network Corp. - Class A (a) (b)

    74,776       4,747,528  

Interpublic Group of Cos., Inc. (The)

    129,403       3,179,432  

News Corp. - Class A

    125,779       1,635,127  

News Corp. - Class B

    39,470       532,845  

Omnicom Group, Inc.

    77,285       6,662,740  

Scripps Networks Interactive, Inc. - Class A (a)

    31,480       2,467,088  

TEGNA, Inc.

    70,755       1,812,743  

Time Warner, Inc.

    255,168       24,932,465  

Twenty-First Century Fox, Inc. - Class A

    346,771       11,231,913  

Twenty-First Century Fox, Inc. - Class B

    160,514       5,101,135  

Viacom, Inc. - Class B

    114,501       5,338,037  

Walt Disney Co. (The)

    479,387       54,357,692  
   

 

 

 
      215,803,785  
   

 

 

 
Metals & Mining—0.3%  

Freeport-McMoRan, Inc. (b)

    438,195       5,854,285  

Newmont Mining Corp.

    175,146       5,772,812  

Nucor Corp. (a)

    105,070       6,274,781  
   

 

 

 
      17,901,878  
   

 

 

 
Multi-Utilities—1.0%  

Ameren Corp.

    79,956     4,364,798  

CenterPoint Energy, Inc. (a)

    141,926       3,912,900  

CMS Energy Corp.

    92,238       4,126,728  

Consolidated Edison, Inc. (a)

    100,527       7,806,927  

Dominion Resources, Inc. (a)

    206,984       16,055,749  

DTE Energy Co. (a)

    59,129       6,037,662  

NiSource, Inc.

    106,586       2,535,681  

Public Service Enterprise Group, Inc.

    166,815       7,398,245  

SCANA Corp. (a)

    47,095       3,077,658  

Sempra Energy

    82,562       9,123,101  

WEC Energy Group, Inc. (a)

    103,996       6,305,278  
   

 

 

 
      70,744,727  
   

 

 

 
Multiline Retail—0.4%  

Dollar General Corp.

    83,755       5,840,236  

Dollar Tree, Inc. (b)

    77,793       6,103,639  

Kohl’s Corp. (a)

    58,153       2,315,071  

Macy’s, Inc. (a)

    100,210       2,970,224  

Nordstrom, Inc. (a)

    37,533       1,747,912  

Target Corp.

    183,271       10,114,727  
   

 

 

 
      29,091,809  
   

 

 

 
Oil, Gas & Consumable Fuels—5.4%  

Anadarko Petroleum Corp.

    184,202       11,420,524  

Apache Corp. (a)

    125,119       6,429,865  

Cabot Oil & Gas Corp.

    156,573       3,743,660  

Chesapeake Energy Corp. (a) (b)

    251,017       1,491,041  

Chevron Corp.

    623,839       66,981,593  

Cimarex Energy Co.

    31,346       3,745,534  

Concho Resources, Inc. (a) (b)

    48,825       6,266,201  

ConocoPhillips (a)

    407,247       20,309,408  

Devon Energy Corp.

    172,872       7,212,220  

EOG Resources, Inc.

    190,085       18,542,792  

EQT Corp. (a)

    57,118       3,489,910  

Exxon Mobil Corp.

    1,366,412       112,059,448  

Hess Corp.

    88,658       4,274,202  

Kinder Morgan, Inc.

    632,668       13,754,202  

Marathon Oil Corp. (a)

    279,180       4,411,044  

Marathon Petroleum Corp.

    173,921       8,789,967  

Murphy Oil Corp. (a)

    53,401       1,526,735  

Newfield Exploration Co. (b)

    65,539       2,419,045  

Noble Energy, Inc.

    143,505       4,927,962  

Occidental Petroleum Corp.

    251,858       15,957,723  

ONEOK, Inc. (a)

    69,451       3,850,363  

Phillips 66

    145,373       11,516,449  

Pioneer Natural Resources Co.

    55,954       10,420,313  

Range Resources Corp.

    61,989       1,803,880  

Southwestern Energy Co. (a) (b)

    164,092       1,340,632  

Tesoro Corp.

    38,551       3,124,944  

Valero Energy Corp. (a)

    148,635       9,853,014  

Williams Cos., Inc. (The)

    272,135       8,052,475  
   

 

 

 
      367,715,146  
   

 

 

 
Personal Products—0.1%  

Coty, Inc. - Class A

    155,105       2,812,054  

 

BHFTII-222


Table of Contents

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Personal Products—(Continued)  

Estee Lauder Cos., Inc. (The) - Class A (a)

    73,248     $ 6,210,698  
   

 

 

 
      9,022,752  
   

 

 

 
Pharmaceuticals—5.0%  

Allergan plc (a)

    110,468       26,393,015  

Bristol-Myers Squibb Co.

    551,214       29,975,017  

Eli Lilly & Co.

    319,959       26,911,751  

Johnson & Johnson

    894,137       111,364,763  

Mallinckrodt plc (b)

    34,527       1,538,868  

Merck & Co., Inc.

    904,755       57,488,133  

Mylan NV (b)

    151,758       5,917,044  

Perrigo Co. plc (a)

    47,246       3,136,662  

Pfizer, Inc.

    1,961,336       67,097,305  

Zoetis, Inc. (a)

    162,118       8,652,238  
   

 

 

 
      338,474,796  
   

 

 

 
Professional Services—0.3%  

Dun & Bradstreet Corp. (The)

    12,134       1,309,744  

Equifax, Inc.

    39,511       5,402,734  

Nielsen Holdings plc (a)

    110,751       4,575,124  

Robert Half International, Inc. (a)

    42,113       2,056,378  

Verisk Analytics, Inc. (b)

    50,978       4,136,355  
   

 

 

 
      17,480,335  
   

 

 

 
Real Estate Management & Development—0.1%  

CBRE Group, Inc. - Class A (b)

    99,079       3,446,958  
   

 

 

 
Road & Rail—0.9%  

CSX Corp. (a)

    305,294       14,211,436  

J.B. Hunt Transport Services, Inc.

    28,611       2,624,773  

Kansas City Southern (a)

    35,143       3,013,864  

Norfolk Southern Corp.

    95,747       10,720,791  

Ryder System, Inc.

    17,618       1,329,102  

Union Pacific Corp.

    268,172       28,404,778  
   

 

 

 
      60,304,744  
   

 

 

 
Semiconductors & Semiconductor Equipment—3.4%  

Advanced Micro Devices, Inc. (a) (b)

    254,208       3,698,727  

Analog Devices, Inc.

    119,936       9,828,755  

Applied Materials, Inc.

    355,839       13,842,137  

Broadcom, Ltd.

    132,156       28,936,878  

Intel Corp.

    1,558,030       56,198,142  

KLA-Tencor Corp.

    51,647       4,910,080  

Lam Research Corp.

    53,662       6,888,054  

Microchip Technology, Inc.

    71,321       5,262,064  

Micron Technology, Inc. (b)

    341,589       9,871,922  

NVIDIA Corp.

    194,095       21,142,768  

Qorvo, Inc. (a) (b)

    41,670       2,856,895  

QUALCOMM, Inc.

    486,733       27,909,270  

Skyworks Solutions, Inc. (a)

    60,936       5,970,509  

Texas Instruments, Inc.

    329,414       26,537,592  

Xilinx, Inc. (a)

    82,032       4,748,833  
   

 

 

 
      228,602,626  
   

 

 

 
Software—4.5%  

Activision Blizzard, Inc.

    227,937     11,364,939  

Adobe Systems, Inc. (b)

    163,340       21,255,434  

Autodesk, Inc. (a) (b)

    64,539       5,580,687  

CA, Inc. (a)

    103,302       3,276,740  

Citrix Systems, Inc. (b)

    51,523       4,296,503  

Electronic Arts, Inc. (a) (b)

    101,583       9,093,710  

Intuit, Inc.

    80,075       9,287,899  

Microsoft Corp.

    2,546,473       167,710,712  

Oracle Corp.

    987,630       44,058,174  

Red Hat, Inc. (b)

    58,752       5,082,048  

Salesforce.com, Inc. (a) (b)

    215,810       17,802,167  

Symantec Corp.

    203,926       6,256,450  

Synopsys, Inc. (b)

    49,594       3,577,215  
   

 

 

 
      308,642,678  
   

 

 

 
Specialty Retail—2.4%  

Advance Auto Parts, Inc. (a)

    24,307       3,603,756  

AutoNation, Inc. (a) (b)

    21,615       914,098  

AutoZone, Inc. (a) (b)

    9,384       6,785,101  

Bed Bath & Beyond, Inc.

    49,533       1,954,572  

Best Buy Co., Inc. (a)

    89,241       4,386,195  

CarMax, Inc. (a) (b)

    61,660       3,651,505  

Foot Locker, Inc.

    43,618       3,263,063  

Gap, Inc. (The) (a)

    72,294       1,756,021  

Home Depot, Inc. (The)

    401,424       58,941,086  

L Brands, Inc. (a)

    79,154       3,728,153  

Lowe’s Cos., Inc.

    285,375       23,460,679  

O’Reilly Automotive, Inc. (a) (b)

    30,199       8,148,898  

Ross Stores, Inc.

    129,875       8,554,866  

Signet Jewelers, Ltd.

    22,935       1,588,708  

Staples, Inc.

    214,376       1,880,078  

Tiffany & Co. (a)

    35,270       3,361,231  

TJX Cos., Inc. (The)

    214,822       16,988,124  

Tractor Supply Co.

    43,078       2,971,090  

Ulta Salon Cosmetics & Fragrance, Inc. (b)

    19,278       5,498,664  
   

 

 

 
      161,435,888  
   

 

 

 
Technology Hardware, Storage & Peripherals—4.3%  

Apple, Inc.

    1,728,906       248,374,636  

Hewlett Packard Enterprise Co.

    548,611       13,002,081  

HP, Inc.

    558,024       9,977,469  

NetApp, Inc.

    89,287       3,736,661  

Seagate Technology plc

    97,270       4,467,611  

Western Digital Corp. (a)

    94,928       7,834,408  

Xerox Corp.

    281,398       2,065,461  
   

 

 

 
      289,458,327  
   

 

 

 
Textiles, Apparel & Luxury Goods—0.7%  

Coach, Inc. (a)

    92,472       3,821,868  

Hanesbrands, Inc. (a)

    124,800       2,590,848  

Michael Kors Holdings, Ltd. (b)

    53,530       2,040,028  

NIKE, Inc. - Class B

    436,704       24,337,514  

PVH Corp.

    26,121       2,702,740  

Ralph Lauren Corp. (a)

    18,563       1,515,112  

Under Armour, Inc. - Class A (a) (b)

    60,548       1,197,639  

 

BHFTII-223


Table of Contents

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Textiles, Apparel & Luxury Goods—(Continued)  

Under Armour, Inc. - Class C (a) (b)

    60,746     $ 1,111,652  

VF Corp.

    109,164       6,000,745  
   

 

 

 
      45,318,146  
   

 

 

 
Tobacco—1.8%  

Altria Group, Inc.

    639,102       45,644,665  

Philip Morris International, Inc. (a)

    511,232       57,718,093  

Reynolds American, Inc.

    272,537       17,175,281  
   

 

 

 
      120,538,039  
   

 

 

 
Trading Companies & Distributors—0.2%  

Fastenal Co.

    95,320       4,908,980  

United Rentals, Inc. (a) (b)

    27,783       3,474,264  

WW Grainger, Inc. (a)

    17,838       4,151,973  
   

 

 

 
      12,535,217  
   

 

 

 
Water Utilities—0.1%  

American Water Works Co., Inc. (a)

    58,727       4,567,199  
   

 

 

 

Total Common Stocks
(Cost $3,506,212,537)

      6,681,756,255  
   

 

 

 
Mutual Fund—0.9%  
Investment Company Security—0.9%  

SPDR S&P 500 ETF Trust
(Cost $62,385,546)

    263,000       61,999,620  
   

 

 

 
Short-Term Investments—0.5%  
Discount Notes—0.3%  

Federal Home Loan Bank
0.475%, 04/10/17 (e)

    2,525,000       2,524,662  

0.487%, 04/17/17 (e)

    2,775,000       2,774,256  

0.493%, 04/21/17 (e)

    1,950,000       1,949,327  

0.545%, 05/12/17 (e)

    1,350,000       1,348,932  

0.638%, 05/26/17 (e)

    275,000       274,704  

0.689%, 06/01/17 (e)

    1,225,000       1,223,495  

0.783%, 06/21/17 (e)

    8,150,000       8,136,585  
   

 

 

 
      18,231,961  
   

 

 

 
U.S. Treasury—0.2%  

U.S. Treasury Bills
0.349%, 04/06/17 (e)

    2,025,000       2,024,897  

0.458%, 04/13/17 (e)

    5,925,000       5,923,809  

0.635%, 08/03/17 (e)

    2,950,000       2,942,100  

0.708%, 04/27/17 (e)

    2,675,000       2,673,697  
   

 

 

 
      13,564,503  
   

 

 

 

Total Short-Term Investments
(Cost $31,797,755)

      31,796,464  
   

 

 

 
Securities Lending Reinvestments (f)—7.7%  
Security Description  

Principal
Amount*

    Value  
Certificates of Deposit—5.8%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    5,484,133     5,495,490  

Zero Coupon, 06/23/17

    9,961,003       9,975,400  

Bank of Montreal Chicago
1.081%, 09/06/17 (g)

    17,300,000       17,317,658  

Bank of Tokyo-Mitsubishi, Ltd.
1.510%, 08/18/17

    5,046,281       5,003,145  

Canadian Imperial Bank
1.392%, 10/27/17 (g)

    3,500,000       3,504,211  

1.454%, 05/24/17 (g)

    2,501,463       2,500,875  

Chiba Bank, Ltd., New York
1.100%, 04/03/17

    1,500,000       1,500,008  

1.240%, 05/11/17

    3,000,000       3,000,798  

Cooperative Rabobank UA New York
1.422%, 10/13/17 (g)

    8,000,000       8,010,896  

Credit Agricole Corporate and Investment Bank
1.491%, 04/12/17 (g)

    22,000,000       22,002,486  

Credit Industriel et Commercial
1.440%, 04/05/17 (g)

    7,000,000       7,000,301  

Credit Suisse AG New York
1.511%, 04/03/17 (g)

    9,000,000       9,000,144  

1.581%, 04/11/17 (g)

    16,500,000       16,501,353  

Danske Bank A/S London
Zero Coupon, 05/12/17

    9,971,056       9,989,700  

DNB NOR Bank ASA
1.279%, 07/28/17 (g)

    5,900,000       5,902,608  

ING Bank NV
1.461%, 04/18/17 (g)

    21,500,000       21,509,162  

KBC Bank NV
1.120%, 05/08/17

    2,500,000       2,500,375  

1.150%, 04/18/17

    17,000,000       17,001,530  

Mitsubishi UFJ Trust and Banking Corp.
1.581%, 04/11/17 (g)

    15,000,000       15,001,830  

Mizuho Bank, Ltd., New York
1.591%, 04/11/17 (g)

    10,000,000       10,000,760  

1.643%, 04/18/17 (g)

    15,500,000       15,502,247  

Natixis New York
1.241%, 08/03/17 (g)

    11,200,000       11,207,213  

1.444%, 04/07/17 (g)

    10,000,000       10,000,550  

Norinchukin Bank New York
1.346%, 08/21/17 (g)

    8,000,000       8,002,504  

1.451%, 07/12/17 (g)

    10,000,000       10,008,850  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    12,000,000       11,999,604  

Rabobank London
1.422%, 10/13/17 (g)

    7,000,000       7,017,115  

Royal Bank of Canada New York
1.340%, 04/04/17 (g)

    6,500,000       6,499,837  

1.422%, 10/13/17 (g)

    15,000,000       15,026,835  

Sumitomo Mitsui Banking Corp.
1.480%, 08/09/17

    4,743,397       4,702,717  

Sumitomo Mitsui Banking Corp., New York

   

1.284%, 08/01/17 (g)

    2,000,000       2,001,070  

1.534%, 04/07/17 (g)

    10,000,000       10,000,580  

1.591%, 04/12/17 (g)

    10,000,000       10,001,994  

 

BHFTII-224


Table of Contents

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (f) — (Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.308%, 08/16/17 (g)

    5,000,000     $ 5,002,355  

1.558%, 04/10/17 (g)

    13,000,000       13,001,638  

Svenska Handelsbanken New York
1.508%, 05/18/17 (g)

    15,000,000       15,007,755  

Toronto Dominion Bank New York
1.221%, 03/13/18 (g)

    11,500,000       11,495,948  

1.330%, 01/10/18 (g)

    11,500,000       11,502,254  

UBS, Stamford
1.589%, 07/31/17 (g)

    8,618,640       8,623,688  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (g)

    6,200,000       6,210,137  

1.452%, 04/26/17 (g)

    6,400,000       6,401,702  
   

 

 

 
      391,935,323  
   

 

 

 
Commercial Paper—0.9%  

Barton Capital S.A.
1.110%, 04/21/17

    4,985,817       4,996,665  

1.160%, 04/07/17

    7,477,283       7,498,973  

Commonwealth Bank Australia
1.389%, 10/23/17 (g)

    7,000,000       7,008,554  

DCAT LLC
1.200%, 04/11/17

    3,496,267       3,499,034  

Den Norske ASA
1.432%, 04/27/17 (g)

    5,900,000       5,901,274  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (g)

    15,500,000       15,498,636  

Kells Funding LLC
1.100%, 06/05/17

    6,674,205       6,685,573  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    997,200       999,351  

1.120%, 04/24/17

    3,988,800       3,996,980  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (g)

    4,000,000       4,000,328  

Ridgefield Funding Co. LLC
1.300%, 06/12/17

    5,472,393       5,487,014  
   

 

 

 
      65,572,382  
   

 

 

 
Repurchase Agreements—0.6%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,854,633 on 04/03/17, collateralized by $4,105,714 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,911,541.

    2,854,450       2,854,450  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,006,448 on 07/03/17, collateralized by various Common Stock with a value of $1,100,000.

    1,000,000       1,000,000  
Repurchase Agreements—(Continued)  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $7,200,780 on 04/03/17, collateralized by $1,112,387 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $7,905,503.

    7,200,000     7,200,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $7,040,320 on 06/02/17, collateralized by various Common Stock with a value of $7,700,000.

    7,000,000       7,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $11,208,688 on 07/03/17, collateralized by various Common Stock with a value of $12,210,000.

    11,100,000       11,100,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $10,000,775 on 04/03/17, collateralized by $29,934,744 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $10,200,000.

    10,000,000       10,000,000  
   

 

 

 
      39,154,450  
   

 

 

 
Time Deposits—0.4%  

OP Corporate Bank plc
1.200%, 04/10/17

    7,000,000       7,000,000  

Royal Bank of Canada
0.810%, 04/03/17

    4,000,000       4,000,000  

Shinkin Central Bank

   

1.440%, 04/25/17

    2,500,000       2,500,000  

1.440%, 04/26/17

    12,000,000       12,000,000  

1.440%, 04/27/17

    1,800,000       1,800,000  
   

 

 

 
      27,300,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $523,788,773)

      523,962,155  
   

 

 

 

Total Investments—107.6%
(Cost $4,124,184,611) (h)

      7,299,514,494  

Other assets and liabilities (net)—(7.6)%

      (516,139,681
   

 

 

 
Net Assets—100.0%     $ 6,783,374,813  
   

 

 

 

 

BHFTII-225


Table of Contents

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $511,054,233 and the collateral received consisted of cash in the amount of $523,772,387. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   Affiliated Issuer.
(d)   All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $17,002,629.
(e)   The rate shown represents current yield to maturity.
(f)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(g)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)   As of March 31, 2017, the aggregate cost of investments was $4,124,184,611. The aggregate unrealized appreciation and depreciation of investments were $3,260,304,193 and $(84,974,310), respectively, resulting in net unrealized appreciation of $3,175,329,883.
(ETF)—   Exchange-Traded Fund

 

Futures Contracts

 

Futures Contracts—Long

   Expiration
Date
     Number of
Contracts
     Notional
Amount
     Unrealized
Depreciation
 

S&P 500 Index E-Mini Futures

     06/16/17        300        USD        35,445,432      $ (57,432
              

 

 

 

 

(USD)—   United States Dollar

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1     Level 2     Level 3      Total  

Total Common Stocks*

   $ 6,681,756,255     $ —       $ —        $ 6,681,756,255  

Total Mutual Fund*

     61,999,620       —         —          61,999,620  

Total Short-Term Investments*

     —         31,796,464       —          31,796,464  

Total Securities Lending Reinvestments*

     —         523,962,155       —          523,962,155  

Total Investments

   $ 6,743,755,875     $ 555,758,619     $ —        $ 7,299,514,494  
                                   

Collateral for Securities Loaned (Liability)

   $ —       $ (523,772,387   $ —        $ (523,772,387
Futures Contracts  

Futures Contracts (Unrealized Depreciation)

   $ (57,432   $ —       $ —        $ (57,432

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-226


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—59.1% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—2.1%  

L3 Technologies, Inc.

    8,283     $ 1,369,097  

Lockheed Martin Corp.

    16,304       4,362,951  

Northrop Grumman Corp.

    24,961       5,936,724  

Orbital ATK, Inc. (a)

    5,955       583,590  

United Technologies Corp.

    52,606       5,902,919  
   

 

 

 
      18,155,281  
   

 

 

 
Air Freight & Logistics—0.4%  

United Parcel Service, Inc. - Class B

    35,043       3,760,114  
   

 

 

 
Airlines—0.4%  

Copa Holdings S.A. - Class A

    22,148       2,486,113  

Delta Air Lines, Inc.

    25,515       1,172,669  
   

 

 

 
      3,658,782  
   

 

 

 
Auto Components—0.3%  

Delphi Automotive plc

    35,994       2,897,157  
   

 

 

 
Automobiles—0.5%  

General Motors Co.

    28,420       1,004,931  

Harley-Davidson, Inc.

    8,683       525,321  

Hyundai Motor Co.

    8,192       1,153,434  

Kia Motors Corp.

    40,183       1,331,020  
   

 

 

 
      4,014,706  
   

 

 

 
Banks—5.7%  

Bank of America Corp.

    317,876       7,498,695  

BNP Paribas S.A.

    11,126       741,086  

Citigroup, Inc.

    66,633       3,985,986  

JPMorgan Chase & Co.

    195,625       17,183,700  

PNC Financial Services Group, Inc. (The)

    38,332       4,609,040  

Royal Bank of Canada

    13,523       985,257  

Sumitomo Mitsui Financial Group, Inc.

    47,200       1,720,942  

SunTrust Banks, Inc.

    17,293       956,303  

U.S. Bancorp

    122,953       6,332,079  

Wells Fargo & Co.

    107,505       5,983,728  
   

 

 

 
      49,996,816  
   

 

 

 
Beverages—0.6%  

Coca-Cola European Partners plc

    22,590       851,417  

Diageo plc

    102,582       2,938,465  

PepsiCo, Inc.

    9,249       1,034,593  
   

 

 

 
      4,824,475  
   

 

 

 
Biotechnology—0.3%  

Celgene Corp. (b)

    12,048       1,499,133  

Gilead Sciences, Inc.

    10,861       737,679  
   

 

 

 
      2,236,812  
   

 

 

 
Building Products—1.2%  

Johnson Controls International plc

    145,745       6,138,779  

Owens Corning

    64,654       3,967,816  
   

 

 

 
      10,106,595  
   

 

 

 
Capital Markets—4.0%  

Apollo Global Management LLC - Class A

    39,166     $ 952,517  

Bank of New York Mellon Corp. (The)

    115,764       5,467,534  

BlackRock, Inc.

    7,739       2,967,984  

Blackstone Group L.P. (The)

    33,980       1,009,206  

Charles Schwab Corp. (The)

    22,216       906,635  

Franklin Resources, Inc.

    44,499       1,875,188  

Goldman Sachs Group, Inc. (The)

    29,980       6,887,005  

Moody’s Corp.

    10,576       1,184,935  

Morgan Stanley

    136,339       5,840,763  

Nasdaq, Inc.

    27,717       1,924,946  

S&P Global, Inc.

    2,955       386,337  

State Street Corp.

    42,979       3,421,558  

T. Rowe Price Group, Inc. (a)

    4,598       313,354  

UBS Group AG

    89,527       1,432,888  
   

 

 

 
      34,570,850  
   

 

 

 
Chemicals—1.8%  

Axalta Coating Systems, Ltd. (b)

    47,605       1,532,881  

Celanese Corp. - Series A

    15,898       1,428,435  

E.I. du Pont de Nemours & Co.

    21,520       1,728,701  

Monsanto Co.

    18,490       2,093,068  

PPG Industries, Inc.

    62,509       6,568,446  

Sherwin-Williams Co. (The)

    7,777       2,412,348  
   

 

 

 
      15,763,879  
   

 

 

 
Commercial Services & Supplies—0.1%  

Transcontinental, Inc. - Class A

    50,066       925,384  
   

 

 

 
Communications Equipment—0.7%  

Cisco Systems, Inc.

    156,578       5,292,336  

Motorola Solutions, Inc.

    10,113       871,943  
   

 

 

 
      6,164,279  
   

 

 

 
Consumer Finance—0.4%  

American Express Co.

    20,940       1,656,563  

Discover Financial Services

    32,461       2,220,008  
   

 

 

 
      3,876,571  
   

 

 

 
Containers & Packaging—0.1%  

Crown Holdings, Inc. (b)

    14,816       784,507  
   

 

 

 
Distributors—0.1%  

LKQ Corp. (b)

    38,096       1,115,070  
   

 

 

 
Diversified Telecommunication Services—1.1%  

AT&T, Inc. (a)

    22,362       929,141  

Frontier Communications Corp. (a)

    146,578       313,677  

TDC A/S

    125,874       648,419  

Telefonica Brasil S.A. (ADR) (a)

    47,869       710,855  

Verizon Communications, Inc.

    138,667       6,760,016  
   

 

 

 
      9,362,108  
   

 

 

 
Electric Utilities—1.4%  

American Electric Power Co., Inc. (a)

    25,334       1,700,672  

Duke Energy Corp.

    31,379       2,573,392  

 

BHFTII-227


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Electric Utilities—(Continued)  

Exelon Corp.

    63,893     $ 2,298,870  

FirstEnergy Corp.

    28,884       919,089  

PPL Corp. (a)

    86,725       3,242,648  

SSE plc

    37,222       688,454  

Xcel Energy, Inc. (a)

    12,305       546,957  
   

 

 

 
      11,970,082  
   

 

 

 
Electrical Equipment—0.3%  

Eaton Corp. plc

    37,951       2,814,067  
   

 

 

 
Energy Equipment & Services—0.3%  

Schlumberger, Ltd.

    37,228       2,907,507  
   

 

 

 
Equity Real Estate Investment Trusts—0.9%  

LaSalle Hotel Properties (a)

    43,475       1,258,601  

Medical Properties Trust, Inc. (a)

    247,278       3,187,413  

Public Storage

    2,415       528,668  

STORE Capital Corp.

    62,048       1,481,706  

Washington Prime Group, Inc. (a)

    121,353       1,054,558  
   

 

 

 
      7,510,946  
   

 

 

 
Food & Staples Retailing—1.0%  

CVS Health Corp.

    86,550       6,794,175  

Kroger Co. (The) (a)

    25,637       756,035  

Wal-Mart Stores, Inc.

    11,273       812,558  
   

 

 

 
      8,362,768  
   

 

 

 
Food Products—2.1%  

Archer-Daniels-Midland Co.

    49,550       2,281,282  

Bunge, Ltd.

    12,505       991,146  

Danone S.A.

    23,431       1,594,484  

General Mills, Inc.

    46,536       2,746,089  

J.M. Smucker Co. (The)

    6,120       802,210  

Kellogg Co. (a)

    14,653       1,063,954  

Marine Harvest ASA (b)

    108,515       1,653,163  

Mead Johnson Nutrition Co.

    18,237       1,624,552  

Mondelez International, Inc. - Class A

    24,474       1,054,340  

Nestle S.A.

    54,299       4,165,442  
   

 

 

 
      17,976,662  
   

 

 

 
Health Care Equipment & Supplies—2.3%  

Abbott Laboratories

    143,672       6,380,473  

Danaher Corp.

    64,832       5,545,081  

Medtronic plc

    83,003       6,686,722  

Zimmer Biomet Holdings, Inc.

    13,100       1,599,641  
   

 

 

 
      20,211,917  
   

 

 

 
Health Care Providers & Services—0.7%  

Cigna Corp.

    13,163       1,928,248  

Express Scripts Holding Co. (b)

    13,999       922,674  

HCA Holdings, Inc. (b)

    7,461       663,954  

McKesson Corp.

    16,902       2,505,891  

UnitedHealth Group, Inc.

    1,527       250,443  
   

 

 

 
      6,271,210  
   

 

 

 
Hotels, Restaurants & Leisure—0.6%  

Aramark

    32,718     1,206,313  

Brinker International, Inc. (a)

    25,575       1,124,277  

Marriott International, Inc. - Class A (a)

    11,998       1,129,972  

Starbucks Corp.

    10,657       622,262  

Yum! Brands, Inc.

    13,827       883,545  
   

 

 

 
      4,966,369  
   

 

 

 
Household Durables—0.2%  

Newell Brands, Inc. (a)

    24,702       1,165,193  

Whirlpool Corp. (a)

    4,877       835,577  
   

 

 

 
      2,000,770  
   

 

 

 
Household Products—0.5%  

Kimberly-Clark Corp.

    9,522       1,253,381  

Procter & Gamble Co. (The)

    27,719       2,490,552  

Reckitt Benckiser Group plc

    10,214       930,897  
   

 

 

 
      4,674,830  
   

 

 

 
Industrial Conglomerates—1.5%  

3M Co.

    33,755       6,458,344  

Honeywell International, Inc.

    55,816       6,969,744  
   

 

 

 
      13,428,088  
   

 

 

 
Insurance—3.4%  

Aon plc

    40,050       4,753,535  

Chubb, Ltd.

    53,702       7,316,897  

Prudential Financial, Inc.

    54,014       5,762,214  

Travelers Cos., Inc. (The)

    76,100       9,173,094  

Zurich Insurance Group AG

    8,129       2,170,259  
   

 

 

 
      29,175,999  
   

 

 

 
Internet Software & Services—0.7%  

Alphabet, Inc. - Class A (b)

    1,360       1,153,008  

Facebook, Inc. - Class A (b)

    35,367       5,023,882  
   

 

 

 
      6,176,890  
   

 

 

 
IT Services—2.0%  

Accenture plc - Class A

    59,821       7,171,342  

Amdocs, Ltd.

    7,383       450,289  

Cognizant Technology Solutions Corp. - Class A (b)

    11,250       669,600  

Fidelity National Information Services, Inc.

    20,833       1,658,723  

Fiserv, Inc. (b)

    7,051       813,051  

International Business Machines Corp.

    27,964       4,869,651  

Sabre Corp. (a)

    49,632       1,051,702  

Visa, Inc. - Class A

    11,046       981,658  
   

 

 

 
      17,666,016  
   

 

 

 
Life Sciences Tools & Services—0.6%  

Thermo Fisher Scientific, Inc.

    34,499       5,299,046  
   

 

 

 
Machinery—1.2%  

Allison Transmission Holdings, Inc.

    67,720       2,441,983  

Cummins, Inc.

    2,409       364,241  

 

BHFTII-228


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Machinery—(Continued)  

Deere & Co.

    9,834     $ 1,070,529  

Illinois Tool Works, Inc.

    29,177       3,865,077  

Ingersoll-Rand plc

    12,115       985,192  

Stanley Black & Decker, Inc.

    14,153       1,880,509  
   

 

 

 
      10,607,531  
   

 

 

 
Media—2.9%  

Charter Communications, Inc. - Class A (b)

    14,426       4,721,918  

Comcast Corp. - Class A

    262,285       9,859,293  

Interpublic Group of Cos., Inc. (The)

    37,090       911,301  

Omnicom Group, Inc. (a)

    40,654       3,504,781  

Time Warner, Inc.

    43,947       4,294,062  

Twenty-First Century Fox, Inc. - Class A (a)

    34,122       1,105,212  

Walt Disney Co. (The)

    3,961       449,138  
   

 

 

 
      24,845,705  
   

 

 

 
Metals & Mining—0.3%  

Rio Tinto plc

    56,466       2,272,884  
   

 

 

 
Mortgage Real Estate Investment Trusts—0.3%  

Annaly Capital Management, Inc.

    64,070       711,818  

Starwood Property Trust, Inc. (a)

    78,438       1,771,130  
   

 

 

 
      2,482,948  
   

 

 

 
Multi-Utilities—0.4%  

Engie S.A.

    66,848       946,047  

Public Service Enterprise Group, Inc.

    21,984       974,990  

Sempra Energy

    10,046       1,110,083  

WEC Energy Group, Inc. (a)

    14,917       904,418  
   

 

 

 
      3,935,538  
   

 

 

 
Multiline Retail—0.2%  

Target Corp.

    33,341       1,840,090  
   

 

 

 
Oil, Gas & Consumable Fuels—3.0%  

Anadarko Petroleum Corp. (a)

    25,019       1,551,178  

BP plc

    437,919       2,514,765  

Canadian Natural Resources, Ltd.

    19,443       637,536  

Chevron Corp.

    30,371       3,260,934  

Enterprise Products Partners L.P.

    60,943       1,682,636  

EOG Resources, Inc.

    32,283       3,149,207  

EQT Corp.

    17,677       1,080,065  

Exxon Mobil Corp.

    48,356       3,965,676  

Galp Energia SGPS S.A.

    58,605       890,147  

Hess Corp.

    21,728       1,047,507  

Noble Energy, Inc.

    33,354       1,145,376  

Occidental Petroleum Corp.

    41,384       2,622,090  

Plains All American Pipeline L.P.

    18,802       594,331  

Rice Energy, Inc. (b)

    38,995       924,182  

Williams Partners L.P.

    32,103       1,310,765  
   

 

 

 
      26,376,395  
   

 

 

 
Personal Products—0.2%  

Coty, Inc. - Class A (a)

    86,180       1,562,443  
   

 

 

 
Pharmaceuticals—4.1%  

Allergan plc

    3,503     836,937  

Bayer AG

    31,628       3,645,746  

Eli Lilly & Co. (a)

    65,443       5,504,411  

Johnson & Johnson

    83,384       10,385,477  

Merck & Co., Inc.

    91,096       5,788,240  

Novartis AG

    5,170       383,831  

Pfizer, Inc.

    249,477       8,534,608  

Roche Holding AG

    1,485       378,831  
   

 

 

 
      35,458,081  
   

 

 

 
Professional Services—0.2%  

Equifax, Inc.

    13,707       1,874,295  
   

 

 

 
Road & Rail—0.9%  

Canadian National Railway Co.

    13,238       978,685  

Union Pacific Corp.

    65,443       6,931,723  
   

 

 

 
      7,910,408  
   

 

 

 
Semiconductors & Semiconductor Equipment—1.2%  

Broadcom, Ltd.

    5,257       1,151,073  

Intel Corp.

    38,952       1,404,998  

Maxim Integrated Products, Inc.

    26,101       1,173,501  

Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)

    91,300       2,998,292  

Texas Instruments, Inc.

    51,541       4,152,143  
   

 

 

 
      10,880,007  
   

 

 

 
Software—1.3%  

CA, Inc. (a)

    13,731       435,547  

Check Point Software Technologies, Ltd. (b)

    37,963       3,897,282  

Intuit, Inc.

    5,209       604,192  

Microsoft Corp.

    53,650       3,533,389  

Oracle Corp.

    56,074       2,501,461  
   

 

 

 
      10,971,871  
   

 

 

 
Specialty Retail—0.9%  

Advance Auto Parts, Inc.

    3,265       484,069  

Best Buy Co., Inc. (a)

    50,644       2,489,152  

Gap, Inc. (The) (a)

    122,310       2,970,910  

Ross Stores, Inc.

    30,962       2,039,467  
   

 

 

 
      7,983,598  
   

 

 

 
Technology Hardware, Storage & Peripherals—0.7%  

Apple, Inc.

    14,360       2,062,958  

Hewlett Packard Enterprise Co.

    142,344       3,373,553  

Seagate Technology plc (a)

    15,664       719,447  
   

 

 

 
      6,155,958  
   

 

 

 
Textiles, Apparel & Luxury Goods—0.2%  

Hanesbrands, Inc. (a)

    33,890       703,556  

LVMH Moet Hennessy Louis Vuitton SE

    4,246       933,607  
   

 

 

 
      1,637,163  
   

 

 

 

 

BHFTII-229


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Tobacco—2.7%  

Altria Group, Inc.

    95,348     $ 6,809,754  

Japan Tobacco, Inc.

    15,000       488,289  

Philip Morris International, Inc.

