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.

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]:

Brighthouse Funds Trust II

(formerly, Metropolitan Series Fund)

Schedule of Investments

March 31, 2017

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BHFTII-123

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

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

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

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

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

BHFTII-128

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

BHFTII-129

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.

BHFTII-130

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.

BHFTII-131

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

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

BHFTII-133

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BHFTII-157

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BHFTII-181

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

BHFTII-182

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

BHFTII-183

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

BHFTII-184

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BHFTII-216

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BHFTII-284

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

BHFTII-285

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.

BHFTII-286

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

BHFTII-287

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

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

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

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

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

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

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

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

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

BHFTII-296

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

BHFTII-297

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

BHFTII-298

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.

BHFTII-299

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

BHFTII-300

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

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.

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