    144,508       16,314,953  
   

 

 

 
      23,612,996  
   

 

 

 
Trading Companies & Distributors—0.1%  

MSC Industrial Direct Co., Inc. - Class A

    5,526       567,852  
   

 

 

 

Total Common Stocks
(Cost $390,293,079)

      514,602,316  
   

 

 

 
U.S. Treasury & Government Agencies—23.3%  
Agency Sponsored Mortgage - Backed—11.3%  

Fannie Mae 15 Yr. Pool
3.000%, 03/01/27

    115,790       119,154  

3.000%, 04/01/27

    349,342       359,451  

3.000%, 04/01/30

    326,138       334,701  

3.000%, 11/01/30

    354,489       363,796  

3.000%, 12/01/30

    611,059       627,103  

3.000%, 12/01/31

    1,503,872       1,544,887  

4.500%, 04/01/18

    4,827       4,950  

4.500%, 06/01/18

    15,829       16,234  

4.500%, 07/01/18

    10,174       10,434  

4.500%, 03/01/19

    29,451       30,205  

4.500%, 06/01/19

    22,521       23,097  

4.500%, 04/01/20

    24,789       25,518  

4.500%, 07/01/20

    12,441       12,804  

5.000%, 11/01/17

    5,935       6,100  

5.000%, 02/01/18

    22,978       23,614  

5.000%, 12/01/18

    67,039       68,896  

5.000%, 07/01/19

    45,256       46,613  

5.000%, 07/01/20

    33,422       34,348  

5.000%, 08/01/20

    22,610       23,717  

5.000%, 12/01/20

    63,482       65,749  

5.500%, 11/01/17

    7,990       8,044  

5.500%, 12/01/17

    1,475       1,484  

5.500%, 01/01/18

    1,165       1,166  

5.500%, 02/01/18

    7,498       7,557  

5.500%, 06/01/19

    44,825       45,878  

5.500%, 07/01/19

    44,426       45,571  

5.500%, 08/01/19

    11,472       11,753  

5.500%, 09/01/19

    45,577       46,901  

5.500%, 01/01/21

    24,362       25,274  

5.500%, 03/01/21

    7,621       7,941  

6.000%, 07/01/17

    998       1,000  

6.000%, 08/01/17

    202       202  

6.000%, 09/01/17

    2,252       2,256  

6.000%, 03/01/18

    472       476  

6.000%, 11/01/18

    3,056       3,094  

6.000%, 01/01/21

    38,826       40,475  

6.000%, 05/01/21

    8,865       9,203  

Fannie Mae 20 Yr. Pool
6.000%, 11/01/25

    24,465       27,622  
Security Description       
Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
3.000%, 09/01/46

    241,632     $ 240,414  

3.000%, 10/01/46

    1,701,957       1,691,020  

3.000%, 11/01/46

    1,153,071       1,147,262  

3.500%, 11/01/41

    60,306       62,057  

3.500%, 01/01/42

    786,533       809,476  

3.500%, 01/01/43

    265,277       272,651  

3.500%, 04/01/43

    856,357       879,983  

3.500%, 05/01/43

    1,266,381       1,298,445  

3.500%, 06/01/43

    484,454       497,496  

3.500%, 07/01/43

    1,370,662       1,407,911  

3.500%, 08/01/43

    448,340       460,747  

3.500%, 09/01/43

    1,820,920       1,869,820  

3.500%, 02/01/45

    1,353,872       1,392,169  

3.500%, 09/01/45

    1,575,241       1,612,243  

3.500%, 10/01/45

    1,760,120       1,805,403  

3.500%, 01/01/46

    338,131       347,430  

3.500%, 05/01/46

    642,521       658,808  

3.500%, 07/01/46

    1,371,619       1,408,214  

3.500%, 10/01/46

    437,876       448,162  

3.500%, 12/01/46

    1,092,963       1,118,637  

3.500%, 01/01/47

    159,185       162,924  

3.500%, TBA (c)

    518,000       528,785  

4.000%, 09/01/40

    1,409,381       1,482,955  

4.000%, 11/01/40

    324,682       341,687  

4.000%, 12/01/40

    766,009       806,312  

4.000%, 02/01/41

    868,305       914,247  

4.000%, 06/01/41

    878,434       924,529  

4.000%, 11/01/41

    298,870       314,678  

4.000%, 01/01/42

    2,049,508       2,157,824  

4.000%, 04/01/42

    259,455       272,987  

4.000%, 10/01/42

    226,536       238,449  

4.000%, 12/01/42

    266,372       280,180  

4.000%, 01/01/43

    427,007       450,057  

4.000%, 04/01/43

    78,616       82,781  

4.000%, 05/01/43

    835,595       881,028  

4.000%, 06/01/43

    381,370       401,495  

4.000%, 07/01/43

    380,807       399,701  

4.000%, 01/01/44

    160,414       169,508  

4.000%, 04/01/44

    174,654       183,788  

4.000%, 05/01/44

    650,237       684,133  

4.000%, 11/01/44

    334,623       351,057  

4.000%, 02/01/45

    479,649       507,713  

4.000%, TBA (c)

    647,100       677,433  

4.500%, 08/01/33

    184,978       198,913  

4.500%, 03/01/34

    553,977       596,452  

4.500%, 01/01/40

    194,891       209,549  

4.500%, 08/01/40

    48,136       51,893  

4.500%, 02/01/41

    320,781       345,850  

4.500%, 04/01/41

    539,808       581,576  

4.500%, 11/01/42

    182,592       196,364  

4.500%, 01/01/43

    414,560       445,872  

4.500%, 04/01/44

    2,373,304       2,554,105  

4.500%, 06/01/44

    241,006       259,198  

5.000%, 11/01/33

    107,565       117,918  

 

BHFTII-230


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
5.000%, 03/01/34

    90,444     $ 98,875  

5.000%, 05/01/34

    36,468       39,902  

5.000%, 08/01/34

    36,762       40,238  

5.000%, 09/01/34

    141,042       154,407  

5.000%, 06/01/35

    102,727       112,385  

5.000%, 07/01/35

    273,684       299,249  

5.000%, 08/01/35

    89,034       97,495  

5.000%, 09/01/35

    64,742       70,851  

5.000%, 10/01/35

    248,171       271,294  

5.000%, 07/01/39

    278,594       304,806  

5.000%, 10/01/39

    170,979       188,219  

5.000%, 11/01/39

    75,371       83,309  

5.000%, 11/01/40

    115,709       127,473  

5.000%, 01/01/41

    25,651       28,071  

5.000%, 03/01/41

    71,149       78,116  

5.500%, 02/01/33

    43,789       48,906  

5.500%, 05/01/33

    7,443       8,325  

5.500%, 06/01/33

    182,956       204,861  

5.500%, 07/01/33

    175,138       196,077  

5.500%, 11/01/33

    108,102       121,045  

5.500%, 12/01/33

    12,413       13,771  

5.500%, 01/01/34

    132,821       148,304  

5.500%, 02/01/34

    160,629       179,726  

5.500%, 03/01/34

    43,989       50,018  

5.500%, 04/01/34

    49,439       54,963  

5.500%, 05/01/34

    315,543       354,849  

5.500%, 06/01/34

    406,022       454,873  

5.500%, 07/01/34

    126,963       141,896  

5.500%, 09/01/34

    425,236       472,839  

5.500%, 10/01/34

    502,616       562,229  

5.500%, 11/01/34

    650,369       725,155  

5.500%, 12/01/34

    302,250       338,604  

5.500%, 01/01/35

    356,961       399,940  

5.500%, 02/01/35

    7,067       7,842  

5.500%, 04/01/35

    63,088       70,600  

5.500%, 07/01/35

    26,704       29,626  

5.500%, 08/01/35

    8,049       8,930  

5.500%, 09/01/35

    205,608       231,946  

6.000%, 02/01/32

    103,534       117,751  

6.000%, 03/01/34

    26,274       30,366  

6.000%, 04/01/34

    231,116       264,863  

6.000%, 06/01/34

    253,052       291,354  

6.000%, 07/01/34

    231,451       263,250  

6.000%, 08/01/34

    328,966       373,948  

6.000%, 10/01/34

    201,367       229,281  

6.000%, 11/01/34

    33,774       38,249  

6.000%, 12/01/34

    8,872       10,017  

6.000%, 08/01/35

    60,482       68,578  

6.000%, 09/01/35

    60,923       69,694  

6.000%, 10/01/35

    97,260       111,752  

6.000%, 11/01/35

    17,776       20,101  

6.000%, 12/01/35

    99,625       113,746  

6.000%, 02/01/36

    96,498       109,099  

6.000%, 04/01/36

    78,478       89,249  

6.000%, 06/01/36

    23,221       26,535  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
6.000%, 07/01/37

    135,713     155,885  

6.500%, 06/01/31

    35,524       40,324  

6.500%, 07/01/31

    4,171       4,638  

6.500%, 09/01/31

    35,631       39,617  

6.500%, 02/01/32

    30,290       34,297  

6.500%, 07/01/32

    97,930       112,488  

6.500%, 08/01/32

    80,994       93,987  

6.500%, 01/01/33

    40,175       45,327  

6.500%, 04/01/34

    56,881       64,136  

6.500%, 06/01/34

    27,677       30,917  

6.500%, 08/01/34

    17,258       19,188  

6.500%, 04/01/36

    25,461       28,309  

6.500%, 05/01/36

    77,631       88,837  

6.500%, 02/01/37

    107,737       123,074  

6.500%, 05/01/37

    81,825       93,701  

6.500%, 07/01/37

    60,734       69,377  

Fannie Mae Pool
2.410%, 05/01/23

    93,204       93,365  

2.550%, 05/01/23

    149,768       151,150  

2.700%, 07/01/25

    121,000       119,638  

3.800%, 02/01/18

    131,587       132,846  

3.829%, 07/01/18

    124,697       127,062  

4.600%, 09/01/19

    127,787       134,745  

5.370%, 05/01/18

    600,400       614,407  

Fannie Mae-ACES
2.578%, 09/25/18

    413,869       416,779  

Freddie Mac 15 Yr. Gold Pool
4.500%, 05/01/18

    5,146       5,269  

4.500%, 08/01/18

    8,811       9,022  

4.500%, 11/01/18

    18,974       19,428  

4.500%, 01/01/19

    37,693       38,596  

4.500%, 08/01/19

    2,920       2,991  

4.500%, 02/01/20

    20,185       20,671  

4.500%, 08/01/24

    236,386       251,218  

5.000%, 12/01/17

    209       215  

5.000%, 05/01/18

    5,134       5,283  

5.000%, 09/01/18

    19,269       19,844  

5.500%, 01/01/19

    8,318       8,481  

5.500%, 04/01/19

    5,325       5,429  

5.500%, 06/01/19

    4,024       4,072  

5.500%, 07/01/19

    1,853       1,864  

5.500%, 08/01/19

    2,421       2,472  

5.500%, 02/01/20

    2,776       2,856  

6.000%, 04/01/17

    1       1  

6.000%, 07/01/17

    169       169  

6.000%, 10/01/17

    235       236  

6.000%, 08/01/19

    24,699       25,339  

6.000%, 09/01/19

    7,290       7,377  

6.000%, 11/01/19

    6,379       6,441  

6.000%, 05/01/21

    12,389       12,826  

6.000%, 10/01/21

    34,550       36,138  

Freddie Mac 20 Yr. Gold Pool
5.500%, 10/01/24

    46,863       51,910  

5.500%, 06/01/25

    87,848       97,310  

5.500%, 07/01/25

    49,585       54,926  

 

BHFTII-231


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Freddie Mac 20 Yr. Gold Pool
5.500%, 08/01/25

    70,057     $ 77,603  

6.000%, 02/01/23

    69,117       78,025  

6.000%, 12/01/25

    32,261       36,419  

6.000%, 02/01/26

    28,183       31,816  

Freddie Mac 30 Yr. Gold Pool
3.000%, 10/01/42

    659,434       657,495  

3.000%, 04/01/43

    1,432,090       1,428,523  

3.000%, 05/01/43

    1,243,074       1,240,393  

3.000%, 05/01/46

    654,469       650,641  

3.000%, 10/01/46

    1,153,953       1,147,202  

3.000%, 11/01/46

    1,484,154       1,475,471  

3.000%, 12/01/46

    2,318,904       2,299,135  

3.500%, 02/01/42

    674,515       693,473  

3.500%, 04/01/42

    402,412       415,779  

3.500%, 12/01/42

    1,036,711       1,066,616  

3.500%, 04/01/43

    276,692       284,672  

3.500%, 07/01/43

    389,980       400,610  

3.500%, 08/01/43

    657,012       674,884  

3.500%, 12/01/45

    647,051       662,203  

3.500%, 11/01/46

    462,221       473,251  

3.500%, 12/01/46

    2,323,737       2,378,151  

3.500%, 01/01/47

    1,671,046       1,710,176  

4.000%, 11/01/40

    791,260       833,381  

4.000%, 01/01/41

    1,611,585       1,697,365  

4.000%, 04/01/44

    557,026       584,906  

4.500%, 04/01/35

    47,858       51,417  

4.500%, 07/01/39

    274,053       294,495  

4.500%, 09/01/39

    151,668       163,045  

4.500%, 10/01/39

    87,798       94,412  

4.500%, 12/01/39

    140,161       150,628  

4.500%, 05/01/42

    239,460       257,346  

5.000%, 09/01/33

    218,278       239,794  

5.000%, 03/01/34

    46,862       51,356  

5.000%, 04/01/34

    39,044       42,814  

5.000%, 08/01/35

    53,644       58,572  

5.000%, 10/01/35

    114,567       125,838  

5.000%, 11/01/35

    89,554       97,752  

5.000%, 12/01/36

    60,984       66,648  

5.000%, 07/01/39

    444,590       484,079  

5.500%, 12/01/33

    247,884       281,963  

5.500%, 01/01/34

    170,015       191,160  

5.500%, 04/01/34

    32,609       36,182  

5.500%, 11/01/34

    38,776       43,700  

5.500%, 12/01/34

    25,291       28,029  

5.500%, 05/01/35

    33,782       37,717  

5.500%, 09/01/35

    41,743       46,310  

5.500%, 10/01/35

    52,949       58,900  

6.000%, 04/01/34

    104,726       120,163  

6.000%, 07/01/34

    34,236       38,776  

6.000%, 08/01/34

    276,448       316,660  

6.000%, 09/01/34

    2,631       2,970  

6.000%, 07/01/35

    49,094       55,902  

6.000%, 08/01/35

    57,799       65,937  

6.000%, 11/01/35

    102,717       117,468  

6.000%, 03/01/36

    30,814       34,785  
Agency Sponsored Mortgage - Backed—(Continued)  

Freddie Mac 30 Yr. Gold Pool
6.000%, 10/01/36

    41,807     47,676  

6.000%, 03/01/37

    7,871       8,885  

6.000%, 05/01/37

    68,836       78,787  

6.000%, 06/01/37

    56,640       64,080  

6.500%, 05/01/34

    22,100       24,585  

6.500%, 06/01/34

    70,644       79,162  

6.500%, 08/01/34

    84,871       94,414  

6.500%, 10/01/34

    84,721       96,801  

6.500%, 11/01/34

    44,351       49,338  

6.500%, 05/01/37

    72,211       83,037  

6.500%, 07/01/37

    84,662       95,126  

Freddie Mac Multifamily Structured Pass-Through Certificates
1.869%, 11/25/19

    363,000       362,923  

2.412%, 08/25/18

    449,007       452,807  

2.456%, 08/25/19

    330,000       335,138  

2.510%, 11/25/22

    415,000       416,742  

2.670%, 12/25/24

    507,000       505,466  

2.673%, 03/25/26

    676,000       664,946  

2.682%, 10/25/22

    620,000       629,408  

2.716%, 06/25/22

    346,271       352,442  

2.791%, 01/25/22

    474,000       484,382  

3.111%, 02/25/23

    695,000       719,495  

3.154%, 02/25/18

    108,788       109,985  

3.171%, 10/25/24

    424,000       437,482  

3.250%, 04/25/23 (d)

    803,000       835,219  

3.300%, 10/25/26

    310,000       319,077  

5.085%, 03/25/19

    1,226,000       1,288,155  

Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
3.320%, 02/25/23 (d)

    186,000       194,646  

3.458%, 08/25/23 (d)

    835,000       877,599  

Ginnie Mae I 30 Yr. Pool
3.000%, 02/15/43

    506,124       512,439  

3.500%, 12/15/41

    368,255       383,231  

3.500%, 02/15/42

    150,948       157,082  

4.500%, 09/15/33

    95,162       102,509  

4.500%, 11/15/39

    310,518       332,730  

4.500%, 03/15/40

    334,561       364,361  

4.500%, 04/15/40

    398,395       426,332  

4.500%, 06/15/40

    174,417       188,379  

5.000%, 03/15/34

    35,739       39,490  

5.000%, 06/15/34

    79,517       87,899  

5.000%, 12/15/34

    34,972       38,635  

5.000%, 06/15/35

    10,410       11,374  

5.500%, 11/15/32

    149,274       167,237  

5.500%, 08/15/33

    265,337       299,350  

5.500%, 12/15/33

    152,393       171,922  

5.500%, 09/15/34

    121,775       137,425  

5.500%, 10/15/35

    24,369       27,189  

6.000%, 12/15/28

    37,998       43,710  

6.000%, 12/15/31

    32,077       37,072  

6.000%, 03/15/32

    3,560       4,031  

6.000%, 10/15/32

    156,831       181,636  

6.000%, 01/15/33

    32,979       37,402  

 

BHFTII-232


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Ginnie Mae I 30 Yr. Pool
6.000%, 02/15/33

    1,763     $ 2,027  

6.000%, 04/15/33

    171,681       198,793  

6.000%, 08/15/33

    1,083       1,226  

6.000%, 07/15/34

    112,672       129,654  

6.000%, 09/15/34

    41,611       47,125  

6.000%, 01/15/38

    155,597       178,718  

Ginnie Mae II 30 Yr. Pool
3.000%, 06/20/43

    596,722       604,324  

3.000%, 07/20/43

    446,203       451,888  

3.500%, 06/20/43

    836,015       870,569  

3.500%, 07/20/43

    1,056,410       1,100,074  

4.000%, 01/20/41

    1,032,994       1,100,909  

4.000%, 02/20/41

    257,961       274,581  

4.000%, 04/20/41

    194,031       206,482  

4.000%, 02/20/42

    267,124       283,519  

4.500%, 07/20/33

    19,381       20,884  

4.500%, 09/20/33

    11,577       12,468  

4.500%, 12/20/34

    9,136       9,844  

4.500%, 03/20/35

    48,395       52,116  

4.500%, 01/20/41

    268,641       290,029  

5.000%, 07/20/33

    40,031       44,597  

6.000%, 01/20/35

    44,547       52,048  

6.000%, 02/20/35

    22,351       25,768  

6.000%, 04/20/35

    38,034       43,989  
   

 

 

 
      98,913,761  
   

 

 

 
Federal Agencies—0.1%  

Financing Corp.
9.650%, 11/02/18

    430,000       485,666  
   

 

 

 
U.S. Treasury—11.9%  

U.S. Treasury Bonds
2.500%, 02/15/45

    2,347,000       2,108,909  

2.875%, 05/15/43 (a)

    22,942,400       22,337,478  

4.500%, 02/15/36

    179,000       227,008  

4.500%, 08/15/39 (a)

    2,514,000       3,175,202  

5.000%, 05/15/37

    232,000       312,022  

5.250%, 02/15/29 (a)

    16,000       20,513  

5.375%, 02/15/31

    276,000       368,535  

6.250%, 08/15/23

    80,000       99,691  

U.S. Treasury Notes
1.000%, 06/30/19

    16,589,000       16,472,363  

1.375%, 02/29/20

    798,000       794,976  

1.750%, 11/30/21 (a)

    3,455,000       3,432,463  

2.000%, 11/15/26 (a)

    1,875,000       1,811,280  

2.500%, 08/15/23

    13,502,000       13,775,199  

3.125%, 05/15/19

    6,086,000       6,317,554  

3.125%, 05/15/21

    3,504,000       3,686,317  

3.500%, 05/15/20 (a)

    25,140,000       26,620,897  

3.750%, 11/15/18

    2,067,000       2,151,294  
   

 

 

 
      103,711,701  
   

 

 

 

Total U.S. Treasury & Government Agencies
(Cost $200,373,064)

      203,111,128  
   

 

 

 
Corporate Bonds & Notes—12.3%  
Security Description   Principal
Amount*
    Value  
Agriculture—0.3%  

Imperial Brands Finance plc
2.950%, 07/21/20 (144A) (e)

    828,000     838,555  

Reynolds American, Inc.
4.450%, 06/12/25

    1,430,000       1,505,229  
   

 

 

 
      2,343,784  
   

 

 

 
Auto Manufacturers—0.2%  

General Motors Financial Co., Inc.
3.200%, 07/06/21

    776,000       778,944  

5.250%, 03/01/26

    391,000       420,095  

Toyota Motor Credit Corp.
3.400%, 09/15/21 (a)

    880,000       916,476  
   

 

 

 
      2,115,515  
   

 

 

 
Banks—2.9%  

ABN AMRO Bank NV
4.800%, 04/18/26 (144A)

    800,000       827,657  

Banco de Credito del Peru
5.375%, 09/16/20

    835,000       904,931  

Bank of America Corp.
4.100%, 07/24/23 (a)

    1,270,000       1,330,288  

4.125%, 01/22/24

    1,973,000       2,060,872  

4.183%, 11/25/27

    1,208,000       1,212,390  

5.490%, 03/15/19

    196,000       207,441  

7.625%, 06/01/19

    710,000       791,501  

Bank One Corp.
8.000%, 04/29/27

    100,000       130,656  

BBVA Bancomer S.A.
6.750%, 09/30/22 (144A)

    810,000       907,200  

BNP Paribas S.A.
7.195%, 06/25/37 (144A) (a) (d)

    500,000       551,875  

BPCE S.A.
12.500%, 09/30/19 (144A) (a) (d)

    922,000       1,113,315  

Citigroup, Inc.
2.500%, 09/26/18

    580,000       585,185  

Citizens Bank N.A.
2.250%, 03/02/20

    292,000       291,581  

Credit Suisse AG
6.500%, 08/08/23 (144A) (a)

    396,000       434,765  

Goldman Sachs Group, Inc. (The)
3.850%, 01/26/27

    1,118,000       1,123,452  

ING Bank NV
5.800%, 09/25/23 (144A)

    1,076,000       1,197,149  

JPMorgan Chase & Co.
3.782%, 02/01/28 (d)

    1,115,000       1,125,521  

6.300%, 04/23/19

    1,210,000       1,314,369  

KFW
4.875%, 06/17/19 (a)

    1,290,000       1,380,977  

Mitsubishi UFJ Financial Group, Inc.
3.850%, 03/01/26

    784,000       804,960  

Morgan Stanley
3.625%, 01/20/27

    1,112,000       1,103,878  

3.875%, 04/29/24

    1,081,000       1,112,496  

4.000%, 07/23/25

    396,000       408,335  

6.625%, 04/01/18

    1,343,000       1,405,694  

 

BHFTII-233


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Banks—(Continued)  

Royal Bank of Scotland Group plc
3.875%, 09/12/23

    1,128,000     $ 1,111,712  

Sumitomo Mitsui Financial Group, Inc.
3.010%, 10/19/26 (a)

    1,126,000       1,077,511  

Swedbank AB
2.125%, 09/29/17 (144A)

    231,000       231,725  

UBS Group Funding Jersey, Ltd.
4.125%, 04/15/26 (144A) (e)

    838,000       851,877  
   

 

 

 
      25,599,313  
   

 

 

 
Beverages—0.4%  

Anheuser-Busch InBev Finance, Inc.
3.650%, 02/01/26

    1,171,000       1,184,115  

Anheuser-Busch InBev Worldwide, Inc.
8.000%, 11/15/39

    1,020,000       1,529,388  

Diageo Capital plc
2.625%, 04/29/23

    1,020,000       1,012,119  
   

 

 

 
      3,725,622  
   

 

 

 
Biotechnology—0.3%  

Celgene Corp.
2.875%, 08/15/20

    504,000       511,709  

Gilead Sciences, Inc.
3.500%, 02/01/25

    1,880,000       1,893,237  

3.700%, 04/01/24

    312,000       320,493  
   

 

 

 
      2,725,439  
   

 

 

 
Commercial Services—0.2%  

ERAC USA Finance LLC
7.000%, 10/15/37 (144A)

    1,115,000       1,409,238  
   

 

 

 
Computers—0.3%  

Apple, Inc.
2.850%, 02/23/23 (a)

    1,176,000       1,187,127  

3.350%, 02/09/27

    745,000       753,913  

3.850%, 05/04/43

    370,000       354,477  
   

 

 

 
      2,295,517  
   

 

 

 
Diversified Financial Services—0.4%  

GE Capital International Funding Co.
3.373%, 11/15/25 (a)

    358,000       367,400  

Intercontinental Exchange, Inc.
2.750%, 12/01/20

    301,000       305,618  

4.000%, 10/15/23

    832,000       879,650  

UBS Group Funding Switzerland AG
4.253%, 03/23/28 (144A) (a) (e)

    838,000       850,008  

Visa, Inc.
3.150%, 12/14/25

    1,192,000       1,196,121  
   

 

 

 
      3,598,797  
   

 

 

 
Electric—1.0%  

Berkshire Hathaway Energy Co.
3.750%, 11/15/23

    440,000       459,846  
Electric—(Continued)  

Duke Energy Corp.
2.650%, 09/01/26

    131,000     122,055  

Exelon Corp.
3.400%, 04/15/26

    1,137,000       1,118,269  

Midamerican Funding LLC
6.927%, 03/01/29

    699,000       917,569  

Oncor Electric Delivery Co. LLC
7.000%, 09/01/22

    795,000       959,051  

Pacific Gas & Electric Co.
4.600%, 06/15/43

    880,000       940,355  

PPL Capital Funding, Inc.
3.400%, 06/01/23

    880,000       888,657  

5.000%, 03/15/44

    296,000       313,008  

Progress Energy, Inc.
3.150%, 04/01/22

    1,083,000       1,094,544  

Southern Co. (The)
3.250%, 07/01/26

    1,295,000       1,235,416  

State Grid Overseas Investment, Ltd.
2.750%, 05/07/19 (144A) (e)

    778,000       787,319  
   

 

 

 
      8,836,089  
   

 

 

 
Food—0.2%  

Danone S.A.
2.947%, 11/02/26 (144A)

    1,133,000       1,083,100  

WM Wrigley Jr. Co.
2.400%, 10/21/18 (144A)

    248,000       250,013  
   

 

 

 
      1,333,113  
   

 

 

 
Healthcare-Products—0.4%  

Becton Dickinson & Co.
2.675%, 12/15/19

    520,000       527,407  

Medtronic, Inc.
4.375%, 03/15/35

    946,000       991,706  

Thermo Fisher Scientific, Inc.
2.950%, 09/19/26

    851,000       810,253  

Zimmer Biomet Holdings, Inc.
3.550%, 04/01/25 (a)

    1,222,000       1,208,327  
   

 

 

 
      3,537,693  
   

 

 

 
Healthcare-Services—0.3%  

Anthem, Inc.
3.300%, 01/15/23

    600,000       605,155  

Laboratory Corp. of America Holdings
3.200%, 02/01/22

    850,000       853,851  

UnitedHealth Group, Inc.
3.750%, 07/15/25

    1,303,000       1,360,744  
   

 

 

 
      2,819,750  
   

 

 

 
Household Products/Wares—0.1%  

Reckitt Benckiser Treasury Services plc
3.625%, 09/21/23 (144A)

    1,070,000       1,099,648  
   

 

 

 
Housewares—0.1%  

Newell Brands, Inc.
3.850%, 04/01/23

    914,000       944,687  
   

 

 

 

 

BHFTII-234


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Insurance—0.7%  

American International Group, Inc.
4.125%, 02/15/24

    750,000     $ 769,326  

4.875%, 06/01/22

    1,770,000       1,915,864  

Berkshire Hathaway, Inc.
3.125%, 03/15/26

    390,000       389,627  

Liberty Mutual Group, Inc.
4.250%, 06/15/23 (144A)

    578,000       607,024  

4.850%, 08/01/44 (144A)

    484,000       490,765  

Marsh & McLennan Cos., Inc.
4.800%, 07/15/21

    920,000       995,423  

ZFS Finance USA Trust V
6.500%, 05/09/37 (144A) (d)

    491,000       490,386  
   

 

 

 
      5,658,415  
   

 

 

 
Internet—0.1%  

Baidu, Inc.
3.500%, 11/28/22

    1,110,000       1,128,773  
   

 

 

 
Investment Company Security—0.2%  

Temasek Financial I, Ltd.
2.375%, 01/23/23 (144A)

    1,790,000       1,759,594  
   

 

 

 
Media—0.5%  

21st Century Fox America, Inc.
8.500%, 02/23/25

    722,000       945,700  

Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.908%, 07/23/25

    523,000       552,637  

Time Warner Entertainment Co. L.P.
8.375%, 07/15/33 (a)

    1,240,000       1,654,558  

Viacom, Inc.
3.450%, 10/04/26

    879,000       836,067  
   

 

 

 
      3,988,962  
   

 

 

 
Mining—0.1%  

Freeport-McMoRan, Inc.
3.875%, 03/15/23 (a)

    1,010,000       928,816  

Glencore Funding LLC
4.125%, 05/30/23 (144A)

    160,000       163,087  
   

 

 

 
      1,091,903  
   

 

 

 
Miscellaneous Manufacturing—0.1%  

General Electric Co.
1.629%, 01/09/20 (d)

    633,000       640,397  
   

 

 

 
Oil & Gas—1.1%  

BP Capital Markets plc
4.500%, 10/01/20

    306,000       328,416  

4.742%, 03/11/21

    847,000       919,667  

Chevron Corp.
1.209%, 11/15/17 (d)

    1,696,000       1,697,515  

Petro-Canada
6.050%, 05/15/18

    1,664,000       1,742,181  

Petroleos Mexicanos
3.125%, 01/23/19

    352,000       353,408  
Oil & Gas—(Continued)  

Shell International Finance B.V.
3.750%, 09/12/46

    922,000     847,876  

Statoil ASA
7.750%, 06/15/23

    100,000       126,754  

Total Capital International S.A.
1.550%, 06/28/17

    684,000       684,500  

3.750%, 04/10/24

    910,000       948,667  

Valero Energy Corp.
3.400%, 09/15/26

    1,741,000       1,663,169  
   

 

 

 
      9,312,153  
   

 

 

 
Pharmaceuticals—0.3%  

Actavis Funding SCS
3.800%, 03/15/25

    463,000       467,224  

4.850%, 06/15/44

    537,000       544,333  

Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26

    1,498,000       1,426,431  
   

 

 

 
      2,437,988  
   

 

 

 
Pipelines—0.8%  

APT Pipelines, Ltd.
4.200%, 03/23/25 (144A)

    1,228,000       1,254,354  

4.250%, 07/15/27 (144A) (a)

    93,000       94,241  

Enterprise Products Operating LLC
6.500%, 01/31/19

    908,000       981,648  

Kinder Morgan Energy Partners L.P.
4.150%, 02/01/24

    691,000       700,072  

7.750%, 03/15/32

    625,000       777,442  

Phillips 66 Partners L.P.
4.900%, 10/01/46 (a)

    655,000       623,631  

Sabine Pass Liquefaction LLC
5.000%, 03/15/27 (144A)

    1,100,000       1,149,871  

Spectra Energy Capital LLC
8.000%, 10/01/19

    1,253,000       1,415,261  
   

 

 

 
      6,996,520  
   

 

 

 
Real Estate Investment Trusts—0.1%  

HCP, Inc.
5.375%, 02/01/21

    734,000       799,487  
   

 

 

 
Retail—0.3%  

CVS Health Corp.
3.875%, 07/20/25

    1,094,000       1,127,200  

Home Depot, Inc. (The)
5.950%, 04/01/41

    278,000       355,676  

Walgreens Boots Alliance, Inc.
3.300%, 11/18/21

    836,000       857,664  

4.500%, 11/18/34

    426,000       425,365  
   

 

 

 
      2,765,905  
   

 

 

 
Software—0.2%  

Microsoft Corp.
4.250%, 02/06/47

    1,456,000       1,492,473  
   

 

 

 

 

BHFTII-235


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description       
Principal
Amount*
    Value  
Telecommunications—0.7%  

AT&T, Inc.
3.000%, 06/30/22

    838,000     $ 833,638  

3.400%, 05/15/25

    838,000       809,446  

5.450%, 03/01/47

    896,000       915,939  

Crown Castle Towers LLC
4.883%, 08/15/20 (144A)

    370,000       393,819  

6.113%, 01/15/20 (144A)

    711,000       769,845  

Rogers Communications, Inc.
6.800%, 08/15/18

    1,483,000       1,582,836  

Verizon Communications, Inc.
5.050%, 03/15/34

    1,024,000       1,041,296  
   

 

 

 
      6,346,819  
   

 

 

 

Total Corporate Bonds & Notes
(Cost $103,731,415)

      106,803,594  
   

 

 

 
Asset-Backed Securities—1.2%  
Asset-Backed - Automobile—0.3%  

Chesapeake Funding II LLC
1.912%, 06/15/28 (144A) (d) (e)

    1,216,000       1,222,066  

Ford Credit Auto Owner Trust
2.260%, 11/15/25 (144A)

    550,000       554,561  

2.310%, 04/15/26 (144A)

    425,000       428,596  
   

 

 

 
      2,205,223  
   

 

 

 
Asset-Backed - Home Equity—0.1%  

Bayview Financial Revolving Asset Trust
2.583%, 12/28/40 (144A) (d) (e)

    664,647       511,105  

GMAC Home Equity Loan Trust
5.805%, 10/25/36 (d)

    201,745       194,948  

Home Equity Loan Trust
5.320%, 12/25/35 (d)

    427,458       369,755  
   

 

 

 
      1,075,808  
   

 

 

 
Asset-Backed - Other—0.8%  

American Tower Trust I
3.070%, 03/15/48 (144A)

    1,000,000       996,454  

Cent CLO, Ltd.
Zero Coupon, 07/27/26 (144A) (d)

    955,730       951,577  

2.339%, 01/30/25 (144A) (d)

    831,000       831,485  

Dryden 34 Senior Loan Fund
Zero Coupon, 10/15/26 (144A) (d)

    1,430,000       1,435,179  

Dryden XXVI Senior Loan Fund
2.123%, 07/15/25 (144A) (d)

    1,068,000       1,065,316  

Fortress Credit BSL, Ltd.
2.205%, 01/19/25 (144A) (d)

    716,478       716,291  

Small Business Administration Participation Certificates
4.350%, 07/01/23

    171,817       179,992  

4.770%, 04/01/24

    11,951       12,602  

4.950%, 03/01/25

    63,561       67,183  

4.990%, 09/01/24

    35,159       37,188  

5.110%, 08/01/25

    89,261       94,784  
Security Description   Principal
Amount*/
Shares
    Value  
Asset-Backed - Other—(Continued)  

Small Business Administration Participation Certificates
5.180%, 05/01/24

    16,976     $ 17,995  

5.520%, 06/01/24

    43,714       46,588  

Voya CLO, Ltd.
2.188%, 04/25/25 (144A) (d)

    970,000       971,340  
   

 

 

 
      7,423,974  
   

 

 

 

Total Asset-Backed Securities
(Cost $10,833,946)

      10,705,005  
   

 

 

 
Mortgage-Backed Securities—1.1%  
Collateralized Mortgage Obligations—0.0%  

BlackRock Capital Finance L.P.
7.750%, 09/25/26 (144A) (e)

    14,026       1,417  
   

 

 

 
Commercial Mortgage-Backed Securities—1.1%  

Commercial Mortgage Trust
3.708%, 07/10/48

    1,300,833       1,342,821  

Credit Suisse Commercial Mortgage Trust
5.695%, 09/15/40 (d)

    1,024,000       1,028,473  

CSAIL Commercial Mortgage Trust
3.504%, 06/15/57

    738,578       752,579  

General Electric Capital Assurance Co.
5.743%, 05/12/35 (144A) (d) (e)

    17,198       18,159  

GS Mortgage Securities Corp. II
3.382%, 05/10/50

    1,387,991       1,405,805  

JPMBB Commercial Mortgage Securities Trust
3.494%, 01/15/48

    1,590,000       1,625,558  

JPMorgan Chase Commercial Mortgage Securities Trust
5.841%, 06/15/49 (d)

    1,044,458       1,044,800  

Morgan Stanley Capital I, Inc.
0.619%, 11/15/30 (144A) (d) (f)

    591,016       3,175  

Wachovia Bank Commercial Mortgage Trust
5.760%, 06/15/49 (d)

    297,951       297,640  

6.053%, 02/15/51 (d)

    292,360       292,031  

Wells Fargo Commercial Mortgage Trust
3.540%, 05/15/48

    1,410,327       1,440,488  
   

 

 

 
      9,251,529  
   

 

 

 

Total Mortgage-Backed Securities
(Cost $9,443,839)

      9,252,946  
   

 

 

 
Convertible Preferred Stocks—0.9%  
Diversified Telecommunication Services—0.0%  

Frontier Communications Corp.
11.125%, 06/29/18

    5,512       271,521  
   

 

 

 
Electric Utilities—0.2%  

Exelon Corp.
6.500%, 06/01/17

    35,730       1,763,633  
   

 

 

 

 

BHFTII-236


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Convertible Preferred Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Food Products—0.3%  

Tyson Foods, Inc.
4.750%, 07/15/17

    34,050     $ 2,281,350  
   

 

 

 
Pharmaceuticals—0.4%  

Allergan plc
5.500%, 03/01/18

    3,692       3,137,388  
   

 

 

 

Total Convertible Preferred Stocks
(Cost $7,424,229)

      7,453,892  
   

 

 

 
Municipals—0.2%  

New Jersey State Turnpike Authority, Build America Bonds
7.414%, 01/01/40
(Cost $1,092,733)

    1,050,000       1,510,530  
   

 

 

 
Foreign Government—0.1%  
Sovereign—0.1%  

Mexico Government International Bonds
4.750%, 03/08/44
(Cost $896,894)

    909,000       884,002  
   

 

 

 
Short-Term Investments—1.9%  
Discount Note—1.1%  

Federal Home Loan Bank
0.228%, 04/03/17 (g)

    9,284,000       9,283,826  
   

 

 

 
Repurchase Agreement—0.8%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $6,538,535 on 04/03/17, collateralized by $6,690,000 U.S. Treasury Note at 1.375% due 05/31/20 with a value of $6,671,904.

    6,538,486       6,538,486  
   

 

 

 

Total Short-Term Investments
(Cost $15,822,312)

      15,822,312  
   

 

 

 
Securities Lending Reinvestments (h)—8.8%  
Certificates of Deposit—3.5%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    348,990       349,713  

Zero Coupon, 06/23/17

    1,992,201       1,995,080  

Bank of Montreal Chicago
1.081%, 09/06/17 (d)

    750,000       750,766  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (d)

    1,000,000       1,000,483  

1.510%, 08/18/17

    1,009,256       1,000,629  

BNP Paribas New York
1.384%, 08/04/17 (d)

    250,000       250,191  
Security Description       
Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Canadian Imperial Bank
1.392%, 10/27/17 (d)

    500,000     $ 500,601  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    500,000       500,006  

Credit Suisse AG New York
1.581%, 05/12/17 (d)

    2,000,000       2,000,606  

1.676%, 04/24/17 (d)

    300,000       300,071  

Danske Bank A/S London
Zero Coupon, 05/12/17

    747,829       749,228  

DNB NOR Bank ASA
1.279%, 07/28/17 (d)

    500,000       500,221  

KBC Bank NV
1.120%, 05/08/17

    400,000       400,060  

1.150%, 04/26/17

    1,200,000       1,200,168  

1.150%, 04/27/17

    300,000       299,823  

Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (d)

    100,000       100,058  

1.543%, 05/17/17

    2,000,000       2,000,594  

1.582%, 04/26/17 (d)

    750,000       750,124  

National Australia Bank London
1.338%, 11/09/17 (d)

    2,500,000       2,495,925  

Norinchukin Bank New York
1.346%, 08/21/17 (d)

    2,500,000       2,500,782  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    2,500,000       2,499,917  

Sumitomo Bank New York
1.390%, 06/05/17 (d)

    500,000       500,236  

1.410%, 05/05/17 (d)

    1,600,000       1,600,312  

Sumitomo Mitsui Trust Bank, Ltd.
1.120%, 05/08/17

    500,000       500,075  

Sumitomo Mitsui Trust Bank, Ltd., London
1.444%, 05/08/17 (d)

    1,500,000       1,501,020  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.359%, 06/02/17 (d)

    700,000       700,454  

1.572%, 04/26/17 (d)

    750,000       750,248  

Toronto Dominion Bank New York
1.221%, 03/13/18 (d)

    1,200,000       1,199,577  

UBS, Stamford
1.301%, 05/12/17 (d)

    1,000,000       1,000,246  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (d)

    400,000       400,654  

1.452%, 04/26/17 (d)

    400,000       400,106  
   

 

 

 
      30,697,974  
   

 

 

 
Commercial Paper—1.3%  

Barton Capital S.A.
1.160%, 04/07/17

    996,971       999,863  

Commonwealth Bank Australia
1.174%, 03/01/18

    1,250,000       1,250,510  

Den Norske ASA
1.432%, 04/27/17 (d)

    500,000       500,108  

HSBC plc
1.442%, 04/25/17 (d)

    400,000       400,072  

Kells Funding LLC
1.010%, 05/25/17

    2,592,924       2,595,208  

 

BHFTII-237


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Paper—(Continued)  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    1,495,549     $ 1,498,172  

National Australia Bank, Ltd.
1.440%, 12/06/17 (d)

    500,000       500,747  

Starbird Funding Corp.
1.441%, 06/13/17 (d)

    2,500,000       2,500,882  

Versailles CDS LLC
1.050%, 06/05/17

    997,171       997,865  

Westpac Banking Corp.
1.380%, 10/20/17 (d)

    300,000       300,544  
   

 

 

 
      11,543,971  
   

 

 

 
Repurchase Agreements—3.3%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,926,518 on 04/03/17, collateralized by $2,770,839 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,964,923.

    1,926,394       1,926,394  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $700,051 on 04/03/17, collateralized by $716,441 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $714,000.

    700,000       700,000  

Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $50,322 on 07/03/17, collateralized by various Common Stock with a value of $55,000.

    50,000       50,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $40,364 on 04/03/17, collateralized by $40,836 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $41,169.

    40,361       40,361  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,501,625 on 04/03/17, collateralized by $386,246 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,744,966.

    2,500,000       2,500,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.

    2,000,000       2,000,000  
Repurchase Agreements—(Continued)  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $700,048 on 04/03/17, collateralized by $695,621 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $714,431.

    700,000     700,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,110,771 on 07/03/17, collateralized by various Common Stock with a value of $1,210,000.

    1,100,000       1,100,000  

Natixis New York
Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $10,000,817 on 04/03/17, collateralized by $11,706,514 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $10,200,833.

    10,000,000       10,000,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $10,000,775 on 04/03/17, collateralized by $29,934,744 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $10,200,000.

    10,000,000       10,000,000  
   

 

 

 
      29,016,755  
   

 

 

 
Time Deposits—0.7%  

Nordea Bank New York
0.810%, 04/03/17

    1,000,000       1,000,000  

OP Corporate Bank plc
1.180%, 04/24/17

    2,000,000       2,000,000  

Shinkin Central Bank
1.350%, 04/21/17

    550,000       550,000  

1.440%, 04/26/17

    1,500,000       1,500,000  

1.440%, 04/27/17

    300,000       300,000  

Svenska
0.800%, 04/03/17

    1,000,000       1,000,000  
   

 

 

 
      6,350,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $77,602,886)

      77,608,700  
   

 

 

 

Total Investments—108.9%
(Cost $817,514,397) (i)

      947,754,425  

Other assets and liabilities (net)—(8.9)%

      (77,767,829
   

 

 

 
Net Assets—100.0%     $ 869,986,596  
   

 

 

 

 

BHFTII-238


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $75,535,316 and the collateral received consisted of cash in the amount of $77,597,647. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)   Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $5,080,506, which is 0.6% of net assets. See details shown in the Restricted Securities table that follows.
(f)   Interest only security.
(g)   The rate shown represents current yield to maturity.
(h)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(i)   As of March 31, 2017, the aggregate cost of investments was $817,514,397. The aggregate unrealized appreciation and depreciation of investments were $141,466,773 and $(11,226,745), respectively, resulting in net unrealized appreciation of $130,240,028.
(144A)—   Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $29,313,151, which is 3.4% of net assets.
(ACES)—   Alternative Credit Enhancement Securities
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.
(CLO)—   Collateralized Loan Obligation
(CMO)—   Collateralized Mortgage Obligation

 

Restricted Securities

   Acquisition
Date
     Principal
Amount
     Cost      Value  

Bayview Financial Revolving Asset Trust, 2.583%, 12/28/40

     03/01/06      $ 664,647      $ 664,647      $ 511,105  

BlackRock Capital Finance L.P., 7.750%, 09/25/26

     10/10/96        14,026        13,517        1,417  

Chesapeake Funding II LLC, 1.912%, 06/15/28

     06/14/16        1,216,000        1,216,000        1,222,066  

General Electric Capital Assurance Co., 5.743%, 05/12/35

     09/23/03        17,198        17,284        18,159  

Imperial Brands Finance plc, 2.950%, 07/21/20

     07/15/15        828,000        821,914        838,555  

State Grid Overseas Investment, Ltd., 2.750%, 05/07/19

     04/28/14        778,000        774,857        787,319  

UBS Group Funding Jersey, Ltd., 4.125%, 04/15/26

     03/29/16        838,000        836,299        851,877  

UBS Group Funding Switzerland AG, 4.253%, 03/23/28

     03/23/17        838,000        838,000        850,008  
           

 

 

 
            $ 5,080,506  
           

 

 

 

 

BHFTII-239


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  
Common Stocks            

Aerospace & Defense

   $ 18,155,281      $ —        $ —        $ 18,155,281  

Air Freight & Logistics

     3,760,114        —          —          3,760,114  

Airlines

     3,658,782        —          —          3,658,782  

Auto Components

     2,897,157        —          —          2,897,157  

Automobiles

     1,530,252        2,484,454        —          4,014,706  

Banks

     47,534,788        2,462,028        —          49,996,816  

Beverages

     1,886,010        2,938,465        —          4,824,475  

Biotechnology

     2,236,812        —          —          2,236,812  

Building Products

     10,106,595        —          —          10,106,595  

Capital Markets

     33,137,962        1,432,888        —          34,570,850  

Chemicals

     15,763,879        —          —          15,763,879  

Commercial Services & Supplies

     925,384        —          —          925,384  

Communications Equipment

     6,164,279        —          —          6,164,279  

Consumer Finance

     3,876,571        —          —          3,876,571  

Containers & Packaging

     784,507        —          —          784,507  

Distributors

     1,115,070        —          —          1,115,070  

Diversified Telecommunication Services

     8,713,689        648,419        —          9,362,108  

Electric Utilities

     11,281,628        688,454        —          11,970,082  

Electrical Equipment

     2,814,067        —          —          2,814,067  

Energy Equipment & Services

     2,907,507        —          —          2,907,507  

Equity Real Estate Investment Trusts

     7,510,946        —          —          7,510,946  

Food & Staples Retailing

     8,362,768        —          —          8,362,768  

Food Products

     10,563,573        7,413,089        —          17,976,662  

Health Care Equipment & Supplies

     20,211,917        —          —          20,211,917  

Health Care Providers & Services

     6,271,210        —          —          6,271,210  

Hotels, Restaurants & Leisure

     4,966,369        —          —          4,966,369  

Household Durables

     2,000,770        —          —          2,000,770  

Household Products

     3,743,933        930,897        —          4,674,830  

Industrial Conglomerates

     13,428,088        —          —          13,428,088  

Insurance

     27,005,740        2,170,259        —          29,175,999  

Internet Software & Services

     6,176,890        —          —          6,176,890  

IT Services

     17,666,016        —          —          17,666,016  

Life Sciences Tools & Services

     5,299,046        —          —          5,299,046  

Machinery

     10,607,531        —          —          10,607,531  

Media

     24,845,705        —          —          24,845,705  

Metals & Mining

     —          2,272,884        —          2,272,884  

 

BHFTII-240


Table of Contents

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

 

Description    Level 1      Level 2     Level 3      Total  

Mortgage Real Estate Investment Trusts

   $ 2,482,948      $ —       $ —        $ 2,482,948  

Multi-Utilities

     2,989,491        946,047       —          3,935,538  

Multiline Retail

     1,840,090        —         —          1,840,090  

Oil, Gas & Consumable Fuels

     22,971,483        3,404,912       —          26,376,395  

Personal Products

     1,562,443        —         —          1,562,443  

Pharmaceuticals

     31,049,673        4,408,408       —          35,458,081  

Professional Services

     1,874,295        —         —          1,874,295  

Road & Rail

     7,910,408        —         —          7,910,408  

Semiconductors & Semiconductor Equipment

     10,880,007        —         —          10,880,007  

Software

     10,971,871        —         —          10,971,871  

Specialty Retail

     7,983,598        —         —          7,983,598  

Technology Hardware, Storage & Peripherals

     6,155,958        —         —          6,155,958  

Textiles, Apparel & Luxury Goods

     703,556        933,607       —          1,637,163  

Tobacco

     23,124,707        488,289       —          23,612,996  

Trading Companies & Distributors

     567,852        —         —          567,852  

Total Common Stocks

     480,979,216        33,623,100       —          514,602,316  

Total U.S. Treasury & Government Agencies*

     —          203,111,128       —          203,111,128  

Total Corporate Bonds & Notes*

     —          106,803,594       —          106,803,594  

Total Asset-Backed Securities*

     —          10,705,005       —          10,705,005  

Total Mortgage-Backed Securities*

     —          9,252,946       —          9,252,946  

Total Convertible Preferred Stocks*

     7,453,892        —         —          7,453,892  

Total Municipals

     —          1,510,530       —          1,510,530  

Total Foreign Government*

     —          884,002       —          884,002  

Total Short-Term Investments*

     —          15,822,312       —          15,822,312  

Total Securities Lending Reinvestments*

     —          77,608,700       —          77,608,700  

Total Investments

   $ 488,433,108      $ 459,321,317     $ —        $ 947,754,425  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (77,597,647   $ —        $ (77,597,647

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-241


Table of Contents

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.8% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—3.4%  

Lockheed Martin Corp. (a)

    142,971     $ 38,259,040  

Northrop Grumman Corp.

    136,448       32,452,792  

United Technologies Corp.

    317,211       35,594,246  
   

 

 

 
      106,306,078  
   

 

 

 
Air Freight & Logistics—1.5%  

United Parcel Service, Inc. - Class B

    426,602       45,774,395  
   

 

 

 
Auto Components—1.0%  

Delphi Automotive plc

    386,597       31,117,193  
   

 

 

 
Automobiles—0.3%  

Harley-Davidson, Inc. (a)

    154,806       9,365,763  
   

 

 

 
Banks—13.4%  

Citigroup, Inc.

    914,718       54,718,431  

JPMorgan Chase & Co.

    1,629,815       143,162,950  

PNC Financial Services Group, Inc. (The)

    368,234       44,276,456  

U.S. Bancorp

    1,375,721       70,849,631  

Wells Fargo & Co.

    1,914,586       106,565,857  
   

 

 

 
      419,573,325  
   

 

 

 
Beverages—1.6%  

Diageo plc

    1,132,379       32,437,028  

PepsiCo, Inc.

    164,645       18,417,190  
   

 

 

 
      50,854,218  
   

 

 

 
Building Products—2.0%  

Johnson Controls International plc (a)

    1,510,341       63,615,563  
   

 

 

 
Capital Markets—7.8%  

Bank of New York Mellon Corp. (The)

    744,295       35,153,053  

BlackRock, Inc.

    74,738       28,662,770  

Franklin Resources, Inc.

    393,390       16,577,455  

Goldman Sachs Group, Inc. (The)

    308,051       70,765,476  

Moody’s Corp. (a)

    192,170       21,530,727  

Nasdaq, Inc. (a)

    476,108       33,065,701  

S&P Global, Inc.

    52,746       6,896,012  

State Street Corp. (a)

    333,176       26,524,141  

T. Rowe Price Group, Inc. (a)

    82,583       5,628,031  
   

 

 

 
      244,803,366  
   

 

 

 
Chemicals—3.5%  

E.I. du Pont de Nemours & Co.

    196,400       15,776,812  

Monsanto Co.

    107,535       12,172,962  

PPG Industries, Inc. (a)

    567,202       59,601,586  

Sherwin-Williams Co. (The)

    73,375       22,760,191  
   

 

 

 
      110,311,551  
   

 

 

 
Consumer Finance—0.9%  

American Express Co.

    373,880       29,577,647  
   

 

 

 
Containers & Packaging—0.4%  

Crown Holdings, Inc. (b)

    265,275       14,046,311  
   

 

 

 
Diversified Telecommunication Services—1.1%  

Verizon Communications, Inc.

    702,948     $ 34,268,715  
   

 

 

 
Electric Utilities—1.4%  

Duke Energy Corp.

    404,806       33,198,140  

Xcel Energy, Inc. (a)

    221,543       9,847,586  
   

 

 

 
      43,045,726  
   

 

 

 
Electrical Equipment—0.9%  

Eaton Corp. plc (a)

    383,358       28,425,996  
   

 

 

 
Energy Equipment & Services—1.3%  

Schlumberger, Ltd.

    524,545       40,966,965  
   

 

 

 
Equity Real Estate Investment Trusts—0.3%  

Public Storage

    43,033       9,420,354  
   

 

 

 
Food & Staples Retailing—1.6%  

CVS Health Corp.

    636,165       49,938,952  
   

 

 

 
Food Products—4.2%  

Archer-Daniels-Midland Co.

    355,712       16,376,980  

Danone S.A.

    194,553       13,239,365  

General Mills, Inc.

    477,744       28,191,673  

J.M. Smucker Co. (The) (a)

    110,734       14,515,013  

Mead Johnson Nutrition Co.

    107,372       9,564,698  

Nestle S.A.

    654,470       50,206,389  
   

 

 

 
      132,094,118  
   

 

 

 
Health Care Equipment & Supplies—5.0%  

Abbott Laboratories

    1,067,258       47,396,928  

Danaher Corp.

    412,465       35,278,131  

Medtronic plc

    932,864       75,151,524  
   

 

 

 
      157,826,583  
   

 

 

 
Health Care Providers & Services—1.9%  

Cigna Corp.

    112,313       16,452,731  

Express Scripts Holding Co. (b)

    251,301       16,563,249  

McKesson Corp.

    141,569       20,989,020  

UnitedHealth Group, Inc.

    27,352       4,486,002  
   

 

 

 
      58,491,002  
   

 

 

 
Household Durables—0.2%  

Newell Brands, Inc. (a)

    110,035       5,190,351  
   

 

 

 
Household Products—0.4%  

Procter & Gamble Co. (The)

    134,984       12,128,312  
   

 

 

 
Industrial Conglomerates—4.0%  

3M Co. (a)

    342,298       65,491,876  

Honeywell International, Inc.

    474,224       59,216,351  
   

 

 

 
      124,708,227  
   

 

 

 
Insurance—7.4%  

Aon plc (a)

    437,757       51,957,378  

Chubb, Ltd.

    513,459       69,958,789  

 

BHFTII-242


Table of Contents

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description  

Shares

    Value  
Insurance—(Continued)  

Prudential Financial, Inc. (a)

    339,962     $ 36,267,146  

Travelers Cos., Inc. (The)

    618,499       74,553,870  
   

 

 

 
      232,737,183  
   

 

 

 
IT Services—5.3%  

Accenture plc - Class A (a)

    660,822       79,219,341  

Amdocs, Ltd.

    125,637       7,662,601  

Cognizant Technology Solutions Corp. - Class A (b)

    199,660       11,883,763  

Fidelity National Information Services, Inc.

    371,459       29,575,566  

Fiserv, Inc. (b)

    126,892       14,631,916  

International Business Machines Corp. (a)

    129,100       22,481,474  
   

 

 

 
      165,454,661  
   

 

 

 
Life Sciences Tools & Services—1.1%  

Thermo Fisher Scientific, Inc. (a)

    231,648       35,581,133  
   

 

 

 
Machinery—2.0%  

Illinois Tool Works, Inc. (a)

    223,080       29,551,408  

Ingersoll-Rand plc

    215,438       17,519,418  

Stanley Black & Decker, Inc. (a)

    130,666       17,361,591  
   

 

 

 
      64,432,417  
   

 

 

 
Media—4.4%  

Comcast Corp. - Class A

    1,103,242       41,470,867  

Interpublic Group of Cos., Inc. (The) (a)

    663,017       16,290,327  

Omnicom Group, Inc. (a)

    515,175       44,413,237  

Time Warner, Inc.

    276,441       27,011,050  

Walt Disney Co. (The)

    71,361       8,091,624  
   

 

 

 
      137,277,105  
   

 

 

 
Multiline Retail—0.4%  

Target Corp. (a)

    205,856       11,361,193  
   

 

 

 
Oil, Gas & Consumable Fuels—3.5%  

Chevron Corp. (a)

    251,141       26,965,009  

EOG Resources, Inc.

    308,416       30,085,981  

Exxon Mobil Corp.

    364,175       29,865,992  

Occidental Petroleum Corp. (a)

    365,206       23,139,452  
   

 

 

 
      110,056,434  
   

 

 

 
Personal Products—0.4%  

Coty, Inc. - Class A (a)

    690,876       12,525,582  
   

 

 

 
Pharmaceuticals—7.2%  

Johnson & Johnson

    886,088       110,362,260  

Merck & Co., Inc.

    479,610       30,474,419  

Novartis AG

    92,650       6,878,521  

Pfizer, Inc. (a)

    2,045,604       69,980,113  

Roche Holding AG

    26,577       6,779,936  
   

 

 

 
      224,475,249  
   

 

 

 
Security Description   Shares/
Principal
Amount*
    Value  
Professional Services—0.5%  

Equifax, Inc. (a)

    107,207     $ 14,659,485  
   

 

 

 
Road & Rail—1.3%  

Canadian National Railway Co.

    238,144       17,605,986  

Union Pacific Corp.

    216,594       22,941,636  
   

 

 

 
      40,547,622  
   

 

 

 
Semiconductors & Semiconductor Equipment—1.5%  

Texas Instruments, Inc. (a)

    571,059       46,004,513  
   

 

 

 
Software—0.5%  

Oracle Corp.

    384,434       17,149,601  
   

 

 

 
Specialty Retail—0.3%  

Advance Auto Parts, Inc. (a)

    58,526       8,677,065  
   

 

 

 
Textiles, Apparel & Luxury Goods—0.4%  

Hanesbrands, Inc. (a)

    604,958       12,558,928  
   

 

 

 
Tobacco—4.5%  

Altria Group, Inc.

    305,764       21,837,665  

Philip Morris International, Inc. (a)

    1,063,197       120,034,941  
   

 

 

 
      141,872,606  
   

 

 

 

Total Common Stocks
(Cost $2,240,030,940)

      3,097,221,488  
   

 

 

 
Short-Term Investments—0.8%  
Discount Note—0.5%  

Federal Home Loan Bank
0.228%, 04/03/17 (c)

    15,214,000       15,213,715  
   

 

 

 
Repurchase Agreement—0.3%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $10,722,258 on 04/03/17, collateralized by $10,210,000 U.S. Treasury Note at 3.500% due 05/15/20 with a value of $10,936,809.

    10,722,178       10,722,178  
   

 

 

 

Total Short-Term Investments
(Cost $25,935,893)

      25,935,893  
   

 

 

 
Securities Lending Reinvestments (d)—7.0%  
Certificates of Deposit—4.5%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    2,991,345       2,997,540  

Zero Coupon, 06/23/17

    4,980,501       4,987,700  

Banco Del Estado De Chile New York
1.426%, 06/21/17 (e)

    3,000,000       3,001,626  

 

BHFTII-243


Table of Contents

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Bank of Montreal Chicago
1.081%, 09/06/17 (e)

    6,000,000     $ 6,006,124  

Bank of Nova Scotia Houston
1.355%, 11/03/17 (e)

    5,000,000       5,005,492  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (e)

    9,000,000       9,004,347  

1.510%, 08/18/17

    3,290,175       3,262,051  

BNP Paribas New York
1.384%, 08/04/17 (e)

    3,500,000       3,502,667  

Canadian Imperial Bank
1.392%, 10/27/17 (e)

    1,000,000       1,001,203  

Chiba Bank, Ltd., New York
1.100%, 04/03/17

    5,500,000       5,500,028  

Credit Suisse AG New York
1.676%, 04/24/17 (e)

    3,500,000       3,500,826  

Danske Bank A/S London
Zero Coupon, 05/12/17

    3,988,422       3,995,880  

DNB NOR Bank ASA
1.279%, 07/28/17 (e)

    1,200,000       1,200,530  

KBC Bank NV
1.120%, 05/08/17

    250,000       250,038  

1.150%, 04/27/17

    7,000,000       6,995,870  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (e)

    300,000       299,982  

Mizuho Bank, Ltd., New York
1.543%, 05/17/17

    10,000,000       10,002,970  

1.582%, 04/26/17 (e)

    3,000,000       3,000,498  

National Australia Bank London
1.199%, 05/02/17 (e)

    2,000,000       2,000,701  

1.338%, 11/09/17 (e)

    6,000,000       5,990,220  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    7,000,000       6,999,769  

Royal Bank of Canada New York
1.298%, 03/20/18 (e)

    10,900,000       10,899,967  

Sumitomo Bank New York
1.410%, 05/05/17 (e)

    2,500,000       2,500,487  

1.578%, 06/19/17 (e)

    2,000,000       2,001,352  

Sumitomo Mitsui Banking Corp.
1.480%, 08/09/17

    2,422,160       2,401,387  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (e)

    3,000,000       3,001,605  

Sumitomo Mitsui Trust Bank, Ltd., London
1.444%, 05/08/17 (e)

    3,500,000       3,502,379  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.308%, 08/16/17 (e)

    5,000,000       5,002,355  

1.572%, 04/26/17 (e)

    4,000,000       4,001,324  

Svenska Handelsbanken New York
1.508%, 05/18/17 (e)

    1,500,000       1,500,776  

Toronto Dominion Bank New York
1.221%, 03/13/18 (e)

    8,500,000       8,497,005  

UBS, Stamford
1.301%, 05/12/17 (e)

    4,700,000       4,701,156  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (e)

    1,750,000       1,752,861  

1.452%, 04/26/17 (e)

    1,200,000       1,200,319  
   

 

 

 
      139,469,035  
   

 

 

 
Commercial Paper—1.6%  

Commonwealth Bank Australia
1.174%, 03/01/18

    7,000,000     7,002,856  

DCAT LLC
1.200%, 04/11/17

    1,848,027       1,849,489  

Den Norske ASA
1.432%, 04/27/17 (e)

    1,200,000       1,200,259  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (e)

    11,600,000       11,598,979  

HSBC plc
1.442%, 04/25/17 (e)

    4,750,000       4,750,855  

Kells Funding LLC
1.100%, 06/05/17

    1,494,225       1,496,770  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    997,033       998,781  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (e)

    3,500,000       3,500,287  

Ridgefield Funding Co. LLC
1.184%, 09/07/17 (e)

    4,300,000       4,299,493  

1.300%, 06/12/17

    1,492,471       1,496,459  

Versailles CDS LLC
1.050%, 06/05/17

    7,977,367       7,982,920  

Westpac Banking Corp.
1.380%, 10/20/17 (e)

    3,250,000       3,255,890  
   

 

 

 
      49,433,038  
   

 

 

 
Repurchase Agreements—0.5%  

Barclays Capital, Inc.
Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,118,980 on 04/03/17, collateralized by $1,609,388 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,141,287.

    1,118,908       1,118,908  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $3,220,635 on 07/03/17, collateralized by various Common Stock with a value of $3,520,000.

    3,200,000       3,200,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $16,588 on 04/03/17, collateralized by $16,782 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $16,919.

    16,587       16,587  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.

    2,000,000       2,000,000  

 

BHFTII-244


Table of Contents

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $7,543,200 on 06/02/17, collateralized by various Common Stock with a value of $8,250,000.

    7,500,000     $ 7,500,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $2,019,583 on 07/03/17, collateralized by various Common Stock with a value of $2,200,000.

    2,000,000       2,000,000  
   

 

 

 
      15,835,495  
   

 

 

 
Time Deposits—0.4%  

Nordea Bank New York
0.810%, 04/03/17

    2,000,000       2,000,000  

OP Corporate Bank plc
1.200%, 04/10/17

    3,000,000       3,000,000  

Shinkin Central Bank
1.350%, 04/21/17

    2,500,000       2,500,000  

1.440%, 04/26/17

    3,500,000       3,500,000  

1.440%, 04/27/17

    300,000       300,000  

Svenska
0.800%, 04/03/17

    2,000,000       2,000,000  
   

 

 

 
      13,300,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $218,002,127)

      218,037,568  
   

 

 

 

Total Investments—106.6%
(Cost $2,483,968,960) (f)

      3,341,194,949  

Other assets and liabilities (net)—(6.6)%

      (207,651,066
   

 

 

 
Net Assets—100.0%     $ 3,133,543,883  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $208,798,252 and the collateral received consisted of cash in the amount of $218,017,221. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   The rate shown represents current yield to maturity.
(d)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(e)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)   As of March 31, 2017, the aggregate cost of investments was $2,483,968,960. The aggregate unrealized appreciation and depreciation of investments were $886,483,513 and $(29,257,524), respectively, resulting in net unrealized appreciation of $857,225,989.

 

BHFTII-245


Table of Contents

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

 

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  
Common Stocks            

Aerospace & Defense

   $ 106,306,078      $ —        $ —        $ 106,306,078  

Air Freight & Logistics

     45,774,395        —          —          45,774,395  

Auto Components

     31,117,193        —          —          31,117,193  

Automobiles

     9,365,763        —          —          9,365,763  

Banks

     419,573,325        —          —          419,573,325  

Beverages

     18,417,190        32,437,028        —          50,854,218  

Building Products

     63,615,563        —          —          63,615,563  

Capital Markets

     244,803,366        —          —          244,803,366  

Chemicals

     110,311,551        —          —          110,311,551  

Consumer Finance

     29,577,647        —          —          29,577,647  

Containers & Packaging

     14,046,311        —          —          14,046,311  

Diversified Telecommunication Services

     34,268,715        —          —          34,268,715  

Electric Utilities

     43,045,726        —          —          43,045,726  

Electrical Equipment

     28,425,996        —          —          28,425,996  

Energy Equipment & Services

     40,966,965        —          —          40,966,965  

Equity Real Estate Investment Trusts

     9,420,354        —          —          9,420,354  

Food & Staples Retailing

     49,938,952        —          —          49,938,952  

Food Products

     68,648,364        63,445,754        —          132,094,118  

Health Care Equipment & Supplies

     157,826,583        —          —          157,826,583  

Health Care Providers & Services

     58,491,002        —          —          58,491,002  

Household Durables

     5,190,351        —          —          5,190,351  

Household Products

     12,128,312        —          —          12,128,312  

Industrial Conglomerates

     124,708,227        —          —          124,708,227  

Insurance

     232,737,183        —          —          232,737,183  

IT Services

     165,454,661        —          —          165,454,661  

Life Sciences Tools & Services

     35,581,133        —          —          35,581,133  

Machinery

     64,432,417        —          —          64,432,417  

Media

     137,277,105        —          —          137,277,105  

Multiline Retail

     11,361,193        —          —          11,361,193  

Oil, Gas & Consumable Fuels

     110,056,434        —          —          110,056,434  

Personal Products

     12,525,582        —          —          12,525,582  

Pharmaceuticals

     210,816,792        13,658,457        —          224,475,249  

Professional Services

     14,659,485        —          —          14,659,485  

Road & Rail

     40,547,622        —          —          40,547,622  

Semiconductors & Semiconductor Equipment

     46,004,513        —          —          46,004,513  

Software

     17,149,601        —          —          17,149,601  

 

BHFTII-246


Table of Contents

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

 

Description    Level 1      Level 2     Level 3      Total  

Specialty Retail

   $ 8,677,065      $ —       $ —        $ 8,677,065  

Textiles, Apparel & Luxury Goods

     12,558,928        —         —          12,558,928  

Tobacco

     141,872,606        —         —          141,872,606  

Total Common Stocks

     2,987,680,249        109,541,239       —          3,097,221,488  

Total Short-Term Investments*

     —          25,935,893       —          25,935,893  

Total Securities Lending Reinvestments*

     —          218,037,568       —          218,037,568  

Total Investments

   $ 2,987,680,249      $ 353,514,700     $ —        $ 3,341,194,949  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (218,017,221   $ —        $ (218,017,221

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-247


Table of Contents

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.4% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—0.4%  

Astronics Corp. (a)

    135,457     $ 4,298,051  
   

 

 

 
Air Freight & Logistics—0.6%  

Forward Air Corp.

    141,936       6,751,896  
   

 

 

 
Airlines—0.6%  

Allegiant Travel Co.

    48,400       7,756,100  
   

 

 

 
Auto Components—1.6%  

Gentex Corp.

    245,980       5,246,753  

LCI Industries

    132,650       13,238,470  
   

 

 

 
      18,485,223  
   

 

 

 
Automobiles—0.5%  

Thor Industries, Inc.

    56,940       5,473,642  
   

 

 

 
Banks—13.5%  

Bank of Hawaii Corp.

    242,775       19,994,949  

Bank of the Ozarks, Inc.

    345,801       17,985,110  

BankUnited, Inc.

    334,050       12,463,405  

BOK Financial Corp.

    153,932       12,048,258  

Columbia Banking System, Inc.

    94,410       3,681,046  

Community Bank System, Inc.

    181,907       10,001,247  

Cullen/Frost Bankers, Inc.

    194,448       17,300,039  

CVB Financial Corp.

    664,955       14,688,856  

First Financial Bankshares, Inc.

    332,390       13,328,839  

First Hawaiian, Inc.

    93,890       2,809,189  

FNB Corp.

    746,798       11,104,886  

Glacier Bancorp, Inc.

    87,395       2,965,312  

LegacyTexas Financial Group, Inc.

    270,150       10,778,985  

PacWest Bancorp

    212,278       11,305,926  
   

 

 

 
      160,456,047  
   

 

 

 
Beverages—0.4%  

MGP Ingredients, Inc.

    83,395       4,522,511  
   

 

 

 
Building Products—1.8%  

A.O. Smith Corp.

    196,410       10,048,336  

AAON, Inc.

    264,932       9,365,346  

Patrick Industries, Inc. (a)

    36,660       2,599,194  
   

 

 

 
      22,012,876  
   

 

 

 
Capital Markets—2.7%  

Artisan Partners Asset Management, Inc. - Class A

    165,325       4,562,970  

FactSet Research Systems, Inc.

    56,255       9,277,012  

Houlihan Lokey, Inc.

    42,810       1,474,805  

MarketAxess Holdings, Inc.

    80,335       15,062,009  

OM Asset Management plc

    148,300       2,242,296  
   

 

 

 
      32,619,092  
   

 

 

 
Chemicals—3.7%  

Balchem Corp.

    148,858       12,268,876  

Chase Corp.

    8,340       795,636  

NewMarket Corp.

    7,007       3,175,783  

Quaker Chemical Corp.

    46,950       6,181,437  
Chemicals—(Continued)  

Sensient Technologies Corp.

    271,075     21,485,404  
   

 

 

 
      43,907,136  
   

 

 

 
Commercial Services & Supplies—4.2%  

Healthcare Services Group, Inc.

    314,694       13,560,164  

Ritchie Bros. Auctioneers, Inc.

    306,375       10,079,738  

Rollins, Inc.

    491,925       18,265,175  

UniFirst Corp.

    54,740       7,742,973  
   

 

 

 
      49,648,050  
   

 

 

 
Communications Equipment—1.5%  

NetScout Systems, Inc. (a)

    471,635       17,898,548  
   

 

 

 
Construction & Engineering—1.0%  

Valmont Industries, Inc.

    75,135       11,683,492  
   

 

 

 
Construction Materials—1.5%  

Eagle Materials, Inc.

    184,080       17,881,531  
   

 

 

 
Containers & Packaging—1.2%  

AptarGroup, Inc.

    189,379       14,580,289  
   

 

 

 
Distributors—2.2%  

Pool Corp.

    223,370       26,654,742  
   

 

 

 
Diversified Consumer Services—0.1%  

Bright Horizons Family Solutions, Inc. (a)

    21,240       1,539,688  
   

 

 

 
Electrical Equipment—0.7%  

AZZ, Inc.

    134,495       8,002,452  
   

 

 

 
Electronic Equipment, Instruments & Components—4.3%  

Cognex Corp.

    149,870       12,581,586  

Littelfuse, Inc.

    117,345       18,764,639  

Rogers Corp. (a)

    120,180       10,319,857  

Zebra Technologies Corp. - Class A (a)

    104,912       9,573,220  
   

 

 

 
      51,239,302  
   

 

 

 
Energy Equipment & Services—0.9%  

Dril-Quip, Inc. (a)

    29,115       1,588,223  

Natural Gas Services Group, Inc. (a)

    87,331       2,274,973  

Pason Systems, Inc.

    471,000       6,735,300  
   

 

 

 
      10,598,496  
   

 

 

 
Food Products—3.1%  

Blue Buffalo Pet Products, Inc. (a)

    347,495       7,992,385  

Cal-Maine Foods, Inc.

    137,710       5,067,728  

Calavo Growers, Inc.

    123,250       7,468,950  

J&J Snack Foods Corp.

    62,289       8,443,897  

Lancaster Colony Corp.

    56,940       7,336,149  
   

 

 

 
      36,309,109  
   

 

 

 
Health Care Equipment & Supplies—6.5%  

Abaxis, Inc.

    60,759       2,946,812  

Atrion Corp.

    6,800       3,183,760  

 

BHFTII-248


Table of Contents

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Health Care Equipment & Supplies—(Continued)  

Cantel Medical Corp.

    99,102     $ 7,938,070  

DENTSPLY SIRONA, Inc.

    187,385       11,700,319  

Haemonetics Corp. (a)

    127,356       5,166,833  

IDEXX Laboratories, Inc. (a)

    126,530       19,562,803  

Neogen Corp. (a)

    41,900       2,746,545  

West Pharmaceutical Services, Inc.

    299,951       24,479,001  
   

 

 

 
      77,724,143  
   

 

 

 
Health Care Providers & Services—3.0%  

Chemed Corp.

    84,195       15,381,585  

Henry Schein, Inc. (a)

    71,680       12,183,450  

Surgery Partners, Inc. (a)

    127,750       2,491,125  

U.S. Physical Therapy, Inc.

    88,095       5,752,603  
   

 

 

 
      35,808,763  
   

 

 

 
Hotels, Restaurants & Leisure—3.0%  

Cheesecake Factory, Inc. (The)

    167,855       10,635,293  

Cracker Barrel Old Country Store, Inc.

    56,795       9,044,604  

Papa John’s International, Inc.

    88,780       7,105,951  

Texas Roadhouse, Inc.

    197,525       8,795,788  
   

 

 

 
      35,581,636  
   

 

 

 
Household Products—2.8%  

Church & Dwight Co., Inc.

    413,350       20,613,765  

Energizer Holdings, Inc.

    156,755       8,739,091  

WD-40 Co.

    36,475       3,973,951  
   

 

 

 
      33,326,807  
   

 

 

 
Industrial Conglomerates—0.4%  

Raven Industries, Inc.

    146,209       4,247,371  
   

 

 

 
Insurance—1.5%  

AMERISAFE, Inc.

    79,825       5,180,643  

RLI Corp.

    208,460       12,511,769  
   

 

 

 
      17,692,412  
   

 

 

 
IT Services—1.2%  

Jack Henry & Associates, Inc.

    152,410       14,189,371  
   

 

 

 
Life Sciences Tools & Services—2.4%  

Bio-Techne Corp.

    151,240       15,373,546  

ICON plc (a)

    140,032       11,163,351  

PAREXEL International Corp. (a)

    30,585       1,930,219  
   

 

 

 
      28,467,116  
   

 

 

 
Machinery—8.7%  

Donaldson Co., Inc.

    119,105       5,421,660  

Franklin Electric Co., Inc.

    130,430       5,615,012  

Graco, Inc.

    70,080       6,597,331  

Lindsay Corp.

    19,445       1,713,493  

Middleby Corp. (The) (a)

    113,005       15,419,532  

Nordson Corp.

    104,022       12,778,062  

RBC Bearings, Inc. (a)

    160,950       15,626,636  

Tennant Co.

    91,683       6,660,770  
Machinery—(Continued)  

Toro Co. (The)

    298,270     18,629,944  

Wabtec Corp.

    193,040       15,057,120  
   

 

 

 
      103,519,560  
   

 

 

 
Marine—0.5%  

Kirby Corp. (a)

    81,170       5,726,544  
   

 

 

 
Media—2.1%  

Gray Television, Inc. (a)

    466,685       6,766,933  

Nexstar Media Group, Inc.

    260,915       18,303,187  
   

 

 

 
      25,070,120  
   

 

 

 
Metals & Mining—0.3%  

Compass Minerals International, Inc.

    58,470       3,967,190  
   

 

 

 
Oil, Gas & Consumable Fuels—1.4%  

Centennial Resource Development, Inc. - Class A (a)

    127,365       2,321,864  

Diamondback Energy, Inc. (a)

    25,985       2,695,034  

Matador Resources Co. (a)

    193,965       4,614,427  

Rice Energy, Inc. (a)

    122,665       2,907,161  

RSP Permian, Inc. (a)

    107,630       4,459,111  
   

 

 

 
      16,997,597  
   

 

 

 
Paper & Forest Products—0.8%  

Stella-Jones, Inc.

    315,095       9,264,364  
   

 

 

 
Pharmaceuticals—0.8%  

Heska Corp. (a)

    35,535       3,730,464  

Prestige Brands Holdings, Inc. (a)

    109,975       6,110,211  
   

 

 

 
      9,840,675  
   

 

 

 
Professional Services—0.9%  

Exponent, Inc.

    182,786       10,884,906  
   

 

 

 
Real Estate Management & Development—0.3%  

FirstService Corp.

    59,375       3,580,313  
   

 

 

 
Road & Rail—0.2%  

Genesee & Wyoming, Inc. - Class A (a)

    29,205       1,981,851  
   

 

 

 
Semiconductors & Semiconductor Equipment—1.9%  

MKS Instruments, Inc.

    113,405       7,796,594  

Power Integrations, Inc.

    227,480       14,956,810  
   

 

 

 
      22,753,404  
   

 

 

 
Software—9.4%  

Aspen Technology, Inc. (a)

    280,935       16,552,690  

Blackbaud, Inc.

    49,470       3,792,865  

Computer Modelling Group, Ltd.

    222,105       1,664,011  

Constellation Software, Inc.

    29,220       14,358,965  

Fair Isaac Corp.

    157,185       20,269,006  

Manhattan Associates, Inc. (a)

    357,401       18,602,722  

Monotype Imaging Holdings, Inc.

    300,758       6,045,236  

Nice, Ltd. (ADR)

    70,810       4,813,664  

 

BHFTII-249


Table of Contents

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description  

Shares

    Value  
Software—(Continued)  

Progress Software Corp.

    7,820     $ 227,171  

Qualys, Inc. (a)

    175,715       6,659,598  

Tyler Technologies, Inc. (a)

    122,105       18,872,549  
   

 

 

 
      111,858,477  
   

 

 

 
Specialty Retail—2.4%  

Asbury Automotive Group, Inc. (a)

    93,210       5,601,921  

Lithia Motors, Inc. - Class A

    117,400       10,055,310  

Monro Muffler Brake, Inc.

    100,260       5,223,546  

Tractor Supply Co.

    113,145       7,803,611  
   

 

 

 
      28,684,388  
   

 

 

 
Trading Companies & Distributors—1.4%  

Applied Industrial Technologies, Inc.

    69,461       4,296,163  

Watsco, Inc.

    82,795       11,854,588  
   

 

 

 
      16,150,751  
   

 

 

 

Total Common Stocks
(Cost $773,399,455)

      1,169,636,032  
   

 

 

 
Short-Term Investment—1.6%  
Security Description   Principal
Amount*
    Value  
Repurchase Agreement—1.6%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $18,357,650 on 04/03/17, collateralized by $18,700,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $18,729,621.

    18,357,512     18,357,512  
   

 

 

 

Total Short-Term Investments
(Cost $18,357,512)

      18,357,512  
   

 

 

 

Total Investments—100.0%
(Cost $791,756,967) (b)

      1,187,993,544  

Other assets and liabilities
(net)— 0.0%

      570,336  
   

 

 

 
Net Assets—100.0%     $ 1,188,563,880  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Non-income producing security.
(b)   As of March 31, 2017, the aggregate cost of investments was $791,756,967. The aggregate unrealized appreciation and depreciation of investments were $411,517,909 and $(15,281,332), respectively, resulting in net unrealized appreciation of $396,236,577.
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  

Total Common Stocks*

   $ 1,169,636,032      $ —        $ —        $ 1,169,636,032  

Total Short-Term Investment*

     —          18,357,512        —          18,357,512  

Total Investments

   $ 1,169,636,032      $ 18,357,512      $ —        $ 1,187,993,544  
                                     

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-250


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.1% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—1.4%  

Boeing Co. (The)

    190,300     $ 33,656,458  
   

 

 

 
Airlines—0.7%  

American Airlines Group, Inc. (a)

    403,000       17,046,900  
   

 

 

 
Auto Components—0.7%  

Delphi Automotive plc

    216,000       17,385,840  
   

 

 

 
Automobiles—2.4%  

Ferrari NV

    265,379       19,733,582  

Tesla, Inc. (a) (b)

    129,862       36,140,595  
   

 

 

 
      55,874,177  
   

 

 

 
Banks—1.3%  

First Republic Bank (a)

    138,843       13,024,862  

JPMorgan Chase & Co.

    209,600       18,411,264  
   

 

 

 
      31,436,126  
   

 

 

 
Biotechnology—3.7%  

Alexion Pharmaceuticals, Inc. (b)

    217,051       26,315,263  

Biogen, Inc. (b)

    82,766       22,629,880  

Celgene Corp. (b)

    112,434       13,990,163  

Vertex Pharmaceuticals, Inc. (b)

    223,573       24,447,707  
   

 

 

 
      87,383,013  
   

 

 

 
Building Products—0.1%  

Fortune Brands Home & Security, Inc.

    23,076       1,404,175  
   

 

 

 
Capital Markets—4.3%  

Charles Schwab Corp. (The)

    425,500       17,364,655  

Intercontinental Exchange, Inc.

    441,840       26,452,961  

Morgan Stanley

    653,600       28,000,224  

State Street Corp.

    195,500       15,563,755  

TD Ameritrade Holding Corp.

    336,923       13,092,828  
   

 

 

 
      100,474,423  
   

 

 

 
Chemicals—0.2%  

Ashland Global Holdings, Inc. (a)

    44,000       5,447,640  
   

 

 

 
Electric Utilities—0.8%  

NextEra Energy, Inc.

    147,200       18,896,064  
   

 

 

 
Electrical Equipment—0.5%  

Acuity Brands, Inc. (a)

    54,324       11,082,096  
   

 

 

 
Equity Real Estate Investment Trusts—3.1%  

American Tower Corp.

    299,500       36,401,230  

Crown Castle International Corp.

    195,578       18,472,342  

Equinix, Inc.

    43,964       17,601,867  
   

 

 

 
      72,475,439  
   

 

 

 
Food & Staples Retailing—1.0%  

Costco Wholesale Corp.

    18,100       3,035,189  
Food & Staples Retailing—(Continued)  

Walgreens Boots Alliance, Inc.

    256,806     $ 21,327,738  
   

 

 

 
      24,362,927  
   

 

 

 
Food Products—0.6%  

Mondelez International, Inc. - Class A

    310,600       13,380,648  
   

 

 

 
Health Care Equipment & Supplies—4.2%  

Danaher Corp.

    388,200       33,202,746  

Intuitive Surgical, Inc. (a) (b)

    48,500       37,173,795  

Stryker Corp.

    212,200       27,936,130  
   

 

 

 
      98,312,671  
   

 

 

 
Health Care Providers & Services—5.4%  

Aetna, Inc. (a)

    114,650       14,623,608  

Anthem, Inc.

    59,100       9,773,958  

Centene Corp. (b)

    79,289       5,650,134  

Cigna Corp.

    125,054       18,319,160  

HCA Holdings, Inc. (b)

    168,880       15,028,631  

Humana, Inc.

    127,592       26,301,815  

UnitedHealth Group, Inc.

    223,700       36,689,037  
   

 

 

 
      126,386,343  
   

 

 

 
Hotels, Restaurants & Leisure—2.7%  

Hilton Grand Vacations, Inc. (a) (b)

    42,680       1,223,209  

Hilton Worldwide Holdings, Inc. (a)

    102,366       5,984,316  

Marriott International, Inc. - Class A (a)

    172,701       16,264,980  

MGM Resorts International

    361,120       9,894,688  

Starbucks Corp.

    308,000       17,984,120  

Yum! Brands, Inc.

    183,200       11,706,480  
   

 

 

 
      63,057,793  
   

 

 

 
Industrial Conglomerates—1.8%  

Honeywell International, Inc.

    163,700       20,441,219  

Roper Technologies, Inc.

    110,619       22,841,717  
   

 

 

 
      43,282,936  
   

 

 

 
Internet & Direct Marketing Retail—12.7%  

Amazon.com, Inc. (b)

    196,505       174,209,542  

Ctrip.com International, Ltd. (ADR) (a) (b)

    247,800       12,179,370  

Netflix, Inc. (b)

    22,943       3,391,205  

Priceline Group, Inc. (The) (b)

    61,040       108,649,369  
   

 

 

 
      298,429,486  
   

 

 

 
Internet Software & Services—14.8%  

Alibaba Group Holding, Ltd. (ADR) (a) (b)

    315,200       33,988,016  

Alphabet, Inc. - Class A (b)

    98,770       83,737,206  

Alphabet, Inc. - Class C (b)

    85,402       70,846,083  

Dropbox, Inc. - Class A (b) (c) (d)

    214,763       1,750,318  

Facebook, Inc. - Class A (b)

    733,310       104,166,686  

MercadoLibre, Inc.

    53,100       11,229,057  

Tencent Holdings, Ltd.

    1,027,585       29,496,745  

VeriSign, Inc. (a) (b)

    144,865       12,619,190  
   

 

 

 
      347,833,301  
   

 

 

 

 

BHFTII-251


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description  

Shares

    Value  
IT Services—8.8%  

Fidelity National Information Services, Inc.

    164,300     $ 13,081,566  

Fiserv, Inc. (b)

    169,891       19,590,131  

MasterCard, Inc. - Class A

    449,300       50,532,771  

PayPal Holdings, Inc. (b)

    1,082,800       46,582,056  

Visa, Inc. - Class A (a)

    867,220       77,069,842  
   

 

 

 
      206,856,366  
   

 

 

 
Life Sciences Tools & Services—0.5%  

Illumina, Inc. (b)

    68,786       11,737,643  
   

 

 

 
Machinery—1.0%  

Fortive Corp.

    152,250       9,168,495  

Illinois Tool Works, Inc.

    90,800       12,028,276  

Wabtec Corp. (a)

    44,119       3,441,282  
   

 

 

 
      24,638,053  
   

 

 

 
Multiline Retail—0.6%  

Dollar General Corp.

    221,400       15,438,222  
   

 

 

 
Pharmaceuticals—2.1%  

Allergan plc

    44,983       10,747,339  

Bristol-Myers Squibb Co.

    101,456       5,517,177  

Merck & Co., Inc.

    234,400       14,893,776  

Zoetis, Inc.

    325,900       17,393,283  
   

 

 

 
      48,551,575  
   

 

 

 
Professional Services—1.0%  

Equifax, Inc.

    112,709       15,411,829  

IHS Markit, Ltd. (b)

    210,380       8,825,441  
   

 

 

 
      24,237,270  
   

 

 

 
Real Estate Management & Development—0.0%  

WeWork Cos., Inc. - Class A (b) (c) (d)

    7,199       372,980  
   

 

 

 
Semiconductors & Semiconductor Equipment—1.0%  

ASML Holding NV

    90,000       11,952,000  

NXP Semiconductors NV (b)

    110,445       11,431,057  
   

 

 

 
      23,383,057  
   

 

 

 
Software—8.1%  

Electronic Arts, Inc. (b)

    157,600       14,108,352  

Intuit, Inc.

    110,700       12,840,093  

Microsoft Corp.

    1,333,400       87,817,724  

Salesforce.com, Inc. (b)

    471,160       38,865,988  

ServiceNow, Inc. (a) (b)

    144,057       12,600,666  

Snap, Inc. - Class A (b) (c) (d)

    108,803       2,287,926  

Snap, Inc. - Class A (b)

    239,560       5,397,287  

Snap, Inc. - Class B (b) (c) (d)

    108,803       2,287,926  

Workday, Inc. - Class A (a) (b)

    161,200       13,424,736  
   

 

 

 
      189,630,698  
   

 

 

 
Specialty Retail—4.7%  

AutoZone, Inc. (a) (b)

    32,778     23,700,133  

Home Depot, Inc. (The)

    153,000       22,464,990  

Lowe’s Cos., Inc.

    278,200       22,870,822  

O’Reilly Automotive, Inc. (b)

    55,000       14,841,200  

Ross Stores, Inc.

    232,700       15,327,949  

Tractor Supply Co. (a)

    162,391       11,200,107  
   

 

 

 
      110,405,201  
   

 

 

 
Technology Hardware, Storage & Peripherals—5.6%  

Apple, Inc.

    923,840       132,718,854  
   

 

 

 
Tobacco—1.6%  

Philip Morris International, Inc.

    334,700       37,787,630  
   

 

 

 
Wireless Telecommunication Services—0.7%  

T-Mobile U.S., Inc. (b)

    241,600       15,604,944  
   

 

 

 

Total Common Stocks
(Cost $1,680,638,830)

      2,308,970,949  
   

 

 

 
Convertible Preferred Stocks—1.1%  
Internet Software & Services—0.6%  

Airbnb, Inc. - Series D (b) (c) (d)

    97,047       10,198,669  

Airbnb, Inc. - Series E (b) (c) (d)

    9,760       1,025,679  

Xiaoju Kuaizhi, Inc. -
Series A-17 (b) (c) (d)

    91,053       3,480,692  
   

 

 

 
      14,705,040  
   

 

 

 
Real Estate Management & Development—0.2%  

WeWork Cos., Inc. - Series E (b) (c) (d)

    64,744       3,354,387  
   

 

 

 
Software—0.3%  

Magic Leap, Inc. - Series C (b) (c) (d)

    124,428       2,865,950  

UBER Technologies, Inc. -
Series G (b) (c) (d)

    98,227       4,790,747  
   

 

 

 
      7,656,697  
   

 

 

 

Total Convertible Preferred Stocks
(Cost $17,143,016)

      25,716,124  
   

 

 

 
Short-Term Investment—1.2%  
Mutual Fund—1.2%  

T. Rowe Price Government Reserve Fund (e)

    28,290,904       28,290,904  
   

 

 

 

Total Short-Term Investments
(Cost $28,290,904)

      28,290,904  
   

 

 

 
Securities Lending Reinvestments (f)—10.8%  
Certificates of Deposit—5.7%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    2,492,788       2,497,950  

Zero Coupon, 06/23/17

    4,980,501       4,987,700  

 

BHFTII-252


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Banco Del Estado De Chile New York
1.426%, 06/21/17 (g)

    4,000,000     $ 4,002,168  

Bank of Montreal Chicago
1.081%, 09/06/17 (g)

    4,500,000       4,504,593  

Bank of Nova Scotia Houston
1.355%, 11/03/17 (g)

    3,000,000       3,003,295  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (g)

    4,000,000       4,001,932  

BNP Paribas New York
1.384%, 08/04/17 (g)

    1,000,000       1,000,762  

Canadian Imperial Bank
1.392%, 10/27/17 (g)

    1,000,000       1,001,203  

Credit Suisse AG New York
1.581%, 05/12/17 (g)

    2,250,000       2,250,682  

1.676%, 04/24/17 (g)

    6,000,000       6,001,416  

Danske Bank A/S London
Zero Coupon, 05/12/17

    4,486,975       4,495,365  

DNB NOR Bank ASA
1.279%, 07/28/17 (g)

    2,300,000       2,301,017  

KBC Bank NV
1.150%, 04/27/17

    7,000,000       6,995,870  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (g)

    8,000,000       7,999,528  

Mizuho Bank, Ltd., New York
1.184%, 09/01/17 (g)

    3,100,000       3,099,786  

1.339%, 08/02/17 (g)

    6,000,000       6,003,456  

1.582%, 04/26/17 (g)

    4,000,000       4,000,664  

National Australia Bank London
1.199%, 05/02/17 (g)

    3,750,000       3,751,314  

Norinchukin Bank New York
1.451%, 07/12/17 (g)

    5,000,000       5,004,425  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    8,000,000       7,999,736  

Royal Bank of Canada New York
1.298%, 03/20/18 (g)

    5,000,000       4,999,985  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (g)

    10,000,000       10,005,350  

Sumitomo Mitsui Trust Bank, Ltd., London
1.444%, 05/08/17 (g)

    1,000,000       1,000,680  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.308%, 08/16/17 (g)

    2,000,000       2,000,942  

1.572%, 04/26/17 (g)

    6,000,000       6,001,986  

Svenska Handelsbanken New York
1.508%, 05/18/17 (g)

    4,500,000       4,502,326  

Toronto Dominion Bank New York
1.221%, 03/13/18 (g)

    8,000,000       7,997,181  

1.330%, 01/10/18 (g)

    2,000,000       2,000,392  

UBS, Stamford
1.301%, 05/12/17 (g)

    2,100,000       2,100,517  

1.589%, 07/31/17 (g)

    3,006,502       3,008,263  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (g)

    3,000,000       3,004,905  

1.452%, 04/26/17 (g)

    2,300,000       2,300,612  
   

 

 

 
      133,826,001  
   

 

 

 
Commercial Paper—3.5%  

Barton Capital S.A.
1.110%, 04/21/17

    4,985,817     4,996,665  

Commonwealth Bank Australia
1.174%, 03/01/18

    8,000,000       8,003,264  

DCAT LLC
1.200%, 04/11/17

    1,498,400       1,499,586  

Den Norske ASA
1.432%, 04/27/17 (g)

    2,300,000       2,300,497  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (g)

    12,200,000       12,198,926  

HSBC plc
1.442%, 04/25/17 (g)

    5,500,000       5,500,990  

Kells Funding LLC
1.100%, 06/05/17

    3,088,065       3,093,325  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    3,988,131       3,995,124  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    3,988,800       3,997,404  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (g)

    2,250,000       2,250,185  

National Australia Bank, Ltd.
1.440%, 12/06/17 (g)

    3,750,000       3,755,602  

Ridgefield Funding Co. LLC
1.184%, 09/07/17 (g)

    4,000,000       3,999,528  

1.300%, 06/12/17

    746,235       748,229  

Sheffield Receivables Co.
1.170%, 04/07/17

    1,994,085       1,999,524  

Starbird Funding Corp.
1.441%, 06/13/17 (g)

    6,500,000       6,502,294  

Versailles CDS LLC
1.050%, 06/05/17

    13,960,392       13,970,110  

Westpac Banking Corp.
1.380%, 10/20/17 (g)

    3,700,000       3,706,706  
   

 

 

 
      82,517,959  
   

 

 

 
Repurchase Agreements—0.9%  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,509,673 on 07/03/17, collateralized by various Common Stock with a value of $1,650,000.

    1,500,000       1,500,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $2,355 on 04/03/17, collateralized by $2,383 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $2,402.

    2,355       2,355  

 

BHFTII-253


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.

    1,000,000     $ 1,000,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $6,003,900 on 04/03/17, collateralized by $926,989 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $6,587,919.

    6,000,000       6,000,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $5,000,542 on 04/03/17, collateralized by $772,491 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $5,489,933.

    5,000,000       5,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $201,152 on 06/02/17, collateralized by various Common Stock with a value of $220,000.

    200,000       200,000  

Goldman Sachs & Co.
Repurchase Agreement dated 03/31/17 at 0.790% to be repurchased at $1,180,599 on 04/03/17, collateralized by $5,912,790 U.S. Government Agency Obligations with rates ranging from 2.000% - 10.500%, maturity dates ranging from 06/20/17 - 03/20/47, with a value of $1,204,131.

    1,180,521       1,180,521  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $3,534,271 on 07/03/17, collateralized by various Common Stock with a value of $3,850,000.

    3,500,000       3,500,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $4,000,310 on 04/03/17, collateralized by $11,973,898 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $4,080,000.

    4,000,000       4,000,000  
   

 

 

 
      22,382,876  
   

 

 

 
Time Deposits—0.7%  

OP Corporate Bank plc
1.180%, 04/24/17

    5,000,000       5,000,000  

1.200%, 04/10/17

    3,000,000       3,000,000  
Time Deposits—(Continued)  

Shinkin Central Bank
1.350%, 04/21/17

    1,150,000     1,150,000  

1.440%, 04/26/17

    5,500,000       5,500,000  

1.440%, 04/27/17

    700,000       700,000  

Skandanaviska Enskilda Banken
0.810%, 04/03/17

    1,000,000       1,000,000  
   

 

 

 
      16,350,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $255,021,691)

      255,076,836  
   

 

 

 

Total Investments—111.2%
(Cost $1,981,094,441) (h)

      2,618,054,813  

Other assets and liabilities
(net)—(11.2)%

      (264,363,793
   

 

 

 
Net Assets—100.0%     $ 2,353,691,020  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $249,050,159 and the collateral received consisted of cash in the amount of $254,949,568. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 1.4% of net assets.
(d)   Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $32,415,274, which is 1.4% of net assets. See details shown in the Restricted Securities table that follows.
(e)   Affiliated Issuer.
(f)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(g)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)   As of March 31, 2017, the aggregate cost of investments was $1,981,094,441. The aggregate unrealized appreciation and depreciation of investments were $650,452,532 and $(13,492,160), respectively, resulting in net unrealized appreciation of $636,960,372.
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

 

BHFTII-254


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

 

Restricted Securities

   Acquisition
Date
     Shares      Cost      Value  

Airbnb, Inc. - Series D

     04/16/14        97,047      $ 3,951,078      $ 10,198,669  

Airbnb, Inc. - Series E

     07/14/15        9,760        908,601        1,025,679  

Dropbox, Inc. - Class A

     11/07/14        214,763        4,102,231        1,750,318  

Magic Leap, Inc. - Series C

     01/20/16        124,428        2,865,950        2,865,950  

Snap, Inc. - Class A

     01/19/17        108,803        1,671,214        2,287,926  

Snap, Inc. - Class B

     01/19/17        108,803        1,671,214        2,287,926  

UBER Technologies, Inc. - Series G

     12/03/15        98,227        4,790,747        4,790,747  

WeWork Cos., Inc. - Class A

     06/23/15        7,199        236,772        372,980  

WeWork Cos., Inc. - Series E

     06/23/15        64,744        2,129,402        3,354,387  

Xiaoju Kuaizhi, Inc. - Series A-17

     10/19/15        91,053        2,497,238        3,480,692  
           

 

 

 
            $ 32,415,274  
           

 

 

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2      Level 3      Total  
Common Stocks  

Aerospace & Defense

   $ 33,656,458      $ —        $ —        $ 33,656,458  

Airlines

     17,046,900        —          —          17,046,900  

Auto Components

     17,385,840        —          —          17,385,840  

Automobiles

     55,874,177        —          —          55,874,177  

Banks

     31,436,126        —          —          31,436,126  

Biotechnology

     87,383,013        —          —          87,383,013  

Building Products

     1,404,175        —          —          1,404,175  

Capital Markets

     100,474,423        —          —          100,474,423  

Chemicals

     5,447,640        —          —          5,447,640  

Electric Utilities

     18,896,064        —          —          18,896,064  

Electrical Equipment

     11,082,096        —          —          11,082,096  

Equity Real Estate Investment Trusts

     72,475,439        —          —          72,475,439  

Food & Staples Retailing

     24,362,927        —          —          24,362,927  

Food Products

     13,380,648        —          —          13,380,648  

Health Care Equipment & Supplies

     98,312,671        —          —          98,312,671  

Health Care Providers & Services

     126,386,343        —          —          126,386,343  

Hotels, Restaurants & Leisure

     63,057,793        —          —          63,057,793  

Industrial Conglomerates

     43,282,936        —          —          43,282,936  

Internet & Direct Marketing Retail

     298,429,486        —          —          298,429,486  

Internet Software & Services

     316,586,238        29,496,745        1,750,318        347,833,301  

IT Services

     206,856,366        —          —          206,856,366  

Life Sciences Tools & Services

     11,737,643        —          —          11,737,643  

 

BHFTII-255


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

 

Description    Level 1      Level 2     Level 3      Total  

Machinery

   $ 24,638,053      $ —       $ —        $ 24,638,053  

Multiline Retail

     15,438,222        —         —          15,438,222  

Pharmaceuticals

     48,551,575        —         —          48,551,575  

Professional Services

     24,237,270        —         —          24,237,270  

Real Estate Management & Development

     —          —         372,980        372,980  

Semiconductors & Semiconductor Equipment

     23,383,057        —         —          23,383,057  

Software

     185,054,846        4,575,852       —          189,630,698  

Specialty Retail

     110,405,201        —         —          110,405,201  

Technology Hardware, Storage & Peripherals

     132,718,854        —         —          132,718,854  

Tobacco

     37,787,630        —         —          37,787,630  

Wireless Telecommunication Services

     15,604,944        —         —          15,604,944  

Total Common Stocks

     2,272,775,054        34,072,597       2,123,298        2,308,970,949  

Total Convertible Preferred Stocks*

     —          —         25,716,124        25,716,124  

Total Short-Term Investment*

     28,290,904        —         —          28,290,904  

Total Securities Lending Reinvestments*

     —          255,076,836       —          255,076,836  

Total Investments

   $ 2,301,065,958      $ 289,149,433     $ 27,839,422      $ 2,618,054,813  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (254,949,568   $ —        $ (254,949,568

 

*   See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

 

Investments in Securities

   Balance as of
December 31,
2016
     Change in
Unrealized
Appreciation/
Depreciation
    Transfer Out     Balance
as of
March 31,
2017
     Change in
Unrealized
Appreciation/
Depreciation
from Investments
Still Held at
March 31,
2017
 
Common Stock             

Internet Software & Services

   $ 2,061,725      $ (311,407   $ —       $ 1,750,318      $ (311,407

Real Estate Management & Development

     233,248        139,732         372,980        139,732  
Convertible Preferred Stocks             

Internet Software & Services

     14,705,040        —         —         14,705,040        —    

Real Estate Management & Development

     2,097,705        1,256,682         3,354,387        1,256,682  

Software

     10,999,125        —         (3,342,428     7,656,697        —    
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ 30,096,843      $ 1,085,007     $ (3,342,428   $ 27,839,422      $ 1,085,007  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

 

    Fair Value at
March 31, 2017
    Valuation Technique(s)     Unobservable Input     Range     Weighted
Average
    Relationship
Between
Fair Value and
Input; if input value
increases then
Fair Value:
 
Common Stock              

Internet Software & Services

  $ 1,750,318       Market Transaction Method       Precedent Transaction     $ 8.15     $ 8.15     $ 8.15       Increase  

Real Estate Management & Development

    372,980       Market Transaction Method       Precedent Transaction     $ 51.81     $ 51.81     $ 51.81       Increase  
Convertible Preferred Stocks              

Internet Software & Services

    11,224,348       Market Transaction Method       Precedent Transaction     $ 105.00     $ 105.00     $ 105.00       Increase  
      Discounted Cash Flow       Weighted Average Cost of Capital       15.50%       17.50%       16.50%       Decrease  
        Perpetual Growth Rate       3.00%       4.00%       3.50%       Increase  
      Comparable Company Analysis       Enterprise Value/Revenue       12.8x       12.8x       12.8x       Increase  
        Discount for Lack of Marketability       20.00%       20.00%       20.00%       Decrease  
    3,480,692       Market Transaction Method       Precedent Transaction     $ 38.23     $ 38.23     $ 38.23       Increase  

Real Estate Management & Development

    3,354,387       Market Transaction Method       Precedent Transaction     $ 51.81     $ 51.81     $ 51.81       Increase  

Software

    2,865,950       Market Transaction Method       Precedent Transaction     $ 23.03     $ 23.03     $ 23.03       Increase  
    4,790,747       Market Transaction Method       Precedent Transaction     $ 48.77     $ 48.77     $ 48.77       Increase  

 

BHFTII-256


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—99.6% of Net Assets

 

Security Description   Shares     Value  
Aerospace & Defense—3.5%  

Aerojet Rocketdyne Holdings, Inc. (a)

    137,700     $ 2,988,090  

BWX Technologies, Inc.

    64,700       3,079,720  

Curtiss-Wright Corp.

    58,300       5,320,458  

Esterline Technologies Corp. (a) (b)

    25,300       2,177,065  

HEICO Corp. - Class A

    122,281       9,171,075  

Hexcel Corp. (b)

    102,100       5,569,555  

Moog, Inc. - Class A (a)

    98,500       6,633,975  

Teledyne Technologies, Inc. (a)

    88,800       11,229,648  
   

 

 

 
      46,169,586  
   

 

 

 
Airlines—0.5%  

Allegiant Travel Co. (b)

    16,800       2,692,200  

Spirit Airlines, Inc. (a)

    70,800       3,757,356  
   

 

 

 
      6,449,556  
   

 

 

 
Auto Components—1.2%  

Cooper-Standard Holding, Inc. (a)

    36,500       4,048,945  

Gentherm, Inc. (a)

    37,100       1,456,175  

LCI Industries (b)

    44,000       4,391,200  

Tenneco, Inc. (b)

    92,900       5,798,818  
   

 

 

 
      15,695,138  
   

 

 

 
Banks—1.9%  

Ameris Bancorp

    36,900       1,701,090  

CenterState Banks, Inc. (b)

    211,100       5,467,490  

Hilltop Holdings, Inc. (b)

    108,100       2,969,507  

Signature Bank (a)

    41,200       6,113,668  

SVB Financial Group (a)

    41,700       7,759,953  

Texas Capital Bancshares, Inc. (a) (b)

    19,600       1,635,620  
   

 

 

 
      25,647,328  
   

 

 

 
Beverages—0.3%  

Boston Beer Co., Inc. (The) - Class A (a) (b)

    25,887       3,744,554  
   

 

 

 
Biotechnology—6.0%  

ACADIA Pharmaceuticals, Inc. (a)

    93,500       3,214,530  

Acceleron Pharma, Inc. (a) (b)

    31,500       833,805  

Acorda Therapeutics, Inc. (a) (b)

    45,900       963,900  

Agios Pharmaceuticals, Inc. (a) (b)

    28,000       1,635,200  

Alkermes plc (a)

    25,200       1,474,200  

Alnylam Pharmaceuticals, Inc. (a) (b)

    23,600       1,209,500  

AMAG Pharmaceuticals, Inc. (a)

    49,400       1,113,970  

Bellicum Pharmaceuticals, Inc. (a)

    26,300       324,542  

BioMarin Pharmaceutical, Inc. (a)

    9,000       790,020  

Bioverativ, Inc. (a)

    130,300       7,096,138  

Bluebird Bio, Inc. (a) (b)

    44,500       4,045,050  

Blueprint Medicines Corp. (a)

    26,473       1,058,655  

Exelixis, Inc. (a)

    300,400       6,509,668  

Incyte Corp. (a)

    33,905       4,532,082  

Insmed, Inc. (a) (b)

    139,300       2,439,143  

Insys Therapeutics, Inc. (a) (b)

    16,600       174,466  

Ionis Pharmaceuticals, Inc. (a) (b)

    47,100       1,893,420  

Ironwood Pharmaceuticals, Inc. (a) (b)

    132,500       2,260,450  

Kite Pharma, Inc. (a) (b)

    34,700       2,723,603  

Ligand Pharmaceuticals, Inc. (a) (b)

    44,900       4,752,216  
Biotechnology—(Continued)  

Neurocrine Biosciences, Inc. (a) (b)

    114,500     4,957,850  

Opko Health, Inc. (a) (b)

    158,500       1,268,000  

Prothena Corp. plc (a) (b)

    33,700       1,880,123  

Radius Health, Inc. (a)

    27,400       1,059,010  

Repligen Corp. (a)

    64,400       2,266,880  

Sage Therapeutics, Inc. (a) (b)

    33,200       2,359,524  

Seattle Genetics, Inc. (a)

    47,200       2,966,992  

Spark Therapeutics, Inc. (a)

    37,600       2,005,584  

TESARO, Inc. (a) (b)

    49,500       7,616,565  

Ultragenyx Pharmaceutical, Inc. (a) (b)

    37,100       2,514,638  

United Therapeutics Corp. (a) (b)

    16,400       2,220,232  
   

 

 

 
      80,159,956  
   

 

 

 
Building Products—1.4%  

AAON, Inc. (b)

    111,299       3,934,420  

Lennox International, Inc.

    52,400       8,766,520  

Patrick Industries, Inc. (a) (b)

    81,900       5,806,710  
   

 

 

 
      18,507,650  
   

 

 

 
Capital Markets—3.1%  

Affiliated Managers Group, Inc.

    5,449       893,309  

CBOE Holdings, Inc.

    109,300       8,860,951  

E*Trade Financial Corp. (a)

    118,560       4,136,558  

FactSet Research Systems, Inc.

    28,200       4,650,462  

Financial Engines, Inc. (b)

    62,500       2,721,875  

MarketAxess Holdings, Inc.

    66,500       12,468,085  

MSCI, Inc.

    71,578       6,956,666  
   

 

 

 
      40,687,906  
   

 

 

 
Chemicals—2.8%  

AdvanSix, Inc. (a)

    68,100       1,860,492  

Chase Corp.

    27,000       2,575,800  

GCP Applied Technologies, Inc. (a)

    189,700       6,193,705  

Ingevity Corp. (a)

    53,500       3,255,475  

Innospec, Inc.

    54,500       3,528,875  

Minerals Technologies, Inc.

    65,100       4,986,660  

NewMarket Corp. (b)

    13,100       5,937,313  

PolyOne Corp.

    155,100       5,287,359  

Stepan Co.

    32,800       2,584,968  

WR Grace & Co.

    22,900       1,596,359  
   

 

 

 
      37,807,006  
   

 

 

 
Commercial Services & Supplies—1.5%  

Clean Harbors, Inc. (a) (b)

    46,300       2,575,206  

Healthcare Services Group, Inc. (b)

    111,900       4,821,771  

Rollins, Inc. (b)

    198,325       7,363,807  

U.S. Ecology, Inc. (b)

    86,200       4,038,470  

West Corp.

    59,700       1,457,874  
   

 

 

 
      20,257,128  
   

 

 

 
Communications Equipment—1.1%  

ARRIS International plc (a)

    192,000       5,078,400  

EchoStar Corp. - Class A (a)

    40,500       2,306,475  

NetScout Systems, Inc. (a)

    60,900       2,311,155  

 

BHFTII-257


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Communications Equipment—(Continued)  

Plantronics, Inc.

    83,500     $ 4,518,185  
   

 

 

 
      14,214,215  
   

 

 

 
Construction & Engineering—0.2%  

Valmont Industries, Inc.

    17,300       2,690,150  
   

 

 

 
Consumer Finance—0.2%  

PRA Group, Inc. (a) (b)

    80,800       2,678,520  
   

 

 

 
Containers & Packaging—1.2%  

Berry Plastics Group, Inc. (a)

    213,900       10,389,123  

Graphic Packaging Holding Co.

    405,900       5,223,933  
   

 

 

 
      15,613,056  
   

 

 

 
Distributors—0.8%  

Pool Corp.

    90,100       10,751,633  
   

 

 

 
Diversified Consumer Services—1.7%  

Capella Education Co.

    51,800       4,404,295  

Service Corp. International

    292,700       9,038,576  

ServiceMaster Global Holdings, Inc. (a)

    170,700       7,126,725  

Sotheby’s (a)

    51,400       2,337,672  
   

 

 

 
      22,907,268  
   

 

 

 
Electrical Equipment—0.5%  

AZZ, Inc. (b)

    75,900       4,516,050  

Generac Holdings, Inc. (a)

    49,800       1,856,544  
   

 

 

 
      6,372,594  
   

 

 

 
Electronic Equipment, Instruments & Components—2.3%  

Anixter International, Inc. (a)

    36,600       2,902,380  

Cognex Corp.

    136,700       11,475,965  

Coherent, Inc. (a) (b)

    58,600       12,050,504  

OSI Systems, Inc. (a) (b)

    48,300       3,525,417  

VeriFone Systems, Inc. (a)

    28,100       526,313  
   

 

 

 
      30,480,579  
   

 

 

 
Energy Equipment & Services—0.6%  

Core Laboratories NV

    6,100       704,672  

Dril-Quip, Inc. (a) (b)

    42,900       2,340,195  

Oceaneering International, Inc. (b)

    72,700       1,968,716  

Oil States International, Inc. (a) (b)

    68,300       2,264,145  

Tesco Corp. (a)

    26,246       211,280  
   

 

 

 
      7,489,008  
   

 

 

 
Equity Real Estate Investment Trusts—3.8%  

CoreSite Realty Corp. (b)

    90,000       8,104,500  

CubeSmart

    153,100       3,974,476  

CyrusOne, Inc. (b)

    148,900       7,663,883  

Empire State Realty Trust, Inc. - Class A (b)

    227,900       4,703,856  

Equity Lifestyle Properties, Inc.

    107,100       8,253,126  

FelCor Lodging Trust, Inc. (b)

    497,000       3,732,470  

First Industrial Realty Trust, Inc.

    174,600       4,649,598  

Forest City Realty Trust, Inc. - Class A

    140,500       3,060,090  
Equity Real Estate Investment Trusts—(Continued)  

Pebblebrook Hotel Trust (b)

    71,600     2,091,436  

PS Business Parks, Inc.

    35,900       4,119,884  
   

 

 

 
      50,353,319  
   

 

 

 
Food & Staples Retailing—0.8%  

Casey’s General Stores, Inc. (b)

    91,600       10,282,100  
   

 

 

 
Food Products—2.0%  

Cal-Maine Foods, Inc. (b)

    57,900       2,130,720  

J&J Snack Foods Corp.

    63,000       8,540,280  

John B Sanfilippo & Son, Inc. (b)

    41,000       3,000,790  

Post Holdings, Inc. (a)

    87,300       7,640,496  

TreeHouse Foods, Inc. (a)

    56,200       4,757,892  
   

 

 

 
      26,070,178  
   

 

 

 
Health Care Equipment & Supplies—5.8%  

Abaxis, Inc. (b)

    32,300       1,566,550  

Align Technology, Inc. (a)

    81,600       9,360,336  

Cantel Medical Corp. (b)

    74,000       5,927,400  

Cooper Cos., Inc. (The)

    21,600       4,317,624  

DexCom, Inc. (a) (b)

    67,200       5,693,856  

Glaukos Corp. (a)

    28,600       1,467,180  

Halyard Health, Inc. (a) (b)

    68,600       2,612,974  

ICU Medical, Inc. (a) (b)

    50,400       7,696,080  

IDEXX Laboratories, Inc. (a)

    40,400       6,246,244  

Inogen, Inc. (a) (b)

    68,500       5,312,860  

Masimo Corp. (a)

    96,900       9,036,894  

Natus Medical, Inc. (a) (b)

    88,700       3,481,475  

NuVasive, Inc. (a) (b)

    76,200       5,690,616  

Penumbra, Inc. (a)

    17,400       1,452,030  

West Pharmaceutical Services, Inc.

    95,400       7,785,594  
   

 

 

 
      77,647,713  
   

 

 

 
Health Care Providers & Services—2.7%  

Centene Corp. (a)

    105,887       7,545,508  

Chemed Corp. (b)

    33,700       6,156,653  

Corvel Corp. (a)

    54,900       2,388,150  

HealthSouth Corp.

    83,900       3,591,759  

MEDNAX, Inc. (a) (b)

    31,900       2,213,222  

U.S. Physical Therapy, Inc. (b)

    74,200       4,845,260  

WellCare Health Plans, Inc. (a)

    63,300       8,875,293  
   

 

 

 
      35,615,845  
   

 

 

 
Health Care Technology—0.8%  

Omnicell, Inc. (a) (b)

    113,100       4,597,515  

Veeva Systems, Inc. - Class A (a) (b)

    107,000       5,486,960  
   

 

 

 
      10,084,475  
   

 

 

 
Hotels, Restaurants & Leisure—5.6%  

Brinker International, Inc. (b)

    107,200       4,712,512  

Buffalo Wild Wings, Inc. (a) (b)

    22,500       3,436,875  

Cheesecake Factory, Inc. (The) (b)

    53,000       3,358,080  

Choice Hotels International, Inc.

    44,900       2,810,740  

Churchill Downs, Inc.

    40,200       6,385,770  

Denny’s Corp. (a)

    431,500       5,337,655  

 

BHFTII-258


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Hotels, Restaurants & Leisure—(Continued)  

Domino’s Pizza, Inc. (b)

    67,588     $ 12,456,468  

Hilton Grand Vacations, Inc. (a) (b)

    89,300       2,559,338  

Jack in the Box, Inc.

    72,100       7,334,012  

Marriott Vacations Worldwide Corp. (b)

    37,400       3,737,382  

Pinnacle Entertainment, Inc. (a) (b)

    158,600       3,095,872  

Six Flags Entertainment Corp. (b)

    93,600       5,568,264  

Vail Resorts, Inc.

    72,500       13,912,750  
   

 

 

 
      74,705,718  
   

 

 

 
Household Durables—0.6%  

Helen of Troy, Ltd. (a) (b)

    81,500       7,677,300  
   

 

 

 
Household Products—0.4%  

Spectrum Brands Holdings, Inc. (b)

    35,600       4,948,756  
   

 

 

 
Independent Power and Renewable Electricity Producers—0.2%  

Ormat Technologies, Inc. (b)

    55,500       3,167,940  
   

 

 

 
Insurance—0.2%  

Amtrust Financial Services, Inc.

    116,356       2,147,932  

Heritage Insurance Holdings, Inc. (b)

    46,100       588,697  
   

 

 

 
      2,736,629  
   

 

 

 
Internet & Direct Marketing Retail—1.3%  

HSN, Inc.

    100,100       3,713,710  

Liberty Expedia Holdings, Inc. - Class A (a)

    93,139       4,235,962  

Liberty TripAdvisor Holdings, Inc. - Class A (a)

    145,000       2,044,500  

Liberty Ventures - Series A (a)

    105,259       4,681,920  

Shutterfly, Inc. (a)

    53,100       2,564,199  
   

 

 

 
      17,240,291  
   

 

 

 
Internet Software & Services—2.2%  

CommerceHub, Inc. - Series A (a) (b)

    17,880       276,782  

CommerceHub, Inc. - Series C (a)

    35,760       555,353  

CoStar Group, Inc. (a)

    16,700       3,460,574  

Envestnet, Inc. (a)

    72,500       2,341,750  

j2 Global, Inc. (b)

    55,800       4,682,178  

LogMeIn, Inc.

    50,200       4,894,500  

MercadoLibre, Inc.

    15,800       3,341,226  

Stamps.com, Inc. (a) (b)

    43,300       5,124,555  

WebMD Health Corp. (a) (b)

    99,600       5,246,928  
   

 

 

 
      29,923,846  
   

 

 

 
IT Services—5.7%  

Blackhawk Network Holdings, Inc. (a) (b)

    55,100       2,237,060  

Booz Allen Hamilton Holding Corp.

    180,400       6,384,356  

Broadridge Financial Solutions, Inc.

    106,800       7,257,060  

Cardtronics plc - Class A (a)

    123,000       5,750,250  

CoreLogic, Inc. (a)

    154,700       6,299,384  

CSRA, Inc.

    135,300       3,962,937  

DST Systems, Inc.

    56,900       6,970,250  

Euronet Worldwide, Inc. (a)

    85,200       7,286,304  

Gartner, Inc. (a)

    54,100       5,842,259  

Jack Henry & Associates, Inc.

    42,600       3,966,060  

MAXIMUS, Inc.

    153,700       9,560,140  
IT Services—(Continued)  

Travelport Worldwide, Ltd.

    222,900     2,623,533  

WEX, Inc. (a)

    73,300       7,586,550  
   

 

 

 
      75,726,143  
   

 

 

 
Leisure Products—0.5%  

Brunswick Corp.

    110,300       6,750,360  
   

 

 

 
Life Sciences Tools & Services—2.8%  

Bio-Rad Laboratories, Inc. - Class A (a)

    26,300       5,242,642  

Bruker Corp.

    121,000       2,822,930  

Cambrex Corp. (a)

    107,900       5,939,895  

Charles River Laboratories International, Inc. (a)

    69,500       6,251,525  

INC Research Holdings, Inc. - Class A (a)

    98,500       4,516,225  

PAREXEL International Corp. (a)

    68,700       4,335,657  

PRA Health Sciences, Inc. (a)

    62,800       4,096,444  

VWR Corp. (a)

    166,000       4,681,200  
   

 

 

 
      37,886,518  
   

 

 

 
Machinery—5.5%  

Chart Industries, Inc. (a) (b)

    34,700       1,212,418  

Graco, Inc. (b)

    69,500       6,542,730  

Hyster-Yale Materials Handling, Inc.

    6,894       388,753  

IDEX Corp.

    29,000       2,711,790  

John Bean Technologies Corp. (b)

    121,900       10,721,105  

Lincoln Electric Holdings, Inc.

    21,600       1,876,176  

Lydall, Inc. (a)

    101,700       5,451,120  

Middleby Corp. (The) (a) (b)

    57,100       7,791,295  

Nordson Corp. (b)

    63,700       7,824,908  

Standex International Corp.

    26,500       2,653,975  

Toro Co. (The)

    217,600       13,591,296  

Wabtec Corp. (b)

    45,300       3,533,400  

Welbilt, Inc. (a) (b)

    143,000       2,807,090  

Woodward, Inc.

    88,100       5,983,752  
   

 

 

 
      73,089,808  
   

 

 

 
Marine—0.3%  

Kirby Corp. (a)

    28,300       1,996,565  

Matson, Inc. (b)

    79,800       2,534,448  
   

 

 

 
      4,531,013  
   

 

 

 
Media—1.6%  

Cable One, Inc.

    12,300       7,680,981  

Eros International plc (a) (b)

    55,200       568,560  

Gray Television, Inc. (a)

    153,100       2,219,950  

Lions Gate Entertainment Corp. - Class B (a) (b)

    159,343       3,884,782  

Live Nation Entertainment, Inc. (a)

    232,800       7,070,136  
   

 

 

 
      21,424,409  
   

 

 

 
Metals & Mining—0.2%  

Worthington Industries, Inc.

    63,200       2,849,688  
   

 

 

 
Multiline Retail—0.3%  

Big Lots, Inc. (b)

    88,700       4,317,916  
   

 

 

 

 

BHFTII-259


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares     Value  
Oil, Gas & Consumable Fuels—3.3%  

Carrizo Oil & Gas, Inc. (a) (b)

    92,500     $ 2,651,050  

Diamondback Energy, Inc. (a) (b)

    61,000       6,326,615  

Matador Resources Co. (a) (b)

    246,200       5,857,098  

Parsley Energy, Inc. - Class A (a)

    161,900       5,263,369  

PDC Energy, Inc. (a)

    59,400       3,703,590  

Rice Energy, Inc. (a)

    102,500       2,429,250  

RSP Permian, Inc. (a)

    140,700       5,829,201  

SM Energy Co.

    84,400       2,027,288  

World Fuel Services Corp.

    122,800       4,451,500  

WPX Energy, Inc. (a)

    388,800       5,206,032  
   

 

 

 
      43,744,993  
   

 

 

 
Paper & Forest Products—0.2%  

KapStone Paper and Packaging Corp.

    96,300       2,224,530  
   

 

 

 
Personal Products—0.2%  

Nu Skin Enterprises, Inc. - Class A (b)

    38,700       2,149,398  
   

 

 

 
Pharmaceuticals—2.7%  

Aerie Pharmaceuticals, Inc. (a)

    30,500       1,383,175  

Akorn, Inc. (a)

    140,600       3,385,648  

Depomed, Inc. (a) (b)

    201,700       2,531,335  

Dermira, Inc. (a)

    39,000       1,330,290  

Innoviva, Inc. (a) (b)

    55,600       768,948  

Jazz Pharmaceuticals plc (a) (b)

    6,900       1,001,397  

Mallinckrodt plc (a)

    2,776       123,726  

Medicines Co. (The) (a) (b)

    45,400       2,220,060  

Nektar Therapeutics (a)

    168,500       3,954,695  

Pacira Pharmaceuticals, Inc. (a)

    35,400       1,614,240  

Phibro Animal Health Corp. - Class A

    70,600       1,983,860  

Prestige Brands Holdings, Inc. (a)

    152,200       8,456,232  

Supernus Pharmaceuticals, Inc. (a) (b)

    108,400       3,392,920  

TherapeuticsMD, Inc. (a) (b)

    278,200       2,003,040  

Theravance Biopharma, Inc. (a) (b)

    64,514       2,375,406  
   

 

 

 
      36,524,972  
   

 

 

 
Professional Services—1.3%  

Dun & Bradstreet Corp. (The)

    41,800       4,511,892  

Exponent, Inc. (b)

    94,900       5,651,295  

Huron Consulting Group, Inc. (a)

    47,800       2,012,380  

TransUnion (a)

    121,000       4,640,350  
   

 

 

 
      16,815,917  
   

 

 

 
Real Estate Management & Development—0.2%  

Kennedy-Wilson Holdings, Inc.

    147,243       3,268,795  
   

 

 

 
Road & Rail—0.8%  

Landstar System, Inc.

    50,400       4,316,760  

Old Dominion Freight Line, Inc.

    74,850       6,404,914  
   

 

 

 
      10,721,674  
   

 

 

 
Semiconductors & Semiconductor Equipment—3.8%  

Advanced Energy Industries, Inc. (a)

    65,500       4,490,680  

Cabot Microelectronics Corp.

    30,500       2,336,605  

Cavium, Inc. (a)

    83,800       6,005,108  
Semiconductors & Semiconductor Equipment—(Continued)  

Cirrus Logic, Inc. (a)

    128,200     7,780,458  

Integrated Device Technology, Inc. (a)

    237,100       5,612,157  

MaxLinear, Inc. - Class A (a) (b)

    235,800       6,614,190  

Microsemi Corp. (a)

    185,000       9,533,050  

Synaptics, Inc. (a)

    71,300       3,530,063  

Teradyne, Inc.

    10,100       314,110  

Versum Materials, Inc. (a)

    134,500       4,115,700  
   

 

 

 
      50,332,121  
   

 

 

 
Software—7.8%  

ACI Worldwide, Inc. (a)

    161,300       3,450,207  

Aspen Technology, Inc. (a)

    112,800       6,646,176  

Blackbaud, Inc. (b)

    112,900       8,656,043  

CommVault Systems, Inc. (a)

    71,300       3,622,040  

Computer Modelling Group, Ltd.

    228,200       1,776,042  

Descartes Systems Group, Inc. (The) (a)

    164,000       3,755,600  

Ellie Mae, Inc. (a)

    43,400       4,351,718  

Fair Isaac Corp.

    70,000       9,026,500  

Fortinet, Inc. (a)

    99,900       3,831,165  

Manhattan Associates, Inc. (a)

    148,200       7,713,810  

Monotype Imaging Holdings, Inc.

    34,505       693,551  

Pegasystems, Inc. (b)

    133,600       5,858,360  

Proofpoint, Inc. (a) (b)

    69,300       5,153,148  

PTC, Inc. (a) (b)

    141,600       7,441,080  

SS&C Technologies Holdings, Inc.

    211,000       7,469,400  

Take-Two Interactive Software, Inc. (a)

    144,300       8,552,661  

Tyler Technologies, Inc. (a) (b)

    59,300       9,165,408  

Ultimate Software Group, Inc. (The) (a) (b)

    32,500       6,344,325  
   

 

 

 
      103,507,234  
   

 

 

 
Specialty Retail—2.3%  

Aaron’s, Inc. (b)

    23,300       692,942  

Burlington Stores, Inc. (a)

    144,200       14,029,218  

Children’s Place, Inc. (The) (b)

    22,800       2,737,140  

Monro Muffler Brake, Inc. (b)

    46,800       2,438,280  

Murphy USA, Inc. (a) (b)

    130,400       9,573,968  

Sally Beauty Holdings, Inc. (a)

    64,000       1,308,160  
   

 

 

 
      30,779,708  
   

 

 

 
Technology Hardware, Storage & Peripherals—0.6%  

Cray, Inc. (a)

    68,900       1,508,910  

NCR Corp. (a)

    134,100       6,125,688  
   

 

 

 
      7,634,598  
   

 

 

 
Textiles, Apparel & Luxury Goods—0.9%  

Carter’s, Inc.

    74,500       6,690,100  

Steven Madden, Ltd. (a)

    155,300       5,986,815  
   

 

 

 
      12,676,915  
   

 

 

 
Thrifts & Mortgage Finance—0.5%  

MGIC Investment Corp. (a)

    342,400       3,468,512  

Radian Group, Inc.

    218,800       3,929,648  
   

 

 

 
      7,398,160  
   

 

 

 

 

BHFTII-260


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
Trading Companies & Distributors—0.9%  

Beacon Roofing Supply, Inc. (a)

    62,100     $ 3,052,836  

Univar, Inc. (a)

    157,100       4,816,686  

Watsco, Inc.

    31,600       4,524,488  
   

 

 

 
      12,394,010  
   

 

 

 

Total Common Stocks
(Cost $985,059,624)

      1,325,525,821  
   

 

 

 
Rights—0.0%  
Biotechnology—0.0%  

Dyax Corp., Expires 12/31/19 (a) (c) (d)
(Cost $146,631)

    132,100       323,645  
   

 

 

 
Short-Term Investment—0.2%  
Mutual Fund—0.2%  

T. Rowe Price Government Reserve Fund (e)

    3,140,446       3,140,446  
   

 

 

 

Total Short-Term Investments
(Cost $3,140,446)

      3,140,446  
   

 

 

 
Securities Lending Reinvestments (f)—16.6%  
Certificates of Deposit—10.6%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    2,592,499       2,597,868  

Bank of America N.A.
1.271%, 07/11/17 (g)

    8,000,000       8,008,466  

Canadian Imperial Bank
1.392%, 10/27/17 (g)

    2,000,000       2,002,406  

1.454%, 05/24/17 (g)

    1,000,585       1,000,350  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    1,500,000       1,500,016  

1.240%, 05/11/17

    2,000,000       2,000,532  

Cooperative Rabobank UA New York
1.422%, 10/13/17 (g)

    2,000,000       2,002,724  

Credit Agricole Corporate and Investment Bank
1.491%, 04/12/17 (g)

    5,000,000       5,000,565  

Credit Industriel et Commercial
1.440%, 04/05/17 (g)

    2,000,000       2,000,086  

Credit Suisse AG New York
1.511%, 04/03/17 (g)

    2,200,000       2,200,035  

1.581%, 04/11/17 (g)

    3,000,000       3,000,246  

1.581%, 05/12/17 (g)

    4,500,000       4,501,363  

Danske Bank A/S London
Zero Coupon, 05/12/17

    5,234,805       5,244,593  

DNB NOR Bank ASA
1.279%, 07/28/17 (g)

    3,000,000       3,001,326  

ING Bank NV
1.461%, 04/18/17 (g)

    4,500,000       4,501,918  

KBC Bank NV
1.120%, 05/08/17

    1,250,000       1,250,188  

1.150%, 04/18/17

    3,000,000       3,000,270  

1.150%, 04/27/17

    4,000,000       3,997,640  

1.170%, 04/06/17

    2,500,000       2,500,025  
Certificates of Deposit—(Continued)  

Mitsubishi UFJ Trust and Banking Corp.
1.581%, 04/11/17 (g)

    3,000,000     3,000,366  

Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (g)

    2,500,000       2,501,440  

1.591%, 04/11/17 (g)

    3,000,000       3,000,228  

1.643%, 04/18/17 (g)

    4,200,000       4,200,609  

National Australia Bank London
1.199%, 05/02/17 (g)

    5,000,000       5,001,752  

1.338%, 11/09/17 (g)

    3,000,000       2,995,110  

Natixis New York
1.241%, 08/03/17 (g)

    4,500,000       4,502,898  

1.444%, 04/07/17 (g)

    2,000,000       2,000,110  

Norinchukin Bank New York
1.451%, 07/12/17 (g)

    7,500,000       7,506,637  

Rabobank London
1.422%, 10/13/17 (g)

    2,000,000       2,004,890  

Royal Bank of Canada New York
1.340%, 04/04/17 (g)

    2,000,000       1,999,950  

1.422%, 10/13/17 (g)

    3,000,000       3,005,367  

Sumitomo Bank New York
1.390%, 06/05/17 (g)

    3,000,000       3,001,419  

1.410%, 05/05/17 (g)

    3,000,000       3,000,585  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (g)

    600,000       600,321  

1.534%, 04/07/17 (g)

    2,000,000       2,000,116  

1.591%, 04/12/17 (g)

    2,000,000       2,000,399  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.558%, 04/10/17 (g)

    2,500,000       2,500,315  

1.572%, 04/26/17 (g)

    5,000,000       5,001,655  

Svenska Handelsbanken New York
1.508%, 05/18/17 (g)

    6,000,000       6,003,102  

Toronto Dominion Bank New York
1.330%, 01/10/18 (g)

    5,000,000       5,000,980  

UBS, Stamford
1.301%, 05/12/17 (g)

    2,600,000       2,600,640  

1.589%, 07/31/17 (g)

    2,104,552       2,105,784  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (g)

    2,800,000       2,804,578  

1.452%, 04/26/17 (g)

    3,000,000       3,000,798  
   

 

 

 
      140,650,666  
   

 

 

 
Commercial Paper—3.4%  

Barton Capital S.A.
1.110%, 04/21/17

    3,988,653       3,997,332  

Commonwealth Bank Australia
1.389%, 10/23/17 (g)

    3,000,000       3,003,666  

Den Norske ASA
1.432%, 04/27/17 (g)

    3,000,000       3,000,648  

HSBC plc
1.442%, 04/25/17 (g)

    6,500,000       6,501,170  

Kells Funding LLC
1.100%, 06/05/17

    3,287,295       3,292,894  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    997,033       998,781  

1.120%, 04/13/17

    3,490,200       3,498,754  

 

BHFTII-261


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Paper—(Continued)  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    2,991,600     $ 2,998,053  

1.120%, 04/24/17

    3,988,800       3,996,980  

Sheffield Receivables Co.
1.170%, 04/04/17

    4,985,538       4,999,635  

Versailles Commercial Paper LLC
1.120%, 04/24/17

    3,988,800       3,997,548  

Westpac Banking Corp.
1.380%, 10/20/17 (g)

    4,300,000       4,307,793  
   

 

 

 
      44,593,254  
   

 

 

 
Repurchase Agreements—1.7%  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,006,448 on 07/03/17, collateralized by various Common Stock with a value of $1,100,000.

    1,000,000       1,000,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,216 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock, with a value of $2,195,974.

    2,000,000       2,000,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $10,006,500 on 04/03/17, collateralized by $1,544,982 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $10,979,866.

    10,000,000       10,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $3,017,280 on 06/02/17, collateralized by various Common Stock with a value of $3,300,000.

    3,000,000       3,000,000  

Goldman Sachs & Co.
Repurchase Agreement dated 03/31/17 at 0.790% to be repurchased at $1,383,051 on 04/03/17, collateralized by $6,926,729 U.S. Government Agency Obligations with rates ranging from 2.000% - 10.500%, maturity dates ranging from 06/20/17 - 03/20/47, with a value of $1,410,619.

    1,382,960       1,382,960  
Repurchase Agreements—(Continued)  

Macquarie Bank, Ltd. London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $100,007 on 04/03/17, collateralized by $99,374 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $102,062.

    100,000     100,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $4,645,042 on 07/03/17, collateralized by various Common Stock with a value of $5,060,000.

    4,600,000       4,600,000  
   

 

 

 
      22,082,960  
   

 

 

 
Time Deposits—0.9%  

OP Corporate Bank plc
1.180%, 04/24/17

    4,000,000       4,000,000  

1.200%, 04/10/17

    4,000,000       4,000,000  

Shinkin Central Bank
1.440%, 04/26/17

    3,600,000       3,600,000  

1.440%, 04/27/17

    900,000       900,000  
   

 

 

 
      12,500,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $219,759,437)

      219,826,880  
   

 

 

 

Total Investments—116.4%
(Cost $1,208,106,138) (h)

      1,548,816,792  

Other assets and liabilities (net)—(16.4)%

      (217,860,374
   

 

 

 
Net Assets—100.0%     $ 1,330,956,418  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   Non-income producing security.
(b)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $215,319,737 and the collateral received consisted of cash in the amount of $219,683,319. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.05% of net assets.
(d)   Illiquid security. As of March 31, 2017, these securities represent 0.0% of net assets.
(e)   Affiliated Issuer.
(f)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(g)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)   As of March 31, 2017, the aggregate cost of investments was $1,208,106,138. The aggregate unrealized appreciation and depreciation of investments were $383,412,746 and $(42,702,092), respectively, resulting in net unrealized appreciation of $340,710,654.

 

BHFTII-262


Table of Contents

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total Common Stocks*

   $ 1,325,525,821      $ —       $ —        $ 1,325,525,821  

Total Rights*

     —          —         323,645        323,645  

Total Short-Term Investment*

     3,140,446        —         —          3,140,446  

Total Securities Lending Reinvestments*

     —          219,826,880       —          219,826,880  

Total Investments

   $ 1,328,666,267      $ 219,826,880     $ 323,645      $ 1,548,816,792  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (219,683,319   $ —        $ (219,683,319

 

*   See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

 

BHFTII-263


Table of Contents

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—95.3% of Net Assets

 

Security Description       
    
Shares
    Value  
Chemicals—4.2%  

Agrium, Inc. (a)

    244,900     $ 23,400,195  

CF Industries Holdings, Inc. (a)

    639,900       18,781,065  
   

 

 

 
      42,181,260  
   

 

 

 
Electrical Equipment—0.3%  

Sunrun, Inc. (a) (b)

    588,200       3,176,280  
   

 

 

 
Energy Equipment & Services—22.5%  

Forum Energy Technologies, Inc. (a) (b)

    240,200       4,972,140  

Halliburton Co.

    830,700       40,878,747  

Nabors Industries, Ltd. (a)

    2,673,700       34,945,259  

Patterson-UTI Energy, Inc. (a)

    1,506,500       36,562,755  

ProPetro Holding Corp. (b)

    708,100       9,127,409  

Schlumberger, Ltd.

    424,000       33,114,400  

Superior Energy Services, Inc. (a) (b)

    1,140,800       16,267,808  

Tenaris S.A. (ADR)

    310,000       10,583,400  

Vallourec S.A. (a) (b)

    1,676,500       11,151,284  

Weatherford International plc (a) (b)

    3,823,900       25,428,935  
   

 

 

 
      223,032,137  
   

 

 

 
Food Products—0.9%  

Tyson Foods, Inc. - Class A

    139,100       8,583,861  
   

 

 

 
Metals & Mining—26.1%  

Agnico Eagle Mines, Ltd. (U.S. Listed Shares)

    543,233       23,054,809  

Barrick Gold Corp.

    714,200       13,562,658  

First Quantum Minerals, Ltd.

    3,513,800       37,335,033  

Freeport-McMoRan, Inc. (b)

    847,900       11,327,944  

Glencore plc (b)

    13,063,737       51,354,699  

Goldcorp, Inc.

    832,100       12,140,339  

Kinross Gold Corp. (b)

    1,791,300       6,287,463  

New Gold, Inc. (b)

    1,453,500       4,331,430  

Newmont Mining Corp.

    647,900       21,354,784  

Petra Diamonds, Ltd. (b)

    4,782,827       7,988,303  

Randgold Resources, Ltd. (ADR)

    148,400       12,952,352  

Steel Dynamics, Inc.

    571,100       19,851,436  

Teck Resources, Ltd. - Class B

    1,722,400       37,720,560  
   

 

 

 
      259,261,810  
   

 

 

 
Mortgage Real Estate Investment Trusts—0.3%  

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)

    128,500       2,595,700  
   

 

 

 
Oil, Gas & Consumable Fuels—37.9%  

Callon Petroleum Co. (b)

    677,100       8,910,636  

Cimarex Energy Co.

    263,700       31,509,513  

Concho Resources, Inc. (a) (b)

    259,650       33,323,481  

CONSOL Energy, Inc. (b)

    1,229,500       20,631,010  

Diamondback Energy, Inc. (a) (b)

    359,000       37,233,685  

EOG Resources, Inc.

    351,100       34,249,805  

Golar LNG, Ltd. (a)

    302,100       8,437,653  

Green Plains, Inc. (a)

    455,800       11,281,050  

Hess Corp.

    372,300       17,948,583  

Laredo Petroleum, Inc. (b)

    1,723,800       25,167,480  

Newfield Exploration Co. (b)

    769,800       28,413,318  
Security Description   Shares/
Principal
Amount*
    Value  
Oil, Gas & Consumable Fuels—(Continued)  

Parsley Energy, Inc. - Class A (b)

    1,233,300     $ 40,094,583  

PDC Energy, Inc. (a) (b)

    424,000       26,436,400  

Pioneer Natural Resources Co.

    200,100       37,264,623  

RSP Permian, Inc. (b)

    234,600       9,719,478  

Scorpio Tankers, Inc.

    1,144,800       5,082,912  
   

 

 

 
      375,704,210  
   

 

 

 
Paper & Forest Products—2.0%  

Louisiana-Pacific Corp. (b)

    813,000       20,178,660  
   

 

 

 
Road & Rail—1.1%  

Union Pacific Corp.

    103,400       10,952,128  
   

 

 

 

Total Common Stocks
(Cost $818,664,184)

      945,666,046  
   

 

 

 
Short-Term Investment—4.7%  
Mutual Fund—4.7%  

AIM STIT-STIC Prime Portfolio

    46,403,088       46,403,088  
   

 

 

 

Total Short-Term Investments
(Cost $46,404,311)

      46,403,088  
   

 

 

 
Securities Lending Reinvestments (c)—9.4%  
Certificates of Deposit—4.8%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    897,404       899,262  

Zero Coupon, 06/23/17

    1,494,150       1,496,310  

Banco Del Estado De Chile New York
1.426%, 06/21/17 (d)

    1,500,000       1,500,813  

Bank of Montreal Chicago
1.081%, 09/06/17 (d)

    1,900,000       1,901,939  

Bank of Nova Scotia Houston
1.355%, 11/03/17 (d)

    2,000,000       2,002,197  

Bank of Tokyo-Mitsubishi, Ltd.
1.358%, 11/16/17 (d)

    2,000,000       2,000,966  

1.510%, 08/18/17

    1,211,107       1,200,755  

Chiba Bank, Ltd., New York
1.100%, 04/03/17

    500,000       500,002  

1.100%, 04/07/17

    3,500,000       3,500,038  

Credit Suisse AG New York
1.581%, 05/12/17 (d)

    750,000       750,227  

1.676%, 04/24/17 (d)

    1,500,000       1,500,354  

Danske Bank A/S London
Zero Coupon, 05/12/17

    1,744,935       1,748,198  

DNB NOR Bank ASA
1.279%, 07/28/17 (d)

    600,000       600,265  

KBC Bank NV
1.150%, 04/27/17

    1,500,000       1,499,115  

Mitsubishi UFJ Trust and Banking Corp.
1.134%, 09/01/17 (d)

    1,000,000       999,941  

Mizuho Bank, Ltd., New York
1.184%, 09/01/17 (d)

    400,000       399,972  

1.339%, 08/02/17 (d)

    500,000       500,288  

 

BHFTII-264


Table of Contents

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Certificates of Deposit—(Continued)  

Mizuho Bank, Ltd., New York
1.543%, 05/17/17

    2,000,000     $ 2,000,594  

1.582%, 04/26/17 (d)

    1,000,000       1,000,166  

National Australia Bank London
1.199%, 05/02/17 (d)

    1,000,000       1,000,350  

Norinchukin Bank New York
1.451%, 07/12/17 (d)

    1,000,000       1,000,885  

Oversea-Chinese Banking Corp., Ltd.
1.000%, 06/01/17

    2,000,000       1,999,934  

Royal Bank of Canada New York
1.298%, 03/20/18 (d)

    3,800,000       3,799,989  

Sumitomo Bank New York
1.390%, 06/05/17 (d)

    2,500,000       2,501,182  

1.410%, 05/05/17 (d)

    250,000       250,049  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (d)

    1,000,000       1,000,535  

Sumitomo Mitsui Trust Bank, Ltd., London
1.444%, 05/08/17 (d)

    1,500,000       1,501,020  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.308%, 08/16/17 (d)

    1,000,000       1,000,471  

1.572%, 04/26/17 (d)

    1,000,000       1,000,331  

Toronto Dominion Bank New York
1.221%, 03/13/18 (d)

    3,000,000       2,998,943  

UBS, Stamford
1.301%, 05/12/17 (d)

    600,000       600,148  

1.589%, 07/31/17 (d)

    1,102,384       1,103,030  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (d)

    1,250,000       1,252,044  

1.452%, 04/26/17 (d)

    600,000       600,160  
   

 

 

 
      47,610,473  
   

 

 

 
Commercial Paper—2.7%  

Barton Capital S.A.
1.110%, 04/21/17

    498,582       499,667  

1.160%, 04/07/17

    3,788,490       3,799,479  

Commonwealth Bank Australia
1.174%, 03/01/18

    2,000,000       2,000,816  

DCAT LLC
1.200%, 04/11/17

    499,467       499,862  

Den Norske ASA
1.432%, 04/27/17 (d)

    600,000       600,130  

Erste Abwicklungsanstalt
1.098%, 07/18/17 (d)

    4,000,000       3,999,648  

HSBC plc
1.442%, 04/25/17 (d)

    2,000,000       2,000,360  

Kells Funding LLC
1.100%, 06/05/17

    1,095,765       1,097,631  

LMA S.A. & LMA Americas
1.120%, 04/13/17

    1,994,400       1,999,288  

Manhattan Asset Funding Co.
1.184%, 09/07/17 (d)

    500,000       500,041  

National Australia Bank, Ltd.
1.440%, 12/06/17 (d)

    1,500,000       1,502,241  

Sheffield Receivables Co.
1.170%, 04/07/17

    1,495,564       1,499,643  
Commercial Paper—(Continued)  

Starbird Funding Corp.
1.441%, 06/13/17 (d)

    3,000,000     3,001,059  

Versailles CDS LLC
1.050%, 06/05/17

    2,492,927       2,494,663  

Westpac Banking Corp.
1.380%, 10/20/17 (d)

    1,250,000       1,252,265  
   

 

 

 
      26,746,793  
   

 

 

 
Repurchase Agreements—1.5%  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $900,066 on 04/03/17, collateralized by $921,138 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $918,000.

    900,000       900,000  

Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,006,448 on 07/03/17, collateralized by various Common Stock with a value of $1,100,000.

    1,000,000       1,000,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $51,407 on 04/03/17, collateralized by $52,009 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $52,432.

    51,403       51,403  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,500,162 on 04/03/17, collateralized by $231,747 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,646,980.

    1,500,000       1,500,000  

Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $3,001,950 on 04/03/17, collateralized by $463,495 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,293,960.

    3,000,000       3,000,000  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $1,005,760 on 06/02/17, collateralized by various Common Stock with a value of $1,100,000.

    1,000,000       1,000,000  

Goldman Sachs & Co.
Repurchase Agreement dated 03/31/17 at 0.790% to be repurchased at $1,653,836 on 04/03/17, collateralized by $8,282,904 U.S. Government Agency Obligations with rates ranging from 2.000% - 10.500%, maturity dates ranging from 06/20/17 - 03/20/47, with a value of $1,686,802.

    1,653,727       1,653,727  

 

BHFTII-265


Table of Contents

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Macquarie Bank, Ltd. London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,000,068 on 04/03/17, collateralized by $993,744 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,020,616.

    1,000,000     $ 1,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $807,833 on 07/03/17, collateralized by various Common Stock with a value of $880,000.

    800,000       800,000  

Natixis New York
Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $1,000,082 on 04/03/17, collateralized by $1,170,651 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $1,020,083.

    1,000,000       1,000,000  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $3,000,233 on 04/03/17, collateralized by $8,980,423 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $3,060,000.

    3,000,000       3,000,000  
   

 

 

 
      14,905,130  
   

 

 

 
Time Deposits—0.4%  

OP Corporate Bank plc
1.180%, 04/24/17

    2,500,000       2,500,000  

1.200%, 04/10/17

    1,000,000       1,000,000  
Time Deposits—(Continued)  

Shinkin Central Bank
1.440%, 04/26/17

    800,000     800,000  

1.440%, 04/27/17

    200,000       200,000  
   

 

 

 
      4,500,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $93,741,374)

      93,762,396  
   

 

 

 

Total Investments—109.4%
(Cost $958,809,869) (e)

      1,085,831,530  

Other assets and liabilities (net)—(9.4)%

      (93,643,998
   

 

 

 
Net Assets—100.0%     $ 992,187,532  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $91,770,792 and the collateral received consisted of cash in the amount of $93,720,305. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Non-income producing security.
(c)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)   As of March 31, 2017, the aggregate cost of investments was $958,809,869. The aggregate unrealized appreciation and depreciation of investments were $168,681,004 and $(41,659,343), respectively, resulting in net unrealized appreciation of $127,021,661.
(ADR)—   An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

 

BHFTII-266


Table of Contents

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  
Common Stocks           

Chemicals

   $ 42,181,260      $ —       $ —        $ 42,181,260  

Electrical Equipment

     3,176,280        —         —          3,176,280  

Energy Equipment & Services

     211,880,853        11,151,284       —          223,032,137  

Food Products

     8,583,861        —         —          8,583,861  

Metals & Mining

     199,918,808        59,343,002       —          259,261,810  

Mortgage Real Estate Investment Trusts

     2,595,700        —         —          2,595,700  

Oil, Gas & Consumable Fuels

     375,704,210        —         —          375,704,210  

Paper & Forest Products

     20,178,660        —         —          20,178,660  

Road & Rail

     10,952,128        —         —          10,952,128  

Total Common Stocks

     875,171,760        70,494,286       —          945,666,046  

Total Short-Term Investment*

     46,403,088        —         —          46,403,088  

Total Securities Lending Reinvestments*

     —          93,762,396       —          93,762,396  

Total Investments

   $ 921,574,848      $ 164,256,682     $ —        $ 1,085,831,530  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (93,720,305   $ —        $ (93,720,305

 

*   See Schedule of Investments for additional detailed categorizations.

 

BHFTII-267


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—53.5% of Net Assets

 

Security Description   Principal
Amount*
    Value  
Advertising—0.0%  

WPP Finance 2010
5.125%, 09/07/42

    120,000     $ 120,436  
   

 

 

 
Aerospace/Defense—0.7%  

Arconic, Inc.
5.125%, 10/01/24

    2,125,000       2,195,125  

Harris Corp.
4.854%, 04/27/35

    570,000       608,896  

5.054%, 04/27/45

    1,089,000       1,191,523  

Lockheed Martin Corp.
3.100%, 01/15/23

    220,000       223,010  

3.550%, 01/15/26 (a)

    2,261,000       2,297,954  

4.700%, 05/15/46

    3,321,000       3,597,154  

Northrop Grumman Corp.
3.200%, 02/01/27

    14,500,000       14,363,018  

Raytheon Co.
3.125%, 10/15/20

    30,000       31,002  

United Technologies Corp.
4.500%, 06/01/42

    290,000       306,926  
   

 

 

 
      24,814,608  
   

 

 

 
Agriculture—0.4%  

Alliance One International, Inc.
8.500%, 04/15/21 (144A) (a)

    3,870,000       3,966,750  

9.875%, 07/15/21 (a)

    5,585,000       4,831,025  

Altria Group, Inc.
5.375%, 01/31/44

    939,000       1,070,989  

Reynolds American, Inc.
4.850%, 09/15/23

    2,960,000       3,211,730  

5.850%, 08/15/45 (a)

    1,565,000       1,837,944  
   

 

 

 
      14,918,438  
   

 

 

 
Airlines—0.1%  

Air Canada Pass-Through Trust
4.125%, 05/15/25 (144A)

    706,957       729,890  

American Airlines Group, Inc.
4.625%, 03/01/20 (144A) (a)

    1,400,000       1,422,750  

Delta Air Lines Pass-Through Trust
4.950%, 05/23/19

    290,401       303,106  

Hawaiian Airlines Pass-Through Certificates
3.900%, 01/15/26

    396,257       401,211  

Northwest Airlines Pass-Through Trust
7.575%, 03/01/19

    7,891       8,206  
   

 

 

 
      2,865,163  
   

 

 

 
Apparel—0.7%  

Hanesbrands, Inc.
4.625%, 05/15/24 (144A) (a)

    299,000       294,889  

4.875%, 05/15/26 (144A) (a)

    23,028,000       22,625,010  

William Carter Co. (The)
5.250%, 08/15/21

    2,375,000       2,442,450  
   

 

 

 
      25,362,349  
   

 

 

 
Auto Manufacturers—0.4%  

Ford Motor Co.
4.750%, 01/15/43

    2,070,000     1,944,718  

Ford Motor Credit Co. LLC
3.664%, 09/08/24 (a)

    720,000       708,092  

General Motors Co.
6.600%, 04/01/36

    5,134,000       5,902,652  

6.750%, 04/01/46

    3,000,000       3,516,867  

General Motors Financial Co., Inc.
5.250%, 03/01/26

    1,660,000       1,783,522  
   

 

 

 
      13,855,851  
   

 

 

 
Auto Parts & Equipment—1.2%  

Adient Global Holdings, Ltd.
4.875%, 08/15/26 (144A)

    300,000       294,375  

Allison Transmission, Inc.
5.000%, 10/01/24 (144A) (a)

    5,510,000       5,565,100  

American Axle & Manufacturing, Inc.
6.250%, 03/15/21 (a)

    2,100,000       2,157,750  

6.625%, 10/15/22 (a)

    1,590,000       1,637,700  

Goodyear Tire & Rubber Co. (The)
5.000%, 05/31/26 (a)

    3,630,000       3,720,750  

5.125%, 11/15/23 (a)

    3,000,000       3,127,500  

IHO Verwaltungs GmbH
4.125%, 09/15/21 (144A) (b)

    1,840,000       1,849,200  

4.750%, 09/15/26 (144A) (b)

    3,440,000       3,354,000  

Schaeffler Finance B.V.
4.250%, 05/15/21 (144A) (a)

    4,000,000       4,055,000  

ZF North America Capital, Inc.
4.500%, 04/29/22 (144A) (a)

    2,045,000       2,129,356  

4.750%, 04/29/25 (144A) (a)

    12,834,000       13,283,190  
   

 

 

 
      41,173,921  
   

 

 

 
Banks—10.3%  

ABN AMRO Bank NV
4.750%, 07/28/25 (144A)

    3,831,000       3,938,666  

Bank of America Corp.
3.875%, 08/01/25

    1,040,000       1,058,436  

4.000%, 01/22/25

    17,810,000       17,791,246  

4.125%, 01/22/24

    880,000       919,193  

4.200%, 08/26/24

    2,380,000       2,423,594  

4.250%, 10/22/26

    7,628,000       7,745,631  

4.443%, 01/20/48 (c)

    1,390,000       1,398,985  

6.300%, 03/10/26 (c)

    375,000       407,813  

6.500%, 10/23/24 (a) (c)

    4,835,000       5,276,194  

Barclays Bank plc
7.625%, 11/21/22 (a)

    16,450,000       17,991,365  

10.179%, 06/12/21 (144A)

    1,180,000       1,479,767  

Barclays plc
4.375%, 01/12/26

    1,575,000       1,596,029  

BNP Paribas S.A.
4.375%, 05/12/26 (144A) (a)

    11,070,000       10,998,931  

7.625%, 03/30/21 (144A) (a) (c)

    2,850,000       3,028,125  

BPCE S.A.
4.875%, 04/01/26 (144A) (a)

    12,000,000       12,126,696  

5.150%, 07/21/24 (144A)

    420,000       431,363  

 

BHFTII-268


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Banks—(Continued)  

Citigroup, Inc.
4.050%, 07/30/22

    2,000,000     $ 2,082,776  

4.400%, 06/10/25

    1,470,000       1,497,808  

4.450%, 09/29/27

    16,094,000       16,287,820  

5.350%, 05/15/23 (a) (c)

    560,000       560,000  

5.900%, 02/15/23 (a) (c)

    1,475,000       1,539,531  

5.950%, 01/30/23 (c)

    3,606,000       3,763,763  

5.950%, 05/15/25 (c)

    2,790,000       2,905,115  

6.300%, 05/15/24 (a) (c)

    850,000       886,125  

Cooperatieve Rabobank UA
3.750%, 07/21/26 (a)

    4,210,000       4,105,975  

4.375%, 08/04/25

    1,470,000       1,507,783  

11.000%, 06/30/19 (144A) (c)

    415,000       484,513  

Credit Agricole S.A.
7.875%, 01/23/24 (144A) (a) (c)

    1,750,000       1,779,313  

8.125%, 12/23/25 (144A) (a) (c)

    7,050,000       7,508,250  

8.375%, 10/13/19 (144A) (c)

    640,000       711,200  

Credit Suisse Group AG
7.500%, 12/11/23 (144A) (a) (c)

    4,365,000       4,729,879  

Credit Suisse Group Funding Guernsey, Ltd.
4.875%, 05/15/45

    1,560,000       1,587,353  

Goldman Sachs Group, Inc. (The)
3.500%, 11/16/26

    3,480,000       3,402,107  

3.750%, 02/25/26 (a)

    1,660,000       1,670,649  

4.000%, 03/03/24

    3,180,000       3,296,983  

4.250%, 10/21/25 (a)

    13,890,000       14,158,202  

5.150%, 05/22/45

    3,184,000       3,345,540  

5.250%, 07/27/21

    1,330,000       1,458,898  

6.750%, 10/01/37

    2,000,000       2,467,876  

7.500%, 02/15/19

    20,000       21,949  

HSBC Holdings plc
3.900%, 05/25/26 (a)

    14,240,000       14,430,061  

4.041%, 03/13/28 (a) (c)

    5,210,000       5,266,383  

4.250%, 08/18/25

    2,253,000       2,268,625  

6.375%, 09/17/24 (a) (c)

    1,290,000       1,298,063  

ICICI Bank, Ltd.
5.750%, 11/16/20

    9,290,000       10,179,982  

Intesa Sanpaolo S.p.A.
5.710%, 01/15/26 (144A)

    9,320,000       9,031,965  

6.500%, 02/24/21 (144A)

    1,175,000       1,297,927  

Itau CorpBanca
3.875%, 09/22/19

    6,290,000       6,486,436  

Itau Unibanco Holding S.A.
2.850%, 05/26/18

    10,770,000       10,823,850  

JPMorgan Chase & Co.
3.625%, 05/13/24

    690,000       705,660  

3.625%, 12/01/27 (a)

    6,430,000       6,238,206  

3.875%, 09/10/24

    5,082,000       5,151,024  

4.350%, 08/15/21

    10,000       10,702  

4.500%, 01/24/22

    160,000       172,431  

6.750%, 02/01/24 (a) (c)

    1,105,000       1,218,263  

Lloyds Banking Group plc
4.582%, 12/10/25

    3,011,000       3,058,191  

4.650%, 03/24/26

    7,220,000       7,356,566  

7.500%, 06/27/24 (a) (c)

    4,580,000       4,843,808  
Banks—(Continued)  

Macquarie Bank, Ltd.
4.875%, 06/10/25 (144A) (a)

    2,100,000     2,192,658  

Macquarie Group, Ltd.
6.000%, 01/14/20 (144A)

    3,200,000       3,481,571  

6.250%, 01/14/21 (144A)

    400,000       444,242  

Morgan Stanley
4.000%, 07/23/25

    1,165,000       1,201,289  

4.100%, 05/22/23

    2,500,000       2,581,978  

4.375%, 01/22/47

    800,000       800,579  

4.875%, 11/01/22

    450,000       486,560  

6.625%, 04/01/18

    714,000       747,331  

Nordea Bank AB
4.250%, 09/21/22 (144A)

    3,400,000       3,539,288  

Oversea-Chinese Banking Corp., Ltd.
4.250%, 06/19/24

    10,230,000       10,516,532  

Royal Bank of Scotland Group plc
4.800%, 04/05/26

    400,000       409,328  

5.125%, 05/28/24

    4,530,000       4,580,763  

6.000%, 12/19/23

    875,000       924,879  

6.100%, 06/10/23

    780,000       828,899  

6.125%, 12/15/22

    390,000       412,980  

8.625%, 08/15/21 (a) (c)

    2,890,000       3,012,825  

Royal Bank of Scotland NV
4.650%, 06/04/18

    410,000       419,617  

Santander Holdings USA, Inc.
4.500%, 07/17/25

    890,000       906,459  

Santander UK Group Holdings plc
4.750%, 09/15/25 (144A) (a)

    12,691,000       12,663,410  

7.375%, 06/24/22 (GBP) (c)

    2,620,000       3,430,316  

Santander UK plc
7.950%, 10/26/29

    272,000       333,886  

Standard Chartered plc
3.950%, 01/11/23 (144A) (a)

    2,425,000       2,426,295  

5.700%, 03/26/44 (144A)

    9,800,000       10,105,074  

UBS AG
7.625%, 08/17/22 (a)

    2,850,000       3,295,170  

Wachovia Capital Trust III
5.570%, 05/01/17 (a) (c)

    1,021,000       1,021,613  

Wells Fargo & Co.
4.300%, 07/22/27 (a)

    17,670,000       18,361,675  

4.750%, 12/07/46

    7,170,000       7,325,008  

Wells Fargo Capital X
5.950%, 12/15/36

    380,000       407,075  
   

 

 

 
      357,066,885  
   

 

 

 
Beverages—0.5%  

Anheuser-Busch InBev Finance, Inc.
3.650%, 02/01/26

    7,642,000       7,727,590  

Anheuser-Busch InBev Worldwide, Inc.
7.750%, 01/15/19

    1,254,000       1,379,597  

Carolina Beverage Group LLC / Carolina Beverage Group Finance, Inc.
10.625%, 08/01/18 (144A)

    370,000       339,475  

Constellation Brands, Inc.
4.750%, 12/01/25

    140,000       150,806  

6.000%, 05/01/22 (a)

    2,282,000       2,593,929  

 

BHFTII-269


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Beverages—(Continued)  

Cott Holdings, Inc.
5.500%, 04/01/25 (144A)

    5,530,000     $ 5,628,434  

Dr Pepper Snapple Group, Inc.
3.400%, 11/15/25

    64,000       63,672  

4.500%, 11/15/45

    32,000       31,825  
   

 

 

 
      17,915,328  
   

 

 

 
Biotechnology—0.2%  

Celgene Corp.
3.875%, 08/15/25

    1,120,000       1,144,756  

5.000%, 08/15/45

    920,000       962,978  

Gilead Sciences, Inc.
2.550%, 09/01/20

    1,675,000       1,693,036  

3.500%, 02/01/25

    1,795,000       1,807,639  

4.600%, 09/01/35

    1,800,000       1,854,396  

4.750%, 03/01/46

    125,000       127,499  
   

 

 

 
      7,590,304  
   

 

 

 
Building Materials—0.2%  

Hardwoods Acquisition, Inc.
7.500%, 08/01/21 (144A)

    1,350,000       1,201,500  

NWH Escrow Corp.
7.500%, 08/01/21 (144A)

    550,000       486,750  

Ply Gem Industries, Inc.
6.500%, 02/01/22

    1,540,000       1,596,672  

U.S. Concrete, Inc.
6.375%, 06/01/24 (144A)

    4,530,000       4,688,550  
   

 

 

 
      7,973,472  
   

 

 

 
Chemicals—0.4%  

Eastman Chemical Co.
4.800%, 09/01/42

    740,000       758,787  

OCP S.A.
5.625%, 04/25/24

    9,930,000       10,572,471  

Potash Corp. of Saskatchewan, Inc.
4.875%, 03/30/20 (a)

    40,000       42,386  

Westlake Chemical Corp.
4.625%, 02/15/21 (144A)

    1,060,000       1,100,804  
   

 

 

 
      12,474,448  
   

 

 

 
Commercial Services—0.9%  

AA Bond Co., Ltd.
5.500%, 07/31/22 (GBP) (a)

    2,690,000       3,454,897  

ADT Corp. (The)
4.125%, 06/15/23 (a)

    4,070,000       3,886,850  

Ahern Rentals, Inc.
7.375%, 05/15/23 (144A) (a)

    4,870,000       4,188,200  

Board of Trustees of The Leland Stanford Junior University (The)
4.750%, 05/01/19

    950,000       1,012,962  

Ecolab, Inc.
4.350%, 12/08/21

    70,000       75,586  

Metropolitan Museum of Art (The)
3.400%, 07/01/45

    2,025,000       1,859,221  
Commercial Services—(Continued)  

Ritchie Bros Auctioneers, Inc.
5.375%, 01/15/25 (144A)

    5,030,000     5,143,175  

UBM plc
5.750%, 11/03/20 (144A)

    50,000       52,547  

United Rentals North America, Inc.
5.500%, 05/15/27

    1,190,000       1,201,900  

5.875%, 09/15/26 (a)

    8,000,000       8,340,000  

6.125%, 06/15/23

    1,850,000       1,933,250  
   

 

 

 
      31,148,588  
   

 

 

 
Computers—0.4%  

Compiler Finance Sub, Inc.
7.000%, 05/01/21 (144A) (d)

    70,000       35,000  

Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
3.480%, 06/01/19 (144A)

    1,000,000       1,024,712  

4.420%, 06/15/21 (144A)

    12,010,000       12,559,397  
   

 

 

 
      13,619,109  
   

 

 

 
Diversified Financial Services—2.1%  

AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.625%, 10/30/20

    1,060,000       1,120,222  

4.625%, 07/01/22

    600,000       632,908  

5.000%, 10/01/21

    15,056,000       16,116,454  

Ally Financial, Inc.
5.750%, 11/20/25 (a)

    5,392,000       5,520,060  

8.000%, 11/01/31 (a)

    1,025,000       1,217,188  

Carlyle Holdings II Finance LLC
5.625%, 03/30/43 (144A)

    3,370,000       3,467,427  

CIT Group, Inc.
5.000%, 08/15/22

    1,482,000       1,551,461  

GE Capital International Funding Co.
2.342%, 11/15/20

    538,000       540,327  

International Lease Finance Corp.
6.250%, 05/15/19

    2,470,000       2,661,403  

8.250%, 12/15/20

    2,613,000       3,083,873  

8.625%, 01/15/22

    2,500,000       3,059,035  

KKR Group Finance Co. II LLC
5.500%, 02/01/43 (144A)

    130,000       135,403  

Navient Corp.
5.000%, 10/26/20 (a)

    5,811,000       5,796,472  

5.875%, 10/25/24 (a)

    3,150,000       2,938,352  

Quicken Loans, Inc.
5.750%, 05/01/25 (144A)

    17,600,000       17,292,000  

TMX Finance LLC / TitleMax Finance Corp.
8.500%, 09/15/18 (144A) (a)

    3,840,000       3,532,800  

UBS Group Funding Switzerland AG
4.253%, 03/23/28 (144A)

    2,950,000       2,992,271  

Visa, Inc.
3.150%, 12/14/25 (a)

    1,850,000       1,856,395  
   

 

 

 
      73,514,051  
   

 

 

 

 

BHFTII-270


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Electric—1.2%  

Enel S.p.A.
7.750%, 09/10/75 (GBP) (c)

    2,450,000     $ 3,407,263  

Exelon Corp.
3.497%, 06/01/22

    5,800,000       5,853,545  

FirstEnergy Corp.
4.250%, 03/15/23

    1,560,000       1,612,032  

7.375%, 11/15/31

    3,550,000       4,626,875  

Great Plains Energy, Inc.
3.900%, 04/01/27

    3,030,000       3,059,497  

4.850%, 04/01/47

    1,700,000       1,742,787  

Mirant Mid Atlantic Pass-Through Trust
10.060%, 12/30/28

    5,056,588       4,576,212  

NSG Holdings LLC / NSG Holdings, Inc.
7.750%, 12/15/25 (144A) (d)

    2,725,307       2,929,705  

Pacific Gas & Electric Co.
4.000%, 12/01/46

    1,390,000       1,365,314  

6.050%, 03/01/34

    1,180,000       1,477,260  

Panoche Energy Center LLC
6.885%, 07/31/29 (144A)

    696,305       720,684  

Perusahaan Listrik Negara PT
5.500%, 11/22/21 (a)

    9,750,000       10,591,425  

Southern California Edison Co.
3.900%, 03/15/43

    1,217,000       1,209,052  
   

 

 

 
      43,171,651  
   

 

 

 
Energy-Alternate Sources—0.0%  

Alta Wind Holdings LLC
7.000%, 06/30/35 (144A) (d)

    1,510,573       1,655,888  
   

 

 

 
Engineering & Construction—0.3%  

CRCC Yuxiang, Ltd.
3.500%, 05/16/23

    10,520,000       10,619,246  

Michael Baker Holdings LLC / Micahel Baker Finance Corp.
8.875%, 04/15/19 (144A) (b)

    720,000       705,600  
   

 

 

 
      11,324,846  
   

 

 

 
Entertainment—0.2%  

Greektown Holdings LLC / Greektown Mothership Corp.
8.875%, 03/15/19 (144A)

    1,150,000       1,203,762  

Lions Gate Entertainment Corp.
5.875%, 11/01/24 (144A) (a)

    570,000       591,375  

Scientific Games International, Inc.
7.000%, 01/01/22 (144A)

    810,000       864,675  

Vue International Bidco plc
7.875%, 07/15/20 (GBP)

    2,510,000       3,255,697  
   

 

 

 
      5,915,509  
   

 

 

 
Environmental Control—0.0%  

Waste Management, Inc.
3.500%, 05/15/24

    890,000       919,682  

4.600%, 03/01/21

    180,000       193,862  

7.375%, 05/15/29

    190,000       247,656  
   

 

 

 
      1,361,200  
   

 

 

 
Food—0.8%  

Dole Food Co., Inc.
7.250%, 05/01/19 (144A)

    4,300,000     4,380,625  

Kraft Heinz Foods Co.
3.500%, 06/06/22

    570,000       583,070  

3.950%, 07/15/25

    280,000       284,252  

4.875%, 02/15/25 (144A)

    1,157,000       1,236,811  

5.000%, 07/15/35

    250,000       259,644  

5.000%, 06/04/42

    130,000       132,342  

5.200%, 07/15/45

    390,000       407,063  

Lamb Weston Holdings, Inc.
4.625%, 11/01/24 (144A) (a)

    3,710,000       3,784,200  

4.875%, 11/01/26 (144A) (a)

    4,870,000       4,967,400  

Post Holdings, Inc.
5.000%, 08/15/26 (144A) (a)

    3,120,000       2,987,400  

5.500%, 03/01/25 (144A) (a)

    3,750,000       3,768,750  

5.750%, 03/01/27 (144A) (a)

    3,600,000       3,591,000  

Smithfield Foods, Inc.
4.250%, 02/01/27 (144A)

    1,020,000       1,031,995  
   

 

 

 
      27,414,552  
   

 

 

 
Food Service—0.2%  

Aramark Services, Inc.
5.000%, 04/01/25 (144A) (a)

    5,640,000       5,809,200  
   

 

 

 
Healthcare-Products—0.7%  

Abbott Laboratories
4.900%, 11/30/46 (a)

    2,650,000       2,745,055  

DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp.
8.125%, 06/15/21 (144A)

    4,570,000       3,987,325  

Immucor, Inc.
11.125%, 08/15/19 (a)

    4,810,000       4,677,725  

Medtronic, Inc.
3.150%, 03/15/22

    2,393,000       2,462,866  

3.500%, 03/15/25

    1,730,000       1,770,216  

Universal Hospital Services, Inc.
7.625%, 08/15/20

    8,015,000       7,974,925  
   

 

 

 
      23,618,112  
   

 

 

 
Healthcare-Services—1.7%  

Centene Corp.
4.750%, 05/15/22

    4,826,000       4,958,715  

4.750%, 01/15/25

    7,030,000       7,069,579  

6.125%, 02/15/24

    3,073,000       3,299,634  

CHS/Community Health Systems, Inc.
6.250%, 03/31/23

    4,220,000       4,293,850  

DaVita, Inc.
5.000%, 05/01/25

    6,110,000       6,125,275  

Fresenius Medical Care U.S. Finance II, Inc.
4.750%, 10/15/24 (144A) (a)

    700,000       710,500  

5.875%, 01/31/22 (144A) (a)

    3,225,000       3,491,063  

HCA, Inc.
4.750%, 05/01/23

    590,000       615,075  

5.250%, 04/15/25

    375,000       398,438  

5.250%, 06/15/26

    2,550,000       2,683,875  

 

BHFTII-271


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Healthcare-Services—(Continued)  

HCA, Inc.
5.375%, 02/01/25

    4,615,000     $ 4,811,137  

5.875%, 05/01/23

    50,000       54,000  

6.500%, 02/15/20

    1,550,000       1,696,289  

7.500%, 02/15/22 (a)

    6,583,000       7,529,306  

7.690%, 06/15/25

    1,817,000       2,069,109  

Humana, Inc.
4.800%, 03/15/47

    800,000       836,314  

IASIS Healthcare LLC / IASIS Capital Corp.
8.375%, 05/15/19 (a)

    4,567,000       4,372,902  

Tenet Healthcare Corp.
8.125%, 04/01/22 (a)

    3,655,000       3,814,906  
   

 

 

 
      58,829,967  
   

 

 

 
Holding Companies-Diversified—0.1%  

Co-operative Group Holdings, Ltd.
7.500%, 07/08/26 (GBP)

    2,410,000       3,578,192  
   

 

 

 
Home Builders—0.6%  

Taylor Morrison Communities, Inc. / Monarch Communities, Inc.
5.250%, 04/15/21 (144A) (a)

    3,955,000       4,073,650  

5.625%, 03/01/24 (144A) (a)

    6,000,000       6,210,000  

5.875%, 04/15/23 (144A)

    780,000       819,000  

William Lyon Homes, Inc.
5.750%, 04/15/19

    4,247,000       4,289,470  

7.000%, 08/15/22

    5,240,000       5,475,800  
   

 

 

 
      20,867,920  
   

 

 

 
Household Products/Wares—0.1%  

ACCO Brands Corp.
5.250%, 12/15/24 (144A)

    4,060,000       4,080,300  
   

 

 

 
Housewares—0.1%  

Newell Brands, Inc.
3.850%, 04/01/23

    1,750,000       1,808,754  

5.500%, 04/01/46 (a)

    1,420,000       1,611,578  
   

 

 

 
      3,420,332  
   

 

 

 
Insurance—0.8%  

American Equity Investment Life Holding Co.
6.625%, 07/15/21

    1,630,000       1,691,125  

American International Group, Inc.
3.750%, 07/10/25

    1,380,000       1,372,304  

6.250%, 03/15/87 (c)

    453,000       462,060  

AXA S.A.
8.600%, 12/15/30

    1,320,000       1,833,480  

Delphi Financial Group, Inc.
7.875%, 01/31/20

    2,190,000       2,482,579  

Liberty Mutual Insurance Co.
7.697%, 10/15/97 (144A)

    2,600,000       3,352,297  

Massachusetts Mutual Life Insurance Co.
4.900%, 04/01/77 (144A)

    6,285,000       6,313,100  

Prudential Financial, Inc.
5.625%, 06/15/43 (c)

    550,000       589,325  
Insurance—(Continued)  

Prudential Financial, Inc.
5.875%, 09/15/42 (a) (c)

    1,200,000     1,304,100  

8.875%, 06/15/38 (c)

    915,000       983,625  

Teachers Insurance & Annuity Association of America
4.900%, 09/15/44 (144A)

    1,771,000       1,915,227  

6.850%, 12/16/39 (144A)

    2,546,000       3,365,387  

TIAA Asset Management Finance Co. LLC
4.125%, 11/01/24 (144A) (a)

    1,807,000       1,841,360  
   

 

 

 
      27,505,969  
   

 

 

 
Internet—0.5%  

Alibaba Group Holding, Ltd.
3.125%, 11/28/21

    4,475,000       4,519,575  

Cogent Communications Group, Inc.
5.375%, 03/01/22 (144A)

    6,195,000       6,357,619  

eBay, Inc.
3.800%, 03/09/22 (a)

    1,095,000       1,139,535  

Netflix, Inc.
5.500%, 02/15/22

    2,453,000       2,606,313  

Priceline Group, Inc. (The)
3.650%, 03/15/25

    1,625,000       1,635,148  
   

 

 

 
      16,258,190  
   

 

 

 
Iron/Steel—0.4%  

Vale Overseas, Ltd.
6.250%, 08/10/26

    3,990,000       4,334,138  

6.875%, 11/10/39 (a)

    7,980,000       8,533,812  
   

 

 

 
      12,867,950  
   

 

 

 
Leisure Time—0.8%  

Gibson Brands, Inc.
8.875%, 08/01/18 (144A) (a)

    2,070,000       1,852,650  

NCL Corp., Ltd.
4.625%, 11/15/20 (144A) (a)

    2,590,000       2,645,038  

4.750%, 12/15/21 (144A)

    8,020,000       8,140,300  

Silversea Cruise Finance, Ltd.
7.250%, 02/01/25 (144A)

    3,825,000       4,016,250  

Viking Cruises, Ltd.
8.500%, 10/15/22 (144A)

    9,800,000       10,167,500  

Vista Outdoor, Inc.
5.875%, 10/01/23 (a)

    1,520,000       1,478,200  
   

 

 

 
      28,299,938  
   

 

 

 
Lodging—0.6%  

Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
4.875%, 04/01/27 (144A) (a)

    5,820,000       5,878,200  

MCE Finance, Ltd.
5.000%, 02/15/21 (144A) (a)

    2,450,000       2,479,400  

MGM Resorts International
6.000%, 03/15/23

    5,592,000       6,039,360  

6.625%, 12/15/21 (a)

    4,180,000       4,624,125  
   

 

 

 
      19,021,085  
   

 

 

 

 

BHFTII-272


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Machinery-Construction & Mining—0.3%  

BlueLine Rental Finance Corp. / BlueLine Rental LLC
9.250%, 03/15/24 (144A) (a)

    4,380,000     $ 4,484,025  

Terex Corp.
5.625%, 02/01/25 (144A) (a)

    4,740,000       4,811,100  
   

 

 

 
      9,295,125  
   

 

 

 
Media—2.9%  

Altice Financing S.A.
6.625%, 02/15/23 (144A)

    5,340,000       5,558,940  

7.500%, 05/15/26 (144A) (a)

    5,000,000       5,312,500  

CCO Holdings LLC / CCO Holdings Capital Corp.
5.125%, 05/01/27 (144A)

    4,670,000       4,693,350  

5.375%, 05/01/25 (144A)

    880,000       903,100  

Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.464%, 07/23/22

    2,180,000       2,298,878  

4.908%, 07/23/25

    9,064,000       9,577,639  

CSC Holdings LLC
6.625%, 10/15/25 (144A) (a)

    2,680,000       2,914,500  

10.125%, 01/15/23 (144A)

    1,125,000       1,305,000  

10.875%, 10/15/25 (144A) (a)

    6,447,000       7,752,517  

DISH DBS Corp.
5.000%, 03/15/23 (a)

    3,247,000       3,263,235  

5.875%, 07/15/22 (a)

    2,880,000       3,025,786  

5.875%, 11/15/24 (a)

    2,450,000       2,573,112  

6.750%, 06/01/21

    75,000       80,953  

7.750%, 07/01/26 (a)

    3,630,000       4,219,875  

SFR Group S.A.
6.000%, 05/15/22 (144A)

    7,185,000       7,445,456  

6.250%, 05/15/24 (144A)

    420,000       422,625  

7.375%, 05/01/26 (144A)

    7,840,000       8,075,200  

Sinclair Television Group, Inc.
6.125%, 10/01/22

    2,450,000       2,563,313  

Time Warner Cable LLC
5.875%, 11/15/40

    1,942,000       2,061,550  

Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH
5.500%, 01/15/23 (144A) (a)

    5,975,000       6,213,343  

Univision Communications, Inc.
5.125%, 02/15/25 (144A) (a)

    9,890,000       9,729,287  

UPCB Finance IV, Ltd.
5.375%, 01/15/25 (144A)

    2,296,000       2,310,350  

Viacom, Inc.
3.875%, 04/01/24

    240,000       240,546  

Virgin Media Finance plc
6.000%, 10/15/24 (144A)

    3,985,000       4,129,456  

6.375%, 10/15/24 (GBP)

    2,510,000       3,357,053  

Virgin Media Secured Finance plc
5.500%, 08/15/26 (144A) (a)

    2,000,000       2,030,000  
   

 

 

 
      102,057,564  
   

 

 

 
Metal Fabricate/Hardware—0.0%  

Valmont Industries, Inc.
6.625%, 04/20/20

    314,000     348,798  
   

 

 

 
Mining—3.4%  

Alcoa Nederland Holding B.V.
6.750%, 09/30/24 (144A) (a)

    1,940,000       2,080,650  

7.000%, 09/30/26 (144A) (a)

    1,770,000       1,929,300  

Anglo American Capital plc
2.625%, 04/03/17 (144A)

    850,000       850,000  

2.625%, 09/27/17 (144A) (a)

    3,000,000       3,000,000  

Barrick Gold Corp.
4.100%, 05/01/23 (a)

    7,521,000       8,064,212  

5.250%, 04/01/42

    4,000,000       4,349,120  

6.950%, 04/01/19 (a)

    57,000       62,539  

Barrick North America Finance LLC
4.400%, 05/30/21

    97,000       103,977  

5.750%, 05/01/43

    11,289,000       13,082,608  

BHP Billiton Finance USA, Ltd.
2.875%, 02/24/22

    126,000       127,945  

5.000%, 09/30/43

    750,000       839,883  

6.250%, 10/19/75 (144A) (c)

    2,392,000       2,586,350  

6.750%, 10/19/75 (144A) (c)

    8,191,000       9,264,021  

First Quantum Minerals, Ltd.
7.250%, 04/01/23 (144A) (a)

    3,920,000       3,964,100  

7.500%, 04/01/25 (144A) (a)

    5,200,000       5,239,000  

FMG Resources (August 2006) Pty, Ltd.
6.875%, 04/01/22 (144A) (a)

    3,240,000       3,351,780  

Freeport-McMoRan, Inc.
2.300%, 11/14/17

    1,500,000       1,492,500  

3.550%, 03/01/22 (a)

    5,670,000       5,258,925  

3.875%, 03/15/23 (a)

    4,704,000       4,325,892  

6.625%, 05/01/21 (144A)

    680,000       691,900  

6.750%, 02/01/22 (144A) (a)

    1,453,000       1,489,325  

Glencore Finance Canada, Ltd.
4.250%, 10/25/22 (144A) (a)

    788,000       819,150  

5.550%, 10/25/42 (144A) (a)

    1,000,000       1,041,909  

Glencore Funding LLC
4.000%, 04/16/25 (144A)

    6,580,000       6,548,219  

HudBay Minerals, Inc.
7.250%, 01/15/23 (144A) (a)

    2,280,000       2,416,800  

7.625%, 01/15/25 (144A) (a)

    5,375,000       5,831,875  

Midwest Vanadium Pty, Ltd.
11.500%, 02/15/18 (144A) (d) (e)

    952,902       23,822  

Mirabela Nickel, Ltd.
1.000%, 09/10/44 (144A) (d) (f)

    36,414       0  

Rio Tinto Finance USA, Ltd.
3.750%, 06/15/25 (a)

    7,330,000       7,620,011  

Southern Copper Corp.
5.250%, 11/08/42

    12,250,000       12,008,093  

Yamana Gold, Inc.
4.950%, 07/15/24 (a)

    9,130,000       9,175,650  
   

 

 

 
      117,639,556  
   

 

 

 

 

BHFTII-273


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Miscellaneous Manufacturing—0.7%  

CBC Ammo LLC / CBC FinCo, Inc.
7.250%, 11/15/21 (144A)

    3,250,000     $ 3,233,750  

CTP Transportation Products LLC / CTP Finance, Inc.
8.250%, 12/15/19 (144A)

    6,240,000       5,491,200  

General Electric Co.
4.500%, 03/11/44

    260,000       279,708  

5.000%, 01/21/21 (c)

    9,740,000       10,275,700  

5.300%, 02/11/21

    187,000       207,071  

5.875%, 01/14/38

    250,000       315,537  

6.875%, 01/10/39

    2,088,000       2,964,995  
   

 

 

 
      22,767,961  
   

 

 

 
Oil & Gas—5.3%  

Anadarko Finance Co.
7.500%, 05/01/31

    80,000       101,599  

Anadarko Petroleum Corp.
4.500%, 07/15/44

    800,000       754,635  

5.550%, 03/15/26

    3,000,000       3,329,346  

6.450%, 09/15/36

    220,000       259,664  

Apache Corp.
3.250%, 04/15/22

    574,000       576,945  

4.250%, 01/15/44

    260,000       243,880  

4.750%, 04/15/43

    7,000,000       6,987,610  

BP Capital Markets plc
3.119%, 05/04/26

    6,580,000       6,439,214  

Calumet Specialty Products Partners L.P. / Calumet Finance Corp.
6.500%, 04/15/21

    5,190,000       4,392,037  

11.500%, 01/15/21 (144A)

    4,760,000       5,497,800  

Chesapeake Energy Corp.
6.125%, 02/15/21 (a)

    3,635,000       3,525,950  

6.625%, 08/15/20

    5,960,000       5,952,550  

8.000%, 01/15/25 (144A) (a)

    3,730,000       3,730,000  

Concho Resources, Inc.
5.500%, 04/01/23 (a)

    4,875,000       5,045,625  

ConocoPhillips Holding Co.
6.950%, 04/15/29

    375,000       484,554  

CrownRock L.P. / CrownRock Finance, Inc.
7.125%, 04/15/21 (144A)

    3,850,000       3,975,125  

Devon Energy Corp.
3.250%, 05/15/22 (a)

    2,035,000       2,015,940  

5.000%, 06/15/45 (a)

    2,110,000       2,117,035  

5.600%, 07/15/41

    110,000       116,330  

5.850%, 12/15/25

    970,000       1,112,601  

Devon Financing Co. LLC
7.875%, 09/30/31

    140,000       180,821  

Diamondback Energy, Inc.
4.750%, 11/01/24 (144A) (a)

    3,968,000       3,991,411  

5.375%, 05/31/25 (144A) (a)

    2,330,000       2,388,250  

Ecopetrol S.A.
5.375%, 06/26/26

    11,570,000       11,833,796  

Ensco plc
4.500%, 10/01/24 (a)

    2,827,000       2,381,748  

5.200%, 03/15/25 (a)

    1,044,000       905,670  

8.000%, 01/31/24 (a)

    2,816,000       2,851,200  
Oil & Gas—(Continued)  

EOG Resources, Inc.
3.150%, 04/01/25

    1,248,000     1,218,129  

4.150%, 01/15/26 (a)

    1,665,000       1,739,407  

EP Energy LLC / Everest Acquisition Finance, Inc.
8.000%, 02/15/25 (144A) (a)

    4,190,000       3,896,700  

Exxon Mobil Corp.
4.114%, 03/01/46 (a)

    1,630,000       1,675,707  

Kerr-McGee Corp.
6.950%, 07/01/24

    290,000       342,368  

7.875%, 09/15/31

    285,000       365,274  

MEG Energy Corp.
6.375%, 01/30/23 (144A)

    7,655,000       6,841,656  

7.000%, 03/31/24 (144A)

    1,566,000       1,401,570  

Noble Energy, Inc.
6.000%, 03/01/41

    10,200,000       11,329,793  

Oasis Petroleum, Inc.
6.875%, 01/15/23

    2,007,000       2,042,123  

Occidental Petroleum Corp.
3.125%, 02/15/22

    110,000       112,276  

3.500%, 06/15/25

    1,850,000       1,868,211  

4.625%, 06/15/45

    230,000       240,433  

Parsley Energy LLC / Parsley Finance Corp.
5.250%, 08/15/25 (144A) (a)

    640,000       646,400  

6.250%, 06/01/24 (144A)

    5,360,000       5,681,600  

PDC Energy, Inc.
7.750%, 10/15/22 (a)

    5,100,000       5,367,750  

Petrobras Global Finance B.V.
6.850%, 06/05/2115 (a)

    17,700,000       15,775,125  

QEP Resources, Inc.
5.250%, 05/01/23 (a)

    2,650,000       2,598,034  

6.875%, 03/01/21 (a)

    1,050,000       1,115,625  

Range Resources Corp.
4.875%, 05/15/25 (a)

    2,875,000       2,752,812  

5.000%, 03/15/23 (144A) (a)

    3,249,000       3,200,265  

Rice Energy, Inc.
6.250%, 05/01/22 (a)

    4,978,000       5,127,340  

7.250%, 05/01/23 (a)

    460,000       489,900  

RSP Permian, Inc.
6.625%, 10/01/22 (a)

    4,284,000       4,508,910  

Sanchez Energy Corp.
6.125%, 01/15/23 (a)

    3,060,000       2,838,150  

7.750%, 06/15/21

    3,000,000       2,962,500  

Shell International Finance B.V.
2.875%, 05/10/26 (a)

    2,840,000       2,761,559  

3.250%, 05/11/25

    1,773,000       1,790,209  

4.000%, 05/10/46

    360,000       344,598  

4.550%, 08/12/43

    1,205,000       1,251,015  

Valero Energy Corp.
9.375%, 03/15/19

    1,230,000       1,398,525  

WPX Energy, Inc.
5.250%, 09/15/24 (a)

    3,160,000       3,057,300  

6.000%, 01/15/22 (a)

    680,000       691,900  

8.250%, 08/01/23

    5,720,000       6,363,500  
   

 

 

 
      184,988,000  
   

 

 

 

 

BHFTII-274


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Oil & Gas Services—0.6%  

CGG S.A.
6.875%, 01/15/22

    220,000     $ 101,750  

Exterran Energy Solutions L.P. / EES Finance Corp.
8.125%, 05/01/25 (144A)

    5,380,000       5,487,600  

Halliburton Co.
3.800%, 11/15/25 (a)

    1,210,000       1,225,239  

4.850%, 11/15/35

    2,000,000       2,111,766  

5.000%, 11/15/45

    3,200,000       3,371,501  

KCA Deutag UK Finance plc
7.250%, 05/15/21 (144A) (a)

    1,430,000       1,337,493  

9.875%, 04/01/22 (144A)

    6,800,000       6,978,500  
   

 

 

 
      20,613,849  
   

 

 

 
Packaging & Containers—1.0%  

Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
6.000%, 02/15/25 (144A)

    5,200,000       5,258,500  

7.250%, 05/15/24 (144A)

    6,000,000       6,420,000  

BWAY Holding Co.
9.125%, 08/15/21 (144A) (a)

    1,263,000       1,381,343  

Flex Acquisition Co., Inc.
6.875%, 01/15/25 (144A) (a)

    4,990,000       5,097,784  

Graphic Packaging International, Inc.
4.750%, 04/15/21

    1,400,000       1,459,500  

4.875%, 11/15/22 (a)

    1,337,000       1,400,508  

Pactiv LLC
7.950%, 12/15/25

    3,960,000       4,296,600  

8.375%, 04/15/27

    6,260,000       6,979,900  

Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.125%, 07/15/23 (144A) (a)

    2,010,000       2,065,275  

7.000%, 07/15/24 (144A) (a)

    1,090,000       1,166,981  

WestRock RKT Co.
4.000%, 03/01/23

    140,000       144,502  
   

 

 

 
      35,670,893  
   

 

 

 
Pharmaceuticals—1.1%  

Actavis Funding SCS
3.450%, 03/15/22

    450,000       459,485  

4.750%, 03/15/45 (a)

    8,220,000       8,255,190  

BioScrip, Inc.
8.875%, 02/15/21

    3,662,000       3,148,111  

DPx Holdings B.V.
7.500%, 02/01/22 (144A) (a)

    2,030,000       2,142,919  

Mead Johnson Nutrition Co.
4.125%, 11/15/25

    1,653,000       1,731,891  

Valeant Pharmaceuticals International, Inc.
5.375%, 03/15/20 (144A)

    190,000       170,050  

5.625%, 12/01/21 (144A)

    2,740,000       2,205,700  

5.875%, 05/15/23 (144A)

    675,000       523,969  

6.375%, 10/15/20 (144A)

    4,080,000       3,692,400  

6.500%, 03/15/22 (144A)

    3,300,000       3,394,875  

7.000%, 10/01/20 (144A)

    520,000       473,200  

7.000%, 03/15/24 (144A)

    4,640,000       4,761,800  
Pharmaceuticals—(Continued)  

Valeant Pharmaceuticals International, Inc.
7.250%, 07/15/22 (144A)

    4,280,000     $ 3,648,700  

7.500%, 07/15/21 (144A)

    2,230,000       1,954,037  
   

 

 

 
      36,562,327  
   

 

 

 
Pipelines—3.5%  

Blue Racer Midstream LLC / Blue Racer Finance Corp.
6.125%, 11/15/22 (144A)

    3,185,000       3,224,813  

El Paso Natural Gas Co. LLC
8.375%, 06/15/32

    190,000       239,275  

Energy Transfer Equity L.P.
5.500%, 06/01/27 (a)

    1,376,000       1,437,920  

5.875%, 01/15/24 (a)

    1,638,000       1,740,375  

Enterprise Products Operating LLC
3.700%, 02/15/26

    1,072,000       1,072,289  

3.750%, 02/15/25

    2,100,000       2,111,978  

3.900%, 02/15/24

    225,000       230,283  

4.742%, 08/01/66 (c)

    1,059,000       1,056,353  

Genesis Energy L.P. / Genesis Energy Finance Corp.
6.000%, 05/15/23

    6,046,000       6,076,230  

IFM U.S. Colonial Pipeline 2 LLC
6.450%, 05/01/21 (144A) (a)

    2,500,000       2,694,725  

Kinder Morgan, Inc.
5.550%, 06/01/45

    4,130,000       4,219,819  

7.800%, 08/01/31

    67,000       83,878  

MPLX L.P.
4.875%, 12/01/24

    6,130,000       6,448,374  

NGPL PipeCo LLC
7.119%, 12/15/17 (144A)

    20,275,000       20,832,562  

Niska Gas Storage, Ltd. / Niska Gas Storage Canada Finance Corp.
6.500%, 04/01/19

    6,673,000       6,706,365  

Northwest Pipeline LLC
4.000%, 04/01/27 (144A)

    16,880,000       16,874,345  

Regency Energy Partners L.P. / Regency Energy Finance Corp.
5.875%, 03/01/22

    780,000       857,287  

Rockies Express Pipeline LLC
5.625%, 04/15/20 (144A) (a)

    1,298,000       1,366,145  

6.875%, 04/15/40 (144A)

    2,675,000       2,802,063  

7.500%, 07/15/38 (144A) (a)

    6,175,000       6,669,000  

Sabine Pass Liquefaction LLC
5.750%, 05/15/24

    2,648,000       2,885,793  

Southern Natural Gas Co. LLC
5.900%, 04/01/17 (144A)

    10,000       10,000  

8.000%, 03/01/32

    25,000       33,344  

Tesoro Logistics L.P. / Tesoro Logistics Finance Corp.
5.500%, 10/15/19 (a)

    600,000       633,000  

5.875%, 10/01/20 (a)

    1,753,000       1,801,208  

6.125%, 10/15/21 (a)

    1,200,000       1,255,500  

Williams Cos., Inc. (The)
7.750%, 06/15/31

    1,563,000       1,836,525  

8.750%, 03/15/32

    20,194,000       25,494,925  
   

 

 

 
      120,694,374  
   

 

 

 

 

BHFTII-275


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Real Estate Investment Trusts—0.5%  

CoreCivic, Inc.
4.125%, 04/01/20

    1,260,000     $ 1,285,200  

5.000%, 10/15/22

    5,400,000       5,575,500  

CTR Partnership L.P. / CareTrust Capital Corp.
5.875%, 06/01/21

    2,410,000       2,470,250  

Iron Mountain, Inc.
4.375%, 06/01/21 (144A) (a)

    4,580,000       4,705,950  

6.000%, 10/01/20 (144A) (a)

    1,657,000       1,735,708  

6.000%, 08/15/23

    560,000       589,400  
   

 

 

 
      16,362,008  
   

 

 

 
Retail—1.5%  

1011778 BC ULC / New Red Finance, Inc.

   

6.000%, 04/01/22 (144A) (a)

    10,120,000       10,499,500  

AutoZone, Inc.
2.500%, 04/15/21

    800,000       792,497  

CST Brands, Inc.
5.000%, 05/01/23

    2,692,000       2,779,490  

CVS Health Corp.
3.875%, 07/20/25

    496,000       511,052  

5.125%, 07/20/45

    1,440,000       1,588,748  

Dollar Tree, Inc.
5.750%, 03/01/23 (a)

    11,372,000       12,111,180  

Guitar Center, Inc.
6.500%, 04/15/19 (144A) (a)

    2,370,000       1,990,800  

Jo-Ann Stores Holdings, Inc.
9.750%, 10/15/19 (144A) (a) (b)

    11,950,000       11,561,625  

McDonald’s Corp.
2.750%, 12/09/20

    441,000       446,927  

3.700%, 01/30/26

    1,047,000       1,070,870  

4.600%, 05/26/45

    1,259,000       1,279,693  

PetSmart, Inc.
7.125%, 03/15/23 (144A) (a)

    6,043,000       5,740,850  

Suburban Propane Partners L.P. / Suburban Energy Finance Corp.
5.875%, 03/01/27

    1,290,000       1,270,650  
   

 

 

 
      51,643,882  
   

 

 

 
Savings & Loans—0.1%  

Nationwide Building Society
6.875%, 06/20/19 (GBP) (c)

    2,640,000       3,357,272  
   

 

 

 
Semiconductors—0.2%  

Analog Devices, Inc.
2.500%, 12/05/21

    2,800,000       2,773,165  

3.125%, 12/05/23 (a)

    4,440,000       4,418,550  
   

 

 

 
      7,191,715  
   

 

 

 
Software—0.6%  

First Data Corp.
5.750%, 01/15/24 (144A) (a)

    1,468,000       1,514,242  

7.000%, 12/01/23 (144A)

    3,759,000       4,031,528  

Microsoft Corp.
3.300%, 02/06/27

    15,750,000       15,991,715  

4.500%, 02/06/57

    370,000       380,909  
   

 

 

 
      21,918,394  
   

 

 

 
Telecommunications—3.1%  

British Telecommunications plc
9.125%, 12/15/30

    4,915,000     7,352,383  

CommScope Technologies LLC
5.000%, 03/15/27 (144A) (a)

    2,510,000       2,506,110  

CommScope, Inc.
5.500%, 06/15/24 (144A) (a)

    2,200,000       2,274,954  

Deutsche Telekom International Finance B.V.
2.485%, 09/19/23 (144A)

    14,317,000       13,686,164  

Frontier Communications Corp.
8.875%, 09/15/20 (a)

    50,000       52,750  

11.000%, 09/15/25 (a)

    5,757,000       5,598,682  

HC2 Holdings, Inc.
11.000%, 12/01/19 (144A)

    2,150,000       2,193,000  

Intelsat Jackson Holdings S.A.
7.250%, 04/01/19 (a)

    3,690,000       3,519,338  

Sprint Capital Corp.
8.750%, 03/15/32 (a)

    3,360,000       4,040,400  

Sprint Communications, Inc.
9.000%, 11/15/18 (144A)

    3,570,000       3,886,837  

11.500%, 11/15/21 (a)

    3,483,000       4,371,165  

Sprint Corp.
7.625%, 02/15/25 (a)

    1,790,000       1,955,575  

7.875%, 09/15/23 (a)

    8,920,000       9,878,900  

T-Mobile USA, Inc.
6.500%, 01/15/24 (a)

    803,000       867,240  

6.542%, 04/28/20 (a)

    900,000       918,000  

6.633%, 04/28/21

    3,425,000       3,539,737  

6.836%, 04/28/23 (a)

    228,000       243,960  

Telecom Italia S.p.A.
5.303%, 05/30/24 (144A) (a)

    3,390,000       3,428,138  

Telefonica Emisiones S.A.U.
4.103%, 03/08/27

    4,430,000       4,461,263  

Telefonica Europe B.V.
6.750%, 11/26/20 (GBP) (c)

    2,400,000       3,233,024  

Verizon Communications, Inc.
2.625%, 08/15/26 (a)

    820,000       748,777  

4.125%, 03/16/27

    8,850,000       8,999,928  

5.250%, 03/16/37

    920,000       951,160  

5.500%, 03/16/47

    980,000       1,027,182  

West Corp.
5.375%, 07/15/22 (144A)

    11,454,000       11,253,555  

Windstream Services LLC
6.375%, 08/01/23 (a)

    265,000       235,188  

7.750%, 10/15/20

    5,925,000       6,013,875  
   

 

 

 
      107,237,285  
   

 

 

 
Textiles—0.1%  

Cintas Corp. No. 2
2.900%, 04/01/22

    1,560,000       1,578,194  

3.700%, 04/01/27

    2,870,000       2,932,624  
   

 

 

 
      4,510,818  
   

 

 

 
Transportation—0.4%  

Navios Maritime Acquisition Corp. / Navios Acquisition Finance U.S., Inc.
8.125%, 11/15/21 (144A) (a)

    4,670,000       4,074,575  

 

BHFTII-276


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Transportation—(Continued)  

SPL Logistics Escrow LLC / SPL Logistics Finance Corp.
8.875%, 08/01/20 (144A)

    4,140,000     $ 3,632,850  

XPO Logistics, Inc.
6.125%, 09/01/23 (144A)

    1,830,000       1,903,200  

6.500%, 06/15/22 (144A) (a)

    3,690,000       3,874,500  
   

 

 

 
      13,485,125  
   

 

 

 
Trucking & Leasing—0.5%  

Park Aerospace Holdings, Ltd.
5.250%, 08/15/22 (144A)

    5,770,000       6,000,800  

5.500%, 02/15/24 (144A) (a)

    9,760,000       10,150,400  
   

 

 

 
      16,151,200  
   

 

 

 
Water—0.1%  

Anglian Water Osprey Financing plc
5.000%, 04/30/23 (GBP)

    2,650,000       3,537,791  
   

 

 

 

Total Corporate Bonds & Notes
(Cost $1,806,931,481)

      1,855,447,689  
   

 

 

 
Mortgage-Backed Securities—14.3%  
Collateralized Mortgage Obligations—6.5%  

American Home Mortgage Assets Trust
1.172%, 12/25/46 (c)

    3,324,825       2,536,004  

American Home Mortgage Investment Trust
1.562%, 11/25/45 (c)

    616,287       533,489  

Banc of America Funding Corp.
0.908%, 02/27/37 (144A) (c)

    15,477,552       9,635,004  

Banc of America Funding Trust
1.087%, 09/29/36 (144A) (c)

    40,943,771       20,919,200  

1.103%, 03/27/36 (144A) (c)

    6,208,401       3,772,910  

1.148%, 05/20/36 (c)

    241,535       232,662  

21.172%, 01/01/30 (144A) (c)

    12,379,032       5,802,052  

Banc of America Mortgage Trust
3.226%, 09/25/35 (c)

    114,329       109,221  

3.275%, 12/25/34 (c)

    5,140       4,964  

5.750%, 01/25/35

    296,439       300,605  

BCAP LLC Trust
0.988%, 10/28/36 (144A) (c)

    3,146,933       3,015,005  

3.433%, 05/26/47 (144A) (c)

    7,838,062       5,907,030  

Bear Stearns ALT-A Trust
3.196%, 08/25/34 (c)

    7,823,329       7,957,639  

Bear Stearns Asset-Backed Securities Trust
29.329%, 07/25/36 (c)

    573,226       933,482  

Citigroup Mortgage Loan Trust, Inc.
3.511%, 12/25/35 (c)

    1,788,995       1,417,880  

Countrywide Alternative Loan Trust
1.206%, 07/20/35 (c)

    1,780,946       1,655,226  

1.252%, 01/25/36 (c)

    302,979       263,175  

1.622%, 07/25/35 (c)

    1,300,000       1,204,046  

5.750%, 01/25/37

    3,122,414       2,522,441  

6.000%, 01/25/37

    3,120,759       2,676,861  

14.780%, 06/25/35 (c)

    2,151,758       2,524,883  
Collateralized Mortgage Obligations—(Continued)  

Countrywide Alternative Loan Trust
19.855%, 02/25/36 (c)

    1,962,957     2,103,897  

24.673%, 07/25/36 (c)

    3,381,678       4,746,727  

33.110%, 08/25/37 (c)

    1,757,990       2,736,286  

Countrywide Alternative Loan Trust Resecuritization
6.000%, 08/25/37

    4,056,101       3,073,757  

Countrywide Home Loan Reperforming Loan REMIC Trust
1.342%, 03/25/35 (144A) (c)

    654,187       575,183  

5.438%, 03/25/35 (144A) (c) (d) (h)

    7,955,462       1,012,688  

Credit Suisse Mortgage Trust
0.978%, 06/27/46 (144A) (c)

    3,327,557       3,167,958  

25.126%, 02/25/36 (c)

    1,915,757       2,510,826  

DSLA Mortgage Loan Trust
1.188%, 03/19/45 (c)

    166,694       147,656  

Fannie Mae Connecticut Avenue Securities
6.232%, 10/25/23 (c)

    2,780,000       3,172,817  

Freddie Mac Structured Agency Credit Risk Debt Notes
5.482%, 02/25/24 (c)

    2,210,000       2,485,561  

5.632%, 10/25/28 (c)

    12,940,000       14,026,420  

5.732%, 10/25/24 (c)

    5,925,000       6,537,566  

GreenPoint MTA Trust
1.422%, 06/25/45 (c)

    1,671,242       1,457,510  

GSMPS Mortgage Loan Trust
1.382%, 04/25/36 (144A) (c)

    901,612       741,756  

HarborView Mortgage Loan Trust
1.228%, 01/19/36 (c)

    1,082,681       710,280  

1.778%, 11/19/34 (c)

    1,918,824       1,717,814  

1.982%, 10/25/37 (c)

    1,844,564       1,721,276  

Impac CMB Trust
1.622%, 09/25/34 (c)

    7,962,674       7,540,340  

Impac Secured Assets CMN Owner Trust
1.302%, 03/25/36 (c)

    978,441       760,465  

IndyMac INDX Mortgage Loan Trust
1.702%, 01/25/35 (c)

    1,184,211       889,806  

3.242%, 03/25/35 (c)

    513,049       497,738  

3.291%, 05/25/37 (c)

    4,476,842       3,637,873  

JPMorgan Mortgage Trust
2.500%, 03/25/43 (144A) (c)

    15,257       15,112  

6.500%, 01/25/36

    120,640       104,813  

JPMorgan Resecuritization Trust
0.988%, 07/27/46 (144A) (c)

    4,369,501       4,232,485  

Lehman Mortgage Trust
5.648%, 02/25/37 (c) (g) (h)

    9,408,818       2,863,917  

Lehman XS Trust
1.142%, 03/25/47 (c)

    3,052,917       2,775,166  

1.182%, 08/25/46 (c)

    2,878,583       2,312,112  

MASTR Adjustable Rate Mortgages Trust
3.263%, 11/25/35 (144A) (c)

    65,275       48,742  

MASTR Seasoned Securitization Trust
3.481%, 10/25/32 (c)

    161,861       157,583  

Merrill Lynch Mortgage Investors Trust
3.185%, 05/25/34 (c)

    98,151       97,890  

3.303%, 08/25/33 (c)

    953,339       888,599  

 

BHFTII-277


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Collateralized Mortgage Obligations—(Continued)  

Morgan Stanley Mortgage Loan Trust
1.302%, 01/25/35 (c)

    1,019,565     $ 937,418  

Mortgage Repurchase Agreement Financing Trust
1.972%, 05/10/19 (144A) (c)

    2,830,000       2,817,995  

New Residential Mortgage Loan Trust
4.250%, 09/25/56 (144A) (c)

    8,220,873       8,280,829  

Nomura Resecuritization Trust
0.968%, 05/26/46 (144A) (c)

    17,785,312       11,978,016  

1.038%, 02/26/46 (144A) (c)

    4,868,000       4,272,627  

1.038%, 07/26/37 (144A) (c)

    2,504,920       2,437,294  

NovaStar Mortgage Funding Trust
0.968%, 09/25/46 (c)

    1,005,775       825,215  

Prime Mortgage Trust
5.500%, 05/25/35 (144A)

    973,610       972,951  

6.000%, 05/25/35 (144A)

    2,757,135       2,591,063  

RBSGC Mortgage Loan Trust
1.432%, 01/25/37 (c)

    879,948       535,997  

Residential Accredit Loans, Inc. Trust
1.192%, 04/25/46 (c)

    1,761,657       885,411  

1.242%, 04/25/46 (c)

    914,061       467,502  

1.975%, 11/25/37 (c)

    4,963,878       3,894,455  

Residential Asset Securitization Trust
5.568%, 12/25/36 (c) (g) (h)

    14,723,346       4,287,434  

5.750%, 02/25/36

    2,523,471       2,383,943  

Sequoia Mortgage Trust
1.955%, 06/20/33 (c)

    145,749       141,572  

3.725%, 07/25/45 (144A) (c)

    10,547       9,815  

Structured Adjustable Rate Mortgage Loan Trust
2.284%, 09/25/37 (c)

    5,235,422       4,547,499  

3.216%, 01/25/35 (c)

    662,019       624,735  

3.438%, 09/25/35 (c)

    915,982       750,366  

3.785%, 03/25/34 (c)

    119,634       116,848  

Structured Asset Mortgage Investments Trust
1.192%, 05/25/46 (c)

    255,601       192,878  

1.262%, 02/25/36 (c)

    4,650,597       3,952,081  

3.167%, 08/25/35 (c)

    91,547       93,532  

Structured Asset Securities Corp. Trust
1.332%, 03/25/35 (c)

    1,841,486       1,452,778  

WaMu Mortgage Pass-Through Certificates Trust
1.252%, 12/25/45 (c)

    782,784       742,188  

1.272%, 07/25/45 (c)

    484,651       464,247  

1.866%, 03/25/47 (c)

    2,756,559       2,221,415  

2.678%, 09/25/36 (c)

    953,968       853,371  

2.682%, 08/25/33 (c)

    1,963,760       1,883,485  

2.826%, 10/25/34 (c)

    858,467       859,017  

5.698%, 04/25/37 (c) (g) (h)

    13,500,140       3,509,519  

Wells Fargo Mortgage-Backed Securities Trust
3.079%, 10/25/35 (c)

    69,029       68,839  

3.096%, 04/25/36 (c)

    101,706       101,587  

3.174%, 06/25/35 (c)

    60,400       61,511  
   

 

 

 
      223,607,831  
   

 

 

 
Commercial Mortgage-Backed Securities—7.8%  

BAMLL Mezzanine Securities Trust
9.392%, 12/15/19 (144A) (c)

    5,700,000       5,573,602  
Commercial Mortgage-Backed Securities—(Continued)  

BAMLL Re-REMIC Trust
5.949%, 07/10/17 (144A) (c)

    11,727,532     8,209,272  

Banc of America Commercial Mortgage Trust
5.708%, 04/10/49 (c)

    4,570,000       4,364,304  

Bayview Commercial Asset Trust

   

Zero Coupon, 07/25/37 (144A) (d) (h)

    3,816,979       0  

Bear Stearns Commercial Mortgage Securities Trust
6.222%, 06/11/50 (c)

    7,668,500       7,708,100  

BLCP Hotel Trust
6.640%, 08/15/29 (144A) (c)

    6,414,136       6,486,657  

CGBAM Commercial Mortgage Trust
8.343%, 11/15/21 (144A) (c)

    17,780,000       18,211,841  

Citigroup Commercial Mortgage Trust
3.110%, 04/10/48 (144A)

    1,400,000       1,000,624  

3.208%, 07/10/47 (144A) (c)

    4,398,000       2,816,810  

3.856%, 09/15/27 (144A) (c)

    7,250,000       6,854,291  

6.127%, 12/10/49 (c)

    9,063,000       5,991,139  

Commercial Mortgage Pass-Through Certificates Mortgage Trust
3.000%, 12/10/47 (144A)

    2,230,000       1,387,669  

4.354%, 03/10/46 (144A) (c)

    2,710,000       1,729,398  

4.442%, 07/10/50 (c)

    1,726,000       1,296,562  

4.547%, 08/10/48 (144A) (c)

    5,800,000       3,254,106  

Credit Suisse Commercial Mortgage Trust
4.373%, 09/15/37 (144A)

    3,920,000       3,361,799  

5.373%, 12/15/39

    857,851       817,199  

6.228%, 06/15/38 (c)

    4,190,444       2,241,888  

CSAIL Commercial Mortgage Trust
4.394%, 11/15/49 (c)

    3,688,000       3,411,304  

DBUBS Mortgage Trust
3.750%, 08/10/44 (144A)

    5,180,000       2,918,619  

EQTY Mortgage Trust
4.297%, 05/08/31 (144A) (c)

    10,780,000       10,716,324  

5.597%, 05/08/31 (144A) (c)

    11,009,372       10,796,387  

GE Business Loan Trust
1.332%, 05/15/34 (144A) (c)

    684,401       620,485  

GE Commercial Mortgage Corp. Trust
5.677%, 12/10/49 (c)

    240,000       155,382  

GMAC Commercial Mortgage Securities, Inc.
5.349%, 11/10/45 (c)

    1,989,485       1,562,516  

GS Mortgage Securities Trust
4.000%, 10/10/49 (c)

    3,800,000       3,728,212  

4.530%, 05/10/49 (c)

    5,755,000       6,072,231  

4.646%, 06/10/47 (c)

    5,993,000       6,032,787  

5.622%, 11/10/39

    2,506,057       2,359,703  

Hyatt Hotel Portfolio Trust
7.137%, 11/15/19 (144A) (c)

    3,500,000       3,539,422  

JPMorgan Chase Commercial Mortgage Securities Trust
3.462%, 12/15/49 (c)

    6,090,000       5,696,947  

3.958%, 04/15/46 (c)

    3,750,000       3,689,767  

4.212%, 08/15/27 (144A) (c)

    460,000       459,141  

4.512%, 06/15/29 (144A) (c)

    3,540,000       3,540,002  

5.386%, 05/15/47 (c)

    2,280,000       1,538,134  

5.411%, 05/15/47

    2,120,000       1,440,794  

 

BHFTII-278


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Mortgage-Backed Securities—(Continued)  

JPMorgan Chase Commercial Mortgage Securities Trust
5.502%, 06/12/47 (c)

    6,170,000     $ 5,323,437  

5.503%, 01/15/49 (c)

    7,680,000       2,611,200  

5.623%, 05/12/45

    633,666       541,619  

6.066%, 02/15/51 (c)

    1,350,000       1,282,552  

7.137%, 10/15/19 (144A) (c)

    9,900,000       9,955,831  

LB-UBS Commercial Mortgage Trust
6.253%, 09/15/45 (c)

    1,100,000       935,000  

Lone Star Portfolio Trust
7.812%, 09/15/28 (144A) (c)

    5,545,947       5,365,323  

8.130%, 09/15/20 (144A) (c)

    5,030,418       4,985,470  

ML-CFC Commercial Mortgage Trust
5.450%, 08/12/48 (c)

    1,096,373       855,171  

5.450%, 08/12/48 (144A) (c)

    114,325       89,173  

6.182%, 09/12/49 (c)

    9,253,000       6,509,797  

Morgan Stanley Bank of America Merrill Lynch Trust
4.297%, 12/15/49 (c)

    4,870,000       4,694,987  

4.529%, 10/15/48 (144A) (c)

    9,534,000       6,015,060  

Morgan Stanley Capital Trust
3.912%, 11/15/49 (c)

    3,759,000       3,704,155  

4.151%, 12/15/49 (c)

    12,593,000       11,870,216  

5.399%, 12/15/43

    2,816,866       2,253,569  

5.942%, 06/11/49 (c)

    5,560,000       5,259,669  

Multifamily Trust
12.193%, 04/25/46 (144A) (c)

    15,065,192       16,352,136  

UBS-Barclays Commercial Mortgage Trust
4.886%, 05/10/63 (144A) (c)

    4,530,000       2,420,758  

Wachovia Bank Commercial Mortgage Trust
5.477%, 01/15/45 (144A) (c)

    6,466,500       6,047,320  

Waterfall Commercial Mortgage Trust
4.104%, 09/14/22 (144A) (c) (d)

    4,099,692       4,089,581  

Wells Fargo Commercial Mortgage Trust
4.458%, 08/15/50

    6,613,000       6,526,737  

4.495%, 12/15/49 (c)

    6,251,000       6,264,657  

WF-RBS Commercial Mortgage Trust
3.016%, 11/15/47 (144A)

    4,441,004       1,763,544  

3.250%, 06/15/46 (144A)

    8,240,000       5,752,603  
   

 

 

 
      271,052,983  
   

 

 

 

Total Mortgage-Backed Securities
(Cost $497,648,591)

      494,660,814  
   

 

 

 
U.S. Treasury & Government Agencies—8.3%  
Agency Sponsored Mortgage - Backed—6.6%  

Fannie Mae 15 Yr. Pool
2.500%, TBA (i)

    15,000,000       15,007,032  

3.000%, TBA (i)

    15,000,000       15,379,912  

4.000%, 07/01/18

    24,455       25,280  

4.000%, 08/01/18

    33,928       35,072  

4.000%, 03/01/19

    39,771       41,113  

5.000%, 12/01/21

    14,554       15,143  

Fannie Mae 20 Yr. Pool
8.500%, 08/01/19

    6,753       6,975  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
3.000%, TBA (i)

    18,800,000     18,635,500  

3.500%, TBA (i)

    20,500,000       20,969,257  

4.000%, TBA (i)

    18,700,000       19,614,546  

4.500%, 05/01/39

    2,067,907       2,244,773  

4.500%, 08/01/40

    5,611,588       6,040,095  

4.500%, 05/01/41

    3,836,172       4,126,576  

4.500%, 11/01/43

    3,283,119       3,521,659  

5.000%, 01/01/39

    378,694       413,368  

5.000%, 06/01/40

    208,158       227,779  

5.000%, 07/01/40

    152,352       166,671  

6.000%, 07/01/38

    30,431       34,373  

6.500%, 08/01/31

    311       346  

6.500%, 12/01/36

    1,317       1,515  

6.500%, 06/01/37

    25,108       27,916  

6.500%, 10/01/37

    19,768       22,102  

7.000%, 05/01/26

    1,331       1,416  

7.000%, 07/01/30

    272       279  

7.000%, 01/01/31

    278       297  

7.000%, 07/01/31

    1,602       1,787  

7.000%, 09/01/31

    3,082       3,378  

7.000%, 10/01/31

    3,196       3,628  

7.000%, 11/01/31

    23,743       25,505  

7.000%, 01/01/32

    5,816       5,966  

7.000%, 02/01/32

    4,444       4,599  

7.500%, 12/01/29

    480       489  

7.500%, 01/01/30

    525       623  

7.500%, 02/01/30

    336       340  

7.500%, 06/01/30

    433       435  

7.500%, 08/01/30

    86       89  

7.500%, 09/01/30

    580       636  

7.500%, 10/01/30

    89       99  

7.500%, 11/01/30

    10,259       10,856  

7.500%, 02/01/31

    3,530       3,621  

8.000%, 08/01/27

    1,115       1,241  

8.000%, 07/01/30

    668       817  

8.000%, 09/01/30

    405       428  

Fannie Mae REMICS (CMO)
1.332%, 05/25/34 (c)

    140,516       140,087  

4.500%, 06/25/29

    296,072       314,242  

9.750%, 11/25/18

    74,086       77,154  

9.750%, 08/25/19

    23,367       24,316  

Freddie Mac 30 Yr. Gold Pool
3.000%, 11/01/42

    2,451,621       2,444,412  

3.000%, TBA (i)

    20,000,000       19,815,624  

3.500%, TBA (i)

    16,000,000       16,362,499  

4.000%, 03/01/47

    7,971,762       8,368,162  

4.000%, TBA (i)

    11,100,000       11,642,859  

6.000%, 12/01/36

    20,434       23,201  

6.000%, 02/01/37

    27,657       31,346  

7.000%, 03/01/39

    145,018       163,913  

Freddie Mac Multifamily Structured Pass-Through Certificates
1.329%, 08/25/42 (c) (h)

    70,400,000       3,956,832  

Freddie Mac REMICS (CMO)
1,156.500%, 06/15/21 (h)

    4       45  

 

BHFTII-279


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Ginnie Mae I 30 Yr. Pool
5.000%, 04/15/35

    11,310     $ 12,629  

5.500%, 01/15/34

    58,621       66,084  

5.500%, 04/15/34

    19,134       21,728  

5.500%, 07/15/34

    101,985       114,799  

5.500%, 10/15/34

    72,058       80,343  

5.750%, 10/15/38

    99,428       112,489  

6.000%, 02/15/33

    1,900       2,197  

6.000%, 03/15/33

    7,689       8,814  

6.000%, 06/15/33

    5,279       6,100  

6.000%, 07/15/33

    7,912       9,165  

6.000%, 09/15/33

    6,680       7,566  

6.000%, 10/15/33

    3,126       3,569  

6.000%, 08/15/34

    31,245       35,566  

6.500%, 03/15/29

    3,071       3,484  

6.500%, 02/15/32

    1,110       1,304  

6.500%, 03/15/32

    1,137       1,320  

6.500%, 11/15/32

    4,372       5,028  

7.000%, 03/15/31

    196       207  

Ginnie Mae II 30 Yr. Pool
3.000%, TBA (i)

    18,500,000       18,661,875  

3.500%, 03/20/45

    325,879       338,351  

3.500%, 03/20/46

    529,408       553,252  

3.500%, TBA (i)

    25,000,000       25,921,875  

4.000%, 03/20/47

    9,980,829       10,551,543  

5.000%, 08/20/34

    73,134       80,528  

5.500%, 03/20/34

    8,898       10,203  

6.000%, 05/20/32

    12,315       13,833  

6.000%, 11/20/33

    14,783       17,038  

Ginnie Mae II ARM Pool
2.320%, 01/20/60 (c)

    717,517       737,038  

2.692%, 05/20/60 (c)

    640,874       663,461  

Government National Mortgage Association (CMO)
0.665%, 03/16/47 (c) (h)

    9,179,345       229,329  

0.791%, 09/16/56 (c) (h)

    9,845,355       592,594  

0.879%, 04/16/52 (c) (h)

    16,326,672       490,251  

3.000%, 04/20/41

    761,196       778,859  
   

 

 

 
      230,120,646  
   

 

 

 
Federal Agencies—0.1%  

Tennessee Valley Authority
5.980%, 04/01/36

    1,760,000       2,368,390  
   

 

 

 
U.S. Treasury—1.6%  

U.S. Treasury Bonds
2.875%, 11/15/46 (a)

    5,940,000       5,763,422  

3.375%, 05/15/44

    1,160,000       1,237,892  

3.750%, 11/15/43

    380,000       432,399  

U.S. Treasury Floating Rate Notes
0.950%, 10/31/17 (c)

    10,000,000       10,010,440  

1.054%, 01/31/18 (c)

    10,000,000       10,022,500  

U.S. Treasury Inflation Indexed Bonds
0.750%, 02/15/45 (j)

    24,745,200       23,555,649  
U.S. Treasury—(Continued)  

U.S. Treasury Notes
1.875%, 01/31/22

    1,290,000     1,287,177  

2.000%, 12/31/21

    125,000       125,478  

2.125%, 02/29/24

    2,690,000       2,675,498  

2.250%, 02/15/27 (a)

    5,000       4,936  

2.375%, 08/15/24

    10,000       10,080  
   

 

 

 
      55,125,471  
   

 

 

 

Total U.S. Treasury & Government Agencies
(Cost $289,082,768)

      287,614,507  
   

 

 

 
Foreign Government—7.9%  
Regional Government—0.6%  

Japan Finance Organization for Municipalities
4.000%, 01/13/21

    1,900,000       1,998,684  

Provincia de Buenos Aires
6.500%, 02/15/23 (144A) (j)

    18,940,000       18,981,668  
   

 

 

 
      20,980,352  
   

 

 

 
Sovereign—7.3%  

Abu Dhabi Government International Bonds
3.125%, 05/03/26 (144A)

    17,360,000       17,333,960  

Argentine Bonos del Tesoro

   

18.200%, 10/03/21 (ARS)

    300,000,000       20,861,089  

22.750%, 03/05/18 (ARS)

    104,350,000       7,188,367  

Argentine Republic Government International Bonds
5.625%, 01/26/22 (144A)

    2,570,000       2,631,680  

6.875%, 04/22/21 (144A)

    2,150,000       2,309,100  

7.500%, 04/22/26 (144A) (a)

    25,550,000       27,159,650  

7.625%, 04/22/46 (144A)

    1,170,000       1,190,475  

Bahamas Government International Bonds
5.750%, 01/16/24 (144A)

    1,500,000       1,537,500  

Bermuda Government International Bonds
4.138%, 01/03/23 (144A)

    2,000,000       2,047,280  

Brazil Notas do Tesouro Nacional
10.000%, 01/01/21 (BRL)

    25,000,000       8,043,159  

10.000%, 01/01/23 (BRL)

    26,922,000       8,632,356  

Brazilian Government International Bonds
6.000%, 04/07/26 (a)

    31,240,000       33,957,880  

Ecuador Government International Bonds
10.750%, 03/28/22 (144A)

    8,450,000       8,935,875  

Indonesia Government International Bonds
4.750%, 01/08/26 (a)

    7,000,000       7,453,901  

5.125%, 01/15/45

    3,000,000       3,179,160  

5.250%, 01/17/42

    23,090,000       24,695,863  

Kuwait International Government Bonds
3.500%, 03/20/27 (144A)

    9,350,000       9,455,188  

Mexico Government International Bonds
4.125%, 01/21/26 (a)

    8,170,000       8,398,760  

4.750%, 03/08/44

    28,210,000       27,434,225  

Portugal Government International Bonds
5.125%, 10/15/24 (144A)

    14,000,000       13,568,800  

 

BHFTII-280


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—(Continued)

 

Security Description   Principal
Amount*
    Value  
Sovereign—(Continued)  

Russian Federal Bonds - OFZ
7.050%, 01/19/28 (RUB)

    1,079,240,000     $ 18,011,931  
   

 

 

 
      254,026,199  
   

 

 

 

Total Foreign Government
(Cost $267,616,141)

      275,006,551  
   

 

 

 
Floating Rate Loans (k)—7.7%  
Air Freight & Logistics—0.1%  

XPO Logistics, Inc.
Term Loan B, 3.250%, 11/01/21

    3,316,484       3,331,289  
   

 

 

 
Airlines—0.1%  

Air Canada
Term Loan B, 3.755%, 10/06/23

    3,081,208       3,118,182  
   

 

 

 
Building Materials—0.1%  

Quikrete Holdings, Inc.
1st Lien Term Loan, 4.232%, 11/15/23

    3,088,260       3,124,291  
   

 

 

 
Commercial Services—0.7%  

Acosta Holdco, Inc.
Term Loan, 4.289%, 09/26/21

    7,870,356       7,402,070  

Jaguar Holding Co. II
Term Loan B, 4.328%, 08/18/22

    8,251,188       8,288,318  

Prime Security Services Borrower LLC
1st Lien Term Loan, 4.250%, 05/02/22

    8,269,275       8,354,920  
   

 

 

 
      24,045,308  
   

 

 

 
Distributors—0.2%  

American Builders & Contractors Supply Co., Inc.
Term Loan B, 3.732%, 10/31/23

    8,115,000       8,160,647  
   

 

 

 
Diversified Financial Services—0.0%  

Nord Anglia Education Finance LLC
Term Loan, 4.554%, 03/31/21

    907,667       917,595  
   

 

 

 
Electric—0.2%  

Energy Future Intermediate Holding Co. LLC
Term Loan, 4.304%, 06/30/17

    6,240,991       6,246,190  
   

 

 

 
Entertainment—0.4%  

Lions Gate Entertainment Corp.
1st Lien Term Loan, 3.982%, 12/08/23

    6,988,000       7,035,134  

Scientific Games International, Inc.
Term Loan B3, 4.846%, 10/01/21

    6,909,667       7,003,956  
   

 

 

 
      14,039,090  
   

 

 

 
Food—0.2%  

Albertson’s LLC
Term Loan B6, 4.302%, 06/22/23

    6,904,695       6,954,326  
   

 

 

 
Healthcare-Services—0.3%  

DaVita HealthCare Partners, Inc.
Term Loan B, 3.732%, 06/24/21

    3,392,558     3,436,467  

MPH Acquisition Holdings LLC
Term Loan B, 4.897%, 06/07/23

    8,184,194       8,297,578  
   

 

 

 
      11,734,045  
   

 

 

 
Hotels, Restaurants & Leisure—0.1%  

1011778 B.C. Unlimited Liability Co.
Term Loan B3, 3.309%, 02/16/24

    3,131,365       3,142,131  
   

 

 

 
Insurance—0.4%  

RPI Finance Trust
Term Loan B5, 3.647%, 10/14/22

    6,591,863       6,620,702  

UFC Holdings LLC
1st Lien Term Loan, 4.250%, 08/18/23

    8,447,550       8,507,139  
   

 

 

 
      15,127,841  
   

 

 

 
Internet—0.2%  

Ancestry.com Operations, Inc.
1st Lien Term Loan, 4.250%, 10/19/23

    7,959,600       8,042,515  
   

 

 

 
Lodging—0.5%  

Boyd Gaming Corp.
Term Loan B2, 09/15/23 (l)

    4,586,714       4,612,514  

Hilton Worldwide Finance LLC
Term Loan B2, 2.982%, 10/25/23

    2,281,767       2,303,396  

MGM Growth Properties Operating Partnership L.P.
Term Loan B, 3.482%, 04/25/23

    6,876,993       6,921,693  

Station Casinos LLC
Term Loan B, 3.450%, 06/08/23

    3,562,055       3,579,420  
   

 

 

 
      17,417,023  
   

 

 

 
Machinery—0.1%  

Zebra Technologies Corp.
Term Loan B, 3.600%, 10/27/21

    3,854,483       3,891,825  
   

 

 

 
Media—0.5%  

CBS Radio, Inc.
Term Loan B, 4.500%, 10/17/23

    3,079,777       3,112,885  

Charter Communications Operating LLC
Term Loan I Add, 3.232%, 01/15/24

    4,535,639       4,563,674  

Numericable U.S. LLC
Term Loan B10, 4.289%, 01/14/25

    6,664,298       6,680,958  

Univision Communications, Inc.
Term Loan C5, 3.750%, 03/15/24

    3,491,244       3,471,061  
   

 

 

 
      17,828,578  
   

 

 

 
Oil & Gas—0.1%  

Hercules Offshore LLC
Term Loan, 05/06/20 (e) (g)

    1,805,054       1,444,043  
   

 

 

 
Packaging & Containers—0.8%  

Berry Plastics Group, Inc.
Term Loan I, 3.501%, 10/01/22

    8,011,454       8,082,179  

 

BHFTII-281


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (k)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Packaging & Containers—(Continued)  

BWAY Holding Co.
Term Loan B, 03/22/24 (l)

    6,500,000     $ 6,495,938  

Flex Acquisition Co., Inc.
1st Lien Term Loan, 4.250%, 12/29/23

    3,096,000       3,122,124  

Reynolds Group Holdings, Inc.
Term Loan, 3.982%, 02/05/23

    8,074,358       8,117,257  
   

 

 

 
      25,817,498  
   

 

 

 
Pharmaceuticals—0.3%  

Catalent Pharma Solutions, Inc.
Term Loan B, 3.750%, 05/20/21

    1,963,928       1,988,889  

Change Healthcare Holdings, Inc.
Term Loan B, 03/01/24 (l)

    7,100,000       7,120,711  
   

 

 

 
      9,109,600  
   

 

 

 
Professional Services—0.1%  

Trans Union LLC
Term Loan B2, 3.482%, 04/09/23

    3,974,544       4,010,314  
   

 

 

 
Real Estate—0.2%  

Communications Sales & Leasing, Inc.
Term Loan B, 4.000%, 10/24/22

    8,248,602       8,243,405  
   

 

 

 
Retail—1.2%  

Academy, Ltd.
Term Loan B, 5.055%, 07/01/22

    9,859,183       7,367,688  

Bass Pro Group LLC
Term Loan B, 6.147%, 12/16/23

    7,545,000       7,287,210  

CWGS Group LLC
Term Loan, 4.606%, 11/08/23

    1,326,675       1,336,625  

Leslie’s Poolmart, Inc.
Term Loan, 4.774%, 08/16/23

    3,134,250       3,151,228  

Michaels Stores, Inc.
Term Loan B1, 3.750%, 01/30/23

    4,525,042       4,515,616  

Party City Holdings, Inc.
Term Loan, 3.872%, 08/19/22

    4,320,788       4,316,545  

Petco Animal Supplies, Inc.
Term Loan B, 4.287%, 01/26/23

    5,037,035       4,763,147  

PetSmart, Inc.
Term Loan B2, 4.020%, 03/11/22

    9,425,208       9,038,774  
   

 

 

 
      41,776,833  
   

 

 

 
Software—0.1%  

First Data Corp.
Term Loan, 3.984%, 03/24/21

    2,626,330       2,649,310  
   

 

 

 
Telecommunications—0.5%  

Level 3 Financing, Inc.
Term Loan B, 3.227%, 02/22/24

    6,960,000       6,975,660  

UPC Financing Partnership
Term Loan AP, 3.662%, 04/15/25

    4,570,000       4,589,994  

Virgin Media Bristol LLC
Term Loan I, 3.662%, 01/31/25

    2,865,395       2,876,140  

Windstream Services LLC
Term Loan B6, 4.950%, 03/29/21

    3,339,911       3,376,791  
   

 

 

 
      17,818,585  
   

 

 

 
Textiles, Apparel & Luxury Goods—0.1%  

Kate Spade & Co.
Term Loan B, 4.000%, 04/10/21

    3,740,409     3,743,525  
   

 

 

 
Transportation—0.1%  

Commercial Barge Line Co.
1st Lien Term Loan, 9.750%, 11/12/20

    1,974,026       1,835,844  
   

 

 

 
Trucking & Leasing—0.1%  

Avolon TLB Borrower 1 (Luxembourg) S.a.r.l.
Term Loan B2, 03/20/22 (l)

    2,500,000       2,537,847  
   

 

 

 

Total Floating Rate Loans
(Cost $268,593,607)

      266,107,680  
   

 

 

 
Asset-Backed Securities—3.3%  
Asset-Backed - Home Equity—0.8%  

Asset-Backed Securities Corp. Home Equity Loan Trust
3.762%, 04/15/33 (c)

    4,048       3,998  

Bear Stearns Asset-Backed Securities Trust
1.722%, 01/25/34 (c)

    17,884       17,314  

EMC Mortgage Loan Trust
1.228%, 05/25/43 (144A) (c)

    599,039       587,415  

1.428%, 05/25/43 (144A) (c)

    7,660,000       6,519,412  

Structured Asset Securities Corp. Mortgage Loan Trust
1.202%, 02/25/36 (144A) (c)

    2,649,728       183,758  

WaMu Asset-Backed Certificates Trust
1.152%, 07/25/47 (c)

    28,781,549       19,962,738  
   

 

 

 
      27,274,635  
   

 

 

 
Asset-Backed - Manufactured Housing—0.5%  

Conseco Financial Corp.
7.030%, 07/15/28

    7,070,594       6,908,600  

Greenpoint Manufactured Housing
4.412%, 03/18/29 (c)

    400,000       371,749  

4.412%, 02/20/30 (c)

    350,000       318,780  

4.890%, 06/19/29 (c)

    325,000       300,235  

Manufactured Housing Contract Trust Pass-Through Certificates
4.358%, 02/20/32 (c)

    250,000       227,032  

4.391%, 03/13/32 (c)

    425,000       384,296  

Origen Manufactured Housing Contract Trust
2.562%, 10/15/37 (c)

    1,624,728       1,443,665  

2.575%, 04/15/37 (c)

    1,453,356       1,336,803  

UCFC Manufactured Housing Contract
7.095%, 04/15/29 (c)

    4,777,562       4,573,601  
   

 

 

 
      15,864,761  
   

 

 

 
Asset-Backed - Other—1.5%  

Ammc CLO, Ltd.
6.962%, 04/17/29 (144A) (c)

    8,100,000       7,707,264  

Amortizing Residential Collateral Trust
2.782%, 08/25/32 (c)

    33,113       30,620  

 

BHFTII-282


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

 

Security Description  

Principal
Amount*

    Value  
Asset-Backed - Other—(Continued)  

Applebee’s Funding LLC / IHOP Funding LLC
4.277%, 09/05/44 (144A)

    5,210,000     $ 5,103,382  

Bear Stearns Asset-Backed Securities Trust
6.000%, 10/25/36

    1,917,984       1,422,241  

Countrywide Asset-Backed Certificates Trust
2.857%, 06/25/34 (c)

    146,363       138,057  

Countrywide Revolving Home Equity Loan Resecuritization Trust
1.212%, 12/15/33 (144A) (c)

    211,346       182,996  

Countrywide Revolving Home Equity Loan Trust
0.910%, 07/15/36 (c)

    416,297       363,392  

Encore Credit Receivables Trust
2.017%, 10/25/35 (c)

    2,327,806       1,538,120  

First Horizon Asset-Backed Trust
1.142%, 10/25/34 (c)

    29,244       28,605  

GSAMP Trust
1.182%, 01/25/36 (c)

    99,935       15,278  

GSRPM Mortgage Loan Trust
1.282%, 03/25/35 (144A) (c)

    493,228       485,638  

Home Equity Mortgage Loan Asset-Backed Notes
1.152%, 04/25/36 (c)

    136,337       100,475  

HSI Asset Securitization Corp. Trust
1.402%, 11/25/35 (c)

    4,000,000       3,646,384  

Long Beach Mortgage Loan Trust
1.496%, 01/21/31 (c)

    22,022       20,926  

MidOcean Credit CLO IV
4.923%, 04/15/27 (144A) (c)

    1,750,000       1,746,988  

Oaktree CLO, Ltd.
6.630%, 10/20/27 (144A) (c)

    7,050,000       6,705,453  

Ocean Trails CLO
8.773%, 07/15/28 (144A) (c)

    5,120,000       5,134,607  

SACO I Trust
1.242%, 06/25/36 (c)

    332,278       607,348  

1.322%, 03/25/36 (c)

    83,966       152,525  

SBA Small Business Investment Cos.
2.845%, 03/10/27

    12,860,000       12,908,444  

SoFi Consumer Loan Program LLC
3.280%, 01/26/26 (144A)

    5,838,613       5,866,515  
   

 

 

 
      53,905,258  
   

 

 

 
Asset-Backed - Student Loan—0.5%  

DRB Prime Student Loan Trust
3.170%, 07/25/31 (144A)

    3,844,342       3,870,513  

National Collegiate Student Loan Trust
1.832%, 03/25/38 (c)

    8,217,489       4,740,419  

Nelnet Student Loan Trust
Zero Coupon, 03/22/32 (c)

    6,200,000       5,682,436  

SoFi Professional Loan Program LLC
Zero Coupon, 08/25/36 (144A) (d)

    500       2,343,750  
   

 

 

 
      16,637,118  
   

 

 

 

Total Asset-Backed Securities
(Cost $111,578,941)

      113,681,772  
   

 

 

 
Convertible Bonds—0.8%  
Security Description   Shares/
Principal
Amount*
    Value  
Energy-Alternate Sources—0.0%  

LDK Solar Co., Ltd.
5.535%, 12/31/18 (e) (g)

    341,970     7,192  
   

 

 

 
Internet—0.1%  

WebMD Health Corp.
2.625%, 06/15/23 (144A) (a)

    3,630,000       3,446,231  
   

 

 

 
Media—0.0%  

Liberty Media Corp-Liberty Formula One
1.000%, 01/30/23 (144A)

    1,330,000       1,462,169  
   

 

 

 
Oil & Gas—0.3%  

Chesapeake Energy Corp.
5.500%, 09/15/26 (144A)

    2,680,000       2,775,475  

Whiting Petroleum Corp.
1.250%, 04/01/20

    7,350,000       6,403,687  
   

 

 

 
      9,179,162  
   

 

 

 
Semiconductors—0.4%  

Microchip Technology, Inc.
1.625%, 02/15/27 (144A)

    5,140,000       5,207,462  

2.250%, 02/15/37 (144A) (a)

    2,480,000       2,520,300  

ON Semiconductor Corp.
1.625%, 10/15/23 (144A)

    4,620,000       4,790,363  
   

 

 

 
      12,518,125  
   

 

 

 
Software—0.0%  

Akamai Technologies, Inc.
Zero Coupon, 02/15/19 (a)

    1,710,000       1,691,831  
   

 

 

 

Total Convertible Bonds
(Cost $28,166,210)

      28,304,710  
   

 

 

 
Convertible Preferred Stocks—0.6%  
Banks—0.2%  

Wells Fargo & Co., Series L
7.500%, 12/31/49 (a)

    4,965       6,156,600  
   

 

 

 
Oil & Gas—0.2%  

Sanchez Energy Corp.
6.500%, 12/31/49 (a)

    229,650       8,308,967  
   

 

 

 
Pharmaceuticals—0.2%  

Allergan plc
5.500%, 03/01/18

    9,490       8,064,412  
   

 

 

 

Total Convertible Preferred Stocks
(Cost $23,561,591)

      22,529,979  
   

 

 

 

 

BHFTII-283


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Municipals—0.3%

 

Security Description   Shares/
Principal/
Notional
Amount*
    Value  

Brazos River Harbor, TX Navigation District Revenue Bonds Dow Chemical Co. Project
5.950%, 05/15/33

    3,360,000     $ 3,553,032  

Massachusetts State Development Finance Agency Revenue Board Institute, Inc.
5.375%, 04/01/41

    400,000       449,712  

Texas Brazos Harbor Industrial Development Corp., Environmental Facilities Revenue Dow Chemical Project.
5.900%, 05/01/38 (c)

    1,505,000       1,559,090  

Texas Municipal Gas Acquisition & Supply Corp. III
5.000%, 12/15/30

    750,000       805,987  

5.000%, 12/15/31

    1,550,000       1,654,981  

Virginia Housing Development Authority
6.000%, 06/25/34

    757,195       812,849  
   

 

 

 

Total Municipals
(Cost $8,281,797)

      8,835,651  
   

 

 

 
Preferred Stocks—0.1%  
Air Freight & Logistics—0.0%  

CEVA Group plc - Series A2 (g)

    864       172,744  
   

 

 

 
Banks—0.1%  

Citigroup Capital, 7.409% (c)

    66,710       1,777,822  

GMAC Capital Trust, 6.824% (c)

    53,100       1,350,333  
   

 

 

 
      3,128,155  
   

 

 

 
Marine—0.0%  

Tricer Tracking Preferred Equity Certificates, 8.000% (f) (g)

    10,446,300       104,463  
   

 

 

 
Oil & Gas—0.0%  

Berry Petroleum Corp. (g)

    82,628       1,115,478  
   

 

 

 

Total Preferred Stocks
(Cost $5,970,293)

      4,520,840  
   

 

 

 
Purchased Options—0.1%  
Credit Default Swaptions—0.0%  

Put - CDX.NA.HY.27, Exercise Price $104.00, Expires 06/21/17 (Counterparty - Barclays Bank plc)

    68,171,400       207,476  
   

 

 

 
Currency Option—0.1%  

USD Put/MXN Call, Strike Price MXN 20.71, Expires 04/04/17 (Counterparty - Barclays Bank plc)

    39,790,000       3,949,237  
   

 

 

 

Total Purchased Options
(Cost $954,029)

      4,156,713  
   

 

 

 
Common Stocks—0.0%  
Security Description   Shares/
Principal/
Notional
Amount*
    Value  
Air Freight & Logistics—0.0%  

CEVA Group plc (g) (m)

    399     49,875  
   

 

 

 
Diversified Consumer Services—0.0%  

Ascent CNR Corp. - Class A (f) (g) (m)

    1,399,556       27,991  
   

 

 

 
Household Durables—0.0%  

Desarrolladora Homex S.A.B. de C.V. (m)

    220,114       9,829  
   

 

 

 
Marine—0.0%  

Tricer Holdco SCA (f) (g) (m)

    23,504       71,452  
   

 

 

 
Media—0.0%  

Cengage Learning, Inc.

    10,995       115,447  

ION Media Networks, Inc. (f) (g)

    785       447,097  
   

 

 

 
      562,544  
   

 

 

 
Metals & Mining—0.0%  

Mirabela Nickel, Ltd. (f) (g) (m)

    7,827,755       6  
   

 

 

 
Oil & Gas—0.0%  

Berry Petroleum Corp. (g) (m)

    74,879       823,669  
   

 

 

 
Oil, Gas & Consumable Fuels—0.0%  

Pacific Exploration and Production Corp. (m)

    3,963       123,250  
   

 

 

 

Total Common Stocks
(Cost $5,171,113)

      1,668,616  
   

 

 

 
Warrant—0.0%  
Sovereign—0.0%  

Venezuela Government Oil-Linked Payment Obligation, Expires 04/15/20 (m)
(Cost $0)

    1,700       8,925  
   

 

 

 
Escrow Shares—0.0%  
Energy Equipment & Services—0.0%  

Hercules Offshore, Inc. (f) (g)

    10,611       2,992  
   

 

 

 
      2,992  
   

 

 

 
Forest Products & Paper—0.0%  

Sino-Forest Corp. (f)

    1,246,000       0  

Sino-Forest Corp. (f)

    500,000       0  
   

 

 

 
      0  
   

 

 

 
Oil & Gas—0.0%  

Berry Petroleum Co. LLC
6.375%, 09/15/22 (f) (g)

    1,040,000       0  

6.750%, 11/01/20 (f) (g)

    850,000       0  
   

 

 

 
      0  
   

 

 

 

Total Escrow Shares
(Cost $476,680)

      2,992  
   

 

 

 

 

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Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—8.3%

 

Security Description   Shares/
Principal
Amount*
    Value  
Discount Notes—4.7%  

Federal Home Loan Bank
0.512%, 04/21/17 (n)

    25,000,000     $ 24,991,375  

0.515%, 04/24/17 (n)

    75,000,000       74,969,775  

0.585%, 04/26/17 (n)

    25,000,000       24,988,975  

Freddie Mac
0.890%, 09/15/17 (n)

    40,000,000       39,844,160  
   

 

 

 
      164,794,285  
   

 

 

 
Repurchase Agreements—3.6%  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $52,303,574 on 04/03/17, collateralized by $55,160,100 U.S. Treasury Note at 2.125% due 06/30/22 with a value of $55,166,554.

    52,300,000       52,300,000  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $72,360,117 on 04/03/17, collateralized by $72,530,000 U.S. Treasury Notes with rates ranging from 1.375% - 3.500%, maturity dates ranging from 05/15/20 - 05/31/20, with a value of $73,811,257.

    72,359,575       72,359,575  
   

 

 

 
      124,659,575  
   

 

 

 

Total Short-Term Investments
(Cost $289,453,298)

      289,453,860  
   

 

 

 
Securities Lending Reinvestments (o)—12.8%  
Certificates of Deposit—8.4%  

ABN AMRO Bank NV
Zero Coupon, 05/05/17

    5,882,979       5,895,162  

Bank of America N.A.
1.271%, 07/11/17 (c)

    18,000,000       18,019,048  

Canadian Imperial Bank
1.392%, 10/27/17 (c)

    3,500,000       3,504,210  

1.454%, 05/24/17 (c)

    2,751,609       2,750,962  

Chiba Bank, Ltd., New York
1.100%, 04/07/17

    2,000,000       2,000,022  

1.240%, 05/11/17

    3,500,000       3,500,931  

Cooperative Rabobank UA New York
1.422%, 10/13/17 (c)

    4,000,000       4,005,448  

Credit Agricole Corporate and Investment Bank
1.491%, 04/12/17 (c)

    9,000,000       9,001,017  

Credit Industriel et Commercial
1.440%, 04/05/17 (c)

    3,500,000       3,500,151  

Credit Suisse AG New York
1.511%, 04/03/17 (c)

    4,500,000       4,500,072  

1.581%, 04/11/17 (c)

    6,500,000       6,500,533  

Danske Bank A/S London
Zero Coupon, 05/12/17

    10,968,162       10,988,670  
Certificates of Deposit—(Continued)  

DNB NOR Bank ASA
1.279%, 07/28/17 (c)

    7,300,000     7,303,227  

ING Bank NV
1.461%, 04/18/17 (c)

    10,000,000       10,004,261  

KBC Bank NV
1.120%, 05/08/17

    2,500,000       2,500,375  

1.150%, 04/18/17

    10,000,000       10,000,900  

1.150%, 04/27/17

    10,000,000       9,994,100  

Mitsubishi UFJ Trust and Banking Corp.
1.581%, 04/11/17 (c)

    8,000,000       8,000,976  

Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (c)

    3,000,000       3,001,728  

1.591%, 04/11/17 (c)

    8,000,000       8,000,608  

1.643%, 04/18/17 (c)

    6,800,000       6,800,986  

National Australia Bank London
1.199%, 05/02/17 (c)

    13,000,000       13,004,555  

Natixis New York
1.241%, 08/03/17 (c)

    10,000,000       10,006,440  

1.444%, 04/07/17 (c)

    3,500,000       3,500,193  

Norinchukin Bank New York
1.346%, 08/21/17 (c)

    8,000,000       8,002,504  

1.451%, 07/12/17 (c)

    15,000,000       15,013,275  

Rabobank London
1.422%, 10/13/17 (c)

    4,000,000       4,009,780  

Royal Bank of Canada New York
1.340%, 04/04/17 (c)

    3,500,000       3,499,913  

1.422%, 10/13/17 (c)

    2,000,000       2,003,578  

Sumitomo Bank New York
1.410%, 05/05/17 (c)

    5,000,000       5,000,974  

Sumitomo Mitsui Banking Corp., New York
1.284%, 08/01/17 (c)

    7,700,000       7,704,119  

1.534%, 04/07/17 (c)

    3,500,000       3,500,203  

1.591%, 04/12/17 (c)

    5,000,000       5,000,997  

Sumitomo Mitsui Trust Bank, Ltd.
1.120%, 05/08/17

    2,500,000       2,500,375  

Sumitomo Mitsui Trust Bank, Ltd., New York
1.359%, 06/02/17 (c)

    1,000,000       1,000,648  

1.558%, 04/10/17 (c)

    6,000,000       6,000,756  

1.572%, 04/26/17 (c)

    14,000,000       14,004,634  

Svenska Handelsbanken New York
1.508%, 05/18/17 (c)

    10,000,000       10,005,170  

Toronto Dominion Bank New York
1.221%, 03/13/18 (c)

    10,300,000       10,296,371  

1.330%, 01/10/18 (c)

    5,000,000       5,000,980  

UBS, Stamford
1.301%, 05/12/17 (c)

    5,700,000       5,701,402  

1.589%, 07/31/17 (c)

    4,209,103       4,211,569  

Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (c)

    7,000,000       7,011,445  

1.452%, 04/26/17 (c)

    7,300,000       7,301,942  
   

 

 

 
      293,055,210  
   

 

 

 
Commercial Paper—2.8%  

Barton Capital S.A.
1.110%, 04/21/17

    7,977,307       7,994,664  

 

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (o)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Commercial Paper—(Continued)  

Commonwealth Bank Australia
1.389%, 10/23/17 (c)

    7,000,000     $ 7,008,554  

DCAT LLC
1.200%, 04/11/17

    2,597,227       2,599,282  

Den Norske ASA
1.432%, 04/27/17 (c)

    7,300,000       7,301,577  

HSBC plc
1.442%, 04/25/17 (c)

    17,400,000       17,403,132  

Kells Funding LLC
1.100%, 06/05/17

    7,371,510       7,384,066  

LMA S.A. & LMA Americas
1.090%, 05/10/17

    1,994,066       1,997,562  

1.120%, 04/13/17

    6,980,400       6,997,508  

Macquarie Bank, Ltd.
1.120%, 04/20/17

    5,983,200       5,996,106  

1.120%, 04/24/17

    6,481,800       6,495,092  

Ridgefield Funding Co. LLC
1.184%, 09/07/17 (c)

    3,000,000       2,999,646  

Sheffield Receivables Co.
1.170%, 04/04/17

    4,486,984       4,499,672  

Versailles Commercial Paper LLC
1.120%, 04/24/17

    6,980,400       6,995,709  

Westpac Banking Corp.
1.380%, 10/20/17 (c)

    11,600,000       11,621,023  
   

 

 

 
      97,293,593  
   

 

 

 
Repurchase Agreements—0.8%  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $2,012,897 on 07/03/17, collateralized by various Common Stock with a value of $2,200,000.

    2,000,000       2,000,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $7,968 on 04/03/17, collateralized by $8,061 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $8,126.

    7,967       7,967  

Deutsche Bank AG, London
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $5,003,250 on 04/03/17, collateralized by $772,491 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $5,489,933.

    5,000,000       5,000,000  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $500,054 on 04/03/17, collateralized by $77,249 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $548,993.

    500,000       500,000  
Repurchase Agreements—(Continued)  

Deutsche Bank Securities, Inc.
Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $9,554,720 on 06/02/17, collateralized by various Common Stock with a value of $10,450,000.

    9,500,000     9,500,000  

Goldman Sachs & Co.
Repurchase Agreement dated 03/31/17 at 0.790% to be repurchased at $523,453 on 04/03/17, collateralized by $2,621,609 U.S. Government Agency Obligations with rates ranging from 2.000% - 10.500%, maturity dates ranging from 06/20/17 - 03/20/47, with a value of $533,887.

    523,419       523,419  

Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $9,593,021 on 07/03/17, collateralized by various Common Stock with a value of $10,450,000.

    9,500,000       9,500,000  
   

 

 

 
      27,031,386  
   

 

 

 
Time Deposits—0.8%  

OP Corporate Bank plc
1.180%, 04/24/17

    6,000,000       6,000,000  

1.200%, 04/10/17

    6,000,000       6,000,000  

Shinkin Central Bank
1.350%, 04/21/17

    2,500,000       2,500,000  

1.440%, 04/26/17

    9,600,000       9,600,000  

1.440%, 04/27/17

    2,000,000       2,000,000  
   

 

 

 
      26,100,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $443,332,864)

      443,480,189  
   

 

 

 

Total Investments—118.0%
(Cost $4,046,819,404) (p)

      4,095,481,488  

Other assets and liabilities (net)—(18.0)%

      (625,791,464
   

 

 

 
Net Assets—100.0%     $ 3,469,690,024  
   

 

 

 

 

*   Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $421,163,215 and the collateral received consisted of cash in the amount of $443,196,132. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)   Payment-in-kind security for which part of the income earned may be paid as additional principal.
(c)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.

 

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Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

(d)   Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $12,090,434, which is 0.3% of net assets. See details shown in the Restricted Securities table that follows.
(e)   Non-income producing; security is in default and/or issuer is in bankruptcy.
(f)   Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.05% of net assets.
(g)   Illiquid security. As of March 31, 2017, these securities represent 0.4% of net assets.
(h)   Interest only security.
(i)   TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(j)   Principal amount of security is adjusted for inflation.
(k)   Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined
  either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(l)   This loan will settle after March 31, 2017, at which time the interest rate will be determined.
(m)   Non-income producing security.
(n)   The rate shown represents current yield to maturity.
(o)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(p)   As of March 31, 2017, the aggregate cost of investments was $4,046,819,404. The aggregate unrealized appreciation and depreciation of investments were $110,368,012 and $(61,705,928), respectively, resulting in net unrealized appreciation of $48,662,084.
(144A)—   Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $1,158,546,896, which is 33.4% of net assets.
(ARM)—   Adjustable-Rate Mortgage
(ARS)—   Argentine Peso
(BRL)—   Brazilian Real
(CLO)—   Collateralized Loan Obligation
(CMO)—   Collateralized Mortgage Obligation
(GBP)—   British Pound
(REMIC)—   Real Estate Mortgage Investment Conduit
(RUB)—   Russian Ruble

 

Restricted Securities

   Acquisition
Date
     Principal
Amount
     Cost      Value  

Alta Wind Holdings LLC, 7.000%, 06/30/35

     07/14/10      $ 1,510,573      $ 1,510,573      $ 1,655,888  

Bayview Commercial Asset Trust, Zero Coupon, 07/25/37

     11/23/10        3,816,979        363,806        0  

Compiler Finance Sub, Inc., 7.000%, 05/01/21

     04/10/15        70,000        57,210        35,000  

Countrywide Home Loan Reperforming Loan REMIC Trust, 5.438%, 03/25/35

     01/08/15        7,955,462        1,158,514        1,012,688  

Midwest Vanadium Pty, Ltd., 11.500%, 02/15/18

     05/05/11 - 05/24/11        952,902        982,680        23,822  

Mirabela Nickel, Ltd., 1.000%, 09/10/44

     09/10/14 - 10/21/16        36,414        32,881        0  

NSG Holdings LLC / NSG Holdings, Inc., 7.750%, 12/15/25

     01/25/13        2,725,307        2,881,959        2,929,705  

SoFi Professional Loan Program LLC, Zero Coupon, 08/25/36

     08/05/15        500        2,964,375        2,343,750  

Waterfall Commercial Mortgage Trust, 4.104%, 09/14/22

     09/08/15 - 11/18/16        4,099,692        4,086,170        4,089,581  
           

 

 

 
            $ 12,090,434  
           

 

 

 

 

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Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts

 

 

Contracts to Buy

    

Counterparty

     Settlement
Date
       In Exchange
for
       Unrealized
Appreciation/
(Depreciation)
 
ARS     232,614,000     

Citibank N.A.

       08/15/17        $ 13,881,602        $ 352,610  
ARS     295,610,000     

JPMorgan Chase Bank N.A.

       11/15/17          17,013,525          326,405  
AUD     2,855,001     

Bank of America N.A.

       04/20/17          2,179,108          1,480  
EUR     4,157,919     

Bank of America N.A.

       04/20/17          4,390,285          48,535  
EUR     3,968     

Citibank N.A.

       04/20/17          4,254          (18
EUR     190,000     

Citibank N.A.

       04/20/17          204,889          (2,053
EUR     349,008     

Citibank N.A.

       04/20/17          372,043          544  
EUR     1,189,001     

Citibank N.A.

       04/20/17          1,281,464          (12,136
GBP     1,000,000     

Bank of America N.A.

       04/20/17          1,251,090          2,276  
GBP     28,020,000     

Bank of America N.A.

       04/20/17          34,990,115          129,213  
IDR     470,282,000,000     

Citibank N.A.

       04/20/17          34,869,281          362,941  
INR     4,073,010,000     

Citibank N.A.

       04/20/17          58,935,176          3,651,266  
KRW     41,204,220,000     

Barclays Bank plc

       04/20/17          35,814,185          1,039,433  
RUB     3,159,980,000     

Barclays Bank plc

       04/20/17          51,473,856          4,462,096  
ZAR     32,010,000     

Morgan Stanley & Co. International plc

       04/20/17          2,485,711          (106,336
ZAR     202,617,000     

Morgan Stanley & Co. International plc

       04/20/17          15,530,372          (469,395

Contracts to Deliver

                                 
AUD     14,963,932     

Barclays Bank plc

       04/20/17        $ 11,208,883        $ (220,245
BRL     59,007,677     

Goldman Sachs Capital Markets, Inc.

       04/20/17          17,960,030          (818,041
CAD     83,760,528     

Barclays Bank plc

       04/20/17          63,880,087          879,241  
CNY     180,500,000     

Citibank N.A.

       04/20/17          25,714,082          (451,683
EUR     647,001     

Barclays Bank plc

       04/20/17          696,268          5,557  
EUR     407,001     

Barclays Bank plc

       04/20/17          434,077          (420
EUR     1,998,001     

Citibank N.A.

       04/20/17          2,167,515          34,534  
EUR     1,270,001     

Citibank N.A.

       04/20/17          1,349,833          (5,966
EUR     1,256,406     

Citibank N.A.

       04/20/17          1,340,658          (628
EUR     1,241,001     

JPMorgan Chase Bank N.A.

       04/20/17          1,311,398          (13,442
GBP     39,900,000     

Bank of America N.A.

       04/20/17          50,072,904          63,582  
GBP     6,205,525     

Citibank N.A.

       04/20/17          7,590,163          (187,633
GBP     1,656,627     

Citibank N.A.

       04/20/17          2,075,627          (733
GBP     1,700,000     

JPMorgan Chase Bank N.A.

       04/20/17          2,120,590          (10,133
IDR     234,561     

Citibank N.A.

       04/20/17          17           
IDR     237,292,010,000     

JPMorgan Chase Bank N.A.

       04/20/17          17,734,829          (42,430
INR     2,905,580,000     

JPMorgan Chase Bank N.A.

       04/20/17          43,360,394          (1,287,155
JPY     6,921,047,962     

Citibank N.A.

       04/20/17          60,136,485          (2,065,025
JPY     2,184,390,000     

JPMorgan Chase Bank N.A.

       04/20/17          19,643,442          11,681  
JPY     1,076,210,000     

JPMorgan Chase Bank N.A.

       04/20/17          9,407,841          (264,377
JPY     864,048,572     

JPMorgan Chase Bank N.A.

       04/20/17          7,798,624          33,164  
KRW     41,204,220,000     

Barclays Bank plc

       04/20/17          34,236,139          (2,617,480
MXN     225,577,558     

Goldman Sachs Capital Markets, Inc.

       04/06/17          10,345,400          (1,699,421
MXN     368,438,860     

Citibank N.A.

       04/20/17          16,849,852          (2,780,408
NZD     100,000     

Barclays Bank plc

       04/20/17          71,164          1,093  
NZD     7,800,000     

Citibank N.A.

       04/20/17          5,637,926          172,393  
RUB     1,773,420,000     

Barclays Bank plc

       04/20/17          30,040,756          (1,351,194
RUB     1,386,560,000     

Barclays Bank plc

       04/20/17          22,923,538          (1,620,463
TWD     2,718,785,000     

Citibank N.A.

       04/20/17          84,776,583          (4,879,032
                   

 

 

 

Net Unrealized Depreciation

 

     $ (9,327,803
                   

 

 

 

 

 

BHFTII-288


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts

 

 

Futures Contracts—Long

   Expiration
Date
     Number of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
 

90 Day Eurodollar Futures

     06/19/17        1,819       USD        448,774,198     $ 109,526  

90 Day Eurodollar Futures

     12/17/18        1,296       USD        317,168,612       318,988  

Euro-BTP Futures

     06/08/17        814       EUR        106,006,033       400,719  

Euro-Buxl 30 Year Bond Futures

     06/08/17        151       EUR        25,259,249       206,224  

U.S. Treasury Long Bond Futures

     06/21/17        554       USD        81,895,777       1,671,660  

U.S. Treasury Note 10 Year Futures

     06/21/17        1,715       USD        212,965,266       659,422  

U.S. Treasury Note 2 Year Futures

     06/30/17        25       USD        5,410,198       1,130  

Futures Contracts—Short

                                

3 Month Euribor

     12/17/18        (1,110     EUR        (277,476,056     (277,175

90 Day Eurodollar Futures

     06/17/19        (1,819     USD        (444,442,250     (485,150

90 Day Eurodollar Futures

     12/16/19        (1,296     USD        (316,152,188     (347,212

Euro-Bobl Futures

     06/08/17        (792     EUR        (104,007,513     (403,343

Euro-Bund Futures

     06/08/17        (973     EUR        (158,426,315     1,455,813  

U.S. Treasury Note 5 Year Futures

     06/30/17        (1,753     USD        (206,219,131     (155,534

U.S. Treasury Note Ultra 10 Year Futures

     06/21/17        (373     USD        (48,978,462     (962,741

U.S. Treasury Ultra Long Bond Futures

     06/21/17        (472     USD        (74,705,412     (1,109,587
            

 

 

 

Net Unrealized Appreciation

 

  $ 1,082,740  
            

 

 

 

Written Options

 

Credit Default
Swaptions

  Strike
Rate
 

Counterparty

 

Reference
Obligation

  Buy/Sell
Protection
  Expiration
Date
    Notional
Amount
    Premiums
Received
    Market
Value
    Unrealized
Appreciation
 

Put - CDS

  $100.00   Barclays Bank plc   CDX.NA.HY.27   Sell     06/21/17       USD       (68,171,400   $ (163,611   $ (63,341   $ 100,270  
               

 

 

   

 

 

   

 

 

 

Swap Agreements

OTC Interest Rate Swaps

 

Pay/Receive
Floating Rate

   Floating
Rate Index
   Fixed
Rate
    Maturity
Date
  

Counterparty

   Notional
Amount
     Market
Value
     Upfront
Premium
Paid/(Received)
     Unrealized
Appreciation
 

Pay

   1 Day CDI      14.850   01/04/21    Bank of America N.A.      BRL        190,843,760      $ 7,664,978      $      $ 7,664,978  
                   

 

 

    

 

 

    

 

 

 

Centrally Cleared Interest Rate Swaps

 

Pay/Receive Floating Rate

   Floating
Rate Index
   Fixed
Rate
    Maturity
Date
     Notional
Amount
     Unrealized
Appreciation/
(Depreciation)
 

Pay

   3M NZD-BBR-FRA      2.103     08/02/21        NZD        56,400,000      $ (1,152,971

Pay

   3M NZD-BBR-FRA      2.105     08/04/21        NZD        55,490,000        (1,133,792

Pay

   3M NZD-BBR-FRA      2.105     08/04/21        NZD        55,490,000        (1,133,792

Pay

   3M LIBOR      1.185     06/13/21        USD        56,430,000        (1,813,982

Pay

   3M LIBOR      1.340     12/08/18        USD        913,070,000        (3,222,726

Pay

   3M LIBOR      1.355     12/13/18        USD        851,950,000        (2,844,687

Receive

   3M CDOR      1.085     12/09/18        CAD        1,116,900,000        (84,407

Receive

   3M LIBOR      1.081     08/02/21        USD        38,970,000        1,486,151  

Receive

   3M LIBOR      1.142     08/04/21        USD        38,950,000        1,389,540  

Receive

   3M LIBOR      1.144     08/04/21        USD        38,950,000        1,386,280  

Receive

   3M LIBOR      1.580     06/13/26        USD        56,280,000        3,751,265  

Receive

   3M LIBOR      1.674     11/30/22        USD        99,324,000        2,427,122  

Receive

   3M STIBOR      0.220     03/14/19        SEK        3,817,370,000        (522,930

Receive

   6M LIBOR      0.664     12/06/18        GBP        713,670,000        (1,011,203
                

 

 

 

Net Unrealized Depreciation

 

   $ (2,480,132
                

 

 

 

 

BHFTII-289


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

 

Reference Obligation

   Fixed Deal
(Pay) Rate
     Maturity
Date
     Implied Credit
Spread at
March 31,
2017(b)
   Notional
Amount(c)
     Unrealized
Depreciation
 

CDX.NA.HY.27

     (5.000%)        12/20/21      3.088%      USD        56,137,950      $ (2,607,476)  
                 

 

 

 

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

 

Reference Obligation

   Fixed Deal
Receive Rate
     Maturity
Date
     Implied Credit
Spread at
March 31,
2017(b)
   Notional
Amount(c)
     Unrealized
Appreciation
 

CDX.NA.IG.28

     1.000%        06/20/22      0.662%      USD        80,160,000      $ 67,430  
                 

 

 

 

Securities in the amount of $7,908,335 have been received at the custodian bank as collateral for OTC swap contracts.

 

(a)   If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)   Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)   The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)   If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(ARS)—   Argentine Peso
(AUD)—   Australian Dollar
(BRL)—   Brazilian Real
(CAD)—   Canadian Dollar
(CNY)—   Chinese Yuan
(EUR)—   Euro
(GBP)—   British Pound
(IDR)—   Indonesian Rupiah
(INR)—   Indian Rupee
(JPY)—   Japanese Yen
(KRW)—   South Korean Won
(MXN)—   Mexican Peso
(NZD)—   New Zealand Dollar
(RUB)—   Russian Ruble
(SEK)—   Swedish Krona
(TWD)—   Taiwanese Dollar
(USD)—   United States Dollar
(ZAR)—   South African Rand
(BBR)—   Bank Bill Rate
(CDI)—   Brazil Interbank Deposit Rate
(CDOR)—   Canadian Dollar Offered Rate
(CDS)—   Credit Default Swap
(CDX.NA.HY)—   Markit North America High Yield CDS Index
(CDX.NA.IG)—   Markit North America Investment Grade CDS Index
(EURIBOR)—   Euro InterBank Offered Rate
(LIBOR)—   London Interbank Offered Rate
(STIBOR)—   Stockholm Interbank Offered Rate

 

BHFTII-290


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1      Level 2     Level 3      Total  

Total Corporate Bonds & Notes*

   $ —        $ 1,855,447,689     $ 0      $ 1,855,447,689  

Total Mortgage-Backed Securities*

     —          494,660,814       —          494,660,814  

Total U.S. Treasury & Government Agencies*

     —          287,614,507       —          287,614,507  

Total Foreign Government*

     —          275,006,551       —          275,006,551  

Total Floating Rate Loans*

     —          266,107,680       —          266,107,680  

Total Asset-Backed Securities*

     —          113,681,772       —          113,681,772  

Total Convertible Bonds*

     —          28,304,710       —          28,304,710  

Total Convertible Preferred Stocks*

     22,529,979        —         —          22,529,979  

Total Municipals

     —          8,835,651       —          8,835,651  
Preferred Stocks           

Air Freight & Logistics

     —          172,744       —          172,744  

Banks

     3,128,155        —         —          3,128,155  

Marine

     —          —         104,463        104,463  

Oil & Gas

     —          1,115,478       —          1,115,478  

Total Preferred Stocks

     3,128,155        1,288,222       104,463        4,520,840  

Total Purchased Options*

     —          4,156,713       —          4,156,713  
Common Stocks           

Air Freight & Logistics

     —          49,875       —          49,875  

Diversified Consumer Services

     —          —         27,991        27,991  

Household Durables

     9,829        —         —          9,829  

Marine

     —          —         71,452        71,452  

Media

     —          115,447       447,097        562,544  

Metals & Mining

     —          —         6        6  

Oil & Gas

     —          823,669       —          823,669  

Oil, Gas & Consumable Fuels

     123,250        —         —          123,250  

Total Common Stocks

     133,079        988,991       546,546        1,668,616  

Total Warrant*

     —          8,925       —          8,925  

Total Escrow Shares*

     —          —         2,992        2,992  

Total Short-Term Investments*

     —          289,453,860       —          289,453,860  

Total Securities Lending Reinvestments*

     —          443,480,189       —          443,480,189  

Total Investments

   $ 25,791,213      $ 4,069,036,274     $ 654,001      $ 4,095,481,488  
                                    

Collateral for Securities Loaned (Liability)

   $ —        $ (443,196,132   $ —        $ (443,196,132

 

BHFTII-291


Table of Contents

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

 

Description    Level 1     Level 2     Level 3      Total  
Forward Contracts          

Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)

   $ —       $ 11,578,044     $ —        $ 11,578,044  

Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)

     —         (20,905,847     —          (20,905,847

Total Forward Contracts

   $ —       $ (9,327,803   $ —        $ (9,327,803
Futures Contracts          

Futures Contracts (Unrealized Appreciation)

   $ 4,823,482     $ —       $ —        $ 4,823,482  

Futures Contracts (Unrealized Depreciation)

     (3,740,742     —         —          (3,740,742

Total Futures Contracts

   $ 1,082,740     $ —       $ —        $ 1,082,740  

Written Options at Value

   $ —       $ (63,341   $ —        $ (63,341
Centrally Cleared Swap Contracts          

Centrally Cleared Swap Contracts (Unrealized Appreciation)

   $ —       $ 10,507,788     $ —        $ 10,507,788  

Centrally Cleared Swap Contracts (Unrealized Depreciation)

     —         (15,527,966     —          (15,527,966

Total Centrally Cleared Swap Contracts

   $ —       $ (5,020,178   $ —        $ (5,020,178
OTC Swap Contracts          

OTC Swap Contracts at Value (Assets)

   $ —       $ 7,664,978     $ —        $ 7,664,978  

 

*   See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

Transfers from Level 3 to Level 2 in the amount of $3,234,265 were due to the initiation of a vendor or broker providing prices that are based on market activity which has been determined to be significant observable inputs. Transfers from Level 1 to Level 3 in the amount of $31,729 were due to a decline in market activity for significant observable inputs, which resulted in a lack of available market inputs to determine price.

 

BHFTII-292


Table of Contents

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—88.8% of Net Assets

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—28.1%  

Fannie Mae 15 Yr. Pool
2.500%, TBA (a)

    9,400,000     $ 9,404,407  

3.000%, TBA (a)

    6,200,000       6,357,030  

3.500%, TBA (a)

    15,000,000       15,608,332  

4.500%, 03/01/20

    47,553       48,769  

5.000%, 03/01/18

    24,257       24,929  

Fannie Mae 20 Yr. Pool
4.500%, 11/01/31

    887,722       954,583  

4.500%, 12/01/31

    1,220,963       1,312,722  

Fannie Mae 30 Yr. Pool
3.000%, 09/01/42

    9,796,691       9,766,350  

3.000%, 11/01/46

    7,098,897       7,041,659  

3.000%, TBA (a)

    37,400,000       37,072,750  

3.500%, TBA (a)

    14,900,000       15,241,070  

4.000%, 02/01/40

    843,779       896,985  

4.000%, 06/01/42

    7,564,772       8,040,112  

4.000%, 07/01/42

    3,850,464       4,052,075  

4.000%, 05/01/43

    18,270,012       19,363,677  

4.000%, 10/01/43

    10,085,699       10,690,222  

4.000%, TBA (a)

    58,000,000       60,836,560  

4.500%, 04/01/41

    10,354,710       11,146,679  

4.500%, 10/01/41

    6,766,058       7,272,555  

4.500%, 07/01/44

    286,190       309,957  

4.500%, 10/01/44

    1,775,121       1,920,971  

4.500%, 01/01/45

    155,683       169,300  

4.500%, TBA (a)

    5,100,000       5,468,156  

5.000%, 07/01/33

    282,694       309,990  

5.000%, 09/01/33

    337,584       370,262  

5.000%, 10/01/35

    947,939       1,039,353  

5.000%, 03/01/36

    1,517,297       1,660,207  

5.000%, 01/01/39

    12,111       13,376  

5.000%, 12/01/39

    23,973       26,553  

5.000%, 05/01/40

    58,421       64,451  

5.000%, 07/01/40

    44,924       49,733  

5.000%, 11/01/40

    1,175,107       1,300,321  

5.000%, 01/01/41

    62,781       69,618  

5.000%, 02/01/41

    68,015       74,581  

5.000%, 04/01/41

    127,569       141,380  

5.000%, 05/01/41

    2,556,786       2,836,667  

5.000%, 06/01/41

    262,082       290,910  

5.000%, 07/01/41

    2,422,616       2,644,434  

5.000%, TBA (a)

    2,800,000       3,059,463  

6.000%, 04/01/33

    83,515       95,342  

6.000%, 02/01/34

    17,606       20,132  

6.000%, 11/01/35

    182,422       208,632  

6.000%, 08/01/37

    388,275       444,080  

6.500%, 03/01/26

    1,114       1,239  

6.500%, 04/01/29

    64,355       71,554  

7.000%, 11/01/28

    1,947       2,126  

7.000%, 02/01/29

    666       667  

7.000%, 01/01/30

    2,182       2,238  

7.000%, 10/01/37

    18,118       19,991  

7.000%, 11/01/37

    20,879       22,864  

7.000%, 12/01/37

    20,821       23,059  

7.000%, 02/01/38

    17,916       19,546  

7.000%, 08/01/38

    9,213       10,317  
Agency Sponsored Mortgage - Backed—(Continued)  

Fannie Mae 30 Yr. Pool
7.000%, 09/01/38

    3,032     3,125  

7.000%, 11/01/38

    124,142       140,302  

7.000%, 02/01/39

    1,373,985       1,581,340  

7.500%, 04/01/32

    13,401       13,717  

8.000%, 05/01/28

    4,146       4,660  

8.000%, 07/01/32

    872       946  

Fannie Mae Interest Strip (CMO)
3.500%, 11/25/41 (b)

    2,836,262       499,742  

4.000%, 04/25/42 (b)

    3,911,951       727,835  

4.500%, 11/25/39 (b)

    2,210,182       453,270  

Fannie Mae Pool
3.500%, 08/01/42

    12,246,704       12,567,916  

3.500%, 09/01/42

    837,519       859,446  

3.500%, 10/01/42

    5,846,769       5,999,833  

4.000%, 10/01/42

    3,589,940       3,798,008  

4.000%, 11/01/42

    2,432,747       2,573,857  

4.000%, 07/01/43

    75,675       80,070  

4.000%, 08/01/43

    1,724,989       1,824,424  

6.500%, 12/01/27

    4,483       4,523  

6.500%, 05/01/32

    20,701       22,858  

Fannie Mae REMIC Trust Whole Loan (CMO)
3.791%, 01/25/43 (c)

    345,428       373,307  

Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/42 (d)

    593,832       546,125  

3.000%, 12/25/27 (b)

    8,049,203       753,916  

5.168%, 03/25/42 (b) (c)

    9,659,673       1,471,527  

5.168%, 12/25/42 (b) (c)

    1,088,656       244,077  

5.500%, 07/25/41

    8,362,992       9,533,168  

5.500%, 04/25/42

    2,454,150       2,720,059  

5.548%, 01/25/41 (b) (c)

    1,546,735       252,019  

5.568%, 10/25/41 (b) (c)

    6,018,701       981,201  

5.668%, 02/25/41 (b) (c)

    878,383       123,225  

5.668%, 03/25/42 (b) (c)

    2,335,741       391,976  

6.000%, 05/25/42

    1,596,725       1,806,309  

6.500%, 06/25/39

    290,377       319,725  

6.500%, 07/25/42

    2,899,290       3,305,216  

9.750%, 11/25/18

    279,881       291,472  

9.750%, 08/25/19

    85,677       89,159  

Fannie Mae-ACES (CMO)
2.037%, 09/25/26

    2,529,240       2,438,594  

2.499%, 09/25/26

    3,850,000       3,675,903  

Freddie Mac 30 Yr. Gold Pool
3.000%, TBA (a)

    10,000,000       9,907,812  

3.500%, TBA (a)

    36,700,000       37,531,483  

4.000%, 07/01/43

    5,418,015       5,742,264  

4.000%, 08/01/43

    5,349,709       5,669,873  

4.000%, 03/01/47

    24,712,461       25,941,303  

4.500%, 06/01/38

    1,856,282       1,996,430  

5.000%, 08/01/33

    26,886       29,527  

5.000%, 06/01/41

    5,867,052       6,471,217  

6.000%, 10/01/36

    995,243       1,135,859  

6.500%, 09/01/39

    351,892       398,090  

8.000%, 12/01/19

    149       149  

8.000%, 09/01/30

    3,822       4,468  

 

BHFTII-293


Table of Contents

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  

Freddie Mac 30 Yr. Non-Gold Pool
8.000%, 07/01/20

    223     $ 224  

Freddie Mac Gold Pool
3.500%, 10/01/42

    1,251,767       1,283,657  

3.500%, 02/01/44

    565,193       579,629  

4.000%, 04/01/43

    1,886,916       1,996,254  

4.000%, 08/01/43

    1,131,486       1,196,717  

Freddie Mac REMICS (CMO)
4.500%, 04/15/32

    304,579       327,962  

6.000%, 05/15/36

    690,523       776,387  

8.500%, 06/15/21

    9,129       9,823  

Ginnie Mae I 30 Yr. Pool
5.500%, 06/15/36

    547,873       618,607  

6.000%, 03/15/33

    968,022       1,147,044  

6.500%, 06/15/31

    3,156       3,580  

6.500%, 08/15/34

    201,757       228,826  

7.500%, 09/15/29

    2,251       2,508  

7.500%, 02/15/30

    1,605       1,666  

8.500%, 05/15/18

    2,199       2,205  

8.500%, 06/15/25

    28,966       33,618  

Ginnie Mae II 30 Yr. Pool
3.000%, 08/20/46

    28,312,068       28,593,655  

3.000%, TBA (a)

    36,700,000       37,021,125  

3.500%, TBA (a)

    24,000,000       24,885,000  

4.000%, 09/20/45

    2,106,656       2,238,697  

4.000%, 11/20/45

    11,472,080       12,181,036  

4.500%, 01/20/40

    861,562       933,514  

4.500%, 05/20/40

    1,161,718       1,254,193  

4.500%, 09/20/40

    23,868       25,778  

4.500%, 01/20/41

    185,253       200,002  

4.500%, 07/20/41

    1,276,029       1,377,619  

5.000%, 07/20/40

    888,949       976,610  

6.000%, 11/20/34

    1,768       2,042  

6.000%, 06/20/35

    2,862       3,305  

6.000%, 07/20/36

    165,044       189,297  

6.000%, 09/20/36

    8,208       9,266  

6.000%, 07/20/38

    435,455       493,865  

6.000%, 09/20/38

    1,179,250       1,337,439  

6.000%, 06/20/39

    5,070       5,832  

6.000%, 05/20/40

    108,947       124,386  

6.000%, 06/20/40

    273,113       306,195  

6.000%, 08/20/40

    156,655       179,764  

6.000%, 09/20/40

    365,159       415,388  

6.000%, 10/20/40

    231,818       260,734  

6.000%, 11/20/40

    310,909       358,457  

6.000%, 01/20/41

    260,583       301,316  

6.000%, 03/20/41

    1,266,344       1,420,898  

6.000%, 07/20/41

    261,666       295,987  

6.000%, 12/20/41

    177,213       202,083  

6.500%, 10/20/37

    360,245       420,929  

Government National Mortgage Association (CMO)
0.311%, 02/16/53 (b) (c)

    14,848,258       392,433  

0.471%, 05/16/54 (b) (c)

    20,029,582       581,106  

0.529%, 10/16/54 (b) (c)

    32,693,310       1,131,816  

0.555%, 02/16/48 (b) (c)

    6,186,201       264,609  
Agency Sponsored Mortgage - Backed—(Continued)  

Government National Mortgage Association (CMO)
0.611%, 09/16/46 (b) (c)

    38,709,704     $ 870,570  

0.613%, 03/16/49 (b) (c)

    12,030,296       343,588  

0.748%, 05/16/54 (b) (c)

    17,286,189       803,905  

0.769%, 09/16/51 (b) (c)

    68,559,201       3,527,117  

0.788%, 06/16/55 (b) (c)

    13,492,089       528,949  

0.791%, 09/16/56 (b) (c)

    22,669,678       1,364,492  

0.830%, 11/16/55 (b) (c)

    25,249,895       1,471,380  

0.895%, 09/16/55 (b) (c)

    20,086,227       1,129,963  

1.074%, 09/16/44 (b) (c)

    17,741,886       945,463  

1.157%, 02/16/46 (b) (c)

    24,491,425       1,468,168  

1.160%, 12/20/60 (c)

    18,135,892       17,988,383  

1.180%, 12/20/60 (c)

    6,046,942       6,006,340  

1.260%, 03/20/61 (c)

    4,993,727       4,972,806  

1.280%, 12/20/60 (c)

    44,489,249       44,322,440  

5.172%, 08/16/42 (b) (c)

    1,390,668       219,538  

5.522%, 03/20/39 (b) (c)

    345,251       29,216  

5.672%, 01/20/40 (b) (c)

    1,003,023       141,095  
   

 

 

 
      615,920,757  
   

 

 

 
Federal Agencies—39.6%  

Federal Farm Credit Bank
0.650%, 06/19/17

    15,000,000       14,993,730  

0.800%, 03/08/18

    20,000,000       19,937,480  

1.100%, 06/01/18

    20,000,000       20,010,000  

1.250%, 01/17/19

    25,000,000       24,951,450  

1.950%, 11/15/17

    19,980,000       20,106,433  

Federal Home Loan Bank
0.625%, 10/26/17

    18,000,000       17,964,846  

0.750%, 11/17/17

    25,000,000       24,959,375  

0.875%, 03/19/18

    20,000,000       19,954,240  

1.875%, 11/29/21

    49,000,000       48,819,582  

2.125%, 06/09/23

    17,700,000       17,578,383  

2.250%, 09/08/17

    28,000,000       28,154,448  

2.750%, 06/08/18

    15,000,000       15,276,015  

5.250%, 12/11/20

    12,000,000       13,480,752  

Federal Home Loan Mortgage Corp.
Zero Coupon, 11/29/19

    10,000,000       9,520,520  

0.750%, 04/09/18

    9,000,000       8,964,432  

0.875%, 10/12/18

    20,000,000       19,891,560  

1.125%, 04/15/19

    30,000,000       29,854,830  

1.500%, 01/17/20

    10,000,000       9,984,070  

5.000%, 12/14/18

    12,741,000       13,517,258  

Federal National Mortgage Association
Zero Coupon, 10/09/19

    50,000,000       47,724,000  

1.250%, 05/06/21 (e)

    20,000,000       19,536,020  

1.875%, 09/24/26

    7,000,000       6,506,983  

2.125%, 04/24/26

    10,000,000       9,555,890  

2.625%, 09/06/24

    22,000,000       22,336,072  

Financing Corp. Fico
Zero Coupon, 10/06/17

    20,433,000       20,330,324  

Zero Coupon, 05/11/18

    40,000,000       39,437,080  

Zero Coupon, 08/03/18

    7,638,000       7,504,144  

Zero Coupon, 12/27/18

    16,254,000       15,836,028  

 

BHFTII-294


Table of Contents

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Federal Agencies—(Continued)  

Financing Corp. Fico
Zero Coupon, 06/06/19

    26,414,000     $ 25,479,341  

Zero Coupon, 09/26/19

    14,535,000       13,991,842  

National Archives Facility Trust
8.500%, 09/01/19

    1,485,774       1,624,507  

New Valley Generation II
5.572%, 05/01/20

    6,078,275       6,427,775  

Overseas Private Investment Corp.
Zero Coupon, 11/17/17

    4,700,000       5,038,179  

Zero Coupon, 07/30/19

    20,000,000       21,035,520  

Zero Coupon, 11/13/19

    5,000,000       5,263,400  

2.310%, 11/15/30

    8,386,629       7,935,965  

3.330%, 05/15/33

    6,592,985       6,629,761  

3.490%, 12/20/29

    12,039,369       12,336,381  

Residual Funding Corp. Principal Strip
Zero Coupon, 10/15/19

    10,642,000       10,252,024  

Zero Coupon, 07/15/20

    10,000,000       9,416,550  

Zero Coupon, 10/15/20

    38,159,000       35,722,624  

Zero Coupon, 01/15/21

    20,000,000       18,543,140  

Zero Coupon, 01/15/30

    25,000,000       16,657,950  

Zero Coupon, 04/15/30

    8,000,000       5,294,200  

Tennessee Valley Authority
1.750%, 10/15/18

    20,000,000       20,154,520  

3.875%, 02/15/21

    35,000,000       37,623,705  

4.500%, 04/01/18

    20,000,000       20,656,720  

5.500%, 07/18/17

    23,306,000       23,617,811  
   

 

 

 
      870,387,860  
   

 

 

 
U.S. Treasury—21.1%  

U.S. Treasury Inflation Indexed Bonds
0.625%, 02/15/43 (f)

    10,349,094       9,621,428  

1.375%, 02/15/44 (f)

    28,127,790       31,011,029  

U.S. Treasury Notes
0.625%, 05/31/17

    5,000,000       4,999,475  

0.750%, 02/28/18

    10,000,000       9,971,880  

1.000%, 11/30/18

    13,000,000       12,955,306  

1.250%, 12/15/18

    22,000,000       22,012,034  

1.375%, 10/31/20

    58,560,000       57,919,471  

1.500%, 02/28/23

    49,960,000       48,297,281  

1.500%, 03/31/23

    22,000,000       21,241,176  

1.625%, 04/30/19

    28,260,000       28,455,390  

1.625%, 06/30/20

    49,000,000       49,040,180  

1.875%, 10/31/17

    15,000,000       15,077,340  

2.000%, 11/30/22

    56,000,000       55,792,184  

2.000%, 02/15/25

    99,000,000       96,815,070  
   

 

 

 
      463,209,244  
   

 

 

 

Total U.S. Treasury & Government Agencies
(Cost $1,967,217,297)

      1,949,517,861  
   

 

 

 
Foreign Government—8.3%  
Sovereign—8.3%  

Colombia Government International Bonds
5.000%, 06/15/45

    37,000,000       37,111,000  
Sovereign—(Continued)  

Colombia Government International Bonds
5.625%, 02/26/44

    4,840,000     $ 5,263,500  

Indonesia Government International Bonds
3.750%, 04/25/22 (144A)

    410,000       418,229  

3.750%, 04/25/22

    1,900,000       1,938,133  

4.875%, 05/05/21

    2,957,000       3,159,803  

5.875%, 03/13/20

    310,000       338,984  

5.875%, 01/15/24 (144A)

    1,060,000       1,202,052  

Israel Government AID Bonds
Zero Coupon, 11/15/18

    20,869,000       20,455,501  

5.500%, 12/04/23

    24,290,000       28,866,212  

5.500%, 04/26/24

    20,950,000       24,935,549  

Peruvian Government International Bonds
5.625%, 11/18/50 (e)

    4,000,000       4,765,000  

Poland Government International Bonds
4.000%, 01/22/24

    7,870,000       8,260,635  

Ukraine Government AID Bonds
1.471%, 09/29/21

    20,000,000       19,523,180  

1.844%, 05/16/19

    25,000,000       25,250,125  
   

 

 

 

Total Foreign Government
(Cost $179,766,203)

      181,487,903  
   

 

 

 
Corporate Bonds & Notes—7.6%  
Banks—0.2%  

Stadshypotek AB
1.875%, 10/02/19 (144A)

    5,000,000       4,984,650  
   

 

 

 
Chemicals—0.1%  

Equate Petrochemical B.V.
4.250%, 11/03/26 (144A)

    1,540,000       1,540,062  
   

 

 

 
Diversified Financial Services—3.8%  

COP I LLC
3.650%, 12/05/21

    6,491,908       6,719,345  

Postal Square L.P.
6.500%, 06/15/22

    6,589,800       7,276,701  

Private Export Funding Corp.
2.250%, 12/15/17

    40,000,000       40,298,280  

2.300%, 09/15/20

    28,000,000       28,344,176  
   

 

 

 
      82,638,502  
   

 

 

 
Multi-National—0.1%  

Asian Development Bank
2.125%, 03/19/25

    2,000,000       1,945,328  
   

 

 

 
Oil & Gas—0.3%  

Ecopetrol S.A.
5.375%, 06/26/26

    4,260,000       4,357,128  

Petroleos Mexicanos
6.375%, 01/23/45

    3,610,000       3,520,544  
   

 

 

 
      7,877,672  
   

 

 

 

 

BHFTII-295


Table of Contents

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Sovereign—3.1%  

National Credit Union Administration Guaranteed Notes Trust
3.000%, 06/12/19

    19,650,000     $ 20,309,061  

3.450%, 06/12/21

    45,000,000       47,361,244  
   

 

 

 
      67,670,305  
   

 

 

 

Total Corporate Bonds & Notes
(Cost $152,360,987)

      166,656,519  
   

 

 

 
Mortgage-Backed Securities—4.4%  
Collateralized Mortgage Obligations—4.1%  

Banc of America Funding Corp.
0.928%, 02/27/37 (144A) (c)

    10,583,384       9,991,392  

Banc of America Funding Trust
2.046%, 06/20/35 (c)

    273,087       172,004  

Banc of America Mortgage Trust
3.207%, 07/25/35 (c)

    82,122       75,947  

BCAP LLC Trust
0.928%, 11/27/36 (144A) (c)

    15,475,766       14,564,380  

Citigroup Mortgage Loan Trust
2.930%, 10/25/35 (c)

    159,306       159,829  

Countrywide Alternative Loan Trust
1.178%, 07/20/46 (c)

    2,602,813       1,361,292  

1.562%, 05/25/34 (c)

    1,470,901       1,460,108  

Countrywide Home Loan Reperforming Loan REMIC Trust
1.402%, 07/25/36 (144A) (c)

    677,626       610,857  

Fannie Mae Connecticut Avenue Securities
2.432%, 01/25/29 (c)

    10,172,753       10,283,938  

Freddie Mac Structured Agency Credit Risk Debt Notes
2.182%, 07/25/29 (c)

    6,629,107       6,654,331  

2.632%, 04/25/24 (c)

    5,670,220       5,728,295  

3.182%, 02/25/24 (c)

    5,000,000       5,142,491  

3.182%, 09/25/24 (c)

    8,000,000       8,231,374  

GMAC Mortgage Corp. Loan Trust
3.565%, 11/19/35 (c)

    611,515       539,748  

GSMPS Mortgage Loan Trust
3.526%, 06/25/34 (144A) (c)

    3,788,076       3,581,264  

GSR Mortgage Loan Trust
3.127%, 04/25/35 (c)

    617,963       605,871  

HarborView Mortgage Loan Trust
1.178%, 09/19/46 (c)

    312,021       252,171  

JPMorgan Mortgage Trust
2.899%, 06/25/34 (c)

    171,494       169,654  

MASTR Adjustable Rate Mortgages Trust
1.182%, 05/25/47 (c)

    5,406,620       4,201,581  

2.710%, 02/25/34 (c)

    175,059       165,928  

3.839%, 12/25/34 (c)

    16,621       15,959  

MASTR Reperforming Loan Trust
1.332%, 05/25/35 (144A) (c)

    299,908       251,947  

3.636%, 05/25/35 (144A) (c)

    3,939,963       3,158,907  

7.000%, 08/25/34 (144A)

    378,392       378,260  
Collateralized Mortgage Obligations—(Continued)  

Morgan Stanley Mortgage Loan Trust
1.052%, 06/25/36 (c)

    624,748     254,007  

3.310%, 07/25/35 (c)

    245,604       226,064  

New Residential Mortgage Loan Trust
3.250%, 09/25/56 (144A) (c)

    4,900,689       4,913,050  

NovaStar Mortgage Funding Trust
0.968%, 09/25/46 (c)

    1,976,869       1,621,975  

Provident Funding Mortgage Loan Trust
3.043%, 10/25/35 (c)

    84,184       82,417  

3.214%, 05/25/35 (c)

    405,642       404,743  

RFMSI Trust
4.750%, 12/25/18

    81,976       82,337  

SACO I Trust
8.995%, 06/25/21 (144A) (c)

    988,377       1,013,197  

Structured Asset Mortgage Investments Trust
1.162%, 07/25/46 (c)

    240,797       197,820  

Structured Asset Securities Corp.
1.332%, 04/25/35 (144A) (c)

    2,524,508       2,210,376  

3.492%, 06/25/35 (144A) (c)

    152,211       135,524  

Structured Asset Securities Corp. Mortgage Loan Trust
1.782%, 09/25/33 (144A) (c)

    29,394       29,146  

WaMu Mortgage Pass-Through Certificates Trust
1.242%, 11/25/45 (c)

    25,501       24,120  

1.252%, 12/25/45 (c)

    1,738,299       1,640,271  

1.272%, 12/25/45 (c)

    137,000       127,990  

1.302%, 08/25/45 (c)

    156,938       151,051  
   

 

 

 
      90,871,616  
   

 

 

 
Commercial Mortgage-Backed Securities—0.3%  

FDIC Structured Sale Guaranteed Notes
2.980%, 12/06/20 (144A)

    6,361,358       6,396,119  
   

 

 

 

Total Mortgage-Backed Securities
(Cost $97,983,428)

      97,267,735  
   

 

 

 
Asset-Backed Securities—3.3%  
Asset-Backed - Credit Card—1.2%  

American Express Credit Account Master Trust
1.362%, 09/16/24 (c)

    4,160,000       4,186,174  

Capital One Multi-Asset Execution Trust
1.820%, 09/15/22

    17,500,000       17,491,304  

2.000%, 01/17/23

    5,030,000       5,046,592  
   

 

 

 
      26,724,070  
   

 

 

 
Asset-Backed - Home Equity—0.1%  

EMC Mortgage Loan Trust
1.432%, 12/25/42 (144A) (c)

    39,570       38,157  

Home Equity Mortgage Loan Asset-Backed Trust
1.242%, 06/25/36 (c)

    3,919,805       727,177  

Morgan Stanley Mortgage Loan Trust
1.072%, 12/25/36 (c)

    221,884       129,471  

1.282%, 03/25/36 (c)

    1,736,344       888,340  

 

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Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

 

Security Description   Principal
Amount*
    Value  
Asset-Backed - Home Equity—(Continued)  

Option One Mortgage Loan Trust
1.562%, 06/25/33 (c)

    123,141     $ 115,719  

Structured Asset Securities Corp. Mortgage Loan Trust
1.202%, 02/25/36 (144A) (c)

    4,751,237       329,496  
   

 

 

 
      2,228,360  
   

 

 

 
Asset-Backed - Other—0.5%  

Countrywide Home Equity Loan Trust
1.202%, 02/15/34 (c)

    87,240       81,243  

Countrywide Revolving Home Equity Loan Trust
0.910%, 07/15/36 (c)

    825,416       720,518  

GSR Mortgage Loan Trust
1.311%, 11/25/30 (c)

    945       63  

SACO I Trust
1.242%, 06/25/36 (c)

    588,773       1,076,179  

1.282%, 04/25/36 (c)

    230,506       421,400  

Towd Point Mortgage Trust
2.250%, 04/25/56 (144A) (c)

    10,108,843       10,010,312  
   

 

 

 
      12,309,715  
   

 

 

 
Asset-Backed - Student Loan—1.5%  

National Credit Union Administration Guaranteed Notes Trust
1.208%, 12/07/20 (c)

    4,343,825       4,343,825  

Nelnet Student Loan Trust
2.702%, 11/25/24 (c)

    5,513,342       5,634,844  

SLC Student Loan Trust
1.251%, 06/15/29 (c)

    5,500,000       5,435,092  

SLM Student Loan Trust
1.208%, 07/25/40 (c)

    18,000,000       16,696,870  
   

 

 

 
      32,110,631  
   

 

 

 

Total Asset-Backed Securities
(Cost $77,834,640)

      73,372,776  
   

 

 

 
Short-Term Investment—0.1%  
Repurchase Agreement—0.1%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $1,779,478 on 04/03/17, collateralized by $1,695,000 U.S. Treasury Note at 3.500% due 05/15/20 with a value of $1,815,660.

    1,779,464       1,779,464  
   

 

 

 

Total Short-Term Investments
(Cost $1,779,464)

      1,779,464  
   

 

 

 
Securities Lending Reinvestments (g)—0.3%  
Security Description   Principal
Amount*
    Value  
Repurchase Agreements—0.3%  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,000,073 on 04/03/17, collateralized by $1,023,487 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,020,000.

    1,000,000     1,000,000  

Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $30,647 on 04/03/17, collateralized by $31,006 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $31,258.

    30,645       30,645  

Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $500,054 on 04/03/17, collateralized by $77,249 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $548,993.

    500,000       500,000  

Goldman Sachs & Co.
Repurchase Agreement dated 03/31/17 at 0.790% to be repurchased at $1,163,864 on 04/03/17, collateralized by $5,828,978 U.S. Government Agency Obligations with rates ranging from 2.000% - 10.500%, maturity dates ranging from 06/20/17 - 03/20/47, with a value of $1,187,063.

    1,163,788       1,163,788  

Macquarie Bank, Ltd., London
Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,000,068 on 04/03/17, collateralized by $993,744 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,020,616.

    1,000,000       1,000,000  

Natixis New York
Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $1,300,106 on 04/03/17, collateralized by $1,521,847 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000%, maturity dates ranging from 06/30/18 - 01/16/58, with a value of $1,326,108.

    1,300,000       1,300,000  

 

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Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

 

Security Description   Principal
Amount*
    Value  
Repurchase Agreements—(Continued)  

Pershing LLC
Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $1,300,101 on 04/03/17, collateralized by $3,891,517 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $1,326,000.

    1,300,000     $ 1,300,000  
   

 

 

 
      6,294,433  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $6,294,433)

      6,294,433  
   

 

 

 

Total Investments—112.8%
(Cost $2,483,236,452) (h)

      2,476,376,691  

Other assets and liabilities (net)—(12.8)%

      (281,196,761
   

 

 

 
Net Assets—100.0%     $ 2,195,179,930  
   

 

 

 

 

*   Principal amount stated in U.S. dollars unless otherwise noted.
(a)   TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(b)   Interest only security.
(c)   Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(d)   Principal only security.
(e)   All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $6,107,443 and the collateral received consisted of cash in the amount of $6,294,433. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(f)   Principal amount of security is adjusted for inflation.
(g)   Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(h)   As of March 31, 2017, the aggregate cost of investments was $2,483,236,452. The aggregate unrealized appreciation and depreciation of investments were $37,858,814 and $(44,718,575), respectively, resulting in net unrealized depreciation of $(6,859,761).
(144A)—   Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $65,757,377, which is 3.0% of net assets.
(ACES)—   Alternative Credit Enhancement Securities
(CMO)—   Collateralized Mortgage Obligation
(REMIC)—   Real Estate Mortgage Investment Conduit

 

Futures Contracts

 

Futures Contracts—Short

   Expiration
Date
     Number of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
 

90 Day Eurodollar Futures

     12/18/17        (230     USD        (56,550,503   $ (58,248

U.S. Treasury Long Bond Futures

     06/21/17        (690     USD        (103,419,922     (662,266

U.S. Treasury Note 5 Year Futures

     06/30/17        (282     USD        (33,281,459     82,568  
            

 

 

 

Net Unrealized Depreciation

 

  $ (637,946
            

 

 

 

 

(USD)—   United States Dollar

 

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Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

 

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

 

Description    Level 1     Level 2     Level 3      Total  

Total U.S. Treasury & Government Agencies*

   $     $ 1,949,517,861     $      $ 1,949,517,861  

Total Foreign Government*

           181,487,903              181,487,903  

Total Corporate Bonds & Notes*

           166,656,519              166,656,519  

Total Mortgage-Backed Securities*

           97,267,735              97,267,735  

Total Asset-Backed Securities*

           73,372,776              73,372,776  

Total Short-Term Investment*

           1,779,464              1,779,464  

Total Securities Lending Reinvestments*

           6,294,433              6,294,433  

Total Investments

   $     $ 2,476,376,691     $      $ 2,476,376,691  
                                   

Collateral for Securities Loaned (Liability)

   $     $ (6,294,433   $      $ (6,294,433
Futures Contracts          

Futures Contracts (Unrealized Appreciation)

   $ 82,568     $     $      $ 82,568  

Futures Contracts (Unrealized Depreciation)

     (720,514                  (720,514

Total Futures Contracts

   $ (637,946   $     $      $ (637,946

 

*   See Schedule of Investments for additional detailed categorizations.

 

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Brighthouse Funds Trust II

Notes to the Schedule of Investments

Investment Valuation and Fair Value Measurements:

 

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

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

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Advisor may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines the NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines the NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through an independent pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded OTC are generally valued on the basis of interdealer bid and asked prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For

 

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Brighthouse Funds Trust II

Notes to the Schedule of Investments

Investment Valuation and Fair Value Measurements—(Continued)

 

centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of the Adviser. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in each Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of a Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other method.

For information regarding a Portfolio’s other significant accounting policies, please refer to the Portfolio’s most recent Semiannual or Annual Report.

 

BHFTII-301


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Item 2. Controls and Procedures.

(a) The Principal Executive Officer and Principal Financial Officer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing date of this report on Form N-Q, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-Q is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

See attached Exhibits 3(a) and 3(b) as required by Rule 30a-2(a) under the Act.


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BRIGHTHOUSE FUNDS TRUST II

 

By:   /s/ Kristi Slavin
  Kristi Slavin
 

President, Chief Executive Officer and

Chairman of the Boards

Date: May 23, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ Kristi Slavin
  Kristi Slavin
 

President, Chief Executive Officer and

Chairman of the Boards

Date: May 23, 2017

 

By:   /s/ Peter H. Duffy
  Peter H. Duffy
  Chief Financial Officer and Treasurer

Date: May 23, 2017